Health and Education

Health education is an essential tool of community health. Every branch of community health has a health educational aspect and every community health worker is a health educator. But health education has been defined as a process which effects changes in the health practices of people and in the knowledge and attitudes related to suet changes. A great deal of ill-health in this country and elsewhere is due to ignorance of simple rules of hygiene or of indifference to their practical application. However, health is of the greatest importance and an indispensable factor in life.Without it a man becomes burden to others and useless to himself. In other words, health is the basis of individual and social welfare. But the concept of health and practice of health-education is almost as old as the human race. Health education has been defined as â€Å"the sum of all experiences in school and elsewhere that favor ably influence habits, attitudes and knowledge, related to individual, commun ity and racial health. † At present in our country much attention is being paid to the education for total health. Good health is a pre condition for good education.There is a saying that sound mind lives in a sound body. So, education cannot be acquired without the proper frame of the mind and proper frame of mind cannot be possible without proper health and hygiene. Realizing the importance of health education Secondary Education Commission, 1952-53 stated: â€Å"Unless! Physical education is accepted as an integral part of education and the educational authorities recognize it, need in schools the youth of the country, which form its ‘most variable asset, will never be able to pull their full weigh to national welfare.The emphasis so far has been more on the academic type of education without proper consideration being given to physical welfare and the main ­tenance ‘ proper standards of health of the pupils†. Health education is the very foundation of every successful public health programme so one of the main functions educations should be to help every child deve ­lop a healthy body, an alert mind and sound emotional attitudes. Health education aims at bridging the gulf between the health knowledge and health practices of the children.

Wal-Mart Financial Statement Analysis

The Paul Merage School of Business at UC Irvine| Financial Statement Analysis & Reporting: Earnings Quality and Asset Analysis | Company – WALMART| Kian BolooriHee Jun ChungDaejune Min| 1. Qualitative Analysis for the environment and the company (1) INDUSTRY ANALYSIS Walmart is in the discount retailer industry. This industry started in the 1950s, grew in the 1960s, and matured in the 1970s. With exception to a moderate growth period in the 1990s, the industry had remained stagnant since the 1970s. Today, three major players in the industry are Walmart, Target and Costco. The state of the discount retail industry is best understood through the Porter’s Five Forces analysis. * Competition: HIGH Competition among discount retailers resembles that of an oligopoly in that Costco, Target and Walmart hold a vast majority of the market share. In past decades, competition among the firms was minimized because they each targeted a different market segment. For example, Target focused on higher end neighborhoods while Walmart focused on rural locations. However, as the firms began to grow, they had to expand beyond their original targeted segments. As such, the firms started competing in the same locations, which intensified competition. This condition remains a dominant issue in the discount retail industry. * Barrier to New Entrants: MEDIUM-HIGH Unlike other industries, the discount retailer industry does not require a particular set of technical knowledge for new entrants. However, the major players in the market have established strong procurement and distribution networks that prevent new entrants from easily establishing their own. As such, new entrants would find it difficult to establish procurement and istribution networks while keeping costs competitive with those of Walmart, Costco and Target. * Bargaining Power of Buyers: LOW–MEDIUM Buyers have different levels of power depending on their location. In rural areas, buyers have less power. There is usually one discount retailer for each rural region. As such, that retailer has a virtual monopoly in that region, which allow it to increase prices, and thus increa se margins. On the other hand, buyers in suburban and urban markets can easily switch between discount retail competitors; as a result, each discount retailer must keep its prices competitive in those markets. Bargaining Power of Suppliers: LOW Suppliers to discount retailers hold little to no power. When the major discount retailers initiate relationships with new suppliers, they typically request contracts for the new suppliers’ whole inventory. As a result, the suppliers become entirely reliant on the discount retailer for their business. The discount retailer then leverages this reliance by demanding lower prices on the inventory. As a result, suppliers typically have to sell their inventory at low prices that result in small profit margins for them and lower inventory costs for discount retailers. Threat of Substitutes: LOW Current existing substitutes to discount retailers include supermarkets, traditional retailers, and boutique shops. However discount retailers are ab le to leverage their strong distribution networks to offer lower prices than many of the substitutes. As a result, discount retailers are able retain business despite the existence of substitutes. (2) ECONOMIC CONDITIONS The fact that there are fewer opportunities to expand in the United States has made it difficult for discount retailers to continue growing profits. In fact, discount retailers’ attempts to enter new markets have resulted in community resistance. In Watts, CA, community members successfully lobbied to prevent Walmart from opening a new store in the neighborhood. Despite these challenges, discount retailers have found new opportunities to increase profits. For one, discount retailers have started converting their stores into â€Å"supercenters. † These supercenters feature traditional discount retail products and grocery store products in one location. Also, discount retailers have begun expanding their international operations. For example, Walmart has partnered with companies in South Africa, China, and Brazil in order to expand into those markets. These opportunities have already proven profitable and continue to be a focus for the major discount retail firms. (3) WALMART STRATEGY Walmart’s business strategy is to keep costs low and pass the savings down to the customers. Walmart accomplishes this strategy through several means. First, Walmart cuts costs in its procurement channels. Walmart cuts out the manufacturers’ representatives and works with suppliers directly. In doing so, Walmart saves 3-4% on costs. Also, Walmart is able to use its IT networks to make sure the company orders the right about of inventory from suppliers so that the Walmart stores experience neither overstock nor stock-out. Second, Walmart keeps its labor costs low. Walmart maintains a frugal culture for all employees. For example, executives at the company are prohibited from accepting meals and gifts from third parties. Additionally, Walmart provides store workers with wages and benefits that are below those given by competitors. Third, Walmart invests in ways to cut distribution costs. For example, Walmart mastered the large-scale â€Å"cross-docking† to transfer merchandise directly from inbound trucks to store-bound trucks without storing the good in its distribution centers. Through these innovations, Walmart has been able to save 3-4% on its distribution costs. Through these means, Walmart has significantly lower its costs when compared to competitors. This point of difference helped Walmart grow to become the leading discount retailer in the world. . Quantitative Analysis for the company and the peers (1) CASHFLOW ANALYSIS From fiscal year 2007 to fiscal year 2010, Walmart recorded solid growth in both sales and net income; however, net increase in cash and cash equivalents does not have the same growth pattern. Net cash flow is the aggregate of cash flow from operations (â€Å"CFO†), cash flow from investing activities (â€Å"CFI†), and cash flow from financing activities (â€Å"C FF†). As is expected, CFO does trend positive in correlation with the increases to sales and income. On the other hand, CFI and CFF experienced sharp decreases. According to the common-size statement of cash flow, net CFI portion out of net CFO shows a generally decreasing trend during the period (-71%, -76%, -46%, -44%, respectively for 2007, 2008, 2009, 2010), on the other hand, the portion of net CFI increased constantly (-25%, -36%, -43%, -54%, respectively for 2007, 2008, 2009, 2010), which implies that War-Mart has become paying equal attention to investment for the future growth and shareholder value recently. Having solid CFO, Walmart had cash for investing and financing without borrowing a short-term debt As a result, while Walmart experienced 9% growth in sales and 13% increase in net income in 2008 compared to the previous year, net cash decreased almost 400%. Target shows a similar cash flow pattern to that of Walmart. Target has been reducing investment level and focusing more on shareholder return and the debt repayment. On the other hand, Costco has been managing the cash flexibly over the past four years in order to meet the firm’s needs for investment. Costco still concentrates on investing activities, which can be evidenced by the portion of net CFI (-72% of net CFO in 2010). According to 10-K of the year 2010, Costco opened 13 new warehouses in 2010, which was directly related to the huge negative CFI. For Walmart, the accounting adjustment accruals, which is measured as the gap between net income and CFO, is at 40%. The accounting adjustment accruals are one of indicators for earnings quality. While 40% is significant, it is smaller than that of Walmart’s competitors. Changes to current assets and current liabilities have a large impact on the accounting adjustment accruals. For instance, Walmart had accounts receivable increased by $297 mil in 2010, which negatively impacts on cash flow, but its inventory decreased by $2,213 mil in the same fiscal year, which had a positive influence on cash flow from operations. Despite these changes, CFO has still maintained a growth trend. Consequently, Walmart shows a steady upward trend of free cash flow, which is the difference between CFO and capital expenditures, during the past four years ($4. 6 bil, $5. 7 bil, $11. 6 bil, $14. 1 bil, respectively for 2007, 2008, 2009, 2010). The cash spent on CFI went to purchase of PPE in order to expand current operations. The firm used to invest approximately 80% of CFO in PP&E in 2007 and 2008, however decreased the investment to 45% level recently. A significant level of CFF went to shareholder return, including dividends and share buybacks (e. g. $11. 4mil or 77% of net income in 2010). As such, Walmart appears to provide value to its shareholders. Similarly, Target and Costco also invested highly in PP&E and return more than 70% of net profit to investors. To sum up, we can see a certain pattern in cash flows of the three firms as follows, which shows that Walmart, Costco and Target are matured and generating healthy cash flow. Walmart| Target| Costco| Accrual (NI/CFO)| 58% (Gap: 42%)| 54% (gap: 46%)| 53% (gap: 47%)| CFO| Positive,Constantly Growing| Positive,Growing Trend| Positive,Growing Trend| CFI| Negative (for PP&E)| Negative (for PP&E)| Negative (for PP&E and short-term investments)| CFF| Negative   (for shareholder returns)| Negativeexcept in 2007 ($7. 6mil long-term debt in 2007)| Negat ive (for shareholder returns)| One cause of concern from Walmart’s cash flow is a contradiction between Walmart’s growth strategy and CFF. The high levels of dividends that Walmart gives its shareholders may limit the amount of cash the company has for expansion. CFO has remained high enough to cover CFI, but this might not always be the case. As a result, Walmart may have to cut the amount of dividends it pays if it wants to continue growth during a period when CFO is decreasing. (2) EARNING QUALITY ANALYSIS Walmart’s earnings have been positive and growing each fiscal year from 2008-2010. The increase in earnings is primarily due to the fact that revenue had also increased in that timeframe. There has been a 7. 5% increase in revenue from 2008 to 2009 and a 0. 95% increase in revenue from 2009 to 2010. A large majority of Walmart’s revenues come from its core operations—the net sales of products that Walmart had procured from suppliers and sold at its retail locations. The Net Sales figure is computed as the sales less sales tax and estimated sales returns. Less than 1% of total revenue is based o n membership revenue. Membership revenue is from customers who purchase yearly Sam’s Club memberships. There are several important features regarding the relationship between Net Income and CFO. First, the Net Income and CFO both trend positive, growing at a comparable rate. Second, CFO is larger than Net Income each year. This is primarily due to the adjustment to depreciation and amortization. Third, the adjustment due to an increase in accounts receivable is fairly constant, and is not a significant portion of the total CFO. These features suggest that the Net Income is a good indicator of cash inflow from operations, which would be expected from a company that collects cash at point of sale. Walmart recognizes revenue at point of sale when customers purchase products at the retail locations. Walmart recognizes revenue from gift cards only when the gift card is redeemed. Walmart recognizes revenue from services when the company performs the service; however, revenue from services is a small portion of total net sales. For membership, Walmart recognizes the revenue over the period of the membership. For example, if a membership cost $120 upfront, then $10 revenue would be recognized each month of the 12-month membership. Until it’s recognized, the cash collected is accounts as a liability (Deferred Membership Revenue). Expenses are divided into various categories. Cost of sales is all costs related to the attainment and transport of inventory. Any money received from suppliers, such as reimbursements for markdowns, is reduced from the cost of sales figure. Furthermore, Walmart does not include its costs of distribution facilities in its cost of sales, which can make its gross profit seem disproportionally stronger than its competitors. However, these costs can be found within SGA. SGA, Advertising and Pre-Opening costs are all recognized the same period that they are spent. Walmart does not seem to participate in any earnings management. The small account receivable account suggests that sales can be seem in cash inflow, meaning there is little chance that Walmart fabricated sales figures. Furthermore, Walmart did not make any significant changes to its depreciation cycles and PPE purchase patterns, which suggests that Walmart did not try to inflate its earnings to disguise unfavorable operating performance. (3) RATIO ANALYSIS Financial ratios are a measurement of the company’s overall health. In general, the financial ratios of a company are compared with those of its major competitors (cross-sectional and trend analysis) and to the company’s prior periods (trend analysis). Profitability Ratio The ability to generate profit on capital invested is a key determinant of a company’s overall value. Profitability is the net results of a number of policies and decisions. Here, the key ratios, ROCE and ROA, were calculated to judge the profitability in general. Return-on-assets (ROA) has been increased to 9. 6% in 2010 from 8. 4% in 2007 (See exhibit 10-2). This high ratio indicates that Walmart generated high income with given level of its assets. Return-on-capital employed (ROCE) has also increased to 21. 3% in 2010, from 19. 1% in 2007 (See exhibit 10-1). Compared to the competitors, Walmart has the highest ROA and ROCE, which illustrates that Walmart is the most profitable company in its industry. * Activity Ratio Activity ratio measures how efficiently a company utilizes its assets. These ratios are analyzed as indicators of ongoing operational performances; on other words, how effectively a company uses its assets. Walmart’s inventory turnover in days was 40 days in 2010, which is a modest improvement from 45 days in 2007 (See exhibit 11-1). The lower holding days of the inventory indicates that Walmart has made progress over the period in terms of inventory management. Considering the Sales growth, which increased over the periods, Walmart has effectively managed its inventory, avoiding any shortage or inadequate inventory levels. Walmart continued to set their goods in fairly low price in order to have its inventory move faster. Even though inventory turnover ratio of Walmart is less than that of Costco, Walmart’s improvement in its inventory turnover is better than that of Costco or Target. Additionally, account payable turnover gradually increased from 9. 9 days to 10. 22 days (See exhibit 11-1). The longer period of holding the Account payable indicated it has made good use of available credit facilities. * Liquidity Ratio (Short-Term) A liquid asset is one that trades in an active market and can be quickly converted to cash. A firm's liquidity position determines whether a firm has enough resources to meet its current obligations. Walmart’s current ratio deteriorated from 0. 9 in 2007 to 0. 87 2010 but then is improving from 2010 to 2011 exceeding 0. 88 in 2009 level. Also quick ratio and cash ratio improved from 2009 to 2010 (see exhibit 12-1). Nevertheless, it can be a negative sign for the company to have a current ratio less than 2. 0 and a quick ratio less than 1. 0. In fact, Walmart’s current ratio and quick ratio are lower than that of Costco and Target. A lower ratio indicates less liquidity, implying a greater reliance on operating cash flow and outside financing to meet short-term obligation. However, a reason for the troubling liquidity ratios is that Walmart has been using its cash for fixed assets as part of its effort to expand. As such, Walmart can generate cash by slowing growth if it has an urgent need to pay off current obligations. Additionally, Walmart’s cash conversion cycle was greatly decreased to 4. 8 in 2010 from 8. 5 in 2007 (See exhibit 11-1). It is the shortest operating cycle of its industry. A shorter cash conversion cycle indicates greater liquidity. The short cash conversion cycle implies that Walmart only needs to finance its inventory and accounts receivable for a short period of time. Its cash cycle is optimized, meaning it is able to sell inventory quickly also have less time capital tied up in the business process thus better for the company’s bottom line. * Solvency Ratio (Long-Term) Solvency refers to a company’s ability to fulfill its long-term debt obligations. Solvency ratios provide information about the relative amount of debt in the capital structure and the adequacy of earnings and cash flow to cover interest expenses and other fixed charges as they come due. This is important for assessing the risk and return characteristics such as its financial leverage. Walmart’s total liabilities-to-assets ratio was 0. 57 in 2010, slightly decreasing from 0. 58 in 2009 and 2008. This means 57% of total asset are financed with debt . Long-term debt-to-equity ratio was 0. 0 in 2010, again slightly decreased from 0. 52 in 2009 (See exhibit 12-1). This means 50% is the Walmart’s capital represented by debt. Although the size of asset and debt far exceeds the size of its competitors, but the ratios did not show significant proportional difference between Walmart and its competitors. Interest coverage ratios, calculated by using EBIT divided by total i nterest expense, can be viewed as good if the number exceeds 2. 0. For Walmart, the interest coverage ratio was 11. 8 in 2010 that was improved from 10. 5 in 2007 (See exhibit 12-1). This increase indicates that Walmart has become stronger in solvency, offering greater assurance that Walmart can service its debt from operating earnings. As for evidence, Walmart’s CFO-to-total liability was calculated to be 54. 5% in 2010, increasing from 48. 4% in 2007 (See exhibit 12-1). This is relatively high compared to its peers such as Costco and Target. 3. Conclusion Based on the aforementioned analysis, including qualitative and quantitative, we would like to conclude that Walmart is a company that can be highly recommended for investors to buy. First, the industry is still attractive when it comes to high barrier to entry, low power of buyers and suppliers, and low threat of substitution. Also for the company level, Walmart has differentiated itself successfully by focusing on the lowest price. Second, Walmart’s cash flows show a typical pattern for a healthy and matured firm; that is, Walmart has a constantly growing positive CFO, a negative CFI for the investment in PPE, and a negative CFF for shareholder returns such as dividend and share repurchase. Also, the strong CFO generates a increasing trend of FCF (Free Cash Flow), which indicates that the company has a potential for flexible cash management whether for the growth investment or shareholder returns. Third, Walmart appears to have quality earning. Further, there are close ties between net income and CFO; in other words, both net income and CFO show positive trend and increase at a comparable rate. Also Walmart is engaged in neither manipulating earnings nor making substantial changes in accounting methods. Fourth, Walmart’s ratios look good. ROA and ROCE are strong when compared to those of Costco and Target. The liquidity ratios are relatively low, but can be addressed if Walmart chooses to retain cash instead of using it on growth. Finally, Walmart’s P/E ratio on May 19, 2011 is 11. 5, which is relatively low when compared to that of Walmart’s competitors (Target: 11. 9, Costco: 26. 3). As such, Walmart appears to be undervalued. Ultimately, the analysis on Walmart’s financial statements indicates that investors would be well advised to buy Walmart’s stocks.

Lbj’s Great Society

Lyndon Baines Johnson moved quickly to establish himself in the office of the Presidency. Despite his conservative voting record in the Senate, Johnson soon reacquainted himself with his liberal roots. LBJ sponsored the largest reform agenda since Roosevelt's New Deal. The aftershock of Kennedy's assassination provided a climate for Johnson to complete the unfinished work of JFK's New Frontier. He had eleven months before the election of 1964 to prove to American voters that he deserved a chance to be President in his own right. Two very important pieces of legislation were passed.First, the Civil Rights Bill that JFK promised to sign was passed into law. The Civil Rights Act banned discrimination based on race and gender in employment and ending segregation in all public facilities. Johnson also signed the omnibus Economic Opportunity Act of 1964. The law created the Office of Economic Opportunity aimed at attacking the roots of American poverty. A Job Corps was established to provi de valuable vocational training. Head Start, a preschool program designed to help disadvantaged students arrive at kindergarten ready to learn was put into place.The Volunteers in Service to America (VISTA) was set up as a domestic Peace Corps. Schools in impoverished American regions would now receive volunteer teaching attention. Federal funds were sent to struggling communities to attack unemployment and illiteracy. As he campaigned in 1964, Johnson declared a â€Å"war on poverty. † He challenged Americans to build a â€Å"Great Society† that eliminated the troubles of the poor. Johnson won a decisive victory over his archconservative Republican opponent Barry Goldwater of Arizona. American liberalism was at high tide under President Johnson. The Wilderness Protection Act saved 9. 1 million acres of forestland from industrial development. †¢The Elementary and Secondary Education Act provided major funding for American public schools. †¢The Voting Rights A ct banned literacy tests and other discriminatory methods of denying suffrage to African Americans. †¢Medicare was created to offset the costs of health care for the nation's elderly. †¢The National Endowment for the Arts and Humanities used public money to fund artists and galleries. †¢The Immigration Act ended discriminatory quotas based on ethnic origin. An Omnibus Housing Act provided funds to construct low-income housing. †¢Congress tightened pollution controls with stronger Air and Water Quality Acts. †¢Standards were raised for safety in consumer products. Johnson was an accomplished legislator and used his connections in Congress and forceful personality to pass his agenda. By 1966, Johnson was pleased with the progress he had made. But soon events in Southeast Asia began to overshadow his domestic achievements. Funds he had envisioned to fight his war on poverty were now diverted to the war in Vietnam.He found himself maligned by conservatives for h is domestic policies and by liberals for his hawkish stance on Vietnam. By 1968, his hopes of leaving a legacy of domestic reform were in serious jeopardy The turbulent 1960s reached a boiling point in 1968. When the year began, President Johnson hoped to win the war in Vietnam and then cruise to a second term to finish building his Great Society. But events began to spiral out of his control. In February, the Tet Offensive in Vietnam brought a shift in American public opinion toward the war and low approval ratings for the President.Sensing vulnerability, Eugene McCarthy challenged Johnson for his own party's nomination. When the Democratic primary votes were tallied in New Hampshire, McCarthy scored a remarkable 42 percent of the vote against an incumbent President. Johnson knew that in addition to fighting a bitter campaign against the Republicans he would have to fight to win support of the Democrats as well. His hopes darkened when Robert Kennedy entered the race in mid-March. On March 31, 1968, Johnson surprised the nation by announcing he would not seek a second term.His Vice-President Hubert Humphrey entered the election to carry out Johnson's programs. The Great Society program became Johnson's agenda for Congress in January 1965: aid to education, attack on disease, Medicare, urban renewal, beautification, conservation, development of depressed regions, a wide-scale fight against poverty, control and prevention of crime and delinquency, removal of obstacles to the right to vote. Congress, at times augmenting or amending, rapidly enacted Johnson's recommendations. Millions of elderly people found succor through the 1965 Medicare amendment to the Social Security Act.Under Johnson, the country made spectacular explorations of space in a program he had championed since its start. When three astronauts successfully orbited the moon in December 1968, Johnson congratulated them: â€Å"You've taken †¦ all of us, all over the world, into a new era. . . . † Nevertheless, two overriding crises had been gaining momentum since 1965. Despite the beginning of new antipoverty and anti-discrimination programs, unrest and rioting in black ghettos troubled the Nation. President Johnson steadily exerted his influence against segregation and on behalf of law and order, but there was no early solution.The other crisis arose from Viet Nam. Despite Johnson's efforts to end Communist aggression and achieve a settlement, fighting continued. Controversy over the war had become acute by the end of March 1968, when he limited the bombing of North Viet Nam in order to initiate negotiations. At the same time, he startled the world by withdrawing as a candidate for re-election so that he might devote his full efforts, unimpeded by politics, to the quest for peace. When he left office, peace talks were under way; he did not live to see them successful, but died suddenly of a heart attack at his Texas ranch on January 22, 1973.

Bentley starts Essay

Question 1: Bill visits a local car auction and is immediately attracted to a red car labeled ‘Ferrari 1979’ which he purchases from peter. Peter is not a car expert but he has borrowed a book from the library and identified the car as a 1979 model. Bill also sees a classic Bentley which is owned by James, a qualified car mechanic. James informs Bill that the Bentley is operating perfectly on the way to the auction. Bill wanders off to look at another car and in his absence, the engine of the Bentley starts emitting smelly black smoke. However, by the time Bill returns, the smoke has temporarily cleared and he pays James the full price for the car. Subsequently, Bill discovers that the Ferrari is a fake but he crashes it while showing off to his girlfriend. It is a total write of further. He discovers that the engine in the Bentley is faulty. His mechanic manages to undertake some minor repairs to keep the engine running temporarily but warns Bill that in the long run he will need a new engine. Advice Bill. Question 2: Gethin runs a hotel at a popular seaside resort. He decides to expand his hotel by adding an extension but his accountant warns him that it will only be economical if built in time for the summer season. His contract with Bob, a local builder, contains the following conditions: 1) The extension will be built by 1 April 30 to be payable for each day’s delay thereafter. 2) The extension must be built using local materials as specified in Gethin’s attached list of specifications. 3. The floor must be fitted by a specialist flooring contractor to be nominated by Gethin. On April 30, the extension is still attractive. He is extremely annoyed to find out that the floor had not been fitted by Unique Floor Ltd, the firm he nominated and there are now large cracks in its surface. He is distressed by the whole experience and in fit of anger, dismisses Bob and hires Jack to complete the work. Jack, seizing the opportunity charges Gethin with a double rate for the work. Bob and Jack are now demanding payment form Gethin . Advise Gethin Advice 1: As an initial move, Bill should approach James as soon as possible and inform him about the condition of the Bentley. As a merchandiser, it is James responsibility to address Bill’s query regarding the car and help him resolve the problem. In addition, James also has the obligation to provide a concrete description of the products that he is offering. He has to be honest in his service and he should not lie to customers for the sake of making more money or else he might suffer from consequences after. Even if the mechanic has done temporary repairs on the Bentley, the possibility of acquiring new engine and spending additional cost in the long run makes the situation harder for Bill. It is also not reasonable to say that James has no responsibilities on the car anymore since it is already bought because of the car has been damage even before it is bought. According to the law of consumer rights, the merchandiser has the obligation to sell products that are described correctly including the damages that the products may have. The consumer also has the right to return a product if the consumer discovered any failure right after the product’s purchase (ANL 2009). Applying to Bill’s case, James lied to Bill about the condition of the car prior to purchase so James has right to return the car and ask for reimbursement if ever the car’s engine is not changed. On the other hand, the case of the Ferrari is different. Bill should have informed Peter about the situation earlier so that the issue has been resolved. As a customer, Bill has the right to return the car but since the car has been damaged because of his fault, his right has been void (ANL 2009). It is true that Peter has lied and Bill can still pursue to take legal actions against him. However, the possibility of any reimbursement is low due to Bill’s mistake of damaging the car due to his irresponsible actions. Through a legal process, he can still acquire an amount of money from Peter as a reimbursement but it will not be the same amount that he paid due to the damages on the car that he also has to pay. Advice 2: Gethin can solve by having a negotiation with Jack about the rate of work. Even though Jack is selected to finish the work, it is his ethical responsibility to avoid taking too much advantage of the situation. As a professional, Jack has a duty to render service for the benefit of his and his client’s party. He should price the service based on its regular price and not based on other unreasonable reasons (Thomson Reuters 2009). Through a business negotiation, Gethin should explain the situation to Jack and convince him to agree with his proposed rate. Both of them should present their oown proposal of price and be able to defend it. Gethin should explain that since it is just a completion work, the rate should not be very high. He should also identify the conditions and present it clearly so that any misunderstanding can be avoided. However, if Jack still did not agree, then the best way that Gethin can do is to look for other company that can finish the work and agree with his terms. Since it will be just a completion work, other companies will surely accept the project given that Gethin offers a reasonable rate. Business will still be business and as an entrepreneur, Gethin should know his limitations in terms of offering rates so that he will not end up spending a huge amount of money for the project. On the other hand, Gethin can sue Bob for not complying with the contract. The fact that Bob agreed on the contract gave him an obligation to follow it and be subjected to rules. In any business, contracts are considered as legal documents and are subjected to agreement between two parties. Anyone who disobeys can be sued and will be subjected to penalties depending on the case (Thomson Reuters 2009). Bob, as a contractor, should know about the consequences of not complying with the contract. If Bob is proven to guilty, then he will be liable to pay a certain amount to Gethin to cover the damages that he made and he might also lose his work license. References: Thomson Reuters. 2009. Contract and the Law. Available at http://smallbusiness. findlaw. com/business-forms-contracts/business-forms-contracts-overview-law. html Associated Newspapers Limited (ANL). 2009. Consumer Rights. ThisIsMoney. co. uk. Available at http://www. thisismoney. co. uk/help-and-advice/advice-banks/article. html? in_advicepage_id=130&in_article_id=395991&in_page_id=90

''The Malaysian Culture'' Short Documentary Essay

''The Malaysian Culture'' Short Documentary - Essay Example Dining or eating out is a relatively cheap experience. Family and friends enjoy being together as Malaysian occasions are celebrated with food. Malaysians never settle with one meal, they always have supper, dessert, and post-lunch and tea time. All this is rewarding because there is plenty of food. I also saw the art of shearing which brings peace and harmony among people. The Malaysian observes religious values as not eating pork so as not to affront the Muslim faith. However, they are so used to using plastic bags and, as a result; they pollute their once beautiful environment. The ultimate price of pollution is expensive and affects the current generation and generations to come. What I did not like about the documentary is that it did not tell us briefly where the food is found if it is cultivated or processed in the industries. Again the documentary did not educate its people about the effects of excessive use of plastic back and give alternative bags for that matter. To my opinion, important elements to that I would apply are helping my nation have plenty of food in order to promote peace and also control excessive use of plastic

Is the constant vulnerability and pressure on the U.S. dollar a Dissertation

Is the constant vulnerability and pressure on the U.S. dollar a serious threat to American hegemony and unipolarity as a whole - Dissertation Example For example, in 1995 it was estimated that approximately fifty nine percent (59%) of the total global currency reserve was made up of US dollar (Global currency reserve 2013). In 1998, the US dollar constituted approximately sixty nine percent (69%) of the total global currency reserve, and in 1999 it constituted of approximately seventy one percent (71%) of the total global currency reserve. Global currency reserve (2013) further indicated that in the third quarter of 2012, the US dollar was estimated to constitute an approximate of 62 percent of the global currency reserve. The composition of the other competing currencies such as Euro, Japanese Yuan and Starling Pound are still insignificant when compared to that of the United States dollar (Global currency reserve 2013). For example, the second most commonly used international currency, the Euro, was estimated to constitute 24 percent of the total global currency reserve in the third quarter of 2012 (Global currency reserve 2013) . It has been argued by some economists such as Kirshnars (2012) that this constant fall of value and fluctuations of the United States of America dollar in global market has a serious threat to American hegemony and unipolarity as a whole. ... value of US dollar would deprive United States of America of enjoying the benefits of economic dominance such as ability to finance its trade related deficits. Other than Kirshnars, Clerk is another author who supported the opinion that United States of America will lose its economic and political hegemony as whole due to the current pressures and threats. Goldberg (2010) is another economist who suppported the above mentioned argument. Goldberg (2010) explained that the current pressure would affect international trade and economy of the United States of America as a whole. Even though the Kirshnars, Goldberg and Clerk tried to relate the strength of US dollar with the economic and political dominance of United States of America, the authors failed to explain how the United States rose to this dominance and factors that contributed towards this dominance. Also, the authors failed to explain why economic and political influences of some nations such as China are on the rapid rise reg ardless of the fact that their currencies remain insignificant in terms of global currency reserve. Due to the above mentioned weakness, my opinion as well as argument is contrary to those of Kirshnar, Clerk and Goldberg, and contrary to the argument that the constant vulnerability and pressure on the U.S. dollar may cause a serious threat to American hegemony and unipolarity as a whole. In this regard I am of the view that due to the strength and experience of the United States economy, it will not lose its hegemony as a whole but other contenders may arise such as China and emerging markets. This paper, therefore, aims at supporting the view that due to the strength and experience of the United States economy, it will not lose its hegemony as a whole but other contenders may arise such as

Literature Review Essay Example | Topics and Well Written Essays - 1500 words

Literature Review - Essay Example Every year, companies incur a lot of undue cost just because of the slackness of employees despite the thoughtfully constructed performance appraisal systems in place. This paper explores reasons why performance appraisal systems may not be the best way to judge an employee’s abilities by conducting a thorough analysis of the workers’ needs and the various factors that influence their competence in the workplace. A lot of studies have conventionally been done to identify the factors affecting workers’ performance. However, this review will be limited to the discussion about the validity of performance appraisal systems. A lot of factors influence a worker’s performance that include but are not limited to job satisfaction, job security, allowances offered at the job, time of work, duration of work, relationship with peers, organizational structure, organizational culture, social interaction, accommodation, association with family and distance from the famil y. These and many other factors like them have a great impact on the motivation of a worker. The performance of a worker is fundamentally governed by his/her competence. Therefore, in order to study the impact of appraisal on the performance of an individual, it is customary to study the factors that influence the individual’s competence. According to Stern and Kemp (2004), competency is the product of an individual’s skill, motivation and personality traits. Various theories have been proposed at different points in time to identify the factors that play a decisive role in motivating an individual in the workplace. One of such theories that is discussed most frequently is the Maslow’s Hierarchy of Needs theory. The Maslow’s Hierarchy of Needs theory, as the name implies, consists of a set of needs that are staged in order of priority. The following diagram depicts all stages that accommodate the hierarchical order of needs identified by Maslow: Maslowâ⠂¬â„¢s Hierarchy of Needs (Chapman, 2010). There are basically five stages of needs. The biological and physiological needs which include such things as air, water and food form the most basic needs. Life is not possible without the fulfillment of these needs. Next come the safety needs. All humans need safety and protection. Unless their safety is ensured, workers can not put in their best effort because of the resulting psychological upsets. In the present age, job security has become a big problem all over the world. Because of the economic recession, employees are being fired in large numbers and the companies are being down sized. This is a potential threat to the safety of workers, so performance appraisals can not be considered valid system for the assessment of the workers’ capabilities with such job insecurity. After getting secure, a worker wants his love and belongingness needs fulfilled. Quite often, people have to live away from their home because of work, and he nce, do not get a chance to meet the family quite often. Many employees try to fulfill their love and belongingness needs by interacting with the colleagues. However, not many are successful because all employees share common interests in the context of an organization, and hence, many develop grudges particularly as one of the employees gains more status and reward as