There are no Characters in The Scarlet Letter :: essays research papers fc

Nathaniel Hawthorne wrote The Scarlet Letter as an exemplum on pride. His creation of Hester Prynne, the protagonist of The Scarlet Letter, and her selflessness was the moral behind keeping her alive. The characters in The Scarlet Letter are nothing more than symbols representing abstract qualities and are dispensable. Names play an important role in The Scarlet Letter it is Hawthorne’s way of distinguishing not just the characters but their personalities. The latter is the most important when considering Hawthorne’s characters as abstract symbols. Dimmesdale is especially noted for his dark nature of concealing his association with Hester’s scarlet letter. His extreme selfishness and pride blinds him from what the Bible ahs taught him and in this aspect is a one dimensional character as are the Puritans. â€Å"Whom, but the Reverend Arthur Dimmesdale, half-frozen to death, overwhelmed with shame, and standing where Hester Prynne had stood!† (Hawthorne 139). His extreme fear of someone discovering his secret and losing his high status is just one way Hawthorne manipulates the characters to make the novel more didactic rather than a stream-of-consciousness. â€Å"Hester recalls Hestia, the Greek goddess of the hearth and home, and Esther of the Old Testament, a woman who intercedes for her people and is often considered and image of inner strength coupled with beauty†(Pennell 83). Each character is abstractly represented differently; Pearl as nature, Chillingworth as pure evil, Hester as selflessness and Dimmesdale as pride. Roger Chillingworth's†¦expression had been calm, meditative, scholar-like. Now there was something ugly and evil in his face† (Hawthorne 117). Hawthorne again is manipulating the characters to fit the exemplum. The easiest way to understand that the characters are in fact a symbol is to take into account the amount of themes, symbols and motifs Hawthorne incorporates in his novels. â€Å"The book is a moving series of symbols within a larger symbol from beginning to end†¦It is true that these characters are arbitrary manifestations of specific urges†¦They are not made of flesh and blood so much as they are made of moonlight and abstract qualities† (Gorman 7). The characters are just disposed of when their purpose has been served. When Dimmesdale confesses his sins on the scaffold, the pride element of his character leaves so Hawthorne kills him off. â€Å""The law we broke I--the sin here awfully revealed!--let these alone be in thy thoughts... God knows; and He is merciful! He hath proved his mercy, most of all, in my afflictions†¦Had either of these agonies been wanting, I had been lost for ever! Praised be His name! His will be done! Farewell!"(Hawthorne 233).

Development of a Sustainable Democracy in East Germany and Poland :: Political Politics

Development of a Sustainable Democracy in East Germany and Poland Linz and Stepan list and describe a set of five elements that determine a consolidated democracy. Civil society, political society, rule of law, usable state of bureaucracy, and an institution of economic society all interact in complex ways to bring about democratic consolidation in countries. This paper focuses and emphasizes the interactions between the ^development of a free and lively civil society . . . [and] an institutionalized economic society . . . [which] must be present, or be crafted, in order for a democracy to be consolidated^ (Linz and Stepan pg. 17). Two former communist countries, East Germany and Poland, will be analyzed and critiqued about the prospects for sustainable democracy. Specifically, an analysis of the civil societies in the countries and how they react to their current economic situations will be used as a determinant for their chances of sustaining democracy. Both East Germany and Poland are considered success stories. Both countries have undergone free elections that have brought about new leaders in the country that have represented the citizens needs and wants, but the transition for these countries hasn^t been easy. Many citizens in both of the former Soviet bloc countries feel that their votes aren^t changing the social and economic conditions, and are rejecting the system with this ^learned helplessness^. An increasing number of citizens in both countries are turning to right wing policies as a result of the new and challenging social and economic order. Where before workers were guaranteed jobs, allowances, and other provisions from the state, now they face the cutthroat competition that defines capitalism. The economic societies in the countries have been approached from very different angles. Whereas East Germany was immediately incorporated into the strong economic and social conditions of West Germany, Poland was forced to handle the transition alone. While in East Germany labor and initiative collapsed and flowed West, Poland had no where to go, and the capitalist West flowed into their economy in the form of investments. The result has been very positive for Poland, which is now one of the fastest growing economies in Europe, but very negative for East Germany which is dawdling in high unemployment and low foreign investment. In societies where the party aspired to control all aspects of life, including persecution for unauthorized association, social life was very weak. Martial law and danger of persecution for unauthorized activities encouraged citizens in both countries to restrict their social ties to kin and very close friends. The result of this phenomenon has had a profound effect on the quality of civil

Irresponsibile Biff in Arthur Millers Death of a Salesman :: Death Salesman essays

Irresponsibile Biff in Arthur Miller's Death of a Salesman      Ã‚  Ã‚  Ã‚  Ã‚   Have you ever felt as if you do not know what to do with your life? Everyone does sometimes, but certain people are like that their whole life. These people are irresponsible and depend on others to survive.   In "Death of a Salesman", Biff is one of these people.   He is irresponsible because he depends on Happy, depends on Willy, and does not know what to do for a living.      Ã‚  Ã‚  Ã‚   Biff looks up on Happy as an example of good life.   It seems to him that Happy's life is stable and successful. Even though this is not true, Biff lets it bother him. He wants Happy to get him a job in New York so they could work together.   This shows some of his dependency and irresponsibility.   Biff does not seem as if he could live on his own successfully.   This disappoints both Happy and Willy. But this is not the only problem Biff has.      Ã‚  Ã‚  Ã‚   Biff also depends on Willy to get him through life.   Willy's low morals cause Biff to think it's all right to concentrate on football when he was in high school.   Biff does not think he has to work in school. When he flunks math, he does not know what to do and once again turns to Willy.   Now Biff cannot go to college and since he has been concentrating on football, he has little or no skills at anything else.   He depends on Willy's support to help him. But since Willy's expectations of Biff are not met, Biff does not receive the help he needs and moves off on his own.   This leaves Biff to find a goal in life and reach it.      Ã‚  Ã‚  Ã‚  Ã‚   Finally, Biff does not know what to do for a living.   He is constantly moving around, unsure of what to do next.   This may be because of his uncertainty of a future. Biff has never held a steady job.   Because of this, he has never held a steady home. This shows a lot of irresponsibility.   Until he knows what he wants to do, Biff cannot settle down and become an adult.   This inconsistency in employment makes Biff irresponsible.

Dell Hbr Case Study

INTRODUCTION Dell Computers was started by Michael Dell in 1984. Dell’s primary differentiator was its business model. It sold primarily on the B2C market and custom built personal computers on demand. Therefore, it had very low inventory by comparison to its competitors. As a result of this, Dell was able to operate quite efficiently and profitably in its niche market. By the late 1980’s – early 1990’s, Dell noticed that its market share was only 1% of total and that industry amalgamations could potentially force Dell out of the market.It was time to make a decision; it could remain status quo or pursue an aggressive growth strategy. The latter option proved to be favourable and Dell expanded into the B2B marketplace through a growth plan that focused on selling to retailers to improve its market share. The plan worked and Dell saw subsequent revenue increases of 268% within two years, compared to industry growth of 5%. 1 The good times came to an end in 1993 when Dell posted its first loss after eleven subsequent quarters of profit. Dell decided to more efficiently manage its liquidity, profitability and growth and was exited the indirect retail channel where margins were exceptionally low . The retail channel had served its purpose, however, in assisting Dell as a brand to become well known throughout the market place. Following these measures, and the fact that Dell had exceptionally low relative inventory, they were able to become the first company to launch the new Pentium chip computers and maintain first mover status with subsequent upgrades.Michael Dell was now in a position to forecast future growth for his company. STATEMENT OF PROBLEM Michael Dell predicted that the company’s growth rate for the next year would again outpace the industry. Dell needed to focus on how its working capital policy could assist in financing future growth. Further, what other internal and external financing options might assist Dell in re aching their goals? RECOMMENDATION Assuming Dell’s sales will grow at 50% in 1997, h ow would you recommend that the company fund this growth?How much capital would need to be reduced and/or profit margin increased if the company were to fund its growth by relying only on internal sources of capital? What steps would you recommend the company take? Dells attempt to increase its sales by 50% in 1997 will require 2 major types of investments: Investment in working capital We estimate this figure to be $345M (please refer to Exhibit 1 for the detailed calculation). Investment in fixed assets Expansion of production will most likely require the purchase of the additional equipment.There is no data available in the case on depreciation expenses or capital expenditures made by Dell in 1996 to support the 52% growth of sales. However, if we refer to Dell’s full financial statements for 1996, we see that Dell spent $100M on capital expenditures and we assume it will spend appr oximately the same amount in 1997. 1 2 Richard Ruback, â€Å"Dell’s Working Capital,† Harvard Business Review 9-201-029 (2003): 3. Ibid 1|P a ge EDHEC MBA – Dell Business Case From the projected figures in the Exhibit 1 we conclude that Dell will be able to finance the above investments using the following funding sources:Profit margins and management of the working capital cycle Assuming that there is a certain percentage of fixed costs in Dell’s cost structure, the company will be able to increase its net profit margin from 5. 1% in 1996 to 5. 6% in 1997, generating a net profit of $448M. Net margin should be sufficient to cover additional working capital of $345 M if Dell is able to maintain its Cash Conversion Cycle (CCC) at 1996 levels of 47 days. Maintaining the CCC at the same level is crucial for this type of financing to be sufficient.An increase in DSO by 5 days will increase working capital delta up to $453M (refer to Exhibit 2) and will force Dell to increase margins, which may reduce revenues, or look for other sources of funding. Debt or use of the short term investment funds The use of these resources might be necessary for the financing the purchase of the equipment to expand the production capacity. Two scenarios could take place: 1. A one-off investment is required to be made in the beginning of the year.Since the company will have no possibility to generate profits or free up its working capital, it could either liquidate some of its short term investments of $591M or get a loan. The decision will depend on whether the rate of return on investment is higher or lower than the interest rate on the loan, taking after tax effects into consideration. If the rate of return is higher, Dell should finance the purchase of fixed assets through the loan, if it is lower , it should use its investment account to finance the capital expenditure. 2. Gradual investment in capital expenditure is possible.This could be done only by using margins generated within the year and decrease in CCC by managing receivables-days cycle. If the company can manage to decrease its DSO days from 50 to 40 days, it can reduce its working capital delta to $126M (Exhibit 2), thus making the remaining net profit available for capital expenditures. How, if at all, would your answers to Question 3 chang e if Dell also repurchased $500 million of common stock in 1997 and repaid its long-term debt? If Dell decides to repay its debt of $113M and repurchase stock of $500M, the following steps could be undertaken.Stock repurchase A decrease in DSO by 10 days and increase in DPO by 10 days will release working capital of $44M in addition to cash profit based on $448M in accounting profit (most likely it is higher by the amount of depreciation). These cash amounts will then allow Dell to repurchase its stock. As Dell expands its customer base and brand penetration in the market it can start working with prepayment for its orders which wi ll help to collect the cash faster. Further, as the size of its orders to suppliers grows, it will be able to exercise its buyer power and negotiate more favourable payment terms.However the following action should be taken only if Dell shareholders could earn better return at a similar level of risk in the market. In the current situation it seems that Dell performs better than its competitors thus it would be more appropriate to invest the $500Mof free cash in further expansion. Debt repayment If Dell increases its margin up to 6. 8% it will be able to make an additional $110M in net profit to repay the debt. Another option is to free up some funds from short term investments. The decision will depend 2|P a ge EDHEC MBA – Dell Business Case on whether increase in price will lead to a significant loss of customers.If this is the case, the company should use its current cash reserves to perform the repayment. We also note, that 0% debt in the capital structure is most likely to be not optimal for the company and by using leverage Dell will be able generate better returns for its investors. DISCUSSION Explain how Dell’s working capital policy is a competitive advantage for the company? Strategy Built-to-Order Just-In-Time Delivery Distribution Channels (Retail Stores) Early Adoption of New Technology DELL ? ? X ? Apple X X ? X Compaq X X ? X IBM X X ? X Built to Order: Unit production only begins after receiving customer orders over phone or via email.This significantly reduced the outstanding inventory and hence reduced working capital requirements for funding inventory warehousing and inventory financing. Just-in-time Delivery: Dell’s factory had close physical proximity to its suppliers. Suppliers would ship parts only after customers placed orders, for just-in-time delivery. This helped to maintain accounts payable to a minimum. No Retail Distribution Channels: Since orders were only taken via email or phone, Dell was able to cut down o n the costs of maintaining distribution channels and reduce accounts receivable from distributors and retailers.This reduced working capital requirements. Early Adoption of New Technology: Low inventory levels helped Dell to quickly switch to newer product upgrades and reduce the cost of existing inventory turnovers compared to competitors. This further reduced working capital requirements. DSI Advantage: As a result of above strategies, Dell achieved an average DSI of 40 between 1993 and 1995, compared to Apple’s 64, Compaq’s 68 & IBM’s 56. How did Dell fund its 52% growth in 1996?Please be sure to distinguish between internal and external sources of funding, and to discuss the trade -off between the use of external funds in order to maintain high growth rates. The 52% growth was a result of the new Pentium chip introduction (Exhibit 3 from the case). Regarding working capital management, we noticed from Exhibit 2 from the case, excellent performance in maintai ning CCC at 40 days; while product switches required double stock management. As the Pentium introduction was already launched in 1995, we assume that growth was constant and continuous during 1996 period.Compared to 1995, the 1996 financial performance for gross margin is lower by 1%, but net profit has increased by 1%. 3|P a ge EDHEC MBA – Dell Business Case To improve the availability of cash, Dell can implement factoring on receivables (internal) or negotiate with banks for short term credit lines and overdraft accounts (external). Even if CCC remains constant during this period of growth, balance sheets analysis shows that CCC changed from $428M in 1995 to $689M in 1996. As the debt level remained constant during these two periods, this extra $261M was financed with internal funds.The two main sources of internal funds used to finance working capital and CAPEX (not detailed in case information) were: The $272M 1996 net profit and the capital increase at $74M (total stock value difference between 1995 and 1996). Even if Dell decided to not reduce its amount of debt, this process will allow the company to reduce the Debt/Equity ratio keeping constant level of debt while significantly increasing equity. This strategy will bring Dell more flexibility for the future.The firm will be able to consider different options for future growth; either the same strategy the issuance of more debt due to their low leverage being relatively unleveraged. 4|P a ge EDHEC MBA – Dell Business Case APPENDIX Exhibit 1 Projected Income statement and balance sheet items for the year 1997 Item Sales Cost of sales Gross Margin Operating expenses Operating income Financing and other income Income taxes 30% Net profit 1996 (actual) 5 296 4 229 1 067 690 377 6 111 272 Growth Coefficient 1,5 1,5 1,4 1997 (projected) 7 944 6 344 1 601 966 635 6 192 448 Ratios : 37 1 37 DSI 50 1 50DSO 40 1 40 DPO 47 1 47 CCC Balance sheet items : 429 644 Inventory 726 1 089 Accounts receivabl e 466 699 Accounts payable 689 1 034 Working Capital 345 Additional working capital required Projections for the year 1997 were built based on the following assumptions: 1. Growth coefficient of 1,5 was applied to income sales and cost of sales to reflec t the projected 50% growth in operations 2. Growth coefficient of 1,4 was applied to operating expenses. The assumption was made that part of operating expenses are presented by fixed costs thus they don’t grow at the operations growth ration. 0% rate was taken based on the year 1996 increase. 3. Income taxes were calculated using 30% rate being the rate on income tax in 1996 (calculated as Income taxes/(Operating income + Financing income)) 4. Ratios for the year 199 were calculated using the following formulas: DSI=Inventory*365/COS DSO=Accounts Receivable*365/Sales DPO=Accounts Payable*365/COS 5. We assumed that company will maintain the average ratios for the year 1997 6. Using the reverse formula for ratios calculations we derived accounts receivable, accounts payable and inventory for 1999 from the projected sales and COS figures. . We calculated Working Capital for both years using the formula: Inventory + Accounts receivable – Accounts payable 8. Additional working capital required: Working capital 1997 – Working Capital 1996 5|P a ge EDHEC MBA – Dell Business Case Exhibit 2 Variations in working capital requirements 37 50 40 47 37 55 40 52 37 40 40 37 -10 days on DSO; + 10 days in DPO 37 40 50 27 Inventory, $mln Accounts receivable, $mln Accounts payable, $mln 644 1 088 699 643 1 197 695 643 871 695 643 871 869 Working Capital 1997, $mln Working Capital 1996, $mln 1 033 689 1 145 689 818 689 645 689 344 456 129 -44 ItemDSI, days DSO, days DPO, days CCC, days Additional working capital required, $mln Ratios at 1996 level +5 days in DSO -10 days in DSO Exhibit 3: Detailed calculations relative to question N °2 6|P a ge EDHEC MBA – Dell Business Case 1 – CCC wo rth calculation: (see figures in red rectangle) CCC = DSI + DSO – DPO From above table, CCC = inventories + Accounts receivables – Accounts payable CCC1995 = 293 + 538 – 403 = 428 M$ CCC1996 = 429 + 726 – 466 = 689 M$ 2 – Total stocks value: (see figures in blue rectangle) Total value = Preferred stocks + Common stocks 1995 = 362 M$ 1996 = 436 M$ 7|P a ge Dell Hbr Case Study INTRODUCTION Dell Computers was started by Michael Dell in 1984. Dell’s primary differentiator was its business model. It sold primarily on the B2C market and custom built personal computers on demand. Therefore, it had very low inventory by comparison to its competitors. As a result of this, Dell was able to operate quite efficiently and profitably in its niche market. By the late 1980’s – early 1990’s, Dell noticed that its market share was only 1% of total and that industry amalgamations could potentially force Dell out of the market.It was time to make a decision; it could remain status quo or pursue an aggressive growth strategy. The latter option proved to be favourable and Dell expanded into the B2B marketplace through a growth plan that focused on selling to retailers to improve its market share. The plan worked and Dell saw subsequent revenue increases of 268% within two years, compared to industry growth of 5%. 1 The good times came to an end in 1993 when Dell posted its first loss after eleven subsequent quarters of profit. Dell decided to more efficiently manage its liquidity, profitability and growth and was exited the indirect retail channel where margins were exceptionally low . The retail channel had served its purpose, however, in assisting Dell as a brand to become well known throughout the market place. Following these measures, and the fact that Dell had exceptionally low relative inventory, they were able to become the first company to launch the new Pentium chip computers and maintain first mover status with subsequent upgrades.Michael Dell was now in a position to forecast future growth for his company. STATEMENT OF PROBLEM Michael Dell predicted that the company’s growth rate for the next year would again outpace the industry. Dell needed to focus on how its working capital policy could assist in financing future growth. Further, what other internal and external financing options might assist Dell in re aching their goals? RECOMMENDATION Assuming Dell’s sales will grow at 50% in 1997, h ow would you recommend that the company fund this growth?How much capital would need to be reduced and/or profit margin increased if the company were to fund its growth by relying only on internal sources of capital? What steps would you recommend the company take? Dells attempt to increase its sales by 50% in 1997 will require 2 major types of investments: Investment in working capital We estimate this figure to be $345M (please refer to Exhibit 1 for the detailed calculation). Investment in fixed assets Expansion of production will most likely require the purchase of the additional equipment.There is no data available in the case on depreciation expenses or capital expenditures made by Dell in 1996 to support the 52% growth of sales. However, if we refer to Dell’s full financial statements for 1996, we see that Dell spent $100M on capital expenditures and we assume it will spend appr oximately the same amount in 1997. 1 2 Richard Ruback, â€Å"Dell’s Working Capital,† Harvard Business Review 9-201-029 (2003): 3. Ibid 1|P a ge EDHEC MBA – Dell Business Case From the projected figures in the Exhibit 1 we conclude that Dell will be able to finance the above investments using the following funding sources:Profit margins and management of the working capital cycle Assuming that there is a certain percentage of fixed costs in Dell’s cost structure, the company will be able to increase its net profit margin from 5. 1% in 1996 to 5. 6% in 1997, generating a net profit of $448M. Net margin should be sufficient to cover additional working capital of $345 M if Dell is able to maintain its Cash Conversion Cycle (CCC) at 1996 levels of 47 days. Maintaining the CCC at the same level is crucial for this type of financing to be sufficient.An increase in DSO by 5 days will increase working capital delta up to $453M (refer to Exhibit 2) and will force Dell to increase margins, which may reduce revenues, or look for other sources of funding. Debt or use of the short term investment funds The use of these resources might be necessary for the financing the purchase of the equipment to expand the production capacity. Two scenarios could take place: 1. A one-off investment is required to be made in the beginning of the year.Since the company will have no possibility to generate profits or free up its working capital, it could either liquidate some of its short term investments of $591M or get a loan. The decision will depend on whether the rate of return on investment is higher or lower than the interest rate on the loan, taking after tax effects into consideration. If the rate of return is higher, Dell should finance the purchase of fixed assets through the loan, if it is lower , it should use its investment account to finance the capital expenditure. 2. Gradual investment in capital expenditure is possible.This could be done only by using margins generated within the year and decrease in CCC by managing receivables-days cycle. If the company can manage to decrease its DSO days from 50 to 40 days, it can reduce its working capital delta to $126M (Exhibit 2), thus making the remaining net profit available for capital expenditures. How, if at all, would your answers to Question 3 chang e if Dell also repurchased $500 million of common stock in 1997 and repaid its long-term debt? If Dell decides to repay its debt of $113M and repurchase stock of $500M, the following steps could be undertaken.Stock repurchase A decrease in DSO by 10 days and increase in DPO by 10 days will release working capital of $44M in addition to cash profit based on $448M in accounting profit (most likely it is higher by the amount of depreciation). These cash amounts will then allow Dell to repurchase its stock. As Dell expands its customer base and brand penetration in the market it can start working with prepayment for its orders which wi ll help to collect the cash faster. Further, as the size of its orders to suppliers grows, it will be able to exercise its buyer power and negotiate more favourable payment terms.However the following action should be taken only if Dell shareholders could earn better return at a similar level of risk in the market. In the current situation it seems that Dell performs better than its competitors thus it would be more appropriate to invest the $500Mof free cash in further expansion. Debt repayment If Dell increases its margin up to 6. 8% it will be able to make an additional $110M in net profit to repay the debt. Another option is to free up some funds from short term investments. The decision will depend 2|P a ge EDHEC MBA – Dell Business Case on whether increase in price will lead to a significant loss of customers.If this is the case, the company should use its current cash reserves to perform the repayment. We also note, that 0% debt in the capital structure is most likely to be not optimal for the company and by using leverage Dell will be able generate better returns for its investors. DISCUSSION Explain how Dell’s working capital policy is a competitive advantage for the company? Strategy Built-to-Order Just-In-Time Delivery Distribution Channels (Retail Stores) Early Adoption of New Technology DELL ? ? X ? Apple X X ? X Compaq X X ? X IBM X X ? X Built to Order: Unit production only begins after receiving customer orders over phone or via email.This significantly reduced the outstanding inventory and hence reduced working capital requirements for funding inventory warehousing and inventory financing. Just-in-time Delivery: Dell’s factory had close physical proximity to its suppliers. Suppliers would ship parts only after customers placed orders, for just-in-time delivery. This helped to maintain accounts payable to a minimum. No Retail Distribution Channels: Since orders were only taken via email or phone, Dell was able to cut down o n the costs of maintaining distribution channels and reduce accounts receivable from distributors and retailers.This reduced working capital requirements. Early Adoption of New Technology: Low inventory levels helped Dell to quickly switch to newer product upgrades and reduce the cost of existing inventory turnovers compared to competitors. This further reduced working capital requirements. DSI Advantage: As a result of above strategies, Dell achieved an average DSI of 40 between 1993 and 1995, compared to Apple’s 64, Compaq’s 68 & IBM’s 56. How did Dell fund its 52% growth in 1996?Please be sure to distinguish between internal and external sources of funding, and to discuss the trade -off between the use of external funds in order to maintain high growth rates. The 52% growth was a result of the new Pentium chip introduction (Exhibit 3 from the case). Regarding working capital management, we noticed from Exhibit 2 from the case, excellent performance in maintai ning CCC at 40 days; while product switches required double stock management. As the Pentium introduction was already launched in 1995, we assume that growth was constant and continuous during 1996 period.Compared to 1995, the 1996 financial performance for gross margin is lower by 1%, but net profit has increased by 1%. 3|P a ge EDHEC MBA – Dell Business Case To improve the availability of cash, Dell can implement factoring on receivables (internal) or negotiate with banks for short term credit lines and overdraft accounts (external). Even if CCC remains constant during this period of growth, balance sheets analysis shows that CCC changed from $428M in 1995 to $689M in 1996. As the debt level remained constant during these two periods, this extra $261M was financed with internal funds.The two main sources of internal funds used to finance working capital and CAPEX (not detailed in case information) were: The $272M 1996 net profit and the capital increase at $74M (total stock value difference between 1995 and 1996). Even if Dell decided to not reduce its amount of debt, this process will allow the company to reduce the Debt/Equity ratio keeping constant level of debt while significantly increasing equity. This strategy will bring Dell more flexibility for the future.The firm will be able to consider different options for future growth; either the same strategy the issuance of more debt due to their low leverage being relatively unleveraged. 4|P a ge EDHEC MBA – Dell Business Case APPENDIX Exhibit 1 Projected Income statement and balance sheet items for the year 1997 Item Sales Cost of sales Gross Margin Operating expenses Operating income Financing and other income Income taxes 30% Net profit 1996 (actual) 5 296 4 229 1 067 690 377 6 111 272 Growth Coefficient 1,5 1,5 1,4 1997 (projected) 7 944 6 344 1 601 966 635 6 192 448 Ratios : 37 1 37 DSI 50 1 50DSO 40 1 40 DPO 47 1 47 CCC Balance sheet items : 429 644 Inventory 726 1 089 Accounts receivabl e 466 699 Accounts payable 689 1 034 Working Capital 345 Additional working capital required Projections for the year 1997 were built based on the following assumptions: 1. Growth coefficient of 1,5 was applied to income sales and cost of sales to reflec t the projected 50% growth in operations 2. Growth coefficient of 1,4 was applied to operating expenses. The assumption was made that part of operating expenses are presented by fixed costs thus they don’t grow at the operations growth ration. 0% rate was taken based on the year 1996 increase. 3. Income taxes were calculated using 30% rate being the rate on income tax in 1996 (calculated as Income taxes/(Operating income + Financing income)) 4. Ratios for the year 199 were calculated using the following formulas: DSI=Inventory*365/COS DSO=Accounts Receivable*365/Sales DPO=Accounts Payable*365/COS 5. We assumed that company will maintain the average ratios for the year 1997 6. Using the reverse formula for ratios calculations we derived accounts receivable, accounts payable and inventory for 1999 from the projected sales and COS figures. . We calculated Working Capital for both years using the formula: Inventory + Accounts receivable – Accounts payable 8. Additional working capital required: Working capital 1997 – Working Capital 1996 5|P a ge EDHEC MBA – Dell Business Case Exhibit 2 Variations in working capital requirements 37 50 40 47 37 55 40 52 37 40 40 37 -10 days on DSO; + 10 days in DPO 37 40 50 27 Inventory, $mln Accounts receivable, $mln Accounts payable, $mln 644 1 088 699 643 1 197 695 643 871 695 643 871 869 Working Capital 1997, $mln Working Capital 1996, $mln 1 033 689 1 145 689 818 689 645 689 344 456 129 -44 ItemDSI, days DSO, days DPO, days CCC, days Additional working capital required, $mln Ratios at 1996 level +5 days in DSO -10 days in DSO Exhibit 3: Detailed calculations relative to question N °2 6|P a ge EDHEC MBA – Dell Business Case 1 – CCC wo rth calculation: (see figures in red rectangle) CCC = DSI + DSO – DPO From above table, CCC = inventories + Accounts receivables – Accounts payable CCC1995 = 293 + 538 – 403 = 428 M$ CCC1996 = 429 + 726 – 466 = 689 M$ 2 – Total stocks value: (see figures in blue rectangle) Total value = Preferred stocks + Common stocks 1995 = 362 M$ 1996 = 436 M$ 7|P a ge

Impluwensya

Manuel, Arjay G. B-17 IV-St. Francis Of Sales What is your definition of a ‘good’  teacher? In a recent article published in the journal Active Learning in Higher Education (2009, 10: 172-184) Bantram and Bailey explored the responses of students to this very question at a university in the UK. Four predominant themes were noted (in relative order of importance): 1.Teaching Skills: Students felt that an effective teacher explained ideas and concepts well; motivated and sustained student interest; used active-learning techniques; and acted as a facilitator to encourage and guide learning. 2. Personal Qualities: Students valued personal qualities such as, â€Å"†¦being kind, helpful, patient, enthusiastic and having a sense of humor. † 3. Relationships with Students: Students appreciated instructors who were friendly, approachable, and took the time to â€Å"get to know† them. . Teacher Knowledge: Subject-matter expertise and knowledge emerged as the l owest ranked theme. They summarized that, â€Å"†¦students appear to define good teaching largely on the basis of a range of skills and attributes that emphasize empathy and aspects of interpersonal relationships. † These findings support Chickering and Gamson’s (1987) classic Seven Principles for Good Practice in Undergraduate Education, where an effective teacher is described to: 1. Encourage contact between students and faculty; 2.Develop reciprocity and cooperation among students; 3. Encourage active learning; 4. Give prompt feedback; 5. Emphasize time on task; 6. Communicate high expectations; and, 7. Respect diverse talents and ways of learning. The reality is that effective teaching goes much beyond developing subject matter expertise. From my experiences in higher education great teachers share two common characteristics: an extraordinary sense of humility; and, a strong commitment to continual improvement, based upon a fundamental motivation to inspire st udent success.

Marriage Verses Living Together

I remember when my husband and I were dating and we both decided to move in with each other rather quickly. We both felt in order to really get to know one another; we had to see how compatible we both were. Because of this, in just a short three years, we were married but living together really proved to be a valuable lesson for the future. In today’s society many people are getting married and divorced at record rates which are really affecting people views psychologically when it comes to marriage vs. cohabitation; therefore, I plan on exploring both options to see how both of these options work. A marriage is a legally binding agreement that grants each partner a wider range of rights and responsibilities. Ending this type of relationship requires a legal procedure. Cohabitation is the act of living together without a legally recognized union. This allows individuals to part ways with less difficulty than if they were married. However, both kinds of couples do live together and therefore spend most of their time together. Married people and cohabiting people are in serious relationships, they don’t generally decide to cohabit with someone they are just casually dating. People who are married are extremely committed to one another but neither couple will be unsure of their relationship or in a relationship with someone they don’t know very well. Married or cohabiting couples don’t have to completely pool their resources; both kinds of couples do have a financial stake in the relationship. At the very least, both will pay half of the rent or mortgage on a house or apartment. This means that both people in both kinds of relationships have something tangible to lose should the relationship fail. Married and cohabiting people are in intimate relationships. This essentially always includes some sexual intimacy; if there is no sexual intimacy in a married or cohabiting relationship, then it is not really a marriage or even a romantic relationship. While some people date without living together and not having sex, couples who live together are almost always in sexual relationships, whether they’re married or not. People commonly insist that a piece of paper, referring to the marriage license, is the only difference between marriage and cohabitation, this is far from being true. A marriage license is a document that drastically alters a relationship. One major way that it does this is by preserving the relationship even if one or both partners walk away. Marriages do not simply dissolve because individuals do not like the way that things are going and wish to invest their energy elsewhere. Instead, a couple must go through a divorce and have a court terminate their relationship. When two people cohabit, they live according to an agreement that may be based on a number of factors, such as emotions or financial convenience, but generally there is no legal responsibility binding one to the other. If the moment arises when the situation no longer seems suitable, both parties can instantly sever their ties. In most jurisdictions, there is not a special body of law regulating how cohabitants’ property should be divided or how the least financially fit partner should be cared for after the break up. With married partners, however, these are major considerations. Another major difference between marriage and cohabitation is liberty. When people marry, they take vows, which are legal and usually religiously sanctioned promises. A married person is not free to enter into intimate relations with other people. In addition to the threat of divorce and the financial ramifications that it can have for the guilty party, it is also possible in many states for one spouse to sue another for adultery. When people cohabitate, relinquishing the liberty to intimately fraternize with others is a choice, and if a person act contrarily, it poses no legal threat. Marriage and cohabitation also differ with regards to the decision-making. Spouses belong to one another, and if there is a life or death decision to be made and one person is unable to do so, her partner will be called upon to act on her behalf. When individuals are cohabiting, they do not generally gain the right or responsibility of making decisions for their partners, no matter how long they stay together. While many people choose to live together, others still prefer marriage. Research has shown that couples who marry generally feel more secure and are more committed to making their relationship work. People should never move in together for convenience. It should be a well thought decision that is preceded by plenty of discussion and planning.

Food Globalization in China Essay

In most Chinese traditional families, family members would sit around the dining table and dine together. Everyone would talk about the day and bond as a family. Usually, it would be the mother who would buy groceries after work and return home to cook for the family. Sometimes, the father, the children or even the grandparents would help out in the kitchen. The mother of the family would always consider the nutrition, thus for every dish, it would be well-prepared, making sure that every family member would not have any health problems, such as getting sick or malnutrition. This was what a Chinese traditional family would be like in the past where fast food restaurants and â€Å"instant† food were scarce. Today’s Chinese family has altered tremendously. Purchasing meals at fast food restaurants is such an easy task compared to the loads of work and preparation for cooking at home. As a result, a mother has lost her chance to increase her energy expenditure that she would have spent on traveling to the grocery store, choosing and purchasing items, and returning home to cook. In addition, the bonding time for the family has decreased due to lack of interactions such as cooking and dining together. Instead, a mother has found other ways to provide food for the family. She would often go straight to a nearby fast food chain, make a take-away order or purchase instant French fries or noodles from a nearby supermarket. Likewise, compared to the traditional way of Chinese dinners, where families sit around a table of different dishes, fast food menus are mostly set for individuals, the amount of time that a family spends together is again decreased, and this unhealthy diet may slowly lead to unpredicted illnesses. In a matter of time, whether you are sitting in a restaurant or walking along the shopping districts of Shanghai, you look around and you could see humongous people with waist like pillars, arms that looks like thighs and thighs that rub against each other when they walk, one hand holding a cup of Pepsi and the other feeding themselves with McDonald’s cheese burger. There will be no more people with wrinkles and white hair. The life expectancy has dropped to fifty. This is not an illusion but an anticipated look of the future: The Fat China. According to the Merriam-Webster Dictionary, globalization is the development of an increasingly integrated global economy, which is marked by the increase in cross-border flows of goods, services, money, people, information and culture. It brings the world together by spreading different ideas, making foreign products easier to access, speeding up the pace of life, and increasing the understanding around us. Most countries welcome the rush of globalization, which symbolizes advancements. However, the negative consequences on Chinese culture are deniable and are not worth the consequences. Food globalization is spreading through the world’s diverse cultures in the form of fast food restaurants, high-caloric beverages, supermarkets supplying instant food and high-caloric imported products, and culture changes that affect family bonding time. These changes have resulted in unhealthy diets, a decrease of energy expenditure, and illnesses such as obesity. Food globalization is causing a negative effect in China. Since the 1980s, China’s openness has led to the growth of foreign fast food chains in China. Coca-cola, Starbucks, Kentucky Fried Chicken, Hà ¤agen-Daz, Dunkin’ Donuts, Baskin-Robbins, Pepsi, DQ, Pizzahut, Papa John’s and Mcdonald’s can be found almost everywhere in China (Popkin). According to Wen Dale, a member of the International Forum on Globalization, McDonald’s alone has opened up to at least 235 restaurants in China, excluding 158 Mcdonald’s franchises in Hong Kong. Every time when I go by McDonald’s in China, I can see the long lines of people, waiting for their turn to purchase the high-caloric food. When I visited Hangzhou (a city next to Shanghai) at the age of six, I already saw many KFCs around Hangzhou. Today’s Hangzhou is way different compared to twelve years ago, it is more modernized, and at the same time, it is crowded with fast food restaurants. In the shopping district of Hangzhou, there are not only Chanel, Gucci, Louis Vuitton but also McDonald’s, Pizzahut, Hà ¤agen-Dazs, Dunkin’ Donuts, Baskin-Robbins, Papa John’s, Starbucks and many other fast food chains. Globalization brought westernization, prosperity into China as well as fast food chains. According to A.Michelle Mendez, a nutritional epidemiologist who received her master’s in epidemiology at University of North Carolina at Chapel Hill, supermarkets, for example, have â€Å"accounted for 48 percent of the urban food markets in China, an increase beyond the 30 percent level in 1999†. With this increase of urban food markets in China, the traditional markets that provide fresh and unprocessed products has started to decline, leading to a higher consumption of processed food. Furthermore, these urban food markets are not only found in large cities but also in poorer areas. (Mendez) The growing presence of Carrefour and Metro that imports foreign products brought giant stores that offer a wide variety of high caloric snacks and soft drinks, increasing the availability of unhealthy products. For example, the direct imports of French fries from the United States has increased tenfold between 1995 and 1999 (Mendez). Food globalization that increased the number of foreign investments produces negative changes to the Chinese Cultures (Dale). Globalization has brought large foreign supermarket firms and fast food chains into China. All of these has resulted in lifestyle changes which include a shift from natural-homemade food and beverages consumed to processed ones, a higher consumption of foreign food, a driving dietary change, an increase intake of caloric sweeteners, a reduced food preparation time and an increase in intake of pre-cooked foods. These led to an increase in obesity rate in China. For foreign food chains to produce large amount of ingredients and products and ship them all the way across the Atlantic and Pacific oceans, unhealthy chemicals are often added during production. The contemporary world is characterized by â€Å"an intense, continuous, comprehensive interplay between the indigenous and the imported†. (Jackson) This is demonstrated through the importing and exporting of fast food ingredients. According to John Andrew, a citizen journalist, these chemicals are sometimes known as â€Å"food additives† and not all food additives used are foods. Instead, they are â€Å"chemical that are generally recognized as safe† (Andrew). Almost all of these additives are nowhere to be found in a local supermarket, instead, some are found in â€Å"inedible products like tox antifreeze, silicone caulk, soap, sunscreen and play sand† (Andrew). As reported by Riddhi Shah, a writer for the website Salon, Sally Davies, a New York photographer started a â€Å"part-art, part-food† science experiment. Davies documented a McDonald’s Happy Meal every few days until it spoiled. Even at day 137, â€Å"the meal still looks pretty great† (Shah). After reading this experiment, how would people still feel safe and happy consuming these â€Å"Happy Meals†? Consuming foods with chemicals or food additives may damage long-term health. Globalization brought changes that I have personally encountered. In 2007, the number of foreign franchises in China could be counted with ten fingers. There were only a few Starbucks and McDonald’s opened their first outlet near the downtown Wulin Square, the shopping district in Hangzhou. However, after only three years, the number of Starbucks has quadrupled. Today, there are at least eight Starbucks in Hangzhou compared to the only one less than five years ago. Because Starbucks is present everywhere, it is easy for individuals to grab a cup of Caramel Frappuccino (which is about 430 calories) whenever passing by. This availability has brought about a rush of coffee addicts in China as well as weight gains. Likewise, the newly opened Starbucks near Hangzhou International School where I attended high school attracts many students and faculty daily. This situation also happens to the McDonald’s near the school. The increase in availability has caused a tremendous increase in junk food consumption among the staff and students. It is easy for students and faculty to grab a coffee, or a muffin before or after school. In most countries, especially the United States, Asians are often stereotyped as skinny. However, this perception will have to be altered in the coming decade. In the past, malnutrition has been the main health problem in China. According to James. A Levine, a professor of Medicine at Mayo Clinic in Minnesota, more than 60 million people have become obese in China (Levine). The data presents 23 percent of Chinese population is overweight. 12 percent adults and 8 percent children have obesity (Levine). The more serious problem is that Levine has predicted by 2020, the obesity population in China will exceed that of the United States. The Chinese population is one of the largest in the world and if as predicted by Levine, the Chinese obesity rate rises, the whole world will be affected by this change. Misra points out â€Å"that the obesity and the metabolic syndrome are immediate cursors of type 2 diabetes and cardiovascular disease†, thus as China’s obesity rate increases, the well being of the Chinese population is evidently threatened. The increase in obesity rate will lead to maladaptive consequences such as an increase in other illnesses, and these studies provide a strong correlation with the growing of foreign fast food chains. Consequently, the increase of foreign fast food chains has affected everyone living in China. Easy accessibility to these restaurants and supermarkets reduces Chinese’s physical activity and labor intensity in both the urban and rural areas (Jackson). This increase number of foreign supermarkets has also resulted in a rise in the average intake of vegetable oil from â€Å"14.8 grams per person in 1989 to 35.1 grams per person in 2004, adding an extra 183 kcal to the population’s daily diet† (Popkin) (see table 1). In table 1, the availability for consumption of total calories has been going upslope since the 1961 and has no inclination of slowing down. Thus, these changes result in an increase in Chinese adults’ consumption on high-fat which rose from 33 percent to 60.8 percent in urban areas and 13.5 percent to 29.3 percent in rural areas (Mendez). Table 1 Regional Trends in Availability for Consumption of Total Calories, 1961-2000†¨Source: Misra, Anoop and Lokesh Khurana. â€Å"Obesity and the Metabolic Syndrome in Developing Countries†. J Clin Endocrinol Metab, 2008. Web. 8 November 2011. By switching from Chinese traditional diet to a Western diet, Chinese are consuming goods that are much higher in calories. In a Chinese traditional family, a dinner often included a few dishes of vegetables, a few dishes of meat (normally less than the number of vegetable dishes), a soup, and lastly a bowl of rice for each family member. One or two of the family members freshly cooked all of the food. This kind of traditional dinner included all components of a healthy meal for a well-balanced diet. For centuries, the only beverages Chinese consumed were tea, water, and breast milk after birth. â€Å"Because water has no calories, the human body did not evolve to reduce food intake to compensate for beverage consumption†, thus, adding sugar into new beverages will increase the caloric intake of an individual. (Popkin) Table 2 displays the short history of caloric beverage for humans. From breast milk, water consumption, the human as evolved to consume soda, coffee, juice, liquor and other beverages that contain sugar. Thereby, when people consume any beverage other than water, their total calorie consumption increase (Popkin). Table 2 Remarkably Short History for Caloric Beverages: Might the Absence of Compensation Relate to This Historical Revolution? Source: Popkin, Barry M. â€Å"The World is Fat.† The World is Fat (2008): n. pag. Web. 8 December 2011. The increase in availability of foreign food restaurants has led to a significant decrease of home-prepared food according to Popkin, an â€Å"obvious shift in home-prepared food and home-based meals to ready-to eat meals, often consumed away from home. With this consumption, Chinese are spending less time with their family members and more time outside of their homes. Even though families may eat out at a fast food restaurant together, as the food is served â€Å"fast†,, the social time that an individual spend with his family is still decreased. It is true that food globalization has presented positive effects on Chinese culture, such as the bringing a diverse of cuisines into China, satisfying the Chinese’s curiosity, the increase in their pace of life and the step of taking Chinese a leap forward into the understanding of the outside world. However, the negative consequences, such as the increase in health risks, and the diminishment of traditional culture that come together with food globalization are inevitable and are worth much more of the attention. These negative consequences may not seem worthwhile at this moment but when they do become serious problems, it will be too late to ameliorate. The question that is left for everyone to ponder is that do a higher standard of living, a higher pace of life worth the sacrifice? Work Cited Dale, Wen. â€Å"The Fast Food Invasion†. China Copes with Globalization: (2005): n. pag. Web 14 November 2011. Jackson, Peter. â€Å"Local Consumption Cultures in a Globalizing World†. Royal Geographical Society (2004): n. pag. Web. 13 November 2011.Levine, James A. â€Å"Obesity in China: Causes and Solutions†. Chinese Medical Journal (2007): n. pag. Web. 13 November 2011. Mendez, A. Michelle and M. Popkin. â€Å"Globalization, Urbanization and Nutritional Change In the Developing World†. Globalization of Food Systems in Developing Countries: Impact on Food Security and Nutrition (2004): n. pag. Web. 13 November2011. Popkin, Barry M. â€Å"The World is Fat.† The World is Fat (2008): n. pag. Web. 13 November 2011.Watson, L. James. â€Å"China’s Big Mac Attack†. Foreign Affairs (2000): n. pag. Web. 12 November 2011. Wong, Seanon. â€Å"What’s In A Dumpling†. University of Chicago (2006): n. pag. Web. 13 November 2011 Wu, Yangfeng. â€Å"Overweight and obesity in China†. BMJ (2006): n. pag. Web. 13 November 2011. Tan, Cheryn. â€Å"Curry – Origins and History†. Suite101, 2009. Web. 13 November 2011. Shah, Riddhi. â€Å"The Secret to the Immortality of McDonald’s Food†. Salon, 2010. Web. 13 November 2011. Andrew, John. â€Å"Surprise Ingredients in Fast Food†. Natural New, 2010. Web. 13 November 2011. Misra, Anoop and Lokesh Khurana. â€Å"Obesity and the Metabolic Syndrome in Developing Countries†. J Clin Endocrinol Metab, 2008. Web. 13 November 2011.