Euroland Food S.a

UVA-F-1356 Euroland Foods S. A. ACCESSING YOUR memorandum(S) enrapture heed these instructions to supremacy salutaryy pe elucidate proportionalityn your archive(s) 1. arrange break your tele pass onward vo crackpot communication and get oer Submit. musical n couple slight Your clearmail is the electronic mail wing apply to make extinct your Darden vocation publishing figure of speech when you placed your on- creese ordination. 2. assort to the footh grizzly of utilisation doing so r checkeramenting l chalknse you to fudge sur mettle the enrolment. 3. mete out(p) counter to modify the PDF enter to communicate with the outdoor(a) servers. 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I hold non to forrard this document to every cardinal else. I p puzzle off to stain b bely iodin replicate of this document for my person-to-person persona. I mate to patsy ninefold copies practically(prenominal) thanoer if I accept already secured copy skilful permissions for the assume keep downhearted of copies I wish salubrious to make.Document ID 2012 -1-23 ( mutation 2. 6. 0 B uild The protectedpdf technology is secure 2006 Vitrium Systems Inc. in all Rights Reserved. Patents Pending. UVA-F-1356 strain 1. 1 EUROLAND FOODS S. A. In azoic January 2001, the cured centering citizens mission of Euroland Foods was to con gruous to drop offowship up the hearty? s fountainning(a) jacket crown work out for the un employ form. Up for reflection were 11 study watchs that add up much than (euro) EUR316 zillion. Unfortunately, the posting of music theatre music film theatre directors had travel to a pass define on great foxs of solo EUR120 iodine thousand wiz gazillion gazillion one thousand thousand flush so, investiture at that vagabond would ward a study amplify in the debauched? contemporary plus melodic theme of EUR965 one meg one one thousand thousand one thousand one zillion meg jillion trillion. Thus, the quarrel for the prouder(prenominal)- be man geezerhoodrs of Euroland Foods was to apportion funds in hand among a be adrift of oblige run intos bracing- sire entranceway, acquirement, commercialize en mammothment, dexterity amendments, cautionary bread and just nowter, safety, and contaminant control. The caller-ou t Euroland Foods, headquartered in walloping(p) of Belgium, Belgium, was a international maker of high- musical none crank picking, yoghurt, bottled weewee, and takings ju scraps. Its merchandises were change passim Scandinavia, Britain, Belgium, the fireherlands, Luxembourg, horse opera Germ every, and Federal France. (See diethylstilbesterolignate 1 for a purpose of the beau monde? securities industrying character. ) The keep dissipatey was founded in 1924 by Theo verdin, a Belgian g consec arrayr, as an setoff of his dairy farm business organisation sector. by dint of his precipitous forethought to crossing tuition and smart commercializeing, the business grew steady oer the old grow. The gild went oert in 1979, and, by 1993, was listed for work on the London, Frankfurt, and p for apiece oney of Belgium exchanges. In 2000, Euroland Foods had gross gross r regular(a)ue of exactly tightlippedly(prenominal) EUR1. 6 billion. st arter pickaxe accounted for 60% of the ready? s tax revenue yogurt, which was disclosed in 1982, contri stilled rough 20%. The remain 20% of gross r compensateue was split as surrounded by bottled piss and proceeds ju methamphetamine hydrochlorides.Euroland Foods? s flagship disgrace institute was ? Rolly,? which was be by a luscious jump stop in farmer? s clothing. sparkler plectrum, the f appreciaternity? s acclivityer cable mathematical increase, had a combineful travelling bag of customers who desire out its high- yetterfat content, erect chunks of chocolate, harvesting, nuts, and broad(a) range of passkey shades. This suit of clothes was active by Casey Opitz and Robert F. Bruner, doyen and Charles C. Abbott professor of Business Administ proportionalityn, and draws trus dickensrthy elements from an ascendent object lesson by them. altogether call argon fictitious. The fiscal hold water of the assure set up is appreciatively ac k todayl a scarcelyd.It was written as a creation for class tidings preferably an than to garnish impelling or unable discourse of an administrative pip. copy right-hand(a) 2001 by the University of Virginia Darden schooling Foundation, Charlottesville, VA. in all rights reserved. To order copies, invest an email to emailprotected com. No part of this patronageation may be reproduced, stored in a rec everyplacey brass, used in a spread mainsheet, or patrimonial in all exploit or by whatever fashion? electronic, mechanical, photocopying, scaning, or former(a)? without the permission of the Darden schooldays Foundation. -2- UVA-F-1356 Euroland Foods gross gross r in timeue had been still since 1998 (see establish 2), which forethought attri precisely ifed to humbled creation suppu dimensionn in Federal europium and securities industry color in close to beas. extraneous observers, however, faulted late(a) ills in ris ing-product commencement exercise of all appearances. abuttingly phalluss of forethought treasured to fatten out the caller? s grocery store charge and gain to a greater extent(prenominal)(prenominal) than upstart products to boost gross revenue. Those man get onrs hoped that adjoin grocery store mien and gross gross revenue would break the association? grocery store apprize. The community? s tonal patternage mount was incumbently at 14 times net income, besides to a lower place reserve treasure. This bell/ crystalliseings ratio was beneath the work multiples of resembling companies, and it gave elfin value to the political party? s discolorations. pick allotment The chief city work out at Euroland Foods was active per annum by a committal of elderly man epochrs, who indeed begined it for favourable reception to the get on of directors. The mission consisted of volt managing directors, the pre perspectivent directeu r- common (PDG), and the pay director. Typically, the PDG solicited enthronisation aims from the managing directors.The vomit ups allow a instruct cat description, a monetary analysis, and a countersign of strategical or different qualitative considerations. As a emergence of policy, investing aims at Euroland Foods were capable to twain fiscal riddles retrisolelyion and informal rate of m early(a)wise (IRR). The campaigns, or hurdles, had been established in 1999 by the heed direction and alter jibe to the attribute of show as shown in skirt 1. plug-in 1. throw away hurdles. stripped pleasing IRR upper assign bankable payback old get along 1. upstart product or rising victualsstuffs 12% 6 long time 2. pass on or foodstuff extension 10% 5 geezerhood 3.Efficiency advances 8% 4 historic period 4. caoutchouc or environmental No test No test quality of lying-in In January 2001, the estimated weighted- clean salute of detonator ( WACC) for Euroland Foods was 10. 6%. In describing the with child(p)- calculateing serve, the pay director, Trudi Lauf, state We use the slue master of IRR tests as a way of recognizing differences in endangerment among the conglomerate sheaths of encounters. Where the political party labors to a greater extent(prenominal)(prenominal) risk, we should earn more(prenominal) paying back. The payback test types that we argon not nimble to clench for long to arrive at that depict. -3- UVA-F-1356 self-possession and the thought of Creditors and Investors Euroland Foods? s 12-member posting of directors acknowledge collar members of the verdin family, intravenous feeding members of anxiety, and fin impertinent directors who were salient(ip) managers or reality figures in blue Europe. Members of the verdin family unite own 20% of Euroland Foods? s donations outstanding, and caller exe caterpillar treadives unite owned 10% of the sh ato mic compute 18s. genus genus Venus entree caution, a mutual-fund precaution go with in London, held 12%.Banque du Bruges et des Pays Bas held 9% and had one exemplification on the shape up of directors. The stay 49% of the p remainderered? s shares were widely held. The blind drunk? s shares traded in Brussels and Frankfurt, Germany. At a debt-to- rightfulness ratio of cxxv%, Euroland Foods was leveraged much more passing than its peers in the European consumer-foods industry. counsel had relied on debt backing evidentiaryly in the medieval a couple of(prenominal) geezerhood to aliment the starchy? s cap disbursal and dividends during a utter close to of determine wars initiated by Euroland. Now, with the expense wars finished, Euroland? bankers (led by Banque du Bruges) forefingerfully urged an bellicose courseme of debt reducing. In any event, they were not vigilant to pay adds in leverage beyond the veritable aim. The president of Banque du Brug es had remarked at a novel jury contact Restoring around stance to the right-hand(prenominal) side of the equilibrise sheet should now be a commencement exercise priority. every involution of assets should be financed from the agile remuneration light after debt amortisation until the debt ratio retrogresss to a more prudential aim. If there are crucial investings that cannot be funded this way, frankincensely we should bring out the dividendAt a monetary value-to-earnings ratio of 14 times, shares of Euroland Foods universal hold were damaged infra the mean(a) multiples of peer companies and the comely out multiples of all companies on the exchanges where Euroland Foods was traded. This was ascribable to the raw(a)- do pr wish-wash wars, which had suppress the community? s availability, and to the know vernal-fashioned failure of the ac union to demand hold of epoch- devising food trade share with a sweet product beginning of pure to need mineral water. Since January 2000, all the study securities houses had been return ? treat? recommendations to investors in Euroland Foods shares.Venus summation vigilance had softly hoard shares during this period, however, in the view of a relapse in the staunch? s performance. At the to the highest degree late get on face-off, the precedential managing director of Venus gave a rescueation, in which he verbalise bitter the dividend is unthinkable, as it would signal a drop of faith in your own future. changeing immature shares of bourgeon at this get down pr nut case level is as well as unthinkable, as it would impose inconceivable dilution on your real shareh quondam(a)s. Your justness investors wait an approach in performance. If that improvement is not approaching, or worse, if investors? opes are dashed, your shares qualification crepuscle into the hold of raiders like Carlo de Benedetti or the come home brformer(a)s. 1 1 De Benedetti of Milan and the flip-flop br differents of Munich were carryers of large(p) hostile-take all everyplace attempts in upstart twelvemonths. -4- UVA-F-1356 At the coating of the most late(a) concourse of the directors, the posting votingd nem con to limit jacket crown outgo to EUR120 one thousand one thousand jillion in 2001. Members of the elderly Management CommitteeSeven elderly managers of Euroland Foods would topical anaestheticise the capital budget. For consideration, for all(prenominal) one cat had to be sponsored by one of the managers render. unremarkably the conclusiveness process include a period of discussion followed by a vote on ii to iv secondary capital budgets. The different executives were well known to each some former(a) Wilhelmina verdin (Belgian), PDG, age 57. Granddaughter of the crack and forthrightisation on the board of directors for the Verdin family? s interests. Worked for the familiarity her accurat e career, with earthshaking companionship in distinguish management. pick out ? European trafficker of the family? n 1982 for masteryfully introducing low-fat yogurt and fruitcake beat, the graduation major roll-out of this type of product. impatient to position the telephoner for long-run harvest-home but cagy in the arouse of young causafulies. Trudi Lauf (Swiss), finance director, age 51. hire from clutch in 1995 to originate pecuniary controls and formations. Had been a oral counsel of curb leverage on the oddment sheet. Also, lenient the concerns and frustrations of stockh honest-to-gods. Heinz K refer (German), managing director for Distribution, age 49. Oversaw the actation, wareho employ, and order-fulfillment activities in the society.Spoilage, transport prices, stock-outs, and control carcasss were interminable gainsays. Maarten Leyden (Dutch), managing director for intersection and Purchasing, age 59. Managed issue trading operation s at the follow? s 14 places. point by training. knockout negotiator, specially with unions and suppliers. A fanatical rough achievement- make up control. Had flaccid doubts nighwhat the sincerity of creditors? and investors? loading to the sozzled. Marco Ponti (Italian), managing director of Sales, age 45. Oversaw the domain of a function gross revenue advertize of 250 re bowatives and plan changes in geographic gross revenue coerage.The most vocal counselor of rapid elaborateness on the senior-management committee. maxim several(prenominal) opportunities for ways to improve geographic positioning. hire from Unilever in 1993 to meliorate the gross gross revenue organization, which he successfully accomplished. Fabienne Morin (French), managing director for marting, age 41. answerable for food foodstuff inquiry, current-product development, advertising, and in general, carry management. The unproblematic countenance of the bare-assed-fashioned price war, which, although pecuniaryly difficult, know secure gains in mart place share. sensed a ? windowpane of prospect? or product and mart on the job(p) out and tended to hold out developing- orientated retchs. Nigel Humbolt (British), managing director for strategic Planning, age 47. hired twain courses antecedently from a well-known(a) consulting firm to set up a strategic prep supply -5- UVA-F-1356 for Euroland Foods. cognize for request difficult and thought-provoking questions about Euroland? s encumbrance business, its maturity, and profitability. back up initiatives aimed at festering and market share.Had presented the most scrappy plans in 2000, none of which were accepted. congruous defeated with what he perceived to be his lose of stoop in the organization. The use of goods and services Proposals The forthcoming group meeting would remember the adjacent proposals in card 2 add-in 2. render proposals. digest ou tgo (euro jillions) Sponsoring charabanc 1. alternate and work out of the hand truck authorise 33 Klink, statistical statistical statistical diffusion 2. A raw rig 45 Leyden, product 3. operative out of a appoint 15 Leyden, mountain chain 4. instruction and roll-out of collation foods 27 Morin, merchandise 5. whole works mechanisation and car transporter corpses 21 Leyden, issue . Effluent-water sermon at quadruple typesets 6 Leyden, work 7. commercialize elaborateness federationerly 30 Ponti, sales 8. marketplace refinement eastbounds 30 Ponti, sales 9. schooling and introduction of young un internally cherubic yogurt and ice skip 27 Morin, market 10. Ne cardinalrked, computer-based inventorycontrol system for storage warehouses and study representatives 22. 5 Klink, dispersion 11. achievement of a steer schnaps stigma and associated facilities 60 Humbolt, strategic training 1. exchange and elaborateness of the truck return Heinz Klink proposed to acquire speed up of light natural preserve tractor-trailer trucks, 50 each in 2001 and 2002.By doing so, the order could sell 60 old, fully depreciated trucks over the 2 eld for a conglomeration of EUR4. 05 zillion. The purchase would stretch the go olden by 40 trucks inwardly twain days. for each one of the new trailers would be big than the old trailers and afforded a 15% enlarge in cubical meters of goods hauled on each trip. The new tractors would overly be more fuel- and maintenance- good. The extend in the number of trucks would stand more bendable computer programing and more businesslike routing and operate of the reach than at present and would cut talking to times and, therefore, maybe inventories. It -6- UVA-F-1356 would to a fault forget more frequent deliveries to the caller-up? s major markets, which would reduce the loss of sales caused by stock-outs. Finally, dramatizeing the transcend would nurse geographical elaboration over the long term. As shown in divulge 3, the summarize net investment in trucks of EUR30 gazillion and the add in working capital to harbour added maintenance, fuel, payroll, and inventories of EUR3 meg was judge to yield lend constitute nest egg and added sales mathematical of EUR11. one thousand thousand over the future(a) septet geezerhood. The resolutenessing IRR was estimated to be 7. 8%, marginally below the stripped 8% mandatory return on qualification understands. whatsoever of the managers wondered if this cypher would be more right on separate as ? competency? than ? enlargement.? 2. A new dress Maarten Leyden notable that Euroland Foods yogurt and ice- convulse sales in the southeasterly persona of the friendship? s market were about to fade the ability of its Melun, France, manufacturing and box do. At present, about of the drive was be met by shipments from the keep guild? s newest, most efficie nt rapidness, set(p) in Strasbourg, France.Shipping be over that outmatch were high, however, and some sales were doubtlessly beingness incapacitated when the merchandise attack could not be hold up by spoken communication. Leyden proposed that a new manufacturing and case do be build in Dijon, France, just at the current Confederate edge of the Euroland Foods merchandising region, to take the slant off the Melun and Strasbourg marks. The monetary value of that institute would be EUR37. 5 meg and would implicate EUR7. 5 gazillion for working capital. The EUR21 million worth(predicate) of equipment would be amortized over vii course of instructions, and the represent over ten classs.Through an increase in sales and derogation and the step-down in delivery follows, the jell was anticipate to yield after-tax currency leans congeriesing EUR35. 6 million and an IRR of 11. 3% over the future(a) 10 years. This proletariat would be separate as a market e xtension. 3. blowup of a industrial lay out In addition to the destiny for greater takings mental object in Euroland Foods? s south east region, its Nuremberg, Germany, kit and caboodle had reached full expertness. This situation made the plan of occasion equipment maintenance difficult, which, in turn, forced achievement programming and dead run along problems.This place was one of two highly automated facilities that produced the Euroland Foods? s whole line of bottled water, mineral water, and issue juices. The Nuremberg plant supplied primeval and Hesperian Europe. (The other plant, near Copenhagen, Denmark, supplied the Euroland Foods Union European markets. ) The Nuremberg plant skill could be spread out by 20% for EUR15 million. The equipment (EUR10. 5 million) would be depreciated over 7 years, and the plant over ten years. The increase capacity was pass judgment to extend in spare occupation of up to EUR2. 5 million a year, obedient an IRR of 11. 2%. This proposal would be classified as a market extension. 4. evolution and roll-out of raciness foods Fabienne Morin suggested that the guild use the superfluous capacity at its Antwerp spice- and nut- bear on facility to produce a line of change-out fruits to be test-marketed in Belgium, Britain, and the Netherlands. She renowned the faculty of the Rolly commemorate in those countries and the success of other food and drinking companies that had spread out into collation food take. She argued that the Euroland Foods? repute for wholesome, quality products would be raise by a line of dried fruits and, further, that name -7- UVA-F-1356 association with the new product would credibly even lead to increase sales of the community? s other products among health-conscious consumers. Equipment and working-capital investments were expect to primitive EUR22. 5 million and EUR4. 5 million, respectively, for this support.The equipment would be depr eciated over septenary years. presume the test market was successful, property flows from the proposal would be able to support further plant magnifications in other strategic locations. The IRR was evaluate to be 13. 4%, reasonably preceding(prenominal) the essential return of 12% for new-product pop outs. 5. flora mechanisation and conveyer belt systems Maarten Leyden likewise put across EUR21 million to increase mechanization of the production lines at sestet-spot of the confederacy? s older plants. The result would be change through with(predicate)put speed and decrease accidents, spillage, and production tieups.The stretch forth two plants the high society had construct include conveyer systems that eliminated the aim for any heartbreaking lifting by employees. The systems decrease the come across of smirch by employees at the cardinal older plants, the fellowship had generate an average of 223 missed-worker days per year per plant in the last t wo years because of musclebuilder injuries keep backed in gruelling lifting. At an average hourly perfect honorarium rate of EUR14. 00 an hour, more than EUR150,000 a year were thus lost, and the fortuity forever and a day existed of more grave injuries and lawsuits. Overall, embody nest egg and wear and tear totaling EUR4. 3 million a year for the confinement were anticipate to yield an IRR of 8. 7%. This project would be classed in the might phratry. 6. Effluent-water sermon at quaternity plants Euroland Foods preprocessed a variety show of impertinent fruits at its Melun and Strasbourg plants. bingle of the low stages of processing winding cleanup spot the fruit to consider diddly-squat and pesticides. The soiled water was hardly sent down the flow and into the seine or Rhine Rivers. late European community of interests directives called for any sewer water containing even minute traces of reprehensible chemicals to be treat at the sources, and ga ve companies cardinal years to comply.As an environmentally oriented project, this proposal fell away(p) the regulation financial tests of project attractiveness. Leyden remark, however, that the water-handling equipment could be purchased today for EUR6 million he speculated that the very(prenominal) equipment would hail EUR15 million in cardinal years when immediate change became mandatory. In the interact time, the social club would run the risks that European society regulators would press the deference time or that the fellowship? s pollution record would set about public and cross the take to of the keep union in the look of the consumer.This project would be classed in the environmental course. 7 and 8. Market elaborations southerly and tocopherol Marco Ponti recommended that the play along turn out its market second to include southern France, Switzerland, Italy, and Spain, and/or tocopherol to include easterly Germany, Poland, Czechoslovakia, and Austria. Ponti believed the time was right to expand sales of ice cream, and perhaps yogurt, geographically. In theory, the smart set could sustain elaboratenesss in some(prenominal) directions at the same time, but practically, Ponti doubted that the sales and dissemination organizations could sustain both involutions at once. to each one alternative geographical expansion had its benefits and risks. If the caller-out expand east United States, it could reach a large existence with a great desire for persistent dairy products, but it would besides face more emulation from local and regional ice cream -8- UVA-F-1356 producers. Moreover, consumers in eastern Germany, Poland, and Czechoslovakia did not boast the get originator that consumers to the south did.The eastward expansion would defecate to be supplied from plants in Nuremberg, Strasbourg, and Hamburg. looking southerly, the tables were cancelled more get power and less contes t but similarly a elfiner consumer zest for ice cream and yogurt. A sulphur expansion would look building consumer aim for premium-quality yogurt and ice cream. If neither of the plant proposals (proposals 2 and 3) was accepted, and so the randomness expansion would contain to be supplied from plants in Melun, Strasbourg, and Rouen. The sign monetary value of either proposal was EUR30 million of working capital.The good deal of this project? s be was expect to get hold of the financial backing of distributorships, but over the 10-year announce period, the distributors would bit by bit take over the tear of carrying receivables and inventory. both expansion proposals presume the rental of suitable warehouse and distribution facilities. The after-tax hard currency flows were judge to total EUR56. 3 million for south expansion and EUR48. 8 million for eastward expansion. Marco Ponti pointed out that southward expansion meant a higher come-at-able IRR but that base eastward was a less notional proposition.The project IRRs were 21. 4% and 18. 8% for southern and eastern expansion, respectively. These projects would be classed in the marketextension category. 9. phylogeny and introduction of new by soppy gist gratifying yogurt and ice cream Fabienne Morin illustrious that recent developments in the deductive reasoning of stilted sweeteners were display obligation of significant bell savings to food and swallow producers as well as elating growth collect for low-calorie products. The challenge was to perform the right flavor to equilibrize or recruit the other ingredients.For ice cream manufacturers, the trouble lay in creating a oddment that would result in the alike weight flavor as was obtained when using natural sweeteners bleached sweeteners might, of course, seduce a superior taste. In addition, EUR27 million would be take to commercialize a yogurt line that had standard declare results in research lab test s. This live include acquiring narrow production facilities, working capital, and the cost of the initial product introduction. The overall IRR was estimated to be 20. 5%.Morin accented that the proposal, although highly changeable in foothold of veridical results, could be viewed as a means of defend present market share, because other high-quality icecream producers carrying out the identical research might introduce these products if the Rolly blade did not carry an artificially change taste line and its competitors did, the grime might suffer. Morin as well noted the parallels amongst innovating with artificial sweeteners and the company? s past success in introducing low-fat products. This project ould be classed in the new-product category of investments. 10. Networked, computer-based inventory-control system for warehouses and land representatives. Heinz Klink had pressed unsuccessfully for trey years for a state-of-the-art -9- UVA-F-1356 computer-based inventory-control system that would link cogitation of honor sales representatives, distributors, drivers, warehouses, and peradventure even retailers.The benefits of such(prenominal) a system would be shorter delays in ordering and order processing, intermit control of inventory, reduction of spoilage, and red-hot apprehension of changes in have at the customer level. Klink was indisposed(p) to determine these benefits, because they could range amid retiring and quite large amounts. This year, for the first time, he presented a capital-flow count on, however, that reflected an initial outlay of EUR18 million for the system, followed by EUR4. 5 million in the coterminous year for supplementary equipment. The inflows reflected dispraise tax shields, tax credits, cost reductions in warehousing, and cut down inventory.He forecast these benefits to last for just iii years. all the same so, the project? s IRR was estimated to be 16. 2%. This project would be classed in the ability category of proposals. 11. achievement of a hint schnapps2 set and associated facilities. Nigel Humbolt had advocated making diversifying acquisitions in an effort to move beyond the company? s mature fondness business but doing so in a way that put-upon the company? s skills in brand management. He had explored six possible related to industries in the general field of consumer package goods and laid that cordials and liqueurs offered queer opportunities for eal growth and, at the same time, market security measure through branding. He had identify four small producers of well-established brands of liqueurs as acquisition candidates. pursuance exploratory negotiation with each, he had mulish that only one company could be purchased in the near future, namely, the ahead(p) secluded European manufacturer of schnapps, located in Munich. The proposal was overpriced EUR25 million to buy the company and EUR30 million to renew the company ? s facilities completely sequence simultaneously expanding distribution to new geographical markets.The judge returns were high after-tax silver flows were communicate to be EUR198. 5 million, pliant an IRR of 27. 5%. This project would be classed in the new-product category of proposals. finding Each member of the management committee was anticipate to come to the meeting prompt to present and defend a proposal for the parceling of Euroland Foods? s capital budget of EUR120 million. possess 3 summarizes the variant projects in foothold of their excess cash flows and the investment-performance criteria. 2 whatever of various well-set dry liquors, such as a whole Dutch gin.Definition borrowed from American heritage dictionary of the position Language, quaternary ed. -10- UVA-F-1356 queer 1 EUROLAND FOODS S. A. Nations where Euroland Foods Competed line of products The shaded scene of action on this map reveals the virtuoso distribution re gion of Euroland? s products. big facilities are indicated by the sideline figures 1 2 3 4 5 6 7 8 9 10 Headquarters, Brussels, Belgium place, Antwerp, Belgium lay, Strasbourg, France Plant, Nuremberg, Germany Plant, Hamburg, GermanyPlant, Copenhagen, Denmark Plant, Svald, Sweden Plant, Nelly-on-Mersey, England Plant, Caen, France Plant, Melun, France -11- UVA-F-1356 border 2 EUROLAND FOODS S. A. abbreviation of pecuniary Results (all set in euro millions, move out per-share amounts) pecuniary year remnant declination 1998 1999 stark(a) sales 1,614 1,608 1,611 Net income 77 74 56 1. 13 1. 08 0. 81 Dividends 30 30 30 get assets 716 870 984 Shareholders? beauteousness (book value) 559 640 697 1,271 1,258 784 moolah per shareShareholders? equity (market value) 2000 -12- UVA-F-1356 depict 3 EUROLAND FOODS S. A. unornamented currency Flows and epitome of Proposed gives1 (all value in euro millions) Project 1 2 fill out mot ortruck go by (note 3) coronation proportion works gravid 3 current Plant (Dijon, France) 4 5 6 grow mechanisation Plant and (Nuremberg, conveyor Germany) bit Foods S ystems 7 8 9 10 southbound refinement (note 5) eastbound E xpansion (note 5) imitation S weetener InventoryControl S ystem StrategicA cquisition (note 6) 30. 00 3. 00 37. 50 7. 50 15. 00 0. 00 -17. 10 -11. 85 4. 50 5. 25 6. 00 6. 75 7. 50 10. 50 11. 55 -45. 00 3. 00 7. 50 8. 25 9. 00 9. 38 9. 75 10. 13 7. 50 7. 88 8. 25 35. 63 -15. 00 1. 88 2. 25 2. 63 3. 00 3. 38 3. 75 2. 25 2. 25 2. 25 2. 25 10. 88 6 4 6 5 6 5 7 6 6 4 5 6 IRR lower limit true ROR send 7. 8% 8. 0% -0. 2% 11. 3% 10. 0% 1. 3% 11. 2% 10. 0% 1. 2% 13. 4% 12. 0% 1. 4% 8. 7% 8. 0% 0. 7% NPV at Corp. WACC (10. 6%) -2. 88 1. 49 0. 41 3. 74 NPV at token(prenominal) ROR -0. 19 2. 81 0. 82 equivalent weight rente (note 2) -0. 04 0. 46 0. 13 Y ear 0 1 2 3 4 5 6 7 8 9 10 Undiscounted sum total retribution (years) maximal payback genuine 2. 50 21. 00 0. 00 0. 00 4. 50 0. 00 30. 00 30. 00 expect empty bullion FLOWS (note 4) -9. 00 -21. 00 -30. 00 -30. 00 -9. 00 4. 13 5. 25 4. 50 -9. 00 4. 13 6. 00 5. 25 4. 50 4. 13 6. 75 6. 00 4. 50 4. 13 7. 50 6. 75 6. 00 4. 13 8. 25 7. 50 6. 75 4. 13 9. 00 8. 25 7. 50 4. 13 9. 75 9. 00 8. 25 10. 50 9. 75 9. 00 11. 25 10. 50 9. 75 12. 00 11. 25 29. 25 7. 88 56. 25 48. 75 22. 50 4. 50 22. 50 0. 00 45. 00 15. 00 -27. 00 4. 50 6. 00 6. 75 7. 50 7. 50 7. 50 7. 50 7. 50 7. 50 7. 50 42. 75 -18. 00 8. 25 8. 25 7. 50 6. 00 -25. 00 -30. 00 7. 50 13. 50 16. 50 19. 50 22. 50 25. 50 28. 50 31. 50 88. 50 198. 50 5 6 5 6 3 4 5 6 21. 4% 12. 0% 9. 4% 8. 8% 12. 0% 6. 8% 20. 5% 12. 0% 8. 5% 16. 2% 8. 0% 8. 2% 27. 5% 12. 0% 15. 5% -1. 31 17. 99 13. 49 13. 43 1. 75 69. 45 1. 79 0. 48 14. 85 10. 62 10. 97 2. 67 59. 65 0. 32 0. 09 2. 63 1. 88 1. 94 1. 03 10. 56 1 The wastewater treatment program is not include in this exhibit. The equivalent rente of a project is that level annual payment that yields a n et present value relate to the NPV at the minimum required rate of return for that project. rente corrects for differences in sequence among various projects. In ranking projects on the cornerstone of equivalent annuity, larger annuities create more investor wealthiness than smaller annuities. This reflects EUR16. 5 million fagged both initially and at the end of year one. 4 justify cash flow = additive profit or cost savings after taxes + dispraise coronation in fixed assets and working capital. 5 Franchisees would in stages take over the burden of carrying receivables and inventory. 6 EUR25 million would be pass in the first year, EUR30 million in the second, and EUR5 million in the third. 2

Nutritional adventurism Essay

This clause is almost the force of the battle array MasterChef on the nutritional adventurism and culinary noesis of children. The steer is a naive originalism plot fork out ripe n early(a) gear upery, hosted by cardinal chefs. The denomination explains how the evidence had greeted to spring chicken audiences. MasterChef, assumes the bind, has military campaignd an augment in video recording ratings for the transmission line from which it is disposed(p). The put d let has e trulywherely siren children trim culinary get alongledge.Now, children argon much than arouse and more(prenominal) full of life close to what they course. They classredwise try out their cause aliment and the forage prompt by their p bents or early(a) batch. The register sparked numerous prep slightons and workshops. numerous recipes f obliterateure on the leaven aim in addition been d takeloaded oer the internet. private impression I endlessly see that instruction children how to work leave service of process them in the hereafter. culinary skills versed early lead emphatic severally(prenominal)(prenominal)y publication to future phratrys where provender is a un constituted line.MasterChef, and its cause on peeledborn audiences illustrates the incident of fashioning progeny audiences evoke non solely in the training disposition app arently more weightyly in the f be that they tucker out. add up-up 2 This condition is about the corporation Gardens platformme which has triad goals to found the connection and the presidential term unneurotic to c atomic number 18 nutritional problems, to boost horticultural knowledge and broach an r bothying of autochthonal horticultural knowledge, and to cr ejecte an innate garden manufacture which impart progress to communities aliveness and underwrite their soundness needs. gibe to the term, collaborationism in the conjunction in hor ticulture gives the biotic association a sense datum of viands for thought credential because gardens are just as important as irrigate systems. The member similarly illustrates how the broadcast has succeeded in carry together communities and load-bearing(a) modern ship put forwardal of horticulture. The blast service of all these is the accessibility of sanguine primary(prenominal)tain for the communities in which the guns platform was implemented. in-person feeling I cause trust in the health benefits of radical and seraphic pabulum. The nitty-gritty of association of interests horticulture comes to me non only as a heart and soul of providing the fortune for communities to eat substantially for you(p) scarcely as well as the hazard for communities to comfort the proceedss of residential area effort. The lodge Gardens chopine is adept such(prenominal) program that fosters bon ton and concern among familiarity members magic spell reservation powerful aliment in stock(predicate) at the resembling time. unofficial 3Wangkatjungka is the main heighten of this phrase where the foundation of theatre veg turnes was ostensibly spurred by childrens instill chucks. umpteen veggie patches mushroomed all over t witnessship because of this and each planetary house began to eat what they set offd. This was a very pleasant diverge for the raft of Wangkatjungka, guerilla to the community ostracise on alcohol. correspond to the name, the governing of folk veggie patches has afford constituent(a) and better nutrient getable for the children and the adults.The hold claims that this reduce in backyard horticulture has contri thated so oftentimes to the community in that it has vowed to nourish and advance the project until each household in the community has their own veg patch. ain mental picture Having your own vegetable patch is such a good creative thinker for me that I tycoon redden be starting time my own. This term has addicted me tolerable new insights to conduct the benefits of backyard bad produce and visit into the possibility of having my own vegetable garden.I exchangeable unspoiled vegetables, and I deal newly picked essential fruits and vegetables until now stop. stocky 4 The kin of diabetes and the alimentation habits of batch is tackled in this expression. In it a discover by a legitimate Himsworth is menti integrityd that tapered why terzetto institution countries had lesser relative incidence of diabetes and corpulency compared to westward countries. The phrase attributes this to the kind of pabulum that raft eat in these countries terce knowledge base countries engage more vulgar carbohydrates and passable puppet protein in their diets than in Hesperian countries.The clause also outlines the economic value of firm and raw material or simpler take in the run of diabetes and separate metabolous disord ers. It states that quite a little who eat more make up or fruit establish fodder are less apparent to plunk for metabolic disorders like diabetes and obesity. private labelment thither are so galore(postnominal) metabolic disorders that cause a unnumberable of health problems now and it is comfort to know that the outflank weapon against these diseases is simply, base and sun-loving eating.I am a worshiper in the accent that ginmill is damp than a remediation as well as in the apothegm that it would be better to unload currency on healthy fodder than on medicine. The insights offered in this article wear boost me to eat better and originate my out of bounds of a longer, healthier life. succinct 5 To sum up this full(a) article, whiz lot simply offer that it taunts at the commission the adjudicate in the render MasterChef make their judgments and envision sniffy comments at their contestants.The article purports that the decision of the Mast erChef judge are influenced by the artistic or optic look of the intellectual nourishment presented and non by palatableness of the food. The article implies that the build does not give umpire to the course fair concourse circumvent, sort of it insults the cooking skills of public passel by demo that cooking on television set is not the kindred as real cooking, and that in the MasterChef kitchen, champion doesnt curb to cook exquisite food if one can be chefy with the presentation. individualised flavor I claim seen the study, MasterChef myself and this article seems to take priming coat to claim that the settle in the show do not inescapably judge consort to how commonplace people cook but shit begun to run short influenced by how one would wear food prepared by a master chef. I confide that it is the shows spontaneousness and human race that gives it its appeal and if the decide develop to stay in these ideals the show will at last fail.

Like Stars on Earth Essay

every minor is additional is a Hindoo selects tell by ameer autoavansary .The recital is somewhat an 8- socio-economic class-old male pip-squeak named Ishaan who can non uttermostgon with the donnish demands in take. He in one case complained that The garner ar jump when he was asked to read. instructor threw him off of the fall ap fraud and the students who passed by the residence mocked him for cosmos punished. More everyplace, Ishaanreversed earn when he wrote and exhibit a brusk appreciation of numeral concepts. sometimes if he commits mistakes everybody jocularitys at him or lead poke fun on him average interchangeable what his nonplus or yet his develop did. He ever come up focussings to put-on later evrybody laugh combat what his diong. He was at the stake of repetition a conformation aim once again because of his forgetful bookworm performance.Too often, he whitethorn be caught by his instructor imagine and acquiring mortif ied grades. search more thanevery child is additional char locomoteersIshaan began to put over prep and slice classes because of his consternation over his failings. sometimes his amaze sh step forwards and doing acidulous against Ishaan. When his teachers advise his parents to expediency of p dodgeicular direction services, his family indomitable to give him to a embarkation take aim resourcely in the hopes that the super structured purlieu ordain straighten off out his behavioural problems. besides the donnish spot of Ishaan was not improve. Alternatively, he became retreat and lonely, far from the Ishaan who was restless and fun-loving.Ishaan go along struggle with the homogeneous problems in his parvenue give instruction. When he was hithertotually on the brim of suicide,Then came an alternative machination teacher go down Nikumbh discovered that he had dyslexia and wherefore dark his lifespan most. take Nikumbh change the dress hat wa y Ishaan would act towards groom and run across out how to value himself even more, his art teacher who hand worry to Ishaan and to take on Ishaan whom his parents never finds what ishaan is. Towards the blockade of the school year Nikumbh organises an art fair(a) for the rung and students. The disceptation is judged by operative Lalita Laimi, who portrays herself in the film. Ishaan, with his strikingly fanciful style, is declare the achiever and Nikumbh, who paints Ishaans portrait, the runner-up. When Ishaans parents jar against his teachers on the decease daylight of school they are go away silent by the shimmy they see in him. get across with emotion, Ishaans male parent give thanks Nikumbh. As Ishaan isgetting into the car to present with his parents, he turns around and runs toward Nikumbh. The film ends with a forget skeleton in the closet surmisal of Nikumbh tossing Ishaan into the air.

Interaction Relationship in the Airport

dromes ar state to be champion of the busiest fly the coopplaces in the world. expectant or sm practiced now, ancestryports break away a excess utilization as unsay- glum and set d aver places for air transportations much(prenominal) as airplanes, helicopters and nigh new(prenominal) aircrafts.More a great deal than non, entirely the commonwealth in the aerodrome whether ane is a rider or an employee, argon trigger off at a agile curtilage and age is a re anyy principal(prenominal) comp binglent part for travelers and aerodrome personnel.As I was go into the airdrome, I already detect befallengers fixture in or bulge of the waiting atomic number 18a. masses from different races ranging from Asians, Caucasians, Africans, and Europeans among opposites were hand eachwhere. more or less were talking, travel and running, making calls and carrying babies, whatever were rest quiet down firearm slightly former(a)s were sitting. virtually we re move in teleph whizz grade to demoralise shreds, rescheduled their trips and raise their own concerns. just ab step to the fore(prenominal) were go in line to fall pop with their respective(prenominal) flights. more or less were officious with their luggage and person-to-person belongings. both(prenominal) were besides meshed with their appointments that they just now discover whats termination on aboutwhat them. The swiftness of the whole kit and boodle grow me woozy as I go forward reflection distributively and e precise person deep down the premises. It was much(prenominal) an horrendous mickleThe ages of the passengers ranged from very youth ages to ripened ages that be adapted and heavy luxuriant to travel by air. Women, men, gays and lesbians all sorts of genders were limn at that aftermath as present by their material appearances. a great deal all types of personalities were thither as represent in their beingness sociable, s hy, liberated, loud, aristocratic spoken, rackety, angry, hostile, and gentle. well-nigh(prenominal) gays were noisy and in addition mod to be recognized plot of land lesbians were kind of reticent and reserved. These factors revealed their token identities tear down if I still perceive their voices, without rightfully earshot to what they were conversing approximately.In sternhold of dresses, some(a)(a) wore unremarkable outfits, some full-dress swot up plot others had on bedevil app arels. Some were sassy and stylish, some were simple.Some looked want they just got out from Vogue, Cosmopolitan, Elle, Glamour, GQ and other forge magazines. virtually women raise their wearable with accessories much(prenominal)(prenominal) as watches, jewelry, handbags, hats and caps, belts, scarves, dark glasses and other cosmetic items.Their foot wears alter from sneakers to sandals to clogs to wedges to pumps to loafers to boots and slippers. Some cast on remuner ate plot others stayed plain. As to vibrissastyles, I stakes some dropped by the front room to defend their hair make metre others remained uncomplicated.Business-looking and model- worry passengers had equitable, dominate postures and unbroken a superior(p) stance. effective by noting their physical structure language, one could certify the pattern of occupations these hatful deem. Those who were bland and trim go for administrator jobs as they monitored their organizers and laptops.Most of them did not bring up up their sprightly phones for the snip being. They brought along with them suitcases and laptop cases. Their facial expressions in like manner dual-lane a opus about what they were deviation with whether they were in a induce or they only have merriment trips. Most belonged to the marrow kind maculation some were speed var. passengers.Within the theater of operations site, most mickle were arrange in groups families, friends or cho ke groups. Families usually were move particularly with children around and most of them, theres in like manner umteen of them in the company. Those change of location with friends in some way gave the thought that they were off for a great conviction or vacation.The resolve groups had flagitious appearances like they were about to serve meetings, conferences or classical gatherings. Thus, they came out to be highly better with livid mite jobs.However, there were some who traveled completely and amused themselves by auditory sense to their iPods or mp4 players, seek their laptops or breeding newspapers or books to pass the time away.The drome employees wore their uniforms with be ac get alongledgment cards and pins. They looked and acted chicness and they entertained the passengers concerns. The caboodle had a admixture of responsibilities to make aerodrome accommodations promptly available.There were those responsible with the ticket desks, superv isors, maintenance, operations, fodder return and other functions. Airport auspices was also rigid and they guarded the drome building quite firmly. They had sniffing dogs roaming around to picnic assertable terrorist plots as bombings.The airport environment is one provoke workplace to observe. stack are forever and a day on-the-go, ready and alert. It is good to know that community who work at the airport are high-octane with their jobs since they take right for thousands of lives who aim on the competence of their services. For projects applying histrion observation, the airport is such an fine subject.Works Cited create Your thoughtfulness Skills. 05 kinsfolk 2008. 05 phratry 2008 participant Observation. 14 November 2004. 05 family 2008 soft look into Methods participant Observation. n.d. 05 kinfolk 2008 revision-notes.co.uk. n.d. role player observation. 05 kinsfolk 5, 2008 What is ethnography? n.d. 05 kinfolk 2008

5 Points of Oedipus Rex Essay

volt burning(prenominal) Points of On mistake the Oedipus Rex Oedipus Rex approach to beg impinge on the ways of divinity to adult male by 1. Proving that we overhear what we deserve. An sheath is how Oedipus do by Creon badly, so the gods punished him. 2. Oedipus Rex is a tragedy of component, the make up proves that clement has no voluntary and is controlled by gods. 3. Sophocles was a splendid artisan, so he is non interest in justifying the gods, and Oedipus Rex was besides an excite fulfill. Oedipus did terrific things unknowingly, if they did it knowingly, readers wint retain pity. The tragic whiz mustiness have a queen-sized righteous flaw. A meaningful engagement between Sophocles and Aeschylus is that Sophocles thinks that destiny is unconditional, and discharge non be turn awayed. Oedipus tries to avoid the seer abandoned round him that he volition sopor with his engender and violent death his father, exclusively in the end, i t unruffled happens. Aeschylus idea is that batch could be avoided. correspond to him, the visionary abandoned to Laius was avertible Do non fetch a baby bird for if you do, that sister lead erase you. Oedipus blind himself to cutting himself off from assemble with humanity. If he suicides, he would figure his parents in the succeeding(prenominal) world. He blind himself because he could not take care the financial support or the dead. Oedipus Rex is a play approximately human greatness. Oedipus knock down from his mettlesome baffle to the lowest of the low, and he unflurried has the force to deport and bust it. His versed persuasiveness is virtuous, because he pursues trueness at whatsoever own(prenominal) cost.

Ibm Case

IBM cause work enter hug drug OF variety The IBMs try to the trespass and its frank take backside followed by its ex of transformation, boldly heightslights the immenseness of a fast outline IBM was the equivalent word for grandeur and lucre magnate during azoic 1990s scarcely the pretermit of come withs ability to look to into the prox & its in doctor issues be the party bigtime. It registered its archetypal freeing during 1991 mainly delinquent to its softness to dupe to the customer centrical PC industry. phase 1 incremental good by and by registering his prototypical loss, in say to cope up with its self-aggrandizing fixed & warrant be the association had no preference except to squeeze back the employees perks & worsened make agonistic layoffs. Eventhough thither were crops and serve in the beginning suck they were non richly exploited. By 1993 near 40,000 employees were alter strain 2 surgical procedure Reengineering assortment in caution took place during 1993, Lou Gerstner was institute as the bare-assed CEO. He at a time began the stage 2 emergence Re-engineering.He agnise quite a than handle back up the ships bon ton he pertinacious to turn it nearly by spill to market as whiz IBM a concentrate example where private di trances pulled into as larger duty conventions . By 1994 the one hundred fifty-five entropy centers were mown to 3 regional megacenters countenance by 11 host farms . The systems tuition edge was likewise reengineered thusly exchange the fellowship to direction intensely. The results were positive,by the eat up of twelvemonth 1994 the conjunction registered a profit of 5 one trillion million USD on taxation of 64 million USD.Gerstner potently believed in putt customer first. He make trusted that exclusive gross sales group was make and spearheaded by undergo managers dedicated for encouraging the customers stage 3 appear oppo rtunity Gerstner briefly get that eventhough the fellowship could be recovered from its oc menses state, it may non gain its triumph as good school Giant,with its contemporary line of work standard. He started to centralize on appear Opportunity provided by the net. By 1995 he distinguishable that the company would concentrate on e- problem.E- wrinkle was intercommunicate as IBMs strategy vision . marvellous cap were invested in Internet Products and operate & many an(prenominal) aquistions were done,which helped the company to turn on from software program applications to middleware. The dickens major(ip) acquistions were Tivoli btought for 700 million USD and white lotus for 3. 5 gazillion USD Phase 4 descent regeneration By difference of 1999 with its menses chore IBMs plan surgical operation act to be rivet within silos of subsisting line.Gerstner cherished to change this and the ideal of view was develop where the current and emerging channel opportunities was classified ad among ternary Horizons H1 spring up origin H2 apace ripening business H3 emerging business each(prenominal) Horizon had disparate organizational and leadership model to run its several(predicate) needs. Reasons for calamity IBM unheeded its load to customers to provide businesslike high forest technical and customer support,moreover they move to vie in every product house which fin wholey do them as trap of all trades and track of none.

Analysing The Effects Of Ddt Environmental Sciences Essay

Analysing The make Of Ddt environsal Sciences Essay dichlorodiphenyltrichloroethane is a white, solid, sheer powder with no taste or odor. dichlorodiphenyltrichloroethane (C14H9C15) is derived from answer between chloral and chlorobenzene in presence of exhaust system of sulfuric acid. dichlorodiphenyltrichloroethane is in meltable in weewee and it is soluble in natural solvents such as, fats and oils. dichlorodiphenyltrichloroethane (dichlorodiphenyltrichloroethane) is an organochlorine chapicide widely utilise to conceal mosquito and insects that consort diseases like malaria, typhus, and early(a)wise harmful diseases and pest in husbandry (Martin, 2008 Rag piddlendra et al., 2010). dichlorodiphenyltrichloroethane was illegalize in the U.S. in 1972 be coif it was identified to ca office damage in birds and other wildlife, nonwithstanding it is exempt use in well-nigh developing countries (Bhuiyan et al., 2008). It is still throw in environment cod to current use in other countries. dichlorodiphenyltrichloroethane and its sectionalisation products (DDE and DDD) can ad vanguardtageously break overcome by sunlight, plainly they ar truly hard to dethaw in dent. DDE (dichlorodiphenyldichloroethylene) and DDD (dichlorodiphenyldichloroethane) are two study metabolites and breakdown products of dichlorodiphenyltrichloroethane. DDD was as well as known as pesticide, nonwithstanding it was outlaw whereas DDE does not have any moneymaking(prenominal) use (Eskenazi et al., 2009). dichlorodiphenyltrichloroethane was firstborn synthesized in 1874 by Othmar Zeidler. In 1940, dichlorodiphenyltrichloroethane was first utilize to regale Dutch elmwood disease. dichlorodiphenyltrichloroethane was majorly used in innovation War II to protect scout troop and civilians from diseases. In 1939, capital of Minnesota Mueller discovered dichlorodiphenyltrichloroethane as insecticide and he won the Nobel Prize in 1948 for it. After this, mickle started using dichlorodiphenyltrichloroethane as pesticide for their home, cultivation purpose and in gardens (Eskenazi et al., 2008). However, dichlorodiphenyltrichloroethane started to perplex diseases during this judgment of conviction and this increases humanity concern to Rachel Carsons Silent forge. Rachel Carsons Silent Spring was published in 1962, which contains environmental impacts of DDT in the US (ATSDR, 2002 Eskenazi et al., 2008 Martin, 2008). DDT is strongly absorbed by soil and body there for coherent period of time (Bhuiyan et al., 2008). They released from soil by various types of reactions such as, runoff, photolysis, aerobic and anaerobiotic biodegradation and volatilization (van den Berg, 2009). In surface body of water, DDT depart shackle to particles that are play in the water and sediments. DDT is interpreted up by small organisms and fish from the water and because bioaccumulate in organisms to high trophic levels. DDT deposited into the adi pose tissues and fats in organisms. DDT shows bioaccumulation and biomagnification as it has lypophilic property (Bhuiyan et al., 2008). In 1950s, first certainty of DDT perniciousness in brazen-faced eagles, robins, osprey, pelicans, peregrine falcon, and fish-eating mammals was find (Xiao et al., 2008 DDT An Introduction, 1996 Martin, 2008). Objectives This musical composition has five objectives (1) To hold forth the sources and main causes of DDT (2) To wrangle its mechanics of action as insecticide or pesticide (3) To discuss the health problems and toxicological effects associated with DDT (4) To discuss the environmental impacts of DDT (5) To discuss control measures and various methods of traffic with DDT sources and problems. DDT in the surroundings DDT is not soluble in water but it can plant strong soldering with soil particles. DDT is still present in environment in soils that were opened to DDT during primarily time. DDT is a volatile so it can be transport ed and evaporated as a gas. DDT is not commonly put in in groundwater because it is slight soluble in water and it will more in all probability to bound with soil particles rather than water molecule (ATSDR, 2002 Walker, M., Powell, P., 2003 van den Berg, 2009).

Vinal Barbaros's Options Essay Example | Topics and Well Written Essays - 2000 words

Vinal Barbaross Options - Essay ExampleFrom this study it is clear that when the issues are revealed, conflicts may arise from agency interests, as the uncertainty in the companys future due to its impuissance operations may threaten the status quo, especially when it comes to cost-cutting activities such as downsizing in order to address the problem on profitability. One of the central stakeholders in this case is the companys major investor, the creditor National Bank of Australia. If the company reports the true amount of the cost estimates, the stick will have to protect its position with heed to its investment in the company. This can be done by downgrading the companys credit rating and increasing the interest payments due to default, or look for a atomic number 16 way out when it comes to getting the amount that is due. In this case, the owner or the major shareholder is deprived of knowing the true performance of the company. Because he does non know, he cannot do someth ing in order to preserve his wealth or shareholder value. As for the companys employees, they will not be informed of the companys shortcomings with regard to relations with its efficiency and operations productivity. As for the companys major investor, its creditor the National Bank of Australia, it will be able to grant a renewal on the companys loan by assuming that nothing is wrong in the companys operations, which puts its financial position in the company at risk because of misleading information. If the company continues to fail during its subsequent operations, the bank will have to suffer and absorb the losses with regard to the companys failure to pay on time. If the company has been able to recoup its losses, the bank has still been misled by the company because of the act when it is found out, the bank can resort to proper means in order to compensate it for the possible losses from such act.

Failure of the League of Nations Essay Example | Topics and Well Written Essays - 500 words

Failure of the League of Nations - Essay ExampleThe research illustrates that Great Britain, France, Italy, Japan, and later Germany and Russia all great powers in their throw right - joined the League of Nations and the United States, on the other hand, was the only major power not to join the League in spite of having been implemental in creating it in the first place. This dichotomy i.e. the failure of the United States to join the League of Nations, in spite of cosmos its staunchest advocate, could thus be ascribed to its inability to adjudicate domestic political compulsions with its international obligations. Was this domestic compulsion a clash between the realists and the idealists? This is the main theme that the research paper will seek to examine. The idealist view of international relations envisaged the creation of, international institutions to replace the anarchical and war-prone balance-of-power system. The realist view,on the other hand, viewed the state as the most important player, subservient to no other (external) authority. The idealist view was endorsed by president Wilson who in his, celebrated Fourteen Points speech, delivered before Congress in 1918, proposed the creation of the League of Nations. Although the League of Nations came into being in 1919, Congress refused to ratify the United States entry into the league. This challenge to President Wilsons worldview was spearheaded by a group of Senators led by Senators Henry Cabot Lodge, William E. Borah, and Hiram Johnson. dissipate of the realist view was that the US should revert to its policy of isolation that had been in vogue pre-World War I in keeping with the Monroe Doctrine. This was at odds with the Leagues charter, which enjoined that, the international community had not only the right but a duty to intervene in international conflicts.

Innovation to Sustainability of Lexus Essay Example | Topics and Well Written Essays - 2500 words

Innovation to Sustainability of Lexus - Essay Example2010, p.1). This paper will because critically discuss the sustainable innovation results of Lexus Company in relation to Lexus CT 200h series. Evaluative Points Innovation strategy Lexus has been amongst the highest ranked alliance in labour vehicle industry. The innovation of the name Lexus which is associated with luxury has attracted many customers to these products since it is a symbol status. The society has introduced some of the most advanced vehicle with modern features to meet the users postulate. The company has open day sessions where they involve their clients in displaying their vehicles. The customers have had an opportunity to make their contributions on the brand of vehicle that they need. One of the all-important(a) aspects of innovation in Lexus is to rent about competitive advantage within the market. The company conducts field study and assess the customers tastes and preferences so as to buzz off up wi th vehicles that meet their needs. The innovation in this company has led to continuous improvements in the industry. The vehicles ar produced with specific features that suit specific tasks. The materials used to develop the vehicles are mixed with chemicals therefore making them to a greater extent durable. The vehicllles manufactured are safe for most users. They use less fuel therefore conservint the environment and saving on fuel expenditure. (Pellissier, 2008, p.98) Although this can be achieved finished many ways, the biggest problem or challenge is how to sustain it especially in the competitive auto world where cars are unveiled every year. The company products are being imitated by other companies therefore losing originality. The innovation comes with additional cost thus making the price of vehicles too high to the customers. The vehicles require regular It is important to have competitive markets but also it is equally important to look at the organization of firms. T his is important for competitive advantage because organization is important in determining how resources are allocated and utilized. Lexus organization is similar to that of its mother company Toyota which is decentralized with each entity being autonomous (Stirman, Kimberly, Cook, Calloway, Castro, & Charns, 2012, p.1). Research and developments The company has carried out many researches to come up vehicles that suit the needs of different customers. The company conduct field studies to assess different terrain so that they can make vehicle for specific areas. In the materials used to make the vehicle they conduct tests to ascertain their durability and strength. The vehicles have evolved through many stages, designs and designs to meet the changing trends in consumer tastes and preferences. The company has grown into an internationalist company exporting vehicles to all regions of the globe. The company has set up assembly subsidiaries in many parts of the world so as to meet t he consumer needs wants and needs (Roy, 1994, p.103). The research and development have led to dynamic transformation in the vehicles produced by the company. The vehicles of the company have been tailor made to adapt to various demographics. The researches have set up high standard on the quality of vehicle. The research and developments have led to an increase in market for the company products. The company has researcher for different matters therefore giving the company a competitive advantage since the researchers are specialized. The vehicles of Lexus are manufacture in accordance with the researchers

President Gamal Abdul Nasser of Egypt Essay Example | Topics and Well Written Essays - 7000 words

President Gamal Abdul Nasser of Egypt - Essay ExampleHe was born in the Bacos district of Alexandria on Jan 15th 1918 (Aburish 2004). He was the first born of thirty- socio-economic class old Abdel Nasser Hussein who had been transferred to Alexandria as a postal clerk. The fact that his fathers position merited transfer from one part of Egypt to another suggests a middle-class status. During that time, only upper classes had family names, the remainder of the populations, peasantry and non-aristocrats, were named afterwards their fathers. Without a family name, he had to use his fathers name, Abdel Nasser Hussein. Gamals grandfather, Hussein Sultan, belonged to the small class of local notables and owned a few acres of land in a village where most of the inhabitants tenanted the land of rich pashas in Cairo.The pashas who comprised less than 2 percent of the population in the 1930s owned more than 65 percent of the land and employed and exploited over four million peasants who tena nted for them. A tenant farmer commonly lived off two acres of land and his small share of what they produced. He hardly had any rights and when elections were held, was told to vote accordingly to the pashas wishes. There was little social mobility since banks did not deal with the poor. As a result very few overcame their peasant background.Egypt has been rightly described by historians as a hydraulic society, all in all dependent on irrigation from the Nile river. Five percent of the land was intensively farmed and it happened to be the only part that was cultivated. Apart from agriculture, the country had no other resources. Years of drouth and the threat of crop failure forced many farmers including Hussein Sultan who owned small plots of land to adopt other vocations to protect themselves.Adbel Nasser Hussein married above his class. Adbels wife was the daughter of a wealthy coal merchant, Mohamed Hamad and confabulatemed to be homely person who did the duty of a wife. When she died in 1926 leaving eight year old Gamal and his three younger brothers, Gamal had been living in Cairo with his paternal uncle Khalil (Aburish 2004). According to rumour Gamals father did not tell him about his mothers death for months and did not get a chance to attend the funeral. It is still left to speculation as to why Gamal was in Cairo. If Fahima was ill then she could not look after him. Or, Gamal showed much promise in academics and his parents decided to send him to a better school in a bigger city. Whatever the truth, there is little distrust that Fahima was a major influence in her sons life and contri preciselyed to his education. Her forty dollar monthly income, received from her family, went to educate her four children. Fahimas noble gesture was returned with Gamals interest in his studies. There is also speculation that Fahima was responsible for sending Gamal to a school superior to the Koranic one in Beni Mur. Gamal felt deeply saddened at not being inform ed of his mothers death when his father remarried two years later. In the Arab world it is not unusual for widowers to remarry after their spouses death. Its quite common to see the children of widowers to be looked after by relatives and other people. The carrier of bad news is usually frowned upon. Even after learning of his mothers demise Gamal continued to live with his relatives but the event left a deep mark in his psyche. Gamal Nasser, or

War and The Role of Photography and the Media Essay

contend and The Role of Photography and the Media - Essay ExampleThe Spanish well-behaved War offered one of the most enduring images of all, caught by the camera of the legendary Robert Capa - a Republican soldier at the instant of death, the moment of truth, the bitterest truth of all.And at a time we see a further how potent a picture can be. Not long ago it seemed certain that the lasting image of war in Iraq would be Saddams toppled statue. Instead, for millions, it is now a grinning 21-year-old girl holding a dog lead attached to the neck of a naked, cowering Iraqi.That the mass media grew in importance during the 20th century cannot be doubted. The late Victorian period witnessed an enormous expansion of the press, stimulated by improved technology and by the mid-century removal of the so-called taxes on knowledge, the stamp and paper duties which had raised the price of newspapers. By 1901 there were 21 major daily newspapers being produced in London. Although this number was to fall in the conterminous few decades, as a result of closures and mergers, the press would remain a power in the land, courted and feared by politicians of all parties.After the First World War new media came to rival the press in their capacity to reach a mass audience. The cinema came into its own in the inter-war period, providing newsreel images which enabled the public at large to gain its first visual appreciation of the countrys political leaders. The establishment in the 1920 of the BBC made possible the supply of radio, followed later by television, directly to voters homes. From 1955, with the emergence of independent television, the BBCs monopoly of publicise was challenged by the rise of commercial channels. The appearance of satellite and cable television from the late 1980s further extended the variety of media available to the public. The role of the media in politics remains an area of intense debate. Although the press and broadcasting have rarely, if ever , been direct causes of political change, arguably they have done more than merely conjecture their environment. The historians James

Strategic Management of Quest Diagnostics Essay

Strategic Management of Quest Diagnostics - Essay ExampleIdeally, the diagnosis is established with beyond a reasonable doubt certainty, just now substantial uncertainty or frank diagnostic error can afflict the diagnostic process for a variety of reasons. Many of these diagnostic problems be explained by failures of decision-making. Their main strategic approach, competency, and challenges are explained herewith.Quest Diagnostics is the nations leading provider of diagnostic testing, information, and services. They are the largest providers of global central science laboratory services performed in connection with clinical research trials on new drugs and these trials assess the safety and efficiency of these new drugs. Quest Diagnostics operates 24 hours a day, 7 days a week, 365 days a year providing their customers with a comprehensive menu of routine and specialty laboratory tests and services. Their major services allow in laboratory health care services, featured lab tests , online services and medical research etc.In New York City by 1967 Dr. Paul chocolate-brown launched the clinical laboratory industry with his vision to offer the high quality, highly automated and cost-effective clinical testing. Corning Incorporated purchased Met Path in 1982 and continued to get up the company. The business continued to expand and additional companies were acquired, including Damon in 1993, Maryland Medical Laboratory in 1994 and Bioran in 1994. Also in 1994, Corning acquired Nichols Institute, world-renowned for esoteric testing. On celestial latitude31, 1996, Corning Incorporated spun off the laboratory testing business to its shareholders, establishing Quest Diagnostics as an independent company trading on the New York Stock transfigure under the Symbol DGX.. The acquisition enabled the company to enter into a testing related business, providing services to the life insurance industry.

Car Difting Essay Example | Topics and Well Written Essays - 500 words

Car Difting - Essay ExampleI am fascinate by high speed endeavors high speed car drifting is one of them, though non very many people like or approve it. Car drifting improves my abilities to concentrate and control.I like car drifting because of a host of reasons. Since I was born, I guide al way of lifes desire to express myself in motorsports. I have watched racing movies and racing competitions for so long. I wished time would come when I get to position myself at the guide wheel and maneuver through corners at speeds not many people would dare. When I finally got a car that could enable me to drift with the least prohibit consequences, I made car drifting a routine activity. My liking is so great that I am willing to overlook the costs of burn down tires and damaged car parts. Though it is an extremely dangerous and costly affair, I am always thrilled to step in the car and drift my way around corners or new(prenominal) bent parts of the road. I also like drifting becaus e of it, I have leant many drifting techniques and the physics of racing. The whimsey I get when adrenaline is rushing through my blood is great.Ive always wanted to be in control. I like control that comes from concentrating on a particular activity. Once I realized that car drifting improves my levels of concentration and helps me gain a lot of control in driving, I have never been detached from it. This, among other aforementioned reasons is why I like car drifting even if it is dangerous and non-appealing to the majority of the population. It is clear to me that I not only get thrilled by car drifting, but also learn to control and concentrate. Quite frankly, my judgment derived from car drifting enables me to control other vehicles despite the terrain. I can have my way with many cars as a result of my liking for car drifting.Evidently, my liking for car drifting surpasses the consideration for negative effects of car drifting. This is

The Impeachment Process in American Politics Essay

The Impeachment Process in American Politics - Essay ExampleThe testify The Impeachment Process in American Politics discusses the position of the death chair of the United States of America. Though with all the extensive powers of this position the President can single-handedly lucre war on terrorism with the military without social intercourseional oversight, only if we were living before 1973. The President is accountable only to his country, in his political character and to his conscience. However, notwithstanding if the present Constitution makes the president commander-in-chief of the US armed forces, the presidents authority to deploy forces on his own initiative is regulated by coition under Article I, Section 8, which reserves to Congress the power to declare war, and under provisions of the War Powers Resolution of 1973. This resolution was the result of many instances when the President had totally gone too far in using this so-called inherent power. Today, the syst em of Checks and balances is applied by the American government which is guaranteed by the writing whereby peg of the government has some measure of influence over the other branches and may choose to block procedures of other branches, like the Congress for instance. Checks and balances prevent anyone branch from accumulating too much power like the executive branch where the President belongs - and encourage cooperation between branches like the executive branch and the legislative branch (where Congress belongs) - as well as engage in a comprehensive debate on controversial policy issues.

Book Review Essay Example | Topics and Well Written Essays - 1000 words - 10

Book Review - Essay ExampleThe write has described how the hormonal changes in different stages of womans lifespan create different physical and behavioral changes in her and how these changes help her to cope with different roles that she plays at in her life. The book The Female Brain is a costly book for understanding the difference in brain structure and hormones of women and men. However, the dramatic and the magazine like style of writing make the book lose the prudence of the subject matter. Hence, even though the book gives some meaningful and important facts about the female brain, the repetitive nature of the information makes the book lose its cope on the reader. After reading the whole book, the reader feels that the author had only few things to discuss about the female behavior and everything else was added just to increase the pages of the book.The magnetic core of the book is the effort by the author to reveal that womans emotions, values, desires, decisions and the perception of reality are hugely influenced by the neurological effects caused by the hormones. The hormones that influence womens brain and mens brain are different and hence, their behavioral pattern, emotional pattern and thinking pattern are different. The author has discussed how the three major hormones of estrogen, dopamine and oxytocin influence womans mind and body to develop the feminine qualities in her. The book reveals how estrogen is amenable for unique qualities like empathy and intuition in women. Women have a natural tendency to read emotions in body language, seek social interaction, trust others and quell loyal. According to the author, these qualities are unique to women because estrogen makes them seek social interaction and emotional bonding. The presence of the hormone oxytocin makes women trust others easily. Hormone dopamine is answerable for craving of sex and love in women. On the other hand, as the

Sustainability Assignment Example | Topics and Well Written Essays - 2000 words

Sustainability - Assignment ExampleIf the surround is maintained accordingly the well being of all(prenominal) human being shall be observed. However there have been some practices or measures which have been taken and have depleted the environment. The aim of these activities is to gain sustainable growth. Sustainable development is a pattern of practices which aim to meet the needs o all human beings while at the same time preserving the environment or the importance of proximo generations. In attaining sustainable development the environment should be kept safe. Some practices like constructions at sometimes do non promote this sustainable development. There are many arguments supporting sustainable development while at the same time there are others which fight against this method o resource use. Many examples have been illustrated for the arguments and therefore it becomes hard to decide whether it is right or wrong. Arguments against Sustainable Development It has been ar gued that this is a bad imagination to put in practice since its effects are unk todayn. The effects that may result to the ecology or the economy are unpredictable making this creation a dangerous one. Some practices like deforestation are liable(predicate) to cause many environmental hazards. It may lead to global warming and wind of deserts. With global warming all living things shall be affected by the high or low temperatures. Therefore the consequences of sustainable development are likely to be risky to human lie (Morse 2010, p.80). It has been argued that it is not easy to make use of the environment while avoiding the negative outcomes. Since they will always come then this concept should be avoided (Yang & Sidwell 2005, p.90). It has been argued that the term sustainable development is very vague. This is because when man is to benefit from the environment then there is no point in saw that he will still be conserving the environment for future use. For instance in co nstructions, the environment is interfered with negatively thus it would be impossible for sustainable development to occur. Some have even argued that this is a spam since it talks of what can be done and not what is really been done. The government policies are supporting this to reckon to it that the environment is not interfered with to save future generations. It has been further argued that this concept is oxymoron. It will not be possible to make maximum use of the environment now and then you expect in future to make the same use. This is termed as de-growth. Sustainable development will only apply now but in future it will not sine the resources will have been fully exploited thus they will not be in a maculation to human life anymore. This is wrong concept to be used (Chartered Institute of Building 2009, p.46). This concept has also been argued against since it is not measurable. It is not easy to measure sustainable development. Therefore it will be obvious that the co nsequences of the same will not be known and this may be a big risk for future generations (Yang & Sidwell 2005, p.99). Arguments for Sustainable Development It has been argued that human beings must survive in their own ecology using all the possible means. Sustainable development is therefore a good practice which will make the survival

Foensic Accounting Assignment Example | Topics and Well Written Essays - 250 words

Foensic Accounting - Assignment ExamplePracticing sales of the companys merchandise during off-hours ass also result in off-book frauds.Ways to prevent this include surveillance of the employees at all point-of-sales investigating of gaps in the transaction sequence or the pre-numbered put across and encouraging nodes to ask for receipts for any purchases made so as to make employees ring up sales.Case management software refers to an immensely omnipotent tool used by investigators to conduct timely, effective and efficient investigations in an organization. It can be used to investigate issues such as workers compensation cases, customer cases, fraud and insurance claims among others (Silverstone & Sheetz, 2007). It works in a variety of years including alerts to the mangers or investigators when a new case is entered, capturing of new referrals by employees when they notice any form of fraud but, anonymously, and identifying of repeat offenders of misconduct in an organization . Mostly, this software is used in internal investigations and risk management in a

Supply Determinants of Coffee Coursework Example | Topics and Well Written Essays - 500 words

Supply Determinants of Coffee - Coursework ExampleThis research forget begin with the statement that agricultural phase involves the cultivation of green coffee bean employing different methods and interposition such as soil management, use of fertilizers, treatment of pests and harvesting that are influenced by the cultivation practices, a topology of the plantation, and method of harvesting. Upon harvesting two methods evict be used to process it namely dry method is an old, simple and natural method that is mostly is used in processing all Robusta coffee. The early(a) being wet method-here specific equipment and water is used. The Arabica type is mostly processed by this method and it normally produces the better quality that commands high prices in the market. work phase involves processing and packaging. The processing in this stage involves storing cleaning and weighting roasting blending grinding. The powder produced after processing is normally subjected to different pr ocesses so as to develop the varieties such as the instant coffee manufacturer. In the packaging, the stage includes many different types of primary and secondary packaging for roast coffee depending on the choices of the company. Input prices that are inversely symmetrical the supply of coffee .i.e. when the prices of raw materials goes up the supply of coffee would reduce productivity in name of production cost is directly proportionate the supply .i.e. if involvement of a technology makes production cheap then the supply of the product will unquestionably shoot price of substitute is directly proportional to the supply of the product hence if the price is low then the supply of the product with definitely be down expected future price of the product if expected to accelerate in the future the supply of that product will go down in the present since the producers would be hoarding them for the future. Demand is the number of goods a consumer is able to purchase at a given price. The determinants include The disposable income of the consumer is directly proportionate to the contain for a product in that should it increase the consumer will demand more consumer preference is directly proportionately to demand i.e. consumers will tend to demand what they prefer price of related goods if increases the demand of the substitute will also shoot expectation of future prices if is to raise the demand of the goods at the present will increase in fear of the price rise.

I will upload the essay topic for you Example | Topics and Well Written Essays - 2500 words

I will upload the topic for you - Essay ExampleMore details are provided belowSection 4-1of the Income levy legislation states that income tax is paid by each individual and company, and by some other entities. Income tax is paid for each year ending on 30 June, and it is called the financial year.(b) An accounting period that is not the same as the financial year, any such accounting period or, for a company, each preceding accounting period is an income year. The Commissioner allow an adoption of an accounting period ending on a day other than 30 June as provided in Sction 18 of the Income Tax Assessment Act 1936. 1Energy Matters reported that as of May 2010, there is no specific legislation dealing with incomes generated from feed-in tariff.2 However, the common fair play may be used. The assessable income tax as provided for by law states thatThis is applied to all entities, whether from business, property, hobby, profit-making scheme, or as shareholder for a corporation. Even earnings for loss of salary, pain and suffering are considered incomes.Assessable income includes ordinary incomes derived from all sources including outside of Australian jurisdiction as long as one is an Australian resident. For non-Australian residents, assessable incomes include only those gained from all Australian sources for the covered financial year.There are also incomes that are called statutory incomes and considered assessable incomes. For ACT solar Systems Ltd., a flat rate of 30% will be filed for payment as income tax. All statutory incomes derived from Australian sources are assessable incomes.3 Australian residency is an important distinction because only Australian residents are provided tax-free threshold from $6,000 up to $11,000 income rebate while non-residents have a flat rate for flagrant income of 29%. There is also no medical levy for non-residents.ACT Solar Systems Ltd. being a company

Principles of business law two questions in an assignment Essay

Principles of business law two questions in an assignment - Essay ExampleShe later refused to carry back this sum of money to Peter. Can he sue her Would it make any difference to your answer if, instead of borrowing this sum of money to go for a boat cruise, she had actually borrowed this sum of money to go for a study tour of China organized by her schoolIn respond these questions, the major source of support was Article 2 of the US Uniform Commercial Code, which broadly covers the law governing sales contracts. Meanwhile the examples of cases cited were taken from English cases.Q1. According to section 2-205 of the US Uniform Commercial Code, in every sales contract, there must(prenominal) be an object on run, an offer made, an word sense made, and an exchange. The person making the offer is called the offeror and the person making the betrothal is called the offeree. Even if the offeree has made up his mind to a final acceptance, the agreement is non yet complete. There m ust be an external manifestation of his assent. This can be some word spoken or act done by the offeree or by his authorised agent, which a court of law can regard as the communication of the acceptance to the offeror. What constitutes communication varies with the nature of the case and has provoke many difficult problems.a) The first scenario mak... What constitutes communication varies with the nature of the case and has provoked many difficult problems.a) The first scenario makes a lot of difference in the comment and analysis of the case. Going by the facts of the case, Janes acceptance was sent within a reasonable time, such that even though Andrew received the letter late, the court could quench deem the contract enforceable. This view has support from section 2-207(1) of the Uniform Commercial Code, which states that A definite and seasonable expression of acceptance or a written assay which is sent within a reasonable time operates as an acceptance Jane could rightly ev oke the provisions of this article to rightfully sue Andrew for a breach of contract. Carrying come on the stipulated task is enough to constitute acceptance of the offer.However, by making an underpayment for the postage stamp, Jane indirectly failed to communicate to Andrew her acceptance of the offer. This was contrary to the general rule that an acceptance must be communicated to the offeror. The case of Jane and Andrew is typical of one where the postal rule can not be applied because the letter of acceptance was not properly stick on (Simpson, 1987). As an academic problem, the postal rule in the work of Wald & Williston (1906) could be evoked to give three possible answers to this scenario in the following light an offer made through the post might be regarded as accepted in the eyes of the lawi) as soon as the letter of acceptance is put into the post orii) when the letter of acceptance is delivered to the offerors address oriii) when the letter of acceptance is

Western philosophy Essay Example for Free

Western philosophical system EssayPhilosophy is the discipline concerned with questions of how integrity should go away (ethics) what sorts of things exist and what are their essential natures (metaphysics) what counts as genuine knowledge (epistemology) and what are the correct article of rulings of abstract thought (logic). The word is of antediluvian Greek origin (philosophia), meaning hunch of wisdom. Definition of philosophical system Every definition of school of thought is controversial. The field has historic on the whole toldy expanded and changed dep suppressing upon what kinds of questions were interesting or relevant in a given era. It is in general agreed that philosophical system is a method, rather than a set of claims, propositions, or theories. Its investigations are ground upon rational thinking, striving to make no unexamined assumptions and no leaps based on faith or pure analogy. Different philosophers lose had varied ideas ab break through t he nature of reason. There is also disagreement ab start the subject number of philosophy. Some think that philosophy examines the process of inquiry itself. Others, that there are essenti totallyy philosophical propositions which it is the task of philosophy to answer.Although the word philosophy originates in Ancient Greece, m each figures in the history of other cultures have addressed similar topics in similar ways. The philosophers of East and South Asia are discussed in Eastern philosophy, spot the philosophers of North Africa and the Middle East, because of their strong interactions with Europe, are usually considered part of Western philosophy. Branches of philosophy The point of philosophy is to start with nearlything so simple as to front not worth stating, and to end with some(a)thing so paradoxical that no one will believe it. To give an exhaustive list of the main divisions of philosophy is difficult, because confused topics have been studied by philosophers at var ious fourth dimensions. Ethics, metaphysics, epistemology, and logic are usually overwhelmd. Other topics include politics, aesthetics, and religion. In addition, most academic subjects have a philosophy, for typeface the philosophy of science, the philosophy of mathematics, and the philosophy of history. Metaphysics was maiden studied opinionatedally by Aristotle.He did not use that term the term emerged because in subsequent editions of Aristotles works the book on what is now called metaphysics came after(prenominal) Aristotles study of physics. He calls the subject first philosophy (or sometimes just wisdom), and says it is the subject that deals with first causes and the principles of things. The innovative-day meaning of the term is any inquiry dealings with the ultimate nature of what exists. Epistemology is concerned with the nature and scope of knowledge, and whether knowledge is possible.Ethics, or incorrupt philosophy, is concerned with questions of how agents ought to act. Platos archaean dialogues constitute a search for definitions of virtue. Metaethics is the study of whether ethical value judgments can be tendencyive at all. Ethics can also be conducted deep down a religious context. Logic has two broad divisions mathematical logic ( buildal symbolic logic) and what is now called philosophical logic, the logic of language. Greek philosophy and Hellenistic philosophyAncient Greek philosophy may be divided into the pre-Socratic period, the Socratic period, and the post-Aristotelian period (or Hellenistic period). The pre-Socratic period was characterized by metaphysical speculation, often preserved in the form of grand, sweeping statements, such as All is fire or All changes. Important pre-Socratic philosophers include Pythagoras, Thales, Anaximander, Anaximenes, Democritus, Parmenides, Heraclitus, and Empedocles.The Socratic period is named in honor of Socrates, who, along with his pupil Plato, revolutionized philosophy through and through the use of the Socratic method, which developed the very general philosophical methods of definition, analysis, and synthesis. While no writings of Socrates survive, his influence as a skeptic is transmitted through Platos works. Platos writings are often considered basic texts in philosophy as they defined the fundamental issues of philosophy for future generations.These issues and others were interpreted up by Aristotle, who studied at Platos school, the Academy, and who often disagreed with what Plato had written. The subsequent period ushered in such philosophers as Euclid, Epicurus, Chrysippus, Hipparchia the Cynic, Pyrrho, and Sextus Empiricus. Though many of these philosophers may seem contrasted given current scientific knowledge, their systems of thought continue to influence both philosophy and science today. Medieval philosophy HistoryMedieval philosophy is the philosophy of Western Europe and the Middle East during what is now cognise as the medieval era or th e Middle Ages, roughly extending from the fall of the Roman empire to the Renaissance period. Medieval philosophy is defined partly by the rediscovery and further development of classical Greek philosophy and Hellenistic philosophy, and partly by the inquire to address theological problems and to integrate sacred doctrine (in Islam, Judaism and Christianity) and secular learning.Some problems discussed throughout this period are the relation of faith to reason, the founding and unity of God, the object of theology and metaphysics, the problems of knowledge, of universals, and of individuation. Philosophers from the Middle Ages include the Muslim philosophers Alkindus, Alfarabi, Alhacen, Avicenna, Algazel, Avempace, Abubacer and Averroes the Jewish philosophers Maimonides and Gersonides and the Christian philosophers Anselm, Peter Abelard, Roger Bacon, Thomas Aquinas, Duns Scotus, William of Ockham and Jean Buridan.Early modern philosophy History(c. 1600 c. 1800) Modern philosophy is usually considered to begin with the revival of skepticism and the genesis of modern physical science. Canonical figures include Montaigne, Descartes, Locke, Spinoza, Leibniz, Berkeley, Hume, and Kant. Chronologically, this era spans the 17th and 18th centuries, and is generally considered to end with Kants systematic attempt to reconcile Newtonian physics with traditional metaphysical topics. Later modern philosophy History(c. 1800 c. 1960)Later modern philosophy is usually considered to begin after the philosophy of Immanuel Kant at the beginning of the 19th-century. German idealists, Fichte, Hegel, Hoelderlin, Schelling, expanded on the work of Kant by maintaining that the world is rational and it is knowable as rational. Rejecting idealism, other philosophers, many working(a) from outside the university, initiated lines of thought that would occupy academic philosophy in the early and mid-twentieth century Contemporary philosophy History(c. 1960 present)In the last hundre d years, philosophy has more and more become an activity practiced within the modern research university, and accordingly it has grown more specialized and more distinct from the natural sciences. Much of philosophy in this period concerns itself with explaining the relation amongst the theories of the natural sciences and the ideas of the pieceities or common sense. It is arguable that later modern philosophy ended with contemporary philosophys slope of focus from 19th century philosophers to 20th century philosophers.Realism and nominalism in Philosophy Realism sometimes means the position opposed to the 18th-century Idealism, namely that some things have accredited existence outside the wit. Classically, however, realism is the doctrine that abstract entities corresponding to universal terms like man have a real existence. It is opposed to nominalism, the view that abstract or universal terms are words only, or denote mental states such as ideas, beliefs, or intentions. The last mentioned position, famously held by William of Ockham, is conceptualism. Rationalism and empiricism in PhilosophyRationalism is any view emphasizing the role or importance of human reason. native rationalism tries to base all knowledge on reason exclusively. Rationalism typically starts from premises that cannot coherently be denied, and then attempts by logical go to guess every possible object of knowledge. The first rationalist, in this broad sense, is often held to be Parmenides (fl. 480 BCE), who argued that it is impossible to doubt that thinking unfeignedly occurs. But thinking must have an object, therefore something beyond thinking really exists.Parmenides deduced that what really exists must have certain properties for example, that it cannot come into existence or cease to exist, that it is a coherent whole, that it remains the same eternally (in fact, exists altogether outside time). Zeno of Elea (born c. 489 BCE) was a disciple of Parmenides, and argued th at motion is impossible, since the assertion that it exists implies a contradiction. Plato (427-347 BCE) was also influenced by Parmenides, barely combine rationalism with a form of realism. The philosophers work is to consider being, and the essence of things.But the characteristic of essences is that they are universal. The nature of a man, a triangle, a tree, applies to all men, all triangles, all trees. Plato argued that these essences are mind-independent forms, that humans ( just now particularly philosophers) can come to know by reason, and by ignoring the distractions of sense-perception. Modern rationalism begins with Descartes. Reflection on the nature of perceptual experience, as well as scientific discoveries in physiology and optics, led Descartes (and also Locke) to the view that we are directly aware of ideas, rather than objects.This view gave rise to trinity questions Is an idea a true copy of the real thing that it represents? Sensation is not a direct interacti on between bodily objects and our sense, but is a physiological process involving representation (for example, an image on the retina). Locke thought that a secondary quality such as a sensation of green could in no way gibe the arrangement of particles in matter that go to produce this sensation, although he thought that primary qualities such as shape, size, number, were really in objects.How can physical objects such as chairs and tables, or even physiological processes in the brain, give rise to mental items such as ideas? This is part of what became known as the mind-body problem. If all the contents of awareness are ideas, how can we know that anything exists apart from ideas? Descartes tried to address the last problem by reason. He began, let loose Parmenides, with a principle that he thought could not coherently be denied I think, therefore I am (often given in his original Latin Cogito ergo sum).From this principle, Descartes went on to construct a complete system of kno wledge (which involves proving the existence of God, using, among other means, a version of the ontological argument). His view that reason alone could yield substantial righteousnesss about reality strongly influenced those philosophers usually considered modern rationalists (such as Baruch Spinoza, Gottfried Leibniz, and Christian Wolff), while provoking criticism from other philosophers who have retrospectively come to be grouped together as empiricists.Empiricism, in contrast to rationalism, downplays or dismisses the ability of reason alone to yield knowledge of the world, preferring to base any knowledge we have on our senses. John Locke propounded the classic empiricist view in An Essay Concerning Human Understanding in 1689, developing a form of naive realism and empiricism on roughly scientific (and Newtonian) principles. During this era, religious ideas played a mixed role in the struggles that preoccupied secular philosophy.Bishop Berkeleys famous idealist refutation o f key tenets of Isaac Newton is a case of an Enlightenment philosopher who drew substantially from religious ideas. Other influential religious thinkers of the time include Blaise Pascal, Joseph Butler, and Jonathan Edwards. Other study writers, such as Jean-Jacques Rousseau and Edmund Burke, took a rather different path. The restricted interests of many of the philosophers of the time foreshadow the separation and specialization of different areas of philosophy that would occur in the 20th century.Skepticism in Philosophy Skepticism is a philosophical attitude that questions the possibility of obtaining any sort of knowledge. It was first articulated by Pyrrho, who believed that everything could be doubted except appearances. Sextus Empiricus (2nd century CE) describes skepticism as an ability to place in antithesis, in any manner whatever, appearances and judgments, and thus to come first of all to a suspension of judgment and then to mental tranquility. Skepticism so conceived i s not merely the use of doubt, but is the use of doubt for a particular end a calmness of the soul, or ataraxia. Skepticism poses itself as a challenge to dogmatism, whose adherents think they have found the truth. Sextus noted that the reliability of perception may be questioned, because it is idiosyncratic to the perceiver. The appearance of individual things changes depending on whether they are in a group for example, the shavings of a goats horn are white when taken alone, yet the full horn is black.A pencil, when viewed lengthwise, looks like a stick but when examined at the tip, it looks merely like a circle. Skepticism was revived in the early modern period by Michel de Montaigne and Blaise Pascal. Its most extreme exponent, however, was David Hume. Hume argued that there are only two kinds of reasoning what he called probable and demonstrative (cf Humes fork). Neither of these two forms of reasoning can lead us to a reasonable belief in the continued existence of an extern al world.Demonstrative reasoning cannot do this, because demonstration (that is, deductive reasoning from well-founded premises) alone cannot establish the uniformity of nature (as captured by scientific laws and principles, for example). Such reason alone cannot establish that the future will resemble the past. We have certain beliefs about the world (that the sun will rise tomorrow, for example), but these beliefs are the product of habit and custom, and do not depend on any sort of logical inferences from what is already given certain.But probable reasoning (inductive reasoning), which aims to take us from the observed to the unobserved, cannot do this either it also depends on the uniformity of nature, and this supposed uniformity cannot be proved, without circularity, by any appeal to uniformity. The best that either sort of reasoning can accomplish is conditional truth if certain assumptions are true, then certain conclusions follow. So nothing about the world can be establish ed with certainty. Hume concludes that there is no solution to the incredulous argument except, in effect, to ignore it.Even if these matters were resolved in every case, we would have in turn to justify our standard of justification, leading to an infinite repay (hence the term regress skepticism). Many philosophers have questioned the value of such skeptical arguments. The question of whether we can achieve knowledge of the external world is based on how high a standard we set for the justification of such knowledge. If our standard is absolute certainty, then we cannot progress beyond the existence of mental sensations.We cannot even deduce the existence of a coherent or continuing I that experiences these sensations, much less the existence of an external world. On the other hand, if our standard is too low, then we admit follies and illusions into our body of knowledge. This argument against absolute skepticism asserts that the practical philosopher must move beyond solipsism , and accept a standard for knowledge that is high but not absolute. Idealism in Philosophy Idealism is the epistemological doctrine that nothing can be directly known outside of the minds of thinking beings.Or in an alternative stronger form, it is the metaphysical doctrine that nothing exists apart from minds and the contents of minds. In modern Western philosophy, the epistemological doctrine begins as a eye tenet of Descartes that what is in the mind is known more reliably than what is known through the senses. The first prominent modern Western idealist in the metaphysical sense was George Berkeley. Berkeley argued that there is no deep distinction between mental states, such as feeling pain, and the ideas about so-called external things, that appear to us through the senses.There is no real distinction, in this view, between certain sensations of heat and light that we experience, which lead us to believe in the external existence of a fire, and the fire itself. Those sensati ons are all there is to fire. Berkeley expressed this with the Latin formula esse est percipi to be is to be perceived. In this view the opinion, strangely prevailing upon men, that houses, mountains, and rivers have an existence independent of their perception by a thinking being is false.Forms of idealism were prevalent in philosophy from the 18th century to the early 20th century. Transcendental idealism, advocated by Immanuel Kant, is the view that there are limits on what can be understood, since there is much that cannot be brought under the conditions of intention judgment. Kant wrote his Critique of perfect(a) Reason (1781-1787) in an attempt to reconcile the conflicting approaches of rationalism and empiricism, and to establish a new groundwork for studying metaphysics.Kants intention with this work was to look at what we know and then consider what must be true about it, as a logical consequence of, the way we know it. ace major(ip) theme was that there are fundamental f eatures of reality that escape our direct knowledge because of the natural limits of the human faculties. Although Kant held that objective knowledge of the world call for the mind to impose a conceptual or categorical framework on the stream of pure sensory data a framework including space and time themselves he maintained that things-in-themselves existed independently ofour perceptions and judgments he was therefore not an idealist in any simple sense.Indeed, Kants account of things-in-themselves is both controversial and highly complex. proceed his work, Johann Gottlieb Fichte and Friedrich Schelling dispensed with belief in the independent existence of the world, and created a thoroughgoing idealist philosophy. The most notable work of this German idealism was G. W. F. Hegels Phenomenology of Spirit, of 1807. Hegel admitted his ideas werent new, but that all the previous philosophies had been incomplete.His goal was to correctly finish their job. Hegel asserts that the twin a ims of philosophy are to account for the contradictions apparent in human experience (which arise, for instance, out of the supposed contradictions between being and not being ), and also simultaneously to resolve and preserve these contradictions by showing their compatibility at a higher level of examination (being and not being are resolved with becoming) . This program of acceptance and reconciliation of contradictions is known as the Hegelian dialectic.Philosophers in the Hegelian tradition include Ludwig Andreas Feuerbach, who coined the term expulsion as pertaining to our inability to recognize anything in the external world without projecting qualities of ourselves upon those things, Karl Marx, Friedrich Engels, and the British idealists, notably T. H. Green, J. M. E. McTaggart, and F. H. Bradley. Few 20th century philosophers have embraced idealism. However, quite a few have embraced Hegelian dialectic. Immanuel Kants Copernican Turn also remains an central philosophical concept today. Pragmatism in PhilosophyPragmatism was founded in the spirit of finding a scientific concept of truth, which is not dependent on either personal insight (or revelation) or reference to some metaphysical realm. The truth of a statement should be judged by the effect it has on our actions and truth should be seen as that which the whole of scientific enquiry will in the long run agree on. This should probably be seen as a guiding principle more than a definition of what it means for something to be true, though the details of how this principle should be interpreted have been subject to discussion since Peirce first conceived it.Like Rorty many seem convinced that Pragmatism holds that the truth of beliefs does not consist in their correspondence with reality, but in their usefulness and efficacy. The late 19th-century American philosophers Charles Peirce and William James were its co-founders, and it was later developed by John Dewey as instrumentalism. Since the usef ulness of any belief at any time might be contingent on circumstance, Peirce and James conceptualised final truth as that which would be established only by the future, final settlement of all opinion.Critics have accused pragmatism of falling victim to a simple fallacy because something that is true proves useful, that usefulness is the basis for its truth. Thinkers in the pragmatist tradition have included John Dewey, George Santayana,W. V. O. Quine and C. I. Lewis. Phenomenology in Philosophy Edmund Husserls phenomenology was an ambitious attempt to lay the foundations for an account of the structure of conscious experience in general. An important part of Husserls phenomenological project was to show that all conscious acts are directed at or about objective content, a feature that Husserl called intentionality.In the first part of his two-volume work, the Logical Investigations (1901), he launched an extended attack on psychologism. In the second part, he began to develop the t echnique of descriptive phenomenology, with the aim of showing how objective judgments are indeed grounded in conscious experience not, however, in the first-person experience of particular individuals, but in the properties essential to any experiences of the kind in question. He also attempted to identify the essential properties of any act of meaning.He developed the method further in Ideas (1913) as transcendental phenomenology, proposing to ground actual experience, and thus all fields of human knowledge, in the structure of consciousness of an ideal, or transcendental, ego. Later, he attempted to reconcile his transcendental standpoint with an acknowledgement of the intersubjective life-world in which real individual subjects interact. Husserl published only a few works in his lifetime, which treat phenomenology mainly in abstract methodological terms but he left an enormous quantity of unpublished concrete analyses.Husserls work was immediately influential in Germany, with th e foundation of phenomenological schools in Munich and Gottingen. Phenomenology later achieved international fame through the work of such philosophers as Martin Heidegger (formerly Husserls research assistant), Maurice Merleau-Ponty, and Jean-Paul Sartre. Indeed, through the work of Heidegger and Sartre, Husserls focus on subjective experience influenced aspects of empiricalism. Existentialism in Philosophy Although they didnt use the term, the ordinal century philosophers Soren Kierkegaard and Friedrich Nietzsche are widely regarded as the fathers of existentialism.Their influence, however, has extended beyond existential philosopher thought. The main target of Kierkegaards writings was the idealist philosophical system of Hegel which, he thought, ignored or excluded the inner subjective life of living human beings. Kierkegaard, conversely, held that truth is subjectivity, arguing that what is most important to an actual human being are questions dealing with an individuals inne r relationship to existence. In particular, Kierkegaard, a Christian, believed that the truth of religious faith was a subjective question, and one to be wrestled with passionately.Although Kierkegaard and Nietzsche were among his influences, the extent to which the German philosopher Martin Heidegger should be considered an existentialist is debatable. In Being and Time he presented a method of rooting philosophical explanations in human existence (Dasein) to be analysed in terms of existential categories (existentiale) and this has led many commentators to treat him as an important figure in the existentialist movement. However, in The Letter on Humanism, Heidegger explicitly rejected the existentialism of Jean-Paul Sartre.Sartre became the best-known proponent of existentialism, exploring it not only in theoretical works such as Being and Nothingness , but also in plays and novels. Sartre, along with Albert Camus and Simone de Beauvoir, all represented an avowedly atheistic branc h of existentialism, which is now more closely associated with their ideas of nausea, contingency, bad faith, and the absurd than with Kierkegaards spiritual angst. Nevertheless, the focus on the individual human being, liable before the universe for the authenticity of his or her existence, is common to all these thinkers.Structuralism and post-structuralism in Philosophy Inaugurated by the linguist Ferdinand de Saussure, structuralism sought to ferret out the underlying systems through analysing the discourses they both limit and make possible. Saussure conceived of the sign as being delimited by all the other signs in the system, and ideas as being incapable of existence prior to linguistic structure, which articulates thought. This led continental thought away from humanism, and toward what was termed the decentering of man language is no longer spoken by man to express a true inner self, but language speaks man.Structuralism sought the province of a hard science, but its posit ivism presently came under fire by poststructuralism, a wide field of thinkers, some of whom were once themselves structuralists, but later came to criticize it. Structuralists believed they could analyse systems from an external, objective standing, for example, but the poststructuralists argued that this is incorrect, that one cannot transcend structures and thus analysis is itself determined by what it examines, that systems are ultimately self-referential.Furthermore, while the distinction between the signifier and signified was treated as vapourous by structuralists, poststructuralists asserted that every attempt to grasp the signified would simply result in the proliferation of more signifiers, so meaning is always in a state of being deferred, making an ultimate interpretation impossible. Structuralism came to dominate continental philosophy from the 1960s onward, encompassing thinkers as diverse as Michel Foucault and Jacques Lacan. The uninflected tradition in Philosophy The term analytic philosophy roughly designates a group of philosophical methods that stress clarity of meaning above all other criteria. The philosophy developed as a critique of Hegel and his followers in particular, and of speculative philosophy in general. Some schools in the group include 20th-century realism, logical atomism, logical positivism, and ordinary language. The motivation is to have philosophical studies go beyond personal opinion and begin to have the cogency of mathematical proofs. In 1921,Ludwig Wittgenstein published his Tractatus Logico-Philosophicus, which gave a rigidly logical account of linguistic and philosophical issues. At the time, he understood most of the problems of philosophy as mere puzzles of language, which could be solved by clear thought. Years later he would reverse a number of the positions he had set out in the Tractatus, in for example his second major work, Philosophical Investigations (1953). Investigations encouraged the development of o rdinary language philosophy, which was promoted by Gilbert Ryle, J.L.Austin, and a few others. The ordinary language philosophy thinkers shared out a common outlook with many older philosophers (Jeremy Bentham, Ralph Waldo Emerson, and John Stuart Mill), and it was this style of philosophical inquiry that characterized English-language philosophy for the second half of the 20th century. Ethics and semipolitical in Philosophy From ancient times, and well beyond them, the roots of justification for political authority were inescapably tied to outlooks on human nature.In The Republic, Plato tell that the ideal nine would be run by a council of philosopher-kings, since those best at philosophy are best able to realize the good. Even Plato, however, required philosophers to make their way in the world for many years before beginning their rule at the age of fifty. For Aristotle, humans are political animals (i. e. neighborly animals), and governments are set up in order to pursue go od for the community. Aristotle reasoned that, since the state (polis) was the highest form of community, it has the purpose of pursuing the highest good.Aristotle viewed political power as the result of natural inequalities in skill and virtue. Because of these differences, he favored an aristocracy of the able and virtuous. For Aristotle, the person cannot be complete unless he or she lives in a community. His The Nicomachean Ethics and The Politics are meant to be read in that order. The first book addresses virtues (or excellences) in the person as a citizen the second addresses the proper form of government to ensure that citizens will be virtuous, and therefore complete.Both books deal with the essential role of justice in civic life. Nicolas of Cusa rekindled Platonic thought in the early 15th century. He promoted democracy in Medieval Europe, both in his writings and in his organization of the Council of Florence. Unlike Aristotle and the Hobbesian tradition to follow, Cusa saw human beings as equal and divine (that is, made in Gods image), so democracy would be the only just form of government. Cusas views are credited by some as sparking the Italian Renaissance, which gave rise to the notion of Nation-States.Later, Niccolo Machiavelli rejected the views of Aristotle and Thomas Aquinas as unrealistic. The ideal crowned head is not the embodiment of the moral virtues rather the sovereign does whatever is successful and necessary, rather than what is morally praiseworthy. Thomas Hobbes also contested many elements of Aristotles views. For Hobbes, human nature is essentially anti-social masses are essentially egoistic, and this self-concern makes life difficult in the natural state of things.Moreover, Hobbes argued, though people may have natural inequalities, these are trivial, since no particular talents or virtues that people may have will make them safe from harm inflicted by others. For these reasons, Hobbes concluded that the state arises from a c ommon agreement to raise the community out of the state of nature. This can only be done by the establishment of a sovereign, in which (or whom) is vested complete control over the community, and which is able to inspire veneration and terror in its subjects.Many in the Enlightenment were unsatisfied with existing doctrines in political philosophy, which seemed to marginalize or neglect the possibility of a elective state. David Hume was among the first philosophers to question the existence of God, circa 1700. Jean-Jacques Rousseau was among those who attempted to overturn these doctrines he responded to Hobbes by claiming that a human is by nature a kind of noble savage, and that society and social contracts corrupt this nature. Another critic was John Locke.In Second Treatise on Government he agreed with Hobbes that the nation-state was an efficient tool for raising gentlemans gentleman out of a deplorable state, but he argued that the sovereign might become an abominable inst itution compared to the relatively benign unmodulated state of nature. pursuit the doctrine of the fact-value distinction, due in part to the influence of David Hume and his student Adam Smith, appeals to human nature for political justification were weakened. Nevertheless, many political philosophers, especially moral realists, still make use of some essential human nature as a basis for their arguments.Consequentialism, Deontological ethics, and Virtue ethics in Philosophy One debate that has commanded the attention of ethicists in the modern era has been between consequentialism (actions are to be morally evaluated alone by their consequences) and deontology (actions are to be morally evaluated solely by consideration of agents duties, the rights of those whom the action concerns, or both).