Bases of Power and Their Effects on Employee Communication

All major business organizations dealing with economic conditions of uncertainty, opportunity costs, and scarce or depreciating resources have to develop capital budgets. The three major steps to developing a capital budget are: conducting a decision analysis to establish a base for knowledge building, establishing option pricing to secure an accurately assessed market position, and creating discounted cash flow (DCF) for making appropriate investment decisions for the organization.No organization can manage capital projects by simply looking at the numbers of discounted cash flows.A financial analyst for any organization must look at the entire decision and assess all relevant variables and outcomes within an analytical hierarchy. Decision-making regarding capital budgeting is increasingly complex today because of uncertainty, particularly in the health care environment where safety assessments of pharmaceuticals, health care insurance allotments, and other factors may affect the fu ture of the organization. All capital projects will involve numerous variables and possible outcomes—but health care perhaps more than most. (Evans, pp. 1-2)In the second phase of capital budgeting, financial management, or consideration of options within capital budgeting is called contingent claims analysis or option pricing. Timing (when to enter certain ventures), abandonment (what past ventures to discontinue) and growth (what ventures to expand upon) are all critical—one must ask such questions as, what aspects of health care in the organization are revenue-producing and/or necessary to the community, what areas are more necessary at certain times of year, and what can be discontinued? (Evans, p. 3) Discounting refers to taking a future amount and finding its value today.Future values differ from present values because of the time value of money. Financial management recognizes the time value of money because of inflation, uncertainty, and opportunity for investm ent. Thus, the more uncertain the economic environment or industry, the more necessary such revenue analysis becomes—and hence, once again, the necessity of such capital analysis for health care. Bibliography : Evans. Matt. H. (2003) â€Å"Course 3: Capital Budgeting. † Excellence in Financial Management: Professional Training Course Files. Retrieved 17 Apr 2005 at http://www. exinfm. com/training/pdfiles/course03. pdf

How does Mary Shelley create tension in chapter 5? Essay

Mary Shelley was born in London in 1797 and her mother died just after giving birth too her. Mary married Percy by her Shelley. At this time new discoveries were being made the first electronic battery was created in 1799 by a man called Alessandro Volta. Luigi Galvani did experiments with frogs and he believed that he had discovered electricity present in human limbs in 1802. In 1815 the guys’ hospital in London did the first unsuccessful blood transfusion. At the time there was a lot of interest in gothic novels. â€Å"Dracula† was another gothic novel it was published in 1897. The novel begins at the North Pole when Frankenstein is chasing the monster to kill it and Frankenstein is rescued by Captain Walton to whom he tells the whole story to. The story starts when Frankenstein is at the university and he is interest in bring dead things back to life; he used his lectures notes who had died, and he also used dead body parts. He tries to bring the bodies to life with electricity. Then the monster comes to life and Frankenstein immediately regrets what he had done. The monster then wants a wife but Frankenstein will not create him one; so the monster decides to kill Frankenstein wife. Frankenstein chases the monster to the North Pole this is were Victor Frankenstein was killed by the monster In chapter 5 it starts in a â€Å"dreary night in November† and â€Å"The Lifeless monster opens his eyes; Frankenstein then realises that the monster is ugly and that only god can create life, then he leaves the laboratory. Frankenstein is upset and disappointed about what he has created he paces up and down his bedroom. He then falls asleep in his clothes and dreams about his dead mother rotting in her grave. In the night Frankenstein wakes up and sees the monster trying to speak. Frankenstein spends the rest of the night regretting that he had made the monster; he spends the rest of the night in the courtyard. In the morning he goes to meet his friend Clerval; they both return to the apartment and he is worried if the monster is still there as he opens the door then realise that the monster is not there anymore Frankenstein is very happy about this. Frankenstein becomes very ill over the winter and the friend Clerval look after him in the spring Frankenstein makes a full recovery. Tension is built up in chapter five by the use of gothic elements. Which create a sense of horror or terror. Mary Shelley uses pathetic fallacy at the start of chapter five as it sets the scene by say â€Å"it was a dreary night of November†; another gothic element is â€Å"I saw the grave worm’s crawling in the folds of the flannel†. Other gothic elements are â€Å"Mingled with this horror† also â€Å"dim and yellow light of the moon; and another one is â€Å"dreaded spectre†.

Finance for Managers Essay Example | Topics and Well Written Essays - 250 words

Finance for Managers - Essay Example This section of the act is one of the most significant in ensuring that the financial statements being published by the publically trading organizations are reliable and trustworthy. This is because this section empowers the auditors to work in an independent manner and they do not need to fear the higher level managers of the organization such as the director who used to psychologically coerce auditors into providing misleading and fraudulent financial statements and audit reports. Now auditors may no longer feel threatened to report any wrongdoings or misleading information that organizations provide in financial statements. Due to the failure of the directors to influence the auditors, the organization itself would be afraid that they might be held accountable for providing wrongful information. They may fear that their organization’s reputation may be at stake or they may be heavily fined for indulging in misconduct. Due to this, they themselves may be deterred from provid ing misleading information and influencing and coercing the

Pricing derivatives using Monte Carlo Techniques Essay

Pricing derivatives using Monte Carlo Techniques - Essay Example In practice generic Monte Carlo pricing engines face computational problems in the presence of discontinuous payoffs options, because of above stated time consumption limitation but also due to poor convergence with its finite difference estimates and brute force perturbation. Benhamou (2001)[3] following Fourni et al. (1999)[4] use Malliavin calculus to smoothen the simulation function. Benhamou(2001)[3] assumes that the functions are smooth enough to be able to perform the different computation following technical assumptions enunciated earlier, in particular the assumption regarding uniform ellipticity of the volatility operator, in Benhamou (2000-i)[5] (2000-ii)[6] and Fourni et al. (2001)[7]. Benhamou (2001)[3] further states when using finite difference approximation for the Greeks, with jumped price and taking the sensitivity issues into account, errors on numerical computation of the expectation via the Monte Carlo, and another one on the approximation of the derivative funct ion occur. Analysis ends up approximating the second order derivative of the payoff function .An approximation is obviously very inefficient for very discontinuous payoffs like for binary, range accrual, barrier and other type of digital options. To reduce this inefficiency, Broadie and Glasserman (1996)[8] suggested using the likelihood ratio method. Benhamou says," All Greeks can be written as the expected value of the payoff times a weight function and thee weight functions are independent from the payoff function implying that for a general pricing engine, such as Monte Carlo, using certain (numerical) criteria of smoothness, one can branch on the appropriate method. Because it is in a sense independent from the payoff function, the general implementation is simpler that the one of variance reduction technique that only apply to very specific payoff (like the use of control variate).Also no extra computation is required for other payoff function as long as the payoff is a functi on of the same points of the Brownian trajectory. This can be cached in memory to make it efficient Benhamou (2001).Thus Mallavian calculus promises savings in terms of computations, complexity, cache memory and in time though it may produce some noise. The formidable amount of literature exists which intends to suggest analytical pricing formulae for single asset American options. It includes Carr(1998)[9], Grant et al(1997)[10], Bunch and Johnson(2000)[11],Huang et al(1996)[12], Geske and Johnson(1984)[13] and Barone Adesi and Whaley(1987)[14].One can even refer to older constructs like the binomial model of Cox et al(1979)[15].Many of these constructs deploy elaborate mathematical tools, like recursive integration schemes or

Should English be made the official language of the United States Research Paper

Should English be made the official language of the United States Consider Amy Tans article "Mother Tongue" - Research Paper Example English should be made the official language of the United States because a majority of the Americans speak English, this will encourage cultural assimilation and unity in the nation and it is economical to have only one official language. English does need to be made the official language of the United States because a majority of the Americans can and do speak English. English happens to be the most popular and most spoken language in the nation (Bailey 128). If English is not given a predominant status in the United States, it will give way to chaos because most of the people here can only speak English. Besides, not only in America, but English after Mandarin also happens to be the most used and spoken language in the world. The other thing is that the United States is the home to an array of cultures, ethnicities and races. In other words this nation is the land of diversity. In the presence of such rich diversity, it is important that the country does have a unifying factor that unites its entire population hailing from diverse linguistic backgrounds (Mair 170). Thereby declaring English to be the official language of the United States will aid assimilation and unity in the nation. It will encourage the varied people affiliated to diverse cultural and linguistic backgrounds to learn English so that they could become an integral part of this great nation. Yes, it is understandable that one needs to respect and encourage diversity. Yet, it is also important that there exist unifying influences that bring in cohesion amongst diversity and multiculturalism. In that context the English language could act as the unifying factor that could bind the whole nation together. Every year the nation spends millions of dollars translating the public and private documents into varied languages because it does not have an official language and â€Å"trimming the translation budget (Crystal 12)† is a big problem.

Reformed Epistemology Insulates Religious Faith from Scientific Essay - 1

Reformed Epistemology Insulates Religious Faith from Scientific Scrutiny - Essay Example Religion also attempts to answer life’s existential questions in comforting, understandable ways. But does this all mean that religion is so mysterious in its nature that it must never be questioned, and that its doctrines take precedence over the laws by which we choose to be governed? This is the territory Leiter explores in his paper - at least, he explores it to the extent that religion brushes up against secular laws. It is an interesting point of view. We all know people whose religious affiliations have exempted them, from time to time, from duties or obligations that, had they not claimed a particular religious affiliation, they would have been expected to fulfill. And we, for the most part, in the name of freedom of religion, tolerate these exemptions. But why? Why are religious individuals accorded this toleration? And if we cannot answer this question, should we continue, in fact, to tolerate their exemptions, even in the face of no reasonable evidence? Any person who has taken an American history class or studied for his or her citizenship exam is well-acquainted with the Amendment concerning freedom of religion – but perhaps it is now time to re-evaluate the concept. Leiter would have us believe that the re-evaluation is long overdue. He even go es so far as to delineate a difference between toleration and respect. This paper will explore his logic, analyze some of his examples and draw a conclusion as to whether or not he has successfully made his case with regard to tolerating religion.

Copyright Laws and the University of Marylands Academic Integrity Research Paper

Copyright Laws and the University of Marylands Academic Integrity Policy - Research Paper Example This paper will discuss the issue of copyright laws and compares such laws to the University of Maryland’s integrity policy. Copyright according to the Australian’s Attorney General’s Department is a type of legal protection for persons who express original information or ideas in specific forms. According to the department, some of the most common of these forms include moving images, music, visual images, paintings, photographs, computer programs, maps, dramatic works and writing just to mention a few. Copyright in this respect protects not the information or ideas expressed but the form in which they are expressed or fixated. Under the United States’ copyright laws (Clause 8 of the constitution), copyright is defined as the set of exclusive rights that are given to innovators or originators of works. Such rights include copying, distributing and adapting the works. In most countries including the United States of America, copyright does not have to be r egistered but arises at the moment the work is fixated. Once a copyright comes into force, the owner of the copyright has the special rights to control the copying and other exploitative activities that may be performed on the works for a certain period of time. Once this period of time expires, the work goes to the public domain. There are a number of exceptions and limitations that exist to the use of copyrighted material. One such limitation is fair use which requires not the permission of the copyright owner. All other uses of copyrighted materials demand permission from their owners who can opt to license or transfer the ownership exclusively to other parties.

Case Study on Roles and Responsebilities (HRM) Example | Topics and Well Written Essays - 750 words

On Roles and Responsebilities (HRM) - Case Study Example As we progress through our careers, it is very important for us to keep learning about the latest discoveries and advancements in research so that we remain updated on the latest knowledge of our field. This empowers us and makes us knowledgeable so that we are able to deliver in any kind of situation and at any stage in our careers. Core skills are basically knowledge that one has; knowledge about how to do something, how to operate upon something, or how to connect things in a system to make it work. Competencies are, on the other hand, our abilities to do what we know. â€Å"In fact, some â€Å"skills† may be â€Å"competencies† in another organization. It’s not a black and white item that HR can make fit in all places for all things† (Browne). The difference between core skills and competencies can best be explained with the help of an example; Let’s suppose an individual is a very good structural engineer. He has sound knowledge of design and can design anything from infrastructure to multi-story buildings. A company is seeking such a structural engineer to prepare the design of its upcoming project. The employee is selected because he was able to convince the interviewer that he knew designing. However, the employee cannot get along with the peers well at job. He fights w ith fellow workers and is caught in controversies and thus gets fired within the first week. The employee did not have the competency to do the work although he was skilled. This means that certain other factors like personality and behavior were at play. In order to be successful, one requires both core skills and competencies. Customers’ needs in the oil and gas industry are satisfied by processing the natural resources extracted from the earth through a system. In order to run that system, there is need of money and resources. First, the system needs to

Public Service Management Essay Example | Topics and Well Written Essays - 1250 words

Public Service Management - Essay Example After giving a brief picture f the values I shall go into detail about each element so as to give a broader view f the topic. An important question, which has to be addressed before moving on, is whether there is so much need for a public service. We are in an era where most f the services offered by government through its public service are already being offered too by the private sector. May I say, most f the times the private sector supplies these services in a more efficient way. People who follow the laissez-faire ideology argue that governments have been involved in activities which are inappropriate and that the size and role f government needs to be drastically cut back. The role f the government and the way it intervenes has always been highly debatable by the various ideologies and surely will remain highly debatable also in the future. (Parsons 1995) As we have mentioned before, most f the activities carried out by government can be allowed to occur through the market system without the need f government intervention. There are a series f circumstances where this does not apply. Such situations include government regulations securing free entry to producers in the market, securing that the consumer is given all the product information, controlling competition, and protecting and regulating all the contractual arrangement set up within the market. The market system does not necessarily bring high employment, price stability and the socially desired rate f economic growth. Public policy from the government is needed to deal with these factors. Adjustments in the social values due to redistribution f wealth through the market system have to be catered for too. The same thing applies also when speaking f market failures resulting from public goods, externalities and situations f natural monopolies or where there is imperfect informa tion. Thus we have seen that a certain level f government intervention is always desirable. The degree f this intervention also depends on the political and social ideologies f the environment where this occurs. If for example we take Malta, there has always been a paternalistic approach to government. The way in which government acts, reflects also in the size f the public sector. In order to deal with education, health care, national defense, environment, public transport, law and order, welfare services etc governments need to have an efficient public service which in turn inevitably becomes f large proportions. Even if nowadays with Malta's future entry in the European Union, government is moving towards a direction where it seeks to reduce the size f the public service in order to operate in the most efficient ways by means f privatization. If we start looking at the values f the public service, the first thing that comes to mind is the bureaucratic way in which it operates. Bureaucracy most f the times is mistakenly associated with a bad image. Bureaucracy is a system f administration in which the horizontal divisions between various elements or departments are complemented by vertical divisions f authority, and filled by professional career specialists. The bureaucracy can be considered as being the