Do you think secondary schools in Malta understand ‘inclusion’

IntroductionInclusion is portion of much larger image than merely do portion of category in school. It is being included in life and plays a portion utilizing one ‘s abilities in twenty-four hours to twenty-four hours activities as an indispensable component of the community as anyone else. Inclusion is being a portion of what everyone else is, being received and embraced as a member who belongs. In the last old ages, the thought of inclusive instruction has featured in precedences sing the instruction of many states. The issue of inclusive instruction is ruling many treatments and educational policies. The attempts to advance inclusive instruction are focused on school activities and the manner how they could go more inclusive. But in his book, Developing Inclusive Teacher Education, Tony Booth and others, present the inquiry, whether universities are reacting to inclusive instruction by developing future instructors in their initial instruction, since this phase have a serious function to play in the development of inclusive patterns in schools they will finally work in.[ 1 ]Inclusion in secondary schools in MaltaAbout 15 old ages ago the thought of inclusive instruction in Malta, peculiarly puting kids with disablement in mainstream schools, was a cradle. But in July 1995 development takes topographic point, which led around 600 kids with different types of disablement or less potency to school to go to mainstream schools.[ 2 ] In September of 2002, the Ministry of Education issued a papers called, ‘Creating Inclusive Education ‘ where it gives guidelines for the execution of the National Curriculum Policy on Inclusive Education. The papers gives clear guidelines how to prosecute in inclusive instruction procedure and the features which makes school more inclusive.[ 3 ] But due to this papers can we state that our secondary school understand ‘inclusion ‘ ? On one manus we can state that today schools offer many installations and chances for everyone particularly for kids with disablement. Children who have some type of disablement find our school more accessible and more easy to take portion in and take part in every activity in every portion of the school. There is besides the work of many Learning Support Assistants who assisting pupils to experience that security in order to happen it more easy to incorporate and take part both in school activities and category. On the other manus there are some advancement that need to be taken into consideration. Today our society is going more witting of the presence of many aliens in our state. This in fact is reflected in our school with the presence of pupils who have an international background. In my instruction pattern experience I have noticed negative attitude to foreign pupils particularly those with different coloring material tegument. Our schools need to make more inclusive civilization in our school, in order to educate our kids to accept and include everyone. Many times the pupils ‘ behavior reflects the attitude of many people in the street. Apart from foreign pupils, today we are confronting pupils with different backgrounds. It is critical today more than before that we view every pupil as a alone person. In order to make that instructors must pass some oif their clip, particularly during school interruptions to construct a good relation with the kids in order to cognize their demands and what they expect.The Relevance of Inclusive EducationInclusive instruction is something which brings many benefits to the school and the wider community. This is non merely done by making nil but it requires difficult work and a process in order to achieve the ends of this inclusive civilization. First of all, by inclusive instruction, many pupils display positive attitudes towards kids who were vulnerable to marginalisation, i.e. foreign pupils, kids with disablements, kids categorized as holding particular demands, kids coming from hapless households. High school pupils in research made abroad describe that their relationships with pupils with disablements resulted in more positive attitudes, increased their response to the demands of others, and increased grasp for diverseness.[ 4 ]For illustration, pupils help international pupils who find trouble in pass oning through the state ‘s linguistic communication, pupils who give aid for other pupils with some type of disablement, particularly when the LSA is absent.[ 5 ] Research surveies have express positive consequences with regard to credence of pupils with disablements in regular instruction environment. For illustration pupils with disablements show more societal additions than those in detached scenes.[ 6 ] Inclusive instruction stimulates every pupil to take part in schoolroom activities. Teachers can assist by making activities harmonizing to the abilities of each kid in order for all, even those who experienced troubles in acquisition, to be able to take part. With engagement one can include coaction between pupils. From research covering with inclusive methods by pupil instructors was observed that pupils take enterprises towards developing coactions on the footing of the rules of inclusive instruction. Students seem to join forces with school caputs, instructors, other pupils, parents etc. In each instance the coactions aimed at increasing engagement, diminishing marginalisation and supplying equal chances learning and larning to all pupils.[ 7 ] All parents want that their kids be accepted by equals, have their friends, and populating regular life as other kids. Inclusive scene can do this vision a world for many kids which for a ground or another feel that they are excluded in their environment. This vision helps all kids to larn by being together. Children learn at their ain gait and manner within a fostering acquisition environment.DecisionInclusive instruction is doubtless a challenging, complex and contested construct, and its manifestations in pattern are many and varied. It is about lending to an inclusive society through determining the procedure by which the engagement of all kids and immature people in instruction is enhanced and maximized. A characteristic common excessively much of the research on inclusion, is the restrictive reading of the term in pattern. As a term, it has been most closely associated with the assimilation of students holding particular educational demands into mainstream schools. Teacher peda gogues working alongside instructors in schools have the capacity to consequence alteration, to assist transform patterns and to do a difference to kids and immature peoples ‘ lives. Such an attack could guarantee the sustainability of the seeds which were sown during initial teacher instruction.

Jeffersonian Republicans vs. Federalists

In regards to the United States constitution, Jeffersonian Republicans have been known as strict constructionists who had a narrow interpretation of the constitution following it to an extreme power. This was in opposition to the Federalists who had often followed a loose construction policy. And to a certain extent, the characterization of both of these parties was for the most part accurate during the presidencies of both Thomas Jefferson and James Madison. Though these parties stay pretty true to popular beliefs, with Jeffersonian Republicans being strict and Federalists being loose, at time this was proven to be in fact false.Thomas Jefferson and the Jeffersonian Republicans had become widely known as a strict constructionists even prior to the election of Jefferson. This is shown in a letter that Jefferson wrote to his colleague, and future cabinet member Gideon Granger which shows his true support for power to the states (Doc A. ) The letter states his strong feelings against t he power that the federal government held because he was fearful that if the federal government gained too much power and the states had too little power, then we would almost be creating a monarchy in the United States like Great Britain had done.Another prime example of his ideas of stronger state governments were stated in his letter to Samuel Miller in 1808 (Doc B. ) Jefferson firmly believed that he had no business in involving himself with religious activities as president as the Constitution had made no mention of such activities and therefore followed his strict construction principle by delegating those powers to the states. However, though Jefferson was a man who was mostly stuck to his principles of strict construction, there were often times were he would abandon his beliefs for what he believed was better for the nation.A prime example of such was during the Louisiana Purchase. Jefferson had to make the final call on whether or not to take this giant mass of land and do uble the size of the United States, though he faced one major problem. Nowhere in the constitution did it state that Jefferson could solely purchase land for the country without consent, which forced him loosely interpret the constitution and use the â€Å"elastic clause† because this was believed to be necessary and proper for the nation.During Madison’s presidency, he also was able to stick to his principles of Jeffersonian Republicanism to a certain extent. In 1817, James Madison had addressed Congress following his vetoing of an Internal Improvements Bill due to his views of strict construction (Doc H. ) He believed that though this bill would in some respects help the country, the president was not given direct consent by the constitution to create roads and canals and control commerce.His belief in strict construction had forced him to make the ultimate decision of vetoing the bill. Henceforth, though Jefferson and Madison did mostly follow closely to the beliefs that Jeffersonian Republican party were founded on, they did not fully carry them out with some actions not corresponding to the initial ideals. The Jeffersonian Republican party was not the only party that had to wiggle their way around their initial ideas as the Federalist party was also partially facing difficulties at times.In 1814, when Congress was discussing a conscription bill that would enforce a draft of all men into the army, Daniel Webster (federalist) had violated his loose construction policy in an effort to fight this bill (Doc D. ) Webster had argued that nowhere in the constitution was it stated that a draft could be created and if such a law was passed, Congress would also have the power to create a dictator as well.Though he did believe in the idea that all Americans followed that went against a dictatorship, he abandoned his federalist ideas of loose construction in order to avoid a draft, even though it may have been â€Å"necessary and proper†. Federali sts were also having troubles in their party when they publically made their troubles clear during the Hartford Convention in 1815 (Doc E. ) Federalists had almost clearly trashed their party ideas and sided with the Jeffersonian Republicans when in many of their remarks they had called for a weak central government.For example, when the Embargo Act was destroying the American economy, the Federalists wanted to take away power from Congress by creating an amendment which would take away all embargos and any trade with any foreign country without a two-thirds majority of both houses. Usually they would be against this as they believed in a strong central government, but they completely contradicted themselves at the Hartford Convention making no progress and eventually the downfall of the Federalist party.Therefore, the Federalists had an extremely hard time staying true to their own ideals. The Federalists and Jeffersonian Republicans had developed a polar opposite view of the const itution and government. One had devoted their views to strong state government and the other to strong central government. Jeffersonian Republicans (led by Jefferson and Madison), though wanting to stick to their ideas, faced much adversity when wanting to remain strict constructionists.Yet fortunately for them they proved the characterization of their party to be for the most part accurate. The Federalists did face much more problems as they would often contradict themselves and abandon their policies of loose constructions as shown during the presidencies of Jefferson and Madison. It is almost impossible to follow a party’s principles to an extreme extent, as seen by both parties, so it is necessary for both to adjust to find a balance that would ultimately benefit the people of the nation.

Hostel Management Essay

ABSTRACT Hostel management by manual way is tedious process, since it involves work load and time consumption. In this system, we can easily manage the hostel details, room details, student records, mess expenditure, mess bill calculation, easy way of room allocation and hostel attendance. The main feature of this project is easy to allocate for the student and also easy to calculate mess bill. This project is carried out using Visual Basic as front end and oracle as back end. TABLE OF CONTENTS |CHAPTER NO |CONTENTS |PAGE NO | | |ABSTRACT | | | |LIST OF FIGURES | | |1. |INTRODUCTION | | | |1.1.TO THE PROBLEM | | | |1.2.TO THE SOFTWARE TOOL | | |2. |PROBLEM DEFINITION | | |3. |METHODLOGY | | |4. |SYSTEM ENVIRONMENTS | | | |4.1.HORDWARE REQUIREMENTS | | | |4.2.SOFTWARE REQUIREMENTS | | |5. |FUNCTIIONAL REQUIREMENTS | | |6. |REQUIREMENTS ANALYSIS | | | |6.1.USECASE DIAGRAM | | | |6.2.CLASS DIAGRAM | | |7. |DESIGNS | | | |7.1.SEQUENCE DIAGRAM | | | |7.2.COLLABRATION DIAGRAM | | | |7.3.STATE DIAGRAM | | | |7.4.ACTIVITY DIAGRAM | | LIST OF TABLES CHAPTER 1 INTRODUCTION 1. TO THE PROBLEM Hostel management gives on idea about how the students details, room allocation, mess expenditure are maintained in the particular concern. The hostel management system also includes some special features. The administration has the unique identity for each members as well as students details. The stock management has also held by mess expenditure, the mess expenditure that used to calculate the mess bills of each of the students. The modules of this project are student details, attendance details, room details, mess modules. Visual Basic6.0 is used as the front end tool and Oracle is used as a backend tool. Visual Basic is one of the driven programming languages. The application wizards, menu editor and data reports etc is very much useful for creating very good professional software. 1.2. TO THE SOFTWARE TOOL The â€Å"visual† part refers to the method used to create the graphical user interface (GUI). Rather than writing numerous lines of code to describe the appearance and location of interface elements, you simply drag and drop pre-built objects into place on screen. If you’ve ever used a drawing program such as paint, you already have most of the skills necessary to create an effective user interface. It revolves around ready-made objects and it is event-driven that is all the activities in a program are triggered by one event or another. Each object has its own properties, determining its position, size, color, appearance and nature of its text and much more. Each object also has its own event-handling procedures. Visual basic knows what a button is and how it works? It also works how to handle images, menus, dialog boxes, drive and directory list and much else. The programmer does not have to write code to trap these events the system does that automatically because th e program code runs in response to events. The flow of execution is not as fixed in a traditional program. Operations do not have to follow a set of sequence and can be easily interrupted, suspended or abandoned. The process of program design reflects the nature of the system. You begin by the screen layout events and then any necessary code to co-ordinate the whole program. Overall Diagram: USE CASE DIAGRAM: Use case diagram is a diagram that shows the interaction between user and system to capture the user’s goals. [pic] CLASS DIAGRAM: Class diagram is a collection of static elements such as classes and their relationships connected as a graph to each other. [pic] Sequence Diagram: Sequence diagram shows an interaction arranged in a time sequence . it is an alternate way to understand the overall flow of the control of the system program. [pic] Collaboration Diagram: [pic] State Diagram: State diagram are a familiar technique to describe the behaviour of a system. They describe all of the possible states that a particular object can get into and hoe the objects state changes as a result of events that reach the object. [pic] Activity Diagram: It describes the sequence of activity it support for the conditional and parallel behaviour . It is a variant of a state diagram in which most of the states are activity states. [pic] METHODOLOGY It contains four modules in it. They are given below †¢ Student details †¢ Attendance details †¢ Room details †¢ Mess modules Students details: This module consists of the details of the student such as roll number, name, date of birth, address, phone number, year, degree, room no, department name nad etc. here the details are entered and are updated. USE CASE DIAGRAM: Use case diagram is a diagram that shows the interaction between user and system to capture the user’s goals. [pic] CLASS DIAGRAM: Class diagram is a collection of static elements such as classes and their relationships connected as a graph to each other. [pic] Sequence Diagram: Sequence diagram shows an interaction arranged in a time sequence . it is an alternate way to understand the overall flow of the control of the system program. [pic] Collabration Diagram: [pic] State Diagram: State diagram are a familiar technique to describe the behaviour of a system. They describe all of the possible states that a particular object can get into and hoe the objects state changes as a result of events that reach the object. [pic] Activity Diagram: It describes the sequence of activity it support for the conditional and parallel behaviour . It is a variant of a state diagram in which most of the states are activity states. [pic] Attendance details: In this module,attendance details are maintained. Hence the upto date attendance of the each students are maintained. USE CASE DIAGRAM: Use case diagram is a diagram that shows the interaction between user and system to capture the user’s goals. [pic] CLASS DIAGRAM: Class diagram is a collection of static elements such as classes and their relationships connected as a graph to each other. [pic] Sequence Diagram: Sequence diagram shows an interaction arranged in a time sequence . it is an alternate way to understand the overall flow of the control of the system program. [pic] Collabration Diagram: [pic] State Diagram: State diagram are a familiar technique to describe the behaviour of a system. They describe all of the possible states that a particular object can get into and hoe the objects state changes as a result of events that reach the object. [pic] Activity diagram: It describes the sequence of activity it support for the conditional and parallel behaviour . It is a variant of a state diagram in which most of the states are activity states. [pic] Room details: In this module, the room number for the hostel student is allocated and the details of the each students are maintained and updated regularly. USE CASE DIAGRAM: Use case diagram is a diagram that shows the interaction between user and system to capture the user’s goals. [pic] CLASS DIAGRAM: Class diagram is a collection of static elements such as classes and their relationships connected as a graph to each other. [pic] Sequence Diagram: Sequence diagram shows an interaction arranged in a time sequence . it is an alternate way to understand the overall flow of the control of the system program. [pic] Collabration Diagram: [pic] State Diagram: State diagram are a familiar technique to describe the behaviour of a system. They describe all of the possible states that a particular object can get into and hoe the objects state changes as a result of events that reach the object. [pic] Activity Diagram: It describes the sequence of activity it support for the conditional and parallel behaviour . It is a variant of a state diagram in which most of the states are activity states. [pic] Mess Modules: In this module, the mess item expenditure for each student in the hostel is calculated for each month and the mess bill for each student in calculated and displayed. USE CASE DIAGRAM: Use case diagram is a diagram that shows the interaction between user and system to capture the user’s goals. [pic] CLASS DIAGRAM: Class diagram is a collection of static elements such as classes and their relationships connected as a graph to each other. [pic] Sequence Diagram: Sequence diagram shows an interaction arranged in a time sequence . it is an alternate way to understand the overall flow of the control of the system program. [pic] Collabration Diagram: [pic] State Diagram: State diagram are a familiar technique to describe the behaviour of a system. They describe all of the possible states that a particular object can get into and hoe the objects state changes as a result of events that reach the object. [pic] Activity Diagram: It describes the sequence of activity it support for the conditional and parallel behaviour . It is a variant of a state diagram in which most of the states are activity states. [pic] SYSTEM ENVIRONMENT Hardware specification: Processor: Pentium IV Process speed: 1.6 GHz Memory: 512MB Hard drive: 80 Keyboard:107keys Mouse :Microsoft Software specification: Operating system:Microsoft windows 2000,windows XP Development:Microsoft visual studio Front End:Visual basic6.0 Back End:oracle PROBLEM DESCROPTION The project HOSTEL MANAGEMENT SYSTEM has been developed to reduce manual effort and making things faster and efficient. REQUIREMENT ANALYSIS 6.1.USE CASE DIAGRAM: Use case diagram is a diagram that shows the interaction between user and system to capture the user’s goals. CLASS DIAGRAM: Class diagram is a collection of static elements such as classes and their relationships connected as a graph to each other. DESIGN 7.1. Sequence Diagram: Sequence diagram shows an interaction arranged in a time sequence . it is an alternate way to understand the overall flow of the control of the system program. 7.2. State Diagram: State diagram are a familiar technique to describe the behaviour of a system. They describe all of the possible states that a particular object can get into and hoe the objects state changes as a result of events that reach the object. 7.3. ACTIVITY DIAGRAMS:

Campaigns and Givenchy Shops in London Coursework

Campaigns and Givenchy Shops in London - Coursework Example The Bettina blouse was the standout design; it was white in color and was named after Bettina Graziani. The shirt can be found in one of the Gruaus paintings. His first design awarded him an instant success with praises from the New York Times magazine and L Album du Figaro. The Givenchy brand attracted the famous models of the day, for example; Dorian Leigh, Suzy Parker and Ivy Nicholson. Hubert de Givenchy created exciting innovations like "shirting" to design his casual and chic collections. In the year 1954, Givenchy introduced the shirt dress and a clothing line known as Givenchy university. But, before signing for this collection, he brought back all the shares of the fashion house from Loius Fontaine. In the 1950s, Hubert de Givenchy collaborated with Cristobal Balenciaga to take their collections to New York. In the year 1957, they introduced the sack dress and in 1958, they launched the baby doll and coats line. The house of Givenchy changed location and moved closer to Balenciaga in Avenue George V area. They jointly worked together to avoid any price dictates on their products. The seventies were the period when the house of Givenchy started to expand as a fashion house. They introduced Gentleman Givenchy, the fashion line for the male population. The boutique was opened in November the year 1969 at Avenue George V; the designs were appealing as they were up to date. Later that year, Givenchy came up with the short dress.Cristobal Balenciaga advised Givenchy to develop his licenses; this move was meant to protect his haute couture collections. 1971 saw Givenchy design embroidered coats in the honor of Joan Miro and Georges Braque. They also diversified their activities to desi gn; jewelry, shoes, ties, kimonos, tableware and upholstery (Wearona.com, 2015). In 1976, they opened offices and showrooms in New York Citys Fifth Avenue. The eighties and nineties saw the brand spackle with Hubert de  Givenchy winning several accolades.  

Strategic Perspectives, TESLA Company Case Study

Strategic Perspectives, TESLA Company - Case Study Example In particular, this paper looks at PESTEL analysis and Porter’s 5 Forces Model as they relate to Tesla Motors. The report also assesses the value chain and resource base view of Tesla Motors with the intension of determining the key competencies and capabilities of the company. Finally, the paper explores the business level strategy and PR crises of Tesla Motors within the short span that it has been in existence. Tesla Motors have been in operation since Nikola Tesla, alongside JB Straubel and Elon Musk, founded it. Since its inception, the automobile company has been growing in terms of revenue and scale of operation largely because of its innovative strategies and growth of the industry. For example, Elon Musk, who is the current CEO of Tesla Motors, announced the first profitable Quarter for the company in March 2013. With Tesla Roadster as the company’s first production, cars, Tesla Motors has advanced over the years to design and manufacture Model S and cars with electric powertrains. Owing to the dynamic nature of the automobile industry and the Public Relations Crises that many companies within the automobile industry, Tesla included, undergo, it is important to carry out a thorough analysis in order to establish the financial and strategic position of Tesla Motors. Some of the major analyses that are crucial in Tesla motors case include strategic analysis, PR crises analysis, and the analysis of both internal & external environment of the company (Carlson 2013,  p. 206).

Educational psychology - Investigate theories of teaching and learning Assignment

Educational psychology - Investigate theories of teaching and learning and how those impact on the classroom environment - Assignment Example If the teacher could implement his/her lessons using the appropriate theory as underpinning, successful teaching and learning process will take place. Let us investigate the two major theories in education and the implications of these theories in the classroom environment – and the teaching and learning process as a whole. The two main theories in the teaching and learning process are: Behaviorism, also known as a subject-centered theory and Constructivism which is known to be a student-centered theory. Behaviorism Behaviorism is primarily concerned with observable and measurable aspects of human behavior. In defining behavior, behaviorist learning theories emphasize changes in behavior that result from stimulus-response associations made by the learner. Behavior is directed by stimuli. An individual selects one response instead of another because of prior conditioning and psychological drives existing at the moment of the action (Parkay & Hass, 2000). There are two main theo ries under behaviourism: Classical Conditioning and Operant Conditioning. Classical conditioning hearkens back to the experiment done by Ivan Pavlov. There are three things involved in this experiment, the dog, the bell, and the food. At first Pavlov rang the bell then gave some food to the dog. He repeated the procedure for a couple of times. Then he observed that each time that he rang the bell, the dog will salivate then he will give the food. After he did these things again and again, whenever he rang the bell, the dog will salivate even without the presence of the food. Pavlov uses the bell to serve as a stimulus to get the response from the dog which is ‘salivating’. Thus, relating this theory to the classroom situation, if teachers would positively reciprocate the good behavior, students will automatically think that if ever they want to be rewarded, or they want to get something, they must first practice a good behavior. B.F. Skinner developed a more comprehensi ve view of conditioning – the Operant conditioning. on the other hand involves the use of reinforcement to encourage behaviors. This theory was based on the belief that satisfying responses are conditioned while unsatisfying ones are not. . Operant conditioning is the rewarding of part of a desired behavior or a random act that approaches it. Skinner remarked that "the things we call pleasant have an energizing or strengthening effect on our behavior" (Skinner, 1972, p. 74). There is what we call the positive reinforcement and negative reinforcement. Positive reinforcement comes in the form of prize, praises, a simple tap at the back, and rewards. Negative reinforcement increases the likelihood of a behavior. Negative implies removing a consequence that a student finds unpleasant. Skinner believed the habits that each of us develops result from our unique operant learning experiences (Shaffer, 2000). With these practices in mind, the behaviorist point of view assumes that hum an behavior can be learned and unlearned. A key element to this theory of learning is the rewarded response. The desired response must be rewarded in order for learning to take place (Parkay & Hass, 2000). Relating this theory in the classroom setting and academic conventions, a teacher who adopts behaviorism uses the system of reward and punishment inside the classroom. S/he rewards desirable behaviors that s/he wishes to strengthen and punishes undesirable

Sports media advertising Term Paper Example | Topics and Well Written Essays - 2750 words

Sports media advertising - Term Paper Example This "Sports media advertising" essay outlines the impact of the sport advertisement on our society and our behaviour. Sports have been termed as one major currency and I believe it is because of the major investments that these events are accompanied with. Between 1998 and 2008 for example, various broadcasting houses were able to spend massively to ensure that they got broadcasting rights to Olympic events. This represents the economic value that sporting events and their images possess. Many market players have been for years interested in utilizing sporting events for purposes of promoting their business as evidenced by the massive payments they make to advertising agencies in such events. I can argue that this is because of the appeal that sports advertisement has on people who watch the event whether live or via television. Sports are seen by many in my opinion, to be a true reflection of the modern civilized world. Sporting events have the ability to articulate both local and international cultures while at the same time including various aesthetics. Sports form a unique tool for media advertisers because of their ability to draw large audiences through entertainment. They capture people from different cultures and therefore an ideal tool that can be utilized for purposes of advertising. The manner in which sports are structured also serves as a good ground for advertising. Consumers are attracted to sporting events because of uncertainties in their outcome, rules that govern them and commercial breaks in each event. Sports are a depiction of human drama and this is the justification of their popularity amongst people. They appeal to many because originally, some sporting events were reported in the news and that is where they originated. The increase in media complexity has therefore impacted on the way most businesses seek to advertise during sporting events. Sports fans form a larger part of audience that I believe is an idiosyncratic kind of consumers that is targeted by many consumers (Max, 2005). The way fans are loyal to their teams taking part in the sporting event is therefore a clear reflection of how a consumer can be tied to a commodity. In addition, major sporting events throughout the year form part of a fans emotional calendar and this is mostly utilized by business personalities in ensuring that they reach their consumers. Fans have a tendency of making a follow up of their team’s performance whether winning or losing. Apart from their loyalty, most fans in a sporting even t are normally a huge audience that is diverse. They are therefore a recipient of all types of advertisers because of the diversity that they carry with them into the event. The other advantage that sports advertising carries with it is the ability to easily categorize the fans into various sections depending on what they can be able to consume. In line with this, fans in any given sporting event that is targeted by business people can be categorized into their level of education and the income that they earn. People who are educated can participate in a sporting event and thereafter come out with the spillover effect of advertisement, which has an added advantage to business people in the long run. This has been popularly termed as direct sports consumption whereby fans have a tendency to consume something because it was advertised during the time when the sporting event was on. Sports media advertisement is also seen as advantageous because the rate or frequency at which each even t is repeated helps in creating

Managing High Performance Essay Example | Topics and Well Written Essays - 250 words - 1

Managing High Performance - Essay Example The aim of the research was to know about the situation of reorganizational structure (Graham, 2001). Some of the immediate concerns researched on were the morality of the employees (Scott, 2005). From my research, I realized that only half of the current employees were satisfied with their current job and responsibility and the other half of employees were eager to move into higher management position or into any management position. The main cause of employees not being satisfied with their current job responsibility was because of being overworked (Liff, 2006) From some of the information collected the budget changes contributed to the blockage of some people from being promoted. The tight budget does not allow everyone in the firm to be promoted instead only a few who deserve it can get the promotions. Another finding was that it was not easy to identify the high performers since everyone in the firm was doing his or her best. However, some findings supported the idea of addition of layers of the management team because the alternatives, which would enable the company to adopt a new organizational structure that has no negative impact in the working environment. It is necessary for the evaluation of leadership dynamics when it comes to prior knowledge and skills (Liff,

A policy dictating mandatory marriage classes before couples get Annotated Bibliography

A policy dictating mandatory marriage classes before couples get married should be introduced - Annotated Bibliography Example It underscores the fact that divorce is on the rise due to unpreparedness. This source is useful to the research topic because it shows that marriage may not work well without the necessary lessons on this institution. It also helps to show the challenges in life that make people opt for divorce. It is argued that people change every ten years in several aspects and this poses a challenge to their partners. This article therefore adds a lot significance to the research topic as it shows that indeed it important for people to be taken through marriage classes before getting married. This source reviews what it means to get into marriage. It outlines the challenges that marriage presents and what it means financially if a couple goes for a divorce. It also outlines the legal repercussions of perpetrators of domestic violence. It helps a reader to have a preview of what marriage is. Getting to know some of these facts may lead to a change in decision on who to marry or getting married to. It also adds much significance to the research topic because it exactly supports the topic. It advocates for marriage class sessions before getting married and attaches a financial incentive to those who attend these classes. The fact that this article gives the views of the Florida Supreme Court on the significance of marriage classes before marriage shows how important this topic is. This article contains details and a procedure to be following for those wishing to get married in the state of Florida. Among the requirements at the state of Florida before one gets married is that he or she has to read the Family Law Handbook. Applicants are also required to attend marriage classes and are given financial incentives for that. This article shows the significance with which marriage counseling is viewed in the state of Florida. In my paper, I

An essay on the novel Frankenstein Essay Example for Free

An essay on the novel Frankenstein Essay The novel Frankenstein is as relevant and terrifying today as it was when it was first published At the time that Mary Shelly wrote the book Frankenstein the idea of creating and bringing people back to life using electricity was a prominent idea in science. She was also reading Emile by a famous French philosopher Rousseau where he argues that mans nature is harmless but is made evil by society. These ideas help to influence her novel and contribute to the key themes. When Mary Shelly was young her mother died and this ties in with the character of Victor whose mother also dies from giving birth to his brother William, who is later murdered by the creature, (Mary Shelly also had a son called William who died at the age of 3). Mary Shellys first child died twelve days after she was born, she had a dream that her child had come back to life she wrote Dream that my little baby came to life again that it had only been cold and that we rubbed it by the fire and it lived I awake and find no baby I think about the little thing all day this tragedy is reflected in Frankenstein with the idea of bringing the dead back to life. Mary Shellys own childhood seems to have been brought up in the character of the creature, the creature was abandoned by Victor and Mary Shelly seems to feel that her mother abandoned her because she died when Shelly was only a baby. The book Frankenstein has three different narrators though out the novel; Robert Walton, the captain of a ship heading for the North Pole. Victor Frankenstein the creator of the creature and finally the creature itself, although Victor and the creatures stories are embedded in Waltons narrative. Mary Shelly uses Waltons letters to his sister to tell the story from his point of view and that of Victor and the creature. The book starts with Walton writing letters to his sister. Walton then encounters Victor Frankenstein when his ship can go no further north because it is stuck in the ice; Victor Frankenstein has been traveling across the ice following the creature and is ill because of the cold. Robert Walton takes him aboard his ship where Victor Frankenstein tells him the story of creating the creature. Victor tells him about his childhood in Geneva which he spent with his cousin Elizabeth. Victor went to the University of Ingolstadt. While he was there he became obsessed with the idea of bringing people back to life. Victor thinks he has found the secret of life and puts together a human being from bits of other dead people. It was a dreary night in November when he finally brings the creature to life. He looks at the repulsive thing that he has created and it horrifies him. He tries to sleep but is disturbed by dreams of his mother and Elizabeth I held the corpse of my dead mother in my arms, he wakes up to see the creature standing over him. Mary Shelly is increasing the tension and making the reader more involved. He escaped into the streets of Igolstadt and runs into his friend Clerval, who had come to study at the university. Victor takes his friend back to his apartment, but he finds that the creature is no longer there. He then becomes ill from a fever; the sickness is a sign that he has realized the horror of what he has done. Before he returns to Geneva he receives a letter from his father telling him his brother William has been murdered. Victor hurries home and when he was passing through the woods where William was murdered, he catches sight of the creature and is convinced the creature killed him, Mary Shelly is increasing the horror with each event as the story unfolds. Victor took a holiday in the mountains to try and ease his grief for his brother. While he is alone one day, crossing a glacier, the creature approaches him. The creature then tells Victor what has happened to him he describes running away from Igolstadt after he was assaulted by the towns people, and how he hid away in forests where he discovered fire. He discovers a small shed where he spends some time as he is sheltered from the rain; there is a small peep hole where he can look in to a family house this is where he learns to speak as there is a foreigner in the house who the family is teaching to speak their language. The creature asks Victor to create another creature for him to be his companion. Victor agrees but later after he has started he destroys the second creature so the creature tells him he will be there on Victors wedding night. On his return to Geneva Victor marries Elizabeth. He fears what the creature said to him and that he will kill him. To be careful he sends Elizabeth away to wait for him. While he waits for the creature, he hears Elizabeth scream and Victor realizes that the creature had been hinting at killing his new wife. Victor returns home and his father dies of sorrow shortly after. Victor says that he will devote the rest of his life to finding the creature and getting his revenge. Victor tracks the creature northwards and it becomes icy. Victor almost catches up with the creature, but the ice breaks and Victor cannot reach the creature. Victor dies shortly after he finishes telling his story. Walton then tells the remainder of the story in letters written to his sister. When Walton returns, several days later, to the room in which the body lies he is shocked to see the creature weeping over Victor. The creature tells Walton about his suffering. He then says that now his creator has died he can end his own torment. The creature then walks off for the northernmost ice to die. In chapter 5 Shelly describes how the monster comes to life and how Frankenstein has a nervous breakdown. He had spent two years working on the creature and it turned out to be an abomination in his eyes. Shelly tries to terrify the reader by using some very strong emotive words with an anxiety that almost lead to agony, she makes the creature look as grotesque as possible His yellow skin barely covered the work of muscles and arteries beneath she also writes his watery eyes, that seemed almost the same as the dun white sockets. Victor never refers to the creature as a human; he refers to it as a wretch, monster, creature and demonical corpse, this helps to show how Victor rejects the creature as soon as he has brought it to life just because of the way it looks, this is how the creature is treated by society through out the rest of the novel, he is seen as a monster and is rejected by society. These make the creature seem repulsive and grotesque, the thoughts of this creature would have terrified readers when it was first published but I do not think that it has the same effect on readers today. Far worse things are viewed in many places for example on the internet, television or in newspapers although something which had an appearance like the creature would probably still be rejected by society today and would still be considered horrifying.

Forensic Analysis Of A Playstation 3 Console Information Technology Essay

Forensic Analysis Of A Playstation 3 Console Information Technology Essay researching all the information that is available to me about the playstation 3 gaming system, from what the console connects to, the file structure of the hard disk, what features the system has e.g. internet, chat, email, online gaming. The deliverable that will be present at the end of this would be detailed research about the gaming system with everything that is needed to know to progress with the project. 2.2 Analysis the objective that I have for my analysis is to perform all the tasks that I have talked about (playing online games etc) then after each of these stages will then make an image of the hard disk of the system and look at the image in FTK to see if any changes have been made to the disk after the task has been completed. To illustrate an example of this would be to start a chat message with someone, then turn off the system remove the hard disk, image the hard disk, then load the image into FTK and look to see if any traces of the chat are present on the hard disk (date/time stamps). When writing up the findings of the investigation a document will be presented with all the processes went through, what tools used. The deliverable that I expect to have at the end of this objective would be disk images of the various tasks with a detailed report of my findings and a document showing all processes and tools used, and also a set of guidelines of how I found the evidence on t he system. If no evidence can be found on the HDD of the console then other areas of analysis will have to be explored from using different tools such as scalpel and photorec and also using different types of hardware like Bus Doctor. 2.3 Evaluation the objective for the evaluation is to forensically wipe the hard disk to the Playstation 3 system that was used, then giving this along with my guidelines and tasks completed to another person. The other person will go ahead and complete the series of tasks that were previously performed on the system, follow the guidelines and see if the they can find the same evidence as previously found, if the person can find the evidence that is in my guidelines then this proves that the guidelines created are correct. The deliverable at the end of this objective would be the test data of the other person which will then be written up, to show whether my guidelines are correct/incorrect. 3. Why gaming systems are an issue. In the recent years games systems have evolved immensely allowing the gamer to experience more realistic graphics and sound quality. This is because the systems have been updated to such a high standard some of what like a standalone computer, giving the user a lot more gigabyte/terabyte storage space, because of this the user has more room to store data on the disk whether it be images, videos or music. In relation to this the old Ps3 systems that were first released had the option to add another OS (operating system) on the hard drive so you could have Linux running on the system this means that the system can be used as a normal machine, Sony have no disabled this feature on the most current firmware of the console. A news report that was found on the ABC news website (http://abcnews.go.com/technology/story?id=7009977page=1) describes of how a user used his Playstation 3 system to get a young girl aged 11 to send dirty pictures of herself from her Playstation to his. It also says how the criminal threw his computer out as he didnt need it anymore. Using this example that has been found shows how criminals are adapting to the new technology and using it to their advantage to commit crimes. The growth of these gaming consoles means that they are more like a standalone computer coming standard with massive hard drives and encryption on the disks meaning that as forensics examiners it makes it harder to retrieve data from some of these devices and takes longer for the imaging process to complete. In regard to a forensic examiner the game systems are a big problem because the development of the consoles have evolved over the years and now contain multiple CPUs and graphics cards, and with the onboard storage that the same of a desktop computer users are able to save their pictures, music and video to these devices. Also using the features of the console from downloading and install the most current firmware and streaming media from a different network location. With the Playstation 3 you create a user/s for use with machine, so when the system is turned on it asks which user you would like to sign in as. With relation to the Xbox 360 console where hacking communities have found loopholes which allow the Xbox console to run unsigned code which means that the Linux OS can be booted up onto the machine allowing this console to be used just like a desktop PC. If Linux can be booted up onto the machine then this means it could be used for illegal usage example (file storage), although the first release of the Playstation 3 allowed this feature Sony have now stopped the boot of Linux and other Operating systems on its machines, but if a hack or loophole was found in their security then this would mean that this system could be used for malicious ways just like and Xbox or standalone PC. A post from January 26th, 2010 explains how hacker George Hotz has hacked the PS3 he revealed on his blog that he has achieved read/write access to the entire system memory and HV level access to the processor. If this is true then this means that the playstation can be used to run unsigned code and other o perating systems can be loaded onto the device, meaning that full desktop usage can be applied storing all kinds of information on the system. Also the Jailbreak that was leaked online was able to fool the system into thinking that a game was being played from a Blu-ray disc, but it was actually playing from the HDD, this could only be the start, people are making small but beneficial steps into fully hacking the Playstation 3 console. 4. Research 4.1 About the Playstation 3 The project that will be created will be about the analysis of the hard disk drive of a Playstation 3 console which is the most up to date console alongside the Xbox 360 and the Nintendo Wii. The Sony Playstation which is the next step in the gaming world provides the gamer with a new console to experience the most up to date graphics and high definition games and movies with the help of the consoles Blu ray drive. Since the console release in November 2006 the unit has sold over 38.1 million worldwide according to (http://www.eurogamer.net/articles/ps3-has-sold-38-1m-units-worldwide). Since the release of the console there have been many different models of the system from USB ports, Flash card readers and hard drive support, this means that the system and its components are always changing. All the games and movies that the console play are in the format of Blu ray this mean that the content that you are playing or watching are in the high definition format giving a more crystal clear picture and sound. 4.2 Online gaming. DSCI0056.JPG FIGURE 1 Picture of Playstation Store menu. The Playstaion 3 system offers the use of the internet whether it is a wired or wireless connection, because of this it is giving the user full access to the World Wide Web meaning they can access all the information that they would access on a standalone computer from social networking sites, videos, pictures etc. While playing games on the console you have the option on many games to play online this gives the user the capability to play the game of choice with other users of the game all over the world. To be able to do this you need to have a multiplayer capable of online game play, you must also have a Playstation network account which will give you access to other users and also need the Playstation to be connected to the wired/wireless internet. You can also create a Playstation network account where users are able to play online games with any person/s all over the world, they can add buddies and stay in close contact with the people they meet online either by email or chat. Because of the email and chat facilities available on the console it is just like a social networking site where people are able to exchange information with each other and possible pictures and other bits of material that can be deemed as illegal or offensive. The console also comes with full internet access via the browser the user can access any website that he/she wishes from the console and even downloading images, videos to the consoles hard disk drive. 4.3 The Hard disk. The hard disk in the Playstation 3 can come in various sizes from 40gb all the way up to a massive 320gb (factory), but there is an option to easily remove and replace the hard disk of the system, this can be done by purchasing a 2.5 5400rpm SATA hard drive which is the same hard disk used in laptop computers. To replace the hard drive of the system photocopies of the instruction manual are below. img013.jpg img014.jpg img015.jpg After these steps have been completed you then have a new HDD in your system whether it is a higher or lower capacity. Because the hard disk of the console is the same as the ones that they store in laptop computers the capacity of these disks can be great allowing a great deal of information such as images, videos or music to be stored on the disk to view with the console. A website was found (http://dcemu.co.uk/psgroove-payload-released-that-decrypts-firmware-files-by-graf_chokolo-346424.html) Where Graf_Chokolo has released a version of PSGroove payload, this allows the developers to see full details of the PS3 system firmware complete with decrypted contents. Graf_Chokolo goes onto to explain how to put the source code onto the system, he goes onto explain that my payload has two stages. The 1st stage is actually a PSGroove payload, which initializes the gelic device and allocates memory needed for the 2nd stage. Compile the 1st stage binary, convert it to C hex array and replace the PSGroove payload. (Appendix 16) Graf_Chokolo goes on to explain the second stage, this stage decrypts the CORE_OS_PACKAGE.pkg from a PUP file, it then runs some isolated SPU module or dumps FLASH, the binary of the file is then sent over the Ethernet with sendfile. The 1st stage receives the data and then stores it in a memory region of size 64kb, after the upload is complete, the 1st stage code jumps to the 2nd stage code and executes it. (Appendix 16) Another piece of information from this website is to be able to decrypt packages from a PUP file, first you need to extract a revoke list for the packages from PUP file 3.41 e.g. (RL_FOR_PACKAGE.pkg), then extract it convert it to C hex array and paste it into rvk_pkg_341.c. (Appendix 16) 4.4 Playstation 3 system updates With the use of the internet in the Playstation there is an option to keep the software of the system up to date this will provide you with the latest security updates, parental controls and the display options. By updating to the latest update you will enhance what the console is capable of. If you would like to find out the current software that your system is currently running you go to the settings category and then from there select system settings then system information within this the current system software will be displayed. You can update the current software of the system in a number of ways this is shown by the following methods. System update if the ps3 is connected to the internet got to settings then system update then click update via the internet the console will then check to see if there is an update available for the console if there is an update available it will download and install the update for you. There is also another option to update via the pc this is done by visiting the website eu.playstation.com you then follow the on screen instructions to download to the pc. After the download has finished you will then need to save the update to a ps3 compatible device either a memory stick/duo, USB drive or even a PSP console. Before putting the update into the system you will have to create a folder called PS3 then a folder called UPDATE once it has then been connected to the system you then navigate to system update then update via storage media. By allowing or accepting the system update new security can be put in place on the system, because Sony regularly release new firmware updates for the console the security of the device is constantly being updated. 4.5 Specifications Below are the specifications of the Playstation console. CPU Cell Broadband Engine GPU RSX Audio Output LPCM 7.1ch, Dolby Digital, Dolby Digital Plus, Dolby True HD, DTS, DTS-HD, AAC Memory 256MB XDR Main RAM, 256MB GDDR3 VRAM Hard disk 2.5 serial ATA 320GB Inputs/Outputs Hi-speed USB, USB 2.0 Networking Ethernet (10BASE-T, 100BASE-TX, 100BASE-T) x 1 IEEE 802.11 b/g Bluetooth 2.0 (EDR) Controller Wireless controller Bluetooth Resolution 1080p, 1080i, 720p, 576p, 576i HDMI OUT connector 1 AV MILTI OUT connector 1 DIGITAL OUT connector 1 BD/DVD/CD drive Read rate BD x 2 (BD-ROM) DVD x 8 (DVD-ROM) CD x 24 (CD-ROM) Power AC 200 -240 v, 50 / 60 HHHHz Power consumption Approx 230w External Dimensions Approx 290 x 65 x 290mm Mass Approx 3.0kg Operating temperature 5 35 degrees The Playstation 3 Console also includes RSA BSAFE Cryptographic software from RSA security Inc. RSA BSAFE software provides the security functionality necessary to allow developers to meet the stringent FIPS 140 and Suite Requirements for offering products to the U.S. government agencies. (Appendix 18) Many leading companies including Adobe, Oracle, Hypercom, Skyworks, Sony and Nintendo rely on RSA BSAFE software to provide the foundational security functionality by their respective software and device applications. (Appendix 18) RSA security protects the integrity and confidentiality of information throughout his lifecycle, RSA offers industry leading solutions in identity assurance and access control, encryption key management, compliance and security information management and fraud protection. (Appendix 18) http://www.rsa.com/node.aspx?id=1204 4.6 File Sharing The Playstation 3 console also allows the ability for you to share files via the console and your desktop computer, to be able to do this you need to make sure that both your computer and console are connected to the same network. If you would like to stream all the media from your windows media player like music, videos and pictures. You can do this by going into tools and options of windows media player and selecting library, then configure sharing you then check the box that says share my media to and your Playstation 3 will be in the list. In the settings tab of this you can then select which media that you wish to share music, pictures, video you then click ok. If you then turn on the console you will then see thumbnails of the compatible media that can be played on the system. http://www.wirelesshdadapter.com/wp-content/uploads/Media%20Server%20Ps3%20Software_2.jpg (Appendix 17) 4.7 previous work While completing research to find out if any other analysis of the Playstation console was carried out a paper was found published by the University of Central Florida where they conducted a Forensic Analysis of a Sony Playstation 3 Console, where they conducted a number of tests on the machine to see if any of the data could be extracted from the console. The tests that they completed where the following; An encryption test this test was to determine if it was possible to locate a picture once it had been copied to the console. The steps they took in completing this were to copy a image to a removable media, then plug this into the console and copy the image to the hard drive of the system, shut the console down and the image the hard drive. The next stage was to analyse the hard drive in FTK using its use of a data carving feature to see if the picture could be carved out of the image, although stated that FTK was unsuccessful in identifying files and folders on the partition (Appendix 6), even though only one tool was used while completing this task if other tools were used then maybe a different outcome would be found the tools that could be used alongside FTK to find the image could be scalpel or Photorec which are both data carving tools. The paper also talks about a write blocker test, where the hard drive was placed behind a write blocker before connecting the hard disk to the console, the consoles hard disk was then removed then placed behind a write blocker, then plugged into the console, the console was then turned on and they found that the console would power up but not boot up, by replacing the write blocker with a bridge the console was to power and boot up as normal. (Appendix 6) The test result then explains that the console must be able to write to the hard drive before it will boot up, though it also shows that the hard drive does not have to be directly connected to the console (Appendix 6) regarding the result of this test a write blocker cannot be placed between the hard drive and the console or the console will not boot up. Although many other tests were performed on the console all the test results were inconclusive or negative form this paper, they concluded in the end that Sony has successfully locked-down the PS3 By using other tools that are an alternative to FTK, these tools might be able to identify something that FTK is unable to do thus providing more information to data on the HDD of the console. Another paper called Xbox 360: A digital forensic investigation of the hard disk drive (Appendix 4) was written with details and findings of the hard disk drive of the Xbox 360, where a USB drive was plugged into the machine and using Bus Doctor to analyse what was being written between the Xbox console are the hard disk drive. And states that it is seamless and not as intrusive as mod chipping or installing other operating systems (Appendix 4). This method could be applied to the Playstation 3 console to see what is being written between the console and the hard disk drive of the Sony console. 4.8 Playstation 3 security architecture A pdf file was found that detailed the security architecture of the Playstation console, http://www.ps3news.com/PS3-Dev/playstation-3-security-architecture-pdf-released/ , the paper details that the system controller for the console if CXD2973GB and this is the hardware that is responsible for powering up the CBEA processor and it is directly connected via BIO/IF hardware bus. The console also contains a secure boot the secure boot of the CBEA includes random selected SPE in order to avoid sniffing per boot, a fake encryption/decryption state in all other SPE during secure boot to add fake sequence, a root key which is used to then decrypt the key vault and or the boot code (Appendix 15). The key vault of the Playstation 3 is an encrypted file containing all the keys to trust devices and processes, hard disk AES keys (Appendix 15). 5. Summary The research that has taken place shows all the relevant information about the Playstation 3 console, explaining what the machine allows you to do and how to update the firmware of the system. Although the system seems to be very secure, the images taken will be analysed to see if any relevant data can be taken from the disk these will be the objectives previously proposed, failing finding anything on the images of the HDD the console will be connected up to Bus Doctor a protocol analyser to see what is happening when the system is booted up and what data can be captured. Although a paper has been written on the analysis of the Playstation 3 console (appendix 6) new hardware and software have come to market since the paper was written in 2009, the PS3 Jailbreak has made its way by being able to run unsigned code on the console and giving the user power to copy games to the hard drive of the console. 6. Future Work/Where next After and image of the Playstation HDD was taken, it was then loaded into FTK forensic toolkit where the contents of the disk was looked at. After loading it into the software immediately it could be noticed that the hard disk was encrypted, searches were completed to see if any string of text and data carved items could be found on the disk the result was negative. More images of the hard disk will be taken when performing tasks then loaded into the FTK toolkit program if no strings of text can be found another approach will have to take place, the use of other programs that are available Scalpel and Photorec can be used to identify any interesting information on the HDD of the console. Another approach would be to try and capture what is going on with the system when it is booted up because the encryption must be deactivated when the system is booted up to allow the system access to the hard disk. The other data carving tools that could be used in combination with FTK will be scalpel and photorec. Scalpel which reads the database of the header and the footer definitions and extracts matching files from a set of image files or raw device. Scalpel will carve files from FATx, NTFS, ext2/3 or raw partitions. (Appendix 12) Photorec which is a data recovery tool to recover lost files on hard disks and other media, Photorec ignores the file system of the media and goes after the underlying data, so the software will still work if the medias file system has been severely damaged or reformatted.(Appendix 13). Bus Doctor which allows to capture what is being called/written to the hard disk when the console has been turned on this can provide good information to find out what is happening when the console is turned on. during the research a website was found that describes how the psjailbreak now supports 3.42 and 3.50, which allows the user to run unapproved content on the system (pirated games), and also allows for the running of the Linux OS on the system. They sister site of this company (www.psdowngrade.com) allows the downgrading of the firmware of the system, if the psjailbreak is applied to the console maybe the decryption key can be found and then lead to the decryption of the HDD of the system. This could be done by plugging in the psjailbreak and finding out what calls it makes to the system and possibly the decryption can be found from this method. Another method would be to connect the Playstation system up to a protocol analyser (busdoctor) this will capture what data is written when the system is booted up.

Motivation rewards

Motivation rewards You have to get rewarded in the soul and the wallet. The money isnt enough, but a plaque isnt enough either (Hymowitz, Murray, 1999, 4). Motivation-the willingness to exert oneself, consequent of the afore-implied intrinsic and extrinsic incentives, is fundamental to the prosperity of individuals, groups, organizations and society; for absent of this, there exists a lack of satisfaction, productivity and willpower that ultimately leads to inefficiency, dissatisfaction and management constraints. It is the aim of this paper to contest traditional views, by asserting that pay is of equal importance as job-design in achieving motivation-which will in turn provide an appreciation that both job-design and pay act as complementary factors in inducing varying levels of motivation, greatly dependent upon circumstance. This will be accomplished through the exploration of the individual implications of job-design and pay, through the application of practical examples, empirical research and mo tivational theories. Job-design is a comprehensive term, and for clarification purposes, it will within this paper include: working environment, relationships, feedback, achievement, responsibility and lastly, growth and developmental opportunities. Hereafter, aspects of job-design which motivate simply through the activity itself, such as feedback, achievement, responsibility, growth and development will be referred to as intrinsic factors; conversely, aspects of job-design which motivate through the anticipation of external rewards, such as changes in the working environment, status through relationships and mainly pay, shall be referred to as extrinsic factors (Deci, 1972). Similarly, pay in this paper refers to salary, pay-per-performance schemes, and any other form of monetary compensation. Furthering this, Herzbergs hygiene-motivator theory examines the intricate relationship between the extrinsic and intrinsic components of job-design. The theory associates extrinsic aspects of job-design with the hygiene factors, of which the absence or inadequate development will result in dissatisfaction, thereby prohibiting motivation from occurring; however, when adequately present, motivation is still not attainable solely based on those factors (Herzberg, 1987). Conversely, the factors which are claimed to motivate are those of intrinsic nature, being capable of stimulating psychological growth. Upon application to conventional employment, it is commonly accepted that few individuals are able to dedicatedly pursue a goal, if exposed to inappropriate atmospheres, harassing superiors or neglectful colleagues. Thereby, it is understood that prerequisites of extrinsic factors must suffice, and only thereafter could an individual be satisfied and hence motivated by undertaking work which stimulates psychologically. Thus, it is imperative to understand that the visible extent of intrinsic factors available in the design of a specific job, will ultimately dictate the extent to which an individual can be motivated. Alternatively, job characteristics theory suggests that motivation of employees is best achieved through the application of meaningful work-characterised by skill variety, task identity and task significance, for which the employee is personally responsible, and receives clear feedback regarding performance (Hackman, Lee, 1979). Thereby, the perceived purposefulness of a job, which is then reinforced through feedback, indicates that the design of a job in terms of potential achievement and its recognition, responsibility and consequently growth and development through significant contribution-all intrinsic factors, will determine the attitude of an employee, and hence will reflect upon the perceived self-image of the individual in relation to their organization. The lack of feedback could typically induce feelings of insignificance, through impressions of the work not being important towards an organization. Hence, if an individuals perceived role is rather minor, there will be a lac k of incentive to perform well. Since people work more for meaning and enjoyment than anything else in their lives, not providing an individual with the opportunity to learn and develop through application of meaningful tasks and feedback, will result in reduced commitment and motivation (Pfeffer, 1998). Illustrating the significance of acknowledging social needs incorporated into job-design: a case study examining the effects of improving working conditions of workers in The Western Electric Company in Hawthorne, resulted in continuous increases in production during the experiment (Mayo, 1975): clearly illustrating the positive correlation between job-design and motivation. Additionally, the bringing together of individuals placed in an autonomous team, resulted in spontaneous but consistently increasing dedication and collaboration-once again improving productivity, demonstrated that the possibility to develop relationships and achieve esprit de corps is fundamental, and of great significance (Fayol, 1949) in attaining motivation. However, even control groups seem to have improved their productivity-most likely as a result of increased perceived importance; a phenomenon, which furthermore underlines the influential impact of self-image upon motivation, generated by the perception o f work as being meaningful to the organization. Individuals involved in work whose job-design allows for major involvement and dependency through autonomy and responsibility, would typically find themselves being confident. Such an individual will have earned the respect of management, and in turn developed an increasingly prevalent self-esteem. Taking this into account, the hierarchy of needs suggests that such an individual would be motivated by having the option through commitment in achieving his fullest potential: self-actualization (Maslow, 1943). However, pre-requisites for the basic need satisfactions according to Maslow are amongst others, freedom to express ones self and freedom to investigate and seek information. Drawing on this, individuals who are not autonomous-those who are not granted this discretionary right, will never be able to undergo motivational enlightenment; in other words, jobs which do not stimulate the intrinsic aspects of job-design have significantly reduced effects in motivating individuals accordin g to Maslows theory. Consequently, it is imperative to accommodate the needs of an individual to ensure optimal productivity, by providing meaningful, appreciated autonomous work in a steady environment, and thereby avoiding the instigation of absenteeism and the free-rider problem (Knights Willmott, 2007). Therefore, when the unavoidable occurs-sub-optimal provision of intrinsic and other job-design factors, organizations must ensure that extrinsic aspects succeed for the purpose of compensating the motivational loss. For this reason, the primary source of extrinsic motivation: pay, will is now examined. Implications of pay as a motivator have long been explored, for the vital purpose of determining to what extent individuals should be rewarded for their efforts. Traditional studies, which largely focus on the self-reported importance of pay, have frequently dismissed its absolute significance as a motivator (Rynes, Gerhart, Minette, 2004). Of such nature, an extensive study performed at the Minnesota Gas Company, was conducted in order to ascertain which of the factors (advancement, benefits, company, co-workers, hours, pay, security, supervisor, type of work, working conditions) were most important to employees, and as a result would be most motivating (Jurgensen, 1978). Males ranked pay as fifth and females seventh respectively in terms of importance. However, when those exact employees were asked to attribute the same factors in order of preference from the viewpoint of a fellow worker, both males and females remarkably ranked pay as the number one factor! These discrepancies bet ween findings are suggestive of social norms dictating that money as a source of motivation is much less noble than factors involving challenging work, and ultimately contributing to society (Rynes, Gerhart, Minetta, 2004). Additionally, this example is indicative of traditional studies presenting distorted findings, thereby begging the question of how employees behaviours change in accordance with a change in pay. Hence: more conventional studies which instead examine behavioural proclivities, have largely concluded that increases in pay or introductions of individual pay incentives, have led to significant increases in production, far greater than those resulting from job enrichment procedures (Locke, et al, 1980). A meta-study of this nature, evaluated through behavioural responses, examined the effects of inducing varying motivational techniques of firstly increased pay or pay per performance, secondly setting goals and receiving feedback, thirdly employee participation in decision making, and lastly job enrichment, arrived to the conclusion that pay was the greatest motivational factor (Locke, et al, 1980). By having observed the behavioural modifications of involved individuals as opposed to subjective self-reporting information, this case-study illuminates the possibility of pay being far more significant than what Herzberg, Hackman, Maslow and Lawler claim it to be. Despite there being evidence pinpointing the absolute importance of pay as a motivator, it must be considered that its significance does in fact depend on a number of factors (Rynes, Gerhart, Minetta, 2004). Firstly, it is imperative that variability exists in pay; if this is not the case, when considering pay as a motivator, there would be no incentive to increase performance. Secondly, the effects of pay as a motivator when variability is existent, is dependent on its relative contribution to the existing wealth of an individual. Considering the implications of a billionaire receiving a raise will have ridiculously minute effects. Thus, the motivational effects of pay can be related to its relative impact in achieving varying levels on Maslows hierarchy of needs. Although traditionally assumed that pay can only satisfy lower-order needs (Lawler, 1969), it must be stressed that in contemporary actuality, pay greatly impacts an individuals perceived status, likeability, friendships, respectability and perhaps even sexual relationships. Moreover, it can be assumed that pay in the sense of allowing the accomplishment of the aforementioned much sought characteristics of man, will ultimately lead individuals being motivated by their desire for them. Especially since, descriptors attributed to characteristics are always relative to other individuals, it is vital that in the same way, the inputs of an individual-(which could potentially lead to those much desired traits through pay), relative to their outputs, are equivalent in comparison to others (Adams, 1965). If this condition is ill met, i.e. inequitable circumstances exist: an individual would have no incentive to perform well, thereby losing motivation to perform conscientiously as a result of pay. However, if an equitable environment is maintained, pay would result in motivating an individual as long as it possessed variation, and could impact status. Realistically, as pay is somewhat of a gateway to obtaining other goods, there will often be conflict involved regarding which individuals will benefit most. Variances in pay which is theoretically a determinant for motivation, is therefore met with competition to claim certain monetary rewards. The traditional method of measuring motivation, through changes in performance and output will often experience decreases, despite enhanced individual motivation: a phenomenon, explained by the undermining of teamwork and perception that certain relationships determine outcome, rather than individual input (Pfeffer, 1998). Even more so, through the lens of Marxism, pay-incentives will ultimately result in alienation from others and oneself, and could completely obstruct efficient functionality through head to head competition, instead of teamwork (Knights Willmott, 2007). Fundamentally, regardless of intrinsic and extrinsic factors being available to a specific job, motivation will be determined by an account of what rewards are possible, and are desired for completing a certain task. Hence, the reward value and the probability of that reward occurring from ones effort is what dictates motivation (Lawler, 1969). As seen, both job-design and pay can largely result in motivation, however, the effectiveness of either are established by the underlying reasons of undertaking an activity; if it is simply for the joy of participating in the work with the expectancy of improving knowledge, pay will have very limited effects in terms of motivation. However, if an individual only conducts a specific task, with the emphasis on craving monetary compensation, even job-designs offering a variety of intrinsic factors will not suffice. Especially considering that every individual will identify a different incentive for undertaking a certain activity-founded on varyin g cultures, morals and ideals, it is vital to provide a mixture of motivational inducements: namely pay, and job-design. Subsequently, as seen, job-design through controlling the extent and availability of socially responsible environments, significant and acknowledged tasks, establishment of comradeships, responsibility and discretionary rights, ultimately determines the possible levels of motivation. Consequently, if those aspects are suboptimal, an insufficient reward value for the completion of a task would be incurred. Hence, pay-which is highly probable to occur, can to some extent be used to substitute for the absent intrinsic motivational factors in job-design, which would normally satisfy the psychological needs of individuals, by instead, attaining items and relationships which could indirectly improve self-esteem and image. In this light, both job-design and pay act as complements to each other, compensating for the lack of either, and once again inherently allowing for the pursuit of a goal. Hence: it is understood that both pay and job-design share equal importance. Thereby, it is apprecia ted that single system approaches, regardless of whether their focus is on design, payà ¢Ã¢â€š ¬Ã‚ ¦are just plain destructive and suicidal (Lawler, 1980, 542) and that both must be equally considered, in order to maximise potential motivation.

Type One Diabetes Essay -- Papers Disease Health Essays

Type One Diabetes Type 1 diabetes (diabetes mellitus) is a long-term disease of the pancreas gland, which is situated within the abdomen. Every cell in the body needs insulin (a hormone released in response to increased levels of sugar in the blood) in order for glucose (blood sugar) to be absorbed into the body's cells. If the body is deficient in insulin, then glucose will build up in the bloodstream. Type 1 diabetes can appear at any age. Every patient affected needs insulin injections to avoid the complications of insulin deficiency. When the glucose level gets sufficiently high, it starts showing up in the urine. Checking your own blood sugar is very important for being able to control diabetes. What are the symptoms of Type 1 diabetes? Increased thirst. Increased urination. Fatigue. Weight loss (although appetite often increases). Itchiness, especially around the genitals. Recurrent infections on the skin and mucous membranes (yeast infections and boils). If another member of the family has diabetes and you are experiencing any of the above symptoms on a consistent basis, it is important to seek medical attention and be tested for diabetes. There is a 5 to 10 per cent risk of a child developing diabetes if either one of the parents or a sibling has Type 1 diabetes. How is Type 1 diabetes treated? Diabetes is treated by: intake of insulin staying physically active and getting plenty of exercise maintaining a steady weight eating a proper diet containing a controlled amount of carbohydrates. The goal of insulin treatment is to control the amount of insulin in ... ...used? Diabetic acidosis is treated in the hospital on an inpatient basis, often in an Intensive Care Unit. Treatment consists of: intravenous fluids, initially with salt-containing, and later glucose-containing fluids intravenous insulin drip-feed (infusion) potassium supplements added to the infusion antibiotics, if an infection is identified. Exercise Some diabetic patients think exercise will take care of high blood glucose levels and ketone bodies in the urine. In fact, this only makes things worse. Diabetic acidosis is caused by a low insulin level and must be treated with insulin. Long-term prospects If the diabetic acidosis is diagnosed and treated early, the patient should recover fully within a few days. If the acidosis is not treated promptly, it will become life-threatening.

Book Report Angelas Ashes Essay -- essays research papers

Angela’s Ashes by Frank McCourt A Look at Irish Culture during the Depression Era Frank Mc Court, the author of Angela’s Ashes, was born during the Great Depression. A few years after immigrating to the United States because their families believed they would find their fortune here, his Irish family moved back to Ireland in hopes of a better life. They were met with only more hardships in their native country. His book shows the struggle and small joys of daily life with siblings, school friends, and the adults in his life. It also provides much insight into the way the people in Ireland lived at that time. The author tells the story from the viewpoint of Frank, the oldest child of a father whose background in "the North" (having been involved with the IRA) causes continual suspicion. His mother, Angela, had never known her father and her own mother is very miserly and offers no help to the woman and her children. Through the course of telling about his own life and his family’s hard times, McCourt touches upon the fighting that went on between the Catholics and Protestants in Northern Ireland and the toll this had on the Irish people. He also delved deeply into the issue of poverty among the Irish and the many ways they dealt with the hardship in their lives. Life in the Irish city of Limerick is so hard that starvation is a way of life for most of the residents "Consumption," pneumonia, and typhoid are rampant; children go to school barefoot or in pie...

Pifzer Inc.’s Cost of Capital and Capital Structure

Pfizer Inc. ’S Cost of Capital and Capital structure – Xiaoyue Shi The costs of capital and capital structures for Pfizer Inc. and its two competitors Merck & Co. Inc. and Johnson & Johnson in the pharmaceutical industry are analyzed in this memo. When calculating the cost of common stock for the three companies, three different approaches including Capital Asset Pricing Model (CAPM), Discounted Cash Flow (DCF) and the bond yield plus risk premium are applied (Appendix A). For CAPM approach (Figure 1 & 3), the risk-free rate (rRF) used is the rate on the U. S. 10-year Treasury bonds, which is 1. 66.The market risk premium (RPM) is the required return on the stock market minus rRF. The required market return used here is the average 20 years rates of return on S&P 500. With highest beta (0. 71), Merck has the higher estimated cost of equity (6. 167). Pfizer has lower estimated cost of equity (5. 910) with lower beta (0. 67). Because of the lowest beta (0. 48), Johnson & Johnson has the lowest estimated cost of equity (4. 697). For DCF approach (Figure 2 & 4), the stock price used is the current stock price. The expected growth rate (g) is the annualized growth rate based on the dividend growth over the past 10 years.Among the three companies, Johnson & Johnson has the highest estimated cost of equity due to its highest expected growth rate in dividends. Pfizer’s estimated cost of equity is much lower than Johnson & Johnson. Having the lowest expected growth rate in dividends, Merck has the lowest cost of equity. For bond yield plus risk premium approach (Figure 5), the bond yield (Figure 7) for Pfizer, Merck and Johnson & Johnson are 2. 0724, 2. 5553, and 1. 9629 respectively. Since their betas are Pfizer 0. 67, Merck 0. 71 and Johnson & Johnson 0. 48, and all below 1, the three companies’ judgmental risk premium estimated as 3. , 3. 4, and 3, respectively. According to the bond yield plus risk premium method, the estimated costs of e quity are Pfizer 5. 3724, Merck 5. 9553, Johnson & Johnson 4. 9629. The final estimated costs of equity for the three companies in this memo are the averages of the three approaches (Figure 6), and they are Pfizer 5. 83, Merck 4. 44, Johnson & Johnson 7. 36. The three companies do not offer preferred stocks in public (Appendix B). Their costs of preferred stock would be zero. Although Pfizer offer Preferred stock for their employees, its costs of preferred stock still estimated as zero.According to the debt-rating organizations such as Moody’s, S&P, the three companies’ bond ratings are very high (Figure 7). The tax rates used for calculating the costs of debt are the average tax rates for the last four years (Appendix C, Figure 10). And their after-tax cost of debts are similarly low, for example, Pfizer 1. 657, Merck 1. 991, Johnson & Johnson 1. 528 (Figure 9). When calculating the percentage of debt and common equity (Appendix D, Figure 12), the common equity used i s the market value of equity, and the book value of company’s debt is used as a proxy of the market value of debt.According to the formula in Appendix D, the weighted average costs of capital (WACC) for the three companies are Pfizer 1. 86, Merck 2. 17, Johnson & Johnson 2. 15. The WACCs are quit low for the three companies as pharmaceutical giants. The debt ratios for last four years for the three companies were all around 50% (Appendix E, Figure 13). For example, in 2008, Pfizer’s debt ratio was 48. 1%, Merck was 55. 2%, Johnson & Johnson was 49. 9%; in 2009, Pfizer was 57. 5%, Merck was 45. 5%, Johnson & Johnson was 46. 6%; in 2010, Pfizer was 54. 7%, Merck was 46. 3%, Johnson & Johnson was 45%; in 2011, Pfizer was 56. %, Merck was 45. 8%, Johnson & Johnson was 49. 8%. Pfizer’s debt ratios were a little higher than its two competitors. But they all have quite similar capital structures with similar borrowing capacities. The three companies’ assets are financed with around 50% equity, and their risks of bankruptcy are low. Because involved in the pharmaceutical industry, the three companies are focusing on R&D, innovation and raise productivity, which are very costly for them. The three companies all have a lot borrowings. Drug development needs a lot of resources and quite inefficient.High failure rates cause a lot pharmaceutical companies unable to make profit and went bankruptcy. Based on the circumstances, the three companies all have very good capital structures in the pharmaceutical industry. They may have to figure out a way to cut their costs, and have even better capital structures. Pfizer used accelerated depreciation methods for tax purpose. Its depreciation & amortization increased a lot since 2009 (Appendix F, Figure 14). For example, it was $5,090 million in 2008, and $4,757 million in 2009, but it was $8487 million in 2010, and $9026 million in 2011.The huge increase in depreciation was mainly because of the merger with Wyeth in 2009. Merck mainly used accelerated depreciation methods for tax purpose except that its depreciation on intangibles was applied with primarily straight-line methods. Its depreciation & amortization also increased since 2009. For instance, it was $1,631. 2 million in 2008, and $2,576 million in 2009, but it was $7,381 million in 2010, and $7,427 million in 2011. The increase in depreciation was also because of the merger. Merck was also involved in a merger with another pharmaceutical company Schering-Plough in 2009.Johnson & Johnson had quite stable depreciations. And the straight-line methods were applied in this company. The three companies all paid stable dividends in last four years (Appendix G). Pfizer paid lowest dividends among them. Johnson & Johnson paid highest dividends. Only Johnson & Johnson performed stock repurchases (Figure 15 & 16). They (in shares) were 100,970 thousands in 2008, 37,114 thousands in 2009, 45,090 thousands in 2010, 39,741 thousands in 2011. And the money (in millions) used for stock repurchases was $6,651 in 2008, $2,130 in 2009, $2,797 in 2010, $2,525 in 2011.In my point of view, Pfizer and its two competitors – Merck and Johnson & Johnson all have low cost of capital. Although they all involved in a lot borrowings , they all have very good capital structures as pharmaceutical companies. The reason is that the costs in R&D and innovation are extremely high in the pharmaceutical industry. Reference: 1. Brigham, Eugene F. and Michael C. Ehrhardt. Financial Management Theory and Practice, 13th Edition, Thompson South-Western, ISBN-13# 978-14390-7809-9, ISBN-10#1-4390-7809-2 2. http://www. mergentonline. com/login. php 3. http://www. how. com/how_5833592_determine-target-debt-equity. html 4. http://cxa. gtm. idmanagedsolutions. com/finra/BondCenter/Watchlist. aspx 5. ww. finra. org 6. http://www3. valueline. com/vlquotes/quote. aspx Appendices: Appendix A: Cost of common stock Appendix B: Cost of preferred s tock Appendix C: Cost of debt Appendix D: Weighted Average Cost of Capital (WACC) Appendix E: Capital Structure Appendix F: Depreciation Appendix G: Yearly dividend and share repurchase Appendix H: Value Line reports Appendix A: Cost of common stock Equations used for calculating cost of common stock:CAPM approach: rS=rRF+(RPM)bi DCF approach: The bond yield plus risk premium approach: rS=Company’s own bond yield + Judgmental risk premium Figure 1 CAPM Equation Variables| Â  | Â  | Â  | | Pfizer| Merck| J&J| Risk Free Rate| 1. 66| 1. 66| 1. 66| Required Rate of Return| 8. 00| 8. 00| 8. 00| Beta| 0. 67| 0. 71| 0. 48| Required Return on Stock| 5. 91| 6. 17| 4. 70| | | | | | | | | | Required Return on Stock| Â  | | Pfizer| Merck| J&J| | 5. 91| 6. 17| 4. 70| Figure 2 Annualized dividend growth rate (g) | Pfizer|Year| Sum dividend| Total growth over 10 years| Annualized growth rate (g)| Next expected dividend| 2011| 0. 8| | | Â  | 2010| 0. 72| | | Â  | 2009| 0. 8| | | Â  | 2008| 1. 28| | | Â  | 2007| 1. 16| | | Â  | 2006| 0. 96| | | Â  | 2005| 0. 76| | | Â  | 2004| 0. 68| | | Â  | 2003| 0. 6| | | Â  | 2002| 0. 52| | | Â  | 2001| 0. 44| 0. 818181818| 6. 16%| $0. 85 | | Merck| Year| Sum dividend| Total growth over 10 years| Annualized growth rate (g)| Next expected dividend| 2011| 1. 56| | | Â  | 2010| 1. 52| | | Â  | 2009| 1. 52| | | Â  | 2008| 1. 52| | | Â  | 2007| 1. 52| | | Â  | 2006| 1. 52| | | Â  | 2005| 1. 52| | | Â  | 2004| 1. 5| | | Â  | 2003| 3. 976| | | Â  | 2002| 1. 3| | | Â  | 2001| 1. 39| 0. 122302158| 1. 16%| $1. 58 | | J&J| Year| Sum dividend| Total growth over 10 years| Annualized growth rate (g)| Next expected dividend| 2011| 2. 25| | | Â  | 2010| 2. 11| | | Â  | 2009| 1. 93| | | Â  | 2008| 1. 795| | | Â  | 2007| 1. 62| | | Â  | 2006| 1. 455| | | Â  | 2005| 1. 275| | | Â  | 2004| 1. 095| | | Â  | 2003| 0. 925| | | Â  | 2002| 0. 795| | | Â  | 2001| 0. 7| 2. 214285714| 12. 39%| $2. 53 | Figure 3 CAPM | CAPM| Â  | Â  | Â  | Â  | Â  | | Risk Free Rate (1)| Required Market Return (2)| Market Risk Premium (3)=(2)-(1)| Beta (4)| Estimated cost of Equity (1)+(3)? (4)| Pfizer| 1. 66| 8. 00| 6. 34| 0. 67| 5. 10| Merck| 1. 66| 8. 00| 6. 34| 0. 71| 6. 167| J&J| 1. 66| 8. 00| 6. 34| 0. 48| 4. 697| | | | | | | Figure 4 DCF | DCF| Â  | Â  | Â  | Â  | | | Stock Price (1)| Next Expected Dividend (2)| Expected Growth Rate (3)| Estimated cost of Equity (2)/(1)+(3)| | Pfizer| 25. 12| $0. 85 | 6. 16| 6. 194| | Merck| 45. 62| $1. 58 | 1. 16| 1. 195| | J&J| 67. 97| $2. 53 | 12. 39| 12. 427| | | | | | | | Figure 5| | | | | | Bond Yield plus Risk Premium| Â  | Â  | | | | Company’s Bond Yield (1)| Judgmental Risk Premium (2)| Estimated cost of Equity (1)+(2)| | | Pfizer| 2. 0724| 3. 3| 5. 3724| | | Merck| 2. 5553| 3. 4| 5. 9553| | | J&J| 1. 629| 3| 4. 9629| | | | | | | | | | | | | | | Figure 6 Estimated Cost of Equity| Estimated Cost of Equity| | | | | Pfizer| 5. 83| | | | | Merck| 4. 44| | | | | J&J| 7. 36| | | | | Figure 7 Bond Data| Bond Data| Â  | Â  | Â  | Â  | Â  | Â  | Â  | Â  | Â  | Bond Symbol| Issuer Name| Coupon| Maturity| Callable| Moody's| S;P| Fitch| Price| Yield| PFE. GF| PFIZER INC| 4. 65| 3/1/18| No| A1| AA| A+| 116. 189| 1. 501| PFE. GI| PFIZER INC| 4. 5| 2/15/14| No| A1| AA| A+| 105. 468| 0. 367| PFE. GM| PFIZER INC| 7. 2| 3/15/39| Yes| A1| AA| A+| 159. 019| 3. 685| PFE. GO| PFIZER INC| 6. 2| 3/15/19| Yes| A1| AA| A+| 127. 5| 1. 66| PFE. GQ| PFIZER INC| 5. 5| 3/15/15| Yes| A1| AA| A+| 111. 554| 0. 521| PFE3666215| AMERICAN HOME PRODS CORP| 7. 25| 3/1/23| No| A1| AA| A+| 139. 65| 2. 819| PFE3667744| WYETH| 5. 5| 2/15/16| Yes| A1| AA| A+| 115. 705| 0. 715| PFE3667745| WYETH| 6| 2/15/36| Yes| A1| AA| A+| 134| 3. 791| PFE3667909| PHARMACIA CORP| 6. 5| 12/1/18| Yes| A1| AA| A+| 128. 14| 1. 677| PFE3667915| PHARMACIA CORP| 6. 75| 12/15/27| No| A1| AA| A+| 137. 221| 3. 552| PFE3667927| PHARMACIA CORP| 6. 6| 12/1/28| Yes| A1| AA| A+| 138. 179| 3. 484| PFE3670301| WYETH| 5. 45| 4/1/17| Yes| A1| AA| A+| 119. 153| 1. 044| PFE3670315| WYETH| 5. 95| 4/1/37| Yes| A1| AA| A+| 135| 3. 5| PFE3702946| WYETH| 5. 5| 3/15/13| Yes| A1| AA| A+| 101. 977| 0. 706| PFE3703979| PHARMACIA CORP| 8. 7| 10/15/21| No| A1| AA| A+| 142. 03| -| PFE3704635| WYETH| 5. 5| 2/1/14| Yes| A1| AA| A+| 106. 52| 0. 421| PFE3704636| WYETH| 6. 45| 2/1/24| Yes| A1| AA| A+| 138. 004| 2. 553| PFE3704637| WYETH| 6. 5| 2/1/34| Yes| A1| AA| A+| 139. 025| 3. 807| PFE3706578| PHARMACIA CORP| 8. 2| 4/15/25| Yes| A1| AA| A+| 101. 5| -| PFE3739069| KING PHARMACEUTICALS INC| 1. 25| 4/1/26| Yes| NR| NR| NR| 99. 99| 1. 25| | | | | | | | | Average| 2. 072388889| MRK. GA| MERCK ; CO INC| 6. 3| 1/1/26| No| Aa3| AA| A+| 138. 945| 2. 76| MRK.GB| MERCK ; CO INC| 6. 4| 3/1/28| Yes| Aa3| AA| A+| 137. 464| 3. 278| MRK. GC| MERCK ; CO INC| 5. 95| 12/1/28| Yes| Aa3| AA| A+| 133. 211| 3. 28| MRK. GF| MERCK ; CO INC MTN BE| 5. 76| 5/3/37| No| Aa3| AA| A+| 131| 3. 808| MRK. GG| MERCK ; CO INC MT N BE| -| 11/27/40| No| Aa3| AA| A+| 98. 25| -| MRK. GH| MERCK ; CO INC MTN BE| -| 12/21/40| Yes| Aa3| AA| A+| 98| -| MRK. GI| MERCK ; CO INC MTN BE| -| 12/27/40| No| Aa3| AA| A+| 98. 5| -| MRK. GJ| MERCK ; CO INC MTN BE| -| 2/6/41| No| Aa3| AA| A+| 98| -| MRK. GK| MERCK ; CO INC MTN BE| -| 6/21/41| Yes| Aa3| AA| A+| 100| -| MRK. GL| MERCK amp; CO INC MTN BE| -| 7/18/41| No| Aa3| AA| A+| 97. 75| -| MRK. GM| MERCK ; CO INC MTN BE| -| 12/21/41| Yes| Aa3| AA| A+| 100| -| MRK. GN| MERCK ; CO INC MTN BE| -| 11/28/41| No| Aa3| AA| A+| 98. 25| -| MRK. GQ| MERCK ; CO INC MTN BE| -| 8/22/42| Yes| Aa3| AA| A+| 98. 275| -| MRK. GR| MERCK ; CO INC MTN BE| -| 2/18/43| Yes| Aa3| AA| A+| 99. 875| -| MRK. GT| MERCK ; CO INC MTN BE| -| 2/12/44| Yes| Aa3| AA| A+| 100| -| MRK. GU| MERCK ; CO INC| 4. 75| 3/1/15| Yes| Aa3| AA| A+| 109. 512| 0. 699| MRK. GV| MERCK ; CO INC| 5. 75| 11/15/36| Yes| Aa3| AA| A+| 135. 683| 3. 536| MRK. GW| MERCK ; CO INC| 4. 8| 2/15/13| No| Aa3| AA| A+| 101. 369| 0. 194| MRK. GX| MERCK ; CO INC NEW| 3. 88| 1/15/21| Yes| A1| AA| A+| 114. 717| 1. 883| MRK3671638| SCHERING PLOUGH CORP| 6. 55| 9/15/37| Yes| Aa3| AA| A+| 149. 11| 3. 56| | | | | | | | | Average| 2. 555333333| JNJ. GA| ALZA CORP DEL| -| 7/14/14| Yes| Aa1| AAA| AAA| 152. 8| -| JNJ. GC| ALZA CORP| -| 7/28/20| Yes| Aa1| AAA| AAA| 98. 75| -| JNJ. GH| JOHNSON ; JOHNSON| 6. 73| 11/15/23| No| Aaa| AAA| AAA| 145. 758| 2. 083| JNJ. GI| -| | 11/1/24| No| NR| NR| NR| 104. 36| -| JNJ. GJ| JOHNSON ; JOHNSON| 6. 95| 9/1/29| No| Aaa| AAA| AAA| 144. 925| 3. 422| JNJ. GL| JOHNSON ; JOHNSON| 3. | 5/15/13| No| Aaa| AAA| AAA| 102. 04| 0. 263| JNJ. GM| JOHNSON ; JOHNSON| 4. 95| 5/15/33| No| Aaa| AAA| AAA| 121. 154| 3. 499| JNJ. GO| JOHNSON ; JOHNSON| 5. 55| 8/15/17| Yes| Aaa| AAA| AAA| 121. 81| 0. 932| JNJ. GP| JOHNSON ; JOHNSON| 5. 95| 8/15/37| Yes| Aaa| AAA| AAA| 143. 163| 3. 369| JNJ. GQ| JOHNSON ; JOHNSON| 5. 15| 7/15/18| Yes| Aaa| AAA| AAA| 123. 223| 0. 982| JNJ. GR| JOHNSON ; JOHNSON| 5. 85| 7/15/38| Yes| Aaa | AAA| AAA| 143. 093| 3. 341| JNJ. GS| JOHNSON ; JOHNSON| 2. 95| 9/1/20| Yes| Aaa| AAA| AAA| 107. 12| 1. 969| JNJ. GT| JOHNSON ; JOHNSON| 4. 5| 9/1/40| Yes| Aaa| AAA| AAA| 123. 32| 3. 229| JNJ. GU| JOHNSON ; JOHNSON| -| 5/15/13| No| Aaa| AAA| AAA| 100. 154| -| JNJ. GV| JOHNSON ; JOHNSON| -| 5/15/14| No| Aaa| AAA| AAA| 100. 322| -| JNJ. GW| JOHNSON ; JOHNSON| 2. 15| 5/15/16| Yes| Aaa| AAA| AAA| 105. 523| 0. 588| JNJ. GX| JOHNSON ; JOHNSON| 4. 85| 5/15/41| Yes| Aaa| AAA| AAA| 125. 764| 3. 428| JNJ. GY| JOHNSON ; JOHNSON| 1. 2| 5/15/14| Yes| Aaa| AAA| AAA| 101. 399| 0. 311| JNJ. GZ| JOHNSON ; JOHNSON| 3. 55| 5/15/21| Yes| Aaa| AAA| AAA| 113. 786| 1. 807| JNJ. HA| JOHNSON ; JOHNSON| 0. 7| 5/15/13| No| Aaa| AAA| AAA| 100. 278| 0. 22| | | | | | | | | Average| 1. 62866667| Appendix B: Cost of preferred stock Figure 8 Cost of Preferred Stock| Cost of Preferred Stock| Â  | Â  | Â  | | Preferred Dividend (1)| Preferred Stock Price (2)| Floatation Cost (3)| Component cost of Preferred Stock (1)/[(2)*(1-(3))]| Pfizer| N/A| N/A| N/A| #VALUE! | Merk| N/A| N/A| N/A| #VALUE! | J;J| N/A| N/A| N/A| #VALUE! | Appendix C: Cost of debt After-tax cost of debt=rd(1-T) Figure 9 After-tax cost of debt| After Tax Component Cost of Debt| Â  | | Interest Rate| Tax Rate| Cost of Debt| Pfizer| 2. 072388889| 0. 2003| 1. 657289394| Merck| 2. 555333333| 0. 221| 1. 990604667| J;J| 1. 962866667| 0. 2218| 1. 2750284| Figure 10 Marginal tax rate Company| Pfizer| Merck| J;J| Year| 2011| 2010| 2009| 2008| 2011| 2010| 2009| 2008| 2011| 2010| 2009| 2008| Income before tax| 12,764| 9,282| 10,674| 9,694| 7,334| 1,653| 15,290| 9,931| 12,361| 16,947| 15,755| 16,929| Provision for tax| 4,023| 1,071| 2,145| 1,645| 942| 671| 2,268| 1,999| 2,689| 3,613| 3,489| 3,980| Tax rate| 0. 3152| 0. 1154| 0. 2010| 0. 1697| 0. 1284| 0. 4059| 0. 1483| 0. 2013| 0. 2175| 0. 2132| 0. 2215| 0. 2351| Average tax rate| 0. 2003| 0. 2210| 0. 2218| Appendix D: Weighted Average Cost of Capital (WACC) Figure 11 WACC| | | | | | | | WACC| Â  | Â  | Â  | Â  | Â  | Â  | Â  | % of Debt| Cost of Debt| % of Preferred Stock| Cost of Preferred Stock| % of Common Equity| Cost of Common Equity| WACC| Pfizer| 95. 15%| 1. 66 | – | – | 4. 85%| 5. 83 | 1. 86 | Merck| 92. 50%| 1. 99 | – | – | 7. 50%| 4. 44 | 2. 17 | J;J| 89. 26%| 1. 53 | – | – | 10. 74%| 7. 36 | 2. 15 | % of Debt, and % of Common Equity are the target proportions. Figure 12 Calculating the percentage of debt and common equity | | | | Pfizer| Merck| J;J| Shares outstanding (million)| 7,470| 3,050| 2,750| Market value per share | | 26. 03| 47. 96| 72. 52| Market value of equity ($ million), E| 194,444. | 146,278. 0 | 199,430. 0 | | | | | | | Book value of equity per share| 10. 64| 18. 16| 20. 95| Total book value of equity| | 79,480. 8 | 55,388. 0 | 57,612. 5 | Debt/Equity ratio| | 48. 26| 32. 91| 29. 07| Book value of debt| | 3,835,743. 41 | 1,822,819. 08 | 1,674,795. 38 | Cash on hand| | 24,340| 17,450| 16, 920| Net debt ($ million), D| | 3,811,403| 1,805,369| 1,657,875| | | | | | | Percentage of debt, D/(E+D)| | 95. 15%| 92. 50%| 89. 26%| Percentage of equity, E/(E+D)| 4. 85%| 7. 50%| 10. 74%| Appendix E: Capital Structure Figure 13 Capital Structure| | | | | Capital Structure| Â  | Â  | Â  | Â  | | Pfizer| 2011| 2010| 2009| 2008| Long Term Debt*| 34,931,000. 00 | 38,410,000| 43,193,000| 7,963,000| Common Stock*| 445,000| 444,000| 443,000| 443,000| Retained Earnings*| 46,210,000| 42,716,000| 40,426,000| 49,142,000| Redeemable Preferred Stock*| 45,000| 52,000| 61,000| 73,000| Total| 81,631,000. 00 | 81,622,000. 00 | 84,123,000. 00 | 57,621,000. 00 | | | | | | % of Debt| 42. 79%| 47. 06%| 51. 35%| 13. 82%| % of Preferred Stock| 0. 06%| 0. 06%| 0. 07%| 0. 13%| % of Common Equity| 57. 15%| 52. 88%| 48. 58%| 86. 05%| Total %| 100. 00%| 100. 00%| 100. 00%| 100. 00%| | | | | | Average/Target % of Debt| | 38. 75%| 95. 15%| |Average/Target % of Preferred Stock| | 0. 08%| 0. 00%| | Average/ Target % of Common Equity| | 61. 17%| 4. 85%| | | | | | | Total Debt*| 105,381,000| 106,749,000| 122,503,000| 53,408,000| Total Assets*| 188,002,000| 195,014,000| 212,949,000| 111,148,000| Total Debt/Total Assets| 56. 1%| 54. 7%| 57. 5%| 48. 1%| | | | | | | | | | | | Merck| | 2011| 2010| 2009| 2008| Long Term Debt*| 15,525,000| 15,482,000| 16,074,900| 3,943,300| Common Stock*| 1,788,000| 1,788,000| 1,781,300| 29,800| Retained Earnings*| 38,990,000| 37,536,000| 41,404,900| 43,698,800| Redeemable Preferred Stock*| – | – | – | – | Total| 56,303,000. 0 | 54,806,000. 00 | 59,261,100. 00 | 47,671,900. 00 | | | | | | % of Debt| 27. 57%| 28. 25%| 27. 13%| 8. 27%| % of Preferred Stock| 0. 00%| 0. 00%| 0. 00%| 0. 00%| % of Common Equity| 72. 43%| 71. 75%| 72. 87%| 91. 73%| Total %| 100. 00%| 100. 00%| 100. 00%| 100. 00%| | | | | | Average/Target % of Debt| | 22. 81%| 92. 50%| | Average/Target % of Preferred Stock| | 0. 00%| 0%| | Average/Target % of Common Equity| | 77. 19%| 7. 50%| | | | | | | Total Debt*| 48,185,000| 48,976,000| 50,597,100| 26,028,600| Total Assets*| 105,128,000| 105,781,000| 112,089,700| 47,195,700| Total Debt/Total Assets| 45. %| 46. 3%| 45. 1%| 55. 2%| | | | | | | | | | | | J;J| | 2011| 2010| 2009| 2008| Long Term Debt*| 12,969,000| 9,156,000| 8,223,000| 8,120,000| Common Stock*| 3,120,000| 3,120,000| 3,120,000| 3,120,000| Retained Earnings*| 81,251,000| 77,773,000| 70,306,000| 63,379,000| Redeemable Preferred Stock*| – | – | – | – | Total| 97,340,000. 00 | 90,049,000. 00 | 81,649,000. 00 | 74,619,000. 00 | | | | | | % of Debt| 13. 32%| 10. 17%| 10. 07%| 10. 88%| % of Preferred Stock| 0. 00%| 0. 00%| 0. 00%| 0. 00%| % of Common Equity| 86. 68%| 89. 83%| 89. 93%| 89. 12%| Total %| 100. 00%| 100. 0%| 100. 00%| 100. 00%| | | | | | Average/Target % of Debt| | 11. 11%| 89. 26%| | Average/Target % of Preferred Stock| | 0. 00%| 0%| | Average/Target % of Common Equity| | 88. 89%| 10. 74%| | | | | | | Total Debt*| 56,564,000| 46,329,000| 44,094,000| 42,401,000| Total Assets*| 113,644,000| 102,908,000| 94,682,000| 84,912,000| Total Debt/Total Assets| 49. 8%| 45. 0%| 46. 6%| 49. 9%| * $ in thousands Appendix F: Depreciation Figure 14 Depreciation | | | | | | Depreciation| Â  | Â  | Â  | Â  | Â  | | USEFUL LIVES| Pfizer| | (YEARS)| Â  | | | 2011| 2010| 2009| 2008| Type| | Accelerated depreciation methods|Classes of Assets and Depreciation Ranges | | | | | | Land | – | | | | | Buildings| 33 1/3-50| | | | | Machinery and equipment| 8-20| | | | | Furniture, fixtures and other| 3-12 1/2| | | | | Construction in progress| – | | | | | | | | | | | Depreciation ; Amortization**| | 9,026 | 8,487 | 4,757 | 5,090 | | | | | | | | | Merck| | USEFUL LIVES| Â  | | (YEARS)| 2011| 2010| 2009| 2008| Type| | Accelerated depreciation methods| Classes of Assets and Depreciation Ranges | | | | | | Buildings| 10-50| | | | | Machinery ; Equipment| 3-15| | | | | Capitalized software| 3- 5| | | | | Construction in progress| – | | | | |Products and product rights, trade names and patents| 3-40| Primarily straight- line methods| | | | | | | Depreciation ; Amortization**| | 7,427| 7,381| 2,576| 1,631. 2| | | | | | | | | | | | | | | J;J| | USEFUL LIVES| Â  | | (YEARS)| 2011| 2010| 2009| 2008| Type| | Straight- line methods| Classes of Assets and Depreciation Ranges | | | | | | Building and building equipment| 20–40| | | | | Land and leasehold improvements| 10–20| | | | | Machinery and equipment| 2–13| | | | | Capitalized software| 3-8| | | | | | | | | | | Depreciation ; Amortization**| | 3,158| 2,939| 2,774| 2,832| | | | | | | | | | | | ** $ in millions| | | | | | Appendix G: Yearly dividend and share repurchase Figure 15 Stock repurchase (in shares) and dividends| Stock Repurchaces and Dividends| Â  | Â  | Â  | | Pfizer| | 2011| 2010| 2009| 2008| Stock Repurchaces*| N/A | N/A | N/A | N/A | Dividends ($)| 0. 8| 0. 72| 0. 8| 1. 28| | | | | | | Merck| | 2011| 2010| 2009| 2008| Stock Repurchaces*| N/A | N/A | N/A | N/A | Dividends ($)| 1. 56| 1. 52| 1. 52| 1. 52| | | | | | | J;J| | 2011| 2010| 2009| 2008| Stock Repurchaces*| 39,741 | 45,090 | 37,114 | 100,970| Dividends ($)| 2. 25| 2. 11| 1. 93| 1. 795| | | | | | Number of Shares (Thousands)| | | | | | | | | | Figure 16 Stock repurchase (in U. S. dollars) and dividends| Stock Repurchaces and Dividends| Â  | Â  | Â  | | Pfizer| | 2011| 2010| 2009| 2008| Stock Repurchaces*| N/A | N/A | N/A | N/A | Dividends ($)| 0. 8| 0. 72| 0. 8| 1. 28| | | | | | | Merck| | 2011| 2010| 2009| 2008| Stock Repurchaces*| N/A | N/A | N/A | N/A | Dividends ($)| 1. 56| 1. 52| 1. 52| 1. 52| | | | | | | J;J| | 2011| 2010| 2009| 2008| Stock Repurchaces*| (2,525)| (2,797)| (2,130)| (6,651)| Dividends ($)| 2. 25| 2. 11| 1. 93| 1. 795| | | | | | * $ in millions| | | | | Appendix H: Value Line reports