Is the United States winning the war in Iraq? Essay

Is the United States winning the war in Iraq? War is a word that brings a sad feeling in the minds of listener. This word is associated with fight, blood, death, miseries, pain and trouble for many but war is also associated with winning, freedom, and authority. Iraq is a very small country as compare to United States of America, but having a tradition of love for expansion, power and control. On the other hand United States of America, the only existing super power after cold war but seriously threatens by terrorist, expansionist and extremist forces of the world after attacks on twin towers in 2001. US has launched war against terrorism as a counter measure to curb above mentioned forces and attacked Afghanistan which was favored by most of the countries like Britain, Nato Countries etc. Attack on Iraq was also a continuation of War against terrorism due to charges of human rights violation, coalition and support to extremist and terrorist groups coupled with construction of weapons of mass destruction. Iraq was facing sanctions after Iraq Kuwait war in 90’s; its economic conditions were severely awful. Being a country with plenty of natural resources Iraqi people were suffering from economic recession, political aggression, and poor international relations. Iraqi ruler was a dictator having tradition of violating human rights. These issues were not only a threat for United States but to all peace loving forces of the world. All the above facts paved ways for a new turn in War against terrorism. President Bush said it clearly in an interview with MSNBC that â€Å"Americans did not start war against terrorism but we will win it† (Bush, 2004) According to American lobby they are victims rather than slaughterers. America attacked Iraq to safe themselves and all the people of the world because if those weapons of mass destruction will left with Iraqi regime then no individual in any part of the world will be safe. It seems reasonable to the world. Therefore it gained favor from majority of nation and their population. Thomas Donnelly, a resident fellow at the American Enterprise Institute (AEI) said â€Å"The American and coalition forces invasion was justified and paved ways to a new era of democracy and justice in Middle East. † Iraq claimed that all claims made regarding weapons of mass destruction are bogus and America attacked Iraq because of American strategy to take control over Iraq’s oil reserves and enrich land. It will also give ways towards a solid position in Asia and will helpful in curbing down China. The war started and is still going on and according to officials will not end in near future. Is America winning war in Iraq need many other questions to address for having a clear, unbiased and logical reasoning like what war in Iraq has given United States specifically and to the world generally? War in Iraq brought peace and harmony in the world. It gives strength to the peace loving forces of the world and shows all the dictators and extremist forces of the world that human lives are most important assets and United States of America will not let any one play with innocent souls of innocent civilians. Taking Sadam Hussain’s into American custody gives end to an era of violation, obsession, and victimization. It also convey message to the world that justice is still prevailing in the society. On the other end war in Iraq was fought to save lives of innocent civilians of the world from cruel weapons but the weapons used in Iraq by united forces and America were also cruel because they were also not able to differentiate between terrorist, and innocent people when they explode in markets and civilian places of Iraq. Innocent people were dead due to the attacks in Iraq in fact they are still dying. In these innocent people not only Iraqi civilians are included but it also included all those military officials and soldiers those were dead in Iraq due to the counters attacks and gorilla fights between Iraqi people and United Forces. These soldiers were sent to Iraq on a war that was started to reduce miseries, trouble and pain in lives of 9/11 victim’s families but now their families are suffering with same pain, trouble and miseries of loosing their loved ones. Strategically if one calculates what United States is spending in Iraq till today, it will be equal to millions of dollars and if that money will invest on welfare activities it will resulted in better outcomes. The war in Iraq asks a very important question to all peace loving nations that â€Å"Is war a solution of all problems? † Is life of American those dead in 9/11 and other terrorist attacks are more important than lives of Iraqi and Afghani civilians? Even if America is still not able to prove it claims regarding presence of weapons for mass destruction in Iraq. Is an attack on twin towers is more vital than several attacks on Iraq? No. Definitely not and this is what general consensus is started to develop among neutral actors inside and outside USA. Vast majority in United States of America is feeling that the cause of war against terrorism was correct, genuine and need of the time but the way it was fought should be different. Because if we critically analyze the current situation we will feel that War in Iraq gave us nothing except lesson that â€Å"Any War that is fought with weapons give nothing except pain to both winners and losers. † This concept is enforce by the decision of American nation to giving votes to the democrats in recent elections rather than republicans those election campaign revolves around the effects of war in Iraq and Afghanistan on American nation and the future of war on terror. The war in Iraq was started around three years back and no body knows when it will end. Apparently Sadam Hussain and his allies are in custody, Iraq has American and Coalition forces deputed for peace keeping but there is also a doubt that this war is leading towards the same situation that has happened with USSR for America. â€Å"No one can guarantee that any course of action in Iraq at this point will stop sectarian warfare, growing violence, or a slide toward chaos. If current trends continue, the potential consequences are severe. †(The Iraq study Group report December 2006) because world has seen the what has happened with USSR in Afghanistan, how Afghanis threw them out of their country after more than 8 years and as a result USSR itself was vanished from the map of the world. The solution for this situation is address by Iraq study group in their recent report â€Å"Our most important recommendations call for new and enhanced diplomatic and political efforts in Iraq and the region, and a change in the primary mission of U. S. forces in Iraq that will enable the United States to begin to move its combat forces out of Iraq responsibly. † (The Iraq study Group report December 2006) The war in Iraq is a war between ideologies, it is a war between rights and wrong, it is a war between justice and cruelty but the American Nation as one unit need to develop consensus towards the future strategy against war in Iraq because it will not end unless it will be fought on all possible grounds rather than military and force because weapons can only create destructions, they can only win lands but not hearts of people and United States of America has a tradition of winning hearts with love, sympathy and understanding. Therefore it is essential to understand that â€Å"This struggle must be fought with ideas and undertaken not just by the political leadership and the military but also by all levels of government including diplomatic, informational, economic, social and cultural mean. †(Effect based operations and counter terrorism, pg 27). The conclusion of the prolong war lies in self assessment and self realization. It includes reviewing our strategy and reassessing our goals. The targets are many but the way to achieve them is still ambiguous. The elite leadership of Al Qaeda and Taliban are still out of reach of United States. The strategy need to device through cooperation and collaboration on diplomatic and political fronts to support self sufficient and democratic Iraq where freedom and respect will prevail because peace and harmony in America cannot be kept at sake of Iraq. BIBLIOGRAPHY: 1.Effect based operations and counter terrorism, Air & Space Power Journal fall 05, 2005, Diane Publishing, pg 129 2. Bush clarifies view on war against terrorism ‘We will win,’ just not in conventional way, NBC, MSNBC and news services, national journal. com, Aug. 31, 2004 retrieved on Nov 20th 2006 from http://www. msnbc. msn. com/ID/5865710/ 3. Executive summary of The Iraq study Group report December 2006 4. Iraq transition to power retrieved from http://www. cnn. com/2006/POLITICS/10/23/iraq. poll2/index. html on 15th Dec 2006.

WorldCom, Inc Corporate Bond Issuance

This case raises many interesting questions concerning the record setting issuance of corporate debt by WorldCom, Inc. (â€Å"WorldCom†). Both the surprisingly voluminous structure of the proposed issuance and the foreboding macro-economic climate in which it was slated spark concerns over the risk and cost of the move. One of the first questions that must be addressed is whether WorldCom’s timing was appropriate. Next, the company’s choice of structure for the bond issuance must be analyzed. Finally, the cost of issuing each tranche of debt must be estimated in order to determine how much WorldCom is actually giving up to achieve the $6 billion in funds. Timing of the Bond Issuance – Advantages In determining whether the first week of August 1998 was the most opportune time for WorldCom to market such a large bond issuance, the advantages of this time must be weighed against the disadvantages. First, we will cover the advantages. The announcement of WorldCom’s monumental merger with MCI had recently boosted awareness and interest in the firm in a positive way (as evidenced by the surge in stock-price). This was especially important since the merger was set to be financed by the issue, thus incentivizing investors to partake. WorldCom would not have had sufficient funds to complete the merger without the issue, and a WorldCom and MCI merger would be extremely advantageous for all parties involves. Post merger, WorldCom’s credit rating was expected elevate, which would enable the company to borrow at a lower rate. Finally, the macro-economic crisis in Asia had recently shifted investors’ interest away from equities to corporate bonds and treasuries, thus drawing even more interest in the WorldCom opportunity. Timing of the Bond Issue – Disadvantages Although the advantages are numerous, the disadvantages of WorldCom’s timing are seemingly more persuasive. WorldCom had chosen to market the issuance in a time when corporate yield spreads over treasuries had increased, thus granting investors the ability to demand more return. In addition, WorldCom was not the only company issuing a large supply of bonds at that time. In fact, there were many issues set to hit the market around the same time. The sudden influx of corporate debt into the market would apply pressure on the price of the bonds while granting investors a wide range of opportunity and control. In addition, the economic turmoil in Asia at the time had caused a great deal of uncertainty about the future of the fixed-income market and the overall economy, thus pushing investors towards default-free treasury securities and away from corporate debt. Structure of the Issuance WorldCom has the option to extend its bank loan credit facility or to issue this large $6 billion in debt. It plans to use the rolling commercial paper program to pay British Telecommunications for MCI’s share purchases, and then use bond proceeds to pay off the commercial paper program. This signals that WorldCom does not need the money immediately for a single corporate purpose, and does not need the money immediately. Therefore, perhaps it makes sense for World Com to issue the bonds in smaller installments rather than flooding the market with $6 billion in debt all at once. The first reason for this is that, if an underwriter must first purchase the bonds before selling to investors, an underwriter may demand greater spread in order to justify taking down an entire $6 billion in debt using the bank’s capital assets. The second reason is that, regardless of underwriting structure, market demand might not match market supply. If WorldCom is planning to issue $6 billion on top of other issuance this week, traders might not have sufficient inquiry to justify purchasing large amounts of bonds. Choosing a Bond Issue Instead of a Direct Bank Loan WorldCom could also choose to increase its bank loan use. However, use of a direct bank loan has associated with it several drawbacks for an issuer. First, WorldCom (or any corporate issuer) is often required to post collateral. Second, banks often require restrictive covenants which can be either positive or negative; for example, requiring a company to maintain a certain rate-setting procedure (positive), or preventing a company from engaging in a leveraged buyout transaction (negative). Estimated Cost of the Issuance From the covenants contained we can see that there are no embedded options in WorldCom’s proposed bonds. Thus, we can use the conventional 3-step approach to price the bonds. The first step is to estimate the cash flow that WorldCom could expect to receive over the life of the bonds. If the coupon rate is equivalent to the yield required by the market, then the bond will sell at par value. Thus, we set the coupon rate equivalent to the yield required by the market because we believe the bonds would sell at par. The next step is to determine the appropriate interest rate. Investors will require a yield premium over the U. S. Treasury security (Exhibit 1). This yield premium reflects the additional risks that investors will accept. For WorldCom, who was currently rated Baa2 by Moody’s Investors Service and BBB+ by Standard & Poor’s, the 3-years, 5-years, 7-years, and 30years bond spread over Treasury security should be 66BP, 75BP, 82BP, 107BP respectively (see Exhibit 2). Accordingly, the interest rate would be 6. 14%, 6. 26%, 6. 38%, and 6. 80% respectively. The final step is to determine the present value of the expected cash flow calculated in the first step, using the interest rate computed in the second step. Since we have used the yield that the market required as our coupon rate, the bond will be issued at par. So, using the information gathered, analysts may come up with a yield of 6. 14%, 6. 26%, 6. 38%, and 6. 80% for the 3-years, 5-years, 7-years, and 30years bond respectively (Exhibit 3). The deal was marketed to investors and the book was built. Compared with the data on the recent prices of the bonds of telecommunications and media firms (Exhibit 4), this cost of financing was not so high. However, it was the beginning of financial crises. In times of recessions, investors may concern that issuers will face a decline in cash flow that would be used to service its bond obligations. As a result, the credit spread tends to widen and the price of all such issues throughout the economy will decline. Conclusion Overall, it appears that the cost of financing will be reasonable. However, there are individual market factors that occur on the date of issuance that will still be determined. Underwriter preference, market demand, unexpected market dislocation, Federal Reserve action or announcements and other factors could suddenly uproot WorldCom’s plans for a smooth issuance process.

Features of Natural Moral Law & Dicuss Whether Its Strengths

EXAMINE THE KEY FEATURES OF NATURAL MORAL LAW & DICUSS WHETHER ITS STRENGTHS OUTWEIGH ITS WEAKNESSES Natural Law has roots that stem back to Ancient Greece, and it was Aristotle who really created the approach. It was also depicted in Sophocles’ play Antigone, where the protagonist claims her right to bury her brother despite the King (Creon) ordering that he be fed to dogs. Antigone, (the protagonist) proclaimed this because she believed that there was a higher law than the King’s, particularly, Natural Law.However, it was not until the 13th Century until Thomas Aquinas developed its key features, that it was actually more widely recognised as a moral theory. When we focus on the recipient of the natural law, that is, us human beings, the proposition of Aquinas's natural law theory that comes to the forefront is that the Natural law establishes the basic principles of practical rationality for human beings, and has this status by Nature. These are to be followed univer sally, as Cicero puts it; it is ‘one eternal and unchangeable law will be valid for all nations and all times’.According to Aquinas, all humans seek good and when we do wrong or evil, it is only because we are only seeking ‘apparent’ goods and not real goods. So, we could ask ourselves, how does Aquinas define a ‘real’ good? A real good is when the said ‘good’ falls under the five primary precepts. These are: self-preservation and preservation of innocents, educating children, living in society, reproducing and worshipping God. Aquinas also believed that we can use our rationality to know Natural Law.It is inherent within our human nature, God reveals specific commands but these do not go against natural law but rather, further develop it. Aquinas said that a moral life is a life entirely followed ‘according to reason’. Aquinas allowed for the Aristotelian insight that the particulars of the situation always outstrip o ne's rules, so that one will always need the moral and intellectual virtues in order to act well. But he denies that this means that there are no principles of right conduct that hold everywhere and always and some even absolutely.On Aquinas's view, killing of the innocent is always wrong, as is lying, adultery, sodomy, and blasphemy; and that they are always wrong is a matter of natural law. Therefore, Natural law is absolute, but surely, we can ask ourselves, what about double effect? What if a dying mother had to give an abortion to preserve her life? For Aquinas, there are two key features of the natural law, features the acknowledgment of which structures his discussion of the natural law.The first is that, when we focus on God's role as the giver of the natural law, the natural law is just one aspect of divine providence; and so the theory of natural law is from that perspective just one part among others of the theory of divine providence. The second is that, when we focus on the human's role as recipient of the natural law, the natural law constitutes the principles of practical rationality, those principles by which human action is to be judged as reasonable or unreasonable; and so the theory of natural law is from that perspective the preeminent part of the theory of practical rationality.Whilst Natural law may be a particularly easy, universal theory that can apparently be followed by all people it has shortcomings. BEGAN FIRST WITH STOICS IN THE WEST THIS IS ONE OF THE FIRST ‘HYBRID THEORY’ HUMAN REASONING + DIVINE COMMANDS THE 13TH CENTURY WAS A GOLDEN AGE FOR CATHOLICISM, RULED BY THE IDEA OF REVELATION/FAITH/PRIESTHOOD THOMAS AQUINAS REASONED THAT WE ARE MADE IN THE IMAGE OF GOD THAT HE GRANTED US REASONING AND THAT WE CAN USE THIS REASONING THAT LINKS WITH PHILOSOPHY WHICH OVERLAPS WITH FAITH/DIVINE COMMANDS. REASON IS 1+1=2.AQUINAS SAID WE CAN USE HUMAN REASON TO PROVE THE EXISTENCE OF GOD. DIVINE LAW – THIS COMES FROM GOD. UNIVERSAL LAW = NATURAL LAW BROKEN DOWN INTO HUMAN LAWS. Ironically, all the primary precepts are about perpetuating the human race†¦ DOUBLE EFFECT STATES THAT IF IN ORDER TO GOOD YOU HAVE TO DO ‘LESSER/UNINTENDED EVIL’ ONE MAY PROCEED BUT IT HAS TO UNINTENTIONAL. NATURAL LAW DEFENDS THE JUST WAR THEORY – CAPITAL PUNISHMENT IS ALLOWED/JUSTICE WHAT ABOUT HOMOSEXUALITY? THEY’RE VIOLATING PRINCIPLE NUMBER 2 – PROCREATION BUT NEITHER WOULD BIRTH CONTROL OR CELIBACY.JUSTICE (LEGALISTIC)/EQUALITY/REASON-BASED/CONCISE IT CAN TELL YOU WHAT TO DO IN ALMOST ANY MORAL DILEMMA UNIVERSAL. IF THERE IS A GOD, JUSTICE WILL BE ASSURED. THEREFORE, EVEN IF YOU SUFFER BY FOLLOWING NATURAL LAW, BALANCE WILL BE DEALT. GOD MAKES SURE THAT THE INNOCENT ARE VINDICATED AND GUILTY ARE PUNISHED. CONS: NO GRACE, MERCY OR FORGIVENESS ALLOWED. ‘AN EYE FOR AN EYE, A TOOTH FOR A TOOTH’. A LIFE FOR A LIFE BECAUSE IT IS A REASON BASED THEORY, IT CAN BE RATIONALISED AND CAN BE SUBJECTIVE.BY USING DOUBLE EFFECT YOU COULD RATIONALISE ALMOST ANY BEHAVIOUR YOU WANT. BIRTH CONTROL IS A BAD THING. BUT WHAT ABOUT IN AFRICA, HIV/AIDS ETC. EFFECT YOUR SELF PRESERVATION. PERSONAL OPINION OF NATURAL LAW – IT CAN BE MASSAGED INTO JUSTIFYING ALMOST ANYTHING BY THINKING ABOUT IT. I LIKE AQUINAS I LIKE ITS SIMPLICITY BUT THE WORLD IS NOT THAT NEAT AND TIDY, THE RULES ARE TOO VAGUE. I DON’T WANT TO LIVE IN A WORLD WHERE THERE ARE NO SECOND CHANCES. ‘AN EYE FOR AN EYE WILL LEAVE THE WHOLE WORLD BLIND. ’

Information and communication Essay Example | Topics and Well Written Essays - 750 words

Information and communication - Essay Example Within the last decade or so, the students are fast adapting to the different means and ways coming directly under the plagiarism circles. [Author Unknown, 2005] The people who are caught plagiarizing often give pretty stupid excuses but it is a reality that they do out of sheer timidity on their part. They are just not ready to surrender and commit themselves wholeheartedly towards a task, job or doing it in the most original manner that there could be. [Amodeo, 2005] Plagiarism has also increased due to the technological advancements happening almost on a daily basis. There are shortcuts available for plagiarizing text material from the Internet and almost anyone ca use these technological gadgets to suit their own motives. Students particularly use the Internet to copy-paste the material off the websites which have similar evidence of texts as well as take help from students who have already completed such assignments in the past. [Jonassen, 2004] This is a sheer form of plagiarism in the truest sense of the word and there is no exception to this rule all said and done. Another reason as to why people commit plagiarism is that they find it pretty easy to do and they believe they could run freely as no one is going to catch them and their work. Internet has become one of the major hurdles towards doing work in an original and authentic manner. A number of students worldwide resort to the sin of plagiarism courtesy the Internet and this has been going on for the last decade or so in the most blatant manner possible. Plagiarism proves to be a destructive force as far as their education and academics are concerned but somehow or the other they are just not ready to accept this notion. They believe that if work could be done quickly and without hassles, then what is the need of researching and going in depth? One more reason that could be credited on the shoulders of plagiarism is

Mother Essay Example | Topics and Well Written Essays - 250 words

Mother - Essay Example She delivers a mother’s role including caring for her children in relation to education and daily needs. An exclusive examination of her daily activities reveals how motherly she is. She wakes up every morning to prepare breakfast for her four children. She understands that the children have to gain educational status. Besides the breakfast, she adequately prepares dinner and lunch for the children. The inherent photo depicts her daily chores and obligations relating to meal preparation. In the photo, she prepares nutritious lunch for the children coming from school. Nutritious provision is domineering in maintaining the health status of children within the family, an obligation that the mother understands. Besides effective meal preparation, the mother ensures that her children attend school. She accompanies them to school every morning and consequently picks the four lovely children in the evening. Such daily routine encourages the children to work more diligently. Moreover, the students grow and develop with the understanding of motherly love. The plight of the mother in preparing meals and ensuring effective education for her children is reflective of the societal obligation bestowed on

Discussion Personal Statement Example | Topics and Well Written Essays - 250 words - 3

Discussion - Personal Statement Example This gives a business platform for future reference. General accounting standards are the rule and concepts that govern accounting. Investors and speculators will make wrong choices, if companies make annual adjustment entries. Closing entries are made at the completion of journals, which are transferred from temporary to permanent accounts while reverse entry is the vice versa. Accounting process involves journal entries, trial balance, financial statements, and closing books. The main steps in closing cycle are closing the revenue, expense and income accounts. Accuracy involved in the above process can be improved by double checking system and by using a computerized system of accounting. Double checking will increase chances of sporting mistakes while computerized accounting enhances safety. E-activity helps users of financial information since they will be able to make correct and timely decisions. There will also be easy sharing of information. Obviously, there will be a decrease in delays caused by a manual system of operation. Closing entries in accounting accuracy entail zero balancing of temporary accounts by transferring all balances to permanent accounts. Reverse entry is the opposite of closing entry. The steps involved in the accounting process in financial accuracy are repeating the same process of accounting

Human nature and Western civilization Essay Example | Topics and Well Written Essays - 1000 words

Human nature and Western civilization - Essay Example No one can call a place West. Civilization - what does it mean? Around three hundred years ago European intellectuals, inspired by the astonishing cultural changes they had witnessed over the previous century, began to develop the concept of â€Å"civilization† as a way of describing the differences they perceived between their manner of understanding the world and that of other peoples. These intellectuals were convinced that their fellow Europeans had recently discovered the one true way of understanding nature, including human nature, and that they had done so by liberating themselves from the prejudices, superstitions and dogmatic ignorance of those that had preceded them. The label â€Å"civilization† was born in this context as a term of collective description connoting the â€Å"advanced† beliefs, practices, and cultural habits which the Europeans had acquired. For Europeans â€Å"civilization† was the benefit they had received from the intellectual upheavals which had overturned medieval barbarism and ignorance. Similarly, when Europeans began to travel around the globe on their many voyages of discovery and conquest, they carried their notion of â€Å"civilization† with them, using it to describe the differences they saw between their manner of viewing things and those of the people they encountered. The idea of â€Å"Western Civilization† was thus born when Europeans began to employ the new concept of â€Å"civilization† to contrast the European approach to life and nature (which they believed to be the one, true, â€Å"modern† way of viewing things) with that of non-Europeans. In this respect, the concept of â€Å"Western Civilization† emerged in... The essay focuses on human nature and Western civilization and their terms. Take for example, human nature. What's human nature? Is it different from human behavior? . Human nature is affected by both genetic and experiential factors. People develop just the way they are because of the social circumstances they were born in and in the context of their genetic potential. How about civilization? What does it mean? The label â€Å"civilization† was born in this context as a term of collective description connoting the â€Å"advanced† beliefs, practices, and cultural habits which the Europeans had acquired. For Europeans â€Å"civilization† was the benefit they had received from the intellectual upheavals which had overturned medieval barbarism and ignorance. Similarly, when Europeans began to travel around the globe on their many voyages of discovery and conquest, they carried their notion of â€Å"civilization† with them, using it to describe the differences they saw between their manner of viewing things and those of the people they encountered. The essay's conclusion focuses on this point. One handles emotions by society and genetic predisposition as mentioned. In the end though, we can determine that power struggle and that desire to be the leader of the pack still governs the motivations of people in the course of human history. May it be from the deep dirges of history or with different forms of government, humans will be humans and will continue to have the same weaknesses, just different manifestations as dictated by time.

Pathogencity and Immuneology Host resistence and the immune response Essay

Pathogencity and Immuneology Host resistence and the immune response - Essay Example The bacterium has the ability to cause problems for people who use catheters and heart valve implants. It forms biofilms on these catheters and implants. Over time the bacteria has become resistant to antibiotics and it is because of this resistance that the bacteria has evolved in highly virulent forms. It has the ability to cause infections if removed from its ecological niche. It can also be said to be an opportunistic bacteria because it has the ability to cause pathology in people whose immunity is decreased. Variola Virus On the other hand Variola virus is a virus which causes small pox. Small pox is the only disease which has been eliminated from earth. The virus is brick shaped with a double stranded DNA. It also has an enzyme known as RNA polymerase which helps it to replicate when entering the body. Unlike Staphylococcus epidermidis the variola virus is transmitted through the external world. It does not reside in the normal flora or act as opportunistic bacteria. It can be transmitted through respiratory passageways and skin lesions unlike the bacterium staphylococcus epidermidis which resides inside the body. Staphyloccocus epidermidis may not be harmful in its ecological niche whereas the Variola virus is always harmful because of the disease that it can cause.

Financial Statement Analysis Essay Example | Topics and Well Written Essays - 4000 words

Financial Statement Analysis - Essay Example 10 2.5 Comparison with competitor 10 Conclusion 11 Appendix I 12 Appendix II 13 Appendix III 14 References 17 Executive Summary This report discusses the finance performance and position of Tesco Plc for the recent 5 years (2006-2010), analyzes the short term and long term prospects of Tesco Plc and the investment attractiveness in its equity shares. Based on the analysis, Tesco Plc showed a strong past track record with continuous expansion through acquisitions and new selling space. Growth was slow in 2008-2009 due to the economic storm experienced but has resumed quickly. The balance sheet is strong with healthy solvency position and shareholder returns are encouraging with 5 consecutive years of enhanced dividend and increased Group Earnings per Share. Comparison with its UK retail peer, Morrisons is conducted and the result revealed that Tesco Plc is still ahead of its competitor. It is discovered that Tesco Plc is currently facing challenge from the intense competition in the U K due to the great promotional offers and price cut from the discount retailers such as Asda and Aldi. However, strong growth is expected from its international retail and the future outlook of the Company remains positive. A strong buy recommendation is proposed after reviewing broker’s recommendations and the performance of the Company. 1. Introduction 1.1 Aims and Objectives of the report The aims and objectives of this report include: To obtain an overview of the financial performance and position of Tesco Plc for the recent 5 years (2006-2010). To analyze the short term and long term prospects of Tesco Plc and the investment attractiveness in its equity shares. This report would begin with the historical evolution of Tesco Plc followed by an in depth analysis on its financial performance for the recent 5 years (2006-2010) together with a comparison against its competitor and calculation on beta discussing on how the returns of the share is correlated to the returns of th e stock market. Recommendation on whether to invest in its equity shares is suggested at the end of the report based on the comprehensive analysis done in terms on its short and long term prospects. 1.2 Historical evolution of Tesco Plc Tesco Plc is one of the world’s leading retailers founded by Jack Cohen when he started selling surplus groceries from a stall in the East End of London in 1919 and opened his first stall in 1929 in Burnt Oak, Edgware, North London. It was listed in the Stock Exchange with a share price of 25p in 1947 and continued to grow through acquisitions and opening of new stores in the 1960s with a chain of over 212 stores in the North of England. Tesco started to diversify its business by opening petrol stations in 1974. The first international retail unit was launched in Hungary in 1995 and today, its international operations cover China, Czech Republic, Hungary, India, Japan, Malaysia, Poland, Republic of Ireland, Slovakia, South Korea, Thailand, Tur key and United States. (Tesco Plc, 2011) The core purpose of Tesco Plc is to create value for customers to earn their lifetime loyalty and its success depends on people, both customers and employees and emphasize on a sustainable long term growth

Writing and Descriptive Papers Essay Example for Free

Writing and Descriptive Papers Essay If you do not know anything about descriptive essays you should certainly look for descriptive essay examples, which you can find online, as well as at Professays.com. Why should you look for such examples? Those students with little writing experience can be somewhat puzzled by a descriptive essay. Thus, an essay example will offer much valuable information, regarding both essay form and contents. The first thing you can learn is descriptive essay topics. Then you can pay attention to essay structure and outline. There are also special words and word combination used in descriptive essays. You will learn how to write an introduction and conclusion, as well as how to compose a persuasive essay body. A descriptive essay may be considered one of the simplest although deeply involving essays. It seems that there is nothing easier than writing a description, whether it be a description of a person, an event, a feeling, a thing, or an experience. However at times descriptions may be rather difficult to develop, especially for those writers who have problems with imagination or formulation of their thoughts. A descriptive essay is designed to offer readers involving and vibrant experiences and it has to achieve this goal with the help of observations and expression of feelings and memories but not through simple description of facts. The topic for a descriptive essay may be any, connected with any field or aspect of people’s life, activity, or experience. But while the theme offered or chosen may be simple it is possible to use imagination and contemplate it from an unusual angle. Associations may help in such cases, and unconventional thoughts may allow creation of a very original paper. The theme is to be as narrow as possible – thus the writer will have a possibility of focusing on its detailed and accurate description. Descriptive Essays The structure of such an essay is similar to many others – it should include an introduction, a main part and a conclusion. However there are certain peculiarities which set a descriptive essay apart from other types of written papers. In the introduction there usually is a presentation of the topic of discussion, and here the description evolves from general concepts/feelings/experiences/memories to more specific ones. The main body will include the exact background and a description of the topic the writer wants to discuss. In the process of developing such an essay it is vital to add as many details as possible, to try and express the slightest shades of feelings and emotions – such being the case readers will have a chance to feel the same and see the situation through the eyes of the writer. In the conclusion the description is to be summarized and driven to the logical end in order for readers to see the point of the description. Descriptive essays are not hard to write, but producing one that has all the perfect edges is a task very few can master, besides ProfEssays.com. If your essay has been purchased here, do not shudder with sheer ignorance when somebody questions you about such essays. Here, the aim is to not just provide you with essays that approach the zone of excellence, but to also equip you with a few skills. Firstly, study the essay you have bought for patterns, expressions, and style. This analytical study will inevitably teach you invaluable lessons and techniques. Once you are through with the style, penning factual descriptions will seem like an entertaining creative task. The pleasure that can be derived from sitting down and writing about all that falls in your observations is simply overwhelming. Often, you will have a good enough reason to want to jot down your reflections, even if for simple creative play. Realising this reason will ultimately strengthen your language and imbue it with colourful expressions. Sometimes, if you are too fastidious about your descriptive essay mirroring your perspectives, you may want to individualize your purchased essay with personalized expressions, which is a very positive indication of the interest you take in your work. ProfEssay.com boasts of a staff of well-educated and qualified writers whose work is virtually always compliant of writing styles even if concocted in limited time. Ergo, when you alter or introduce ideas, make sure you do not tamper with the professionalism, the style or the technique adopted. Working haphazardly will mar your presentation and grades. So a quick pointer: a factual description must always:

Analysing the various Management Principles and Applications

Analysing the various Management Principles and Applications The need for professional management came along with large scale businesses from the industrial revolution. This is generally understood to cover the period from around 1760 to 1850 in this time there was a major economic growth. The division of labour, combined with technological advances provided the economic need for a factory system. The factory system however, brought new problems for owners managers. There are various pioneers who contributed to the development of management, these include: F.W. Taylor (1856-1915) he was known as father of scientific management, was a professional engineer. H.L. Gantt (1861- 1919) his main interest was human beings in industry he wanted to establish democratic societies in factories. Abraham Maslow was a behavioural psychologist who worked in academia and industry. He wrote various books on human relations. The first book was on Motivation and Personality set out the needs of a human being these are still hugely important factors today. Definitions of Management There is no generally accepted definition of management, however, the best definition is said to be that of Henri Fayol (1841-1925) who was a French Engineer, as even today the principles remain the same. To manage is to forecast and plan, to organise, to command, to coordinate and to control. H. Fayol (1916) Henri Fayols definition of management is based upon his initial idea that forecasting planning was about looking to the future coming up with a plan of action to allow objectives to be met. Organising was seen in structural terms while commanding was said to refer to maintaining activity amongst personnel. Coordinating is a unifying activity which effectively allows all parts of an activity to work in harmony finally controlling meant, ensuring things are done in accordance with established specifications policies etc. Henri Fayol therefore is responsible for identifying the principles of management which are listed below are further detailed in task 2 of this assignment. Forecasting Planning Organisation Command (Motivating) Controlling Co-ordinating and communicating Another definition is that of Edward Brech the last of the management pioneers. He believed that management was for the good of society and integrity was its cornerstone. He collated ideas, added his own developed training programmes textbooks Management is a social process the process consists of planning, control, coordination and motivation. EFL Brech (1957) Another definition is that of Harold Koontz Cyril ODonnell, both professors of business management at the University of California. Management is an operational process initially best dissected by analysing the managerial functions The five essential managerial functions (are): planning, organising, staffing, directing and leading and controlling. Koontz ODonnell (1984) The definitions of Brech Koontz ODonnell are based upon that of Henri Fayol however they have made some small changes, for example Henri Fayols term command is changes to motivation by Brech directing or leading by Koontz ODonnell. P2 Explain the principles and processes of management. A managers job consists of planning, organising, directing controlling a companys resources which include the workforce, equipment, finances, facilities materials etc. Management also includes the recording storing of facts information for later use or for the use of others within the organisation to assist them with their own objectives. Management is not only limited to managers supervisors as every member or employee is responsible to some extent for managing their own functions as part of their job. The main principles of management described by Fayol are as follows: Forecasting Planning Organisation Motivating Controlling Co-ordinating and communicating Within any company or organization a manager has many roles responsibilities there job requires that they have the all of these skills to fulfill the role of manager. Forecasting Forecasting is concerned with the future economics of a company or organisation. This involves decisions being made to steer the company or organisation in the right direction these decisions will be based upon forecasts by the management. These may include financial forecasts such as the annual turnover of the company the requirements of funding to allow the company to fund their projects. Forecasts may also be in relation to the companys workload therefore allowing them to forecast the required resources i.e. labour. Planning Planning involves the future co-ordination of projecting controlling of resources. Many decisions made in regarding planning will be based upon the companys forecasts as explained previously; however planning will also be done on each individual project. This involves the making of decisions which will allow the company or organisation to meet the demands of their clients ensure that the objectives of the business are met. The main objective of a typical business is to make profit, therefore each individual project will be planned organised in detail will be closely managed monitored to ensure it is moving in the right direction, thus ensuring that the clients demands are met that the businesss objectives are met. Organisation Organisation involves the arrangement of the company structure while establishing relationships resources which will allow the companys objectives to be met. Any company or organisation will require that all of their individual departments are organized appropriately to allow them to function meet their demands. A managers job will be to define each individual within their department with their own roles responsibilities while ensuring that they all meet their demands in accordance with any specifications timescales while ensuring that they are coordinated with any relevant site based activities. Motivation This is the process to improve the physiological state of morale within the workforce of a company. A companys most important asset is its personnel, therefore it could be said that the motivation of the employees is essential. The identifiable needs of an employee include: To be paid fairly to allow them a comfortable standard of living. To be treated as an individual while being recognized as a crucial part of the team. To have a reasonable sense of security in their job. To be allowed the opportunity to show their ability initiative. Having a socially acceptable job with a sense of belonging and acceptance, allowing a high self esteem. Having the opportunity to progress within the company. An employees motivational needs is what that particular employee needs are in order to help keep them happy in their job, thus allowing them to perform to the best of their ability. Many of these needs may also be more important than others which a manager should have the ability to detect fulfil, for example, an employee might feel that they should be recognised as an important member of the team as this may boost their confidence. Once their confidence is boosted their motivational needs are therefore fulfilled. There are many ways in which companys work towards meeting the motivational needs of their employees as a whole these include the introduction of bonus schemes and provision of good welfare facilities etc. Controlling Controlling refers to the continuous observation of a project to ensure that the work is carried out is continuing as it was initially planned. Should it be noticed that the project is not progressing as per planned corrective action will be taken to rectify this. Controlling is the tactical spear of the management involves checking the current achievement with pre-determined targets. Controlling may comprise of: The control of the projects overall budget. The control of monetary payments for the supply of materials services. Controlling the progress of the project. Co-ordination Coordination is crucial to ensure that each team or department involved in a project works in harmony to ensure that the project is completed with the least possible problems throughout the duration of the project. The coordination of management requires regular communication typically in the form of meetings to integrate ideas into action. Co-ordination is not only crucial between the management employees in any one company, it is crucial that there is co-ordination between all parties involved in a project. This can be difficult particularly in large scale projects where for example the Client, Architect, Quantity Surveyor, Contractor Sub-Contractors etc must all work together to ensure that the project is completed successfully. This is where good management is essential to ensure the co-ordination between all of these parties. Communication Communication is to probably the single most important element within any organisation in particular any construction project as good communication is critical as it ensures the coordination and control of individuals, groups and departments not only within one company or organisation but also within all the other parties who may be involved with a project. Communication ensures control of a companys plans and procedures that any instructions given to staff by the management are clearly understood. Poor communication can lead to ineffective control, poor coordination and inevitably management failure which will ultimately result in a failure to meet a companys objectives i.e. a loss of money. Often, communication can be hindered by simple barriers such as the use of different phrases expressions between parties. Different languages may also pose a problem in international contracts, while modern communication methods such as emails etc may be misrepresented. In the construction industry in particular there is a slight advantage as much of the communication is done by the use of detailed drawings which represent the same to each individual no matter what their language may be. P3 Explain the motivational needs of individuals and groups, leadership styles and concepts of team working. Motivation Motivation is mainly concerned with: The forces that stimulate human behaviour. The factors that channel direct this behaviour. The way in which this behaviour can be maintained or eliminated. Motivation is crucial in all workplaces regardless of the nature of work carried out. Keeping employees highly motivated is the key to a successful workplace. An employee who is happy, satisfied motivated in their job will inevitably be more productive than an employee who has little or no motivation. There have been various motivation theories but all with the same intentions. A highly motivated workforce is ultimately more productive this can help to increase labour outputs therefore decreasing costs which will in turn generate more profit for the business. Motivation not only increases the quantity of work but also the quality, therefore having a large group of highly motivated employees can have a positive effect on any business. People can be motivated in various different ways this will be dependent upon their individual needs requirements. For example, one employee may be more motivated by being given the opportunity to use their own initiative, while another employee may be more motivated by the prospect of bonus schemes. Setting work related goals is another method of motivating employees as they are more likely to be productive if they have a target to work toward whereas If a task has no target it may cause employee to feel dissatisfied therefore they will be less motivated. There have been various pioneers of management theories throughout the years. Amongst them are those by Frederick Herzberg, who believed that the key motivators were achievement, recognition, advancement and job interest. Others include John Adair, Peter Drucker, Elton Mayo Victor Vroom. As was briefly explained in task 1 of this assignment Maslow wrote a book based on human relations. In the book he wrote about the factors which drive or motivate people. Once a group or individuals needs are satisfied, then they will not be motivated by the same benefits as generally humans all ways expect more. Maslows report shows in order to achieve good results from the staff and able to complete our new proposed building successfully we would have to ensure the employees needs are catered for and their problems are being listened to. Maslow defined five orders of needs which are as follows: Physiological- The basic survival requirements of warmth, shelter and food Security- Protection from danger of threat Social- Relations with others, expressed as friendship comradeship or love Self-Respect- Sense of personal worth, respect and autonomy Self-Actualisation- Sense of achieving your full potential A more recent and modern approach was from Sheila Ritchie and Peter Martin who developed a theory in the late 1990s that began under the assumption that it was a managers task to discover what motivates their workforce. They identified twelve motivational drivers including, the human needs for interesting work, a variety in work, achievement, power, self development, creativity, influence, social contact, money and perks, structure and rules, long term relationships good working conditions. The idea was based on having a method of motivation for each employee as it was based on the belief that each individual had different motivators therefore should have their own motivators used with them. For example, if an employee has worked well achieved more when targets are set, then the manager should make the effort to ensure the employee know what was expected of them at all times. However, this method is not always going to be practical many companies simply use incentive schemes which are aimed at all employees. These may include incentives such as extra time off or bonuses in pay for exceeding their targets. Many companys also make use of team building days which are also aimed to increase motivation within the workforce. These days out can range from sporting activities to evening meals all paid for by the employer. Leadership Styles There are various different styles of leadership used in the workplace this will vary dependent upon the workforce in general, for example, if there is a mixture of non-skilled skilled workers, each of these groups may need a different style of leadership to fully motivate them gain the best from them there will of course be a difference upon individuals. The main leadership styles are defined as: Autocratic An autocratic leader can be described as one who simply issues orders to their workforce expects everyone to comply. Democratic A democratic leader manages by consultation with their workforce encourages each individual to participate, therefore developing a team approach in the workplace. There have been various studies in regards to management leadership, for example Rensis Likert (1903-1981) an American psychologist statistician conducted research on human behaviour within different types of organisation during his research he studied different styles of leadership defined four main types of management system as follows. Exploitive / Authoritative System. Decisions are imposed on employees. Employees are motivated by means of threats i.e. the loss of their job. High levels of management have great responsibility. There is no responsibility for low levels of management. Poor communication teamwork. Consultative System The leadership will have some trust in their employees. Motivation is gained by rewards by having involvement in the decision making. There is a varying level of responsibility over all levels of management. There is some communication teamwork. Participative Group System The leadership have full confidence in their employees. Motivation is gained via economic reward earned through joint targets being met. All employees feel that they have a responsibility for the companys targets. Good communication team work tales place. Benevolent / Authoritative System Leadership via master / servant trust. Motivation is gained by the provision of rewards i.e. pay increases. Levels of management have great responsibility. There is no responsibility for low levels of management. Poor communication teamwork. The style a leader adopts depends on their perception of their workers motivation for example, do workers need to be driven autocratically and motivated by wage increases or are they better motivated by being allowed to voice their opinions assist in the decision making. A leadership styles success depends on the circumstances the leader is in, for example if a leader is under pressure it may be more beneficial to use an autocratic style of leadership. How close workers are may also have an influence, for example a team of workers who have worked together for a long time may be more motivated by being involved in the making of decisions. The method of leadership adopted should be carefully considered as leadership styles can also affect employee motivation. Team Working Team working can be beneficial in many circumstances in the workplace. This allows for more ideas to be generated more feedback to be received by the management. Team working also allows for greater coordination of works while allowing individuals to use their strengths in place of other team members weaknesses. Merit Criteria Schools of Management During the late 19th early 20th centuries, management theory was developed was classified as either scientific management or administrative management many of the techniques concepts are still used in modern management.