Character Sketch Of Gatsby in Fitzgeralds The Great Gatsby :: essays research papers

Gatsby plays an important role in the novel The Great Gatsby by F. Scott Fitzgerald. He is very rich, and lives in a great mansion. Moreover, he gives large parties quite often and most of the people who attend his party are not even invited. He is described as mysterious, generous, and passionate. To begin with, Gatsby is mysterious, this is shown when Nick saw Gatsby for the first time, Something in his leisurely movements and the secure position of his feet upon the lawn suggested that it was Mr. Gatsby himself†¦He stretched out his arms toward the dark water in a curious way†¦Involuntarily I glanced seaward-and distinguished nothing except a single green light†¦When I looked once more for Gatsby he had vanished. (Fitzgerald, 22-23) Nick finds Gatsby standing alone and looking toward the dark water in the middle of the night. Strangely, as Nick glances seaward, he sees nothing but a green light. Mysteriously, when Nick turns to look for Gatsby, he is vanished. Furthermore, there are many rumours about Gatsby, because he is so mysterious. â€Å"Somebody told me they thought he killed a man.† (Fitzgerald, 44) Nobody knows Gatsby, so everyone has his own theory about him. Gatsby’s personality makes him very mysterious as he isolates himself from the guests at his parties. This is proven when Nick is looking at Gatsby, â€Å"The nature of Mr. Tostoff’s composition eluded me, because just as it began my eyes fell on Gatsby, standing alone on the marble steps and looking from one group to another with approving eyes.† (Fitzgerald, 50) Gatsby is a very strange man, because instead of joining his guests, he is all alone and looking at them. Therefore, Gatsby is known to be mysterious. Secondly, Gatsby is generous, this is shown when Lucille is telling Nick and the rest about the gown Gatsby gives her, â€Å"When I was here last I tore my gown on a chair, and he asked me my name and address-inside of a week I got a package from Croirier’s with a new evening gown in it†¦It was gas blue with lavender beads. Two hundred and sixty-five dollars.† (Fitzgerald, 43) Gatsby asks Lucille her name and address, and to her surprise, she receives a new gown within a week from Gatsby because her gown is torn on a chair.

The Debate Over the Glen Canyon Dam Essay -- Nature Environmental Essa

The Debate Over the Glen Canyon Dam Over the years Glen Canyon Dam has been the spark for hundreds of debates, rallies, and protests. These debates have been going on for almost forty years now. The fact is that the dam created a huge lake when it was built, this is what bothers environmentalists. This lake is called Lake Powell and thousands of people depend on its tourists for income. The lake also filled up a canyon called Glen Canyon, some people say it was the most beautiful place on earth. The anti-dam side of the debate has its basis in the fact that Lake Powell is currently covering Glen Canyon. It was very remote so few people got to witness its splendor. This is probably the reason the dam was built in the first place, ignorance. The lake supports a small city called Page, not to mention the hundreds of thousands of people who vacation there. The people who live in or around page and the people who use the lake for recreation are the people who like the dam and they hold up the pro-dam side of the debate. The argument is: why should we drain Lake Powell when thousands upon thousands of people enjoy it each year compared to the few hundred if that that might have ventured into Glen Canyon if it were still there. Also people argue that the rock formations, plant life, and even streams and rivers of the old Glen Canyon have long since been destroyed and it will never be the same even if we were to drain the lake. This Paper will describe and analyze three articles pertaining to the ongoing debate for and against Glen Canyon Dam. Two of these articles were found in the 1999 edition of A Sense of Place, and the third was downloaded off a site on the Internet (http://www.glencanyon.net/club.htm). These articles wi... ...ion that the proposal to drain Lake Powell is not a very good one " First off two Club members in page, AZ quit the club over the Lake Powell proposal" (www.glencanyon.net/club). The writer thinks that the board is wrong to propose such an idea "Lake Powell violated the club's policy that major decisions should start at the ground and work their way up" (www.glencanyon.net/club). The author seems to want to clear guilt of the proposal from the club members. The author's point of view seems to be of someone who is involved in the Sierra Club organization itself, whether the author is or isn't a member they have something to do with the organization. The author is in a protective mode, "The Board (of the Sierra Club) pulled this idea out of thin air" (www.glencanyon.net/club) trying to state the fact that not all members are in favor of the plan to drain the lake.

An Evaluation of Academic Performance of Grade 1 Pupils with and Without Early Childhood Experience Essay

â€Å"Bright minds make bright future!† Preparatory children nowadays are far better than before they are more advanced in teaching and more capable of absorbing the methods of learning that used with them. Modern teaching accompanied with modules and analytical measures develop the preschooler’s memory retention that serves as the foundation of their education. Kids today are more willing and not afraid to try to discover new ways and methods of learning. The value of preschool is a hot topic these days. A small but growing number of studies link enrolment in preschool or child care centers (which typically include a preschool curriculum) to higher cognitive and language scores on kindergarten-entry tests The early childhood stage is a permanent learning stage. Whatever they learn now, they will take home. This preschool education is the provision of education for children before the commencement of statutory education, usually between the ages of three and five, dependent on the jurisdiction. The institutional arrangements for preschool education vary widely around the world, as do the names applied to the institutions. Effective preschool education can help make all children ready to learn the day they start school and, more importantly, help close the enormous gap facing children in poverty. Preschool gives our kids the strong foundation they need to be successful in school and in life. Children who attend pre-kindergarten programs have bigger vocabularies and increased math skills, know more letters and more letter-sound associations, and are more familiar with words and book concepts, according to a number of studies (Patson P. Opido 2010). The child is the ultimate concern in all educational processes. He is the beginning at the end of all educational efforts. The goal of education is to help every child grow up well-rounded; physically well-developed, mentally healthy, intelligently alert, emotionally secure and socially well adjusted. These can be truly achieved by giving attention to the child’s foundation. The first day of the children in school is a unique experience. It may be their first contact with big group of children. The difference among first grade pupils in their level of preparedness to grade one work may vary. The grade I teacher should be aware of the differences in the children’s readiness; some readiness is the springboard to do actions. Knowing pupil’s differences will guide the teacher on what to do to develop them to the fullest ( Lindberg and Swedo, 1995). A child born of a healthy, responsible and emotionally mature parents has a good foundation. His parents, especially the mother, guide him through the proper habits of eating, sleeping and cleanliness. An individual’s attitude toward himself and others, his behaviour either at work or at play, and his emotional roots in his early childhood experiences. What he learns at home constitutes the basis for future learning and adjustment. As the child develops social awareness, he needs to experience association with a larger group outside his home. Parents send their children to school simply because they want them to develop basic health habits and self sufficiency. Furthermore, this also includes the ability to use language patterns for simple and correct social attitudes in relation to the company of people around him, whether adults or other children and the appreciation of the aesthetic attributes of his immediate surroundings. Modern teaching accompanied with modules and analytical measures develop the preschooler’s memory retention serving as the foundation of their education. Kids today are more willing and not afraid to try to discover new ways and methods of learning. The value of preschool is a hot topic these days. A small but growing number of studies link enrolment in preschool or child care centers (which typically include a preschool curriculum) to higher cognitive and language scores on kindergarten-entry tests. The early childhood stage is a permanent learning stage. Whatever they learn now, they will take home. This preschool education is the provision of education for children before the commencement of statutory education, usually between the ages of three and five, dependent on the jurisdiction. Parents on the other hand, play a vital role in educating their children because they are their first teachers, which is the greatest contribution before a child ever begins his formal education in school. When a child enters the formal school, he carries out with him the acquired values from his parents. Just like the teacher’s task, if parents fail to perform their responsibilities, it may bring misbehaviour on their children which may directly or indirectly affect the child’s academic performance. In the Philippine public elementary schools today, inner tensions have been continuously affecting the learners going to grade one level, especially those who had never gone to any kind of schooling before. These learners entering grade one have many apprehensions. Most of them have no experiences in going to school. Parents are not capable of sending them to school especially those in remote and slum areas. Instead of giving their children a chance to study in Day Care Centers and Kindergarten in some public elementary schools, they ended up waiting for their to be accepted in Grade One. With these scenarios the pupils encounter difficulties in catching up with different skills like numeracy and literacy which are now the basic skills necessary in the first grade level of formal schooling. These children also suffer in relating themselves to their new environment, the school. In order to have a smooth transition from home to school and to prepare them socially and psychologically, the curriculum on the Early Childhood Experiences was recommended for adoption in all public elementary schools as included in Every Child A Reader Program ( ECARP). It aims to developing the reading readiness and developmental reading in Grade one as launched by the Department of Education. One of the major goals of the 2015 Education for All (EFA) is the expansion of the coverage and improvement of the quality of the Early Childhood Care and Development (ECCD) programs in the country. The present government administration in its Ten-Point Agenda has declared a policy calling for the standardization of preschool and day care centers. The Department of Education (DepEd) in support of this thrust will administer School Readiness Assessment Test to All Grade One Entrants, effective SY 2005-2006. The School Readiness Assessment (SRA) is a tool to determine the readiness of Grade One entrants in tackling formal Grade One work. The School Readiness Assessment Tool will be administered by Grade One teachers assisted by the Grade Two and Three teachers one week before opening of classes. The assessment shall not be treated as an entrance test or examination. No child shall be refused entry to Grade 1 based on the results neither of this assessment nor without preschool experience. To continuously determine the school readiness of all Grade One Entrants, the School Readiness Assessment (SReA) was administered. One of the objectives of SReA is to assess pupils’ readiness across the different developmental domains – gross and fine motor, receptive/ expressive language, cognitive domain and socio- economic domain. The result obtained was the basis for grouping the Grade One entrants. It was also used to guide Grade One teachers in providing appropriate instruction and assistance to address specific needs of the pupils. The result of the School Readiness Test in May 2011 identified that there were at least forty two point ninety eight percent of the school population of Grade One entrants were not ready. Children with No Early Childhood Care and Development (ECCD) has low average in pupils’ readiness across the different developmental domains – gross and fine motor, receptive/ expressive language, cognitive domain and socio- economic domain. Background of the Study The researcher is motivated by the above mentioned situation and this led to the conceptualization of this study. As an educator, the researcher is faced with the fact that there is an imperative need to strengthen and streamline the internal management of educational arrangements in order to achieve efficiency and responsiveness to trends and challenges of the next millennium. It is therefore the aim of this study to empower parents and positively influence them on affirmative effects of pre-school education in the holistic development of their children particularly on the advancement of their academic performance. The value of preschool is a hot topic these days. A small but growing number of studies link enrolment in preschool or child care centers (which typically include a preschool curriculum) to higher cognitive and language scores on kindergarten-entry tests. The early childhood stage is a permanent learning stage. Whatever they learn now, they will take home. This preschool education is the provision of education for children before the commencement of statutory education, usually between the ages of three and five, dependent on the jurisdiction. The institutional arrangements for preschool education vary widely around the world, as do the names applied to the institutions ( Bustos Alicia and Espiritu 1985). The Early Childhood Experiences Curriculum, hence all Grade One teachers are expected to implement it. Teachers are also encouraged to make use of local songs, games, dances and indigenous materials to enrich the curriculum. It is hoped that the Early Childhood Experience for Grade One will greatly benefit the children and strengthen efforts to make the schools child-friendly. Theoretical Framework This study is anchored on Edward Thorndike’s, Jerome Bruner’s, and B.F. Skinner’s Theories of Learning. These theories enabled the researcher in the conceptualization of this work. The Law of Readiness as advocated by Thorndike is associated with mind set. It states that when an organism is prepared to respond to a stimulus, allowing doing so would be satisfying while preventing him would be annoying. This law works well in this study because the children is mentally ready to learn. The Law of Exercise states that the constant repetition of response strengthens its connection with the stimulus, while disuse of response weakens it. The exercises given to the children using a modifiable connection like instructional materials enables them to acquire the learning easier and faster because the responses will be utilized, the stronger the connection to be developed. Thus, when a modifiable between a stimulus and a response has been made, it is strengthened if its results in satisfaction as the Law of effect proves. Jerome Bruner’s (1915) theory of Instrumental conceptualization is also applied as it involves (3) three simultaneous processes as: Acquisition, Transformation and Evaluation. This theory of learning believes that the acquisition of whatever form of knowledge acquisition, who selects structures, retains and transforms information. Teaching without the use of proper strategic plans will result to failure. Through School Readiness Assessment Test (SReA), pupils will acquire knowledge through different techniques used by the researchers. Hence, learning to read is facilitated by Skinner’s Theory. Conceptual Framework This study focused on the evaluation of academic performance of Grade One pupils with and without Early Childhood Experience of Sto. Nià ±o Elementary School. The independent variable consist of School Readiness Assessment Test (SReA) for children with and without Early Childhood Experience while the dependent variable is the academic performance of the respondents in terms of the following: Sensory Discrimination, Concept Formation, Numeracy, Reading Readiness and Construction and Visual Motor Integration.

The Effect of Rmb Internationalization

Effects on China Advantages : Enterprises in China Enterprises in China may benefit a lot from the internationalization of Renmibi. First of all, the cost of currency exchange can be saved and the risk of exchange rate of using of other currencies can be reduced, if Renminbi become a trade settlement. Also, RMB as an investment currency, if foreign assets increased demand of it ,China can reduce the interest rates of RMB assets, thereby reducing their financing costs, and further, companies can go overseas to issue RMB-denominated bonds, thereby expanding the scope of financing and address the problem of currency mismatch. Furthermore, Domestic firms can use the RMB to invest abroad, to achieve Chinese enterprises â€Å"going out† strategy, integrating into the global economy. People’s Republic of China China may have quite a lot of advantages from it too. First, it may enhance the international status of China through internationalization of Renminbi by increasing China's voice in the international community and the influence of China in international economy, as the internationalization of its currency may promote the expansion of China’s financial service sector. Also, China may collect ‘ seigniorage’from the rest of world, which ‘ seigniorage’ defined as the margin between the denomination of the notes and the cost of issuing the notes obtained by the note issuer, if RMB get commodity pricing, which can use it to buy the worldwide resources and avoid U. S. dollar liquidity constraints, that leads to expansion of seigniorage revenue. More, China has accumulated foreign exchange reserves to ease the pressure, reduce the risk of reserve assets shrink, reducing the dependence of other countries (mainly U. S. ). China's foreign exchange reserves, mostly are U. S. overnment bonds, which makes China and U. S. in a delicate state. After global financial crisis , the Chinese foreign exchange reserves shrink every moments, but China is not found in other better investment options, holding dollar debt is the best choice for China at this moment. Financial organizations The financial organization may also take advantages throug h RMB internationalization. First, the import and export trade companies for RMB provide clearing services and financing for foreign importers to provide support to the RMB business so as to expand the scope of commercial banks and to increase the profits of commercial banks. Furthermore, The existence of economies of scope to improve the competitiveness of financial institutions, and the increased use of offshore yuan to improve market liquidity, more importantly, the central bank can protect the lender of last resort to provide liquidity for financial institutions to protect, Chinese financial institutions to reduce foreign exchange liquidity risk, which together with the economies of scope to improve the overseas Chinese financial institutions to conduct renminbi business competitiveness. Also, RMB overseas demand also contributed to the innovation of financial instruments and the development of renminbi derivatives market. Last nut not the least, it may benefit from increasing the influence of China's financial markets, and promote international financial center , like Shanghai, as well as an offshore financial center, Hong Kong, the development of renminbi, the Chinese financial markets and further integrate into the international financial markets. Disadvantages PRC government The PRC government , however, still has to face some challenges in order to achieve RMB internationalization. First of all, as China’s capital markets are still too shallow, any significant changes in cross-border capital flows may easily lead to large fluctuations in China’s asset prices. Overseas demand challenges the RMB of China's monetary policy , while people who holds the RMB assets may cause the increase of cross-border capital flows and exchange rate fluctuations, and thus affects the stability of China's financial system. Also, if a currency is fully internationalized, which means that it can easily be obtained in international financial markets, the country with an internationalized currency will be very vulnerable to speculative attacks from international speculators. More, â€Å"hot money† will enter China causing economic crisis. As Hot money will lead to economic crisis in China's property market and the stock market, as investors consider more to invest their money in high-return business. Like Guangzhou Tang Hang Metal Materials Co. , Ltd. eferred payment for imported goods in China so as to profit from the appreciation of the renminbi. Experts said that China's foreign exchange regulations, the RMB settlement may make this form of arbitrage is more profitable, because the company can enjoy a more favorable foreign exchange rate. According to the monetary policy report from the central bank( page 16), China was trying to fix the problem of hot money. ‘ â€Å" † , 2010 ? 11 ,2011 ? 3 , ?2011 ’ From Second quarter of the monetary policy report from People’s bank of China Last but not the least, it is more difficult for China to control the inflation rate. China's battle to curb inflation even more difficult, because People Bank of China must print more RMB to buy dollars flowing into the country. China has more than 6% inflation. And Beijing want to precisely control the level to curb the appreciation of the yuan revaluation, but the internationalization of the RMB has given tremendous upward pressure. Brookings Institution China scholar Prasad (Eswar Prasad) said that the management and increase appreciation of the RMB yuan in international trade and financial transactions of the importance, both in the short term this is a contradiction. According to the monetary policy report from the central bank, (page 1 ), there is still pressure in controlling the amount of RMB. ‘ , , 5 ,M2 M1 4. 6 8. 5 6 , ,M2 M1 0. 8 0. 4 , †¦.. ’ From Second quarter of the monetary policy report from People’s bank of China

Reflection and Evaluation Essay

As part of the 7407 stage 1 course there is a requirement for several groups of students to complete a micro teaching session, we would do the session in front of the other students who would provide the feedback for the session. There is no doubt that immediate feedback is the most beneficial due to the work still being fresh in the mind of the student. Reece & Walker (2002 p470) Reflection We had initially planned to deliver the micro teach two weeks earlier but one member of the group had a personal issue that forced the session to be delayed by two weeks. Our group had a diverse knowledge pool, IT, Physical Education and Marketing and because of this diversity I initially thought that finding a subject for the micro teaching session would be hard but to my surprise we had discussed and agreed the subject and each persons involvement within thirty minutes. The micro teaching session would be based on the human heart with each member of the group delivering a part of the session, my part would be to create the presentation materials using Microsoft PowerPoint, the marketing expert would devise the session plan and handouts and the PE instructor would discuss the function of the human heart. Each individual in the group contributed to each part of the session (see lesson plan and scheme of work submitted with this document). Action Points We set up the resources and distributed the handouts, the session started with our marketing expert discussing the aims and objectives of the session, when she had finished it was my turn to read some interesting heart facts from a PowerPoint presentation, I chose to read these facts direct from the projected screen and because of this I could not face the class, I believe that this was a mistake and in future I will ensure that I read from printed material. After I had finished my interesting facts presentation the PE instructor completed her section which included explanations of the different aspects of the human heart, this was done using models and overhead projections, this section went particularly well and the students participated by asking questions, we had only allowed five minutes for this section but the amount of questions asked made the section overrun slightly. After this section was complete the students were given a quiz sheet, the quiz was based on the delivered session and this would be used to check learning had taken place, this section was handled mainly by the marketing expert who read the questions and confirmed the answers at the end. Overall the micro teaching session went well and issues were identified immediately, the students performed well on the quiz and the overall feedback was good. Bibliography Reece I & Walker S (2002) Teacher Training and Learning Fourth Edition Business Education Publishers Limited.

Harvard business publishing Essay

In mid-September of 2010, Emily Harris, vice president of New Heritage Doll Company’s production division, was weighing project proposals for the company’s upcoming capital budgeting meetings in October. Two proposals stood out based on their potential to strengthen the division’s innovative product lines and drive future growth. However, due to constraints on financial and managerial resources, Harris knew it was possible that the firm’s capital budgeting committee would decline to approve both projects. She also knew that New Heritage’s licensing and retail divisions would promote compelling projects of their own. Consequently, Harris had to be prepared to recommend one of her projects over the other. The Doll Industry Revenues in the U.S. toy and game industry totaled $42 billion in 2008 and were projected to increase by 4.6% per year to $52.5 billion by 2013. The market was divided into two broad segments: video games (48%) and traditional toys and games (52%). The second segment was further divided into infant/preschool toys (14.5%), dolls (14.1%), outdoor & sports toys (12.3%), and other toys & games (59.1%) including arts and crafts, plush toys, action figures, vehicles, and youth electronics. The U.S. market for toys and games was dominated by large global enterprises that enjoyed economies of scale in design, production, and distribution. Revenues were highly seasonal; the largest selling season in the United States coincided with the winter holiday period. Within the toy and game segment, U.S. retail sales of dolls totaled $3.1 billion in 2008 and were projected to grow by 3% per year to $3.6 billion by 2013. The doll category included large, soft, and mini dolls, as well as doll clothing and other accessories. The phenomenon of â€Å"age compression†Ã¢â‚¬â€ the tendency of younger children to acquire dolls that had traditionally been designed for older girls—reduced growth in the â€Å"baby-doll† sub-segment. Competition among doll producers was vigorous, as a small number of large producers targeted similar demographics and marketed their dolls through the same media. Lasting franchise value for a branded line of dolls was rare; the enormous success of Barbie ® dolls was an obvious exception. More recently and on a much smaller ________________________________________________________________________________________________________________ HBS Professor Timothy Luehrman and HBS MBA Heide Abelli prepared this case solely as a basis for class discussion and not as an endorsement, a source of primary data, or an illustration of effective or ineffective management. Th is case, though based on real events, is fictionalized, and any resemblance to actual persons or entities is coincidental. There are occasional references to actual companies in the narration. Copyright  © 2010 Harvard Business School Publishing. To order copies or request permission to reproduce materials, call 1-800-545-7685, write Harvard Business Publishing, Boston, MA 02163, or go to http://www.hbsp.harvard.edu. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of Harvard Business Publishing. Harvard Business Publishing is an affiliate of Harvard Business School. Purchased for use on the MSc Business Valuation, at Imperial College London. Taught by James Sefton, from 21-Aug-2013 to 31-Dec-2013. Order ref F211857. Usage permitted only within these parameters otherwise contact info@thecasecentre.org Educational material supplied by The Case Centre Copyright encoded A76HM-JUJ9K-PJMN9I Order reference F211857 New Heritage Doll Company: Capital Budgeting 4212 | New Heritage Doll Company: Capital Budgeting scale, New Heritage also had created a durable franchise for its line of heirloom dolls. But the popularity of most doll lines waned after a few years. New Heritage Dolls By 2009, New Heritage had grown to 450 employees and generated approximately $245 million of revenue1 and $27 million of operating profit from three divisions: production, retailing, and licensing. The production division, discussed further below, designed and produced dolls and doll accessories. The retailing division offered a unique â€Å"intergenerational experience† for grandmothers, mothers, and daughters, centered upon the character histories and storylines of the company’s dolls and delivered through an online website (42%), a mail-order paper catalog (33%), and a network of retail stores (25%). In fiscal 2009, the retailing division generated roughly $190 million of revenue and $4.8 million of operating profit. The licensing division was started in 1998, and represented the company’s newest and most profitable division. It sought to extend the New Heritage brand and capitalize on high levels of customer loyalty by selectively licensing the company’s doll characters and themes to a variety of media that reached the firm’s target demographic of toddler to pre-teen girls. In fiscal year 2009 the licensing division generated $24.5 million of revenue and $14.5 million in operating profit. New Heritage’s Production Division Production was New Heritage’s largest division as measured by total assets, and easily its most asset-intensive. Approximately 75% of the division’s sales were made to the company’s retailing division, with the remaining 25% comprising private label goods manufactured for other firms. Table 1 summarizes the division’s various sources of revenue and operating income. Table 1 Production Division Data: Revenue ($ millions) Operating Income ($ millions)    New Heritage’s dolls and accessories were offered under distinct brands with different price points, targeting girls between the ages of 3 and 12 years. The company’s baby dolls were generally priced from $15–$30, and were offered to younger girls in earlier stages of development. These dolls typically came with a â€Å"birth certificate† and a short personal history. Dolls in the higher-end of this category incorporated technology that produced a limited amount of speech and motion. For the 1 The division revenue figures include approximately $95 million of internal sales within divisions which are eliminated when considering consolidated revenue for the company. BRIEFCASES | HARVARD BUSINESS PUBLISHING Purchased for use on the MSc Business Valuation, at Imperial College London. Taught by James Sefton, from 21-Aug-2013 to 31-Dec-2013. Order ref F211857. Usage permitted only within these parameters otherwise contact info@thecasecentre.org Educational material supplied by The Case Centre Copyright encoded A76HM-JUJ9K-PJMN9I Order reference F211857 The New Heritage Doll Company was founded in 1985 by Ingrid Beckwith, a retired psychologist specializing in child development and the grandmother of two young girls. Dr. Beckwith believed the dolls produced by the major toy companies did little to develop girls’ imagination or foster a positive self-image, so she created a line of dolls with unique storylines and wholesome themes. Dr. Beckwith’s dolls struck a chord among mothers and grandmothers who also rejected the dated, clichà ©d images portrayed by the popular dolls of the day. New Heritage Doll Company: Capital Budgeting | 4212 New Heritage outsourced much of its production to a select number of contract manufacturers in Asia. To ensure product quality and safety, the company maintained a fulltime staff to oversee material sourcing, production, and quality control on site at each of its manufacturing partners. Manufacturing activities that required precise tolerances or proprietary processes, along with all the creative elements (design and product prototyping, for example), were handled in-house at the company’s headquarters facilities in Sacramento, California. Educational material supplied by The Case Centre Copyright encoded A76HM-JUJ9K-PJMN9I Order reference F211857 Capital Budgeting at New Heritage New Heritage’s capital budgeting process retained some of the informality that characterized the company’s early years as an innovative startup. As the company grew, deliberate steps were taken to decentralize some of the project approval process and increase spending authority at the division level. However, large and/or strategic spending proposals were reviewed at the corporate level by a capital budgeting committee consisting of the CEO, CFO, COO, the controller, and the division presidents. The committee examined projects for consistency with New Heritage’s business strategy and sought to balance the needs and priorities of each division against practical financial and organizational constraints. The committee also sought to understand project interdependencies and the potential for a given investment to strengthen the whole company, not solely the division proposing it. New Heritage’s capital budget was set by the board of directors in consultation with top officers, who in turn sought input from each of the divisions. The capital and operating budgets were linked; historically, the capital budget comprised approximately 15% of the company’s EBITDA. The committee had limited discretion to expand or contract the budget, according to its view of the quality of the investment opportunities, competitive dynamics, and general industry conditions. Before being considered by the committee, projects were described, analyzed, and summarized in self-contained proposal documents prepared by each division. These contained business descriptions, at least five years of operating and cash flow forecasts, spending requirements by asset category, personnel requirements, calculations of standard investment metrics, and identification of key project risks and milestones. Financial Analyses Financial analysis began with operating forecasts developed with oversight from New Heritage operating managers. Revenue projections were derived from forecasts of future prices and volumes. Fixed and variable costs were estimated separately, by expense category. Forecasts of working capital requirements were likewise vetted by line managers, who paid particular attention to a project’s requirements for various types of inventory. Forecasts for fixed assets and related depreciation charges were developed in cooperation with analysts reporting to the controller. HARVARD BUSINESS PUBLISHING | BRIEFCASES Purchased for use on the MSc Business Valuation, at Imperial College London. Taught by James Sefton, from 21-Aug-2013 to 31-Dec-2013. Order ref F211857. Usage permitted only within these parameters otherwise contact info@thecasecentre.org $75–$150 price range, New Heritage produced a line of heirloom-quality dolls and accessories. These were designed to appeal to older girls and to convey a sense of cultural and family tradition among grandmothers, mothers, and daughters. The heirloom dolls had more elaborate accessories and personal histories. Finally, the company offered a line of high-end dolls based on fictional â€Å"celebrities,† each associated with a charitable cause and embracing more contemporary fashion trends. These dolls targeted girls in the so-called â€Å"tween† age range of 8–12 years, and also were priced from $75–$150. Like the heirloom dolls, celebrity dolls also came with more elaborate stories and accessories. 4212 | New Heritage Doll Company: Capital Budgeting New Heritage assigned discount rates to projects according to a subjective assessment of each project’s risk. High-, medium-, and low-risk categories for each division were associated with a corresponding discount rate set by the capital budgeting committee in consultation with the corporate treasurer. Assessments of each project’s risk were made at the division level, but subject to review by the capital committee. Factors considered in the assessment of a project’s risk included, for example, whether it required new consumer acceptance or new technology, high levels of fixed costs and hence high breakeven production volumes, the sensitivity of price or volume to macroeconomic recession, the anticipated degree of price competition, and so forth. In 2010, â€Å"medium†-risk projects in the production division received a discount rate of 8.4%. High- and low-risk projects were assessed at 9.0% and 7.7%, respectively. Projects that created value indefinitely, given continuing investment, were treated as going concerns with a perpetual life. That is, NPV calculations included a terminal value computed as the value of a perpetuity growing at a constant rate. However, to preserve an element of conservatism, the capital committee generally insisted on relatively low perpetual growth rates – lower than New Heritage’s historical growth and lower than near-term growth forecasts for a given division. Investment Opportunities in the Production Division Emily Harris was focused on two of the production division’s most attractive current proposals. The first involved expanding the successful Match My Doll Clothing Line to include matching allseason clothing for tween girls and their favorite dolls. The second involved a new initiative, the Design Your Own Doll line, which employed web-based doll-design software to let users â€Å"customize† a doll’s features to the customer’s specifications. Match My Doll Clothing Line Expansion The Match My Doll Clothing line originally consisted of a few sets of matching doll and child clothing and accessories for warm weather. It quickly became successful after the daughters of a few celebrities were spotted and photographed wearing items from the line, and girls’ magazines included some of the line in â€Å"what’s hot to wear† sections. Given recent publicity, Marcy McAdams, the brand manager responsible for the line, believed the timing was perfect to expand. Specifically, McAdams proposed to create an â€Å"All Seasons Collection† of apparel and gear covering all four seasons of the year. She expected the new offerings to be at least as profitable as the existing line, since its current popularity would make it possible to maintain premium prices. She also hoped to take advantage of off-peak discounts offered by some suppliers and contract manufacturers as they tried to smooth their capacity utilization. In the same fashion, McAdams argued the expansion would help reduce, or at least not exacerbate, the seasonality in New Heritage’s sales and earnings. BRIEFCASES | HARVARD BUSINESS PUBLISHING Purchased for use on the MSc Business Valuation, at Imperial College London. Taught by James Sefton, from 21-Aug-2013 to 31-Dec-2013. Order ref F211857. Usage permitted only within these parameters otherwise contact info@thecasecentre.org Educational material supplied by The Case Centre Copyright encoded A76HM-JUJ9K-PJMN9I Order reference F211857 Operating projections for a given project were used to develop cash flow forecasts that would underpin calculations of net present value (NPV), internal rates of return (IRR), payback period, and other investment metrics. Cash flow forecasts were intended to capture the incremental effect of a proposed project on the firm’s cash flow for each year within the forecast period. That is, each project’s cash flow forecasts excluded non-cash items, such as depreciation charges, and nonincremental items such as sunk costs (i.e., costs that would be incurred regardless of whether a given project was undertaken or not). The cash flow forecasts were computed on an after-corporate-tax basis, but excluded all financing charges. Some elements of the cash flow forecasts were prepared with assistance from treasury analysts, but most of the necessary adjustments were well understood by division staff. New Heritage Doll Company: Capital Budgeting | 4212 To exploit the current popularity of the original Match My Doll Clothing line, especially given the fickle nature of children’s fashion trends, McAdams believed the opportunity had to be exploited without delay. Her investment proposal contained relatively large outlays for R&D, market research, and marketing to maximize the probability of quick acceptance and longer-term success for the follow-on line. Upfront investment expenditures are summarized in Table 2. Table 2 Match My Doll Clothing Extension Outlays The R&D and marketing expenditures would be deductible for tax purposes at New Heritage’s 40% corporate tax rate. The property, plant and equipment was expected to have a useful life of 10 years; the associated depreciation charges, shown in Exhibit 1, were based on the modified accelerated cost recovery system (â€Å"MACRS†) allowed by the IRS. Working capital requirements, shown in Table 2 for 2010 and in Exhibit 1 for subsequent years were based largely on recent historical experience with the original Match My Doll Clothing line. Finally, given the proven success of Match My Doll Clothing, Harris believed the project entailed moderate risk—that is, about the same degree of risk as the production division’s existing business as a whole. Design Your Own Doll This initiative targeted existing New Heritage customers, many of whom owned several of the company’s heirloom dolls. The company’s research showed that, when asked what features (e.g., appearance, ethnicity, â€Å"life story,† etc.) New Heritage should give to future dolls, loyal customers’ responses had a high correlation with their own personal data. That is, girls wanted dolls like themselves. Further research suggested that many loyal customers would purchase yet another doll if they could customize the doll’s features to create a â€Å"one-of-a-kind† addition to a girl’s or family’s existing collection of dolls. It also promised to increase the girl’s pride in and identification with the doll, both because of their shared features and because of the girl’s participation in creating the doll. This in turn further cemented customer loyalty. The customization process would begin with a new section of New Heritage’s website, where proprietary design software enabled the customer to select physical attributes of the doll such as hair color, hair length & style, skin color, eye shape, eye color, and other facial features. The software could combine selected features and produce a photo-realistic image showing the finished doll with user-selected accessories. The customer could zoom in or out on the image and rotate it to see different aspects. The software made it easy to try out different combinations of features and accessories before making a purchase. Elizabeth Holtz, brand manager for heirloom dolls, was very excited about the project. She observed, â€Å"A girl’s relationship with her favorite doll is often partly mommy and partly big sister. Either way, having your doll look more like you is really powerful. And there’s excitement in the experience: exploring the website, naming the doll-to-be, selecting her first outfit†¦even the anticipation of waiting for the new doll to arrive. I really think this is big.† Holtz also believed that the dolls could command a premium price. â€Å"Customers will naturally expect to pay more [for a HARVARD BUSINESS PUBLISHING | BRIEFCASES Purchased for use on the MSc Business Valuation, at Imperial College London. Taught by James Sefton, from 21-Aug-2013 to 31-Dec-2013. Order ref F211857. Usage permitted only within these parameters otherwise contact info@thecasecentre.org Initial Expenditures ($ thousands) 4212 | New Heritage Doll Company: Capital Budgeting custom doll],† she said. Market research with focus groups revealed significant enthusiasm for the product concept and supported the notion of premium prices. The web-based software tools and order entry system required New Heritage to make significant modifications to its existing technology infrastructure, expand its webhosting capacity, and modify the terms of its third-party service agreements to ensure a higher level of service quality. The majority of the R&D expenditures shown below were related to software development, hardware upgrades, and web design. The development time involved, including product testing, was expected to be approximately 12 months. Initial outlays, some of which occurred in 2010 and some in 2011 As with Match My Doll Clothing, the required R&D and marketing costs would be tax deductible. Manufacturing equipment had to be ordered by the end of 2010 to be ready for production at the beginning of 2012. While New Heritage had the option to pay for custom equipment in quarterly installments, the firm could get a substantial discount by paying for the equipment up front, in 2010. Figures in Table 3 and Exhibit 2 reflect the discounted cost of the equipment. To support the forecasted level of sales, substantial investment in working capital (primarily work in process inventory of partially manufactured dolls) would be required beginning in 2011. And still more equipment would have to be purchased and installed no later than 2014. In years 2015 and following, investments in working capital and equipment would revert to patterns familiar from the production division’s traditional lines of dolls. To complete development work, Holtz planned to use some of the company’s existing IT staff. The majority of the work would take place during calendar 2011. The number of people and their fully loaded costs are shown Table 4. These costs were not included by Holtz in the initial outlays shown in Table 3 or in the forecasts presented in Exhibit 2. The development personnel Holtz needed were considered â€Å"corporate† resources and were almost certainly available to work on the project. Table 4 Design Your Own Doll Development Personnel, ($ 000s) Application Development Personnel Costs: Web Application Developers Database Manager Systems Integration Specialist Total Cost BRIEFCASES | HARVARD BUSINESS PUBLISHING Purchased for use on the MSc Business Valuation, at Imperial College London. Taught by James Sefton, from 21-Aug-2013 to 31-Dec-2013. Order ref F211857. Usage permitted only within these parameters otherwise contact info@thecasecentre.org However, even a limited degree of customization increased manufacturing complexity and expense. Further, because of the low production runs and volume, fixed costs on a per unit basis were expected to be relatively high. Consequently, the breakeven volume for the project was also expected to be high. New Heritage Doll Company: Capital Budgeting | 4212 Finally, Holtz needed to give Harris her assessment of the project’s riskiness. On the one hand, Design Your Own Doll had a relatively long payback period, introduced some untested elements into the manufacturing process, and depended on near-flawless operation of new customer-facing software and user interfaces. If the project stumbled for some reason, New Heritage risked damaging relationships with its best customers. On the other hand, the project had a relatively modest fixed cost ratio, and it played to the company’s key strength—creating a unique experience for its consumers. Educational material supplied by The Case Centre Copyright encoded A76HM-JUJ9K-PJMN9I Order reference F211857 Emily Harris still needed to complete her review and financial analysis of the two proposals. McAdams and Holtz were in frequent touch with Harris and both had offered to respond to any questions she might have about the proposals: the business case, the financial projections, the operating details, or anything else. Harris expected that she would indeed have some follow-up questions as she worked through her financial analyses. She also knew that her final recommendation might disappoint some executives within the division, who would scrutinize it closely. It had to be well-supported.

How does the Constitution establish and maintain a culture of liberty Essay

How does the Constitution establish and maintain a culture of liberty - Essay Example These rights are generally acknowledged to be beyond the control of the government. Individual liberty is plays a critical part in achieving individual and societal progress. It is important for attainment of the truth and should be defended from any form of tyranny. Individual liberty forms the basis of universal freedom and human rights. The philosophy of individual liberty is the core value that protects individuals’ freedom, and gives them the right to safeguard their rights. Individual liberty imposes responsibility for self-governance and freedom of choice on an individual. In regards to individual liberty contribution to the constitution’s preservation of liberty, the â€Å"self† factors associated with free men come into play: self-respect (spiritual), self-reliance (economic), and self-discipline (political-social). Self-respect results from the realization of an individual that they are of divine creation and that the spiritual is supreme. These facts a re illustrated in the individuals’ effort in maintaining integrity of unalienable rights. Principles of self-respect insist that people should respect other people. Realization of this aspect of liberty translates to equality and mutual respect among members of the society, which is the main objective of the constitution. The self-reliance factor advocates for economic independence of individuals from others and the government. Economic reliance on other individuals is considered the source of evils in the society. An economically independent individual is a free man enjoying liberty. From Alexander Hamilton’s quote, power over a man’s subsistence contributes power over his free will. Economic independence rids the community of social evils that threaten liberty of individuals. Self-discipline of individuals involves their good-will performance of duties assigned to them. Self-discipline advocates for the truth, a principle that states that there is no right apa rt from duty, and no freedom or liberty apart from responsibility. Self-discipline draws the boundary between the rights of individuals and equal rights of others in the society. This means that individuals in the society understand their rights, and the boundary that separates those rights with the equality of other people. Such an understanding in the society will create sound conduct in the general community concerning maintenance and upholding of individuals’ liberty. It highlights the political-social characteristic of free man living among free men surrounded by an environment of freedom. Several founders highlight the importance of individual rights and citizen’s liberty. In the Declaration of Independence, Thomas Jefferson wrote that one important duty of the government to its citizen was to safeguard the inalienable rights of individuals, which include liberty, life, and pursuit of happiness. The Fifth and Fourteenth Amendment safeguards individuals’ li berty, life, and property without due process (Bills of Rights Institute). They secure and safeguard the blessings of individuals’ liberty. Another founder, James Wilson, explained the importance of liberty in laws, saying that law without liberty is meaningless. Individual and religious liberty remains one of the most essential principles of the human freedom. Founded by Ambassador John L. Loeb, it paved way to freedom of warship and free exercising of individual faith to all religious minorities by the Government. It was due to the Ambassador, the founder, that American Experiment became a