Creative Writing a Dream Come True Essay - 1002 Words

Creative Writing: A Dream Come True Chad Jay Yr.11 There I was, sitting on my bed at 2:30 am. Wondering about the dream I just had. Not only was it stupid, but I have never had such a weird dream. It was really different. The dream was about a little dog. The dog was walking on my chest, while I was lying on something soft. I think it was a mattress. The puppy walked towards y waist. I knew that it was going to bite. Get lost. I yelled. The dog remained calm. Now it was standing on my waist. It lowered its cute head, and sniffed my pockets. I was surprised. Why didnt it bite? Then the dog was walking towards my chest. This time I wasnt scared. It opened its mouth and lowered its head again. This time my heart stared to thump. Was†¦show more content†¦Why didnt anyone else sit next to her, didnt they notice her beauty? I knew exactly where to sit. As I sat next to her, she smiled and introduced herself. I was really surprised. I knew that it was my lucky day. Hi. She said, Im Lisa. Whats your name?. Um...I...am Jack I mumbled. I havent seen you catching this bus before. There were so many things I wanted to ask her, but I didnt know where to start. Where do you work?. Lisa asked. Commonwealth Bank, the City branch I replied What about you? Thompson Solicitors, Its in Bourke Street. I suppose you are going to catch a train as well?. Lisa answered. Yes. I always catch public transport to work because I dont have to bother about parking. I said. During the next half hour we both exchanged our thoughts and feelings. I also found out that she was twenty-two and most importantly, single. I felt really lucky. We both got off the train together. We were holding hands. I knew that I would be late for work once again. I didnt really care about work, all I had in my mind was Lisa. As we were walking down the Flinders Street Station I felt really special. She suddenly stoped. She turned towards me and stared in my eyes. She kissed me and said that she had to go. Where are you going?. I asked sadly. I have to go to work. Lisa replied. She hugged me once more and left. When she hugged me if felt strange. No one has ever hugged me that tightly. I walked towards theShow MoreRelated`` Thought, By Louis H. Sullivan911 Words   |  4 Pagesillustrates the imp ortance of real thinking and creative thinking. He asserts that words are not really necessary to use to express our thoughts. He presents other wordless forms of communication to translate our thoughts into loud expressions. Music, painting, images and other wordless forms are the solution the author suggest, as better forms of communication. â€Å"Real thinking is better done without words† Sullivan argues. â€Å"Words† cut off the inspiration of creative thinking, and disturbs the imaginationRead More Dada Surrealism Essay1237 Words   |  5 Pagescentury brought rise to new and exciting art forms. These were types of writings, paintings and, documentaries that no one had ever seen before. From expressionism to Dadaism types of work ranged by all means of the artist. About the 1920s a new wave of art would soon be seen worlds over. This art form introduced psychology in a new way to look at the conscious and subconscious minds. From the beginning Dadaism and surrea lism showed true signs of influence from psychology. Each using new ideas of the consciousRead MoreWriter s Block A Creative Block1569 Words   |  7 PagesWriter’s block is a term to describe a creative block when people are unsure and lost on how to go about with their writing. It is not as simple as the inability to continue writing a story or a painting, but it is about being unable to produce something, whether it be creative or not. This term is not isolated to writers specifically, this creative block applies to all those who practice the art — artists, composers, poet, choreographers. In this essay, I shall explain a few relatively common causesRead MoreMy Desire to Become a Young Adult Novelist721 Words   |  3 PagesBabbit, Mitch Albom, and as I said earlier, John Green, I am determined to leave that evangelical zeal that you get from books, and only books, on my readers the way many books have done to me before. Establishing goals is crucial to actualizin g my dreams of having a gratifying career as a Young Adult/Teen novelist. Knowledge is a key aspect when creating the goals that you will pursue because it is extremely beneficial to know which universities you are bound to attend. For instance, my universityRead MoreBiographical and Historical Approach to Langston Hughes Dream Boogie1340 Words   |  6 PagesBiographical and Historical Approach to Langston Hughes Dream Boogie Michelle Cooks ENG Teacher January 30, 2012 A biographical or historical approach attempt to measure how much an authors life or history has influenced their writings. Most of the time, writings are strengthened when the author writes from a biographical or historical angle, and the importance of their history becomes significant when it is used to create characters that express its values and examines trends that occurRead MoreDescriptive Essay - Original Writing1262 Words   |  6 Pageshad just recently moments ago put down in frustration. I go in for another attempt to write and build up a large assortment of words. As a few seconds pass, with the pen firmly gripped in my right hand, the pen and paper come together. Disregarding my momentary lapse of a creative flow, I stare down at the endless rows of horizontal blue lines. Memories surface of myself being in this situation many times over, especially being creatively stuck before I break through. Finally, contact is made toRead MoreReflection Essay1638 Words   |  7 Pagesof in my life. During the first week of this class, it was my first time to express myself out by writing my opinions and perspectives to everyone. The change began when I wrote about Steve’s Job Speech. He had a very creative mind, made a significant difference, and impact in everyone’s life. He inspired me in many ways, he had ups and downs in his life, but never lost hope in achieving his dreams. Thus, life before was different than now, they did not have the technology that we have now, yetRead MoreAnalysis Of Edgar Allan Poe s The Tell Tale Heart 1291 Words   |  6 Pagesvisualise a book that has been flicked by hundreds and has been adored what comes to mind? The famous Edgar Allan Poe stands out in the history of gothic texts, especially his novel the â€Å" Tell-Tale Heart†. However there is a numerous amount of contemporary texts based off this genre including Tim Burton’s â€Å" Vincent†. In this presentation I hope to engage you in the history of th e gothic genre. Gothic fiction is a genre of writing that joins components of both awfulness and sentiment. The genre becameRead MoreAutobiography Sample610 Words   |  3 Pagesï » ¿Does the task of memoir writing puzzle you? It’s alright. This autobiography example for students is here to show you that memoir writing can be easy and even exciting. All you need to do is to scroll this page down and enjoy this amazing sample and the related, practical hints. A Lazy Student Autobiography Example An autobiography is a story of your own life. Even if you think you don’t have much to include in your memoir, you can still make it quite interesting. Bill Gates said: â€Å"I always chooseRead MoreImportance Of Supporting Statement For Creative Writing781 Words   |  4 PagesStatement In all seriousness, in all truth, in all necessity, I have decided to pursue a Ph.D. now because I believe the subject matter of security could wait no longer. I’m so pleased too, after my few applications for Creative Writing PhDs and extensive research, finally come across a Ph.D. which focusses on what I have sought to research all along which will open the pathway to numerous important debates of now. This Ph.D. doctoral studentship has a simply astounding spectrum of potential and

Running Head Agenda Setting And The Public Relations...

Agenda Setting Theory Running head: AGENDA SETTING AND THE PUBLIC RELATIONS INDUSTRY An Examination of Agenda Setting Theory and Its Importance in the Public Relations Industry Jamie Baird Pennsylvania State University Abstract This paper assesses how the media influences what issues are most prevalent on the public agenda through the examination of the agenda setting theory. The history and development of agenda setting are discussed, as well as why this theory is important in the public relations industry today. An Examination of Agenda Setting Theory and Its Importance in the Public Relations Industry Introduction When attempting to gage issues of public interest, it is best to first examine the issues that are repeatedly covered in the mass media. The media effectively decides which issues will be on the agenda, and then brings them to attention of the public through recurring news coverage. This concept is formally known as the agenda setting theory; a term first coined by professors Maxwell McCombs and Donald Shaw in 1972. Agenda setting continues to evolve into a key theory in the communications field today. In order to be a successful public relations professional, it is crucial to understand and incorporate this theory. This paper aims to examine the development and details of the agenda setting theory in order to validate its importance to public relations professionals. Theory Description Although it is McCombs and Shaw whoShow MoreRelatedDiscuss the Relationship Between Public Relations and News Sources. How Does the Relationship Impact on the News Product?2572 Words   |  11 PagesDiscuss the relationship between Public Relations and news sources. How does the relationship impact on the news product? In today’s society, Public relations can be described as ‘a profession of creating an understanding between an institute and its public,’ by practitioners who wish to conserve its small amount of positive credibility. On the other hand public relations can be seen as a way of using propaganda to undermine the values and beliefs of the public. These two descriptions show the differenceRead MoreThe Union Unions : The Future Of Labor Unions Essay2786 Words   |  12 PagesLABORING FORWARD: THE FUTURE OF LABOR UNIONS 2 12 Running Head: Future of Labor Unions 1 Research: The Future of Labor Unions Kedra Archie Keller Graduate School of Management HRM- 586 Labor Relations Professor: Danielle Camacho December 4, 2016 AbstractRead MoreWhy Clinton s Health Plan Was Unsuccessful?1757 Words   |  8 PagesWhy Clinton s Health Plan was unsuccessful? The lack of success in Clinton’s health plan was due to the problems from the uncomfortable stipulated patterns and certain limitations which were imposed on the people in the industry of healthcare. Major requirements have been placed on every Americans to cover the enrolment, as well as covering its health care plans depending upon the positive legislative aspects. The fact is that individuals were ineligible for disenrollment from the plans and coveringRead MoreRole of Hr in Organization10279 Words   |  42 PagesContinuity and Change: The Role of the HR Function in the Modern Public Sector Continuity and Change: The Role of the HR Function in the Modern Public Sector ABSTRACT As the public sector has modernised and sought to become more efficient and cost-effective, the effective and strategic management of people has received increasing prominence and there have been calls for the HR function to play a more strategic role. However, not much is known about whether the role of the HR function has changedRead MoreSustainability in Industry8575 Words   |  35 Pageshelps in global trade by setting a benchmark for quality of product. Widespread concern for environmental protection emerged dramatically with the advent of the Industrial Revolution. Public outcries over smoke pouring from the stacks of coal burning factories, along with the eventual expansion of the petroleum industry, led to an early foothold for the ―Environmental Movement.â€â€" In 1919 the American Petroleum Institute (API) was established by the petroleum and allied industries, recognizing that a lackRead MoreThe Eu s Environmental Policy2920 Words   |  12 Pagesenvironmental standards, the better Europe’s overall quality of environment is. Over time, however, EU environmental policy began to emerge as a formal policy area with its own policy actors, principles and procedures. The Paris Summit Meeting of heads of state governments of the EEC in October 1972 is often used to pinpoint the beginning of the EU’s environmental policy because it requested the Commission to draw up an action program for environmental protection. Shortly afterward in July 1973,Read MoreIndustrial Relations in India5429 Words   |  22 PagesIntroduction 3 2. History of Industrial Relations System in India 4 3. Few cases of industrial disputes in MNCs a. Honda, Haryana 8 b. Mitsubishi Chemicals 9 4. Analysis of the current situation and trends in India 12 5. Conclusion 16 6. Bibliography 16 Introduction: Here we start the discussion with the history of the evolution if trade unions and industrial relation laws in India. Then we focus towards the shift of balanceRead MoreDescribe with Examples How Schools May Demonstrate and Uphold Their Aims:14953 Words   |  60 PagesContents 1.1. Identify the main types of state and independent schools: ----------------------------- P161 1.2. Describe the characteristics of the different types of schools in relation to educational stages and school governance: ------------------------------------------------------------------------ P168 1.3. Describe roles and responsibilities of: --------------------------------------------------------- P174 1.4. Describe the roles of external professionals who may work with a school:Read MoreSustainable Solutions11923 Words   |  48 PagesRunning head: SUSTAINABLE SOLUTIONS 1 Sustainable Solutions Paper Katherine Kem DBA Strategy Dr. Robert Hockin, Instructor February 21, 2010 Running head: SUSTAINABLE SOLUTIONS Sustainable Solutions Paper Walmart has some of the best supply chain methods in the market, and is working to become an industry leader in sustainability. Despite this, there is much criticism of this ‘giant’, and an in-depth look of their organization from a sustainable lens will review their successes, failuresRead MoreCase Study16130 Words   |  65 Pages18 Leading change 18 Case study 2: The Institute of Public Health in Ireland 19 Case study text: The Institute of Public Health in Ireland 19 The work of the Institute 19 Beginnings 20 Initial challenges 20 Strategy implementation 22 Vision and values 22 Leadership style 23 Management board 24 Working across the border 24 Learning 25 Case study questions: The Institute of Public Health in Ireland 28 Individual change 28 Team

Capital Investment Decisions the Case of Diamond Plc Free Essays

Capital Investment Decisions: The case of Diamond PLC CONTENT PAGE PAGES 1. 1 – Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 4 1. 2 – Literature review†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. We will write a custom essay sample on Capital Investment Decisions: the Case of Diamond Plc or any similar topic only for you Order Now . 4-6 2. 1 – Advantages and disadvantages of Net Present Value†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 6-7 2. 2 – Advantages and disadvantages of Internal Rate of Return†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 7-8 2. – General formulas†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 9-14 3. 1 – Critical Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 15-17 4. 1 – Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 17-18 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 19-20 1. 1 – Introduction This assignment is based on Capital investment decisions: the case of Diamond Chemicals plc. A critical analysis of this case study will examine the characteristics and concerns in the case study. This research will discuss the use of Discounted Cash Flow (DCF) techniques known as Net Present Value (NPV) and Internal Rate of Return (IRR), which are the two most popular and important techniques in investment decisions. Although these two techniques are closely-related, they have fundamental differences between each other. â€Å"The IRR is the discount rate that makes the present value of a future stream of cash flows equal to the initial investment(s). Arnold 2008. Whereas, NPV is the â€Å"difference between a project’s value and its cost† Breadley, Myers and Allen, 2006. 1. 2 – Literature Review Three research articles will be reviewed focusing on the performances of NPV and IRR relating to real cases in investment evaluation. â€Å"Do managers of South African manufacturing firms make optimal capital investment decisions? † †“ E. Gilbert, 2003. The purpose of the study was to investigate capital budgeting behaviour of firms in South Africa. It reveals that majority of manufacturing firms use only the NPV technique when evaluating their capital investment projects, and of the DCF techniques used, the NPV technique is used more often than the IRR. Research shows that manufacturing firms adjust the discount rate used in their NPV calculations to incorporate the project specific risk; according to the results of this research, majority of firms do this. It considers that the majority of firms use only the NPV technique when evaluating their capital investment projects (i. e. no other techniques are used at all). However, on average, the IRR technique is used more often than NPV (48% versus 47%). Nevertheless, in summary, the study suggests that manufacturing firms in South Africa deviate from the behaviour prescribed by corporate finance theory because they do not use NPV in isolation with projects specific risk adjusted discount rates when evaluating capital investment projects. The next article titled â€Å"Capital budgeting practices in the US. Forest product industry: A reappraisal† – L. S. Hogaboam and S. R. Shook, 2004. This study observed the capital investment practices of publicly owned forest roduct firms in the U. S. in 2001by replicating research reported by Cubbage and Redmond in 1985. In this research Baile et al (1979) conducted a survey and case study of capital budgeting in the forest products industry and found that most forest products companies had formal budgeting systems, but these companies lacked post audit procedures, did not account for risk and utiliz ed primitive risk adjustment methods. The researchers correlated the use of NPV and IRR to the size of the firm, finding that firms that had smaller gross sales revenue primarily used payback period for their projects. Nine firms ranked NPV either first or second in evaluation criteria importance, whereas IRR was considered most important evaluation criteria in the Idaho survey mutual exclusive projects. Financial literature indicates NPV is best for capital rationing, and 7/15 of firms indicated that IRR was their primary choice in case of rationing. This survey specifies that the IRR technique is most popular for the evaluation of mutually exclusive projects, even though most financial literature considers it to be inaccurate when compared to NPV. The third article â€Å"Capital Budgeting Practices: A Survey in the Firms in Cyprus† investigates: 1. the methods used by the Cyprus companies to evaluate investments, and 2. the approach adopted to handle important estimation problems inherent to the use of these methods. It was found that 54. 43% of projects evaluation is done by means of a simplified evaluation technique and that 36. 71% of the companies use the payback period technique. Among the methods that take into account the time value of money concept, the NPV method is the one most companies prefer, and only 8. 86% of them use IRR. In this study Hatfield, Horvath, and Webster (1998) investigated the importance of payback, average rate of return, IRR, and NPV capital budgeting techniques for the performance and value measures of firms. They found that firms analyzing all projects have higher share prices on average. They also found, in contrast to the theory of finance, that the NPV technique is not maximizing the value of the firm. Their results indicated that it is best not to rely on any single capital budgeting technique but instead to apply all of them or as many of them possible for a project evaluation. 2. – Advantages and Disadvantages of Net Present Value (NPV) NPV is a very popular method of project appraisal; starting with the advantages; According to Pike and Neale (2006), the NPV rule accepts all investments offering positive NPVs when discounted at the equivalent market rate of interest. This results in an increase in the market value of the firm and thus the increase of the shareholder†™s stake in the firm. NPV takes into account the time value of money – It recognises that ? 1 today is greater than ? 1 tomorrow; Breadley, Myers and Allen explain that it is because today can be invested to start earning interest immediately. They also argue that NPV rule allows thousands of shareholders who may have vastly different levels of wealth and attitudes toward risk to participate in the same enterprise and to delegate its operations to a professional manager. â€Å"One of the rules of Capital budgeting demands that managers be able to consider one project independently of all others – this is known as the value-additivity principle, it implies that the value of the firm is equal the sum of the values of each of its projects. † – Copeland, Weston and Shastri (2005). Arnold states that NPV finds out not only which project gives a positive return, but which one gives the greater positive return and that one of the major elements that leads to the theoretical dominance of NPV is that it takes into account the scale of investments. NPV is a superior technique to IRR because it has fewer limitations. Those limitations include the fact that both inflows and outflows are measured in form of present dollars, not as percentage, many people find it complicated to work with a dollar return rather than a percentage return. Another limitation would have to be the requirement of an estimate of the cost of capital to be able to calculate the NPV. William Megginson considered that financial managers find it hard to use NPV because it does not measure benefits relative to the amount invested. Though the NPV formula is constructive in evaluation of investment opportunities, the process is not faultless. 2. 2 – Advantages and Disadvantages of Internal Rate of Return (IRR) Financial managers prefer IRR because it is attributable to the general isposition of business people toward rates of return rather than actual dollars as interest rates, probability and so on are most often expressed as annual rates of return, making it an advantage of this technique. The calculations of IRR is an advantage, meaning the fact that IRR is simply the discount rate that make the NPV equals to Zero is important because it tells us how to calculate the returns on more complicated investments (Ross, Westerfield, Jordan â₠¬â€œ 2006). IRR indicates the rate of return receivable when money is put into a project. Arnold (2008) acknowledges that IRR describes how much the cash inflows exceed the cash outflows on an annualised percentage basis, taking into account of the timing of those cash flows. Like NPV, IRR also has the advantage of being a ‘time-adjusted’ measure of profitability. ‘Financial Theory and Corporate Policy’ by Ross, Westerfield and Jordan recognises that â€Å"the IRR rule errs in several ways. It does not obey the value-additivity principle, and consequently managers who use the IRR cannot consider projects independently of each other. Second, the IRR rule assumes that funds invested in projects have opportunity costs equal to the IRR for the project. This implicit reinvestment rate assumption violates the requirement that cash flow be discounted at the market-determined opportunity cost of capital. Finally, IRR rule can lead to multiple rates of return whenever the sign of cash flow changes more than once. † may give the wrong ranking of mutually exclusive projects that differ in economic life or in scale or required investment. 2. 3 – General Formulas for Net Present Value (NPV) and Internal Rate of Return (IRR) Net Present Value (NPV) formula Where CF0 = cash flow at time zero (t0), and CF1 = cash flow at the time one (t 1), one year after time zero. The decision rules for net present value are: NPV[pic]0 Accept NPV 0 Reject Formula applied to cash flow suggested by Frank Greystock |Year |Cash flow (? m) |Discounted cash flow (? m) | |0 |-9 |-9 | |1 |1. 4 |? 1. 27 | |2 |2. 66 |? 2. 0 | |3 |3. 09 |? 2. 32 | |4 |3. 06 |? 2. 09 | |5 |3. 02 |? 1. 88 | |6 |2. 49 |? 1. 41 | |7 |2. 47 |? 1. 27 | |8 |2. 45 |? 1. 14 | |9 |2. 43 |? 1. 03 | |10 |2. 1 |? 0. 93 | |11 |1. 68 |? 0. 59 | |12 |1. 68 |? 0. 54 | |13 |1. 68 |? 0. 49 | |14 |1. 68 |? 0. 44 | |15 |1. 68 |? 0. 40 | | | |Total (NPV) ? 9. 00 | Internal Rate of Return (IRR) formula The internal rate of return, r, is the discount rate at which the net present value is zero. It is the value for r which makes the following equation hold: Formula applied to cash flow suggested by Frank Greystock The following tables show the percentages utilized for the trial and error phase, in order to produce an NPV of zero. |Table 1 | | | | | | | |Yearly |Cash Flows (? ) |Discounted Cash Flow (? m) | | |Intervals | | | | | | | | | |0 |-9. 00 |-9. 00000 | | |1 |1. 40 |1. 11111 | | |2 |2. 66 |1. 67549 | | |3 |3. 9 |1. 54471 | | |4 |3. 06 |1. 21406 | | |5 |3. 02 |0. 95094 | | |6 |2. 49 |0. 62227 | | |7 |2. 47 |0. 48990 | | |8 |2. 45 |0. 8566 | | |9 |2. 43 |0. 30358 | | |10 |2. 41 |0. 23895 | | |11 |1. 68 |0. 13220 | | |12 |1. 68 |0. 10492 | | |13 |1. 68 |0. 08327 | | |14 |1. 8 |0. 06609 | | |15 |1. 68 |0. 05245 | | |26% |Net Present Value (? m) |-0. 02441 | | | | | | Table 2 | | | | | | |Yearly |Cash Flows (? m) |Discounted Cash Flow (? ) | | |Intervals | | | | | | | | | |0 |-9. 0 0 |-9. 00000 | | |1 |1. 40 |1. 12000 | | |2 |2. 66 |1. 70240 | | |3 |3. 09 |1. 8208 | | |4 |3. 06 |1. 25338 | | |5 |3. 02 |0. 98959 | | |6 |2. 49 |0. 65274 | | |7 |2. 47 |0. 51800 | | |8 |2. 45 |0. 41104 | | |9 |2. 43 |0. 2615 | | |10 |2. 41 |0. 25877 | | |11 |1. 68 |0. 14431 | | |12 |1. 68 |0. 11545 | | |13 |1. 68 |0. 09236 | | |14 |1. 68 |0. 07389 | | |15 |1. 68 |0. 5911 | | |25% |Net Present Value (? m) |0. 29926 | | | | | | Table 3 | |Yearly |Cash Flows (? m) |Discounted Cash Flow (? m) | | |Intervals | | | | | | | | | |0 |-9. 00 |-9. 0000 | | |1 |1. 40 |1. 07692 | | |2 |2. 66 |1. 57396 | | |3 |3. 09 |1. 40646 | | |4 |3. 06 |1. 07139 | | |5 |3. 02 |0. 81337 | | |6 |2. 49 |0. 1587 | | |7 |2. 47 |0. 39363 | | |8 |2. 45 |0. 30034 | | |9 |2. 43 |0. 22915 | | |10 |2. 41 |0. 17482 | | |11 |1. 68 |0. 09374 | | |12 |1. 68 |0. 7211 | | |13 |1. 68 |0. 05547 | | |14 |1. 68 |0. 04267 | | |15 |1. 68 |0. 03282 | | |30% |Net Present Value (? m) |-1. 14726 | | | | | | | |Yearly |Cash Flows (? ) |Discounted Cash Flow (? m) | | |Intervals | | | | | | | | | |0 |-9. 00 |-9. 00000 | | |1 |1. 40 |1. 09375 | | |2 |2. 66 |1. 62354 | | |3 |3. 9 |1. 47343 | | |4 |3. 06 |1. 13994 | | |5 |3. 02 |0. 87894 | | |6 |2. 49 |0. 56616 | | |7 |2. 47 |0. 43876 | | |8 |2. 45 |0. 34001 | | |9 |2. 43 |0. 6346 | | |10 |2. 41 |0. 20413 | | |11 |1. 68 |0. 11117 | | |12 |1. 68 |0. 08685 | | |13 |1. 68 |0. 06785 | | |14 |1. 68 |0. 05301 | | |15 |1. 68 |0. 4142 | | |28% |Net Present Value (? m) |-0. 61758 | | | | | | Interpolation illustrates that there is a yield rate (r) which lie between 25 per cent and 26 per cent which will produce an NPV of zero. The way to find that discount rate is to first find the distance between points A and B as a proportion of the entire distance between points A and C. 3. 1 – Critical Analysis â€Å"Greystock included in the first year of his forecast preliminary engineering costs of ? 00,000, which had been spent over the preceding nine months on efficiency and design studies of the renovation. † The preliminary costs of ? 500,000 were irrelevant because it would not have been incurred if not for the possibility of Greystock going ahead with the renovation; therefore it was a sunk cost. The development cost of ? 500,000 should be ignore because they are bygones and are of the past as it was incurred nine months before and does not need to be added into the cash flow. â€Å"The corporate manual stipulated that overhead costs be reflected in project analyses at the rate of 3. % times the book value of assets acquired in the project per year†. According to Arnold (2008), not all overhead costs are incremental; when trying to assess the viability of a project only the incremental costs are incurred by going ahead are relevant. Those cost which are unaffected therefore irrelevant. Meaning that the capital projects which should reflect an annual pre-tax charge amounting to 3. 5% of the value of the initial asset investment for the project – it should be entered in the incremental cash flow because it is an irrelevant overhead cost. Rotterdam sales are producing negative results due to the decision made by Greystock to shift capacity to Rotterdam away from Merseyside. His new business decision is having a negative effect on Rotterdam because all the expenditure is coming from Merseyside as he has decided to renovate it, cannibalizing Rotterdam. Even the director of sales recognised there was â€Å"oversupply in the works†, which means that too much is being supplied for the project. In view of adjustment of cash flow must be consistent with inflation forecast imbedded in discount rate. The treasury staff was concerned because the project would impound a long-term inflation of 3% per year. The unrelated EPC project is not relevant as it would only increase prices when recession ended despite the ? 1 million pound renovation ; the criterion is that each individual investment promises an IRR greater than 10%, not that multiple projects promise an average return above this hurdle. Before submitting a project for senior management, at least three performance â€Å"hurdles† had to be met in order for proposal to be considered. -Impact on earnings per share = ? 0. 018 -Payback = 3. years -Discounted cash flow (NPV) = ? 9 Million Although the Merseyside project met all the criteria, Morris should have considered dividing the proposal into requires and desire expenditure ( relating to April Novelties). Concerns and characteristics – Merseyside The main concern for Merseyside is the old production process and how it is not continuous at times, and it has a â₠¬Å"higher labour content than its competitors’ newer plants. However, regardless of these limitations the Merseyside plant has many good characteristics such as: †¢ Receiving positive cash flows immediately Higher cash flows in the beginning †¢ Relatively short payback period Concerns and characteristics – Rotterdam The lack of flexibility and commitment to plant project are concerns for the Rotterdam plant as it is not being renovated and we remain unsure as to whether Greystock will take on the project of renovation at Rotterdam. On the other hand, the fact that the polymerization process has become continuous is major strength, and also that the payment schedule is flexible (over four year period). In addition the Japanese technology has proven to be successful in Japan. . 1 – Conclusion This assignment has summarized the Case study while emphasizing important details of the concerns and characteristics of the Merseyside and Rotterdam plant. Opportu nities such as Land value and Use of right of way can enable Rotterdam to develop positively, despite German technology posing as a threat and also losing right of way. Overall the Merseyside plant offers numerous opportunities to increase outputs and lower costs, while also increasing competitiveness for their competitors. Nevertheless Merseyside faces a very big threat where they would have to close for 45 days causing their customers to buy from their competitors, although the lost market share can still be regained. The investment appraisal process requires the use of sophisticated evaluation techniques such as Net present value (NPV) and Internal rate of return (IRR). These techniques help ensure that all relevant cost and other factors have been considered. The calculations of NPV and IRR are quite challenging, especially regarding the trial and error method IRR. The calculations to obtain –NPV=0- was time consuming and more than twice as long as the NPV method. If risk adjustment is made through the discount rate there may be more than one cost of capital and the sponsor then has to classify the project into say high or medium or low risk categories etc. Finally, it can be argued that the process of capital budgeting is a time-waster because the fundamental information used is seen to be undependable. As the estimates of cash proceeds are just guesses and that the use of anything other than the easiest technique of capital budgeting is as unsuccessful as making use of any complicated formulas. For example, in 1974 K. Larry Hastie published his classic paper, â€Å"One Businessman’s View of Capital Budgeting. † His position is that firms should avoid excessively complex measurement techniques. He states: â€Å"Investment  decision making  could be improved significantly if the emphasis were placed on asking the appropriate strategic questions and providing better assumptions rather than on increasing the sophistication of measurement techniques† (1974, p. 36). This research establishes that NPV and IRR are two major investment decision methods, which gratifies the criteria for the accurate evaluation of capital projects. REFERENCES Hogaboam, L. S. , Shook, S. R. (December 2004) ‘Capital Budgeting practices in the U. S. forest product industry: A reappraisal. ’ Forest products journals. Gilbert E. (May 2003) ‘Do managers of South African manufacturing firms make optimal capital investment decisions? ’ Graduate School of Business, University of Cape Town. Lazaridis T. L. October 2004) ‘Capital Budgeting Practices: A Survey in the Firms in Cyprus’ Journal of Small Business Management Richard A, Breadley, Stuart C. Myers, Franklin Allen (2008) ‘Principles of Corporate finance’ 9th edition McGraw-Hill, London Richard Pike, Bill Neale (2005) ‘Corporate finance and investment: decisions of strategies’ 5th edition Financial time prentice hall Thomas E. Copeland, J. Fred Weston, Kulde ep Shastri (2005) ‘Fiancial theory and Corporate policy’ 4th edition Pearson Addison Wesley, London Megginson, William L. (1997) ‘Corporate finance theory’ Addison Wesley Stephen A. Ross, Randolph W. Westerfield, Bradford D. Jordan (2006) ‘Coporate finance: Fundamentals’ McGraw-Hill, London Glen Arnold (2008) ‘Corporate financial management’ 4th edition Financial times prentice hall, England Investopedia (2010) Available at: www. investopedia. com/study-guide/cfa-exam/level-1/corporate-finance/cfa13. asp Fao corporate document repository (1997) ‘Chapter 6: Investment decision – Capital budgeting’ Available at: www. fao. org/docrep/w4343e/w4343e07. htm QFinance (2007) Available at: www. qfinance. com/cash-flow-management-best-practice How to cite Capital Investment Decisions: the Case of Diamond Plc, Papers

Contrast with Buddhism and Christianity free essay sample

What is the best religion in the world? It is the question that everybody argument. Each country has its own culture with different religions. That’s why there are many religions in the world, such as: Buddhism, Christianity, Islam, Judaism, and Hinduism. Each religion has its own featured, so nobody can’t choose which one is the best religion in the world. Religions are different in a lot of ways, for example, the places that they are popular. Christianity and Buddhism are the clearest example. Christianity is popular in American, Europe, and Australia†¦ Buddhism is popular in Asian. Not only are they popular in the different place, but Buddhists and Christians also are different in the way they practice to the way they believe. Finally, Buddhism and Christianity are different in several ways. One way that Buddhism and Christianity are different is in their beliefs. Firstly, they are different in their beliefs about the afterlife. Buddhism believes that the afterlife is more than one life in the reincarnation. Buddhists believe that good person can go to Nirvana and be a Buddha. Furthermore, Buddhists believe that doing bad things will be punished relate with that bad things in the 18 levels of Naraka, or hells. For example, if they tell a serious lie, which is cause bad for another people when they live, they will be cut the tongue in the first level of Naraka. Or if they live very tight-fisted and many people have injuries or died because of them, when they died they will become a preta, which is a hungry monster, and if they eat anything, it will become the hot charcoal. After they pay for their sins in hell, they will be reincarnated. Buddhists also believe that they can have reincarnation without go to hell and Nirvana. If they do something to fix their mistake such as: dominate poor people and pray for other people, they could be a human again or an animal. But they still pay for their past karma and have retribution: definition or revenge; it depends on them. Christians, however, believe in afterlife is only one life and after that the judgment. Christians believe that good people will go to heaven and see God. Heaven is the place that the people are also freed from sin and all its various manifestations, like suffering and pain. And life in heaven relates with the present world. According to Corinthians 15:35-49. in the Bible, it say that â€Å"the life in heaven can be the same with the present world, if that people have a bodies like they do now, whereas it can be different with the present world, if that people have a new bodies. † People go there will continue life in heaven. Bad people will go to one level hell, and Lucifer will burn all of people with any kind of sins. Unlike Buddhism, Christianity believes that after death is not reincarnation; just be judged by God to go to heaven or hell. Death is the end, so they will not come back to life. Therefore, they try to live good enough to meet God when they die. Secondly, their beliefs are different about the way to salvation. In Buddhism, there are many ways to salvation. People who die can be human again, if they do five rules: not killing anything that has life, not drinking alcohol, not stealing, not lying, and not having sex with another people who is not their wife or husband. If they break one of the five rules, they can be an animal or go to hell. If they do more than that five rules, which is the Eightfold Path such as: control their thought, practice mediation, say nothing to hurt others, know the truth, resist evil, free their mind of evil, work for the good of others, respect life, they can go to empyrean, which like heaven or even be a Buddha in Nirvana. According to worldhistoryatyhs. wikispaces. com, it says: â€Å"In Buddhism when a soul is able to break Samsara by following the Eightfold Path and finding the middle way, they have reached Enlightenment. From here they may continue on to Nirvana, the highest destiny for man. This can be considered the actual afterlife for the Buddhist faith; in that finally the soul is free from Samsara and moves on. † By contrast, Christianity just has one way to salvation. It is they believe in Jesus, Son of God and do what he said to go to heaven, which is the only way to meet God. Buddhists believe there are a lot of Buddhas, whereas Christians believe that there is just one God in the world. Christians live to pay for the sins that Eve and Adam made. Eve and Adam are the human ancestors. In the beginning of the world, God created Adam to take care of the Garden of Eden, and then God created Eve from the seventh rib of Adam. They could eat every fruit in the Garden except the Forbidden fruit. But one day, Eve didn’t do the thing that God say and eat Forbidden fruit. God got angry and left them out of the Garden of Eden. Because of that, people are not pure when they were born. If they don’t get salvation, they will definitely go to hell. And the only way to salvation is believe in Jesus. So, Buddhism and Christianity are different in their beliefs. Another way that Buddhists and Christians are different is the way they practice their religions. The first way that they practice differently is their ethics. Buddhism’s ethics protect human right in marriage. It protects human right in marriage because marriage in Buddhism is comparatively liberal. Buddhism doesn’t give any rules about marriage. They just give people advice to marry people about how they can live with happiness. Buddha said, â€Å"Marriage is the personal problems, not the responsibility of religion. † Therefore, Buddhists can get divorced from their husband or wife and marry with another people. For example, if their husband is cruel and hit them all the time, they can divorce him and find another man can protect them. Moreover, Buddhists are allowed to marry with people with the same sex. Buddha also said, â€Å"If you marry some one with volunteer, you can get married. † If they marry someone with happy, faithful and pure, you can marry that person with the blessings from Buddha. It just depends on the country’s law that allows it or not. On the other hand, Christianity’s ethics do not protect human rights in marriage. They don’t protect the human rights in marriage because marriage in Christianity is demanding and conservative. Christianity has several rules for married people. Christians believe that God created each person, so marriage must relate with God, the religion. Christians would like to marry a person who is the same religion, or if that person is not the same religion, that person must be a Christian to get married. Moreover, Christians just can marry one time in their whole life with the witness of God. For example, if they marry a man or a woman but that person is bad, they can’t divorce with him or her. Christianity also doesn’t allow same sex marriage. Christianity says that same sex marriage is against Bible and against God. Christians believe it is not right if gays or lesbians get married. If they get married, they will go to hell even they are a good people, because they are not pure to see God. The second way that they practice differently is their rituals. Buddhist rituals are different in the way they are structured. Buddhists always read the Buddhist scriptures in the morning and at night. They can pray for themselves and other people have a good day with retreats in the morning. And at night they pray to avoid the devil and the things they have done in that day. They also go to temple during the full moon day to bless for a quiet life. Because they don’t kill animals on the full moon days, people don’t have sins in those days, so that they are pure to pray with Buddha. On full moon days, Buddhists are fasting which do not eat meat, just eat vegetable. Because they believe that everything have souls, so animals have souls too. They also believe that animal is reincarnated human, so they don’t eat our fellow. They think that animals are human, so it not right to kill them. Buddha said, â€Å"Every single life around this universal is equal. † As a result, it not right to kill other, even Buddha himself. For example, a mother lied to her son and promised that if she had told a lie she would have been a dog. After she died, she became a dog and came back to her son’s house to protect her son’s family. She was coming back to her son’s best friend dream, and she told him the story and hoped he could give her a salvation. Then the friend went to the son’s house and told her son that he wanted to eat dog meat. Then her son killed the dog, which was his mother; even he didn’t want to do that. After that, his best friend told him about the story. Therefore, if they kill an animal, they have already killed a human. That is why Buddha encourages people fasting as much as they can, and then they may go to Nirvana. Furthermore, Buddhists don’t pray before they eat something. They are thankful for the food and the chef, who made the food for them. Unlike Buddhist rituals, Christian rituals are different in the way they are unstructured. Christians don’t set time to read the Bible. They can read whenever they want, or when they doing something wrong and want to baptize and to repent with God. Christians always go to church in the Sunday morning. When there they can pray and repent for the previous week and implore for the next week, and they want God to forgive what they have done. Some Christians aren’t fasting and some are fasting two days a month but they can eat seafood such as: fish, shrimp, and crab. People like to eat meat more than seafood with fishy smell, so Christians are allowed to eat seafood. Christians don’t eat meat (warm-blooded animal) because they want to sacrifice, penance, repent and empathize with the Passion of the Christ. It shows respect to God and shows that they want to go to heaven. They also think that beef and pork are more sexual stimulant than fish, shrimp, and crab (cold-blooded fish). So they eat seafood to do penance for themselves. Furthermore, they also pray before eating something. Christians thank God to give them food. They make the sign of the cross before eating, which can show their respect for God. In conclusion, Christian and Buddhist have some differently in the way they practice their religions. As the result, Buddhism and Christianity are different in the way they believe and in the way they practice their religions. Which religion is better? Nobody can answer it. Each religion has its own characteristic so every religion is different. But every religion in the world teaches people to be a good person, instead of a bad person. It just depends on the place you live and the situation and the belief. So every religion is good and just chooses one to follow for yourselves.