Battle of Resaca de la Palma - Mexican-American War

Battle of Resaca de la Palma - Mexican-American War Battle of Resaca de la Palma - Dates Conflict: The Battle of Resaca de la Palma was fought May 9, 1846, during the Mexican-American War (1846-1848). Armies Commanders Americans Brigadier General Zachary Taylor2,222 menMexicansGeneral Mariano Aristaapprox. 4,000-6,000 men Battle of Resaca de la Palma - Background: Having been defeated at the Battle of Palo Alto on May 8, 1846, Mexican General Mariano Arista elected to withdraw from the battlefield early the next morning. Retreating down the Point Isabel-Matamoras road, he sought to prevent Brigadier General Zachary Taylor from advancing to relieve Fort Texas on the Rio Grande. In looking for a position to make a stand, Arista sought terrain which would negate Taylors advantage in light, mobile artillery which had played a critical role in the previous days fighting. Falling back five miles, he formed a new line at Resaca de la Palma (Resaca de la Guerrero) (Map). Here the road was hemmed in by thick chaparral and trees on either side which would negate the American artillery while providing cover for his infantry. In addition, where the road cut through the Mexican lines, it passed through a ten-foot deep, 200-foot wide ravine (the resaca). Deploying his infantry into the chaparral on either side of the resaca, Arista placed a four-gun artillery battery across the road, while holding his cavalry in reserve. Confident in the disposition of his men, he retired to his headquarters in the rear leaving Brigadier General RÃ ³mulo DÃ ­az de la Vega to oversee the line. Battle of Resaca del Palma - The Americans Advance: As the Mexicans departed Palo Alto, Taylor made no immediate effort to pursue them. Still recovering from the May 8 fight, he also hoped that additional reinforcements would join him. Later in the day, he elected to push forward but decided to leave his wagon train and heavy artillery at Palo Alto to facilitate more rapid movement. Advancing along the road, the lead elements of Taylors column encountered the Mexicans at Resaca de la Palma around 3:00 PM. Surveying the enemy line, Taylor immediately ordered his men forward to storm the Mexican position (Map). Battle of Resaca de la Palma - The Armies Meet: In an attempt to repeat the success of Palo Alto, Taylor ordered Captain Randolph Ridgely to move forward with the artillery. Advancing with skirmishers in support, Ridgelys gunners found it slow going due to the terrain. Opening fire, they had difficulty spotting targets in the heavy brush and were nearly overrun by a column of Mexican cavalry. Seeing the threat, they switched to canister and drove off the enemy lancers. As the infantry advanced through the chaparral in support, command and control became difficult and the fighting quickly degenerated into a series of close-quarter, squad-sized actions. Frustrated by the lack of progress, Taylor ordered Captain Charles A. May to charge the Mexican battery with a squadron from the 2nd US Dragoons. As Mays horsemen moved forward, the 4th US Infantry began probing Aristas left flank. Surging down the road, Mays men succeeded in overrunning the Mexican guns and inflicted losses among their crews. Unfortunately, the momentum of the charge carried the Americans a quarter mile further south allowing the supporting Mexican infantry to recover. Charging back north, Mays men were able to return to their own lines, but failed to retrieve the guns. Though the guns had not been seized, Mays troopers succeeded capturing Vega and several of his officers. With the Mexican line leaderless, Taylor promptly ordered the 5th and 8th US Infantry to complete the task. Advancing towards the resaca, they launched into a determined fight to take the battery. As they began to drive back the Mexicans, the 4th Infantry succeeded in finding a path around Aristas left. Lacking leadership, under heavy pressure on their front, and with American troops pouring into their rear, the Mexicans began to collapse and retreat. Not believing that Taylor would attack so soon, Arista spent most of the battle in his headquarters. When learning of the 4th Infantrys approach, he raced north and personally led counterattacks to halt their advance. These were repulsed and the Arista was forced to join the general retreat south. Fleeing the battle, many Mexicans were captured while the remainder re-crossed the Rio Grande. Battle of Resaca de la Palma - Aftermath: The fighting for the resaca cost Taylor 45 killed and 98 wounded, while Mexican losses totaled around 160 killed, 228 wounded, and 8 guns lost. Following the defeat, Mexican forces re-crossed the Rio Grande, ending the siege of Fort Texas. Advancing to the river, Taylor paused until crossing to capture Matamoras on May 18. Having secured the disputed territory between the Nueces and Rio Grande, Taylor halted to await further reinforcements before invading Mexico. He would resume his campaign that September when he moved against the city of Monterrey. Selected Sources Palo Alto Battlefield National Historical Park: Resaca de la PalmaHandbook of Texas: Battle of Resaca de la PalmaUS Army Center for Military History: Guns Along the Rio GrandeTrudeau, Noah Andre. A Band of Demons Fights for Texas. Military History Quarterly Spring 2010: 84-93.

Tips For Writing Flawless Economics Essays

Tips For Writing Flawless Economics Essays Economics Essay: Crafting an Impressive Essay When in college and studying economics, at some point you will be required to come up with an economic essay. To make it substantial, you need to provide points of arguments and back them up with evidence to support their validity. In order to come up with a first-class essay, you first need to conduct extensive research for your work, structure a thesis for your work and create an outline that will ensure your work is logical. An economic essay relies on facts and each point made concerning the topic of discussion should be supported appropriately, and creativity used to give room for more interpretation and understanding by the reader. Below is a step by step guide that will help you in the writing of an impressive economics essay. Requirements of an Economics Essay Most of the economics essays are posted in terms of the question. After getting your topic, read it through several times until you are conversant with it. Additionally, if you do not understand it properly, do not hesitate to consult your professor. When you understand it, write it down on a sticky note and stick it where you can see and refer to it. Also, highlight the keywords in the provided instructions. It is a sure way of reminding yourself to stick to the required information related to the topic throughout your writing. Conduct Thorough Research Only start your research process when you have familiarized and understood the topic you are to discuss. Several essays only require the information in your textbook for them to be well answered. Just in case you find the information not sufficient, you can refer to the reference section of the book and use the provided sources to conduct more research. All in all, don’t forget that your professor is there to guide you. Use his knowledge and understanding to your advantage and consult where necessary. As you do your research, you are bound to find some unfamiliar terms. Do not take them for granted, try and find their meanings to gain a better understanding of them. Additionally, keep in mind that you are to tick to the main topic of discussion. When you are reading through your source materials, keep to the materials related to your work and avoid any information that is unrelated. Create a Plan for Your Writing After you are done conducting research and you have collected a sufficient amount of evidence and relative backup arguments, you should start thinking of how to write your economics essay. It is prudent to insist and repeat that when it comes to economics essay, you cannot deviate from the topic of discussion throughout the whole essay.   Having a concise plan will help you achieve this. However, do not confuse an essay plan as your outline for writing an essay. Both are different, and its still too early to start thinking about an essay outline at this point. The essay plan consists of a rough draft of the key point that you need to address in your essay. Listing them is important in helping you distinguish the most relevant, from the irrelevant and therefore use the required information in writing your economics essay. Arrange Your Material After you have come up with the essential materials that you are to put in your economics essay, you should arrange them in order to achieve a logical flow of ideas. This will help in the writing of your final draft since the ideas are well put and the narrations of your arguments are smooth. Have in mind the outline of an essay which is the introduction, main body paragraphs, and the conclusion section. When structuring your main body paragraphs, consider the length of paper you are required to submit.   This will ensure that you don’t squeeze your words in ways that will make the point vague and not understandable. It is easier to put a central focus on key issues, and only fill them with brief, but straight to the point arguments. Introduce Your Essay After putting together your research materials and you have a clear understanding of the topic you are to discuss, you can now embark on writing your economics essay.   The crucial but still technical part of writing an essay is the introduction, and that of an economic essay is no different.   It is recommended that you handle this part of the essay first and be done with it. It will also serve as a guideline of how you are to write your body paragraphs and still stick to the topic of discussion. An introduction for an economic essay serves as an extended and broadened version of your main argument that you formulated on the rough draft about your main points. Outline your Main Body Paragraphs After you have successfully broadened your main argument for the economic essay in the introduction part, you have already set the tone for what the reader is to expect as the read your work. Do not forget to stick to the main topic of discussion while writing your body paragraphs. At this point, assemble a more comprehensive outline of your main body paragraphs. This was already done when you arranged your research information in a logical order on a rough draft. For the final copy, you should do the same to ensure you work has a logical flow of the ideas you have presented. Ensure that each point of view and the related argument are done each in their own paragraphs. Your outline should be made of a single sentence addressing your point of view, and several citations that act as a source of material to justify your argument. Writing the Main Body Paragraphs Using the outline created for your main body of the essay, you will easily write the body paragraphs. The only thing left to do is expounding your main points with well-structured arguments from different sources as back up to make the work factual and creative. In simple terms, your body paragraphs will start with the main sentences you came up with in your essay outline and the evidence you gathered from the research materials you used. It is important to stress that the narration of your essay should have a logical flow of ideas and offer each piece of information clearly and straight forward. Make use of transition sentences at the end of each body paragraph to connect on body paragraph to the other for the achievement of a logical connection. Use Compelling Evidence For Your Work A point to note is that an economic essay clearly relies on facts and data as compared to other essays within diverse disciplines. This means that quoting what an author said will not be enough to support your point of view. Avail to the reader specified statistics, facts, and figures. The factual evidence is the argumentative part of your economic essay that gives your work its essence. This should engage you to ensure that every single argument you put across for the main sentences of your body paragraphs is complemented with facts and statistical evidence. Write the Conclusion After you have written your body paragraphs of the economic essay you are working on, consider this the end of discussion for the main part of your essay. What remains now is a summative narrative that briefly reminds the reader of the important points put across and their validity. A concrete conclusion is important as it helps consolidate the trust of the reader in your work and point of argument. This will give the reader a conclusive general impression of the work they are reading. A weak conclusion should be avoided as the reader will remain unimpressed and the work presented won’t be relevant to them thus a waste of time on both sides. Think of a conclusion as a summative part of your whole essay. This is the thought you let your reader leave with after reading and contemplate about as they carry out their own businesses. The best way of creating a good conclusion is restating the central argument that you expressed in the introduction of your economic essay. Read through Your Draft It is naive to think that your work is done when you completed writing your essay. You should always polish your paper to make it worth a read and be sure that you will receive good grades. However, it is too early, to begin with proofreading your work for errors related to spellings, punctuation or grammar. After concluding your work, focus on reading through your work to be sure that each detail presented in your main body paragraphs are associated with the topic. Also, ensure that they are backed up by credible evidence from reliable sources. Any deviations should be cut off the main work. As we said earlier, quality work does not rely on the number of words, but on the preciseness and factual illustration of your written economics essay. Do a Review of the Consistency of Your Writing After confirming the relevance of your information to your topic and each argument is structured according to the source material, you need now to question the sufficiency of the information presented. To start off, ensure that the main argument is clear and understandable to the reader.   Double check its legibility and understanding to the target audience. Make sure that you eliminate any hint of ambiguity to make your economics essay worth a good grade. Another point to consider should be the application of this principle to the entire essay. You should avoid making the reader question the need for some piece of information in your essay, or what it proves relating to your topic of discussion. Proofread for Spelling and Grammar Polishing your work should be the last step in ensuring your economics essay has been well articulated and structured, and all errors have been resolved accordingly.   This involves correcting all forms of grammatical, punctuation, or spelling errors. This will ensure that your grades are not tanked by such mistakes, and the reader does not end up disappointed in the essay you have written. You should keep in mind that no matter how different your major is from language studies, resolving errors in your work is important because by overlooking them, you stand to lose substantial marks that will affect your grade. Make sure you follow the right instruction and hand in a well-written essay that is both impressive and creative.

International trade Essay Example | Topics and Well Written Essays - 1500 words - 3

International trade - Essay Example Finally, it comments on the validity of the model and its implications in today’s world. Before discussing the content of the model, it is important to know the assumptionson which the model is based. As already discussed this model assumes that there are two countries producing two goods, having two homogeneous factors of production. It is also assumed that technologies prevailing in the two countries are identical. Production of the two commodities abides by the conditions of constant returns to scale. One of the two commodities uses one of the two factors of production more intensively in comparison to the other. The existence of perfect competition is assumed in both commodities and factor markets. Factor mobility prevails within the same country but not among different countries. Tastes are also considered to be similar between the two countries. Finally, it is assumed that there are no trade barriers and no costs incurred for transportation. The Heckscher-Ohlin theory states that a capital abundant country exports commodities which are capital intensive and the co untry which is labour abundant exports commodities exports labour intensive commodities. This model has been explained with the help of a diagram. The country which is exporting is referred as the foreign country and the country importing is referred to as the home country. It is assumed that the home country and the foreign country is exporting commodity 1 and 2 respectively. Then, according to the assumption, the home country exports good 1, while the good 2 is exported by the foreign country. To prove this, a particular case of factor endowment difference is considered, L/K > L*/K*, and it is also assumed that labour endowments in both countries remain identical. Thus, L = L*. The capital endowment in the foreign country exceeds that in the home country, i.e. K > K*. In order to determine the

Database Essay Example | Topics and Well Written Essays - 250 words

Database - Essay Example The developer should also specify the data type stored in the database. One should also specify the type of activity to be acted upon each and every screen. Workflows in any system determine the order in which tasks should be carried out and therefore in the database system we should also specify the workflows of the system. One should also specify who can enter delete or update data in the database system. The system should also meet applicable regulatory requirements in the organization. Non functional includes the ability to recover and back up data in the database to prevent loss during failure. Others include data security, privacy issues, privacy issues and minimum hardware and software requirements of the system that the database will run on. Non functional requirements also include performance and configuration requirements such as expected business volumes and system responsiveness. It should also ensure that the system is available for use for when needed. It should also ensure proper utilization on the resources of the computer i.e.; CPU cycles, disk space, memory, bandwidth. The database system should be portable across different platforms the system should also enforce. Finally it should ensure high performance. Certain tasks or features are more critical than others. The system should also be capable of maintaining its performance all through its lifetime. An electronic database provides a highly efficient way of storing data. Its advantages are considerable. It saves time; a properly designed database running on a powerful server can be searched through remarkably easily and within an extraordinarily short time. It also helps to save time lost during transfer of physical data from one office to another. Secondly, a database offers more security, file cabinets can be compromised, stolen, accidentally destroyed, or be misplaced. Databases add

Racism in Roll of Thunder Essay Example for Free

Racism in Roll of Thunder Essay Mildred Taylors remarkable novel, Roll of Thunder, Hear My Cry, annotates, portrays, and demonstrates the vivid image of the ugly race prejudice, effectively, that the African Americans experienced in the 1930s, during the American Depression. In Taylors enthralling novel, racism comes across as a major and influential theme as the novel progresses and revolves around a young girl, Cassie Logan, who matures with racial conflict around her. Racism is apparent from the beginning of the novel. It is depicted from the beginning that African Americans are treated terribly, and they must work extremely hard, to earn the money they need to provide their family, with shelter, and food. Papa must work away from home to earn himself a good salary to keep the Logans own land, rather than working as sharecroppers on someone elses land. The second example of the callous segregation is evident, as it is seen that the elite white community have transport to school, while the harshly treated African Americans are deprived of this service, and are forced to walk to school. Also, the whites are inconsiderate, intentionally splashing mud on the blacks clothes. The Berrys burnings is a significant incident revealing the cruel manner the white community behave towards the African Americans, burning them taking a match to them, without any justifiable reason, portraying the discrimination between the people. At school, an important instance of racism takes place, when the students of the black school, The Great Faith Elementary School, received new books. These books were in the poorest condition, as they were the left-overs of the whites. The inside cover of the books were highly provocative, both insulting and offensive to the African Americans, using repulsive comments to describe their race such as nigra. The law also seems to be in favour of the white community, showing the extensive segregation between the whites and blacks. It is evident when Mr. Morrison explains why he lost his job Mr. Morrison was blamed in a fight with the whites, although it wasnt his fault. There are rarely any whites who are friendly with the whites, and those who are, are despised. This is the case with Jeremy, who walks to school everyday with the blacks. He is often bullied, mocked, and teased at school, and is beaten at home. The abhorrence of the underprivileged blacks by the whites is remarkably large, throughout the novel. As the novel progresses it is seen that Papa tries to explain to Stacey to hang out less with Jeremy, We Logans dont have much to do with the white folks. You know why? Papa says, believing that whites and blacks will never really be friends, Cause white folks mean trouble, with this it also demonstrates hatred between the two races. The intensity of racial discrimination is massive when TJ talks about the night men. The whites tarred and feathered him, making the African Americans feel inferior treating them of no value and worthless. Cassie, herself, is a victim of one of the racism incidents. On her visit to Strawberry, she is forced to apologize repeatedly to Lillian Jean, a white, humiliating herself greatly. Even her family, who are strong-willed, cannot prevent such things from happening trying to stay away from consequences. Cassie is mentally hurt after this situation. Racist comments are at is summit as the story progresses. Kaleb Wallace, to Mr. Morrison, sputtered, You big black nigger, I oughta cut your heart out for what you done! My brothers laid up like they is and you still runnin around free as a white man. Downright sinful, thats what it is! Why? I oughta gun you down right where you sit. This quote shows the filthy comments the whites use towards the blacks. As the story nears its conclusion, TJ gets influenced by the white community, and gets into stealing. TJ goes to a Barnetts store with his white friends, to get himself the pearl handed pistol. At the shop, the whites wearing a mask kill Mr. Barnett, a white man. TJ Avery is immediately entirely blamed for the sequence of events. This shows, again, the law in much favour of the whites as the police dont even look into the issue they dont care who is guilty, but immediately find a black man to blame. If the roles had been reversed, circumstances and the events that took place would have been completely different. The whites simply want to punish some blacks, and they can do so easily, as no one dares to stop them. Throughout the story, there are several racist remarks passed to the African Americans emphasizing the conditions they faced. Life for the African Americans in the 1930s was completely unjust. Judgment based solely on physical appearance exists, to date, and is still a controversial issue.

History of the Mandan Indian Tribe Essay -- American History, native a

The Mandan are an indigenous tribe native to North America. The Mandan’s are known for being one of the earliest tribes to live on the great plains of the Midwest. Unlike other plains Indians the Mandan were a settled tribe who lived along the Big Bend of the Missouri River in what is now called North Dakota. While most tribes that lived in the plains were hunter/gatherers who lived a nomadic lifestyle following their food, the Mandan were planters living mostly off their crops. Warriors left once a year in hunting groups to go out into the plains in search for Buffalo, which was not only their major meat source, but was also used for clothing and shelter as well. Although the Mandan may differ from other Plains Indians in the fact that they live in a rooted community, they share many traditions with the neighboring tribes. They believe in a great spirit, they use medicine bundles, sacred pipes, have a sweat lodge and conduct many religious and spiritual ceremonies. The Mandan have a ceremony like no other recorded that is exclusive to their tribe called the Okipa or Okeepa. The Okipa is a four-day ceremony that is held annually in spring or summer. According to George Catlin, a painter, who spent time with the Mandan tribe in 1832, because the Mandan tribe had no official record or way to mark specific days, once the Willow leaves reached full size it was time for the ceremony. The purpose of the Okipa was to reaffirm the bond between the people and the natural world.(). More specifically the ceremony was held as a celebration of the Mee-nee-ro-ka-ha, it was for the dancing of the Bel-lohck-na-pic and for initiating young men into manhood. Mee-nee-ro-ka-ha translated means the sinking down of settling waters. One of the majo... ...hed the last race and made his way home the end of the ceremony may begin. The Okipa will enter the medicine lodge alone and will bring out with him all of the offerings Mohk-Muck-a-nah collected from the villagers on the first day. Then, along with the entire village he walks up to the top of a cliff and throws the tools into the water. The tools are offered as a sacrifice to the water, exactly at sun down on the fourth day, closing out the Okipa ceremony. In 1837 a smallpox epidemic almost completely wiped out the Mandan tribe leaving only 125 out if 1600 Mandan’s alive. In 1845 the surviving members of the Mandan tribe moved to Fort Berthold Reservation. The last Okipa ceremony was held in 1890, after that the army officer in charge of the Fort Berthold Reservation banned the ceremony and although it was lifted in 1934 the Okipa ceremony was never held again.

Role and Functions of Hr Managers

Role and functions of HR Managers Introduction The Human Resource Department deals with management of people within the organisation. There are a number of responsibilities that come with this title. First of all, the Department is responsible for hiring members of staff; this will involve attracting employees, keeping them in their positions and ensuring that they perform to expectation. Besides, the Human Resource Department also clarifies and sets day to day goals for the organisation. It is responsible for organisation of people in the entire Company and plans for future ventures and objectives involving people in the Company. Handy, 1999) Research has shown that the human aspect of resources within an organisation contributes approximately eighty percent of the organisation’s value. This implies that if people are not managed properly, the organisation faces a serious chance of falling apart. The Human Resource Department’s main objective is to bring out the best i n their employees and thus contribute to the success of the Company. These roles come with certain positive and negative aspects. However, the negative aspects can be minimised by improvements to their roles and functions. These issues shall be examined in detail in the subsequent sections of the essay with reference to case examples of businesses in current operation. Positive aspects of Roles and Functions of the Human Resource Department Recruitment of Employees This is one of the most fundamental roles of the HR department. This is because this function ensures that the Company under consideration selects the most skilful and competent person from a sea of applicants at that time. This function involves evaluation of ability and competency of potential employees in relation to what the Company needs. This role falls under the Staffing role of management. If this function is performed well, then the organisation will increase value consequently being on the right pathway to achieve its organisational and departmental goals and objectives. (Hyde, 2004) Effective recruitment can be done through a number of ways. First of all the Company can conduct educational and psychological measurements. This task will involve assessment of abilities, skills and character evaluation of applicants. Through psychometric evaluation, the Company can ensure that employees have the right attitude necessary to fit into the organisation. Another method Companies use to recruit members of staff is through interviews. Here, the Human Resource Department can ask applicants questions that evaluate their decision making abilities and how they would deal with certain situations if presented with them. The Department can also employ the use of written interviews where applicants answer questions addressing key issues in the organisation. Through these channels, the Department contributes towards organisational performance. An example of a Company that performs this role well is Tesco Ireland. The Company notifies the public about vacancies. It then posts a questionnaire online and interested parties fill it at that time. This is then evaluated and those who fall within their minimum requirements are invited for an interview. In the interview, applicants are asked a number of questions and those who did extremely well are further analysed and retained. Those who did moderately well are not immediately eliminated; instead, their interview questions are kept on file then these are reviewed after six months. By so doing, the Tesco Ireland makes sure that its employees are highly capable and that they will enrich the organisation. (Hyde, 2004) Improvement of Compensation Packages One of the major functions of the HR department is to motivate employees. This can be done through rewards especially for those who have done well. The HR department needs to evaluate performance of employees and those who have exceeded expectations should be compensated for their actions. Research has shown that rewarding employees for good performance is the number one incentive for keeping up this trend. These compensation packages can come in the following ways; – Holiday Offers – End of Year Bonuses – Equities – Awards – Salary Increments – Provision of Flexible Working Hours – Straight forward Promotion Schemes and Career Developments If the HR department includes these incentives, then it will ensure that employees are satisfied with the Company. It will also contribute towards good staff retention rates. This is especially crucial in increasing stability within the organisation. It also makes employees identify with the firm and instils a sense of loyalty. Handy, 1999) Planning in the Organisation The Human Resource Department is placed with the responsibility of ensuring that it plans adequately for all the organisation’s future engagements that will involve people. One important aspect of this is planning for employees in the organisation. It is important that the organisation ensures that all the employees under its wing are just enough to increase value to the organisation. The Department must ensure that staff members are not too many because if they exceed this amount, then the organisation stands too lose. It must plan adequately to ensure that staff members are not too few either, otherwise they will be overworking those who are already in place. Consequently, there will be poor motivation resulting from fatigue. The HR department is also bestowed with the responsibility of planning future organisational goal in relation to people or clarifying these same goals to staff members. This function of the department ensures that people in the organisation have a general direction which they are working towards. Organisations that have a clear direction are always more effective; those members of staff will be more result oriented rather than just working for the sake of it. The Department is also responsible for setting day to day objectives necessary for streamlining activities within the organisation and thus ensuring that work is not just done haphazardly. (Hyde, 2004) Negative Aspects of Functions and Roles of the Human Resource Department There are a number of problems that arise as the department goes about its activities Problems in Recruitment The department may sometimes be unable to adequately coordinate and incorporate all the employees needed in the Company’s operations. One such example is the NHS. In the year 2004, the organisation was found to be wanting in its human resource department’s functions. The Company was recruiting a large proportion of its employees; 40% from Asian and African countries. This means that the organisation was draining medical personnel from those needy countries and using them for themselves. (Katherine, 2002) Such a practice showed that the HR department had exercised bad judgement in ts staffing function. Instead, it could have used these foreign nurses as temporary measure and put in place a strategy to train local nurses such that it could stop depending on those poor countries for supply of nurses. Problems in Remuneration In the process of trying to motivate members of staff to perform better, the Human Resource may make deals that eventually cause problems. A case in p oint is the Home Depot. This Company has an employee Compensation policy that requires that one should be rewarded for the time they have served the Company. The Home Depot Company offers an end of year bonus, basic salary and grant on stock shares as an incentive for some of its employees The CEO of the Company Robert Nardelli lost his job in the year 2007. This was because the company has experienced a lot of losses under his leadership; its shares fell by eight percent in the stock exchange and he deserved to leave the Company. However, because the Human Resource Department had put in place a policy that requires all members of staff to be given the incentive mentioned above, he left with a lot of money. It was reported that he had with him about two hundred and ten million dollars. The Company had no way out of this payment because HR had already passed that policy and they were bound by the law. This goes to show that sometimes policies made by the HR department do not benefit the Company especially if the parties involved are considered as losses to the Company. (Michael, 2007) Problems in Planning Sometimes the HR Department can employ people who may not contribute towards organisational principles. A classic example is the Arthur Andersen Company that fell apart in the year 2002. This was an American Company that dealt with audits. It was initially very successful in its operations prior to that fateful year. But in the latter years of its operations, the Company was involved in two accounting scandals that tarnished its name and subsequently caused failure. The Company failed to plan well for the kind of employees it recruited. This was witnessed when one of its employees in the Legal Department called Nancy Temple was fined in the Court of law for non adherence to accounting laws. This problem could have been prevented if the HR department had evaluated this employee before hiring her and also evaluation should have been done during her performance. If HR had been extremely critical, then they would have realised that the employee did not adhere to Company principles and would therefore have terminated her employment. Beside this, the Arthur Andersen Human Resource department also failed in its communication function to employees. The department should have ensured that they constantly communicate to members of staff about the goals and objectives of the Company on a day to day basis. This would have made them very clear in the minds of employees and would have prevented the downfall of the Company. Strategies to Improve Human Resource Department’s  Ã‚   Value to the Organisation Training and Internships It is not necessarily a guarantee that a candidate who did well in the recruitment exercise is the best in performing an organisation’s functions. New employees need orientation into the Company’s functions and can also improve some inefficiency that these new employees may have in relation to their skills. This is the purpose of placing them on internships. (Norbert, 1967) Training is also essential for members of staff who have been working for the organisation for a long time. This is especially so in the wake of technological advancements, legal changes and changes in service delivery. It is important for an Organisation to keep up with industry trends otherwise it faces the danger of becoming obsolete; especially in the background of increasing competition. Training need not be restricted to improvement of skills; it can also involve improvement of attitudes. This is normally characterised by attendance of workshops and other forms of talks. Training also increases motivation of employees and gives them that extra boost of energy needed to get them through tough times in their jobs. All the above tasks are placed under the Department of Human Resource because it is the one that will asses when training is needed, who needs the training, where and by whom. This aspect is a sure to improve value of the HR Department in the organisation. An example of a company that adheres to this principle is Marks and Spencer retail chain outlet. The Company offers training for twelve moths. Here new employees are taught all that is necessary to meet organisational goals and objectives then they can start work when they are ready to do so. (Norbert, 1967) Making Better Use of Time The Human Resource is conferred with the responsibility of ensuring that all members of staff perform to their best ability. It could improve this area by facilitating better use of time in all departments within the organisation. Time is one of the most crucial yet intangible assets of the Company. The proper use of this resource could maximise production and achievement of organisational goals. (Harold, 2003) The Department can do this by planning activities to be carried out in the organisation. It can make schedules for the various activities that have to be done in the organisation and thus facilitate better flow of information. In addition to this, the Company can also ensure that all members of staff are held accountable for not performing a certain task. This is especially in regard to maintenance of the schedules. In so doing, human the Human Resource Department will be ensuring that employees do not simply report to work and that the time spent at work is directly proportional to output. Improving Organisational Culture The Human Resource Department can try to improve organisational culture through a three step procedure. The first step of the process is observation. In this step HR finds out what makes ups or what the company’s culture is like. HR should also be very intense on the organisational needs. Here, HR should realise that personal fulfilment works better and therefore should try to ensure that the change is relevant to every staff member. In this stage, HR should try to explain to all staff members or stakeholder the advantage of transforming the culture in the organisation. This should be made clear so that all can see the advantages at the individual level and not simply at the organizational level. Erica, 2006) Then HR should try to eliminate all inhibitions in staff member’s minds. It is possible that some may claim that they tried one or two strategies before and it did not succeed. This are what are called ‘cries of despair’ and HR should try its best to explain to staff members the need of changing the culture of the organisation. The next step is the analysis of various aspects. Here, there is collect ion of data needed in making certain that culture changes. This stage involves checking out the success features or the factors that can facilitate its success. There should be calibration of data collected. Staff members should be made to understand that there are no perfect situations for implementation of changes. The analysis should involve assessing whether the information is sensible or not. Whether data gathered will be helpful or not and if it is too little or too much. Staff members should be requested for data that will help change the culture. Of course when trying to bring in change HR Department should have perceived benefits, a deadline for execution and also the realised gains in relation to the change in culture. In this step, there should be reality checks which should be done often. There should also be continuous integration. Through this scheme HR Department should be able to change the culture in the organisation and add value to it. (Harold, 2003) Conclusion The Human Resource Management team’s main function is to manage people. There are positive and negative aspects of this function; first of all, the HR department enriches the organisation through recruitment procedures and an example an effective HR team in this area is Tesco Ireland. HR department also ensures that members of staff follow a general direction by frequently clarifying and reminding them of the organisation’s goals. Besides this, they are also responsible for organising incentives or compensation packages to motivate employees. All these functions contribute towards organisational effectiveness. However, there are some negative aspects of HR; it has to bear the burden of blame if an employee performs poorly like the Arthur Andersen Company. Besides this, some policies made by the department may be detrimental to the Company like in the Home Depot Company’s case. Improvements to their role can be done by arranging training for staff members, organising activities for the organisation and changing organisational culture. (Erica, 2006)

Case Analysis on Capital Structure Pioneer Petroleum Essay

Introduction: This landmark case seeks to break the risk-reward trade off involved in calculating Capital Cost. The object of the solution must be to minimize project risks while maximizing project opportunities available. We want a rate and a rating system that does not unnecessarily reject â€Å"the best available projects – i.e. highest net positive free cash-flows at that time.† Particularly in times of excess capacity, this will marginally contribute to increasing company wide yields, but will not necessarily match the company-wide yield imposed by investors. History of the Company and Background of the Case: Sometime in July 1991, one of the critical problems confronting management and the board of Pioneer Petroleum Corporation, hereinafter referred to as Pioneer, is about Capital Budgeting; specifically they needed to determine the Minimum Acceptable Rate of Return, or MARR, on new capital investments. Their capital budgeting approach was to accept all proposed investments with a positive net present value when cash-flows are discounted at such appropriate cost of capital. Formed in 1924 through mergers of several formerly independent firms operating in the oil refining, pipeline transportation, and industrial chemical fields, pioneer Pioneer did vertical, horizontal, and backward integrations into exploration and production of crude oil, marketing refined petroleum products, plastics, agricultural chemicals, and later diversified into real estate development. In 1985 Pioneer restructured further into hydrocarbon-based oil, gas, coal, and petrochemicals. Statement of the Problem: What rate or rating system will consider specific, inherent risks of divisions and operating sectors AND consider benefits ascribed to the single-rate Weighted Average Cost of Capital approach? How can we help Pioneer Petroleum make an objective, rational choice on the hurdle or cut-off rates for evaluation of new projects in a fully integrated conglomerate of multiple divisions; determine whether they should use the SINGLE company wide Weighted Average Cost of Capital, which reflect the rates at their face value to the company, OR proposed MULTIPLE Divisional Cost of Capital, which reflects risk-profit characteristics inherent in various divisions and operating sectors. Objectives/ Directions of the Solution 1) The decision must help the management and board of directors of Pioneer Petroleum decide on the fair and objective Hurdle Rate/s that will fairly qualify new investment projects of Pioneer Petroleum divisions 2) Whatever the recommendation ought to be consistent with facts of the case, and provide consonance, rather than inconsonance, with the efforts of both the division and central or corporate management to execute strategy, leverage on strengths, and empower the company to make investments to gain and sustain competitive advantage. 3) The recommended project rate and rating system must be simple, objective and fair. 4) It must consider specific, inherent risks of divisions and operating sectors 5) It must also address the interest of stockholders to maximize return on their equity or investments. Case Facts and Assumptions: 1) It is the Policy of the board to balance the source of funds, or to keep the funded debt and equity ratio at 50:50 . Debt and Equity financial ratios are: a. D-E ratio for refining is 1.5:1, b. D-E for the exploration is 0.8:1. 2) The Income Tax Rate is given at 34%. 3) Revenue is $15.6 billion 4) Net income $1.5 billion. 5) It is given that dividends increased by 10% in 1990 and 1991, and therefore we will assume to use the higher target equity yields of 2.7 (add the 10%), rather than 2.45 the actual yield of 1989. 6) The company’s Corporate Debt was A-rated; this means it is deemed to carry much low risk than the general investing or borrowing public. 7) Capital Expenditure budget are enormous, $3.1 billion in 1990 and $4.5 billion in 1991, underscoring the significance of appropriate and accurate weights and calculations for Cost of Capital. Strengths and Opportunities. Pioneer was one of the primary producers of Alaskan Crude. The company’s gasoline are among the cleanest burning fuels. By 1990, total revenues exceeded $15.6 Billion and net income over $1.5 Billion. Pioneer supplied its own raw material for domestic petroleum liquids production and was also one of the most cost-efficient refiners of the West Coast and had an extensive West Cost presence. The company has clean, efficient running plants positioned to meet strict environmental guidelines capitalize on less polluted products. Capital expenditure investments ran at $3.1 Billion, with forecasted expenditures of almost $4.5 Billion in 1991. Pioneer was also heavily invested in Environmental projects. Its chemical unit produced 1/3 of the world’s supply of methyl tertiary butyl ether, MTBE, an ingredient making its gasoline one of the cleanest burning in the industry. The MTBE market had been growing with the global trends towards sustained development of the environment. Refining its cost of capital calculations will not only preserve its much-needed capital, but it also unlocks new capital — and maximizes existing capital — to capitalize on such huge opportunities, particularly the passing of the 1990 Clean Air Act with which came tremendous area in which Pioneer might capitalize on its eco-strengths. Weaknesses and Threats: To meet Pioneer expected to invest $3 Billion additional to meet the new law’s standards among other new environmental regulations. Its multinational status makes it vulnerable to foreign currency exchange risks, political risks, interest rate volatility, cultural risks, and transfer pricing and other transnational risks involving a complex network of sources, sinks and of moneys, products and services. Its fully integrated set-up requires spreads itself quite thinly, and requires seamless transnational collaboration and cross-border coordination to work. Management wanted synergy among global divisions to optimize overall performance, and obviously to decrease these complex risks. Methodology: The weighted cost of capital approach is applied, first apportioned pro rata based the usual cost of the fund source: i.e. debt and/or equity. The cost of debt would be prevailing interest rates, and the cost of equity would be â€Å"foregone† earnings on capital invested as equity – i.e. earnings per share over market value per share. The second approach is similar, but with multiple cutoff rates. First it is broken down by Divisional Cost of Capital – i.e. calculated using a weighted average cost of capital approach, but this time for each division or operating sector; before further drilling down by cost per fund source. Calculations would follow three (3) steps: a) First an estimate would be made of the usual capital structure, or debt to equity proportions, of independently financed firms operating in each sector. b) Given these proportions by sector, for each operating sector, the costs of capital – divisional debt and equity – would then be estimated in accordance with the concepts followed by the company in estimating its own cost of capital. This means Divisions are to use the WACC rules followed by the company, in estimating its own Weighted Average Cost of Capital. To describe this approach in a financial function: The Weighted Average Cost of Capital = WACC = sum of Divisional costs of capital = Sum total of [Divisional Costs of Debt plus Divisional Costs of Equity]3 Decision Alternatives for Selection of Marginally Attractive Rates of Return: Management and the board are choosing between two alternative approaches: 1) The Single WACC Rate, company-wide Weighted Cost of Capital approach, where specific rates weighted were those based on the sources of fund, debt and equity, in estimated proportion of future funds sourced; AND 2) Multiple Cut-off or Multiple Hurdle Rates for Divisional Costs of capital, involving determining the rates or weighted costs of capital for each main Operating Sector. 3) Hybrid or Combination thereof – taking the positive aspects or advantages of both methods; i.e. for example, the requirements of stockholders for return on equity on the one hand, AND the requirements of divisions or operating sectors to address specific local risks, and implications on local incentives. Case Analysis and Discussion. The two alternative approaches â€Å"purpose and benefits† are culled from the case, as follows: 1) The single, company-wide Weighted Cost of Capital approach, where specific rates weighted were those based on the sources of fund, debt and equity, in estimated proportion of future funds sourced; this gave a WACC rate of 9.0%. Proponents of the single rate might argue as follows: a. It is far simpler to calculate. b. It covers the actual rate or â€Å"cost of the source of funds† at face value of bonds or notes payable, or statements of stock or equity; c. It appears to be more conservative than divisional rates because it does not consider economies of scale of fully integrated conglomerates that benefit the divisions or subsidiaries in ways that not reflected in the divisional costs of capital or rates. d. The problem or effect of such diversification benefits on the rate is that Divisional Rates calculated independently, may be considered lower – in reality. Why charge sunk costs, one might ask to the division. The problem here is that the hurdle rate may be too high for many â€Å"projects,† and therefore unduly rejected; when in fact they ought to be accepted. IF they are accepted by competitors with similar integration benefits, perhaps, they will benefit from marginal income and grab this benefit from Pioneer’s subsidiaries. e. Pioneer’s shareholders expected the company to invest funds in the highest return projects available. f. Proponents of the single corporate rate argued that those advocating multiple rates were those who were not able to compete effectively for new funds, when measured against the corporate group’s â€Å"actual cost of capital.† g. Single-proponent advocates lacked confidence in the fairness and integrity of the process of selection of divisional rates. For example, the transport division had â€Å"unrealistically low hurdle rates† considering experience in tanker investments had been â€Å"disastrous for many companies.† There were also still some areas of ambiguity, such as how to treat environmental projects (or for this matter, central HQ projects over which Divisions have little or no control). h. Another concern was how the benefits of full integration – acquired through very costly mergers and acquisitions — would be considered in divisional rates. IF divisions lowered their rates, this might not be enough to cover central requirements. i. Reduced risk, economies of scale and other diversification premiums — remained unaccounted for in the proposed divisional costs of capital approach. There were considerably less risks for instance in subsidiaries of an integrated firm like Pioneer, than for independent petroleum dealers or non-members of the group. This being the case, was it fair to demand such a high hurdle rate given that the risks were much lower at some divisions than others? 2) Multiple Cut-off or Multiple Hurdle Rates for Divisional Costs of capital, involving determining the rates or weighted costs of capital for each main Operating Sector. The divisional rate approach seems far more complex, but proponents of divisional costs of capital argued included the following purposes and advantages of this scheme: a. The proponents of multiple divisional hurdle rates argued that a single companywide cost of capital (WACC) â€Å"subsidized the higher-risk divisions† at the expense of lower risk divisions. b. Because the cost of capital was too high for the low-risk divisions, too few low-risk investments were made. c. On the other hand, in the high-risk divisions too much investment occurred because the hurdle rate was too low. As evidence, proponents of multiple rates noted that Pioneer was the only major company that continued to invest heavily in exploration and development, and that it lagged behind its competitors in marketing and transportation inv estment. d. The divisional rates approach – there was nothing new in the calculations – except that sector rates would reflect the risks inherent in each of the operating sectors of the conglomerate. e. Evaluation of future capital expenditure or investments in each of the main operating areas of the company would be appraised pro rata based on the appropriate rate of return for that industry sector; f. For evaluation of actual financial performance — say, for incentives and bonuses — multiple cutoff rates would fairly represent the rates charged to each of the various profit centers for capital they employed or â€Å"borrowed from headquarters† so to speak; g. The proponents for multiple divisional hurdle rates also argued that the companywide cost of capital was too low, and that investments should be required to earn at least as much as an investment in common stocks. The average return since 1980 on the S&P index of common stocks of 16.25% substantially exceeded the 9% companywide cost of capital (see Exhibit 2). If Pioneer was serious about competing over the long run in industries with such disparate risk-profit characteristics, it was absolutely essential to relate internal target rates of return to the individual businesses. It was argued by proponents of the multiple divisional cutoff rates that for subsidiaries and sister firms of integrated firms like Pioneer, the inter-company-benefits mitigated the risks involved with large refinery investments. Thus in some cases rates lower than companywide rates of return were justified. There was a â€Å"diversification premium† which ought to be allocated back or deducted from the subsidiary discount rates, as calculated previously in proportion to the relation between the investment in each subsidiary and, say, the company’s total asset. Formula used for Weighted average cost of capital is WACC = K(d) + K(e) = Kd(1-t)*DEd + Ke*DEe Pioneer’s original calculations for WACC are summarized as follows From Exhibit 1 The case mentions however, that the interest used is a coupon of 12%, assuming it retains an A rating, and a 34% tax rate, this represented a 7.92% cost after tax. According to Investopedia, coupon is defined as the interest rate stated on a bond when it’s issued. The coupon is typically paid semiannually. This is also referred to as the â€Å"coupon rate† or â€Å"coupon percent rate†. The divisional cost of capital would then be calculated using a WACC approach for each Operating sector; i.e. as though each sector were an independent company competing in its own industry -Note that the same WACC formula above is used to estimate divisional cost of capital, except it is not company wide, WACC rates in specific operating sectors such as business.. The divisional perspective overlooked that each business was also part of an integrated company with â€Å"risk diversification benefits,† economies of scale and other integration benefits, say of a large refinery. The case pointed out the weakness of a single-rate policy. On the one hand, very few low risk investments were made, precisely because of the high rate of return on investment required by the pre-assessment. The hurdle rate was too steep for â€Å"low risk divisions.† Too few passed the gauntlet, so to speak. On the other hand, too much money was invested in high-risk divisions, because the hurdle rate on those operating sectors, was too low. Some members of top management felt that Company-wide cost of capital rates was too low, and investments should be required to earn at least as much as Common stocks – or over 14%. A couple of corrections need to be suggested on the single rate WACC of Pioneer. WACC = Kd + Ke Cost of equity, Ke. Note that â€Å"after prolonged debate,† Pioneer (management and board) decided to use 10%, which was the equivalent of $6.15 Earnings per Share divided by $63 Market Price per share. Using current earnings yield of their stock as the cost of both new equity stock and retained earnings.† In other words the 10% used was based on â€Å"actual† dividend yield and not the â€Å"projected† or the â€Å"required rate of return† for the company’s stock. Given a dividend growth rate of 10%, a share Market Price of $63, the next target dividend at $2.70 ( = $2.45 plus 10%), and the ratio of Equity to Debt at 50:50, then the cost of equity is therefore calculated as follows: Cost of equity: Ke = ((Target Dividend Value/Market Price)+Growth in dividends)*DEe = ((2.70/63) + 0.1)*(50%) = 14.3%. Cost of debt, Kd It seems the actual interest rate afforded Pioneer was not actually given in the case. What was used by management was the 12% coupon rate on bonds. Since Pioneer was an â€Å"A-rated† client, or deemed to carry very â€Å"low risk,† then this status ought to translate into a significantly lower cost of money or interest rate. To my understanding, a coupon rate would be like the hotel â€Å"rack rate† which would be much higher than what an A-rated client like Pioneer would be accommodated with. Let us assume a prime interest rate of 9%. Allow me to note that this assumption is just for the case exercise, but such information ought to be readily be available in the real world. The cost of debt is therefore: Cost of debt: Kd = Interest Rate * (1-Tax Rate) = 9% (1 – 34%) = 5.94%. Due to the 50-50 debt to equity capital structure, the actual cost of debt is 2.65%. The WACC is summarized as follows: The new WACC is 10.12%, as against the 9% estimated by Pioneer management. This means that companywide, projects that show a rate of return lower than 10.12% will not be approved. This is somewhat double edged, because it might mean that some projects which are less viable, but viable nevertheless, will be unduly rejected. It is suggested that rather than rejecting let there be a cap set on investments, and more flexibility be given on rates of return – sometimes this may be subject to abuse and manipulation. There are other countless foretelling signs of project success of failure than just numbers. As shown in this case, the hurdle rate WACC may vary, depending on the assumptions; for instance, if the debt to equity proportion changes, then the 50:50 â€Å"policy† might be irrelevant. Conclusions and Recommendations: FLEXIBILITY CUTOFF Rate Stop Loss Limits Forecasting Understand Risks, but also Opportunities Best-selling author of â€Å"Rich Dad, Poor Dad,† Robert Kiyosaki wrote, â€Å"Risk is a function of Ignorance.† It is always risky if it is not clear or understood. Unless objectively determined based on facts, a single, companywide rate of return used for expediency’s sake, is just as risky as a multiple-cut divisional cost of capital rate, that supposedly considers local risks of specific divisions or operating sectors. Conclusion and Recommendation Capital Structure2 is the mix (or proportion) of a firm’s permanent long-term financing represented by debt, preferred stock, and common stock equity, greatly affected by specific costs of capital or assigned hurdle rates, say in assessing weighted average costs of capital. CORE ISSUE – Hurdle rates2 are measures of the cost of capital, combined debt and equity, which a company targets for its projects to achieve in the planning period. The hurdle rate’s significance cannot be over-emphasized. If it is set too highly, it may spell tremendous losses in opportunities, or rejection of perfectly viable projects. This can also cause demoralization on the part of division personnel, who are rated based on such high hurdle rates. This means it is more difficulty to achieve, and thereby affecting managers and employees’ performance appraisals, bonuses and incentives. On the other hand, if we set hurdle rates too low [ in the game of golf, we might call this practice â€Å"sand-bagging,† or reporting a higher, more forgiving handicap to increase chances of achieving it ], this would be a major disservice to investors who expect maximum returns on their investments. They expect integrity in leadership, fair stewardship and good governance on the part of the board and senior management whom they have elected to run company affairs in their behalf. One limitation of classical estimates on Hurdle rates or Costs of Capital is that (1) investment and asset management decisions are held constant and (2) they consider only debt-versus-equity financing, which are not necessarily the only sources of financing. Recommendation: HYBRID SINGLE-MULTIPLE HURDLE RATE The solution must address specific legitimate needs of the different players, specifically the Stockholders, the Division heads, and top Management. Stockholders require better total returns on equity, and proponents of the Single rate assume that â€Å"the only way to achieve better overall returns on equity is to set company wide hurdle rates or weighted average costs of capital. They actually are not as concerned as division heads are, that some divisions are subsidizing others. This is not a sustainable practice. Pretty soon the winners who subsidize the losers will not find enough incentive to perform, and eventually leave. Division heads will be split into to. Winners, or Performers, and Losers, or non-performers. Top management must listen to winners and ought to reward them, outrageously, if they are to keep performing for the long term. This means that for winner industries, the practice of attaining a â€Å"hurdle rate† which in players’ perception is â€Å"too low†Ã¢â‚¬ ¦ becomes a disincentive over time. On the other hand, in â€Å"non-performing† divisions, good players that find the â€Å"hurdle rates† too high, are totally disillusioned and demoralized when standards are lowered to accommodate them. On a wider scope, Pioneer Petroleum needs to find a fair way to â€Å"allocate central costs in accordance with responsibilities† and to determine â€Å"strategic and financial measures† – including, but not limited to the Cost of Capital – between the central or corporate headquarters and its divisions and subsidiaries. This leads to less inter-departmental and inter-company conflicts, and more cooperation and synergy, which are necessary to for any breakthroughs to happen, i.e. in the direction of better project execution, better decisions and a more positive working environment. The recommended solution may be described as follows. 1) The policy we recommend is simply: Company Wide WACC = Sum of Divisional WACCs = Sum of [ Local Costs of Debt plus Local Costs of Equity] 2) The 50:50 capital structure does not seem like a well founded â€Å"policy† and must be revisited. The objective must also include maximization of risks and returns, and not to literally â€Å"balance† debt to equity capital structure. 3) An evaluation and rating system must be set up to allow managers to think global, but to act local. This means we do a Hybrid system of Corporate-and-Divisional hurdle rates, maximizing the benefits of both, and ascribing responsibility for the rate, where it is rightfully assigned. For example, the division management is responsible for maximizing its return rate, given the resources it is allowed access to, and given the authority and responsibility in its portfolio. Division managers are not responsible for a â€Å"company-wide rate† just as much as it does not have any control over other companies, or over corporate financial, operating or marketing strategy. 4) The total company-wide Rates of Returns (e.g. 10-15%) on Inv estments or capital expenditure, are the responsibility of top management, and to achieve this, there are other ways, besides imposing this global rate on every single operating division or subsidiary. 5) A fair system of multiple hurdle rates ought to reflected the specific risk-profit idiosyncrasies of its business divisions and operating sectors in which the company’s subsidiaries operated. 6) Using multiple hurdle rates will actually combine the strengths of performers in both â€Å"winner† and â€Å"loser† industry divisions. Fact is, the latter are not actually â€Å"losers†; just lower yields but still positive yields, which might be descriptive of industry performance. The key hurdle rates to accommodate this, might therefore be industry-specific MARRs or WACCs. As mentioned, the rate or rating system must consider specific, inherent risks of divisions and operating sectors – and at the same time – consider benefits ascribed to the single-rate Weighted Average Cost of Capital approach. 7) Aside from just calculating a â€Å"fair† rate, as financial advisors, we must equip Pioneer Petroleum top management with a better designed, more objective and more rational (less emotional) rating system; to help them rationally choose the corporate-and-divisional hurdle rates for evaluation of new projects in a fully integrated conglomerate of multiple divisions; determine whether they should use the SINGLE company wide Weighted Average Cost of Capital, which reflect the rates at their face value to the company, OR proposed MULTIPLE Divisional Cost of Capital, which reflects risk-profit characteristics inherent in various divisions and operating sectors. 8) The above rating system will help the management and board of directors of Pioneer Petroleum decide – every year – on the fair and objective Hurdle Rate/s that will fairly qualify new investment projects of Pioneer Petroleum divisions. a. It considers specific, inherent risks of divisions and operating sectors b. It addresses the interest of stockholders to maximize return on their equity or investments, which is ultimately the responsibility of TOP corporate management. c. It still uses the familiar Weighted Average Cost of Capital approach in calculating both single-company wide HURDLE rate, and divisional YIELD and HURDLE rates. d. Finally the solution MAXIMIZES OPPORTUNITY available in that it does not unnecessarily reject â€Å"the best available net positive cashflow projects at that time† which contribute to increasing company wide yields, but do not necessarily match the company wide yield. I believe this solution is easy to execute. It clarifies what rates to use as hurdle rates to truly evaluate . The solution must be win-win and acceptable proponents of both single and multiple rates References: 1â€Å"Pioneer Petroleum Corporation,† Case on Divisional Cost of Capital. Copyright  © 1991 by the President and Fellows of Harvard College. Harvard Business School Case 292-011. 2â€Å"Capital Structure.† Chapter 17, Fundamentals of Financial Management, 12/e  © Pearson Education Limited 2004; Slides by: Gregory A. Kuhlemeyer, Ph.D., Carroll College, Waukesha, WI 3â€Å"Investors need a good WACC.† Bill McLure, Investopedia Contributor, www.investopedia.com, http://www.investopedia.com/articles/fundamental/03/061103.asp 4â€Å"Definition of Weighted Average Cost of Capital.† Bill McLure, Investopedia Contributor, http://www.investopedia.com/terms/w/wacc.asp 5â€Å"Which is a better measure for capital budgeting, IRR or NPV?† Rob Renaud, Spotting Profitability with ROCE. http://www.investopedia.com/ask/ViewFAQPrintable.aspx?url=%2fask%2fanswers%2f05%2firrvsnpvcapitalbudgeting.asp ‘Accounts Receivable and Inventory Management’ Chapter 10, Fundamentals of Financial Management, 12/e,  © Pearson Education Limited 2004, Slides Created by: Gregory A. Kuhlemeyer, Ph.D. Carroll College, Waukesha, WI ‘Debt and Stocks,’ Chapter 20, Fundamentals of Financial Management, 12/e,  © Pearson Education Limited 2004, Finance Decisions and Investments,  © 2012 Lecture Notes by Dean Atty Joe-Santos Bisquera, LLB, CPA, MBA, De La Salle University College of Business – Graduate School

A Cultural Approach to Communication Essays

A Cultural Approach to Communication Essays A Cultural Approach to Communication Essay A Cultural Approach to Communication Essay A Cultural Approach to Communica0on CLA1201 SemA 2012 Department of Media and Communica0on City University of Hong Kong Recap of Last Week’s Lecture ? We discussed the psychological e? ects of media on the audience ? The media e? ects research tradi0on draws from psychology and sociology ? It is generally quan0ta0ve (i. e. , using numbers and formulas to represent knowledge) and scien0? c (i. e. , lab experiments. ) ? But there are some limita0ons to this approach. Cri0que of the â€Å"E? ect Approach† ? The â€Å"effect approach† (or scienti? c approach) of communication research –? Reduces â€Å"cultural questions† to measurable and veri? ble categories –? Depends on â€Å"rigidly objectivity† –? Serves advertisers and media organizations primarily –? Narrowly focuses on audience individual behavior, ignoring questions like â€Å"where are media industries taking us† –? Refuses to place the research in a broader social and historical context ? Instead, historical and cultural approaches should be used to focus on the long-range effect of mass media. Di? erent Methods: Cultural Studies vs. E? ect Studies ? The â€Å"cultural approach† often uses methods such as audience ethnography and textual analysis, which has previously been used primarily in humanities (e. . literary studies). ? The â€Å"effect approach†, or generally understood as the â€Å"communic ation studies†, uses methods such as survey research, content analysis and experiments. Origin of the Cultural Approach ? Originated in Europe, where an interpretive approach (as in literary criticism) is preferred to a scienti? c approach. ? In? uenced by Marxism: mass media operate primarily to justify and support the existing power at the expense of ordinary people –? Old-fashioned Marxists believed people were oppressed by those who owned the means of production, or the base. –? Neo-Marxists believe people are oppressed by those who control the culture, or the superstructure. ? Its goal is to bring about change in government media policies or even fundamental change in media and cultural systems. The Frankfurt School ? It emerged in the United States in 1930s when a group of scholars escaped to US from Nazi Germany, where Hitler effectively used mass media to control the minds of the public. The Frankfurt School (Cont. ) ? These scholars analyzed products of mass culture within the context of cultural industries and focused on features of –? Commodi? cation –? Standardization –? Massi? cation ? They believe cultural industries provide legitimation for capitalism and serve to integrate individuals into mass culture through â€Å"false consciousness†. Frankfurt School scholars were the ?rst to: ? Comment on the role of â€Å"cultural industries† in the functioning of modern societies –? Agents of socialization (positively presenting social norms) –? Mediators of political reality –? Maintaining the status quo and legitimating dominant power ? Systematically analyze and criticize mass-mediated culture But†¦ Its distinction between high and low culture, and preference for high culture over low culture shows an elitist bias. –? Seeing mass culture as monolithic, duping a mass of consumers –? An idealistic view of â€Å"authentic art† Adorno and Horkheimer The work of art in the age of mechanical reproduction, Walter Benjamin BBC Modern Masters Series: Andy Warhol Nor does the distinction recognize that audience may be active, may have their own reading of a text or even become a producer Or give adequate attention to the actual production process of media and their interaction with other social institutions. Bri0sh Cultural Studies:1960s and onwards ? â€Å"The Birmingham School† arose in 1960s when political upheaval swept through Britain. –? A class-based system and widespread inequality –? Mass media tried to integrate the working classes –? In? ow of ethnic population from diverse backgrounds –? Americanization of pop culture –? Feminist movement and Civil Rights movement Characteris0cs of Bri0sh Cultural Studies ? Like the Frankfurt School, British cultural scholars believe mass media may further the will of the dominant class and may oppress subordinate class, gender, race, and ethnic strata. ? Different from the Frankfurt School, they argue audience can resist and struggle against domination. –? Media texts do not have â€Å"transparent† meaning. Texts have different layers of sign systems that audience may interpret differently from media producers. –? Audience is no longer passive. Audience with different social and political orientations decode messages differently. ? Removing â€Å"high vs. low† cultural distinction and embracing popular cultural forms like television and pop music. From Week 2 Slides: How are meanings created and Shared? â€Å"Elephant† The Triangle of Meaning c-o-w† (Signifier) a farm animal (Signified) he animal itself (R) The Triangle of Meaning 1.? Signi? er: the sign/word/picture itself e. g. , â€Å"c-o-w† 1.? Referent: the object or external reality being referred to, e. g. , the physical cow in the farm 2.? Signi? ed: the conventional meaning, e. g. a farm animal, produces milk, etc. The process of interaction among these 3 elements so as to create meanings is called signi? cation. Encoding/Decoding Model (Stuart Hall) ? Dominant Reading ? Negotiated Reading ? Oppositional Reading http://users. aber. ac. uk/dgc/Documents/S4B/sem08c. html ? Financial Times China: Financial Times China: ? Grass Mud Horse†: Internet resistance art wiki-entry:  · Green Dam Girl ? (Song of Grass Mud Horse) What Is â€Å"Worth† Studying? ? Previously studies in humanities focused on highly regarded works of art such as poems, painting and ? lms. ? Now cultural scholars turn to less elite forms of culture: fashion, tabloid magazines, pop icons, rock music, hiphop, soap operas, TV dramas, shopping malls, advertising, reality TV, professional wrestling, etc. ? Scholars try to make sense of the â€Å"taken-for-granted† everyday life and media culture, which they believe can provide insight into broader meanings of society. Textual Analysis ? Highlights the interp retation of cultural messages (books, movies, TV programs) ? Instead of looking for replicability and objectivity of data, textual analysis looks for meanings in rituals and narratives. ? TV: The Most Popular Art (Horace Newcomb)! –? why certain TV programs and formats became popular (e. g. comedies, westerns, mysteries, soap operas, news, sports) –? â€Å"The task for the study of popular art is to ? nd a technique through which many different qualities of the work – aesthetic, social, psychological – may be explored†. (Newcomb, 1974) Audience Studies ? Focuses on how people use and interpret text (cultural content) ? It differs from textual analysis in that the subject of study is now â€Å"audience† instead of â€Å"text†. It explores audience? relation to the text. ? It often combines audience ethnography with some form of textual analysis as methods. Assessing Cultural Studies ? While cultural studies avoid cutting up the culture into high and low, popular and elite, and manage to bring race, gender, and class issues into research focus; ? They suffer from too narrow a focus on cultural text and audience reception, overlooking the production process and the arger political-economic context of media production. ? The celebration of audience freedom in interpreting texts may be carried to far, to the point as if audience alone may produce meaning. Some related schools of thoughts or tradi0ons within â€Å"cultural studies† ? Communication as Rituals? /Construction of Reality ? A ritual view of communicatio n is directed not toward the extension of messages in space for the purpose of control, but toward the maintenance of society in time; not the act of imparting information but the representation of shared beliefs. (James Carey, 1975, p. 18). Communication as Rituals? Construction of Reality? Communication is a process of creating culture ? â€Å"Communication is a symbolic process whereby reality is produced, maintained, repaired and transformed† (James Carey, 1975). The Lippmann- ­? Dewey Debate Walter Lippmann John Dewey Produc0on of Culture Studies how economic and other factors in? uence the way culture is produced, ? nding out rules and routines that govern cultural production (see more in Lecture Two) Entertainment Production News Production Poli0cal Economy Studies ? Political economy studies examine interconnections among economic interests, political power, and how that power is used. ? Major concerns include: –? Increasing concentration of ownership: control of media by fewer and fewer organizations –? Catering to â€Å"what the public want† rather than â€Å"what they need†; the bottom-line is money rather than democratic expressions Ownership and Concentration ? Hori zontal integration ? Vertical integration ? Internationalization ? Multi-sector and multimedia integration Sing Tao Group To summarize, we looked at ? Dominant schools in cultural studies –? Frankfurt School (originated in USA) –? Birmingham School (originated in Britain) ? Changing interest –? A macro-level analysis of popular culture encompassing political economy, texts, and audience, sustained by a â€Å"high culture vs. low culture† divide (Frankfurt School) –? Studying more diverse forms of popular culture; subcultures; as well as issues of identity politics (Birmingham School and onwards) ? Major approaches –? Audience studies (Audience engagement with texts) –? Textural analysis ? Related schools in cultural studies –? Communication as rituals (construction of reality) –? Production of Culture –? Political Economy

French Conjunction Tant Que Doesnt Need Subjunctive

French Conjunction Tant Que Doesnt Need Subjunctive Tant que is a conjunctive phrase (locution conjonctive) that, unlike many other conjunctive phrases, does not need the subjunctive. It means as / so much as or as long as / while / since, depending on the context. Tant que is a phrase that communicates certainty and intensifies quantity, frequency, degree and the like. Thus, there is really no reason for the subjective subjunctive. Tant que tu es ici, tu peux maider. As long as / Since youre here, you can help me.Jai tant lu que jai mal aux yeux. I read so much that my eyes hurt.Il a tant manger, quil est malade. He ate so much that hes sick.Tant que tu es la, cherche mes lunettes. As long as / since youre here, look for my glasses.Tu peux rester tant que tu veux. You can stay as long as you want. Tant Que vs. Autant Que Do not confuse tant que  with autant que,  another conjunctive phrase that seems similar but is really more about equalizing and comparisons. It, too, is an adaptable and widely used phrase in French that has a number of possible meanings in English: as far as, as / so much as or as long as / while. So while tant que is about intensity, autant que is about balance. Autant que communicates conjecture and doubt, so the verb following it should be in the subjunctive, indicated in bold below: Autant que je me souvienne... As far as I remember...Autant que je vous le dise tout de suite. I may as well tell you right now. Other French Conjunctive Phrases A conjunctive phrase is a group of two or more words that function as a conjunction that links clauses. French conjunctive phrases end in que, and many, but not all, are subordinating conjunctions, rather than coordinating conjunctions, that require a subjunctive verb. One asterisk below indicates those that take the subjunctive. condition que*  Ã‚  provided thatafin que*  Ã‚  so thatainsi que  Ã‚  just as, so asalors que  Ã‚  while, whereasautant que* as far as / as much as / while mesure que  Ã‚  as (progressively) moins que**  Ã‚  unlessaprà ¨s que  Ã‚  after, when supposer que*  Ã‚  assuming thatau cas oà ¹Ã‚  Ã‚  in caseaussità ´t que  Ã‚  as soon asavant que**  Ã‚  beforebien que*  Ã‚  althoughdans lhypothà ¨se oà ¹Ã‚  Ã‚  in the event thatde crainte que**  Ã‚  for fear thatde faà §on que*  Ã‚  in such a way thatde manià ¨re que*  Ã‚  so thatde mà ªme que  Ã‚  just asde peur que**  for fear thatdepuis que  Ã‚  sincede sorte que*  Ã‚  so that, in such a way thatdà ¨s que  Ã‚  as soon asen admettant que*  Ã‚  assuming thaten attendant que*  Ã‚  while, untilencore que*  Ã‚  even thoughjusqu ce que*  Ã‚  untilparce que  Ã‚  becausependant que  Ã‚  whilepour que*  Ã‚  so thatpourvu que*  Ã‚  provided thatquand bien mà ªme  Ã‚  even though/ifquoi que*  Ã‚  whatever, no matter whatsans que**  Ã‚  withoutsità ´t que  Ã‚  as soon assupposà © que*  Ã‚  supposingtandis que  Ã‚  while, whereastant que  Ã‚  Ã‚  as long asvu que  Ã‚  seeing as/that *These conjunctions must be followed by the  subjunctive.**These conjunctions require the  subjunctive  as well as the  ne explà ©tif, a more formal negation that uses ne without pas. Additional Resources Tant Que vs. Autant QueFrench ConjunctionsThe SubjunctivatorQuiz: Subjunctive or indicative?

Third Parties in California Essay Example | Topics and Well Written Essays - 2500 words

Third Parties in California - Essay Example But analysis of factual evidence will show that there has always been a need for political parties that work toward interests for the common good, ones that are often neglected by majority party leaders. Data shows the ongoing desire on the part of the voter to have third parties involved in all levels of politics (Gizzi. 2000). It is also easy to be opposed to third parties because of their lack of ability, generally speaking, to win elections. This paper will show that the future of third parties lies in their importance to the structure of society. They are vents for dissatisfactions. They provide avenues of discussion on issues of controversy. They challenge incumbents to reanalyze their positions (Nader. 2002). California's politics has long been considered liberal by anyone's standards despite the fact that there have been 32 Republican governorships to the Democrat's 17 (Nichols 1998). At one point in history the Republican party was considered liberal but its evolution toward conservative attitudes changed how people perceived the party (Cresap 1954). The contemporary Republican party again has the governor's post, but is generally regarded as more liberal than conservative in many areas. Recent news concerning abortion rights may push the image of the California governor back toward conservative lines, however. This paper shows the see-saw action of politics that is always trying to find balance within its culture. Third parties become more "radical" when the majority parties are perceived to have become more extreme, or too lax. If events occur that actually prove the majority parties to have been overly conservative, or liberal, then the public begins looking for alternative leaders. Progressives have made the mistake of ignoring the importance of governorship for too long and have now realized its importance. Even Democrats fell behind because of this failing leaving Republicans to scoop up governor positions throughout the country (Gizzi. 2000). In 2000, Pat Buchanan said, "At no time in history has voter allegiance to traditional political parties been at such a low." (Gizzi 2000) The distancing from voters' main concerns, the corruption and the same-old, same-old of the two majority parties has caused a lot of disinterest. According to Micah Sifrey in "Crashing the Parties . . ." the Reform Party has enough longevity and experience to offer up a many federal-level candidates. The City Council of Arcata, California, currently has a majority of Reform Party members. In 1996, 9.6m citizens voted for third party presidential candidates, despite the third parties' 'tenuous existence' (Sifrey. 1997). Two thirds of independent California voters have said that a two-party system is inadequate and a third party is needed, and a strong one may eventually evolve from the political situation in California today (Lesher, et al. 2006). "Or it might mark an entirely new political paradigm . . . a no-party state." (Lesher, et al. 2006) 1990 was the turning point when Democratic registration in California dropped below 50% for the first time since the 1950's. The electorate has now 2.3 more million voters and almost 90% are registered outside the two majority parties. Of the California registered voter population that numbers 16.5m, 6.7m are Democrats, 5.5m Republican and those who "decline to state" number

Sport in the American City Essay Example | Topics and Well Written Essays - 2250 words

Sport in the American City - Essay Example Cities usually accommodate many people from different background and working in different careers. In the city there is a mixture of different cultures and in the modern cities there appear to be an upcoming new city culture different from the culture of the people in the rural areas. The life in the cities is very different and unique in its own way from the life in the rural areas. One of the challenges facing the modern cities is poor planning which is often couple with less space for expansion and development of facilities for sports and other amenities. The lifestyle in the city is one which encourages a sedentary life. (Melvin, 1986) According to Mueller et al (2007), it has become a concern to many people that in the modern cities, although there is an improved health care and sanitary service, the mortality rate is still higher than expected and it has been concluded that all is not well with the city life. Many people in the rural areas, although having poor access to social basic needs like health care services, are living longer life than many people in the cities. This brings us to a great argument that have been debated the world over, concerning the city life and the future life in our cities. This illustrates that improved medical care and quality lifestyle is not the key to longer life span. It shows that there are other factors that are necessary for and individual to live longer. There are many factors like physical activity, diet, positive thinking and many others that raise the life expectation of individuals. The parameters used to gauge life expectation like improve access to basic health and oth ers have bee defied by occurrences in the in many instances. One of the factors playing a big role in the life of an individual is the kind of life one adopts. One can either lead an active or a sedentary life. We have said that city life encourages sedentary life. The normal city life starts in the morning with a heavy breakfast and then a drive to the place of work. Many workers in the city are white collar job workers and hence they sit all day long with little expenditure of energy. At the end of the working hour, the usual routine is a few beers with friends and then a drive home to the family. This pattern illustrates an inactive life that many city residents undertake. An inactive life has many disadvantages and many dangers to the individual in his present and future life. It has been observed that, residents of cities like Hong Kong and other cities in Japan and China who are very much active and shuns sedentary life have a long life span compared to residents of the American cities. There have been reports that the health care cost of most companies in America cities have been on the rise at an alarming rate. It has been reported that the health care spending on employees for the America companies' rose by 6.1% in 2007 and the cost is expected to rise further in 2008. This has been contributed by inactive life by the inhabitants of the American cites. A recent survey shows that an average medical cost for an active adult per month has been averaging $302 as compared to $228 for adult with an active life style. The monthly payment for medication amounted to $45 for inactive adults compared to $27 for active adults. On health care insurance, monthly spending for inactive adult amounted to $401 as compared to $342 to active adults. The above aggregate shows that the