The World of Glassblowing

25, February 2013 The World of Glassblowing Ever imagine what it’s like to play with honey? Now imagine playing and shaping honey when it’s glowing red hot with strange yet interesting instruments and turning it into some beautiful and out of this world. A piece of art that is completely unique and one of a kind. Well this is exactly what it’s like in the world of glassblowing. By trying and experiencing the art class here at SBVC one can truly learn to perfect not only just the skill, but expand your own imagination as well as your creativity.Glassblowing is a dying trade and skill in the art world. Now it’s mainly considered more of a hobby. On a more serious note career-wise it’ll get you far but it will not et you a life of luxury, but it does provide if your living the single life. Family-wise your better off having another full time job because this particular career would only pay enough to cover for the materials, the tools, the furnace, etc that one would use. These costs tend to be particularly high in price which would be the main reason to look for employment else where when it comes to providing for a family.Naturally, most people would think that glassblowing originated from Mexico because a lot of handmade glassware is manufactured and created there. In Mexico glassblowing is actually done outside in the public for all to see this fascinating art. So it’s not surprising that so many people are convinced that this intriguing skill would come from our neighbors down in the South. When in fact glassblowing originated from across the world in Italy, where it’s a tradition to earn a living from. In most Italian families a trade like glassblowing is naturally passed down from one generation to the next.Italy focuses mainly on the handmade arts such as glassblowing, pottery, stain-glasswork, etc and avoids mainstreaming it. Which in conclusion is why most handmade objects that are purchased and shipped fr om Italy is so highly priced. Most likely that piece of art is one of a kind and cannot be replicated. In my own observations at the SBVC Glassblowing class, I was able to witness the delicate procedure it takes to perfect this particular skill. As I sat and observed Stephen, a student here at SBVC’s Glassblowing class, he explains carefully every step that must be taken along with some precautions.Stephen then explains the dangers of this type of artwork and gives some examples of injuries that he and many other students acquired white participating in this class. One example that he used was how one student subconsciously caught an object he knocked over in an attempt to save it from shattering but in return burned both hands because the object was still hot. This student obtained first-degree burns on both hands and thus was not able to participate in the class for two weeks. As Stephen preps and prepares his materials and tools for his project I then proceed to ask him mo re questions.Such as what made him want to pursue this dangerous yet interesting trade. He then set his tools down and simply replied that he wanted a fresh start. Something new and exciting and that when he saw the title of this class he knew right then and there that that was something he wanted to do. Stephen then grabs a blowpipe, expected it and then approached the glory hole with it and began to heat one end of it. As he was heating or warming up the blowpipe I then continued with my interview. My next question that I addressed to Stephen was what did he personally benefit by taking this class and learning this skill. Well.. † Stephen said as he opened the furnace, â€Å" By taking this class and learning this skill I learned how to be patient, which I never was before taking this class. † Stephen then dips the end of the blowpipe in the furnace to gather the red hot glowing liquid and quickly closes the door while maneuvering the blowpipe to keep the glass from f alling to the ground. Stephen then said, â€Å"and I also learned really good hand-eye coordination too as well as working in a high stress environment. After finishing with that reply, Stephen then when to the marver and evened the molten glass on the pipe and quickly sat down at his bench and continued his project by blocking the glass. â€Å"Are there any disadvantages in glassblowing? † I said and Stephen then quickly replied â€Å" Other than getting burns no not really. † After rounding the glass with the block to his liking Stephen then got up and inserted the glass into the glory hole to reheat the glass before blowing and shaping it into a perfect bubble.As Stephen resumes his place at the bench, I quietly watched as he skillfully reshapes the glass and then using one end of the blowpipe gently blows air into the glass, forming a small but perfect orb. As Stephen manipulated his small glass bubble, I then asked him what was the most interesting part of his ne w found skills. As he created the jack line, which formed a neck separating the bubble from the pipe he replied that the most interesting part of Glassblowing was the unlimited amount of ideas that can be made with the glass if one has the imagination and creativity to bring them to life.With that Stephen then quickly moved over to a box with what looked like cotton inside and gently tapped the blowpipe with the back of his jacks (a tool that looks like a very large set of tweezers) and the bubble simply fell from the blow pipe and into the box. Stephen then quickly put the box in the annealed which slowly cools the glass over a period of a few hours (depending on how large the object in question is). Before I was able to ask another question Stephen then said to me in a cool tone that if he had to choose between pursuing Glassblowing as a career or a hobby that he’d rather keep this as a hobby.His reason behind this statement was that it was something that he would continue to do for peace of mind. If he were to pursue this skill as a career that he would love to teach it but that it was unlikely to happen for him. As our interview came to an end, Stephen then took me under his wing and taught me some of the basic yet advance techniques that he uses to create small objects. Such as small teacups. After he gave me a small run thru on how to make a small tea cup with a handle, I was then instructed to try the procedure on my own.I then slowly mimicked Stephen’s every step: I heated the blowpipe and then gather a good size amount of the molten glass on my pipe. Next I then rolled the glass in a quick but steady pace on the marver to even the glass forming a small cylinder. Then I approached the scorching hot glory hole, reheated the glass, sat down at the bench and then proceeded to block the molten glass until it was completely even. I then angled the blowpipe just like Stephen instructed me to do, took a deep breath and blew into the blowpipe.At first it was a bit difficult, but after the first few seconds grew easier. Right when I was getting comfortable with this my bubble suddenly popped! Apparently I blew the glass so much that the glass became thin and popped. Glassblowing not only teaches one how to manipulate the red hot glowing liquid with strange tools, but also teaches one how to express the creativity and imagination of the mind to create mind blowing works of art. What made you want to take this particular class? What have you benefited from taking this class and learning these skills?What would you say are the disadvantages of glassblowing and why? What are the advantages of glassblowing and why? Would you recommend this class or learning these specific skills to anyone? What would you say is the most interesting part of glassblowing? Would you ever continue these skills as a career path or a hobby? Why? When you first started taking this class what was the worst experience you ever had? Did that experience inc lude getting any type of injuries while participating? What was the most extreme injury you’ve ever gotten?Did you ever receive any burns that were third degree burns? How did your parents react when you told them of your new found interest in glassblowing? Did they oppose it or support it? How do you feel about the class fee you had to pay? Do you feel that the class fee is fair or unfair? Recently I’ve heard that most of the art classes are being cut. What are you going to do if the distract cuts the glassblowing program? Will go elsewhere to continue learning and perfecting this art or call quits? Tucker

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);

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Unit 5 - Assignment Example A natural monopoly is a monopoly that experiences economies of scale along its intact range of production. Alternatively, a natural monopoly is the type of monopoly that experiences a decreasing average total cost (ATC). In a monopolistic market, marginal revenue is always less than the price of goods. This is because monopolies have a downward slopping demand curve. In fact, at any given price and quantity combinations, a monopolist is required to reduce the prices of his commodities in order to sell an additional unit. This explains why a monopoly is a special market situation. Consequently, monopolies do not exhaust all available market opportunities. Monopoly and perfect competitive markets represents the two extreme in a market environment. In my own opinion, perfect competitive model is better than monopolies. This preference is based on economic aspects and market sustainability. In a perfect competitive market, ultimate efficiency in the production and distribution of goods and services is achieved. Consequently, monopolies lack efficiency in their production and distribution of commodities. In a competitive market, producers and distributors of commodities are obliged to operate efficiently in order to remain relevant (Bade & Michael, 2002). For example in a perfect competition, producers reduce prices of their commodities in order to increase their competitiveness. This in turn reflects on the production process where producers are forced to improve efficiency. On the other hand, monopolies have no immediate threats that would force them to reduce their prices or improve the quality of their products. Thus, monopolistic ma rket lacks efficiency. Lack of efficiency is mainly demonstrated through production and distribution of goods within a market. In an ideal case, a market is supposed to have a natural mechanism that balances the distribution of commodities against the available customers. Perfect competitive markets allow the mobility of

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Theoretical Approaches Of The Elderly Abuse Social Work Essay

Theoretical Approaches Of The Elderly Abuse Social Work Essay 2-1- Introduction In the upcoming chapter, the title will be review of research literature. This chapter considered as the heart of research supervises al the time research stages and is theoretical and performance guidance of research. This chapter consists of three main topics. The first topic titled review of research theoretical literature deals with theoretical approaches of the elderly abuse including definition, forms and associated theories. Outlines and former subject researches about the elderly abuse which have been done by different domestic and international researchers in forms of bachelor, master, doctoral theses or research projects were labeled as review of experimental research literature and forms the second topic of this chapter. And finally, the last topic which will be discussed in this chapter is elective theoretical research frame that we will try to review the former two topics (theoretical and experimental literature) and discuss theories and approaches which will be used reg arding the influential factors on elderly abuse in Malaysia and based on them other stages of research will be followed up in future chapters. Now in this part, firstly theoretical fundamentals of research will be discussed and then the assessment of experimental research literature inside and outside of the country will be covered: 2-2- Review of theoretical literature The following sentences relates to theoretical dimensions and conceptive environment of research topic. In another word, explanations and theoretical approaches about the elderly abuse including definition and effective factors are issues that will be covered and it will be tried that by exploring these topics, thought and mind environments of research will be clarified and we would be able to provide a background for future chapters, particularly results, conclusion, and suggestions. 2-2-1- The Definition of the Abuse of the Elderly Although there is an absence of agreed or standard definitions of abuse, commented on by McCreadie (1996) and others, a number of definitions of elder abuse have emerged. Early attempts at defining mistreatment in the UK context were relatively specific as seen, for example, in the following: A single or repeated act or lack of appropriate action occurring within any relationship where there is an expectation of trust, which causes harm or distress to an older person (Action on Elder Abuse, 1995) However, later definitions tend to have been more widely drawn, as in the recent government document, No Secrets, in which the definition is given as: Abuse is a violation of an individuals civil or human rights by any other person or persons (DoH, 2000). Given the lack of consensus concerning definition, which ultimately may not result in any major difficulty (Penhale, 1993), it is at least reassuring to find that most people concerned with the issue agree on the different types of mistreatment that can happen. The usual types of mistreatment included within most definitions are physical abuse, sexual abuse, neglect, financial abuse (also referring to exploitation and misappropriation of an individuals property and possessions), psychological and emotional abuse. When considering neglect, separate, stand-alone definitions do not usually appear, with neglect often appearing as a sub-type of abuse. Thus in the Social Services Inspectorate (1993) definition, elder abuse is described as: . . . physical, sexual, psychological or financial. It may be intentional or unintentional or the result of neglect (DoH, 1993, para 2.1). More recently, draft guidance issued by the Social Services Inspectorate indicates that abuse may occur: . . . as a result of a failure to undertake action or appropriate care tasks. It may be physical, psychological, or an act of neglect . . . (DoH, 1999, para 2.7). Neglect and acts of omission are then further delineated as: . . . including ignoring medical or physical care needs, failure to provide access to appropriate health, social care or educational services, the withholding of the necessities of life, such as medication, adequate nutrition and heating (DoH, 1999, para 2.8). To these may be added such categories as enforced isolation and deprivation of necessary items for daily living (warmth, food or other aspects, such as teeth). In general, however, situations of self-neglect by an older person would not be considered within the UK perspective of mistreatment. Although many practitioners work with older individuals who self-neglect, usually this is not considered within an elder mistreatment or indeed an adult protection framework. Abuse within institutions also encompasses situations that arise because of the regime or system that may operate in the unit in addition to individual acts of abuse that occur. There also may be abusive situations that arise between a resident and a member of care staff, initiated by the older person as protagonist, so there may be dual directionality of abuse, or unidirectional abuse from resident towards staff member (McCreadie, 1996). Neglect within institutions may arguably be more pervasive and insidious, affecting the daily lives of many residents in a myriad of ways, from overt to covert. According to the American Medical Association Council on Scientific Affairs (1987), with elderly abuse has several forms and definition is as follows: any act of commission or omission that results in harm or threatened harm to the health and benefit of an old people. The Select Committee on Aging defined the following categories of abuse: physical abuse, Neglect, emotional abuse, financial abuse, and self-neglect. In its most common usage, elder abuse is an all-inclusive term representing all types of mistreatment or abusive behavior toward older adults. Abusive acts include the following: striking, burning, threatening, abandoning, starving older adults, or taking their property without consent. If an act of violence, such as a slap, occurs only once, by most standards it is probably not considered to be elder abuse. If it happens fairly often or results in the hospitalization of the victim, the action is deemed abuse; likewise, threatening with a gun, sexual assault, or other mark edly violent acts need only occur once (Wolf, 2000).A shocking way for elderly people to spend their final days is in a state of maltreatment known as elder abuse. Although it can occur in institutions, it is most often suffered by frail elderly people living with their spouses or their children (Papalia aIds, 1995). 2-2-2- Forms of Older Adult Abuse There are many types of abuse that affect older adults. According to Gray-Vickrey (2001), the five most common types of abuses are as follows: 1. Neglect, whether intentional or unintentional, accounts for 49% of substantiated elder abuse cases. Neglect generally to happen when a care provider to not do what is excepted for an old people with adequate food, clothing, shelter, medical care, or assistance with activities of daily living. 2. Emotional abuse, the willful infliction of anguish through threats, intimidation, humiliation, and isolation, is involved in 35% of cases. 3. Financial abuse is the misuse of someones property and resources by another person. Financial or material exploitation occurs in 30% of cases. 4. Physical abuse, the use of physical forces that results in pain, impairment or bodily injury, accounts for 25% of substantiated elder abuse cases. Hitting, slapping, restraining, molesting, biting, burning, pushing, or pulling all qualify as physical abuse. 5. Sexual abuse is another extremely devastating form of the abuse of older adults. Sexual abuse can be seen as a type of physical abuse (Arbetter, 1995). However, it is often discussed separately due to the different types of harm inflicted upon older adults. In one study, researchers found that the urogenital injury due to sexual abuse was à ¢Ã¢â€š ¬Ã‚ ¦. Prevalent among elderly people (Muram, Miller, Culter, 1992). There main sexual abuse behaviors are mentioned frequently in relevant literatures. First activity or activities which are done without any physical contacts. They something are called Hand off behaviors. A common form of hand-off abuse is to make the victim to watch pornographic sceneries, exhibition and voyeuristic activities. The second form of sexual abused is called Hand-on behaviors involving some physical contact with the victim. The third and most dramatic form of sexual abuse is a kind of painful action on victims sexual or rectal region.(Ramsey, Klawsnick, 1999). On the other hand, Pritchard (1999) introduced another category of abuse among older people which are commonly seen by health professionals: History of incest between mother and son. Husband wife sexual abuse. Older gay man abused in the community. Research is mixed concerning the victim-offender relationship in elder sexual abuse cases. Muram et al. (1992) compared the medical record of older sexual assault victims (n=53) to younger sexual assault victims (n=55) and found that older adults were more likely to be assaulted by strangers and to have the assault occur in their home. Johnson (1995) seems to agree, stating, Most sexual assaults of elderly women occur in the victims home by an assailant who is unknown to the victim (p.221). Research by Ramsey-Klawsnick (1991) and Holt (1993) suggested slightly different patterns. Ramsey-Klawsnick (1991) asked twenty adult protective service workers to identify and describe cases of sexual abuse among older adults they have seen in the past. The case workers identified twenty-eight cases of sexual abuse, with eighty one percent of the cases reportedly committed by caregivers. Seventy-eight percent of the abusers were relatives, with sons representing the majority of offenders. Research by Holt (1993), studied seventy-seven elder sexual abuse cases in Great Britain and found that fifty percent of the cases were committed by sons of the victims. None of the sexual assaults in Holts study were committed by strangers. According to NCEA (1998), sexual assault is a problem that is usually not associated with older adults, often accounting for approximately less than 1% of reported elder maltreatment cases. There is other dramatic type of psychological abuse. This kind of abuse can be demonstrated in different forms such as threats, bargaining, seduction, stalking or manipulation ( Marshal, Benton, Brazier, 2000). The most common characteristics of this kinds of abuse is their difficulty to be assessed. Johnson (1995) stated that they psychological abuse are not concrete, so they are hard to be assessed. According to Quirm and Tomita (1997), psychological abuse is an integral part of other types of abuse. Victims often report being threatened with nursing home placement if they protest physical abuse or if they threaten to tell someone outside of the family, or if they refuse to hand over money. According to NCEA (1998), psychological abuse accounted for approximately 35% of the cases of maltreatment reported in 1996. A well known form of abuse can be financial abuse which extremely traumatic in nature. In order to recognize financial abuse, it is suggested to have the following items in mind: Unusual transaction in bank activities. Older persons inability to sign other documents such as power of attorney, will or other bank drafts. Care givers disappear suddenly. D) There is a lack of amenities, when the estate can afford it (Quinn Tomita, 1997). Larue (1992) suggests that financial abuse might have been even more common than reports indicate because it is so difficult to detect. Research that relies on interviews with people in their communities instead of abuse complaints filed with governmental agencies tends to support this view. For example, Canadian researchers who randomly sampled citizens at home showed financial exploitation to be more common than neglect (Podnieks, Pillemer, Nicholson, Shillington, Frizzell, 1990). According to Welfel, Danzinger, and Santoro (2000), the financial exploitation of older adults ometimes experienced through fraudulent telemarketing schemes or through unscrupulous contractors who are strangers are not the primary domains of elder mistreatment laws. Criminal statutes relating to fraud and extortion are probably better suited to deal with such schemes. However, if a person befriends an older person and begins caring for that older adult in order to take money or material goods from him or her, that person would likely be subject to the elder abuse statutes. The most common form of the abuse of older adults is neglect, which involves failure to provide essential physical or mental care for an older person. Physical neglect includes withholding food or water, failing to provide proper hygiene, or neglecting to offer physical aid or safety precautions. Neglect needs not to be intentional; it sometimes occurs when the caregiver is unable to provide the older person with proper care (Lachs Pillemer, 1995). Overall, 49% of the reports of elder maltreatment involve neglect and maltreatment, either intentional or unintentional (NCEA, 1998). Abandonment is a particular form of neglect. The state of Connecticut defines abandonment as the desertion or willful forsaking of an elder by a caretaker or foregoing, withdrawal, or neglect of duties and obligations owned an elder by a caretaker or others (Fulmer, Mc Mahon, Baer-Hines, Forget, 1992, p. 506). According to the American College of Emergency Physicians (1999), scenarios of abandonment include family members dropping off elderly persons, boarding homes or nursing homes dropping off elderly persons, and, in some cases, elderly persons seeking out care in emergency rooms on their own because they are unable to care for themselves. There are times when the neglect older adults suffer results from their own actions or inactions. This problem is referred to as self-neglect. Older adults may self-neglect when they fail to take medications, repeatedly skip meals, use alcohol or other drugs to excess, or fail to attend to personal hygiene. Often, such self-neglect is associated with untreated physical or mental health problems, especially depression (Quinn Tomita, 1997). Tatara (1996) suggested that as many as one third of elder abuse cases involve self-neglect or self-abuse. The NCEA (1997) gathered data about self-neglect and found that self-neglect cases are those that are most often dealt with by protective service employees. Estimates of the extent of self-neglect are likely low because most elderly persons who are neglecting themselves would be unlikely to report their self-neglect to authorities (Hall, 1987). Byers and Lamanna (1993) further note that protective service workers often find these cases the mos t difficult to handle because efforts to stop the self neglect are resisted by the victim. 2-2-3 Factors that Contribute to the elder abuse Everitt, OMalley, and Campion, (1983). (a) Those focusing on the victims dependency: That is, there are a variety of factors that may contribute to older adult abuse and neglect. According to Bennett and Kingston (1993) and Biegel and Blum (1990), several factors predisposing elderly abuse by caresr include    : (1) mental and physical dependence to one family, (2) poor communication or a failure of relationship, (3) considerable change in a caregivers lifestyle,(4) perceptions of caregivers towards dependence of older persons, (5) frequent visits to general practitioners by the informal caregivers to talk about their problems, (6) role reversal, and (7) isolation of the household. Preliminary hypotheses regarding the cause of elder mistreatment that was based on case reports and early studies were reviewed by OMalley on physical and mental impairment of an older adult, (b) Those emphasizing the effect of stress on the caregiver, (c) Those concerned with the influence of families who have learned to solve problems by being violent with one another, (d) Those that focus on the individual problems of the abuser, and (e) Effects of a society, which casts older adults in the role of non-persons through ageism, sexism, and destructive attitudes toward the disabled and toward those who are perce ived to be unattractive. Several researchers have identified various risk factors that can potentially lead to mistreatment or abuse of older adults. According to Anastasio (1981), risk factors that characterize precipitators are inability to provide care, financial needs and inability to maintain ones home. For victims, the risk factors include functional impairment and adverse physiological change. There are a variety of probable causes of the abuse of older adults. Most causes of abuse are committed in residential rather than institutional settings, and the most likely culprits are spouses, children, siblings, relatives, or paid caregivers. In older persons, the most common types of maltreatment are neglect, emotional/psychological abuse, and physical abuse (Marshall, Benton, Brazier, 2000). Other risk factors in abuse are (1) shared living arrangements between the elder person and the abuser, (2) dependence of the abuser on the victim, and (3) social isolation of the elder pers on. The typical victim is an elderly person in poor health that lives with someone. Elderly people living alone, whether widowed, divorced, or never married are at low risk. The abuser is more likely to be a spouse than a child, reflecting the fact that more elderly people live with their spouses than with children; and the risk factor is greater when the caregiver is depressed (Pillemer Finkelhor, 1988: Paveza, et al. 1992). Although many older men are abused, abuse against women inflicts more injuries. Rates of violence are high in families with an elder person suffering from dementia; in these families punching, kicking, and other violent behaviors are high in both directions (Paveza, et. al., 1992). In the United States, the number of reported cases of domestic elder abuse nationwide, calculated by combining state reports and adjusting for differences in definitions and eligibility criteria, has increased steadily from 117,000 in 1986 to 296,000 in 1996 (Tatara, 1995; Tatara, Kuzmeskas, and Duckhom, 1997). 2-2-4Competing theoretical explanations of elder abuse Five major theories have been set forth in an effort to understand the causes of elder mistreatment. These theories include (a) the impairment theory, which advances the idea that elderly persons who have a severe mental impairment are most likely to be abused; (b) the theory of psychopathology of the abuser, contending that personality traits or character disorders cause persons to be abusive; (c) the transgenerational violence theory, which holds that violence is a learned normative behavior in some families; (d) the stressed caregiver theory, which examines the burdens a dependent elder places on the family; and (e) the exchange theory, which evaluates the effect of external influences upon the relationship between victim and abuser (Fulmer, 1998). Lachs fulmer (1993) reported seven leading theories or conceptual frameworks are used to examine the etiology of elder abuse. Of course, in addition to these seven theories, exchange theory has paid attention to the elderly abuse subject from the view of expenses and rewards that will be pointed out in the following of the seven theories. 2-2-4-1- Psychology of the abuser The first is psychology of the abuser, which refers to caregivers who have pre- existing condition that impair their capacity to give appropriate care. For example, a caregiver who has mental retardation or alcohol dependency may not be able to exercise appropriate judgment in care giving of older adults. This can ultimately lead to abuser neglect (Lachs fulmer, 1993). 2-2-4-2 Transgenerational violence The next Theory is related to transgenerational violence. According to this theory, elderly abuse can be a part of the continuing domestic violence that started with child abuse and elderly abuse will end. Little research has been done to obtain empirical evidence to support this theory, but the same number also emphasized on its importance. Another aspect of transgenerational violence relates to adult children that long time lived with their parents and children were abused then grow up and the elderly parents living with them are being abused. (Lachs fulmer, 1993). 2-2-4-3- Learning theory Finally, transgenerational violence has been explained in terms of a learning theory in that a child who observes violence as a coping mechanism may learn it and bring to adult life (Lachs fulmer, 1993). 2-2-4-4- Isolation theory National center on elder abuse and the American public human services association (1998) has reported isolation theory espouses that mistreatment is prompted by a dwindling social network. According to the National Elder Abuse incidence study about 25% of all elderly person live alone and even more interact only with family members and have little social interaction with the outside word. Isolated older adults are at the particular risk because there are no outsiders watching out for them, and they may not be identified by the healthcare system or reporting agencies until it is too late (Lachs fulmer, 1993). According to Godkin, Wolf, and Pillemer (1989), it is difficult to determine whether isolation is the result of mistreatment (family members or caregivers may be trying to hide the abuse from the outside word) or precipitating factor of abuse. 2-2-4-5- Identity Theory Other theories are role and identity theories. A synthesis of role theory and identity theory has provides an explanation of the effects of socially constructed roles and identities for the elderly. It assists in understanding how these socially constructed roles and identities may increase the elders vulnerability to abuse. 2-2-4-6- Role Theory In their classic text on role theory, Biddle and Thomas (1986) noted that one of the key characteristics of social behavior is the fact that human beings behave in ways that are different and predictable depending on their respective social identities and the situation. Key concepts of role theory includes: the identities that actors assume, the expectations for behavior of the actor that is mutually understood and adhered to by the individuals, and the social behaviors that are characteristic of the particular behavior. 2-2-4-7- Social exchange theory Another conceptual model that has been used to explain elder abuse has been derived from social exchange theory. Social exchange theory is based on the idea that social interaction involves the exchange of reward and punishments between at least two people and that all individuals seek to maximize reward and perform instrumental services. In fact, with increasing physical infirmities, the individual begins to require more and more in the form of instrumental services. Therefore, when one is old and infirm, violating the law of distributive justice is relatively easy. In addition, because of the losses associated with aging, the individuals potential to supplement social ties and to extend a personal power base is reduced. As a result, the individual becomes less able to reciprocate rewarding behaviors and less likely to have a choice about continuing unrewarding or punishing social exchanges with those who perform an instrumental service. Figuratively speaking, the elderly individual must begin to live on the credit accumulated over the years because there are few ways to replenish the bank. One outcome of the aging condition that Dowed predicts is that as the imbalance in power increases, the older person is likely to display more passivity and compliance and more withdrawing behaviors in an effort not to alienate the remaining few people who can provide rewards and services. 2-2-4-8- Situational theory Steinmets (1990) have explained situational theory, which is also referred to as caregiver stress. As care burdens multiply, they outweigh the caregivers capacity to meet the needs of the older adult; therefore, caregiver stress can overwhelm the situation. Elder abuse can be outcome. The situational model is the explanatory base that was the earliest devised to explain elder abuse. It also appears to be the most widely accepted at this time. Derived from the theoretical base associated predominately with child abuse and less strongly with other forms of intrafamily violence, this model has considerable intuitive appeal. In addition, among clinicians, this model has popular support, since its basic premise fit easily within an intervention framework. Very simply, the basic premise of the situational model is that as the stress associated with certain situational and/or structural factors increases for the abuser, the likelihood increases of abusive acts directed at a vulnerable individual who is seen as being associated with the stress. The situational variables that have been linked with abuse of the elderly have included 1) elder related factors such as physical and emotional dependency, poor health, impaired mental status, and a difficult personality. 2) Structural factors such as economic strains, social isolation, and environmental problems, and 3) caregiver related factors such as life crisis, burn out or exhaustion with care giving, substance abuse problems, and previous socialization experiences with violence. There is a lot of support to approve the situational model. It is obviofied us that the à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦ burden of stress to caregivers makes more than overwhelmed and older abuse family members. Moreover, psychological model of child abuse and interfamily violence model which are highly related to structural and situational stress. Bring up the problem of older abuse. If gives a strong approval to use situational model for abuse among older people. Finklhor and Pillemer stated that there are some similarity between child abuse and elder abuse. They found this similarity in vulnerability of abuse victim and frustration in caregivers. Moreover, both child and elder abuse share the social context and are identified by healthcare professionals. They believe that the story is true for spouse abuse, too. Whatever the reason of abuse, it can be prevented. This à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦.that shows that situational model is an applicable model for elder abuse. 2-2-4-9 Physical/Mental Dependence (Impairment) This theory is based on the belief that elderly persons who have a severe mental or physical impairment are most vulnerable to becoming abused.   In relationships where one person is dependent and another person is the helper or caregiver, there is always potential for misuse of power by the caregiver. Summary of theoretical explanations To explain the causes of elder abuse, some researchers in developed countries have viewed it as a problem of an overburdened caregiver (situational model), a mentally disturbed abuser (intra-individual dynamics), or a dependent perpetrator and dependent victim (exchange theory). Others have used learned behavior (social learning theory), the imbalance of power within relationships (feminist theory), and the marginalization of elders (political economy theory), or a lack of fit between the organism and the environment (ecological theory). 2-3- Review of experimental literature Phenomenon of the elderly abuse and its forms and causes are subjects that have been explored by sociologists, social psychologists and hygiene experts to find its visible and invisible dimensions. This part of the draft, as is clear from its topic, is discussing subject experimental literature about characteristics of victims. This literature involves all performed studies and researches in the form of governmental reports, organizational researches, bachelor, master, and doctoral theses that are cited according to the year they have been performed. No one explanation for the cause of elder abuse exists. Abuse is a complex problem which is rooted in multiple factors (Wolf, 2000). Caregiver stress and burden was once regarded as a major causative factor of elder abuse. However, Anetzberger (2000) discusses the complexity of elder abuse and the results of prior studies, which suggest that the etiology of elder abuse is multifaceted, and that caregiver stress and burden is not the only dominant risk factor. She stresses that the reality of elder abuse demands the development of new explanatory and intervention models (Anetzberger, 2000). A number of socio-demographic factors have been identified as possible contributors to elder abuse. Levine (2003) lists the following factors: intra-family stressors including separation, divorce and financial strain, ageism, increased life expectancy and medical advances that have prolonged years lived with chronic disease (Levine, 2003). Elders are abused in homes, hospitals, nursing homes and in other institutions (Nelson, 2002). Prevalence or incidence data on elder abuse in institutional settings are lacking despite the vast existing literature on issues of quality of care (Wolf, 2000). Most elder abuse and neglect takes place in the home and is inflicted by family, household members and paid caregivers (Smith, 2002). A survey conducted in one US state reported that 36% of nursing and support staff reported having witnessed at least one incident of physical abuse by another staff member during the prior year and 10% admitted to having committed at least one act of physical abuse themselves (Wolf, 2000). A cross-sectional retrospective chart review of new in- and outpatients conducted by a Montreal General Hospital Division of Geriatric Psychiatry in one calendar year, studied the prevalence and correlates of four types of elder abuse and neglect in a geriatric psychiatry service (Vida, Monks, Des Rosiers, 2002) Although this study was limited by a clinically derived and a relatively small sample size of 126 patients, it was reported that elder abuse and neglect was suspected or confirmed in 16% of patients studied. Living with non-spouse family, friends, or other persons in a non-supervised setting, along with a history of family disruptions by widowhood, divorce, or separation were significantly correlated with abuse, while statistically non-significant yet potentially important identifiers included female gender, alcohol abuse, and low functional status. Elders are most at risk from family members (Nelson, 2002). The perpetrator is a family member in two-thirds of known cases of abuse and neglect and was identified as adult children or spouses (National Center on Elder Abuse, 1998). Despite the popular image of elder abuse occurring in a setting of a dependent victim and an overstressed caregiver, there is accumulating evidence that it is neither ca regiver stress levels nor the dependence level of the victim that are the core factors leading to elder abuse (Wolf, 2000). It is now felt that stress may be a contributing factor in abuse cases but it does not explain the phenomenon (Wolf, 2000). Recent studies on the relationships between caregiver stress, Alzheimers disease, and elder abuse suggest that it is the long-term or pre-abuse nature of the relationships which is the important factor in predicting instances of maltreatment (Wolf, 2000). The mental status of the perpetrator which includes emotional, psychiatric, and substance a buse problems, the dependency of the perpetrator on the victim, and the lack of outside the home external support for the victim continue to emerge as elder abuse risk factors (Wolf, 2000). A cohort of 2,812 community-dwelling adults over the age of 65 from the

Castro and Caesar :: History

Castro and Caesar I am going to compare two great leaders. One from this century, and one from the reign of Caesar. It is interesting to see how through out history that all the great dictators thought alike. Though they might differ in details all of them basically followed the same pattern. And I think that is the case with Caesar and Fidel. One of the main similarities between Caesar and Fidel is their early life. Both leaders came from middle class families. Each leader had to work his way up the ladder. Caesar made the first step in 80 B.C. when he showed conspicuous bravery at the siege of Mytilene. Fidels first step was when he led an unsuccessful attack on the Moncada army barraks which gained him national attention. Both men continued to reach the top of the ladder. To become the sole leaders of their country’s both men had to get rid of the old leaders. Both men had to drive leaders out of office. Fidel led a revolt against Falgecio Batista, who when lost the support of the U.S. backed away and let Fidel in. Caesar had problems to, he had to defeat the famous Pompey. Caesar chased him into Egypt and then had to fight Pompey and Cleopatra. Both Fidel and Caesar where geniuses. Not only where they great military leaders, they were great politicians. Both used propaganda to help become dictators. They used something to blame everything on. Fidel used the U.S. for everyone to hate. And Caesar used slavery to increase in popularity. Though both leaders had to overtake a dictator but they did it in different ways. Fidel used only violence and threats to make Batista leave. Caesar on the other hand had to defeat Pompey, and then get voted in by the people. He did this by gaining popularity by attacking other countries and defeating them. Another big difference was the country’s they overtook. Fidel took over Cuba which is a poor country. Being a poor country, and being under terrible times, the Cuban people were influenced easily. Caesar took over the Roman Empire which was massively rich and powerful. The people turned to Caesar quickly though when they saw how powerful he was. What I believe is the biggest difference is how long they stayed popular. Caesar was very popular for a long time.

Bio Technology :: essays research papers

Tinkering With Mother Nature Imagine thirty or forty years form now. Biotechnology has really advanced. Scientist can now clone people and also change their DNA strands making them better or perfect all around. Do you think that it is safe to tinker with Mother Nature? Is it wise to try and control Mother Nature? Better yet can she ever be controlled? Whether or not she can be controlled is a big of deal. If we can control Mother Nature she will end up controlling us sooner or later. It is not a smart idea to tinker with such a great power that the world has depended on for many years.   Ã‚  Ã‚  Ã‚  Ã‚  Scientist can study and try to do many things but one thing they can never do is control Mother Nature. I believe biotechnology is not really necessary in this day in age. What is the point in trying to clone a person and make them better? This technology can be very harmful to us as well as the earth. Biotechnology will change many things and can ruin the balance of nature. In the short story by Jeremy Rifkin, he states â€Å"Initial fears focused on the nightmare scenario of newly engineered microorganisms escaping from the lab and causing uncontrollable damage to the other organisms in the environment.†(The Ultimate Therapy: Commercial Eugenics on the Eve of the Biotech Century p.542-543) If the balance of nature is interrupted it can cause a lot of destruction. For example if a scientist were to take a species of any type from its original habitat and introduce it to a new environment it will cause the environment to change as well as its balance. The s pecies may eliminate other species causing the food chain to change.   Ã‚  Ã‚  Ã‚  Ã‚  Biotechnology is a great danger to the human species. Imagine people walking around looking like twins but one is better in every way then the other. There is already enough racism in this world why do we need to set new standard of a persons well being in his or her society. If scientist were to clone people they could improve the clone, putting the natural human specie at a lower level of life. There would no longer be natural people all the clones would survive caused by Darwin’s theory â€Å"Survival of the fittest.† These new breeds of human could be programmed from birth to be any thing like ruthless soldier for wars.

David Emil Durkheim and the Social Causes of Suicide Essay -- Suicide

David Emil Durkheim is a renowned sociologist and also France’s first professor of sociology. Born on 15th, April in France, he successfully advocated for sociology to be recognized as an academic discipline. He did his first recognizable work titled ‘The division of labor in society’ in 1893 and then started the first European department sociology in a university in his homeland of France. David Durkheim's main concern was to try and understand how communities could maintain their integrity and coherence in the modern era where common religions and ethnic backgrounds were stumbling blocks. He went ahead and developed many other sociology theories and arguments until his death in 1917. Some of his famous published work includes social stratification, sociology of knowledge, deviance and religion. But one of the most outstanding and fascinating of his work is suicide which was published in 1897 (Calhoun, 2002). How Durkheim was able to show the social causes of suicide. Durkheim compares the suicide rates among different categories of people both in individual levels and in the community at large. He treats suicide as a social fact explaining its occurrence by the use of social facts like; lack of group attachment and lack of behavior regulation. In personal perspective he argued that suicide is a personal act that involves personal psychology and purely individual thoughts. His explanations on suicide were partly hindered by unavailability of very precise or complete statistical data. He went ahead and described suicide as caused by factors like climate, race, mental illness, hereditary and imitation (Sociology 250, 1999). Durkheim was able to show the social cause of suicide by observing and studying on varying socia... ...ciologytwynham/suicide-presentation-927179 Durkheim Emile. Emile Durkheim on suicide. Retrieved from: http://www2.uvawise.edu/pww8y/Soc/-Theorists/Durkheim/Suicide.html Eskenazi Karin, (2009). Largest ever study of suicide in the military. Retrieved from: http://www.medicalnewstoday.com/releases/157916.php Evans, (2011). Suicide causes and motivations. Retrieved from: http://www.crimescenecleanup.com/Suicide_Causes_and_Motivations.html Hassan Riaz, (1996). Social factors in suicide in Australia. Retrieved from: http://www.aic.gov.au/documents/4/9/0/%7B490EDFD9-212E-414F-B4E5-F3DA8A6D0413%7Dti52.pdf Kushner Howard I & Sterk Claire E, (2005). The limit of social capital. Retrieved from: http://www.ncbi.nlm.nih.gov/pmc/articles/PMC1449331/ Sociology 250, (1999). Social facts and suicide. Retrieved from: http://uregina.ca/~gingrich/o26f99.htm

Education Requirement Essay

1. Should there be a minimum education requirement for the beauty therapist job? Discuss Before answer this question, we should discuss about job analysis. Job analysis is the systematic process of determine skills, duties and knowledge required to performing jobs in organization. One of the purposes job analysis is to answer what qualifications are need to perform the jobs Back to our question, owner of Tangerine Center Sdn Bhd want to upgrade their business service. She want to offer more service such as spa, beauty consultant, skin therapist and medical esthetics. Based on new job descriptions and job specifications, beauty therapist should have minimum education requirement. 2. What is your opinion of Jenny’s effort to upgrade the people in the organization?. Jenny’s effort to upgrade the people in organization is good for her business. Maybe after upgrade her staff, her business can get more income. She should consider human resource management function before proceed with upgrading plan. i. Staffing She should ensure always has proper number of staff with appropriate skill, qualified and suitable number of staff. She also should have good job analysis to ensure his mission will accomplish. ii. Human Resource Development Training is important part in staff development. She should give more training to her staff in order to improve their skill. Her staffs have basic knowledge and skill as beautician. Enhancement program will improve their ability and soft skill knowledge. Another important part in human resource development is organization development. She should make her business more effective. Improve in tool and equipment will make her business more competitive. iii. Compensation When she upgrade her staff qualification, she should pay higher than staff with basic qualification. Total staff cost will increase and she should have proper plan to increase revenue. As conclusion, Jenny’s effort will give good effect to her business when she upgraded the people in the organization. 3. What legal ramifications, if any, should Jenny have considerer? As an employer, Jenny should be aware of the rules and guideline for hiring and recruiting an employee. This is for major law to follows ; i. Employment Act 1955 : A Guide To Malaysian Labour Laws ii. Workmen’s Compensation iii. Children and Young Persons (Employment) Act 1966 (Revised 1988) iv. Occupational Safety and Health Act 1994