Definition essay on computers :: essays research papers

Many people in general have enough problems to deal with. Why shouldorganization add to them? Computers argon known to be the key factor of savingpeople from falling off the edge of their chair every time they were to have to think rattling hard. If an individual were to purchase a ready reckoner he/she should take thefollowing into consideration Will this make my job easier? Do I need unornamentedmultimedia capabilities? Will I be using the Internet? Many people go out andbuy a computer without acknowledging what should be include in the purchase.Many businesses and organizations use computers for projects such asgraphs, calendars, calculators, word processors, and even filing tax returns online. When calling the doctors office to make an appointment the receptionist will conduct forthe name. Why is this? By telling a name, the computer automatically searches andpulls up the medical history, address, age, etc. Without this technology, peoplewould have to file space consuming do cument manually, and, in addition, try to readdoctors handwritings. Computers in todays businesses allow us to make clericalwork easier. Getting down to really utilizing the PC consists of using MicrosoftOffice, including advocator Point Presentations, Word, Excel, Outlook, Works,Frontpage, etc.. Networking the computers gives selective access to certainindividuals such as the President of Microsoft, store manager, or a janitor. If acompany grants its employees access to a computer they may expand with certainaccessories that can be installed, or plugged into your computer. If one were to gocamping and take pictures, but wanted to post the Kodak pictures on the family website, it wouldnt be a problem using the computer. There now are picture scannersthat make fully digitalized photos on the computer cover version from normal camera film. Making a webpage is not a hard task. The computer includes a modem that isplugged into the PCI slot. It is used to connect the computer through t he call off lineto millions of other users that are signed on to the internet at the same time. Both ofthese computer accessories help make life a scant(p) easier. The internet holds a vast amount of different topics to look up in its hugelibrary of knowledge. One could find anything from how to make a turkey togeneology. There are many different types of search engines to look up thesetopics. Basically, one word is typed, and many related topics are pulled up on the cloak to choose from. It saves a trip to library and looking up call numbers, and

Free Will Versus Determinism Essay -- essays research papers

Free Will Versus DeterminismThe controversy between spare will and determinism has been arguedabout for years. What is the difference between the both? Looking in adictionary, free will is the power, attributed to human beings, of making freechoices that are unconstrained by external circumstances or by an agency suchas fate or divine will. Free will totallyows free choice. Yet, determinism is thetotal opposite. Determinism has this definition The philosophical doctrinethat every event, act, and ending is the inescapable consequence ofantecedents that are independent of the human will. Determinism states thathumans have no free will to aim what they wish. That seems real extreme andharsh. Even though this is what determinism is, doesnt mean that thedeterminists are trying to steal your freedom. Its only what they believebecause of religion and cause and effect. In religion, many people believe inthe existence of a god supports determinism. The basis of god is that he isall-know ing and all-powerful. If free will is allowed, there would bedecisions and actions in which God could not know due to the persons choice.This would specialise Gods omnipotence, which is unacceptable to some. The otherargument for determinism is causation, or causes and effects. This argumentdepends on relationships that should happen with the uniform results every time,such as a baseball breaking a window, breaking the window. Basing on this,everything in the universe has a cause. And if all the causes and the eventswere known, then it would be possible to easily predict the future. Ifeverything can be foreseen, then this proves that cypher that anyone does canchange the courses of the future. This, of course, is not possible.Determinism says that what you do can be the cause of what your life turns outto be. This can be true. Yet, you can act otherwise that would command you offthat path of where your life was heading. Common sense tells us that we canchange, which determinism opposes to. It also says that if we feel we are notforced, we could have acted differently. That is why I choose to side withfree will. Determinism has too many extremes and limits that, already shown,is not possible in this world.Free will is the minds ability to choose with intelligence. Thatdoesnt mean that our choice has all the freedom in the world. Our choicescannot and ob... ...ermined by anterior events. Therefore we can not change our behavior. Previous events doaffects us we cannot ignore that. But, like the previous examples, if theprevious events consequences were not good, we would mostly likely change,unless that individual was deranged. These arguments on free will definitelydoes not pertain to all people. Everyone is different. Yet mostly likely,individuals think towards free will.An implication to determinism is that man becomes nothing more thana puppet. That may sound cruel, but it is true. Under the rules ofdeterminism, man must go by past events, doing the same thing he did in thepast, right or wrong. He can not change his behavior, unable to let out hisemotions. The man has become a puppet, being controlled and restricted. Andin everyday life, determinism does not exist in most lives.It is logical and reasonable to say that the all of free will is a banner of our humanness. Whatever we choose will effect our future. But wewill base our decisions on what we feel is right, taking in our moral feelings.Free will is a measure of self-determination that people feel themselves topossess and by which they make moral judgments.

World Depression :: essays research papers

World Great DepressionMacro EconomicsThe depression that plagued the coupled States in the 1930s was typical in its enormity and its consequences. Europe and other countries suffered in the depression due to three main areas of discussion. The effects of trade contributed to depression throughout Europe and America. United States and other countries unemployment soared. With the ravages of world war one many countries where in debt in post war world one or became in debt due to reparations. It has been express that the Great Depression began in 1929 after a cataclysmic collapse of the New York Stock Exchange. It began in the United States but quickly spread crosswise the world causing an economic slump. During the collapse of the world the German case is perfect example of what happen virtually everywhere in the 1930s. The international frugality broke up into trading blocks determined by political allegiances and currencies. Britains scrimping suffered with the loss of the ove r seas market and the countrys choice to not to devalue the pound. When face with falling exports earnings governments began overreacting and began severely reducing trade. Nearly all countries needed to protect their domestic production and began imposing tariffs. By doing this it greatly reduced the make out of international trade and furthered them into debt. The high tariffs hindered the payments of war debts, which were only paid clear up by loans from the United States and Britain for war reparations. The destabilization of the European economy came through the international debt structure that appeared after World War one. (http//www.english.uiuc.edu/maps/depression/about.htm), (http//www.kwaves.com/kond_analysis.htm) (http//mars.acnet.wnec.edu/gremel/Courses/wc2/lecturMany countries that where allies with the United States during the war owed large amounts of money to American banks. The amount of money was so immense that it is one reason that the Allies insisted at Treat y of Versailles that repartitions be paid which they thought would be able to pay withdraw their debts. After America fell into the depression they recalled their loans making many German banks to close their doors and the whole system to collapse. Not being able to pay off their reparations to the Allies due to Germany and Austria being in the debt themselves. Along with Germany the United States started to remove money from Europe, leading to the selling for European monies and collapse of European banks. (http//www.english.uiuc.edu/maps/depression/about.htm), (http//www.kwaves.com/kond_analysis.htm)As the countries loss money and began to fall into debt the unemployment began to rise.

Catcher in the Rye Essay: Holden - The Misfit Hero -- Catcher Rye Essa

The Misfit Hero of The backstop In The rye The Catcher In The Rye by J.D. Salinger was published in 1951. A pass off theme in J.D. Salingers stories concerns people who dont fit in with the traditional American Culture. Salingers misfit heroes, unlike the rest of society, are caught in the struggle between a apparent(prenominal) world and a conscious morality (1 Wildermuth). In his prove to create a new and realistic enactment of the times, Salinger first, effectively creates Holden Caulfield, the main extension. Second, he sends his character on a quest, and third he titles his novel to sum up the whole overview of the story. In creating his character, Holden Caulfield, Salinger uses profanities and obscenities as an attempt to portray the world of most adolescents. He creates a character that is not really in rebellion against the established values of the adult world, but as a victim. Holden is possessed with a severe sense of justice and respectability. His moral syste m and sense of justice force him to find horrible flaws in society, which he sums up with the word phony. Holdens convention difficulty is not that he is a rebel, or that he hates the society he lives in, or its morals, nor that he is a coward, but rather that he is otiose to sort out, or to purge himself of his burden of sensation. He is blocked with memory and experience, and Salinger indicates this in the intentional confusion of time in his thoughts (53 Kaplan). Holden, much like Salinger himself, is a person who is removed from society and therefore more independent than the person who must rely upon society. Catcher In The Rye is an episodic novel virtually an adolescent boy on the brink of adulthood. Yet, the action itself i... ...Frangedis, Helen. Dealing with the Controversial Elements in The Catcher In The Rye. English Journal. 77.7 (1988) 72-75. Kaplan, Robert B. Cliffs Notes Catcher In The Rye. capital of Nebraska Cliffs Notes, Inc., 1999. Marsden, Malcolm M. If Y ou Really Want To Know A Catcher Casebook. Chicago Scott, Foresman and Company, 1963. Miller Jr., James E. American Literature. creative activity Book Encyclopedia. Volume 1. Chicago terra firma Book Inc., 1983. Pinsker, Sanford. The Catcher In The Rye Innocence Under Pressure. New York Twayne Publishers, 1993. Roemer, Danielle M. The Personal Narrative and Salingers Catcher in the Rye. Western Folklore 51 (1992) 5-10. Salinger, J.D. The Catcher In The Rye. Boston Little, Brown and Company, 1951. Wildermuth, April. Nonconformism in the Works of J.D. Salinger. 1997 Brighton High School. 24 November 1999. Catcher in the Rye show Holden - The Misfit Hero -- Catcher Rye EssaThe Misfit Hero of The Catcher In The Rye The Catcher In The Rye by J.D. Salinger was published in 1951. A recurring theme in J.D. Salingers stories concerns people who dont fit in with the traditional American Culture. Salingers misfit heroes, unlike the rest of society, are caught in the struggle between a superficial world and a conscious morality (1 Wildermuth). In his attempt to create a new and realistic portrayal of the times, Salinger first, effectively creates Holden Caulfield, the main character. Second, he sends his character on a quest, and third he titles his novel to sum up the whole overview of the story. In creating his character, Holden Caulfield, Salinger uses profanities and obscenities as an attempt to portray the world of most adolescents. He creates a character that is not really in rebellion against the established values of the adult world, but as a victim. Holden is possessed with a strong sense of justice and respectability. His moral system and sense of justice force him to find horrible flaws in society, which he sums up with the word phony. Holdens principle difficulty is not that he is a rebel, or that he hates the society he lives in, or its morals, nor that he is a coward, but rather that he is unable to sort out, or to purge himself o f his burden of sensation. He is blocked with memory and experience, and Salinger indicates this in the intentional confusion of time in his thoughts (53 Kaplan). Holden, much like Salinger himself, is a person who is removed from society and therefore more independent than the person who must rely upon society. Catcher In The Rye is an episodic novel about an adolescent boy on the brink of adulthood. Yet, the action itself i... ...Frangedis, Helen. Dealing with the Controversial Elements in The Catcher In The Rye. English Journal. 77.7 (1988) 72-75. Kaplan, Robert B. Cliffs Notes Catcher In The Rye. Lincoln Cliffs Notes, Inc., 1999. Marsden, Malcolm M. If You Really Want To Know A Catcher Casebook. Chicago Scott, Foresman and Company, 1963. Miller Jr., James E. American Literature. World Book Encyclopedia. Volume 1. Chicago World Book Inc., 1983. Pinsker, Sanford. The Catcher In The Rye Innocence Under Pressure. New York Twayne Publishers, 1993. Roemer, Danielle M. The Perso nal Narrative and Salingers Catcher in the Rye. Western Folklore 51 (1992) 5-10. Salinger, J.D. The Catcher In The Rye. Boston Little, Brown and Company, 1951. Wildermuth, April. Nonconformism in the Works of J.D. Salinger. 1997 Brighton High School. 24 November 1999.

Virgin In A Tree Essay -- essays research papers

This poem was written in 1958, after Sylvia Plath left her caper at Smith College to issue for a living. It was during this time she found writing extremely difficult and resorted to set themes and deliberate exercises in style, in her efforts to find a release. The poem is based on a drawing "The Virgin in a Tree" by Paul Klee. Sylvia Plath expresses her feelings about the concept of virginity, virgins etc. She holds their morals and values accountable, for what they believe to be right and what they believe to be wrong. Sylvia Plath uses great many mythical allusions to illustrate her perceptions about virgins, especially in Ancient classic mythology, many of which have been a direct bearing on the title of the poem Virgin in a Tree. The first most obvious allusion is that of Daphne. Ever since that first DaphneSwitched her peerless backFor a bay-tree hide,In Greek mythology Daphne was a nymph, the daughter of the river deity Peneus. She was a hunter who dedicated hers elf to Artemis, deitydess of the hunt, and, like the goddess, refused to marry. The god Apollo fell in sock with Daphne, and when she refused his advances, he pursued her by means of the woods. She prayed to her father for help, and as Apollo advanced upon her, she was changed into a laurel tree (Daphne in Greek). Grief-stricken at her transformation, Apollo made the laurel his inviolate tree. With reference to Apollo made in the phrase god-haloed. The other phrase goat thighed, may signify Philocetes (Trainer of the heroes) or Pan (god of the woods). It is most obviously Pan, with evidence in next reference in the 4th stanza. Pan, in Greek mythology, was the god of woods, fields, and fertility, the son of Hermes, messenger of the gods, and a nymph. Part animal, with the horns, hoofs, and ears of a goat, he was a lusty deity, the god of the shepherds and the goatherds. A wonderful musician, he accompanied, with his pipe of reeds, the woodland nymphs when they danced. He invente d this pipe when the nymph panpipe, whom he was pursuing, objected to his advances and was transformed into a bed of reeds, enabling her to escape him. Celebrate Syrinx whose demursWon her the frog faded skin, pale pith and wateryBed of a reed.Pan then took reeds of unequal length and played on them. The god was always wooing ane of the nymphs by playing on his pipes, but was always rejected ... ... root to topHer fingersStiff as twigs, her body woodenlyAskew     Her timber throughout is very indignant, revolting and at times mocking.How this tart fable instructsAnd mocks Heres the parody of that moral mousetrapThey descant on the serene and seraphic beautyOf virgins for virginitys sake.Be certain(p) some such pactsBeen stricken to keep all glory in the gripOf ugly spinsters and barren sirsPlath also makes use of faint colour imagery here and there, to strengthen her ideas and recall support to her literary prowess. White bodies use of the colour white ma y signify coldness of the virgins, or their supposed purity. Barks nun- murky habit the colour black may point to the restricted, non-reproachable characteristics, bandage the colour green (Green virgins) indicates inexperience.This poem is in many ways a social commentary, by Sylvia Plath, on the dilemmas modern baseball club is faced with. Especially concerning habits of women as nurturers, mothers, wives and daughters. As well as their role in being virgins. Sylvia Plath definitely does not believe strongly in womans role as a virgin, whether it be for purity or chastitys sake. Virgin In A Tree Essay -- essays research papers This poem was written in 1958, after Sylvia Plath left her job at Smith College to write for a living. It was during this time she found writing extremely difficult and resorted to set themes and deliberate exercises in style, in her efforts to find a release. The poem is based on a drawing "The Virgin in a Tree" by Paul Klee. Sylv ia Plath expresses her feelings about the concept of virginity, virgins etc. She holds their morals and values accountable, for what they believe to be right and what they believe to be wrong. Sylvia Plath uses great many mythical allusions to illustrate her perceptions about virgins, especially in Ancient Greek mythology, many of which have been a direct bearing on the title of the poem Virgin in a Tree. The first most obvious allusion is that of Daphne. Ever since that first DaphneSwitched her incomparable backFor a bay-tree hide,In Greek mythology Daphne was a nymph, the daughter of the river god Peneus. She was a hunter who dedicated herself to Artemis, goddess of the hunt, and, like the goddess, refused to marry. The god Apollo fell in love with Daphne, and when she refused his advances, he pursued her through the woods. She prayed to her father for help, and as Apollo advanced upon her, she was changed into a laurel tree (Daphne in Greek). Grief-stricken at her transformation, Apollo made the laurel his sacred tree. With reference to Apollo made in the phrase god-haloed. The other phrase goat thighed, may signify Philocetes (Trainer of the heroes) or Pan (god of the woods). It is most obviously Pan, with evidence in future reference in the fourth stanza. Pan, in Greek mythology, was the god of woods, fields, and fertility, the son of Hermes, messenger of the gods, and a nymph. Part animal, with the horns, hoofs, and ears of a goat, he was a lusty deity, the god of the shepherds and the goatherds. A wonderful musician, he accompanied, with his pipe of reeds, the woodland nymphs when they danced. He invented this pipe when the nymph Syrinx, whom he was pursuing, objected to his advances and was transformed into a bed of reeds, enabling her to escape him. Celebrate Syrinx whose demursWon her the frog coloured skin, pale pith and wateryBed of a reed.Pan then took reeds of unequal length and played on them. The god was always wooing one of the nymphs by playi ng on his pipes, but was always rejected ... ... root to topHer fingersStiff as twigs, her body woodenlyAskew     Her tone throughout is very indignant, severe and at times mocking.How this tart fable instructsAnd mocks Heres the parody of that moral mousetrapThey descant on the serene and seraphic beautyOf virgins for virginitys sake.Be certain some such pactsBeen struck to keep all glory in the gripOf ugly spinsters and barren sirsPlath also makes use of faint colour imagery here and there, to strengthen her ideas and give support to her literary prowess. White bodies use of the colour white may signify coldness of the virgins, or their supposed purity. Barks nun-black habit the colour black may point to the restricted, non-reproachable characteristics, while the colour green (Green virgins) indicates inexperience.This poem is in many ways a social commentary, by Sylvia Plath, on the dilemmas modern society is faced with. Especially concerning roles of women a s nurturers, mothers, wives and daughters. As well as their role in being virgins. Sylvia Plath definitely does not believe strongly in womans role as a virgin, whether it be for purity or chastitys sake.

Virgin In A Tree Essay -- essays research papers

This verse form was written in 1958, after Sylvia Plath left her job at Smith College to deliver for a living. It was during this time she establish writing extremely difficult and resorted to set themes and deliberate exercises in style, in her efforts to find a release. The poem is based on a drawing "The gross(a) in a Tree" by Paul Klee. Sylvia Plath expresses her feelings about the concept of virginity, virgins etc. She holds their morals and values accountable, for what they believe to be right and what they believe to be wrong. Sylvia Plath rehearses great many mythical allusions to illustrate her perceptions about virgins, especially in Ancient Greek mythology, many of which have been a direct bearing on the title of the poem stark(a) in a Tree. The first most obvious allusion is that of Daphne. Ever since that first DaphneSwitched her incomparable backFor a bay-tree hide,In Greek mythology Daphne was a nymph, the girlfriend of the river beau ideal Peneus. She was a hunter who dedicated herself to Artemis, goddess of the hunt, and, like the goddess, refused to marry. The god Apollo fell in love with Daphne, and when she refused his advances, he pursued her finished the woods. She prayed to her father for help, and as Apollo innovational upon her, she was changed into a laurel tree (Daphne in Greek). Grief-stricken at her transformation, Apollo made the laurel his sacred tree. With reference to Apollo made in the joint god-haloed. The other phrase goat thighed, may signify Philocetes (Trainer of the heroes) or Pan (god of the woods). It is most obviously Pan, with evidence in future reference in the quaternate stanza. Pan, in Greek mythology, was the god of woods, fields, and fertility, the son of Hermes, messenger of the gods, and a nymph. Part animal, with the horns, hoofs, and ears of a goat, he was a lusty deity, the god of the shepherds and the goatherds. A wonderful musician, he accompanied, with his pipe of reeds, the woodland nymphs when they danced. He invented this pipe when the nymph Syrinx, whom he was pursuing, objected to his advances and was transformed into a bed of reeds, enabling her to escape him. Celebrate Syrinx whose demursWon her the frog sullen skin, pale pith and faintBed of a reed.Pan then took reeds of unequal length and played on them. The god was always wooing single of the nymphs by playing on his pipes, but was always rejected ... ... root to topHer fingersStiff as twigs, her body woodenlyAskew     Her tone throughout is very indignant, laborious and at times mocking.How this sour fable instructsAnd mocks Heres the parody of that moral mousetrapThey descant on the serene and seraphic beautyOf virgins for virginitys sake.Be certain some such pactsBeen laid low(p) to keep all atmosphere in the gripOf ugly spinsters and barren sirsPlath also makes use of faint colour imagery here and there, to strengthen her ideas and come apart support to her literary pro wess. White bodies use of the colour white may signify coldness of the virgins, or their supposed purity. Barks nun-black habit the colour black may point to the restricted, non-reproachable characteristics, art object the colour green (Green virgins) indicates inexperience.This poem is in many ways a social commentary, by Sylvia Plath, on the dilemmas modern society is faced with. Especially concerning roles of women as nurturers, mothers, wives and daughters. As well as their role in being virgins. Sylvia Plath definitely does not believe strongly in womans role as a virgin, whether it be for purity or chastitys sake. Virgin In A Tree Essay -- essays research papers This poem was written in 1958, after Sylvia Plath left her job at Smith College to write for a living. It was during this time she found writing extremely difficult and resorted to set themes and deliberate exercises in style, in her efforts to find a release. The poem is based on a drawing "The Vi rgin in a Tree" by Paul Klee. Sylvia Plath expresses her feelings about the concept of virginity, virgins etc. She holds their morals and values accountable, for what they believe to be right and what they believe to be wrong. Sylvia Plath uses great many mythical allusions to illustrate her perceptions about virgins, especially in Ancient Greek mythology, many of which have been a direct bearing on the title of the poem Virgin in a Tree. The first most obvious allusion is that of Daphne. Ever since that first DaphneSwitched her incomparable backFor a bay-tree hide,In Greek mythology Daphne was a nymph, the daughter of the river god Peneus. She was a hunter who dedicated herself to Artemis, goddess of the hunt, and, like the goddess, refused to marry. The god Apollo fell in love with Daphne, and when she refused his advances, he pursued her through the woods. She prayed to her father for help, and as Apollo advanced upon her, she was changed into a laurel tree (Daphne in Greek). Grief-stricken at her transformation, Apollo made the laurel his sacred tree. With reference to Apollo made in the phrase god-haloed. The other phrase goat thighed, may signify Philocetes (Trainer of the heroes) or Pan (god of the woods). It is most obviously Pan, with evidence in future reference in the fourth stanza. Pan, in Greek mythology, was the god of woods, fields, and fertility, the son of Hermes, messenger of the gods, and a nymph. Part animal, with the horns, hoofs, and ears of a goat, he was a lusty deity, the god of the shepherds and the goatherds. A wonderful musician, he accompanied, with his pipe of reeds, the woodland nymphs when they danced. He invented this pipe when the nymph Syrinx, whom he was pursuing, objected to his advances and was transformed into a bed of reeds, enabling her to escape him. Celebrate Syrinx whose demursWon her the frog coloured skin, pale pith and wateryBed of a reed.Pan then took reeds of unequal length and played on them. The god was al ways wooing one of the nymphs by playing on his pipes, but was always rejected ... ... root to topHer fingersStiff as twigs, her body woodenlyAskew     Her tone throughout is very indignant, severe and at times mocking.How this tart fable instructsAnd mocks Heres the parody of that moral mousetrapThey descant on the serene and seraphic beautyOf virgins for virginitys sake.Be certain some such pactsBeen struck to keep all glory in the gripOf ugly spinsters and barren sirsPlath also makes use of faint colour imagery here and there, to strengthen her ideas and give support to her literary prowess. White bodies use of the colour white may signify coldness of the virgins, or their supposed purity. Barks nun-black habit the colour black may point to the restricted, non-reproachable characteristics, while the colour green (Green virgins) indicates inexperience.This poem is in many ways a social commentary, by Sylvia Plath, on the dilemmas modern society is faced with. Especially concerning roles of women as nurturers, mothers, wives and daughters. As well as their role in being virgins. Sylvia Plath definitely does not believe strongly in womans role as a virgin, whether it be for purity or chastitys sake.

Conformity Vs individuality Essay

though compositiony struggle to be there aver person. Many struggle to decide things on there own.We are all different, just some of us are the same, because of conformity. Conformity is the easy way of things. future(a) the leader is the natural way of humans. For an example take Germany during World War II. There was little hate towards Jew or Jipsys or the mentally disabled but because one man was such a persuasive and strong leader a whole country conformed to killing millions. We see the nonconformity in Thoreau, the seek to conform in Gatsby and the struggle to do become an individual in a place of discor in Fahrenheit 451. Thoreau wanted to be his own man and live his own life without, the influence of government or society. He did not want to follow in the American dream of a washcloth picket fence, instead he wanted to create his own dream. A dream that was his and his alone. To accomplish this unorthodox dream he cut his life turned from society and from the governme nt. He strove to create his own person, to be different from the average. To be unique. Thoreau isolated him egotism in the woods, did not pay taxes, and lived off the wild so he would be without influence from the government. Thoreau did not feel a part of america.He saw how the american community were conforming and thinking more about self image than which was truly important. So he decided instead of conforming to the american way he would create his own little society. Thoreau assay which nearly would not even considered he tried to be an individual. Gatsby on the other hand tried to conform to impress his loved one. Is conformity attractive? To most they would say yes. Few want someone who thinks differently . Few want a unique person. People want safeness and people find that in the norm. Gatsby tried to reach the white picket fence not because he wanted it forsay but because he wanted to attract his loved one, Daisy. Daisy was attracted to the american dream. Though becau se of her position she was not able to achieve the dream for herself she wanted to marry and be with someone who had achieved it. So Gatsby tried his best to get to the White picket fence. Though the ways he ended up getting to the white picket fence was a little unorthodox. He did conform to the american dream and the american way. We see the struggle of doing what one wants to do even when it is against the norm in fahrenheit 451 by the character Guy Montag. Montag feels the emptiness of conformity and wants to read which is illegal. quite oflistening to those around him or to his wife or even the government he starts to read. And in doing this he becomes an individual. Becoming an individual causes him to abide his wife lose his job and recognizes him a fugitive but his emptiness vanishes. The government had become tyranny controlling what each individual did. We see throughout the book people conforming like they conformed in War World II to this tyranny. The outcome was the s ame as in WWII the government fell and the ones who had not conformed were regarded as heroes. To be unique is a great thing but society continues to look down its nose at those who want something different. When you start to think for yourself you are no longer Part of any country. Most people when they think of a country they think of the leaders or the people who control the things. But in itself that its wrong. A country is a mass of people that follows the laws and and silent laws dictated by the people. Inside the United States of America there are thousands of countries each of them dupe slightly different silent laws.To become an individual you obey the laws but you create your own silent laws. When Thoreau made that choice to leave the masses and make his own country, a country of one then he became a individual. A country of one is infinitely better than a country of deuce for one reason, freedom. When you create your own country you are granted more freedom than ever bef ore. No longer do you have to follow the atomic number 7 or silent laws of the other countries The difference between a Non-conformist and a criminal is silent laws verses laws. Thoreau gave up on all the silent laws so he is no longer a part of America. Gatsby gave up on the enforced laws but kept the silent laws so he is part of america. Guy montag gave up on the silent laws which were enforced so he became a individual.

The Harmful Effects of Video Games

The Harmful Effects of Video Games By Alan Bruestle I. Introduction A. Video games, the ability to leave reality via controller, and glowing screen of color and bliss. A send from life through the form of technological entertainment that has been developed and passed down to generations for decades. So why does society oblige such a big repugn over the use of motion-picture show games? B. Many people believe that video games are only a source of fun and entertainment. Although there is truth in that video games give pleasure to the user, not many notice and realize the harmful effects that they have on society.C. Should video games be changed in a manner that the harmful content is removed completely from the entertainment? Should society limit or keep the certain content of video games to a minimum, or should everything be left the same? I believe that video games should be limited and a law should be passed that restricts the use of video games to people who gain a problem in their life. D. The laws I believe that should be placed would be the results from effects on society, due to video games.The three main points that have really been noticed in society is the increase in physical effects, mental effects, and graphic influence. II. Explanation of Problems/Need A. Definitions 1. Physical Overall Health, Disorders 2. Mental Addiction, mixer Isolation, Learning 3. Graphic Influence Drugs, Nudity, Graphic furiousness B. Background/Causes/Effect 1. Background a. Many years old b. Multi billion dollar industry c. requirement wont collapse d. Technology grows. Demand increase. e. Society always impacted. 2. Causes a. Features become better b. Consumer desire alternate life . Difference 3. Effects a. Alternate life fills boredom. b. power increases aggression. c. Might mimic characters. d. Users perspective addiction, forget life. e. Designers satisfy older age group. f. Can influence all age groups. III. Physical A. Overall Health. 1. Obesity 2. Seizure s B. Disorders 1. Postural, Muscular, wasted 2. Tendonitis, Nerve compression, Carpal tunnel syndrome IV. Mental A. Addiction 1. Lost sense of reality 2. Social Isolation B. Behavior 1. Mimic video games 2. Aggressive behaviors possibly become worse. C. Style of learning 1.Mastery leading to constant play 2. Rewarded for game play. Violence = Reward V. Graphic Influence A. Violence 1. Resolving to aggression. 2. Using violence in real life. B. Influence. 1. In game content. Drugs, violence, nudity, profanity 2. Higher drug and crime rates. Lower school rate. VI. Counter Arguement. A. Health related 1. Some games imply physical movement. 2. Used to practice work. Ex. Doctors 3. Increased brain activity from puzzles 4. Increased Hand eye coordination B. Miscellaneous 1. Multi billion industry 2. Simply entertaining VII. determination A.With the problems that come with most video games, should they be changed to better our society and fix some of the problems? B. The possibility of physical effects, mental effects, and graphic influence caused by video games, make it seem like the risk of playing most of them are not worth the risk to society.Associated Content from Yahoo Associatedcontent. om. Web. 24 Nov. 2010. . The Good and distressing Effects of Video Games. Raise Smart Kid. Web. 23 Nov. 2010. . The Impact of Video Games on Society by Tegan Mcrae Helium. Helium Where Knowledge Rules. Web. 24 Nov. 2010. . Teen-Rated Video Games irritated With Violence News Room. Childrens Hospital Boston. Web. 24 Nov. 2010. . Video Game Addiction. WebMD Better Information. Better Health. Web. 23 Nov. 2010. . Violent Video Games Psychologists Help Protect Children from Harmful Effects. American Psychological Association (APA). Web. 24 Nov. 2010. .

Small capital in Philippines Essay

This chapter consists of brief summary of articles, findings of the study that are related to the present study. It contains foreign and local literature, foreign and local studies.local anesthetic LiteratureAccording to Mishell M. Malabaguio of entrepreneur magazine Philippines, Small capital, easy set-up and a good chance of success are just some of the reason wherefore Food Cart Business is thriving in the Philippines. If you will look at the market trend today, Food sweep up business is the choice of around aspiring entrepreneurs. A mobile victuals cart is a business where you can start on low capital ranging from P30,000 to a maximum of P300,000. only if it could be a little lower though, depending on how you will put it up by franchise or on your own. Some companies offer food cart franchise for as low as P10,000 per package that includes, the cart, product, uniform for the crew and training.Over the last few years, food service carts befuddle bourgeon all over the metr o from MRT and LRT station, malls, sidewalks, church, schools, markets etc. name it and for sure, youll find a food cart there. Today, there are about 800 different food cart formats available in the marketpizza, waffle, fishball, siomai, rice toppings, and baked goodies, rice in a box, hotdog and a lot more.Industry estimates that more than P1 billion in gross revenue are turned over every year from the food cart businesses. With this amount, no doubt that Food Cart is the hot business in the market. If you have a nice cart, then the next thing to consider is Location. Location plays a big part in the success of your food cart or in any business for that matter. You have to think of a good location where a person frequents and can see what you are selling. But not all places cramming with people is a good venue just like MRT and LRT station. Lastly, you have to match your good location with the right product at a good price.

Sex, Race, and Class Final Exam Study Guide

SYG 2013 SEX, RACE, AND CLASS STUDY GUIDE FOR FINAL EXAM TEST data format The test provide contain 55 multiple-choice questions and one essay question. The entire test will be worth 125 points. For the exam you will need 2 pencil, Scantron form 2052 (brownish-orangeish), and one additional sheet of paper. WHAT SHOULD YOU STUDY? First, you should make real that you have completed all of the assign readings. Next, you should make sure you have a complete set of course notes and hard copies of the Power Point slides.Having a hardcopy of the PowerPoint slides will be especially useful for studying (statistical) schooling presented in the charts and graphs. I would recommend that you focus most heavily on the places where the material from the assigned readings and lecture material overlap. There will be just abtaboo questions drawn from the assigned readings that were not discussed in class. For that reason, in order to score in the A or B range, it is absolutely essential that yo u review the assigned readings by utilizing the Reading and Discussion Qs. Please review these specific readings. There is at least one question from each on the exam.In other words, on that point is at least 12 points at stake. Page, Clargonnce Lamberth, John Harkness, Geoff Kimmel, Michael Larew, John If you dont see one of the terms below in your notes, try to Google it to retrieve your memory. I. KEY TERMS AND CONCEPTS Socialization, gender training/gender bootcamp Media design, media framing, media effects Media omnivores Macro-level, micro-level Prejudice Social distance (Bogardus) Confirmation bias Discrimination Audit study racism Institutional racism (institutional dissimilarity) White privilege Colorism Index of dissimilarity II. KEY QUESTIONS Learning about Differences What kinds of lessons do children learn about gender while increase up? What kind of gender training do we receive from our parents? Please review this section of the class, paying attention to exampl es dealing with language, physical interaction, and toys/clothing/books, and so on What are the consequences of these kinds of interaction? These Qs apply both to the essay and multiple-choice Qs What kinds of gender lessons are learned in school? Especially, what differences did Sadker and Sadker uncover in their studies of gender in elementary schoolespecially in terms of how teachers interact with male and female students?What are the differences in interaction, and what are their consequences? What are well-nigh of the differences in the room that working- and middle-class families socialize their children? In particular, recall examples dealing with differences in the use of language and social interaction across social classes, as discussed by Annette Lareau and hart & Risley. Portraying Differences in Language and Media What can we learn about language differences between men and women from the research of Deborah Tannen? Who blithers more? How do they use talk for diffe rent purposes? In general, how much television/media do Americans take in each day? How do these patterns vary by race, gender, age, etc.? What are studies of media representation? What do we learn from these studies? What are studies of media framing? What do we learn from these studies? What are studies of media effects and cultivation analysis (George Gerbner)? What do we learn from these studies, in terms of the match of media exposure on issues related to sex/gender, race, and social class? Prejudice and Discrimination Race and Ethnicity What are prejudice and discrimination?What is racism and how is it different from discrimination? How is prejudice defined in the Bogarduss social distance scale? What do we learn from this measure in terms of how prejudice has changed over sequence? Looking at public opinion polls and surveys, to what extent do Americans think that racism and racial tensions are still a problem in society? How do these opinions differ across racial lines? Wh at do we learn from the results of recent studies on discrimination in housing, employment, car buying, and driving while shocking (by Massey, Pager, Lamberth, Bertrand and Mullainathan, and others)?In other words, to what extent do find that discrimination is occurring? What is white privilege? According to Peggy McIntosh, how does white privilege contribute to racial inequality? What is institutional racism? How is it different from discrimination? What are some examples of institutional racism (the G. I. Bill, funding for education)? If racial inequalities are to be reduced, how do the (a) micro- (Michael Scott) and (b) macro-level perspectives suggest different kinds of solutions? The effective system sometimes gets involved in cases of discrimination.Please be aware of cases against Hooters, Abercrombie, etc. Further, on what grounds are organizations like the Augusta National Golf ordering able to exclude women as members? Who is the Equal Employment Opportunity Commission (EEOC)? What is their job? How many cases/what kinds of cases do they review? To what extent is there evidence that white people are sometimes the victims of racial discrimination (reverse discrimination)? Please be aware of the findings of the EEOC on this matter, as well as the outcome of the Supreme Court case of Ricci v. DeStefano.Prejudice and Discrimination Sexual Orientation Thinking about public opinion in the U. S. , to what extent do people soon support same-sex marriage slumps among gays and lesbians? How do public attitudes differ by age? How do their views on gay marriage compare to their views on civil unions? Check out the graphs and tables In how many states/which states do gays and lesbians have the right to marry? In the various court cases, on what basis have gays and lesbians (and their supporters) argued that they should have the legal right to marry? In the United States, both court judges and ordinary citizens play a role in shaping policies surrounding sa me-sex marriage. What are some of the reveal differences in the decisions and decision-making process of these two groups on the issue of same-sex marriage? Prejudice and Discrimination Disabilities Studies What is the Americans with Disabilities Act (ADA)? When was it signed into law? What does it cover (employment, public accommodations)? What are cochlear implants? In what ways is this medical technology controversial within the deaf community? Prejudice and Discrimination Gender How large is the gender chess opening in pay? Looking at the graphs presented in class, how/why will the gender gap in pay change in the next straddle of decades? Why does the gender gap in pay exist? What are some of the individual, or micro-level reasons for the gap? What are some of the structural, or macro-level reasons for the gap? We didnt talk about the macro-level very much in class, but as long as you understand what the macro-level perspective is, you should be able to develop a basic answer to this Q Continuing to think about the micro- and macro-levels, what are some of the solutions to the gender gap in pay?Possible Essay Questions 1)Audit studies What are size up studies? Define in general. What techniques were used in the audit studies discussed in class? Strengths weaknesses suggestions for improvements. 2)Gender bootcamp. First, what is it, in general, and how does it compare to military bootcamp? Looking at the subcomponents of gender bootcamp, what are the key features (steps, procedures, etc. )? Bring in as many examples from class as possible, especially focusing on primary socialization at home.Read excessively Our Changing Society

Kiswana Browne Essay

She st bed at the woman she had been and was to become. Kiswana BrowneMother-daughter relationships are complex and diverse. Some mothers and daughters are best friends, and others pour forth once a week. Some see each other weekly while others live in different cities or states. Kiswana Browne and her mother stimulate a relationship like other mothers and daughters. She only wants the best for her daughter. They may fuss and they may compete, but they are more alike than they realize. Kiswana Browne, whose real title is Melanie, was born and raised in an affluent black suburb call(a)ed Linden Hills. Like most people that graduate from high school, Kiswana went on to college to further her education. musical composition in college, Kiswana was discovering her blackness and protesting for equality amongst black people. She changed her name and tried to wear an Afro, but her hair was so thin and fine-textured. She had to use lacquer so it would non lay flat. But before she had t he chance to graduate from college, she dropped out and decided to move to Brewster Place to live with her people. Kiswanas mother unexpectedly came to visit her at her new place. Kiswana is still afraid of her mother despite the fact that she has left her house and rejected her parents way of life. This is shown when she says, Oh, God, its Mama She still feels the guilt that all the kids throw away when they do something against their parents will. Kiswana and he mother was not seeing eye-to-eye. Her mother did not want her to live in the poor community, but Kiswana has her mind pitch on being there with her people. She picks to live in a poor area of town, because she is trying to retaliate from the oppressions of the government and her families standards. In the beginning of the story, she sees her mother as distant and different. She believes that her mother is a sell out to her African heritage. Her mother assures her that she and Kiswanas father are as concerned near the po or as much as she is. She also explains that they do not have to live in Brewster Place to prove themselves to anyone. She cautions Kiswana that the long-awaited revolution will not materialize because conjunction has moved to another phase. Instead, she suggests Kiswana to work within the system by becoming an assemblywoman or a civil liberties lawyer or by opening a freedom school in the neighborhood. She provides Kiswana with various ways of using her talents instead of allowing them to waste away in dead-end jobs.As Kiswana and her mother continue to argue about her new life in the poor area of town, it confirmsall of Kiswanas expectations of her mothers disapproval. When her mother tells her she lives in a world of fantasy, Kiswana says that she is noble of her heritage and accuses her mother of being a white mans nigger whos ashamed of being black. Her mother then became groundless with Kiswana and started to tell her about her family history. Yet after her mother explains her beliefs and concerns about her family, Kiswana begins to see the similarities between herself and her mother. After Mrs. Browne gave Kiswana a lesson about her family, she took off her shoe because they were smart her feet. Bright red nail polish glared at Kiswana through the stockings. Her mother n of all time really wore nail polish, but her husband talked her into. In the beginning of the story, Kiswana talked about how her friend was a foot man and how often she changed the color of her polish. Kiswana then thought, Ill be damned the young woman thought, feeling her whole administration tingle. Daddys into feet And she looked at the blushing woman on her couch and suddenly realized that her mother had trod through the same universe that she herself was now traveling. Kiswana was geological fault no new trails and would eventually end up just two feet away on that couch. She stared at the woman she had been and was to become. She learns that she is more like her mother tha n she ever imagined. Mothers and daughters go through situations similar to this a lot. The child thinks that they know everything, and things are to be done their way. They are not always right. Some individuals think that their parents are always against them and that they do not care about what they are doing in their life, but most of the time they are wrong. Some individuals also think that their parents have not gone through the things that they are going through, but some parents do. There is a saying The apple does not fall far from the manoeuver and Like Mother, Like Daughter. More than likely, you will act somewhat like your mother or father you may also go through things that they went through. You neer know.

Football betting

Football betting has been legalized recently. Although close toone says legalizing football betting will benefit Hong Kong, there excite been both arguments for and against this practice so I am going to discuss it.Addiction to football gambling rear cause a lot of problems. One of the examples is financial difficulties. Gambling postulate money. If a person gambles in a long-term, he may lose a lot of money. Not every time you can win some money from it, you couldnt earn a lot. It would spend your time and money. It may get down your financial plan for retirement.There would be problems on work or level(p) unemployment. You use all the time for gambling, you dont have energy and cant concentrate on your work. You work badly and your boss will punish you. Therefore, you may think you have to carry more and more pressure. It makes you more emotional, worsen work will be more. At last, you may get fired from your boss.Gambling will destroy your family relationship. They will lea ve you because you ignore them. There is an advertisement is talking about a father has gambling addiction on football. He puts all the money on gambling. He never knows what has happened in his family, even though his child leaves home secretly. At last, he thinks gambling is more important than family relationship, he and his wife divorces.Football betting could cause emotion problems. Gambling addiction is a mental-health problem that is understood to be one of many kinds of impulse-control problems a person may suffer from. The person has broken the law in order to obtain gambling money or recover gambling losses. This may include acts of theft, embezzlement, fraud, or forgery. He would try to hide the extent of his or her gambling by lying to family, friends, or therapists.Despite the disadvantages mentioned above, some people think legalization of football betting has benefits to Hong Kong.Football gambling is supported because Hong Kong government can earn tax from the gambl ing. Government thinks that earning money from the universe and use the money back to the public for the treatment and promotion is the best way.There may be illegal organizations would be caught by police. They dont need to hide secretly to do the gambling. People can publicly gamble for football and people who gambled can entertain themselves happier. Government established a charitable fund to finance gambling-related problems for the implementation of preventive and curative measures, and selected Caritas and Tung Wah Group of Hospitals to run two counseling and treatment centers for providing services to problem and pathological gamblers.When gambling is legalized, there will be a come up for employment rate. This is because there will be more demand of ply need to help gambler when gambling is legalized. If gambling is prohibited in law, resulting staff being fired.After weighting both advantages and drawbacks of football betting, I think legalization of football betting m ay become a disaster in our society.

Economic vulnerabilit Essay

The Caribbean basin has suffered economic vulnerability and occupation from nations such as Great Britain, France and Spain, right from the seventeenth to nineteenth century. This resulted from imperial rivalry among powerful occidental empires as weak Caribbean basin nations were merely pawns in their quest for colonial dominance. The emergence of plantation systems during this period also fueled the need for cheaply produced sugar, tobacco and coffee. Although production and trade was flourishing, the throng in the region were getting a very little share of the wealth.The easy transportability of free African labor done slave trade further intensified colonial interest in this area. As a result of this, a large population of African posterity belonging to various groups can be build in the Caribbean basin. This has contributed to a strong African influence in the cultures of these nations. The growth of colonial plantations also resulted in the migration of labor, as people co nstantly move around looking for better working opportunities.As people from different cultures were occupying Caribbean basin nation, it became an ideal breeding principle for racial conflict, and thus class consciousness was closely tied into racial differences (Randall and Mount 12). The lack economic of development in these regions can be attributed to obscure political relations and stifled trade agreements. Even today, the majority of people in these nations are economically backward since they function based on monopsony, wherein the stallion production of a country is usually bought by a single powerful buyer for cheap prices.Another common aspect of these countries is that they happen to be monoculture economies, where the whole economy is dependent on a single crop or product. The absence of political parties based on principle and common peoples needs also leads to political instabilities. Another aspect that is common to many Caribbean basin nations is the presence of rotationary groups and military units striving to overthrow approximative governments and dictators, paving the way for insurgencies.Early colonial occupation and the United States repeat attempts during the nineteenth century to make Cuba a part of the Union certainly influenced the former(a) part of Cubas eventful history. The constant colonial influence from powerful countries to control it economic and political policies had made Cuba a haven for revolutionaries. Cubas accomplished war in the 1870s, the revolution of 1895, and another revolution in 1906 ensured the overthrow of governments with vested interests. The following years were a period of growth as it had opened up trade with the United States and the economy was fuelled by high sugar prices (Wilkinson 18).However, instability continued in the form of military dictatorship from 1925. The revolution of 1959 led by Fidel Castro had yet again overthrown the dictatorship of Batista backed by the USA. The revolution is s till going on to this day through the execution of Marxist socio-economic policies that contribute to the upbeat of the poor people. Castro was a pioneer of this movement that nationalized millions of dollars worth of American property on Cuban soil. These properties were redistributed and agriculture was collectivized, thereby enraging the upper-classes to move to America.Cuba received precaution from the USSR in the form of energy and trade during the Cold War period. In 1961, the US secretly sent troops to Cuba to end the revolution but failed, historically known as the Bay of Pigs Invasion. In 1962, the governments of Cuba and the Soviet Union readyd nuclear missiles on Cuban soil to end United States influence in the region. This event is referred to as the Cuban missile crisis as it posed an imminent threat of nuclear war (Sierra 2). It ended when Khrushchev dismantled the weapons from Cuba when the United States promised not to take Cuba.Even today, African cultures influ ence is quite apparent in many aspects of modern Cuban life. Santeria is the modern Cuban version of an African religion that became popular during the slave trade era. Rumba, a set of dances and rhythms, is yet an African influence on Cuban culture. Cuba has also been endowed with musicians that develop novel musical genres by mixing different cultural influences (Coastal Web Online 26). Cuba, in spite of being portrayed by todays American media as a police state, is quite safe and accommodating to non-dissenting citizens.However, having a strong military presence has meant that voices of dissent against the revolutionary government are not dealt with lightly, lead-in to imprisonment. Hence, the general culture in Cuba does not promote free speech or ideas against the government, as counter-revolutionaries are quashed. Although the American Government has followed a policy of economically starving Cuba to overthrow communist dictatorship, Cuba still welcomes tourists mainly to at tract American dollars. Private restaurants and local craft stores are only forms of modern capitalism found in the country.The Revolution in Cuba under Fidel Castro has tremendously improved the standard of education and ensured its widespread availability to all classes of Cubans compulsory education programs till a certain age has been enforced. Universal health care offered to all Cubans is a commendable program that has been responsible for improving medical facilities and bringing down deathrate rates the island nation has one doctor per 200 citizens, which is notably better than America (Health Care in Cuba 3).The US government has put in place trade restrictions with Cuba to kindle an uprising to overthrow the communist dictatorship and bring in democracy. However, many US military leaders have expressed their aspiration to this embargo, as the Cuba is a contented nation under Castro with all its basic necessities met (Doherty 3). Since there is no evidence or probable reas on for a revolution in the near future, a lot of support has gone into requesting the US government to reopen trade relations with Cuba. Works Cited Page Sierra, J. A. The Cuban rocket CrisisOctober, 1962. 28 June 2009, http//www. historyofcuba.com/history/Crisis/missiles. htm Coastal Web Online. Brief Cultural History. 28 June 2009, Doherty, Patrick. US Military Leaders Issue Statement on Americas Cuba Policy. (2009). The Havana Note. 28 June 2009, Health Care in Cuba. Thinkquest. 28 June 2009, Randall, Stephen, and Mount, Graeme. (1998). The Caribbean Basin An International History. Routledge. Wilkinson, Jerry. History Of Cuba. 28 June 2009,

Globalization and International Business Essay

Introduction1. The destineing of globularization* much often than not the widening set of interdep exterminateent relationships among mess from different parts of a world that happens to be carve up into nations. * Narrowly the integration of world economies by the elimination of barriers to movements of goods, services, capital, technology, and people.A. How Does internationalist Business Fit In?* external bloodline consists of all commercial transactions between dickens or more countries. The goal of cloistered business is to make profits Governments may undertake them either for profit or for other reasons. a. The reputation of world(prenominal) Business* Most managers need to approach their operating strategies from an international standpoint. * Managers in almost every industry need to consider (1) where to obtain the inputs they need of the required quality and at the best doable price and (2) where you fuck best sell the product or service youve put unitedly from those inputs. * perusal IB is important because (1) most companies either are international or compete with international companies, (2) the best fashion of conducting business may differ by country, (3) an understanding helps you make better career decisions, and (4) an understanding helps you settle what governmental policies to support. b. Understanding the Environment/Operations RelationshipThe Forces Driving globalisation* world-wideization (1) has been growing, (2) is less permeant than generally thought, (3) has economic and non economic dimensions, and (4) is stimulated by several factors. * The A.T. Kearney / Foreign Policy sphericization might some countries are more globalized than others, and a burstn country may be highly globalized on unmatchable dimension and not another. This index ranks countries across four dimension * Economic international administer and investment* Technological Internet connectivity* Personal contact- international travel and tourism, international telephone traffic, and personal transfers of silver abroad * policy-making participation in international organizations and government monetary transfers A. Factors in Increased Globalizationa. Increase in and Application of Technology* Population growth, Economic growth* Innovations in transportation mean that more countries can compete for sales to a given market place. b. Liberalization of Cross-Border Trade and Resource Movements c. emergence of Services That Support International Business * Converting one currency to another, insuranced. Growing Consumer Pressurese. Greater Global Competition* Born-global companies start out with a global focus because of their founders international experience and because advances in communications give them a good idea of where global markets and supplies are. * Clustering or Agglomeration the situation in which many new companies locate in areas with numerous competitors and suppliers they quickly learn of dista nt opportunities and gain easier access to the resources needed for international moves. f. Changing political Situation* A major reason for growth in IB is the end of the schism between Communist countries and the rest of the world. g. Expanded Cross-National Cooperation* To gain reciprocal advantages* To attack problems jointly that one country acting alone cannot solve* The resources needed to solve the problem may be excessively great for one country to manage sometimes no single country is willing to move over for a project that will overly benefit another country. * One countrys policies may affect those of others.* To deal with areas of concern that lie outside the territory of any nation* Three global areas belong to no single country the non-coastal areas of the oceans, outer space, and Antarctica.The Costs of Globalization* Critics of globalization claim (1) countries overlook sovereignty, (2) the resultant growth hurts the environment, and (3) some people lose both r elatively and absolutely. A. Threats to national sovereignty* sovereignty its freedom to act lo chew the faty and without externally imposed restrictions.a. The un genuinety of Local Objectives and Policiesb. The Question of Small Economies Overdependencec. The Question of Cultural HomogeneityB. Economic Growth and Environmental Stressa. The Argument for Global Growth and Global cooperationC. Growing Income Inequality and Personal Stressa. Income Inequality(disparity)* Challenge to maximize the gains from globalization while simultaneously minimizing the comprise borne by the losers. b. Personal Stress* The growth of globalization goes hand in hand not just now with increased insecurity about job and kind status but also with costly social unrest.why Companies Engage in International BusinessA. Expanding SalesB. Acquiring Resources (R&D, Design)* Foreign sources may give companies (1) lower costs, (2) new or better products, (3) additional operating knowledge. C. Reducing Risk (Sales, Price swings)* International operations may reduce operating risk by (1) smoothing sales and profits, (2) preventing competitors from gaining advantages.Modes of Operations in International BusinessA. Merchandise Exports and Imports* The export and import of goods are the major sources of international revenues and expenditures. B. Service Exports and Imports* For non-merchandise international earnings, we call it service exports& imports.a. Tourism and Transportationb. Service Performance* Turnkey operations construction projects performed under submit and transferred to owners when theyre operational. * Management contracts arrangements in which one play along provides personnel to perform general or specialized management functions for another.c. Asset Use* Licensing agreements when one company allows another to use its plus such as trademarks, patents, copyrights, or expertise under contracts known as licensing agreements, they receive earnings called royalties. * Fr anchising a mode of business in which one party (the franchisor) allows another (the franchisee) to use a trademark as an essential asset of the franchisees business. Royalties also come from franchise contracts.C. Investments* Dividends and enkindle paid on foreign investments are also considered service exports and imports because they represent the use of assets (capital). * Foreign investment means ownership of foreign property in exchange for a financial return, such as interest and dividends, and it make take two forms mold and portfolio. a. Direct Investment(foreign direct investment, FDI)* Investor takes a controlling interest in a foreign company * When two or more companies share ownership of an FDI, the operation is a joint venture.b. Portfolio Investment* Non-controlling financial interest in another entity.* It usually takes one of two forms stock in a company or loans to a company in the form of bonds, bills, or notes purchased by the investor.D. Types of Internation al Organizations* Collaborative arrangements companies work together in joint ventures, licensing agreements, management contracts, minority ownership, and long-term contractual arrangements. * Strategic Alliance is sometimes employ to mean the same, but it usually refers either to an agreement that is of critical importance to one or more partners or to an agreement that does not involve joint ownership.a. Multinational Enterprise (MNE)* Any company with foreign direct investments.* Multinational corporation or multinational company (MNC), Transnational company (TNC) in US.Why International Business Differs from Domestic BusinessExternal environment that may affect international operations. A. corporeal and Social Factors* Any of these factors may require a company to alter its operation abroad (compared to domestically) for the saki of efficiency.a. Geographic Influences* Geographic barriers often affect communications and distribution channels. * Population distribution and th e impact of adult male activity on the environment may exert strong future influences on IB.b. Political Policies* A nations political policies influence how international business takes place within its borders. * Political disputes particularly military confrontations can disrupt trade and investment.c. Legal Policies* Legal law includes both home- and host-country regulations on such matters as taxation, employment, and foreign-exchange transactions. * International law in the form of legal agreements between countries, determines how earnings are taxed by all jurisdictions. It may also determine how companies can operate in certain places. d. behavioural Factors* The related disciplines of anthropology, psychology, and sociology can help managers better understand different values, attitudes, and beliefs. In turn, such understanding can help mangers make operational decisions abroad. e. Economic Forces* Economics explains why countries exchange goods and services, why capital a nd people travel among countries in the course of business, and why one countrys currency has a certain value compared to anothers.B. The Competitive Environmenta. Competitive Strategy for Products Products compete by means of cost of differentiation strategies, the latter usually by * Developing a favorable brand image, usually through advertising or from long-term consumer experience with the brand or * Developing unique characteristics, such as through R&D efforts or different means of distribution. b. Company Resources and Experience* A companys size and resources compared to those of its competitors. c. Competitors Faced in Each Market* Success in a market (whether domestic or foreign) often depends on whether the competition is also international or local.

Van West

Melvin Bahrain CCC Professor G 03/14/2013 Case 1 1. What are the central cultural issues contributing to the problems? In this case the cultural issue is that new wave westward didnt call(a) Spanish that well. Gonzalez actually spoke a piffling bit of English, so they could communicate. However, if cutting edge west would say better Spanish, then it might have solve a lot of problems even quicker. Furthermore, twain Hernandez and Van West grew up differently so they had different slews of approaching problems with dressers, and production issues.Van West was t wizard for solutions with enthusiasm, spot the other thought that everything will solve by itself. 2. What should Van West have d matchless when he first came to Mexico? In my opinion everything what he did went pretty well beside one thing. He shouldnt allow Hernandez take care of things while he was getting comfortable. I take he should start looking out for the problems right away to solve them a bit earlier. H ernandez is the person who said that the place where they both work does not have that performance that Van West got used to back in Taipei.Also, when he heard about the strike possibility he should act immediately to try to prevent it. It is as well as a culture issue, some people need some time to ad precisely to place and they work better, but some of them can start heavy(p) work right away. 3. How should Van West flock with Hernandez? Address the role of the boss in Mexican culture. Address the relationship between superiors and subordinates. I think that Van West should be more assertive towards Hernandez. They became fri expirys, which affected the workplace.I think that Van West was just too nice about Hernandez, and he couldnt tell him what was wrong or what was right. Van West should have more attitude of a boss while he was talking to Hernandez in a business place. Of course it is hard to act like a boss toward friend, but lets face the reality. It is work, and one has to be professional in what one does for living. Otherwise you can lose a job. Subordinate Hernandez was acting smart because obviously no one likes to get orders from other people so he became friends with Van West to have him on his side.Van West supposed to bring his problem solving, and enthusiasm for work to Hernandezs life. 4. How can Van West deal with the labor issue? How does this relate to attitudes toward change, the relationship between the respective(prenominal) and the group, and hierarchy? Van West should be the person who would show more interest in the issues that issue forth inside the company. He probably would have to organize meetings between workers, and workout some even solutions for everybody. It is hard to make everyone happy at the same time, but there is always a chance that all of them would agree on something.Van West figured out that there were some issues between Gonzales and Hernandez. He unflinching to solve problems by going to see production is sues by himself without Hernandez. Gonzales was the one who helped him se the clear vision of what is going on. This was a good move from Van West side because he got a little bit friendly with Gonzales who helped him find problems inside the company. The meeting that Van West made in the end of the case was a great choice because he is going to have all of the workers in one place so it will be easier to find out problems that may delay orders.

Lbo Model

supplementd Buyout Model (LBO) Copyright 2009 Investment Banking Institute www. ibtraining. com T commensu cast of Contents I. Uses for An LBO Model on Sell-side and Buy-side complex body part of LBO Model Structure and Assumptions Work poll purchase terms advisement and conside rations Sources and Uses II. swell Structure Alternatives integrating of Proforma quietus bed sheet into fiscal Model Income Statement, oddment Sheet and change Flow Projections Integration III. IRR Analysis for Financial assistant and Hybrid Debt lender IV. sensitivity ducks V. commendation Ratios 2 Uses for an LBO Model on the Buy-SideA Leveraged Buyout Model (LBO Model) is a key summary use by tete-a-tete legality rigids / pecuniary snitchs to evaluate a effectiveness science The final stage of an LBO is to take a society by financing the acquire with as to a greater extent debt as the currency flows of the personal line of credit and the debt markets depart support The more de bt a monetary haunt is able to obtain to finance an attainment, the less of an equity investment the financial sponsor has to make The higher(prenominal) the supplement levels, the higher the expected Internal Rate of Re distort (IRR) is for the financial sponsor / private equity firm The goal of an LBO model is to establish expected internal rates of return (IRR) for the scholarship using a financial model that reflects the following secure equipment casualty assumptions and the necessary immediate payment needed to finance the acquisition (uses of funds) Capitalization assumptions leverage (amount of debt), different debt tranches, equity investment amounts (sources of bills) Base case financial projections for the income recital, rest period sheet and currency flow based upon the purchase expenditure and capitalization assumptions The LBO model should be built with the talent to run sensitivities for a chain of purchase prices, capitalization structures, operating assumptions, etc. 3 Uses for an LBO Model on the Buy-Side Private fair-mindedness Firms / Financial Sponsors unremarkably nurture a undeniable rate of return hurdle f the expected IRR range for a potential acquisition does not meet or stand out the hurdle rate, often the PE firm / financial sponsor does not move forward with the acquisition PE firms be fascinatechd rates of return usu all(prenominal)y range from 15% on the low-side to 30% on the high-side, with the typical range targeted at 18% 25% The IRR analysis is strongly driven by the amount of leverage With higher leverage levels, the financial sponsor has to invest less equity, and thence has a higher IRR Therefore, often the goal is to leverage up the go with as much as the cash flow of the business and the debt markets will permit More leverage makes the business inherently riskier, as more of the cash flows generated by the business will be used to pay cheer expense and debt serviceThe amount of leverage is la rgely compulsive by the state of the debt markets 4 Uses for an LBO Model on the Buy-Side The amount of leverage is largely determined by the state of the debt markets For the last several years, the debt markets have been experiencing excess liquidity Because of the excess liquidity, lenders have been throw in the toweling higher leverage levels Depending on the industry and business, transactions over the last several years have been leveraged at amidst 4. 0x 6. 0x recent EBITDA These higher leverage levels allow the financial sponsor to pay more for the confederacy and unruffled attain its required IRR The leverage level of 4. 0x 6. x recent EBITDA is comprised of some combination of senior secured loans and junior(a) loans ( jiffy lien, third lien, unsecured loan, hybrid debt / equity securities) loaners may require the financial sponsor to have a minimum equity investment as % of issue forth capitalization Minimum equity contribution is typically around 20% 25%, depe nding on industry and purchase price 5 Uses for an LBO Model on the Buy-Side The LBO Model is also used for the Lenders perspectives Lenders like to see expected leverage and coverage ratios based upon the follows intercommunicate income statement, balance sheet, cash flow, and capitalization Typical ratios that lenders like to see are Leverage Ratios make out Debt / EBITDA straighten out Debt / EBITDA Secured Debt / EBITDA EBITDA / Net pursuit write down EBITDA / exchange Interest put down Interest Coverage Statistics EBITDA / Net Interest set down EBITDA / cash in Interest EBITDA Capex / Net Interest spending EBITDA Capex / Cash Interest Expense EBITDA Capex ? W/C / Net Interest Expense EBITDA Capex ? W/C / Cash Interest Expense EBITDA Capex ? W/C Taxes/ Net Interest Expense EBITDA Capex ? W/C Taxes/ Cash Interest Expense 6 Uses for an LBO Model on the Sell-Side Investment Bankers often construct LBO models to Provide this service to a financial sponsor clien t that is interested in pursuing an acquisitionProvide this service to a Company client where the company is being sold Illustrates the range of purchase prices financial buyers could pay and still attain their required IRR Uses the electric current debt markets conditions as assumptions for the capitalization As a gut-check for former(a) valuation methodologies (DCF, Public comparable company multiples, acquisition multiples) 7 Table of Contents I. Uses for An LBO Model on Sell-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma rest period Sheet into Financial ModelIncome Statement, Balance Sheet and Cash Flow Projections Integration III. IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 8 Construction of LBO Model Structure and Assumptions Worksheet reach upon the Financial Model template, and modify accordingly Add a worksheet for the LBO Model Structure and Assumptions The LBO Assumptions tab will have drivers for Purchase price assumptions Uses Cash required to acquire the company and pay associated fees Sources Cash available to acquire the company (debt, equity) USES = SOURCES Capitalization assumptions IRR Analyses 9 Purchase bell Calculation and ConsiderationsThe determination of the purchase price is complicated and typically involves a full-scale valuation (DCF, frequent company multiples and transaction multiples) as well as extensive due diligence on Companys operations, financial condition, counselling team, customers, suppliers, assets, etc. If the Company has manly traded equity, then typically a purchase price would be mastermindd much as TEV is calculated (Offer price per share * richly dilute shares) + debt + minority interest + preferred interest cash For the purposes of this model, we are assuming the LBO of a private company, and therefore using the al just about recent 12 month EBITDA and EBITDA multiple as the drivers of purchase price Purchase price = EBITDA * EBITDA multiple We are assuming the transaction closes on December 31, 2008 LBO of Company A ($ in millions) TRANSACTION ASSUMPTIONS terminal Date 31-Dec-08 2008 EBITDA $60. 0 EBITDA Multiple 6. 0x effect (Enterprise) Value $360. 0 less(prenominal) Existing Debt ($190. 8) asset Cash $0. 0 Implied justice Purchase footing $169. 2 10 Sources and Uses enumerate Uses is the amount of cash necessary to complete the transaction Usually equals the purchase price plus transaction fees and any other cash payment required as part of the transaction For the LBO of a publicly traded company, purchase price is calculated as ( ecstasy price per share * shares outstanding ) + debt + minority interest + preferred equity cash, and cash on targets balance sheet is used as a source early(a) required cash payments could be payments to certain parties that kick -in with a change of control (e. g. anagement payments, premiums to outstanding notes, etc. ) Total Sources illustrates the sources of capital to complete the transaction Usually equals debt + equity + any other cash available Total Uses = Total Sources LBO of Company A ($ in millions) TRANSACTION ASSUMPTIONS Closing Date 31-Dec-08 2008 EBITDA $60. 0 EBITDA Multiple 6. 0x Transaction (Enterprise) Value $360. 0 Less Existing Debt ($190. 8) Plus Cash $0. 0 Implied integrity Purchase Price $169. 2 TOTAL USES Uses equity Purchase Price Paydown Existing Debt Financing Fees Investment Banking Fees Legal Fees another(prenominal) Fees and Expenses $169. 2 $190. 8 8. 0 4. 0 1. 0 1. 0 Total Uses $374. 0 TOTAL SOURCES number EBITDA of Funded Multiple Capitalization $0. 0 0. 0x 0. 0% 0. 0 0. 0x 0. 0% 120. 0 2. 0x 32. 1% 90. 0 1. 5x 24. 1% 60. 0 1. 0x 16. 0% 270. 0 4. 5x 72. 2% 104. 0 27. 8% $374. 0 100. 0% Capitalization Cash Revolver Term bestow Senior Bonds unlatched Notes with Warrants Total Debt Sponsor righteousness Total Sources 11 Interest Rate Cash Pay PIK 7. 0% 7. 5% 9. 5% 0. 0% 0. 0% 0. 0% 0. 0% 10. 0% % of Fully Diluted truth na na na 5. 0% Capital Structure Alternatives The Total Sources Side is comprised of the capitalization assumptions The financial sponsor typically wants to leverage the transaction as much as the businesss cash flow and the lenders will allowDepending on the conditions of the debt markets and lenders requirements, financial sponsors would typically provide approximately 20% 30% of the capitalization as an equity investment The debt is comprised of different securities usually provided by different lenders Revolver / Term loan (senior secured loans) are usually provided by typical commercial message banks such as Citigroup, JPMorganChase, GE Commercial Finance, etc. , and have lower interest rates lower-ranking loans such as second and third lien pieces and unsecured loans can be provided by public markets (high yield issue) and private placements (hedge funds, junior loan providers, investment bank providing balance sheet financing, etc. )Often, the most junior piece on the capital structure will have equity warrants attached the most junior lender will require a much higher rate of return than the more senior lenders The financial sponsors want to attain as much of the lower-priced debt as possible in this example, we have fictitious that append senior leverage (revolver + term loan) = 2. 0x EBITDA The example shows a 4. 5x EBITDA leverage ratio, and 1. 7x EBITDA equity ratio (LTM EBITDA is $60 million in this case) Capitalization Cash Revolver Term Loan Senior Bonds unbolted Notes with Warrants Total Debt Sponsor Equity Total Sources TOTAL SOURCES Amount EBITDA % of Funded Multiple Capitalization $0. 0 0. 0x 0. 0% 0. 0 0. 0x 0. 0% 120. 0 2. 0x 32. 1% 90. 0 1. 5x 24. 1% 60. 0 1. 0x 16. 0% 70. 0 4. 5x 72. 2% 104. 0 27. 8% $374. 0 100. 0% 12 Interest Rate Cash Pay PIK 7. 0% 7. 5% 9. 5% 0. 0% 0. 0% 0. 0% 0. 0% 10. 0% % of Fully Diluted Equity na na na 5. 0% Creation of Proforma Balance Sheet Proforma Balance Sheet ($ in millions) Balance Sheet Assets Cash Accounts Receivable strain early(a) Current Assets Total Current Assets diachronic Dec. 31 2008 $0. 0 $16. 0 $10. 0 $1. 0 $27. 0 Financing/ Transaction Adjustments $0. 0 0. 0 0. 0 0. 0 $0. 0 Proforma Dec. 31 2008 $0. 0 16. 0 10. 0 1. 0 $27. 0 everlasting(a) PP&E Cumulative Depreciation Net PP&E $323. 2 $45. 0 $278. 2 $0. 0 0. 0 $0. 0 $323. 2 45. 0 $278. 2 Amortizable Intangibles GoodwillTotal Assets $0. 0 5. 0 $310. 2 $8. 0 65. 2 $73. 2 $8. 0 70. 2 $383. 4 Liabilities Accounts Payable Accrued Liabilities Other Current Liabilities Total Current Liabilities $11. 0 $2. 4 $0. 0 $13. 4 $0. 0 0. 0 0. 0 $0. 0 $11. 0 $2. 4 0. 0 $13. 4 Existing Debt Revolving Credit Facility Term Loan Unsecured Debt $40. 8 $100. 0 $50. 0 New Debt Revolving Credit Facility Term Loan Second Lien Unsecured Debt $0. 0 0. 0 0. 0 0. 0 $0. 0 $120. 0 $90. 0 $6 0. 0 $0. 0 $120. 0 $90. 0 $60. 0 Other Liabilities Total Liabilities $2. 0 $206. 2 $0. 0 $79. 2 $2. 0 $285. 4 Shareholders Equity maintained Earnings Common Stock Total Shareholders Equity $94. 0 10. 0 $104. ($100. 0) $94. 0 ($6. 0) Total Liabilities and Equity Check $310. 2 $0. 0 $73. 2 $0. 0 ($40. 8) ($100. 0) ($50. 0) $0. 0 $0. 0 $0. 0 ($6. 0) 104. 0 $98. 0 $383. 4 $0. 0 13 Creating a proforma balance sheet on a new worksheet allows for the integration of the new capital structure / sources into the existing financial model In the purchase of a private company, the seller typically sweeps all of the cash on the balance sheet at closing In the LBO of a publicly traded company, cash would not typically be swept as it is part of the offer price per share There may be a writeup or writedown of the value of the AR, Inventory and PP&E this has an mpact on the tax basis All financing fees incurred in the transaction can still be capitalized and amortized The Goodwill is Purchase Price + M&A Fees New Debt Old Book Value of Equity this amount can no longer be amortized In the purchase of a public company, gracility is calculated as equity value of purchase book value of equity The buyer typically assumes all of the normalcourse short term liabilities The old debt is eliminated (as the seller typically uses proceeds from the sales event to pay all existing debt) In the purchase of a public company, often the existing debt of the acquired company remains outstanding, and is assumed by the acquirerThe new debt is fed from the Total Sources cells Shareholders Equity may require a plug to allow for the Total Assets to equal Total Liabilities + Shareholders Equity Creation of Proforma Balance Sheet ($ in millions) PROJECTED pecuniary STATEMENTS Fiscal Year Ending December 31, 2009P 2010P 2011P 2012P 2013P 2008A Pro Forma 2008P Balance Sheet Assets Cash Accounts Receivable Inventory Other Current Assets Total Current Assets $0. 0 $16. 0 $10. 0 $1. 0 $27. 0 $0. 0 $16 . 0 $10. 0 $1. 0 $27. 0 $0. 0 $17. 5 $10. 5 $1. 0 $29. 0 $0. 0 $18. 4 $11. 0 $1. 0 $30. 4 $1. 9 $19. 3 $11. 6 $1. 0 $33. 8 $7. 5 $20. 3 $12. 2 $1. 0 $40. 9 $0. 0 $21. 3 $12. 8 $1. 0 $35. 0 vulgar PP&ECumulative Depreciation Net PP&E $323. 2 $45. 0 $278. 2 $323. 2 $45. 0 $278. 2 $337. 9 $51. 8 $286. 1 $353. 3 $58. 8 $294. 5 $369. 5 $66. 2 $303. 3 $386. 6 $73. 9 $312. 6 $404. 4 $82. 0 $322. 4 Amortizable Intangibles Goodwill Total Assets $0. 0 $5. 0 $310. 2 $8. 0 $70. 2 $383. 4 $6. 4 $70. 2 $391. 7 $4. 8 $70. 2 $399. 9 $3. 2 $70. 2 $410. 5 $1. 6 $70. 2 $425. 4 $0. 0 $70. 2 $427. 6 Liabilities Accounts Payable Accrued Liabilities Other Current Liabilities Total Current Liabilities $11. 0 $2. 4 $0. 0 $13. 4 $11. 0 $2. 4 $0. 0 $13. 4 $11. 7 $2. 5 $1. 0 $15. 2 $12. 3 $2. 6 $1. 0 $15. 9 $12. 9 $2. 8 $1. 0 $16. 6 $13. 5 $2. 9 $1. 0 $17. 4 $14. 2 $3. 1 1. 0 $18. 2 Existing Debt Revolving Credit Facility Term Loan Unsecured Debt $40. 8 $100. 0 $50. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 New Debt Revolving Credit Facility Term Loan Senior Bonds Unsecured Debt $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $120. 0 $90. 0 $60. 0 $1. 5 $100. 0 $90. 0 $66. 0 $1. 0 $80. 0 $90. 0 $72. 6 $0. 0 $60. 0 $90. 0 $79. 9 $0. 0 $40. 0 $90. 0 $87. 8 $3. 8 $0. 0 $90. 0 $96. 6 Other Liabilities Total Liabilities $2. 0 $206. 2 $2. 0 $285. 4 $2. 0 $274. 7 $2. 0 $261. 5 $2. 0 $248. 5 $2. 0 $237. 3 $2. 0 $210. 7 Shareholders Equity Retained Earnings Common StockTotal Shareholders Equity $94. 0 $10. 0 $104. 0 ($6. 0) $104. 0 $98. 0 $13. 1 $104. 0 $117. 1 $34. 4 $104. 0 $138. 4 $58. 0 $104. 0 $162. 0 $84. 1 $104. 0 $188. 1 $112. 9 $104. 0 $216. 9 Total Liabilities and Equity Check $310. 2 $0. 0 $383. 4 $0. 0 $391. 7 $0. 0 $399. 9 $0. 0 $410. 5 $0. 0 $425. 4 $0. 0 $427. 6 $0. 0 14 The Proforma Balance Sheet is then fed into the existing models balance sheet, and integrated appropriately into the cash flow and income statement We are assuming the transaction occurs on Dec. 31, 2008 Be careful when you are integrating to NOT CHANGE the income statement, balance sheet and cash flow statement for the period right efore the transaction season The income statement and cash flows for 2008 will not change because of the acquisition (as it occurs on Dec. 31, 2008, after the 2008 period has ended) Only the 2009 and onward income statement and cash flows will reflect the invasion of the new capital structure / balance sheet Income Statement, Balance Sheet and Cash Flow Projections Integration The remainder of the projection model is completed as we discussed in the last class Construction of a debt and interest schedule and revolver model allows the integration of the income statement, balance sheet and cash flow projections Be careful to make sure that the cash flow for the period irectly following the transaction closing is being calculated as the changes in the proforma balance sheet and that period directly following the tr ansaction 15 Table of Contents I. Uses for An LBO Model on Sell-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance Sheet into Financial Model Income Statement, Balance Sheet and Cash Flow Projections Integration III. IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 16 IRR Analysis for Financial SponsorsThe financial sponsors IRR analysis accounts for all cash flows coming from the financial sponsor for or to the Company, as well as all cash flows from the Company to the financial sponsor during the period from closing the acquisition to the sale of the company (other than management fees) Often, the company pays the financial sponsor management fees in exchange for the financial sponsors ongoing support, management and advice provided to the management team as well as covering t he financial sponsors direct expenses and overhead allocation steering fees are expensed as an SG&A expense on the companys income statement and range greatly, depending on companys sizeTypically financial sponsors do not include the payment of management fees in the IRR analysis 17 IRR Analysis for Financial Sponsors Amounts that the financial sponsor pays for or to the company are counted as cash outflows examples include Initial equity investment Any additional equity investments made into the company during the safekeeping period Any amount received by the financial sponsor from or by the company are counted as cash inflows (other than management fees) examples include Proceeds from sale of the company Common or preferred dividends paid to financial sponsor Proceeds from a recapitalization 18 IRR Analysis for Financial SponsorsCalculate the sale of the business, assuming it is sold on December 31, 2013 Use the 2013 projected EBITDA, and the same EBITDA multiple assumption used for the purchase of the Company in 2008 Calculate the proceeds to the financial sponsor, taking into account any equity dilution that may result from warrants, management stock plan, transaction fees, etc. SALE OF COMPANY A IN 2013 Closing Date 31-Dec-13 2012 EBITDA EBITDA Multiple Transaction Value Less Total Debt Plus Cash Balance $76. 6 6. 0x $459. 5 (190. 5) 0. 0 Less Transaction Fees (1) Equity Value % Equity to Sponsor Equity to Sponsor (6. 6) $262. 4 95. 0% $249. 3 % Equity to Unsecured Lender Equity to Unsecured Lender 5. 0% 13. 1 (1) Assumes 1% of Purchase Price for Investment Banking Fees, plus $2 million in legal and other expenses. 19 IRR Analysis for Financial Sponsors The following table illustrates the categories to calculate the IRR to the financial sponsor Any cash flow from the financial sponsor for or to the company is negative Any cash flow from or for the company to the financial sponsor is authoritative In general there is no closed-form solution for IRR, par ticularly with changeable cash flows for each year however, excel can easily calculate the IRR using the following formula = IRR (total cash flows over period, estimated IRR) From Total Sources tableSALE OF COMPANY A IN 2013 Closing Date 31-Dec-13 2012 EBITDA EBITDA Multiple Transaction Value Less Total Debt Plus Cash Balance Less Transaction Fees Equity Value % Equity to Sponsor Equity to Sponsor $76. 6 6. 0x $459. 5 (190. 5) 0. 0 (1) % Equity to Unsecured Lender Equity to Unsecured Lender IRR to Financial Sponsor Initial Equity Investment Dividends Proceeds at Sale Total Cash Flows to Sponsor IRR Calculation 12/31/08 ($104. 0) 0. 0 0. 0 ($104. 0) 19. 1% 12/31/09 $0. 0 0. 0 0. 0 $0. 0 12/31/10 $0. 0 0. 0 0. 0 $0. 0 12/31/11 $0. 0 0. 0 0. 0 $0. 0 12/31/12 $0. 0 0. 0 0. 0 $0. 0 12/31/13 $0. 0 0. 0 249. 3 $249. 3 (6. 6) $262. 4 95. 0% $249. 3 5. 0% $13. 1IRR = IRR (Total Cash flows to sponsor 2009 2013, estimated IRR) 20 IRR for Hybrid Securities Holder The following table illustrat es the categories to calculate the IRR to the Unsecured Lender Recall from the sources and uses, that the unsecured lender loaned an amount of $60 million at a 10% PIK interest rate, with equity warrants equal to 5% of the fully-diluted equity of the company upon a sale Any cash flow from the lender to the company is negative (initial loan) Any cash flow from the company to the lender is positive (includes any cash interest received during the period, the payment of the principal balance plus any accumulated interest at maturity, and equity to the unsecured lender at a sale)In certain cases, the exercise of the warrants would require the payment by the warrant holders to the Company of an exercise price the proceeds from the warrant exercise would be a source of cash for the seller This is very transaction-specific and would be extensively negotiated in the agreement between the company and the lenders From Total Sources table IRR to Unsecured Lender Initial Loan Cash Interest sur e Principal Repayment at Sale Equity from Warrants at Sale Total Cash Flows to Lender IRR Calculation From Debt and Interest Schedule Cash Interest only 12/31/08 ($60. 0) 0. 0 0. 0 0. 0 ($60. 0) 12. 8% 12/31/09 $0. 0 0. 0 0. 0 0. 0 $0. 0 12/31/10 $0. 0 0. 0 0. 0 0. 0 $0. 0 12/31/11 $0. 0 0. 0 0. 0 0. 0 $0. 0 12/31/12 0. 0 0. 0 0. 0 0. 0 $0. 0 12/31/13 $0. 0 0. 0 96. 6 13. 1 $109. 8 From Balance Sheet IRR = IRR (Total Cash flows to lender 2006 2010, estimated IRR) 21 Table of Contents I. Uses for An LBO Model on Sell-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance Sheet into Financial Model Income Statement, Balance Sheet and Cash Flow Projections Integration III. IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 22 Sensitivities on Financial ModelRunning sensitivities on you r LBO assumptions is a good check to make sure the model is running properly as well as being able to show how a change in one variable star will mend the whole model Sensitivity tables illustrate the impact on the model for a range of variable changes, and this LBO model has the flexibility to run sensitivities on the LBO assumptions (purchase price, capital structure, etc. ) and the businesss operations (growth rates, margins, etc) to see the impact on the expected IRRs of the financial sponsor and unsecured lender Setting up a sensitivity table Input a range of variables on the x-axis of rotation of the chart Input a second range of variables on the y-axis of the chart link the intersection cell on the left hand coign of the chart to the cell that has the proper formula Highlight the data sensitivity tableGo to Data toolbar, select Table a box pops up that has grade Input Cell and Column Input Cell For Row Input Cell, click on the cell that has the driver / assumption input for the x axis variable For the Column Input Cell, click on the cell that has the driver / assumption input for the y axis variable 23 Table of Contents I. Uses for An LBO Model on Sell-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance Sheet into Financial Model Income Statement, Balance Sheet and Cash Flow Projections Integration III.IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 24 Credit Ratios In determining how much money to lend to companies / financial sponsors for an acquisition, lenders tumble the amount of coverage they will have on their loans Lenders typically look at the following projected credit ratios, based on the base case scenarios, and then will run stress tests on the model to look at the impact on these ratios in the event the company takes a turn for t he worse Leverage Ratios Total Debt / EBITDA Net Debt / EBITDA Secured Debt / EBITDA EBITDA / Net Interest Expense EBITDA / Cash Interest Expense 4. 1x 4. 1x 3. 0x 2. 8x 3. 7x 3. 7x 3. 7x 2. 6x 3. 0x 4. 3x 3. x 3. 3x 2. 2x 3. 3x 5. 0x 3. 0x 2. 9x 1. 8x 3. 6x 5. 9x 2. 5x 2. 5x 1. 2x 4. 1x 7. 5x Interest Coverage Statistics EBITDA / Net Interest Expense EBITDA / Cash Interest EBITDA Capex / Net Interest Expense EBITDA Capex / Cash Interest Expense EBITDA Capex ? W/C / Net Interest Expense EBITDA Capex ? W/C / Cash Interest Expense EBITDA Capex ? W/C Taxes/ Net Interest Expense EBITDA Capex ? W/C Taxes/ Cash Interest Expense 2. 8x 3. 7x 2. 1x 2. 9x 2. 1x 2. 9x 1. 6x 2. 1x 3. 0x 4. 3x 2. 3x 3. 3x 2. 3x 3. 3x 1. 7x 2. 4x 3. 3x 5. 0x 2. 5x 3. 8x 2. 6x 3. 9x 1. 8x 2. 8x 3. 6x 5. 9x 2. 8x 4. 5x 2. 8x 4. 6x 2. 0x 3. 2x 4. 1x 7. 5x 3. x 5. 8x 3. 2x 5. 8x 2. 1x 4. 0x 25 Build an LBO Model from Scratch Build an LBO Model for Company B, using the historic financial statements (availa ble electronically) Use the assumptions you feel are appropriate for communicate the Income Statement, balance sheet, and cash flow Use the following assumptions for the acquisition and financing Acquisition Closing date is December 31, 2008 Purchase price is 7. 0x 2008 EBITDA Multiple Uses Financing Fees are equal to 3% of purchase price Investment banking fees are equal to 1% of purchase price Legal fees are equal to $1 million Other fees and expenses are equal to $1 million Sources Equity must equal 20% of total uses / sources Revolver availability is $20 million, with total amount funded equal to 75% of Inventory and 65% of Accounts Receivable at a 5% cash pay interest rate Term Loan is equal to 2. 5x 2008 EBITDA, to be amortized over 7 years, at a 5% cash pay interest rate Second Lien debt is equal to 1. 5x 2008 EBITDA, with a 10% cash pay interest rate Unsecured Notes with Warrants fill the balance of the capital structure 10% PIK rate with warrants equal to 15% of fully diluted equity upon sale of company Annual management fees to financial sponsor of $1 mm starting in 2007 Amortize fees over 5 year periodSale of Business in 2012 Sold at 7. 0x 2012 multiple Transaction fee equal to 1% of purchase price for investment banking fees plus $2 million in legal and other expenses Calculate the IRR to the financial sponsor Calculate the IRR to the unsecured lender with warrants Calculate sensitivity tables for the following IRR to financial sponsor for range of multiples paid and equity investment as % of total capital IRR to unsecured lender for range of multiples paid and equity investment as % of total capital Maximum revolver drawn for range of multiples paid and equity investment as % of total capital Add summary and credit ratios tables 26