Managing Finanacial Principles And Techniques Of Forecasting Finance Essay - Free Essay Example

Sample details Pages: 14 Words: 4349 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? MB Enterprise is Private firm. It is manufacturing company who produce sleeper. It has 4 factories at different location. The production is based on quantity e.g. production in unit. they get job work on the basis of issue of tender every weekend . Part A Forecasting method What the means of forecasting? Forecasting means to forecast or predicts of something for future. E.g. we all are hearing the weather forecast on the radio or reading on newspaper, it shows the the weather will be like for the following few days. In business it defines as it predicts the level of income of spending and the level of income which the business will have during the following period of time. Cost forecast and revenue forecast It shows the various cost incurred by the organisation during the period of time its estimation of fixed cost variable cost and others by which incurred with the forecasting model Three kinds of expenses (cost) are incurred with a forecasting model: the cost of developing the model, the cost of accumulating and storing the data used in the model, and The expense involved in actually using the model. A comparison of the estimated costs for various models can be the deciding factor as to which model is ultimately chosen (Hughes 1999). A number of forecasting models require a fairly large amount of data if they are to be used effectively. For example, when multiple regression models are used, at least thirty to forty periods of past data may be needed. ARIMA models can require sixty to seventy periods of past data. In the volatile high-tech industry, firms might have less than two years of sales data available, a condition that restricts greatly the types of models that can be used. In the case of new, totally unique products, since no previous sales data exist, this eliminates time series and causal models as possible forecasting tools. The financial report: Don’t waste time! Our writers will create an original "Managing Finanacial Principles And Techniques Of Forecasting Finance Essay" essay for you Create order Months of year 2009 No. of Units produced (in  £) Cost of Production in pounds(  £) JAN 1500 150000 FEB 1800 180000 MAR 2500 200000 APR 2700 160000 MAY 2900 250000 JUN 3000 ? The forecasting can be calculated easily by using the formula Total cost: fixed cost +variable cost i.e. Y= a+ b x Whereas variable cost (B): cost per unit *no. of unit In this method I use high and low Method , it shows highest Highest unit produced = 3000 units Cost of production =  £ 139500 Lowest unit produced = 1400 units Cost of production =  £150,000 Different in units produced is 1400 units are 150,000. Reason for the High and low method it has highest and lowest point its simple to do and it is straight forward. Formula Variable cost per unit = [cost at high level of activity cost at low level of activity] / [unit at high level of activity units at low level of activity] Variable cost per unit = 250,000 150,000 / 3000 1400 = 100,000/1600 = 62.5 Variable cost per unit (b) =  £62.5 Fixed cost of production = a + (b * 1400) = a + (62.5 * 1400) = a + (87500) 150,000 = a + 87500 a = 150,000 87500 = 62500 Production of the month June, Y = a + bx Y = 62500 + (62.5* 1400) Y = 62500 + 87500 Y =  £150000 Revenue Forecast Below shown tabular column illustrates the companys last five months sales revenue. Using the high/low method Im going to calculate the sale for June month with a formula relating sales expressed in June month price levels using RPI. Months Revenue RPI values January 150000 0.1% February 170000 0.0% March 190000 -0.4% April 200000 -1.2% May 220000 1.1% June ? January 09 = 150,000 (150000*0.1/100) =  £149850. February 09 = 170,000 (170,000*0.0/100) =  £170,000. March 09 = 190,000 (190,000*(-0.4/100)) =  £190,760. April 09 = 200,000 (200,000*(-1.2/100)) =  £2024000. May 09 = 220,000 (220,000*(1.1/100)) =  £217580. Highest value attained in 5th month may =  £217580. Lowest value attained in 1st month January =  £149850 Difference in months = 5 Gradient (b) =  £67730/ 5 = 13546 Formula: Y = a + bx. Y =  £149850 + ( £13546 * 6) Y =  £149850 +81276 Y =  £231126 So the expected revenue for the month June is  £231126 The forecasting is a process usually followed by every organization in order to provide an idea for decision making and planning for the future business. The organization can get alert message by using these techniques about their future risk in their business. The cost forecasting is the process is based on assumption. It will explain the cost of labour, cost of buying materials and cost of production. so it is very advisable for all organization to practice the cost forecasting method. The revenue fore casting is a process used for calculating the organization expected revenue of sales. Forecasting Techniques There are various techniques of forecasting which can be use for the business such as Box-Jenkins model, Delphi model, exponential smoothing, moving averages, and Regression analysis and trend projection. Fir ms generally use forecasting techniques that their decision makers feel comfortable with, even though these techniques may not be the most effective ones. Many decision makers have neither the quantitative nor the computer background to understand and use the more complicated models such as adaptive filtering or ARIMA. They prefer making decisions based on techniques that make sense to them and are relatively easy to apply (Kress Snyder 1994).   The major hurdle to most of the sales forecasting software packages now available is that many of their potential users do not understand how and when these models should be used. Most surveys of businesspeople seeking information about the types of forecasting models being used discover that the most widely used models are usually those that are relatively simple to apply and understand. Many decision makers not only have to understand the forecasting process, they also have to be familiar with tools that can qualify and quantify markets. The basic measure of a forecasting models accuracy is the difference between its forecast of expected sales for a specific time period and the actual sales that occurred during that time period. The difference between these two values is referred to as an error (Riahi-Belkaoui 1998). Most forecasters have some typical time frame for which they are expected to make forecasts. For example, some forecasters may be responsible primarily for short-term forecasts whereas others generally make twelve-month forecasts. Some may even be asked to make relatively long-term forecaststhree to five years into the future (Knoop 2004) Financial information in making strategic investment decisions The financial information of the FDI would be used to decide on strategic investments. The FDI can help in analyzing the trends in a new market and it can identify the probable problems in the new market. Since there is a 51% FDI in single brand outlet in India it can be said that the invest ment project in the country would be a success. A high rate of foreign direct investment means that firms in India are experiencing good business and it attracts big investors. Analysis may predict the expected future cash flows of the project, analyse the risk associated with those cash flows, develop alternative cash flow forecasts, examine the sensitivity of the results to possible changes in the predicted cash flows, subject the cash flows to simulation and prepare alternative estimates of the projects net present value (Dayananda et al., 2002). While the basic concepts, principles and techniques of project evaluation are the same for different projects, their application to particular types of projects requires special knowledge and expertise. For example, asset expansion projects, asset replacement projects, forestry investments, property investments and international investments have their own special features and peculiarities. Financial appraisal will provide the estimated addition to the firms value in terms of the projects net present values. If the projects identified within the current strategic framework of the firm repeatedly produce negative NPVs in the analysis stage, these results send a message to the management to review its strategic plan (Luo 1999). Part B Identify the sources of fund There are several methods by which businesses may raise necessary finance. The method which they choose depends on how much they wish to borrow and how long they wish to borrow it for. The main resource required for all the organizations in this world is money. The money is available and it is provided to many organizations by bank with the proper rate of return called interest. The management should make a proper forecasting on their business before approaching for a loan. The emerging organizations should not believe completely on the bank loan as their main capital source because the possibility of risk is more in it. The organizations should consider the following if they seek for finance sourcing. Finance can be raised both internally (inside the business) or the externally (from sources Sources outside the business) Internal Sources of finance External Internal sources That money raised inside the business. There are below internal sources Owners own capital Retained profit Sales of fixed assets Sales of stocks Debt collection External sources That Money is raise from outside the business. There are the points Bank loan/overdraft Additional Partners Share issue Leasing Assets/ hire purchase Mortgage, Trade credit Government grants Appraisal methods India has a growing retail market lead by retailers such as Shoppers Stop and Gitanjali Gems. Retail companies believe that India is a good place of investment due to the countrys middle class population and various attractions for Retail giants that want to enter a new market. Investment projects in India will be successful due to the strong activity in the retail market and the assistance given by Indias government. Firms in India obtain their funds from three main sources-commercial banks, non-bank financial institutions (NBFIs) and the capital market. The reforms have had a profound impact on the relative importance of the various sources of funds tapped by firms to finance their investments. Financial sector reforms made it possible for firms to respond to changes in the cost of funds from various sources. Modelling investment at the firm level necessitates a different approach than that used at the industry level. This is because investment activity is lumpy at the firm level, proceeding with discrete jumps, rather than the smoothness in investment behaviour that one tends to observe at the industry or macro level (Tolentino 2000). The modern theories of investment relax the assumption of perfect capital markets and allow for information asymmetries and incentive problems. Consider a situation where information costs are high; that is, a situation where the quality and possibly the amount of information about profitable investment opportunities are different between firm insiders and outsiders. The empirical literature for developed countries that has studied the presence of fin ance constraints on investment have used a variety of firms attributes to demarcate firms into high and low information cost categories. Among the different variables, perhaps the most widely used is the size of the firm, with the hypothesis that smaller firms are more likely to face finance constraints than the larger, more mature firms. The argument here is that larger firms can offer a larger amount of collateral to the lender, thus, providing less incentive on the part of the borrower to default on the loan (Ganesh-Kumar, Vaidya Sen 2003). Small firms rely more on bank credit than large firms and in periods of tight credit, small borrowers are often denied loans in favour of large borrowers. It can be argued that a characteristic of the firm more revealing to the suppliers of funds in the Indian context is the firms outward orientation (Beenhakker 1996). In an economy that had allowed high degrees of firm-level x-inefficiency to exist in the past, attributes of the firm s uch as profitability, age and size may not be good indicators of its potential to grow in the future. Here, the clearest signal to the suppliers of funds of the firms quality may perhaps be how successful the firm has been in competing in international markets (Narula 1996). Proposal for Funds MB Enterprise should use the post audit appraisal to determine if the selected investment project decisions would be helpful to the firms growth and would be helpful for the success of the firm in the industry. MB Enterprise can use the post audit appraisal to analyze the financial standing of the firm. It can use such appraisal to understand how the firm improved after the investment project was initiated. Moreover MB Enterprise should make use of the post audit appraisal to know the trends in the finances and how it will affect the firm.   The future trends will help in forecasting the next steps that the firm must take. To improve the financial assets of the firm there shoul d be a focus on attracting more clients and giving them the best quality product they desire. Proposal for obtaining the above said funds. From, Manshi Patel To, Bank manager (HSBC) Croydon London. Date: 15/4/2010 Subject: Degrading a request for bank loan. Respected sir, I am writing this letter to get loan from your bank for my businesses which have the cost forecasted of  £150,000 and our organizations forecasted revenue is  £2,31,126 We have the 50% amount for owner and we requesting the rest 50% amount from you and the 10% interest rate can be easily payable for our organization because we have enough revenue from our company. So please grant us the loan amount. Thanking you, Yours Sincerely, ManshiPatel. Conclusion It is expected that MB Enterprise will continue its upward trend wherein it will acquire more market shares. Since the movement from May to Jun is an upward movement then it is expected that it will continue unless the environment forces a downward or unchanging movement. To improve the financial assets of Firm there should be a focus on attracting more clients and giving them the best quality product. An organization like MB Enterprise needs to have a positive portfolio so that it will achieve its financial and business goals.  References Beenhakker, HL 1996,  Investment decision making in the private and public sectors,  Quorum Books, Westport, CT.   Birchard, B Epstein, MJ 2000,  counting what counts: Turning corporate accountability to competitive advantage, Perseus Books, Cambridge, MA.   Carlson, RH 2001,  Ownership and value creation: Strategic corporate governance in the new economy, John Wiley Sons, New York.   Case, J, Kremer, c Rizzuto, R 2000,  Managing by the numbers: A commonsense guide to understanding and using your companys financials, Perseus Books, Cambridge, MA.   Christy, P Katsaros, J 2005,  getting it right the first time: How innovative companies anticipate demand, Praeger, Westport, CT.   Comiskey, EE Mulford, CW 2000,  Guide to financial reporting and analysis, John Wiley Sons, New York.   Dayananda, D, Harrison, S, Herbohn, J, Irons, R Rowland, P 2002,  Financial apprai sal of investment projects, Cambridge University Press, Cambridge, England.   Ganesh-Kumar, A, Vaidya, RR Sen, K 2003, International competitiveness, investment and finance: A case study of India, Routledge, New York.   Hughes, BB 1999,  International futures: Choices in the face of uncertainty, Westview Press, Boulder, CO.   Kanji, GK 2002,  Measuring business excellence, Routledge, London.   Knoop, TA 2004,  Recessions and depressions: Understanding business cycles, Praeger, Westport, CT.   Kress, GJ Snyder, J 1994,  Forecasting and market analysis techniques: A practical approach, Quorum Books, Westport, CT. Luo, Y 1999,  Entry and cooperative strategies in international business expansion, Quorum Books, Westport, CT.   Milgate, MA 2004,  Transforming corporate performance: Measuring and managing the drivers of business success, Praeger, Westport, CT.   Morgan , A 1999,  eating the big fish: How challenger brands can compete against brand leaders, John Wiley Sons, New York.   Narula, R 1996,  Multinational investment and economic structure: Globalization and competitiveness, Routledge, New York.   Nilson, TH 2003  Customize the brand: Make it more desirable and profitable, Wiley, Chichester, England.   Riahi-Belkaoui, A 1998,  Financial analysis and the predictability of important economic events, Quorum Books, Westport, CT.   Schaefer, HG 1993,  Economic trend analysis for executives and investors, Quorum Books, Westport, CT.   Tolentino, P 2000,  Multinational corporations: Emergence and evolution, Routledge, London. Task -2 Introduction A) Define 2 competing investment projects and explain the current appraisal methods and make justification on this competing investment projects Which is the profitable or not? B) Draw on the financial information and post audit appraisal and make recommendation on it Objective of the task Report appraisal on different two investment projects Define the appraisal methods Net Present Value Internal Rate of Return Payback Accounting rate of Return Defining 2 competing investment projects Post audit appraisal Recommendation on the basis of Post audit Appraisal Conclusion References Report appraisal on different two investment projects From: Manshi Patel Crown paper Ltd Croydon To: Managing Director (Crown Paper Ltd) Croydon London Sub: Appraisal and comparison and post audit appraisal on the selected investment project Date: 15.4.2010 Respected Sir, I am concluding here, the investment appraisal methods and comparison of two investment projects and post audit appraisal on the projects Define the Investment Appraisal Methods It refer to the series of techniques designed for the getting the answer of the question -should we go ahead with a proposed investment? Is the project give us expected return? These techniques are use for the comparison for the cost of investment project with the expected return in the future. It includes the four techniques such as Net Present Value, Internal rate of return Accounting Rate of return Pay back Method Net Present Value It is the method of evaluating project that recognizes the money received immediately is preferable to money received at some future date. This approach finds the present value of expected net cash flows of an investment, discounted at cost of capital and subtract from it the initial cash outlay of the project. If the present value is positive the project will be accepted and if it is negative the project should be rejected. Internal rate of return: It is defined as annual% return achieved by a project at which the sum of the discounted cash inflows over the life of the project is equal to the discounted cash outflows The rate of discount where NPV= 0 Whereas the NPV is the sum of the money, IRR is the expected yield in terms of % Identify two investment projects 1st investment project Calculation of NPV and IRR on the basis of below information A project would involved a capital initial outlay  £80000, rate of discount would be 10%, cash inflow would be  £ 16000 per year For 5 Years Month /year Cash inflow (  £ ) Dis. rate Outflow 0 (80000) 1.000 (80000) 1-5 16000 3.791 60656 NPV 19344(positive) Discount rate 1/1.10 Its best and good return after the 5th years of project rather than 7th year in case of NPV To indentify the IRR, I need to choose that discount rate by which NPV become zero Internal rate of return (IRR) enables decision maker to find out the rate of return at which NPV Become Zero. 2nd project Initial Cash outlay would  £ 40000 Discount rate 10% and cash inflow  £ 11000 for 5 year Year Cash inflow( £) Discount rate (%) Cash outflow 0 (40000) 1.000 (40000) 1-5 11000 3.791 41791 NPV (1791) In this project NPV is negative so its not profitable or suitable project Comparison of Project 1 and 2 It is advisable project 1 is better for future its shows net Present value after 5 years and if NPV is Positive so project 1 is accepted. And project 2 should be rejected. Post audit appraisal Post audit means to comparison of the actual income yielded by the projected at the time of project appraisal. Concerned with performance and plan. Relating to material,labour,overheads and sales. Variance analysis(Material,labour,overhead) Assets comparision (current assets and fixed asstes) Report is provided to management for decision making in the control of performance, or in the re-appraisal of plans, or in the improvement of planning the future. The appraisal should cover the implementation of the project from authorization to commissioning and its technical and commercial performance after commissioning. The information provided is also used by management as feedback, which helps the implementation and control of future projects On the above two project I explain the Net present value of the project I explain how many income invested in both project and how much expected value of the both project Recommendation on the basis of the Post Audit Appraisal In the comparison of both projects 1 is accepted because of the Net Present Value is Positive and project 2 had the negative NPV so it should rejected. Every cost reduced projects actual net present values will exceed their expected NPV by a fraction. New projects will often fall shot on by large amount of NPV. Adding or expanding projects will often fall short of their expected values. Conclusion And thus as I conclude the organization should choose the NPV which shows the positive result even it is an long or short term project and suggested ideas would benefit our organization which is based in the post-audit appraisal. Reference: Mcmenamin, J 1999, financial Management: An Introduction, Routledge, London Hitt, C Weil, R 2003, Financial Accounting: An Introduction to Concepts, Methods and uses, 8th Edition, Harcourt Brace and Company, F1. Task -3 Income statement AA BB 20ÃÆ'Æ’- 5 20ÃÆ'Æ’-4 20ÃÆ'Æ’-5 20ÃÆ'Æ’-4 Turn over 31 30 20 35 Staff cost 3 2 5 6 General expense 2 2 10 10 Depreciation 12 9 3 6 Interest 5 5 1 1 (22) (18) (19) (23) Profit 9 12 1 12 Summary balance sheet Non-current assets 165 132 22 22 Current assets 5 6 13 12 Total assets 170 140 35 34 Current liabilities (3) (6) (4) (4) Debentures (47) (47) Net assets 120 87 31 30 Shareholder equity 120 87 31 30 Report of corporate financial performance From, Manshi Patel Crown paper Ltd Croydon To, Managing director (CC Holdings), South London, England. Subject: Corporate financial performance Date: 15th April 2010 Respected sir, Here I am going to use different financial ratios and the comparative financial performance of AA and BB. ROCE (Return on Capital Employed) ROCE = Profit ÃÆ'Æ’- 100  ­Ãƒâ€šÃ‚ ­Ãƒâ€šÃ‚ ­Ãƒâ€šÃ‚ ­Ãƒâ€šÃ‚ ­Ãƒâ€šÃ‚ ­Ãƒâ€šÃ‚ ­Ãƒâ€šÃ‚ ­Ãƒâ€šÃ‚ ­Ãƒâ€šÃ‚ ­Ãƒâ€šÃ‚ ­Ãƒâ€šÃ‚ ­Ãƒâ€šÃ‚ ­Ãƒâ€šÃ‚ ­Ãƒâ€šÃ‚ ­Ãƒâ€šÃ‚ ­ Capital involved (Capital Involved = Share holder equity) Interest and debentures are to be included. AA BB Year 20X5 (9+5) ÃÆ'Æ’- 100/ 120 + 47 = 8.4% Year 20X4 (12+5) ÃÆ'Æ’- 100/ 87 + 47 = 12.7% Year 20X5 (1ÃÆ'Æ’-100)/31 = 3.2% Year 20X4 (12 ÃÆ'Æ’- 100)/30 = 40% This calculation shows the net profit which the owner has received on the capital invested The efficiency and profitability of the companys capital investment is identified by using the ROCE. By using the ROCE analyses the company capability of utilizing the capital to generate revenue. It should be higher than the borrowing amount because it affects the shareholders earning. Here we found that that BB subsidiary has achieved a very high return on capital involved but AA subsidiarys percentage is less than expected. Profit margin Profit margin = Operating profit ÃÆ'Æ’- 100 Turnover Interest is to be included. AA BB Year 2005 (9+5) ÃÆ'Æ’- 100/31 = 25% Year 2004 (12+5) ÃÆ'Æ’- 100/30 =56.7% Year 2005 (1ÃÆ'Æ’-100)/20 = 5% Year 2004 (12+100) 35 =34.3% Profit margin is a suitable tool for identifying the companies trading process. In this process low profit margin indicates a low margin of safety, higher risk that a decline in sales will clear the profit and results in net loss In the case of the BB subsidiary. The profit margin will indicate the company on telling its pricing and its cost control. Asset utilization Asset utilization = Net Sales Total Assets (Nate Sales = Turnover) AA BB Year 2005: 31/167 = 0.18 Year 2004: 30/1 34=0.22 Year 2005: 20/31 = 0.6 Year 2004: 35/30 = 1.2 On increasing the asset utilization it allows minimizing the investment cost and saves huge amount ever year. Liquidity Liquidity (acid test) = Current Asset Stocks Current Liabilities AA BB Year 2005: 5/3 = 1.7 Year 2004: 6/6 =1 Year 2005: 13/4 = 3.25 Year 2004: 12/4 = 3 Risk (gearing) Risk (gearing) = Loan Capital Capital Employed (Loan capital = Debenture; Capital employed = Shareholder equity) AA BB Year 2005: 47/120 = 0.4 Year 2005: 0/31 = 0 Year 2004: 47/87 = 0.9 Year 2004: 0/31 = 0 Gearing is concerned with the relationship between the long term liability that a business has and its capital employed. The idea is that this relation ought to be in balance, with the share holders funds being significantly larger than the long term liabilities. Growth (turnover, profit, and capital involved) Companies AA BB Turnover 31-30/30 = 0.03 20-35/35 = -0.4 Profit 9-12/12 = -0.25 1-12/1 = 11 Capital employed 120-57/87 = 0.72 31-30/30 = 0.03 Financial ratios By using the ratio analysis, the organizations profit ratio is analysed, we can tell if it has enough money to pay its bills and we can even tell whether its shareholders should be happy. Ratio analyses are also used to analyze the organizations year by year performance. It can compare our business with other competitors. Financial ratio is calculated by very few information from the companys financial statement. In other words, the gross margin is the gross profit from operations divided by the total sales or revenue of the company, expressed in percentage term. Financial ratio can give a financial analyst an excellent structure of a companys situation and the trends that are developing. A ratio gains utility by comparison to other data and standards. Taking our example, a gross profit margin for a company of 25% is meaningless by itself. If we know that this companys competitors have profit margins of 10%, we know that it is more profitable than its industry peers which are quite favorable. If we also know that the historical trend is upwards, for example has been increasing steadily for the last few years, this would also be a favorable sign that management is implementing effective business policies and strategies. Credit analysts, those interpreting the financial ratios from the prospects of a lender, focus on the downside risk since they gain none of the upside from an improvement in operations. They pay great attention to liquidity and leverage ratios to ascertain a companys financial risk. Equity analyses look more to the operational and profitability ratios, to determine the future profits that will accrue to the shareholder. Conclusion Historical data (Roce, profit/rev, trend) AA is an organization which runs on the monopoly principle and it is in regulatory body and it runs under local authority. By having desired contract the companys profitability can be easily assumed. And they cannot increase their rate of investment as the revenue cannot automatically be generated. BB is completely different from AAs organization they have several issues like labor, cost of running the organization and they have to handle the continuity of their previous services. On the other side we cannot compare both the organization AA and BB because the cost expenses are completely different (method of calculation and depreciation). Benchmarking: is the process to compare other business in the same sector. Here we are going to make external benchmarking it means to compare through the trade association and the industry itself, external also includes comparing through activity. Activities like learn from someone, who is very good in some other business, try to imitate the best from the performer, and looking at the management itself. As a conclusion, above information shows BB managers lacks efficiency on making financial decisions as the calculation does show the considerable results while appraising companys performance. AA subsidiary is almost the public sector company; the company operates on the long term fixed contract. Even AA is not performing up to the expectation. It is reliable on having the contract.BB is losing revenue, because it has got competitive market. Above maid analyses was made by having only the two years (2004, 2005) finance datas and I cant tell if the previous years more or on the contrary less successful and productive. So I cant provide an accurate objective analysis of both subsidiaries AA and BB. But by doing the given 2 years financial calculation, BB subsidiaries are losing their business.

Excellent Customer Service - 1714 Words

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I think that it should be like this because they should give me the attentionRead MoreOrganizational Culture Of Southwest Airlines814 Words   |  4 Pagesregional airline is known for its profitability and excellent customer service within the transportation industry (SWA, 2015). What are the espoused values and beliefs of the companies? Values and beliefs of a company can attract investors to a company or deter investors from a company. Fortunately, the SWA has attractive values and beliefs. According to SWA’s home page, the Southwest Airlines mission is â€Å"dedication to the highest quality of customer service delivered with a sense of warmth, friendliness

The Attractive People Performance free essay sample

As everyone know, a good-looking people attract interviewers, get hired faster, are more likely to make more sales and get more raises. According to Daniel Hamermesh, an economics professor at the University of Texas in Austin, points out the benefits in his book, Beauty Pays: Why Attractive People Are More Successful. that â€Å"attractive people seem earning an average of 3% to 4% more than a person with below-average looks. That adds up to $230,000 more over in a lifetime of the typical good-looking person. Even an average-looking worker is likely to make $140,000 more over a lifetime than an less attractive worker. † However, do they really performance better than average looking people? Sometimes you prejudice the people because of their appearance and personality. You might think the super-stars in Hollywood who have blonde hair or good-looking guys are not smart enough to study algebra and biochemical. Then, they have to use their attractive figure and acting talent to accomplice in their career. We will write a custom essay sample on The Attractive People Performance or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In contrast, the symbol of smart person might wear the thick glasses, carry a lot of books and have the pondering characteristic. They are considered unattractive people. Today, the stereotype of blondes or good-looking men being dimmer than average needs to be revised after understanding the new social concept of attractive people and the research about quality of work among them. In case of social concept, the established of idea, beauty was unintelligent, started in 19th century, the Victorian era, when the preferred females were delicate, blonde and white-skinned. They gave off the image of angel and innocence. At the same time, the descriptions in the novel of blondes are also attractive, seemingly delicate, and considered beauty while brown-haired, olive-skinned women were unattractive. Most literature from that era took such a stance. As a result, the unattractive stood up for themselves and their independence while the blondes always depend their men to be saved and taken care of, blonde women who we considered beauty slowly became known as weak and unintelligent, so to speak. The new idea coming after that era shows that beautiful people are now considered smart than the average people. The finding, based on studies in Britain and the US, suggests that the attractive people performance better than unattractive because of higher IQ. The reason why they have higher IQ than the norm was explained. According to Kanazawa and Kova, the conclusion that beautiful people are more intelligent follows from three assumptions. First of all, men who have high IQs are more likely to attain higher status than men who are less intelligent. Then, higher-status men are more likely to mate with more beautiful women than lower-status men. Finally, both intelligence and beauty are inherited. The children of such couples will end up with both qualities, building a genetic link between them. This link becomes support the successive generations. In term of performance, many people might think a beautiful people seem to have everything handed to them. That mean they do not typically have better performance because of their own ability. On the other hand, unattractive people have to work harder to get what day want. For example, Microsoft will never extinct if Bill Gates looks like George Clooney or iPad will never be produced if Steve Jobs was as handsome as Ryan Gosling. Other great innovations and inventions will not be created if they lacked of incentive from unattractive people who had nothing to do better than providing other the better life. On the other hand, there is the researches support that the attractive do have better ability than averages people. Researchers in The London School of Economics (LSE) and the USs National Longitudinal Study of Adolescent Health found that attractive people had IQs up to 14 points above average. Dr. Kanazawa from LSE found that, in Britain, men who were physically attractive had IQs an average 13. points above the norm, whereas physically attractive women were about 11. 4 points higher than average. Kanazawa findings were based on the National Child Development Study, which has followed 17,419 people across the country since they were born in March 1958. One examples of this stereotype were Natalie Portman who finished bachelors degree in psychology from Harvard University; she also speak Hebrew, French and Japanese fluently. The other person is Kate Beckinsale who studied French, Russian and literature at Oxford University and speaks German,Russian and French. From all of above, the new idea concept is changing from â€Å"beauty is lacking intelligent† to â€Å"beauty is only smart but better performance† than the researcher is purely scientific. The purpose of the this essay does not to enhance people doing surgery or disappoint yourself for being uninteresting person, but to cut off prejudge habit and persuasive people to improve their own personality in every way to be attractive people such as well-dressing, doing make up and having good personality. Then, you can easy be the successful people with attractive

Tourism In The Kingdom Of Saudi Arabia Tourism Essay Essay Example

Tourism In The Kingdom Of Saudi Arabia Tourism Essay Essay Saudi Arabia is known to the universe as the centre of Islam and one of the really few states in the universe to hold maintained Islamic jurisprudence the Islamic law. Harmonizing to the U.S section of province ( 2010 ) Saudi Arabia remained as an absolute monarchy until 1992, at which clip the Saud royal household introduced the state s first fundamental law based on the Islamic law. With an country of about 865,000 square stat mis, Saudi Arabia is approximately one-third the size of the Continental United States, and the same size as all of Western Europe. Saudi Arabia s oil part and chief beginning of wealth prevarications along the Persian Gulf. This oil-derived wealth allowed the state to supply free wellness attention and instruction while non roll uping any revenue enhancements from its people. At the clip of World War II Saudi Arabia had tierce of all known oil militias, but falling demand and lifting production outside the Organization of Petroleum Exporting Countries ( OPEC ) endangered the state with domestic agitation and sabotaging its influence in the Gulf country. However, they fleetly recovered with a blooming economic system. We will write a custom essay sample on Tourism In The Kingdom Of Saudi Arabia Tourism Essay specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Tourism In The Kingdom Of Saudi Arabia Tourism Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Tourism In The Kingdom Of Saudi Arabia Tourism Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Standard of life is calculated by ranks, such as existent income per individual and poorness ranks. Measures such as entree and quality of wellness attention, income growing inequality and educational criterions are besides used. The best statistic for mensurating criterion of life is the same one the UN uses to mensurate the degree of development of a state. The human development index ( HDI ) which is used as an option to mensurating GDP in order to find the state s wellbeing. The HDI provides a step of the mean three facets of human development, populating a long and healthy life, instruction and holding a nice criterion of life. Harmonizing to the latest U.N human development study ( 2007 ) Saudi Arabia s HDI value is.843. This denotes that Saudi Arabia ranks high on the human development index. Other facets taken into consideration when mensurating the land s HDI are life anticipation rates, under 5 mortality rates, and literacy rate. Harmonizing to the latest U.N human development study ( 2007 ) Saudi Arabia s life anticipation rate is 72.7 old ages old. The under 5 mortality rate in Saudi Arabia is 21.27 deceases per 1,000 harmonizing to the World Bank ( 2008 ) . In footings of literacy rate merely 85 % of Saudi Arabians are literate. The Saudi authorities is working on bettering the literacy rate in Saudi Arabia. Harmonizing to the latest U.N human development study ( 2009 ) Saudi Arabia s GDP rank subtraction HDI rank is at -19 a negative figure indicates that the HDI rank is lower than the GDP per capita ( PPP US $ ) and that poorness is low in that state. Gender inequality occurs on a day-to-day bases in Saudi Arabia. Harmonizing to Abdella ( 2010 ) the land allows work forces to twice the heritage that adult females are allowed. Womans are required to hold a guardian bodyguard them for many of life s day-to-day undertakings. Without the presence of a guardian, a adult female can non analyze, entree wellness services, marry, travel abroad, have a concern or even entree an ambulance in an exigency. Saudi adult females do non hold the right to drive. It is illegal for a adult female to be in the company of a adult male who is non in her immediate household. Young adult females are still non allowed to analyze certain topics, such as geology nevertheless it is indicated that adult females can go abroad entirely for surveies.On the topic of polygamy, work forces are permitted by jurisprudence to hold up to four married womans. Womans do non hold equal entree to the tribunals or an equal chance to obtain justness. Abdella ( 2010 ) acknowle dged that the authorities ought to measure Torahs and policies and revision basic Laws in order to guarantee gender equality and except the favoritism of adult females. In Saudi Arabia population growing is outpacing the economic growing and handiness of services and substructure in the state. The CIA universe fact book ( 2010 ) proved that by contrast to the U.S, Saudi Arabia experiences a high population growing rate of 1.85 % . Saudi Arabia s growing rate is lower than mean developing states, which is typically about 2.5 % ; but higher than the U.S 1 % population growing rate. Due to its population Growth Issues Saudi Arabia is confronting troubles in supplying occupations, H2O, nutrient and energy to its autochthonal immature population and there is a widening spread between the ability of the economic system to make occupations and the population growing rate. A major difference between economic growing and human development is that economic growing focuses on the expansion of income, while Human development focuses on enlarging all human options. Harmonizing to United Nations human Development Program ( 2010 ) instruction, wellness, clean environment and stuff good being make non needfully depend on income. Therefore, the options available for bettering people s lives are inclined to the quality of economic growing in its wider sense, and the impact is by no agencies confined to quantitative facets of such growing. The terminal end of investing in human capital, in footings of wellness, instruction, nutrition and preparation, is to hike production and generate extra income. Investings in physical substructure are a important property of Saudi Arabia s current economic development thrust. Harmonizing to Hayward ( 2009 ) the land seeks to cut down its trust on the oil industry. Saudi Arabia announced a immense economic stimulation budget for 2009, apportioning more money for instruction and an addition in public disbursement by 15.8 per cent. The Saudi Government plans to pass a enormous sum of money on substructure undertakings in the following five old ages as the land seeks to profit from lower building costs amid the planetary fiscal crunch. The building division will be motivated by the launch of six economic metropoliss to be completed by 2020. Harmonizing to Hayward ( 2009 ) these six new industrialized metropoliss will diversify Saudi Arabia s economic system and are expected to magnify GDP. Undertakings presently underway in the Kingdom include two immense railroad enterprises, which will hike trade and touristry webs. Work continues to spread out in Saudi Arabia s port web as the state competitions with other Gulf States to offer a gateway to Middle East markets. With the spread outing population growing issues the force per unit area is being put Forth on the state s public-service corporations. The Saudi agricultural sector is the 2nd largest industry in the Kingdom. Saudi Arabia has achieved huge agricultural development, suppressing the troubles of scarce rain, meager subterraneous H2O, limited local work force and widely dispersed arable lands. Harmonizing to the CIA universe fact book ( 2010 ) many persons migrate to Saudi Arabia for employment. In 2009 merely 6.75 % of the population was employed in agribusiness and 21.40 % employed in the services. Agriculture has grown at an mean one-year rate of 8.7 per centum since 1970 and histories for more than 9.4 per centum of Saudi Arabia s GDP. Harmonizing to The Saudi web ( 2010 ) in order to keep agribusiness, the Saudi Government has built more than 200 dikes to continue rainwater, with storage capacity of 689 million three-dimensional metres. In order to finance this development, the Saudi Agricultural Bank was established in 1964. It is a specialised agricultural bank ; it extends long-run, interest-free loans to husbandmans and agricultural companies. Harmonizing to The Saudi web ( 2010 ) the Saudi Government has besides supplied seeds and saplings at nominal monetary values. It has afforded veterinary and agricultural counsel and works protection services. Other steps include the purchase of strategic agricultural harvests, such as wheat and barley at high monetary values, through the General Organization for Grain Silos and Flour Mills. Public treatment about environmental issues has increased significantly throughout Saudi Arabia, Following a series of inundations in the Kingdom. Harmonizing to the Saudi web ( 2010 ) the most of import environmental issue confronting Jeddah is sewerage. The estimations on the country of the metropolis that is presently connected to the cloaca pipes vary from 8-14 % , with around 80 % of houses utilizing infected armored combat vehicles. In recent old ages, the waste from the metropolis s infected armored combat vehicles has been discarded in the Briman Sewage Lake, better known as Musk Lake Centre. However, environmental and wellness anxiousness following last twelvemonth s inundations, coupled with a royal edict telling the voidance of the lake, have prompted metropolis functionaries to happen alternate solutions. The usage of leaching cavities infected armored combat vehicles without a concrete underside that allow sewerage to run out into the land led to dirty and belowground H 2O taint every bit good as a rise in the H2O tabular array. The deficiency of a proper cloaca system has created an ecological catastrophe. Global heating has besides affected Saudi Arabia more than any other state late. The temperature in Saudi Arabia has neer allowed it to snow in Saudi Arabia. However, due to planetary warming it late snowed in Saudi Arabia. Due to political struggle ensuing from the wiki leaks incident the Saudi authorities is hesitating towards implementing environmental policies. No state in the universe will be spared from the effects of the fiscal crisis and ensuing in a planetary recession. Harmonizing to Bourland ( 2008 ) For Saudi Arabia, it has wholly shifted the focal point of economic policy from commanding rising prices to reconstructing assurance in the fiscal sector. We see the following cardinal deductions for the Saudi economic system. Oil monetary values will be significantly lower than antecedently anticipated and reduced production will worsen the impact on oil grosss. Finance for local and foreign companies making concern in the Kingdom will be less easy available and more expensive. Harmonizing to Bourland ( 2008 ) economic growing will decelerate as jobs accessing appropriately priced funding and lower oil grosss delay project execution and impair assurance. Lower oil grosss will intend the terminal to the immense budget and current history excesss of recent old ages. Sharply lower trade good monetary values and a strengthening of the riyal will do rising prices to fall back quickly over the following 12 months. Due to corruptness in Saudi Arabia, the Public pick theory would assist better Saudi Arabia. The Public pick theory is most effectual when authorities agents are self interested and will non make things in the public involvement and in state of affairss where the authorities is corrupt. Public pick theory encourages minimized Government and maximized market in development schemes. Government policies in Saudi Arabia promote gender, societal, and educational inequality. Corruptness is perceived as important. Harmonizing to the index of economic freedom ( 2010 ) Saudi Arabia ranks 80th out of 179 states in transparence. International s Corruption Perceptions Index for 2008. The absence of transparence in authorities histories and decision-making encourages a perceptual experience of corruptness on the portion of some members of the royal household and in the executive subdivision. Government procurance is an country of concern. Bribes, frequently disguised as committees, are allegedly commonplace. Corruptness is presently forestalling Saudi Arabia from making its full economic potency. The less fortunate population of Saudi Arabia relies on paying off functionaries to acquire things done. Those without money are ever left buttocks. Even affluent citizens are affected by corruptness due to the fact that they are unable to put and spread out their wealth. Crime rates are really low in Saudi Arabia due to their utmost penalties set by Islamic laws Torahs. Consequently, offense does non hold a important impact on Saudi Arabia s economic development. The chief job refering to offense in Saudi Arabia is its multinational trafficking Issues. Harmonizing to the consequence of the Eighth United Nations Survey on Crime Trends and the Operations of Criminal Justice Systems ( 2002 ) Saudi Arabia has become a finish state for workers from South and Southeast Asia who are allegedly subjected to nonvoluntary servitude physical and sexual maltreatment, non-payment of rewards, parturiency, and withholding of passports as a limitation on their motion. Domestic workers are preponderantly vulnerable because they are restricted to the house in which they work, without being able to seek aid. Harmonizing to the consequence of the Eighth United Nations Survey on Crime Trends and the Operations of Criminal Justice Systems ( 2002 ) Saudi Arabia is besides a finish state for Nigerian, Yemeni, Pakistani, Afghan, Somali, Malian, and Sudanese kids trafficked for forced beggary and nonvoluntary servitude as street sellers ; some Nigerian adult females were reportedly trafficked into Saudi Arabia for commercial sexual development Saudi Arabia is an absolute monarchy. The national authorities consists of a Council of Ministers, headed by the King, who holds the station of the Prime Minister. Its absolute dictatorship government has helped increase corruptness within Saudi Arabia. The land would be a really hapless state without its oil grosss. There is a definite demand for economic variegation for economic variegation is Saudi Arabia. Inequality and corruptness are besides major economic reverses for Saudi Arabia. Gender inequality and human right misdemeanors occur on a day-to-day bases in Saudi Arabia. Unfortunately, the authorities uses whatever reading of the Quran that is convenient for them in order to warrant their greed and human Right Violations.