Change and Continutie

Between 500 CE and 1500CE changes and congruities in interregional trade in the Eurasian World happened. The Silk Road associated South Asia, Western Asia, and South Asia with Europe. The â€Å"road† was utilized for exchanging great, for example, silk, porcelain, and different extravagances. In addition to the fact that it was utilized for exchanging material merchandise, however it was likewise utilized for exchanging religions, abilities, and information. It additionally went along maladies. A few changes that happened were that old style realms falling and new domains started to rise, and exchange the Indian Ocean turned out to be more directed in 1500CE than before in 1400CE.A coherence that happened was the Indian Ocean exchange stayed unregulated from 700CE through 1400CE. Because of the breakdown of the old style realms in 500CE and the ascent of the Byzantine, Abbasid, and Tang Empires in 700CE, exchange declined then developed. At the point when the traditional realm s fallen, exchange declined on the grounds that because of the absence of government following the decrease of the old style domains, assurance couldn't be allowed for exchange and exchange courses couldn't be fixed. Because of these reasons, exchange and travel became dangerous.When the Byzantine, Abbasid, and Tang domains started to rise, exchange developed again on the grounds that Tang rulers set up military armies to ensure the exchange done through the Silk Road, the Byzantine empire’s focal area on the Mediterranean Sea permitted exchange to thrive, particularly in the capital of Constantinople, and in the Abbasid realm Muslim traders spread improved water system in the locale, which prompted increments in food creation and populace. Due to the three domains rising, exchange had the option to be effective again after the fall of the old style empires.During the long stretches of 700CE through 1400CE a congruity of unregulated Indian Ocean exchange proceeded with Eurasi an exchange. The Indian Ocean spoke to the world’s biggest ocean based arrangement of correspondence and trade. The rotating wind flows that blew typically eastbound throughout the mid year months and westbound throughout the winter months (storms) was what made the Indian Ocean business conceivable. Since the Indian exchange course was so fruitful and numerous individuals relying upon it, it kept on staying unregulated from 700CE through 1400CE.Another explanation behind it proceeding to stay unregulated was on the grounds that urban areas found deliberately developed and it was a sheltered domain for business sectors, it invited all vendors, and charged sensible expenses. In spite of the fact that it stayed unregulated from 700CE through 1400CE, that all changed by 1500CE. From the unregulated Indian Ocean exchange the 1400’s, exchange turned out to be progressively constrained by the Chinese and the Europeans by the 1500’s. To oversee the Indian Ocean exchang e Europeans caught the port urban areas, destroyed them, took from them, and set them ablaze, executing the inhabitants of the cities.Because individuals from different nations exchanged too and they brought their way of life, religions, and different qualities and convictions that intrigued the individuals who lived along the Indian Ocean locales, many individuals were influenced. The Indian Ocean got constrained by the Chinese and the Europeans. Similarly as the Silk Road was utilized for exchange and business and was effective the Indian Ocean was likewise utilized for exchange and trade. Be that as it may, the silk course is generally interconnected exchange course across Asian landmass interfacing East, South, and Western Asia with the Mediterranean world, just as North and Northeast Africa and Europe.In Indian Ocean courses significantly associating Middle East, Africa, and East Asia with Europe and the Americas. All in all, during the timeframe of 500CE through 1500CE Some pr ogressions that happened were that old style domains crumbling and new realms started to rise, and exchange the Indian Ocean turned out to be more directed in 1500CE than before in 1400CE. A coherence that happened was the Indian Ocean exchange stayed unregulated from 700CE through 1400CE. Both the silk street and the Indian sea were utilized for business and exchange.

Strategy and Case Analysis

Question: Examine about theStrategy and Case Analysis. Answer: Presentation Netflix Company was set up in the year 1997 by Reed Hastings and Marc Randolph. The organization has step by step, become incredible since most recent nineteen years and have modified the considering buyers of watching films and recordings. The organization was built up with minor thirty work force. There were 900 and twenty five contributions accessible for fifty pennies for every rental at first. As on date the organization offers a huge number of films and has fanned out in unique substance. The organization keeps on furnishing DVD rentals with colossal contributions. The report underneath is the examination of the ascent of the organization, since its commencement and its future in the exceptionally serious market (Blake, 2016). Changing Technology In the year 1997 the organization was established, and inside one year of its foundation the organization propelled 925 rentals offering with a staff of 30 individuals at a rental expense of 50 pennies. In the year 1999 the organization presented month to month memberships. At that point pushing forward in the year 2000, the organization dropped rentals and went to memberships. In the year 2005, 35000 motion pictures were advertised. The organization sent out million DVDs every day. From 2006-2012 the offer of DVDs descended and the organization paid regard to its online contributions (Walker, 2016). The organization had an imprint in the spilling market, as it was generally preferred. In the year 2012 the organization discharged unique substance. It began with narratives and stand up appears. By 2013 Netflix had 27.1 million US decorations and its use in 40 nations. Estimating Strategy The organization fuses an exceptionally shrewd valuing technique. At the hour of their first contribution the organization didn't charge any additional expense. On the off chance that the client had one DVD membership, they got a free spilling video. The clients even moved from an a few DVD membership to an affordable one DVD membership as the spilling alternative too gave different choices. The motion pictures can be viewed on I-cushions, TV and PCs (Murphy, 2011). At that point the organization established an enormous increment in the costs and had a reasonable message that the organization is unmistakably fragmenting its client base. A few clients readily surrendered the DVD choice while others paid more. Some of them completely left. Netflix has incorporated this valuing system with their model and they have a cost based reaction for this activity. After some timeframe when the client base will be absolutely and effectively moved the organization will offer a mid path choice of p ossibly giving a regular DVD mail offering, which will placate the complaints of the clients. The message of the organization is noisy and clear that it needs to build its normal selling cost and along these lines intends to give more to its endorsers consequently of their value (Pelts, 2016). Development The organization sets an incredible case of problematic advancement. Troublesome development is an advancement which makes another market and afterward bit by bit upsets the previously performing market, in this way separating the current market pioneers. Purchasers might possibly see the huge change, however these developments essentially become piece of their regular daily existence. Troublesome development was a piece of the organization technique (Ostrower, 2016). For Netflix, the DVD via mail model, drove its rivals into insolvency. The organization offered the administrations which were increasingly moderate, open and accessible to the underserved clients (Capital, 2016). Netflix Current Performance Netflix buyers are being included for a long time. Netflix had an expansion of 17 million hits a year ago. Their buyer base expanded to 13 billion of every 2015 from the earlier year and the circumstance was same for 2016. More purchasers are picking Netflix to watch satellite TV, play computer games and watch film as opposed to going in theaters. It is excellent employment for Netflix to make such a large number of purchasers subject to them. Netflix is developing radically and they are making shrewd systems. In year 2016 they have entered global markets for development, for a model, in China, the Company is wanting to put colossal in universal markets for extension and development. Truth be told, they will likewise put resources into authorizing content. This will end up being a compelling technique as they will sparkle their name in global grounds too. As of now, they have just demonstrated that how much ward their clients are on them. Future According to Pacific Crest Securities, Netflix has become the main brand for future TV of the nation. They key to Netflixs achievement lie in the way that it has entered 130 worldwide nations and will reach up to 190 sooner rather than later. The Netflix future procedure lies in the way that they need to be worldwide and push ahead in taking universal authorizing to however many numbers as could be expected under the circumstances. Netflix gives unique genuine information and has the position to give to the entire world which makes it totally different from others. Netflix is wanting to put tremendous in this system to turn into a force to be reckoned with. They are making arrangements for immense information base of unique film shows and computer games to appropriate the world over. With the methodology of being worldwide, Netflix is intending to bring down its expenses because of economy of scales. Being worldwide will consequently assist them with letting down expense per supporte r which will at that point increment more client base including individuals from lower working class (Mcalone, 2016). Netflix universal development and unique information will give them enormous ascent later on. End On the off chance that we examine this report it turns out to be certain that Netflix as an organization has all around adjusted according to evolving circumstances. During the 90s, individuals were progressively subject to DVDs for watching films, thus the organization was essentially occupied with rental contribution of DVDs. In the mid 2000, the organization moved from rentals to month to month memberships in this manner moving the reliance of customers towards membership. What's more, when a huge area of individuals particularly the adolescent became ordinary purchasers of the Internet, which is the point at which the organization moved its concentration towards online contributions. The thought clicked and the organization considered gigantic to be as it was all around acknowledged by the intended interest group. This is the manner by which Netflix changed the idea of watching motion pictures and video. Another purpose behind the companys development is its creative thought of d ischarging unique substance in 2012 as narratives and stand up appears. The blend of the companys universal development just as appropriation of unique substance is likely give a further lift to the companys development. Thus, not surrendering to the adjustment in business condition and low interest of DVDs, Netflix prevailing with regards to composing its own example of overcoming adversity. References Blake, K., 2016. The Rise of Netflix, Available at: https://www.engadget.com/2016/09/19/the-ascent of-netflix/ Capital, S., 2016. Problematic Innovation: How Netflix reformed the video showcase, Available at: https://www.seiercapital.com/troublesome development how-netflix-changed the-video-advertise/ Mcalone, N., 2016. Netflix is the 'main model for the eventual fate of TV,' as indicated by Wall Street examiners, Available at: https://www.businessinsider.in/Netflix-is-the-main model-for-the-fate of-TV as per Wall-Street-experts/articleshow/51130093.cms Murphy, E., 2011. Netflix estimating system, Available at: https://blogs.harvard.edu/cqtwo/2011/07/14/netflix-evaluating methodology/ Ostrower, D., 2016. Netflix Instant Video Streaming: A Disruptive Innovation Thats Disrupting Netflix, Available at: https://www.altitudeinc.com/netflix-a-troublesome advancement that is upsetting netflix/ Pelts, S., 2016. What Is the Netflix Pricing Strategy?, Available at: https://marketrealist.com/2016/10/netflix-valuing system/ Walker, N., 2016. The ascent of Netflix, Available at: https://www.businessreviewusa.com/initiative/5478/The-ascent of-Netflix

What Makes You Tick

What Makes You Tick Seeing all the parents converge on MIT campus for Family Weekend reminded me of my parents, who are one continent and one ocean away. So, on a side note, really take the time to appreciate your parents while youre still with them. This is especially true for all you high school seniors who are leaving for college a year from now. Your parents might be nagging at you about your SAT scores now and theres still technically one year left before you have to say goodbye, but theyll be gone before you know it (really.) Anyways, all this reminded me of all you Early Action applicants, who are probably cranking out application essays, having interviews, and/or worrying whether your SAT scores are high enough right now (or, at least, I hope you are just not the worrying part). Therefore, I decided to tell you my ED story. Last year, around this same time, I was pretty much in your shoes. Ive identified a college that I was very passionate about way back in August, and knew I wanted to ED it, no questions asked. I was done with the testing and other requirements fairly early, so I spent the majority of my time re-reading and re-examining my applications (while wondering why in the world my interviewer hasnt bothered to call me yet). I wrote out my essays, I polished them, and I fine-tuned them to a point that I was able to recite it backwards (Im serious). I had several of my teachers read over my essays, and I actually wrote 13 drafts for my main essay. This is like a world record for me, since I am basically the master of churning out pointless fluff insightful essays for AP testing. Simply, I just hate writing multiple drafts for a single essay. Predictably, l became paranoid about my application very quickly. I wanted it to be totally perfect. 100% perfect not 99%, or even 99.99% 100. At one point, I actually went online and searched for the right orientation of stapling pieces of paper together (the staple should ideally make a 45 degree angle to the left side of the paper, so its basically slanted, sloping up to the right) because I didnt think I should staple my papers together recklessly (afterwards, I discovered that its generally not a good idea to staple any part of your college application, actually. Many colleges scan additional sheets of paper that come in, and staples are a huge hassle.). When I clicked submit online 2 hours before the deadline, I felt I had the complete package. I had the stats, I had the essays, I had the recs I am going to college. A month and a half later, I was shocked when I received a deferral letter in the mail and this is not due to blind confidence either, as I really felt that my application was strong enough in terms of academic merit to get into the college I was applying to. I started asking myself these questions were my SAT scores not high enough? Did I not do enough activities? Was my essay too boring? Finding no answers to my queries, I plunged myself headfirst into Regular Action applications. Not to sound corny, but it was after doing the MIT application that I realized what was wrong in my Early application. I was trying too hard to be different. I was trying too hard to be the person that adcoms like. I wasnt being myself. I re-read my Early application, and I realized that I sounded like a cookie-cutter student that was trying too hard to flaunt his academic abilities. I was trying hard to impress, trying hard to be unique, but I hardly recognized the person that the application tried to convey. Realizing this, I completely took out the 13-draft essay that took me three solid weeks of revision and wrote an essay on the same topic, using the tone I liked and the angle I wanted to convey it from, not the tone and the angle that my teachers had suggested. After proofreading it carefully for grammatical errors multiple times, I sent it in without consulting another adult. I wanted this new essay to be mine, I wanted it to be from myself not from my GC, not from my teachers. The biggest piece of advice I want to give you guys as you guys approach not only the EA application, but all the future applications that you might encounter is to just be yourself in whatever you do. When you write your essay, dont write with a specific audience in mind. Dont say the things that you think the admissions officers want to hear. When you do the interview, dont try to second-guess your interviewers questions and remarks. When you describe your activities, convey your true passions. Dont say that you totally loved Student Government when you hated all the lunch meetings, and dont be shy to share the ups and downs in your life even if it may be something as simple as loving the fresh smell of grass after a spring rain. These things are what makes you different from the thousands of people applying to the same school as you are. Its not just about the four digits in your SAT score or the numbers after the decimal point in your GPA. Even a robot can be trained to take tes ts or do algebra, but what is it that makes you different from a test-taking machine? Quite simply, what tickles your heart and motivates you to overcome the challenges that youve faced in your life? I wish you guys the best of luck in your college application experience. And for those really committed to coming here, I hope MIT is a wonderful fit for you :) Im still discovering reasons to love MIT each day. Take a look: Amazing Guest Lecturers Dr. Harish Hande is a pioneer in bringing light and electricity to rural locations in India through affordable solar panel systems. iHouse had the honor of inviting him to dinner and learning about his developmental solutions for underprivileged countries. Diverse Talents Last Saturday I went with my friends to Sigma Kappas Late Night an annual charity talent show hosted by the sorority to promote research for Alzheimers Disease and saw some really amazing acts One of the most incredible things about MIT is the wealth of talents that is represented in the student body. Everyone comes here with a story to share, and it is very rewarding to discover the stories of your fellow peers. We may hail from the different corners of the world, but we are all connected by a love of learning and a deep conviction for our passions be it playing the guitar, acting in a circus, or inventing robots. Explore the stories of those people around you you will be pleasantly surprised (I still am, almost on a day-to-day basis). Unity MIT is United. We may be taking classes from Course 1 to Course 24, but we are never too busy to help the person beside us in a pset that dragged on for too long or help him study for a test that seems too difficult. I went on a retreat with my fraternity, SigEp, last weekend, and we played this game in which the objective is to lower a stick propped up by the index fingers of all the players to the ground, with the catch that no one can lose contact of the stick in the process. A couple of days after we returned from the retreat, some of the older brothers volunteered to host a study session for the froshies in anticipation for the 8.01 midterm. It is interesting to note that one of the key points in the Helium Stick activity is to constantly look out for one another, especially the people who are about to lose contact with the stick. In the same way, the people at MIT offering help to one another is in tune with the same spirit. Im not referring to just my fraternity brothers offering to prep me in 8.01, but also the guy in my 18.02 recitation that patiently explained the concept of directional vectors to me, the girl that offered to sub in for my SAT class when I have to be gone for the SigEp retreatthe list goes on and on. Anyways, this entry could quite viably be two entries, so I think I will pause here. Before I sign off though, check out this cool picture from our retreat and some excellent food. So best wishes from George 10 and me to all the Early applicants! Share your stories, explore your options, and dare to dream. George and I have every confidence in you. Right, George? Right. Heres to you all. Cheers!

Study On Investment Appraisal And Takeovers Finance Essay - Free Essay Example

Sample details Pages: 14 Words: 4235 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Investment analysis is very important as it establishes cash and other resources are invested in profitable projects and identify some risk which might arise from investment and measures to eliminate the risks. Getting the right choice of a project to invest is crucial, the management need to have the skills to make the right decision which will maximise stakeholders profit. Most of the companies have lost their reputation and even liquidated due to wrong managerial decisions on what investment to embark to, hence a proper and less risk method of investment analysis is crucial in this role. Don’t waste time! Our writers will create an original "Study On Investment Appraisal And Takeovers Finance Essay" essay for you Create order This is an academic report analysing Jebb PLC, a predator (acquirer) company proposed to takeover a target rival company. In this report, I as a senior Financial Manager in large listed company, I have analysed business investment feasibility, to assess whether it is worthwhile to make a companys investment decision. The analysis has covered reasons behind takeovers, methods and potential effects of takeovers. Also I have looked at the methods of investment appraisal, nature of gearing, risks and cost of capital. 2.0 TAKEOVERS Jebb PLC has decided to embark into takeovers as one of its growth strategies to increase the wealth of shareholders. Takeovers can be simply defined as the purchase of ones company (the target) by another (the acquirer, bidder or predator). In takeovers basically a stronger company takes over a weaker one. The general driving force for Jebb Ltd takeover has been enhancement of shareholders value, bringing cost saving and efficiencies. However the reasons can be analyses in length here under as follows. 2.1 Reasons behind takeover Economies of scale This is simply reductions in the average cost of production, and hence in the unit costs, when output is increased. Oxford Dictionary of Business and Management 4th Ed. When the cost of producing a unit of good falls as its output rate increases, economies of scale exist. Michael Parkin (2003) p. 189 In this context the fixed operating costs are being spread over a larger production volume, equipments are being used efficiently with high volume of production. Economies of scale arise from specialization and division of labor that can be reaped more effectively by firm coordination rather than market coordination. Michael Parkin et al.Economics 5th ed. (2003) p. 189. Following this acquisition Jebb Plc expect cost reduction and hence achieve of economies of scale (scale effect) In the economies of scale to work out Jebb Plc would expect one of the following to happen. Negotiation of lower prices with suppliers for larger orders Combined pro duction processes, or operation on larger but fewer sites to save operating costs Saving in administration, distribution, marketing or research and development costs. . Growth, Empire building and market penetration by accessing to new markets, may be achieved at a much quicker rate by buying existing operator Avoiding higher start up costs Barrier to entry in industry or country may be avoided Access to skilled workers, hence performance maximisation Brands/patents a trademark which increases companys reputation. Complementary resources Here there are mutual benefits, the predator company will provide the necessary ingredients necessary for a small company (target) success. In this situation a small company may have unique product/services but lack the managerial, engineering, knowhow and many more which requires a target company to produce and market its product/service in a profitable way. (Richard A. Brealey, et al pg. 886). Acquire technology and RD expertise 2.2 Potential effects of takeover The process of takeover has both positive and negative effects for both parties, i.e. predators side and to a target company. In this case I will base on the potential effects which might arise in Jebb Plc as acquirer and few for a target company. On positive side the offer given by Jebb Plc to its target company will Increase production level, thus increase of profit margin and maximisation of shareholders wealth and dividends. This growth and shareholders increase in wealth is possible due to synergic effect, by sharing expertise, cost saving production costs per unit and increase in companys reputations, advantage in sharing technology and many more. As we have seen the aim of takeover is to maximise shareholders wealth however this is not always the case. A survey conducted shows the following are some of the factors contributing to M A fail. Target management attitudes and culture differences Lack of post acquisition planning Lack of knowledge of the industr y or target company Poor management practices in target company Little or no experience of acquisitions. (Per Cooper and Lybrand survey in Merger and Acquisition conducted in 1992) The takeover predictions might prove disaster due to hostility takeover process, whereby a predator company is forced to overpay a target company in a bidding process so as to win a bid. A simple recent example here is a takeover between Kraft a US Food Company and Cadbury a British-based confectionery company, which took place in March 2010. Initially Kraft valuing a company at  £9.8bn this were rejected by Cadbury, it went up to  £10.5bn still were rejected and the last deal were made at  £11.5bn. The overpay has increased Kraft debt after had to borrow  £7bn to finance the takeover, this can further increases Interest rate. Available at: https://news.bbc.co.uk/1/hi/8467007.stm accessed on 10 April 2010 Normally this happens when a company is losing sight in hostile takeo ver as a company focusing in winning. Another negative effect is time consuming in the course of takeover and a company can even step aside in concentrating in running its current business, and dealing with takeover process. Redundancies can be one of the disadvantages, as not all staff will be taken to start a new project, especially top posts as there is likelihood of having two experts in one post, one from target and the other from acquirer companies. This can be seen from my example as it has happened in Cadbury were Chairman Roger Carr, Chief Executive Todd Stitzer and Chief Financial Officer had to resign, this were followed by Kraft announcement that it planned to close the Cadbury factory at Keynsham with the loss of 400 jobs. Available at: https://news.bbc.co.uk/1/hi/business/8453433.stm Accessed on 12 April 2010. Also a company should expect increasing running costs at the beginning which will be used in business reengineering process, and staff training es pecially when is to do with deliver in a new technology. Most of the disasters occurring in MA even in many mergers which seem to make economic sense are due to Management failure (as we have seen according to Per Coopers and Lybrand survey 1992) to handle the complex task of integrating two firms with different production processes, accounting methods and corporate cultures. A simple example here is the merger of three Japanese banks to form Mizuho Bank. These tree Largest Japanese banks predicted that the bank would lead the new era through cutting-edge comprehensive financial servicesÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦.Within three months of operation after its merger IT problem occurred, due to different supplier of its computer system, the system couldnt link they then decided to connect the three different systems together using relay computers. This was disaster as some 7,000 of the banks cash machines did not work, 60,000 accounts were debited twice for the same transaction and a lot more problems. The Economies April 27, 2002. p. 72 Big Bold, butÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. One of the objectives of Mizuho was to exploit economies in its IT Systems. The fiasco illustrate dramatically that it is easier to predict such merger synergies than to realize them. Motivations and involvement of staff in the whole process of takeover is of paramount important so staff can buy the idea, as the value of the most business depends on human assets(managers, skilled workers, scientists, and engineers). If these people are not happy in their new roles in the acquiring firm the best of them will leave. (Richard A. Brealey, et al pg. 884). One Portuguese bank (BCP) learned this lesson the hard way when it brought an investment management firm against the wishes of the firms employees, when the entire workforce immediately quit and set up a rival investment man agement firm with a similar name. Occasionally a takeover does gains but buyers nevertheless lose because it pays too much. This happen especially in unforeseen circumstances when Predator Company underestimate the cost of renovating old plant and equipment, or it may overlook the warranties on a defective product and other costs. At the end of the day all these costs will probably fall on the buyers. I have analysed the reasons behind takeovers, and the methods by which such takeover may take place together with the potential effects of takeover, with some real life example. Jebb Plc should learn a lesson from what has happened to other companies in a takeover exercise, by making sure realistic and better informed decision is made on acquiring and disposing of assets to avoid any disaster. 3.0 METHODS OF INVESTMENT APPRAISAL Investment can be defined as the purchase of creation of assets with the aim of making profit in future. Economists define investment as the addition to the capital stock of the economy factories, machines offices and stock of materials, used to produce other goods and services. Alain Anderton Economics (1999) 2nd ed. Investment appraisals are conducted as an assessment tool to see whether it is worthwhile to embark into a certain investment. Economies Investment decision making is one of the most critical and key area in an organisation. The decision in opting what project a company should go for which will earn the firm more than amount employed over a period of time needs managerial skills to handle. Jebb Plc need to assess outflow and inflow of funds, the lifespan of the investment, the degree of risk attached and how much will it cost a firm to obtain funds, with the maximisation of shareholders wealth as the key business objective. The investment appraisals conducted by Jebb Plc will ensure the cash and other resources are invested in the most profitable and less risk projects. Any arising risk(s) will be considered and measures will be taken to eliminate the risk and/or reduce the impact. In order to achieve a profitable and economic sound project various methods on investment appraisal are used. These methods are categorised into two, the traditional methods includes payback period (PP) and Average Rate of Return (ARR) and the second method is discounted cash flow (DCF), this one includes the Internal rate of return(IRR) and Net Present Value (NPV) TRADITIONAL METHODS Payback Period (PP) Payback period measures the length of time taken for a project to pay back /repay its initial capital cost. A company uses the method in deciding between two or more competing projects by taking the one with shortest payback period. The method is used as an initial screening method. Mathematically a PP can be calculated as: Payback Period = Initial payment / Annual cash flow The method is the most widely used worldwide than any other method according to number of literatures. The research has proved most of UK firms prefer the method. (See fig: 1, a comparative study of appraisal techniques used by 100 large UK businesses Upchurch, 1988 p.p.337). The reasons behind this are as follows: Simple method available to compute It acts as proxy for risk Provides a crude measure for liquidity-can be useful in a business where liquidity is a problem. The problem with most of investment appraisal methods is risk in capital budgeting, as most of the data used in dec ision making are based on estimation. Most of the data are derived for the later year of a project further from todays value of cash flow this make it less reliable. In a payback period in this respect it tells a manager how soon the project cash inflow covers its cash outflow. The quickest the money can be recovered back the better the project to embark to and most of UK managers are rewarded after a quick return. In this case Jebb Plc need to be risk averse and will decide on the project which have lower value for PP. Despite of favourability to PP there are strong arguments against it as follows: Cash flows are regarded as pre-payback or post payback, but the latter tend to be ignored. It ignores the time value for money. This is sufficiently serious for it to be rejected as an indicator of whether a project increases the value of a company, it takes no account of the effect on business profitability, its sole concern is cash flow. Ignores the risk of future cas h flow Takes no account of what is happening with interest rate Accounting Rate of Return- ARR Accounting Rate of return also called ROCE and ROI expresses the profit arising from a project as a percentage of the initial cost. The method look at annual accounting profit rather than cash flows. The calculation has shown differently in different textbook, however one of the most common approach is this one: ARR = (Average annual revenue / Initial capital costs) * 100 The average investment is given by: (Cost + disposal value) / 2 The rate of ARR obtained using the method is compared with a pre-determined hurdle rate and the project with greater return would be acceptable. Example if the ARR method gave ARR of 17% and the firms hurdle rate was 13% then a project does worth. The method can also be used to compare the worth of more than one project, by opting the one with the highest rate of return. Advantages of AAR As we have seen with pp, the chief advantage of ARR is simplicity. The percentage value given make it easier for business planner to understand, and make it easier for manager to understand It shows investment profitability The value in % can easily be compared with hurdle rate r with the companys existing ROCE and to compare mutually exclusive project. It consider all cash flows over the life of a project (unlike PP) Disadvantages of ARR Despite its usefulness ARR method has got a number of criticisms as follows: Uses accounting profit (and not cash) which can be manipulated (e.g. by changing assumptions about scrap value and hence annual depreciation charges. Uses average profits therefore does not take into account the timing of profits (earlier profits may be preferred to later ones) Ignore qualitative aspects of decision. There is no definitive signal given by the ARR for managerial decision whether to invest or not. The lack of guide for managers makes it subjective rather than objective. Doesnt consider how long recover in initial investment and cost of finance may take. DISCOUNTED CASH FLOW (DCF) We have seen Traditional methods of investment appraisal which are PP and ARR. Now I will discuss DCF, the differences between this with the earlier methods are its consideration of the time value. These two techniques take account of all the costs and benefits (in cash terms) over the life of project and take into account the timing of the cash flows and benefits over the project life. As with the payback method, DCF analysis is based on cash flows not the accounting profit or losses. The timing of cash flows is taking into account by discounting them to a present value (PV) Internal Rate of Return (IRR) IRR is the annual percentage return achieved by a project, at which the sum of the discounted cash inflows over the life of the project is equal to the sum of the capital employed. OR It can be defined as the rate of interest applying to a project at which its net present value is precisely zero. The calculation shows us the break-even financing cost. The method in some senses seems to be simplest of the technique to understand. However it is the most difficult to cope with mathematically. A number of text and surveys has shown that, practically IRR method is more popular than the NPV method. This is said may be IRR is straightforward. Decision to accept a project is made when IRR is greater than a companys cost of capital or target rate of return. Disadvantages of IRR Notwithstanding its popularity in the business world, IRR bring about many problems than a practitioner may think. IRR gives unrealistic rates of return, this is the main problem of IRR. So unless the calculated IRR is a reasonable rate of reinvestment of future cash flows, it should not be used as a standard for comparison to accept or reject a project. Moreover IRR method may give different rates of return. Also IRR cannot be used to rate mutually exclusive projects. Net Present Value (NPV) NPV is a the Investment Appraisal tool/technique, where cash inflows expected in future years are discounted back at the appropriate discount rate to their present value. NPV has also been defines as The difference between the present value of the cash inflows and the present value of the cash outflows associated with an investment project (McGraw-Hill Ryerson 2001). A positive NPV provides cash flows from the Capital investment which yields a return in excess of the cost of finance/capital. Jebb Plc will treat +ve NPV as an attractive project which will help in decision making. If the NPV is -ve, cash inflows from the capital investment will yield a return below the cost of finance/capital from a finance perspective, the project is unattractive. If the PVC is exactly zero, cash flows from the capital investment will yield a return exactly equal to the cost of finance/capital, the project is therefore about financially attractive. Jebb Plc will use NPV as one of i nvestment appraisal tools to measure how much value is created or added today by undertaking an investment. In this technique Jebb Plc will accept to embark into a project if the net present value is positive and likewise rejected if it is negative. For mutually exclusive projects Jebb Plc will accept the one with the highest NPV value to maximise shareholders wealth. Advantage of NPV The following are some of benefits of using NPV which will be considered by Jebb Plc as an aid in decision making. NPV recognises the time value of money reflected in the discount. This is a key concept in corporate finance. It must be recognised that  £20,000 received today is worth more that  £20,000 receivable at some point in time in the future because  £20,000 received today could earn in the intervening period. This is known as the time value of money concept. The technique takes into account the risks involved in an investment through expected cash flows and/or discount rate. NPV offers a degree of flexibility and depth, since the equation can be adjusted for inflation and can be used with other financial tools such as Scenario analysis and the Monte Carlo simulation. Take account of both amount and timing of cash flows over the whole life of the project Has a direct relationship to shareholder wealth (positive NPVs increase it, negative ones decrease it). Disadvantages of using NPV Despite the above advantages, NPV have a number of problems of which Jebbs Plc needs to be aware. Here are some of the problems:- NPV looks at cash flows and not at Profit and Losses. NPV is highly sensitive to discount percentage, this makes it difficult to identify an appropriate discount rate. Choice of discount rate is one of the critical factors in NPV calculation the other factor is Quality of forecast cash flows. Using a standard discount rate where all projects are discounted using a standard rate, despite their different risks, may undervalue or overvalue the project, decreasing the overall accuracy. NPV does not compare absolute levels of investment. All in all DCF method is preferable to either PP or ARR because DCF takes account of the time value of money, and thus will maximise shareholders wealth. And NPV is the most acceptable technique compared to others. 4. GEARING Jebbs Plc investment will only be worthwhile if the expected return on capital employed will be greater than the cost of capital. The cost of capital is the return to the providers of finance to a business. Cost of capital can also defined as the cost of capital is the rate of return that a company has to offer finance providers to induce them to buy and hold a financial security. This rate is determined by the returns offered on alternative securities with the same risk Arnold, G (2008) Corporate Financial Management, Harlow: FT Prentice Hall Jebb Plc needs to make the right decision when taking a loan to finance its project by reducing a cost of capital and hence reducing gearing ratio. The gearing ratio this is the percentage of capital financed by debt and longtime finance. The higher the gearing, the higher the dependence on borrowings and long-term financing. And the lower the gearing ration the higher the level of dependence on equity finance. Before we see the p otential effects of higher gearing on perceived risk and cost of capital lets see 2 schools of thought in capital structure Theory of Capital Structure-2 School of thought There are two schools of thought: Traditional-Traditionalist believes that capital structure is very important That business should seek to establish the optimal mix of debt and equity (optimal capital structure), where the cost of capital is minimized and the value of the business is maximized. Modernists (Modigliani and Miller-MM) theorem believe capital structure it is irrelevant. Capital structure-Traditionalist view It regards the cost of capital to be cheaper than equity, following a lower risk for the borrower and tax advantages for the company. This implies that the overall cost of capital can be reduced by increasing the level of borrowing (of gearing). However as the level of borrowing increases the return required by ordinary shareholders also increases to compensate for the higher level of financial risk they have to bear. At low level of borrowing the benefits of raising further debt (cheap source of finance) should outweigh the costs of doing so (increased return to shareholders and existing lenders) For highly geared companies, the costs of further increases in debt will outweigh the benefits. Capital Structure Modigliani and Miller MM argue that the benefits from raising debt finance are exactly offset by the increased return required by shareholders over the whole range of borrowing. Therefore the overall cost of capital remains constant at any level of gearing and there is no optimal capital structure. Capital structure is irrelevant and changes in it do not affect the value of a firm. Modigliani and Miller (1958). The following are assumptions lied behind MM theorem. There are no taxation There are no costs involved in changing capital structure such as issue and dealing costs. There is one rate of interest that applies to both borrowers and lenders. In addition MM assumed that the capital markets are efficient and perfect. The first assumption is the most critical and led MM to revise th eir theory after criticism in 1963 to incorporate corporation tax. To conclude the link between cost of capital and gearing level is not direct and proportional. A company should look into all the associated factors like tax implications, risk, bankruptcy, agency costs, cost of serving the debt, in deciding its capital structure. In the real World at low level of borrowing the cost of capital will decline and gearing increases. Eventually at higher levels of gearing, the cost of both debt and equity will shoot up due to bankruptcy and agency costs, causing the overall cost of capital to rise also. Atrill, P (2009) 5TH ed. Financial Management for decision Makers, Harlow: FT Prentice Hall Potential effects of higher gearing The higher the ratio of debt to equity the riskier the company is from the ordinary shareholders point of view. Some investors might decide to withdraw their investment if the company has high gearing as it rating will go down. Agency costs involved in monitoring and controlling actions of manager to avoid company experiencing financial difficulties. Tax exhaustion: The task benefit relief will be lost. If the company has very high gearing due to lack of taxable income to offset against the tax relief and also affecting the operating income. CONCLUSION Capital budgeting is a crucial managerial tool. Jebb Plc is required to choose investment with attractive and sound cash flows and rates of return. Jebb Plc will use capital budget to evaluate, compare and select attractive project. The investment Appraisal techniques will also help Jebb Plc management to know whether the project under review is attractive one risky one or a safe one. In this case NPV is recommended however should be seen as a starting point in any decision making rather than the decision by itself. In choosing these techniques Jebb has to consider both financial and non financial factors. Jebb will also make the right informed decision when taking a loan to finance its project by reducing a cost of capital and hence reducing gearing ratio. This will reduce risks as borrowed fund is attached with interest which has to be paid irrespective of business performance. REFERENCES BBC News Online Richard Pettinger: Investment appraisal- managerial approach. Neale, B and T McElroy (2004) Business Finance a Value-Based Approach Arnold, G (2008) Corporate Financial Management, Harlow: FT Prentice Hall The Journal of Finance Vol. XLVI No. 1 March 1991 Michael Parkin et al.Economics 5th ed. (2003) Alain Anderton Economics (1999) 2nd ed

A Global Movement For Climate Solutions - 1066 Words

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It’s urging natives to activity with the conviction that publicizing the expanding levels of carbon dioxide will weight world pioneers to deliver environmental change and to decrease levels from 400 sections for every million to 350 sections for every million. 350. Org aims to build a global, grassroots movement to take on the fossil fuel industry and solve the climate crisis. Through online campaigns, grassroots organizing, and mass public actions, 350 has mobilized thousands of volunteer organizers in over 188 countries. Atmosphere wellbeing and atmosphere equity for individuals over the globe is a basic part of 350.org s main goal. Summary 350 greatly affects nearby, territorial and national activism. 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The Absolute True Diary of a Part Time Indian Free Essays

One thing Arnold does not do is complain. Even though he was â€Å"born with water on the brain†, gigantic feet, ten more teeth then normal, stutter and a lisp, Arnold still doesn’t complain though. Just because he does not complain does not mean he loves the life he was given. We will write a custom essay sample on The Absolute True Diary of a Part Time Indian or any similar topic only for you Order Now Junior still thinks life would have been much easier if he was white. He tends to put himself down quit often. Alexie Sherman illustrates what differences there are between the Indians and the white people. Indians covered their private parts with their tiny hands† (Alexie 11). Saying that Indians have tiny hands indicates that the whites had bigger hands therefore meaning that they were more powerful and/or superior over the whites. Another thing Alexie Sherman shows the readers is that Arnold has very low self-esteem because he’s used to people calling him retarded so often that he starts to believe he really is. And then you’d be wondering why you’re reading a story written by uch a retard† (Alexie 4). It shows that Arnold doesn’t have that much confidence in himself and he believes Indians are treated the way they are because they deserve to be. Alexie Sherman is saying that Indians don’t be live that white people are truly better then Indians. â€Å"Some Indians think you become white if you try to make your life better, if you become successful† (Alexie 131). This shows how Indians have lost all hope for themselves and that’s probably why they don’t even ry to make their lives better, because no matter what they do they still aren’t as good as the Indians. Some of the Spokane Indians believe if one Indian becomes successful then he is no longer an Indian but instead a white. In conclusion Alexie Sherman uses alot of metaphor does/says many things to express how the Spokane Indians feel about themselves and how they have low self-esteem. And because of this many Indians think they can’t get anywhere far in life. How to cite The Absolute True Diary of a Part Time Indian, Essay examples

Toni Morrison Biography Essay Example For Students

Toni Morrison Biography Essay Toni Morrison was born named Chloe Anthony Wofford, on February 18, 1931 in Lorain, Ohio. She was the daughter of Ramah and George Wofford. When Morrison entered the first grade, she was the only black student in her class and also the only child who had already learned to read. She eventually graduated from Howard University in 1953 with a degree in English, and later earned a masters degree from Cornell. Friends at college started calling her Toni because of her middle name. Morrison returned to Howard University to teach English in 1957, after two years of teaching at (TSU) Texas Southern University. While teaching at Howard she met and married a Jamaican architect, Harold Morrison. Together they had two sons, Harold Ford and Slade Kevin. In the following years she joined a writers group in which she wrote a short story about a little black girl who wanted blue eyes. She eventually developed that story into her first novel, The Bluest Eye. We will write a custom essay on Toni Morrison Biography specifically for you for only $16.38 $13.9/page Order now In 1964, Toni and Harold Morrison divorced, and Toni moved to New York with her two young sons. She began working as a book editor at Random House in 1965. Over the next 20 years, Morrison moved into a senior editorial position with the company and shepherded the literary efforts of a number of prominent African-Americans, including Muhammad Ali, Angela Davis, Andrew Young, and Toni Cade Bambara (Morrison). Morrisons novel The Bluest Eye was published in 1970 but did not seem to sell well. She had more marketable success with her second novel, Sula in 1973, the story of a close friendship between two women in a Midwestern black community called The Bottom. With her next novel, Song of Solomon in 1977, Morrison switched her viewpoint towards the African-American man, named Milkman Dead, who takes a journey south from his hometown in Ohio to learn more about his family history. It became a paperback bestseller and won the National Book Critics Circle Award for fiction. Tar Baby published in 1981, is a passionate tale of class, racial, and sexual conflict set on a Caribbean island, and which it stayed on bestseller lists for four consecutive months. Morrison left Random House in 1983 to concentrate on her writing and teaching careers. In 1987, she published Beloved, the story of a former slave, Sethe, who is haunted by the ghost of her murdered daughter and is visited by a strange, beautiful young woman calling herself Beloved. The novel won international acclaim, including the Pulitzer Prize for fiction, and it permanently established Morrison in the upper echelon of twentieth-century authors (Morrison). Morrison often compares writing in this era to writing while a war is taking place. Her refusal and fearlessness to sugarcoat the truth on the page is what I think makes her prose some of the best around. On writing she has said â€Å"I’m sometimes frightened of what I write, but I can’t look away. I will not look away. That’s the one place where I’m going to, you know, make eye contact. It’s a free place for me. It’s not always safe, but that’s the one place where all my little vulnerabilities, and cowardice, cannot come to the surface† (Hedge). In 1987, Morrison became the first black woman ever to hold a chair at an Ivy League school like Princeton University. She published Jazz, a novel about the stunning 1920s Harlem world. A sequence of personal tragediesincluding the death of her mother and the destruction by fire of her home in Grand View-on-Hudson, New Yorkwas lightened by professional success in 1993 when Morrison was awarded the Nobel Prize in literature. She was the first African-American, and only the eighth woman ever to be named a Nobel laureate, which is the highest honor in the field. Morrisons continuing popularity became evident in 1996, when Song of Solomon resurfaced on bestseller lists after a little help from one of her more powerful fans, Oprah Winfrey, who also starred in the 1998 film version of Beloved. In 1998, Morrison published her seventh novel, Paradise, which is set in a black utopian community in Oklahoma. Toni Morrison now lives in Princeton, New Jersey.

Computers vs typewriters essays

Computers vs typewriters essays Technology has made a great change with the developing of computers. Computers are the most used media in almost every business throughout the world, however, many business still use typewriters. Computers and typewriters have many differences and many similarities in technology; however, computers are more efficient than typewriters. First of all, I will write the similarities and difference of the appearance. The computer has a screen and the typewriter doesn't. The screen makes it easier to read what you are writing this is a benefit the computers have. The typewriter is smaller than the computer, this makes it convenient to store and the find room to use it. The computer takes more room and it is harder to store whenever you don't have enough room. The computer has to have a printer plugged in to be able to print. The typewriter doesn't need a printer you just need to put a paper and it is easier to print than waiting for it to come out. The computer's type board is attached be a cable and you can move it around to your conveniences, and the typewriter's keyboard is attached to it. They both have a keyboard with the same characteristics. The computer has speakers that make it an entertainment when you are working however; the typewriter in this point is more convenient because the music or noise doesn 't distract you. Both are use to type information. Next I will write about the different devices each one has, for instance both computer and typewriter need ink in order to be able to print. The typewriter needs a correction tape in order to be able to erase and the computer doesn't it is easier to go back and make any corrections. Computers have many formats and sizes and typewriters don't the just have the standard format and size. In a computer you can go to different files and programs and the typewriters don't. Both are very useful in many businesses for example, when it comes to fill out any paper work the typ...

The Anatomy of a Delphi Unit (for Beginners)

The Anatomy of a Delphi Unit (for Beginners) If you plan on being a good Delphi programmer than words like interface, implementation, and uses need to have special place in your programming knowledge. Delphi Projects When we create a Delphi application, we can start with a blank project, an existing project, or one of Delphis application or form templates. A project consists of all the files needed to create our target application.   The dialog box that pops up when we choose View-Project Manager lets us get access to the form and units in our project.   A project is made up of a single project file (.dpr) that lists all the forms and units in the project. We can look at and even edit the Project file (lets call it a  Project Unit) by choosing View - Project Source. Because Delphi maintains the project file, we should not normally need to modify it manually, and in general it is not recommended for inexperienced programmers to do so. Delphi Units As we know by now, forms are a visible part of most Delphi projects. Each form in a Delphi project also has an associated unit. The unit contains the source code for any event handlers attached to the events of the form or the components it contains. Since units store the code for your project, units are the basic of Delphi programming. Generally speaking, unit is a collection of constants, variables, data types, and procedures and functions that can be shared by several applications. Every time we create a new form (.dfm file), Delphi automatically creates its associated unit (.pas file) lets call it a  Form Unit. However, units dont have to be associated with forms. A  Code Unit contains code that is called from other units in the project. When you start building libraries of useful routines, you will probably store them in a code unit. To add a new code unit to Delphi application choose File-New ... Unit. Anatomy Whenever we create a unit (form or code unit) Delphi adds the following code sections automatically: unit header,  interface  section,  implementation  section. There are also two optional sections:  initialization  and  finalization. As you will see, units have to be in a  predefined  format so that the compiler can read them and compile the units code. The  unit header  starts with the reserved word  unit, followed by the units name. We need to use the units name when we refer to the unit in the uses clause of another unit. Interface Section This section contains the  uses  clause that lists the other units (code or form units) that will be used by the unit. In case of form units Delphi automatically adds the standard units such as Windows, Messages, etc. As you add new components to a form, Delphi adds the appropriate names to the uses list. However, Delphi does not add a uses clause to the interface section of code units- we have to do that manually. In the unit interface section, we can declare  global  constants, data types, variables, procedures and functions. Be aware that Delphi builds a form unit for you as you design a form. The form data type, the form variable that creates an instance of the form, and the event handlers are declared in the interface part.   Because there is no need to synchronize the code in code units with an associated form, Delphi does not maintain the code unit for you. Interface section  ends at the reserved word  implementation. Implementation Section The  implementation  section of a unit is the section that contains the actual code for the unit. The implementation can have additional declarations of its own, although these declarations arent accessible to any other application or unit. Any Delphi objects declared here would be available only to code within the unit (global to unit). An optional uses clause can appear in the implementation part and must immediately follow the implementation keyword. Initialization and Finalization Sections These two sections are optional; they are not automatically generated when you create a unit. If you want to  initialize  any data the unit uses, you can add an initialization code to the initialization section of the unit. When an application uses a unit, the code within the units initialization part is called before the any other application code runs.   If your unit needs to perform any cleanup when the application terminates, such as freeing any resources allocated in the initialization part; you can add a  finalization  section to your unit. The finalization section comes after the initialization section, but before the final end.

G Research Paper Example | Topics and Well Written Essays - 3000 words

G - Research Paper Example Its first product was the Toyota AA and ever since, it has grown and incorporated other brands in its production. Such brands include Scion, Ranz, Lexus, as well as Hino. The company has also invested heavily in other automobile industry such as Isuzu, Daihatsu, Tesla, Sichuan FAW Toyota, and Fuji Corporation. Toyota Corporation was first incepted in the year 1933. During this year, the corporation was a subsidiary of the Toyoda Automatic Corporation. The Toyoda Corporation was run by Toyoda Kiichiro. The company’s first automobiles were the A1 and G1 that were manufactured in 1935. It was after the first production of the Automobiles that Toyota Corporation moved to establish an independent company that would allow total control of the production activities of its automobiles. This establishment took place in the year 1937 under the leadership of Toyoda Kiichiro. During this time, the immediate competitors of the company were Ford and GM motors. However, in order to provide an incentive to the customers and boost sales, the company decided to sell its automobiles at a cheaper price than its immediate competitors. The sale price of the model AA was only 3,350 yens. Ford sold their first car at a more expensive price that involved paying 400 yens more. Since then, Toyota Corporation has established more than one hundred subsidiaries. The company recognizes five principles. They include teamwork, kaizen, challenge, respect, and ‘go and see’. The company has general guidelines called the ‘Toyota Way 2001’ that lay out various policies and guidelines in which every employee in the organization ought to follow. Liker (21) suggests that Toyota Corporation focuses its efforts more on addressing the importance as well as the positive experiences of owning private quality vehicles. Its mission is to provide high quality and affordable automobiles on a global scale. In its corporate strategy to mitigate risks, Toyota has always been upfront

Does Religion Cause War Essay Example | Topics and Well Written Essays - 500 words

Does Religion Cause War - Essay Example Beliefs are the key word of the definition. When an individual or group has a set of religious beliefs, these beliefs are their life. Religious beliefs are the main component reflecting decisions that one may make. This means that religious beliefs do not cause war but may influence decisions made after a war has already begun. This can raise argument but truth has shown that most war has begun as a result of territory and possessions and not solely because of religion. Religion regarding beliefs has been an issue of war since creation. Every individual practices some form of religion like Christianity, Judaism, or Atheism. Each form of religion is similar in the sense that the belief is a religion and a way of life. Each religion is also quite different. Many like those in the Christian religion are persecuted for their religious beliefs and cannot be caught acting in a Christian manner. The persecution creates a war in the life of the Christian. They must choose between honoring th eir beliefs and being persecuted. The United States, according to a poll by ABC news consist of 83% Christians. This may be because Christianity is so well tolerated in America and Christians can freely practice Christianity. In other areas of the world Christianity is not accepted and has been known to cause war. This war is more so between the Christian and Muslim communities.

Replacing Fossil Fuels | Dissertation

Replacing Fossil Fuels | Dissertation Abstract This research provides guidance as to the most successful style of renewable energy in replacing the current dominant fossil fuels in the future. This success is based on a number of key variables, not least the implications of cost, management and longevity that are intertwined with developing, installing and running a renewable energy source. The case-study focused on the four main types of renewable energy, solar power, wind power, biomass energy and geothermal energy and came to some interesting conclusions. A mixture of qualitative and quantitative research was used, with the majority of the findings coming from the qualitative research. However, the quantitative research was in the form of two case studies highlighting the effectiveness of two types of renewable energy in certain household situations and how the energy can replace that of traditional fossil fuels. The findings show that while no one particular renewable energy type gained a majority backing from the research, knowledge about these types of energy is still perhaps too limited for any person to make a correct and informed choice as to the development of renewable energy. The qualitative research indicated that there are many strengths and weaknesses to each type of energy, while the quantitative research stressed that in certain situations renewable can be very effective. Another key finding of the literature was that general knowledge and understanding of renewable energy is not at an acceptable level in terms of the general public and leads to the recommendation of increased awareness. Aims and Objectives This section is designed to provide a detailed overview of the research aims and objectives of the present dissertation and the research questions that the study will try to answer in as comprehensive a manner as possible within time and resource constraints. Research Aim The aim of this study is to establish the possible options for renewable energy available in the United Kingdom for future use. This will be conducted through a comparative analysis of the four main types of renewable energy currently available, solar energy, wind, biomass and geothermal energy. The main aim of the research is to: o Identify successful alternatives to the non-renewable energies in the United Kingdom In order to achieve this, a number of objectives will need to be met. The aim of the research is to be able to conclude with clarity, the most attractive option or options available to the United Kingdom and its government in terms of renewable energy, for the current day and moreover, into the future. The uncertain prospect of the traditional non-renewable energies, coal, oil and natural gas, have meant that renewable energies have had to be developed with the aim that in the future, these newer, more environmentally friendly options will gradually take over the burden of energy supply in the United Kingdom. Research Objectives Based on the research aim outlined in the previous subsection, the research objectives that the present study will seek to achieve are as listed below: o To undertake an investigation into the four main sources of renewable energy; these include Solar Energy, Wind, Biomass and Geothermal energy. o To gain an understanding of the history and development of these energies is needed to fully understand the extent to which the United Kingdom can rely on them in the future. o An analysis of the benefits and disadvantages of each particular type of renewable energy o To explore how well the government is backing renewable energy with incentives o To examine the financial implications – to gain an insight to how much renewable energy will cost in installation, what grants are available? o To examine design implications – installation of renewable sources, aesthetic, dimensional requirements. Research Questions There are particular research questions that will need to be addressed when attempting to analyse possible future energy alternatives. These include: * How significant is the extent of cost when attempting to replace non-renewable energies with the more environmentally friendly types? * How far does the government wish to develop all four types of energy? Do they have a particular idea as the market share that each one should ideally hold on providing energy to the United Kingdom? * What can history tell the research about the likelihood that these renewable energy methods will succeed over a longer period? * Can (and will) these renewable energies ever fully replace the non-renewable energies that the United Kingdom (and globally) has relied heavily and dependently upon since the beginning of the Industrial Revolution? The research will attempt to address these questions and objectives whilst trying to meet the aim of the entire project; identifying successful long term strategies to replace dwindling non-renewable energy sources with abundant renewable sources while still enabling the United Kingdom to grow and hold its position of relative power and influence on a global scale. 1: Introduction Ever since the realisation that non-renewable energy sources (coal, oil and natural gas) are exactly as the description suggests, and that the level of these are reducing rapidly due to the global appetite for energy consumption in the continuing race for power, influence and development, it has been apparent that renewable energy sources would have to be developed to enable this global growth to continue. The United Kingdom, whilst overtaken in recent years by countries such as the United States and China in terms of energy consumption, has had a history intertwined with this notion. The Industrial Revolution, beginning in the United Kingdom in the 18th Century, acted as a catalyst for the rapid consumption of a large proportion of the world’s traditional, non-renewable energy sources. This has led to the necessity of developing renewable energy forms to supplement these more traditional energy types, with the aim to take over the burden of energy supply in the future. Brown (cited in Miller Spoolman, 2008:211) states that in terms of history, the 19th Century belonged to coal and the 20th Century to oil. However, the 21st Century will belong to the sun, the wind and energy from within the earth. This belief is widely held for a number of reasons and highlights the importance that the development of renewable energy sources has on the current agenda of policy makers and governments on a global scale. However, this will prove to be a difficult challenge. As Sawin (2004) stresses, over the previous decade, the World Bank funding for fossil fuel projects (totalling $26.5 billion) far exceeded that for renewable energy (Sawin, 2004:13). It is this type of obstacle that can make the development and mainstreaming of renewable energy difficult to implement and is why it is so crucial to research this issue, highlight the financial costs of renewable energy as a long term successor to the fossil fuels and increase public knowledge of renewable energies an d their benefits. The renewable energy options are possibly limited to four main types. Whilst many various options have been and are being developed by researchers and scientists, only four are currently at a stage where they could develop enough energy to be able to supplement and then eventually succeed non-renewable energy. These are highlighted as solar energy, wind power, biomass and geothermal energy (Tiwari Ghosal, 2005:17). These four types of energy will therefore form the focus of the research with each particular strand of energy being investigated to establish whether it is feasible that any one (or perhaps a combination) of these energies can ever be relied upon to replace fossil fuels. This is the long term aim of renewable energy, whilst at the current time, they are still on the periphery in terms of usage when compared to non-renewable energy forms. The research will identify strengths and weaknesses of each of the four types of energy, particularly focusing on people’s opinions and other variables such as cost, performance and design issues that may gain or lose support depending on the results. The research will be conducted through two different approaches. Firstly, there will be a qualitative analysis of the literature available on each of the four main sources of renewable energy. This coupled with official government information detailing about each type of energy will form the majority of the research. In this manner, the proposed research will be qualitative based. However, the success of the mixed method approach to research, as championed by Maxwell (2005:183), highlights that the research should include quantitative data research as well. This will be conducted through two case studies, analysing the effects of two of the renewable energy sources on a small scale. These will be focused around particular individ uals’ attempts to use a form of renewable energy to replace more traditional fossil fuel energy in their home. The quantitative data achieved by these two samples will provide evidence as the success of the renewable energy type in replacing more established non-renewable energy in an everyday life situation. This will enable the research to identify key areas that surround the debate over renewable energy sources and the suitability of each of the four main types in their possible future role as the majority providers of energy to the United Kingdom. 1.1: Solar Energy Solar energy is perhaps the most prominent of all the renewable energy sources currently available. Solar energy has existed in many forms for thousands of years (Craddock, 2008:28). He stresses that early users of solar energy include the Romans who used the suns’ rays to heat their rooms and designed south facing windows to make use of the heat provided by the sun. In the modern era, technology has developed rapidly and solar energy is now seen as much technical and efficient than ever before. The literature review will analyse solar energy and emphasise the strengths and weaknesses of the energy as a possible candidate for large scale usage on a national level. As Figure 1 highlights, when the sun’s rays shine upon a solar panel, the effect converts the light energy to electrical energy. In this instance, the power from the solar panel is directly proportional to the amount of light shining on it, so if the light from the sun is three times as bright on a particular day than the previous day, then you will receive three times the power. (Stubbs, 2008:4) The development of solar energy has occurred due to the understanding that our current way of life cannot continue if we remain economically dependent on fossil fuels. A champion of solar energy, Scheer (2004) supports the theory that it is imperative that we make comprehensive use of solar energy, not just to augment fossil fuels but to replace them before they either run out or critically damage the world through pollution and dangerous emission levels (Scheer, 2004:4). There are two main formats that solar energy takes. These are passive and active formats (Craddock, 2008). A passi ve solar energy system uses the sunrays directly to heat water or gas. The active system converts the sun’s energy into electrical energy by using a photovoltaic semiconductor material called solar cell (El-Sharkawi, 2005:89). The researcher also provides evidence that solar power can be relatively low in terms of its efficiency stating that the electrical power output of the solar panel, arrived at by multiplying the solar power input by the efficiency of the panel (Figure 2), can often produce a low amount of energy. The energy produced in the equation above is only high enough to power two light bulbs. This can be countered by increasing the size of the panel and the efficiency of the panel. These two changes will increase the output (El-Sharkawi, 2005:89). Developments made recently should, according to Jones (2003:48), allow solar cells to operate more efficiently. The recent innovation of solar concentrators is used in solar thermal technology to generate heat to power turbines. With solar concentration technology, mirrors or lenses focus light onto specifically designed cells. The older versions of solar cells have solid absorbing layers that require clear skies and direct sunlight to produce energy. However, new solar concentrators follow the sun’s path through the sky during the day allowing a better chance at finding direct sunlight. This highlights that solar power is increasing in efficiency and from a relatively un-technical beginning, solar power is now a real possibility at pr oviding alternative power to fossil fuels in the future. 1.2 Wind Wind power is perhaps the most striking of all of the recent developments in renewable energy. The wind turbines that adorn high peaks across the country are constant reminders of the attempts by the government and industry to develop renewable energy. Wind power is generated through the utilisation of large scale convective currents that carry heat from lower latitudes to more northern destinations. These create rivers of air that are used by newly developed wind turbines to generate power. (Figure 3) Winds are strongest at high peaks and specifically more frequent and at their strongest along the shores of lakes, seas and oceans, restricting the placement of wind turbines to coastal regions in many parts of the world (Gipe, 2004:24) As Figure 4 highlights, the power of wind can be increased to almost two hundred percent of its normal speed as it reaches the crest of a peak, thus ensuring the positioning of the wind turbines. These have led to many criticisms of the aesthetics of the turbines, given that they are large and seen as imposing by some onlookers. The wind turbines can produce a large volume of energy but are dependent on nature and days of unusually low wind speed can reduce the effectiveness of the turbines remarkably. When the wind speed is above the level needed to produce the maximum efficiency, no power losses are achieved in the system. It is only when the wind speed drops below the necessary level that the efficiency of the wind turbine drops (Hau, 2006:489). There are a number of strengths and weaknesses of wind power and these will be assessed in the literature review. However, the UK has increased its share of the wind turbine market recently (at an average rate of 35% per annum) in its attempts to increase the percentage of which all electricity generated will come from renewable sources by 2020 (This has been set at 20% : Government White Paper, 2003). There are various types of wind turbines, in different shapes and sizes, developed to harness the wind power at a particular geographical location. The main two versions of the modern wind turbine are based around the axis. The two different types are the horizontal axis and the vertical axis. The horizontal axis (Figure 5 above) is the most commonly seen in the United Kingdom and is popular due to the high efficiency rating. The higher the tall tower base, the higher the wind speed and the more output that can be created. This is why the horizontal axis is the most popular. However, this is also one of the disadvantages with complaints arising about the sight of these wind turbines on the horizon from many locals when they are installed. Vertical axis wind turbines (Figure 6) are less common in the United Kingdom. These vertical axis turbines are less common due to the fact that they are generally less efficient, because of the nature of its rotation and the stress on the blades. This leads to frequent replacements and therefore a higher cost. They are, however, less tall than horixontal axis wind turbines and therefore less of a distraction on the horizon for those that are angered by the horizontal axis types. 1.3 Biomass Biomass energy is defined as any solid, liquid or gaseous fuel source derived from recently dead biological material. This is opposed to fossil fuels that come from long dead biological material. Biomass constitutes the largest non-hydroelectric renewable source of primary energy in the United States and its presence is growing rapidly in the United Kingdom (Turner Doty, 2009:443). This is highlighted by Chiras (2006:21) who stresses that many countries are now turning to biomass as an alternative fuel source due to its relative ease in creating energy and the low cost involved. Biomass includes a wide assortment of solid fuels, such as wood, and liquid fuels such as ethanol derived from corn and biodiesel, a liquid fuel made from vegetable oils. The wide variety of forms that biomass can take can be found in figure 7. Biomass is remarkably popular as an energy source, as stated previously due to the low cost and relative ease at obtaining the materials needed for conversion. The three main conversion types are anaerobic digestion, fermentation to alcohol and the thermal process which produces a range of fuels and by-products including methane, methanol and ethanol that can produce heat, power and light, as well as fertilizers and fibres that can be used to produce food, textiles and plastics. (Figure 8) This range of products and power that it can produce make it very flexible and attractive to those who support the development of renewable energy. However, one key advocate of biomass energy states that currently most use of biomass energy is not clean or sustainable. The pollution caused by burning wood, manure and agricultural waste is causing severe health problems. It is also true that some energy crops have a bigger energy and environmental cost than they return. Thomas (2007:44) indicates that if biomass is to be a vital part of the future energy mix then there needs to be methods developed to process and use it in sustainable way over a long period of time. Biomass energy has accounted for over thirty percent of the United Kingdom electricity generation from various renewable energy types over the past five years. This amount is only second to that of hydro power (Institute of Physics Report, 2010). Although the total amount generated by renewable energy is still relatively small compared to that of traditional fossil fuels, it highlights that if biomass can be developed on a larger more industrial scale, and if more environmentally friendly processes can be created, then the usage of biomass technology may increase dramatically in the near future. Support within the United Kingdom exists for the development of the biomass energy industry. A recent report (European Wind Energy Association, 2009:524) highlights that the United Kingdom government has developed grant schemes (funds reserved from the New Opportunities Fund) for investments in energy crops and biomass power generation of at least  £33 million over three years. This will ho pefully enable the biomass industry to develop cleaner, more sustainable methods of creating biomass energy that can be used on a much larger scale. 1.4 Geothermal Geothermal energy is identified as power extracted from heat stored in the earth. It has a long history of use, from simple ways such as bathing to the modern use; that of generating electricity. In recent years, geothermal power has developed but still only supplies around 0.5% of the global electricity. Geothermal power is identified as cost effective, reliable, sustainable and environmentally friendly. However there are setbacks in the development of the energy. The main negative aspect of geothermal energy is that it is has been historically limited to regions that are close to or on tectonic plate boundaries (Craddock, 1998) Geothermal power works through a relatively simple process, exploiting the heat of the earth and transforming it into electricity. Figure 9 highlights how this process occurs. Capehart (2007) underlines the abundance of geothermal power and states that the resource base for the power can be drawn from shallow ground to hot water and rock several miles below the Earth’s surface to even further down, to molten rock known as magma (Capehart, 2007:377). There are three types of geothermal power plants operating in the world today. These are dry steam plants, flash steam plants and binary cycle plants. Dry steam plants directly use geothermal steam to turn turbines. Flash steam plants pull deep, high pressure hot water into lower pressure tanks and use the resulting flashed steam to drive the turbines. Binary cycle plants pass moderately hot geothermal water by a secondary fluid to flash to vapour and then this vapour then drives the turbines (Capehart, 2007:337). Geothermal energy is seen as very reliable in that it has an average system availability of 90-95%. This is far higher than other sources of renewable energy. There is however a negative aspect in the aesthetics of the geothermal power plants, with many scholars highlighting the unattractive nature of the plants (figure 10) as well as negative public opinion on this matter (Saunders, 2007). The benefits of geothermal power have been harnessed by countries such as Iceland and the United States for a number of years but only now is the United Kingdom beginning to realise the potential of this renewable energy process. An article by Morris (2009) notes that with the recent development of planning for the United Kingdom’s first geothermal energy plant, the most suited region may be that of Cornwall due to the granite located there lending itself to the process. Morris (2009) emphasises that those behind the Eden scheme believe that Cornwall could provide as much as 10% of the United Kingdom’s electricity for the next one hundred years from geothermal plants. He also identifies other granite basements in the north of England and the north-east of Scotland. Geothermal power is therefore a currently underdeveloped source of renewable energy in the United Kingdom but has the potential to become a reliable and environmentally friendly source of power over the next few decades. The development of technology should also help to strengthen the support behind geothermal energy, given that at any location on earth, deep down in the core there is the potential energy for geothermal power. If developments can be made the energy to be harnessed away from tectonic plate boundaries, then the power of geothermal energy could perhaps become unrivalled when compared to other renewable energy sources. The literature review will continue this debate as to the strengths and weaknesses of each particular renewable energy resource. 2: Literature Review This literature review will provide part of the secondary research into the research question posed at the beginning of the work. The aim; to identify successful alternative renewable energy sources to replace that of non-renewable energy sources (fossil fuels) that currently are in demand today. Morgan (2007:9) stresses that while fossil fuels bring enormous benefits to the world, in term of the production of mass energy that has allowed global industry and technology, as well as levels of living to rise rapidly in the last one hundred and fifty years, there a number of negative aspects to non-renewable energy sources. The limited nature of the resources is one, but also the affects that the use of coal, oil and natural gas has on the environment is also a key factor in the need to develop renewable energy sources that are environmentally friendly. Therefore this literature review will attempt to identify the strengths and weaknesses of the four main renewable energy types; solar, wind, biomass and geothermal and highlight a possible successful candidate or candidates that could take over in producing the large majority of global energy. In this manner, the four main types will need to be analysed in a number of key areas; cost, effectiveness, affect to the environment and aesthetics. Cost A good overview is provided by Freris Infield (2008). They highlight that after the United Kingdom government set the target of achieving 20% renewable energy in electricity supply by the year 2020, it became possible to analyse a cost for the proposed energy developments. An analysis completed in 2003 suggested that the extra cost for the development of renewable energy processes would represent an additional 0.3p/kWh on consumer electricity bills. This was focused primarily on wind power, as wind power is expected to contribute the majority of the renewable energy target (Freris Infield, 2008:215). Other scholars also support the view that wind power is the most expensive of the renewable energy processes. Ackermann (2005:300) acknowledges that the use of wind energy in remote areas is an exceedingly expensive option when trying to harness power from the earth, rather than using non-renewable energy sources. Quaak, Knoef and Stassen (1999) indicate their preferred method, through cost analysis, is that of Biomass. They state that the initial start up costs are less expensive than wind, solar and geothermal energy plants and also the longevity of the plants as compared to that of wind turbines (that need parts replacing on a regular basis) is a key factor in the cost analysis and that biomass is by far the cheapest of the renewable energy sources currently available (Quaark, Knoef Stassen, 1999:1). However, although Walker (2007) identifies that biomass is currently the cheapest form of energy, the scholar also states that solar power could become, over time, the cheapest form of energy. While solar panels are expensive, this is only because of the low number of them. Walker (2007:7) notes that solar cells would become dramatically less expensive if more people bought them, allowing the solar cell companies to reduce prices due to a healthy competition. The simple nature of solar power, combined with a drop in prices could aid the overall cost of the energy source, allowing it to become cheap and competitive with other renewable energy sources. Sass Duffield support the view of the cheap costs of geothermal energy as opposed to wind, biomass and solar energies. They state that geothermal energy, despite high initial installation and start-up costs, can dramatically lower monthly energy bills and therefore in the long term, or within a few years, the cumulative energy savings e qual the extra up-front costs and can become less expensive than other forms of energy. An interesting viewpoint is provided by Orr (2009:23) who indicates that at the current time, none of the existing renewable energies are cost effective and it is why governments across the globe are having to provide grants to develop them. The competitive nature of global society means that only cost effective and profit generating products succeed. Therefore, designers of renewable energy processes need to find ways to lower the costs of purchase for these energies in an attempt to rival cheaper and more established fossil fuel production. It is only in this way that renewable energies can hope to develop rapidly; to the benefit of the Earth. Effectiveness and reliability The effectiveness and reliability of an energy source is the most fundamental issue that surrounds its development. An energy that has low levels of effectiveness and low reliability rates will usually never be mass developed, due to the restrictive nature and high costs to gain a substantial yield. Wind power is suggested to have a relatively high effectiveness rating by Spilsbury Spilsbury (2007). However, other scholars stress that wind power is the least effective of all of the different renewable energies due to the loss of potential power through its design (Petersen, 1999). Other energies such as geothermal, with a 95% availability (Bracaloni et al, 1995) have a far higher efficiency rating. Quaark, Knoef Stassen (1999:52) also highlight the relative low efficiency rating of biomass energy, stating that conditions at times only allow a 25-35% efficiency rating. Lomborg (2001:134) stresses that the efficiency of solar cells is also around the 20% mark, indicating that geother mal energy is far more efficient that other forms of renewable energy. Environmental effects One of the key weaknesses of the fossil fuels and their use in energy production today is the negative effects that they have on the environment. The creation of carbon dioxide from the processes needed to create energy from coal, oil and natural gas has acted as a catalyst in lowering climate conditions across the globe. Therefore, one of the main aims for new renewable energy sources is to promote an environmentally friendly strategy. Lomborg (2001) identifies that one of the renewable energy sources being discussed lacks this strategy. Lomborg stresses that biomass energy production gives rise to a slew of pollution problems such as suspended particles, sulphur, nickel, cadmium and lead. This is supported by the Council of Europe (no date) who indicate that the weakness of biomass energy is that it produces relatively large amounts of fine particles and often also other air pollution like polyaromatic hydrocarbons and heavy metals. Compared to this, the Council stress that wind energy only causes some carbon dioxide and fine particle emissions in the construction phase, whereas solar energy appears to be the most environmentally friendly of the renewable energies. Chiras (2009) identifies this and supports the notion that solar power is perhaps the most environmentally friendly of all of the renewable energies. The construction phase causes less emissions than any other renewable source and the fact that industrial plants (such as that used for biomass and geothermal energy) are not required for solar power means that like wind power, once constructed there is no harm to the environment, with the solar panels soaking up the heat of the sun and transferring this into energy. Aesthetics The aesthetics of renewable energy is a key factor in gaining support for possible renewable energy sources. Gipe (2004) stresses that wind power often comes under a lot of scrutiny due to the developments of horizontal axis wind turbines that dominant certain landscapes. Gipe indicates that communities are generally against these being developed because of the ugly aesthetical factor. However, he also notes that due to the nature of wind turbines and wind energy, these locations are generally remote and therefore do not affect the majority of people. There is also the development of wind turbines at sea, which could possibly aid the reduction of resentment towards wind turbines. Moreover, Scheer (2007:200) underlines that the rejection of wind power on grounds of aesthetic landscape pollution is treacherous and short-sighted and cites key examples of previous architecture such as skyscrapers as precedents. He also argues that the benefits of wind power far outweigh any argument on a esthetics and therefore feels it is a pointless debate. Chandrasekharam and Bundschuh (2002) feel that there is a similar argument for geothermal and biomass energy plants. The aesthetic factor may often be overriding but the success of creating environmentally friendly (geothermal in particular), renewable energy should outweigh any decision as to the aesthetical impact of these new sources of energy. Summary A number of key concepts were analysed in this literature review. The review suggests that opinions over renewable energy sources and their potential success rates are divided. While there appears to be agreement in the literature over the importance of developing renewable energy sources due to the fact that fossil fuel supplies are decreasing dramatically and that they have an adverse effect on the environment, there is real debate as to the preferred methods of renewable energy. Perhaps the most important contributing factor may come down to cost, and the literature review suggested that the current cost for all renewable energy forms are too high and