What You Should Do to Find Out About Atlas Shrugged Essay Contest Topics Before Youre Left Behind

What You Should Do to Find Out About Atlas Shrugged Essay Contest Topics Before You're Left Behind Atlas Shrugged Essay Contest Topics Explained Atlas Shrugged recognizes a person's freedom of choice, freewill and her or his power to accomplish the purpose for their existence. It is suggested to look for the one which has a superior reputation and offers high-quality papers at economical rates. Possessing a well built, functional website delivers a convenience factor that's priceless. It's fun, dependable, and safe, and it provides high-quality work for the lowest prices on the industry. The Do's and Don'ts of Atlas Shrugged Essay Contest Topics There are additional criteria unique to every contest, all which are available on our site. Our high-quality, but inexpensive assignment writing help is extremely pleased with our professional writers that are readily available to work effectively and efficiently to fulfill the tightest deadlines. The essay is a 3 part contest on th e subject of peaceful civic action and global peacemaking. If you're searching for a persuasive essay example on a debatable topic that's pertinent to your school routine, don't hesitate to use the next template. The winning first place essay might be posted in its entirety on at least one of these websites with total credit provided to the author. It is possible to ask your writer to add quotations from specific sources or utilize particular atlas shrugged essay contest winners 20 books to find the information from and you'll observe that all of the requirements are satisfied. You might also find it a great deal simpler to relate your discussion to a personal issue. An individual possessing a rational mind could possibly be able to choose a purpose, take actions to understand that end, and discover or design a means to achieve it. 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Withering of the American Dream in The Great Gatsby Essay

Withering of the American Dream in The Great Gatsby The Great Gatsby written by F. Scott Fitzgerald depicts the degradation of the American dream through the loss of humility and rectitude. The American Dream, which remains till today, bases itself upon assiduousness and high morals. Many people from foreign and faraway countries view this dream as a reality and believe that America upholds these high standards. Yet, Fitzgerald clearly writes this novel to show that the linchpin that kept the dream alive has eroded away. America, known as the land of opportunity, promises a comfortable life to all those who work honestly and diligently. Yet Gatsby, a key player in The Great Gatsby, earns his money through bootlegging and†¦show more content†¦Tom, from the onset of the novel, partook in a relationship with Mrs. Wilson, and even rented themselves a small apartment as a reprieve from their families and previous lifestyles. He often dined in restaurants with her and even took Nick to see Mrs. Wilson who he referred to as my girl. In contrast, the first immigrants from Europe to America were the Puritans and they established the status quo for the American Dream. They set high moral and civil duties, and if anyone failed to abide by these regulations they were excommunicated from the society. On the other hand Daisy, Gatsby, and Nick all involve themselves in these activities and still retain their paramount positions in their milieu. Daisy and Gatsby take a more prosaic and practicable ap proach to their affair. They meet at parties and invite each other as dinner guests. Daisy, Tom and Mrs. Wilson all being married people, partook in this picayune, garish, and flippant lifestyle and ended up causing their loved ones pain and anguish. But because of this time period, the 1920s, in which new and unprecedented ideas were the norm, people hurtled from the old traditional ways and etched themselves a place in society by getting involved in iridescent lifestyles. Womens rights acquired an austere and cognizant determination and would not settle for complacency. In addition, peopleShow MoreRelatedThe Great Gatsby By F. Scott Fitzgerald1355 Words   |  6 PagesMost define the American Dream as an equal opportunity for all to achieve success through handwork and determination. Many define success as having or gaining wealth and power. This isn t true for the novel The Great Gatsby by F.Scott Fitzgerald. Instead Fitzgerald represents the withering of the American Dream , in the novel the American Dream is presented more as a overpowering idea of aspirations far from reach, making it less of a dream and more of a distant thought. Throughout the novel FitzgeraldRead More Time1677 Words   |  7 Pagessimple, as pure, and as vulnerable as a dream stand against the slow but steady stream of time, that beats like particles of sand against the bottom of an hourglass? For a dream to continue to nourish the minds of the masses generation after generation, it must adapt--change to better fit the new circumstances that a change in time invariably evokes. But as a dream changes, is it as pure, as innocent, and as high-minded as it once was? Could the American dream, which has hereto defined the very spiritRead MoreThe American Dream is a recurrent theme in American literature, dating back to some of the earliest600 Words   |  3 PagesThe American Dream is a recurrent theme in American literature, dating back to some of the earliest colonial writings. Ben jamin Franklin, who is considered to be the epitome of the self-made man once said, â€Å"The Constitution only guarantees the American people the right to pursue happiness. You have to catch it yourself† (Franklin). Furthermore it is the belief that every man, whatever his origins, may pursue and attain his chosen goals; whether they be political, financial or social. However, theRead More1) How Does Gatsby Represent the American Dream? and What Does the Novel Have to Say About the Condition of the Amrican Dream in 1920s?1116 Words   |  5 PagesAlthough The Great Gatsby is filled with multiple themes such as love, money, order, reality, illusion and immorality, no one would probably deny that the predominate one focuses on the American Dream and the downfall of those who attempt to reach its illusionary goals. The attempt to capture the American Dream is the central of this novel. This can be explained by how Gatsby came to get his fortune. By studying the process of how Gatsby tried to achieve his own so-called American Dream, we could haveRead More1) How Does Gatsby Represent the American Dream? and What Does the Novel Have to Say About the Condition of the Amrican Dream in 1920s?1110 Words   |  5 PagesAlthough The Great Gatsby is filled with multiple themes such as love, money, order, reality, illusion and immorality, no one would probably deny that the predominate one focuses on the American Dream and the downfall of those who attempt to reach its illusionary goals. The attempt to capture the American Dream is the central of this novel. This can be explained by how Gatsby came to get his fortune. By studying the process of how Gatsby tried to achieve his own so-called American Dream, we could haveRead MoreThe Great Gatsby By F. Scott Fitzgerald989 Words   |  4 PagesGatsby Essay Hayden Gordon The overall theme of â€Å"The Great Gatsby† by Scott Fitzgerald is the rise and death of the â€Å"American Dream†. The theme is shown to us through the life of Nick Carraway and the high-class society of which he lives amongst. The characters continually hint at the falsified â€Å"American Dream† in their actions and viewpoints throughout the novel. This dream is built through false hopes and crushed by failed goals. The American Dream is the pursuit of prosperity and hope, andRead MoreThe Great Gatsby1205 Words   |  5 PagesÂâ€" The Great Gatsby The main theme of the novel The Great Gatsby focuses on the American Dream and it is portrayed through the life of Jay Gatsby. Through Gatsbys life we see the withering of the American Dream, a tragedy that struck Jays near finished dream. The American Dream is what many have hoped of achieving, it has existed in the past and is in the present. The American Dream gives people a goal that they can work towards, it also gives them a purpose in life. The American Dream representsRead More F. Scott Fitzgeralds The Great Gatsby Essay1190 Words   |  5 PagesThe Great Gatsby The main theme of the novel â€Å"The Great Gatsby† focuses on the American Dream and it is portrayed through the life of Jay Gatsby. Through Gatsby’s life we see the withering of the American Dream, a tragedy that struck Jay’s near finished dream. The American Dream is what many have hoped of achieving, it has existed in the past and is in the present. The American Dream gives people a goal that they can work towards, it also gives them a purpose in life. The American Dream representsRead More The American Dream in F. Scott Fitzgeralds The Great Gatsby1134 Words   |  5 PagesThe American Dream in F. Scott Fitzgeralds The Great Gatsby The Great Gatsby, by F. Scott Fitzgerald, is a brilliant illustration of life among the new rich during the 1920s, people who had recently amassed a great deal of wealth but had no corresponding social connections. The novel is an intriguing account about love, money and life during the 1920s in New York. It illustrates the society and the associated beliefs, values and dreams of the American population at that time. These beliefsRead MoreLuxuries and Love in the Great Gatsby by F. Scott Fitzgerald Essay1197 Words   |  5 PagesThe American Dream is an ideal that has been in existence since the day the Declaration of Independence was signed. Normally, the lower citizen yearns to rise from rags to riches, while obtaining such luxuries as love, high social status, and political/economic power on his or her way to the top. This dream has undergone various changes since its creation, however it is generally founded on ideas, of freedom, independence, and the desire of something greater . Early colonists’ desire to travel West

77001371600540005431155 Essay Example For Students

77001371600540005431155 Essay ETHICAL DECISION MAKING kATHY BROOKS7900035000 ETHICAL DECISION MAKING kATHY BROOKSright2300231140 201776009800 2017 A summary of the eight steps in ethical decision-making model proposed by Bush et al. (2006) Knapp and Vandecreek (2003) stated, Ethics Codes of professions are, by their very nature, incomplete moral codes (p. 7.) Positive ethics shift from misconduct anddisciplinary action to ones highest ethical potential (Handelsman, Knapp, ; Gottlieb, 2002). The psychologist needs to know why some practices are unethical not askarethey ethical (Shuman ; Goldberg, 1998). To clarify overlappingof ethical problems: ethical,legal, moral, and professional perspective problems are tobe parsed out. These are the eight steps for ethical decision-making: Identify the problem- distinguishbetween ethical, legal, moral, and professional perspectivesto figure outproblems or dilemmas Consider the significance of the context and setting- appropriate and inappropriate determinations. Identify and utilize ethical and legal resources-usesgeneral rules, a) assess the value, b) bioethical principles (Beauchamp and Childress, 2001), c) review ethics codes, d) psychologists must be familiar with jurisdictional laws that regulate, e)position statements, f) review journals, books, book chapters, G) consult colleagues, h) formalize, case by case basis. Considerpersonal beliefs and values-understand own biases,andimpact of values. Developworkable solutionsto the problem- complex dilemmas, pit one ethical principle against another. Consider the potential consequences of various solutions- consequencesarepositive or negative to a solution. Choose and implement a course of action-bestdeal with colleagues and value in timing. Asses the outcomeand implement changes as needed-receive and respond to feedback about decisions. A critical analysis of ethical decision-making model, analyze the strengths and weaknesses of the model in ethical decision-making. Jones (1991) proposes ethical decision is issue-contingent which has a moral issue and six components: Magnitude of consequences; total harm/benefitfrom the moral action in question. Social consensus;the moral issue is defined as the degree of agreement that an alternative is evil or good. Probability of effect; that the action will take place and will cause the harm/benefit expected. Temporal immediacy; time between the present and the consequences of the moral action. Proximity; the feeling of closeness that the moral agent has for the victims/beneficiaries of the action in question, Concentration of effect; the moral act is definedas the inverse function of the number of individuals affected by a given act. Jones (1991, p. 373) states that content validity can be claimed based on: (theobservation that (a) moral intensity varies from issue to issue, (b) individuals can make judgments of moral intensity, and (c) these judgments, although often subject to error and systemic bias, are sufficiently accurate for a person to make critical distinctions,) Jones (1991)statesethical decision-making should consider characteristicsof moral issue in and of itself. Ethical decision-making has its strengths and weaknesses, but there are more strengthsthan weaknesses, there is one that bothers me a bit,1.07 ImproperComplaints: Psychologists do not file or encourage the filing of ethics complaints that are made with reckless disregard for or willful ignorance of facts that would disprove the allegation. Does this apply to other psychologists, or the client? The eight steps of ethical decision-making and six components of ethical decisions with issue contingent and moral issues. REFERENCES Bush, Connell, and Denney (2006) Ethical Principles of Psychologists and Code of Conduct American Psychological Association Evaluating ethical decision-making models: a review and application Nathan C. Whittier, Scott Williams and Todd C. Dewett Raj Soin College of Business, Wright State University, Dayton, Ohio, USA Handelsman, Knapp, ; Gottlieb, 2002. Jones, T.M (1991), Ethical decision making by individuals in organizations: an issue-contingent model, Academy of Management Review, Vol. 16, pp. 366-95 Knapp and Vandecreek (2003) Shuman ; Goldberg, 1998.

The Bates Numbering System of Document Branding

In the process of document/image storage, it is imperative that proper identification systems be developed in order to making cataloguing and searching easier. This essay shall focus on the Bates numbering system of document branding. Advertising We will write a custom essay sample on The Bates Numbering System of Document Branding specifically for you for only $16.05 $11/page Learn More To this end, a definition and explanation of the basic steps that the procedure entails shall be provided. Aside from this, an example of the usage of the identification system shall be provided. Bates numbering is an identification system utilized in various professional fields such as medicine and law. It basically involves putting identifying digits alongside dates and the specific time of branding on documents and pictures as they undergo scanning or other forms of processing. This technique can also be utilized in marking and identifying pictures with copyright sym bols by impressing acceptable legal marks such as company logos on them. Aside from identifying images and documents, this technique also provides protection and security for them. In legal documents, there may be need for identifying each page of a given document. In this usage, the Bates numbering machine gives random and unique tags to each and every page of the document. The identification marks may comprise digits or a combination of digits and letters. In other words there is no standardized format for the technique. The Bates numbering machines can either be electronic or manual. The manual machine is a wheeled stamp which updates itself upwards every time the stamp is put into use. This stamp mainly comes with 3, 4 or seven wheels and also has a mechanism for re-inking after each usage. It is however worth noting that the manual Bates numbering machines are gradually becoming extinct as the world moves onto digital technologies. The electronic Bates numbering system is bas ically a computer application entrenched in various software such PDF readers. They operate in the same incremental way as the manual system such that documents or document pages are assigned uniquely different identification marks.Advertising Looking for essay on computer science? Let's see if we can help you! Get your first paper with 15% OFF Learn More A common usage of the Bates numbering system particularly since the advent of computer technology is the branding of PDF documents. For instance, if an individual has a single page or one PDF document that needs tagging, all that he/she needs is to select the Bates numbering feature from the appropriate tab depending on the type of software used. Several adjustments will be required including the digit at which to start the numbering as well as the font properties and layouts. The procedure is the same for more than one document/ pages except that most if not all PDF software will require one to specify that there ar e multiple documents in the series for the numbering to come out as desired. In summary, it can be said that Bates numbering is a basic system of document organization operating on the principle of clearly embedding documents and images with unique digital or manual identifiers. The system can be used to arrange individual documents based on their particular types or can isolate the individual pages of one document in such a way that it is easier to go directly to the page that is needed. The most common usage of the Bates numbering system is the stamping of PDF documents with special identification numbers using a specially designed tool that comes with the relevant software for this particular purpose. This essay on The Bates Numbering System of Document Branding was written and submitted by user Saanvi Foley to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Free Essays on Protagonist Abner Snopes

Gundareva 1 Marina Gundareva English 112 Mrs. S. Grant October 8, 2003 Protagonist Abner Snopes In 1939, William Faulkner writes â€Å"Barn Burning†. The story reflects the life of the people living in Mississippi during the period of â€Å"social, economic, and cultural tumult, the decade of Great Depression† (Mary E. Byrne) The main theme in â€Å"Barn Burning† concerns the relationships between father- Abner Snopes and his son- Sarty Snopes, shows the social and economic injustice that happens â€Å"between the white landowners and the white tenant farmers†, â€Å"the racial distinction between black and whites† (Mary E. Byrne). The plot in â€Å"Barn Burning† depicts a story of a family that is in the lowest social class and endures financial difficulties. Abner Snope’s attempts for better life do not lead to anything and his family has nothing left to do but travel all over the country in search of new farms which they can lend and maybe make some money just enough to merely survive. Abner Snopes is a poor sharecropper; he i s smart enough to understand that his social status is never going to improve, and that his children’s future holds only hard work. Abner Snope’s complex characterization by Faulkner proves that the social position of his family, inability to provide the members of his family with better life environment leads to the frustration and makes him to become a rebel barn burner; protagonist Abner Snopes turns into antagonist only due to the social and economic pressure the society puts on him. Gundareva 2 Abner Snopes is one of the main characters in William Faulkner’s â€Å"Barn Burning†. William Faulkner shows the nature of Abner Snopes through his attitude towards his family and towards society he lives in. Abner Snopes has four children whose destiny is a great concern of his. Abner Snopes, a person with â€Å"wolf-like independence and even courage† (495), becomes discouraged when in spite of his hard w... Free Essays on Protagonist Abner Snopes Free Essays on Protagonist Abner Snopes Gundareva 1 Marina Gundareva English 112 Mrs. S. Grant October 8, 2003 Protagonist Abner Snopes In 1939, William Faulkner writes â€Å"Barn Burning†. The story reflects the life of the people living in Mississippi during the period of â€Å"social, economic, and cultural tumult, the decade of Great Depression† (Mary E. Byrne) The main theme in â€Å"Barn Burning† concerns the relationships between father- Abner Snopes and his son- Sarty Snopes, shows the social and economic injustice that happens â€Å"between the white landowners and the white tenant farmers†, â€Å"the racial distinction between black and whites† (Mary E. Byrne). The plot in â€Å"Barn Burning† depicts a story of a family that is in the lowest social class and endures financial difficulties. Abner Snope’s attempts for better life do not lead to anything and his family has nothing left to do but travel all over the country in search of new farms which they can lend and maybe make some money just enough to merely survive. Abner Snopes is a poor sharecropper; he i s smart enough to understand that his social status is never going to improve, and that his children’s future holds only hard work. Abner Snope’s complex characterization by Faulkner proves that the social position of his family, inability to provide the members of his family with better life environment leads to the frustration and makes him to become a rebel barn burner; protagonist Abner Snopes turns into antagonist only due to the social and economic pressure the society puts on him. Gundareva 2 Abner Snopes is one of the main characters in William Faulkner’s â€Å"Barn Burning†. William Faulkner shows the nature of Abner Snopes through his attitude towards his family and towards society he lives in. Abner Snopes has four children whose destiny is a great concern of his. Abner Snopes, a person with â€Å"wolf-like independence and even courage† (495), becomes discouraged when in spite of his hard w...

The Better Way to Go Freelance

The Better Way to Go Freelance Freelance now is more than magazines. You can pitch online newsletters and blogs, too. You do NOT have to go with SEO sites where they take any topic, dont edit, then pay you pennies based upon clicks on your page. Dont even go there. Frankly, it hurts your resume. However, magazines are still the strongest way to go when beginning as a freelancer. Most of them even have blogs on their websites, so if you cannot work your way into the print versions, you just might land a spot on a blog with a very current, timely topic. To start with, study magazines and figure out a way to pitch them. Dont write the piece first and try to fit your square peg into the magazines round hole. Same goes for blogs, newsletters, and websites. Make it a challenge. Make it a game. Close your eyes and pick a magazine in Writers Market, or at sites like www.freelancewriting.com or www.worldwidefreelance.com , then study that dang market until you have an idea to pitch. You are the freelancer. You are the job seeker. Therefore, you have to adapt to what they want. What you know doesnt mean squat. Its what you can learn, create, and morph into something they like.   Many writers think they exist in a tiny, less-than-exciting world, and therefore, they are limited to writing about what they know. Thats the sign of a novice. Nows the time to break out of that confining box. Scared to be daring? Scared to write about something outside your comfort zone? Yall . . . all they can do is tell you no. However, I want to give you suggestions on some ideas to pitch . . . and how to master the creation of ideas on your own. Profiles Most publications love to recognize experts or famous individuals. Know someone who is, say, a great landscape designer, caterer, plumber, farmer? Interview them. Ask for their secrets on being successful. Then find a magazine that caters to that profession/interest. Evergreen topics Check the magazines and notice the subjects addressed every year. Then write up something along that subject only with a spin. What unique habit do you use to get the kids ready for school in the morning (for a parenting magazine)? Whats a different way to fertilize or mulch your garden without chemicals? How do you use business cards (outside the norm)? Normal topics are always subject to twists. Go over topics theyve done before and pitch them from a new angle. Look at the advertisers and get a feel for the readership. Yes, even the ads can give you pointers on what the publication prefers since they vet their advertisers based upon their readers. When I teach freelancing, I throw random magazines on the tables and make the attendees query the magazine. They may not scuba dive, but they can still pitch a profile interview. They may not garden, but they may know an organic coop in their region. Its not hard. Profiles, evergreen topics, and advertising interests. Pitch several per week and soon you are up to your eyes in projects.

Topic related to Native American Culture Essay Example | Topics and Well Written Essays - 1000 words

Topic related to Native American Culture - Essay Example On this basis, this essay will discuss the common characteristics of the Native American culture and also highlight on the history of the Native American flute. To start with, the way of life of the different Native Americans was dictated by the climate and natural resources present at the areas they inhabited. According to the American Indian Heritage Foundation, Native Americans share a principle that emphasizes care of the land and respect for nature (1). In this respect, the Native Americans adopted a lifestyle that promoted conservation of nature and natural resources. Therefore, the Native American culture differed depending on the natural resources available to specific communities. For instance, some communities living in forested regions, relied on hunting and gathering for their living while others, living in the highlands, depended on farming practices. However, it is worth pointing out that some elements of the Native American culture were eroded by European settlers, who colonized and exploited the indigenous American communities. Before colonization, the Native Americans shifted their ways of life to conform to the changing se asons based on the environment they occupied (National Humanities Center 1). Interestingly, the Native Americans shared common values in relation to family setups. In reality, the family structures of the Native Americans varied widely but there exist common core values and beliefs (National Association of School Psychologists 1). To begin with, many Native American families are ‘big’. Traditionally, most families were extended in nature, comprising of nuclear and extended family members living in a close proximity. Moreover, according to the National Association of School Psychologists, the Native Americans possessed high fertility rates hence increased prevalence of single mothers resulting from out of wedlock childbirth (1).

Writing about an artist from my country Essay Example | Topics and Well Written Essays - 500 words

Writing about an artist from my country - Essay Example His achievements both in politics along with remarkable records of literary publications make his achievement stand out. It is notable here that his political commentary on Petroleum Concession Agreement and other connected issues have been quite influential within in the oil industry. Anything important in the oil industry has high relevance in the current geopolitical context. This fact makes Mans Al Otaiba and his political commentary important globally. Al Otaiba writes poems both in English and Arabic. The objective of this essay is to explain the life and works of Mans Al Otaiba. The essay initially deals with the personal details of the subject and later talks about his literary, political and economic contributions. Mans Al Otaiba was born in Abu Dhabi. He was born in the month of May in 1946. His father’s name is Saeed Al Otaiba. He was fortunate enough to be born and brought up in a highly influential environment. He later became the Petroleum and Mineral Resources o f the country while Sheikh Zayed bin Sultan Al Nahyan was the president of United Arab Emirates. His influence in the ministry is quite evident by the fact that he later became the President’s personal advisor. The good will that he had was maintained for long as he remained in this official position till the death of Sheikh Zayed bin Sultan Al Nahyan. He also continued to be the private advisor to Sheikh Khalifa bin Zayed Al Nahyan .

Everest report Essay Example for Free

Everest report Essay This report provides an in-depth analysis of the two Everest Simulations conducted by Group 10 of MGMT1001 Thursday Tutorial. This task required students to form teams consisting of five to six members whose goals were to summit Mount Everest. While it provided us with a rich experience in team dynamics and collaboration, it also enabled us to explore key managerial concepts taught in the course, consisting of: †¢Communication †¢Groups and Teams †¢Leadership In this report, we examine the effectiveness of Face to Face Communication (FTFC) versus Computer Mediated Communication (CMC), and the problems encountered through the utilisation of the virtual medium including efficiency of the feedback system, loss of personal focus and other emergent issues. It includes personal reflections on attitudes and perceptions, as well as group performance and strategies adopted in the second Simulation in order to create a more positive team experience. Theories which relate to interpersonal communication have also been integrated in the report to illustrate its relation to certain situations encountered during the Simulation. Additionally, we provide a multifaceted analysis on the notion of team cohesiveness and how it attributes to better performance outcomes. An overview on the different intragroup conflicts encountered in the Simulation has been included, examining the positive and negative impact that conflict had on team experience and performance, and how mutual agreements were reached through the compromising of personal and team goals. Finally, we conclude the report with an analysis of the different leadership styles including directive and empowerment. In our case, a consensus system was agreed upon, which granted equal authority for decision-making. The report also includes a copy of the team contract which briefly outlines our approach to problems and policies for decision-making.

The Apaches :: Native American Indians

The Apaches were American Indians who moved from Canada to Arizona, parts of Colorado, New Mexico, Texas and North America between AD850 and 1400. The Apache were a wandering tribe, so they had two homes. One in the mountains and one in the desert. They lived in their houses for only a short period of time. The women built their houses which were called Wickiups. These were straw domed shaped houses. The Wickiup was only five or six feet high. Outside the Wickiup was covered with bundles of grass and branches. The early Apaches wore deer hide. They soaked the hide in water to make it soft. The men wore breechcloths and moccasins. The women wore skirts in the warm weather and simple dresses in the cold weather. The woman sometimes decorated their clothes with dried porcupine quills. The environment was important for them as they lived off the land a great deal. They lived on lots of wild plants and hunted deer, antelope, elk and buffalo. They also ate prairie dogs, squirrel and rabbits. They would not touch fish or any animals that lived in the water. As they moved around, they had to change how they lived. They picked up the ways of other cultures. For example, some of them rode horses that they discovered through the Spanish. They became fierce horse warriors from the 18th Century. They raided farming villages for food and goods. Environment was important to them because wherever they were they had to get food somehow which they hunted for. As they were on the move they had to adapt how they lived. They picked up the ways of different cultures. e.g. they learnt how to ride horses that they discovered through the spanish. The Chippewa tribe were living around Lakes Superior and Huron (now Quebec, Ontario, Michigan and Minnesota) by the 18th Century. They hunted, fished and gathered plants. They made birch-bark canoes and used the lakes and rivers to travel, so they made use of the environment by using the lakes and rivers as a use of transportation and sometimes food as they fished a lot. Did you know? Did you know there were thirty five thousand people in the Chippewa tribe!? They wore buck skin clothes and moccasins. In the winter they made fur lined shawls and wove turkey down robes. The Apaches :: Native American Indians The Apaches were American Indians who moved from Canada to Arizona, parts of Colorado, New Mexico, Texas and North America between AD850 and 1400. The Apache were a wandering tribe, so they had two homes. One in the mountains and one in the desert. They lived in their houses for only a short period of time. The women built their houses which were called Wickiups. These were straw domed shaped houses. The Wickiup was only five or six feet high. Outside the Wickiup was covered with bundles of grass and branches. The early Apaches wore deer hide. They soaked the hide in water to make it soft. The men wore breechcloths and moccasins. The women wore skirts in the warm weather and simple dresses in the cold weather. The woman sometimes decorated their clothes with dried porcupine quills. The environment was important for them as they lived off the land a great deal. They lived on lots of wild plants and hunted deer, antelope, elk and buffalo. They also ate prairie dogs, squirrel and rabbits. They would not touch fish or any animals that lived in the water. As they moved around, they had to change how they lived. They picked up the ways of other cultures. For example, some of them rode horses that they discovered through the Spanish. They became fierce horse warriors from the 18th Century. They raided farming villages for food and goods. Environment was important to them because wherever they were they had to get food somehow which they hunted for. As they were on the move they had to adapt how they lived. They picked up the ways of different cultures. e.g. they learnt how to ride horses that they discovered through the spanish. The Chippewa tribe were living around Lakes Superior and Huron (now Quebec, Ontario, Michigan and Minnesota) by the 18th Century. They hunted, fished and gathered plants. They made birch-bark canoes and used the lakes and rivers to travel, so they made use of the environment by using the lakes and rivers as a use of transportation and sometimes food as they fished a lot. Did you know? Did you know there were thirty five thousand people in the Chippewa tribe!? They wore buck skin clothes and moccasins. In the winter they made fur lined shawls and wove turkey down robes.

Summary and Response to What Shamu

She tries he usual ways to change him, such as counseling and a lot of nagging, but she soon resigns herself to the fact that these tactics are not going to work. While on a trip to California to research a school for exotic animal trainers, Sutherland studied the techniques students were using, such as â€Å"approximation†: rewarding the small steps toward learning a whole new behavior, â€Å"least reinforcing syndrome†: not responding in any way to bad behavior, and â€Å"incompatible behaviors†: a behavior that makes the undesirable behavior impossible. Soon she realized that these same quenches may very well work on her husband.After years of secretly training her husband with these techniques, she is pleased to tell readers that his behavior and their marriage are both much improved. I enjoyed reading Sutherland essay for the humor she uses in her writing. I particularly enjoy the way she refers to her husband as â€Å"the American husband† and  "my animal†, as if he is some other species in need of training in order to make a good pet. I must admit that even though I found the humor in this read, I found the whole idea of training your husband as you loud an animal to be complete nonsense. Did she write this piece as a joke? Retainer hope so, because if she meant for it to be serious and she actually tried this training on her husband, she has entirely too much time on her hands. Sutherland says â€Å"l began thanking Scott if he threw one dirty shirt into the hamper. If he threw in two, I'd kiss him. Meanwhile, I would Step over any soiled clothes on the floor without one sharp word, though did sometimes kick them under the bed. But as he basked in my appreciation, the piles became smaller† (251 I have a suggestion for you Mrs.. Sutherland, how bout you just ask, or tell if you have to, your husband to pick up his clothes.If he still doesn't honor your wishes, throw his clothes away each time you find them on the floor. This type obtaining usually works well. Call it the â€Å"toss clothes method†. No need for â€Å"approximations† here. If you would like to cook dinner without him hovering over you, how about you just tell him so. If this doesn't work, stop cooking him dinner. Would bet he figures out real quick that he shouldn't hover over you anymore. This is referred to as the â€Å"no din-din technique†. Who needs â€Å"incompatible behaviors† anyway? One more IP for you Mrs..

Corporate Financial Management Lecturer’s Guide

CFML_A01v3. QXD 8/6/08 3:51 PM Page 1 Lecturer’s Guide Corporate Financial Management Fourth edition Glen Arnold For further lecturer material please visit: www. pearsoned. co. uk/arnold ISBN 978-0-273-71064-6  © Pearson Education Limited 2008 Lecturers adopting the main text are permitted to download and copy this guide as required. CFML_A01v3. QXD 8/6/08 3:51 PM Page 2 Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies around the world Visit us on the World Wide Web at: www. pearsoned. co. uk ––––––––––––––––––––––––––––––––––– First published under the Financial TimesPitman Publishing imprint in 1998 Second edition published 2002 Third edition published 2005 Fourth edition published 2008  © Financial Times Professional Limited 1998  © Pearson Education Limited 2002, 2005, 2008 The right of Glen Arnold to be identified as author of this Work has been asserted by him in accordance with the Copyright, Designs and Patents Act 1988. ISBN-978-0-273-71064-6 All rights reserved. Permission is hereby given for the material in this publication to be reproduced for OHP transparencies and student handouts, without express permission of the Publishers, for educational purposes only.In all other cases, no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without either the prior written permission of the Publishers or a licence permitting restricted copying in the United Kingdom issued by the Copyright Licensing Agency Ltd. , Saffron House, 6-10 Kirby Street, London EC1N 8TS. This book may not be lent, resold, hired out or otherwise disposed of by way of trade in any form of binding or cover other than that in which it is published, without the prior consent of the Publishers.CFML_A01v3. QXD 8/5/08 4:16 PM Page 3 CONTENTS Preface Location of answers to questions and problems SUPPLEMENTARY MATERIAL FOR CHAPTERS Chapter 1 The financial world Chapter 2 Project appraisal: Net present value and internal rate of return Chapter 3 Project appraisal: Cash flow and applications Chapter 4 The decision-making process for investment appraisal Chapter 5 Project appraisal: Capital rationing, taxation and inflation Chapter 6 Risk and project appraisal Chapter 7 Portfolio theory Chapter 8 The capital asset pricing model and multi-factor models Chapter 9 Stock markets Chapter 10 Raising equity capitalChapter 11 Long-term debt finance Chapter 12 Short-term and medium-term finance Chapter 13 Treasury and working capital management Chapter 14 Stock market efficiency Chapter 15 Value management Chapter 16 Strategy and value Chapter 17 Value-creat ion metrics Chapter 18 Entire firm value measurement Chapter 19 The cost of capital Chapter 20 Valuing shares Chapter 21 Capital structure Chapter 22 Dividend policy Chapter 23 Mergers Chapter 24 Derivatives Chapter 25 Managing exchange-rate risk  © Pearson Education Limited 2008 5 6 7 10 14 20 24 29 33 38 40 43 47 51 54 58 59 64 66 72 74 77 81 84 86 91 96 3 CFML_A01v3.QXD 8/5/08 4:16 PM Page 4 Supporting resources Visit www. pearsoned. co. uk/arnold to find valuable online resources Companion Website for students ? Learning objectives for each chapter ? Multiple-choice questions with instant feedback to help test your learning ? Weblinks to relevant, specific Internet resources to facilitate in-depth independent research ? A wide selection of FT articles, additional to those found in the book, to provide real-world examples of financial decision making in practice ? Interactive online flashcards that allow the reader to check definitions against the key terms during revision Sear chable online glossary For instructors ? Complete, downloadable Instructor’s Manual including answers for all question material in the book ? A brand new set of over 800 PowerPoint slides that can be downloaded and used as OHTs Also: The regularly maintained Companion Website provides the following features: ? Search tool to help locate specific items of content ? E-mail results and profile tools to send results of quizzes to instructors ? Online help and support to assist with website usage and troubleshooting For more information please contact your local Pearson Education sales representative or visit www. earsoned. co. uk/arnold CFML_A01v3. QXD 8/5/08 4:16 PM Page 5 PREFACE This Guide is designed to assist lecturers and tutors using Corporate Financial Management fourth edition. Supplementary material for chapters For each chapter: †¢ The learning outcomes are outlined. †¢ Key points and concepts are listed. †¢ Solutions to selected numerical problems (thos e marked with an asterisk in the main book) are provided. Note that there is often more than one possible correct solution to a problem. Different answers, which nevertheless follow the logic of the argument presented in the text, may be acceptable.Overhead projector transparency masters Also available on the website in PowerPoint ® for downloading are over 800 selected figures, tables and key points reproduced in a form suitable for creating overhead projector transparency masters. These are arranged in the order in which they appear in Corporate Financial Management. The learning objectives and summary points from the chapters are also included. Glen Arnold  © Pearson Education Limited 2008 5 CFML_A01v3. QXD 8/5/08 4:16 PM Page 6 LOCATION OF ANSWERS TO QUESTIONS AND PROBLEMS (No answers given to those in final column)Chapter No Answered in Appendix VII Answered in Lecturer’s Guide 1 Essay answer required (see text) All (see note in Appendix VII) 2 1, 2, 4, 5, 6 3, 7 3 1 , 2, 3, 6, 9, 11, 13, 15 4, 5, 7, 8, 10, 12, 14 4 1, 2, 4, 5 3 5 1, 2, 3, 5, 6, 9, 10 4, 7, 8 6 1, 4, 5, 6, 7, 8, 9, 10, 11 2, 3, 12 7 1, 2, 3, 7, 8, 9, 10, 11, 12, 13, 15 4, 5, 6, 14a, b, c 8 1, 3, 4, 5, 7, 8, 9, 10 6, 7, 8, 9 14d 2, 6, 11 9 1–11 10 12 8 1–7, 9–11, 13–19 11 1, 2, 3, 4, 5, 6, 10, 11, 13, 16 7 8, 9, 12, 14, 15, 17–20 12 1, 2, 4, 9, 10, 11 5, 12 3, 6, 7, 8, 13, 14, 15 13 1, 4, 5, 7, 9, 10 3a, 6, 8, 23, 25a , 3b, 11, 12, 13–22, 24, 25b, 25c 14 2 15 8, 9 1, 3–17 7, 10 16 1–6 1–4 17 1, 5, 6, 7 18 1, 2 19 2, 3 1 20 3, 4, 5, 6, 7, 9 8, 10 1, 2 21 2, 3, 6a, 9 1 4, 5, 6b, 7, 8 22 4, 5, 8 23 6 1, 3, 4, 5 2, 7, 8, 9 24 1, 2, 3, 4, 5, 7, 10 6, 8, 9 11, 12, 13 25 1, 2, 7, 8a, 10, 11 4, 9 3, 4b, 5, 6, 8b 6 2, 3, 4, 4a 8 1, 2, 3, 4, 7  © Pearson Education Limited 2008 CFML_CH01v3. QXD 29/7/08 17:25 Page 7 SUPPLEMENTARY MATERIAL FOR CHAPTERS Chapter 1 THE FINANCIAL WORLD L EARNING OUTCOMES It is no good learning mathe matical techniques and theory if you lack an overview of what finance is about.At the end of this chapter the reader will have a balanced perspective on the purpose and value of the finance function, at both the corporate and national level. More specifically, the reader should be able to:  ¦ describe alternative views on the purpose of the business and show the importance to any organisation of clarity on this point;  ¦ describe the impact of the divorce of corporate ownership from day-to-day managerial control;  ¦ explain the role of the financial manager;  ¦ detail the value of financial intermediaries;  ¦ show an appreciation of the function of the major financial institutions and markets. K EY POINTS AND CONCEPTS Firms should clearly define the objective of the enterprise to provide a focus for decision making.  ¦ Sound financial management is necessary for the achievement of all stakeholder goals.  ¦ Some stakeholders will have their returns satisfied – gi ven just enough to make their contribution. One (or more) group(s) will have their returns maximised – given any surplus after all others have been satisfied.  ¦ The assumed objective of the firm for finance is to maximise shareholder wealth. Reasons: – practical, a single objective leads to clearer decisions; – the contractual theory; – survival in a competitive world; it is better for society; – counters the tendency of managers to pursue goals for their own benefit; – they own the firm.  ¦ Maximising shareholder wealth is maximising purchasing power or maximising the flow of discounted cash flow to shareholders over a long time horizon.  ¦ Profit maximisation is not the same as shareholder wealth maximisation. Some factors a profit comparison does not allow for are: – future prospects; – risk; – accounting problems;  © Pearson Education Limited 2008 7 CFML_CH01v3. QXD 29/7/08 17:25 Page 8 Glen Arnold, Corporat e Financial Management Lecturer’s Guide, 4th edition – communication; – additional capital. Corporate governance. Large corporations usually have a separation of ownership and control. This may lead to managerialism where the agent (the managers) take decisions primarily with their interests in mind rather than those of the principals (the shareholders). This is a principal-agent problem. Some solutions: – link managerial rewards to shareholder wealth improvement; – sackings; – selling shares and the takeover threat; – corporate governance regulation; – improve information flow.  ¦ The efficiency of production and the well-being of consumers can be improved with the introduction of money to a barter economy. Financial institutions and markets encourage growth and progress by mobilising savings and encouraging investment.  ¦ Financial managers contribute to firms’ success primarily through investment and finance decis ions. Their knowledge of financial markets, investment appraisal methods, treasury and risk management techniques are vital for company growth and stability.  ¦ Financial institutions encourage the flow of saving into investment by acting as brokers and asset transformers, thus alleviating the conflict of preferences between the primary investors (households) and the ultimate borrowers (firms). Asset transformation is the creation of an intermediate security with characteristics appealing to the primary investor to attract funds, which are then made available to the ultimate borrower in a form appropriate to them. Types of asset transformation: – risk transformation; – maturity transformation; – volume transformation.  ¦ Intermediaries are able to transform assets and encourage the flow of funds because of their economies of scale vis-a-vis the individual investor: – efficiencies in gathering information; – risk spreading; – transaction costs.  ¦The secondary markets in financial securities encourage investment by enabling investor liquidity (being able to sell quickly and cheaply to another investor) while providing the firm with long-term funds.  ¦ The financial services sector has grown to be of great economic significance in the UK. Reasons: – high income elasticity; – international comparative advantage.  ¦ The financial sector has shown remarkable dynamism, innovation and adaptability over the last three decades. Deregulation, new technology, globalisation and the rapid development of new financial products have characterised this sector. Banking sector: – Retail banks – high-volume and low-value business. – Wholesale banks – low-volume and high-value business. Mostly fee based. – International banks – mostly Eurocurrency transactions. – Building societies – still primarily small deposits aggregated for mortgage lending. – Fina nce houses – hire purchase, leasing, factoring. 8  © Pearson Education Limited 2008 CFML_CH01v3. QXD 29/7/08 17:25 Page 9 Glen Arnold, Corporate Financial Management Lecturer’s Guide, 4th edition  ¦ Long-term savings institutions: – Pension funds – major investors in financial assets. Insurance funds – life assurance and endowment policies provide large investment funds.  ¦ The risk spreaders: – Unit trusts – genuine trusts which are open-ended investment vehicles. – Investment trusts – companies which invest in other companies’ financial securities, particularly shares. – Open-ended investment companies (OEICs) – a hybrid between unit and investment trusts.  ¦ The risk takers: – Private equity funds – invest in companies not quoted on a stock exchange. – Hedge funds – wide variety of investment or speculative strategies outside regulators’ control.  ¦ The markets: The money markets are short-term wholesale lending and/or borrowing markets. – The bond markets deal in long-term bond debt issued by corporations, governments, local authorities and so on, and usually have a secondary market. – The foreign exchange market – one currency is exchanged for another. – The share market – primary and secondary trading in companies’ shares takes place on the Official List of the London Stock Exchange, techMARK and the Alternative Investment Market. – The derivatives market – LIFFE (Euronext. liffe) dominates the ‘exchange-traded’ derivatives market in options and futures.However there is a flourishing over-the-counter market. There are no numerical questions in this chapter; answers may be found from reading the text.  © Pearson Education Limited 2008 9 CFML_CH02v3. QXD 29/7/08 17:26 Page 10 Chapter 2 PROJECT APPRAISAL: NET PRESENT VALUE AND INTERNAL RATE OF RETURN L EARNING OUTCOMES By the end of the chapter the student should be able to demonstrate an understanding of the fundamental theoretical justifications for using discounted cash flow techniques in analysing major investment decisions, based on the concepts of the time value of money and the opportunity cost of capital.More specifically the student should be able to:  ¦ calculate net present value and internal rate of return;  ¦ show an appreciation of the relationship between net present value and internal rate of return;  ¦ describe and explain at least two potential problems that can arise with internal rate of return in specific circumstances;  ¦ demonstrate awareness of the propensity for management to favour a percentage measure of investment performance and be able to use the modified internal rate of return. KEY POINTS AND CONCEPTS  ¦ Time value of money has three component parts each requiring compensation for a delay in the receipt of cash: the pure time value, or impatience to consume, – inflation, – risk.  ¦ Opportunity cost of capital is the yield forgone on the best available investment alternative – the risk level of the alternative being the same as for the project under consideration.  ¦ Taking account of the time value of money and opportunity cost of capital in project appraisal leads to discounted cash flow analysis (DCF).  ¦ Net present value (NPV) is the present value of the future cash flows after netting out the initial cash flow. Present values are achieved by discounting at the opportunity cost of capital.NPV = CF0 +  ¦ (1 + k)2 + †¦ CFn (1 + k)n 0 accept 0 reject CF1 1+r + CF2 (1 + r)2 + †¦ CFn (1 + r)n =0 The internal rate of return decision rule is: IRR IRR 10 CF2 Internal rate of return (IRR) is the discount rate which, when applied to the cash flows of a project, results in a zero net present value. It is an ‘r’ which results in the following formula being true: CF0 +  ¦ 1+k + Th e net present value decision rules are: NPV NPV  ¦ CF1 opportunity cost of capital – accept opportunity cost of capital – reject  © Pearson Education Limited 2008 CFML_CH02v3. QXD 29/7/08 17:26 Page 11Glen Arnold, Corporate Financial Management Lecturer’s Guide, 4th edition  ¦ IRR is poor at handling situations of unconventional cash flows. Multiple solutions can be the result.  ¦ There are circumstances when IRR ranks one project higher than another, whereas NPV ranks the projects in the opposite order. This ranking problem becomes an important issue in situations of mutual exclusivity.  ¦ The IRR decision rule is reversed for financing-type decisions.  ¦ NPV measures in absolute amounts of money. IRR is a percentage measure.  ¦ IRR assumes that intra-project cash flows can be invested at a rate of return equal to the IRR.This biases the IRR calculation.  ¦ If a percentage measure is required, perhaps for communication within an organisation, th en the modified internal rate of return (MIRR) is to be preferred to the IRR. ANSWERS TO SELECTED QUESTIONS 3 Confused plc a Project C IRRs at 12. 1% and 286%. See Fig. 2. 1. NPV + 12. 1 – 286 Discount rate Fig. 2. 1 Project D No solution using IRR. See Fig. 2. 2. + NPV Discount rate – Fig. 2. 2 b This problem illustrates two disadvantages of the IRR method. In the case of project C multiple solutions are possible, given the non-conventional cash flow.In the case of project D there is no solution, no IRR where NPV = 0. c NPV Project C: +? 646 Project D: –? 200 Using NPV the accept/reject decision is straightforward. Project C is accepted and Project D is rejected.  © Pearson Education Limited 2008 11 CFML_CH02v3. QXD 29/7/08 17:26 Page 12 Glen Arnold, Corporate Financial Management Lecturer’s Guide, 4th edition 7 Seddet International a Project A At 20%: –5,266 + 2,500 ? 2. 1065 = 0, ? IRR = 20% Project B At 7%: –8,000 + 10,000 ? 0. 8163 = +163 At 8%: –8,000 + 10,000 ? 0. 7938 = –62 IRR = 7 + 163 163 + 62 (8 – 7) = 7. 7% Project CAt 22%: –2,100 + 200 ? 0. 8197 + 2,900 ? 0. 6719 = +12. 45 At 23%: –2,100 + 200 ? 0. 8130 + 2,900 ? 0. 6610 = –20. 5 IRR = 22 + 12. 45 12. 45 + 20. 5 (23 – 22) = 22. 4% Project D At 16%: –1,975 + 1,600 ? 0. 8621 + 800 ? 0. 7432 = –1 ? IRR is slightly under 16%. The IRR exceeds the hurdle rate of 16% in the case of A and C. Therefore if all projects can be accepted these two should be undertaken. b Ranking under IRR: Project Project Project Project C A D B IRR 22. 4% 20% 16% 7. 7% best project c Project A –5,266 + 2,500 ? 2. 2459 = 349 Project B –8,000 + 10,000 ? 0. 6407 = –1,593 Project C 2,100 + 200 + 0. 8621 + 2,900 ? 0. 7432 = 228 Project D –1,975 + 1,600 ? 0. 8621 + 800 ? 0. 7432 = –1 12  © Pearson Education Limited 2008 CFML_CH02v3. QXD 29/7/08 17:26 Page 13 Glen Arnold, Corporate Financia l Management Lecturer’s Guide, 4th edition Ranking Project A Project C Project D Project B NPV 349 best project 228 –1 –1,593 Project A ranks higher than project C using NPV because it generates a larger surplus (value) over the required rate of return. NPV measures in absolute amounts of money and because project A is twice the size of project C it creates a greater NPV despite a lower IRR. This report should comment on the meaning of a positive or negative NPV expressed in everyday language. It should mention the time value of money and opportunity cost of capital and explain their meanings. Also the drawbacks of IRR should be discussed:  ¦ multiple solutions;  ¦ ranking problem – link with the contrast of a percentage-based measure and an absolute moneybased measure;  ¦ additivity not possible;  ¦ the reinvestment assumption is flawed.  © Pearson Education Limited 2008 13 CFML_CH03v3. QXD 29/7/08 17:26 Page 14 Chapter 3 PROJECT APPRAISAL: CAS H FLOW AND APPLICATIONS LEARNING OUTCOMESBy the end of this chapter the reader will be able to identify and apply relevant and incremental cash flows in net present value calculations. The reader will also be able to recognise and deal with sunk costs, incidental costs and allocated overheads and be able to employ this knowledge to the following:  ¦ the replacement decision/the replacement cycle;  ¦ the calculation of annual equivalent annuities;  ¦ the make or buy decision;  ¦ optimal timing of investment;  ¦ fluctuating output situations. KEY POINTS AND CONCEPTS  ¦ Raw data have to be checked for accuracy, reliability, timeliness, expense of collection, etc.  ¦Depreciation is not a cash flow and should be excluded.  ¦ Profit is a poor substitute for cash flow. For example, working capital adjustments may be needed to modify the profit figures for NPV analysis.  ¦ Analyse on the basis of incremental cash flows. That is, the difference between the cash flows arisin g if the project is implemented and the cash flows if the project is not implemented: – opportunity costs associated with, say, using an asset which has an alternative employment are relevant; – incidental effects, that is, cash flow effects throughout the organisation, should be considered along with the obvious direct effects; sunk costs – costs which will not change regardless of the decision to proceed are clearly irrelevant; – allocated overhead is a non-incremental cost and is irrelevant; – interest should not be double counted by both including interest as a cash flow and including it as an element in the discount rate.  ¦ The replacement decision is an example of the application of incremental cash flow analysis.  ¦ Annual equivalent annuities (AEA) can be employed to estimate the optimal replacement cycle for an asset under certain restrictive assumptions. The lowest common multiple (LCM) method is sometimes employed for short-lived as sets. Whether to repair the old machine or sell it and buy a new machine is a very common business dilemma. Incremental cash flow analysis helps us to solve these types of problems. Other applications include the timing of projects, the issue of fluctuating output and the make or buy decision. 14  © Pearson Education Limited 2008 CFML_CH03v3. QXD 29/7/08 17:26 Page 15 Glen Arnold, Corporate Financial Management Lecturer’s Guide, 4th edition A NSWERS TO SELECTED QUESTIONS 4 Mercia plc a Proposal 1 Consultant’s fee – sunk cost Central overhead – irrelevant Depreciation – irrelevant Time (years) ?000s 0Earthmoving Construction Ticket sales Operational costs Council Senior management Opportunity cost Cash flows –1,650 3>? 2 –100 –1,650 Discounted Cash flows 1 –150 –1,400 –200 +600 –100 –100 –50 +600 –100 –50 +150 0 +450 150 (1. 1)2 450/0. 1 (1. 1)2 + NPV = + ? 2. 193m Propos al 2 Central overhead (? 70,000) – irrelevant Consultants fees (? 50,000) – sunk cost Time (years) ?000s 0 1 2 3 –100 5,000 –4,000 –400 –100 5,000 –4,000 –400 –100 Design & build Revenue Operating costs Equipment Executive Opportunity cost Sale of club –9,000 Cash flow –9,100 –100 Discounted cash flow –9,100 –100 1. 1 –100 +11,000 500 + 500 (1. 1)2 +11,500 + 11,500 (1. 1)3 NPV = –? 137,566 Recommendation: accept proposal 1 IRR Proposal 1: 20. 2% Proposal 2: 9. 4%  © Pearson Education Limited 2008 15 CFML_CH03v3. QXD 29/7/08 17:26 Page 16 Glen Arnold, Corporate Financial Management Lecturer’s Guide, 4th edition 5 Mines International plc a Survey – sunk cost Time (years) ?m Profit (loss) Add depreciation Capital equipment Survey 0 1 2 3 4 5 0 0 –4. 75 –2. 1 0 –4. 75 0. 30 3. 9 2. 0 4. 7 2. 0 4. 7 2. 0 2. 9 2. 0 1. 5 0 0 0 2. 0 –2. 0 2. 0 2. 25 –0. 25 2. 25 2. 25 0 2. 25 1. 75 +0. 50 1. 75 0 +1. 75 0. 125 0. 125 0. 125 0. 10 0 –0. 25 0. 10 0 –0. 10 Debtor adjustment: Opening debtors Closing debtors Creditor adjustment Opening creditors Closing creditors 0 0. 15 +0. 15 Overheads Hire cost Cash reserves Government refund Cash flow Discounted cash flow 0. 2 0. 15 0. 10 0. 10 0. 125 –0. 05 +0. 025 0. 2 0. 2 –0. 1 0. 2 –1. 0 5. 125 0. 2 +1. 0 +0. 2 –5. 75 –5. 75 –6. 20 4. 05 6. 575 6. 9 8. 075 1. 85 –6. 20 + 4. 05 + 6. 575 + 6. 9 + 8. 075 + 1. 85 1. 12 (1. 12)2 (1. 12)3 (1. 12)4 (1. 12)5 (1. 12)5. 125 = –5. 75 – 5. 536 + 3. 229 + 4. 680 + 4. 385 + 4. 582 + 1. 035 = ? 6. 625m The maximum which MI should bid in the auction is ? . 625m. This additional cash outflow at time zero would result in a return of 12% being obtained. (Some students may time the final debtor and creditor payments at time 5. 25 as time 6. ) b IRR = 29. 4%. c Poin ts to be covered:  ¦ Time value of money.  ¦ Opportunity cost of money for a given risk class.  ¦ Sunk cost.  ¦ Treatment of depreciation.  ¦ Allocated overhead treatment.  ¦ Cash injections.  ¦ Hire cost – opportunity cost. Comparison of NPV with other project appraisal methods: Advantages over IRR: – measures in absolute amounts of money; – ranking problem; – multiple solution problem. 16 Pearson Education Limited 2008 CFML_CH03v3. QXD 29/7/08 17:26 Page 17 Glen Arnold, Corporate Financial Management Lecturer’s Guide, 4th edition  ¦ Advantages over payback: – time value of money allowed for; – all cash flows considered; – cash flows within pay back period considered properly.  ¦ Advantages over ARR: – firm theoretical base, time value of money; – defined decision criteria. 7 Reds plc One-year cycle: Time (years) 0 1 –10,000 –12,000 8,000 – 4,000 NPV = –10,000  œ 4,000 ? 0. 9009 = –13,604 AEA = –13,604 0. 9009 = –? 15,100 Two-year cycle: Time (years) 0 1 2 –10,000 –12,000 –13,000 ,500 –6,500 NPV = –10,000 – 12,000 ? 0. 9009 – 6,500 ? 0. 8116 = –26,086 AEA = –26,086 1. 7125 = –? 15,233 Three-year cycle: Time (years) 0 1 2 3 –10,000 –12,000 –13,000 –14,000 3,500 –10,500 NPV = –10,000 – 12,000 ? 0. 9009 – 13,000 ? 0. 8116 – 10,500 ? 0. 7312 = –39,039 AEA = –39,039 2. 4437 = –? 15,975 Reds should replace the machinery on a one-year cycle.  © Pearson Education Limited 2008 17 CFML_CH03v3. QXD 29/7/08 17:26 Page 18 Glen Arnold, Corporate Financial Management Lecturer’s Guide, 4th edition 8 Immediate replacement: Time (years) 0 1>? +4,000 –15,100 +4,000 –15,100 0. 11 = –? 133,273Replacement after one year: Time 0 + 2>? –2,000 –2,00 0 1 3,000 –15,100 0. 9009 – 15,100/0. 11 1. 11 3,000 ? = –? 122,966 Replacement after two years: Time 0 1 2 3>? –2,000 –1,000 +1,500 –15,100 –2,000 –1,000 ? 0. 9009 + 1,500 ? 0. 8116 –15,100/0. 11 (1. 11)2 = –? 113,097 Recommendation: Commence replacement cycle after two years. 10 Curt plc Incremental cash flows Time (years) 0 –70,000 –28,000 28,000 37,000 47,100 68,410 ? ? ? ? ? 0. 8621 0. 7432 0. 6407 0. 5523 0. 4761 2 3 4 5 0 –70,000 100,000 –80,000 –48,000 110,000 –82,000 121,000 –84,000 133,100 –86,000 146,410 –88,000 10,000 –70,000 Current cash flowsNew plan 1 –28,000 28,000 37,000 47,100 68,410 = = = = = = –70,000 –24,139 20,810 23,706 26,013 32,570 8,960 The positive incremental NPV indicates that acceptance of the proposal to manufacture in-house would add to shareholder wealth. 18  © Pearson Education Limited 200 8 CFML_CH03v3. QXD 29/7/08 17:26 Page 19 Glen Arnold, Corporate Financial Management Lecturer’s Guide, 4th edition Other factors: some possibilities The relative bargaining strength of Curt and its supplier. Perhaps a search for another supplier would be wise. Perhaps it would be possible to negotiate a multi-year price agreement.Are there some other incidental effects Curt has not considered, e. g. factory space usage? 12 Netq plc Output per year: 1,000 ? 0. 3333 ? 2 1,000 ? 0. 3333 ? 0. 75 ? 2 1,000 ? 0. 3333 ? 0. 5 ? 2 = 667 500 333 1,500 Cost of annual output 1,500 ? ?4 = ? 6,000 PV = 6,000/0. 13 = ? 46,154 Both machines replaced: Annual costs 1,500 ? ?1. 80 = ? 2,700 PV = 14,000 + 2,700 0. 13 = ? 34,769 One machine is replaced: Old Output: first third of year second third of year last third of year New 333. 3 166. 7 0 500 333. 3 333. 3 333. 3 1,000 Annual costs 500 ? 4 + 1,000 ? 1. 8 = ? 3,800 PV = 7,000 + 3,800 = ? 6,231 0. 13 The lowest cost option is to replace both m achines. 14 Opti plc Costs One-year replacement: PV = 20,000 – 6,000/1. 1 = 14,545 AEA = 14,545/0. 9091 = 16,000 Two-year replacement: PV = 20,000 + 6,000/1. 1 – 1,000/(1. 1)2 = 24,629 AEA = 24,629/1. 7355 = 14,191 Three-year replacement: PV = 20,000 + 6,000/1. 1 + 8,000/(1. 1)2 + 4,000/(1. 1)3 = 35,072 AEA = 35,072/2. 4869 = 14,103 Four-year replacement: PV = 20,000 + 6,000/1. 1 + 8,000/(1. 1)2 + 10,000/(1. 1)3 + 10,000/(1. 1)4 = 46,410 AEA = 46,410/3. 1699 = 14,641 The optimal replacement cycle is 3 years.  © Pearson Education Limited 2008 9 CFML_CH04v3. QXD 29/7/08 17:27 Page 20 Chapter 4 THE DECISION-MAKING PROCESS FOR INVESTMENT APPRAISAL LEARNING OUTCOMES The main outcome expected from this chapter is that the reader is aware of both traditional and discounted cash flow investment appraisal techniques and the extent of their use. The reader should also be aware that these techniques are a small part of the overall capital-allocation planning process. The studen t is expected to gain knowledge of:  ¦ the empirical evidence on techniques used;  ¦ the calculation of payback, discounted payback and accounting rate of return (ARR);

How Close to the ACT Should You Take a Practice Test

How Close to the ACT Should You Take a Practice Test SAT / ACT Prep Online Guides and Tips It’s extremely important to take full-length practice tests under realistic conditions when studying for the ACT. However, you need to make sure you’re getting the full benefit by spacing out the practice tests correctly. In this article, we'll discuss both the earliest and the latest you should consider taking full ACT practice tests. feature image credit: Smell!/used under CC BY 2.0/Cropped from original How Early Should You Take A Practice Test? There really isn’t any harm that can come out of taking a practice test long before the ACT as long as you’re planning on taking additional practice tests or studying more afterwards. In fact, taking a practice test at the very beginning of your studying is a good idea because it’ll give you an idea of what your current score would be if you took the ACT and what your weak spots are. Ideally, you’ll also take other practice tests over the course of your studying to assess your progress and determine if your studying is making a difference. If you’re only planning on taking one practice test before the real test, just to familiarize yourself with the format and instructions, then the earliest we recommend taking it is seven to eight days before your test; any earlier and you’ll start to forget things, cancelling out any value taking the practice test might have had for you. Again, this seven to eight day recommendation is assuming you’re only taking one practice test without any further studying; if you are planning on studying after taking your first practice test and taking more practice tests, then the next section of this article is more relevant for you. How Late Can You Take an ACT Practice Test? While taking realistic practice tests is an important part of ACT preparation, you don’t want to take a practice test too close to the test or it might have a bad effect on your morale (and, consequently, on your test score). If you do well on the practice test, it might artificially boost your self-confidence and cause you to make careless errors on the real test if you think you can just coast through. On the other hand, if you do poorly, it will just make you more stressed and anxious without giving you time to address those anxieties through studying, which in turn might cause you to second guess yourself and run out off time on the real test. 020/Used under CC BY 2.0/Cropped from original. Don't let this be you on test day! The latest that you take a practice test, therefore, should be the amount of time before the test that still allows you time to review your wrong answers and do some practice drills of questions you struggle with. When exactly this is will vary from student to student, but in general, we recommend taking your last practice test no fewer than two to three days before your scheduled test date. That means that if you’re taking a test on Saturday, the last full-length realistic practice test you take should be on Wednesday or Thursday of that week. It's important to keep in mind, however, that taking a full-length practice test with realistic timing is difficult on a schoolnight; plus, you don’t get the benefits of taking the test in the morning (and getting a realistic idea of what it’ll feel like to take the test early in the day). The Saturday or Sunday before the test, then, is the last chance you have to take a fully realistic practice test. Monday-Thursday before the test, you can try taking a full test or taking it section by section with a few sections grouped together, but be wary of unrealistic conditions because you're taking it in the evening and not all at once. An hour or so of practice is helpful the day before the test, as is(for non-anxious test-takers) doing a couple of practice questions before the test. What’s Next? Now that you know when to take ACT practice tests, where can you find them? Try our massive collection of online ACT practice tests, or just go straight to our collection of free printable ACT Practice Test PDFs. Looking to invest in a book for ACT prep? Read through our rundown of the best ACT prep books here. Want to complement your collection of ACT practice tests with some sample ACT questions? We have a list of great alternative sources of ACT prep material. Want to improve your ACT score by 4 points? Check out our best-in-class online ACT prep program. We guarantee your money back if you don't improve your ACT score by 4 points or more. Our program is entirely online, and it customizes your prep program to your strengths and weaknesses. We also have expert instructors who can grade every one of your practice ACT essays, giving feedback on how to improve your score. Check out our 5-day free trial:

Off and On Compounds

Off and On Compounds Off and On Compounds Off and On Compounds By Mark Nichol Off and on frequently appear as prefixes, but word structure can vary: Should the prefix be hyphenated to the root word, or should the entire word be a closed compound? This post lists examples of such terms. Prefixed words, like compound words, go through an evolutionary process. Unlike as is the case with compounds, however, there is no open phase. Online, offbeat, and the like derive from the idea of being â€Å"on a line† or â€Å"off the beat,† for example, but they never existed as â€Å"on line† or â€Å"off beat.† (â€Å"On line† is a dialectal variant of â€Å"in line,† referring to standing in a queue, but this sense is distinct from the notion of an electronic link.) However, the former did start out in hyphenated form, transitioning during the 1990s as web browsing went mainstream (though a few publications and organizations remain holdouts), while offbeat was coined as a closed compound. Closed off- and on- constructions are prevalent, but some hyphenated terms persist. Generally, however, if the word is a noun, it is closed. Consider the following: offshoot and offspring, and onlooker and onset. (However, off-ramp and on-ramp stubbornly remain hyphenated.) Adjectives seem to be more of a mixed bag: Besides offbeat and online, closed compounds include offsetting and ongoing and the pairs offside and onside, offshore and onshore, and offstage and onstage (all of which are occasionally seen hyphenated). But note the pairs on-air and off-air and off-screen and on-screen, as well as off-color, off-key, off-limits, and off-white. (A few such terms, such as off-screen and on-screen, occasionally appear closed.) Note that phrases beginning with off or on that serve to modify a noun are hyphenated before it, as in â€Å"off-the-cuff remarks† and â€Å"on-the-job injuries.† Treatment after the noun varies, however, according to whether the phrase is permanent or temporary. Off-the-cuff, which appears in dictionaries, is rendered as such after the noun (â€Å"remarks made off-the-cuff†), while â€Å"on the job† is not considered a standing phrase, so it is not hyphenated when it follows a noun (â€Å"injuries that occurred while an employee was on the job†). How does one know the difference between such phrases? One keeps a list or consults a dictionary, or both. Unfortunately, one of these strategies, or a combination of the two, is essential also for confirming the style for terms prefixed by off or on. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:Inquire vs Enquire10 Types of Transitions20 Names of Body Parts and Elements and Their Figurative Meanings

Workforce Design Literature review Example | Topics and Well Written Essays - 1750 words

Workforce Design - Literature review Example Downsizing lay-offs have very devastating effects not only on the employees but also on the economic, political and social condition of the country. In this economic climate workforce redesigning with special emphasis on organizational values is one way to handle this situation in company’s benefit. Latest trends and approaches identifies HR as a strategic partner of the business. Workforce/job design is considered the building block for the smooth running of the human resource processes. There are many approaches regarding workforce/ job design are available all of them provides vehement support that a work design chosen appropriately keeping in view organizational needs and values do contribute positively for organizational success. There is no one best approach towards the workforce design. Organizations need to create and find the best fit between its environment, competitive strategy and philosophy with its organizational structure and design. The changing world of work, which is marked by increased competition, information and communication technology, workforce dynamics, has enforced many changes in organizational structure. In the wake of new economy and emergence of knowledge workers and the challenges of economic and financial crunch, intense competition, changing employment legislation, social and demographic trends organizations these days are battling to stay alive by doing more with less employees. (De Ceiri) There are many approaches surrounding workforce design and organizational structure we will focus our research on few approaches such as Competency Analysis, knowledge management, changes in organizational structure/workflow etc. Workforce/Job design Approaches There are many approaches for workforce/job design but as already discussed there is no one best approach. Organizations have to seek the best fit between organizational demands and environmental demands for any effective job design. Let’s dig deep into what are these dem ands and how job design is actually practiced. One of the organizational demands is that job design approach adopted should be derived from the organizational strategy which determines the duties, breath of task and responsibilities. Formalization of jobs and breadth and depth of task is determined by the company characteristics. Culture of the company and the society needs to be taken into account before deciding the managerial choices for job design tactics and employee’s acceptance of these job design decisions. Organizations also demand that employee’s concern should also be fulfilled regarding need for flexible work arrangements and perceptions of fairness in job duties. Environmental demands also cannot be ignored while deciding for the job design. Many environmental forces have their strong impact on job design such as influence of labor force which determines skill availability to perform task and demographics of workforce such as aging labor, influence of tech nology such as virtual teams and telecommunicating, influence of globalization such as workforce diversity, cross culture issues, influence of ethical and social responsibilities such as concerns for physical condition of job design and type of tasks, the influence of economic conditions such as growing economy or downturn economy. (David) Workforce planning, job analysis and job design play an important role in Human Resource management and the interaction between them is the key to success. The recent global financial crisis that was least predictable has led to certain downturn in the economy. Volatility in oil prices is also affecting the businesses. Recent trends and developments such as these has emphasized the role of business plan that not only anticipates but also helps in coping with such situations. For HR it means

Coco Chanel & Vivien Westwood Essay Example | Topics and Well Written Essays - 2000 words

Coco Chanel & Vivien Westwood - Essay Example Modernism was not conceived as a style but a loose collection of ideas. Where and when it was born is anybody's guess, but it flourished in Germany and Holland, as well as in Moscow, Paris, Prague and New York. Modernists wanted to build a better world, a world that could achieve social improvement through technology. The modernist's principles were frequently combined with social and political beliefs which held that design and art could, and should, transform society. Gabrielle 'Coco' Chanel belonged to this school of thought. (V&A, Modernism-Designing a New World 1914-1939, www.vam.ac.uk)1. Modernism which presume the existence of clear-cut distinctions between different types of aesthetic endeavors, are perceived as elitist in comparison with postmodernism, in which high culture is no longer viewed as aesthetically superior to popular culture and dominant cultures are no longer more significant than minority cultures. The shift from modernist to postmodernist styles is viewed as a consequence of social, political, and cultural changes that have altered the relationships between different social groups and the dominant culture, as well as the ways in which these social groups can be plausibly represented by cultural categories (An Excerpt from Diana Crane’s 1933- "Postmodernism and the Avant-Garde: Stylistic Change in Fashion Design", . The reign of Prince Regent (1820-1830) came to be known as the Regency era. Empress Josephine, during Emperor Napoleon’s (1804) time was a great fashion leader for the slender fashions of the day designed by Leroy. From fak e pearls and strass paste gems to parures and Cameos, these fascinating jewellery made under the influence of Greek and Roman architecture, came to be symbolic of the 18th and 19th century fashion world. The high waist styles of early 19th century known as the Empire style, evolved in the late 1700s. It began as a chemise shift gathered under the breasts and at the neck.It had a very dcollet low square neckline, a short narrow backed bodice and separate skirt. The small neat puff sleeves barely capped the shoulder. They were pulled back by the narrow cut of the bodice and this restricted arm movement. The fabric for Empire dresses was usually made of fine white lawn, muslin or batiste. The predominant styles followed during the regency fashion period were those of Spencer, Pelisse, and Redingote (Pauline Weston Thomas, Regency Fashion History, 1800s Costume History, for Fashion-era.com, www.fashion-era.com). 2.0 Definition of Modernism and Post-Modernism Between World Wars I and II, there was the rise of a puritanical style of design popularly called Modernism or the International Style. Many designs during this period represented a form known for its overall severity and geometry, combined with symmetry, order and simplicity. What was conspicuous was the absence of colour and applied decoration. When colour was applied, it was rarely spontaneous, and seen in geometrical formats and clear-cut,

Discuss how clinical protocols tie into quality management programs Research Paper

Discuss how clinical protocols tie into quality management programs within in the clinical setting - Research Paper Example Brown et al., second this in their study on quality assurance in healthcare in developing countries when they stress on the fact that improving quality actually pays rather than costs, and how health managers with limited budgets cannot afford to ignore that fact (Brown, Franco, Rafeh & Hatzell, n.d.). Buttell et al., mention a few clinical measures recommended by the Institute of Medicine, which are; to improve leadership and knowledge, to identify and learn from errors, to set performance standards and expectations for safety and to implement safety systems in health care organizations (Buttell, Hendler & Daley, 2007). A safe healthcare environment is essential for any medical or clinical institution. Clinical protocols must be followed to ensure quality management and control. They tie into quality management programs within the clinical setting by making healthcare safe, effective, patient-centered, apt, resourceful and impartial.  The thing that  should be aiming for, is constant  improvement. So that, future generations may also benefit from improved healthcare standards as a result of following clinical protocols. In order to achieve the objective of uninterrupted  improvement, merely defining the parameters of what quality care actually is will definitely not be sufficient although the mission hasn’t quite reached completion. Brown, L. D., Franco, L.M., Rafeh, N., Hatzell, T. (n.d.). Quality Assurance of Health Care in Developing Countries. Quality Assurance Methodology Refinement Series. Retrieved from http://pdf.usaid.gov/pdf_docs/Pnabq044.pdf Buttell, P., Hendler, R., Daley, J. (2007). Quality in Healthcare: Concepts and Practice. The Business of Healthcare. Retrieved from

Treatment For Women Survivors Of Childhood Abuse Psychology Essay

Treatment For Women Survivors Of Childhood Abuse Psychology Essay Many women in the United States are adult survivors of child abuse. As testimony to this to this fact, it was discovered in surveys of 1,931 women that up to 62% had a history of childhood sexual abuse (CSA) and up to 30% reported childhood physical abuse (McCauley et al). Numerous female adult survivors of child abuse will experience psychological and behavioral issues as a result, and may benefit from some form of psychotherapy as treatment. Typical strategies used include cognitive-behavioral, trauma-focused, and emotion [-] focused approaches (qtd. in Hodges). Cognitive-behavioral therapy should be considered by women survivors of childhood abuse who are experiencing depression, anxiety, or post-traumatic stress disorder (PTSD). The impact of childhood abuse on women is profound. Dr. Ileana Arias reports in her article The Legacy of Child Maltreatment: Long-Term Health Consequences for Women that Documented psychological problems in adulthood among women survirors of child maltreatment include post-traumatic stress disorder (PTSD), depression, anxiety, somatization, substance abuse, eating disorders, personality disorders, and suicidal behavior. According to reported and documented occurrences of abuse, one particular type of abuse that affects females more than males is childhood sexual abuse. The National Center for Victims of Crime (2007) reported that girls are victimized at least three times more often than boys, and one in four adolescent girls will experience CSA before reaching 18 (qtd. in Hodges). Unfortunately, for the disproportionate amount of female survivors, results of childhood sexual abuse are so traumatic that it can actually alter the brain. For example, this information was given in The Publics Health, Newsletter for Medical Professionals in Los Angeles County in an article titled Adult Manifestations of Childhood Sexual Abuse, Controlled studies have shown that adult survivors of child sexual abuse (ASCSA) are more likely to exhibit adverse psychopathologies in adulthood, and neuroimaging studies confirm that exposure to sexual abuse in childhood alters the neurobiology and neurostructures in the brain, leading to scarring, an abnormal neurohormonal response to future stressors, and predisposes the victim to a lifetime of negative consequences. (3) The article states that the affected areas of the brain are the left hemisphere, the hippocampus and amygdala, and the corpus callosum. If there is neurodevelopmental damage to these parts of the brain, the victim can experience a number of psychological results, including depression, panic disorder, and PTSD (qtd. in DeCarli 3). This is of particular concern to women because PTSD is often a result of experiencing sexual abuse as a child. PTSD is defined in Women Are Diagnosed With Posttraumatic Stress Disorder More than Men, Says Research, as an anxiety disorder precipitated by a traumatic event and characterized by symptoms of re-experiencing the trauma, avoidance and numbing and hyperarousal. (APA). The article notes findings by the American Psychological Association (APA) that women are diagnosed with PTSD more than men. It is common knowledge that men and women are different in a variety of ways, and the way that trauma seems to affect each gender is no exception. The article states that, A reason that men may not fit the current diagnosable criteria of PTSDà ¢Ã¢â€š ¬Ã‚ ¦is that their symptoms may manifest themselves differently. (qtd. in APA). Women would be more likely to report depression or anxiety whereas men would report behavior or drug problems (APA). Cognitive-behavioral therapy is one of the best methods of treatment available and practiced in the U.S. today. Dr. Helen Kennerly defines CBT as therapy which aims to improve mood and change unhelpful behaviors by tackling the thoughts, memories, images and beliefs which are linked with problems (Kennerly 58). Use of cognitive behavioral therapy techniques would be beneficial to women survivors because it is aimed to supply the victim with a thought process to counter the thoughts that provoke or perpetuate depression, anxiety, or PTSD. The process is explained in The Clients Guide to Cognitive-Behavioral Therapy: How to Live a Healthy, Happy Lifeà ¢Ã¢â€š ¬Ã‚ ¦ No Matter What! by Aldo R. Pucci, President of the National Association of Cognitive-Behavioral Therapists. First, the book teaches the Emotional ABCs. The ABCs are this: one is aware of something, then he or she has a belief about it, and the result of the belief is the consequential emotion that results. The belief is positive, neutral, or negative (23). Those thoughts are propelled by underlying assumptions that would be the core to the beliefs (35). Being aware of this process and core beliefs is empowering, and this awareness gives the victim the power to change it. In example, if a woman was abused as a child, and her underlying assumption is that shes not worthy of respect as a result, then that could influence her beliefs and actions in any number of scenarios. She may act timidly in a situation or be a doormat to others because that is her underlying assumption. The core belief must be found and challenged, and the emotional ABCs lead the way to discovery. Next, Puccis version of the The Common Mental Mistakes, mistakes that could also provoke depression, anxiety, and PTSD in a female adult survivor, is introduced. Pucci lists 26 mental mistakes, and then gives a list of Common Emotional Problems and the Common Mental Mistakes. Of the 26 mental mistakes, he lists some that would cause a feeling of depression, including irrational hopelessness/helplessness and catastrophizing (85). A female adult survivor might feel helplessness or hopelessness as an adult because those feelings were likely in the child who had no control of or escape from the abuse. As an adult, however, the former abuse victim has much more control of their life. Pucci describes catastrophizing as another form of underestimating ones potential to deal with a situation effectively (71). He goes on to say that words and expressions often used when catastrophizing are: awful, terrible, horrible, catastrophic, and end-of-the-world (71). If those words were to be replaced with a more neutral word, such as unfortunate, the impact might be deflated (Pucci). This is not say that a female adult survivor of child abuse should want to minimize the validation of their feelings during childhood, but rather to recognize in adult situations if those overwhelming feelings and words are automatic when met with challenge in adult life. These are some of the stepping stones that would lead women survivors to a rational approach, so that even if happiness isnt always attainable, maybe a neutral, solid ground can be reached instead of being sucked into the quicksand of depression and anxiety (Pucci). Alternatively, a trauma-focused CBT approach may be more beneficial to the women survivors experiencing PTSD as a result from childhood sexual abuse. This therapy requires the client to revisit the traumatic experiences through detailed descriptions of the occurrences to assist in identifying the triggers for PTSD, then developing cognitive processes to counter the behavior that follows, such as avoidance of things that are non-threatening triggers. Hodges states, Counseling interventions like trauma-focused therapy presuppose that the focus of therapy with women survivors of CSA is the trauma experience and that reviewing the experience is necessary for the client to improve psychologically. This type of therapy has been stated as generally beneficial for adults who were sexually abused as children (qtd. in Hodges). Although CBT would prove beneficial to treating adult female survivors, there are, of course, alternative treatments, and some experts would not consider this to be the treatment of choice. For example, Hodges takes a different stance on treatment, suggesting a wellness approach instead. Focusing primarily on the trauma itself neglects the individuals growth potential and the positive effect posttraumatic growth has on psychological distress (qtd. in Hodges), she notes, however, Wellness-focused interventions validate the individual and the fact that the important thing is not why the individual survived but how (Hodges). This type of therapy would pay homage to the clients strong points in having dealt with sexual childhood abuse, such as resiliency. Though this, too, could prove beneficial to the women survivors, the CBT approach helps to excavate the core self-belief that is the origin of the suffering they are experiencing in adult life, and gives them tools to successfully comba t the origins of their suffering. Another approach to treatment would be medication for anxiety or depression, in combination with therapy or as a sole treatment. Not only do antidepressants have the potential to cause side effects ranging from weight gain to insomnia to anxiety, they are of particular concern to women who are or could potentially become pregnant. The Mayo Clinic states that some types of antidepressants have been associated with health problems in babies. For instance, these risks are listed by the Mayo Clinic for the selective serotonin reuptake inihibitor (SSRI) Citalopram, better known as Celexa: Risks: Has been associated with a rare but serious newborn lung problem (persistent pulmonary hypertension of the newborn, or PPHN), when taken during the last half of pregnancy; has been associated with septal heart defects; has been associated with a birth defect that affects the brain and skull (anencephaly), a birth defect that affect sutures on the head (craniosynostosis) and a birth defect that affects the abdominal organs (omphalocele). This is just one example, and nearly all the other popularly prescribed antidepressants have similar or equally serious risks. This possibility of side effects in all users and the risks of use in pregnant women make psychotherapy a more reasonable treatment, and the effects may be longer-lasting, as cognitive behavioral therapy aims to treat the causes of depression, not just the symptoms. Likewise, anti-anxiety medications come with their own risks. Anti-anxiety medications known as benzodiazepines (i.e., Ativan) are effective in treating anxiety disorders, however, side effects include drowsiness, poor concentration, and irritability (WebMD). Perhaps of greater concern, these medications are addictive and are not as desirable for long-term use (WebMD). A female adult survivor of child abuse would most likely find long-term benefits and methods that can be used indefinitely in the tools that are developed in cognitive-behavioral therapy rather than relying on medication for these reasons. Although using cognitive-behavioral techniques with a therapist as a guide is ideal, some seeking help may not have the means to attend therapy. In that case, there are a good number of self-help books that employ the fundamentals of this approach. One book that directly addresses using CBT for the adult survivors of child abuse is Overcoming Childhood Trauma: A self-help guide using Cognitive Behavioral Techniques by Helen Kennerley. Puccis book could be used without a therapist as well. Because childhood sexual abuse affects more women than men, books can more easily be found that are written for women. One book is called The Courage to Heal: A Guide for Women Survivors of Child Sexual Abuse by Ellen Bass and Laura Davis. If the woman survivor has the will to treat her anxiety, depression, or PTSD but does not have the financial luxury (or insurance coverage) to use a therapist, any of these books and others available can be of assistance. In conclusion, the primary goals cognitive-behavioral therapy of identifying the mental cues that perpetuate the women survivors suffering and then dealing with the irrationality of some beliefs and behaviors is an ideal treatment. Identifying the underlying assumptions of what has shaped the survivors thoughts and being given those mental tools to fix the problem would be more beneficial than some of the alternatives. Some therapies may not get to the core of what the client is experiencing, and medications can have unfavorable side effects and carry risks for babies carried by mothers using the medications. A therapist can help guide the women survivors in recovery with the cognitive-behavioral techniques, yet if this is not possible, self-help books using those techniques can also help.