Cargo Ship

Unitized Cargo Ship The idea of usage is certainly not another one; it was utilized by the USA armed force in the second world armed force war to furnish its powers battling in Europe with weapons and ammo. Unitization since that time has been utilized and created to include all methods of sea transport, just as air and land transport modes. Definition: Utilization is a gathering of at least two (Usually of a homogeneous sort) and making sure about with banding, stick, shrivel wrap, slings or lasting (e. g. sweetheart leaf), to shape a unit which, along with a Base (slides, beds, and so on ) Or a lasting sling permits Mechanical taking care of gear (e. g. tynes of a fork Life truck) to lift and transport the unit. What's more, Unitized freight can aslo be characterized as the gathered load that is conveyed on board a boat in beds, holders, wheeled vehicles, and scows or lighters. At the end of the day, unitization of freight is the way toward gathering items and stacking them onto a bed once the items are appropriately packed.In different words, the entire procedure begins with bundling of items into singular bundles before being placed into an external pack before they’re contracting wrapped and stacked onto a bed. Points of interest of unitization: * Ease of counting. * Reduced breakage. * Reduced pilferage * Faster speed of working among boat and shore (and on boat or shore). * Reduced work prerequisites when taking care of between interfaces. * May utilize vertical extra room in sheds and holds by stacking 4,5 or 6 units high.Disadvantage of unitization: * Loss of spaces beneath decks where the boat of the vessel is perfect with the space of the unit. * Loss of spaces brought about by the state of the bundle starting unitized, e. g. drums on beds. * Collapsed or squashed units requires work escalated endeavors to redress, handle and store. * A component of additional cost engaged with the bed, slings , slides, recoil wrap, lashing , and so on.

Innovation (Apple Ipod) Essay Example | Topics and Well Written Essays - 4000 words

Development (Apple Ipod) - Essay Example (Albury, 2005) From the vocalists to the writers, from the lyricists to the producers of the gadgets which are utilized for playing music †they all are the key players in the music business. The player that has been decided for this report is the maker of the music playing gadget. Mac presented the progressive versatile media player, called iPod on 23rd October 2001. (Breen, 2003) And this has been a significant commitment to the universe of advancement, since it drastically changed the manner in which music was being tuned in to. Advancement is to create something new, regardless of whether it is a thought, a strategy or a gadget. Advancement opens the skyline for new measurements to be investigated and furthermore satisfy some market specialty which was unexplored and addressed before the development. (Tushman, 2004) Moreover, the meaning of development doesn't end there. Its extension is really huge. Advancement isn't just about presenting another thing; it is likewise about improving something old by including a component of newness and freshness to it. Advancement is about innovativeness. (Tidd, 2006) Advancement can occur in any field however generally it is significant in the field of business since that is the place rivalry is extreme and organizations are battling to pick up the consideration of the firm and they have to get a serious edge some way or another to come to take note. Advancement gives them that. Development requires innovativeness, and for an item to be fruitful at last, we have to ensure that it is working appropriately and is fitting the reason for which it was made. (Tumi, 2002) Therefore, doing experimentation and constantly trying different things with your creative mind is the groundwork for an inventive item. For this reason, organizations open Research and Development Departments where they can explore all they need to before at long last giving an item to the end user.â Development is an idea which has been concentrated by administrators and investigators time and

Haters Gonna Hate 10 Ways to Use Haters as Fuel for Success

Haters Gonna Hate 10 Ways to Use Haters as Fuel for Success In every aspect of our daily life motivation is the key factor which allows us to achieve our set goals and strivings.Whether it be business or personal goals, our self-confidence is sometimes not enough to make us want to accomplish greater things, but rather other people’s opinions as well.And this is important mainly because we cant understand how our work is seen through other viewpoints just by our personal beliefs and expectations.What I’m trying to say is that in order for us to know if we are doing something the right way we need to see how other people react to it and accept that not everyone is going to be in favor of our work.It’s impossible for everyone to agree on one thing and that’s basic human nature.This is what makes us all unique and this world wouldn’t evolve to this stage that we are in right now if this wasn’t the case.LOVE VS. HATEPeople more often than not will agree to anything which is related to their personal beliefs and will approve your work if it meets their own goals.But a pat on the back for doing great work is sometimes not enough in order to be more successful and understand if you made a possible mistake.This is where the haters come in.Hate similar to love is a strong emotion and sometimes the line between both emotions is so thin that one quickly becomes the other with one huge mistake or large success.We need to stop trying to understand why people hate something but rather accept, embrace and use that hate so we can learn from our mistakes, deal with conflicts and suppress our won anger towards people who think differently from us.1. Accept Other Peoples OpinionLet’s say you are selling an amazing product online and you see the reviews are filled with people who are pleased with the product explaining what they like about it and suddenly you come across someone whose opinion differs from everybody else’s.Maybe the product didnt match their desires or they simply dont like one feature, either way, they will simply try to explain what they don’t like about the product or just straight up hate the product altogether.This is normal and perfectly fine, use this to your advantage and always try to hear different opinions in order to understand more about what people think and expect from you.2. Constructive CriticismDon’t look at the hate as hate, even if someone completely discards your entire work by nitpicking every single detail which he or she thinks is wrong with your work, look at it as a guidance tool to see if something really is wrong and go from that.Haters go in with the attempt to discourage you, but sometimes they don’t understand that they are giving you a valuable source of feedback which you can’t find among people who are satisfied with your work.When you extract constructive criticism from hate, you are left with a blueprint for future development and improvement which is critical for your success in both short and long term business.To put this in perspective of the example I gave earlier when you see a review of your product which completely bashes all aspects of it, next time when you release a different product which matches the haters’ interests you should expect to see less hateful reviews.By doing this you are showing your consumers that you listen to what they say and dont get demotivated by few hate comments but rather use them as a fuel for improvement and new ideas.Keep in mind that no matter what you do to improve not only your business but also personal life that haters will always exist and theyll try to point fingers at anything that they dont like.As I said, learn from this and you will have no problem climbing the steps for success.3. Dealing with ConflictI’m a calm person by nature but even I sometimes get angry when I see that my efforts aren’t appreciated like I expected them to be.However, what I learned is that no matter how much the hate affects you, never let it control your life and possibly make you spew hatr ed back because you won’t be able to move the next step further in your personal development.Instead what you should do is try to cope with the hate and try to understand why someone hates the things you are doing.Im going to make a list about why people hate later, but for now, bear in mind three things:Hate is pure and natural emotion â€" Some people can better explain why they hate someone or something than why they love it.Hate brings fame â€" I know no one likes to be hated but if you are liked by many and hated by few, even that small minority will talk about you giving meaning to your work without even realizing it.Be the better person â€" As I said, you shouldnt act the same way as haters do by hating on them, instead, you should be thankful for their comments because you can pull out helpful advice so try to be as kind as possible when you are dealing with haters. 4. Haters Bring ViewsIm going to give you a more specific example of how haters can actually boost your succe ss and even profit by redirecting your attention to YouTube advertisement.In this modern era where billions of people watch YouTube every day and follow certain content creators or listen to their favorite artists, we can all notice that advertisement is placed in almost every single video.Some people dont mind the ads but some really hate them, for companies, on the other hand, they are a huge source of income and I will explain how haters have an impact on them.YouTube drama â€" Anyone who watches popular content creators will certainly know what I’m talking about. When there is an argument between two or more YouTubers, the audience goes crazy and they stack up views and more views mean more advertisements are being viewed so it’s a win-win situation for everyone.Hate comments â€" Following the cycle of the drama, people who have something negative to say will rush to the videos the drama is about and will post hateful comments and again this brings views to the creator and p rofit to your company.Hot topic â€" Some dramas end very fast, but some still catch peoples’ attention even if it is old news so there are going to be more videos on that topic meaning that the chance of your advertisement being viewed goes up and you don’t even have to do anything.Some would argue that using someone else’s fame for personal gain is a bad thing but knowing that you have no control over whether a YouTube drama is going to occur or not and also don’t even maybe know that it exists, I see nothing bad in getting more profit out of YouTube ads you pay for being aired.This way you are benefiting from other peoples’ haters without even being involved in the hate and as bad as it sounds it does really impact your success in terms of advertising your product through YouTube ads.Who said that you need to suffer from hate personally in order to be successful anyways?5. Try not to Provoke Hate in the First PlaceI know I said that some people will hate your work regard less of what you’re doing but now I want to talk about how to avoid hate in the first place or at least get far less hate and what to do with the hate that you do get.If you know that for example a product is a bit unusual or maybe you are planning to introduce a brand new product never before seen on the market, do know that right off the bat you can get hateful comments about it just because you were inconsiderate about the consumers taste, values, beliefs etc.What Im saying is if you are for example selling t-shirts, try to avoid using political, religious, or other logos which can provoke hate and criticism.This will not only affect your sales in a negative way meaning fewer people will buy the product but also your reputation could be at stake and you wont have positive feedback from even the people who love your other products.Do some research on the market you are placing your product on, it can be hard to know from what background your consumer comes from, but learn from y our previous sales and always be open-minded when it comes to giving your consumers what they want and avoid things that might be controversial.6. Learn from Your MistakesHumans are not perfect creatures and we all make mistakes but not many people stop and ask themselves what they did wrong mainly because they feel that they haven’t done anything wrong in the first place.In these kinds of situations, haters do really come useful because they don’t have mercy when it comes to pointing out other peoples mistakes.If you’ve taken to account everything I said previously I’m sure that you’ve learned, if not to cope with, then at least to accept hateful comments for what they are â€" a sign that there is always room for improvements.Listen to hateful comments more carefully than to the praiseful ones because, and I can’t stress this enough, you will always find more new ideas and ways of getting more successful by seeing what someone doesn’t like about your work.If you make a mistake and see that it has backlashed try learn from it and make progress by doing so, don’t make the same mistake twice by only listening to positive feedback and not caring what people who don’t agree with you think.7. No Matter What You Do, Be HumbleDon’t expect from people to appreciate what you do just because you either put a lot of effort into it or you simply think that you are doing something good.I don’t expect from you to give me a high-five just because you like my article and even if that means something to me I would rather have you listen to what I have to say than to praise my literacy skills.Whether you have a company worth millions or have just entered the world of entrepreneurship you have to understand that being humble about what you do can have a great impact on your success.People tend to criticize less someone who is down-to-earth than someone who is pretentious and thinks he is better than everyone else.It doesn’t matter what your job is, people can have a sense of who you are as a person just by looking at your product, viewing your advertisement or even listening to your new ideas.And this either attracts their attention or pushes them away.A great example would be luxury brands which even if they have made a name for themselves by offering high-quality goods, they tend to overprice everything, make high-end fashion pieces and even come up with bizarre ideas just because they are already selling their products and collecting profit.And although many famous people and people who can afford those kinds of products to buy them, for the average person it all just seems a bit odd.The majority of us just want to get the quality that we pay for and people tend to give their respect more to the companies that are unpretentious about their products.8. Don’t Let Anything Demotivate YouWe’ve talked about making mistakes, but one of the biggest mistakes you can make is letting someone or something keep you away from your goals.I t’s hard enough to have self-confidence yet alone dealing with criticism left and right and that being said you need to learn to keep your head high when the going gets tough.Avoid having any emotions when you hear the hateful commentary, and I know this is easier said than done but it will mean a lot to you in the long run and will motivate you to keep trying and to do your best.We have to be honest with ourselves in every given moment, so if you for some reason see that your effort isn’t appreciated as much as you expected it to be and maybe you’ve been doing something wrong from the get-go.If you do find yourself surrounded with criticism try to look at things from a different angle, try to see what exactly is that thing that someone thinks you’ve done wrong and if you partially agree with them it means that it’s time to change something.With all this being said, use every bit of hate as fuel for motivation and progress rather than just peoples’ opinion because it can have a counter-effect on your ambition to be successful. 9. Haters are Going to Hate You RegardlessI’ve mentioned this before but I need to point out some key elements when it comes to using hate as a fuel for success.It doesn’t matter how much you try to avoid being hated by some people, haters always exist and they don’t seem to be falling in numbers any time soon.On the contrary, the more you are successful the more haters you will attract so it doesn’t even matter what you do you will always be a thorn in someone’s eye.Focus on what is important and that is you, stop worrying what other people think of you but do listen carefully.The main mistake I see people who have big businesses are making is that they focus too much on the hatred itself and don’t focus on the great scheme of things.When you stop being fearful of hate you will prosper much quicker than someone who is taking everything personally because that means that they lack self-confidence.Dont be that guy. 10. Hate Means You are Doing Something ImportantLast but not least, I want to talk about what hate actually means in terms of either business or life itself.It means that you are doing something, whether it is a small step for you, for the haters its a huge leap, otherwise, they wouldnt start hating you.Haters are jealous of other people and they express their anger because they feel superior to them when they try to undermine their success so they can feel better about themselves.Knowing this you should use it to your advantage and work on yourself to give them less of a reason to hate you.But as you get more successful as we discussed, you will get more hate, so its a never-ending cycle of hate and progress, which can sometimes be tiring but also fun, depends on how you look at it.If you start to notice that you have haters who for example criticize your latest product that you’ve worked so hard on, stop and think for a second how you would know if the product is any good or not ?People who generally like your products will say good things about this new one, but haters are going to point out every single thing that they think is wrong with it and this is your fuel for success.Embrace that and you will go places, try to ignore it and you will make the same mistake over and over again.WHY DO PEOPLE HATE?I said at the beginning of the article that I’m going to make a list of reasons why people hate just to give you some answers if you happen to have questions regarding all the things we talked about today.People who are less successful are more hateful towards people who are doing something in their life inferiority complex.Take every criticism with a grain of salt â€" not every hater knows what he is talking about.Focus on both the compliments and hate â€" it means you should read between the lines of both types of consumers so you could understand better what they want.Be thankful to haters, they are giving you helpful tips remember.Haters don’t have a n effect on people who appreciate your work so you don’t need to worry about the hate being spread among all of your consumers.Once you get over the initial anger which hates sparks everything else will be a walk in the park.There are always plenty more reasons why people hate on things, but that is a matter of psychology and nature and not something we can control.Our whole human civilization is full of hate which leads to wars but if we would all make that large leap into better understanding our differences the world would be a better place. FINAL WORDI hope that Ive shed some light on the topic of hate and how to deal with it and also how to use it for your advantage especially if you have a business which is open to receive criticism from its consumers because it helps you move forward and also figure out what your next move should be.And if you find yourself not being able to accept the hate even after reading all of this, start by at least appreciating that someone made tim e to leave a hateful comment about your work and go from that.The faster you accept the fact that you won’t be able to avoid hate altogether the more you will learn how to deal with it and how to benefit from it.Nevertheless, if you found something in this article that you don’t agree on or if you think I’ve missed an important point, feel free to leave a comment and I will use one of my own tips that I’ve explained here to make the next article better.

The Life Of A Slave Girl By Robert Jacobs - 2254 Words

How Jacobs Shows That the Institution of Slavery Corrupted Society Jacobs portrays slavery in her narrative as an institution that is corrupting society. Throughout Incidents in the Life of a Slave Girl Jacobs explains how the injustice of slavery between whites and blacks corrupted not only black society but white society as well. Jacobs illustrates how religion practised by white slave owners in the south was often corrupt and did little to alter the effects of slavery on white society. Jacobs also illustrates how slavery, while it did create unbreakable kinship, broke apart the black society. Jacobs’s narrative also makes it very clear that slavery was not in any way a beneficial way of organizing society. Incidents in the Life of a†¦show more content†¦This lack of faith in humanity is a symptom of a corrupted society and displays for the white northerners the effects of their non-actions. The fear Jacobs expresses at the thought of giving her son his father’s name illustrates another aspect of black society that the †Å"serpent of slavery† stole from Jacobs’s life . Her children do not have a legal right to a father and therefore grow up without a father in their lives. By not only showing her audience the terrors of slavery but also the effects that they have on Jacobs, Jacobs is appealing to the sympathies of the white northerner to fight for abolition. A corrupted society is also evident throughout Incidents in the Life of a Slave Girl when Jacobs questions her audience several times on how they would feel if the same horrors that are happening to slaves were to happen to them . By comparing a corrupt society to the northern non-slave society, Jacobs is able to show clearly the negative relationship that slavery has on its society. As Jacobs flees to the north she leaves â€Å"dear ties behind† and blames the loss of her loved ones on the â€Å"demon Slavery† . This sad depiction allows for the reader to comprehend how the institution of slavery forced Jacobs into leaving her society and her network of love in fear for her safety. Earlier in the narrative Jacobs compares the white northerners’ view of a celebratory New Year’s Day with that of southerner slaves

Symbolism in A Rose for Emily by William Faulkner Essay

Symbolism in A Rose for Emily by William Faulkner William Faulkner used a great deal of symbolism in this story. His use of symbolism captivated the reader until the shocking end of the story. Some of the symbolism was blatant while some was vague and disguised. While Faulkner’s use of the color white in this story wasn’t obvious at first it soon becomes clear that the color white represents innocence and youth. The Grierson house was white and when Miss Emily was a young girl she wore white dresses as opposed to the black attire she wore in her latter years. This represents the innocence of Miss Emily before she becomes a victim of herself and her refusal to change. The yellow color of the wheels of the buggy Miss Emily and†¦show more content†¦The whip he held was a sign of strictness, power, and protectiveness he had towards Emily. When Miss Emily’s father dies, her refusal to admit that he died shows her unwillingness to accept change. The watch Miss Emily wore tucked out of sight in her bel t is also symbolic of this. Another symbol of her unwillingness to change was her refusal to allow the new guard to put the numbers of her house for free mail delivery and her use of old paper and old ink in her answer to the demand for tax payment. Her refusal to pay taxes and her dilapidated house also reflected her unwillingness to change. The Grierson house represents the Old South and is symbolic of an age gone by. The poor upkeep of the house relates to Miss Emily and her poor upkeep. The fact that cotton wagons and gasoline pumps flanked the house represents the conflict between the Old South (Miss Emily) and the New South (the changing town). Faulkner also used the stench that permeated the air around Miss Emily’s house as symbolism. It symbolized the sour faultiness in southern thinking or logic; that the town would rather cover up the smell (townsmen with the lime) than uncover the cause. The bedroom where Homer was found dead symbolized a few things. First , it symbolized Emily. It was upstairs representing the high and mighty Griersons and it was secluded from everyone like Miss Emily was for the majority of her life.Show MoreRelatedSymbolism In A Rose For Emily By William Faulkner879 Words   |  4 PagesTill Death Do Us Part In â€Å"A Rose for Emily† William Faulkner writes a gothic toned short story about spending life holding onto the past and lost love, and the toll life can take on ones self. The main character Emily Grierson is a woman who lives in the house of her deceased father in the south during the late 1800’s/ early 1900’s, and spends her life secluded while trying to hold onto love and refuses change. The main character holds onto the things in her life including love and inexperienceRead MoreSymbolism Of A Rose For Emily By William Faulkner Essay1070 Words   |  5 Pages Symbolism meaning: Analysis of the symbolism of â€Å"The for Emily† by William Faulkner In the story of â€Å"A Rose for Emily† by William Faulkner, Emily Grierson is the protagonist who also represents the Jefferson communities’ past and present by following her life backward and her house and the people in a community to represent the changes throughout time. William Faulkner’s â€Å"A Rose for Emily† shows the progress of the small southern town Jefferson through the life of one woman, and the symbols ofRead MoreThe Impacts of Symbolism in A Rose for Emily by William Faulkner728 Words   |  3 Pagesan author can make their writing more interesting by using symbolism. Using symbolism can help the author give detail, depth, and meaning to their work. By giving the reader a mental picture of an object or idea, it is easier for the reader to connect and comprehend what the author is trying to say. The use of symbolism can also hint the reader of something that will happen in the future. Faulkners use of symbolism in A Rose for Emily define s and gives a better understanding of Emilys emotionsRead MoreIn â€Å"A Rose for Emily†, William Faulkner uses imagery and symbolism to both illustrate and500 Words   |  2 Pages In â€Å"A Rose for Emily†, William Faulkner uses imagery and symbolism to both illustrate and strengthen the most prevalent theme; Emily’s resistance to change. William Faulkner seems to reveal this theme through multiple descriptions of Miss Grierson’s actions, appearance, and her home. Throughout the short story it is obvious that Emily has a hard time letting go of her past, she seems to be holding onto every bit of her past. Readers see this shown in several ways, some more obvious than othersRead MoreEssay on Connecting Symbols in A Rose for Emily1248 Words   |  5 Pagesliterature is the use of images and symbols. Symbols are sometimes complex and contain both literal and figurative significance. Symbolism in literature is commonly used to bind the attributes of an object with various segments of a story to provide the reader with a deeper understanding and sometimes hidden meaning. In the short story, â€Å"A Rose for Emily† William Faulkner utilizes a vast collection of symbols, as a means to enhance the reader’s visual perceptions but also prompts consideration intoRead MoreEssay on William Faulkners A Rose for Emily1539 Words   |  7 PagesWilliam Faulkners A Rose for Emily As any reader can see, A Rose for Emily is one of the most authentic short stories by Faulkner. His use of characterization, narration, foreshadowing, and symbolism are four key factors to why Faulkners work is idealistic to all readers.   Ã‚  Ã‚  Ã‚  Ã‚  The works of William Faulkner have had positive effects on readers throughout his career. Local legends and gossip trigger the main focus of his stories. Considering that Faulkner grew up in Mississippi, he wasRead MoreSymbolism In Rose For Emily892 Words   |  4 Pagesextreme situations. William Faulkner achieved to describe that in the story â€Å"Rose for Emily† through the main character, Miss Emily Grierson who suffered from necrophilia. This story is enriched with full of symbolism, along with a deep-rooted issues and messages. Symbolism helps to gives readers to think about text and hidden themes that go along with the symbols. This gives reading a more rich and vivid experience. There are symbols lurking in every corner of this short story. William Faulkners useRead MoreThe Lottery, By Shirley Jackson And A Rose For Emily By William Faulkner960 Words   |  4 PagesThe Use of Symbolism in â€Å"The Lottery† by Shirley Jackson and â€Å"A Rose for Emily† by William Faulkner The use of symbolism is used in literature to enhance writing and add meaning to a story, this is evident in the two short stories â€Å"The Lottery† written by Shirley Jackson and â€Å"A Rose for Emily† written by William Faulkner. With the authors use of symbolism Jackson and Faulkner are able to add depth to their writing in a way that connects with the readers. By adding symbolism to the short storiesRead MoreA Rose For Emily Literary Analysis875 Words   |  4 PagesAdopting new ideas allows for both the individual and society to progress. William Faulkner packs the short story â€Å"A Rose for Emily† with different types of literary devices that describes the fight against change in the post-U.S. Civil War South. Faulkner’s story takes place in the Southern town of Jefferson Mississippi in the late 1800’s, early 1900’s. The symbolism of the primary characters (Emily Grierson, her father and the Grierson estate) chronicles how diff icult change is in Jefferson. AssumingRead MoreEssay A Rose for Emily: Literary Analysis 2990 Words   |  4 PagesENG 102 Analysis Research Paper 09-25-10 Literary Analysis William Faulkner’s short story â€Å"A Rose for Emily† carries a theme represented by a dying breed of that era, while using symbolism to represent tragedy, loneliness and some form of pride, the story also shows how far one will go to have the approval of others and the pursuit of happiness. In today’s times, a person’s image could mean everything in life and almost everyone tries to fit into the main stream in some form at some point

Challenges Essay Free Essays

Challenges When I was 12 years old, I started my second language training in English at a cram school. I was the oldest one in the class which was very embarrassing. At the beginning, it seemed easy. We will write a custom essay sample on Challenges Essay or any similar topic only for you Order Now As I progressed to a higher level things became harder and more confusing. My English teacher at junior high school was awesome and was the one who made me start to love the language. Because of her communication skills, excellent teaching ability and passion it made me desperately want to get more involved in learning English. It became my favorite subject. For me, grammar, communicating with people and writing essays are my challenges in learning English. With the most challenging part about developing my English skills was learning the grammar. In English, one word can have several meanings and/or different pronunciations which make it more difficult to understand and learn. For example, the word â€Å"record† has several meanings, including to set in writing or an actual hard copy of music. Everyone has their own unique accent which makes it difficult to understand. For instance, some people with Middle Eastern accents may pronounce certain words differently to their traditional English pronunciation. One major thing that was different from my native language, Mandarin Chinese, is the order of sentences and the way I write them. When I had a conversation with someone I would think in my native language, then translate into English, and then rearrange the words to make it sound correct. When I was seven years old I started to play tennis. Later I traveled from country to country to play tournaments and I had to speak English in order to communicate with people. If I was playing doubles I would need to communicate with my partner so we were playing correctly. I could not be successful just because of my ability; I had to know English because it is the worst thing in tennis to not be able to communicate. Learning English is very important for me because of this. In professional tennis, English is the only language that is used during matches, so I want to study abroad and to get an education in English. Writing a formal essay is a very challenging endeavor, the strategies that I used were comma slices, syntax differentiation and grammar and punctuations. For example, read more English books, magazines, and newspapers to improve my vocabulary skills and comprehension. Since the order of sentences is different from my native language. The tenses, grammar, punctuations and the order of the essay are very easy to make mistakes on. Making the sentences too wordy is the biggest problem for me. As I said, the more practice I do, the more likely I will have a better essay. Some people have better learning skills than others allowing them to catch up more easily than I do but I continue to work every day to improve my writing skills. A large portion of an essay includes vocabulary and its proper use. This is the weakest part for most international students and has been challenging for me, so I carry my electronic dictionary everywhere and it has helped me to write this paper. In the end, it is important for me to learn English for many reasons. Even though it is difficult learning English gives many benefits and opens opportunities for my future. The more practice I have, the less afraid to make mistakes I become and it ultimately will help me to learn new things. English is an international language used to communicate all over the world. Learning to speak other languages, especially English, helps when I apply for a job. It helps my resume allowing me to have a better chance to be hired. My strategies to learn English were and still are to force myself to speak to native English speakers. Talking to native speakers helps me tremendously and it made me start thinking in English when I talked to someone instead of Chinese and then translating in my head. This made my speech better and my responses much quicker. The more I talk, the more I can learn. Learning for me is getting involved with it, not just reading a textbook; we should try to use it in everyday life. I would say you use it or you lose it. How to cite Challenges Essay, Essay examples

Family Business Objective-Free-Samples for Students -Myassignment

Question: Discuss about the key Positive and Negatives influences, or the outcomes that result when a Family Controls any Busines. Answer: Introduction The assignment is based on a business unit in Singapore named Putri Mas Bridal and Beauty. The firm specialises in manufacturing beautiful modern wedding dresses for the bride and groom that are within a fixed budget. It has recently taken up the business of event management and is arranging weddings at a very low cost. The company was registered under the Singapore Marriage law in the year 2012 and is a family business. It has its office in one of the most happening areas of Singapore, at Changi road. The company has suffered a crisis situation in the recent past which was instrumental in restructuring the hierarchy of the business. The aim of the project is to find out the different problems related to a small family business and also the different strategies and decisions that were taken to revive the business. The researcher had met the objectives of the organization in a systematic way to attain the objectives of the report. Family Business Family Business can be specifically referred to the type of business that is established by an individual in a family or the family members and is totally controlled by the person or the group. The family business is not like the other businesses that have a number of shareholders. There are no shareholders or external source of capital which makes the company vulnerable to external threats and challenges its sustainability. Family Business usually possesses some special kind of resources: Human Capital: Human Capital is the primary resource of the business which involves the task division among the family members according to their ability and skills. The segregation of work among the members based on such factors help the business to attain success. Financial Capital: Finance is the heartthrob of any organization as without finance it would be hard for any organization to thrive in the market. The financial capital of family business is usually supplied from equity and personal financing from the different members of the family. A proper supply of finance helps the business to survive the extreme conditions of the market. Longevity capital: As mentioned earlier family business always has the fear of collapsing because of the absence of a proper backing from investors and shareholders of the market. The members of the family must be prompt enough to provide loans and emergency funds when the company faces crisis. Establishment of Social Network: Family business helps to establish social networks which promotes relationships outside the business and helps the associates of the business to acquire specific skills. Lower Managing Cost: Absence of typical costs like accounting, safety measures, and legal measures help these businesses to reduce the costs of managing the business. The trust present between the family members helps to delete these factors and leads them to the path to success. Bridal Small Firm Bridal firms are generally business firms that engage themselves in preparing bridal dresses and different accessories or gift items that are needed during a marriage ceremony. These organizations also arrange the bridal ceremony according to the wishes of their clients (De Visscher 2016). The researcher has specifically chosen Putri Mas Bridal and Beauty which is one of the latest such company in Singapore. The organization is different from the other companies as it is a family owned company. They provide their client with variety of services like Wedding gifts Decorations related to wedding Different cars for brides and grooms Printing wedding cards for the invitees Decorating and catering services Provides quality photography Arranging cultural functions and music Arranging theme based marriages Choice of Control A family business must have a strict control or else it would have a negative impact on the business. There can be problems and differences between the choices and decisions of the different family members that may disrupt the smooth running of the business (Almodvar et al. 2016). The mentioned company in this report has taken some steps to ensure full control of the organization. Experience: The entrepreneurs of the bridal company were selected in a proper way. The most common thing which was considered before selecting the family members was the experience of these members. The members who had an earlier experience of working for some other company were the most preferred (Ward 2016). The manager of Putri Mas explained in detail about the uses of such a selection. He explained that as their company was a family business it was essential to take the best experienced members who could provide best solutions and decisions to influence the growth of the country. Responsibility: The business must ensure that each and every family member must be held accountable for the decisions regarding the organization. The members must provide their own decisions and take responsibility of such decisions. This will be helpful for the organizations to form a compact business structure where every member will be treated equally. Discipline: Putri Mas has been able to experience success in the first few yew years because it has maintained a strict discipline in the office. The head of the family who is also the chief of the explained that the organization shows no leniency towards any of the family members and comes hard on people who breaks the rules. There are also different rules that must be followed by all those members of the organization starting from the chief executive to the youngest member of the business (Pukall and Calabr 2014). Termination: There are various cases where Putri Mas have expelled some influencing members of the family from the business due to misconduct and disciplinary measures. These decisions help to make the organization more stable and can make the organization survive in the long run (Daspit et al. 2016). Before starting the business, the members of Putri Mas carried out a detailed marketing research to make sure that their company can attain their objectives. PutriMas applied for a permit from the government of Singapore. The company also applied for a reseller license that is a must for businesses engaging themselves in bridal makeover and wedding ceremonies. The company obtained the permit in the year 2012 and thereafter started its business (Pukall and Calabr 2014). Two of the members in the family were MBAs who carried out a detailed research on the local market. The research was conducted to identify the different competitors in the market and their strategies (De Massis and Kotlar 2014). The research also provided a detailed analysis on the prospects of the bridal market of the country, the different problems that they might face while operating in the market. Detailed information on the statistics of the wedding industry was also obtained during this research. The members of the family assembled at their house and decided on an innovative marketing strategy to launch their business. The main aim of Putri Mas was to capture a healthy market share within a year to achieve reputation in the particular business sector. Putri Mas announced super cheap rates for the first fifty couples who would register themselves and also promised to offer quality bridal services at cheaper rates than the other existing organizations. Having a good supply of raw materials helped Putri Mas in its quest of achieving success in business. The different members of the family were allocated different tasks to arrange for raw materials that were needed for producing bridal costumes. The eldest member of the family with vast experience in event management struck deals with different organizations to arrange and plan marriage ceremonies (Dalpiaz et al. 2014). As mentioned in the beginning of the report the company has its corporate office in Changi road which is considered to be the busiest business centres of Singapore. Having the office in such a prime location of Singapore has helped the organization to attract more customers. Organizational Structures of Family Business An organizational structure involves the definition of the works and activities of the employees in an organization to meet its objectives. The organizational structure personally helps the employees to achieve their own objectives in life (Liu et al. 2015). The organizational structure in a family business can be segregated into different parts, Task division: Dividing the works of the members of the family according to their skills and abilities Coordination: Coordination involves the linkup of the works of the different members of the family so that the organization runs smoothly. Control: The members of the organization must be controlled efficiently so that no internal problems arise within the organization. Data Flow: All the information related to the business must be presented in an organized manner to all members of the organization. The continuous flow of information will help to maintain transparency. Putri Mas is a small scale business establishment engaged in bridal business. Though it is small in nature it faced huge difficulties during its incorporation and operation. Having a small organizational structure thus does not ensure less trouble. The mentioned organization in the following report faced a lot of difficulty while determining its organizational structure. The company decided to take a careful approach so that it can have the best organizational structure (Salvato et al. 2015). The model was fixed on the basis of the particular goals and aims of the business entity. There are a number of organizational structures that were considered to be used at the beginning of the business (Scholes et al. 2015). A simple structure reflecting the natural traits of a manger was considered where the organization would be engaged in maintaining a formal business structure. Apart from the formal structure a strictly personal structure was also considered to be incorporated in the busine ss which was based on only the manager or the head of the company decision (Benavides-Velasco et al. 2013). Putri Mas incorporated the positives of both the models in a hierarchal manner where the leadership and the decision making powers would be passed from one step to the other. The hierarchal process was perhaps one of the best processes to apply as the concerned entity was purely a family business (Cater and Young 2016). The company gained tremendous success after incorporating this particular structure in the business. Research shows that this was mainly because of some unique principles Decentralization: All the important plans and decisions regarding the organization have to be taken after consulting with all the members of the family engaged in the business. This starts from the chief of the organization and ends with the person holding the lowest rank in the hierarchical structure. The transparency of the organization can be maintained by doing so and also the company can make sure that the decisions were taken in majority confidence (Neubauer and Lank 2016). Parity Principle: The hierarchal structure provides the company with the best decision making process. Every member associated with the business has the power to instruct the work that has been undertaken (Leppaho et al. 2016). Absence of such a power in other structures is a serious problem because the companies will be unable to complete a particular project in a proper manner. Control Power: Putri Mas was initially successful in establishing a proper control over the members of the business but the death of the founding head led to the loss of such a control. Control power generally determines the ability of the management to control its juniors. The more efficient is the management the more is the control that they can establish. The efficiency is mainly because of the experience of their experience and also sometimes due to the capability of the juniors to quickly adapt themselves to the organizational needs (Zacca et al. 2015). Principle of Unity: The organizational structure of the bridal company as mentioned in the report has ensured that there are quite a lot of officers in charge to address the employees. Having more officers help the employees to perform much better as they are assigned different tasks at different intervals. Putri Mas has a set of six different managers in charge of looking after the employees of the organization (Walters 2016). Principle of Uniqueness: This principle helps the employees of the organization to work freely as they are free to discuss any of their problems related to work or any other problems that may hamper their work to the managers of the company. The managers or the members of the family in turn can discuss these issues in the meetings of the business. Putri Mas failed in its later stages because they struggled to answer the issues of the employees (Levenburg and Eshbach 2014). The organizational structure of Putri Mas gained popularity in the early days but failed to maintain consistency in the later stages. Lots of issues crept up after the death of the founder which shook the very foundation of the business. The issues have been discussed by the researcher in the next part that will follow. Problems that Arose as a Result of such a Control The structure of family business leads to a number of problems. A death of the founder member of the family, the chairman or the head of the organization can lead to a huge structural change within the organization (Ibrahim et al. 2015). Putri Mas has had the similar kind of problems in the recent past. The time when its founder member died the members tried to hand over the power to the next generation of entrepreneurs which was vehemently opposed by the daughters of the family as they found themselves to be neglected and thought that they might be denied of any further role or share of profit (Koeberle-Schmid et al. 2014). The organization failed to connect the strategy planning to the changes that may occur in the lifecycle of the organization like the death of the family members (Mathews and Blumentritt 2015). Development of the business in terms of strategy must be linked to planning process. In the case of the mentioned organization the son and the grandson of the family felt e motionally attached to the founder member of the business. The business has suffered for this reason as there was a lack of professional ideas and more importance was given to maintain traditional forms of business ideas as contemplated by the founding member (Ibrahim et al. 2015). The son and the grandson of the person thus feared to deviate from such ideas and declined the use of contemporary methods. The business slowly lost the plot in the market because of such a negative feeling. Putri Mas mainly suffered because of the inability of the company head to trust the other members of the family who are in the business. The initial success of the company made him overconfident and he started taking some key decisions all by himself without consulting the other members of the team. This made the other members frustrated and they started questioning on the future of the company. The typical behaviour of the head was because he considered the business to be a plant which was nurtured totally by him. After the death of the head the son found himself to be suddenly the owner of the company and he tried to list the total powers of the organization in his name which raised internal conflicts within the company. The unique problems that Putri Mas faced due to the organizational collapse were: Sudden death of the chief executive of the bridal company Frustration among the members for being neglected in making key decisions Differences with the women members of the organization Absence of a long term planning Aims and objectives of the organization were absent Dispute between the son and the grandson regarding taking up the reigns of the company Financial problems that arose after the death of the head of the business. The members of the business were reluctant to invest once again fearing neglect from the top management of the company Loss of market to other business units. Putri Mas lost its major market to some of the small and large players of the bridal industry as they took the advantage of the organizational failure of the concerned industry Asserting powers to the younger members of the family were a gamble as because some of the younger members made use of the power in wrong way. The company failed to arrange weddings properly because of the failure in its operational structure. The failure in a number of occasions attracted negative reviews from the clients and ultimately loss of reputation. The daughters in the organization opted for a buyout clause of the company. This was not acceptable to the other members of the organization because they wanted to continue the company. The company was also unable to cope up with the market pressure give its use of traditional technologies. Positive aspects of family control over business When a family runs any business together and shares a common vision that drives their strategies, it imparts meaning to their work and contributes to reinforcing commitment at the different levels of organisation (Schjoedt et al. 2013). This vision is important especially in the case of businesses owned by families as this is integral to not let the interest in ownership values decrease. A successful leader is one who is able to inspire the people to be committed to a common vision or target. However, there is little or no relationship between this quality to inspire commitment or the family climate and the success rate of the leaders of the subsequent generations (Nos et al. 2017). The success rate of any business is ultimately determined by three factors compassion, measure of the vision, and the general positive outlook. The present scenario is such that the maximum market share is occupied by family businesses; firms owned by families constitute the top positions in the list of the worlds largest companies. The main positive aspects of family-owned businesses are employee loyalty and the ability to maintain long-term relationships (Lee, Lee and Lin 2015). Putri Mas Bridal and Beauty has been in existence since 1986, and this has surely given rise to a generation of loyal workers who have stuck with the company through the years. Any family business will provide the family members with a number of advantages, namely the freedom of being independent and a sense of control. They are also providers of benefits like being flexible and prestigious, with pride for their community and a sense of creativity. The upside to family control over any business is that they are reportedly less bureaucratic, and they have a well-established network of trust because of the enduring relationships and they also impart training and an exposure quite early on for the next generation of the family members regarding the business. Similarly, the family members involved with Putri Mas have been flexible in the past, and they have had a sense of independence and freedom because of their association with the business. Problems faced by family businesses Every family business has faced their share of problems some time or the other. There can be accusations of nepotism, and some of the employees might feel that the family members are being given positions and jobs in the company simply because they are related to the owner; it becomes difficult for them to prove their efficiency and display their talents in a company that hires outsiders but is run by a family. Also, when the leadership changes from the previous to the next generation of owners, the employees might have problems in adjusting to that new leaders way of management and governance and might not even accept that person whole-heartedly. Family-owned businesses need to take extra measures to ensure that the workplace is a fair and just place so that none of the workers can feel that they are being partial to the family members (Aronoff, Astrachan and Ward, 2016). There should be a clear demarcation between the personal and professional lives of the family members. It is important that the leader is impartial when making decisions and therefore he or she should choose to ignore the personal differences and go ahead with the daily operations without letting any such issue interfere with the running of their business. When there were disputes among the younger generations of the Putri Mas owners, it gave rise to a number of conflicts which were difficult to be isolated from their personal lives as well. Every family-owned business has many generations of workers, and due to the generation gaps, their theories and ideologies might just be vastly different. The older members are usually very passionate about their company and therefore might be disapproving of the newer and more productive work policies that the younger generations might want to implement. This in turn gives rise to disputes and can hamper the smooth functioning of the company. Moreover, the newer members might want to move on to other jobs and try new prospects, but most of the time that becomes impossible for them, as they are pressurized to live up to the expectations of their elders and help to continue the family legacy (Priem and Alfano 2016). The newer members of the Putri Mas family have much improved and innovative techniques for the betterment of the company, but the presence of a stubborn leader figure will always bar them from implementing those changes. The pressure to not let the business crumble down to the ground is also very high; this is because there is no guarantee that a well-established business would not face any hindrances or be weighed down by any obstacle in the near future. The newer generations of leaders are often at a loss of decisions regarding what to do since they are conflicted because of the dilemma of having to choose between running the business the old way and implementing changes to ensure improved returns. Critical analysis of the pros and cons of family owned businesses Like every other thing, a family-owned business has its own set of pros and cons as well. The boundary between business and family is relatively unclear; they are in other words, unusual business entities even though they are among the most primitive forms of businesses or organisations. Most of the successful businesses in the world are owned by families, and are characterized by a strong sense of responsibility towards the employees who often get treated like the members of an extended family and their commitment towards quality. The pros to a family business are many. They instil the members with pride and infuse them with a sense of prestige and creativity. The mode of contact with the management is much easier and on a highly personalized level. Also, the members of the family are trained accordingly from a very young age, and this moulds their character and personality. There are many downsides to family businesses as well. With the pros come the many cons or challenges; they are always under the scrutiny of the press at all times, and therefore come under a lot of criticism when the issue of succession comes up. The glaring question of who would take up the reins of the business after the preceding leader often attracts a lot of attention, along with the issues of sibling relationships and rivalries, and identity development. The main problem that arises in succession is when the older generations do not allow the younger succeeding generation to grow and groom themselves effectively, and it so often happens that the business relationship between the members of the family worsens because of difficulties in communication within the immediate family members. This kind of behaviour and miscommunication makes the involved members critical, judgemental and conservative, and they eventually do not support each other in their decisions (Business.com 2017) . Every family that owns a business typically has a set of values or principles and shared traditions which have firm roots in the history of the family. Whether the effects are negative or positive is solely dependent on the point of view of the person considering or researching about that particular business. There are thus both positive and negative influences of the family traditions and values and the perception is what attributes to them that quality. The world is ever-changing and if the family members can recognise that change and be adept at selecting the best line of action for maintenance of both the business and their traditional values, they will be able survive simply because this course of action enables the company to be prosperous and successful. This is because such an approach clears the pathway for change and progress, and understands the importance of not allowing even traditions and values stand in its way (Aronoff and Ward 2016). Also, traditions themselves chang e and evolve with the passage of time. The best situation as to when to restructure and change the familys traditions regarding the business is when it seems to endanger or be in conflict with the success of the business in the long run. There is solidarity as well; there is office politics involved in every company, and a similar situation can arise in the family as well (Pettigrew 2014). However, because the people involved are family, disputes are more likely to be solved quickly, and thus there is stability in the picture. The leaders also usually retain their positions for a longer period of time, till a natural life event such as sickness or death or a voluntary retirement results in a change in the leadership. The level of commitment is also high since the needs and the reputation of an entire family is on the line in such cases. Such dedication is hardly seen in case of companies that are not family firms, and such an attitude enables one to develop a better understanding of the concerned industry, their job and organisation. This also fosters stronger relationships with the customers and thus an improved scenario in their sales and marketing. When family members work together, there is little scope for the usage of the word no. This is because of the flexibility of the involved members, who are most of the time willing to take on different roles which may not be listed in their formal job description (Poza 2013). Family businesses usually have a long-term outlook; they usually think and act keeping in mind the bigger picture and the returns in the long term, while non-family companies are more focussed on meeting the targets of the next year or lesser. Family members working together are more likely to make sacrifices for the sake of the business, including in the financial sphere, to ensure that the business survives. There are negative aspects to a family business as well. There is a chance of conflicts all the time; fights that last for a long time can seriously make the business suffer and can even lead to the breaking up of the firm. The involvement of the family members can often make it difficult to resolve those disputes, and the endings may not be favourable at all. Issues related to governance and hierarchies are often seen as less serious issues when involved in a family business, and this can be detrimental to the working of the company in quite a serious manner. This is mainly because the level of trust is also high when a firm is owned by a family. As mentioned earlier, nepotism can also be a factor in the family businesses, and this can give rise to dissatisfaction among the employees who are not a part of the family (De Massis and Kotlar 2014). Lack of a structured succession plan is also a drawback; the leaders often do not recognise the fact that they might have to step down one d ay and hand over the reins of the business to someone younger and capable. Conclusion The survival rate for businesses owned by families is nothing impressive; there is often a lack of a common vision or goal, and the next generation of leaders might as well be weak, and these are the two primary reasons for the failure of family business firms. The pros and cons to establishing and running a family firm is many, and it is also no secret that most of the successful companies in this world are all owned and run by distinctive families. Putri Mas is no exception either; it has been there for almost two decades, and continues to be a successful organisation in the field of beauty and bridal-wear. There have been many conflicts in the family of this company, but they have overcome those difficulties and have stood strong and passed the test of time. They had started out small, but are now a well-known name among the people of Singapore. They are proof that family businesses, if run with the right attitude, are actually the most successful companies in the long run References Aronoff, C. and Ward, J., 2016.Family business values: How to assure a legacy of continuity and success. Springer. Aronoff, C., Astrachan, J. and Ward, J., 2016.Developing family business policies: Your guide to the future. Springer. Bee, C. and Neubaum, D.O., 2014. The role of cognitive appraisal and emotions of family members in the family business system.Journal of Family Business Strategy,5(3), pp.323-333. 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Dimensions of Temporality in Lincoln’s Second Inaugural Essay Example

Dimensions of Temporality in Lincoln’s Second Inaugural Essay Just how does the melding of the secular with that of the sacred obfuscate time and influence an audience and a country?   This is what Michael Leff sets forth to examine in his article â€Å"Dimensions of Temporality in Lincoln’s Second Inaugural.†Ã‚   Relying in part on the works of Amy Slagell and Glen E. Thurow, both of whom have meticulously examined Lincoln’s famous address, Leff states that his goal is â€Å"to extend and complicate their findings in two respects†; however, what he goes on to prove does not fit so much with his stated goals as it proves his conclusion that â€Å"the speech is a verbal act that embodies the limitations of human action [. . .and that] Lincoln well understood the limits of any single voice in influencing the course of political history† (Leff). Leff’s hypothesis was that temporal disruptions and subsequent connections were created when Lincoln combined elements from the past, present, and future with elements of the secular and the sacred, and that these added up to a â€Å"creative equivocation.†Ã‚   Specifically, Michael Leff’s third paragraph declares, â€Å"first, I will argue that the speech builds to a creative equivocation in the middle of the third paragraph, an equivocation that blends the historical present into a conception of a sacred present.†Ã‚   What must be examined here is two-fold: first what a â€Å"creative equivocation† is, and second, what it means in the context of Leff’s analysis of Lincoln’s speech. We will write a custom essay sample on Dimensions of Temporality in Lincoln’s Second Inaugural specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Dimensions of Temporality in Lincoln’s Second Inaugural specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Dimensions of Temporality in Lincoln’s Second Inaugural specifically for you FOR ONLY $16.38 $13.9/page Hire Writer In the seventh paragraph of his article, Leff implies that Lincoln’s words are non-partisan when he writes â€Å"the constraints [regarding the Civil War] are everywhere and apply to everyone† (Leff).   Here, Leff’s point seems to be that Lincoln has equivocated: both sides share blame and responsibility.   Leff follows this up in his eighth paragraph when he examines the area of Lincoln’s address that states, â€Å"Each [side] looked for an easier triumph, and a result less fundamental and astounding.   Both read the same Bible and pray to the same God, and each invokes His aid against the other† (Lincoln).   This, too, implies Lincoln’s equivocation: Leff’s point is that Lincoln is deftly attempting to turn the North and the South away from residual internal conflict in consideration of their mutual obligation to God—without laying blame. When Leff begins his ninth paragraph with â€Å"Lincoln begins this section (i.e. the third paragraph of his speech) mindful of the divisions existing in the current historical situation,† he completely ignores Lincoln’s un-equivocated remarks that come later in the third paragraph of his inaugural address. If we shall suppose that American slavery is one of those offenses [. . .God] now wills to remove, and that He gives to both North and South this terrible war as the woe due to those by whom the offense came [. . .].   Yet, if God wills that it continue until all the wealth piled by the bondsmans two hundred and fifty years of unrequited toil shall be sunk, and until every drop of blood drawn with the lash shall be paid by another drawn with the sword, as was said three thousand years ago, so still it must be said ‘the judgments of the Lord are true and righteous altogether’† (Lincoln). Clearly, Lincoln is stating that the South’s continuation of enslaving Africans was wrong in the eyes of God, and that if the war does go on, it only does so because all of America must repay the sins of the Confederate Army.   There is no equivocation here—creative or otherwise—and in ignoring this, Leff seems to be consciously avoiding the obvious flaw (i.e. contradiction) in a part of his hypothesis. The second point which Michael Leff intends to make is â€Å"to show that this conflation [of secular and sacred resulting in temporal shifting] is central to the form of the speech and serves as the vehicle for sustaining its major themes.†Ã‚   Attempting to prove this, Leff points to several sections within Lincoln’s speech that reference biblical passages and/or concepts, and while there is no doubt that Lincoln does make these references, Leff has overstated their purpose. Not wishing to diminish Lincoln’s speech in any way, one must still evaluate Lincoln’s biblical references within their historical context.   Lincoln does not use this tactic to shift his audience and his countrymen from the past to the present and into the future as hoped by Leff; he uses the one unifying thing that he can to attempt to overcome â€Å"the limitations of human action,† while â€Å"[understanding] the limits of any single voice in influencing the course of political history† (Leff).   In other words, in a country painfully divided, Lincoln has grabbed hold of the one potentially common element—Christianity—in the hope that it might serve to push through the fighting that had gone on and the wounds that still festered. Lincoln was only able to turn to the sacred as a means of unification of the secular because at the point in history at which he delivered his address, the country that was brutally divided over slavery, was predominately Christian.   Temporality had absolutely nothing to do with it. Leff’s work is not without merit: it adds depth to what had been the extent of the work surrounding Lincoln’s speech, and it adds new ideas to the available scholarship.   Unfortunately, it appears that Leff entered into his review with a concrete idea in mind and failed to see that what he set out to prove was somewhat different from what he did prove. nbsp;

Definition and Examples of Alliteration in English

Definition and Examples of Alliteration in English Alliteration (also known as head rhyme, initial rhyme, or front rhyme) is a device in written and spoken languages in which a string of words and phrases repeats the same letter or letter combinations. Much of childrens poetry uses alliteration: Peter Piper picked a peck of pickled peppers is a memorable tongue-twister taught to English-speaking children. It is initially alliterative on the letter p- and internally repetitive on the letters p and ck. But it isnt the specific letter that makes a phrase alliterative, it is the sound: so you could say that the alliterative function of Peter and his peppers includes the p_k and p_p sounds. Meaning in Poetry Alliteration is probably most often used for humorous reasons, to elicit a giggle in children, but in skilled hands, it can mean quite a bit more. In The Bells American poet Edgar Allan Poe memorably used it to illustrate the emotional power of different types of bells: Hear the sledges with their bells- Silver bells!What a world of merriment their melody foretells!Hear the loud alarum bells- Brazen bells!What tale of terror, now, their turbulency tells! Songwriter Stephen Stills used a combination of hard and soft  c sounds and l sounds to illustrate the emotional disarray of a pair of lovers ending their relationship in Heartlessly Hoping. Notice that the c sounds are the conflicted narrator, and the l sound is that of his lady. Stand by the stairway youll see something certain to tell youConfusion has its costLove isnt lying its loose in a lady who lingersSaying she is lostAnd choking on hello In Hamilton, Lin-Manuel Mirandas tour-de-force Broadway musical, Aaron Burr sings: Constantly confusing, confounding the British henchmen  Ã‚  Everyone give it up for America’s favorite fighting Frenchman! But it can be quite a subtle tool as well. In the example below, poet Robert Frost uses w as a soft recollection of quiet winter days in Stopping by the Woods on a Snowy Evening: He will not see me stopping hereto watch his woods fill up with snow The Science of Alliteration The repeating patterns of sound including alliteration have been tied to the retention of information, as a mnemonic device that helps people recall a phrase and its meaning. In a study conducted by linguists Frank Boers and Seth Lindstromberg, people who were learning English as a second language found it easier to retain the meaning of idiomatic phrases that included alliteration, such as from pillar to post and carbon copies and spic and span. Psycholinguistics studies such as that by P.E. Bryant and colleagues suggests that children with a sensitivity to rhyme and alliteration learn to read sooner and more rapidly than those who dont, even more than those measured against IQ or educational background. Latin and Other Languages Alliteration is used by writers of most Indo-European languages, including English, Old English, Anglo-Saxon, Irish, Sanskrit, and Icelandic. Alliteration was used by classical Roman prose writers, and occasionally in poetry. Most writing about the subject by the Roman themselves describes the use of alliteration in prose texts, especially in religious and legal formulas. There are some exceptions, such as the Roman poet Gnaeus Naevius:   libera lingua loquemur ludis LiberalibusWe shall speak with a free tongue at the festival of Liber. And Lucretius in De Rerum Natura uses it to full effect, with a repeated p sound that mimics the sound of mighty  ker-plunking splashes made by giants crossing vast oceans: Denique cur homines tantos natura pararenon potuit, pedibus qui pontum per vada possenteAnd why can’t nature make men so largethat they cross the depths of the sea with their feet Sources Blake, N.F. Rhythmical Alliteration. Modern Philology 67.2 (1969): 118-24. Print.Boers, Frank, and Seth Lindstromberg. Finding Ways to Make Phrase-Learning Feasible: The Mnemonic Effect of Alliteration. System 33.2 (2005): 225-38. Print.Bryant, P.E., et al. Rhyme and Alliteration, Phoneme Detection, and Learning to Read Developmental Psychology 26.3 (1990): 429-38. Print.Clarke, W. M. Intentional Alliteration in Vergil and Ovid.  Latomus  35.2 (1976): 276-300. Print.Duncan, Edwin. Metrical and Alliterative Relationships in Old English and Old Saxon Verse. Studies in Philology 91.1 (1994): 1-12. PrintLanger, Kenneth. Some Suggestive Uses of Alliteration in Sanskrit Court Poetry. Journal of the American Oriental Society 98.4 (1978): 438-45. Print.Lea, R. Brooke, et al. Sweet Silent Thought: Alliteration and Resonance in Poetry Comprehension. Psychological Science 19.7 (2008): 709-16. Print.

Risk and Portfolio Context Essay Example | Topics and Well Written Essays - 1500 words

Risk and Portfolio Context - Essay Example Risk is a core element of investment and is inseparable from investment function. According to investment theories and actual practices, it is evident that there is no possibility of return over the investment without the assumption of risk in that investment by the investor. A conscious and willing assumption of risk by a knowing investor, expecting to earn a measure of return, lies at the heart of investment process (Sedleck, 2008, pp.1). Webster defines risk as â€Å"the possibility of loss or injury† (Sedleck, 2008, pp.3), in investment risk is the possibility of monetary loss through the loss in value of the investment instrument. Risk is a subjective measure with many possible definitions. This is because different investors adopt different investment strategies to attain their investment objective. Therefore, the subjectivity of the risk is its only main characteristic. It is an unavoidable function of investment, intelligent investment strategies can help to reduce it but nothing can help to ignore, negate or make risk zero (Sedleck, 2008, pp.3). Types of Investment Risk Investment risks are of two types systematic and unsystematic, however, they hole various other kind of risk in these two head branches of risk. The risks associated with investments are as follows: Systematic Risk It is the market risk, related to the factors the complete market economy or securities market. This kind of risk is beyond the control of the investor. As it is a market risk, it affects all the companies in the market irrespective of the company financial position, capital structure and management position. It involves domestic and international factors, depending upon the kind of investment (FINRA, 2013). Types of Systematic Risks Interest rate risk is the risk that due to change in interest rate over time will result in value of security going down (FINRA, 2013). Inflation Risk is the risk of decrease in purchasing power due to increase in prices of goods and services and cost of living (FINRA, 2013). Currency Risk arises due to world currency floating against each oth er. The reason for this risk is the change in exchange rate. Change in exchange rate can affect the return on a foreign currency investment in positive as well as negative way. This risk occurs only in circumstances of investment in international securities and funds (FINRA, 2013). Liquidity Risk is the risk that an investor might not be able to purchase and sale investments quickly at the price that is close to the actual underlying value of that investment. It is higher in over the counter markets and small-capitalization stock (FINRA, 2013). In case of foreign investment the timing of dealings, market size and number of listed companies can affect an investor’s ability to buy or sell foreign investment (FINRA, 2013). Socio-political Risk is the risk of adverse effect of instability and unrest in one or more region of the world on the investment market (FINRA, 2013). Defence against Systematic Risks An investor’s defence against systematic risk is the strategy of ass et allocation. This strategy dictates that the investor should build an investment portfolio with such investments that react differently to same economic factors. It involves investing in bonds as well as

Germany Essay Example | Topics and Well Written Essays - 250 words - 16

Germany - Essay Example He was excluded and spent his time of seclusion to translate the new testament into German and later got back to Wittenberg, married and that is how Protestant and Lutheran started. He entered Erfurt Monastery in 1505 and joined the Augustinian Order of Hermit as he learnt the Bible and Catholic teachings. He first read the Bible in 1503 that was rarely read and was happy when he came back from the library. By the time he hid in Wartburg Castle between 1521 to 1522, he translated the New Testament from Latin to German dialect. The protestant renovation began as a movement of doctrinal and moral reform (Gonzalez, 2010 p. 1188). The reformation had been infusing crosswise Europe for a couple of years. Luther was lucky to have a protector as well as supporter known as Fred the Wise. Gonzalez (2010 p. 1192) states that the creation of the portable kind by Gutenberg and this also meant that the books, pamphlets, Bibles and many more belonging to Martin Luther could be widely dispersed

Issues faced in Working Capital Management

Issues faced in Working Capital Management Working capital management holds an important place in the theory of finance. A large number of tools and techniques have been developed in the past to ensure optimal allocation of funds. Various authors have approached the study of working capital management in different ways. A large number of models, theories and techniques (Baumol 1952, Beranek 1963, Haskel Benishay 1965, Haley and Higgins 1973, Walker 1974) have been developed in the past towards the optimal allocation of funds. Efficient use of working capital has a direct bearing on profitability of an enterprise. it increase the productivity of in fixed assets. Basic Survival of a firm may be stake if adequate working capital is not available in time. It is essential to maintain constant supply of working capital for healthy growth of an enterprise. Working capital management concerned with current asset and current liabilities. Profitability and liquidity of a company directly affects current asset and current liabilities. So working capital management is considered as most important component of corporate finance. To show the relevance of working capital there are many factors. As far as a typical manufacturing firm is concerned, it accommodates half of its total assets as current assets. More current asset enhances more return on investment. A firm with fewer holdings of current assets would face immense difficulty to carry on the day to day operations of the company (Horne and Wachowicz, 2000). Efficient working capital management involves planning and controlling current assets and current liabilities in a manner that eliminates the risk of inability to meet due short term obligations on the one hand and avoid excessive investment in these assets on the other hand (Eljelly, 2004). Many surveys have indicated that managers spend considerable time on day-to-day problems that involve working capital decisions. One reason for this is that current assets are short-lived investments that are continually being converted into other asset types (Rao 1989). With regard to current liabilities, the firm is responsible for paying these obligations on a timely basis. Liquidity for the ongoing firm is not reliant on the liquidation value of its assets, but rather on the operating cash flows generated by those assets (Soenen, 1993). Taken together, decisions on the level of different working capital components become frequent, repetitive, and time consuming. Working Capital Management is a very sensitive area in the field of financial management (Joshi, 1994). It involves the decision of the amount and composition of current assets and the financing of these assets. Current assets include all those assets that in the normal course of business return to the form of cash within a short period of time, ordinarily within a year and such temporary investment as may be readily converted into cash upon need. The Working Capital Management of a firm in part affects its profitability. The ultimate objective of any firm is to maximize the profit. But, preserving liquidity of the firm is an important objective too. The problem is that increasing profits at the cost of liquidity can bring serious problems to the firm. Therefore, there must be a tradeoff between these two objectives of the firms. One objective should not be at cost of the other because both have their importance. If we do not care about profit, we cannot survive for a longer period. On the other hand, if we do not care about liquidity, we may face the problem of insolvency or bankruptcy. For these reasons working capital management should be given proper consideration and will ultimately affect the profitability of the firm. Firms should keep an optimal level of working capital that maximizes their total value. Larger inventory preservation might reduce the risk of a stock-out. Keeping large level of inventory and a generous trade credit policy would cause to high sales. Allowing trade credit is most strategic move to stimulate sales. Trade credit would give a chance to customers to assess quality attributes of product before making payments completely or partly (Long, Maltiz and Ravid 1993, and Deloof and Jegers, 1996). Accounts payable is another most important component of working capital. Investing in account payable or delaying payments to suppliers allow a firm to assess the quality of acquired product before it making its full payments. Investing in accounts payable is treated as inexpensive and flexible source of financing working capital. Bad effect of investing accounts payable is that, it would become loss if the firm offered discount for early or on time payment. Measurement of working capital is most important function of management. A popular measure of Working Capital Management (WCM) is the working capital cycle or operating cycle. This is the time lag between the expenditure for the purchases of raw materials and collecting cash from the debtors. With the reducing of cash conversion period that will be more beneficial to the working capital and it will lead to high level of current asset. As it increases the cash conversion period it will lead to low level of working capital maintena nce. Providing a proper and sound framework for total asset management is most important aspect in financial management practices. Investment in fixed asset would require great level of research activity. Recently, working capital management has been given little attention by researchers relatively. This approach causes great problem for many business firms. Because neglecting of working capital or lazy approach on working capital management would cause utter failure and becomes problematic. Recent corporate history and literature shows that more concerns for working capital management will result in more efficiency. Recent corporate history has got rich set of history for the collapse of firms due to their neglects in working capital management. Altman provided a model called multivariate predictor model based on US companies in the year 1968. In his model he includes working capital as one of the model components. Taffler developed a four-variable model for failure prediction using data drawn from the UK companies in the year 1977. (Eljelly, 2004) explains that liquidity management involves planning and controlling of current asset and current liabilities in a manner that reduce risk maximum. Major risk in these involves incapability to meet short term obligation as and when it dues. It should also concerns with avoiding excessive investment in current assets. The measurement of relation between profitability and liquidity is most important. To measure this relationship there are many techniques are being used such as ratios and cash conversion cycle. Some companies as in Soudi Arabia was under study as sample. Researchers used correlation and regression technique to study the relationship between profitability and liquidity of certain companies. The study showed that, rather than the ratios such as current ratio and liquidity ratio cash conversion cycle has more relevance to project out the relationship. Another point revealed that size of the companies showed major affect on profitability of various industrie s. The study revealed certain implications in Soudi Arabian companies. First is that there is negative relationship between liquidity and profitability indicators like current ratio and cash conversion period. Second is that there is variation among companies in terms of measure of liquidity. In spite of all the overall study revealed stable result. (Ghosh and Maji, 2003) Under this, they take Indian cement companies in to consideration to study in details. They examined and studied the efficiency of working capital management of certain Indian cement companies during the financial period 1992 1993 to 2001- 2002. Instead of using the working capital ratios they have used performance, utilization and efficiency indices calculations. Each individual firm has got target efficiency level on the basis of industry norms. And each firms speed level of achieving efficiency target is tested under study. Overall study concluded that during particular study period, Indian cement companies did not performed as the targeted as well. (Deloof, 2003) He explains that, the way that a firm is managing its working capital has significant impact on ultimate profitability of any firms. This is because of the great amount cash investment done by most firms in current assets. He made study by using correlation and regression tools in Belgian firms. During his study he found that there is negative relationship between gross operating income and number of days allowed in account payable, account receivables and inventories of firms. Based on the study he conducted, he concluded that management can reduce the number of days in account receivables and inventory storage reasonably. It will create more value for its shareholders and owners. He also concluded that negative relationship between profitability and accounts payable is due to the reason that less profitable firms take more times to make payment on their bills. (Shin and Soenen, 1998) To create certain value to owners or shareholders it is important that to mange working capital most significantly and with utter cares. Profitability and liquidity impacted or affected by the way which the working capital management of any firm. There was found a negative relationship between profitability and firms Net Trade Cycle by studying the relationship between lengths of Net Trade Cycle. Shorter Net Trade Cycle indicates higher risk associated with stock return. (Smith and Begemann 1997) emphasized that those who promoted working capital theory shared that profitability and liquidity comprised the salient goals of working capital management. The problem arose because the maximization of the firms returns could seriously threaten its liquidity, and the pursuit of liquidity had a tendency to dilute returns. This article evaluated the association between traditional and alternative working capital measures and return on investment (ROI), specifically in industrial firms listed on the Johannesburg Stock Exchange (JSE). The problem under investigation was to establish whether the more recently developed alternative working capital concepts showed improved association with return on investment to that of traditional working capital ratios or not. Results indicated that there were no significant differences amongst the years with respect to the independent variables. The results of their stepwise regression corroborated that total current liabiliti es divided by funds flow accounted for most of the variability in Return on Investment (ROI). The statistical test results showed that a traditional working capital leverage ratio, current liabilities divided by funds flow, displayed the greatest associations with return on investment. Well-known liquidity concepts such as the current and quick ratios registered insignificant associations whilst only one of the newer working capital concepts, the comprehensive liquidity index, indicated significant associations with return on investment. Satish B. Mathur (2007), Working capital management contains the proper management and control of the gross current assets. Current asset involves cash, sundry debtors or Account Receivable and inventories. Thus the working capital management relates with the management of all among components not only individually but also collectively, too. Effective management and control of the various components of working capital is one of the most important and vital functions of financial management in any kind of the industrial and business units, based on varied parameters, like flexibility, level of investments in various components of current assets, criticality, quantum of efforts and time. With the help of a method called operating cycle let estimate the duration of one operating cycle. This means time taken by a firm for completing a full cycle of process starting from purchase of raw materials to conversion of finished goods even after sales that, sundry creditors if it is credit sale s. The completion of operating cycle has major influence over the profitability of any business concern. So its proper control and management needed to maintain proper working capital. Vijay Kumar (2001), Funds needed for any business organization for carrying day to day operations. Working capital considered as lifeblood of the business concern. Even though a firm can exist without profit, it cannot survive without working capital fund. A firm which without having working capital fund may cause bankruptcy. The working capital management is the most critical problem in financial management. Most of the time financial executives are devoted towards managing the current assets and current liabilities which are the main constituents of working capital. Importance of working capital management stems from two reasons viz., (i) A substantial portion of total investment is invested in current assets and (ii) level of current asset and current liabilities will change quickly with the variation in sales. Hence, this study makes an attempt to analyze the size, composition, circulation of working capital and whether such an investment has increased or declined over a period o f time. Mr. Knight pointed out that not only working capital components are inter dependent on each other but also on net sales and profit. Hence, this study also makes an attempt to evaluate some of the linkage between the different components of working capital and their relationships with the variables like sales, value of output, earnings, cash flow, etc. One most important area in working capital management is to understand the feature of short run behavior of the demand for working capitals ant its various elements. This study not only includes the cash but also includes the study of demand for receivables, inventories, gross working capital and net working capital. The concept of working capital, still have some controversies among various financial experts. Working capital has two concepts. They are: the total of current asset and the excess of current assets over current liability. These are called gross concept and net concept respectively. Gross concept is use full when the objective is to measure the size and extent to which current assets are using. Net concept becomes useful when the objective is to evaluate the liquidity position of the concern. As soon as a firm operate and start to grows it have to make various decisions regarding where to invest and how to invest its various funds, quantity of cash and inventory to be maintained, amount of financing to customers, how to obtain required funds and how much debts can be acquired from outside etc. all those among factors have vital influence in total cash flow and overall profitability of business unit. Working capital management is a crucial decision of how to make structure and finance the operating investment of a business. Nrendar Kumar Jain (2004), Working capital management has major place in the theory of finance. Optimal allocation of fund is most important face in working capital management. Various tools and techniques have been developed for optimal allocation of fund. Some of them are Baumol 1952, Beranek 1963, Haskel Benishy 1965, Haley and Higgins 1973, Walker 1964. Efficient use of working capital is very much deals with profitability of any business unit. It augments the total productivity of investment in fixed assets. The total survival of a firm will be stuck if working capital not available at time. So it is very essential that to maintain constant and adequate supply of working capital for smooth running and growth of organization. The term Working capital is represented by current assets. Management of working capital has added significance in the context of any pattern of business weather it is small-scale or medium sized industries in the country. Most of them would have weak financial base and less availability of finance source. If their risk bearing capacity very low there would have an effort to reduce its size releases funds and improves profitability. Working capital management deals with management of current asset such a way that it maximizes the value of firm Both shortage of fund for working capital and uncontrolled over-expansion may cause failure in many business concerns. Especially in small firms, efficiency in working capital management has significant impact in firms risk, return and share price. The financial sector has major role in any economy in mobilization of fund and allocation of savings. Financial sector acts as conduit for transferring financial resources from saver to borrower. Generally banks act as an integral part of financial sector. Working capital management can be say as a process of planning and controlling the level and proper mix of the current asset of the firm. It includes financing of these assets in the organization. Here financial manager has to decide what quantities of cash, liquid assets, bills receivable and inventories have to be hold at various times. Financing of current asset is next important decision to be taken by a finance manager. Choice for financing these assets includes mix of current as well as long term liabilities. There are two important implications for the management of working capital. First to choose management, working capital can be acquired to meet immediate needs when they arise. A hand-to-mouth policy like this has an advantage of reducing the average investment in working capital. So they can minimize interest charge, insurance expense and storage fees necessary to carry the investment. In spite of this, hand-to-mouth policy has certain disadvantages also. There will be increased ordering cost associated with greater likelihood that the firm may experience storage in working capital. The reason behind this is that, there is no buffer stock to absorb unexpected functions. Management of working capital is faced by two basic questions. First is that the level of sales and relevant cost, what quantity of cash, receivables and inventories a firm should keep in optimal. Second is that the most economical way to finance these working capital investments. To have best return on investment firm should not keep unproductive assets and it should finance in cheep source of fund. Literally, it is always better that to invest with short term asset and with short term liabilities. Eugene F. Brigham,  Joel F. Houston (2009), Working capital management involves search the optimal level of cash, bills receivable, marketable securities and inventories. It includes financing the working capital with least cost. Since most of the buyers using credit cards that neither in-store cash nor bills receivables, best buy are working capital policy focuses on its inventories as well. To keep non interrupt sales its store must be stuffed with adequate materials. Whenever the customers needed the goods they should able to supply it. This relates with deciding what product is more latest and trendy and obtaining hot product with cheep cost and supply to stores. Miraculous development in the field of technology and communication has been changed the entire scenario. The way of managing its inventories is in best way now. Now, real time data is collecting from various stores and departments. Whenever there is a need for inventories and need for outsourcing of inventories, the computer system places the order automatically. In short, incoming and outgoing of inventories are done by the computer packages. If sale of an item is slipping, prices are lowered to reduce stock of that item before the case getting worst. Eugene F. Brigham,  Michael C. Ehrhardt  (2008), Working capital is excess of current asset over current liabilities. Firms are using different kind of policies to manage its working capital as well. Some firm uses relaxed working capital policies and some sues restricted policies. A relaxed working capital policy is that firm keeping large amount of cash and inventories relatively. Here sales are stimulated by the use of credit policy that providing finance to customers very liberally. And the company doesnt take advantage of credit provided by bill payables and accruals. In restricted working capital policy cash, inventories and receivables kept in very low quantity relatively. Here accruals and payables are maximum and NOWC is turned over more frequently. Optimal and moderated working capital policy is between these two extremes. Under the certainty condition, firms keep minimum level of working capital because, sales, cost and payment periods are certain. A large amount will increase the need for external funding without a corresponding increase in profit. Under the situation of uncertainty the picture is completely different. Here the firm must have to maintain a minimum level of cash, inventory. Here the quantity of keeping of working capital would be based on expected sales, expected profit, expected time and so on. Account receivables are determined by credit terms of the business as well. Shashi K. Gupta, Neeti Gupta (2008), Working capital in general practice refers to the excess of current asset over current liabilities. Management of working capital therefore, is concerned with the problems that arise in attempting to manage the current asset, the current liabilities and their inter relationship that exist between them. In other words it refers to all aspect of administration of both current assets and current liabilities. The basic goal of working capital management is to manage current asset and current liabilities of a firm in such a way that satisfactory level of working capital is maintained. That means it is neither inadequate nor excessive. This is so because both inadequacy and excessive position are bad in any kind of organization. Inadequacy of working capital will lead to insolvency and excessive working capital will lead to idle fund which earn no profit for the business. Working capital management policy has important impact in success of a business. In the word of Shubin, working capital is the amount of funds necessary to cover the cost of operating the enterprise. According to Genestenberg, circulating capital means current assets of a company that are changed in the ordinary course of business from one form to another, as for example, from cash to inventories, inventories to receivables, receivables to cash WORKING CAPITAL 2.1 MEANING OF WORKING CAPITAL    Working capital refers to short term fund to meat operating expenses. To quote great Indian financial analyst and scholar Mr. Ramamoorthy, it refers to the funds, which a company must possess to finance its day to day operations. It is concerned with the management of the firms current asset and current liabilities. It relates to with the problems that arise in attempting to manage current assets, current liabilities and their inter relationship that exist between them. If a firm cannot maintain a satisfactory level of working capital, it is likely to become insolvent and may even be forced into bankruptcy.    Working capital refers to that part of a firms capital which is required for financing  Ã‚   short-term or current assets such as cash, marketable securities, debtors and inventories. Funds, thus, invested in current assets keep revolving fast and are being constantly converted into cash and these cash flows out again in exchange for other current assets.   Hence, it is also known as revolving or circulating capital or short-term capital.   In the words of Shubin, Working capital is the amount of funds necessary to cover the cost of operating the enterprise. Types of working capital Working capital Time base Concept base Net working capital or qualitative Net working capital or qualitative Temporary or variable working capital Gross working capital or quantitative Gross Working Capital According to this concept, the total current assets are termed as the gross working capital or circulating capital. Total current asset include; cash, marketable securities, account receivables, inventory, prepaid expenses, advanced payment of tax. This concept also called as quantitative or broad approach. To quote Weston and Brigham, Gross Working Capital refers to firms investment in short term assets such as, cash, short term securities, account receivables and inventories . The concept helps in making optimum investment in current assets and in their financing. According to Walker, use of this concept is helpful in providing for the current amount of working capital at the right time so that the firm is able to realize the greatest return on investment. Significance Gross working capital concept focuses attention on the two aspect of current asset management. They are: 1). Optimum investment in current assets: Investment in current asset must be just adequate to the needs of the firm. On the other hand excessive investment in current asset should be avoided. 2). Financing of current asset: Need for working capital arise due to the increasing level of business activity. Therefore, there is a need to provide it quickly. If there is surplus fund arise that should be invested in short term securities. Net Working Capital Concept As per this concept the excess of current asst over current liabilities represents net working capital. Similar view is expressed by Guttmann, Gerstenberg, and Goel Etc. Net Working Capital represents the amount of current asset which remain after all the current liabilities were paid. It may be either positive or negative. It will be positive if current asset exceed current liabilities and vice versa. To quote Roy Chowdry, Net Working Capital indicates the liquidity of the liquidity of business whilst gross working capital denotes the quantum of working capital with which business has to operate. Significance Net Working Capital Concept focuses on two aspects. They are: 1). Maintaining liquidity position: Excess current assets help in meeting its financial obligation within the operating cycle of the firm. Negative and excess working capitals both are bad to the firm. 2). to decide upon the extent of long term capital in financing current asset: Net working capital means the portion of current asst that should be financed by long term funds. This concept helps to decide the extent of long term fund required in finance current assets. Permanent Working Capital This is the minimum investment kept in the form of inventory of raw materials, work in process, finished goods, stores and spares and book debt to facilitate uninterrupted operation in a firm. Though this investment is stable in short run, it certainly varies in long run depending upon the expansion programs undertaken by the firm. It may increase or decrease over a period of time. Temporary Working Capital Any additional working capital apart from permanent working capital required to support the changing production and sales activities is referred to as temporary working capital. A firm required to maintain an additional amount current asset temporarily over and above permanent working capital. PRINCIPLES OF WORKING CAPITAL MANAGEMENT / POLICY The following are the general principles of a sound working capital management policy: Principle of Risk Variation Risk here refers to the inability of a firm to meet its obligation as and when they become due for payment. Larger investment in current assets with less dependence on short-term borrowing increases liquidity reduces risk and thereby decreases the opportunity for gain or loss. In other words, there is a definite inverse relationship between the degree of risk and profitability. A conservative management prefers to minimize risk by maintaining a higher level of current assets or working capital while a liberal management assumes greater risk by reducing working capital. However, the goal of the management should be to establish a suitable tradeoff between profitability and risk. Principle of Cost of Capital The various sources of raising working capital finance have different cost of capital and the degree of risk involved. Generally, higher the risk lower is the cost and lower the risk higher is the cost. A sound working capital management should always try to achieve a proper balance between these two. Principle of Equity Position The principle is concerned with planning the total investment in current assets. According to this principle, the amount of working capital invested in each component should be adequately justified by a firms equity position. Principle of Maturity of Payment This principle concerned with planning the sources of finance for working capital according to this principle, a firm should make every effort to relate maturities of payment to its flow of internally generated funds. Maturity patterns of various obligations are an important factor in risk assumptions and risk assessments. Importance of working capital management: To maintain sound working capital position is critical and important function for any management. Because the success of business is very much depends on how they manage its working capital. It should keep preserve a sound working capital position by avoiding excessive investment and keeping adequate working capital to meet daily operations. . As pointed out by Ralph Kennedy and Stewart MC Muller, the inadequacy or mismanagement of working capital is one of a few leading causes of business failure. Current assets, in fact, account for a very large portion of the total investment of the firm. Determinants of Working Capital: Working capital requirements of different firms are different. Each firm has own manner to operate with. They would require current asset and current liability as per their type of operation and way of operation. So it is main function of working capital management to determine the level of working capital required. Even though there are no specific set of determinants to decide about working capital, there are some determinants which have been using commonly by the management. They are discussed under: 1). Size of business operation: Size of the business is varying business to business. Size is another most important factor to be considered while determining working capital requirements. Here the size of the business is measured in terms of operation doing by business and not on physical evidence. The amount required as working capital is direct proportion with size. That is if the size of business is large it would require more working capital and it is small it would require less amount of working capital to invest. 2). Nature of business activity: There are some firms which requires very short amount to be invested in fixed asset and more in current asset. Likewise, some firms would require more investment in fixed asset and less in current asset. This is why the nature of business comes more significant while determining the working capital. Trading and financial type of companies would require to invest more in current assets. So while determining the level of working capital investment it should be based on nature or type of business. 3). Business Fluctuations: Demand for the products of each business is fluctuating season to season. So each business has to be made financial planning in advance to have seasonal working capita