Website Analysis of National Right to Life Committee (NRLC)

Website Analysis of National Right to Life Committee (NRLC) Key Terms: Claims, Typifying Example, Pro-Life, Rhetoric, Social Movement, Abortion, Assisted Suicide, Life, Organization. Introduction National Right to Life Committee(NRLC) is the second oldest and largest pro-life organization in the United States. This social movement organization deals with several life-related issues like abortion, assisted suicide or euthanasia, cloning, Medicare issues and so on. However, my focus topics are â€Å"Abortion† and â€Å"Assisted Suicide/ Euthanasia† because these are the two most common issues life-related issues. Abortion The rate of abortion in the United States has been increasing rapidly since 1973, with an estimated total of over 55 million abortions. Research also shows that more Americans now commit abortion for less important reasons than rape of incest since the legalization-approximately 93% of the women who carry out abortion explain that they do it for â€Å"social reasons†. However, National Right to Life Committee(NRLC) provides some normative claims as to why should not be legalized as the rhetoric of their argument. The members of this organization explain the similarities between abortion and murder; the diary of an unborn child and the pains that they face during abortion. They also present some scientific theories that relate to pregnancy and life. According to science, as soon as fertilization takes place in a woman’s body, a new life begins; the heart begins to beat

Advanced Corporate Finance Essay examples - 927 Words

Advanced Corporate Finance I SS 2012 Problem Set 1 Valuing Cash Flows Problem Set 1 Valuing Cash Flows Exercise 1 (Ex. 11.2 - 11.6 GT): Assume that Marriott’s restaurant division has the following joint distribution with the market return: Market Scenario Bad Good Great .25 .50 .25 Probability Market Return (%) -15 5 25 YR 1. Cash Flow Forecast $40 million $50 million $60 million Assume also that the CAPM holds. 11.2 Compute the expected year 1 restaurant cash ï ¬â€šow for Marriott. 11.3 Find the covariance of the cash ï ¬â€šow with the market return and its cash ï ¬â€šow beta. 11.4 Assuming that historical data suggests that the market risk premium is 8.4 percent per year and the market standard deviation is 40 percent per year, ï ¬ nd the†¦show more content†¦Hint: Use equation (13.7) to obtain ÃŽ ²U A from ÃŽ ²E . 13.2 Compute ÃŽ ²U A , the beta of the unlevered assets of the Hughes acquisition, by taking the average of the betas of the unlevered assets of Lockheed and Northrop. 13.3 Compute the ÃŽ ²E for the Hughes acquisition at the target debt level. 13.4 Compute the WACC for the Hughes acquisition. 13.5 Compute the value of Hughes with the WACC from exercise 13.4. 13.6 Compute the value of Hughes if the WACC of GM at its existing leverage ratio is used instead of the WACC computed from the comparison ï ¬ rms (see Ex. 13.4). 2 Advanced Corporate Finance I SS 2012 Problem Set 1 Valuing Cash Flows Exercise 3 (Ex. 13.14 GT): SL, Inc., is currently an all equity-ï ¬ rm with a beta of equity of 1. The risk-free rate is 5 percent and the market risk premium is 8 percent. Assume the CAPM is true and that there are no taxes. 1. What is the company’s weighted average cost of capital? 2. If management levers the company at a debt to equity ratio of 5 to 1, using perpetual riskless debt, what will the WACC become? 3. How would your WACC answer change if the government raises the tax rate from zero to 30 percent? 3 Advanced Corporate Finance I SS 2012 Problem Set 1 Valuing CashShow MoreRelatedAdvanced Corporate Finance4303 Words   |  18 PagesUniversity of Puget Sound School of Business and Leadership BUS 434 Advanced Corporate Finance Professor Alva Wright Butcher Tues-Thurs 11:00-12:20 McIntyre 107 Spring Semester 2012 Office: McIntyre 111 I Phone: 253-879-3349 FAX: 253-879-3156 Office Hours: T-Th: 1:00-1:50 Wed: 9:30-10:30 And by appointment Note that I am always willing to schedule additional office hours by appointment. I check email frequently, so that is also a goodRead MoreCase 2 for Advanced Corporate Finance1474 Words   |  6 Pagesï » ¿ â€Å"Case: Tianjin Plastics† Vrije Universiteit Amsterdam Course Advanced Corporate Finance Students Fatin Azear Jos Kusters Maaike van der Steen Case: Tianjin Plastics This assignment considers the case of Tianjin Plastics. Pat Johnson, project finance analyst for Maple Energy (U.S.-based international power plant developer), has to make a recommendation regarding the financial viability of the Tianjin Plastics power plant project in China. The recommendation would require a final evaluationRead MoreJet Blue Ipo Advanced Corporate Finance1654 Words   |  7 Pagesnominal terms, is imperative in understanding consumer demand over the longevity of the company’s existence. Alongside this, is analyzing a company with respect to its industry peers; which involves taking a profound look at revenue, EBITDA and corporate expenses (Kelly, 2009). 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This summer, when I studied Finance as an exchange student at the Imperial College Business School, I was totally obsessed by the dancing figures and logical charts that we used in the International Finance and Derivative Markets classes. During that time, the crash of Chinese Stock Market provoked heated discussions in my class among students and professors from differentRead MoreCorporate Finance, Investment Banking And Risk Management1676 Words   |  7 PagesHaving a great interest in Corporate Finance, International Financial Markets and Institutions, Advanced Financial Management, Small Business Finance, Investment Banking and Risk Management, I have decided to devote my academic and future professional career to this field. 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Myth on Change Management Free Essays

Bill, lost his job recently. It seems his company was downsized, his well developed skills were no longer required. It’s tempting to claim his company was at fault. We will write a custom essay sample on Myth on Change Management or any similar topic only for you Order Now But the fault was his and his alone. Let me explain why. Things are changing incredibly fast. Yesterday’s idea, is an emerging technology today, mainstream news tomorrow and history by next week. And†¦ everyone contributes to the speed of change. There’s a myth about management, since we’re responsible for so much change, we must be good at coping with it. I’ve observed the exact opposite. Managers have great difficulty accepting change. They tend to get complacent in their ‘secure’ status quo. They believe the skills they’ve acquired, will serve them well into the future, in spite of all Take a close look at business magazines. Each issue offers something new, something different. Each advertisement promises to increase productivity, to increase efficiency, to inflict change upon our unsuspecting organization. Used properly, magazines are a guidepost to the future. Ignore them and they’ll get you downsized. Bill acquired his management skills in the trenches. He worked his way up through the ranks. He acquired a set of skills, and over the years, deepened them. He began to believe his tool kit of management techniques was complete. They’d served him well in the past, and would suffice in the future. Bill’s error was not in his judgment of whether or not a particular skill was long lasting. Bill’s error had little if anything to do with ‘management skills.’ His error lay in his world view. He believed his world would stay the same. Somehow he’s protected from change. Somehow he alone is immune. Shielded in immunity, he gives no thought to a ‘different’ tomorrow. He leans on his illusion of status quo, even while destroying the status quo of others. He’s not alone in this. He’s joined by politicians, unions, successful companies, staff, by anyone and everyone who’s comfortable with past achievements. How do you prepare for the future? Step one is trivial†¦ Acknowledge uncertainty. That alone, will keep you from being complacent. That alone, will have you thinking about alternatives. That alone, will remind you that you’re not alone. Everybody is faced with the same uncertainty. Welcome to the future! Next – you’re not your business card. No matter what your title, no matter what your function, you’re more than a ‘box’ on an org chart. You’re a collection of skills with the ability to learn new ones. These steps do little to change the future. Accepting uncertainty and solid self assessment is a good strategy, but without a plan of action, they’ll add up to nothing. Assume you’re fired tomorrow, what would you do? Sounds drastic, but it happens every day to thousands of people from ‘every walk of life.’ So why not to you? What better time to contemplate it, than today, when you still have a job, and time to plan? Bill lost his job because he couldn’t see beyond his status quo. Don’t make that same mistake, contemplate this issue of Words of Mouth devoted to Change. Ask the question†¦ â€Å"What’s my place in the uncertainty I’m helping create?† Then leap into your future. What is the only thing constant in our lives? CHANGE impacts everything we do and is never-ending. Whether technological, psychological, physical or emotional in nature, we must learn how to deal with change effectively if In programs I have conducted for clients, their most frequent requests are in two areas: 1.What do I do with negative people? 2.How can I get people motivated? It could be argued these two areas have always been important. I have noticed the need for assistance with these areas is in direct proportion to the changes the organization is experiencing. We all go along our â€Å"merry-little-way† until one day and †¦ boom †¦ change appears. The change is sometimes our own doing but more often beyond our immediate control. When this occurs, the response is sometimes demonstrated in negativity or in an unwillingness to move. This constant newness is outside many people’s comfort zones and they are confused as to how they should respond. My clients know change is inevitable and yet have staff who are reluctant to embrace the constantly changing environment. It may be management themselves who are reluctant to adopt the changes necessary for organizational success. Management and staff must deal with technological, psychological and personal changes, all of which impact on performance. People handle change in different ways. It is estimated as high as 78% of people are followers †¦ they do not want to be first at anything. They would rather wait until something happens and then copy what they see. Approximately 5% are leaders. The remaining 17% have no idea where everybody else went! I work with the 5 percenters who want to learn approaches which will produce the best results through encouraging the 78% to follow and drag along the 17% who aren’t quite sure what is happening. I will never suggest all change will be enjoyable. I believe we have to learn to adapt to it. The good news about change is it happens so quickly that if you don’t like the change, just wait and it will change again soon. The bad news is if you do like the change you had better enjoy it now because it will not be here very long. What can we do? I have found one of the biggest roadblocks to personal adaptation to change is the belief we can just relax in what I call the coast mode. Do you know anyone in the coast modeÉjust coasting, coasting? The problem is there is only one way you can coast and that is downhill. The last person to realize you are coasting is usually yourself. Each of us knows at least one person in our personal lives who is going downhill and has not realized it yet. Your staff sees you every day and will very quickly recognize which way you are going. In a terrific book I recently read entitled Flight Of The Buffalo by James A. Belasco and Ralph C. Stayer, the realization of managers that â€Å"I Am The Problem† is the first step in overcoming the â€Å"What do I do with negative people or How do I motivate people?† problems. Demonstrating calculated risk-taking and encouraging staff to do likewise creates a different mind-set towards change. People who are not encouraged to take risks will not. All of us have failed at least once in our lives. What do we remember longest†¦good experiences or bad? The bad ones discourage us about additional attempts. Overcoming our negative programming about failure is a key step towards meeting the challenge of change. Working with, or worse still, living with someone who does not want to change can be a very frustrating experience. How to cite Myth on Change Management, Essay examples

Becoming a Crime Scene Technician free essay sample

However, before I decided that this is what I wanted to do, I needed to know information regarding being a forensic science technician. I need to know exactly what a forensic science technician does on and off the clock and the requirements such as school and special training. After plenty of research I am aware of the pros and cons of becoming a forensic science technician and it is an occupation I am extremely Interested In. I plan to take the appropriate classes o pursue this as my career. A forensic science technician plays a very important role at crime scenes and purgatories.Forensic science technicians that work at crime scenes, better known as crime scene Investigators are responsible for assisting In investigating crime scenes by collecting and analyzing physical evidence. They walk though the scene and determine what evidence should be gathered. They also take photographs of the evidence and different parts of the crime scene. We will write a custom essay sample on Becoming a Crime Scene Technician or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page They make sketches of the crime scene, take notes of their findings, collect all physical evidence and preserve and catalog evidence before it is transferred to the laboratory.Forensic science technicians that work In the lab also play a crucial role regarding crime scenes. They typically classify and identify evidence, explore links between suspects using the results of the physical and chemical analyses. Also, they work with experts regarding the case to study and examine their findings. Then they reconstruct crime scenes bases on their findings. Being a crime scene technician requires a lot of patients and availability because they have to work a regular day shift and must be available at all hours of the day.They could be called to investigate a crime scene so they must be available to travel to many different locations depending on where the crime scene is located. Crime scene technicians must also be aware of disturbing and unpleasant sights at certain crime scenes. This requires a lot of Important qualities. Critical thinking and problem solving skills are extremely important. Technicians must use their best Judgment to match physical evidence to suspects. Also, this would help assist law enforcement officials with solving crimes. Writing and speaking skills are very important as well. Technician may need to prepare written reports to provide in court as well as demonstrating their findings to the police and other law enforcement employees. Last but not least, technicians must control composure when working on crime scenes. Certain crime scenes may be extremely violent and gruesome and technicians must maintain professionalism when working on the scene. The first thing to do In order to become a crime scene technician is flesh all of the essential requirements.First of all, in order to investigate crime scenes and work in the laboratory, a bachelors degree in most departments are required and an extensive trained by more experienced technicians and they teach them the methods and procedures for collecting and documenting evidence. They are also trained in many other things as well. This includes firearm-analysis training which typically lasts up to 1-3 years and DNA-analysis training that last 6-7 months. Then technicians must pass a proficiency exam before they are allowed to perform independent case work or eave the ability to testify in court.Many crime scene technicians have met the requirements for the police academy as well. However, some larger law enforcement agencies are obligated to have a bachelors degree in natural or forensic science. Technicians who work in the laboratory typically have a bachelors degree in natural forensic science as well. Students who want to become a forensic science technician are required to take extensive coarse work in biology, chemistry and mathematics. Knowing all of the requirements and what forensic science technicians must encounter on a daily basis definitely motivates me to work extremely hard. There are a lot of pros and cons regarding being a technician and I am determined to endure all of the challenges in becoming one. I am fascinated with forensics and working on crime scenes which is why I think becoming a crime scene technician is a good fit for me. My goal is to return to Western Illinois University in the fall and continue my education. Western is an excellent law enforcement school and it would provide education resources to help me follow my dream of becoming a crime scene technician.

Human personality development

A number of theories have been advanced to try and explain how an individual’s personality develops. Some of the prominent psychologists who have developed theories that have widely been accepted include; Eric Erikson, Sigmund Freud, and Kohler (Allen, 2003). Moreover, research findings reveal that a significant number of American population experience different types of psychiatric disorders. The essay will discuss Freud’s theory of personality development and then focus on the nature of Obsessive Compulsive Disorder (OCD) as one of the common disorders affecting up to 2% of America’s adult population.Advertising We will write a custom essay sample on Human personality development specifically for you for only $16.05 $11/page Learn More Among the various theories put forward to explain personality development, Freud’s psychoanalytic theory can be considered as one of the most comprehensive in explaining the development of hum an personality. Virtually all the dozen theories of personality development universally agree that personality starts at childhood and develops as the child grows to adulthood. This theory provides a clear and a stage by stage development of personality which I strongly agree with. Freud’s theory argues that personality is shaped by inner tensions and struggles that an individual experiences and must be met sooner or later. He identified three major mental processes that are in constant conflict with each other; the Id, Ego, and the superego (Allen, 2003). The Id involves the inherent biological instincts which are present at birth. It is irrational, impulsive, self-serving, and totally operates unconsciously. The Id is controlled by the pleasure principle but the urges are expressed uncontrollably. The ego, on the other hand, is in the middle and manages both the desires of the Id and those of the superego. The superego is like a censor for actions and thoughts of the ego. Freud, in his theory, points out that an individual’s personality is formed before one is 6 years old by a series of psychosexual stages. He argues that infancy urges for erotic pleasure play a central role in personality development. Four erogenous zones were identified as having the potential of being the source of pleasure, frustration, and self-expression. Unresolved conflicts or emotional hang-ups would manifest themselves later in life as fixations (Allen, 2003). The first is the oral stage. This occurs during the first year of life and the infant derives pleasure from mouth stimulation. Oral traits may be created at this stage if they are overfed or suppressed. Such traits include, gum chewing, smoking, kissing, alcoholism, and nail biting in adulthood. Fixation of oral stage later creates oral-aggressive mature person who argues always. Anal stage occurs between ages 1 and 3. At this stage, the child attention moves to elimination process. When the child is trained o n toileting, he may react by approval or express aggression and rebellion. In turn, he â€Å"withholds† or â€Å"let go.† The type of such training may instill such responses into personality. Traits at adulthood due to this stage include; compulsive cleanliness, orderliness, or disorderliness, destructiveness, or cruelty, for the case of â€Å"let go.†Advertising Looking for essay on psychology? Let's see if we can help you! Get your first paper with 15% OFF Learn More When the child is aged 3 and 6, the phallic traits are develops. As a result of enhanced sexual interest, the child is physically attached to the parent of opposite sex albeit causing conflicts which must be dealt with. Phallic personality at adulthood is characterized by exhibitionism, sensitive pride, self-love, and egotism. After age 6, a period of latency ensues. This stage lasts until puberty. At puberty, the adolescent experiences changes in sexual energies which unravel all t he unresolved conflicts of childhood. This may result in emotional swings and turmoil. It is resolved by a heterosexual relationship and later leads to adult sexuality. All these characteristics can be clearly seen in day to day life and this theory can provide some guidelines (Corey, 2008). Having discussed one of the theories of personality development, we shall now consider one of the major psychological disorders in the United States of America. Psychological disorders can really interfere with a person’s personality at any given age. Of the many psychological disorders listed, we shall focus on Obsessive Compulsive Disorder (OCD). OCD is a psychiatric disorder that is characterized by obsessions and compulsions of exaggerated magnitudes (NIMH, 2009). This disorder has very clear symptoms since they are not what can be expected of a normal person. The person reports having obsessions which include; persistent thoughts, impulses or images which come uncontrollably into the sufferer’s mind. This results in extreme anxiety and distress. To counter these experiences, the sufferer resorts to compulsive or repetitive actions or thoughts like praying, counting, word repetition, or such behaviors as redoing actions, ordering, cleaning, checking, and or washing hands severally to avoid â€Å"contamination.† All these behaviors are such that they are not expected of a normal person. It consumes a lot of time and the sufferer knows that the obsessions and compulsions are senseless and inappropriate only that they find it too difficult to do without. Unfortunately, this disorder has no cure yet apart from some prescribed treatment approaches. The most effective, according to psychiatrists, is the use of the cognitive behavioral therapy (CBT) through the use of Exposure Response Prevention (EPR) (NIMH, 2009). This is purely non-medical and it involves exposure/conditioning to sources of anxiety. The second treatment alternative is through recomme nded medication like Selective Serotonin Reuptake Inhibitor (SSRI). The drugs used regulate the flow of Serotonin in the mind.Advertising We will write a custom essay sample on Human personality development specifically for you for only $16.05 $11/page Learn More The essay has discussed in brief Sigmund Freud’s personality development theory. It has described how personality develops from infancy to maturity. The paper has also discussed briefly the OCD and the available treatment approaches. References Allen, B. P. (2003). Theories of personality: development, growth, and diversity. Allyn and Bacon. Corey, G. (2008). Personality: theory and practice of counseling psychotherapy (8th ed.). Cengage Learning. National Institute of Mental Health-NIMH (2009). Obsessive Compulsive Disorder. Government of the United States of America. This essay on Human personality development was written and submitted by user America Clark to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Essay on 30125427_Task1_

Essay on 30125427_Task1_ Essay on 30125427_Task1_ The New-Product development process is a method of designing a new product so that it will be successful. The first of eight steps in this process is the new-product strategy, where the company makes a connection between new products and the objectives of the company, this is part of the company’s overall marketing strategy. The second stage is idea generation, this is the process of gathering ideas for potential products, these ideas can come from various sources including, customers, employees, distributors, competitors, research and development, and consultants. The third stage is idea screening, this is where products that either don’t go with the company’s new-product strategy or are obviously inappropriate are rejected. The fourth stage is business analysis, this is where the figures such as demand, cost, sales and profitability are calculated, and any product that would not be profitable to the company would be removed in this process. The fifth stage is development, this is when the product prototype is created by research and development, lab tests would be carried out, and the marketing team would at this time start planning the products packaging, branding and labelling. The sixth stage is test marketing, this is when a product is released to a small population to give the company some insight into the reactions of the customers when the product is released, this can prevent failed products from averting their larger market. The seventh stage is commercialisation, this is when the new product is considered ready for rel ease, in this stage production commences and training is implemented ready for release of the product. The final stage new product is when the product is released to for the customers

Technological rationality and social control ( it could be revised) Term Paper

Technological rationality and social control ( it could be revised) - Term Paper Example Such, just when we thought that our fascination is a manifestation of being able to keep up with what is the latest, it is in fact became a source of our bondage – a shackle that we cannot see whom we have unknowingly and voluntarily chained ourselves to become unfree. Herbert Marcuse identified the root of our enslavement to technology in two distinct needs of which he lucidly differentiated. He identified that there are two needs of man in particular and society in general to be â€Å"true needs† and â€Å"repressive needs†. True needs are those needs that needed to be satisfied with things that we cannot live without that we â€Å"truly need† in order to live. We can call them necessity such as food, shelter and some amenities in life such as transport which is driven by technology. â€Å"Repressive needs† are those needs that we really do not need but we may actually want. The list is long because want can never be satisfied in the first place. The invention of technology used to belong in the category of â€Å"true needs† where it truly helped us to make things easier and our lives better. Its advances has civilized us and made us more productive. In gratitude, we laud these advances but overdid it to the point that we became beholden to them. Our increasing dependency towards technology propelled it to advance beyond our true needs as capitalists expanded its use to become a source of profit and control that it became â€Å"repressive needs† because it no longer serve our â€Å"true needs† but rather invented needs that are unnecessary. What used to be or could be a tool for liberation now became a source of enslavement of which we all are willing to be shackled. It is not only the capitalists who used it to enslave society because the government too had its share of using it to control society and nations. Marcuse identified the government use of technology to unfree us by using it in weapons and pr opaganda. Basically a tool of war – weapons in fighting through military hardware (weapons) and winning the heart and minds of the population through media (propaganda). It is interesting to note that Herbert Marcuse’s One Dimensional Man was published in 1964 during the height of cold war between United States and Russia yet the realities it portrayed is still relevant today especially the use of technology to control people. It may not be as direct as it used to be during the cold war where government used the technology of media to sow hatred and animosity among its citizens against its enemies but it is still present today. We can gleaned from different government advertisement such as the advertisement of Homeland Security where it always advertise the possibility of terror attack and always ask the people to report and cooperate to authorities about any untoward incident. At the onset, it may sound harmless and even helpful but if we dig in deeper on the subtleti es of its meaning, it is basically asking the people to be subservient to government by sowing fear in them about an enemy, imaginary or real and presenting itself as its protector to control them. Generally, we are also unaware of how technology is used by the government to control people through the use of weapons. We often wonder why America has enemies that hated it so much to the point of blowing themselves up such as the case of suicide bombers. Marcuse provided a perspective that It is because of the government’

CORPORATE RISK MANAGEMENT Essay Example | Topics and Well Written Essays - 1000 words

CORPORATE RISK MANAGEMENT - Essay Example Companies incur a substantial amount of cost in the management of the risks (Ridley & Channing, 1999). Companies hire experts in order to mitigate the risks associated with its operations. The amount of risk to be mitigated varies from company to company and operation to operation. The dependency is related with the intensity of the risk as the risk shall be high when it affects the company’s operation at maximum (Agrawal, 2009). Although the risk is attached with every operation of the company but there are some certain areas in which the concern of the risk is substantial and companies’ need to focus more upon those. The costs associated with risk management is dependent upon both, the intensity of the risk and the value of that risk. The intensity and value tend to differ in every operation and every company. Some companies are more concerned about stock out than other whereas some companies are more concern about the halt in the company’s operations. The mana gement of risk is carried out with utmost focus and importance when an investment is to be made. A decision to choose from many investments is to be made and usually the investment associated with least risk is preferred over others. The basic goal of a company is the maximizing the wealth of its shareholders. A companies manages all risk in such a manner that the company is not derailed from its progress towards its goals. For the pharmaceutical companies the intensity attached with the risk of the new drug is much intense as it has many implications of the respective legislations (Ncbi.nlm.nih.gov, 2013). The high intensity of risk demands high risk management as in the failure of managing the risk shall be leading to the closure of the company. Pharmaceutical companies have more risk intensity than that of other companies as the products of the company is medications and thus greater restrictions and regulations are applied to them (Brown & Mannan, 2004).  . Costs in risk manag ement are both qualitative and quantitative as per the objectives of the company. Companies hire expert in management and they evaluate the procedures and the risks involved in it and thus have to incur costs as in terms of salaries of the hired experts. The companies incur cost as direct salaries but the time that is consumed in the process is the cost that the company bear in terms of lateness in the selection criteria as the time value of money is considered to be deteriorating. In short term this cost is of intense importance as the time is short as when the selection is done and the company has to over go with the selected option and carry out the procedures. Whereas in the long run the cost of delaying as because of the time taken in the appraisals and selection is considered important as well where the deteriorating value of money is considered over the time (Jorda?o & Sousa, 2010). Risk management is concerned with the measurement of the risk and the intensity of the risk wh ich is a time consuming method (Krause, 2006). The returns upon the project risk is associated with the market rate of return. The comparison between the two is done in order to appraise the project. There are high probabilities in certain cases where the company sees the project feasible as less risky and afterwards due to the

How the company combine to satisfy shareholders and the demands of Dissertation - 1

How the company combine to satisfy shareholders and the demands of society with no impact on the profitability - Dissertation Example Through these two elements, the reality of the global market, of virtual realities and faster access and exchange of information are realized (Brooke et al., 2004; Chandra, 2008; Soros, 2002; Suarez-Orozco & Qin-Hilliard, 2004), creating a vision of a better world across the globe. However, in 2007, the world has been hit by global economic crisis, which has led to serious difficulties in the lives of ordinary people (Roth 2009; Yandle 2010). The global financial meltdown has put into limelight the relationship and responsibility of businesses to the society as the economic crisis has been precipitated by excessive risk taking of businesses and masking its dangerous actions through, corporate philanthropic, activities (Bordo, 2008; Lin-Hi, 2010; Reinhart, 2008). The notion of economic institutions having social responsibilities has been widely discussed in the past two decades (Campbell, 2007). This coincides with the fact that also in the last two decades the influence and power of corporations have grown due to global presence of multinational corporations and trans- national corporations, which pave for more jobs and resources, higher standard of living and better social conditions (Uccello, 2009). Nonetheless, it should be noted, that the idea of economic institutions of being responsible not only in fulfilling their fiduciary responsibilities to the shareholders, but also satisfying the public interest and stakeholders demands have been proposed already as early as the 1930’s (Hemingway, 2002). As such, the concept of corporate social responsibility is not something new, but it has long been recognised that corporations have responsibilities towards, employees, shareholders, consumers, local communities, natural environment and other stakeholders (Hemingway & Maclagan, 2004; Zolsnai, 2006). However, due to the global financial crisis the urgency to look into the purpose and relationship of economic institutions (businesses) in the society becomes ne cessary. The global financial crisis has concretely shown that actions of corporations are not happening in a vacuum, but it has a direct effect not only to the shareholders but also to all stakeholders (Lin-Hi, 2010). In this regard, this research will look into how company combines satisfaction of both the shareholders and stakeholders and on how this can be measured. The research will be mainly dealing with corporate social responsibility; however, the research will attempt to provide alternative insights regarding CSR because the study will be conducted with the experience of the global financial meltdown as its beacon. The experience demands that CSR be re-understood with clearer parameters and measures that will assist people and stakeholders as attempts are made to further clarify the purpose and relationship of businesses in the society. 2. LITERATURE REVIEW In the literature review, current trends and discussions regarding corporate social responsibility (CSR) will be prese nted. The discussion will cover three sections. The first part will be dealing with the nature of CSR, while the second part will be touching on the apparent relationship among CSR, shareholder satisfaction and profitability. Finally, the third part will be about the means undertaken to determine the impact of CSR. To be able to embark on a discussion, the research has conducted a library research. The electronic databases Academic Source Complete, Business Source Complete, Jstor, Google Scholar, PsycheInfo and ERIC have been searched using a

Economic Performance of Nigeria

Economic Performance of Nigeria CHAPTHER ONE 1.1 BACKGROUND OF STUDY One of the biggest challenges for oil-producing countries is how to use its oil wealth strategically to promote sustainable growth, for example, in Nigeria, the massive increase in oil revenue as an aftermath of the Middle-East war of 1973 created unprecedented, unexpected and unplanned wealth for Nigeria. Then began the dramatic shift of policies from a holistic approach to benchmarking them against the state of the oil sector. Now, in order to make the business environment conducive for new investments, the government began investing the newfound wealth in socio-economic infrastructure across the country, especially in the urban areas (Adedipe, 2007). Over the past three decades, gulf cooperation council (GCC) countries have generally followed procyclical fiscal policies to changes in oil revenue. Following the sharp increase in global oil prices in the 1970s and early 1980s, government spending in all these countries rose as fast as oil revenue through a massive public investment program in infrastructure, fiscal incentives to develop the industrial sector, and the adoption of a generous welfare system. Notwithstanding the increase in spending, sizable overall fiscal surpluses were recorded in all GCC countries during those years, leading to a sharp accumulation of official asset. The existence of large foreign official assets facilitated a relatively low level of adjustment in spending in the period 1980-86, when crude oil prices declined significantly. Concerns for sustaining domestic demand in order to stave off a sharp reduction in non-oil growth has usually militated against significant fiscal adjustment in the face of falling oil prices in GCC countries. Spending was only cut by the equivalent to about half the fall in total revenue in Saudi Arabia, 20 percent in the United Arab Emirates, and 10 percent in Qatar. Facilitated by the completion of major infrastructure investments, the cutbacks fell mostly on outlays for projects, while current expenditure rose in all these countries, except in Saudi Arabia. In Bahrain and Kuwait, spending continued to rise across the board. In c ontrast, in Oman, lower oil revenue was more than offset by higher investment income and fees and charges, leading to a further increase in expenditure in the period (Fasano, 2000). According to Piana (2001), Public expenditure is the value of goods and services bought by the State and its articulations. It plays four main roles: contributes to current effective demand, expresses a coordinated impulse on the economy which can be used for stabilization, business cycle inversion, and growth purposes, increases the public endowment of goods for everybody and gives rise to positive externalities to economy and society, the more so through its capital component. According to Ely and Wicker (2002), government expenditure can be classified into the following: The direct cost of national defence includes the pay and equipment of troops, and the cost of ships, and cannon, and ammunition, etc. The indirect cost is represented by the pension list, as well as by the great waste of resources and opportunities for labor in times of war, expenditures for internal security includes the cost of our police system in all its branches, and that of our judiciary system, since both of these are occupied almost wholly in securing persons and property from injury, expenditures for the poor and unfortunate, that is, every advanced government recognizes an obligation to extend relief to paupers, to the deaf, the blind, the insane, and the feeble-minded, who, from natural defects, are unable to hold their own in the struggle for existence, expenditures for fulfilling the commercial functions and expenditures for fulfilling the developmental function. All these cu mulate into improving the economic performance of a country. The economic performance of any nation is measured by the rate of growth of its gross domestic product (GDP). According to Piana (2001), public expenditure has an immediate impact on GDP. An increase of public expenditure raises GDP by the same amount, other things being equal. Moreover, since income is an important determinant of consumption, that increase of income will be followed by a rise in consumption: a positive feedback loop has been triggered between consumption and income, exactly as in the case of shocks in export, investment or autonomous consumption. In more microeconomic terms, public expenditure may be directed to consumer goods and thus substitute families expenditure, as with the case of health drugs. By contrast, in other cases, as with education, public expenditure may trigger further consumption (books and all the other goods whose consumption depend on culture levels). According to World Bank (2006), gross domestic product is the sum of gross value added by all resident producers in the economy plus any product taxes (fewer subsidies) not included in the valuation of output. It is calculated without deducting for depreciation of fabricated capital assets or for depletion and degradation of natural resources. 1.2 STATEMENT OF THE PROBLEM An economys growth is measured by the change in the volume of its output or in the real incomes of its residents (World Bank, 2006). Therefore, oil exporting countries are said to experience growth due to large influx of income or revenue derived from exports and an opportunity to increase public spending, but most oil exporting countries have poor public sector management, that is, they have had difficulty managing funds with rigid operational rules, as tensions have often surfaced in situations of significant exogenous changes or with shifting policy priorities. Earmarking the resources of oil funds for specific uses, and allowing extra budgetary spending by the funds can complicate fiscal and asset management and reduce efficiency in the allocation of resources. Transparency and accountability practices for funds differ across Organisation of Petroleum Exporting Countries (OPEC) (International Monetary Fund, 2007). This leads to fall backs in the real gross domestic income. This research hopes to show the relationship between revenue from oil exports, overall expenditure and changes in output levels in Nigeria. 1.3 SCOPE OF THE STUDY The scope of the study is on the economic performance of Nigeria. The data used will be obtained from the publication of statistical bulletin of Central Bank of Nigeria (CBN), International Monetary Fund (IMF), and Organisation of Petroleum Exporting Countries (OPEC). It covers the GDP relative to oil exports, public expenditure rates and value of oil exports. 1.4 RESEARCH QUESTIONS In the light of the above, this study is set to provide solutions to the following problems: what is the relationship between oil revenue and government expenditure, what is the relationship between oil revenue and economic performance, and does the way government spends affect the growth level of the country. 1.5 OBJECTIVES OF THE STUDY The main objective of the study is to show interrelationship between public expenditure, oil revenue and economic performance in Nigeria. The specific objectives are to: Investigate the effects of oil receipts to the performance of an economy; Highlight the relationship between oil receipts and public expenditures; and Show the significance of increasing public expenditures to growth of an economy. 1.6 RESEARCH HYPOTHESIS In line with the objectives stated above, the following hypothesis shall be tested: H0: there is no significant relationship between oil revenue and economic growth H1: there is a significant relationship between oil revenue and economic growth H0: there is no significant relationship between government expenditure and economic growth H1: there is a significant relationship between government expenditure and economic growth 1.7 SIGNIFICANCE OF THE STUDY This study is very important and paramount because of the importance of the subject matter on explaining the determinants of economic growth and development in Nigeria. 1.8 RESEARCH METHODOLOGY The study focuses on the relationship between oil revenue, public expenditure and economic performance in Nigeria and due to the nature of the study, secondary data will be used. To carry out an econometric analysis of the study, the Ordinary Least Square (OLS) estimating techniques will be used because it possesses a unique property of Best Linear Unbiased Estimator (BLUE) when compared to other estimating techniques. The OLS method also possesses the desirable properties of un-biasness, consistency, and efficiency. Other parametric tests (such as T-test, F-Test, Durbin-Watson, and others) would also be engaged as research instruments in providing detailed explanations to the results obtained with respect to the hypotheses afore stated. 1.9 SOURCES OF DATA As a result of the format of the research work, secondary data will be used. The data will be obtained from publications of International Monetary Fund, World Bank Development Data center, Statistical data of Central Banks, OPEC. 1.10 DEFINITION OF SOME TERMS Gross domestic product (GDP): the sum of gross value added by all resident producers in the economy plus any product taxes (less subsidies) not included in the valuation of output. International Monetary Fund (IMF): established to promote international monetary cooperation, facilitate the expansion and balanced growth of international trade, and promote exchange rate stability. The World Bank: established as a development bank, providing loans, policy advice, technical assistance, and knowledge sharing services to low- and middle-income countries to reduce poverty. Public Expenditure: is the value of goods and services bought by the State and its articulations. CHAPTER TWO LITERATURE REVIEW 2.1 INTRODUCTION The objective of this chapter is to examine theoretical and empirical literature on the determinants of economic growth and development in Nigeria through the relationship of oil revenue and public expenditure. To this end, the rest of this chapter is organized as follows: Section 2.2 focuses on the relationship between public expenditure, oil revenue and economic growth in other countries, such as, United Arab Emirates, Saudi Arabia, and Venezuela. Section 2.3 focuses on the relationship between public expenditure, oil revenue and economic growth in Nigeria. 2.2 PUBLIC EXPENDITURE, OIL REVENUE AND ECONOMIC GROWTH IN OTHER COUNTRIES Gulf Cooperation Council (GCC) countries have consistently recorded overall fiscal deficits since the early 1980s after oil prices peaked in 1979-81. In addition, with oil revenue accounting for about three-quarters of government revenue in most of these countries, fluctuations in crude oil prices have led to volatile revenue and swings in spending. Following the sharp increase in global oil prices in the 1970s and early 1980s, government spending in all these countries rose as fast as oil revenue through a massive public investment program in infrastructure, fiscal incentives to develop the industrial sector, and the adoption of a generous welfare system. The existence of large foreign official assets facilitated a relatively low level of adjustment in spending in the period 1980-86, when crude oil prices declined significantly. Concerns for sustaining domestic demand in order to stave off a sharp reduction in non-oil growth has usually militated against significant fiscal adjustment in the face of falling oil prices in GCC countries. Spending was only cut by the equivalent to about half the fall in total revenue in Saudi Arabia, 20 percent in the United Arab Emirates, and 10 percent in Qatar. Facilitated by the completion of major infrastructure investments, the cutbacks fell mostly on outlays for projects, while current expenditure rose in all these countries, except in Saudi Arabia. In Bahrain and Kuwait, spending continued to rise across the board. In contrast, in Oman, lower oil revenue was more than offset by higher investment income and fees and charges, leading to a further increase in expenditure in the period. According to Elhiraika and Hamed (2001), economic growth and development in the United Arab Emirate is as a result of government investment in physical and social infrastructure which helped to boost economic activity in general and private investment in specific, a stable macroeconomic environment, which is characterized by low inflation rates and semi-fixed exchange rate, and government policies, availability of capital and absence of restrictions on capital movement together with a high degree of openness opened the door for remarkable growth in foreign trade. With widely fluctuating and generally declining oil prices and revenues in the last two decades, the country has since the mid 1980s exerted notable efforts aimed at achieving economic diversification. These efforts have led to sustained investment in the non-oil sectors, especially in manufacturing and other sectors that are increasingly dominated by private capital. By the turn of the 1990s, non-oil exports and non-oil GDP have exceeded their respective oil counterparts for the first time since the oil evolution began. As a result, the UAE economy has been recently classified as the most relatively well diversified economy in the gulf region (Askari and Jaber, 1999) with an average real GDP growth rate of about 5% for the period 1975-1999. The period from the mid 1970s to the early 1980s was characterized by high growth performance. This was the period when the government directed the surpluses from high oil prices into the physical and social infrastructure. The period from around mid 1980s witnessed significant reduction in economic growth due to a sharp drop in oil prices. Subsequent government austerity measures were directed largely toward capital expenditure for two reasons. First, most of the basic infrastructure projects had by then been completed, and second, most of the current expenditure categories have become long term commitments. The gross domestic investment rate was 34.1% in the 1970s period, declined to 25.6% in the 1980s before rising to 29.5% in the 1990s period. The UAE average growth rate for the whole period is well above that achieved by other Gulf Cooperation Council countries. A notable aspect of domestic investment is the fact that although public investment continues to dominate, the share of private investment has generally been rising remarkably, especially in the 1990s period. Private investment rose from 6.6% of GDP in the 1975-85 period to 11.7% in 1996-98. Meanwhile, the share of petroleum investment in aggregate investment declined from the average of 36% in 1975-89 to 17.7% in 1990-98. While public investment is concentrated on infrastructure and services sector, most of private investment is in the services and real estate sectors. In explaining the private investment behavior in the UAE, Elhiraika and Hamed (2001:13) found that in the long-run, GDP has the largest stimulating influence, followed by bank credit to the private sector and a human capital development variable. The real lending rate and government investments are found to have strong but adverse effects on private investment. In the short-run, GDP, bank credit and investment in human capital still have positive but weak effects on private investment behavior, whereas the lending rate and government investment variables still have significant negative coefficients. The expansion of private investment, both domestic and foreign, is supported by the creation of industrial zones that provide a variety of facilities and services at attractive prices. Sharp rises in non-oil exports that jumped from the average of 19.8% of total exports in 1975-1985 to 61.5% in 1996-1998. By 1992, non-oil exports exceeded oil exports for the first time amounting to about 40% of GDP. The increases in exports are mainly due to re-export. The UAE is the third largest re-export center in the world, after Singapore and Hong Kong. Again liberal trade, absence of capital controls, exchange rate policy, low tariff rates and absence of income taxes may be considered as the major factors contributing to the expansion of the non-oil export sector. A major weakness of the non-oil export sector is the dominance of re-exports over exports. This reflects a rather weak domestic production base than what the trend of total exports suggests. Between 1982 and 1999, re-exports accounted for about 88% of total exports. The re-export sector is expected to face fierce competition from the free trade zones that are rapidly developing in the region, especially in Oman that has a relative advantage in terms of having seaports that are closer to major sea routes. Therefore, sustainable growth in the no-oil export sector would require increased domestic production of export goods. Increased investment in human capital has led to notable increases in the primary and secondary school enrollment ratios, from less than 40% in the 1970s to about 80% in the 1990s. Besides the increased education of the local labor force, educated foreign labor is easily accessible given the relatively high wages paid in the UAE compared to other labor surplus countries in the Middle East and Asia. Immigrant labor accounts for about 70% of the labor force in the country and are generally better educated than the local population. In spite of high fluctuations in oil price and revenue that lead to similar, though smaller fluctuations in real GDP, the UAE economy remained remarkably stable in terms of inflation rates and the exchange rate. Since 1981, the UAE dirham has been fully pegged to the US$ at the rate of 3.67 and the inflation rate never exceeded the average of 2.5% over the period considered. It is believed that because oil is priced in US dollars and because the UAE has huge investments in the US the benefits from the peg in terms of economic stability and reduced macroeconomic uncertainty is greater than the cost arising from inability to use exchange rate policy to promote domestic investment and international competitiveness. There is no hard statistics to support or negate this argument. Since the turn of the 1990s, the consolidated budget (including the federal government and emirates governments) has experienced sustained deficits. According to Hamed and Elhiraika (2001), The UAE government does not rely on fiscal policy tools in achieving macroeconomic stability. Rather it relies mainly on monetary policy tools, particularly the link between the Dirham and the U.S. dollar, to maintain macroeconomic stability, and that the governments of the dominant emirates finance their budget deficits by drawing down their own abundant overseas assets, thereby eliminating inflationary pressures, and avoiding crowding out of private sector activities. This suggests the absence of any important link between macroeconomic performance and the budget deficits, but government spending undoubtedly stimulates private economic activity. According to Siddiqi (1999), in Saudi Arabia, the hydrocarbon sector contributes over 40 percent of the Saudi GDP, and generates 80 percent of government revenues and total export earnings respectively. The slump in oil revenues by over a third in 1998 has led to ballooning twin deficits on the balance of payments and budget, amid a general slowdown in government and consumer spending, as well as falls in fixed investment in the non-oil private sector. The economy, after expanding in 1996-97, may experience a negative growth in nominal GDP for the first time in five years. However, the IMF projects a real GDP growth of 0.4 percent, compared with 2.7 percent in 1997. Total earnings of Saudi banks in the year to September rose 11 percent. This indicates that the business sector after two years of higher liquidity remains in a relatively sound position. But a sustained weakening of world oil prices will sooner or later have deflationary effects on key economic sub-sectors. The economy has benefited from a subdued inflationary environment with consumer price increases averaging only 1.4 percent annually from 1990-98. Zero inflation, projected in 1998, reflects slowing domestic demand, lower non-fuel commodity prices, and cheap Asian imports. A stable/firmer Saudi Riyal (SR) has contained imported inflation. The Washington-based Petroleum Finance Corporation (PFC) projects a budget deficit in 1998 of SR50 billion, or 10 percent of GDP, the highest in a decade, compared to a low of SR6 billion in 1997. As a result, a mildly tighter fiscal policy is now in place; public sector recruitment and salaries are frozen and all ministries have been ordered to curtail spending by 10 percent. Some capital projects and military programmes have either been scaled-down or postponed and the payments period on state contracts has been extended to six months. The government has implemented measures for dealing with revenue shortfall and to cushion the impact on the kingdoms indigen ous 12 million plus population. Government spending a key determinant of business confidence has been sustained by issuing Saudi Special Government Bonds (SSGBs), worth about SR14 billion in the year to October. These SSGBs can be sold by contractors to local banks at a discount. The kingdoms domestic debt, already exceeding 100 per cent of GDP, has increased further because of increasing issuance of Development Bonds and Treasury bills mainly to banks and state pension/social security funds. The well-capitalised Saudi banking sector, with a capital asset ratio of 11.4 percent, is strongly-positioned to meet credit demands from state and private sectors. Analysts say about SR19 billion of shortfall can be covered by domestic borrowing and cutting public expenditure (mostly on defence). In Venezuela, the first commercial drilling for oil occurred in 1917 and by 1928; it was a leading exporter of oil (United States Library of Congress, 82). During this period Venezuela can be characterized as a dictatorship. By 1930, oil represented 90% of the export revenue in Venezuela. In 1948 a fifty percent royalty rate was introduced. This royalty rate revenue was to be used in sowing the oil to stimulate agriculture primarily and later industry. Prior to oil the coffee industry had been the main export in Venezuela. Oil revenues had clearly taken first place in Venezuela however the countrys people remained relatively poor. A democratic government took power in 1958 and swiftly intervened in the economy using the oil revenues. In 1960 the government made two significant movements; it began to create regional development corporations to decentralize planning and it became one of the founding members of OPEC. Throughout the 1960s Venezuela spent money on education, health, elect ricity, portable water, and other basic projects. This led to a 25% increase in per capita income by 1973. However when the world price of oil soared during the seventies and so did the Venezuelan governments spending. In the years between 1973 and 1979 the government spent more than it had since its independence in 1830. The oil industry was nationalized in 1976. Government spending steadily increased because of increased surges in oil revenue. Negative growth rates characterized Venezuela during 1980-1982. By 1983 oil revenues could no longer support the spending on government subsidies, price controls, exchange-rate losses, and the operations of more than 400 public institutions. In 1983 the government attempted to reform the economic downturn through devaluations of the currency and a multi-tier exchange-rate system. However, this did little to stall the impending crisis and the 50% reduction in the price of oil in 1986 did nothing to help the situation. In 1989 the IMF stepped in with loans and the price increases related to the reforms necessary for the loans caused rioting and the worst violence the country had seen since it became a democracy. The increase in the price of oil in the 1970s caused Venezuela to be affected negatively although its peak oil production point had already been reached in 1970. Because of the increase in the price of oil the government relied completely on oil revenue and like Mexico, was reluctant to take steps to prevent a crisis. The IMF had to impose the increases in domestic prices necessary to complete the cycle that played out. Protectionism through government subsidies and spending held domestic prices low enough to remain competitive imports. In this sense Venezuela was escaping Dutch Disease. However, these prices were supported not through true market value but through borrowing and extra revenue. As soon as those avenues shut down so did the governments ability to control domestic prices. The sudden jump in prices imposed by the IMF caused a recession so severe that rioting was induced. Another case of the lack of value-added industry creation led to the eventual downfall of an economy given the opportunity to grow. Bourguignon and Gelb (1988) suggest that the stagnation of the Venezuelan economy started after 1978, coinciding with the second oil shock in 1979. According to their calculations, the non-oil sector did not seem to gain from the 1970s windfall. They further argue that inappropriate economic policies resulted in steep declines in private investment and massive capital flight. Combined with a large upsurge in consumption during the decade of revenue windfall, these effects meant that Venezuela was subject to severe internal and external imbalances that ultimately lead to its decline in economic performance. 2.3 PUBLIC EXPENDITURE, OIL REVENUE AND ECONOMIC GROWTH IN NIGERIA According to Adedipe (2004), by the time Nigeria became politically independent in October 1960, agriculture was the dominant sector of the economy, contributing about 70% of the Gross Domestic Product (GDP), employing about the same percentage of the working population, and accounting for about 90% of foreign earnings and Federal Government revenue. The early period of post-independence up until mid-1970s saw a rapid growth of industrial capacity and output, as the contribution of the manufacturing sector to GDP rose from 4.8% to 8.2%. This pattern changed when oil suddenly became of strategic importance to the world economy through its supply-price nexus, Crude oil was first discovered in commercial quantities in Nigeria in 1956, while actual production started in 1958. It became the dominant resource in the mid-1970s. On-shore oil exploration accounts for about 65% of total production and it is found mainly in the swampy areas of the Niger Delta, while the remaining 35% represents offshore production and involves drilling for oil in the deep waters of the continental shelf. Nigeria has proven reserves of about 32 billion barrels of predominantly low sulphur light crude, which at current rate of exploitation could last another 38 years. The intention is to expand the reserves to 40 billion barrels and production capacity to 4 million barrels per day (mbd). The massive increase in oil revenue as an aftermath of the Middle-East war of 1973 created unprecedented, unexpected and unplanned wealth for Nigeria. Then began the dramatic shift of policies from a holistic approach to benchmarking them against the state of the oil sector. Now, in order to make the business environment conducive for new investments, the government began investing the newfound wealth in socio-economic infrastructure across the country, especially in the urban areas. As well, the services sector grew. This shows that as government increased as a result of increases from oil, government expe nditure also increased. The Nigerian labour market has been characterized by high rate of unemployment, low wage and poor working conditions. This unwholesome situation evolved after the oil boom of the 1970s and remained so till date. Prior to the oil boom, the Nigerian economy was largely agrarian and about 70% of the working population was engaged in agricultural activities in the rural areas. Wage rates were also comparable to international standards and the average Nigerian worker could afford decent living. In the 1960ies, the emphasis of employment policies was that of shifting labour from the agricultural sector to the manufacturing sector. This appeared to be the natural path of economic growth and development, following the experienced of the developed countries. However, the Nigerian peculiarities of land tenure system, tenancy and the very rudimentary processes of farming made it extremely difficult to deploy substantially advance technology in the sector. Moreover, at that time economic policie s concentrated more on the development of the manufacturing sector, under the much touted import-substitution strategy. Rather, labour moved from the agricultural sector to the services sector, with little productivity gains. Both agriculture and manufacturing lost out. The oil boom started the rural-urban drift of the population, depleting the rural population and adversely affecting agricultural output. Rising revenue profile of Governments created the illusion that job creation is a primary function of the public sector. Nigerian Governments embarked on ambitious expansion programmes in secondary and tertiary education. Quality research could be conducted, as adequate funding support was available. Education was strictly treated as a social service, which should be provided at little or no cost to the beneficiaries as a matter of right. This mindset precipitated the crisis of 1978, when the Federal Government introduced tuition fees in its universities. The decrease in oil revenue affected funding of tertiary education, necessitating a policy shift that has been difficult for the operators of the system to come to terms with. Attempts to raise fees are being resisted, while the private sector funding support that could lessen the burden is not forthcoming. In particular, the curriculum design of many of the institutions is dated and not so relevant to the needs of prospective employers. Most of the products therefore, end up in the labour market and have difficulty securing jobs because they need further training to be able to fit properly into the corporate world. The weak economy itself choked out several business enterprises and curtailed employment opportunities. Staff retr enchment became pervasive, starting first in the private sector and later the public sector. CHAPTER THREE THEORETICAL FRAMEWORK AND METHODOLOGY 3.1 INTRODUCTION In previous chapters of this study, we looked at how the relationship between public expenditure and oil revenue affect growth in Nigeria and other oil exporting countries. Based on these reviews, one would know the level of importance attached to them, being an important macroeconomic issue that affects the pace of growth and development of an economy. Therefore, in this chapter of the study, we shall be looking at the various theories of the subject matter as propounded by different schools of thought. We shall be placing oil revenue and public expenditure in a functional relationship to see their level of significance to economic performance of Nigeria. To this end, this chapter is divided into the following sections. Section 3.1 is the introductory part while 3.2 focuses on the theoretical background, 3.3 focuses on methodology while 3.4 is concerned with the sources of data and the type of data used in the study. Section 3.5 is concerned with the estimation technique of the model that shall be stated in the study. 3.2 THEORETICAL BACKGROUND In this part three different models of economic growth will be introduced, Solows neo-classical theory, endogenous growth model and Harrod-Domar model. 3.2.1 Solows Neo-classical Theory The Solow theory believes that

Do School Uniforms Really Serve a Purpose? Essay -- Education School U

In the past school uniforms have been a requirement for private schools only, however; the number of public schools requiring uniforms is growing rapidly (Brunsma). Every parent wants their child to feel safe while they are at school. This is just one of the many things that implementing school uniforms into public schools will do for students (Maxwell). School uniforms have also been proven to be a key asset in keeping gang colors and symbols out of schools (Maxwell). The requirement of uniforms has also led to a decrease in violence and theft due to expensive clothing and shoes, helped to instill a sense of discipline in students, a reduction in the number of distractions for students, and helped give the students a sense of community (Maxwell). Uniforms have also helped to blur the lines between rich and poor students, and helped to make it easier for school officials to identify individuals on campus that do not belong (Maxwell). Implementing school uniforms into today†™s public schools will help to reduce all of these problematic situations, and help the students to feel safe. One controversial point in the debate of school uniforms is the cost. Many are quick to say no to uniforms because they will cost too much for the parents. In response to this opposition, President Bush instated tax breaks for school supplies including uniforms (School Uniforms). Many states have also stepped in to help reduce the cost of uniforms to parents by offering additional deductions (School Uniforms). In addition, some school districts offer uniform vouchers to low-income families (School Uniforms). School districts have also been found to accept charitable donations from groups and individuals to help families purchase uniforms (Ma... ...reenhaven Press, 2005. Opposing Viewpoints. Gale Opposing Viewpoints In Context. Web. 28 November 2010. Huss, John A. â€Å"The Role of School Uniforms In Creating an Academically Motivating Climate: Do Uniforms Influence Teacher Expectations?.† Journal of Ethnographic & Qualitive Research 1. (2007): 31-39. Academic Search Complete. EBSCO. Web. 23 November 2010. Dohrman, Margaret. â€Å"Uniforms Don’t Stifle Creativity.† St. Petersburg Times [St. Petersburg, FL] 1 October 2010: 12A. Gale Opposing Viewpoints In Context. Web. 28 November 2010. Goodnough, Abby. â€Å"Crew Supports Having Pupils Wear Uniforms. â€Å"New York Times 9 March 1997, Late Edition (East Coast): New York Times, ProQuest. Web. 29 November 2010. Creech, Stephanie. â€Å"BOE Gets Lesson on School Uniforms.† Wilson Daily Times [Wilson, NC] 7 February 2009. Gale Opposing Viewpoints In Context. Web. 28 November 2010.

Baseball Versus Lacrosse

Baseball Versus Lacrosse Baseball is a sport that is known around the world. Lacrosse is not as popular, but it is still a fun game to play. Although baseball and lacrosse are very different they have some similarities. Baseball is a very fun game to play. While playing the sport the idea is to hit the ball and score a run the more runs you score the better. Baseball is a nine inning game, one inning is when a team hits and plays in the field. When playing baseball try to hit the baseball on offense and on defense try to catch the ball or tag the person out. I know this sounds hard but after a while it gets easier and more fun to play. Baseball and lacrosse have many similarities. Baseball and Lacrosse both involve catching and throwing. These two sports both use a round ball that is thrown to a teammate. These two sports are very fun to play. Lacrosse is a very fun game to play. When playing this sport the idea of this game is to try to score points by throwing the ball into the net. Lacrosse is a sixty minute game, two fifteen minute half’s. While playing this game use the stick and try to throw the ball to a teammate to score or shoot the ball into the net. This game is very dangerous but fun. Baseball and lacrosse have many similarities. Baseball and Lacrosse both involve catching and throwing. These two sports both use a round ball that is thrown to a teammate. These two sports are very fun to play. Baseball and lacrosse are very similar and different. They both involve catching and throwing, but they are played very different. I like baseball more than lacrosse because I have been playing baseball since I was a kid. These two sports are very similar and different

Crafting Business Writing Goals for Performance Reviews

Crafting Business Writing Goals for Performance Reviews To accurately measure employee business writing, itis critical to link the business goals of the employee's key documents to specific writing attributes. "Better report writing" or "more clear email" is too vague and impossible to measure. Instead, approach it more strategically: Define the goals of the documents your employees need to write. Assess the sub-skills required for these documents. Evaluate if these identified sub-skills actually support the overall document goals. What is the desired outcome for the employee's documents? First, identify the key documents the employee needs to write and then assess the requisite skills for each of these major documents. For example, if an employee needs to write spec documents for vendors, the end goal of these spec documents is likely receiving vendor RFPs that accurately respond with solutions that match your company's specs and needs. Or, if employees need to write reports on the status of critical company equipement, the end goal of these status reports is likely keeping your executive team informed about key equipment or perhaps requesting funding for needed repairs. So, the first task in crafting employee business writing goals is defining the real business purpose of each document. Don't move immediately to syntax and language, which is a very common mistake. Every business document requires five core requisite skills: Audience awareness Appropriate content Content logically categorized Content logically sequenced Syntax and grammar that is clear and correct and interesting Let's apply these requisite skills to the employee who needs to write spec documents: Sub-skill = audience awareness - Do the spec documents accurately address an identified reader (i.e. the employee understands when a vendor is unfamiliar, or familiar, or interested, or disinterested, or experienced, or less experienced). In essence, the employee is able to critically assess both the project and the vendor's current understanding. Sub-skill = appropriate content - Do the spec documents provide complete yet non-redundant information,based on vendor needs.For example, a vendor who has never worked with your company likely needs more background information than a vendor who has successfully completed a similar project before. This is the most important skill in business writing. Be sure you thoroughly assess the substance of your employees' documents. This substance - the information, details, and general content - enables a reader to know or do the task at hand, so it's critical. Any gaps or errors here, and it can echo into very costly problems later. Sub-skill = logical organization - Are the spec documents logically organized? Is the information logically grouped, and tiered? Can the vendor readily identify significant information and delineate what is essential from background information? Sub-skill = logical sequencing - Do the spec documents start at the best place, move logically through the information, and close clearly and logically? Sub-skill = language and syntax and format - Is the grammar correct in the spec documents? Is the language clear? Is the tone professional and well matched to your company and vendor? Is the document easy to skim and absorb for busy readers? This same process can be applied to customer service email, quarterly performance reports, business justification documents, or any key documents you or your employees write.The key is to identify the desired business outcome of key documents, and then break down the requisite skills into measurable components. Goals must be linked to document outcome, with the skills broken down, or there is no real way to measure the progress or identify the skill gaps. Without the skill gaps clearly identified, any training or feedback will be hit or miss. Most performance reviews for business writing focus primary on syntax - the language, grammar, and tone of the document. That is a mistake. It's essential to evaluate both substance and syntax. To do this, we have to first define purpose and then assess the requisite sub-skills. There is another significant benefit of linking the document goals to specific rhetorical measurements. It's very likely that some employees, particularly non-native business writers, are weak in syntax and grammar, yet have fantastic analytical skills. This approach strengthens that desirable analytical thinking and places focus on the areas where real skill gains can happen. WHERE WE CAN ASSIST We can analyze your employees' writing skills and write the performance goals for you. As you can see, this requires a thoughtful document purpose and writing analysis. All of our customized business writing training includes this assessment. Our executive business writing coaching program includes this, and coaches the employee until these identified skills are attained.

James Earl Carter essays

James Earl Carter essays "For this generation, ours, life is nuclear survival, liberty is human rights, and the pursuit of happiness is a planet whose resources are devoted to the physical and spiritual nourishment of its inhabitants. (Carter) Carters political views during his path to the white house brought efficiency to the government, they also included a focus towards human rights. His standing on foreign policy ultimately led him to receiving the Nobel peace prize. Jimmy Carter was born October 1, 1924, in the small farming town of Plains, Georgia, and grew up in the nearby community of Archery. This is where his political background began. According to his bibliography, James Carter was educated in through the publics schools of Plains, then he attended Georgia Southwestern College and the Georgia Institute of Technology. After schooling he joined the navy and received a B.S. degree from the United States Naval Academy in 1946. He accelled himself to great lengths in the navy, he became a naval officer and stayed in the navy for seven more years. In July of 1946 he married Rosalynn Smith.With the news of his fathers death he decided to return home in 1953, so he resigned his naval commission and took his family back to Plains.(Sanger) Carter wasted no time in finding an alternate to the navy. The Jimmy Carter Library noted in their biography that he quickly became a leader of the community, serving on county boards supervising education, the hospital authority, and the library. In 1962 he won an election to the Georgia Senate. In 1962 he entered state politics, and eight years later he was elected Governor of Georgia becoming Georgia's 76th governor. He attracted attention by emphasizing ecology, efficiency in government, and the removal of racial barriers. This ties into the similarity that later becomes his views on Foreign policy during his presidency. According to Brian Baloghs website entitle ...

Preparation for Mentorship ( Given Scenario) Essay

Preparation for Mentorship ( Given Scenario) - Essay Example Due to his many issues, Paul is identified as having a learning disability. However, his case is neither new nor is it unique, and certain metrics can be utilized to better understand the situation. According to Duffy (2004), mentors find assessment of underperforming learners to be a substantial challenge. However, it is the role of both the health care professional and mentor to offer support to such learners, ensuring they are competent in their practice. Thus, as a mentor, coaching around Paul’s learning disability may make the process more difficult, but definitely not impossible. The mentor actually has a powerful takeaway from working with Paul in the sense he or she is able to share his experiences and coach another individual. In fact, it is overcoming his obstacles that may breed inspiration within his mentor in future scenarios. Research Aims Against this background, this work intends to critically analyse the role of the mentor in such a scenario. Initially, it wil l define mentorship, following up with an explanation of the mentor role, concluding with a critical analysis of research studying mentoring effectiveness in similar situations. Furthermore, this paper will explain the impact mentoring has on the mentor. In Paul’s case, mentoring will help him to live with his learning disability, rather than deal with it. At the same time, he will be doing more than learning, but also teaching. He will be showing the mentor that he can do what he is putting his mind to and so can they. Some of the characteristics of a mentor that will help Paul in realising this goal include the ability to initiate ideas and foster a willingness to learn in another person. While mentoring another person, the mentor is actually getting just as much, if not more, than the mentee. Paul will learn about emotional intelligence, and be afforded the opportunity to explore what that looks like in a mentoring relationship. Another characteristic is openness to divers ity. This is one characteristic that both benefits the mentor and the mentee. To the mentor, Paul is granting a unique and in-depth look into his life, allowing others to experience the diversity that he brings to various situations. What is Mentorship? To gain a clear understanding of the concept of mentorship, it is imperative to first define the terms for intents and purposes of this research. The Businesswomen’s Association (2011) website defines mentoring as â€Å"a relationship between two parties who are not connected within a line management structure, in which one party (a mentor) guides the other (the mentee) through a period of change towards an agreed objective.† This definition will be the one used for the purposes of this research. Mentoring is about providing help and support in a non-threatening way; such a manner that the learner appreciates and values the constructive criticisms and feedback, allowing it to empower him or her to move forward confident ly toward his or her ultimate goal(s). The process is also concerned with creating an informal forum in which one person can feel encouraged to discuss needs, wants, desires, and circumstances openly, confiding in another person who may be in a position to positively help him or her, or at the very least lend an ear and

Evaluation of Current Trends in the Music Industry Essay

Evaluation of Current Trends in the Music Industry - Essay Example Evaluating the current trends in the music industry can help those in this business to have a more substantial response to demands within the environment. Globalization and technology are the two trends that are continuing to change the ability to produce and distribute music within the industry. Live promoters and recording studios are both being affected by this by the growing opportunities for indie artists as well as the changing demands from fan bases. Creating a business environment that fits with the specific needs within the newer music industry can then provide a better response to those that are interested in music as a business. It can be seen from this specific report that innovation, creativity and building new approaches to using technology will help to sustain those that are a part of the music environment. The current trends that are in the music industry are creating significant differences in how musicians and artists are able to promote and record their music.

Geographical Characteristics of Cyprus Essay Example | Topics and Well Written Essays - 1500 words

Geographical Characteristics of Cyprus - Essay Example Cyprus experiences a subtropical climate as a benefit from the presence of mountain ranges and vast central plain which is drained by rivers. The quick-developing Cyprus economy is largely indebted to its geographic specifications and the socio-cultural influences of the migrant populations residing in the mainland. This essay will clearly study the geography of Cyprus as an evaluative overview of its climatic, demographic and socio-cultural designs. Topographic Details The charm of the topography of the country is elevated with the mighty stand of Mount Olympus. Geologists like Simmons have always focused this island for its location; Cyprus covers around 9550 square kilometers of land area that lies nearly 65 kilometers south of Turkey and 105 kilometers far from the west of Syria with four major topographic provinces including the coastal belt, the northern range, the southern range, and the central plain (6). Cyprus has a typical climate that experiences warm winters and moderate ly hot summers with a high number of sunshine hours and frequent rains in winter. The country has been renowned for its historical and epical prominence in the European civilization. This small island country is known for its rich mineral wealth, wine produces and extreme natural beauty. Interim volcanoes along the mountains and violent weather conditions across the fertile valleys make the golden-leaf like island a location of might hiding in beauty. In the opinion of Bowman, Goult and Hunt, the prominence of Greek mythology has also helped Cyprus achieve the position as the world’s hottest choice for honeymooners, bird watchers and all kinds of tourists as this island is believed to be the home of Aphrodite, the Greek goddess of love. This Island features home for a wide range of plants and animals that add to its specific beauty. Economic and Political Implications of Geography Salt lakes and salt marshes that lie over a large area of the mainland makes the scarcity of wat er worse; however, there are many rivers that drain the agricultural land and meet the purpose of the population to a great extent. Cyprus is largely an agricultural region where the people engage mostly in livestock production and related trades while a large proportion of the people engage in crop production. According to an expert’s opinion, â€Å"the island’s microclimates and varied topography allow for diversified crop production† (Mirbagheri, 4). Animal husbandry involves the production and sales of milk, egg and meat of different animals. Farmers engaged in the crop production from irrigated farms produce grapes, melons, lemons and bananas while wine grapes, cereals, olives, fodders and almonds are produced mainly depending on rain-fed farms. Spring-summer cultivation of majority of crops Cyprus depend on the stored moisture of the land and deep summer crops depend on irrigation. The crops produced are largely used for the domestic consumption while the surplus is exported mainly to the European Union nations. Certain studies reveal that Cyprus gains around 480milli litter of average annual rain fall – a meager quantity compared to the requirement – a result of which farmers depend on scarce water resources for agricultural purposes (Cyprus Profile). Continuous droughts and volcanoes create water shortage in the central plains of Cyprus that

Types of Essays Essay Example for Free

Types of Essays Essay Narration is telling a story from a certain viewpoint, and there is usually a reason for the telling. All narrative essays will have characters, setting, climax, and most importantly, a plot. The plot is the focus of the story and is usually revealed chronologically, but there are sometimes flash forwards and flash backs. In writing a narrative essay, remember to: †¢Include sensory and emotional details, so the reader will experience the story, not just read about it †¢Have the story support the point you are making, and make reference to that point in the first sentence. †¢Write in the first or third person Descriptive Descriptive essays have text which describes traits and characteristics of people, objects, events, feelings, etc in intricate detail. Whatever is being described will be thoroughly examined. For example, if you were describing roses, you would explain: †¢Where they come from †¢What they look like †¢What colors they are †¢How they grow and smell When you write a descriptive essay, you want to involve the reader’s senses and emotions. For example, you could say, â€Å"I got sleepy† or describe it like this, As I was waiting for Santa, my eyelids began to get heavy, the lights on the tree began to blur with the green branches, and my head started to drop. The second sentence gives vivid details to make the reader feel like he is there. Exposition Expository essays can compare, explore and discuss problems, or tell a story. An exposition essay gives information about various topics to the reader. It: †¢Informs †¢Describes †¢Explains In writing an exposition, the text needs to: †¢Be concise and easy to understand †¢Give different views on a subject or report on a situation or event †¢Explain something that may be difficult to understand as you write your essay. Remember that your purpose is to explain. Argumentative In an argumentative essay the writer is trying to convince the reader by demonstrating the truth or falsity of a topic. The writer’s position will be backed up with certain kinds of evidence, like statistics or opinions of experts. The writer is not just giving an opinion, but making an argument for or against something and supporting that argument with data. To know how to write an essay in an argumentative way, you have to research and backup what you say in the text.

Characteristics Required for IT Industry Job

Characteristics Required for IT Industry Job Web Developer General skills: e.g. Interpersonal skills Talking to and dealing with customers and clients is important for a web developer in order for them to find out what sort of work they will be doing. Along with what software they will need to use in order to complete the work that has been given to them as well as this the web developer will need to make a set price for the work they do for the client and other costumers. As well as talking with costumers the web, developer will also need to be able to communicate with other employees from other networks with offices across Europe or even the world. As well as with their employers on what tasks need to be done and to see what event are happening if any. Along with working with high end clients web developers also work with clients in the public which means that technical language is not as useful here meaning that the web developer must talk using vocabulary that the client will be able to understand. As well as this, web developers also work privately for companies and doing extra work for the businesses that they work for as well as third sector organisations and charities. A web developers clients can range from small ecommerce businesses up to national enterprises, this means that the work they do will vary in difficulty as a national company will have higher needs were as a small businesses will have simple needs which may not require high end software to complete. Problem solving A web developer must also be a good problem solver as if there are problems with the packages or the task that has been set they can quickly rectify it. As well as this being able to solve issues with programming software. It also comes in handy when putting out new ideas and products if there is any design flaws. Time management A web developer must also have good time management skills when it comes to deadlines for work projects. As well as this time management is a good skill for when it comes to meeting clients and for work meetings. Team working As a web developer, you must be able to work efficiently and effectively with co-workers and other developers along with putting forward ideas for new designs as well as programming software packages. Creativity Being creative as a web developer is a major skill as it can lead to unique ways of tackling problems in your work or when it comes to the design aspect of the work. As well as this, it helps when talking with clients when deciding what they want and how they would like it designed. Along with this creativity could help when using code. Functional Skills: e.g. communication and numeracy skills involve Basic typing skills, which will help with communication Basic programming skills, these involve numeracy skills Above average user of basic Microsoft applications such as excel etc. Good communication skills, both written and verbal Strong problem solving skills Good knowledge of IT Proactive and motivated to learn Industry specific: e.g. technical knowledge, working procedures and practices and health and safety knowledge Technical knowledge is important in the IT industry especially for web developers, along with General IT knowledge. Most web developers require specific skills in certain technical areas for web developers would be required to have experience with the software they use to produce the their work else they would not be as efficient compared to a highly experienced developer. Working Procedures Employers will require the web developer to be aware of procedures and practices and to have knowledge of all typical working practices in the relevant IT industry. This means that there are certain rules, based on legislation, that determine how work is carried out as well as what is allowed to be talked about outside of work. The Employer and the web developer will need to be aware of certain legislation that applies to IT, such as data protection and copyright laws. IT employers want to make sure that their company or organisation does not break the law, so they need the web developer to be aware of their responsibilities in these areas. Health and Safety The Health and Safety at Work Act 1974 lays down wide-ranging duties on employers. Employers must protect the health, safety and welfare at work of all the web developer, as well as others on their premises, including temps, casual workers, the self-employed, clients, visitors and the general public. The above quotation shows that all employers are responsible for the health and safety as well as welfare of the web developer. Employers will want all their employees to have some knowledge of the legislation, so that they are aware of their responsibilities under the Health and Safety Act 1974 and to know how to be safe in the work place, and report to the employer any issues. Behaviours: Independent Being able to complete tasks and make deadlines without help from other web developers and co-workers. Working as a game designer there may be some tasks that require independent work it is important to be able to complete these tasks often without help or assistance from other workers and web developers. Determination Being able to complete tasks without the intension of giving up and doing the task to the highest possible standard the professional is capable of. Working as an IT technician there are quite often tasks that can be extremely difficult and demanding it is important that the professional keeps trying, focuses on the task set, and completes it to the best of his or her ability. Honest The quality of being honest and having strong moral principles. In addition, being considered as trust worthy whilst dealing with important tasks and to be trusted with important products and events. Following your moral convictions and doing the right thing in all work instances. Leadership Leadership qualities are important in the IT industry as people who work well in groups are often needed in the IT industry leadership is often linked in with good planning and organisation as well as taking the initiative people who have good leadership skills are often good when it comes to leading tasks. Confidence Confidence is a rather important skill to have when working in the IT industry. Tasks require you to have sensible levels of confidence but not to be to over confident. finding the right balance is key when working in the IT industry for example if the Web developer is to confident the likelihood that their task wont be completed due to the fact that they haveÂÂ   a limited amount of knowledge to deal with this task then they may be fired . Self-motivation In the IT industry, self-motivation is a key skill in the work place. Making sure that all web developers are working efficiently and productively rather than laying around doing little bits of work here and there and not getting a lot down over all. It is all so a key skill when it comes to teamwork based tasks as when your group members see that you are motivated they may notice this and slowly become motivated. Works Used https://www.technojobs.co.uk/jt/smc?ID=2311897dfmid=dir https://www.reed.co.uk/jobs/web-developer/31812368#/jobs/it-jobs/web-developer http://www.careerbuilder.co.uk/uk/jobseeker/jobs/jobdetails.aspx?utm_medium=aggregatorutm_campaign=organicJob_DID=J3G7H277B2X6Q5QVHG5siteid=int_ukindeedutm_source=indeed