Biography of Adam Smith Essay -- Adam Smith Moral Philosopher Philosop

Biography of Adam Smith Smith was one of those 18th century Scottish moral philosophers whose impulses led to our modern day theories; his work marks the breakthrough of an evolutionary approach which has progressively displaced the stationary Aristotelian view Invisible Hand:- Â § "Every individual necessarily labors to render the annual revenue of the society as great as he can. He generally indeed neither intends to promote the public interest, nor knows how much he is promoting it. He intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good."(The Wealth of Nations). Government:- Â § "All systems either of preference or of restraint, therefore, being thus completely taken away, the obvious and simple system of natural liberty establishes itself of its own accord. Every man, as long as he does not violate the laws of justice, is left perfectly free to pursue his own interest his own way, and to bring both his industry and capital into competition with those of any other man or order of men. The sovereign [politician] is completely discharged from a duty, in the attempting to perform which he must always be exposed to innumerable delusions, and for the proper performance of which no human wisdom or knowledge could ever be sufficient: the duty of superintending the industry of private people." (The Wealth of Nations, vol. II, bk. IV, ch. 9.) Monopoly:- Â § "A monopoly granted either to an individual or to a trading company has the same effect as a secret in trade or manufactures. The monopolists, by keeping the market constantly understocked, by never fully supplying the effectual demand, sell their commodities much above the natural price, and raise their emoluments, whether they consist in wages or profit, greatly above their natural rate." (vol. I, bk. I, ch. 7.) Â § "People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings by any law which either could be executed, or would be ... ...ts governor. He set forth the great lesson that all economists come to sooner or later. I quote Professor Heilbroner: "First, he [Adam Smith] has explained how prices are kept from ranging arbitrarily away from the actual cost of producing a good. Second, he has explained how society can induce its producers of commodities to provide it with what it wants. Third, he has pointed out why high prices are a self-curing disease, for they cause production in those lines to increase. And finally, he has accounted for a basic similarity of incomes at each level of the great producing strata of the nation. In a word, he has found in the mechanism of the market a self-regulating system which provides for society's orderly provision." (p. 49.) The difficulty I have with Robert Heilbroner, a most interesting man to read, is his assertion that the law of the market, is a man-made institution.18 The market is not something that we can choose to have or not to have, it exists and will exist no matter the political regime, and no matter the number of coercive laws we would like to pass. One cannot help coming to this conclusion as one expands the thoughts expressed in The Wealth of Nations.

Chad-Cameroon Oil Pipeline Essay

Although significant oil reserves have been found in the early 1970s, these could not be developed because: 1- Chad is a landlocked country with limited domestic demand; 2- civil war prevented the creation of a stable investment environment and caused the departure of several investors. Since peace was established in 1990, investors and the World Bank returned to Chad for developing its oil reserves. In order to justify the large investment, access to the world market was sought via a pipeline through Cameroon, which is also a relatively poor country that can benefit from the investment and transit revenues. The World Bank has been supporting natural resource extraction based development around the world and, in particular, in Africa as the primary driver for economic growth and poverty reduction in these countries. But, the Bank has also been heavily criticized for failing to achieve these goals as the revenues from resource development do not reach the majority of the society. With the Chad-Cameroon pipeline and oil development in Chad, the Bank and the companies are following a novel partnership and revenue management approach. How is the project financing different? How will this new approach work? Will Chad and Cameroon benefit from this approach? Background1 Upon getting its independence from France in 1960, Chad has been involved in 30 years of civil war. The peace was finally restored in 1990, and the country drifted towards multiparty democracy, until rebellion broke out again in the north of the country. In January 2002 peace treaty was signed confirming de jure reign of northern ethnicity. Chad is one of the least developed nations on earth with GNI per capita of around $200. Republic of Chad is ranked 165th of 175 countries in UN’s Survival Ranking. The agricultural sector accounts for 36% of Chad’s GDP. Cotton exports account for 50% of foreign currency earnings. Chad’s government is concerned about this dependence on cotton and wants to diversify its economy in order to mitigate vulnerability associated with volatility of the international price of cotton. Chad’s only significant natural resources are oil deposits. Being independent since 1960, Cameroon has developed a rather stable political system, based on ethnic oligopoly. Despite of vast natural resource base (including oil, natural gas and aluminum) the country is one of the poorest in the world, with GNI per capita of roughly $600 in 2002. According to World Bank classification Cameroon is an HIPC (heavily indebted poor country) with total debt of $4. 9 billion and outstanding short-term debt over $950 million. Cameroon is in Top-15 countries with highest HIV rate (around 12%) and in Top-30 infant mortality rate. Economic and social development information on this section comes from the World Bank web site, CIA Fact Book, and U. N. Human Development Report. Â © Center for Energy Economics. No reproduction, distribution or attribution without permission. Chad-Cameroon Pipeline 1 1 Case Study From Since 1990, being faced with a fall in GDP due to unfavorable prices on major exported goods; Cameroon has been engaged in several World Bank and IMF programs, aimed at poverty reduction and acceleration of economic growth. As a result annual GDP growth averaged 2. 1% through 1990-2001, compared to 3. 4% in 1980s. Oil Development Conoco became the first foreign oil company to undertake significant oil exploration in Chad with acquisition of the Chad Permit H concession in 1969. Between 1973 and 1975, oil was discovered in varying amounts in the Doba, Doseo, and Lake Chad basins, that led to the creation of a multinational consortium comprising Conoco (12. 5% and operator), Royal Dutch/Shell (37. 5%), Exxon (25%), and Chevron (25%). In 1981 all the exploration projects were stopped due to escalating civil war. In 1988 a convention was signed between the government of Chad and the consortium, granting exploration permit with term of validity until early 2004. Conoco withdrew from the project, and Exxon took over operations, discovering the Bolobo field in 1989 with estimated 135 million barrels of reserves. 3 Chevron, in its turn, sold its share (20% interest in the Block H hydrocarbon license containing the three fields) to Elf Aquitaine, in 1993.

Essay on The Deaths of Romeo and Juliet - 1166 Words

The Deaths of Romeo and Juliet Romeo and Juliet From forth the fatal loins of these two foes A pair of star-crossd lovers take their life; I dont agree with the quotation above because I think the tragic deaths of both Romeo and Juliet are caused by human decision. It is an indirect result of the decisions and actions Romeo and Juliet is one of Shakespeares plays about tragedy. It is about two lovers who commit suicide when their feuding famillies prevent them from being together. The play has many characters, each with its own role in keeping the plot line. Some characters have very little to do with the plot but some have the†¦show more content†¦Romeo and Juliet first met each other at a party at the Capulets house. They fall in love with each other at the first sight without knowing that they are from families who hate each other, and when they do learn about it, it is too late. Juliet realizes that it was a mistake to fall in love with Romeo, because he is one of the people she should watch out for. He is her first and only love, but he is an enemy of her family. Lucky for Romeo, Juliet is smart, and such dumb thing as hate between their parents wouldnt stop her from loving Romeo and getting married with him. She is sorry that their families are enemies, though, because everything would be much easier if they werent. So this is the first time when the hate between Capulets and Montagues becomes problem to Romeo and Juliets happiness. Only after their children die, the Montagues and Capulets come to their senses. The Prince accuses them of killing Romeo and Juliet. The Prince makes them see how wrong they were all the time, that all because of their hate, because they couldnt let their children love each other, Romeo and Juliet died. After that, Capulets and Montagues decide to call it quits. No more fighting, and Montague even says that he will make a gold statue of Juliet, but what is that going to do? It is too late, nothing will bring them back. It is totally Capulets and Montagues fault that Romeo and Juliet died. If they didnt hate each other so much,Show MoreRelatedThe Deaths Of Romeo And Juliet1766 Words   |  8 PagesDuring the lead up to the deaths of Romeo and Juliet, many events took place which contributed to Romeo and Juliet’s actions. Both Romeo and Juliet knew of the consequences if their secret relationship were to be exposed yet they continued to go behind their family’s backs and deny their families laws. Likewise, Romeo and Juliet both committed suicide therefore it was ultimately their choice to end their own lives. The only other people who knew about Romeo and Juliet’s love also knew the consequencesRead MoreRomeo And Juliet Essay On Death1548 Words   |  7 Pagesthe play Romeo and Juliet, Shakespeare shows Romeo’s infatuation with two things: death, and Juliet, one overpowering the other. Romeo is suicidal; everything related to eternal rest peaks his interest. Juliet causes Romeo to die which reveals that Juliet did what death itself could not. She helped Romeo forget about the harsh realities of the world, whereas death allowed Romeo an option in the end where he could be alongside his one and only true love. Whether it be in hell or heaven, Romeo would haveRead MoreRomeo And Jul iet Death Essay715 Words   |  3 PagesDestination, where death is unstoppable. Every decision and action made by the characters can be fated by the universe. William Shakespeare clearly shows fate in this play Romeo and Juliet. Shakespeare uses foreshadowing to illustrate the idea of predetermined death. Others may say that the feud and Paris are responsible for the death of Romeo and Juliet but it’s clear that fate is responsible. Fate is repeated throughout the book making it unquestionable for Romeo and Juliet’s death. Since the beginningRead MoreThe Theme of Death in Romeo and Juliet921 Words   |  4 Pagesâ€Å"Romeo Juliet† is one of the most famous and enjoyed literary pieces of all time. The play is written by the playwright William Shakespeare and it conveys the tragic love story of two star-cross’d lovers with a remarkably beautiful language. The play, since it’s a tragedy is permeated by death and all the main characters feel the impact of death either by dying, or witnessing deaths. Throughout the play the reader is able to identify two types of death; death by suicide and death by homicide. A conscientiousRead MoreThe Death Of Romeo And Juliet s Death1312 Words   |  6 PagesOnce upon a time there was a boy named Romeo and a girl named Juliet, who lived separately but loved each other dearly. This story is about a boy and a girl whom their families hated each other d eeply and they were enemies because they always fight with each other. The end of this beautiful love ended in tragedy with the death of the two star- crossed lovers, Romeo and Juliet. Many people had different opinions about who to blame for Romeo and Juliet’s death. Some of them said that the environmentalRead MoreRomeo And Juliet Death Essay1113 Words   |  5 PagesThe Deaths of Romeo and Juliet Those in thought of importance and trust along with secrets must take matters into their own hands, never trust another man do to one mans work. In Shakespeare’s 1597 written play, The Tragedy of Romeo and Juliet, Friar Lawrence is to blame for the death of Romeo and Juliet because he, secretly/ignorantly, married Romeo and Juliet, didn’t make sure the letter got to Romeo in time, and put Juliet to a fake death. Friar Lawrence married Romeo and Juliet when theirRead MoreDeath In Romeo And Juliet Essay850 Words   |  4 PagesBrianna Isabella Reyes Ms. Taccone Period D 11/16/17 The Fault of Death in Romeo and Juliet â€Å"I am the master of my fate, I am the captain of my soul.† This is a line from a poem written by William Ernest Henley. Self-control is where you control your own fate and you guide your own soul, Henley expressed this through that quote. His idea can be applied to many things, one being the story of Romeo and Juliet by William Shakespeare. In the story, the characters are big believers in fate where coursesRead MoreThe Tragic Deaths Of Romeo And Juliet1458 Words   |  6 PagesThe tragic deaths of Romeo and Juliet are not the fault of just one person; it is the fault of many. In fact, the blame could be placed on each character – if anyone acted in a different way, there could have been a different ending. Some had a greater impact on their deaths than others however, namely the families and the feud, the Friar Lawrence, Mercutio, Balthasar and Romeo Juliet themselves. Some may argue for other characters, but the actions of these five ultimately had a more promi nentRead MoreCauses Of Death In Romeo And Juliet768 Words   |  4 Pages The Final Push To Fatal Ends The deaths and conflicts of Romeo and Juliet are thoroughly frustrating, woven around lies, love, and control. Each generation reading the classic Shakespeare play draws different conclusions and opinions on the lover’s tragedy. The faults and flaws of many characters shifting and altering the events resulting in six deaths. Romeo, the main character rather impulsive and quick to act, makes decisions that causes foreseeable conflicts to occur. As bodies drop and conflictsRead MoreCauses Of Death In Romeo And Juliet850 Words   |  4 Pages â€Å"O Romeo, Romeo! Wherefore art thou Romeo?† Romeo and Juliet is a famous play of two lovers that committed suicide to be with each other. There are many people within this play that helped the cause of Romeo and Juliet’s suicide. The three main characters that caused their death are Tybalt, The Apothecary, and Lord and Lady Capulet. The reason Tybalt is at fault is because he kept trying to fight Romeo. The reason he is fighting Romeo is the Romeo is a Montague. According to the text â€Å"This, by

Discrimination of Women During the Elizabethan Era The...

Throughout the Elizabethan era, men had more advantages than women. William Shakespeare’s The Taming of the Shrew has characters such as Petruchio, Baptista, Katherine, and Bianca that show how men overpowered women. During the Elizabethan era, there was heavy sexism. Women were discriminated. Through Shakespeare’s language, men could speak to and about women in a disrespectful and derogatory manner. Women were voiceless and deprived of their right to speak. Women were inferior to men. During the Elizabethan era, through Shakespeare’s language, and in Shakespeare’s The Taming of the Shrew, it is proven that men had more advantages than women. People in the Elizabethan era demonstrated the heavy sexism during that period in†¦show more content†¦However, a man without a wife is no different than a man with a wife. Men had many more advantages than women during the Elizabethan era. Men had the authority to say whatever they wanted to, no matter what it was. Although they were allowed to do a lot more that women, they were also allowed to say a lot more than women. Men did not really have boundaries when it came to speaking. They were allowed to speak their mind and have an opinion. Men could speak to and about women in a disrespectful and derogatory way. Women were also allowed to have an opinion, but they were not allowed to express it to others. Women were voiceless. They were deprived of their right to speak. The title itself, The Taming of the Shrew, already proves how strong men were compared to women during that time period. If a woman wanted to speak their mind, they would be criticized and judged. They would gain a bad reputation because women were expected to listen to men and follow their commands. However, Katherine did not like that. Instead, she spoke her mind and refused to do certain things. As a result, nobody liked her. They viewed her as a â€Å"fiend of hell† (I.i.90). A man would not be called that though. On the other hand, if a man did the same thing, no one would care. â€Å"Much more of shrew of thy impatient humour.† (III.ii.29) This proves that even the woman’s father would call their daughter a â€Å"shrew†. This was also normalShow MoreRelatedWilliam Shakespeare s Taming Of The Shrew1676 Words   |  7 Pagescontinue to do so because they grapple with economic and social issues that people of all ages, from all walks of life, can relate to. Shakespearean plays ideally encompass these viewpoints; they can be tragic, comedic or even romantic. Taming of the Shrew by William Shakespeare explores the marriage between a shre wd woman, Katherine and a willing suitor, Petruchio. Petruchio challenges himself to try and transform shrewd ways of Katherine to turn her into the ideal and obedient house wife by using various

It’s Time to Put an End to Corporal Punishment in Schools...

It’s Time to Put an End to Corporal Punishment in Schools Seven countries-Sweden, Finland, Denmark, Norway, Austria, Italy and Cyprus- have laws making it illegal for parents to use physical punishment on their children. Corporal punishment in schools has been banned in all the countries in Europe, South and Central America, China and Japan. The United States has outlawed corporal punishment from our prisons as cruel and inhumane treatment, as well as wife-beating, once thought to be the right of a husband. Why don’t we afford the same protection to our children? Our culture sanctions the use of corporal or physical punishment as a way for parents to discipline their children. Just a few weeks ago Marvin Munyon,†¦show more content†¦It doesn’t teach them self-control or ways to change their behavior other than not getting caught misbehaving. One of the ways kids learn is by watching and mimicking the world around them, especially their parents. They are quick to learn when words and actions don’t coincide, for example, when a parent spanks a child because the child hits someone else. Being a parent is not an easy job and it takes time and patience to discipline children. After a year of implementing a specific discipline for my daughter’s temper tantrums, I witnessed my daughter exercise self-control at the age of three. Temper tantrums were her specialty. When my daughter flew out of control I would put her in her room until she calmed down. Then she was allowed to rejoin the family and finish the task she was asked to do, or apologize depending on the circumstances. In this particular instance, when my daughter got angry she picked up her blanket and stomped upstairs crying without me saying a word other than she couldn’t play her musical instruments in the same room while her sister was watching television. She stayed upstairs for about ten minutes. After that, she came downstairs and proceeded to play quietly. I sat there in utter amazement! She had disciplined herself. To discipline a child we must first consider the problem and why the child is misbehaving. Are we expecting too much from the child at their age?Show MoreRelatedCorporal Punishment Is A Form Of Physical Punishment1363 Words   |  6 Pages Corporal punishment is a form of physical punishment that inflicts pain on kids for their negative actions such as spanking. This topic is controversial because some people feel very strongly that they should be allowed to continue using these methods and others feel very strongly that they should not be allowed to. I feel as if this method of punishment is inhumane and should not continue to be used. The modernization of psychology has proved that hitting children will not help them learn thatRead MoreCorporal Punishment Is A Barbaric, Ineffective, And Counterintuitive Method Of A Person s Misbehavior1338 Words   |  6 Pages Corporal Punishment Physical harm for actions deemed negative has been a part of human civilization since the beginning of time. Corporal punishment is the act of inflicting physical pain onto another because of their wrongdoing. It has been in the spotlight of intense scrutiny and defense since psychology and the understanding of punishment in general has become more prevalent. It has been used in almost all walks of human life. Schools, homes, jail, etc. have all used or still use corporal punishmentRead MoreSpanking? Never Heard of It Essay882 Words   |  4 Pageshates his son, but he who loves him is diligent to discipline him.† Ever since biblical times, spanking has been the most dominant, widespread discipline for children. Since many Americans claim Christianity, they follow the Holy Bible. Although spanking is a ritual type of discipline that has been among humans since biblical times and even before Christ, the world has grown and evolved to find other ways of punishment and disciplin e for their children. But since high rates of parents being arrested forRead MorePhysical Punishment and the Effects2297 Words   |  10 PagesNovember 19, 2013 Research Paper Physical Punishment and the Effects A fearful child walks slowly, but carefully to his house from school. Walking home feels faster than usual and before he knows it, he walks into the front door as quietly as possible. He gets a sort of relief when he finds out he is home alone. Seconds later, he gets that turned feeling in his stomach again. He knows he awaits for the worst. What he has done wasn’t so bad, but it’s enough for him to know he will probably getRead MoreConstitutional Law Research1028 Words   |  5 Pages * There are nasty criminals out there who commit horrific crimes; such people who are convicted in a court of law should be executed. Or†¦ The death penalty should finally be put to death by the Supreme Court. * Though I’m patriotic and love the pledge, it’s simply unconstitutional and needs to be removed from schools. * Abortion is wrong; it shouldn’t be legal. Or†¦ The right of a woman to control her own body is a private matter. * Too many guns out there†¦ we have to start doing somethingRead MoreTough Love Approach on Children2387 Words   |  10 Pageswhole new way of raising a child especially when it comes to them growing up in the long run. Many people would look down upon â€Å"tough love† considering they want to see their child content and corporal punishment would of course upset them. The road to taking a tough love approach may be rough but in the end, it would all be worth it. I believe all parents should take a tough love approach in raising their children to benefit them in the future. An interesting research would state tough loveRead More stop spanking: save the children Essays1258 Words   |  6 Pages Spanking has been used for many years and it must come to an end. Also known as corporal punishment, spanking is most often used as a form of discipline. Although it is said to have some benefits, the negative consequences far outweigh the good. According to Dr. Wilson and Dr. Lyon, â€Å"physical punishment delivered in anger with the intent to cause pain is unacceptable and dangerous to the health and well being of the child.†( Guidance for Effective Discipline, online) It is important for spankingRead MoreThe Bill Of Rights : The Rights Of All American Citizens1728 Words   |  7 PagesMadison in December 15, 1791 and was officially put into effect in March 1st, 1792. The Bill of Rights consists of ten amendments, which protects the natural rights of all American citizens. A major variety of these ten amendments helps assure the protection of some aspects that contribute to our daily lives. One amendment that stands out is the 8th Amendment: â€Å"Excessive bail shall not be required, nor excessive fines imposed, nor cruel and unusual punishments inflicted.† This amendment provides AmericanRead MoreDisobeying Orders8735 Words   |  35 PagesWhen we were younger we were always told by our parents to behave and follow the rules in school and to be nice to the other children. At school they had a set of rules that we were meant to follow and abide by them. Here in the Marine Corps is no different there are many rules and regulations that are meant to be followed under the UCMJ Articles. It’s important to keep following the orders you are given and that you follow these rules exactly like you are ordered to do so. In this essay I will beRead MoreA Portrait Of The Artist As A Young Man By James Joyce1929 Words   |  8 PagesWhen I was going in, primarily because of my experience from reading Angela’s Ashes the year before, I just expected it to be a lyrical jaunt through a turbulent childhood. But I was soon disproved, and the novel proved more difficult to read. While it’s short, it is not easy because of the ‘stream of consciousness’ style of writing and odd dialogue style that was occasionally difficult to follow. Sometimes, despite being a short novel, the read would drag. I don’t think I’ve ever chosen to read a

The Economic Feasibility Study Free Essays

The economic feasibility study of a project is an estimate of the potential profitability of that project, or a study that measures the expected benefits from a certain project relative to its cost (Johnson and McCarthy, 2001; Wong et al., 1999). Examples of construction projects include highways, tunnels, bridges, water mains, dams, sewage systems, water treatment plants, power generation plants and pipeline networks. We will write a custom essay sample on The Economic Feasibility Study or any similar topic only for you Order Now Infrastructure projects can be classified as large construction projects that utilize vast amount of resources in terms of money, materials, labor, equipment and time (Salman et al., 2007; Kulkarni et al., 2004; Morley, 2002). Economic feasibility studies need to be conducted prior to the construction of infrastructure facilities due to the ponderous disbursement on infrastructure projects which needs to be weighed against the expected benefits resulting from these projects to the public and the national economy. However, Owner decision makers and financial institutions build their decisions to proceed with and/or finance any project based on the results of the feasibility study of that project (Abou-Zeid et al., 2007; Vancas, 2003)in other to ensurethat the validity of economic feasibility studies of infrastructure projects is a vital step in ascertaining decisions related to the construction of infrastructure facilities are based on consistent and standard procedures that avoid the use of misleading or inadequate information. Economic benefits include the profits the project owners earned, taxes that are paid to the governments, benefits to the clients etc. Theoretical Framework Theoretical framework for the study is based on cost-benefit analysis of a construction project. Inability of the quantity surveyor to properly ascertain if a project is viable can lead to loses or project failure. The analysis is to determine the success factor, risk assessment and management, repition of project scoping and scaling, estimate the financial return, and select possible project options through the use of cost benefit analysis. Therefore a major theoretical approach that will be used for the study is to examine the cost-benefit of a construction project. Cost-Benefit of Construction Projects The major cause of project failure is described as the variation or deviation from the original project plan. Project monitoring and control could only effect corrective actions to bring deviated project plans on course, but failed to be mindfulness of identifying and analyzing the root causes of such variations. Also project monitoring and control are not final cost and time effective to implement. Therefore, this study intends to fill those gaps created by project monitoring and control. Oberlender (2000) in his reports states that there is proneness for some designers to make changes during design in order to please clients without regard to the effect on these changes on the project final cost and schedule. He furthermore by saying that changes can be catalogued as either project development or scope growth. Project development relates to changes that are needed to give consideration to the scope as currently defined scope growth relates to changes that alter the projects original scope; the scope that was approved before starting the design process. These changes, though inevitable usually add final cost and time to the original design. The usual practice is that the lead designers must develop a system of monitoring the design effort to ensure that work is progressing without excessive billable hours, but is still producing adequately defined plans and specifications for the contractors to execute the work during construction. Though this will reduce the contractor’s complaints of pretty drawings in construction that are full of error and lack constructability, they will still add to final cost and time of the project. This study favors’ identifying the prominent factors responsible for scope growth and other variations in plans, address them accordingly before the final project design with a view of mitigation or eliminating the negative effects. Therefore It is compulsory that every propose change must be subjected to a formal review and approval process that considers final cost and schedule implications as well as the quality specification and standards; plus consequential effects on other activities. The authority to approve changes during design must be limited. It is a fact of life that changes the variations in plans occur during the implementation stages of project and they might result to project failure if not properly rectified. nevertheless project managers need to be always ready to address the problems. The earned-values system presented by Oberlender (2000) can be determined by multiplying the percent complete times the budgeted designed hours for each task. The earned-value can be compared to actual design-hours billed to the job and the planned design-hours to measure the performance of the design process. Earned-value = Percent complete x Budget for that account Percentage completion = Actual final cost or work-hours to date Forecast at completion For the determination of the overall project percent complete, therefore; Percent complete = Earned work-hours/Naira all accounts Budget work-hours/Naira all accounts Final cost performance index (CPI) = Sum of earned work-hours of task included Sum of actual work-hours of task include Schedule performance index SPI = Sum of earned work-hours to date Sum of scheduled work-hours to day Scheduled variance (SV) Earned work hours or naira-Budgeted work Hours or Naira SV = BCWP – BCWS Final cost Variance (CV) = Earned work-hours or Naira-Actual work-hours or Naira CPI = BCWP – ACWP Where BCWP = Budgeted final cost of work performed BCWS = Budgeted final cost for work scheduled ACWP = Actual final cost of work performed CPI = final cost performance index problems. The original final cost estimate is the budget actual final cost (BAC) in the earned-value analysis. Therefore, if the original final cost estimate for the project is incorrect, then all progress measurements during execution of the project would be measured against an incorrect budget. The system of recording final costs charged against the job must be consistent to provide realistic comparisons from one reporting period to another. Also the method of measuring work completed must be consistently applied from one reporting period to another, otherwise the predicted status of the job will vary widely. Each project must be assessed based on the unique circumstance and conditions that apply to the project in order to use the earned-value system to manage the project. The partial list of items that can cause the final cost or schedule to vary from the original project plan are presented by Oberlender (2000) as follows: estimating errors, technical problems, design errors, test data problems, constructability and equipment problems, scope control (change orders), management problems, personnel skill level, resource availability organization structure, economic/inflation, delay material deliveries, delay equipment deliveries, poor production rates, subcontractors interference and delay, act of God (weather, fire, flood etc). Telsang (2004) also observes that the following affects plan; non availability of materials due to shortages or late delivery, plant, equipment and machine breakdown, change in demand, design and rush orders, absenteeism of workers, and lack of communication among various functional areas of business. In a similar vein, variation factors of quality plans are usually described as assignable variation. According to Stevenson (2002), unlike natural variation, the main sources of assignable variation can usually be identified (assigned to a specific cause) and eliminated. He further states that; tool wear, equipments that needs adjustment, defective materials, human factors (carelessness, fatigue, noise and other distractions, failure to follow correct procedures and so on) and problems with measuring devices are typical sources of assignable variation. Some challenges faced by the analysis includes: The poor awareness of the importance of feasibility/viability analysis Benefits are not easily quantifiable in terms of social, economic and environmental benefit. The scope of feasibility/viability was poorly judged. How to cite The Economic Feasibility Study, Papers

Simple Strategies For Maximum Market Return -Myassignmenthelp.Com

Question: Discuss About The Simple Strategies For Maximum Market Return? Answer: Introduction This report is prepared for enhancing the knowledge of financial market of Australia for taking the investing decisions related to stock market in better way. For completion of this report, two companies are selected such as Macquarie Telecom Group and Telstra Telecommunication. This report will focus on conducting top down and bottom up analysis for better understanding of the impact of economic factors on current economic growth of Australia and industry performance. Top down analysis is helpful to understand the economic conditions of a country. Industry and company analysis are also helpful for making the better investment decisions in the stock marketing. Moreover, bottom up analysis is beneficial for understanding the financial situations of both the companies. Investors of companies focus on analysis of the company value and competitive advantages to predict future performance of its stock price. For this, various financial ratios have been calculated and analyzed like current ratio, debt ratio, liquidity ratio, earning per share etc for both the companies. Macquarie Telecom Group The journey of Macquarie telecom group was started as an entrepreneur that has made difference between customer services and deregulated telecom industry. This company is dominated by the monopolistic competition with Telstra whose customer crush is very large. Whenever Macquarie has delayed adoption of the new technologies, it has affected profits of the company. Macquarie has fought with the deregulation by cutting down the prices and introducing new technologies for the customers (Macquarie, 2017). The main aim of this company is to focus only on one segment of the customers and provide them the better telecom services. Our customers are always important for us to gain success within the market or industry. Macquarie Company is dealing in three types of businesses such as Macquarie telecom, Macquarie services and Macquarie government. In Macquarie Telecom, it provides the several telecom services in the market like data, voice, mobile and collocation services. It was the first business of Macquarie group. Under Macquarie services, the company is dealing with IT specialist centre, cloud and dedicated server (Peter, 2012). IT related complaints come in this organisation. Lastly, Macquarie government is dealing with the cyber security, secure cloud and data centre services. It has worked with Australian defence and intelligence agencies. Telstra Telecommunication Telstra is a leading telecommunication and technology company of Australia. It provides the full ranges of services related to telecom sector across Australia. Business mission of Telstra is to create a connection in the future for everybody. The core values of Telstra telecommunication include care, trust, togetherness, simple and courage within employees within the organisation. Further, vision of company is to stay connected with communities, government, business and individuals (Telstra.com, 2017). The company has adopted various strategies to improve the customer experience, drive value and growth from the core of business for sustainable growth of the business. The company is providing better connection to customers, improving their lifestyle, and working through a better connection. It provides services to customers within Australia and outside of Australia also. It is the largest and fastest mobile network in all over the Australia. Fundamental Analysis Fundamental analysis is method of scientific analysis, as it tries to estimate the intrinsic worth of the company. It efficiently analyses the basic fundamental criteria of the company like sales, profits and balance sheet elements. It pays deep attention to a companys debt-equity ratio, earning per share, dividend payout, profit margins, interest, asset and dividend coverage, sales penetration, market share, product and market innovation and the promoters record of accomplishment. It is a conservative and non-speculative approach for valuating equity shares on value-based methods. It consists of three phases such as economic analysis, industry analysis and company analysis (Matt, 2016). In fundamental analysis, a study of comparative balance sheet, profit loss account will be conducted for each company. Economic Analysis From economic analysis, it has been determined that the economic growth of Australia has declined slowly. Economy of Australia has seen significant fall in fixed and public investment of the stock market in Australian exchange market. In economic analysis has considered the various factors that include the current changes in interest rate, foreign exchange rate and GDP. The current GDP (Gross domestic product) per capita income of Australia is showing an increasing trend from past years. For example, the per capita GDP of Australia has increased from 50952 US dollar in 2007 to 55670 US dollar (Trading Economics, 2017). The growth rate of GDP per capita income is showing a scope for sustainable business growth for both telecom companies across Australia (Nlkiforos, 2012). While, current exchange rate of 1 AUD is 0.80 US dollar in 2017. It means the value of Australian dollar against US dollar is good. But as compared to past years, the exchange value of Australian dollar against US do llar is at very lower level (i.e. 0.80 USD in 2017) than the value in 2011 (i.e. 1.09960 USD) (XE, 2017). This can be a negative factor for attraction of Australian economy for foreign investors. But, from analysis of GDP per capita of Australia, it can be said that consumers of Australia have the ability to pay for services offered by both the chosen companies. Moreover, the depreciation of Australian dollar has a positive effect on the export of goods. For example, companies that have export trade in US regions will enjoy competitive advantages. But at the same time, price of import of goods, foreign investment and overseas of travel shall be affected negatively. Additionally, the rate of interest in Australia is recorded at historical low level as on 5th September 2017 i.e. 1.5% (Trading Economics, 2017). Lower rate of interest is beneficial for the organizations, as they will be able to get bank loan at lower rate. Industry analysis Industry analysis is helpful for understanding the operating activities, financial key element and development of mobile, broadband and fixed line in sector of telecommunication industry. Further, telecommunication companies have trained their staffs for handling dynamic changes that occur in the market (Riaz, 2016). These changes include new technologies, low margin and competition in the traditional market within the Australia. Many developments are occurring in the telecommunication industry since last five years (i.e. from 2011 to 2015). These developments are affecting the competitive advantages of the telecommunication sector. These developments are creating pressure on the two Tier mobiles service providers to achieve the target and maintain the market share price in the Australia. Another development of telecom sector is growth in consumer demands for data services. Increasing demand of mobile data services will affect quality of services in the telecom sector. Meanwhile, consumers protection is also considered as important by the telecommunication sector of Australia (ACC report, 2016). Telecommunications operators are more focused on providing better services to the customers with the help of bringing in transparency in their services, bringing in new technologies and promoting the innovated product in the market. Company Analysis This analysis is helpful for investors to analyze different resources and capabilities within each company. It is helpful to identify companies that are more capable for creating and maintaining competitive advantages in the market of Australia. This analysis is more focused on management and financial situation of each company in telecommunication sector. Management of the Companies The management of both companies are very efficient and effective and focused on customer needs and wants. Investors might look at management to assess its capabilities, strengths and weaknesses of the companies so as to help investors in making better investment decisions. Financial analysis This is the second step of company analysis. In this, investors analyze the financial statements of both companies, which is helpful to take the better investment decisions (Wang, 2015). The Macquarie telecom group Company is more profitable as compared to Telstra communication. Macquarie captures higher market shares in stock market of Australia, because dividend ratio of Macquarie telecom group is high as compared to Telstra. Debt ratio of both companies is slightly different with each other, which affects the share price of the stock market in (ASX). For investment purpose, Macquarie telecom group will prove to be more profitable as compared to Telstra telecom. Bottom-up Analysis Abottom-upinvestigation approach focuses on analysisof individual stocks of the companies. In bottom-upanalysis, the investors focus on attention of the specific company rather than on the industry in which that company operates the business, or country economy as an Australian market (Eugene and Philip, 2012). Different ratios are calculated for both the companies for understanding the company value in the market. The calculation and interpretation of different ratios for both the chosen companies is as below: Telstra Company Ratio analysis From the annual report information that data related to the Telstras financial performance is evaluated on the basis of various ratios. Different kinds of ratio that have been calculated and analyzed are the profitability ratio, liquidity ratio, capital structure ratio and market performance ratio for the business in two consecutive years as 2016 and 2017. Ratio Analysis for Telstra Business Ratio Name Formula 2016 2017 Current Ratio Current Asset/Current liabilities 1.02 0.86 Current Asset 9340 7,862 Current Liabilities 9188 9159 Quick Ratio Current Asset-Inventories /Current Liabilities 0.91 0.76 Current Asset 8357 7,862 Inventories 557 893 Current Liabilities 9188 9159 Gross Profit Margin Gross Profit /Sales 0.54 0.48 Gross Profit 10465 10679 Sales 22685 22134 Profit Margin Profit Before Tax/Sales 0.24 0.255 Profit Before Tax 7648 5647 Sales 22685 22134 Debt Ratio Total Liabilities/Total Assets 0.65 0.57 Total Liabilities 27379 24573 Total Assets 42133 43286 Debt to Equity Ratio Total Liabilities/Total Equity 1.72 1.6877 Total Liabilities 27379 24573 Total Equity 15907 14560 Price Earnings Ratio Market Price Per Share/Earnings Per Share 2.22 1.12 Market Price Per Share 5.56 3.65 Earnings Per Share 2.5 3.25 Dividend Payout Ratio Dividend Per Share/ Earnings Per Share 1.24 0.95 Dividend Per Share 3.1 3.1 Earnings Per Share 2.5 3.25 Interpretation: On the basis of above interpretation of data for the year 2016 and 2017, the current ratio is determined as 1.02 and 0.86 respectively which is moved towards negative, it intensify that the companys ability is getting down in order to paying the short term debts or obligation that arises over the company. As company is not able to maintain the asset and liability ration through using the market securities, cash and receivables. Along with this the, quick ratio for the company is measured as 0.91 and 0.76 which is also indicating that the companys strength is getting lower to pay the quick arises liabilities over the business due to its operating activities. These are delivering the negative performance of company over the year 2016 and 2017. At the same time, it is stated that the current ratios are delivering the information about the operating cycle of Telstra buisness. Quick ratio is also not enough to respond the current liabilities over the most liquid assets (Brigham and Housto n, 2012). From the analysis of profitability ratio which indicates the return on investment over the operational activities of business. Gross profit margin ratio is calculated as 0.54 and 0.48 for the year 2016 and 2017 respectively, it means that the companys gross margin has decrease as compare to the current year. It indicates that the financial operation of business is generating higher expenses so that it also impacts on the net profitability of business. Furthermore, Profit margin for Telstra business has also increased from 0.24 to 0.25 in year 2016 and 2017 which strengthen the financial position of business good because long term stability for business is depends on the generation of profit as it also an investor luring proficiency of business. Profitability is crucial important to measure the efficiency of organization that declare strong capabilities of company (Katsioloudes, 2012). As after check, the above table can be said that the efficiency of TelstraCompany increased as compa re to last year. Over the measurement of debt ratio which inferences that the debts on companys as liabilities are reducing over the year 2016 to 2017 by 0.65 to 0.57, which is better for the company to attract the potential investors. Further, debt to equity ratio is also decreasing from 1.72 to 1.68 which states that the business liabilities over the equity are lower from last financial year. Both of the considerations are getting which is good to reduce the liabilities over the business. Over the interpretation of price earnings ratio, it can be said that the performance of business is also decreasing from 2.22 to 1.12 it is not good for the shareholder and business as well because it influence the brand image of company in perspective market. It is also detained that the market price for shares are reducing but the earnings per share is increasing, so the overall impact laid down the business customer generation strategy or concerned market capabilities. Along with this, dividend payout ratio for the business is also decreasing from 1.24 to 0.95 from the year 2016 to 2017 which is also negative for the Telstra to gain the competitive advantages in Australian market that would also hamper the attraction point of perspective shareholder and investors. Macquarie telecom group Ratio analysis Ratio Analysis for Macquarie Telecom Group Ratio Name Formula 2016 2017 Current Ratio Current Asset/Current liabilities 1.78 1.33 Current Asset 57 52 Current Liabilities 32 39 Quick Ratio Current Asset-Inventories /Current Liabilities 1.53 1.08 Current Asset 57 52 Inventories 8 10 Current Liabilities 32 39 Gross Profit Margin Gross Profit /Sales 1 1 Gross Profit 203 220 Sales 203 220 Profit Margin Profit Before Tax/Sales 0.163 0.19 Profit Before Tax 33 41 Sales 203 220 Debt Ratio Total Liabilities/Total Assets 0.92 0.91 Total Liabilities 181.1 165.6 Total Assets 196.8 182.9 Debt to Equity Ratio Total Liabilities/Total Equity 2.63 2.5524 Total Liabilities 181.1 165.6 Total Equity 68.79 64.88 Price Earnings Ratio Market Price Per Share/Earnings Per Share 0.17 0.34 Market Price Per Share 11.5 14.54 Earnings Per Share 69.28 42.42 Dividend Payout Ratio Dividend Per Share/ Earnings Per Share 49.19 21.21 Dividend Per Share 0.71 0.5 Earnings Per Share 69.28 42.42 Interpretation: On the basis of above information, it can be stated that the current ratio is decreasing from 1.78 to 1.33 which impacts the financial ability of company to pay the short term and long term liabilities over the business but it is higher that the Telstras financial performance. Along with this, quick ratio is also getting down by the 1.53 to 1.08 for the year 2016 to 2017 which is also not good for the business to pay the short term debt imposed from operating activities of business. Over the profitability ratio, it can be interpreted that the gross profit margin for company is 1 and 1 because of enough information about the financial operation of business. On the other hand, profit margin for company is decreasing from 2016 to 2017 which is better for the company to tap the market by delivering higher profit to the investors and shareholders. It is also stated that the debt ratio is not changing from two consecutive years; it is detained as 0.92 to 0.91. Along with this, the debt to equity ratio is also not much changed which states that liabilities are in control with reference to assets and debts for business. Moreover, price earnings ratio for the business is also measured as 0.17 to 0.34 which is better for the company to capture the higher profit generation policy of business. On the other hand, the dividend payout ratio is decreasing which is not better for the business to gain higher attraction of shareholders. Summary and Recommendation From the analysis of results of different ratios, it can be said to investors that financially both the organizations are performing well. It would be better for the investors to invest in Macquarie telecom group as compared to Telstra. It is because the dividend payout ratio of this company is better. At the same time, the financial performance of Macquarie telecom group is also good. For example, the profit margin ratio of this company has increased from 0.16 in 2016 to 0.19 in 2017. This indicates increase in profitability of company. So, there are chances that investors might get good return in coming years over their investment. 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