Managing Financial Principles and Techniques Essay

Managing Financial Principles and Techniques - Essay Example For this project the company has hired an international firm of management consultants who has forecasted the cost of production, selling price and profit per unit for mobile. They have also forecasted the demand for the new mobile in 5 year period down the line. The forecast made by them is as follows- Net Present value (NPV) is very common financial tool often used by the management to find out whether a new project will be beneficial in the future or not. NPV is the â€Å"difference between the present value of cash inflows and the present value of cash outflows† (Investopedia. 2009). The major advantage of this tool is that it takes time value of money into account, thus the result arrived at are more accurate as compared to simple pay back value. But many people find if a bit complicated (Stoltz, A. & Viljoen, M. 2007). The company assumes that per unit fixed cost and interest per unit, both varies with the level of production. But other general costs like advertising expenditure and maintenance remain constant, irrespective to the level of production. As per the result derived from the analysis it is found that the NPV of the project is negative, hence the project should not be accepted. The company has an option that instead of setting the new production line, they can use the existing machine which is under utilized. As per the company’s policy the machinery has to be depreciated along straight line method, so next year the written down value will become zero. Thus in the second year company has to purchase a new machine which will cost  £500,000. Thus the NPV and the IRR of the project will be as follows- The NPV of the project comes positive which indicates that the project will have sufficient cash inflow and it will be profitable in the long term. Hence on the basis of NPV the project can be accepted. The IRR of the project is 35%; which is above the cost of capital (10%). So this clearly indicates that the project should be

Functional Areas Of Business Essay Example for Free

Functional Areas Of Business Essay There has been an ongoing debate between enlisted members and commissioned officers of the United States Military about effective leadership and the scope of control. Enlisted Service Personnel are usually the worker bees, are not managerial in nature, with combat and field experience. Commissioned Officers are the leaders of the enlisted members. Commissioned Officers usually are the ones that can be personified as managers, with little to no field or combat experience. This debate stems from Commissioned Officers executing their managerial roles, how it affects the enlisted member, and how it effects the overall mission. Leadership, strategic planning, law, human resources management, will be utilized to analyze the role of a manager within the functional areas of business. Leadership Most employees will follow an effective leader if the manager exudes confidence, is not a hypocrite, and believes in the organization’s mission statement wholeheartedly. The adage, If a manager has to claim to be a leader, it almost seems as though he or she is trying to convince themselves that they are a leader, instead of showing that the manager is capable of leading. Motivation, inspiration, and being levelheaded are great attributes in being a great leader. Managers do not have to be an efficient leader in order to get things done, however, they should know how to manage those effective and efficient leaders in order to see the project or mission through. Most effective leaders are effective by being prepared and knowledgeable with some strategic planning. Strategic Planning As the adhesive that was so meticulously put there to hold up that model ship which is encased in a glass bottle, there is a plethora of minutia detail that goes into planning. With regards to the military, it takes an almost insurmountable amount of planning just to execute even the smallest of missions. This component is imperative to have in the manager’s toolbox, in order to maintain the survivability of the organization. A person that fails to plan, he or she plans to fail. Managers have to stay on top of planning, even if it means that sometimes coming into the organization on weekends, or coming in earlier than their standard start time. The organization also depends deeply on the legal department to ensure that the organization will not fall privy to legal troubles. Read more:  Functional Areas Of Business Law There are legal boundaries that dictate what can or cannot take place in the business world. Businesses hire witty, educated, and self-starting legal individuals to interpret the laws. There is a ton of small laws that can get an organization in or out of legal calamity. It could be a zoning law issue, or a morality issue, or what is common with big organizations is an environment issue. Managers have to be cognizant and stay on top of these issues in order to be a successful manager. In order a successful manager, there have to be some exceptional employees. Those employees hire through Human Resources. Human Resources Management Filtering out among the mass applicant pool to hire the best employees that are most suited for the position, rectifying current employees pay if needed, ensuring equal opportunity to the employees are all components of what it means to be in the human resources department. Managers have a few components to deal with when it comes to human resources. According to an a Forbes article, administrative director at a law-firm wrote that she needed some advice. The administrators employee was pregnant and she wanted to find a way to fire her before the employee tells anyone. She further stated that the pregnant woman would cost the organization a temporary hire, adding that after the baby is born the pregnant woman is sure to miss work due to baby illness. (Ryan, 2014) Managers have to be aware that it is illegal to fire someone for pregnancy, and need to have the wherewithal to be firm, but understand that employees have a choice of motherhood as well as having a  career. Managers in hu man resources can sometimes be the epitome for the managers throughout the entire organization that set the tone for the organization. When a manager from human resources has to fire an individual, if they are not careful the methods that are used can be detrimental to the entire organization. If the manager calls, emails, or texts the individual that in two weeks time that the person will be fired or laid off, that individual now has time to sabotage, slack-off, give trade secrets to competitive organizations or do something physically harmful to himself or the people at the organization. If the manager tells the individual that is to be fired to come into the office and let’s discuss some of the options that a person may have face-to-face, makes that terminated employee somewhat at ease. The terminated employee will not have to tackle this daunting situation alone. Supply Management In order to stay relevant in business, managers understand that they must have quality products at a reasonable rate from their suppliers. However, when the rates are unreasonable, managers should seek out other suppliers that will accommodate the organization’s budget. â€Å"Mooney agrees that managers will usually be keen on a purchasing department that is good at finding savings. But, he warns, even this can be a double-edged sword, because they can be expected to be much less enthusiastic when it is their area of spend that is being touched upon.† (Wheatley, 2005) Managers have to be diligent and understand that the purchasing department, if not fully understood, can break the financial infrastructure of an organization. Conclusion Being a great leader will comprise of attributes such as not being temperamental, inspirational and having the ability to motivate. Being able to strategically plan has to be in the managers repertoire, in order to efficiently run the organization. Laws are meant to be interpreted by the legal team to ensure the organization does not end up in legal trouble. Human resource managers have to be careful with the way they handle terminating employees. Finding the best supplier with a quality product, for a reasonable price is what managers should reach for in order to have a thriving organization. References University of Phoenix. MBA Overview Module. Retrieved from University of Phoenix, MGT/521 Website Wheatley, M. (2005, May). Supply Management. 10-11. Ryan, L. (2014, April). You Think Your Manager is Slimy? Check Out These Guys. Forbes, (), . Retrieved from http://www.forbes.com/sites/lizryan/2014/04/08/you-think-your-manager-is-slimy-check-out-these-guys/

Harley Davidson PESTLE Analysis

Harley Davidson PESTLE Analysis This section of the report is concerned with understanding the strategic position of Harley Davidson Inc. in an attempt to formulate strategic options for the company. It identifies three areas: First the changes that is occurring in the environment and how these changes affects H-D and its business activities. Second the resource strength and capabilities of H-D. Finally the expectations and influences of H-Ds stakeholders. THE ENVIRONMENT In order to understand the environment which H-D operates in the following frameworks are used with the aim of helping to identify key issues and challenges and ways of coping with complexity and change. PESTLE ANALYSIS In 2009 H-D stood to gain from the Economic Stimulus Package, passed into legislation by the Barack Obama Administration. The federal stimulus package gives taxpayers breaks if they purchase a new car, light truck, RV, or motorcycle.(Wachter, 2009). In addition, Coachman industries also a manufacturer of leisure vehicles, and a competitor of H-D was eliminated from the New York Stock Exchange. According to the Datamonitor report the Motorcycle Industry segment has had economic growth for the past three years, and has only recently been experiencing decline. In 2007 it declined 2.3%, yet is forecasted to recover 4.3% by 2012. An economic factor in favor of H-D, despite this decline, is that the U.S. industry generated total revenues of $10.2 billion in 2007, of which 98.8% were of motorcycles (not scooters, minibikes, etc.). Furthermore, within the U.S. economy H-D holds the majority of motorcycle sales. Therefore, even while industry growth is declining, H-D sales and other motorcycle sales are still continuing to increase. (DataMonitor 2007). Figure 1 shows motorcycle industry growth versus sales. The Motorcycly Industry Council (MIC) discloses that leisure product industries are facing steep decline however the motorcycle segment though declining ,is not doing so at a steep rate. Tim Buche, President of the MIC says Overall motorcycle sales were down 7.2%, not nearly as sharp a decline as many other consumer products in todays economy/ (Wasef, 2009). Socially H-D has a competitive edge which is owed to its customer base, strong brand loyalty and demographic trends such as the increse in female operators. This loyalty is indicated in the average age of H-D consumers. H-D average consumer buying age is 42 years old and increasing (Gauvin 2005). H-D aspires to increse it consumer demographics, howevr à ¢Ã¢â€š ¬Ã‚ ¦although the younger generation below 35 years of age has posted the largest gains in owernship, the generation that is on the edge of the baby boomer segment will be the main catalyst of growth for the industry (Koncept 2007). One social factor that may negatively affect the sale of H-D motocycles is the stigma that has been attached to these leisure vehicles. Alot of people believe that motorcycles are dangerous and this belief is strengthened due to the high rate of fatalities and crashes. H-D stands the chance of escaping this stigmatisation if the public views their bikes as cruisers and not speed bikes. Technologically H-D can take advantage of antilock brake systems. Antilock brakes cold help riders avoid fatal crases according to a study done by the insurance industry. 2.1.2 PORTERS FIVE FORCES MODEL Rivalry H-D operates within the Recreational Vehicles industry along with five other major competitors: Winnebago, Polaris, Thor, Arctic Cat and Marine Products. The top performers within the industry and hold 92% of the market share by volume with a market capitalization of 64.653 Billion of a total Industry of 7 Billion (Yahoo Finance, 2009). Other firms in different industries that are direct product rivals include Honda Motor Company Limited, Yamaha Motor Co, Ltd., and Suzuki Motor Corporation (Datamonitor, 2007). The presence of these large multinational corporations with exceptionally high assets boosts the degree of rivalry within the industry. Because of the small number of material rivals, the markets revenue is shared between fewer firms and enhances the degree of rivalry for bottom line profit. This rivalry forces most competitors to try and diversify their business models through geographical expansion or vertical expansion, leading to interests and investments in a variety of other segments such as the automobile, watercraft, industrial and farming equipment areas. (Datamonitor, 2004). Threat of Substitutes The Recreational Vehicle industry faces threats from the Automobile Industry, from public transportation options and from Bicycles. The threat is largely dependent on the indispensability of motorcycles and other lifestyle products to the end user (Datamonitor, 2008). In most developed countries, motorcycles, jetskis and other recreational vehicles are leisure items that lack necessity and are therefore largely dispensable or substitutable by more practical items such as cars or more cost effective means of transportation such as bicycles. This lack of necessity increases the threat of substitutes and illustrates why the external market goes into decline during economic recession. However, even though there is a lack of necessity, when a consumer owns a motorcycle or other product, switching costs to a substitute can range from low to high. Switching to public transportation can be cheap, but switching to a luxury vehicle involves a high cost factor. Because switching costs vary depending on the alternative means of transportation chosen, the overall threat of substitutes within this industry is moderate. Buyer Power Buyer power is weakened by a high level of product differentiation and customer loyalty to dominating brands (Datamonitor, 2008). Because customer loyalty with respect to dealers is high, as is the demand for specific and/or customized products, buyers power is weakened since the consumers rely on companies to produce their preferred product. This high demand allows companies to increase their price due to high product differentiation and low standardization. Relatively large numbers of buyers within the US, coupled with a high level of product differentiation weakens buyer power. This gives Recreational Vehicle manufacturers a competitive edge in the industry because they can produce a product based on customer demand. An increasing factor of buyer power is the fact that over half of recreational vehicles sold in the U.S. are sold and bought through non-retail channels. This provides consumers with an option for cheaper purchasing, and becomes a major threat to the industry if they cannot move their new products. Fortunately for the large competitors, who rely on product differentiation, their customers desire customized products that arent available on the second-hand market. Overall, buyer power is low due to sustainable competitive advantage of product differentiation which is impossible for other brand competitors to match. Supplier Power Competitors within the Recreational Vehicle industry rely mostly on commodities such as metals. There is a highly stressed importance on the quality of these raw materials which enhances supplier power. Also, as global prices of primary raw materials (ie: steel, aluminum) increase, pressure is put on the manufacturers to increase their margins. Furthermore, the increasing consolidation of the steel industry has the potential to lead to even higher raw material costs and product differentiation. The competitors often deal with this high power of suppliers by signing contracts with manufacturers to ensure the delivery of quality raw materials at a set market price. Power of suppliers is decreased by the competitors large size and the fact that manufacturers account for only a small portion of the suppliers revenues. Large multinational corporations such as Harley-Davidson and others can receive materials from many different international suppliers and face low switching costs due to minimal product differentiation. This presence within the international market boosts Industry leaders power. (Competitive Landscape, 2009) Overall, supplier power is moderate. Threat of New Entrants The industry faces moderate threats of new entrants because of moderate industry growth levels and high barriers to entry. The Recreational Vehicle industry is continuing to grow, especially in America, as consumers are traveling shorter distances and on weekends with less planning. New entrants are lured by good market growth, especially in the budget or low-cost areas due to consumer, ownership and demographic trends towards convenient travel patterns. (RVIA.org, 2009) Barriers to entry include large capital requirements and high fixed costs for set-up of new production and provider facilities, an exceptionally high level of brand recognition and customer loyalty. Modes of entry include starting a new company, diversifying and existing companys operations into motorcycle or other vehicle manufacturing, and beginning to export into the host country. Another barrier is the global tightening of emission standards that further ramps up costs as motorcycle and other recreational vehicle redesigns are required, increasing research and development costs. (Competitive landscape, 2009) Along with the tightening of emissions standards is an increase in the global costs of raw materials such as steel. As standards and product costs increase, barriers to entry become larger hurdles for new entrants. In order to be profitable, new entrants must pass on large capital requirement, RD costs and raw material costs to their customers and reflect these in the costs of the finished product. In the current economic recession, this becomes problematic because average consumers and not willing to spend their small disposable income on leisure items. Since sales are sensitive to price, another mode of entry is possible in the sale of budget vehicles. However, these companies would still be subject to the large capital requirements and high fixed costs, resulting in a business that would not be sustainable and therefore becomes undesirable. Overall, this threat is moderate.

The Texture of the Sixth Poem of Song of Myself :: Song of Myself Essays

The Texture of the Sixth Poem of Song of Myself In number six of Whitman's poetic series "Song of Myself," it seems that he is trying to convey the point that to die is not what people make it out to be. Whitman throughout many of the poems in this series, describes death as "lucky" and beneficial. He also explains how death leads to the beginning of life in this poem. The tone at the very beginning of this poem seems a bit youthful. Especially when the question "What is grass?" is posed to him by a child. This opening line gives you a great mental picture of a child about the age of five or six, walking up and asking innocently a question that you cannot answer. By using the line, "fetching it to me with full/ hands;" Whitman gives you that image right from the beginning. From there he goes into this sort of naïve tone, guessing what grass means. By doing so he shows himself to be mortal and not all-knowing. During this time in the poem, he gives beautiful metaphorical imagery, comparing the grass to other things and illustrating a better idea of what the grass is. Also during this speculation period, the wording becomes denser, as the ideas become complex. Whitman moves from the single-lined "childish" voice, into the adult stage of the poem. Here, he becomes surer of what the grass is and does less guessing. Around line 101, Whitman starts toward the turning point in the essay, describing the death aspect of the grass. Words like "dark" change the mood of the poem to a slower, sadder state. At line 110, the poem takes a sudden change and reads much quicker. It changes into a kind of argument and Whitman speaks more affirmatively. Now it seems as if he has been enlightened and understands what the grass is. The feeling of death changes to life and darkness changes to light. In a subtle way, he gives the reader a feeling of lightness and life, because in the last four lines he begins all of the lines with "A's" and as you read it you get that choral "Hallelujah" feeling. Whitman shows you the light. He tells you why death is a good thing. There is no more fear. "To die is different from what any one supposed, and/luckier.

Economics Essay

Save this file in your course folder, and name it with Assignment, the section number, and your first initial and last name. For example, Jessie Robinson’s assignment for Section 1 would be named JRobinson. Type the answers to the assignment questions below. Use complete sentences unless the question says otherwise. You will have more than one day to complete an assignment. At the end of each day, be sure to save your progress. Review Lesson 4 of the Course Overview for instructions about turning in your assignments. Assignment Questions In Section 1, you learned about economic principles. Now, you’ll apply what you learned. 1. Choose a well-known company that you know of, and answer the following questions about it: a. Is this mainly a product-based or service-based business? (1.0 points) it is mainly a product based company. b. What type of good or service is this company best known for? (1.0 points it is a food service company so it is known for the food. c. What makes the company different from its competitors? (1-3 sentences. 3.0 points) this company is known for there quality of fast food. The food is prepared much more fresh than other companies much like this one. This company also tends to have more of a range of foods to pick from. d. Why do you think this company became successful? Describe at least one reason. (1-5 sentences. 2.0 points) I think this company became successful because it was not the first company like it and people like to be able to grab something quickly and go so fast food works well. 2. Choose a different well-known company that you know of, and describe its direct and indirect competitors. Describe at least 2 direct competitors and 2 indirect competitors. (1-5 sentences. 4.0 points) a indirect competitor would be for example if someone opens a shop selling Malay rice while the opposite street another person is selling the same rice but then comes along a person selling Chinese fried rice. Although the person who is selling the Chinese fried rice and the two other competitors are selling Malay rice, the person selling the Chinese fried rice is considered an indirect competitor. But for another example a pizza shop in competition wit a fried chicken shop would be indirect because the products are not the same but they are still competing for sales. 3. Describe at least 3 nonprice competition strategies a company could use to convince customers that its product is better than other similar products. Why would those strategies matter to customers? (1-6 sentences. 3.0 points) It is better quality so it will last longer, it has a better warranty in case anything goes wrong, it functions or looks better than the opposition, the design is future projected. They would matter to the customers because customers care about the quality of whatever product it is they are possibly thinking about investing in. customers also don’t want things that are going to out of date in a year. And of course the customer is going to purchase the product depending on how much better they think it is in general including the appearance of the product. 4. Describe a real or made up but possible example of a product that went through a time of scarcity. What was likely to happen to the price of the product when it was scarce, and why? (1-3 sentences. 3.0 points) alcohol during the prohibition. The price skyrocketed. As the penalties for breaking the law increased, so did the demand and price. 5. Describe a product you know of that has elastic demand. Why is the demand for this product elastic? Explain. (1-3 sentences. 3.0 points) a stock in a micro cap company or a gas pharmaceutical company. Its factors are that the government proposing a law that is in favor of te industry, media, and just regular speculation.

Personal Responsibility for College Success Essay

I. To obtain college success through personal responsibility one must take ownership of their goals and ambitions. By prioritizing task such as managing time, setting realistic goals and keeping healthy, one can achieve personal career success. II. Body A. Definition of personal responsibility 1. Personal responsibility is when one solely takes responsibility over a something or someone or an action individually rather than in a collective group and makes sure that the task is accomplished. B. Relationship between personal responsibility and college success 1. One should recognize the importance of accepting personal responsibility for one’s learning, time management and goal setting. With that one should also recognize that direct relationship between their personal responsibilities and one’s college and lifelong success go hand in hand. C. Time Management skills 1. Monitor Time 2. Plan schedule D. Planning and Goal setting 1. Short Range Goals 2. Long Range Goals E. Health and Financial Planning 1. Exercise 2. Budget F. Action plan for implementing responsibility in your education 1. I will learn to manage my time by planning and setting appropriate goals and staying healthy and becoming financially stable. III. Conclusion: One should take personal responsibility for their own actions so they can lead themselves to a pathway of success, how one decides to manage their time between their personal responsibility and their college success is a major factor in achieving ones goals. One must learn to prioritize by any means, keeping healthy, managing ones emotions, keeping a sound mind, treating oneself with respect and knowing ones limits can help one achieve their goals.

Will Colleges Accept the Old SAT for Class of 2017 or 2018 30+ Schools Interviewed

Will Colleges Accept the Old SAT for Class of 2017 or 2018 30+ Schools Interviewed SAT / ACT Prep Online Guides and Tips Image via College Board. The SAT wasrevamped in March 2016 in an effort to make it more modern and accessible. If you’re a current high school student, you’ve probably heard about this change. If you’re a current senior(Class of 2017) or junior(Class of 2018) this raises some questions.What if you tookthe SAT before it changed last spring? Will colleges still accept scores from the "old" SAT? Or will they require you to take the new SAT?This has big implications for how you prep, when you take the tests, and possibly even whether you should switch to the ACT. In this exclusive, first of its kind breakdown, we personally spoke to admissions counselors from dozens of colleges to get some real answers on how they willhandle the transition. Overview: What's In This Guide To get accurate info that's most relevant to you as a student or parent, we posed as a parent and asked college admission officers directly how we should handle the SAT transition for two children: one a risingsenior(Class of 2017) and one a junior(Class of 2018). They did not know I was affiliated with PrepScholar. In most cases I talked to an admissions representative or someone higher up in the office. Also, since we couldn’t call every single school in the US, we will also include a guide to help you find out about the new SAT policy at any school you’re interested in. (Please share this info with us in the comments!) For the purposes of this article, "old SAT" refers to the 2400 version of the SAT that wasadministered up until January2016. The "new SAT" or "redesigned SAT" refers to the redesigned test thatwas first administered in March2016. We will cover some overall trends we noticed before diving into a school-by-school guide. Next, we will outline a guide to help you call admissions offices for schools you're interested in. Trends about Accepting the New SAT Every school we spoke to is accepting both the old and the new SAT for the Class of 2017 (current seniors). This is because the SAT is typically taken during junior year, and for the Class of 2017, the old SAT wasavailable for half of your junior year, and the new SAT for the second half. One caveat to this is that many colleges will not "superscore" between the new and old SAT, since they consider them to be different tests. This means that they won’t automatically look at your highest section scores like they normally do with two different SAT score reports. Keep this in mind if you think you will need to retake the SAT. As far as some colleges are concerned, comparing the old and new SAT is like comparing apples and oranges. In terms of the Class of 2018, colleges fall into two main camps. In the first camp, they will let the Class of 2018 submit scores from the current SAT. As of July 2016, this camp is about three-quarters of schools we interviewed. In the second camp, they haven’t made a decision yet for the Class of 2018 – though some are leaning one way or the other, based on our conversations. This camp has six schools. Finally, there are two schools who have decided not to accept the old SAT for the Class of 2018. Additionally, many colleges cautioned against taking the SAT too early, as they tend to see the highest scores from juniors and older. That means if you’re in the Class of 2018, it would likely make more sense to take the new SAT,unless you are confident your score from the old SAT is stellar. We will continue to monitor college admission websites as policies are updated. The New 2016 SAT: A School-by-School Guide We called the admissions offices at many popular schools to find out their policies – or what they know so far. We also checked to see if they have official policies up on their websites, and will include those where available. Since we couldn’t call every single school, we are also including a guide to getting this info on your own after our list. We contacted and are posting the policies (or what we know so far) from the schools below. We contacted all of the Ivy Leagues, top schools like Stanford and MIT, and other popular colleges and universities from around the country. Barnard College Brigham Young University Brown University Bryn Mawr College Cambridge University Columbia University Cornell University Dartmouth College Duke University Harvard University Johns Hopkins University Massachusetts Institute of Technology Mount Holyoke College New York University Northwestern University Oxford University Pennylsvania State University Princeton University Stanford University University of California Berkeley University of California Los Angeles University of Chicago University of Michigan University of Pennsylvania University of Virginia Vanderbilt University Washington University in St Louis Wellesley College Yale University We organized our list based on the redesigned SAT policy schools are adopting. Again, since every school we spoke to will continue to accept the current SAT for the Class of 2017, we are organizing this list based on the policy for the Class of 2018. We will first look at the schools that are not accepting the old SAT for the Class of 2018. Next, we'll list the schools that will officially be accepting the current SAT for the Class of 2018. Finally, we will go through the schools that have not yet decided on a policy. Class of 2018 Cannot Submit the Current SAT Duke University Duke has decided that, although members of the Class of 2017 may submit either the old or new SAT, members of the Class of 2018 (and younger) must submit the new SAT. Furthermore, if a student in the Class of 2017 submits an old and new SAT score, they will use concordance tables to determine the higher score. Northwestern University Can a student in the Class of 2017 submit scores from the current SAT? â€Å"We’ll definitely still accept his scores.† But will you superscore between the old and new SAT? â€Å"As far as how we’re going to be using the new test, we don’t have a policy yet.† (Northwestern has since posted a policy that clarifies they will not superscore between the old and new SAT.) So what about a student from the Class of 2018 – could they submit scores from the current SAT? I was told last year the policy had not been decided yet. Since then, Northwestern has posted their official policy and it looks like they are not accepting the old SAT for the Class of 2018: "beginning with those seeking to enroll in fall 2018, we will only accept the new SAT." So if you're in the Class of 2018 or later, you have to take the new SAT for Northwestern. Class of 2018 Can Submit the Old SAT Barnard College When I asked about the Class of 2017 last year, the Barnard representative said, â€Å"We will be accepting both tests still.† When I asked about the Class of 2018, I was told they hadn't determined their policy yet. I reached out to the admissions office again via email and learned some good news: the Class of 2018 can also submit the old SAT! "Yes, you may submit results from the old and/or the redesigned SAT. When evaluating applicants, we will consider only the highest testing results reported from one version of the test, not across both versions. In the redesigned version of the SAT, Barnard will not require the writing test. Results from two SAT Subject Tests will no longer be required." Note that Barnard is not superscoring across the old and new SAT, and that they no longer require two SAT subject tests. Brigham Young University BYU has a relatively relaxed, straightforward policy regarding the new SAT. The admissions representative told me, â€Å"We’ll take whatever [SAT score] is highest [for a current senior]. If he gets a better score on the new SAT we’ll accept that.† So not only can you submit either the old or new SAT if you’re in the Class of 2017, BYU will superscore between the two tests. What about for the Class of 2018? â€Å"We’ll still accept the old one [for a current junior]. If he takes it again, it will be whichever one is highest.† So for BYU, you can submit scores from either the old or new SAT up through the Class of 2018. Brown University Image via Wikipedia. When I asked about the SAT transition last year, I was told by an admissions representative, â€Å"We haven’t made a decision yet†¦We’ll be posting it on our website as soon as we’ve decided.† Luckily, Brown has now decided on a policy for the new SAT, and it's very flexible.According to their FAQ page, they "do not have a preference for either the current SAT or the redesigned SAT." So if you're in the Class of 2018, you can definitely submit the old SAT. Bryn Mawr and Mount Holyoke While looking at some of the Seven Sisters schools (some of the top women-only colleges in the US) we noticed that some of them don’t require standardized testing at all. This is still a fairly rare practice among schools in the US, but it’s interesting to note that for some schools, including Bryn Mawrand Mount Holyoke, sending standardized test scores is optional (exceptions include international and home-schooled students). Since scores are not required, you can send in any standardized scores you do have, including ones from the current SAT. Carnegie Mellon Image via Wikipedia. Carnegie Mellon also falls in the camp that is accepting either the old or the new SAT as long as they were available while the student was in high school. â€Å"If they’re offering both SATs it’s up to them which one to take,† an admissions representative told me. Even for a current junior? â€Å"Yes, as long as they have the choice we will accept either one.† As of October 2015, Carnegie Mellon's standardized testing requirements page doesn't list any information about the new SAT. However, they do note that "Carnegie Mellon would prefer that applicants take these required tests in their junior or senior year." This means that if you're in the Class of 2018 and tookthe oldSAT as a sophomore, Carnegie Mellon prefers (but doesn't require) that you re-take the SAT or ACT as a junior or senior. Columbia University Columbia has a posted policy about the new SAT: "Columbia will continue to accept scores for both versions of the SAT for applicants applying for admission for fall 2017 and fall 2018." That means if you're in the Class of 2018, you're free to take the current SAT. They will continue to accept either version of the SAT through Fall 2018 (which would include current freshmen). That said, they will not superscore between two versions of the test. So if you take both the old and new SAT, they won't automatically look at your highest section scores. Cornell University When I asked about the Class of 2017 and 2018 submitting the current SAT, I was told, â€Å"We would accept whatever test they take during the transition period. Whatever they end up taking we’ll use.† Translation: the Class of 2017 or 2018 can take either version of the SAT. However, the Cornell officer cautioned pretty strongly about taking the SAT too early, in reference to someone in the Class of 2018 fitting in the old SAT: â€Å"I would wait a little while before taking that standardized test because even though we’ll see the highest scores, we’ll have access to all those scores.† So even though Cornell would accept the current version of the SAT through the Class of 2018, make sure you don't take the SAT before you're ready. If you want to read more about how Cornell will compare scores between the old and new SAT, you can check out their new SAT FAQ. Dartmouth College Dartmouth has updated their FAQ page with info about the new SAT. They confirm that they will take the new or old SAT for the Class of 2017 and beyond: "If you are applying for admission to enroll at Dartmouth in the fall of 2017 or later, your results from either the current or the redesigned version of the SAT will be accepted, we do not have a preference." However, Dartmouth is not superscoring between the old and new SAT: "we will consider your highest â€Å"superscored† results from either the current or the redesigned SAT; we will not combine scores from both versions." Howard University If you want to go to Howard, you’re in luck, because they have a very straightforward policy about the new SAT. â€Å"We only consider the math and critical reading scores, so we will superscore between new and old [SAT scores], and consider any tests taken while in high school,† the admissions representative told me when I asked about students in the Class of 2017 and 2018 taking the oldSAT. The bottom line? Both the Class of 2017 and the Class of 2018 can take the old or new SAT and submit it to Howard. Johns Hopkins When asked if Johns Hopkins would accept an old SAT score from a student in the Class of 2017, the admissions representative replied, â€Å"Absolutely.† And when asked about if a student in the Class of 2018 could also submit the old SAT, the representative said, â€Å"He can take it.† So both the Class of 2017 and Class of 2018 can take either version of the SAT and submit it to Johns Hopkins. Their website now says that "For 2017 applicants, Johns Hopkins will accept both the new SAT and old SAT." We emailed the admissions office to clarify the Class of 2018 can still submit the old SAT as well and they replied, "if you take one old test and one new test, we will convert the old math and reading scores into a comparable new score." This presumably means the Class of 2018 is good to go, and furthermore, explains their policy if they get an old and new SAT score: to compare them using concordance tables. New York University Image via Wikipedia. NYU has a policy about the new SAT posted on their admissions website. As stated on their standardized testing page, â€Å"Either [the old SAT or the new SAT] are fine.† Furthermore, I spoke with an admissions representative who clarified this is true for students in both the Class of 2017 and Class of 2018. So feel free to submit either version of the SAT to NYU. Oxford University I was able to send the Oxford Admissions office an email about the redesigned SAT, and asked whether students graduating in 2017 and 2018 would be able to submit scores from the current SAT. â€Å"Yes, we will continue to accept any test taken before the changes are implemented," said the email. "In general we expect a candidate to have achieved their entry qualifications within three years of applying.† So Oxford will continue to accept scores from the current SAT, as long as a student applying took it within the last three years. Princeton University When I asked the Princeton officer about students in the Class of 2017 and the Class of 2018, they said, â€Å"We are accepting either of the two †¦ Your son who’s a sophomorecould still submit his old one though he would probably end up taking the new one due to timing†¦ We’ll accept the old one for as long as it’s valid, which I believe is for five years after the test date.† So Princeton will accept either the Old or New SAT for the Classes of 2017 and 2018 – maybe up to the class of 2020 if they follow the SAT’s five-year score expiration policy. Additionally, Princeton has posted a short answer about the new SAT on their FAQ page: "We will accept either version of the SAT, or the ACT with Writing. We do not have a preference for the â€Å"old† or â€Å"redesigned† SAT. The â€Å"old† SAT, or redesigned SAT with Essay and ACT with Writing are treated equally." So again, Princeton seems ready to accept the old SAT for as long as it's available. Stanford University Will Stanford continue to accept the current SAT for students in the Class of 2017 and Class of 2018? â€Å"We will be taking both tests,† the admissions representative told me. â€Å"We do have a preference for having them take it when they’re a little older, but we will be accepting both tests.† Stanford has now also confirmed on its Testing page that they will accept both the old and new SAT. They require applicants to take all three components of the test (Reading and Writing, Math, and Essay) and caution they will not superscore between the old and new SAT. So even if you’re in the Class of 2018 and take the old SAT, Stanford will accept it. However, heed their advice about taking the test only when you’re ready! University of California Berkeley â€Å"Yeah, we will be accepting both [the old and new SAT],† an admissions representative at Berkeley told me when I asked about students in the Class of 2017 and 2018. â€Å"At this point †¦ as long as you take it before they make that change, we will accept it.† The University of California website now also has a section clarifying that the old SAT is okay for the Class of 2018, but the Class of 2019 and younger must take the new SAT. University of California Los Angeles Image via Wikipedia. UCLA, as a fellow member of the UC system, has the same policy as UC Berkeley, but we did call just to make sure.Whenwe asked if UCLA willswitch over to redesigned SAT only by the time the Class of 2018 is applying, the admissions officer said,â€Å"Nope, we’ll still be accepting [the old SAT].† So, just like Berkeley, you can submit either version of the SAT to UCLA, even if you're in the Class of 2018. Also, UCLA is reminding applicants on their website that if they take the new SAT, to sign up for the essay, which will be optional on the new SAT. University of Chicago Will the University of Chicago accept scores from the current SAT for students in the Class of 2017 or 2018? The admissions representative said, â€Å"We will still accept either test.† The University of Chicago has now clarified on their website that they will accept either the old or new SAT as long as scores are valid. If you are in the Class of 2018 and took the old SAT, your score will still be valid by your senior year and you can use it to apply. However, Chicago will not superscore between the old and new SAT. University of Pennylvania Penn has now posted an official policy about the new SAT which is quite flexible: they will allow the Class of 2018 to submit the old or new SAT. "For students with the option to take either exam, Penn will accept scores from both the current SAT and the redesigned SAT." Additionally, they won't require the essay portion of the new SAT and they will not superscore between the old and new SAT. Vanderbilt University Will Vanderbilt be accepting old SAT scores from students in the Class of 2017 and the Class of 2018? â€Å"Yes, as long as the old SAT was available while the student was in high school, we will accept those scores†¦We will absolutely accept it, if he takes it now.† However, Vanderbilt did caution that they will not be superscoring. â€Å"If you take both the old and the new one, we won’t cross super-score those tests. If you take two old SATs, we will superscore those two, but if you take an old and a new SAT, we won’t superscore between those.† Vanderbilt has now posted this policy on their website. If you scroll down to "A Note Regarding the New SAT," you can see Vanderbilt will continue to accept the old SAT as long as it's available to students, but will not superscore between the old and new tests. Washington University in Saint Louis So how is Washington University in Saint Louis handling the SAT transition? â€Å"We are going to work with the old SAT as it phases out. [We will take it] until it is no longer possible to take the old SAT,† an admissions representative told me. So is this true for a student in the Class of 2018? â€Å"If that’s the score he wants to send and he likes it, then that’s fine.† So for Washington University, you can send either the old or new SAT even if you are in the Class of 2018. But will they superscore between the old and new SAT scores? â€Å"We actually don’t know how we’re going to handle [superscoring] yet because we haven’t seen the new test yet. We would hope to superscore but we have to wait until we know more.† So be aware that if you end up taking the old SAT and the new SAT, Washington University might not automatically look at the highest score from both sittings. As of July 2016, there isn't a policy posted regarding this on their application website, so we'll keep you posted. Wellesley College I had a long conversation with an admissions officer at Wellesley back in June. I was told then, â€Å"We clearly will be taking the old SAT [for the Class of 2017]. I don’t know about [the Class of 2018], as we have no official policy yet.† But now, Wellesley has posted an expanded section about the redesigned SAT on their FAQ page, which affirms that the Class of 2017 can submit either the current or redesigned SAT.The FAQdoessuggest that they are pushing for a transition to the new SAT, "Applicants to Wellesley for 2017 and beyond should take the new test, but can submit scores from the pre-2016 version." We emailed the admissions office at Wellesley and confirmed that someone in the Class of 2018 can still submit the oldSAT, even though the new SAT is preferred: "We would still consider those scores, however, since we often see scores improve dramatically between a student's sophomore year and her senior year, she may want to consider taking them again in the future." So while the Class of 2018 could submit the current SAT to Wellesley, remember you may get a better score on the new SAT (or the ACT!) if you take the test your junior year. Yale Yale has posted a policy for the SAT redesign. They will be accepting the current SAT for the Class of 2018 as well as the Class of 2017. This is in contrast to the original policy they had posted last year, which stated that the Class of 2018 could not submit the current SAT: Yale's first policy for the redesigned SAT. Yale's current policy for the redesigned SAT. So if you're in the Class of 2018, and you've taken or will take the current SAT, you will be able to submit it to Yale. No Clear Policy Yet for the Class of 2018 Cambridge University Cambridge's different colleges have various admissions policies and standards. We got in touch with a few to get a sense of how Cambridge as a whole will handle the transition. This is what we found out. "We accept the qualifications which the applicants have taken and assess them carefully and on an individual basis on academic merit alongside all others applying for the same subject," said an admissions coordinator at Christ's College. Translation? Any standardized test will be looked at, including the current SAT. "I have contacted our Admissions Tutors and the feedback is as follows: ‘Yes: old one is fine,'" said an admissions officer at Churchill College. "The University of Cambridge will probably consider both versions of SAT (a decision will be made later this summer). Please note that we do not accept SATs on their own and they need to be accompanied by Advanced Placement Test or the International Baccalaureate," said an Admissions Officer at Pembroke College. So while some of the colleges seem prepared to accept the current SAT, others are waiting for an official policy to be set. If you're curious about any of the other individual colleges at Cambridge, see a full list here with contact info. Harvard University When I talked to a Harvard representative about how they will handle the SAT transition, I was told, â€Å"For a year or so we will accept both [the old SAT and new SAT].† This means for students in the Class of 2017, who will be juniors when the SAT changes, they could submit either test. When I asked about the Class of 2018, I was told, â€Å"I can’t tell you at this point†¦Probably for up to two years we will accept the old SAT.† Basically, this is a maybe. Indeed, if you look on Harvard’s admission website, you can see the following policy: â€Å"We will accept both the current and the redesigned SAT scores for the foreseeable future. You should submit scores from tests taken in the past three years." Unfortunately the â€Å"foreseeable future† is not terribly specific. If you follow the three year rule, someone in the Class of 2018 could take the old SAT as a sophomore and still have a usable score by their senior year. So it appears that Harvard will accept the old SAT for the Class of 2018, which would put them in line with other Ivy League schools like Brown and Dartmouth. You may want to double check with the admissions office before you assume you can use an old SAT score. MIT So could a current sophomore submit a score form the old SAT? â€Å"We will still be accepting [the old SAT] for the Class of 2017.† What about the Class of 2018? â€Å"That is likely we will as well†¦.We’re still reaching a decision on everything at this point. But we will always accept previously-taken tests.† Translation? If you’re in the Class of 2017, you can submit either version of the SAT. If you’re in the Class of 2018, you can certainly submit a score from the current SAT, but MIT hasn’t decided yet if by that point they will require the redesigned SAT as well from applicants submitting the SAT. As of July 2016, MIT hasn't decided on an official policy. They say on their FAQ page that: "We have not announced our policy and/or requirements for the 2017 admission cycle...For students interested in applying to MIT in 2017, and registering for the new SAT - we will accept all test results regardless of format or our final requirements. We will also accept all test results from exams taken before the new SAT." Penn State Can the Class of 2017 and the Class of 2018 submit scores from the current SAT if they have them? â€Å"As long as we have at least one score†¦We haven’t set a policy but as long as there’s at least one test score that’s all we need,† the Penn State representative told me. What about superscoring between the old and new SAT? â€Å"If [they take] the old and new one, whatever one is better we will accept.† So, tentatively, Penn State not only appears to accept both the old and new SAT up through the Class of 2018, they will also superscore between the old and new. Again, keep an eye out for official policy to go up in the Penn State admissions website, but for now, you can plan to take either version of the SAT. As of July 2016, no additional information has been posted on their website regarding the new SAT. University of Michigan Will the University of Michigan be accepting the current SAT for a student in the Class of 2017? â€Å"We will still accept the old SAT if they take it.† So what about for a student in the class of 2018? â€Å"They haven’t made a final determination on that †¦ we’re probably going to decide this next year, which is when the new SAT will roll out.† The admissions representative did say, â€Å"We will still accept previous scores and take them into consideration.† So while Michigan will certainly look at scores from the old SAT from a student in the Class of 2018, the jury’s still out on whether they will accept that as the official standardized test score, or if they will require the new SAT by then. As of July 2016 their website has not been updated. University of Virginia UVA has decided on a new SATpolicy, for the Class of 2017 at least: they can choose between the old SAT, new SAT, or the ACT when submitting their standardized test scores. However, there is nothing listed about the Class of 2018, so you'll have to wait to find out whether they will accept the current SAT for your class. How to Call Admissions Offices You’re probably wondering about other colleges we didn’t reach out to for this guide. From local state schools to small liberal arts colleges, every school is going to have a policy for the redesigned SAT. So how do you find out for yourself? The first step is to check their website to see if they have posted a policy. Check first their standardized testing page for freshman applicants. If the policy isn't there, take a look at the FAQ section. If they’ve posted a policy for the redesigned SAT, it will likely appear on one of those two pages. Unfortunately, many schools haven’t posted their policies online yet. Many are waiting to learn more about the redesigned SAT before they do so. If that’s the case, you can use our guide here to help you call college admission departments and ask. Even if they don’t have an official policy yet, an admissions officer can give you their best guess, which can help clear things up for you. In many cases, a policy has been decided but just not posted yet, and this is the best way to find out. If you just read the words â€Å"call college admission departments† and started thinking about slinking away, sending an email, or waiting for the official policy – stop! I realize that a lot of high school students are nervous about talking on the phone, and especially nervous about talking to admissions officers. Keep in mind that answering questions is part of the job of an admissions officer. Furthermore, they are really nice and happy to talk to you! Also, in case you're wondering, they’re not secretly taking your name down and writing notes about you. First of all, you don’t have to give your name, but even if you did, they don’t care. Colleges don’t track phone calls (or visits, or emails) by name. Calling an office will not affect your future application one way or the other. Step-by-Step Calling Guide First of all, to get the phone number, search for "[Name of College/University] Admissions Contact Info." This will pull up the page with the contact information, including emails and phone numbers for the admissions office. Dial the number for the admissions office. Here’s what to say to get the info you need. In most cases you’ll get through to an admissions representative first, not a counselor. (The difference is that representatives handle communications and outreach while counselors or officers actually read applications.) Briefly introduce yourself. For example, say, â€Å"I’m a high school student graduating in 2017† or â€Å"I’m the parent of a high school student graduating in 2017." This will help the representative put you in context. Succinctly say why you’re calling, for examples say, â€Å"I have a question about the new 2016 SAT.† At that point the representative will talk to you if they believe they have the answer, or will transfer you to an admissions counselor. Questions to Ask Jury's still out on whether waiting for your crush to text back or gathering the courage to call a college admissions office is more excruciating. First ask, "Are you still accepting the oldSAT for my class, the Class of 2017?" (Or the Class of 2018, as the case may be.) If they say yes, you can reconfirm by asking, "If I tookthe oldSAT before spring 2016 and gota good score, can I apply to your school with this score?" Also, if they say yes, ask, "Will you superscore between the old and new SAT?" You'll want to find out if they will take your highest scores if they take both the old and new SAT. If they will not be superscoring, ask how they will compare your scores if you take both the old and new SAT. If they will not be accepting the oldSAT for your class, ask which standardized tests they will be accepting for your class. It might be they will only accept the redesigned SAT or the ACT. You could also consider asking about SAT versus ACT, and if they would suggest taking the ACT instead. (Most colleges will likely affirm they take both tests equally, and perhaps encourage you to take the ACT during the transition period since it may be simpler.) If you have any other questions about applying or that school's specific application process, be sure to ask. Remember to thank them for their time before signing off. Also, for any school that you call that's not on the current list, leave a comment below so other students will benefit! Closing Words It’s important to put your best foot forward with standardized tests, which is why we spent so much time doing this research. However, it’s also important to remember they’re not the only part of your college applications. Many admissions counselors were eager to remind me over the phone that they use holistic review processes, so your SAT score is not the be-all end-all of your application. While it’s tricky being in the Class of 2017 or 2018 and having to deal with the SAT transition, remember to keep your grades up, take challenging classes, and get involved in things you care about. Finally, keep in mind that you can always take the ACT instead! The vast majority of colleges accept it equally, and the ACT isn’t changing. If you’re stressed about dealing with the redesigned SAT, remember you don’t have to take it! You can take the ACT instead. What’s Next? Read in-depth about the new SAT to understand how it's changing. We have a summary of major changes, and detailed guides to changes on the Reading, Writing, and Math sections, as well as the Essay. So what should you do if you decide to take the new SAT? Check out our study guide for the new SAT. Thinking you should take the ACT instead? Get guides to ACT scoring and ACT timing, and also try a free ACT practice test. If the ACT seems manageable to you, consider taking it instead of the SAT to avoid the transition headache. Want advice for getting into top colleges? Read our exclusive guide about what college admissions officers are actually looking for. Want to improve your SAT score by 240 points?We've written a guide about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

The French Expression Aller Is Integral

The French Expression Aller Is Integral The French verb aller, which means to go, is used in many French idiomatic expressions. Learn how to go fishing, get to the bottom of things, go away and more with this list of expressions with aller. Theres a good reason why so many expressions use aller; its one of the most common and important verbs in the French language. There are a few basics to keep in mind with aller.  First, its an irregular verb, so it doesnt follow typical conjugation patterns. You just have to memorize its many forms. Second, the very common passà © composà © tense of aller uses the auxiliary verb à ªtre. (Je suis allà © means  I went, I have gone). This means that the past participle in this instance, has to agree with the Je,  or the I thats speaking. So If a girl said that, the past participle would have an additional e at the end of the participle to indicate a feminine subject: Je suis  allà ©e.   Another important peculiarity of aller is its use in constructing the near future. Combine the present tense of  aller the infinitive of an action verb to make the near future, or  le futur proche. The construction means  to be going to or to be going to do something. Common French Expressing Using Aller French Expression English Translation aller la pà ªche to go fishing aller la rencontre de quelqu'un to go meet someone aller pied to go on foot aller quelqu'un to be becoming, to suit aller au-devant de quelqu'un to go meet someone aller au fond des choses to get to the bottom of things aller avec quelque chose to match; to go with something aller chercher to go get; to get; to fetch aller de pair avec to go hand in hand with aller en voiture to go by car aller sans dire; à §a va sans dire to go without saying; that goes without saying Allez-y! Go ahead! Allons donc! Come on then! Allons-y ! Let's go! Ça va ? Comment allez-vous ? Comment vas-tu ? How are you? On y va ? Shall we go? On y va ! Let's go! s'en aller to go away

INTERNATIONAL ACCOUNTING - Group Project Essay Example | Topics and Well Written Essays - 750 words

INTERNATIONAL ACCOUNTING - Group Project - Essay Example Australia is an independent nation within the Commonwealth, and the powers of the Commonwealth are clearly stated in the constitution. At the same time, residual powers rest with the state. (Background Note: Australia, Nov 24, 2010). It is interesting to note that the literacy rate of Australia is over 99%, and this higher rate is achieved by the effectiveness of Australian education system. The Australian population was 22.3 million in 2010 and surveys indicate that the country maintains a population growth rate of 2.1% (ibid). Although the major part of Australian culture is derived from European roots, the country possesses its own cultural features also. In addition, as reported in Australian Immigration News (n.d.), immigration has played a crucial role in the development of Australian culture. The Australian political spectrum is dominated by three political parties, among which the Liberal Party (LP) and the National are more conservative (Shipping Australia). While the former represents urban business interests, the latter mainly deals with rural interests. Australian accounting system Australian Accounting Standards Board (AASB) is responsible for developing and maintaining financial accounting standards in Australia. In Australia, traditional manual accounting system is largely replaced by accounting software or Accounting Information System (AIS). AASB timely makes amendments to the existing acts and rules so and forces certain industries to compulsorily comply with these proposed accounting standards. â€Å"The AASB’s policies and processes support the implementation of the AASB’s strategies relating to its international role and domestic topics and priorities† (AASB). Since the AASB has formulated separate accounting standards for, non-profit organizations and public and private sector organization, it assists the firms to prepare final financial statements effectively. It also gives considerable significance to domestic requir ements also and thereby contributes to the overall development of the country. Business environment Australia features a work force of 10.8 million, out of which manufacturing industry represents 9.1% and retail trade indicates 10.7% (Background Note: Australia, Nov 24, 2010). This data indicates that Australia could successfully distribute its workforce among manufacturing as well as retail sectors. As per the World Factbook statistics, the Inflation rate of Australia in March 2010 was 2.9% per year and this low inflationary level indicates that the nation could employ its different monetary tools successfully. In 2010, Australia earned $210.7 billion from trade exports, and the main export items include coal, iron ore, wool, alumina, meat, and wheat. At the same time, the country spent $200.4 billion on imports in 2007, and machineries, transport equipments, crude oil, and other petroleum products are the main elements of import trade (CIA, World Factbook). Dimensions The AASB tak es all efforts to merge Australian accounting practices with global financial reporting standards. Many business entities are forced to follow Australian Accounting Standards while preparing their books of accounts. This provision is mandated by Australian Corporations Act 2001. Factors

JB-Hi Fi Limited Essay Example | Topics and Well Written Essays - 2000 words

JB-Hi Fi Limited - Essay Example A brief analysis of the notes to the financial statement pertaining to the trade payable figure presents the fact that the trade payable figure also comprises of other figures such as GST payables, deferred income and other creditors and accruals. All of these items have shown significant increase over the financial year 2012, but the most significant increase is represented by the increase in the figure of trade payables which has shown an increase of about $100,371 thousand or about 38% of the prior year balance. The trade payable balance amounts to around 91% of the total ‘Trade and other payable’ line item in the balance sheet of the company. Other balances of current liabilities line items include other financial liabilities, provisions and other current liabilities which all have shown inclining movement in the current financial year. This increase is offset to a certain extent by the increase in the figure of current tax liabilities which have decreased by ,69 0 thousand during the current financial year of 2012. The company might have decided to pay more in respect of its current tax liabilities in order to maintain a lower balance of payable for the current year. The liabilities which are likely to be settled within 12 months form the end of the financial year date are classified under the heading of current liabilities.... Question 2 The total liability balance of the company JB-Hi Fi Limited amounts to $ 626,648 thousand as at financial year ended 2012. Out of this figure, $439,481 pertains to current liabilities and the other $187,161 pertains to the non-current liabilities portion of the balance sheet. At the end of the financial the first and foremost major liability that the company has is in terms of trade payables which represent around 64% of the total liability balance of the company. Trade payables represents the balance that the company has to pay to its creditors in the normal course of the business and is usually on account of the purchase of the raw material, unassembled goods and other services. Other balance which represents a significant portion of the total liabilities of the company is borrowings which represent about 24% of the total liabilities of the company. These borrowings consists of secured bank loans which is secured by ‘a fixed and floating charge over the Groupâ€⠄¢s assets, the current market value of which exceeds the value of the loan’. Other liabilities of the company include balance such as current and non-current provisions on account of defined benefit plan and leases provisions. Question 3 The balance of the provision as represented in the ‘current liabilities’ portion of the balance sheet of the company comprises of employ benefits and lease provision. The employee benefit plans usually comprises of a defined benefit plan or a defined contribution plan. These plans are usually made for the benefit of the employees of any company and the provision balance represents a liability balance that the company has to contribute towards the particular

Hate groups in US Essay Example | Topics and Well Written Essays - 500 words

Hate groups in US - Essay Example Their primary purpose is to spread malice and enmity and create a source of fear within the society. Hate groups are known to be more prevalent in the United States of America (USA) with a constant rise in the numbers and as per the Southern Poverty Law Centre ( SPLC) , 2011 has shown over 1000 active hate groups (Roy, 2002). The Anti-Defamation League (ADL) and the SPLC are the two main organizations in the USA that monitor hate groups and help maintain law and order. (Roy, 2002) Various reasons and explanations have been put forward by researchers as to why such hate groups exist, the main factors being: economical crisis, antipathy towards the immigrating crowd, political turmoil, change of governments and minor groups not been given equal opportunities. Reasons can be plenty but none justify their existence and the fact that the US government is unable to eradicate such groups. SPLC maintains a list of these groups and supports the Federal Bureau of Investigation (FBI) in their f ight against these radical groups. The hate groups demonstrate their views through speeches, meetings, rallies and criminal acts of violence as well to prove their point (Roy, 2002).

Psychological-profiling-of-terrorists Essay Example | Topics and Well Written Essays - 750 words

Psychological-profiling-of-terrorists - Essay Example Before Israel was evicted, it had been involved in combat with the Palestine’s Palestine Liberation Organization in Lebanon. Israel had been involved in this war against the Palestine Liberation Organization in the Southern Lebanon where Israel had invaded and sieged Beirut. The Shia Muslim community then rebelled against Israel through guerrilla warfare after recognized that Israel had no aim of leaving Lebanon. This warfare was inducted by a political group in Lebanon known as the Amal Movement meaning hope (Azani, 2011).The Lebanese Shia Muslim Community had sympathized with the Israelites to get rid of the Palestinian Liberation Organization. This later turned to disillusionment when the Israelites held talks with only the ruling Christian pecking order. This infuriated the Muslims as they saw that they were not considered. They also rose up to establish Islamic rule over Lebanon. They had been disproportionately been represented in the country’s institutions. They also were involved in a war with the Israelites in 2006 which led to the death of 1000 Lebanese a 1,000,000 people were displaced. The war started as Lebanon attempted to pressure Israel to release them (Cordesman, 2007).Hezbollah used well laid suicide bombing, killings and by conquering soldiers in the other parts of the Middle East. They continued to fight the Israel Defense Forces (IDF) using suicide attacks. Later the Hezbollah turned into a paramilitary group where they changed their tactics from capturing the Israel soldiers into the use of missiles. and other explosives and detonations. Syria, at the finalization of the Lebanese war, took control over Lebanon and allowed the Hezbollah to keep their military weapons and to control the southern Lebanon and the Israel border (Azani, 2011). Later in 1990’s, Hezbollah turned to a political group where it was involved in elections in 1992 and won the 12 seats it had contested for in the electoral list. Later in 1997, Hezbollah established an army unit to fight against Israel Occupation. Later in the year 2000 Israel withdrew its militia from Lebanon. This signified the victory of Hezbollah. After the withdrawal of the Israel Defense Forces from Lebanon, Hezbollah’s main aim had been accomplished and they now started expanding their influence over other terror groups such as the Palestinian groups in West Bank and Gaza by furnishing them with knowhow on military and even sponsored them financially and with equipments (Azani, 2011). Hezbollah provides social services to the Lebanese community through provision of hospitals and education through schools countrywide. Hezbollah has also organized a Martyr’s Institute which assures to offer living and education costs for their soldiers who die in wars. The United Nations also noticed through an IRIN news report that Hezbollah is not only armed and political wings but also has large social development program where it operates four hospitals, 11 clinics, 11 schools and 2

Henry Ford Speech or Presentation Example | Topics and Well Written Essays - 750 words

Henry Ford - Speech or Presentation Example Still, Henry had been a courageous fellow with an ambition to improve his conditions and standard of life. From very early age, he joined a small workshop with an inclination to learn and change his lifestyle. Undoubtedly, he had innate interest towards machines, tools and equipments, which induced him to progress in the field of engineering and automobiles. With the passage of time, Henry gained experience and became an engineer of Edison Illuminating Company in Detroit. For instance, he continued his progress in life and promoted to the post of Chief Engineer in 1890s that helped him in maximise his savings due to relatively higher income at his respective key post (Wiley Report, n.d). Henry Ford, with innovative ideas always flowing into his mind, attributed his success to efforts of wife who made him belief about his potential, skills, knowledge and expertise. Henry also established his own firm in early 1890s in collaboration with some investors, which however failed due to some internal deficiencies. Nevertheless, Henry did not quit his job as he was well settled at that time. As mentioned earlier, Ford had natural desire towards machines so he made some experiments of gasoline combustion engines to check their viability, business scope and potential. Finally, the experiments resulted in invention of his first self-propelled four wheeler (of wires) vehicle named Quadricycle. The vehicle was not considered as a huge success as it did not have any gasoline engine unlike gasoline vehicles offered by other manufacturers in the marketplace at that time. Nonetheless, Henry had gained confidence and headed to formation of Ford Motors in 1903, which in later years produced low priced, safe and fuel - efficient automobiles that won the trust of consumers. Indeed, that was the beginning of phenomenal success. Then, the comprehensive launch of consumer – friendly, durable, secure and reliable T-model by Ford Motors triggered its massive growth, and within 15 years Ford Motors had received nationwide consumer acceptance and became a household name. The success of Ford could be easily measured by highlighting the fact that over 55% of total automobile sales across USA were of Ford’s T-model (HFMGV Report, 2003). Ford, then, introduced new quality standards, changed its mission, vision and values so that it could enhance its growth rate and could accomplish its goal of becoming a truly global organization. For instance, the automobile producer emphasized the adoption of modern production techniques, induction of assembly lines, specialized workers, mass production facilities (economies of scale), research and development, product / process innovation, advertising and branding. Indeed, the aforementioned enabled the producer in not only enhancing its sales and profitability in core US markets but also expanding in markets worldwide. Ford has changed the industry dynamics through introduction of safe, reliable, fuel – efficient , uniquely designed and premium quality vehicles for normal and commercial use. The consumers have inclination towards acquiring a Ford automobile as it maximizes their utility (due to need fulfillment) and ensures that they are being valued. In conclusion, the customers adore that the benefits they receive from purchase decision are stupendously greater than monetary costs incurred during

Examine the leadership styles of lewin (1951)white lippit(1960)and Essay

Examine the leadership styles of lewin (1951)white lippit(1960)and consider how it applies to your current or past work place.us - Essay Example According to them, leaders acted in three main ways, laissez – faire, democratic and autocratic leadership style. Autocratic leaders dictated terms and people had to obey them blindly. Democratic leaders discussed all probabilities and also made followers to take their own decisions. Laissez – faire is the extreme opposite to autocratic leadership style. They completely parted with all responsibilities to the followers. The experiments conducted by Lewin on planned change and styles of leadership spurred the launch of group dynamics research and change programs implementation (Burnes 2004). Relevance of Lewin, White and Lippit’s leadership styles in today’s healthcare organizations Nursing is basically a people oriented profession and hence there is considerably focus on humanity and this is one of the basic factors influencing nursing leadership. In order to deal with daily work routines and situations, nursing managers need to make the most use of situat ional leadership. For this, the manager must be aware of the leadership styles employed, task and the processes and systems followed in the healthcare organization. Nursing managers who can successfully combine the above mentioned attributes attain maximum success in handling challenging situations (Sellgren, Ekvall & Tomson 2006). However, the traditional leadership styles experimented on a group of children by Lewin, Lippitt and White may not be the most popular leadership style adapted by nurse managers. In fact, on the basis of these behavioural forced leadership styles, the transformational leadership was subsequently developed and is still considered one of the most popular leadership style adapted by nurse managers. Transformational leadership styles take on all the aspects of democratic, autocratic and laissez – faire styles and apply it depending on the situation warranted. Hence, in today’s changing healthcare organizations, nurse managers have to utilize all the three leadership styles proposed by White, Lippitt and Lewin depending on the situation (Molero et al. 2007). Changes made in the organizational structure also affect the leadership style to be adapted by nurse managers. Also the diverse phases of development which an organization goes through, warrants diverse management efforts and the leadership style should be in compliance with the particular stage through which the organization runs through. The current changes in the environment affecting the culture in the organization also spurs nurse managers to create a specific leadership style of their own in order to handle tasks efficiently (Lindholm, Sivberg & Uden 2000). Hence, most nurse managers employ all three styles of democratic, laissez – faire and authoritative depending on the situation. The leadership style adapted by nursing managers depends on the climate of the group. The manager needs to find out whether the needs of the group are meted out and whether the group is so formed in order to handle group goals. In this case, the nurse leader needs to first make a retrospect of his or her behavioural traits. Accordingly, the current situation in the organizati

Psychological-profiling-of-terrorists Essay Example | Topics and Well Written Essays - 750 words

Psychological-profiling-of-terrorists - Essay Example Before Israel was evicted, it had been involved in combat with the Palestine’s Palestine Liberation Organization in Lebanon. Israel had been involved in this war against the Palestine Liberation Organization in the Southern Lebanon where Israel had invaded and sieged Beirut. The Shia Muslim community then rebelled against Israel through guerrilla warfare after recognized that Israel had no aim of leaving Lebanon. This warfare was inducted by a political group in Lebanon known as the Amal Movement meaning hope (Azani, 2011).The Lebanese Shia Muslim Community had sympathized with the Israelites to get rid of the Palestinian Liberation Organization. This later turned to disillusionment when the Israelites held talks with only the ruling Christian pecking order. This infuriated the Muslims as they saw that they were not considered. They also rose up to establish Islamic rule over Lebanon. They had been disproportionately been represented in the country’s institutions. They also were involved in a war with the Israelites in 2006 which led to the death of 1000 Lebanese a 1,000,000 people were displaced. The war started as Lebanon attempted to pressure Israel to release them (Cordesman, 2007).Hezbollah used well laid suicide bombing, killings and by conquering soldiers in the other parts of the Middle East. They continued to fight the Israel Defense Forces (IDF) using suicide attacks. Later the Hezbollah turned into a paramilitary group where they changed their tactics from capturing the Israel soldiers into the use of missiles. and other explosives and detonations. Syria, at the finalization of the Lebanese war, took control over Lebanon and allowed the Hezbollah to keep their military weapons and to control the southern Lebanon and the Israel border (Azani, 2011). Later in 1990’s, Hezbollah turned to a political group where it was involved in elections in 1992 and won the 12 seats it had contested for in the electoral list. Later in 1997, Hezbollah established an army unit to fight against Israel Occupation. Later in the year 2000 Israel withdrew its militia from Lebanon. This signified the victory of Hezbollah. After the withdrawal of the Israel Defense Forces from Lebanon, Hezbollah’s main aim had been accomplished and they now started expanding their influence over other terror groups such as the Palestinian groups in West Bank and Gaza by furnishing them with knowhow on military and even sponsored them financially and with equipments (Azani, 2011). Hezbollah provides social services to the Lebanese community through provision of hospitals and education through schools countrywide. Hezbollah has also organized a Martyr’s Institute which assures to offer living and education costs for their soldiers who die in wars. The United Nations also noticed through an IRIN news report that Hezbollah is not only armed and political wings but also has large social development program where it operates four hospitals, 11 clinics, 11 schools and 2

Examine the leadership styles of lewin (1951)white lippit(1960)and Essay

Examine the leadership styles of lewin (1951)white lippit(1960)and consider how it applies to your current or past work place.us - Essay Example According to them, leaders acted in three main ways, laissez – faire, democratic and autocratic leadership style. Autocratic leaders dictated terms and people had to obey them blindly. Democratic leaders discussed all probabilities and also made followers to take their own decisions. Laissez – faire is the extreme opposite to autocratic leadership style. They completely parted with all responsibilities to the followers. The experiments conducted by Lewin on planned change and styles of leadership spurred the launch of group dynamics research and change programs implementation (Burnes 2004). Relevance of Lewin, White and Lippit’s leadership styles in today’s healthcare organizations Nursing is basically a people oriented profession and hence there is considerably focus on humanity and this is one of the basic factors influencing nursing leadership. In order to deal with daily work routines and situations, nursing managers need to make the most use of situat ional leadership. For this, the manager must be aware of the leadership styles employed, task and the processes and systems followed in the healthcare organization. Nursing managers who can successfully combine the above mentioned attributes attain maximum success in handling challenging situations (Sellgren, Ekvall & Tomson 2006). However, the traditional leadership styles experimented on a group of children by Lewin, Lippitt and White may not be the most popular leadership style adapted by nurse managers. In fact, on the basis of these behavioural forced leadership styles, the transformational leadership was subsequently developed and is still considered one of the most popular leadership style adapted by nurse managers. Transformational leadership styles take on all the aspects of democratic, autocratic and laissez – faire styles and apply it depending on the situation warranted. Hence, in today’s changing healthcare organizations, nurse managers have to utilize all the three leadership styles proposed by White, Lippitt and Lewin depending on the situation (Molero et al. 2007). Changes made in the organizational structure also affect the leadership style to be adapted by nurse managers. Also the diverse phases of development which an organization goes through, warrants diverse management efforts and the leadership style should be in compliance with the particular stage through which the organization runs through. The current changes in the environment affecting the culture in the organization also spurs nurse managers to create a specific leadership style of their own in order to handle tasks efficiently (Lindholm, Sivberg & Uden 2000). Hence, most nurse managers employ all three styles of democratic, laissez – faire and authoritative depending on the situation. The leadership style adapted by nursing managers depends on the climate of the group. The manager needs to find out whether the needs of the group are meted out and whether the group is so formed in order to handle group goals. In this case, the nurse leader needs to first make a retrospect of his or her behavioural traits. Accordingly, the current situation in the organizati

The Muslim Arts Essay Example for Free

The Muslim Arts Essay Introduction Assalam-al-aluikum, through out this booklet Im going to describe about how Islam, one of todays leading religions, started off. I am also going to show you some of the worlds most beautiful calligraphy, most well decorated mosques and the most famous historic Islamic landmarks. I will also be explaining a few basic principles and the meanings of some of the holy words in the Quran. The Holy Prophet The prophet Muhammad was born in 571CE. He was born into one of the most rich and powerful Quraish tribes. He never saw his father and his mother died when he was six years old. He then lived with his grandfather, until he was eight years old. When he died he moved to live with his Uncle Abu Talib, who cared and protected him. Muhammad soon began to look after his uncles sheep and helped in expanding his uncles profits and trade. He became respected by many merchants, by doing many things e.g. He had an honest trade and never over charged any man and if anybody overpaid him he would travel all the way back to the man no matter where he is or how far away, to give him back his money, sheep etc. This is one of the many stories about him, the prophet sold some camels to man. After the man had left, the prophet remembered that one of the camels had 1 lame leg so at once Muhammad galloped after the man so he could give the man back the price of the camel, (it took the prophet 1-week to catch that man up). Such acts like this had been unheard of and soon a Rich widow in Mecca called Khadija who was known for her independance and nobleness heard about Muhammads honesty asked him to work for her in her large business. Muhammad accepted the offer and did trading trips for her by going to Syria with another slave called Maisarah. Maisarah spoke about Muhammad to her master very highly. Khadija completely won over by Muhammads honesty and manners asked him to marry her. Muhammad after talking to his close relatives agreed. Khadija was forty years old at the time and Muhammad was only twenty-five. As time wore on Muhammad became less and less involved with the business and spent more time thinking about all the problems of the world and in helping the poor people of Mecca. Muhammad used money as a means to free slaves. He had 7 children, 4 daughters 3 sons, all his sons died in infancy. Muhammad often went to mount Hira, where he spent a very long time thinking about different matters. One day after staying in the mountain for a very long time (610A.D) the angel Jibril appeared to him and brought the first message of Allah, that there is only 1 God and Muhammad is his prophet. The appearance of the angel was a strange thing that had never happened to him before, so he ran home and first told Khadija. Islam was a message to save mankind from suffering and illness. It was to teach kindness and to lead men to live good and clean lives and to test who can withstand all the worlds evil temptations. It also teaches you self-discipline, because youre the only one who can stop yourself from doing bad things. Famous Historic Landmarks In Islam there are many very magnificent old architural Mosques and buildings. Most of them have some of the most exquisite patterns and symbolic calligraphy along the inside and outside of the walls. Most of them were built where they are because something special happened there as you can see in the following. The Dome of The Rock The Dome of the Rock was built in Jerusalem and it is called the most beautiful building in Jerusalem, the Dome of the Rock is the holiest Muslim shrine in the city. I have been inside it once and Muslims believe that gold-domed building was built over the rock from which Muhammad rose to heaven. Jews also believe it is the place Abraham prepared to sacrifice his son, Isaac. Taj Mahal The Taj Mahal, designed as a tomb for the wife of a 17th-century Mughal emperor, was constructed by about 20,000 workers from 1631 to 1648 in Agra, a city in northern India. The massive domed structure was constructed using Islamic style, using white marble and inlaid gems. At each corner is a minaret (prayer tower), and passages from the Quran, the Muslim holy book, cover the outside walls. The bodies of the emperor and his wife remain in a room below the building. Mecca The al-Haram Mosque in Mecca, Saudi Arabia, holds the holiest shrine of Islam, the Kaaba. As the birthplace of Islams founder, the prophet Muhammad, Mecca is considered a holy city. It is a pilgrimage point for Muslims worldwide, who are expected to visit the city at least once if they are able to do so. The Kaaba Pilgrimage to the Kaaba Muslims consider the Kaaba a small sanctuary near the centre of the Great Mosque in Mecca to be the most sacred place on earth. Muslim legend teaches that the ancient religious patriarchs Abraham and Ishmael built the shrine using foundations first laid by Adam. Muslims all over the world face towards the Kaaba while praying, and every able Muslim is expected to make a pilgrimage to the Kaaba at least once in his or her lifetime. This picture shows pilgrimage ceremonies, which consist of several days of rituals and festivals during the Islamic month of pilgrimages, Dhu al-Hijja. ISLAMIC CALLIGRAPHY ART Delicate glassware decorated in enamels was produced over many centuries in the Islamic world. This early 14th-century mosque lamp is covered with three inscriptions from the Koran delineated in Kufic script. When the lamp was lit, the flame within accentuated the elegant calligraphy. Miniature painting, in the form of illustrations to secular texts, was one of the few art forms in which the Islamic faith permitted the depiction of living things. This miniature by Aqa Mirak, a court painter to Tahmasp (1524-1576) illustrates a story; a fight seems to have occurred, and the loser is on his back. In the background a gardener works industriously. Mosaic Decoration Because the representation of living things were forbidden in Islamic religion, abstract patterns, usually depicted in mosaic, were used, and these reached great heights of refinement in Islamic architectural decoration. This intricate geometric scheme, used in conjunction with quotations from the Koran in the elegant Kufic script, decorates the interior of a madrasah in Eà ¯Ã‚ ¿Ã‚ ½fahà ¯Ã‚ ¿Ã‚ ½n, Iran. Central Dome, Hagia Sophia, Istanbul The central dome of Hagia Sophia is decorated with intricate geometric patterns created by means of small pieces of gilded glass and marble of different colours. Roundels enclosing gold calligraphic script fill the pendentives. Such abstract patterns, used with quotations from the Koran executed in the elegant Kufic script, are typical of Islamic decorative schemes. ISLAMIC PAINTINGS Laila and Majnun at School Bizhad, one of the great Persian miniature painters, gave new impetus to the Oriental tradition of miniature painting.Laila and Majnun at School (1494) shows his skilful use of pattern and colour, and his graceful, calligraphic line. The flat, layered perspective shows the influence of Chinese landscapes. The juxtaposition of scenes taking place indoors and outdoors is particularly notable. Persian Manuscript A range of texts, from the Koran to scientific and literary works, and books of tales and fables, were illuminated in Islamic Persia. This page, from a Persian manuscript dating from the 13th century, consists of text and an accompanying illustration showing a group of men on horseback. Bibliography 1. Encarta Encyclopaedia 2002 2. Encyclopaedia Britannica 2001 3. Heroes of Islam Prophet Muhammed 4. Focus on Islam 5. www.islamicart.com 6. Skills in Religious Studies 2

Identifying Problems When Obtaining Population Parameters

Identifying Problems When Obtaining Population Parameters We estimate population parameters, such as the mean, based on the sample statistics. It is difficult to get a precise value or point estimation of these figures. A more practical and informative approach is to find a range of values in which we expect the population parameters will fall. Such a range of values is called a confidence interval. 1. CONFIDENCE INTERVAL Definition The confidence interval is a range of values constructed from sample data so that the population parameter is likely to occur within that range at a specified probability. The specified probability is called the level of confidence. The shape of the probability distribution of the sample mean allows us to specify an interval of specific probability that the population mean,  µ, will fall into. 1.1 Large Sample Or Standard Deviation Is Known Case 1: The standard deviation à Ã†â€™ is known; or It is a large sample (i.e. at least 30 observations). The Central Limit Theorem states that the sampling distribution of the sample means is approximately normal. We can use the tables in the Appendix to find the appropriate Z value. Key Points The standard normal distribution allows us to draw the following conclusions: 68% of the sample means will be within 1 standard deviations of the population mean,  µ. 95% of the sample means will be within 1.96 standard deviations of the population mean,  µ. 99% of the sample means will lie within 2.58 standard deviations of the population mean. These intervals are called the confidence interval. The standard deviation above (i.e. the standard error) is referring to the standard deviation of the sampling distribution of the sample mean. Locating 0.475 in the body of the table, read the corresponding row and column values, the value is 1.96. Thus, the probability of finding a Z value between 0 and 1.96 is 0.475. Likewise, the probability of being in the interval between -1.96 and 0 is also 0.475. When we combine these two, the probability of being in the interval of -1.96 to 1.96 is therefore 0.95. 1.1.1 How do you compute a 95% confidence interval? Assume our research involves the annual starting salary of business graduates in a local university. The sample mean is $39,000, while the standard deviation of the sample mean is $250. Assume our sample contains more than 30 observations. The 95% confidence interval is between $38,510 and $39,490. Found by $39,000 +/- 1.96($250) In most situations, the population standard deviation is not available, so we estimate it as follows: (Standard Error) Conclusions: 95% confidence interval 99% confidence interval Confidence interval for the population mean (n > 30) Z depends on confidence level Example 1 The Hong Kong Tourist Association wishes to have information on the mean annual income of tour guides. A random sample of 150 tour guides reveals a sample mean of $45,420. The standard deviation of this sample is $2,050. The association would like answers to the following questions: (a) What is the population mean? The best estimate of the unknown population value is the corresponding sample statistic. The sample mean of $45,420 is a point estimate of the unknown population mean. (b) What is a reasonable range of values for population mean? The Association decides to use the 95% level of confidence. To determine the corresponding confidence interval, we use the formula: The endpoints would be $45,169 and $45,671 and they are called confidence limits. We could expect about 95% of these confidence intervals contain the population mean. About 5% of the intervals would not contain the population mean annual income, i.e. the  µ. Figure 2 Probability distribution of population mean 1.2 Small Sample Or Standard Deviation Is Unknown Case 2: The sample is small (i.e. less than 30 observations) or, the population standard deviation is not known. The correct statistical procedure is to replace the standard normal distribution with the t distribution. The t distribution is a continuous distribution with many similarities to the standard normal distribution. 1.2.1 Standard normal distribution versus t distribution Figure 3 Z distribution versus t distribution The t distribution is flatter and more spread out than the standard normal distribution. The standard deviation of the t distribution is larger than the normal distribution. Confidence interval for a sample with unknown population mean, à Ã†â€™. The confidence interval is Assume the sample is from a normal population. Estimate the population standard deviation (à Ã†â€™) with the sample standard deviation (s). Use t distribution rather than the Z distribution. Example 2 A shoe maker wants to investigate the useful life of his products. A sample of 10 pairs of shoes that had been walked for 50,000 km showed a sample mean of 0.32 inch of sole remaining with a standard deviation of 0.09 cm. Constructing a 95% confidence interval for the population mean, would it be reasonable for the manufacturer to conclude that after 50,000 km the population mean amount of sole remaining is 0.3 cm? Assume the population distribution is normal. The sample standard deviation is 0.09 cm. There are only 10 observations and hence, we use t distribution Estimation: = 0.32, s = 0.09, and n = 10. Step 1: Locate t by moving across the row for the level of confidence required (i.e. 95%). Step 2: The column on the left margin is identified as df. This refers to the number of degrees of freedom. The number of degree of freedom is the number of observations in the sample minus the number of samples, written n-1.(i.e. 10-1=9). Step 3: Confidence Interval = The endpoints of the confidence interval are 0.256 and 0.384. Step 4: Interpretation the manufacturer can be reasonably sure (95% confident) that the mean remaining tread depth is between 0.256 and 0.384 cm. Because 0.3 is in this interval, it is possible that the mean of the population is 0.3. 2. CHOOSING AN APPROPRIATE SAMPLE SIZE The necessary sample size depends on three factors: Level of confidence wanted: To increase level of confidence, increase n. Margin of error the researcher will tolerate: To reduce allowable error, increase n. Variability in the population being studied: For a more widely dispersed sample, increase n. We can express the interaction among these three factors and the sample size in the following formula: Sample size for estimating the population mean, Note: n: Sample size Z: Standard normal value S: Estimate of population standard deviation E: Maximum allowable error Example 3 An accounting student wants to know the mean amount that independent directors of small companies earn per month as remuneration for being a director. The error in estimating the mean is to be less than $100 with a 95% level of confidence. The student found a report by the government that estimated the standard deviation to be $1000. What is the required sample size? Maximum allowable error, E, is $100. Value of Z for a 95% level of confidence is 1.96, and the estimate of the standard deviation is $1000. Substitute into , we get n = [ (1.96) (1000) ] 2 = 19.62 = 384.16 100 The sample of 385 is required to meet the requirements. If the students want to increase the level of confidence, e.g. 99%, this requires a larger sample. Z = 2.58, so n = [ (2.58) (1000) ] 2 = 25.82 = 665.64 100 Sample = 666 3. WHAT IS A HYPOTHESIS? Definitions Hypothesis is a statement about a population parameter developed for the purpose of testing. Hypothesis testing is a procedure based on sample evidence and probability theory to determine whether the hypothesis is a reasonable statement. In statistical analysis, we always make a claim about the population parameters, i.e. a hypothesis. We collect data and then use the data to test the assertion. 4.1 Five-Step Procedure For Testing A Hypothesis Figure 4 How to test a hypothesis 4.1.1 Step 1: State null hypothesis (H0) and alternative hypothesis (H1) The first step is to state the hypothesis being tested. It is called the null hypothesis. We either reject or fail to reject the null hypothesis. Failing to reject the null hypothesis does not prove that H0 is true. The null hypothesis is a statement that is not rejected unless our sample data provide convincing evidence that it is false. The alternative hypothesis is a statement that is accepted if the sample data provide sufficient evidence that the null hypothesis is false. Example 4 A journal has disclosed that the mean age of commercial helicopters is 15 years. A statistical test of this statement would first need to determine the null and the alternate hypotheses. The null hypothesis represents the current or reported condition. It is written H0:  µ = 15. The alternate hypothesis is that the statement is not true, i.e. H1:  µ à ¢Ã¢â‚¬ °Ã‚   15. 4.1.2 Step 2: Select a level of significance The level of significance is the probability of rejecting the null hypothesis when it is true. A decision is made to use the 5% level, 1% level, 10% level or any other level between 0 and 1. We must decide on the level of significance before formulating a decision rule and collecting sample data. Type I error: Rejecting the null hypothesis, H0, when it is true. Type II error: Accepting the null hypothesis when it is false. Example 5 Suppose AA Watch Ltd has informed bracelet suppliers to bid for contract on the supply of a large amount of bracelets. Suppliers with the lowest bid will be awarded a sizable contract. Suppose the contract specifies that the watch producers quality-assurance department will take samples of the shipment. H0: The shipment of bracelet contains 6% or less substandard bracelets. H1: More than 6% of the boards are defective. A sample of 50 bracelets received August 2 from BB Metals Ltd revealed that four bracelets, or 8%, were substandard. The shipment was rejected because it exceeded the maximum of 6% substandard bracelets. If the shipment was actually substandard, the decision to return the bracelets to the supplier was correct. However, suppose the four substandard bracelets selected in the sample of 50 were the only substandard bracelets in the shipment of 4,000 bracelets. Then only 1/10 of 1% were defective (4/4000 = 0.001). In that case, less than 6% of the entire shipment was substandard and rejecting the shipment was an error. We may have rejected the null hypothesis that the shipment was not substandard when we should have accepted the null hypothesis. By rejecting a true null hypothesis, we committed a Type I error. AA Watch Ltd would commit a Type II error if, unknown to the company an incoming shipment of bracelet from BB Metals Ltd contained 15% substandard bracelets, yet the shipment was accepted. How could this happen? Suppose two out of the 50 bracelets in the sample (4%) tested were substandard, and 48 out of the 50 were good bracelets. As the sample contained less than 6% substandard bracelets, the shipment was accepted but it could be purely by chance that the 48 good bracelets selected in the sample were the only acceptable ones in the entire shipment. In conclusion: Null Hypothesis Accepts H0 Rejects H0 H0 is true Correct decision Type I error H0 is false Type II error Correct decision 4.1.3 Step 3: Select the test statistics There are many test statistics. In this chapter, we use both Z and t as the test statistic. Definition A test statistic is a value, determined from sample information, used to determine whether to reject the null hypothesis. In hypothesis testing for the mean ( µ) when à Ã†â€™ is known or the sample size is large, the test statistic Z is computed by: The Z value is based on the sampling distribution of , which follows the normal distribution when the sample is reasonably large with a mean () equal to  µ, and a standard deviation , which is equal to . We can thus determine whether the difference between and  µ is statistically significant by finding the number of standard deviations is from  µ, using the formula above. 4.1.4 Step 4: Formulate the decision rule Definition A decision rule is a statement of the specific conditions under which the null hypothesis is rejected and the conditions under which it is not rejected. The region or area of rejection defines the location of all those values that are so large or so small that the probability of their occurrence under a true null hypothesis is rather remote. The area where the null hypothesis is not rejected is to the left of 1.65. The area of rejection is to the right of 1.65. A one-tailed test is being applied. The 0.05 level of significance was chosen. The sampling distribution of the statistic Z is normally distributed. The value 1.65 separates the regions where the null hypothesis is rejected and where it is not rejected. The value 1.65 is the critical value. The critical value is the dividing point between the region where the null hypothesis is rejected and the region where it is not rejected. Figure 5 Area of rejection for the null hypothesis 4.1.5 Step 5: Make a decision The final step in hypothesis testing is computing the test statistic, comparing it to the critical value, and making a decision to reject or not to reject the null hypothesis. Based on the information, Z is computed to be 2.34, the null hypothesis is rejected at the 0.05 level of significance. The decision to reject H0 was made because 2.34 lies in the region of rejection, i.e. beyond 1.65. We would reject the null hypothesis, reasoning that it is highly improbable that a computed Z value this large is due to sampling variation. Had the computed value been 1.65 or less, say 0.71, the null hypothesis would not be rejected. It would be reasoned that such a small computed value could be attributed to chance. Example 6 A large car leasing company wants to buy tires that average about 60,000 km of wear under normal usage. The company will, therefore, reject a shipment of tires if tests reveal that the life of the tires is significantly below 60,000 km on the average. The company would be glad to accept a shipment if the mean life is greater than 60,000 km. However, it is more concerned that it will have sample evidence to conclude that the tires will average less than 60,000 km of useful life. Thus, the test is set up to satisfy the concern of the car leasers that the mean life of the tires is less than 60,000 km. The null and alternate hypotheses in this case are written H0:  µ à ¢Ã¢â‚¬ °Ã‚ ¥ 60,000 and H1:  µ In this problem, the rejection region is pointing to the left, and is therefore in the left tail. Summary: If H1 states a direction, we use a one-tailed test. If no direction is specified in the alternate hypothesis, we use a two-tailed test. Figure 6 One-tailed test 5. TESTING FOR POPULATION MEAN WITH KNOWN POPULATION STANDARD DEVIATION 5.1 Two-tailed Test ABC Watch Ltd manufactures luxury watches at several plants in Europe. The weekly output of the Model A33 watch at the Swiss Plant is normally distributed, with a mean of 200 and a standard deviation of 16. Recently, because of market expansion, mechanisation has been introduced and employees laid off. The CEO would like to investigate whether there has been a change in the weekly production of the Model A33 watch. To put it another way, is the mean output at Swiss Plant different from 200 at the 0.01 significant levels? 5.1.1 Step 1: State null hypothesis and alternate hypothesis The null hypothesis is The population mean is 200. H0:  µ = 200. The alternate hypothesis is The mean is different from 200. H1:  µ à ¢Ã¢â‚¬ °Ã‚   200. 5.1.2 Step 2: Select the level of significance The 0.01 level of significance is used. This is ÃŽÂ ±, the probability of committing a Type I error, and it is the probability of rejecting a true null hypothesis. 5.1.3 Step 3: Select the test statistic The test statistic for the mean of a large sample is Z. Figure 7 Normalise the standard deviation 5.1.4 Step 4: Formulate the decision rule The decision rule is formulated by finding the critical values of Z from Appendix D. Since this is a two-tailed test, half of 0.01, or 0.005, is placed in each tail. The area where H0 is not rejected, i.e. area between the two tails, is 0.99. Appendix D is based on half of the area under the curve, or 0.5. Then 0.5 0.005 is 0.495, so 0.495 is the area between 0 and the critical value. The value nearest to 0.495 is 0.4951. Then read the critical value in the row and column corresponding to 0.4951. It is 2.58. Decision rule: Reject H0 if the computed Z value is not between -2.58 and +2.58. Do not reject H0 if Z falls between -2.58 and +2.58. Figure 8 Two-tailed test 5.1.5 Make a decision and interpret the result Compute Z and apply the decision rule to decide whether to reject H0. The mean number of watches produced weekly for last year is 203.5. The standard deviation of the population is 16 watches. Because 1.55 does not fall in the rejection region, H0 is not rejected. We conclude that the population mean is not different from 200. So we would report to the CEO that the sample evidence does not show that the production rate at the Swiss plant has changed from 200 per week. The difference of 3.5 units between the historical weekly production rate and the mean number of watches produced weekly for last year can reasonably be attributed to sampling error. Figure 9 Rejection regions for the two-tailed test So did we prove that production rate is still 200 per week? No! Failing to disprove the hypothesis that the population mean is 200 is not the same thing as proving it to be true. 5.2 P-value In Hypothesis Testing Definition P-value is the probability of observing a sample value as extreme as, or more extreme than, the value observed, given that the null hypothesis is true. How confident are we in rejecting the null hypothesis? This approach reports the probability of getting a value of the test statistic at least as extreme as the value actually obtained. This process compares the probability called the P-value, with the significant level. If the P-value If the P-value > significant level, H0 is not rejected. A very small P-value, such as 0.0001, indicates that there is little likelihood the H0 is true. If a P-value of 0.2033 means that H0 is not rejected, there is little likelihood that it is false. Figure 10 P-value P-value Interpretation Less than 0.1 Some evidence that H0 is not true Less than 0.05 Strong evidence that H0 is not true Less than 0.01 Very strong evidence that H0 is not true Less than 0.001 Extremely strong evidence that H0 is not true The probability of finding a Z value of 1.55 or more is 0.0606, found by 0.5 0.4394. The probability of obtaining an greater than 203.5 if  µ = 200 is 0.0606. To compute the P-value, we need to be concerned with the region less than -1.55 as well as the values greater than 1.55. The two-tailed P-value is 0.1212, found by 2(0.0606). The P-value of 0.1212 is greater than the significance level of 0.01, so H0 is not rejected. Chapter Review The Central Limit Theorem states that the sampling distribution of the sample means is approximately normal. The standard error refers to the standard deviation of the sampling distribution of the sample mean. We use t distribution when the sample is less than 30 observations and the population standard deviation is not known. The necessary sample size depends on 1) level of confidence wanted ; 2) margin of error the researcher will tolerate; 3)variability in the population.   By rejecting a true null hypothesis, we committed a Type I error. We would reject the null hypothesis when it is highly improbable that a computed Z value this large is due to sampling variation. What You Need To Know Confidence interval: A range of values constructed from sample data so that the population parameter is likely to occur within that range at a specified probability. Hypothesis: A statement about a population parameter developed for the purpose of testing. Hypothesis testing: A procedure based on sample evidence and probability theory to determine whether the hypothesis is a reasonable statement. Critical value: The dividing point between the region where the null hypothesis is rejected and the region where it is not rejected. P-value: The probability of observing a sample value as extreme as, or more extreme than, the value observed, given that the null hypothesis is true. Work Them Out 1. The average number of days in outdoors assignments per year for salespeople employed by an electronic wholesaler needs to be estimated with a 0.90 degree of confidence. In a small sample, the mean was 150 days and the standard deviation was 14 days. If the population mean is estimated within two days, how many salespeople should be interviewed? A 134 B 152 C 111 D 120 2. A random sample of 85 staff of managerial grade revealed that a person spent an average of 6.5 years on the job before being promoted. The standard deviation of the sample was 1.7 years. Using the 0.95 degree of confidence, what is the confidence interval for the population mean? A 6.19 and 6.99 B 6.15 and 7.15 C 6.14 and 6.86 D 6.19 and 7.19 3. The mean weight of lorries travelling on a particular highway is not known. A state highway authority needs an estimate of the mean. A random sample of 49 lorries was selected and finds the mean is 15.8 tons, with a standard deviation of 3.8 tons. What is the 95 per cent interval for the population mean? A 14.7 and 16.9 B 14.2 and 16.6 C 14.0 and 18.0 D 16.1 and 18.1 4. A bank wants to estimate the mean balances owed by platinum Visa card holders. The population standard deviation is estimated to be $300. If a 98% confidence interval is used and an interval of $75 is desired, how many platinum cardholders should be taken into sample? A 84 B 82 C 62 D 87 5. A sample of 20 is selected from the population. To determine the appropriate critical t-value, what number of degrees of freedom should be used? A 20 B 19 C 23 D 27 6. If the null hypothesis that two means are equal is true, where will 97% of the computed z-values lie between? A  ± 2.58 B  ± 2.38 C  ± 2.17 D  ± 1.68 7. Suppose we are testing the difference between two proportions at the 0.05 level of significance. If the computed z is -1.57, what is our decision? A Reject the null hypothesis B Do not reject the null hypothesis C Review the sample D Own judgment 8. The net weights of a sample of bottles filled by a machine manufactured by Dame, and the net weights of a sample filled by a similar machine manufactured by Putne Inc, are (in grams): Dame: 5, 8, 7, 6, 9 and 7 Putne: 8, 10, 7, 11, 9, 12, 14 and 9 Testing the claim at the 0.05 level that the mean weight of the bottles filled by the Putne machine is greater than the mean weight of the bottles filled by the Dame machine, what is the critical value? A 2.215 B 2.175 C 1.782 D 1.682 9. Which of the following conditions must be met to conduct a test for the difference in two sample means? A Data must be of interval scale B Normal distribution for the two populations C Same variances in the two populations D All the above are correct 10. Take two independent samples from two populations in order to determine if a statistical difference on the mean exists. The number for the first sample and the number in the second sample are 15 and 12 respectively. What is the degree of freedom associated with the critical value? A 24 B 25 C 26 D 27 SHORT QUESTIONS A consumer group would like to estimate the mean monthly water charge for a single family house in June within $5 using a 99% level of confidence. Similar research has found that the standard deviation is estimated to be $25.00. What would be the sample size? The manager of the Kingsway Mall wants to estimate the mean amount spent per shopping visit by customers. A sample of 20 customers reveals the following amounts spent. $48 $42 $46 $51 $23 $41 $54 $37 $52 $48 $50 $46 $61 $61 $49 $61 $51 $52 $58 $43 What is the best estimate of the population mean? Determine a 99 per cent confidence interval. Interpret the result. Would it be reasonable to conclude that the population mean is $50? What about $60? ESSAY QUESTION 1. ABC Film Ltd knows that a certain favourite movie ran an average of 84 days, and the corresponding standard deviation was 10 days. The manager of New Westminster district was interested in comparing the movies popularity in his region with that in all of Canadas other theatres. He randomly selected 70 theatres in his region and found that they showed the movie for an average of 82 days. (a) State appropriate hypotheses for testing whether there was a significant difference in the length of the pictures run between theatres in the New Westminster district and all of Canadas other theatres. (b) Test these hypotheses at a 1% significance level.