Sunday, December 8, 2019

Fundamentals of Management Accounting Financial Modelling

Question: Describe about the Fundamentals Of Management Accounting for Financial Modelling? Answer: Introduction The financial statement represents the actual financial position of the company. The main objective of the financial statement is to provide the required information to the decision makers. The users of the information can be divided into two categories as per their status in the company like internal users and external users. The internal users are the managers, employees, and the shareholders. On the other hand, the external users are the lenders, suppliers customers and the most important is the government. Here more emphasis is given to the six main users but there are certainly some other users who are using this information. Here two companies are selected the Tesco Plc and the Sainsbury Plc. Both are belonging to the retail sectors and listed on the London Stock Exchange. The main objective of conducting this study is to make a detailed analysis of the financial statement of both the companies and to understand how the financial statement is helping the users to take their in vestment decisions (Lunt, 2008). Company Overview Sainsbury Plc was introduced in the year 1869. It is one of the renowned companies belonging to the retail industry. This company is now operating almost 12000 supermarket and convenience store. They have employed almost 161000 people who are doing their job on behalf of the company. They provide the best possible service to all the retailers in the same category. Some of their competitors are Carrefour and Wal-Mart, etc. They provide an exclusive collection of their brands and ensure a better customer satisfaction (McLeod, MacDonell Doolin, 2007) (Tesco plc, 2013). Tesco is one of the largest retailers in the world. The company was incorporated in the year 1919 and founded by Jack Cohen in a small market in London. The company is having a large collection of women wear and accessories. As the time goes, the company is growing and at present they are operating almost 12 countries in the world. They recruit almost 530000 people and serve more than millions of customers in a week. (Lynch Gregor, 2004) : (, 2014) Usefulness of financial information The financial analysis of a company cannot be conducted only by watching the financial statements. So before going to the detail discussion some relevant information is extracted from the annual reports and calculations of ratios is made for both the companies ( Robinson, T. 2012). The useful ratios are presented below: Ratio analysis Sainsbury plc Tesco plc 2014 2013 2012 2014 2013 2012 Liquidity Ratios Current assets 1612 1677 1572 13085 12465 12353 Current liabilities 4847 4667 4651 20206 18703 19180 Current Ratio 0.332576852 0.35933148 0.337992 0.64758 0.666471 0.644056 Quick assets 1612 1677 1572 9509 8721 8755 Quick Liabilities 4847 4667 4651 20206 18703 19180 Quick Ratio 0.332576852 0.35933148 0.337992 0.470603 0.466289 0.456465 Efficiency ratio Receivables 1428 1254 1099 2190 2525 2657 Revenue 23949 23303 22294 63557 63406 64539 Receivable turnover 16.7710084 18.5829346 20.28571 29.02146 25.11129 24.29018 Receivable collection period 21.76374796 19.641677 17.99296 12.5769 14.5353 15.02665 payables 4457 4571 4494 10595 11094 11234 Cost of goods sold 22562 22026 21083 59547 59252 59278 Payable payment turnover 5.062149428 4.81863925 4.691366 5.620293 5.340905 5.27666 Payable payment period 72.10375853 75.7475257 77.80249 64.94324 68.34048 69.17254 EBIT 924 804 823 2337 2134 3949 Interest 26 32 35 78 82 114 Interest Coverage Ratio 35.53846154 25.125 23.51429 29.96154 26.02439 34.64035 Equity 4369 4259 4233 14722 16661 16623 Total asset 10485 10441 10342 50164 50129 50781 Equity Gearing ratio 0.41669051 0.40791112 0.409302 0.293477 0.332363 0.327347 Total asset 10485 10441 10342 50164 50129 50781 Revenue 23949 23303 22294 63557 63406 64539 Asset Turnover Ratio 2.284120172 2.23187434 2.155676 1.266984 1.264857 1.270928 Debt 388 89 338 2009 887 1966 Equity 4369 4259 4233 14722 16661 16623 Debt Equity ratio 0.088807507 0.02089692 0.079849 0.136462 0.053238 0.11827 Profitability Ratios Gross Profit 1387 1277 1211 4010 4154 5261 Revenue 23494 23303 22294 63557 63406 64539 Gross profit ratio 5.9% 5.5% 5.4% 6.3% 6.6% 8.2% Operating profit 1009 882 874 2631 2382 3985 Revenue 23949 23303 22294 63557 63406 64539 Operating Profit Ratio 4.2% 3.8% 3.9% 4.1% 3.8% 6.2% Net Profit 716 602 598 970 24 2814 Revenue 23949 23303 22294 63557 63406 64539 Net Profit Ratio 3.0% 2.6% 2.7% 1.53% 0.04% 4.36% (Tesco plc, 2014) Dividend payment (extracted from the cash flow statement) Sainsbury plc Tesco plc 2014 2013 2012 2014 2013 2012 Dividend payment 320 308 285 1189 1184 1180 (, 2012) Internal users: 1. Managers The main internal user of the information is the Managers. They use all the financial information to formulate policies and to take decisions. For example, the net profit ratio of Tesco is in decreasing trend that is not a good sign of profitability. Managers can use this information to find out the reason behind it and as it is observed that one of the main reasons is the enhancement of the non-operating costs. So the management has to give focus to eliminate some part of the cost in order to improve its net profit stability. The responsibility of the managers is to maximize the profit, and without the financial information it is not possible for the management to achieve this goal (Allan, 2008). 2. Employees Employees are the main human assets of any organization. They need the financial information to depict the present as well as the future prospective of the company. The information will help them in taking a decision regarding their continuation with the organization. Apart from their salaries they sometimes get different benefits options and can participate in the decision making process. ESOP is one of the schemes that allow the employees to purchase shares of the company at a lower cost. All this benefit can only be given if the company is in a stage of higher profitability. So the employees are also getting the concern about the profitability and the solvency position of the company to ensure their benefit. 3. Shareholders Shareholders are the person who makes an investment in the equity share of the company. They have an ownership status within the organization. They are always very interesting to know that how the managers are utilizing their money into the operation of the business. They give more emphasis on the profitability and liquidity portion rather than solvency and other management policies. The share price of a company can be deeply affected by the dividend policy of the organization (, 2013). If the amount of dividend is acceptable by the shareholders, it will increase their confidence in the company. As a result, the share price goes up. For both the companies the amount of dividend payment is increasing, but here one thing must be noted that in case of Tesco the Net profit ratio was too low in 2013, and it increased a bit in 2014 but the level is not satisfactory. Maybe the company is paying more dividend from their retain earnings and so there is an increase in the net dividend in spite of having a low net profit ratio. If this is the case, then it will not be a preferable condition for the shareholders. Ultimately the shareholders want to maximize their wealth by getting a required amount of dividend and the capital appreciation. So they can select the option of retaining or selling the ownership on the basis of the financial information provided (Peterson Drake, P. and Fabozzi, F. 2012). External users: 4. Lenders Lenders can also be called as the potential investors who are willing to invest in the organization. They are the future investors. Some of the lenders are banks, financial institutions, etc. The main information that is needed by these users is the financial stability of the company and their growth structure. The financial stability can be ascertained through the profitability ratios and the efficiency ratios. They also keep track on the liquidity balances. Now if the above two companies are taken into consideration, then it can be found that the interest coverage ratio in Sainsbury is more than the Tesco, and it is increasing, whereas Tesco has a good coverage, but it has been now in a declining trend. More of this ratio means more ability to pay the interest obligation. Now if the investors are willing to invest in the fixed capital of the company, then the Sainsbury will be safer than the Tesco. On the other hand, the debt-equity ratio is worse for both companies it implies that they have more dependency on Equity capital than the debt capital. From the view point of the liquidity, the condition for both the companies is not at all good as the current ratio, and the quick ratio is less than 1(Duque, 2009).The investor may also have to follow the trend of both the business whether it is increasing and static. All this information may useful for him at the time of selecting his investment option (, 2012). 5. Suppliers and customers Suppliers and the customers are those parties who engage in purchasing or selling off their products and services to and from the company. They are not much interested to know the profitability of the company; they give more focus on the receivable, payable and inventory management policy. As in the case of above two companies, the receivable management policy is better in case of Tesco. They collected the dues from their debtors at a frequency of 12-15 days where as the Sainsbury plc collected their dues at an interval of 21days. The payable and inventory management policy is almost in a static position for the company, and the frequency of payment is very high. So if a customer wants to get more credit facility, then they should have invested in Sainsbury (Mook, L. 2013). 6. Government Any economy of the country is regulated by the government of the respective country. They need the financial information in order to know the contraction or expansion of the business, their taxation policy, labor laws, etc. Moreover with the introduction of the corporate governance policies it is the responsibility of the government to make supervision regarding the fulfillment of compliances. Here both the companies are paying their tax obligations in time and effectively follow the rules and regulations of corporate governance. Conclusion From the viewpoint of the above discussion, it can be said that the financial information is very useful in each and every single segment of an organization. It is very difficult to say that which part of the information is useful for which users. In the real market scenario when a person is willing to engage in business then all the information is equally important for him. Say for a creditor it is not enough for him to know that the company has a good payable policy. It is one of the factors that he can focus, but it will not be wise to be totally dependent on the factor. So it can be concluded that the financial information are very much useful for all the users to create a healthy relationship with the organization (Coskun Grabowski, 2005). References Allan, W. (2008). Fundamentals Of Management Accounting. Amsterdam: CIMA/Elsevier. Coskun, E., Grabowski, M. (2005). Impacts of User Interface Complexity on User Acceptance and Performance in Safety-Critical Systems. Journal Of Homeland Security And Emergency Management, 2(1). doi:10.2202/1547-7355.1109 Duque, J. (2009). Financial Modelling. Bradford: Emerald Group Pub. Hernes, M., Sobieska-Karpińska, J. (2015). Application of the consensus method in a multiagent financial decision support system. Information Systems And E-Business Management. doi:10.1007/s10257-015-0280-9 Lunt, H. (2008). Fundamentals of financial accounting. Amsterdam: CIMA/Elsevier. Lynch, T., Gregor, S. (2004). User participation in decision support systems development: Influencing system outcomes. European Journal Of Information Systems, 13(4), 286-301. doi:10.1057/palgrave.ejis.3000512 McLeod, L., MacDonell, S., Doolin, B. (2007). User Participation in Contemporary IS Development: an IS management perspective. AJIS, 15(1). doi:10.3127/ajis.v15i1.29 Mook, L. (2013).Accounting for social value. Toronto, ON: University of Toronto Press. Peterson Drake, P. and Fabozzi, F. (2012).Analysis of financial statements. Hoboken, N.J.: Wiley. Robinson, T. (2012).International financial statement analysis workbook. Hoboken, NJ: Wiley., (2012). J Sainsbury PLC - [online] Available at: [Accessed 8 Aug. 2015]., (2013). J Sainsbury PLC - [online] Available at: [Accessed 8 Aug. 2015]., (2014). J Sainsbury PLC - [online] Available at: [Accessed 8 Aug. 2015]. Tesco plc, (2013). Tesco plc. [online] Available at: [Accessed 8 Aug. 2015]. Tesco plc, (2014). Tesco plc. [online] Available at: [Accessed 8 Aug. 2015]., (2012). Tesco PLC - Annual Report 2012. [online] Available at: [Accessed 8 Aug. 2015].

Saturday, November 30, 2019

The Hidden Life Of Dogs Essay Research free essay sample

The Hidden Life Of Dogs Essay, Research Paper Book Review # 8220 ; The Hidden Life of Dogs # 8221 ; by Elizabeth Marshall Thomas The Hidden Life Of Dogs was written by Elizabeth Thomas who is presently good cognize and extremely re-spected for her books. Elizabeth Thomas was born in America and presently lives in New Hampshire. This is a book that is unlike any book of all time written as it takes the position from a different angle. It was foremost published in the United States in 1993 by Houghton Mifflin Company. Elizabeth has written five books, all best sellers. It is apparent that her success is due to her intense research as she has travelled the universe while composing her books. With international success, Elizabeth plans to go on her calling that presently seems to be skyrocketing. # 8220 ; The Hidden Life Of Dogs # 8221 ; was non merely any book. Clearly there was much more attempt involved. Get downing with an introductory character, Misha who was a Husky, began the book good. We will write a custom essay sample on The Hidden Life Of Dogs Essay Research or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This book tried to acquire the thought across that humans knew merely really small about Canis familiariss and their forms. After intense observations on Misha, some thoughts were brought up. How did the Canis familiaris cognize how to traverse a main road on its ain? How did its navigational accomplishments work? How was it that this Canis familiaris knew precisely where it was and could go through different metropoliss without going lost and other Canis familiariss couldn? T? Continuing on to conveying in other Canis familiariss Elizabeth was analyzing, she pointed out that some had accomplishments that others did non. Misha was clearly able to voyage himself but when with another Canis familiaris, he would go lost. After careful observation it was seen that the other Canis familiaris could easy free path of where she was and mislead Misha. Another interesting subject covered is how Canis familiariss behave with each other. How they achieve their societal position, why some Canis familiariss wear? t become accepted and how they react to each other. By comparing the Canis familiariss with the wolves and dingoes some of the Canis familiariss # 8217 ; actions become clearer, but there is one thing a Canis familiaris truly wants and that is to be with others, and to love their proprietor. It was explained how a Canis familiaris defende d a bird and mouse in a coop from another aroused Canis familiaris in the same house. Likely accounts for this could be because the older Canis familiaris felt that the peace was non being maintained or possibly he knew that the mouse and bird were his master’s properties and he should protect them. The book goes on to explicating what occurs between the Canis familiariss when they mate, why some Canis familiariss kill their litter and many other subjects. The decision is rather brief, Elizabeth explains what happens to her Canis familiariss, how a Canis familiaris feels when her best mate dies and the relationship her Canis familiariss had with the wolves and prairie wolfs and their interactions. Each individual chapter of this book brings up a new issue and investigates it. The involvement is maintained throughout the book strictly because of the absorbing information given about this species, information that had non been studied before. The writer besides wrote in a clear cut manner, giving a solid and equal description of everything and so traveling on to new parts, non doing it deadening. Very few illustrations are used in the book, merely one in the beginning of each chapter. Illustrations in this book would hold small usage as there is no manner of truly depicting every action made by the Canis familiariss. Alternatively of illustrating, the book kept the text clear, non doing it confounding but easy to understand and exemplify in the head. In general, the book was at an first-class criterion, really easy to read, non excessively long and no major confusions. These little inside informations made the book gratifying to read every bit good as being utile information. The book # 8217 ; s aim, to give worlds better cognition about our close friend, did merely that. It achieved to demo that the Canis familiaris can be misunderstood for being stupid when truly it knows much more than we think it does. Clearly many tiring and endless hours have been put in to do this book a success and how it was done is truly astonishing. Elizabeth looked after more than 20 Canis familiariss, spent all her trim clip detecting them, walking with them until she saw why they did what they did. The concealed life of Canis familiariss was a great book that would maintain any reader at any age occupied and entertained.

Tuesday, November 26, 2019

The Grand Illusion Essay Example

The Grand Illusion Essay Example The Grand Illusion Essay The Grand Illusion Essay To wage a modern war is to fuse into a gigantic machine the resources of our most advanced technologies. Petroleum, rubber, and a host of other chemicals are the fuel of War; light and heavy materials its armor. Without aluminum, magnesium, tin, tungsten, molybdenum, quinine those looking to wage a total war cannot survive very long. The buttress of the Allied strategy rested secure in the knowledge that they, not Germany, controlled these resources and could therefore restrict German access to them. Blockade enforced by British dreadnaughts and backed by the US navy had been the basic element of Allied hope to thwart the German menace. Simple in its grandeur and apparent impregnability, this barricade of the sea lanes had the semblance of a wall which a mailed fist could never breach. In 1914, the Schleiffen Plan called for a swift and overpowering march to Paris as the coup de gri ce to end the war. However, since the Schleiffen Plan was not diligently obeyed, the Great War lasted longer than originally expected and resulted directly in a German defeat, a complication the axis powers did not account for. The tourniquet of the British Royal Navy constricted the German arteries of supply. By 1917, the German resource coffer that was needed to fuel its war machine was sucked dry and her people were withering away from starvation. Forced at last to surrender to the Allies, Germany studied this imprisoning cordon with great detail. With the cunning and aggression of Germany militancy eliminated from the world stage, the Allied forces finally relaxed. As the world order was gradually restored, science and technology forged ahead. In the early 1920s, German industry became evermore integrated and as a result, its dependence on the outer world for resources increased dramatically. However, with every addition to the myriad of materials NOT found within the Reich, it seemed to the Allied powers that the German threat was virtually eliminated. Without the necessary materials essential to technological progress, Germany was bound to her Allied captors. To begin with, Germany had absolutely no oil reserves; for a new war to be waged she would require a fathomless amount of petroleum. Conversely, the United States and Britain commanded more that half of the worlds oil supply. Germany had no rubber; Britain controlled a significant proportion of the world supply. From the context clues surrounding Germanys economic and financial state of affairs, the Allies concluded that it would be impossible for Germany to engage in rearmament and to escape the strangulation brought about by a dearth of strategic resources. The Great War revealed vital weak spots in the German armor the difficult task of rearming would be futile unless any new war could be started with a wider margin of advantage than it did in 1914. This requisite superiority required that Germany become an absolute autarky with the ability to provide for all its domestic needs. Was this economically possible when the Nightmare of Versailles continually haunted Weimar Germany? The Treaty emaciated the German military machine, slapped crippling monetary reparations on her, removed swathes of land from the German Empire, and left her in no viable economic position for wage any future wars. Of course, this was the consensus in the short run; Germany knew it had to focus on domestic policy and the rebuilding of its devastated country in the short-run. However, in the long run, Germany harbored a devious hidden agenda In hindsight, it can be assumed that the sweep of German aims in the early 20th century had but one reoccurring theme: world domination. Viewed by its captors as the have-not power on the Continent, Germany could not have asked for a better predicament to become a fortress of self-sufficiency. Hitler had the ruthlessness and cold, cruel realism to consolidate a position of power out of the collapse of the German economic structure. Resultantly, the vast centralized cartel organization which characterized German industry became a tool in the hands of a disillusioned dictator who no longer embraced private profit, but operated solely to serve his ruthless political ambitions. Thus, Hitler shouldered the conquest of the continent on the German industrialist. The First World War should have taught democratic nations that Germany used international cartels as the spearhead of aggression. Stronger in 1933 than 20 years prior, Germanys cartel brethren took back control of crucial industrial fields despite all the constraints imposed by Versailles to prevent their from doing so. With Hitlers compulsive determination to rearm, German controlled cartels simply served as the economic puppets of German interests. Neither before 1914 nor 1939 did Allied industrialists and financiers discover the truly destructive connotation of this outlook. Rather, to the savvy turn-of-the-century industrialist, cartels were considered as an efficient means of guaranteeing domestic monopoly. The industrialists operating businesses outside of the Third Reich thought of cartels in terms of low output, high prices, and maximized profits. However, the cartels of democracy were easy dupes and did not suspect that Germanys output was growing by leaps and bounds. These industrialists who consorted with German economic arrangements during the interwar period knew not what they did. Of course, history tells us that Germany lost WWI, but neither by this loss nor by the period of social unrest and inflation slowed the production of German industrial cartels. The failure of the allies to recognize that these cartels were not disarmed was their biggest mistake. This fait accompli, possibly due to the political myopia of the Allied powers, had repercussions in the war to come. Germanys consortium of cartels concealed from prying eyes what it could of its real operations. Armed with patents and secret know-how, the German cartels laid siege to the economies of prospective antagonists. These bold tactics, interlocked perfectly in design, are evident in the succession of maneuvers which characterized German policies in the 1920s. For example, rampant inflation liquidated the costs of the First World War and with a stabilized Mark in the mid 1920s, Germany extended an alluring invitation for foreign capital. The victors, not the vanquished, unknowingly provided the capital that helped fund Germanys reconstruction and later her massive rearmament program. In the late 1920s Germany made a portentous discovery: coal could be made into oil and oil could be made from rubber. The obstructions on the road to Armageddon were slowly being removed. While the rest of the world floated into oblivion, in Germany, war became certain. Lulled into a state of sleep, the world did not detect the direst omens of catastrophe. Sporadically, embedded in academic science journals and business reports, hints of German economic plans could be found. However, clouded in a haze of polysyllables the smattering of German blueprints evaded the eyes of the outside world. The Allied forces had characterized the German nation as economically dependent, unable to stand without the Allied crutch of raw materials and supplies.

Friday, November 22, 2019

What to Do With a Low SAT

What to Do With a Low SAT/ACT Score SAT / ACT Prep Online Guides and Tips You got your SAT/ACT score back, and it isn't what you'd hoped it'd be. Even though the SAT and ACT are each just a few hours long, the score you get often counts for a third or more of college admissions and can therefore have a big impact on your future. The fact that you're looking for solutions is a good first step. It's important, now more than ever, not to freak out and to instead calmly plan the best steps forward. In this article, we go over our top four tips for what to do with a low SAT or ACT score. Tip 1: Take the ACT/SAT Again Unless you're taking the ACT/SAT in December or February of your senior year, chances are you'll have another opportunity to take the test. The earlier you are in high school, the more time you'll have to work on improving your test score. If you're reading this in the fall of your senior year and still want to try to raise your test scores before you apply to college, I suggest getting online right now and registering for the next SAT or ACT (but you should first confirm that its scores will get to your schools in time). Taking the ACT/SAT is so powerful that, even if you don't prep much, your expected superscore can increase substantially (see here why superscoring means you should take it again). However, to make the most of a retake, you'll want to prep. To find out what the best way to prep is, check out our free book comparing SAT/ACT test prep methods. Tip 2: Take the Other Test If you've been taking only the ACT without having considered the SAT, try the SAT, and vice versa. The two tests actually have a lot of similarities these days, so you shouldn't have too much trouble switching to another test. If you're still not sure which test you'd be better at, take a look at our surefire "gold standard" technique to figure out the better test for you. Some students perform substantially better on one test;therefore, it's important to make sure you're taking the right test for you! Tip 3: Examine the Reasons You Did Poorly on the ACT/SAT It's important to analytically break down the reasons you did poorly on the ACT/SAT. For the SAT, you canrequest a copy of the test you took with your responses throughthe College Board's Question-and-Answer Service. This service lets you go over your incorrect answers and think about the reasons you might've got them wrong. This final tabulation can give you a clearer idea as to what you need to improve on a retake. If you took the ACT, you can request a Test Information Release (TIR). This service is similar to the SAT one above in that it lets you see your questions, answers, and an answer key. Once again, you can use this to your advantage by getting a better picture of your strengths and weaknesses. Once you understand what your weak points are on your test, you can target these more effectively using focused prep and official practice materials for the ACT and SAT. Tip 4: Get Stronger in Other Areas Good SAT/ACT scores are one of the quickest ways to bolster your admission chances. However, schools do look for other indications of your academic abilities and potential as well. In short, you can't just rely on your test scores alone! Here are some features that are certain to boost your chances of admission: A high GPA:To raise your GPA, you'll need to study hard for tests, do your homework correctly and turn it in on time, and pay more attention to your teachers during class. Quality recommendation letters:If you want solid recommendation letters for your college applications, you must take the time to develop strong relationships with your teachers over a number of years. Clubs: Extracurriculars can show that you're a committed and active student. But don't just join clubs- do well in them, too! Be aware that there is a catch, though. All of these qualities generally take years to develop, and if you have years, you might as well work on raising your SAT/ACT scores, too (which can improve substantially after intense, focused studying). If you don't have much time left before your applications are due, however, your two best options are as follows: Write a great admission essay:Pouring some extra time into your personal statement can leave a positive, lasting impression on the admission committee, even if the rest of your application isn't as strong. Word your application carefully:It's worthwhile to spend time making sure your overall application- especially any short responses- are the best quality possible. Ultimately, a lower SAT/ACT score doesn't necessarily mean that you won't get into the college of your dreams. Even if you don't make any big improvements on the ACT/SAT, you might still have a chance if you just pay a little more attention to other parts of your application! What's Next? What's a good SAT score? A good ACT score?Read our guides to learn what score you'll need on each exam to be considered good and great. Need more tips to help you get a great SAT/ACT score? Check out our comprehensive guides to learn the best SAT tips and ACT tricks out there. Want to improve your SAT score by 160 points or your ACT score by 4 points?We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

Wednesday, November 20, 2019

Discussion and problem solving questions Essay Example | Topics and Well Written Essays - 750 words

Discussion and problem solving questions - Essay Example It is also great storage of large digital files like digital music and digital photos/movies ( 3. With the capability to store digital music, the audio CD has revolutionized the way we play and listen to recorded music. Now music can be downloaded over the Internet and played on PCs, solid-state MP3 players, and other electronic devices. Does this signal the beginning of the end of the audio CD? Explain. Now that music can be easily down loaded from the Internet, it seems that audio CDs are actually in danger of extinction just like those vinyl LPs of old times. Young people today are incapable of listening to one whole album due to the short attention span they have. The consumers of the world today cannot be forced to buy one whole album when what they want is just that one song or music they can download from the Internet so easily (Meagher, 2009). 4. Today’s continuous speech-recognition systems are able to interpret spoken words more accurately when the user talks in phrases. Why would this approach be more accurate than discrete speech where the user speaks one word at a time with a slight separation between words? There are two types of speech recognition software; the discreet and continuous. The latter is the latest technology that is capable of reading the speech which is spoken continuously. Speech recognition is definitely helpful tool for professionals and students who are doing a lot of typing, but it is also a helpful tool for people with disability. Continuous speech recognition is better and more accurate than discreet, because it allows the user to talk in a more natural and comfortable manner, but it requires higher specified PCs. It requires higher RAM and faster processor (Davis, 1999). 5. Describe the benefits of using a notebook PC, in conjunction with an LCD projector during a formal business presentation as opposed to the traditional alternative (transparency acetates and an

Tuesday, November 19, 2019

CAPM Essay Example | Topics and Well Written Essays - 1500 words

CAPM - Essay Example The CAPM presents partial equilibrium model where agents consider the risk free returns and the probability distributions of the future returns on risky assets as being exogenous. In this paper, I seek to give an in-depth understanding of this model by delving into the logic behind it, exploring critiques levelled against it, and explaining why it is still the model of choice in financial analysis. Finally, I give practical examples of its practical application that show evidence of its usefulness and continued use to date. The CAPM is built on the portfolio model that Harry Markowitz (1959) developed. In the model, a portfolio is selected by an investor at time t-1 which at t produces a stochastic return. Investors are assumed to be risk averse and, in their choosing among portfolios, care is only taken on the mean and the variance of their single-period investment return. This results in investors choosing â€Å"mean-variance-efficient† portfolios, the portfolios in this case 1) given variance, maximizes returns and 2) given expected returns, minimize portfolio return variance. For this, the approach is referred to as mean-variance model. An algebraic condition is provided by the model on asset weights in portfolios that are mean-variant-efficient. This algebraic statement is turned by the CAPM into a prediction that is testable about the connection between expected returns and risk through identification of an efficient portfolio if asset prices should clear all the assets off the market. To identify a mean-variant-efficient portfolio, Sharpe and Lintner added two crucial assumptions. The first one is complete agreement: taking asset prices to clear the market at t-1, it is agreed by investors that asset joint distribution returns from t-1 to t. This distribution is taken to be the true distribution, i.e. it provides the distribution giving returns that we employ in testing the model. Secondly, there is risk-free rate

Saturday, November 16, 2019

Advertising Uses Essay Example for Free

Advertising Uses Essay Advertising: Information tool, manipulation tool, or Beyond? The impact of advertising in our society is a fiercely debated topic, and has been ever since its conception in its most basic form. Advertisers make their ads stand out by using humor, ongoing story lines, unexpected dialogue, unusual techniques, attention-getting spokespersons, or simply by repeating the ads so often that people can’t help but remember them. According to the majority advertising is a form of communication that typically attempts to inform or persuade potential customers to purchase or to consume more of a particular brand of product or service. This is not a surprise, advertisements are everywhere. Society is so used to it that they just see it as a tool for letting others know about a product. The majority sees advertisement as an information tool. Unfortunately advertising doesn’t have that purpose anymore. According to Chuck Blore said: â€Å"Advertising is the art of arresting the human intelligence just long enough to get money from it†. Just until the 1800’s advertising was an information tool, then it became a manipulation tool because of mass production during the industrial revolution. Everything stayed the same until the 21st century. This century had changed the whole concept of advertising, now advertising is something beyond information or manipulation. Advertising is a tool to create costumers (yes, create!). Now publicists create needs, preferences, beliefs, points of views, and everything they need to get money without measuring their acts. Advertisers are changing customers’ true desires instead of selling their products to the ones who needs them. Advertisers create needs. Its not true that every time someone sees a Burger King ad he/she is hungry, its just part of the advertiser’s job. They make every ad incredibly appealing so that everyone who sees it believes that he needs a burger right away, or at least something to eat. Haven’t you noticed that those kinds of ads are always close enough to the respective restaurant, and it’s not just in the food business that advertisers create needs? They do it in every opportunity they have, such as apparels, technology, etc. Advertisers create preferences. They build desires and preferences every time they have to present a product that isn’t for everyone. Advertisers show products as unique and incredible. The costumers believe they need them right away. What advertisers do is create an image of a product that will make costumers buy it without thinking it twice; it will create such a huge desire for that product that costumers will feel the need for buying it even though it can be a product that they wouldn’t be interested before the ad. Advertisers create beliefs and points of view. They do everything for achieve their selling goals; they don’t care about the costumer real desires. Advertising is in such a position that it can make costumers change the way they see themselves, the way they see others, and they way they feel about their lives. In this case there are examples such as all the commercials with models that make costumers feel insecure with their bodies (no matter the gender). Also ads that insist with the idea of getting thinner with machines or pills â€Å"without doing exercise† making costumers believe that everything works. Advertisers create perceived difference and make them feel that a particular product is different. Most of the time the difference is simply the audience the company wants to target. Unfortunately one of the biggest consequences of abusive advertisement is that most of the advertisers are targeting kids affecting their way of thinking and all their interests. Kids fourteen and under spend an estimated $20 billion a year and influence purchases by parents, grandparents, and others to the tune of $200 billion a year. As a result, advertisers spend big bucks to reach kids: an estimated $800 million for programs alone. Experts say that children are particularly vulnerable to the persuasive effects of advertising, especially television commercials. â€Å"Kids are the most pure consumers you could have,† says Debra McMahon, a vice-president at Mercer Management Consulting. â€Å"They tend to interpret your ad literally. They are infinitely open.† The child as in-house salesperson is a powerful friend to advertisers. Because of this, some advertisers are very concerned with the society, because a lot of advertisers are just trying to sell the product witho ut limits. They don’t think about the audience that can see their ads. Advertising has become really intense during the past years. They are trying to sell their products or services without a limit, without respecting the costumers. It should be controlled, definitely. Advertising, too, should be held to the truth, as many people take it at face value and ingenuously believe all or most of what is said. That’s why there are associations promoting responsible advertising like the International Advertising Association (IAA) and Advertising Educational Foundation. Also there are advertising ethics that are being discussed, ethics that should be present when an ad comes out for the rest of the world. Advertising should be more socially responsible, because advertising is just one of the most important social influences in a capitalistic economy, like ours. And using media as its vehicle is a pervasive, powerful force shaping attitudes and behavior in todays world. As the media grows, the number of advertisements increases everyday and it plays a substantial role in people’s life because we are bombarded with thousands of advertising messages daily. The industry should concentrate more on the advertising ethics, and how to satisfy the consumers, instead of manipulating the consumer into buying their product, misinforming, tricking people for their own financial gain and creating negative social impacts. Advertising must be truthful, not misleading, ambiguous, or make wrong factual claims that can get consumers to buy inferior products thinking these products can deliver more. Advertising should be creative, and who says you can’t direct your creative abilities towards projects that aim to do good? Advertising should be responsible, so that it helps to contribute a positive effect on our society and the environment. I do not wish to see advertising eliminated from the contemporary world, because it is an important element in todays society, especially in the functioning of a market economy, which is becoming more and more widespread. I do wish that the world of advertising change and can be limited to be used as an information tool, not manipulation or â€Å"beyond that†, and hopefully in the future we’ll have the chance to see on magazines, billboards and TVs ethical and responsible ads, because as Chris Moore said once â€Å"Advertisers are in the business of communicating with thousands, even millions, of others all the time. That gives us thousands or millions of chances to practice what we believe every day. And try to get it right†. References Day, Nancy. Advertising: Information or manipulation? Enslow Publisher, 1999. Scivicque, Christine. December de 2007. February de 2011.