Literary criticism Essay

Literature represents a language or a people: culture and tradition. But, literature is more important than just a historical or cultural writing. Literature introduces us to new worlds of experience. We learn from books and literature; we enjoy the triumphs and the tragedies of poems, stories, and plays; and we may even grow through our literary journey with books. In conclusion, we may discover meaning in literature by looking at what the author says and how he/she says it. We may interpret the author’s message. However we interpret literature, there is still an artistic quality to the works. Literature is important to us because it speaks to us, it is both universal and individual, and in many ways it affects us, for the better. When some people think of the word â€Å"Literature† they think of books like, Walden, Old man and the Sea, Tom Sawyer, Great Expectations, or Moby Dick. These are what some call â€Å"the classics. † While these few books are indeed literature do we subconsciously judge other books based on the styling’s of these few? People believe that the true meaning of â€Å"Literature,† is a literary work in which the readers mind is opened to new concepts and ideals. For a writing to be called â€Å"Literature† it doesn’t have to be considered a â€Å"Classic† nor does it need to follow the same construct as these so called â€Å"Classics†. The book, 11/23/63, is much more of a form of â€Å"Literature† than A Tale of Two Cities. Based solely on the fact that in the Stephen King novel, he places the thought of, â€Å"What if? † into your mind.. Whereas, â€Å"A Tale of Two Cities†, depicts the plight of the French peasantry in the years leading up to the revolution, as opposed to opening your mind. While A Tale of Two Cities, shows you what life was like in those times. Stephen King shows you an alternate universe in which there was but one change, and how that one change affects how history takes its course. When the author helps your mind, explore worlds of endless possibility, or sheds light on a new way to perceive things. That is when the author has created a â€Å"True† work of literary merit. The thing about the term, â€Å"Literature†, is that it doesn’t have just one meaning. Literature is comprised of many things, but while Webster definition of â€Å"Literature† is, â€Å"the production of literary work especially as an occupation. † The â€Å"True† meaning is open to interpretation, meaning that one person’s definition of the word may be completely different than another person’s definition. This is both the great and horrid thing about the term. When scholars classify writing as literature, they often consider it a book or writing that has stood the test of time and despite its age it has surpassed many other great works through history by receiving merit from the scholars, based on their description of the word, influential. You may agree that it should be considered a piece of â€Å"Literature†, if it has done this, and you would be right, but what if it was a great piece of literary art that didn’t become a best seller? And thus was cast into the abyss to be forgotten until stumbled across one day by a mind ready to take in what the author wanted to say. Would you consider it â€Å"Literature? † Or would you just leave it in the abyss because it never became a best seller? Take Moby Dick for example, it is considered to be one of the Great American Novels and a treasure of world literature. However, it never received enough credit to title it a â€Å"Best seller. †One literary work, also helps define my idea of the word Literature, is The Hobbit by J. R. R Tolkien. The reason I consider this a piece of â€Å"Literature† is because of the amount of imagery Tolkien uses to bring his world to life in the imagination of the reader. In this excerpt from that book, he describes every thought of the characters and his use of imagery helps create the scene in the mind of the reader. â€Å"The dark came into the room from the little window that opened in the side of The Hill; the firelight flickered-it was April-and still they played on, while the shadow of Gandalf’s beard wagged against the wall. The dark filled all the room, and the fire died down, and the shadows were lost, and still they played on. And suddenly first one and then another began to sing as they played, deep-throated singing of the dwarves in the deep places of their ancient homes; and this is like a fragment of their song, if it can be like their song without their music. † (The Hobbit, Page 15) Tolkien’s powerful use of imagery in that passage painted a clear picture of what happens while the dwarves sing. However, Splatterpunk also uses powerful imagery to paint pictures. The key difference between the imagery used Splatterpunk and the imagery used in The Hobbit, is how the imagery is used. In the novel, The Cipher, which combined intensely poetic language and lavish grotesqueries, the author, uses imagery to place the pictures into the mind of the reader using powerful and descriptive words. As opposed to Tolkien, who draws upon the reader’s imagination with basic descriptions to help create a sketch in his mind. Now, many would not consider this a form of â€Å"Literature† due to the lack of personal connection between the story and the reader. However, I consider this book, and even this passage alone, to be a form of â€Å"Literature† solely because it opens my mind to a new world full of adventure and intrigue, while keeping the reader glued to the book during the time he reads. Imagery is a powerful tool for both the author and the reader, for if the author isn’t clear with his use of imagery it breaks the reader’s attention and allows him to be lost within the story, and not in a good way. Tolkien also uses diction to place an image into the readers mind, and he does this in such a way the reader begins to sing the song in his own head. Far over the misty mountains cold To dungeons deep and caverns old We must away, ere break of day, To claim our long-forgotten gold. Goblets they carved there for themselves And harps of gold; where no man delves There lay they long, and many a song Was sung unheard by men or elves. The pines were roaring on the height, The winds were moaning in the night. The fire was red, it flaming spread; The trees like torches blazed with light (The Hobbit, Page 16) Literature is important to us because it speaks to us, it is both universal and individual, and in many ways it affects us, for the better. In ways we sometimes may never understand. Ultimately, we may discover meaning in literature by looking at what the author says and how he/she says it. We may interpret the author’s message in one way, while someone else finds the message a different way. In this way we see how the definition of â€Å"Literature,† is subjective to both the readers own interpretation, and the overall meaning of the work. Because even when it is ugly, literature is beautiful. Sources Cited Tolkien, John R. R. The Hobbit. N. p. : George Allen & Unwin, 1937. 15. Web.

Customer Services

Unit 1 Assessment Assessment You should use this file to complete your Assessment. †¢ The first thing you need to do is save a copy of this document, either onto your computer or a USB drive †¢ Then work through your Assessment, remembering to save your work regularly †¢ When you’ve finished, print out a copy to keep for reference †¢ Then, go to www. vision2learn. com and send your completed Assessment to your tutor via your My Study area – make sure it is clearly marked with your name, the course title and the Unit and Assessment number.Please note that this Assessment document has 13 pages and is made up of 5 Sections. Name: Organisation: Which organisation(s) are you basing your answers to this assessment on? If you are currently working, you may wish to base it on the organisation which employs you. Can you provide a brief description of this organisation? (Please note you will not be marked on this; it is simply to provide your tutor with a brie f outline. ) Section 1 – Understand the factors that affect an organisation and the customer service role 1.Complete the table below with a description of the products and services for at least two commercial organisations, public organisations and third sector organisations. Please ensure you provide a description for each organisation, rather than a list. |Organisation type |Name of organisation |Description of products and services | |Commercial | |Their products are Italian fashion related, such as clothes, shoes | |organisation |Monaco Couture |and accessories.Friendly customer services and value for money | | |Retail |products. | | | | | |Commercial |Wilton Patisserie |Wilton is a Greek bakery that has a huge cake selection for every | |organisation | |occasion.They make fresh pastries, bread, cookies and other | | | |related savouries and sweets baked goods, you can also find | | | |sandwiches and hot or cold drinks.They are focused in providing | | | |value for money product and friendly customer services. | |Public |Police |Activity it applies at the level of national security. Their | |organisation | |activities are directly coordinated by the government.Their task | | | |is, however, not profit, but to provide the necessary services to | | | |the government and citizen | |Public |Fire brigades |Fire-fighters    are rescuers extensively trained in fire fighting, | |organisation | |primarily to extinguish hazardous fires that threaten property and | | | |civilian or natural populations and to rescue people from dangerous| | | |situations, such as collapsed or burning buildings. | | | | | |Third sector organisation |Charities |A charitable organization is a type of non-profit organization | | | |(NPO). It differs from other types of NPOs in that it centres on | | | |non-profit and philanthropic goals as well as social well-being | | | |(e. g. haritable, educational, religious, or other activities | | | |serving the public int erest or common good). | |Third sector organisation |Hospices |Hospice an institution working in palliative care within the health| | | |system. | 2. Complete the table below by describing the differences in customer service between commercial, public and third sector organisations. You should outline customer service roles in each organisation and highlight the differences in how customer service is carried out across these organisations. Organisation type |Description of customer service and | | |the differences between organisations | |Commercial | | |organisation | | | | | | | | | | | | | |Public | | |organisation | | | | | | | | | | | | | | |Third sector | | |organisation | | | | | | | | | | | | | | | | | 3. In relation to your current organisation (or one that you are familiar with), outline the part that customer service plays in this organisation and its industry as a whole. 4.Who are the major competitors to your current organisation (or one that you are familia r with)? 5. Identify at least two factors that could affect the reputation of your current organisation (or one that you are familiar with). Section 2 – Understand employee rights, responsibilities and organisational procedures 1. Use the table below to give details of employer and employee rights and responsibilities under employment law and the importance of having these (consider the importance to the organisation, employees and customers, where relevant). You should include at least two employer rights / responsibilities and at least two employee rights / responsibilities in your answer. Rights and responsibilities |Why are they important? | |1. Employer | | | | | | | | | | | |2.Employer | | | | | | | | | | | |1. Employee | | | | | | | | | | | |2.Employee | | | | | | | | | | | 2. Give details of employer and employee rights and responsibilities under the Health and Safety at Work Act. You should include at least two employer rights / responsibilities and at least two empl oyee rights / responsibilities in your answer. |Who? Rights / responsibilities under Health and Safety at Work Act | | | | |Employer | | | | | |Employer | | | | | |Employee | | | | | |Employee | | 3. In relation to your current organisation (or one that you are familiar with), describe the organisation’s procedures for health and safety and any relevant documentation that is used. If possible, provide relevant health and safety policies / documents from the organisation to support your answer. These documents should be annotated to highlight the relevant sections. 4. Outline how the Disability Discrimination Act relates to employment. 5.In addition to the information provided in the questions above, identify the other key legislation that specifically relates to your chosen organisation and its industry as a whole. 6. Describe the procedures followed by your chosen organisation in relation to equality and diversity. Your answer should include details of any monitoring that takes place and documentation used to support this monitoring. Section 3 – Understand career pathways within customer service 1. Describe at least two different types of career pathways that may be available within a customer service role. 2. Identify a range of sources where a person can find information and advice on the customer service industry, occupations and career progression. | | |Information relating to: |Source(s) | | | | |Customer service industry | | | | | |Occupation | | | | | |Career progression | | 3. In your current organisation (or one that you are familiar with), what methods of learning are available to help with career progression? 4.In your current organisation (or one that you are familiar with), what is the procedure for accessing formal learning programmes? What is the procedure if an application for access to learning is refused? If possible, provide relevant organisational procedures to support your answer. These documents should be annotated to highlight the relevant sections. 5. Explain how new customer service situations can help with self-development and career progression. Section 4 – Understand how employees are supported within the customer service role 1. Identify a range of sources where a person can find information and advice on employment rights and responsibilities.You should identify at least three sources of information in your answer. 2. Complete the table below, identifying the representative bodies related to your chosen organisation / industry. You should also include details of the main roles and responsibilities of these bodies and their relevance to the organisation / industry. |Representative body |Roles and responsibilities |Relevance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3. For a customer service role in your current organisation (or one that you are familiar with), use the table below to provide de tails of the support that is available in relation to the following issues: a) Equality b) Health and safety c) Career progression |Issue |Sources of support |Equality | | | | | | | | | | | | | | | | | | | | | | | |Health and safety | | | | | | | | | | | | | | | | | | | | | | | |Career progression | | | | | | | | | | | | | | | | | | | | | | Section 5 – Know the organisation’s policies and procedures Please answer all of the questions in this Section in relation to your current organisation (or one that you are familiar with). 1. Use the table below to describe the main principles, policies and procedures of your chosen organisation. You should also include details of documentation used to support these principles, policies and procedures. |Description |Supporting documentation | |Principles | | | | | | | | | | | | | | | | | | | | | | | | | | | |Policies | | | | | | | | | | | | | | | | | | | | | | | | | | |Procedures | | | | | | | | | | | | | | | | | | | | | | | 2. How are the organisation’s principles communicated to employees? Explain this below. 3. Outline the policies and codes of practice that are adopted by the organisation. How are employees made aware of these policies and codes of practice? 4. Explain how employees are involved with and consulted on changes to the principles, procedures and policies within the organisation. 5. Use the table below to identify issues of public concern relating to the industry and organisation, and describe how these issues are addressed / dealt with. Issues of public concern |How they are addressed / dealt with | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Once you have completed all 5 Sections of this Assessment, go to www. vision2learn. com and send your work to your tutor for marking.

Should College Athletes Get Paid?

The question of whether or not college athletes should get paid is of heated debate in todays times. While many believe that student athletes are entitled to income, It remains undougtibly a concern of moral interest to universities across the country. This paper is going to explain the pros and cons that come with allowing student athletes the right to receive a salary. Should college athletes be paid? Let’s take a quick glance at the pros and cons of each perspective. For starters, in my opinion, yes, college athletes should get paid. What deserves debate, is the conversation of how to get this done.From my experience, in America, you get paid in proportion to the value you bring to the marketplace. College sports is one, if not the only, place where this isn’t the case. it’s only a matter of time before players start getting more than â€Å"a free education. † There are plenty of cons that come with paying students to play sports. According to Title IX, a federally-mandated law, if conferences and schools decide to increase the value of student-athlete scholarships to cover living expenses, they have to do it for women’s programs as well.This means that schools would have to, for example, increase the value of womens volleyball and softball scholarships as well. Schools have to stay in-accordance with Title IX, otherwise they’re risking their federal funding. And you know they’re not trying to lose out on any money. Another argument as to why schools should not allow student athletes to get paid is the fact that small schools would be at a disadvantage. How would the smaller schools and conferences afford this? The bigger conferences make way more money than the smaller conferences through their huge tv deals.So unless the Big Ten’s, and SEC’s of the world agree to donate revenue to conferences that make afraction of what they make, (think MAC and Mountain West conferences), wouldn’t this create an even wider gap recruiting-wise between the powerhouse conferences and the smaller conferences? ask yourself; if you were to choose between playing football for a small school, and a big school that’s legally giving you $5,000 in living expenses, which would you choose? Most college athletic programs are already losing money, so how could they afford to all male and female athletic programs, to cover for the athlete’s living expenses?Another concern to paying student athletes is the question of whether to pay athletes of all sports? Let’s be real here; men’s football and basketball teams are usually the programs that make the most money for universities, so if football players and basketball players got paid, does that mean that the men’s lacrosse and baseball players would get paid too? Most schools would not have the findings to financially pay athletes of the fur major sports in the united states. Finally players are still going to take under the table money.In my opinion, increasing scholarship amounts to cover living expenses may keep some of the kids from accepting money, but it’s not going to keep them all from doing it. I don’t think kids getting an extra $5,000 or so from their Universities wouldn’t keep the agents, boosters, etc. , from offering them cash and benefits. But I must admit, it’s definitely a step that I believe would at least keep some of the kids from accepting benefits; those that only take the money because of their circumstances or lack of cash for living expenses.There are plenty of beliefs, which justify paying student athletes. Jim Tressel gets paid close to $1 million a year for trying to win as many football games as possible. His players, however, earn no salary for doing the same thing. Although college athletes do get rewarded with scholarship money, there is a debate around the country as to whether that amount is enough compensation for all the work req uired of student athletes each year. Several Ohio State coaches were recently asked if they thought college athletes should be paid a salary, and their responses varied. I believe there is a big difference between paper money and real money, and the scholarships these kids get are only paper money,† said basketball coach Jim O’Brien. â€Å"They need to have some real money to walk around with that they can live off of. † Student athletes are not allowed to work much under NCAA regulations, and those who are in favor of paying them often point to that rule as a reason college athletes need money. But that reason isn’t enough for all coaches to share O’Brien’s views toward paying student athletes.Wrestling coach Russ Hellickson answered the same question: Should student athletes be paid? He came up with a very different response. â€Å"No, but they should be able to get what, say, a Presidential Scholar gets,† he said in an e-mail. †Å"This should be an educational experience. † Presidential Scholars receive full in-state tuition, room and board, book allowances and miscellaneous expenses — a total that OSU media relations estimates to be $12,483 per year for in-state students. That is nearly $2,000 more than an in-state athlete receives, even if they are awarded a full scholarship.Most of that $2,000 falls under the category of miscellaneous expenses, something athletes do not receive money for. The extra scholarship money is to be used for â€Å"athletic tickets, book costs, bus passes; anything that students need for living,† said Amy Murray, OSU spokeswoman. Some coaches are in favor of keeping things exactly as they are, without raising scholarship levels. Softball coach Linda Kalafatis said she did not feel well versed enough in the topic to know an answer to the question for sure, but she weighed in with her opinion on whether or not college athletes should get more for what they do.So ftball coach Linda Kalafatis said she did not feel well versed enough in the topic to know an answer to the question for sure, but she weighed in with her opinion on whether or not college athletes should get more for what they do. â€Å"There are some good arguments out there for it, but I am against it,† she said. â€Å"The fact that our kids get scholarship opportunities and good exposure makes the experience good. One of the issues that may be a problem with paying college athletes is the difference in revenue that each sport brings in through television contracts and other sources.At OSU, football and basketball both bring in a large amount of money for the university every year, so some may argue that they deserve a percentage of that. But do football and basketball players deserve more than athletes who participate in non-revenue sports? Some coaches chose not to comment on the issue because it is a delicate subject. Those who did respond felt strongly towards equalit y. â€Å"If money is given, all tendered athletes should be the same,† Hellickson said. â€Å"This isn’t and shouldn’t be the pros. We have more class. Athletics Director Andy Geiger agreed, saying if a compensation plan ever went into effect, it would have to be equal for everybody. That’s the only way it works,† he said. â€Å"It would not work, for instance, if only football and basketball players were paid. † Title IX calls for scholarship equality in college athletics, so if pay ever was given to student athletes, all sports would probably receive the same amount. The plan that is the most likely to take place in the next few years is the one Geiger mentioned during his recent interview.I wouldn’t mind seeing a liberalization of the financial aid rules to allow athletic grants and aid to move closer to the cost of education,† he said. â€Å"As far as players actually getting salaries — no. † Staying away from salaries for college athletes was the consensus of all coaches who chose to comment on the issue. â€Å"I’m not in favor of salaries, but some sort of stipend would be beneficial,† O’Brien said. When asked how much of a stipend he would like to see, O’Brien said that was something he did not know the answer to yet.He said it would have to be discussed at great length before he reached a decision. Another topic that is worth considering when deciding whether or not to pay student athletes is the fact that not all university sports programs earn as much as OSU’s. Equality is the key factor in this issue as well. Should a college with high-revenue programs, like OSU, be able to pay more than smaller Division I colleges? Under Title IX, the answer has to be no. â€Å"Since athletic budgets around the country aren’t all in as good shape as ours, I don’t really know how realistic a plan this is,† Kalafatis said.O’Brien said he agreed. â€Å"When you start talking about every sport at every college across the country, that’s a lot of money. Every sport would need to receive the same amount, so right now this is not too realistic of an option. † Hellickson thinks differently about the realism of the plan. Unfortunately, it will probably be driven through in the next five years by those who believe athletics is more important than education, With the popularity of sports nowadays, leagues are making more money than ever before.The universities are raking in the dough from these humongous television contracts, and the coaches and everybody else are seeing their fair share. † he said. Everybody waits in line for their piece of the pie, yet, the ones who make the system work are the ones who don't even get to taste the crumbs that have fallen onto the table. In fact, while everyone is going up for seconds, the athletes don't even get invited to the dinner table. I think we can all agree tha t collegiate sports is no longer an amateur enterprise, and I am not going to argue that fact with you.We can save that for a different time and different day of the week. Like everything in life, paying collegiate athletes has its pros and cons, but it would certainly save the sport of college basketball if some type of payment plan was installed. College basketball is by far a smaller market than college football is. I would say that more than half of the people that fill out the March Madness brackets don't even pay attention to the season until the month of February rolls around. And there are certainly reasons for that.One is that the sport has to compete with college football and the NFL until late January, and another is that the sport is slowly but surely suffering a slow death. I can't tell you how many times I have watched the â€Å"Fab Five† documentary on ESPN. I have watched it more than Seinfeld reruns, not because of everything they did for the game or because it was a great piece to keep you occupied when you have two hours to kill, but because I am wondering when or if we will ever see a team like that again.That squad was put together during the 1991 season, and all five of those players played at least two seasons. Four of the five stayed till their junior years, while two of the Fab Five played out their entire years of eligibility in a Michigan uniform. Nowadays, teams do land several of the most talented players in the country, but they end up leaving after one season. Even if the player is still raw at the position, needs to add on weight or could use another year to tweak his game, he is still off to the next level the second he hears he is first-round material and is guaranteed an NBA contract.Having players stay for more than one year would help create greater teams, as those programs would be able to add to the current talent rather than just replacing it. When you think of the greatest teams in college basketball, you think o f teams that were likely formed before you were even born. That's because the NBA wasn't handing out ridiculously large sums of money to these athletes and making it such an easy choice to leave college. It would also help even out the recruiting process, giving some of these other teams a better shot at competing for a national championship.The players that are going to be one-and-done only want to play for the best of the best schools, so they choose Duke, Kentucky, Syracuse and North Carolina because it gives them the best chance to win a title in the one season they are on campus. Well, if players were being paid, it would certainly help create a little more of an even playing field. If that player was going to stay in school a little bit longer, why wouldn't he think about staying close to home or joining a school with a little less talent where he can become the star rather than joining a team already stacked with 5-star recruits?Wouldn't college basketball be a lot more inter esting if it had many of the same players every year rather than having to get to know an entire roster every season? You thought Kentucky was good last season? Imagine if Brandon Knight and DeAndre Liggins had decided to stay for another season and had been a part of that championship roster. There is a reason that teams such as Harvard, Wichita State and Murray State are making noise lately, and it has a lot to do with experience on the roster.

Ethical Principles And Practices In Space Exploration Assignment

Ethical Principles And Practices In Space Exploration - Assignment Example Additionally, NASA holds a favorable balance of risks and benefits that ensure the benefits far outweighs risks(Hacker, Diegel-Vacek, & Piano, 2015). Lastly, NASA adopts respect for the autonomy of the astronauts’ participation, fairness as well as fidelity to the astronauts. Nevertheless, NASA has the mandate of protecting astronauts’ health data as a matter of privacy.The above report on concerns about health standards, ethical responsibilities, and decision-making framework for NASA's space exploration has critical implications for the Advanced Practice Nurses (APN). APN primary obligations involve offering new methods of delivering cost-effective healthcare and making practitioners easily accessible by patients. The report brings out challenging aspects of healthcare that may make APN redefine the risks an astronaut experiences while in the space. Clearly, APN may be clueless of the specific risk factors and their magnitude because stakeholders know little about the space. Similarly, it affects the codes of American Nurses Association (ANA). According to provision six of ANA ethics code, nurse participates in maintaining, establishing, and improving healthcare conditions and environments of employment. It is for the delivery of quality health care that is consistent with the professional values through collective and individual action(Nursingworld.org, 2015). Therefore, ANA needs to understand the nature of space exploration employment to enable it provides proper healthcare standards for it.

A Sporting Goods Store Research Paper Example | Topics and Well Written Essays - 3250 words

A Sporting Goods Store - Research Paper Example Entrepreneur’s role 21 Business plan 21 License potential 21 Corporate partners 21 Proprietary rights 21 Infrastructure members 21 Bibliography 22 FEASIBILITY STUDY OF A SPORTING GOODS STORE Introduction Our proposed company is a sporting goods store that will manufacture a line of clothing for sports enthusiasts, carry known brands of sporting equipments, and accessories for fishing, hunting, hiking, and camping, aside from being a service center for these equipments. It is a combination of a retail, manufacturing and service business. At this point, we are still on the concept stage. Methodology/Analysis Our shirts will be customized, carrying our own brand and logo, but the designs will be done according to the theme of the sports events and idea of customers. Each design is unique as it will represent the theme of each event. As a shirt manufacturer, it will be a specialty store because we will use high materials. As a retail outlet, our store will carry known brands of hi king, fishing, and camping materials, as we plan to work for distributorship and licensed agreements with named brand owners. We will also set up a service and maintenance department that will repair sporting equipments that people bought from our store. As these items are costly, our maintenance will add value to them. Our Products will be sourced from sporting goods manufacturers and wholesalers and then sold to the general public via our retail store. Target markets are people of ages 18 and above, residents of Des Moines, and with average income of $35,000 and above. Study showed these people have the capacity to spend, and enjoy active sports life. Hiking, fishing, and camping are simple outdoor activities that people enjoy. Since our company is in the locality, it will be ready to serve their needs as a one stop shop for outdoor sports. In order to penetrate our target market, we will consider a tie up with schools, sports organizers and clubs for a city wide sports campaign l ike a city hiking day, hunting and fishing competition once every 6 months. We will also encourage sponsorship and media coverage. Our start-up costs and capital needed is estimated at $250,000. Start - capital will be provided by four partners at $25,000 each and the balance of $150,000 will be borrowed from the bank. Bulk of this fund will be used for capital expenditures, inventory, and maintenance and operating expenses for the first months of operations. It is expected that sales in the following months will provide the needed cash flows for operations. Our financing will be both debt and equity. Conclusion We plan to pursue this business since based on our projection; it is not a losing proposition. The first months of operations will be difficult for the start-up of our business, but we will keep our expenditures to a minimum so that our cash flows will not suffer and we do not have to borrow some more. Initially, sports organizations in the area that we have approached are e xcited with the idea and many of our friends have encouraged us to continue with the proposal.

Malware Forensic Computing Assignment Example | Topics and Well Written Essays - 2500 words

Malware Forensic Computing - Assignment Example Computer forensics or cyber forensics is a very imperative topic in information systems and networks management. Forensics is the structured procedure of gathering, examining and showing facts and evidences to the court of law, and thus, forensic computing is defined as â€Å"the discipline that combines elements of law and computer science to collect and analyze data from computer systems, networks, wireless communications, and storage devices in a way that is admissible as evidence in a court of law† (US-CERT 2008). This involves the seeking, locating and securing the electronic data so as to provide evidence. This electronic or magnetically encoded data may include text messages, databases, pictures, e-mail, websites, spyware, malware, and so on. The evidence collected is strong and indisputable as compared to any other branch of forensic science because a copy that is made of the collected data is identical to the actual data and there is no room left for dispute. The whol e concept revolves around the idea that a structured investigation is carried out to find out what exactly happened to the computer, when it happened, how it happened, and who did it. This is just like solving a murder case and performing postmortem. The operator does not know that the evidence information is transparently being created and stored by the computer’s operating system which can only be extracted through computer forensics software tools and techniques. ... The crimes include misuse of computer systems, attack on computer systems, using a computer system to work against another system, failure of a computer system, and the list continues. Computer forensics security solutions focus not only on recovery but also on prevention of security threats in order to provide securer solutions that are quicker and cheaper than the conventional techniques. These solutions include intrusion detection system (IDS), internet security system, biometric security system, net privacy system, firewall set-ups, network disaster security system, identity theft prevention system, identity management security system, and so on (Vacca 2005: 146). 2.2. Malware Forensics Malware is the malicious code that computer intruders use to do a cyber attack, and malware forensics is the forensic computing techniques used by the investigators to detect and analyze this malicious code or malware (Ligh et al. 2010). Since cyber attackers are becoming increasingly aware if com puter forensics techniques, they are designing much more sophisticated malicious codes that are at times hard to detect and analyze. Casey, Malin and Aquilina (2008) state that â€Å"By employing techniques that thwart reverse engineering, encode and conceal network traffic, and minimize the traces left on file system, malicious code developers are making both discovery and forensic analysis both difficult.† 2.2.1. Types of Malware The most common instances of malware are the viruses, worms, Trojan horses, scareware, and exploits. Viruses get installed in the computer files through email scams, websites, downloads, etc. Worms work the same way as viruses. Scareware is a malware that

Future of Strategic Management Accounting Coursework - 1

Future of Strategic Management Accounting - Coursework Example In order to come to the discussion whether management accounting’s future lies in strategic management, it is necessary to start from the base of it. Management accounting has its features in contrast to financial accounting and it would be wrong to compare the two. Management accounting is designed to be used by managers and not by other stakeholders of an organisation. Unlike financial accounting, management accounting is confidential to an organisation and is not reported as public information. And above all the most important distinction between the two is the technique used. The computing techniques are on the basis of the needs of the organization and it hardly follows the general accounting standards. In recent times there has been a shift in the practice of management accounting as it extends its scope towards certain other areas like the strategic management, performance management and risk management. The discussion in this research paper will be confined to the role of strategic management in management accounting. The purpose of strategic management is to play an advancing role to the concept of traditional management accounting. But there have been some criticisms also regarding changes in the implementation of management accounting. The main aim of the research paper is to critically evaluate the controversies and arrive at a distinct conclusion regarding the best practice. Management accounting systems in the past years, before the innovations in information technology, have seen many problems in its applications in organisations.  

W6 D Assignment Example | Topics and Well Written Essays - 750 words

W6 D - Assignment Example (â€Å"UN, United Nations†, n.d.) The UDHR also, incidentally, is a part of the International Bill of Human Rights, which encompasses several other instruments that work simultaneously in upholding the fundamental rights of individuals regardless of their legal status. Within the ambit of a globalising world, there have been several instances when nation-states, whether collectively or individually, whether by agreement or otherwise, have stepped in to resolve issues of rampant human rights abuses in tyrannical dictatorships and in instances of racial genocides. Recent examples include the NATO intervening in Libya in 2011to stop its long-time dictator Muammar Gaddafi from committing such atrocities; the stepping in of the United Nations’ Peace Keeping Forces in Congo, Kosovo, Liberia and Sudan. These are just a few examples when the concept of â€Å"humanitarian intervention† as enshrined in the UN Charter as an exception to general non-intervention gained publi c light and scrutiny. What this means is that, as a general rule, nation-states are prohibited from interfering in the domestic affairs of other states, except when such an intervention is on humanitarian grounds and is justified by its objective of putting a stop to instances of rampant human rights violations occurring in the state. The evolution of this widely agreed, albeit contentious, law can be said to have been triggered by the Nazi pogroms against the Jews. The collective conscience of the world was shocked as the realization dawned on them that while an attempt was made at exterminating a whole race of people, other people of the world chose to look the other way. That should not be allowed to pass ever again. After it has been established with reasonable agreement amongst jurists that an individual is a subject of international law, as opposed to the object of it, the hierarchical position of importance given to its subjects faced a dynamic change. At this juncture, uphol ding the rights of individual attention received a great fillip at the international level, even at the expense of the rights of a nation-state. This can be said to be a gift of the French and American Revolutions and general enlightenment in the body of laws as to the status of individuals. While, on the one hand, slavery, discrimination and other forms of subjugating people were outlawed, states began to be tasked with a greater burden of international accountability with respect to any violations thereof (â€Å"UN Criticized for Using Private Security Firms†, n.d.). Whether or not an intervention is legitimate and in the interest of upholding international justice remains a question with tenuous answers. There is a wide array of justifications provided by intervening states and even more so by states that have been accused of carrying on these violations. There are different questions: whether such an intervention has been sanctioned by the Security Council or the General Assembly of the UN, whether such an intervention was indeed necessitated by the scale of such violations, whether a proportionate amount of force was used, and whether there exist any ulterior motives or vested interests lying at the

Business Writing Essay Example | Topics and Well Written Essays - 250 words

Business Writing - Essay Example This minimizes disputes, since unrecorded conversations can be distorted or forgotten, and can easily be retrieved when categorized and stored properly. Although a memo is an informal letter, it should still indicate relevant information so that receiving parties can act accordingly. Such information includes the addressees of the memo, date, name of the sender and most importantly, the subject of the matter. A memo can be distributed internally or posted in the company's bulletin board. On the other hand, a business letter is very formal because more likely than not, it is intended for external parties. As such, the format of a letter differs greatly from that of a memo. A business letter includes the recipient's name and address, date, salutation, subject, body of the letter, complimentary close and signature of the sender. Sometimes, an enclosure is included if required. In addition, a business letter must be printed using the company's letterhead. The writing method used in a business letter should be formal, polite and serious to indicate the level of professionalism. The content of a business letter should also be clear and concise. A business letter is usually sent by post or courier.

The development of new reproductive technologies Essay Example for Free

The development of new reproductive technologies Essay Explain some of the religious and moral issues relevant to the development of new reproductive technologies. [35] The development of new reproductive technologies have revolutionised the way society views infertility. However, many object to methods such as IVF, cloning, ICSI and PGD for moral and religious reasons. In examining these issues, a good place to start is IVF. IVF – in vitro fertilisation – is one of the most commonly used reproductive technologies. This method bypasses the need for intercourse to conceive; embryos are instead created in a lab and implanted into a mother. It can either use gametes from two parents, or in the case of a homosexual couple some of the material will be donated. From a human-rights perspective everyone has the right to a family life, which some interpret to mean a right to IVF. However, even from a purely secular point of view there are moral problems with IVF. For example, the new ICSI method bypasses many of the bodys natural defences for weeding out unfit sperm and therefore the child is at a higher risk of genetic abnormalities. Additionally, some feminists view reproductive technology with suspicion. Feminists refer to a `pro-natalist ideology prevalent in Western society, whereby women are encouraged to believe that their fulfilment and happiness depends upon their being able to bear children. They fear women may be coerced into IVF. The main issue that Christians would have with IVF is that many embryos are created and then destroyed. More embryos are produced in order to increase the chances of successful implantation, but in the UK you cannot use more than two embryos per IVF cycle. This creates spare embryos that are discarded, experimented upon or frozen for later use. The majority of Christians believe that life and personhood are intertwined, and both begin at conception. Christians believe in the sanctity of life, meaning that all human life is created in God’s image and has intrinsic worth. The most important verse they turn to is part of the Decalogue: â€Å"do not kill.† Moreover, Psalm 139 says, â€Å"you knit me together in my mother’s womb.† Therefore the discarding of spare embryos is murder of an innocent life. As with any issue, denominational opinions differ. The Roman Catholic Church defends traditional family structures and view IVF as unnatural. They published a document in 1987called Respect for Human Life in its Origin and the Dignity of Procreation. This emphasised the principles concerning the sanctity of life laid down much earlier in the Papal Encyclical, Humanae Vitae of 1968. In summary it claimed that children were a gift from God and not a commodity, and the proper place for children is within marriage. The church has expressed fears that IVF trivialises intercourse. Protestant churches tend to take a more lenient view. For example, the Free Presbyterian Church accepts IVF provided that the couple are married, spare embryos are not created and no donors are used. Both the Methodist Church and the Church of England are quite positive about all forms of IVF and even permit research on spare embryos up to 14 days old because it can be of great help to doctors researching genetic diseases, although embryos should not be created solely for this purpose. Other more drastic forms of reproductive technology pose a bigger problem for the churches. The successful cloning of Dolly the Sheep opened up a debate on the potential of human cloning and saviour siblings. Reproductive cloning would devalue individuality and result in negative psychological effects in the cloned person. Cloned animals tend to have a shorter lifespan and there is a genuine fear that a sub-class of humans could be produced in order for their organs to be harvested. This commodification of life sounds like science fiction, but according to Paul Ramsey it is a real threat. Cloning also removes the need for a male. In the case of Dolly, she had three ‘mothers’: one provided the egg, another the DNA and a third carried the cloned embryo to term. The embryo was given an electric shock in order to begin the division process. For Christians this disrupts God’s design for reproduction and parenthood. The only form of cloning that some churches would permit is therapeutic cloning, when a person’s stem cells can be used to produce organs that are an exact match. Mary Seller, a member of the Church of Englands Board of Social Responsibility, states, Cloning, like all science, must be used responsibly. Cloning humans is not desirable.† Furthermore, another key form of reproductive technology is PGD pre-implantation genetic diagnosis. This process can eliminate genetic diseases by selection (negative therapy) and can also alter the genes to ‘improve’ an embryo (positive therapy). It can be used to prevent suffering for both the child and parents. Moral objects are raised because, just like IVF, negative therapy involves fertilising several embryos with the intent of destroying those with the disease. This is dehumanising to disabled people, because it suggests that society would be better off without them. Positive therapy takes it to another level, and could result in a class of humans that are genetically modified for maximum health, intelligence and appearance. This destroys individualism and Christians refer to it as, â€Å"playing God.† According to the Free Presbyterian Church, â€Å"remember that each time cells are harvested for the treatment of someone who is sick, a new and sacred lif e is callously ended.† Moving on, reproductive technology can be evaluated according to traditional ethical principles. Starting with Utilitarianism, Patrick Steptoe is quoted as stating that It is a fact that there is a biological desire to reproduce.† If this is the case, then the maximum amount of happiness for the greatest amount of people will be achieved if they are able to reproduce, even if they need IVF or other interventions. Since successful IVF treatment will bring an enormous amount of happiness utilitarians are in agreement with such treatments. In the case of an infertile couple the utilitarian will look at the options available and strive towards to goal of conception. Likewise, if PGD and cloning can help alleviate human suffering it will be supported by utilitarians. Situation ethics bases the morality of an action on the circumstances that surround it. The only underlying principle is that we should always choose the most loving course of action, and there is no absolute morality. Whether an infertile couple should have access to IVF is based entirely on their individual situation. Natural law, on the other hand, is not so accepting. It is similar to the view the Roman Catholic Church takes. IVF and other technologies are unnatural and therefore immoral. Some criticise this theory because they claim that it is no more unnatural then the countless other forms of human intervention such as when we have an operation. Ultimately, reproductive technology causes us to rethink our views on family, marriage, sex and what makes a mother. Regardless of their views, Christians should be compassionate towards those suffering from the effects of infertility. You cannot understand their situation unless you have experienced it personally.

Effect of Buprenorphine on Postoperative Pain Levels

Effect of Buprenorphine on Postoperative Pain Levels Katelyn Shultz Nurse Anesthesia ABSTRACT In recent years, buprenorphine has become an increasingly popular choice for managing opioid dependence; however, buprenorphine’s unique mechanism of action can make treating acute pain more complicated. In opioid-dependent patients managed with buprenorphine, would continuing buprenorphine therapy during the perioperative period affect postoperative pain levels? The research method for this study is a formal literature review. I predict that continuing buprenorphine throughout the perioperative period will improve postoperative pain levels in opioid-dependent patients maintained on buprenorphine. INTRODUCTION In recent years, buprenorphine has become an increasingly popular choice in the treatment of opioid dependence. Even though it is a partial mu agonist, buprenorphine is known to have high mu-receptor affinity. When buprenorphine is continued throughout the perioperative period, this property may reduce the effectiveness of other full mu agonist opioids. As a result, this pharmacological trait introduces an obstacle for successful treatment of acute surgical pain in the patient taking chronic buprenorphine. The clinician must choose the best option for this patient, to continue or discontinue buprenorphine therapy during the perioperative period. BACKGROUND AND SIGNIFICANCE It is imperative to establish evidence-based practice guidelines regarding the best method of acute pain management for patients taking chronic buprenorphine. As buprenorphine use increases, healthcare providers will encounter opioid-dependent patients taking chronic buprenorphine with higher frequency in the surgical setting.1 Although the positive outcomes of buprenorphine use are comprehensively researched and well documented, the evidence regarding the perioperative continuation or suspension of buprenorphine is limited and inconsistent. As a result, prescribers may avoid buprenorphine altogether, ultimately preventing more patients from receiving a potentially superior treatment. Perioperative is defined as the phase immediately prior, during, and immediately after a surgical procedure. Postoperative period is defined as the phase after a surgical procedure is performed. Buprenorphine maintenance therapy (BMT) is defined as a sustained dose of buprenorphine taken by an opioid-dependent patient for an indefinite period of time. Methadone maintenance therapy (BMT) is defined as a sustained dose of methadone taken by an opioid-dependent patient for an indefinite period of time. Full mu opioid agonists activate mu receptors until a maximum effect is reached or the receptor is fully activated. Methadone, morphine, and oxycodone are examples of full mu agonists. Partial mu opioid agonists bind to receptors and partially activate them, but not to the same degree as do full agonists. Partial mu agonists can also displace full mu agonists from receptors. Buprenorphine is a partial mu agonist. Patient-controlled analgesia (PCA) is any method of allowing a person in pai n to administer their own pain relief. METHODS The research method for this study was a formal literature review. The purpose of this study was to answer the question, in opioid-dependent patients managed with buprenorphine, would continuing buprenorphine therapy during the perioperative period affect postoperative pain levels? I searched the database SuperSearch. The key terms for this search were (pain management OR treatment), buprenorphine, and (perioperative OR intraoperative OR postoperative) using the Boolean operator AND. I limited results to peer-reviewed academic journal articles published in English from 2004-2014. Initial results were refined using the inclusion criteria of patients maintained on buprenorphine therapy prior to surgery and perioperative pain management, and the exclusion criteria of animal studies and buprenorphine administration techniques: epidural, intrathecal, perineural, subcutaneous, and transdermal. REVIEW OF THE LITERATURE The purpose of these studies is to examine perioperative acute pain management in opioid-tolerant patients taking BMT. The type of studies include a retrospective cohort study, literature reviews, and case reports examining a population of people taking chronic buprenorphine. Buprenorphine may be a more preferable method than methadone for chronic opioid replacement therapy. The use of buprenorphine has been associated with improvement in education, social life, and toxicological conditions when compared to methadone.1 Buprenorphine is also perceived to have less adverse effects and social stigma than methadone.2 In addition, buprenorphine’s full opioid agonist effects are lower compared to methadone, improving its safety profile.3 Buprenorphine may also induce less hyperalgesia than full agonists, although this has yet to be confirmed.2 In support of this statement, however, Koppert et al4 found that the antihyperalgesic effects of buprenorphine were stronger and of longer duration as compared with the pure mu receptor agonist studied in the same model. Though some researchers recommend a transition from buprenorphine to a full mu agonist preoperatively, an interruption in BMT is not ideal. A drug holiday or transition to other chronic opioids, such as methadone, prior to surgery may lead to simplified sedation techniques; however, it is time consuming and unnecessary, and alternatives should be considered.1 It is best that patients with opioid dependence be in some early withdrawal before initiating treatment with buprenorphine.5 As a result, when a patient transitioned to methadone prior to surgery returns to their previous dose of buprenorphine postoperatively, withdrawal may occur.1 Additionally, for patients switched from BMT to MMT preoperatively, methadone must be ceased for at least 36 hours and the patient should experience mild withdrawal symptoms before buprenorphine is restarted.6 In contrast to these recommendations, the retention of buprenorphine was found to be better in heroin addicts with less morbidity if buprenorp hine was not rapidly withdrawn, but continued for up to 350 days.5 When chronic buprenorphine doses were continued throughout perioperative period, patients were able to achieve good pain control with additional opioids and/or additional buprenorphine doses. In a small series of 5 patients, adequate pain control was achieved when other full mu agonist opioids were given as needed in addition to the patient’s usual daily dose of buprenorphine.7 In another study,8 the patient achieved adequate pain control on postoperative day 1 and 2 with a total daily buprenorphine dose of 72 mg, and was able to successfully and comfortable taper to her baseline dose of 24 mg/d by day 11. Furthermore, Jones et al9 reported the buprenorphine-managed patient scored 0 out of 10 on all 6 post morphine-PCA pain assessments, and 0 to 5 out of 10 on all post discharge pain assessments while taking buprenorphine and oxycodone/acetaminophen. Only 1 study10 reported severe postoperative pain control with the continuation of buprenorphine during the perioperative period. The study10 highlighted a case report for one patient with Type I Chiari malformation receiving buprenorphine for chronic pain who underwent two identical surgical procedures. For the first procedure, the patient’s usual dose of buprenorphine was continued throughout the perioperative period, and a full mu agonist was used for postoperative pain.10 The patient reported severe postoperative pain after this procedure.10 This information is limited, however, by self-report. No documentation was obtained from the outside hospital where the first procedure was performed.10 The author is a representative for the hospital where the second procedure was performed.10 For the second procedure, the patient’s buprenorphine was discontinued 5 days prior to surgery, and the patient was transitioned to a full opioid agonsist.10 Again, the patient’s p ostoperative pain was managed with a full opioid receptor agonist.10 Though the patient reported acceptable pain control on postoperative day 1, the patient’s pain was reported at 7 to 8/10 immediately after surgery.10 Although some researchers suggest that buprenorphine decreases full mu agonist opioid’s effectiveness, many found the addition of full mu agonists in the perioperative setting to be beneficial for buprenorphine-maintained patients. Buprenorphine’s long half-life, high opioid receptor affinity, partial agonist activity, and slow dissociation from the mu receptor may reduce analgesic effectiveness of full mu opioid agonists; however, the data does not support the commonly held belief that high dose BMT will interfere with the activity of full mu agonist opioids given for the relief of postoperative pain.6 Morphine has been shown to be an effective breakthrough medication to control postoperative pain in buprenorphine-maintained patients.11 In a retrospective cohort study, Macintyre et al6 confirmed BMT patients who were not given buprenorphine the day after surgery had significantly higher (P=.02) PCA morphine equivalent requirements in the first 24 hours after surgery co mpared with those who were given their usual dose of buprenorphine. In another uncontrolled comparison of BMT and MMT groups, researchers12 found that the first 24 hour postoperative PCA opioid requirements were lower for BMT and MMT groups when maintenance drugs were continued compared with BMT and MMT groups whose maintenance drugs had been ceased perioperatively. Despite the fact that one report6 showed a reduction in whole brain mu receptor availability with high doses of buprenorphine, several studies demonstrated that there is no ceiling effect for the analgesic properties of buprenorphine, only for an opioid’s euphoric effects and respiratory depression. It has been shown that buprenorphine attenuates the effects of additional opioid agonists rather than exert an absolute ceiling effect, and this minimizes euphoric properties of concurrently administered opioids and discourages the likelihood of ongoing opioid abuse.2 Macintyre et al6 also revealed that PCA opioid requirements were lower when BMT was continued after surgery, implying that buprenorphine may still have analgesic effects. Walsh et al13 documented no ceiling effect for analgesia in patients that received sublingual buprenorphine up to 32 mg. As there are no additional opioid effects with escalating doses, this property limits abuse potential and minimizes respiratory d epression with high doses.2 In a study of 20 volunteers, Dahan et al14 confirmed buprenorphine’s ceiling effect on respiratory depression, but not on its analgesic effects. As buprenorphine demonstrates a ceiling effect for respiratory depression, it is safe for outpatient use in high doses; however, when used in conjunction with sedatives, a synergistic effect in respiratory depression may occur. One case report8 verified that a high daily dose of buprenorphine (72 mg) was safely used as an outpatient dose, though no other respiratory depressants were used. Combining benzodiazepines with buprenorphine can exert a synergistic effect on the central nervous system resulting in sedation and respiratory depression.11 Deaths from buprenorphine have been reported, but it has been suggested that these deaths predominantly occurred as a result of prolonged respiratory depression when administered with sedatives, particularly benzodiazepines.2 There is no consensus on recommendations regarding acute pain management for buprenorphine-maintained patients presenting to the perioperative setting and more research is needed. Some articles2,5,11 recommend the cessation of buprenorphine preoperatively and conversion to a full opioid agonist throughout the perioperative period. Conversely, others1,2,5,8 demonstrate successful pain management in the acute pain setting with divided daily and/or additional doses of buprenorphine. The majority of researchers,2,3,5,9,11,15 however, support the continuation of usual buprenorphine maintenance therapy with the addition of full mu agonist opioid analgesics for effective perioperative pain control. There are no recommendations based on high level evidence,15 and data is sparse regarding the best method of treatment for pain in the opioid-dependent population.5 Regardless of point of view, most studies agree that additional research regarding acute pain management for patients taking chronic buprenorphine is urgently needed.5,10,11 DISCUSSION It is clear that buprenorphine is a better alternative than methadone for the treatment of opioid dependence. Associated with less respiratory depression and a lower abuse profile, buprenorphine is a safer medication than methadone and can be used without difficulty in outpatient therapy. With a long half-life and slow dissociation time, buprenorphine can also be dosed less frequently. Buprenorphine has also been known to cause less side effects than methadone. All of these features can increase adherence to opioid replacement therapy by allowing the opioid-dependent patient a less restrictive lifestyle. There is a great deal of uncertainty regarding the best method for treating acute surgical pain in patients taking chronic buprenorphine. There are multiple recommendations regarding perioperative pain management and BMT; however, most methods are developed from the results of uncontrolled studies with very small sampling sizes. Consequently, few are able to establish actual significance in their findings. Without concrete evidence, concise standard recommendations are difficult to establish. CONCLUSION Based on the literature, the continuation of BMT during the perioperative period with the addition of short acting full mu opioids and/or additional buprenorphine doses is the best approach to treating acute surgical pain. For future research, more controlled studies with larger sample sizes are needed in order to confirm the best method of acute pain management in the surgical setting for patient’s taking chronic buprenorphine. References Wasson M, Beirne O. Buprenorphine therapy: an increasing challenge in oral and maxillofacial surgery. Oral Surg Oral Med Oral Pathol Oral Radiol. 2013;(2):142. Available from: Academic OneFile, Ipswich, MA. Accessed June 3, 2014. Roberts D, Meyer-Witting M. High-dose buprenorphine: perioperative precautions and management strategies. Anaesth Intensive Care. February 2005;33(1):17-25. Available from: MEDLINE, Ipswich, MA. Accessed June 10, 2014. Bryson E, Lipson S, Gevirtz C. Anesthesia for Patients on Buprenorphine. Anesthesiol Clin. January 1, 2010;28(Perioperative Pharmacotherapy):611-617. Available from: ScienceDirect, Ipswich, MA. Accessed June 3, 2014. Koppert W, Ihmsen H, Korber N, et al. Different profiles of buprenorphineinduced analgesia and antihyperalgesia in a human pain model. Pain 2005;118(1–2):15–22. Cited by: Vadivelu N, Anwar M. Buprenorphine in Postoperative Pain Management. Anesthesiol Clin. January 1, 2010;28(Perioperative Pharmacotherapy):601-609. Available from: ScienceDirect, Ipswich, MA. Accessed June 3, 2014. Vadivelu N, Mitra S, Kaye A, Urman R. Perioperative analgesia and challenges in the drug-addicted and drug-dependent patient. Best Pract Res Clin Anaesthesiol. March 2014;28(1):91. Available from: Supplemental Index, Ipswich, MA. Accessed June 10, 2014. Macintyre P, Russell R, Usher K, Gaughwin M, Huxtable C. Pain relief and opioid requirements in the first 24 hours after surgery in patients taking buprenorphine and methadone opioid substitution therapy. Anaesth Intensive Care. March 2013;41(2):222-230. Available from: Academic Search Premier, Ipswich, MA. Accessed June 3, 2014. Kornfield H, Manfredi L. Effectiveness of full agonist opioids in patients stabilized on buprenorphine undergoing major surgery: a case series. Am J Ther 2010;17:523-528. Cited by: Huxtable C, Roberts L, Somogyi A, Macintyre P. Acute pain management in opioid-tolerant patients: a growing challenge. Anaesth Intensive Care. September 2011;39(5):804-823. Available from: Academic Search Premier, Ipswich, MA. Accessed June 3, 2014. Book S, Myrick H, Malcolm R, Strain E. Buprenorphine for postoperative pain following general surgery in a buprenorphine-maintained patient. Am J Psychiatry. June 2007;164(6)Available from: PsycINFO, Ipswich, MA. Accessed June 3, 2014. Jones H, Johnson R, Milio L. Post-cesarean pain management of patients maintained on methadone or buprenorphine. Am J Addict. May 2006;15(3):258-259. Available from: MEDLINE, Ipswich, MA. Accessed June 3, 2014. Chern S, Isserman R, Chen L, Ashburn M, Liu R. Perioperative Pain Management for Patients on Chronic Buprenorphine: A Case Report. J Anesth Clin Res. October 2012;3(10):1. Available from: Supplemental Index, Ipswich, MA. Accessed June 3, 2014. Vadivelu N, Anwar M. Buprenorphine in Postoperative Pain Management. Anesthesiol Clin. January 1, 2010;28(Perioperative Pharmacotherapy):601-609. Available from: ScienceDirect, Ipswich, MA. Accessed June 3, 2014. Russell R, Usher K, Macintyre PE. A comparison of postoperative opioid requirements and effectiveness in methadone- and buprenorphine-maintained patients. Anaesth Intensive Care. 2011;39:726-727. Cited by: Huxtable C, Roberts L, Somogyi A, Macintyre P. Acute pain management in opioid-tolerant patients: a growing challenge. Anaesth Intensive Care. September 2011;39(5):804-823. Available from: Academic Search Premier, Ipswich, MA. Accessed June 3, 2014. Walsh SL, Preston KL, Stitzer ML, et al. Clinical pharmacology of buprenorphine: ceiling effects at high doses. Clin Pharmacol Ther. 1994;55(5):569–80. Cited by: Vadivelu N, Anwar M. Buprenorphine in Postoperative Pain Management. Anesthesiol Clin. January 1, 2010;28(Perioperative Pharmacotherapy):601-609. Available from: ScienceDirect, Ipswich, MA. Accessed June 3, 2014. Dahan A, Yassen A, Romberg R, et al. Buprenorphine induces ceiling in respiratory depression but not in analgesia. Br J Anaesth. 2006;96(5):627–32. Cited by: Vadivelu N, Anwar M. Buprenorphine in Postoperative Pain Management. Anesthesiol Clin. January 1, 2010;28(Perioperative Pharmacotherapy):601-609. Available from: ScienceDirect, Ipswich, MA. Accessed June 3, 2014. Huxtable C, Roberts L, Somogyi A, Macintyre P. Acute pain management in opioid-tolerant patients: a growing challenge. Anaesth Intensive Care. September 2011;39(5):804-823. Available from: Academic Search Premier, Ipswich, MA. Accessed June 3, 2014. 1

Right to Free Movement in the European Market

Right to Free Movement in the European Market The philosophy The right to move freely represents one of the fundemental freedoms of the European internal market. This general rule on free movement rights under EC law continues to be developed,[1] either due to member state progression or economic and social demands. Although one of the most panoramic in it’s ideals, the free movement of workers has seen several central legal issues arise on various occassions. But exploration of these central issues must be seen through a consideration of the tensions and interplay between both economic and social aspects of the free movement of people from both inside and outside of the European Union. The free movement of a citizen of the European Unon is seen to contribute to the economic progression of the Community as a whole. In the single market the worker is also a human being exercising their right to live in another state and to take up employment without the risk of discrimination and to improve the standards of living for themsleves, and possibly, their families. But for nationals of a third party cases such as Chen (2004), Baumbast (2002) and Carpenter (2002) have meant that as the spouse or realtive of an EU citizen their entry into the Community is a secure one. Further, gaining the same rights of an EU citizen under Regulation 1612/68 EEC. But this idea of border controls and unfettered freedom of movement within the Community is closely interlinked with the posiiton of the non-EC national, whose right to movement and residence under EC law is limited,[2] as well as the contribtuing effect that the members states’ attitude has upon their admission.[3] â€Å"Fortress Europe† Although EC legislation had intended that internal barriers to the four freedoms be eliminated and that only an external barrier (at the borders of the Community) remain, academics have argued that this may not always be so:[4] â€Å"[how] these proposals have been watered down through discussion in member states, in particular in relation to employment, which is an important requisite for the integration of migrants.†[5] Whilst the freedom of the EC worker is guaranteed through Treaty rules and secondary legislation, this does not mean that member states may no longer exercise control over population movements, into and within their territories.[6] But some ECJ case law on Directive 68/360 expressly recognised that member states may have legitimate reasons for wishing to keep account of the population within their terrrtories.[7] The European Union, by using border controls to it’s extremities, has managed ot create a border-free, intra-EU site creating what has been dubbed as â€Å"Communierisation† of its geographical position. Although the EU has been successful in its pursuit of removing internal barriers to the four freedoms, it’s imposition of external barriers (namely, the â€Å"fortress Europe† tendany) are imposing upon those nationals of third parties from stepping into Europe unless they are related to a citizen of the EU who excerts their right to free movement. The EU has long been attacked as an exclusionary organisation concerned solely with the citizens of its own member states at the cost of non-EU citizens residing in the EU, even though many of the latter form part of ethnic or religious minorities and suffer social exclusion.[8] So, it seems that the principles governing the borders of the Community are failing those third party nationals.[9] The â€Å"Outsiders† A vivid example of how â€Å"fortress Europe† had imposed this restriction can be noted prior to the accession in 2004 of many, now, Central and Eastern European countries. Lavenex[10] argues that prior to, and with suggestions of accession for Central and Eastern European countries the, then, current members of Europe had feared large-scale immigration from these countries into their own territories. The EU’s already heavily regiinented rules of external border barriers on trade and migration from â€Å"outsiders† (those countries not members of the EU) where to form part of the accession policies. Meaning that the acceeding Central and Eastern European countries encountered stringent preventative stances to their entrance into the EU on beahlf of the Community. But during a time when security at an intergovernmemtal level is already on red alert due to heightened tensions caused by the threat of terrorism,[11] it appears that migration has become a security rather than economic issue. So risking mmigrants and asylum-seekers being portrayed as a challenge to the protection of national identity and welfare provisions. Moreover, supporting the political construction of migration as a security rather than economic issue.[12] Getting in or staying out? The treatment of third country nationals (besides those who have derived rights through Community family members) can be understood through external and internal dimensions. The external element, namely the issue of â€Å"getting into the EU† focuses on the member staes and the institutions emphasis of immigration and border controls. Yet, according to the case of Wijsenbeck[13], the member states are still able to perfomr checks at their own borders, be them external or not. But this policing of movement draws attention to the vulnerablity of the third country national.[14] But progression has been felt. Through Artcles such as K.1 to K.9 of the TEU governing policies such as asylum, immigration and third country nationals which have now been intergrated into the EC Treaty (as Title IV) , as well as Regulations have now inacted the uniform format for visas.[15] Regulations also cover the listings of third countries whose nationals must be on possession of visas when crossing external borders.[16] Importanly, the area of immigartion and the member states’ stance on the matter of border control is liable to change in accordance with their political climate. The emphasis post-September 11th has fallen squarely on matters of security.[17] Various member states have also expressed concern at the numbers of third country nationals seeking asylum in their territory, so reinforcing their diffculties in gaining access into the EU. The internal dimension of the matter is one which concentrates on the rights of third country nationals already residing within the Community. As there is no stringent source as to their status upon this; such limiteed rights are based on various possible provisions. This can include their capacity as a family member of an EU citizen (as aforementioned) or as employees of EC service providers or as subject to one of the Community’s Assocaition, Co-operation or other International Agreements with third countries.[18] Even though their residence in the EU may be legitimate the general range of EC rights and freedoms, however, do not apply to them. With speculation increasing as to the possible imposition of ID cards within the UK has also been backed by the controversial possible introduction of the staus of European citizenship. This citizenship, which would be conditional upon the possession of member state nationality, may only serve to emphasise the differences in treatment between EU nationals, who possess such nationality, and those who do not. But from an economic standpoint, countries potentially out of the line of terrorist fire have welcomed the idea of third country nationals, especially those intending to work, as being a potential boost to their economy. Yet the richer member states argue that the heightened security risks and â€Å"flood gate† effects that recent accession has had is already having an adverse effect on their economies. Concluding Staying stationaery or moving through the times? But Peers[19] argues that change may soon be on the horizon with the implementation of Directive 2003/109 on the status of long-term resident third-country nationals within the European Union. This Directive was an opportunity to address the long-standing criticism that the EU gives insufficient protection to its resident third country nationals. Already being reported as limited and disappointing in a number of respects. Yet, if consequential jurisprudence reflects its interpretation as being in line with the context and objectives of the Directive, it could make a positive contribution to the status of third country nationals in the EU. This especially as in regards to movement between member states.[20] By common accord, the unity the EU claims for itselff when constituting itself as an â€Å"area of freedomn, secrutiy and justice† has become troublesome. Critics are quick to point out that the area in which freedom, security and justice are to reign is a â€Å"spurious geographical unity†.[21] Yet, even if it were to be accepted that Europe is a geographical union, the fact remains that the EU has agreements with countries outside of this territory (such as the 1963 Ankara Agreement with Turkey), meaning that EU extends its reach outside of this area.[22] One of the main arguments behind the impact Europe is having by â€Å"sealing off† its border lies closer to home. Given that accession into the Community is based upon adaptation of national policies, be them economic, political or social, to those already established within the EU, many countries faced closing their borders to the outside for upholding the principles of preventing illegal immigration. But, in contrast to this member states are also expected to uphold the humanitarian standards of refugee protection[23] and the principles of the European Human Rights Act. With the EU being a figure-head in the creation and implementation of human rights agendas, this contradiction will only serve to weaken the EU’s leading political status. Where member states face penalties for failing to uphold either of these policies, many are at a loss as to which one prevails. These conflicting ideals have obviously affected the manner in which those member states with borders to the â€Å"outside† have integrated the principles into their immigration and refugee procedures. Further to Lavenex’s idea of fear of mass migration by the West, Huysmans alleged that the question of migration from countries external to the EU is a security problem rather than just one of immigration and asylum. As Huysmans states: â€Å"Since the 1980s, the political construction of migration increasingly referred to the destabilizing effects of migration on domestic integration and to the dangers for public order it implied.†[24] Huysmans also alleged that due to such developments as the Schengen Agreements and the Dublin Convention â€Å"†¦visibly indicate that the European integration process is implicated in the development of a restrictive migration policy and the social construction of migration into a security question.† This meaning that access for third country nationals is now even tougher maybe the member states would prefer for the barriers surronding â€Å"fortress Europe† to reamin? The Schengen Convention completely removed border controls and placed stricter contorls at the external barrier of the EU. This resulting in a stronger emphasis on external restrictions and lifting all restirtcions between member states. The Schengen scheme had been directly accredited to concerns over the increase of organised crime within the Coimmunity. But with conerns inceasing still as to the problems of human and drugs trafficking into the EU from third countries and its threat to internal security only serves to push the issue of external border control into the spotlight once again. Ultimately, academic writing[25] has contemplated the responsibility of the EU to uphold it’s policy on human rights and it’s prevention of internal barriers to freedom of movement. But as inportant as thiese priniples may be in maintaining structure and authority the Community should also reconsider it’s position on a global scale when encountering the needs of asylum seekers at their external borders as well as those already residing with them without the claim of derived rights. Footnotes [1] Carrerra, S. (2005) [2] Peers, S. Towards Equality: Actual and Potential Rights of Third Country Nationals in the Euroepan Union. (1996) [3] Craig, P and De Bà ºrca, G. EU Law: Text, Cases and Materials. [4] Binkman, G (2004) [5] op cit [6] I bid 3 [7] Case 321/87 Commission v Belgium (1989) ECR 997 [8] Peers, S. (2004) [9] ECRE (2004) [10] Lavenex, S. Safe Third Countries: Extending the Eu Asylum and Immigration Policies to Central and Eastern Europe [11] Levy (2005) [12] Huysmans (2000) [13] (1999) [14] I bid 3 [15] Reg. 334/2002 [16] Reg. 359/2001 [17] I bid 11 [18] I bid 2 [19] I bid 8 [20] op cit [21] Lindahl, H. Finding a Place for Freedom, Security and Justice: The European Union’s claim to Territorial Unity. (2004) [22] ibid 8 [23] I bid 10 [24] Huysmans (2002) [25] I bid 21

Knowledge Management and Instructional Technology Essay -- Knowledge M

Knowledge Management and Instructional Technology The new "buzz word" in many corporate circles currently is the term "Knowledge Management or K.M." KM is considered mostly a role for the Information Technologist because of its storage of the company's information on databases. Because of the "info-glut" that is occurring in many corporations, K.M. is strongly becoming the role for the Instructional Technologist to group that information into training modules for the corporate Intranet, so that the corporation's employees can retrieve the "knowledge" in a real-time, need-to-know basis. In this white paper, I will define Knowledge Management from a business and an educational perspective. I will also discuss two basic strategies for Knowledge Management and the role the Instructional Technologist will have in the process. What is Knowledge Management? From the business perspective, the definition of Knowledge Management from the Business College of the University of Texas is The systematic process of finding, selecting, organizing, distilling, and presenting information in a way that improves an employee's comprehension in a specific area of interest. Knowledge management helps the organization to gain insight and understanding from its own experience. Specific Knowledge Management activities help focus the organization on acquiring, storing and utilizing knowledge for such things as problem-solving, dynamic learning, strategic planning and decision making (1998). In the article "Intellectual Capital and You" in Training Magazine, Knowledge Management is defined as " An effort to capture or tap an organization's collective experience and wisdom- including the tacit know-how that exists in people's head... ...eved September 17, 1999 from EBSCO Business Search on the Galileo: http://www.galileo.gsu.edu. Gordon, J. (1999). The whole enchilada: intellectual capital and you. Training Magazine Retrieved on September 13, 1999 from Training Supersite: http: //www.trainingsupersite.com/publications/magazines/training/909cover.htm Hansen, M., Nohria, N. & Tierney, T. ( 1999, March-April). What's your strategy for managing knowledge? Harvard Business Review, reprint 990206 Mudge, A. (1999, April-May). Knowledge Management: Do we know that we know? Communication World, (16)5, Retrieved on September 17, 1999 from EBSCO Business Search: http://mariner.galileo.gsu.edu Van Buren, M. (1999, May). A yardstick for knowledge management, Training & Development, (53)5 pp. 71+ Retrieved on September 17, 1999 from EBSCO Business Search on Galileo: http://mariner.galileo.gsu.edu

Feminism in Sylvia Plaths The Bell Jar :: Feminism Feminist Women Criticism

Feminism in The Bell Jar In Sylvia Plath's autobiographical novel The Bell Jar, the reader learns of the adventures of a young woman in a male-dominated society that will not let her achieve her true potential. Plath's alter ego, Esther, is thus driven to a nervous breakdown and attempts suicide numerous times. In many ways, this novel is a feminist text, centered around the struggles of a young woman who cannot reach her goals in our male-dominated society. People close to Esther, do not accept her talents as a poet and writer, but rather try to push her into traditionally more feminine roles. For example, Esther's mother repeatedly tries to convince her to learn shorthand, but Esther rebels, saying "...when I tried to picture myself in some job, briskly jotting down line after line of shorthand, my mind went blank." (100) Esther, unlike many women of her time, refuses to be controlled by society's gender-based constraints: "The last thing I wanted was infinite security and to be the place an arrow shoots off from. I wanted change and excitement and to shoot off in all directions myself, like the colored arrows from a Fourth of July rocket." (68) The phrases "infinite security" and "the place an arrow shoots off from" come from Mrs. Willard's description of the woman's role in society (58). This passage directly addresses Plath's central purpose in the novel, which is to look at the mental problems that can befall a woman with ambitions that the surrounding culture will not allow her to fulfill. This book was published in 1963, towards the beginning of the "feminist movement"; the events chronicled in this book, however, take place in 1953 (208), in a period during which women's rights were not yet widely recognized in our society. The passage quoted above, and the emotions which it conveys, are typical of a feminist like Esther, but Esther is ahead of her time and is thus unable to express herself to society in the way she wants.

The William Wrigley Jr. Company Essay

1.0   Introduction Identifying opportunities for corporate financial restructuring was typical for Blanka Dobrynin, a managing partner of the hedge fund Aurora Borealis LLC. In 2002, with the then debt free William Wrigley Jr. Company (Wrigley) in her sights, she asked her associate Susan Chandler to conduct research on the impact of a $3 billion debt recapitalisation on the company. This case report aims to make an informed recommendation on whether Wrigley should pursue the $3 billion debt proposal. 2.0 Optimal Capital Structure According to Miller and Modigliani’s (1958) first proposition, the value of a firm is independent of its capital structure, assuming no corporate taxes. It was later demonstrated that the existence of debt in the capital structure creates a debt shield that increases the value of the firm by the present value of the tax shield (Miller & Modigliani, 1963). This line of reasoning implies that debt financing adds significant value to the firm and an optimal capital structure occurs with 100% debt. However, this is an unlikely outcome in reality with restrictions imposed by lending institutions, bankruptcy costs and the need for preserving financial flexibility implying that management will maintain a substantial reserve of borrowing power (Miller & Modigliani, 1963). These imperfections have since been discussed as additional factors when determining an optimal capital  structure. The trade off theory suggests that an optimal capital structure may be achieved by determining the trade-off between tax shields and the costs of financial distress (Kraus & Litzenberger, 1973). The presence of tax shields means that the optimal capital structure decision is unique for each firm (DeAngelo & Masulis, 1980). High levels of debt can lead to indirect bankruptcy costs and financial distress costs which relate generally the costs associated with going bankrupt or avoiding bankruptcy. At high debt levels, the benefit of debt may be offset by financial distress costs. It appears that the optimal cash structure exists somewhere in the middle. Jensen and Meckling (1976) noted the existence of ‘agency costs of debt’. These costs arise when equity holders act in their own interest rather than the firm’s interest. As Wrigley is a family owned company it is unlikely that agency costs will be an issue. 3.0 Weighted Average Cost of Capital (WACC) The question that underlies the decision to pursue the debt proposal is whether Wrigley is efficiently financed without debt. In this report, the WACC will be the main factor when determining whether Wrigley is efficiently financed. The WACC is the minimum return that a company needs to satisfy all of its investors, which is also the – it is the required rate of return on the overall firm. The value of Wrigley will be maximized when its WACC is minimized. This report will examine the optimal capital structure as the one that produces the lowest possible WACC. WACC is one of the most important methods in assessing a company’s financial health, both for internal use, such as capital budgeting, and external use, such as valuing investments or companies. It is able to provide an insight into the cost of financing and can be used as a hurdle rate for investment decisions. It can also be used to find the best capital structure for the company. The WACC can be used as a rough guide to the interest rate per monetary unit of capital (Pratt & Grabowski, 2008). The WACC method can be considered a better indicator than other methods such as earnings per share (EPS) or earnings before interest and tax (EBIT) because it takes into consideration the relative weight of each component of a company’s capital structure (Armitage, 2005). The calculation uses the market values of the components rather than the book values as these values may differ significantly. The components WACC takes into consideration include internal and external factors such as equity, debt, warrants, options, pension liabilities, executive stock options and government subsidies (Hazel, 1999); whereas the EPS and EBIT calculations only take into consideration the internal factors, such as total earnings. of the company and However, the earnings reported by a company may not be a reliable value, as they tend to report more favourable values as opposed to the true amounts. However, as the WACC is calculated according to M&M theory, some of the input parameters can be difficult to ascertain. This is due to the uncertainty that exists in the market that would influence the outcome. Another issue limitation with the WACC, is that it relies on the assumption made in the M&M propositions, which do not necessarily apply in the real world. Some assumptions that do not apply include the fact that transaction costs exist and individuals and corporations do not borrow at the same rate. Referring to Appendix 1, the calculations show a slight increase in the WACC after the $3 billion debt is acquired. This change is more profound when using the 10 year US treasury rate as the risk free return – an increase from 10.11% to 10.28% for the WACC. Therefore it appears that the optimal capital structure for Wrigley would be one containinginclude no debt as this provides the lowest WACC. 4.0 Estimating the effect of the recapitalisation on: 4.1 Share value In an efficient market, it is assumed that the share price will change  quickly to reflect investors changing perceptions about the new debt issue. The effect of the recapitalisation on the share price can be summarised by Miller and Modigliani’s adjusted NPV formula: Post-recapitalisation equity value = Pre-recapitalisation equity value + Present value of debt tax shields + Present value of distress related costs + SignalingSignalling, incentive & clientele effects Assuming the debt will continue into perpetuity, the present value of the $3 billion debt would be $1.2 billion. Using the post recapitalisation value of equity incorporating the tax shield of $1.2 billion, the stock price is increased from $56.37 to $61.51. The remaining factors of this equation are very difficult to ascertain. The present value of the distress related costs could be assumed to be the value of a put option on the debt. Nevertheless, it could be assumed that financial distress costs would be negligible in Wrigley’s situation, as it is a market leader with a strong financial position. It is very difficult to estimate the cost of signalingsignalling and clientele effects and it is necessary to bear this in mind when looking at the increase on share price as it does not fully reflect all relevant considerations. 4.2 Level of Flexibility Financial flexibility refers to the ability of a firm to respond in a timely and value-maximizing manner to unexpected changes in the firm’s cash flows or investment opportunity set (Dennis, 2011). Chief Financial Officers surveyed by Graham and Harvey (2001) state that financial flexibility is the most important determinant of corporate capital structure (Graham and Harvey, 2001). A flexible capital structure can be achieved by preserving access to low-cost sources of capital. DeAngelo and DeAngelo (2011) argue that firms should optimally maintain low levels of leverage in most periods in order to be better equipped to cope with the adverse consequences of exogenous shocks. They also argue that firms should maintain low leverage and high dividend payouts in â€Å"normal† periods in order to preserve the option to borrow or issue equity in future â€Å"abnormal† periods characterised by earnings short  falls and/or lucrative investment opportunities. The financial flexibility of Wrigley will be reduced as borrowing $3 billion now will lower their ability to borrow in the future if there are any lucrative investment opportunities or cope with any unexpected exogenous shocks to the market and themselves. 4.3 Mix of Debt and Equity Considerations have to be made when evaluating the recapitalisation of Wrigley’s capital structure by adding debt. A concern of Wrigley is deciding the debt ratio which optimizes the overall value of the firm. Companies are often inclined to choose debt over equity as the cost of debt is cheaper due to the tax shield created. With the addition of $3 billion of debt in Wrigley’s capital structure, the tax shields benefit will increase the equity value by $1.2 billion. The estimation of the tax benefits are assumed under the condition that Wrigley will maintain debt value of $3 billion in perpetuity. As a result of $3 billion payout, the value of equity will decline by $1.8 billion which will be offset by the present value of the debt tax shield ($1.2 billion). Wrigley’s debt/equity level after recapitalisation will be 78% and 22% debt. The traditional view is that taking on higher levels of debt could potentially generate more earnings on positive NPV projects which could increase the company’s value. Although it should be noted that considerations have to be made at what which point, debt becomes more costly to Wrigley in terms of increased risk to shareholders. Assessing Wrigley’s optimal debt level, it suggests that the optimal point would be not taking on any debt. By taking on debt, Wrigley’s credit rating will fall from AAA to BB/B, as it would be increasing it’s risk levels of financial distress and risk of bankruptcy cost. Assessing From this, it can be recommended that Wrigley’s optimal debt level, it suggests that the optimal point would be not taking on any debt.having minimal debt. 4.4 Reported earnings per share Before the proposed recapitalisation, Wrigley will have no minimal debt. If Wrigley does not have any income, they still need to pay the interest on the debt, so EPS will be negative. Referring to Appendix 2, the two lines intersect where EBIT is $1.70 billion and EPS is $12.21. This is the break-even point – if EBIT is above this point leverage is beneficial. If Wrigley’s income was higher than $1.70 billion, they could should take the $3 billion debt. In fact, the current income is only $0.51 billion therefore according to a breakeven EBIT analysis, Wrigley should not pursue the debt. 5.0 Other matters for the board’s consideration 5.1 Effect on Voting Control Assuming the $3billion is used either for a dividend payout or share repurchase, only the second option would alter the amount of shares outstanding. The Wrigley family already controlled 21% of the common stock and 58% of the Class B common stock, which had superior voting rights attached. A $3 billion share repurchase would substantially increase the voting control of the Wrigley family, however the family was already in a majority position so voting control would not be substantially different. A strong controlling majority is highly advantageous in deterring potential mergers and acquisitions. 5.2 Clientele and Signaling effects In general, companies that take on debt signal to investors that the company is in a good financial position as it is able to make future interest repayments. If the debt were used for a dividend payout, this would signal to investors that the company is doing well and increase the stock price. However, using the debt for a share repurchase might have a clientele effect  on potential investors that prefer dividend payouts. These investors could potentially sell their remaining stock in reaction to the share buyback resulting in the stock price falling. 6.0 Conclusion The WACC indicated that taking on $3b of debt would reduce the value of Wrigley company. This value could change, provided the Wrigley company had an investment opportunity or plan to use the newly obtained debt of $3b. The WACC value may be disregarded or adjusted if Wrigley had a high NPV project to invest in or provided a specific use for the funds. However, in the current situation, there is no indication of the reasons for Wrigley to take on the debt and thus they are unnecessarily restricting their financial flexibility. This could prove costly in the future if there are any unexpected negative shocks to the market or Wrigley may miss out on a highly lucrative investment opportunity due to their inability to borrow more. Therefore it is our recommendation that the Wrigley company does not take on the $3b of new debt as it would reduce the total value of the company at this point in time. 7.0 References Armitage, S. (2005). The Cost of Capital: Intermediate Theory. Cambridge, UK: Cambridge University Press. DeAngelo H., & DeAngelo, L., (2006) Capital Structure, Payout Policy, and Financial Flexibility, University of Southern California working paper. DeAngelo, H., & R.W. Masulis. (1980) Optimal Capital Structure under Corporate and Personal Taxation. Journal of Financial Economics 8, 3-29. DeAngelo, H., DeAngelo, L., & Whited T.M., (2011) Capital structure dynamics and transitory debt. Journal of Financial Economics, 99, 235–261. Denis, D J. (2011) Financial Flexibility and Corporate Liquidity. Journal of Corporate Finance, 17(3), 667-674. J.R. Graham, & C.R. Harvey., (2001) The theory and practice of corporate finance: evidence from the field. Journal of Finance and Economics 60, 187–243. Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics 3, 305-360. Johnson, H. (1999). Determining Cost of Capital: The Key to Firm Value. London: FT Prentice Hall. Kraus, A., & R.H. Litzenberger. (1973) A State Preference Model of Optimal Financial Leverage. Journal of Finance (September), 911-922. Modigliani, F., & M.H. Miller. (1958). The Costs of Capital, Corporate Finance, and the Theory of Investment. American Economic Review, 48 (June), 261-297. Modigliani, F., & M.H. Miller. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review 53 (June), 433-443. Pratt, Shannon P., & Roger J. Grabowski. (2008) Cost of Capital: Applications and Examples. Hoboken, NJ: Wiley.