Finance-Whether to undertake a project or not Research Paper - 1

Finance-Whether to undertake a project or not - Research Paper Example Ford Motors well established business attracts a great deal of consumer base irrespective of demography. The primary business of the company comprises of high end state of the art cars both for the individual as well as for the industrial use. The company, through its resilient and effective marketing tactics, has able to capture significant market shares in the automotive industry worldwide. Following is an extract from the financial statement of the company which presents the movement in the market share of the company for the current financial year of 2011 The company divides its revenue into two broad segments which are through automotive and through financial services. The automotive structure is further divided into four segments of 1) Ford North America, 2) Ford South America, 3) Ford Europe, and 4) Ford Asia Pacific Africa. Whereas, the ford financial services are divided into 1) Ford Credit, and 2) Other Financial Services. The company has improved its asset allocation strategy and has also rejuvenated its business strategy and global competitive strategy. The proactive approach has resulted in an increase of 5.7% in sales revenue from the automotive and financial services business. The financial year 2011 proved to be another progressive year for Ford Motor Company. During the current year, the company’s revenue increased by 5.7% during the current year to an impressive $136,264 million which has caused the operating profit to increase by a staggering 21%. The company, following its growth strategy, aspires transform its operation into multi channel business. The company has taken major steps in investing its direct sales business which enhanced the revenue during the current financial year. In addition, the company is actively following its strategy of refurbishing its plants and giving them a new and improved look. The refurbishment has resulted in an

The Australian Wine Industry Essay Example for Free

The Australian Wine Industry Essay The Mcguigan interest in the Australian Wine Industry goes back four generations. Owner Patrick McGuigan the first of four generations to enter the wine industry was a dairy farmer by trade. Percy McGuigans career was spent at Penfolds. Prior to retirement in 1968 Percy purchased Dalwood estate and renamed it Wyndham Estate. Two years later he sold it to his son Brian McGuigan. Brian McGuigan has been involved in the wine industry for over thirty five years. He developed Wyndham Estate Wine Company in the Hunter Valley and built sales in excess of 1,250,000 cases to become the leading exporter of Australian wine. In 1992 Wyndham Estate was acquired by French Company ? Pernod-Ricard group, Orlando Wines. Later that year, after the acquisition Brian McGuigan established a new company McGuigan Wines as a publicly listed company. In 2001 McGuigan wines merged with Simeon Wines to create Australias 4th largest wine company and in October 2003 McGuigan Simeon Wines Limited (MSWL) purchased Miranda wines. MSWL distributes to over 25 countries including United States, Ireland, New Zealand, Germany and other mainland countries in Europe. They export over 20 million litres (30% of MSWL wine production) annually. (www. mcguiganwines. com. au) MSWL reported a 2004/05 net profit of $35. 9 million, down 10. 8% on the previous year. Brian McGuigan believes this is mainly due to the oversupply of grapes and does not foresee any positive movement in grape prices for the next two years. (AAP Newswire 13/9/2005) ?MGSW is targeting focus on a number of things but in particular costs, costs, costs. He said he had been ? embarrassed by the 2004/05 result as a stronger local currency and an over supply of grapes in Australia and overseas weighed on profit growth. (AAP Newswire 13/9/2005) Financial Analysis The following key financial ratios for MSWL are for the period 2003 to 2005. (MSWL Annual Financial Report 30 June 2005 30 June 2003) Working Capital 2005 ($000)2004 ($000)2003 ($000) 377418 ? 124905 = 252,513 332319 135304 = 197,015 255854 ? 105775 = 150,079 Profitability Profit Margin Ratio 2005 ($000)2004 ($000)2003 ($000) 45112 368050 = 12. 2% 40248 305708 = 13. 1% 32204 283450 = 11. 3% Gross Profit Ratio 2005 ($000)2004 ($000)2003 ($000) 91111 368050 = 24. 7% 88931 305708 = 29% 74096 283450 = 26%. Return on ordinary shareholders equity ratio 2005 ($000)2004 ($000)2003 ($000) 35895 (361288 + 332641)/2 35895 346964. 5 = 10% 40248 (332641 + 270452)/2 40248 301546. 5 = 13% 32204 (270452 + 226093)/2 32204 248272. 5 = 12. 9% Return on Assets 2005 ($000)2004 ($000)2003 ($000) 35895 (681471 +625006)/2 35895 653238. 5 = 5. 4% 40248 (625006+566916)/2 40248 595961 = 6. 7% 32204 (566916+471306)/2 32204 519111 = 6. 2% Asset Turnover 2005 ($000)2004 ($000)2003 ($000) 368050 (681471 +625006)/2 368050 653238. 5 = . 56 305708 (625006+566916)/2 305708 595961 = . 51 283450 (566916+471306)/2 283450 519111 = . 54 Operating Expenses to Sales Ratio 2005 ($000)2004 ($000)2003 ($000) 30809 368050 = 8. 3% 31953 305708 = 10. 4% 18937 283450 = 6. 6% Liquidity Ratios Current Ratio 2005 ($000)2004 ($000)2003 ($000) 377418 124905 = 3. 02:1 332319 135304 = 2. 45:1 255854 105775 = 2. 41:1 Quick ratio 2005 ($000)2004 ($000)2003 ($000) 12728+361288+ 120698 124905 = 494714 124905 = 3. 96:1 2654+332641+ 126534 135304 = 461829 135304 = 3. 41:1 773+270452+ 125028 105775 = 396253 105775 = 3. 74:1 Current Cash Debt Coverage Ratio 2005 ($000)2004 ($000)2003 ($000) 2523 124905+135304/2 = 2523 130104. 50 = 0. 019 times 5768 135304+105775/2 = 5768 120539. 50 = 0. 047 times (10040) 105775+119523/2 = (10040) 112649 = (0. 089) times Receivables turnover ratio 2005 ($000). 2004 ($000)2003 ($000) 320422+47628 120698+ 126534/2 = 368050 123616 = 2. 97 times 262025+43683 126534+125028/2 = 305708 125781 = 2. 43 times 248381+35069 125028 +87486/2 = 283450 106257 = 2. 66 times Average collection period in days 2005 ($000)2004 ($000)2003 ($000) 365 2. 97 = 123 days 365 2. 43 = 150 days 365 2. 66 = 137 days Inventory turnover 2005 ($000)2004 ($000)2003 ($000) (276939) 60018+51176/2 = (276939) 55597 = 4. 98 times (216777) 51176+32271/2 = (216777) 41723. 5 = 5. 19 times (209354) 32271+15817/2 = (209354) 24044 = 8. 70 times Average Days in Inventory 2005 ($000)2004 ($000)2003 ($000) 365 4. 98 = 73. 29 days 365 5. 19 = 70. 32 days 365 8. 70 = 41. 95 days Solvency Ratios Debt to total assets ratio 2005 ($000)2004 ($000)2003 ($000) 320183 681471 = 46% 292365 625006 = 46% 296464 566916 = 52% Cash debt coverage 2005 ($000)2004 ($000)2003 ($000) 2523 320183+292365/2 = 2523 306274 = 0. 008 times 5768 292365+296464/2 = 5768 294414. 50 = 0. 019 times (10040) 296464+245213/2 = (10040) 270838. 50 = (0. 037) times Times Interest Earned ratio 2005 ($000)2004 ($000)2003 ($000) 45112+1232+ 176690 1232+176690 = 223034. 177922 = 1. 25 times 51311+6004+ 145383 6004+145383 = 202698 151387 = 1. 33 times 46071+2559+ 175071 2559+175071 = 223701 177630 = 1. 25 times Free Cash Flow 2005 ($000)2004 ($000)2003 ($000) 2523-(22211) = (19688) 5768-(25006) = (19238) (10040)-(18913) = (28953) Summary of Financials (Working Capital, Profitability, Liquidity Solvency) Working Capital Management The working capital has incrementally increased from 2003 to 2005. This is due to the rapid expansion of the company during this period; and in particular the acquisition of Miranda Wines and a bottling plant at Merbein near Mildura. This expansion has required a significant increase in working capital. MSWL has a working capital of $252. 5 million for the financial year ended June 30 2005, which indicates that the company has an ability to pay its liabilities. (MSWL Annual Financial Report 30 June 2005 30 June 2003) Profitability The decrease in return on assets from 6. 2 percent in 2003 to 5. 4 percent in 2005 can also be attributed to the rapid expansion of the business during this period. The return on these assets may take up to three financial years to realise their full earnings potential. The 1 percent decrease in the profit margin ratio indicates that the decrease in return on assets was due to the decline in net profit rather than increasing assets. Return on shareholders equity has decreased from 13% in 2003 to 10% in 2005. ROE20052004 McGuigan 10%13% (June 04) South Corp-5% (Dec 04) Evans Tate-12% (Jun 04) When benchmarked against Southcorp and Evans and Tate the results are 5% and 12% respectively. (MSWL Annual Financial Report 30 June 2005 30 June 2003, Half year report Southcorp December 2004 Annual Report Evans Tate 2004). The downturn in net profit for 2005 has had a negative effect (decrease) on the following ratios; ?Return on Ordinary Shareholders Equity ?Return on Assets ?Profit Margin ?Asset Turnover ?Gross Profit (Kimmel et al, 2003 p 520, figure 11. 22) Liquidity Analysis of the current ratio indicates that it has been consistently high during the last three years ranging from 3. 02 to 2. 4 (2003). This can be explained by the high inventory levels carried by MSWL; resulting from the processing and bottling of the over-supply of domestic grapes. (MSWL Annual Financial Report 30 June. 2005 30 June 2003). Deloitte (2005) suggest that all wineries have a high current ratio as the wine sector is forced to hold high levels of inventories and generally has high current receivables and low current debt, as compared with other industries. The quick ratio indicates that the levels of liquidity for MSWL have remained relatively stable at 1. 2 times. This suggests the company is able to repay short term debt. However, it needs to be recognised that this figure of 1. 2 does not include the contribution of shareholder equity. Including shareholder equity inflates this figure to 3.96 times. (MSWL Annual Financial Report 30 June 2005 30 June 2003). The companys collection period of 123 days is the lowest for the period 2003 to 2005. However, it remains unacceptable high, perhaps reflecting the depressed state of the market. Deloitte, 2005 state that the intensified competition, high levels of production of red wine and increased consolidation within the retail sector are some of the factors that have presented financial challenges for the Australian Wine Industry over the past 12 months as evidenced in the 2004 Annual Financial Benchmarking Survey. MSWL, Australias third biggest listed wine maker has clearly suffered during this retail consolidation and continues to experience slow payment for its product via the domestic distributor duopoly (Woolworths and Coles-Myer). (MSWL Annual Report 30 June 2005 June 2003) Inventory turnover has decreased from 8. 7 times in 2003 to 4. 98 times in 2005. The results for 2005 indicate that inventory was sold and replaced approximately 50% less often than during 2003. This result reflects the oversupply of grapes in the market for the last two years. (MSWL Annual Report 30 June 2005 June 2003). Average days inventory has also been impacted by the oversupply of grapes with results increasing from 41. 9 days in 2003 to 73. 3 days in 2005, a 57% increase. These higher inventory levels also increase storage and interest costs. (MSWL Annual Report 30 June 2005 June 2003) Solvency Debt to equity ratio has decreased to 46% in 2005, indicating that 46% of assets have been provided by creditors. Debt to Equity Ratio20052004 McGuigan 46%46% South Corp-42% Evans Tate-64% When benchmarked against Southcorp and Evans and Tate the results are 42% and 64% respectively. (MSWL Annual Financial Report 30 June 2005 30 June 2003, Half year report Southcorp December 2004 Annual Report Evans Tate 2004) Times interest earned ratio has declined from 1. 33 in 2004 to 1. 25 in 2005, indicating that the companies interest expense was 1. 25 times the amount needed to cover interest expense. The reduction in the times interest earned ration is a reflection of the reported decline in profit at the 30th June 2005. (MSWL Annual Report June 30 2005 June 2003) Free cash flow has been negative for the last three years leaving limited opportunity for expansion. It would be unlikely that MSWL would make any major acquisitions in the near future but rather focus on reducing cost and processing efficiency. (MSWL Annual Report June 30 2005 June 2003) Significant key opportunities and risks for the company and investors in McGuigan; Opportunity MSWL primary focus is on improving bottling efficiency and cost by relocating their wine making bottling and storage to the newly acquired facility near Mildura. ?The acquisition consolidates our export production and packaging operations around the inland port of Mildura. Its proximity of our major wineries will bring significant operational efficiency gains and transport savings. (ASX Announcement 25/1/05) MSWL is negotiating with other wine companies wanting to outsource the production of their less expensive brands. ?This is very good for us because were a producer of a lot of that product and we look to continue to expand our business. (Adelaide Advertiser 26/1/2005) MSWL has experienced significant increases in export sales for the period 2004 to 2005. MSWL states, ? Total export sales, bottled and bulk, increased by 34% in dollar terms with significant increases in the UK/Europe and the United States. Actual sales volume by 40%. (MSWL Annual Financial Report 30 June 2005). As the export trend is increasing with new markets such as Japan this would be a significant opportunity for MSWL to further capitalise on overseas growth. (IBIS World Pty Ltd). Risks Distribution and operating costs are high therefore creating efficiencies to reduce expenses is essential. Net cash provided by operating activities has decreased in the period 2004 to 2005. (MSWL Annual Report June 2005). MSWLs Production is in direct competition from Australian wine packager and premium cork specialist Vinpac International, who service 183 Australian wine makers (www. vinpac. com. au). MSWL would need to remain competitive in cost and quality. Competition is increasing at the retail shelf space level due to the proliferation of global wine production over the past ten years. As production increases from South Africa and South America in the next several years, grape prices are likely to fall and will force Australian wine makers to reduce prices, which is adding to earning uncertainty. (IBIS World Pty Ltd). Other financial and non-financial factors that impact upon McGuigans performance and attractiveness as an investment opportunity. Exchange rate movements are leading to increased import competition affecting the Australian dollar returns that local producers receive from exports. They also impact on the demand for imports by altering their competitiveness. (IBIS World Pty Ltd). ?To a degree, the past decade has been subsidised by the falling Australian dollar. Now we have to pull our belt in and be super competitive. (Adelaide Review 2/9/2005). Branding is imperative for success in this industry since consumers typically choose a brand that they are familiar with, and hence, know that they can rely on its quality and taste. (IBIS World Pty Ltd). MSWL domestic and export bottled sales increased reflecting the continued focus on brand awareness. (MSWL Annual Report June 2005). Ownership of industry participants has included a phase of mergers and acquisitions, with larger firms taking an increase control of the market. This indicates consolidation, and an industry that is rapidly approaching maturity therefore marketing, distribution and export capabilities are growing in importance. MCWL would need to ensure they keep up with this growing industry pattern. (IBIS World Pty Ltd). Limitations of the analysis implications of these limitations for any investment decision Industry Diversification The financial analysis of MSWL has been benchmarked against two other known competitors, Southcorp and Evans and Tate. However, diversification may impede comparison with both competitors and industry. For example, Southcorp has diversified into other industries over the last twenty five years which hinders comparisons with MSWL who remain primarily focused on the wine industry. Alternative Accounting Methods Variations in accounting methods may also impact financial analysis when compared with other companies. For example, depreciation on Property Plant and equipment is calculated using straight line depreciation for MSWL and Southcorp whilst Evans and Tate have used a combination of straight line and reducing balance to calculate depreciation between 2003 and 2004. Cost Cost is traditionally not adjusted for price level changes and often unadjusted from different financial periods which leads to invalid representation of inflation or deflation (Kimmel et al 2005). MSWL has consolidated infrastructure in the form of bottling and wineries, whilst sourcing grapes from owned vineyards rather than contract growers representing a short to medium term cost. However, MSWLs vertical integration allows it to control the volume of its wine sold on the market thus regulating revenue growth. The inflationary increases in cost can be negated with the strategic sales of product at margins above these cost price increases. In conclusion; the above limitations and their implications need to be taken into consideration when making an investment decision. Certain analyses can mask the true investment potential of a company. Consideration of the industry and its trends, the accounting method employed and the costs involved in doing business all require careful deliberation before an investment decision can be made.Appendix A. References: www. mcguiganwines. com. au Accessed 12/10/05 AAP Newswire 13/9/05 MSWL Annual Financial Report 30 June 2005 MSWL Annual Financial Report 30 June 2003 Half year report Southcorp December 2004 Annual Report Evans Tate 2004 Kimmel et al, 2003 p520, figure 11. 22 Deloitte Annual Financial benchmarking Survey for Australian Wine Industry ? Vintage 2004 ASX Announcement 25/1/05 Adelaide Advertiser 26/1/05 IBIS World Pty Ltd accessed 1/11/05 www. vinpac. com. au ? accessed 1/11/05 Adelaide Review 2/9/05 Kimmel et al 2005.

Factors Affecting Air Transport Industry Communication

Factors Affecting Air Transport Industry Communication Air Transport Industry Communication There are many factors which affect communication within individual air transport companies and other organisations they interface to in the course of normal business operations. In many cases, the only common contact point for the great numbers of staff working within the industry is the airport which they work in. Even this contact opportunity is not true of many mobile staff such as cabin crew who operate in a transient mode across many airports in the course of normal business. Organisation Air travel is accomplished by a wide diversity of organisations; include air traffic controllers, baggage handlers, security staff, aircrew, customs, catering, fuel provision, engineering, freight handling, ticketing, public announcements, and a host of other functions which are required to operate the businesses. This factor in itself makes organisational communication extremely difficult. Compounded to this is the ever-growing move towards airports becoming places hosting retail outlets with their own set of requirements in terms of types of staff, operational activity and objectives. Cultural Workers in the air travel industry come from a wide variety of educational and ethnic backgrounds, which is made more complex by the skills and level of responsibilities held by individuals. For example, an airline pilot or air traffic controller has had significantly more training and responsibility for adherence to operating instructions than a person in the catering supply business. Such wide levels of education and cultural background are factors which make common communication methods relatively inefficient. 24 Hour Operation With so many organisations and types of staff involved, communication is further complicated by working hour’s patterns. Flight crew are transient visitors through airports and while they spend many hours together in the course of their duties, their opportunities to interact with ground staff of all kinds are very limited. Support service personnel, such as engineering, baggage handling and other staff who perform vital functions in the smooth operation of air travel vital have virtually no contact with flight crew. Mobility Many airport workers are required to be mobile, not simply flight cabin staff. Ground crew, coach transport, runway and taxi-way patrol staff among others, are all mobile and rely mostly on mobile radio communication to stay in touch with those who direct their activities. This, however, does not lend itself to communication between the various groups, resulting in few opportunities to either meet with or gain understanding of the concerns and goals of other personnel. Competition Air travel companies are engaged in fierce competition for customers and revenue. This factor tends to discourage sharing of information and acts as an inhibiting factor to industry-wide communication. Fear of loss of information on future sales initiatives or financially sensitive aspects make for a climate of unwillingness to share plans and objectives, which is a natural part of competitive business but is a negative factor for the promotion of common industry-wide communication. Compensating factors Individual company newsletters and internal staff communications, either paper or electronic mail, are one of the ways in which internal communication may be improved. One suggestion for improved communication might be a wider use of organised events such as ‘away-days’ utilised by many large companies to encourage better understanding of people’s roles in organisation and promote a sense of common purpose. Removal of staff from the ever-present pressures which accompany the work environment to a different location where they are not constantly interrupted can have the benefit of making them think about the whole enterprise as opposed to being focussed on their own constricted view of the workplace. Individual parts of the air travel industry have already formed their own groups which span company boundaries and aim to share information and promote improvements in various aspects such as safety, training and other commonly shared concerns. The concept of the ‘suggestion box’ has tended to be overtaken by the idea of offering employees various types of incentives for suggested improvements in methods of working or cost saving. Passenger Communication Most passenger communication takes the form of display screens showing flight timings and details including gate numbers, possible delays, and cancellations. This is supplemented by announcements on public tannoy, but in a global community, few airports can offer the variety of language expertise to cover all passengers. Information points assist in improving passenger experience but are mainly focussed on directions to facilities such as surface transport, hotels and directions within the airport Individual airlines are poorly supplied with customer service points where specific queries or issues travellers may have with their travel. Common Purpose Unlike large corporations, there is no concept of being one organisation with common goals, values and objectives among the diverse grouping which forms the air transport industry. This makes pursuit of a common set of goals virtually impossible. Technical Communication Improved air traffic management technology, both in terms of handling flight and ground movements would be a factor which could lead to improvements in safety, collision avoidance, reduction in fuel costs and better adherence to scheduled flight times. Improvements in air to ground communication technologies would assist in reducing the effects of misunderstanding and potential error which can cause delays and confusion. Noise Especially for ground operations, noise is a problem. Staffs is normally issued with ear protectors, and rely on hand signals, assisted by electronic boards or signalling paddles to indicate their instructions to other airline staff. Improvements in head set communications devices could lead to improvements in this area. In-flight Communications Passengers in most flights have the benefit of clear and audible information supplied from the flight deck about general conditions of the flight, time of arrival and any delays encountered, although this tends to be at the discretion of the captain. This compares well with the many railway station information systems which are often limited to electronic bards and the announcements are often inaudible due to background noise. In summary there are many challenges inherent in communication both within individual companies and in the wider industry but there are a range of actions which can be adopted from other business sectors which can improve the situation. Problems and Solutions Growth The general public shows increasing desire to fly to more destinations, for both leisure and business. Globalisation of businesses increases, requiring staff fly to meetings, conferences and other events. Increased disposable income and short and long haul vacation breaks have become increasingly attractive. Countries of Eastern Europe are opening up free markets and become more integrated in the European Union, providing opportunities for more destinations.  [1] Growth prospects exist in rapidly developing countries like India and China. The last decade has seen an approximate 100% rise in air freight. Air transport has increased 500% in the last 30 years. Competition Among airlines is competition fierce, with various offers used to tempt passenger numbers. Prime routes like long-distance business travel offer the best profit margins today, but business travel is unlikely to grow at the rate of economy class. Lower landing fees at ‘out-of town’ airports reduce costs, but have a negative effect on customer perception due to distance from intended destinations Low cost versus national airlines is an example, and Easyjet which first operated a commercial flight on 10th November 1995 has since grown to become one of the leading players in this type of travel within Europe.  [2] Countries with large distances between population centres, such as Australia, predict growing demand. High population density countries, such as the UK, have underdeveloped, road/rail infrastructures, compared with European neighbours. The uptake of high-speed rail transport between major cities would negatively impact air travel. This has been suggested in the UK as a means of reducing traffic and pollution. The Magnetic Suspension (MAGLEV) very high-speed train was first proposed back in 1966.  [3] Speeds of over 500 Km per hour have been achieved on test tracks and while no rail transport currently operates at this speed, if fully developed could compete directly with short haul flights. Terrorism Threat of terrorism has led to increasing security and growing expense, together with passenger disruption. The impact of 9/11 on air travel was massive. The European Aviation Association in Brussels noted that between September 11 and November 4th there was a drop in North Atlantic traffic of 35% and European traffic by 10% for major European airlines. Recent events in the UK reported in the news media resulted in dramatic changes in security practices and passenger freedom While this effect is likely to be transient, there is always the danger that a significant event will occur again. This impact may be reduced by ramping up public relations exercises making the public more aware that flying remains the safest form of travel. Public Relations The air travel industry is very effective at marketing seats on flights. This positive factor has boosted sales and assisted growth. The industry as a whole in not successful in handling negative publicity associated with flight delays, strikes, response to terrorist threats and similar events. British Airways Authority performance in defending the chaos which followed the recent security clampdown at major UK airports was an example of inept public relations leading to loss of confidence.  [4] The industry could benefit from improved self image. A good example was provided by the British Airways publicity on their web page entitled â€Å"Air transport and climate change†, aimed at countering negative publicity surrounding issues of public concern.  [5] Runways Ongoing investment in new airplanes of differing types has some manufacturers developing very large carrying hundreds of passengers, while others opt for smaller planes which can be more flexible in use. The latest Boeing jet currently has a restricted number of runways it can land and runway construction can take years to complete. Traffic Density This is evident in major hub airports, such as JFK, Chicago, Heathrow, Charles de Gaulle, Schipol etc. There are safety considerations relative to take-off and landing numbers which permitted at any one airport or flight corridor. Capacity problems will limit the ability to handle additional passenger numbers in crowded airports and may stunt growth in prime destinations of choice. This may be countered by rescheduling some regular services to alternate airports with offers of price reduction. Environment Pressure from the environmental lobby is increasing to curb emissions. Not confined to groups such as Friends of the Earth, but governments, European laws, and the increasing acceptance by the general public that global warming is a reality requiring action. This negative effect is forcing industry to develop improvements in fuel efficiency and lower emissions to comply with increasingly tougher legislation. This could be countered by investment in engine design, careful routing of flight paths and use of more modern aircraft which are quieter and more efficient in fuel consumption. Timings Restrictions are imposed on when flights may take place in many airports. Some locations handle traffic 24 hours per day, but many restrict hours of operation on grounds of noise pollution. This negatively affects overall air traffic costs. To counter this, emphasis could be placed on publicity showing that airport expansion brings increasing employment, in construction, and later in operation of the facility. T Fuel The high price of aviation fuel has impacted on costs of operation. This may have little impact on business or first class travel, but rising prices for low-cost airlines will see their profit margins squeezed and their rapid growth slowed. Links Modern airports now have express rail connections and frequent coach services. Investment in this off-airport transportation is a positive growth enabler. The negative side is that new road and rail links take time and are often under control of national or local government agencies. To counter the tendency for this to constrain expansion, the industry needs to influence and educate such decision-making bodies on the long-term benefits of such investments. Bookings The upward trend in seat bookings utilising websites helps to lower airline administrative costs and is increasingly an attractive option both for private and company business travel departments. The implication is that the industry will increasingly be dependent on information technology to process bookings on a 7 x 24 hour basis. This represents a move from labour intensive bookings and check-in activities to increased reliance on technology. This dependence carries implications for security of passenger’s personal data including credit card details. Emphasis is on the reduction of disclosure or misuse of sensitive information. Stringent requirements apply to handling, protection, storage and disclosure of such data.  [6] Legislation Many factors of a legislative nature impact air travel. Ryanair obtained discounts from in terms if low landing costs at underutilised airports, as a cost reducing measure, but in 2004 the European Commission required Ryanair to repay 4 million Euros it had obtained from Brussels Charleroi Airport. In the UK, the Department for Transport produced a white Paper on ‘The future of Air Transport’ which sets a framework for regions and possible developments. The paper also focuses on impact assessment of new building, emissions and the environment, noise, and public transport access. These factors, if implemented in a bureaucratic fashion, have the impact of restricting growth.  [7] Health and safety legislation affects travel in terms passenger comfort and working conditions of aviation staff. The Civil Aviation (Working Time) regulations, 2004 apply within the European Union and impose working time limits. Health and safety executives across many countries are taking note of such issues as transport and fuelling of planes, engineering, catering and baggage handling risks.  [8] The negative impact of these factors and may be countered by lobbying for informed professionals in the industry, providing consultation with bodies developing such directives. Volatility Mergers have become very commonplace in the air travel industry, particularly in the aftermath of 9/11, when a number of carriers suffered dramatic downturns in passenger numbers. In the 1980’s and 1990’s there were significant downturns in air travel, especially in the USA, where mergers, takeovers and bankruptcy of carriers were frequent. The air travel industry across all continents remains subject to such factors which can impact share prices. Aids to overcome this are flexible and well-managed business objectives, which can rapidly adjust to conditions.  [9] Agreements Air travel agreements have moved on from the concept of ‘flag carriers’ and restrictions on flights and landing rights. The European Community has extended air transport agreements between EC member states and a number of other countries. Involved countries, either in negotiation or compete, include New Zealand, Morocco, Singapore, United Arab Emirates, Russia, Ukraine and South Eastern European states. This will be of benefit by expanding both freight and consumer markets. An EC press release in 2006 outlined the background to these agreements citing the role of air transport in generating employment, revenues and other benefits.  [10] In summary the industry faces many challenges but growth looks positive, if managed with modern business techniques. References Aviation Week, 2006, ‘New Central European LCC’s expand rapidly’ BBC and ITV news August 2006 Department of Transport, 2003, ‘The Future of Air Transport and the Civil Aviation Bill’ European Commission Press Release 2006, IP/06/810 Heppenheimer, T.A., 1995, ‘Turbulent Skies – The History of Commercial Aviation’ ISO/IEC 17799:2000 Information technology –Code of practice for information security management Jones, L 2005, ‘easyJet’, Aurum Press Limited Taylor, A, 1992, Hi-Tech Trains UK Health and Safety Executive Special Transport Sectors Unit www.britishairways.com/travel/crglobalwarm/public Footnotes [1] Aviation Week, 2006, ‘New Central European LCC’s expand rapidly’ [2] Jones L 2005, ‘easyJet’ [3] Taylor, A, 1992, Hi-Tech Trains [4] BBC and ITV news August 2006 [5] www.britishairways.com/travel/crglobalwarm/public [6] ISO/IEC 17799:2000 Information technology –Code of practice for information security management [7] Department of Transport , 2003, ‘The Future of Air Transport and the Civil Aviation Bill’ [8] UK Health and Safety Executive Special Transport Sectors Unit [9] Heppenheimer, T.A., 1995, ‘Turbulent Skies – The History of Commercial Aviation’ [10] European Commission Press Release 2006, IP/06/810

Exploring Reincarnation :: Religion Culture Cultural

Exploring Reincarnation Missing Works Cited For as long as man has been on this earth, one of the most popular questions without a finite answer has been, what happens after we die? Each culture, religion, organization, family, and any other group of people has had their own views about this subject for as far back as history goes, and probably even farther. One particular answer to this question is reincarnation. The simple version of reincarnation is re-birth. When one dies, they lose their physical being, but their soul lives on and is re-born into another body. According to the Buddhists, â€Å"Central to the belief in rebirth is the idea of an individual stream-consciousness. As an unceasing flux of primal spiritual energy, it acts as a concurrent link with the new body conceived in the mother’s womb. The nature of rebirth is closely linked with, or is the effect of, past thoughts and deeds. Rebirth is thus an essential part of the natural law of causality.† (pg. 74, child incarnate) The western wo rld has traditionally been quick to dismiss the idea of reincarnation as nay say. They don’t believe it is possible for someone to be reborn into a new body, most of the time due to religion, mainly Christianity and Judaism, both of which have rejected reincarnation as a valid theory. The Eastern half of the world however, has consistently accepted reincarnation. Four hundred million Buddhists, Hindus, Jains, and Sikhs believe in reincarnation according to statistics. (Christie-Murray, 50) Although the western world has had increasing numbers of people believing in reincarnation, it is still widely disregarded. In the west, we live in a very materialistic age, and for that reason, very little consideration is given to anything besides the present. Reincarnation should not be disregarded so easily however, because there are a lot of logical reason it can be, and probably is, true. There is overwhelming evidence of reincarnation beliefs in every period of time, so it is not some notion that was recently just made up for comfort or stability. There are many stories of people who can remember vivid details of their former lives, and even biological evidence such as birthmarks that are a result of an injury in a prior life. Reincarnation can also be a good explanation for child geniuses like Mozart, and even the current Dali Llama.

A research proposal

Children always gesture while explaining what they have to answer, narrate or describe. Almost all the studies, which have been made on children gesture, concluded saying gesture is a vehicle through which children express their knowledge.When children are asked explain a concept they are acquiring, they will always gesture discordant, which means conveying one message in speech and another in gesture. These children are shown to be in a transitional state in the sense that they are particularly receptive to instruction- in fact, more receptive to instructions than the children who convey the same procedure in speech and gesture (1993).Although it is important to be able to describe the learner’s state before and after the task has been mastered, characterizing the process that bridges these two states is the key to understanding learning. Unfortunately, in many studies of learning in both adults and children, performance, procedures, and mental representation are described be fore and after learning.While little attention is paid to the transition between these states (1989). One potential source of information about unverbalized mental processes is the spontaneous gestures that accompany speech.Studies have also shown that child’s gestures can be used to predict child’s performance on a learning task. When a child produces gesture – speech mismatch on a given problem, that child by definition conveys deferent information in gesture and speech.Surprisingly the information child expresses in gesture in such mistakes is typically not ever conveyed in speech during that assessment period, even across a series of test problems(1995). This finding suggested that the child who produces mismatches posses at least some knowledge that he or she cannot verbalize but can only express it in gesture, that is, knowledge that is uniquely expressed in gesture.The studies concluded this assumption saying this concept necessarily rest on the assumptio n that the child’s gestures are an accurate reflection of what the child knows (1998). If the gestures are the accurate expression what the child knows the gestures will have a great deal to do with the source of the knowledge the children have. Studies have not discussed much about the source of knowledge child has really influencing the gestures the child make.Indeed, all of the gesture – speech mismatch studies reported have been based on the assumption that gesture is a vehicle through which children can express meaning. And the fact that these studies have yielded coherent results provides indirect evidence for this assumption (1998).The studies also undoubtedly state that gesture has the potential to offer a unique source of insight into the mind of a child. This proposed study is to seek empirical evidence to make sure that the source of knowledge a child has would always have an influence on the gestures the child make while expressing that knowledge. It is bec ause, one must assume that if gesture is the vehicle through which children can express meaning, gesture is the vehicle through which adults can transport knowledge to the children for comprehension.The speech – gesture mismatch children would make in the expression can be caused from the variations the child observes in the adults expressions. These variations in the adults gestures also cause the difference in the duration of this transition period. Children pay attention to information conveyed in gesture, the y learn from it. Children instructed in mathematics equivalent problems (e.g., 3 + 4 + 5 = _ + 5) are more likely to learn when the instruction includes speech and gesture than it includes only speech (2005).This experience beyond doubt proves that children pay attention to the gestures the see and grasp information from them. Gestures have an indexical function. This indexical function of the gestures is what particularly enabling the children to benefit from the ge stures and comprehend more. There can be deference in this indexical actions in gestures of different people in deferent cultures and different climatically and social conditions. Gesture thus serves the purpose of visual in a learning process.This study here experiment that Conditions under which indexical gestures convey lessons to the children by the adults has anything to do with the speech – gesture mismatch children produce in their expressions.   Participating in an interactive section the enhancement of comprehension is vital. Enhancing the comprehension will mean the duration of above said transition will be reduced. Helping children to be effective communicators.It will definitely be possible when the studies on the obvious reasons for the speech – gesture mismatch are dealt with. In order to make this study work the experiment should include narrations and description of intangible object with gestures.And concrete things and theories also can be framed to experimental questions. All three of this categories in two sets, one with gestures seek comprehension and answers from children of two age groups,   while other seek comprehension and answers from children of two age groups of the same participants, without gestures.

Computer technology Essay

The salon I am doing on is a business owned by Boitumelo Michaels. It is a privately owned company that specializes in doing different types of hair-does. Her business is located in Mododitshane. She has about fifteen helpers helping her in treating the customers. Computer Project Questions 1. What kind of work does your business specialize in? 2. Do you use computers in your business? 3. Would you like your business to be computerized? 4. Where do you keep information about your customers? 5. Do you have problems with your existing system? 6. What kind of files do you keep? 7. What kind of problems do you face in your business? Do you keep records of all receipts incase of emergencies? 9. Do you know how to use a computer? 10. How do you want the new system to help you? 2. SUMMARY Though this company uses a manual system, its sales are very high and they receive more and more customers each year. Miss Michaels handles everything including employing assistances. She keeps all her appointments in a book and all her stock purchase in a different book. She writes down receipts for her customers and also keeps a record of the receipts that she has given out. She would like her business to be computerized one day when she has enough profit. She also knows how to use computer and therefore she would have no problem in using them. The new system to be developed is a system that covers everything in the business, including its finance, customers, appointments and others. Everything from the old system is going to be transferred to the new system. If this system works without fail, it is possible, in the near future, to update everything that has been stored in the computer system. Also in the new system, information will be typed directly into the computer and all kinds of calculations will be done on the computer as well. SOFTWARE After I described all kinds of software to Miss Michaels, she decided to use Microsoft Access 2000 in the new system. She said that she would also like to use Microsoft word and Excel 2000. HARDWARE Miss Michaels said she would like to buy a computer that is Window ’00. She would be using an inkjet printer, which is pretty fast, to print out what she needs. Miss Michaels would like to buy an Intel Inside Pentium 11. I advise her to do so because this kind of computer is quite fast when using. USER LEVEL OF INFORMATION TECHNOLOGY SKILLS Miss Michaels has gone to a computer college, and therefore she is very familiar with the layout of the keyboard. She would have no trouble with the new system. She also learnt a little about some of the hardware on computers and therefore she would have no problem in using Microsoft Access. Miss Michaels has requested to use Microsoft Access; therefore a database package would be needed for this. She will be using the most commonly used programming languages rather than any old or confusing one. Microsoft Access has all the requirements that are needed in the formation of the new system.