Anselm Kiefer essays

Anselm Kiefer essays Kiefer was born in 1945 and was raised in postwar Germany he was greatly affected by the atmosphere and his paintings reflect his attitudes and feelings towards his countrys history. Some of his works also spring from his interest into general history, mythology, philosophy, opera literature, and other art. His works are massive multimedia pieces that tend to be abstract. He uses a great deal of symbolism and representationalism in his works. Most of his works are large heavy mixed media pieces that usually have three-dimensional attachments made out of lead. He seems to have a great interest into the ancient practice of alchemy and this interest also seems to influence his works. Other elements that he sometimes mixes into his paintings are wire, straw, wood and various other materials that he affixes to his works to symbolize many different things in many of his works. He is a fascinating artist and I would truly enjoy the opportunity to study some of his works in person. Mere photographs and computer imagery does not do his work justice. ...

How are you doing on your New Year’s Resolutions

How are you doing on your New Year’s Resolutions Every year I not only post my New Year’s â€Å"Ressaylutions† in January, but also report on my progress in August (well, last year I did my mid-year check-in in September). Why do I do this? Because like most humans, my memory is short. It’s so easy to lose track of the promises I made eight months ago. And I don’t want to find myself in January 2016 in the same place I was a year before. Do you remember your 2015 New Year’s goals? Did you write them down? If so, this is a good time to assess your progress and recommit so you can create new, forward-moving goals for 2016! The Essay Expert’s 2015 â€Å"Ressaylutions† and Current Status: Increase college essay / personal statement portion of my business to 25% of business. †¨This goal continues to elude me. I have been getting more referrals from resume writers for this type of work, following a presentation I gave last year at the National Resume Writers’ Association conference. And I appeared on Channel 3 TV the morning of July 31 for 3 minutes (an eternity for TV news) talking about college essay topics. I look forward to September through November which are the busiest admissions consulting months of the year! Roll out a new â€Å"responsive† (mobile-friendly) website.†¨ Made huge progress on this one! TheEssayExpert.com has launched in its new form and is mobile-friendly! I still have work to do to make the site the way I want it, but I feel like I fulfilled on this promise. Implement Infusionsoft.†¨This has largely happened. My e-lists have been transferred to Infusionsoft and clients now receive automated messages that ensure we will not lose track of them or their projects! The launch had a number of glitches and we’re still working out the kinks, but I definitely came through on this one- with MAJOR help from my assistant Jeanne and from Jeremy at WhoKnowsAGuy Media! Serve 250 clients.†¨ Total clients this year is 72, largely due to changes in the number of clients coming to me through my e-book. I am looking at my lead generation strategies and will be working furiously on my website’s SEO in order to generate more leads. Publish a print version of How to Write a KILLER LinkedIn Profile.†¨ This was a huge project, and it’s close to done! The book is formatted and I have a proof which I have now reviewed cover to cover. Once my multitude of edits are complete, we will go to print! I expect the book to help out with Ressaylution #4, increasing my client base at universities and in the Amazon market. Implement a robust referral program. This project has been on hold while I focus on website, Infusionsoft, and print book. I might bump it to 2016! In the meantime, however, people who refer paying clients to The Essay Expert can expect a gift from us! Create more internal systems/guidelines. I have made progress in this area, adding and clarifying items in my agreements with my writers and also revamping some of the terms of service for clients. This is an ongoing project and will never end! I am likely not going to fulfill all my Ressaylutions for 2015, but I’m pretty close on most of them! Checking in on my promises helps me see how much I’ve accomplished and where the gaps are. I wonder what I’ll be creating in 5 months for 2016? How are you doing on your New Year’s Resolutions? Can you reinject energy into completing them? Please share! Category:UncategorizedBy Brenda BernsteinAugust 10, 2015 2 Comments Crystal says: August 18, 2015 at 11:49 pm Thanks for the awesome advice! In previous years, I have written down my goals for the year; however, I never thought about conducting a midyear check to see how I was progressing. This year, I decided to do things slightly different with my goals. I got together with a group of friends and we had a Vision Board party. I found the vision board works well for me because I am visual person. I just need to focus on SMART goals. I am looking forward to sharing what I accomplished this year. Still, I have a couple of months to go. I am now re-energized to finish strong. Log in to Reply Brenda Bernstein says: August 19, 2015 at 10:50 am Youre welcome Crystal. I love the idea of a mid-year visioning party! I look forward to hearing about your end-of-year accomplishments! Log in to Reply

Thornton Dial Essay Example | Topics and Well Written Essays - 250 words

Thornton Dial - Essay Example In 1940 Thornton relocated to Bessemer, Alabama. In Alabama he was exposed to various forms of art and artworks that inspired to create his own pieces of art. After having been employed at the Pullman Company for close to 30 years, the factory was closed in 1981. This prompted Thornton to dedicate more of his time, creativity and thinking to developing and expressing his artistic capabilities. In 1987 he met Bill Arnett, a local but very influential art collector who helped Thornton and his works gain prominence (Thornton & Herman 59). According to Thornton & Herman (16), Thornton Dial’s work mainly focuses on pressing issues that can be found within the realm of American history and politics. These include racism, homelessness, war and bigotry. Using discarded items ranging from buckets to bones to ropes, he constructs assemblages on a large scale. He combines whatever materials he has found with paint and in the process creates an interesting interpretation of politics and history in the United States. Thornton has participated in many exhibitions and his works can be found in many well-known private and public collections. These include the Indianapolis Museum of Art; the Museum of Fine Arts, Houston; the High Museum of Art, the American Folk Art Museum, New York; The Hirshhorn Museum and Sculpture Garden, Washington D.C.; the Smithsonian American Art Museum, Washington D.C.; and the Philadelphia Museum of Art (Thornton & Herman

Life of Charlemagne Essay Example | Topics and Well Written Essays - 750 words

Life of Charlemagne - Essay Example However, in the bibliography that he has written he clearly chose to give in to the "lust of immortality to celebrate the glorious deeds of other times (Einhard 1)." The bibliography is obviously written with the purpose of extolling Charlemagne and highlighting his virtues for the knowledge of the generation to come. The Life of Charlemagne commences by a description of the Merovingian family which used to rule France contrasting their flaws and weaknesses with the virtues of Charlemagne's ancestors. Einhard also admitted his lack of knowledge on the birth and childhood of Charlemagne thereby skipping the time span and concentrating on his military conquest (5). Charlemagne is recognized for his success in battles from his first military undertaking in the Aquitanian War to the Saxon War, Lombard War, Slavic War, and the War of the Huns. Through military force, he is also able to gain the submission of the Breton and Beneventan. Because of these victories, Charlemagne is able to largely expand his territory: "He so largely increased the Frank kingdom, which was already great and strong when he received it at his father's hands, that more than double its former territory was added to it" (16). Aside from conquering vast lands, the ruler should also be commended by winning the allegiance of several nations which is even strengthened by his fondness of sending them letters (17). He also enhanced the beauty of his kingdom through the construction of establishment including the Basilica of the Holy Mother of God and the bridge over the Rhine at Mayence (18). The latter portion of the bibliography humanizes Charlemagne by expounding his personal traits and characteristics including his looks, the manner of his dressing, and his private life. Eidhan gave a very good description Charlemagne's and his favorite food: "His meals ordinarily consisted of four courses, not counting the roast, which his huntsmen used to bring in on the spit; he was more fond of this than of any other dish" (25). After reading the bibliography of Charlemagne, I am able to look at a deeper side of him not as a hero but as an ordinary individual, who has flaws, is fond of music, and of giving. Far from the portrayed picture of him as a hero and saint in history books, the account is much more enlightening. The translator has done a good job from lifting the Latin version into English. The account is very much comprehensible, interesting, and enriching. Works Cited Eidhan. The Life of Charlemagne. Trans. S. E. Turner. 2 February 2008

Project Management Summary Essay Example for Free

Project Management Summary Essay Strategic portfolio management plays an intricate part in project management. Through this paper, the reader will gain a stronger understanding of the relationship that strategic portfolio management plays in project management. Strategic Management Relation to Project Management Project management involves several parts, but the meaning must be understood first. â€Å"Project management is the planning, organizing, directing, and controlling of company resources for a relatively short-term objective that has been established to complete specific goals and objectives† (Kezner, 2013, p4). Knowing this allows the project manager to implement steps toward achievement of the defined goals and objectives. Part of these steps has to do with strategic management. Project management is strategically managed to advance the corporations organizational goals. Strategic management insures the right initiatives are pursued and supported with resources. Strategy today needs to align to a more fluid nature of business environments. It has to be flexible enough to adapt constantly to changing external and internal conditions. The relationship between strategic portfolio management and project management is a very important relationship. Strategic management compliments project management in that it attempts to ensure success by way of doing things at the most opportune time. If a company attempts something too early or too late then possible negative consequences may occur. Projects, within programs or portfolios, are a means of achieving organizational goals and objectives, often in the context of a strategic plan. Although a group of projects within a program can have discrete benefits, they can also contribute to the benefits of the program, to the objectives of the portfolio, and to the strategic plan of the organization. Conclusion As stated at the beginning of this paper â€Å"strategic portfolio management  plays an intricate part in project management†. The reader should now have a stronger understanding of the relationship that strategic portfolio management plays in project management. References Kerzner, Ph.D., H. (2013). Project Management: A Systems Approach to Planning, Scheduling, and Controlling (11th ed.). Retrieved from The University of Phoenix eBook Collection. Project Management Institute. (2013). A guide to the project management body of knowledge. (PMBOK guide). Newtown Square, Pa: Project Management Institute.

Herman Melvilles Bartleby the Scrivener :: essays research papers

American Dream?   Ã‚  Ã‚  Ã‚  Ã‚  The American dream! What is the American dream? Who lives and considers their life the American dream? Does Bartleby live the American dream? What makes this story have anything to do with the American dream? Well in the next few pages I am going to try to relate my idea of the American dream to this story.   Ã‚  Ã‚  Ã‚  Ã‚  The American dream to me is quite simple, happiness living in America. To strive for happiness you need some other tools, just face it happiness isn’t everything. Money is a big tool to happiness. â€Å"Anybody that tells you that money is the root of all evil, doesn’t fucking have any. They say money cant buy you happiness look at the fucking smile on my face, ear to ear baby.†-Boiler Room. The American dream is in one mans eyes to have a nice house, nice car, fun toys, a great family, and dignity. That is the ideal American dream. But that nice house, nice car, and fun toys aren’t going to just appear on a piece of land for you with out money. Working hard for you money, who really wants to work hard for a living? Everyone is out doing what ever they can to make good money with less work. Ever receive those emails or phones that guarantee you to make millions of dollars from home, and have all the free time you want? Well that is the dream of the American dream. The American dream to me is being able to maintain a nice home, with a great family, with more free time on my hands that time spent at an office. With a nice chunk of change in my pocket. But hey that’s why they call it the â€Å"American Dream† it’s only a dream and only the lucky ones will live such a dream. But not so much are they lucky, but smart and figured something out before everyone else figured it out.   Ã‚  Ã‚  Ã‚  Ã‚  Ill do a quick sum up of Bartleby the Scrivener. It’s about a lawyer who helps out wealthy people mortgages, titles deeds, and of the such. He has two scriveners, Nippers, and Turkey, these are just their nicknames. He hires a man named Bartleby, who just replied to add that was put out. Then Bartleby is asked to proofread a document, and replies with â€Å"I’d prefer not to† Its of course irritates him and the rest of the people in the office.

Public Finance and Taxation Essay

There are varying definitions of what public sector economics is and what topics it covers. In a layman’s language Public economics is the application of economics to the activities undertaken by the state. Black et al. defines public sector economics as â€Å"the field of economics which studies the nature, principles, and economic consequences of government expenditure, taxation, financing and the regulatory actions undertaken in the non-profit making government sector†. Thus it looks at the efficiency of various approaches used by government in its day to day operations. For the government uses economic policy instruments which are designed to influence economic behavior in order to achieve certain outcomes. The government has various goals which it pursues they include; i) Macro-economic stability ii) Enhanced economic growth iii) Balance of payment stability iv) Income distribution. The ultimate goal of these policies is to improve people’s welfare. As already mentioned government uses instrument of fiscal and monetary policy to achieve its goal. The use of government expenditure and taxation to influence economic outcome is referred to as fiscal policy. Fiscal policy is often outlined through the annual budget which is presented to parliament every year. The budget outlines its objectives in the budget and how these are going to be achieved. On the other Monetary policy is aimed at influencing the supply of money and consequently economic growth. The central Bank is an independent arm of the state which is mandated with running the monetary policy. In Zambia, monetary policy is the responsibility of the Bank of Zambia. In public sector economics we study the impact of instrument of fiscal policy on economic efficiency. Instruments of fiscal policy include; i) Expenditure ii) Taxation iii) Financing iv) Regulations The first two involves the procurement and spending of the government funds on various programs such as public infrastructure, education, health and public security. Example the government collects revenue using tax and spends the revenue on education, health, roads etc. in economic terms the use of these two constitutes the direct mobilization and allocation of scarce resources. In contrast, regulation entails a law or administratively proclaiming an enforceable instruction that leads to a different allocation of private sector resources than would apply in the absence of government intervention. That is allocation resources are influenced indirectly. Example the government through the Environmental Council of Zambia has put regulations to curb environmental damage; this has lead to increased investment in environmentally friendly technology by private firms. This is something the profit seeking private sector would not have done if there was no government intervention. PUBLIC FINAN CE AND IDEOLOGY Opinions on how government should function in the economic sphere are influenced by the ideological views concerning the relationship between the state and the individual. Political philosophers have distinguished two major approaches. These approaches are the organic view and the mechanistic view of government. Organic View of Government In this view society is considered as a natural organism and the government is the heart of such an organism. Society is an organic whole, just as the human body. Each individual is a constituent part of the organism just like a body part. In this view an individual has significance only as a part of the community and the good of the individual is defined with respect the good of the whole. A person’s action is seen as important if it leads to the improvement of the wellbeing of society. In Plato’s view, ‘an activity of citizen is only desirable if it leads to a just society’. In this view, the goals of society are set by the state which attempts to lead society, toward their realization. The goals of society do differ from one state to another. For example Plato conceived that the goal of government was the achievement of a golden age in which human activities would be guided by rationality. In short society strived to achieve a state in which the decisions of all individuals and the state were rational. So society was support all activities which would lead to the achievement of this goal. In Adolf Hitler’s view, the state’s goal was the achievement of social purity. He envisaged the creation of a supper race. To achieve this goal the state supported all activities which were aimed removing human impurities. They include bizarre actions such as extermination of Jews, physically disabled people and invasion of all countries to ensure that his goals are achieved over the world. The Grand Ayatollah Khomeini argued that the goal of society is to create good believers. Thus all actions of individuals and the state should be aimed at creating a cadre of believers. Closer home, Kaunda envisaged that the goal of society was the attainment of a just society. He coined the concept of human centered development or Humanism. In this ideology he argued all the actions of individuals and government should be aimed achieving a society in which all persons are equal to each other. Proponents of the organic view argue that certain goals are natural for the societal organism such as pursuit of sovereignty over some geographical area. From a policy perspective, the organic view emphasizes combating poverty and equity issues notably redistribution of income as justification for government intervention. In addition, this view tends to support existence of a large government. That is government has a large part to play in of the nation’s activities. Mechanistic View of Government In this view government is not an organistic part of society, but it is a creation of people to better achieve their individual goals. Here government is seen as a reflection of individual preferences or tastes. In short, society is a mirror of individual wants and needs. In this case, government intervention is only justifiable if it leads to individual welfare maximization. An individual will only support a government if it helps him/her to achieve their individual goals. Example government should protect individuals from violence. To do so the individuals gives government coercive power. In Adam Smith view, Government should protect society from violence and invasion from other states. This view advocates for government intervention only to correct market failures and letting the market decide who gets what. In addition, the role of government should be limited to certain public works such as roads, bridges, sewer, and airports. These are infrastructures which make society function. There are several divergent views within the mechanistic view. Some of these are; i) Libertarians View which argue against any further role in the economy beyond providing justice and protecting individual liberty. ii) Social democrats believe that sustained government intervention is need for the good of individuals. These interventions can be as diverse as safety regulations at work place, banning racial discrimination, welfare payments to the poor. In totality, the mechanistic approach focuses relatively more on the efficiency of markets and economic growth. ROLE OF THE STATE 1. Equity and Efficiency Principles Pareto Efficiency-occurs when it is not possible to improve the welfare of some people without making the welfare anyone worse. An economic system that is not Pareto efficient implies that it is possible to change resource allocation without making any one worse off. Example if an economic system is not Pareto Optimal it is possible to increase consumption by one group and reduce for others without making them feel worse off. This is known as Pareto Improvement. Pareto improvement occurs when a change to a different allocation makes at least one individual better off without making any individual worse off. To make us under this lets assume that; i) There are two individuals A and B, ii) There are two goods X and Y, iii) There are two factors of production Labor (L) and Capital (K) iv) We assume that we have a static economy such that XA+XB=X and YA+YB=Y Exchange Efficiency or efficiency in consumption Efficiency in consumption is achieved when the marginal rates of substitution are equal for all persons; MRSXYA=MRSXYB The Marginal Rate of Substitution is simply the slope of indifference curve. ∆∆Y ∆X X MRS=-∆Y∆X If you have a utility function: uX,Y=U0 totally differentiating MUxdX+MUydY=0 MRSxy=-dYdX=MUxMUy In the Edgeworth box efficiency is achieved where the indifference curves are tangent; Lets pick a point such as ‘e’. At point ‘e’ it is possible to make person A better without making person B worse off. This can be done by moving along Indifference Curve no B2 to point d. At point‘d’ the welfare of person A improves because he moves from a lower indifference curve A2 to a higher indifference curve A3. The improvement for person A continues until point ‘c’ where the indifference curves are equal. At point ‘c’ it is not possible to make any Pareto improvement. At point ‘e’ we have MRSXYA>MRSXYB This also true for point ‘d’. This outcome of Pareto efficiency is only possible under perfect competition. This is because in perfect competition all consumers face the same market prices for these goods. That is they equate the marginal rate of substitution to the same price ratio. MRSXYA=MRSXYB=PxPy Each individual maximizes their utility function subject to the budget constraint. That they maximize the following function U0=uX,Y subject to I=XPx+YPy therefore the langrangian L=UX,Y+ÃŽ »(I-XPx-YPy) First order conditions ∂L∂X=MUx-ÃŽ »Px=0 and ∂L∂Y=MUY-ÃŽ »PY=0 MUX=ÃŽ »Px and MUy=ÃŽ »Py solving simultaneously we getMUxMUy=PxPy=-dYdX=MRS Therefore, each person will equate their MRS to the price ratio. Production Efficiency Production efficiency requires that the marginal rates of technical substitution are equal in the production of good X and good Y. That is MRTSLKX=MRTSLKY In the Edgeworth box this requires this occurs where the isoquants are tangent to each other. The marginal rate of technical substitution is simply the slope of the isoquant. K L U0 ∆K Given an isoquant QL,K=Q0 totally differntiating we get MPldL+MPKdK=0 MRTSLK=-dKdL=MPlMPK Lets have a factor Edge worth box to make our illustration easier. Remember from our study of micro-economics we defined an isoquant as a curve that represent the combination of labor and capital which give the same level of output. In the diagram below production of X uses labor from point X to the right and capital from X upwards. For good Y it is the opposite of good X. All points along XPY are Pareto efficient in the sense that it is not possible to improve or increase the output of good X or good Y without reducing either of them. To under this lets pick point ‘a’ which is not along XPY. This point is not Pareto optimal because it is possible to improve the production of X without reducing the output of good Y simply by moving along the isoquant no Y2 output of good X improves/increases to X2 from X1. Pareto efficiency is only possible under a perfectly competitive market system because all produces face the same factor prices (PK and PL). Thus Pareto Optimality condition reduces to: MRTSLKX=MRTSLKY=PKPL Proof: Q0=QL,K subject to C=LPl+YPy therefore the langrangian L=QL,K+ÃŽ »(C-LPl-KPk) First order conditions ∂L∂L=MPl-ÃŽ »Pl=0 and ∂L∂K=MPk-ÃŽ »Pk=0 MPl=ÃŽ »Pl and MPK=ÃŽ »PK solving simultaneously we getMPlMPk=PlPk=-dLdK=MRTS Therefore all firms will be minimizing their costs while facing the same factor prices. OVERALL EFFICIENCY This requires that the production possibility frontier (PPF) and the social welfare function are tangent. That is; MRSXY=MRTXY. X SWF PPF Y The PPF shows the maximum quantity of good X and good Y that can be produced using the existing technology and resources. An increase in the amount of labor and capital available or an increase in the level of technology will make the PPF to move outwards to the right. All points inside the PFF are attainable but not efficient and all points the right of the PPF are not attainable. To achieve, the Marginal Rate of Substitution for society (slope of SWF) must be equal to the PxPy and the marginal rate of transformation (slope of PPF) must be equal to the MCxMCy or resources must be fully utilized. In perfect competition, P=MC. Hence it is possible to achieve the following outcome; MRSXY=PxPy=MRTXY=MCXMCY. Thus a perfectly competitive outcome results into a Pareto optimal allocation of resources. It is important to note that Pareto optimal allocation may not be the best outcome in the sense that it does not consider equity. That is there is no equity consideration. Equity is the fair d istribution of resources in sources. There are two concepts of equity used in economics horizontal and Vertical Equity. Horizontal equity means that people in similar positions/situation must be treated equally. Example if two people have HIV and the same level of CD4 count they should have equal access to ARVs. The only condition is that they are positive and have the same CD4. Vertical equity means that people in different economic situations must be treated differently from a poor person when allocating resources. This is because treating them in the same manner is not equitable. MARKET FAILURE A market failure occurs when the market fails to allocate resources according the Pareto criterion. In other words, a market failure is a situation in which the market fails to allocate resources efficiently according to the Pareto Criterion. Fundamental Theorem of Welfare Economics Welfare economics is the systematic method of evaluating the economic implications of alternative resource allocation. It answers the following questions; i) Is a given resource allocation efficient? ii) Who wins and looses under various allocations? First Fundamental Theorem of welfare Economics- It states that if there is a perfectly competitive market and consumer tastes are convex then any equilibrium will be a Pareto optimal allocation of resources. In short, the competitive market allocates resources efficiently without any need for government intervention. Further, the theorem states that the price from the perfectly competitive market induces selfish individuals independently maximizing their welfare, to bring the economy to a socially optimal state. That is prices rise in response to excess demand and they fall in response to excess supply. Normatively this theorem says that use free market system to allocate resources. The Second Fundamental Theorem of Welfare Economics states that â€Å"society can attain any Pareto optimal allocation of resources by making a suitable assignment of initial endowment of resources and then letting the people freely trade with each other as in the Edgeworth box.† To help us underst and this lets relook at the contract curve which gives the Pareto Optimal outcomes.

Childhood and Adulthood

Men face various phases of life. From being just a little fetus inside the mother’s womb, to being a toddler, a child, a teenager and then an adult, these phases are all being faced by any man and woman. And each phase is equally challenging as the others†¦ challenging for both the person him/herself and the people around him/her who have been watching and guiding him/her all the way.The most compared among these phases are childhood and adulthood. This is not only because these two phases are entirely opposite in terms physical attributes of the person himself, but also because of the number of other aspects which all seem to be on opposite sides. But, it is also worth considering that however opposite these two may look like, there are still worth noting similarities that are evident in the people going through these phases.Childhood and Adulthood DifferencesChildhood covers the age between 2-17 years old for women and 2-20 years old for men. Adulthood, on the other han d, starts when the person reaches maturity and that’s 18 years old for women and 2 years old for the men. But the difference is not merely on the numbers as there is more to it than that.During childhood years, the person seems to cling and acting like totally dependent to the people around him. The parents, older brothers or sisters, aunts, uncles and even the older neighbors will serve will be looked up to by the child.They will be the people whom the child will depend in terms of the most basic needs he has such as food, clothing, shelter, education and much more. Whereas the adults, they are more dependent onto themselves alone. The already learned how to feed themselves and even look for the means where he can get his own food. Even his clothing is not provided by anyone else but himself alone.Much more, at this phase of his life, he may already have a shelter of his own or he is already saving for one. At the same time, the basic educational level – primary and s econdary – is already finished and its either he is finished or almost finished with the tertiary level. This would mean that he can be a university student, a university graduate or already part of the country’s workforce.In terms of responsibilities, there is also a big difference between childhood and adulthood. During childhood, the person himself is not accountable to anything. It will be his parents or his guardians who will be responsible for whatever actions he may commit o whatever decisions he will made.In fact, the child is normally no allowed to do any decision by himself. He is always guided and looked upon to. Wherever he may go, he needs to ask his parents’ or guardians’ permission. Whatever he wants to do, may it be for his life or for his things, he will need to consult his parents and/or guardians first.If in times he commits mistakes, it will be his guardians or his parents who will take the blame. And they are the very people who will teach the child on how to learn from such mistakes. In the same manner, if in moments of challenging times wherein the child commit some deviant behaviors making him to sway away from the righteous parts, it will be the parents or the guardians who will be accountable for such deviant acts because it would seem that they have not given the right moral education for the child.To sum up, during the phase of childhood, it will be the guardians’ and/or the parents’ responsibility to hone the child according to the society’s moral standards and they will be the very people ho will hold sole responsibility for the child – his actions, ways of thinking etc.Meanwhile, as for the adulthood, the exact opposite happens. The person who just reached maturity and adult phase of his life will then have to be accountable for all his actions and decisions. He will now be the one to decide for himself and even for the little ones who are now looking up to him. He will have to decide what he wants to do with his life.He will be deciding whether to continue working or not. He will be deciding whether to move and build a house of his own or stay where e is right now. Every big and little decision will be entirely on his shoulders during this stage.Not only that, he may need to take responsibility for making decisions for other people who are now depending on him. Because he just reach the age where he may have his own family and kids, he needs to ensure that not only himself is safe from troubles and problems, he must take into consideration his own kids and other family members. In short, as one reaches adulthood, it would mean that the person himself is accountable for himself and other people.It would seem that he will be returning the favor that his parents or guardians did when he was just o the childhood phase. Now it will be his time to serve as the role model for the youngsters. Now it will be his time to take the blame when he did something sha meful and deviant. Now it will be his time to be responsible for the wrongdoings that his kids may have done.In terms of financials, there is also very big difference. Because during the childhood phase, the child is not responsible to anything, it just a common tendency that he will no be worrying about the money. Thus, he would just want to buy things (with his guardians’ or parents’ permission of course) without thinking of where to get the money or what will happen for the future.Whereas when he reaches adulthood, he will tend to be very practical in terms of financial consumption. This is brought by the fact that he is the one earning and will have to be responsible whether he will have enough saved money. He will need to learn to prioritize things which item is necessary, which item is just for luxury, etc.SimilaritiesAs for the similarities, most will be on the psychological part. The likes and dislikes of the person facing the different phase of his life may st ay the same. Like for example, if the child dislikes some things or have some phobias over some things, this dislike and/or fear will remain until he reaches adulthood.Also it is very typical for the child to act like an adult during role-playing while it is also typical for adults to act childlike some times during the adulthood. Thus, this sows that whether childhood or adulthood phase, the person himself is accepting what may lie ahead in the future or what he was when he was just a child.ConclusionIndeed, there is a big difference between childhood and adulthood. The physical appearance definitely changes. The level of responsibility grows from nothing to everything.The awareness of financial accountabilities changes from being guided upon to being the driver or the person-in-charge. It is really a big change that every person faces as he moves on with his life. Bu however challenging and different each phase may be, each phase is always worth looking forward to.

The relative valuation model Essays

The relative valuation model Essays The relative valuation model Essay The relative valuation model Essay The purpose of this report is to undertake a firm valuation for Woolworths, using discounted cash flow model and the relative valuation model. This report provides information obtained through a conduct of Free Cash Flow to Firm Discount Valuation Model for Woolworths Limited (WOW), estimating the firm’s current share value. The report will then identify 3 key drivers of the firm’s value in this model; tests are performed in the report to identify the sensitivity of share value in the model to changes in specific variables. In the second section of this report, companies, with similar beta and Earnings per Share Growth as Woolworths’, are analysed and compared, using Relative Valuation as another valuation method to estimate the WOW’s current value. Finally, this report will conduct a regression analysis to justify the result achieved in the Relative Valuation. About Woolworths Woolworths Limited is the largest food retailer in Australia with principal operations in supermarkets within Australia and in New Zealand. WOW and its main rival, COLES Supermarket, take up around 79% of the total grocery market. WOW also has other operations, which include liquor, petrol, general merchandise and consumer electronics. Woolworths has a market capitalisation of $29,927 million, its shares are currently trading at $24. 63 per share. (Market Cap and share price are acquired from FinAnalysis on 16 September 2011) Discounted Cash Flow Valuation Model (DCF) Discounted Cash Flow Valuation Model is used to evaluate the potential for investment by discounting back the firm’s future free cash flows. The DCF model used in this report is Free Cash Flow to Equity Valuation Model (FCFE). Risk free rate: 3. 64%. The Australia 3-Year Government Bond yield on 16 September 2011 is used as a proxy for the risk free rate for this valuation. Firstly, Australia has SP highest credit rating of AAA, also a Fitch credit rating of AA+. These ratings denote expectations of Australia having very low to lowest default risk, very strong to exceptionally strong capacity for payment of financial commitments, where this capacity is not significantly to highly unlikely vulnerable to foreseeable events. Secondly, using Australian-dollar-denoted rate is an easier approach than using USD-denoted rate, where assumptions, for such as exchange rates, may deviate the valuation result from the true value. Thus, we believe that this is a comparable figure to represent the return demanded from a theoretically absolute risk-free investment over this valuation period. Levered Beta: 0. 71 throughout the 3-year high growth period. This is found on FinAnalysis on 16 September 2011. It was calculated by adjusting the industry’s beta based on WOW’s financial leverage. For stable growth period, ? =0. 8 is chosen, as WOW’s beta will approach to one when the firm is approaching to stable stage, which acknowledges the increased stability of WOW by the end of the high growth period. Price sensitivity to change in stable growth rate, 1st key driver of the firm value: One of the key drivers of the firm value is the assumption for the stable growth rate. In our initial valuation, we assume that the firm’s stable growth rate will be approaching to Australian GDP growth rate as the firm achieves stability. As presented, the estimated share value of WOW will increase as the stable growth rate increases. Price sensitivity to change in cost of equity during stable growth stage, 2nd key driver of the firm value: Another key driver of the value in the process of valuation is the cost of equity during stable growth stage. We initially assumed that the cost of equity will be 7. 64% as the beta of the firm will move towards one when the firm approaches stability. The estimated share price of the firm will decrease as the cost of equity during stable growth increases. Price sensitivity to change in length of high growth, 3rd key driver of the firm value: In the last scenario, the assumption of length of high growth period has changed from the initial 3 years to 5 years. This could happen due to the recent financial breakdown, which would significantly slow down the growth of the firm. Should 5-year high growth be used, Australian 5-Year Government Bond rate of 3. 81% is chosen as the risk free rate for the model, as a result of which, the Cost of Equity during high growth and stable growth stages will change as presented below. Other factors stay constant, the estimated share price of WOW will be $26. 80, under which circumstances, the firm is undervalued given the current share price is $24. 63 on 16 September 2011. PS ratio is believed to be uniformly measured as all financial figures for the comparable firms are obtained from the current financial year at FinAnalysis. As these comparable firms are from different markets that have different accounting rules, Price to Sales (PS) ratio is chosen as the multiple to evaluate these comparable firms. Besides that, a similar financial leverage across these comparable firms gives us more of the reason to use PS ratio as the multiple.

The results of writing contest!

The results of writing contest! The results of writing contest! Thanks everyone for the participation in the writing contest by Essay Supply! We are happy to have received each separate work and congratulate  Viktor Farkaz  with the prize of $1500 for writing the best essay!    Also, special prize to  Hope Dickson  for the unique writing and specific approach to it, and congrats with the prize of $25 Amazon Certificate!    Thanks again, together we will change the world! Yours, Essay Supply team!

While the Budget factored in a decline in Australias terms of trade, Essay - 2

While the Budget factored in a decline in Australias terms of trade, the fall in global commodity prices over recent months has been larger than anticipated - Essay Example A rise in this economic measure will enable Australia to buy more imports for fewer amounts of exports which in turn will increase the domestic real income. The volatility in terms of trade will induce volatility in the expenditures of the consumers as well as investment. Throughout history, Australia has been subjected to declining as well as volatile terms of trade. The situation changed after 1986. Since this year the country has been subjected to less volatile terms of trade while it is slightly upward rising trend. The terms of trade of the country has been positively correlated with economic growth of the globe. When the economic growth was strong, the terms of trade rose while the situation was just the opposite when the economic growth was slow. In the year 2000, the terms of trade of the country increased in spite of slowing down of the world economy. There are two key components on the terms of trade of the country namely the global prices of the exports and imports of the country and the goods basket of the exports and imports. The country has the ability to affect the global prices the developments within the country also have the potential to influence the terms of trade. An increase in the global prices of coal compared with ICT goods will contribute in raising the terms of trade as the country is net exporter of coal and importer of ICT goods. There has been a wide positive correlation between the terms of trade and the exchange rate prevailing over that period. The nominal or the real exchange rate has fallen since the financial crisis of mid 1998. The import prices tend to be affected by the regional influences but the export prices are influenced by world prices. In the short run the prices of imports floored more swiftly than the export prices. The exchange rate got boosted. The uneven growth in productivity in tradable or in non-tradable goods sector contributed to