Social Environment Accounting - 2446 Words

Accounting Forum 28 (2004) 1–5 Introduction Social and environmental accounting: trends and thoughts for the future Over the years Accounting Forum has explored different possible directions for the ï ¬ eld of social and environmental accounting. With a new publisher—Elsevier—it is our hope that we shall reach new markets and opportunities. In recent issues, these explorations have been extended to theorising the role of accounting in transnational global processes, and to the channels of global information and the interpretation of that information. In particular, contributions have attempted to explore the notion that accounting discourse is a medium through which relationships between business and society can be created, nurtured†¦show more content†¦A cross-sectional analysis indicates that the share price response is mainly a function of the relative ï ¬ ne imposed on the ï ¬ rm; other explanatory variables such as environmental performance news or sector membership were unsuccessful in explaining variations in the market responses they observed. Equally, Accounti ng Forum has been interested in the interdependencies between social and environmental accounting which extend to the nexus between accounting and information to employees and other relevant parties. In this issue of Accounting Forum, R. G. Day presents evidence concerning the evolution of reporting about employees in the last century and its relationship with mandatory disclosure rules (Day, 2004). This is an interesting phenomenon, given that the current conceptual framework for corporate environmental reporting has only recently begun to analyse the relationship between voluntary and regulated disclosure. For example, accounting research is only just beginning to examine the relationships between the role that International Standards such as ISO 14001 have had on the reporting function. In Day’s article, however, he focuses on evidence from the UK and ï ¬ nds that there is an apparent disregard for statutory disclosures. Implicit in much of the Corporate Environmental an d Social Reporting (CESR) literature is the suppositionShow MoreRelatedEvaluation on Companies’ Social Accounting2613 Words   |  11 PagesEvaluation on companies’ social accounting Executive summary This report explains the concept of â€Å"social accounting† and analyzes the execution of social accounting in the two companies Corning incorporated and AM-PM Glass Company. 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A Vicious Cycle Of Malawi - 897 Words

A vicious cycle, if one were to describe poverty in Malawi, it would be just that. Malawi is a country in Africa full of vibrant culture and equally wholehearted people. Though the lack of education, environmental knowledge, and negligent politics have left Malawi’s citizens in the dirt poor and at times fighting for their lives. These elements are shown through the (growing?) eyes of a boy named William, the protagonist of the biography â€Å"The Boy Who Harnessed the Wind†. Though most Malawians mean well, they have yet to notice how destructive their actions can be. Deforestation has ravaged the plains of Malawi. Like William s father, many farmers income depends on tobacco. Small time farmers and tobacco corporations share a blame on the nation s deforestation. Tobacco Farmers have chopped most of Malawi s trees to build drying shelters for their leafs, these huts rarely last due to Malawi’s termite problem. 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The National Stock Exchange Finance Essay - Free Essay Example

Sample details Pages: 16 Words: 4854 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Introduction IPO underpricing is found in almost every country of the world. Almost all markets in the world have been reported short-run underpricing (see Loughran et al (1994) for a comparison of 25 countries).Since the scandal of 1992 where the Sensex have reached its bottom level ,there has been structural changes in both primary as well as secondary market. After the development of capital market of India also the deregulation of economy in the year 1992 there has been lots of upward downward movement in the capital market. Don’t waste time! Our writers will create an original "The National Stock Exchange Finance Essay" essay for you Create order In this paper we will examine that why are IPOs underpriced in NSE (National Stock Exchange) BSE (Bombay Stock Exchange) with respect to their fair value. The National stock exchange is the largest exchange in India for both equities derivatives trading in terms of both volume as well as also in number of trades also the first fully demutualized stock exchange of India whereas Bombay stock exchange is one of the oldest stock exchange of Asia which is known as BSE which was established as The Native Share Stock Brokers Association in 1895. The exchange of BSE is managed professionally by Board of directors which comprise of Trading member Directors, Shareholders Directors, Public Interest Directors, and MD CEO of Exchange Non- Executive Chairman. In terms of number of company listed BSE is worlds number 1 exchange second in obtaining an ISO certification 9001:2000.BSE include 30-stocks index which comprise large stocks companies from different sector whereas NSE include 50- stocks index. Studying IPOs in Indian market is because that in the world India is the first country to launch a rating mechanism for Initial Public Offerings (IPOs) before their listing. IPO coming to Indian market are graded ranking from 1 to 5; in which 1 is poor performance where as 5 is a strong performance. Grading of IPOs in Indian market is compulsory. SEBI (Securities Exchange Board of India) was established in 1988 a statutory power armed in 1992 is the market regulator of India who keeps informing the investor about the firms fundamentals also where they are making their investment. Now stock market of India is ranked 1st in stock futures whereas 4th in index futures within 5years of introduction of derivatives. Not more work has done on Indian IPOs but out of that most of the analysis has been done by Madhusoodanan Thiripalraju (1997).This study carried out all IPOs which are listed on BSE NSE during the period 2009-2010.Other papers of short run performance of Indian IPOs are by Narasimhan Ramana (1995) who has analyze 103 IPOs performance, while 2056 IPOs performance was conducted by Ajay Shah (1995) whereas 495 IPOs sample was analyze by S Uma (1995). The aim of this study is to examine the underpricing use by the most esteemed investment bankers when they handle the issue whereas the process to analyze the pricing mechanism of Indian IPO issue. Another concern of the paper is first day underpricing in terms of demand generated during the book building of issue whereas there are also sometime delay in listing from the closure of issue lots of money are spend on marketing by the firm on IPOs. This study will also find that on an average of 20 days in delay exists between the offer closing the listing of firm, because of which there is a possible market trade off happening before the listing of issue if that issue has priced at the higher end of the band. By delay of listing it has positively influence the degree of underpricing. IPOs are the securities which are sold to public in the primary market. When investors has been allotted a share at the time of IPO at a lower price if he sells it at the higher price on the first day of the listing with a gain, this phenomenon in IPO market is called as Underpricing. The more the Underpricing, more is the money made by the investors who got allocated with a share sell it on the listing day, its also referred as money left on table by the firms. ICICI was the first company to exercise book building mechanism in 1996 for its 1000 crores of bonds. With introduction of the FERA(Foreign Exchange Regulation Act) in 1970s a new phase began in stock markets of India which led to disinvestment of foreign equity by MNCs(Multinational companies) which a creation of surge in retail investment. Unlike US, where they preferred book building method of IPO pricing for many years whereas Indian market were not using this method until 1999.However by 2006-2007, major IPO share price using book building mechanism which has dominated fixed price methods. There is some differences in the fundamentals of US book building issues Indian book building issues where the biggest differences is in terms of transparency also in dispersion of information. There is also difference in Indian regulatory system. Currently Indian capital markets have both book building as well as fixed price mechanism. The most basic problem of IPO process is asymmetric information between firm investors which can also suggests that IPO underpricing can be avoided if information is well provided to investors. The results suggest that IPOs are mostly underpriced, but book building IPOs are less underpriced than fixed issue price. The mobilization of capital of Indian IPO market was increased sharply from Rs.1704 crores to Rs.13, 443 from 1990-91 to 1993-94, but this trend was drastically declined when Indian companies raised only Rs.5, 732crore in 2003-04 from IPO. Then the condition improved in 2004-05 when Indian IPOs raised Rs.25526 crores whereas there is also an unsteady trend for the number of firms going public. A total of 1428 firms went public in 1995-96 but after that in 1997-98 only 62 firms went public the trend continued for the later period also where 102 firms went public in 2005-06 as compared to only 54 firms went public in 2009-2010.For overall functioning of capital market a steady level of activity is necessary in primary market. We will also find the performance of post IPO in 1months after the listing of issue the remaining paper structure is follows: section II Literature review, section III Methodology, section IV Models , section V will be collection of data, section VI will show the results section VII conclusion. Chapter II: Literature Review The literature review for the study can be divided in following parts: Reasons Timing for going public: Going Public refers IPOs (Initial Public Offerings) of private companies which becomes available traded publicly also owned entity. The future plan of growth, venture, expanding can be increased by support of equity. There are various merits demerits of going public, merits are that capital base would be strengthens whereas there would be increase in prestige and also diversifies the ownership on the whereas demerits such as there is pressure on short term growth of firm, increases in the cost also the restriction on management. According to Brealey and Myers (2005) in the initial year only, a USA firm seeks private equity after that only they go public. The study of Italian firms by Pagano, Panetta and Zingales (1998) found that firms only rebalance their account after their huge investment but they dont seek money for growth. There is reduction in investments also in l everage during post IPO period. Thus for firms life cycle going public is not a natural elements. They have also stated that some firms prefer to be private rather than to go public. The advantages disadvantages of book building auctions can be studies in the paper of Kenji and Smith (2004) as the methods of issuance of IPO in Japan. The reason behind choosing Japan for their study was that since 1997 in Japan its a legal way to go public. Valuation of IPOs: Purnanandam and Swaminathan (2002) say that priced of IPOs are almost 50% higher than that of industry peers. They also found that in respect to peers most of IPOs are overpriced whereas in long terms performance its worse. According to Benveniste and Spindt (1989) found that asymmetrical information between the investors the firms which provides investors an incentives to reveals the firms secret information are tried to resolve by the underwriters. The other study which led by Gary Koop Kai Li (2001) found that factors of pricing influence the valuation of IPO whereas theories regarding the reputation on underwriter are not supported in their empirical result. They also examine the IPO pricing by using stochastic frontier methodology. All other things remains equal, IPO firms are underpriced firms in industries which have more potential earnings are highly valued. According to the study by Kim Ritter (1999) which includes 190 firms, it tries to say that for getting appropriate price of IPO underwriters forecasts the number of earnings of next year then multiply them with the PE ratio of firm comparable with the same industry. Allocation mechanism: Allocation mechanism by the regulators is specified in various countries. The model predicts by Benveniste and Spindts (1989) says that the degree of underpricing can be reduce if its allowed underwriter to differentiate between the investor who have more information then that of firm to those investors who are offerings large numbers of shares. Ot her study by Loughran, Ritter and Rydqvist (1994) found 3 different categories across various countries i.e. Auctions, Book Building Fixed price whereas study of Sherman (2005) found that for selling of IPOs, book building mechanism is superior to auctions. His models is procedure of book building process in respect to auction which tries that why auction is given way to book building mechanism. Theories explaining Underpricing: IPO underpricing has been found as a key mechanism across the capital markets of the world for last many numbers of years.There are various numbers of studies which explain underpricing of IPOs. Some of the prominent theories have been discussed below: Leland and Pyles model (1977): According to this model which says that asymmetry information between the investors those of IPO issuers can be reduced by looking at the signal of equity which can be retained by the issuers. Leland and Pyles are the first one who suggested that to resolve information as ymmetries for which financial intermediaries are important. Pande, A. Vaidyanathan, R.: Pande, A. Vaidyanathan, R. (2008) has explains the pricing of IPO in NSE (National Stock Exchange) also sought to understand the pattern of emerging Indian IPO market whereas the reason given behind this was underpricing of first day trade compare to demand generated during the book building issue also the money spent on marketing of IPO. Through this it was found that the gains are scattered within a month whereas oversubscription of issue is not the correct indicator for underpricing. They also found in this study that performance of IPO after the listing is negative in one months period. Their study has given focus on pricing of IPOs. Benveniste and Wilhelm (1990): According to Benveniste and Wilhelm (1990) paper they proved that investment bankers the price combination also discrimination allocation to maximize their proceeds. The author also analyses that to place the issue underw riters are forced to under-priced the issue for the investors whereas the investors who are well informed compensate it. With the services of investment bankers to the investors, underwriter can reduce the underpricing with the bundles of allocation of IPOs. Loughran, T. Ritter, J.R. (2003): Loughran, T. Ritter, J.R. (2003) has described how underpricing of IPOs has been changing from time to time, depending on environment such as winners curse problem, internet bubble, dynamic information also the underpricing during the changes of period. The study also explain the cross sectional relation between the measures of valuation first day return he also found the negative relation between underwriters prestige underpricing in 1980 which later focus on maximizing IPO proceeds due to allocations of hot IPOs. They also founded that the firms which went public during the period of 1990-1998 has $8 billion of the total earning the amount left on table was $27 billion even after pay ing underwriters fees i.e.$13 billion. Rocks model of Winners Curse problem: For firms commitment offerings Rocks model is been used. He also showed that investors who are more informed of the overpricing of issue withdraw the issue, leaving investors who are not informed with winners curse problem. Thus investors who dont have any information do not participate in the issues which are over priced. Therefore firm must underprice their IPO to attract such investors. Acquisition of Information: For Book building, model is given by Benveniste and Spindts (1989) whereas they also predict that to acquire information from the investors who are more informed of issue for that underpricing is necessary also the price band which is at the higher end of book building issue are more underpriced than that for lower end of issue. Later, Ellul, A. Pagano, M. (2006) explain that after market liquidity is also a worry for investors which leads to asymmetric information the main determinant s of underpricing is after-market liquidity liquidity risks which was founded by them through various measures. They said that risks information asymmetric is the explanation for the IPO underpricing. Their model supports the study for 337 British IPOs from the period of 1998-2000.For the findings of liquidity risks after-market liquidity which are the main determinant of underpricing of IPO, they have used many measures of liquidity. Signaling Hypothesis: If investors have less knowledge than the firm about its prospect than the assumption of Signaling Hypothesis. According to Allen Faulhaber (1989),which he found that in a rare circumstance firms which have better image gives signal about their prospect to the investors they underpriced their IPO. Other theory of Ibbotson (1975-pg264) says that firms also underprice their IPO for their future seasoned equities for which they can priced higher. Underpriced of IPO will leave a better taste on the mouth of the investors. By a dding to this, Grinblat Hwang (1989) model explain that firms shares are retained in their own portfolio issuers signal better quality of IPO by the mode of underpricing. In the paper of Ritter (1984), in which he used standard deviation for a risk as a proxy on after market returns whereas he also found that there is a positive relationship between the degree of uncertainty the initial returns on true value of securities. Rocks model is also consistent with the above, which also predicts that there is a positive relation between the initial return the risk. Subsequently the paper by Jegadeesh et. al. (1989) and Brennan Franks (1997) which they also used the standard deviation on IPOs company for the stock returns which is just after the listing about the true value of the securities. The evidence founded by Ljungqvist and Wilhelm (2002) tells that underpricing is related directly to information production whereas acquisition of information promote to allocation discretio nary. They have also found the evidence which supports an efficient process of book building.There is a thought which is related to semi-strong strong form of market efficiency, according to Boulton, T.J. Smart, S. Zutter, C.J. (2008) found that where public firms produce high quality information than IPO underpricing will be less in that country whereas going public is offset by good quality underwriters, in which financial intermediaries play a vital role in earning quality of underpricing. If there is more difficulties to interpret financial information by the investors, then there will be increase in cost for going public also says that underpricing is affected by earning quality. They have examined 7,306 IPOS across 34 countries from which they found that when high quality of information earnings are available to the existing firms which are public than in that countries IPO underpricing is less compare to those of other countries. Regarding market efficiency, Benveniste, L .M. Fu, H. Seguin, P.J. Yu, X. (2008) have investigated efficiency of IPO market by using the sample of equity carve-outs the evidence interpreted by for the result is consistency with market efficiency whereas they found that parent return of the first trading day return in significant manner is related to the book building period. In this study IPO market efficiency is examined by the pricing performance, economically as well as econometrically their result are not changed. The hypothesis has been challenged by various studies which conclude that if information is available publicly than they can earn more profit. Li, M. Zheng, S.X. (2008) examine that non-block institutional shareholders in number are positively correlated to that of underpricing, but in case of changes in total number of shareholders its negatively correlated whereas there is high liquidity in secondary market which can be more from more non-block shareholders. For example Chambers, D. Dimson, E. (2009) has analyze the equity data set which research has rectified that the pattern of underpricing is consistent in stock market also if there is any improvement in regulation, disclosure honour of IPO underwriters increased in underpricing has not attributed to the change the composition of firm also the study observe that the investment bankers maintain the issue method to mitigate underpricing which impact the equity market whereas Lowry, M. Murphy, K. J. (2006) clarifies that executive on top level receive net gain due to underpricing because executive receives stock option with the same exercise price that of IPOs offer price it found that relation between underpricing stock option has not been success but expect that, there is a positive relation between this two also their result are consistent with parties such as underwriter, Board of Directors which have more influence than the executives. There study also tells that during the IPO period of 1996-2000 executives of US r eceived the stock option with the price less than that of market determined. Chang, E. Chen, C. Chi, J. Young, M. divides paper in primary secondary market showing the initial IPO returns the evidence shows that primary markets initial returns has negatively related to subscription whereas secondary market in relates to market returns is significantly positive to IPO offerings also the turnover is negatively related to the size of the offerings. It also focuses on the first trading of IPO in secondary markets demands are also not the same in both the markets. There is a link between ownership structure underpricing of IPO, Field, L.C. Sheehan, D.P. (2004) says that according to Brennan Franks(1997) oversubscription are encourages by underpricing according to Stoughton Zechner (1997) to encourage investments from the block holders mangers underpriced IPO whereas he says that there is weak relation between ownership structure underpricing. They also said that there is no difference in the firms who are not underpriced also who are underpriced in terms of acquiring of new block holders. They used regression model reveals with the analysis that on outside block ownership there is no effect or might be little, then Hopp, C. Dreher, A. (2007) analyzes found that deviation in underpricing contribute negatively because of larger accounting transparency increased protection of shareholders which conclude that institutional environments good quality investors protection brings down the risks of investing whereas it also reduce the problem of asymmetric information resulting in lower underpricing overall. The result shows that if the return of market is higher than the underpricing also increasing significantly. It does also investigate the importance impact of underpricing also the development of equity capital market. Overall evidence of this study found variation in underpricing. Hearn, B. Filtochev, I. (2010) research studies the difference in protection of laws governance system which influence IPO underpricing evidence found that strength of investors protection law is positively related to underpricing .The result suggest that discount in IPO is almost in many countries with powerful outside public market investors protection also the rights of property which is also consistent with hypothesis of governance quality. They has used the data base of locally listed 198 IPOs all over Africa found the difference between civil common law. Another study by Aggarwal, R.K. Krigman, L. Womack, K.L. (2002) conclude that manager wait till the lockup period end whereas they dont sell any of their shares in IPO because their strategic is to sell shares at lockup expiration generate their own personal wealth. The model also found that managers ownership are positively correlated by the first day trading underpricing, whereas underpricing is correlated positively to research coverage research coverage to returns of stock s whereas Nagata, K. Rhee, S.G. (2009) study examine the structure of ownership whether how affect the decision around IPOs using the data of new issues in Japanese the result suggest that structure of ownership is related to the offer size of IPO also the magnitude of underpricing also says that difference in structure of ownership can be the determinants of underpricing of IPO. In the context of Indian, there are studies on IPO underpricing which has been done by Shah (1995) on Bombay stock exchange Pande Vaidyanathan (2008) on National stock exchange whereas many others have also concentrated on IPO underpricing. This paper will concentrate on data which consists of 54 IPOs that got listed on both in National Stock Exchange (NSE) as well as on Bombay Stock Exchange (BSE) over the period of 2009-2010 which includes both book building auction IPOs which will study the changes in the evolution of IPO market also the regulations whereas it will also find out that is still book building more superior than fixed price or not. It will secondly look on the large demand on issue which is generated during the book building the important factors that for which there is delay in the listing of the issue also lots of money are spent on marketing. Thirdly lastly its will also look to study the one month returns after the listing of issue to see whether the underpricing is been there for the period of one months or not. Chapter 3: Methodology This study would try to verify the following 3 hypotheses which are as follows: Hypothesis 1: The underpricing in issue will be more if the issues is priced at the higher side of the price band then the issues which are priced at the lower side of the issue price band. In the capital market of IPO the popular function is degree of underpricing. According to Benveniste and Spindt (1989), in the scenario of book building the investment bankers are those who fixes the offer price, which is based on the demand generated in the market. If the demand for the issue is not good (i.e. not up to marks) which investment banker thinks than that price of the issue is fixed at the lower end of the price band whereas in the opposite side if the demand for the issue is more than the expected then the price fixed for the issue would be at the higher side of the price band. The price which is fixed at the higher side of the issue gives a better signal for the investors by the firms intimating them about the better demand generated from the market for the issue which would result in better listing price as well as also in the trading price on the day of listing. But, Cornelli and Goldreich (2001) has shown that by the intersection of demand supply curve the price cannot be arrived so the demand may exceed the supply in the book building issues. The curve of demand where shows the steepest descent is in fact the price which should be fixed. Thus the price which is fix in the above mentioned manner by the underwriter could be the appropriate for a signal for underpricing whereas oversubscription of issue would not be a credible signal for underpricing of issue. Normally, between the fixation of price trading day for the issue there is a period of 2weeks in which market players can form various strategies for the day of listing. Hence the 1st hypothesis which says that higher side of the price band of issue are more underpriced then the lower end of the price band is being examined. Hypothesis 2:The degree of underpricing would be lower if there is more delay in the listing of the issue by the firm. Unlike the US markets, there is a delay of about 3weeks in the Indian stock markets from the closure date of the issue listing date for the issue. Therefore the delay in listing is a function hypothesized to the degree of underpricing. The expectation for the firm is revised if the firm is getting longer time for the listing from the date of closure. Thus, if this happens then the market speculates that there is some problem in clearance of the project from the various authorities whereas the firm can face lower degree of underpricing or it might also face over pricing at the day of listing. In case of investors who face illiquidity due to the longer period for listing will demand more premium on the day of listing they may take their positions in the market, (Shah, 1995).Moreover, if there is substantial gap between the listing date closure of issue then there might be possibility for out of the market trade in larger number. Thus its not clear that whether the listing delay af fect the degree of underpricing positively or negatively. Hypothesis 3:If the larger part of issue proceeds are spent on the marketing fees then the firms degree of underpricing would be less. In the paper of Habib and Ljungqvist (2001) which they have postulated that underpricing is been affected by the cost of promotion. Underpricing promotion cost as been viewed as substitute costs for the company. If promoters want to sell more of their shares, then the money spend on the promotion of that issue will be more. As per the result founded by them shows that promoter wealth are reduce by 98 cents for promotion costs of every 1$,therefore the marginal benefits of the promotion equals to the marginal costs. Whereas Cook et al (2006) found that if investment bankers are unable to generate more of their pre-offer publicity then the issuers tend to change the investment bankers. More individual investors tends to hold stock if its of high visible firms which was founded by Frieder and Subrahmanyam (2004). Higher visibility can be done only by spending higher money for the marketing of the firm, with all other things remaining same the degree of underpricing must be lower. In addition to this hypothesis this study would also try to find out the firms return i.e. one month after the issue is listed. Models The firms delay in listing is been measured in a days as the time period i.e. from the last day of closing of issue to the day of the listing. Logarithm is been used to measured the marketing expenses which is spent by the firms in the Indian rupees. The degree of underpricing is been measured by dividing the data sets in to 2 parts i.e. by taking the mean of the price band. It is classified as follows: a) High demand issues whose offer price is more than the mean of price band, b) Low demand issues whose offer price is lower than the price band of issue. For e.g. If the price of the issue which is bid is 220 Rs. or more in the price band of 200-210, then the issue is been classified as the high demand issue or else it been classified as low demand issue. After that a dummy variable demand has been used as the OLS regression with a value of 0 if the demand for the issue is low otherwise value of 1 if the demand for the issue is high. The ratio of difference between the off er price of issue the closing price of the issue at the day of listing has been used to measured the degree of underpricing. Degree Underpricing=(P close on listing day PIssue)/PIssue .Here P is referred as price of stock. Since the degree of underpricing can be affected both negatively positively on the listing of the day by the volatility of market wide, therefore the change in percentage of various companies on the day of listing in SP CNX Nifty 500 index is included as the 1st control variable. The Second control variable included is Issue size, because firms with the low degree of underpricing comes with the large issue size signaling the quality whereas it negatively affect the size of an issue. To avoid heteroscadisticity natural log was taken for an issue size. Then the regression model estimated is as follow: Degree of Underpricing: ß0+ ß2 (Delay in Listing)+ ß3(ln_Size of Issue)+ +ß4(ln_marketing expenses)+ß5(percent change in market)+ ÃÆ'Ã… ½Ãƒâ€šÃ‚ µ Here error term with N(0,1) is ÃÆ'Ã… ½Ãƒâ€šÃ‚ µ

The Things They Carried And The Great Gatsby By F. Scott...

Throughout literary history, one main theme most writers favor to focus on is the human condition. The Things They Carried and The Great Gatsby are just two examples of many written in which this theme is present. The Things They Carried, written by Tim O Brien, is about O Brien telling his personal experiences and stories of the Vietnam War, and how the soldiers are fighting two wars, a war with the Viet Cong and a war with themselves. The Great Gatsby, written by F. Scott Fitzgerald, is set in the Roaring Twenties as it follows the story of a young man named Gatsby as he tries to achieve his version of the American Dream. Throughout the two novels, one can find that the loss of one s humanity emerges as one of the main topics they both share. The Things They Carried and The Great Gatsby explore the loss of humanity in the 20th century through facing death, experiencing hardships with the intention of forgetting or bringing back that moment, and upholding one s reputation. Death lurks around every corner, and many people have their own methods of confronting death. In The Things They Carried, O’Brien has to confront death head on. In war, death is all around and is constantly presenting itself with no intention of leaving. O’Brien’s first encounter of death, in itself, almost makes him lose his humanity: I was brand new to the war. I was my fourth day; I hadn’t developed a sense of humor. Right away, as if I’d swallowed something, I felt a moist sickness rise up inShow MoreRelatedThe Colors of Gatsby, F. Scott Fitzgeralds Famous Novel1640 Words   |  7 PagesF. Scott Fitzgerald is famous for the detail with which he crafted the quintessential American novel, The Great Gatsby. With his well-chosen words, Fitzgerald painted a fantastic portrait of life during the Roaring Twenties in the minds of his readers, a picture rich with color and excitement. 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The Best War Ever By Michael C. B. Adams - 932 Words

Ever since the beginning of time, there has been conflict and conflict will always play a role in the development of history. The world has experienced hundreds of wars with countless casualties, these wars date back to the 10th Century and forward to the present. The United States of America is no stranger to war having participated in over 100 wars either it being a small war or a world war. Michael C. C. Adams â€Å"The Best War Ever† gives a rational explanation on the events that led the U.S to become the powerhouse country after sacrificing so much for the war, or did they? In this paper we will support the argument made in Adams â€Å"The Best War Ever† Chapter four, appropriately titled â€Å"The American War Machine†, other primary sources used will be such as Harry S. Truman first speech to congress in April 1945 and General George S. Patton’s praise speech to the Third Army. The argument being that the U.S did in fact play an impacting role in t he outcome of World War 2 but how it also used appearances as an advantage to further develop itself as an international force, just like the tale from the Trojan War, the Trojan horse was all about appearances but with a precise objective. Adams begins the chapter by appealing to the red hot American blood in every one of us, throwing kindle into the fire in a way. It’s discussed that the Americans according to Herman Goring, head of Luftwaffe, which was arguably the largest and most powerful air force in World War 2 could only produceShow MoreRelatedThe Best War Ever By Michael C. B. Adams862 Words   |  4 PagesThe Best War Ever, written by Michael C. C. Adams, is a book focusing on the balanced history of the experience from America’s view during World War II. 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The Struggles of Change Essay - 875 Words

Throughout the countless pages of history, there exists many occurrences of change. Some of these changes are positive while others are negative. Nevertheless, as each change occurs, it must undergo struggles to become accepted. One example of the struggles of change that is seen in today’s society is the ongoing fight for religious freedom. Another change that is currently facing obstacles is the fight to change policies that raise the question of equality. Lastly, another struggle for change is the conflict that is occurring in order to make same-sex marriage legal. Through the examples of all these changes, there exists the common factor of changing values. As values change, new changes are undertaken. Therefore, changing values entail†¦show more content†¦This struggle for change displays the countless changes in values that surround this topic. Before, the religious groups fought to have their religious freedom. Now, with the changing values and views of another group, this stability is being threatened. As such, the struggles of change is brought forth. (Perreaux, 2013). When law, a means that is there to protect everyone is brought into questioning, yet another conflict as a result of a change in progress is brought forth. It is the role of law and those who practice it to protect the equality of everyone. However, when a change is proposed concerning it, challenges also accompany it. One such event that is occurring in today’s society is the controversy of establishing a law school under a faith-based school’s regulation. Trinity Western University won approvals in December to open a law school over objections from lawyers, students and LGBT groups who are in opposition as TWU is known to discriminate against homosexuals. TWU is a faith-based school that forbids same-sex intimacy. 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To Kill a Mockingbird vs a Raisin in the Sun - 1396 Words

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Ece Formula List - 3277 Words

Institute Of Engineering Studies (IES,Bangalore) Formulae Sheet in ECE/TCE Department Communication Systems Amplitude Modulation : DSB-SC : u (t) = m(t) cos 2Ï€ t Power P = Conventioanal AM : u (t) = [1 + m(t)] Cos 2Ï€ t . as long as |m(t)| ≠¤ 1 demodulation is simple . Practically m(t) = a m (t) . 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Total wave . So, max power transfer possible . Behaviour of Transmission Line for Different lengths :l = ÃŽ » /4 → l = ÃŽ » /2 : = ⇒ → impedance inverter @ l = ÃŽ » /4 impedance reflector @ l = ÃŽ » /2 Wave Guides :TM modes : ( = ) = sin x sin h =k +k ∠´ÃŽ ³= ye + ω where k = ω m→ no. of half cycle variation in X-direction n→ no. of half cycle variation in Y- direction . Cut off frequency ω = ï‚ · ï‚ · k k ÃŽ ²= k ï‚ · + u = phase velocity = + + + ÃŽ ³ = 0; ÃŽ ± = 0 = ÃŽ ² →Show MoreRelatedInternal Combustion Engine vs External Combustion Engine1584 Words   |  7 Pagesengines. But for the older technology, they used External Combustion Engines. It is far lower efficiency than internal combustion engines. The steam engine in old-style trains and steam boats are the best example of ECE (External Combustion Engines). The most of fuel that used in ECE is coal. The coal is burned to create the steam, and the high pressure of steam compressed and it create a motion in the engine. 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The Mental Illness Of Mental Health - 3043 Words

Running head: MENTAL HEALTH 1 MENTAL HEALTH 2 Mental Health Name Professor Institution Course Date Introduction Sensitive questions are a broad category that encompasses issues that trigger social desirability concerns and those viewed as intrusive by the respondents or those that raise concerns about possible repercussions of disclosing information. Some of the sensitive topics that can be used here include alcohol consumption, drug use, sexual activities, plans, and concerns. Other may include sexual abuse history and other mental health illness. When talking to such a person, who could be possibly mentally ill, one should pay attention to speech, emotions, thinking and perception and their insights if they have self-harmed.†¦show more content†¦Here, one is not placed on any limits regarding the response. An example is when questioning a person with mental illness. An answer given can lead to another problem (Ibrahim et al, 2015). From such, much information is collected, and more precise conclusions can be made. In sensitive questioning, the mental expert can get adequate answers. Protective factors as part of the risk assessment Over the ten years, research has been directed to try to determine how drug abuse and mental illness begin and how they progress. Many factors, add to a person’s risk for drug addiction. On the other hand, protective factors reduce the chance. Risk factors may vary amongst people. As for children, risk and protective factors can affect them at different stages of their lives (Ibrahim et al, 2015). At each stage, the risks can be changed through intervention at various stages of their lives. Some early childhood risks such as aggressive behavior can be modified and be prevented with school, family and community interventions that focus on helping the children develop appropriate and positive behaviors. If not addressed, the negative behaviors can lead to more risks, such as academic failure and social difficulties, which endanger the children more, exposing them to further risk of later drug abuse. The common early risk factor is difficult temperament. ThisShow MoreRelatedMental Illness : Mental Health Illness2108 Words   |  9 PagesMerriam-Webster, mental health illness is described as a broad range of medical conditions (such as major depression, schizophrenia, obsessive compulsive disorder, or panic disorder) that are marked primarily by sufficient disorganization of personality, mind, or emotions to impair normal psychological functioning and cause noticeable grief or disability and that are usually related with a disruption in standard judgement, feeling, mood, behavior, interpersonal interactions, or daily functioning. 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The first, that mental health is the absence of mental illness, while the second that mental health is a state of well-being (Tudor, 1995). The fact that both definitions are reductive and the same word mental health is used to mean mental illness added more confusion to such term. However, i t is important to know what really is mental health and mentalRead MoreMental Illness And Mental Health893 Words   |  4 Pagesreasons I wanted to write about mental health is because I do not think is discussed enough and more importantly I do not think it is given the importance it deserves. Mental Health is something you heard now and then, but it’s never actually discussed and it should. When I asked about this topic some people were uncomfortable, others were more open to discussion, but both of these people had something in common: they did not actually had an idea of what is a mental illness or disorder, the people who

Creative Writing Equality Essay Research Paper Creative free essay sample

Creative Writing: Equality Essay, Research Paper Creative Writing: Equality Nausea. To depict the whole state of affairs in one word I would hold to choose sickness. The Expo centre was packed with societies elite, thirstily waiting the proclamation of what the rumour factory had told them to be the most of import innovation of the decennary. The air was cold and moist, like that of a infirmary. Barley audible was the most bothersome Michael Bolton vocal that I could imagine. As I got entranced by the obtuseness of the state of affairs I noticed that the visible radiations were easy acquiring dimmer. As Michael Bolton # 8217 ; s voice became soundless, Dr. Zimmerman spherical organic structure came toddling out. Dr. Zimmerman was a really big, gluttonous adult male. I had worked with him many times, and I had lost more than one of my thoughts to his fat custodies. He was ruthless, unemotional, and conscienceless ; the perfect scientist. We will write a custom essay sample on Creative Writing Equality Essay Research Paper Creative or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page He fastidiously climbed onto the two pes platform in forepart of the dais, doing a small oink that by chance found its manner into the mike. # 8220 ; Hello? Can you ridicule hear me in the dorsum? # 8221 ; He gurgled in his natural grotesque voice. With the recognition of the audience, he sipped the glass of ice H2O which stood on the dais and cleared his pharynx. # 8220 ; Ladies and Gentlemen, I am here to inform you of a find that my squad of familial scientist and I have discovered. # 8221 ; The more he said the more I wanted to hear. I wanted to shout to do him blunder out it out, but it was impossible to rush him up, attending was the ground why he became a scientist. He didn # 8217 ; t care about the effects of his finds, every bit long as he packed the exhibition centre the following weekend. # 8220 ; The quest toward flawlessness is eventually over. Your unborn kids now have the chance to be everything you of all time wanted them to be! # 8221 ; A big blue vena easy became seeable through his cherry ruddy brow. # 8220 ; Birth defects are a thing of the past. # 8221 ; Suddenly the badness of the state of affairs slammed into me like a metro train. # 8220 ; There will be no such thing as an imperfect kid! # 8221 ; The sound of rolling mucous secretion in his pharynx was about intolerable. The hand clapping began, I knew it wouldn # 8217 ; t halt for at least 10 proceedingss because Dr. Zimmerman wouldn # 8217 ; t allow it. I ran to the bathroom to believe about what had merely happened. Dr. Zimmerman was mentioning to the G.A.M. undertaking, Genetic Alterations for Mankind. The squad of four was lead by him. The end was to change DNA of newly fertilized embryos, to command every one of their physical and mental traits. We all worked with the thought that our advancement would be put to forestall defects and familial diseases. As our hypothesizes became facts, Dr. Zimmerman started to move unusual in the lab. He began taking 2nd transcripts of all of the informations, and seting it in a big manilla booklet which he placed under the Dunkin # 8217 ; Donuts box that for good stood on the corner of his desk. A hebdomad before our completion of the experiment, I decided to face him. # 8220 ; Dr. Zimmerman, can I speak to you in private for a minute? # 8221 ; , I asked like a school male child inquiring his instructor for a bathroom base on balls. When he agreed, I briskly followed him into his office. # 8220 ; Look Jason, # 8221 ; it felt eldritch naming him by his first name, # 8220 ; I have noticed that you have been moving sort of Wyrd the last few days. # 8221 ; # 8220 ; Look Steven, # 8221 ; he replied, # 8220 ; I know that we are all acquiring really aroused about the completion of the experiment, wear # 8217 ; t read into things so much. # 8221 ; Don # 8217 ; t read into things so much. What an objectionable thing to state to a scientist. He was concealing something, and now I was determined to happen out. # 8220 ; So, which company do you think we will make up ones mind to sell our informations to? # 8221 ; I asked in Columbo like manner. # 8220 ; What do you intend we? # 8221 ; , he responded like a rebellious adolescent. # 8220 ; What are you speaking about Jason, we all worked on it therefore we should all decide. # 8221 ; # 8220 ; Steve, I am the experiment leader so I will make up ones mind what happens to the work. You were working for me and you got paid. Your occupation is about over, now get the snake pit out of my office. # 8221 ; I think that it was Lewis Thomas that said, # 8220 ; Technology should be watched closely, monitored, criticized. . . # 8221 ; For some ground I don # 8217 ; t believe he was mentioning merely to Jason Zimmerman. He now lawfully possessed the right to make whatever he wanted with our informations. Three old ages of my life were heedlessly placed under a Dunkin # 8217 ; Donuts box to be sold to the highest bidder. The bathroom is a nice sanctuary when the adult male who stole your work and used it for the incorrect grounds, is acquiring an hand clapping. The cool esthesis of the difficult H2O sent trembles down my spinal column. I looked in the mirror at my bloodshot eyes. I couldn # 8217 ; t understand how all of those people could hold been claping such a atrocious find. The whole thought of individuality would be destroyed. Rolling the Earth in the following coevalss would be ground forcess of Pamela Anderson, and Joey Lawrence. We as worlds haven # 8217 ; t evolved plenty to get down making flawlessness. We are excessively nescient of ourselves and superficial to even believe about unnaturally making another being. What will go on in two hundred old ages? Parents will non hold a pick but to change their childs unless they wanted them to be for good on the low terminal of society. Even an mean individual would look like a sap when surrounded by flawlessness. With a universe full of beautiful, superb people, it will get down to be hard to acknowledge beautiful or superb. The lone ground that beauty exists is because there are things that are non beautiful. If it wasn # 8217 ; T for the dense people, there would be no smart people. Every positive feature is dependant on a negative 1. Therefore when the negative is eliminated, the positive besides ceases to be. Basically what this meant was the obliteration of comparing. No 1 will be praised or punished ; equality would distribute like the new pestilence throughout the universe. I decided that I had heard plenty, and decided to catch the following coach place. I turned on the intelligence that dark, and found out that Dr. Zimmerman had already received a grant from Dupont to fund their trials for authorities blessing. They scheduled the changes to get down in approximately two old ages. I didn # 8217 ; t try to halt it, no 1 would. Technology will travel frontward, right or incorrect, it merely moves frontward. The lone thing that can perchance halt it is itself. Powerless, I reclined in my chair and looked out my window at the snow covered simple school.

Backgroud Of The United States Budget Essay free essay sample

, Research Paper Background of the United States Budget This coming twelvemonth, in 1999, our Federal Government will pass over $ 1.7 trillion. They use this money to back up causes that aid to the improvement of society, the wellness of the people, research for better and new stuffs, instruction, and one of the biggest, the military. Each twelvemonth, by the first Monday if February, the President of the United States nowadayss to Congress the proposed Federal Budget for the following financial twelvemonth. Each financial twelvemonth starts on October 1st of the predating twelvemonth. This budget is gathered and created by the White House? s Office of Management and Budget ( OMB ) . They create the budget based on petitions made by single bureaus and from confer withing with the President? s senior advisers and functionaries from cabinet sections and other bureaus. After having the proposed budget from the President, the Congress meets to overlook it. During the procedure of overlooking the budget, the Congress, with the President, make up ones mind how much they are traveling to pass to each activity that the authorities endorses. Some illustrations are public libraries, constabulary forces, instruction, national menagerie? s, the CIA, FBI and other organisations. Once they have a concrete estimation of how much money the authorities will pass in the following twelvemonth, they so make up ones mind how much they are traveling to hold to revenue enhancement the American populace in order to cover all of the proposed outgos fo the budget. There is a all right line that the Congress has to worry approximately. If they revenue enhancement excessively much, the people in the U.S. will non hold adequate money to pass on merchandises, hence aching our economic system. On the other manus, if the authorities does non revenue enhancement adequate to cover all of the outgos, so they have to take our loans to cover all that they are paying for. When this happens, it is called a shortage. The shortage of the United States truly made intelligence in the late 80? s and early 90? s when the shortage climbed dramatically. The authorities during this clip, under the leading of President Ronald Reagan, spent a immense sum more so the authorities was conveying in. As of 1997, the Gross Federal Debt had accumulated to $ 5.37 trillion dollars and is expected to maintain lifting to a jutting debt of $ 6.336 trillion by the twelvemonth 2003. Finally although, the undertaking budget for 1999 shows a budget excess of $ 10 billion. Many of the shortages occur because of compulsory disbursement. Compulsory Spending is required by lasting Torahs that are directed to assist the populace. Social Security, Medicare, Medicaid, Veteran? s Benefits, Food Stamps, and involvement on the National Debt are all illustrations of what the authorities is required by jurisprudence to pay for each twelvemonth. Mandatory Spending histories for 67 per centum of all authorities disbursement. The staying 33 per centum is considered Discretionary Spending. This money is truly what the President and his functionaries have control over to allow towards causes which they seems worthy, such as the Coast Guard, FBI, CIA, lodging and instruction, infinite geographic expedition, main road building, foreign assistance, and of class, defence. The money used by the Government comes from assorted types of revenue enhancement. Most of what the authorities collects comes from single income revenue enhancements. In the twelvemonth 1997, the Internal Revenue Service collected 737 billion dollars from the people of the United States. This amounted to 46 per centum of the entire income for the U.S. and is equal to about 9 per centum of the Gross Domestic Product ( GDP ) . Social Insurance paysheet revenue enhancements were the 2nd largest aggregation of income in 1997, amounting to around 539 billion dollars. The remainder are described in the pie chart below. The Defense Department The Budget and the Effect of the Economy Last twelvemonth, in 1997, the United States authorities spent 270 billion dollars on National Defense, or 15 per centum of the entire authorities disbursement that twelvemonth. 258 billion dollars of this went to strictly the Military. Following twelvemonth for 1999, the budget shapers are foretelling a minute bead in support to 267 billion. This money goes to the payment of wages for military personnels, transit of the military personnels, the arms they use, the existent costs of war, and the testing and development of new arms and tactics, every bit good as other obvious outgos ( and many other secret undertakings which are kept classified ) . Because of the money we delegate to the armed forces, it is the finest, most talented, and best-equipped military force in the universe. The money the authorities allows the Defense Department to pass is non considered to be gone. The bulk of the money the Military spends is on merchandises made by U.S. companies. Each depends upon each other to be. Without the U.S. companies doing our arms and stuffs, our military would non be anything that it is today. Without the military support, many companies would non even exist and the engineering of today would be much less than it has turned out to be. This type of disbursement allows the economic system to thrive because we are maintaining the circulation of money within our ain state. We are doing ourselves richer by purchasing merchandises from ourselves. The battle of concerns to obtain authorities military contracts is a tough 1. Each twelvemonth, a published list of the top 100 companies shows the victors of contracts and the premium of which they were awarded. These companies, because of these contracts, have become some of the largest in the state, if non the universe. Each one of these companies contributes a major facet that puts our defence section a measure above the remainder. The chart below shows the top 10 companies and the sum the Defense Department paid to them in 1996 and 1997. The companies above all have a big portion to make with our military? s success. Lockheed Martin Corporation makes assorted combatant planes and missile systems. The Boeing Company contributes many other combatant planes, defence systems, electronics, and missile systems. Northrop Grumman Corp. follows Lockheed and Boeing in the astronauticss part of our military. General Dynamics Corp. works largely with Naval constituents. They produce Trident pigboats, and Destroyers for usage in the H2O. Finally, the fifth highest contract goes to Raytheon, which is a company who develops assorted pilotage systems for both foot vehicles and missiles. Boeing and Lockheed, now one company, are the largest contract, by far, of the American armed forces. Even with the sum the military spends each twelvemonth and the per centum of our revenue enhancements that go to the military, is it plenty? As of now, the United States is the proprietor of the finest, strongest force in the universe. Recently, in order to salvage money and decrease our budget shortage each twelvemonth, the authorities has easy been worsening the defence budget. For the 14th sound twelvemonth, the authorities has taken away the resources the authorities needs to keep their forces as the strongest. Our active-duty force has diminished from 2.2 million soldiers to 1.4 million. Yet, even as this happens, our forces are being called upon to make more all over the universe. Even though our defence budget is less than it has been, it is merely reflecting the fact that we are non in the Cold War any longer. Besides, it displays the fact that we eventually have adequate arms that we do non hold to do more to be secure. Despite this even, after a ( Time article )

Decision Making in Moral Dilemmas †Free Samples to Students

Question: Discuss about the Decision Making in Moral Dilemmas. Answer: Introduction: One of the functions of management is decision making within an organization. Decision making can be defined as the process involved in making choices from several alternatives or options. Problems are common within organizations and are addressed by managers through a process of decision making. The decisions made may be in operation or strategy within the organization. The decision can be structured in formats which are different in presentation. Some of the approaches that guide the decision making process include: the rational, intuitive, bounded rational and the value-based models. Decisions are made after proper problem definition, followed by solution generation, evaluation and ending with implementation. Jumbo Airlines is a major airline operating in the UK. Its major operations are in short haul domestic services which are high in frequency and low in fare. Its model of operation is as a low-cost provider and driven by passenger volumes. The airline has been reported as one of the most admired companies in the UK. Data available also shows it is considered as one of the best companies to work for. Operating in more than 50 domestic destinations, the airline has one of the lowest cost structures in the local airline industry. Being a low cost airline, it is sensitive to changes in the price of jet fuel and other operational expenses. The airline is more heavily unionized when compared to other airlines operating within the UK and employees more than 10,000 people in its service. The airline was amongst the first to embrace the use of internet based technology for its bookings. Through its dedicated website, the airline posted results that showed the following: 60% of flight bookings and 80% of revenue was generated through the use its website. Prior to the use of online booking, the main form of customer reservation was through the use of call centers. An organizational audit showed that the company operated too many agents in its call centers. This had begun to negatively impact its overall revenue position and required the management to make a decision on how to right size. Basel Bruhr (2013), state that using value metrics and rationality should be the critical factors in the decision making process. Problem definition The problem definition is achieved by the 5WS and Root cause analysis. The main attributes for consideration are the what, who and why in the root cause analysis for the management of Jumbo Airlines. The "what" is the cost associated with the call centers with regards to human resource expenses. The employees, union and management are the who attribute according to the root cause analysis. The "who" represents two critical stakeholders: management and the union. The management is accountable to the board and shareholders by extension (Tangpong Pesek, 2007). The why factor is that the present use of online booking greatly reduces the need to use call centers and gives the rational of using a particular solution amongst different alternatives. 5W S Root cause analysis Who are the main stakeholders in the case The employees, union and management When should the remedial action be undertaken This should be the timeline and action plan which is set for a period of one year Where should the action plan to downsize be done The downsizing is within the staff who operate the call centers. What is the main cause of the problem The high costs of operating the call centers Why is it necessary to downsize To keep costs low in line with being a low cost airline The second stakeholder is the union which is tasked with the responsibility of ensuring the welfare of its members (DeCarlo Jenkins, 2015). With more than 10,000 unionized members, the union has to ensure that any decision that leads to loss of employment will have to be rationally justified and acceptable. The union has to balance the welfare of its members while ensuring that the sustainability of the airline is ensured so as not to lead to bankruptcy. The union has to work with the management in order to arrive at a solution that will be mutually acceptable. The management of the union therefore has to analyze the decision of the management, evaluate the alternatives and make an informed choice. Issues of liability- One of the criteria that will be considered in the decision making process is the issue of liability for the airline which is a weakness using the SWOT analysis (Wood, Cogin Beckmann, 2009). The main liability is with the union that has several options available at its disposal in this case. The union may decide to call for work stoppage and slowdowns as a form of industrial action. It may also decide to go to court and apply for an injunction to halt any decision that the management may make. It may also decide to negotiate of which the terms of negotiation may not be favorable to the airline. At the same time, greater use of technology in online booking also presents as an opportunity for a new strategic shift that will fit with the future trend to use more technology in the industry. SWOT Analysis STRENGTH- Largest low cost carrier with a strong brand WEAKNESS- Liability to union action as it is heavily unionized OPPORTUNITY- To embrace use technology which cuts operational costs THREATS- Financial instability due to low operating margins and fares The options available are to ask the employees to voluntarily leave the airline, force redundancies or voluntary relocations. All these alternatives have to be communicated to the union and should seek their consent and inclusion (Holley, Jennings Walters, 2012). Voluntary retirement and forced redundancies will require financial planning and allocation in the short-term. Forced redundancies will lead to confrontations with the union which is not desirable. Voluntary relocations may call for slightly lower financial allocations in terms of re-training costs to new designations. The union management has to make decisions that will safeguard the welfare of their employee while ensuring sustainability of the airline. Its best options are voluntary retrenchment and staff relocation. Costs of implementation- The other consideration for the management is the cost implication for any decision made and how it may affect its cash flow in the short and long term (Veronika, Tibor Peter, 2014). In the short-term, a huge outlay of cash for redundancies may affect its operational costs. This may disrupt the schedule of payments to its jet fuel supplier amongst other suppliers. In the long-term, its financial position will be impacted with the possibility that it may post losses for several years as it recovers from the decision to downsize its call centers. The number of call centers that will be closed down and the employees who may become redundant may be implemented in phases or in one fell swoop. Wood, Cogin Beckmann (2009), state that this presents as a threat according to the SWOT analysis. Closing down all call centers will make redundant a massive number of employees at one go. Settlement claims of termination may exceed the current company financial reserves and even lead to the company using bank loans in the settlement process. This will disrupt the financial costing and planning in its daily operations. Phased retrenchment will necessitate planned settlement claims that factor in the current financial position of the airline. The phased retrenchment would be the best option for the airline in this particular instance in order to ensure smooth continuity of its daily operations. This will also have minimum disruptions in its cash flow position in the short-term. Desire to remain competitive- The airline is already recognized as being the largest low cost domestic operator and needs to maintain this status and recognition. Using PEST analysis, the airline can leverage on technology in order to stay competitive while reducing manual labour. Any disruptions in operations or cash outlay may severely affect its competitiveness locally (Kunc Morecroft, 2010). Operating on low fare and high passenger volumes means that any volatility in its operational environment may lead the airline to lose its competitive edge which it may never recover. In order to recover from any outlay in finances to settle redundant workers may force the airline to either increase fares or use bank financing in the short-term. None of these options provide optimal solutions in terms of financial planning and execution for the airline. Increasing fares may affect its strategic market position as a low cost operator. Increased fares may lead to customers shifting to other low cost competitor which is not a desirable outcome. Depending on high passenger volumes, the reduced customer numbers will reduce operational revenue and its ability to pay its suppliers on time. The use of bank financing in the short-term will also be expensive in the short-term as bank financing will attract interest rates which makes the cost of money to be expensive. The bank financing may be in the form of an overdraft and this will call for restructuring its financial operational flow in order to meet the bank requirements. Solution Evaluation Issue of liability- The best alternative for the airline to use is to implement a mixed plan of retrenchment for staff working in the call centers in order to reduce its liability with the union. Forced redundancy should not be considered, as it may impact negatively staff moral for the rest of the employs. Based on the acceptance priority rule, employees should be encouraged to voluntarily retire or be relocated and retrained. Emotional control of employees will then be achieved (Bachkirov, 2015). Where excess capacity still exists, planned redundancy should be considered and implemented with the cooperation of the union. The decision should be based on rationality based on controlling costs and projected future revenue for the airline. Support from the union will reduce liability of industrial action and benefit the airline in terms of minimal disruptions in operations. Costs of implementation- The cost of implementation of the downsizing program should be ration based on cost implication and financial flows (Lucian, Elena Daniel, 2014). While forced redundancy may result in optimization of the workforce, it carries challenges of cost. Termination dues coupled with potential court cases instituted by the union may make the whole exercise to be too costly. Voluntary retirement together with retraining of the remaining staff may carry longer term costs but avail stability in the short term. This window in the short-term will give the airline the opportunity to innovate new products or destinations in order to fully utilize the excess capacity in staffing. Desire to remain competitive- Competitiveness will be maintained by greater use of technology and less manpower in ticketing and reservations. As the company downsizes in using human resources in its call centers, more resource allocation in technology is required commensurately. Increasing fares in order to meet operational financial needs should not be considered during this period in order to maintain its status as the largest low fare airline. While considering using bank financing, this should be done with a strategy to also get into new destinations and increase its domestic coverage. A bank facility would then be able to be serviced with the increased revenue from new routes. Frick (2012) states that this would ensure prices remain low, operational costs are met and the airline remains competitive. Implementation The rational decision for implementation that will result in minimum disruptions is to work with the union in the downsizing exercise. This decision should be structured on rationality in strategy and operation. Staff should be encouraged to voluntarily retire based on experience and age while the remaining will be relocated and retrained (Ashill Jober, 2013). This decision should be communicated for approval to the board as well as the union leadership. Lipman (2016), states that the management should communicate the created vision, create urgency and target wins which are short-term. The implementation team should be drawn from the management with staff and union representatives being incorporated. The tentative action plan should be planned to for implementation within one year. Month one to three- Finance and Human Resources (HR) department work out the severance payouts for the staff who have agreed to voluntary retirement. Payments should be made as soon as the HR department concludes the legal requirements as set out by law. Meanwhile the HR department should draft a staff rationalization plan for relocation and retraining for the remaining employees. The staff training should begin during this window in anticipation for new designation s which will be created. Month three to six- The management should consult their principal bank for additional financing options in the short-term in order to ensure operational costs are not disrupted. At the same time, new destinations should be identified so as to increase revenue from the new domestic destinations. The additional funding will be critical during this period of retrenching and expansion into new destinations. The retrained staff can then be assigned to work in the new destinations. Month six to nine- This should be the period to evaluate the success or failure made so far and to make changes where appropriate. As excess staff capacity is now utilized, the airline should consider increasing more resources to invest in new technology in order to stay competitive. Adjustments made during this period should be incremental and should be communicated to the stakeholders involved. Month nine to twelve- This is the period to undertake an audit of the whole exercise and beneficial outcomes institutionalized and adapted (Mruthyunjaya, 2011). The use of an external auditor during this period should be encouraged in order to maintain objectivity. The new organizational paradigm should be communicated and inculcated into the culture of the airline. The audit can then be used in future as a reference point for decision making. Decision making is the choice made when evaluating alternatives that are presented in different situations. The decision making process for organizations can be in operation or strategy and follow different formats of structure. The case study for Jumbo Airline is analyzed using the 5Ws as the root cause analysis. Using both SWOT and PEST analysis, the problem is identified and solutions generated. Evaluation of the solution then follows and ends with implementation using an action plan. 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