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Brandon Kour Date 2/12/2014 Mrs. Pohlonski 1st Hour A world of cloning Cloning use to be a thing of pure science fiction. Ever since the first successful clone, Dolly the sheep, was created by Dr. Ian Wilmut, scientists have been working on different techniques to clone animals and even humans. Scientist have developed several methods recently to clone animals. Harvesting Cells, Tissues, and Organs for cloning or later use advances scientists way to save lives and create the perfect baby. Cloning can be used in medicine, the revival of endangered species, cloning livestock, and even in drug production. Cloning for medical uses has the ability to benefit millions of people. First of all, with cloning you can clone animal models of disease. Most scientists that test the cause and effects of human diseases use mice as test subjects. Usually scientists introduce the disease to the animals for testing. However, giving the animals the disease requires a lot of trial and error. Cloning could significantly diminish the time needed to create these animal models and the outcome would be a community of genetically identical animals. In addition, scientist can use cloning to make stem cells. Stem cells are the building blocks of the body that maintain and repair the body throughout ones life. Stem cells can repair the body by themselves and can be used to repair or regenerate damaged organs or tissues. Some scientists are even looking at cloning as a way to create identical stem cells from the same human and help prevent heart attacks or strokes. If a stem cell is cloned that has a disease res earchers and scientist can understand the disease more and understand treatment. (Why Clone?, January 6, 2014) On June 11, 1993 a movie hit t... ...arize everything Harvesting Organs and tissues for cloning has many benefits. Whether its for Medical uses, Stem Cells, Bringing back extinct species, and Livestock cloning is definitely going to help us in the future. But until then the low success rates and the low survival rates will just have to continue. In Conclusion Cloning is truly a remarkable way to save lives,bring the back, and even fix them. REFERENCES APA format: Genetic Science Learning Center (2014, January 8) What are the Risks of Cloning?. Learn.Genetics. Retrieved February 10, 2014, from http://learn.genetics.utah.edu/content/cloning/cloningrisks/ APA format: Genetic Science Learning Center (2014, January 8) Why Clone?. Learn.Genetics. Retrieved February 10, 2014, from http://learn.genetics.utah.edu/content/cloning/whyclone/

Symbols and Symbolism in F. Scott Fitzgerald’s The Great Gatsby :: Great Gatsby Essays

Symbolism in The Great Gatsby F. Scott Fitzgerald tried to accent the point that money does not breed happiness. Money causes people to become envious, greedy, and jealous. It compels people to show a persona of arrogance and creates a haze of fog in the air of the world around them. They begin to become oblivious of the outside world and think of themselves as a higher being. This causes lack of acceptance for their responsibilities. I thing the author was also trying to show us that sometimes one can hold on to a dream for so long, and try so hard to achieve it that it can leave you in misery instead of happiness. Creating the reverse of it's intent. F. Scott uses a color scheme to show many emotions of characters in this story. The ultimate factor for almost every action within the story is money, the color green. This color shows the envy, greed, and jealousy that make up this story. Green is not only the color of money and the color most notably associated with greed, but it is also the color of the light on Daisy's dock. The same dock light that Gatsby spent so many nights gazing at. This is no coincidence, F.S.F. wanted to express to his readers the symbolism behind the color. Gatsby envied Tom because he knew that Daisy needed a wealthy man to take care of her. And as he was building his wealth, Gatsby would look over the lake toward that green light with envy and await the day he would be good enough for Daisy. The use of white, in reference to Daisy's wardrobe, symbolizes her laziness and uselessness within the story. She is completely devoid of any knowledge of the outside world, always lost in pointless thought. Something that I found quite apparent was her obviously shallow, money grubbing motives. For example, when she is taken into Gatsby's home for a tour, she is shown Gatsby's beautiful imported shirts. Daisy begins to cry, saying that these shirts are so beautiful. But what she is really expressing is her envy and jealousy of Gatsby's new riches and all of his elaborate material possessions. One form of symbolism that I found very interesting was Scott's use of the billboard ad containing the huge eyes of one Dr.

A Business Case for an ISO 14001 Essay

Abstract The ISO 14000 series takes the international standards system to the field of environmental concerns. ISO 14001 focuses on the development and maintenance of an Environmental Management System, within the ISO 14000 series. The ISO 14000 series is of relatively recent origin, having been instituted in 1991. However, it has emerged as a significant force within a short time. The ISO 14000 series is relevant for the world of business, for governments and regulators, for organizations that work not-for-profit and for entities of all types and sizes, wherever they may be. Its universal nature makes it a unique and dominant system for all people who are concerned with pollution, waste and about the consumption of resources that are limited and which cannot be renewed. ISO 14000 promotes professional conduct. Training people and involving them in key processes lie at the heart of the ISO 14000 system. The rigors of certification serve to develop human resources. It can serve to motivate people at all levels of the hierarchy, and to foster team spirit. The ISO 14000 system is not limited to altruism and to noble intentions. It is worth hard cash. ISO 14001 puts great pressure to bear on achieving productivity improvements that translate to valuable cost savings. Major international corporations enjoy impressive profit growth through the ISO 14000 series. All ISO certifications carry the benefits of independent and international recognition. ISO extension in to the field of environmental concerns through the 14000 series brings desirable pressure on companies that produce hazardous substances and which generate enormous amounts of waste. Customers everywhere have the choice to insist on ISO 14000 certifications. Companies may find themselves excluded from significant market segments if they continue to ignore or to avoid ISO 14000. Some organizations may find themselves out of business if they do not secure ISO 14000 certification. Apple leads a galaxy of the world’s most respected enterprises in using ISO 14001 certification as a cornerstone of competitive strategy. Lithium ion battery technology is an example of innovation that a commitment to environmental conservation can present. Solutions inspired by ISO 14001 can have welcome economic benefits, apart from noble achievements in terms of environmental conservation. Reduction in energy consumption is an outstanding example, since power generation can be both expensive as well as polluting. ISO 14000 calls for abiding commitment on the part of all entities that seek certification. The system consumes major portions of employee time. ISO 14000 becomes a major element of cost, though it does produce handsome returns. The ISO 14000 series follows a highly structured implementation procedure. There is comprehensive documentation widely available that any organization can use to enter the system. Most organizations find it expedient to use consultants to guide them through the process. Independent auditors are inevitable. External auditors must be knowledgeable, experienced and accredited. ISO 14000 has important weaknesses. Loss of proprietary information is the most serious risk. Certified companies may find that their defenses have been compromised in the event of litigation. This arises from the documentation and management reviews that are integral to ISO 14000. ISO 14000 leaves organizations free to choose their own goals, priorities and standards. It therefore lends itself to potential abuse by organizations that may push important social concerns to the background, or to prevaricate about deleterious aspects of environmental degradation. Some organizations may not be able to fund the investments in time and money that ISO 14000 requires. The benefits may therefore evade small enterprises. ISO 14000 documentation needs can also duplicate documentation that other systems and some regulations require. Training and audit infrastructure is inadequate for widespread and global application of ISO 14000. Some organizations, especially in remote regions can find themselves excluded though they may wish to enlist. ISO 14000 confines itself to the environment. It does not consider issues of human wellness. There are many community concerns that ISO 14000 does not address. It is not a guarantee of ethical performance of an organization on all fronts. Business interests may be served best if companies were to use ISO 14000 for internal review, without going in for certification or even registration. It would then be an effective tool of risk management without opening the firm to unwelcome public scrutiny. Purpose of the Study There are a number of excellent consulting services and other resources available at a cost, to help companies through the process of achieving certification. The key is the element of cost. In order to receive funds for consulting services or any other resources, you may have to justify your endeavor financially prior receiving any funding. Even if your company is capable of going through the process without any outside resources there are still direct and indirect costs associated with the process, prior to hiring a certification company to conduct an audit. You will have to buy materials, pull people in full time and part time, audit and update records. Training will be required for employees and management. The purpose is to show that the costs associated with obtaining and maintaining an ISO 14000 certification as part of an Environmental Management System, can be exceeded by the benefits of doing so. The benefits are not just monetary, but also how the company is viewed in the public eye as well, which is increasingly important in today’s global economy. Importance of the study Several industries are trying very hard to change their public image as environmentally â€Å"unfriendly†. The oil industry with its need to seek more sources, often in wilderness areas, chemical companies which have in the past legally dumped toxic waste, the timber industries and the automotive industry which continues to produce large gas guzzling SUV’s and trucks are all very sensitive to public perception. Perception is very powerful and a company does not want to be perceived as harmful to the environment or not environmentally friendly. The ISO 14000 certification system can be used as a tool to not just say we are concerned about the environment, but to show what you have been doing, are doing and will be doing to improve your performance. In doing so you should be able to add to your bottom line, both direct and indirect. As more and more of these companies and seek and obtain the ISO 14000 certification they require suppliers to do so as well. It is very likely that both public and private demand for environmental responsibility will continue to fuel the shift towards certification as proof of doing so. In the global economy today an ISO 14000 certification could become as important, to show a company’s environmental responsibility, as ISO or QS 9000 is to show a commitment to quality. It may become a prerequisite to doing business with some companies and in more industries as it has in the automotive industry. This study seeks to contribute to the on-going debate within some sections of industry about the economics of ISO 14001. We know that large corporations invest in registrations, often under duress from social activists. But is there money to be gained by following the system? Can there be purely business reasons for seeking ISO 14001 certification? Can smaller enterprises participate? These are some of the questions that this study seeks to answer. Scope of the Study The majority of the top 100 companies in the United States have already achieved ISO 14000 certification. The same trend exists in the European Union. The research will look at what is driving the movement towards certification. It will also look at what is required to become certified and to maintain that certification. This will be done through case studies of companies that have already achieved certification, how it has affected their companies and in what ways. The main focus being that it makes good business sense, and the justification thereof. The study concentrates on the business and profit reasons for ISO 14000 registrations, with tertiary scans of ethical issues and applicability of not-for-profit organizations. The study includes brief descriptions of all phases of the ISO 14001 process, with outlines of the various sections of the manual that is an integral part of the process. Rationale of the Study While a lot companies have already achieved ISO 14000 certification many more have not. One of the biggest factors in failure to achieve or to get the company to attempt certification, especially in small and medium size companies, is that often the appointed SME (subject matter expert) has little knowledge as to what is required. It is a task that is added to their current â€Å"to do† list and they are not given the proper resources or time to conduct a thorough study as to what needs to be done, the resources it will require and what is most important in some cases, R.O. I. (Return On Investment). This study will help to explain what is required, where to look for information and through case studies show that a positive R. O. I. can be achieved through ISO 14000 certification and the maintenance of the certification. Overview of the Study The study will consider the attributes of ISO 14000 as an Environmental Management System. In this paper the main focus will be to define the quantitative as well as qualitative benefits for employing an EMS, in our case ISO 14000. While ISO 14000 will be the primary focus, other EMS systems will also be discusses as alternatives and for relative comparisons. The procedures for and the costs of implementation will also be looked at as part of the study. In the process case studies will be studied and discussed through the use of Internet searches, relevant case studies and publications as well as personal experience and interviews with others in the field. This study will attempt to provide methods for justification of perusing certification. We will also try to give an overview of the process for obtaining certification from the planning stage, through implementation, certification as well as the follow up and continuous improvement required to maintain certification. The Ethical Rationale for Environmental Management Standards Concern for the environment is one of the hallmarks of social concerns during our times. Awareness has been growing since the last quarter of the 20th century. It has snowballed in to a major force. There are signs that countries and people will become increasingly demanding of all organizations with which to deal, in this respect. Though the first world is more influenced by concern for the environment, developing economies are also dragged in to the vortex of global opinion, as electronic media and desire for market access drive even poorer people to conform to conservation standards. Pollution, use of hazardous substances, non-degradable waste and consumption of limited natural resources are the four principal corners of environmental concerns. Pollution of air and water are most perceptible for lay people, but the effects of land fills can be equally devastating. Pesticides and organic solvents lead a series of chemicals with both acute and chronic effects. Mesothelioma is an example of a consequence of exposure to a hazardous substance, the fatal implications of which can surface after decades. Organochlorine pesticides persist in nature almost indefinitely. People at large have become very concerned about such residues and threats that surround them. Women and children are especially vulnerable. The concept of supply chains has spurred thoughts about life cycle analysis. Exhaustive labeling requirements have made people more generally aware that an innocuous finished product may involve the use of hazardous substances. Processed foods are common examples of convenience products that may contain harmful ingredients and sources of infection and contamination. This matter also leads to consideration of packaging materials that we have traditionally taken for granted. Consumers are now aware that products made from paper can involve the destruction of forest cover, while plastic has acquired a notorious image for its persistence. This applies to tin and other metals as well. Mercury and other heavy metals in batteries and electronic products are also causes of concern. Clean water has been in acute shortage in many parts of the third world for some time now, but even developed economies have begun to worry about large-scale use of this precious resource, Ground water contamination and depletion of the ozone layer are other matters that engage much popular attention. Large corporations that generate profits are prime targets for pressures to develop environmental management standards. Companies, whose operations transcend national boundaries, have to be especially careful of their environmental footprints. However, government, social service organizations and small business may all affect the environment in serious and indelible ways. Hence it is possible that environmental management programs may become increasingly universal with the passage of time. We may conclude that there is a strong ethical foundation for environmental concerns. All organizations regardless of their size, nature and location, will be subject to pressures to monitor their environmental impacts, and to find ways of reducing or even eliminating all harmful implications of their transactions. The ethical rationale has a firm linkage with business reasons for ISO 14000 certifications, as there are societal trends that it soon become a pre-requisite for continuing to be in business. The Sustainability Imperative for Environmental Management Mature sectors of national economies, and ones that grow rapidly, are in danger of extinction if they do not address environmental concerns. Electronic waste generated by computers and emissions from heavy industries are examples of enterprises and activities that may have a natural end if they do not address the irreversible effects that they can have on the environment. Depletion of the ozone layer is the sort of contentious issue that spreads across sectors and across countries as well. Closely held companies and ones whose stocks are actively traded on markets are most vulnerable to sustainability pressures. The effects of litigation on tobacco and pharmaceutical companies does influence market capitalization significantly, while major industrial accidents can cause companies to cease operations altogether. Government authorities responsible for solid waste disposal, drainage and water supply, may also face bottlenecks if they do not institute timely procedures for environmental management. Food safety is an issue that can affect even a small hot-dog stand. All entities are subject to irreversible degradation if they cause continuing pollution and wasteful consumption. Viral pandemics amongst poor communities are proof that the effects of a deteriorating environment are ultimately universal. We may conclude that there are survival compulsions for all sections of society, in terms of using environmental management systems. Damage and depletion have cumulative effects, some of which manifest themselves many years later. Changes in the macro-environment, such as ozone depletion have serious consequences for innocent communities. Stakeholders of all hues need the umbrella of environmental management systems for their own survival. There are indications that the only companies that will survive and prosper as the 21st century unfolds will be the ones with sound environmental management systems in place. The ones that consume too much of energy and that are relatively wasteful of materials, will be forced out of business by more efficient competitors. Companies that consume vast quantities of non-renewable resources will begin to reach deep in to irreversible crevasses. Society will become increasingly impatient with waste that cannot degrade, and even more so with air and water emissions that threaten human wellness. Companies may escape accountability for environmental degradation in the third world for awhile yet, but apocalypse for them is visible on the horizon! Recent concern for the environment in China marks a watershed, for industries and individuals in this enormous market have operated without such cares until now. The new trend in China spells a change for all corporations that sell their goods and services there, and also for those which source inputs from that vast land. India, being a democracy and a land of education, will follow suit in due course. The days for those without environmental management programs in place are numbered, and there is advantage in jumping on to the learning curve of ISO 14001 as soon as possible. The system has a business rationale, shorn of any altruistic motives.

Biography of Malcolm Knowles Essay

Introduction One cannot mention Adult Education without making reference to the internationally reputable adult educationist by the name of Malcolm Shepherd Knowles. Malcolm is renowned for leading both as an academician and practitioner who played a crucial role in the development and the application of adult learning across the globe (George, 2011). Background Malcolm Shepherded Knowles was born in August 24, 1913 in Livingstone, Montana. His parents were Dr. and Mrs. Dr. A. D. Knowles. He loved to participate in sports and outdoor activities from an early age. In addition to this, he was an avid scout during his youthful years. He was also an academically astute student. This was made evident when he graduated at the top of his class from the Palm Beach High School in 1930. Consequently, he was admitted to the distinguished Harvard University where he graduated with a Bachelor of Arts degree in 1934. During his stay at this prestigious institution, he took courses in philosophy, literature, history, political science, ethics and international law (George, 2011). He was also fascinated with extracurricular activities. This made him to be appointed the president of the Harvard Liberal Club, general secretary of the New England Model League of Nations, and President of the Phillips Brooks House. His involvement in voluntary service for the latter got him working with boys club and this formed a crucial platform for his fruitful career in adult education and social service. Career Malcolm Knowles went on to work with the National Youth Administration in Massachusetts where he was responsible for establishing the skills requirements for local employers and establish a course for the entire study body and teach those skills to the young people. In the course of this work he met Professor Eduard Lindeman who went on to become Malcolm’s mentor in adult education. As he continued in this work he married Hulda Fornell whom he had met at Harvard. In 1940, he assumed the role of Director of Adult Education. This enabled him to set up an association school for adults at the Boston YMCA. It is from this position that he was drafted into the Second World War in 1943. In 1946, he took the position of Director of Adult Education at the YMCA. He proceeded to pursue his Master’s degree in Arts at the University of Chicago and graduated in 1949. Under the mentorship of Cyril O. Houle he became executive director of the Adult Education Association of the USA which had been newly formed. He joined the Boston University in 1959 as an associate professor. During this time, he was very instrumental in launching a new graduate program in the field of adult education. He later joined the Fielding Graduate University in Massachusetts where he continued to teach until his retirement in 1979 (George, 2011). Despite the fact that he had retired, Knowles had already achieved his PhD continued to be involved in the field of Adult Education. During this time he became a Professor Emeritus at the North Carolina State University where he continued to write books and articles regarding adult education. Dr. Knowles passed away on Thanksgiving Day in 1997 at his home in Fayetteville, Arkansas due to stroke. Malcolm Knowles’s Contributions Malcolm’s contributions in education can never go unmentioned in especially in the field of adult education. He created a model which is still in use today in the field of adult education. This was the theory of andragogy. This theory was based on the differences in the learning styles between the children and the adults. This theory was developed after a thorough study of humanistic clinical psychology and the relationships which were derived from it. Thus, this theory was based on five basic assumptions about the features of adult learners (Malcolm, 1950). These features brought out a very different view from the features which were observed in children. These features included the following aspects (Malcolm, 1950); the self-concept; which is a person usually, matures over time from possessing a dependent personality towards one of being a self-directed one. Experience; this is the second feature which usually brings with it a huge amount of experience that an individual has gained over time. Readiness to learn; the primary motivation for a person’s readiness to earn may change from being one of eagerness of knowledge in his youth to one of eagerness to develop their social standing. Lastly, orientation to learning, as a person matures, his perspective of problems and urgencies shift to one of a frantic nature. Thus a person starts focusing more on his problems than the subject of his problems. Dr. Malcolm grounded the concept of adult education by bringing on board the principle of Adult Education. This came to the fore as part o his Master’s thesis as he was searching for a ‘coherent and comprehensive theory of adult learning’ when he hit upon the informal theory of adult education. He held the opinion that an organized course was usually better for new learning of an intensive nature while an informal association or club provided the best opportunity for practicing and refining the things which were taught (Malcolm, 1950). Dr. Malcolm spent a further fourteen years producing major texts in the field of adult education. His works include the Modern Practice of Adult Education (1970) and The Adult Learner (1973). These texts help to establish him as a central figure in adult education in the United States of America. Through them, the theory of andragogy was further popularized. He also recognized the value and the importance of learning communication skills. This is because he believed that humans have to interact with each other on a daily basis, therefore the knowledge of communication should be included as part of their curriculum. In order to aid an adult in the society, Dr. Malcolm believed that adult education should be able to enable the adults to develop a clear understanding of them through learning about their own needs and selves. Secondly, adults should cultivate a mindset of acceptance, love and respect towards others. This would help them to establish healthy relationships with others in the society. Adults should also possess an accepting attitude towards change. Adults should also figure out solutions to a general cause instead of fretting over the cause itself. This would help them to develop what he called an active and logical mind that would help them to make any situation and make it better. Adults should also have an understanding of the society and be proactive in instituting social change. This can be done by making every adult aware of the important issues such as political, economic, international affairs and the business aspects of life. Conclusion In conclusion, Dr. Malcolm Shepherd Knowles played a major role in the development and establishment of adult education. Despite the fact that he is no longer alive, his work, ideas and innovations still live on and inspire more strategies in adult learning. His efforts led to the development of the Theories of Andragogy and Self-Directed Learning (George, 2011). In addition to this, he was the first person to chart the rise and progress of the entire adult education movement which took center stage in the United States of America. This informed the process that led to the development of general theory and practice of informal adult education. Dr. Knowles remains to be a great inspiration to many academicians who have benefited from his ideas as well as the professionals in the field of adult education. References George, W. (2011). Malcolm Shepherd Knowles: A History of His Thought (Education in aCompetitive and Globalizing World). London: Nova Science . Malcolm, S. K. (1950). Informal Adult Education. Chicago: Association Press.

Comparison of English and Macedonian Adjectives

COMPARISON OF ENGLISH AND MACEDONIAN ADJECTIVES An adjective modifies a noun. It describes the quality, state or action that a noun refers to. Macedonian Adjectives are words that describe or modify another person or thing in the sentence. While in English an adjective doesn’t change when the noun changes, in Macedonian an adjective should agree in gender and number with the noun.For example: a) Masculine to feminine example: ? (this is my little son) becomes: ? (this is my little daughter) As you can see from the example above, the adjective comes before the noun and also takes the feminine form. ) Singular to plural example: ? (this is my white cat) becomes: . (these are my white cats). As you can see from the example above, the adjective comes before the noun and also takes the plural form.The most common suffixes added on the adverbs are: -For masculine gender: -/ (none) ex: (small boat) -For feminine gender: – a ex: (small house) -For neuter gender: – o ex: (small child) -For plural: – ? ex: (small toys) Here are some examples: English AdjectivesMacedonian Adjectives green tree- a tall building- a very old man – the old red house- a very nice friend – In Macedonian, Adjectives agree with nouns in gender, definiteness, and number, and they usually stay before the noun in a sentence. The comparative and the superlative form are formed analytically adding - (po-) for comparative, and - (naj-) for superlative, to the basic adjective form. If there are more than one adjectives before the noun, all of them agree in gender and number with the noun, but only the first adjective 1 et the definite articles morphemes, and the other adjectives keep their basic form. Adjectives in Macedonian usually have these endings: masculine adjectives – ending on consonant, on - (-ski), -/- (-ov/-ev) etc. ; , , †¦ feminine adjectives are formed by adding -a to the masuciline form (consona nt+a, or -ska, -eva, -ova etc. ); , , †¦ neuter adjectives are formed by adding -o to the masuciline form (consonant+o, or -sko, -evo, -ovo etc. ; , , †¦ plural form is same for all three genders and is formed by adding -? (-i) to the masculine form (consonant+i, -ski, ovi, evi etc. ) – , , †¦ – You can notice that the plural form of the adjectives ending on -ski is same as the masuline singular form. Adjectives agree with nouns in gender, number and definiteness with their noun and usually appear before it. Adjectives have three degrees of comparison ( , stepenuvanje na pridavki) – positive, comparative and superlative.The positive form is identical to all the aforementioned forms. The other two are formed regularly, by prepending the particle and the word directly before the positive to form the comparative and superlative, respectively, regardless of its comprising one or two words. Positive Comparative Superlative (heavy) (heavier) (heavi est) (long) (longer) (longest) Macedonian only has one adjective that has an irregular comparative – .PositiveComparativeSuperlative (a lot) (more) (the most) Adjective types: – Possessive Adjectives – his, her, its, my, our, their, and your (Whose) -Demonstrative Adjectives – that, these, this, those, and what (Which? ) -Interrogative Adjectives – used to ask questions – examples: what, which and whose. 2 -Indefinite Adjectives – some common indefinite adjectives are all, any, each, every, few, many, and some. English adjectives are used in only one form: they do not distinguish gender, number or case.English adjectives are used in 2 positions: Attributively (before nouns) ex. They bought a beautiful house. Predicatively (after nouns) ex. Their house is beautiful. AS + ADJECTIVE + AS – to compare people, places, events or things, when there is no difference, use as + adjective + as ex:Moscow is as cold as St. Petersburg i n the winter. NOT AS + ADJECTIVE + AS Difference can also be shown by using not so/as †¦ s ex:Mont Blanc is not as high as Mount Everest. COMPARATIVE + THAN To compare the difference between two people, things or events. ex: Mt. Everest is higher than Mt. Blanc. THE + SUPERLATIVE It shows which thing has that quality above or below the level of the others. There must be three or more to use the superlative. x:Mount Everest is the highest mountain in the world. Form the comparative and superlative forms of a one-syllable adjective by adding –er for the comparative form and –est for the superlative. ex:Max is older than John. If the one-syllable adjective ends with a single consonant with a vowel before it, double the consonant. ex:big bigger biggest With some common two-syllable adjectives we can either add ‘-er’ and ‘-est’, or use ‘more’ and ‘most’. x:common cruel gentle handsome likely,narrow pleasant polite simple stupid†¦.. Note that ‘clever’ and ‘quiet’ only add ‘-er’ and ‘-est’. It was quieter outside. We use ‘more’ for the comparative and ‘most for the superlative of most two syllabic and all longer adjectives. ex:Be more careful next timeA few common adjectives and adverbs have irregular comparative and superlative forms. goodbetterbest bad-worse-worst near-nearer-nearest -16654 old-older-oldest(elder-eldest) 3

Case 15: Teletech Corporation, 2005 Essay

Case Study 3: Estimating the Cost of Capital 1. Currently Teletech Corporation (TC) uses a single hurdle rate for both their Telecommunications Services (TS) and Products and Services (P&S) divisions. This hurdle rate obtained by an estimate of TC Weighted Average Cost of Capital (WACC), which is calculated at 9.3%. When analyzing critically at this point, TS is underperforming with a return on capital (ROC) of 9.1%, whereas, P&S segment is well over the required rate of return as it is gaining a ROC of 11.0%. As a result, the firm’ share price is inactive. Their price-to-earning is far below investor’s expectation in comparison to the firm’s risk. The use of a single constant hurdle rate brings about an uncorrelation between risk and return. With an approx. $2 billion being invested in the upcoming years, the discount rate is significantly important in order to make investment decision on profitable projects, that will increase shareholder’s value. 2. Estimate the segment WACCs for Teletech: Corporate TS P&S Explanation MV asset weights 100% 75% 25.00% Bond rating A-/BBB+ A BB Pretax cost of debt (Kd) 5.88% 5.74% 7.47% Tax rate (t) 40% 40% 40% After-tax cost of debt 3.53% 3.44% 4.48% Kd(1-t) Equity beta (ÃŽ ²) 1.15 1.04 1.36 Industry Average Rf 4.62% 4.62% 4.62% 30-year U.S Treasury Securities RM 10.12% 10.12% 10.12% Source: Bloomberg RM-Rf 5.50% 5.50% 5.50% Cost of equity (Ke) 10.95% 10.34% 12.11% Ke=Rf + ÃŽ ²(RM-Rf) Weight of debt 22.19% 22.19% 22.19% Assume that it stays the same as Weight of equity 77.81% 77.81% 77.81% Teletech WACC 9.30% 8.81% 10.41% WACC=Wd *Kd(1-t) + We*Ke 3. It seems that TS is actually profitable on a risk-adjusted basic, even though it is underperforming compared with the firm hurdle rate. The reason behind is the current use of constant hurdle rate does not mirror the higher cost of debt required for P&S, and shows that the cost of equity required for TS will not have sufficient capital in the future but P&S will be given more than enough because TS’ return is less than P&S. It also indicates that TS certainly is less risky than the company and therefore it should be provided adequate funds in the long run. 4. In term of â€Å"economic value†, all money is green. Teletech having a book value of $16 million, they would fit the profile no matter it is under two segments its return on capital is viewed as one whole part. Investors are only concerned with the company as the whole, rather than its individual segments. The implication of that view is to let investors deeply understand that Teletech will still have return at the hurdle rate despite the fact that P&S is less profitable than TS. The return is being produced for shareholders are clearly dependent on where Teletech invests its fund. The argument in favor is that the returns on  capital of the two segments complied into Teletech hence, it is practical to keep all capital contributions at the firm should be treated individually. The argument against this statement is that the decision might be wrong if the use of strategic consideration is not included. The use of single hurdle rate will make the NPV results consistent but the NPV as well as the economic profit estimations would lose their meaning and comparability across TS and P&S. The separation of using different hurdle rates will make Teletech’s return higher. 5. If all the firm’s assets were invested only in the telecommunication segment the firm would increase the total risk as the lack of diversification on multiple investments. From another point of view, currently Teletech is using a constant rate to determine the projects and this rate is used as the discount rate. If the hurdle rate is set constantly at 9.3%, return on capital of TS (8.5%) is far lower than the hurdle, it seems like TS will reduce the firm’s value. While the return on capital of P&S (11.4%) exceeds the hurdle, it means P&S will enhance the firm’s value. TS P&S Explanation Return on Capital (%) 9.10% 11.00% NOPAT (million) $1,180.00 $480.00 Capital (million) $12,967.03 $4,363.64 Capital=ROC*NOPAT Economic Profit (million) -$25.98 $74.17 Use of a constant hurdle rate EP=(ROC-Hurdle Rate)*Capital $37.66 $25.54 Use of individual hurdle rates Where: The constant hurdle rate = WACCfirm = 9.3% The individual hurdle rates: Used for TS = WACCTS = 8.81% Used for P&S = WACCP&S = 10.41% From the table above, obviously observed that the use of the constant hurdle rate will mislead investment decisions, as it probably will result in negative economic profit from TS (-$25.98 million) as it does not take into account any additional risk associated with each segment. In fact if the use of individual hurdle rates applied, it will generate a large positive economic profit from TS ($37.66 million), PS still remains profitable but it is far below the original economic profit that calculated by using the constant hurdle rate. 6. From the calculations above in part 5, P&S will contribute extra value ($25.54 million) to Teletech as the term â€Å"all money is green† because P&S’ actual return is up to 11%, which is, lightly exceeded the hurdle rate of 10.41%. 7. There is no conflict with holding two seats on Teletech’s board of directors as he demanded, but the initial purpose of business is to provide firm’s customers the best goods and services, that will make Teletech to become the best telecommunication service. The firm will have to generate the best possible return, maximize the shareholder’s wealth, maintain the heavy development in both expansions of range as well as increase in customer’ satisfaction. So far, each segment has shown clear evidences and signs that they have been being brought value to Teletech, therefore Teletech have to decide to treat both TS and P&S like individual firms in the uses of equity and debt for a long run benefit.

Analysis Of Benjamin Franklin s Autobiography, The...

FRANKLIN’S AUTOBIOGRAPHY Benjamin Franklin’s Autobiography is an inspiring tale of his personal, as well as public achievement throughout his life. Franklin’s life embodies the exemplary model of a life composed of discipline, self-reliance and self improvement. From his humble beginnings as an apprentice candle and soap maker in his father’s business to a successful business man, author, philosopher, civil activist, politician scientist, inventor, and diplomat, above all Benjamin Franklin was, and†¦ The man Benjamin Franklin eventually became a man of good character and willingness to accept others. However, as the story of Ben Franklin unfolds you see he was indeed just a man. A man found to be of the same fault and human flaw as us all to which we were born, and that is into sin. Franklin as well as all people fell short. God told us in his word long before Ben Franklin ever existed. Romans 3:23 states â€Å"for all have sinned and fall short of the Glory of God.† (NIV). Franklin did prove however†¦ and esoteric essence of his own existence. The Autobiography of Benjamin Franklin is an account of Franklin’s life experiences that taught him a deal of self-righteousness, virtue, self-actualization, knowledge and wisdom. Franklin recalls many past, powerful instances of his life that have influenced the ethical and intellectual development. The memoir also represents various events that built his keen interest in literature, linguistic and writing. Moreover, it also unfolds various historical events†¦ Instructor: Course: Date: Autobiography of Benjamin Franklin An autobiography is the life history of a person that is written in a book and the history is written by the same person. Autobiography mainly centers its focus on the times and life of the person writing it. The autobiography nature is very subjective and therefore the writer should be able to recall memories promptly so that incorrect and false information should be avoided. Some autobiographies are fictional whereby people write the†¦ become what we want to be, I was surprised. I began thinking about what I could do as a semester long project in which I could set a goal and record my progress. I had read Benjamin Franklin’s Autobiography a few months earlier and I remember him writing about a personal program that he had developed for himself. Benjamin Franklin was fascinated with the idea of perfection, and diligently tried to achieve it while he was here on earth. His method of self improvement he called â€Å"The Art of Virtue†. What†¦ In the Autobiography of Benjamin Franklin written by Benjamin Franklin has the story line of his life. He explains how the political life in the 1700’s and how he learned from his experiences. One of the virtues Benjamin Franklin has is being humble, shown throughout all of his writing. The writing style he uses is very formal and addresses his audience with very different occasions. Having been from a big family he started in the workplace at an early age. Working for his father’s business took†¦ The Autobiography of Benjamin Franklin Benjamin Franklin’s life made a huge impact on the history of America. He also was an influence for many citizens. Since Franklin lived during the eighteenth century, a period of growth for America, he also played a part in the political founding of the United States. To help future generations, Franklin wrote an autobiography of his life. An autobiography is a piece of literature about someone’s own life. He separates his into four parts, each one depicting†¦ The autobiography of Benjamin Franklin explains the life of this amazing man in history. I this autobiography it focuses on the revolution years as one may expect to learn from this biography about Benjamin Franklin’s; origins, family and all the decisions and events that lead him to become the grandfather of the American nation. Due to the deep description of the situations that Benjamin Franklin went through and the different cities that he visited in this autobiography, draws a visual idea of†¦ Benjamin Franklin, a well rounded American adept in many fields, once said, â€Å"either write something worth reading or do something worth writing† (Benjamin). Although this quote presents a false dilemma, Franklin chose a third option in which he did something worth writing and then wrote about it in his autobiography. The Autobiography of Benjamin Franklin by Benjamin Franklin is a different beast in its literature. Unlike most books, and possibly most autobiographies as well, Franklin’s autobiography†¦ The Autobiography of Benjamin Franklin The Autobiography of Benjamin Franklin was not an easy book to read. Writing styles have changed tremendously since the 1700’s. Despite the cultural differences I learned a lot about the man and the time. Benjamin Franklin was a remarkable man. He was a printer, author, politician and an inventor. He was one of fifteen children in his family. Because he was from such a large family he was sent out to work at a very early age. He only had a few years†¦