An Apology Letter Essay

The electron microscope was first created in 1933 and magnified up to a million times. First electron microscope was a transmission. It utilise electrons to recreate an image. examine electron microscope developed later, it uses a beam of particles to s stern crosswise prototype to recreate image of its surface. They be utilize for the spoting of biological and inorganic species. Electron microscope has higher resolution than jobless microscope al minoring higher magnification. Light microscope has curb magnification as there is a physical limit enforce by photons. The stereomicroscope has low level of magnification, but hands 3-D view. Electron microscopes give a view of structures that would non normally be visible by optical microscopy. Bonus to swingy microscopes is that it is possible to view reenforcement cells, in the electron microscope the specimen moldiness be dry so it is not possible to observe the living. Anti-body viruses were first observed by electron mic roscope in 1941. Electron tomography has demonstrated the structure of viruses. Had discovers with cell ultrastructures and respective(prenominal) atoms gestate been observed. It has viewed nerve and muscle cells and various pollen has been observed.The compound slack microscope or optical microscope is a piece of technology that uses light and dramatizeing lenses to observe itsy-bitsy objects which cannot be seen by the naked eye. The ingenious theory behind light and magnification combined forms a complex enhancement of specimen recognition/observation. Light microscopes enable to a greater extent opportunities for knowledge in biology, research, and material science. The light microscope can magnify up to a whopping 1,500 times because the specimen has to be small enough for light to pass finished it and it displays a 2D view of the specimen. The compound light microscope is able to have wiz eyepiece (monocular) or two eyepieces (binocular) to look through.Light microsco pes were used to discover a genuinely crucial specimen. They were used to discover cells such(prenominal) as blood cells. The stereo microscope is known as the optical microscope. It has low magnification. It reflects light off the specimen, it has two separate optical paths and is used to battleground inviolable specimens. The primary use for the stereomicroscope is looking at large and solid surfaces or specimens. The microscope suspends for detailed work such as microsurgery, watch qualification and circuit board manufacturing.When Robert Hooke published his book Micrographia in 1665 it became a exceed seller. Hooke had made one of the first microscopes. With it, he observed many types of living functions andmade accurate drawings of what he saw, as his detailed picture of the flea shows (Figure 1.4). Hookes most famous achievement, as far as science was concerned, was his diagram of very thin slices of cork (Figure 1.5). He was surprised to see that, chthonian the mic roscope, the cork looked like a piece of honeycomb. He described the holes and their boundaries in the honeycomb as cells because they reminded him of the rooms in a monastery. Hooke had discovered arrange cells.Although some called Micrographia the most ingenious book ever, others ridiculed Hooke for spending so much time and money on trifling pursuits. Thankfully for us, and for the intact science of microbiology, which developed from this discovery of cells, Hooke ignored the taunts and kept experimenting with microscopes. It was because of Hookes important contribution to microbiology that other scientists went on to develop a set ahead arrest of cells.Cell theory describes the main ideas about the importance of cells and their role in living things. It was first proposed in 1839 by two German biologists, Theodor Schwann and Matthias Schleiden. In 1858, Rudolf Virchow concluded the final part of the classic cell theory. The combined cell theory included the following three p rinciples all organisms are peaceful of one or more cellscells are the basic unit of life-time and structurenew cells are created from existing cells.Any living thing that has more than one cell is referred to as multicellular, but there are many living things, such as bacteria, that consist of only one cell These are called single-celled or unicellular organisms. Micro-organisms are oft referred to as microbes. You probably know people who wear glasses to sponsor them read. The glass or plastic lenses magnify the coat of the text. In the homogeneous way, microscopes magnify the size of the object placed under them. The first microscopes were very basic. However, over time their magnifying ability has improved. Scientists can now look at images that have been magnified thousands of times using various systems of lenses. This makes it possible to select the structure of cells. The stereomicroscope is used for viewing larger objects, such as insects (Figure 1.15). It can magni fy up to 200 times and shows a three-dimensional view ofsmall things. The compound light microscope (Figure 1.16) is used to observe thin slices of specimens, such as blood cells. It can magnify up to 1500 times. Its view is at oncethat is, two dimensional.The specimen must be thin enough to allow light to pass through it. The stereomicroscope has two eyepieces to look through, whereas the compound light microscope can have one or two eyepieces. The word monocular is used to describe a microscope with one eyepiece (mono = one). Microscopes with two lenses are called binocular (bi = two). The compound light microscope uses the effect of two lenses (one in the eyepieces and one further down the column called the objective lens) combined with light to give a greater magnification. It can be used to observe much little things than those seen under a stereomicroscope. To look at cells clearly through a compound light microscope, very thin layers of a sample must be used. The light has to be able to get through or all you will see is a dark shadowa bit like a leadlight window. Most cells are clear in colour, so a stain, like iodine, is used to help make them more visible by providing contrast.Although light microscopes, like the compound light microscope and stereomicroscope, had served scientists considerably for more than 300 years, the explosion of new technology in the twentieth century led to the invention of more complex microscopes, such as electron microscopes. An electron microscope uses electrons (tiny negatively charged particles) to create images. The first electron microscope, the transmission electron microscope (TEM), was invented in 1933 to help study the structure of metals. The scan electron microscope (SEM), developed later, uses a beam of electrons to scan across a specimen and to recreate the image, showing details of its surface.Electron microscopes can magnify up to a million times Using this technology, many more details of the cell that w ere formerly invisible to scientists are now offset printing to be understood. The development of the synchrotron is one of the biggest changes to microscopes. Synchrotrons are microscopes that are about the size of a football field and cost a fortune to build. The synchrotron provides nevertheless more magnification than an electron microscope and can see down to the level of the molecules (particles) that make up substances. in that respect are currently forty-three synchrotrons across the world. Australias synchrotron opened in 2007 and is located near Monash University, in Melbourne. There are many beneficial applications ofsynchrotron science. For example, researchers can use the synchrotron to invent shipway to tackle diseases, make plants more productive and metals more resilient.

Education and Life Chances in Modern Education Essay

Is there such thing as unknown of arresting nub in deportment? That might some what answers me home plate on certain terms that I mediocre read and as healthy as the video that amazed me while viewing. This first article defines conduct and its meaning which is Meaning in demeanor spanking the brio that you want by Albert S. Wang, written on November 19, 1997. This article, questions you if you be re entirely toldy contented and happy of what you throw off and if this is really the lifetime that you wanted.It is said in here that to be commensurate to live a life that you want and to put a meaning on it you must first know yourself from within because this put one acrosss you know of who you be, succor is know where you want to go for it gives you direction in prevailing your happiness. These things argon beginning of having a substantive life. To find the meaning of your life, you must find it with action non in force(p) by waiting for it to come and you st ool also find this meaning in life not and in distant adorn notwithstanding nearlyly it is found ripe you.Putting a meaning in your life is all rough the choices and decisions that you made on where you want to go. Just live your give and youll learn that from each one day you will grow in having a meaningful life. The second article that touches me is entitled So What Will Matter? move by Leandro G. Cruz and sh ard by Joe Gatuslao of Bacolod City, Philippines. Its original title is A sprightliness That Matters.This article is so inspiring because it stresses that all that you have got starting from yourself scantily like beauty, fame, wealth and all other things that you have are middling in vain because these things are not forever yours, these are sightly passing things and you cannot bring these things when you leave earth but what really matters are the thing that you made that others will remember you of your goodness, the things that you gave not just in mater ial aspects but in all, living your life with significance, instruct others and direct yourself as an example to them. All of these things are living a life that matters.This third article has an unknown author which entitles A Purpose. The article speaks that all of us who are created by God has a unusual and significant purpose. Each of us is given a chance to find our designated purposes but you must wait when the right era comes because God has plant it for you at a time when you are equipped and ready. Most of the time youll experience the roughness of life but dont be dismayed because there is always a helping hand that will take care of you, which is God who never leaves you.Just stay at the right path and do good deeds for in the depot you will find your own way to the pearly white gate. The undermentioned article is the one that I liked approximately which is The Journey of Our Life shared again by Joe Gatuslao from Bacolod City, Philippines. This article actually t ells a paper about the emperor moth who owned a huge land and he told his horseman that if he could ride on his horse and cover as much land demesne as he likes, then the Emperor would give him the area of land he has cover.The horseman did not let out riding and whipping the horse because he wanted to cover as much area as possible. Came to a point when he had covered a substantial area and he was exhausted and was anxious(p). Then he asked himself, Why did I push myself so hard to cover so much land area? Now I am dying and I only need a very small area to bury myself. This story is really similar with the journey of our life because most of us are always striving for richness, properties, possessions, power etc.So we civilize harder and harder until we come to realized that all of these things are not necessity for living a happy and meaningful life we must parallelism our way of living so that we could not missed something in life that might happen once. The next thing that I am going to share is all about the video clip that I watched its about an old womanhood at the age of 47 and her secern is Susan Boyle who joined in a certain represent that searches for extraordinary talents videlicet Britains Got Talent.During her performance, a big shock was made by Susan because at the beginning when she first introduced herself, everybody was against her like they are judging Susan of joining the show where she looks like so ordinary and nothing to show up but when she start on singing all where stunned by her sweet-smelling voice and they gave her a standing ovation but most significantly the three big yes from the strict juries. This gives us an insight that we must not judge the persons appearance because youll never know whats the biggest surprise that comes from within. God created us with equal gifts and we must use this as an inspiration to others.This last article is a prayer entitled as Mere Possessions. Its all about the prayer of a woman who asked a help from the Lord, asking that she might not put much stock in possessions because things dont last and you cannot bring all of these things when you leave earth. That we come into the world with nothing, we leave with nothing. Having a meaningful life is about your choices and decisions that were made just make sure you have elect the right path because if you do then youll end walking on the pearly white gate and that is the fulfillment of having a meaningful life. there is really no such thing as a cryptic of finding a meaning in life its just you who will make it meaningful by doing what is right and just live happy and be happy all the time because life is just too short, you might missed something so lets make the most of it. Public culture, it can be argued, shapes order, instils social to a greater extent(prenominal)s and indoctrinates the impressionable with those philosophies the elites value. This prove will stress upon three main areas intrinsic to t he education remains.These are the social reproduction of ideas, the life chances created and instilled through education, and the socialisation of the individuals undergoing the educational process. deuce main sociological perspectives that are useful when studying the education system are Functionalism and Critical Theory, because they focus on macro issues and social structures to a greater extent than the interactionist perspective. Functionalists believe that the civilizehouse system is an agent of social reproduction, which operates to reproduce nearly integrated, fully dish uping members of society (Webb, Schirato and Danaher, 2002 114).Critical theorists, conversely, hold that education is the most effective mechanism for promoting social change and for giving opportunities to less let groups so that they can advance their social standing. However, education usually reproduces exist social divisions, maintaining the relative disadvantage of certain groups (Webb, Schir ato and Danaher, 2002 106). Munro (1994 108) describes the different approaches by stating that, functionalists tend to see education as synonymous with socialisation, while a conflict theorist is inclined to view education as ideological- that is, reflecting the interests of peculiar(prenominal) groups. Functionalists hold that the major(ip) institution for social reproduction is the education system, whereas, from a critical perspective, teachers, who oversee this reproduction, have been made into administrators of programs that render manpower capitalisation through planned and directed behavioural changes (Illich, 1973 327). Illich (1973 327) comments, from a critical perspective, that teaching and learning remain sacred activities separate and estranged from a fulfilling life.This is because the things cosmos taught do not line up with the necessary fellowship involve for life outside of education, and that learning from programmed information always hides reality fuck a screen (Illich, 1973 324). This means that the knowledge provided is set to a cabalistic agenda. The learning process, which supposedly passes on the values and mores necessary in society to students, is not, however, meeting these needs effectively. Relevant information, that is, knowledge, which will add skills to the aim market, is becoming less practical and more theoretical, expanding the gap amidst study and work. regardless of this, employers and social elites have attempted to use the drills for the reproduction of compliant workers (Davis, 1999 65). This effigy standard has been discussed in a best selling song, The Wall by Pink Floyd (1978) in which they stated that the reproduction received through the school system was set to a hidden agenda, and that society would be divulge off without it. Drucker (1973 236) equates the influx of enlightened spate to the potential for producing wealth in either given country.By stating this, educational socialisation and the development of educated people is the most important function education can have. He goes on to state that while this may be the case today, passim history, being uneducated provided the wealth of a given nation, due to the sort differences, and that education was for the rich and idle while the work was performed by the illiterate. This all changed with the Industrial Revolution, and the invention of moveable type in the 17th atomic number 6 (Drucker, 1973 232).The moveable type meant that education could be performed at a rock-bottom rate, and words became a commodity that was necessary for improving the quality of the labour force. reading is purported to provide the best possible life chances for its graduates, yet in reality, in galore(postnominal) ways education diminishes these chances. Heinz (1987 132) points out that the life chances of graduates are in a state of flux, that when the labour market is depressed and work is difficult to find, then young people will opt for more education as a means of delaying their entry into a tight fitting work force.The school then takes on the function of a warehouse it is a place to mark time. At the same time school acts as a socio-political instrument for reducing social and political conflict, and this function gains predominance over its main function of educating young people. In many cases the academic credentials earned are unnecessary for working- physique jobs (Furlong and Cartmel, 1999 12), which changes the focus of education, making it oppressive and irrelevant (Davis, 1999 83).Heinz (1987 131) states secondary school-leavers face a declension outlook when they want to start in working life, and joining a preparatory program is increasingly becoming the only alternative to unemployment. there are a growing number of young people who are finding it harder to find a place, whose prospects on the labour market are poor, being qualified but underemployed, or drifting between unemployment and oc casional(a) jobs (Heinz, 1987 131). This increases social inequalities and the gap between rich and poor.By acting as a warehouse education is not preparing students for life but rather crippling their life chances. The alternative to this are to reassess the curricula and teaching methods, reintegrating experienced workers into vocational education, ensuring that knowledge will be of direct benefit to graduates in obtaining a place within the work force. There are fewer and fewer opportunities becoming available, and school leavers have to undergo more and more relevant vocational training. However, fewer school-leavers are able to go instantaneously into the vocational training they want.Heinz (1987 130) noted a growing trend 16 years ago that Depending on the region, only between one-third and half of these school leavers succeed in getting a training place, and in 1994 Munro (1994 109) observed that the school-to-work transition had failed which had major ramifications for e veryone involved, causing underemployment of school leavers (Munro, 1994 116). The seriousness of this trend is made even more apparent by the fact that school-leavers are even ready to enter apprenticeships that lead them into dead-end street occupations (Heinz, 1987 129).Drucker (1973 232) however, states that while this may be so, to be uneducated is an economic indebtedness and is unproductive, even though education is producing an unemployable, overeducated proletariat. (Drucker, 1973 233) According to Mehan (1973 240) education is a major socialisation agency, which moulds the individuals self-concepts into a socially accepted format, allowing each individual to be slotted into a specific function (Sargent, 1994 240). Sargent (1994 240) points out that in the function of education values are essentially involved and are taught beside worldly knowledge.However, this knowledge interprets the world, but does not necessarily correspond with any external state (Sargent, 1994 232) . The transmission of knowledge, skills and values, helps to sort and rank individuals, that they might be go placed in the labour market (Munro, 1994 96). This raises a paradox, however, where education is seen by many as the best possible means of achieving greater equality in society (Sargent, 1994 233), yet it categorises the graduates into job specifications, personality types and the opportunities allow to each.Sargent (1994 231) furthers this thought by explaining that the education system is an integral part of find out position and power in our society (Sargent, 1994 231), and that through education the class structures are compounded, making it more difficult for those in the working classes from advancing in the social hierarchy. The education institution both absorbs and perpetuates the ideology, masquerading as knowledge, which legitimises inequality (Sargent, 1994 231).Regardless of the inequalities produced, it has become the absolute prerequisite of social and ec onomic development in our world to have a highly educated pool of people ready for the labour market (Drucker, 1973 232). In conclusion, the loser of the education system to reduce social inequality and produce better workers, raises serious doubts as to its effectiveness. Life chances created through education appear to be diminishing, despite the extension of education. The knowledge taught seems to be ineffective in preparing students to get laid with life.Functionalists need to reassess the structure of education, as it loses its ability to effectively provide for graduates, becoming dysfunctional in its goals to remove inequality and give a head start to people entering the work force. When looking at the education system, it is necessary to ask if the cost spent on educating people is being effectively used, considering the increasing number of educated poor. The gap between knowledge taught and life experience needs to be bridged, for education to effectively function.If, a s it appears, schools are to socialise and reproduce effective and functioning members of society, the curricula has to be addressed. Bibliography Davis, Nanette J. (1999). Youth Crisis Growing up in the High Risk Society. Praeger Publications, Westport Drucker, dent F. (1973). The rearingal Revolution, Social Change Sources, Patterns, and Consequences (2nd ed) Amitai Etzioni and Eva Etzioni-Halevy (Eds). Basic Books Inc. , New York. pp 232 238 Furlong, Andy, and Cartmel, Fred (1997). teenaged People and Social Change Individualisation and Risk in latish Modernity. Open University Press, Buckingham Heinz, Walter R. (1987).The Transition from School to Work in Crisis Coping with baleful Unemployment, Journal of Adolescent Research (Vol 2). pp 127 141 Illich, Ivan (1973). The Breakdown of Schools A Problem or a Symptom, Childhood and Socialisation Hans Peter Dreitzel (Ed). Macmillan Publishing Co. Inc. , Canada. pp 311 336 Mehan, Hugh (1973). Assessing Childrens School Perform ance, Childhood and Socialisation Hans Peter Dreitzel (Ed). Macmillan Publishing Co. Inc. , Canada. pp 240 264 Munro, Lyle (1994). Education, Society and Change A Sociological Introduction to Contemporary Australia Brian gorse and Christine Stafford (Eds).Macmillan Education Australia Pty. Ltd. , South Melbourne. pp 96 128 Pink Floyd (1978) The Wall, The Wall. Mushroom Records, California. Sargent, Margaret (1994). Education for equality? employment? emancipation? , The New Sociology for Australians. Longman Cheshire Pty. Ltd. , Melbourne. pp 231 256 Webb, J. , Schirato, T. and Danaher, G. (2002). Bourdieu and Secondary Schools, Understanding Bourdieu pp one hundred five 106 (Reprinted in Sociological Reflections on Everyday Life GSC 1201 Reader). Allen and Unwin, Sydney. pp 227 238.

Lost Sales Forecast

TERM- PAPER Lost gross revenue Forecast plug-in of Contents Introduction3 Carlson subdivision instal Sales selective information for kinfolk 1992 done with(predicate) princely 19964 comprehensive subdivision hold ons Sales info for phratry 1992 through high-minded 19965 Choosing the anyow for foretelling method6 Trend and seasonal worker parcels in Forecasting7 An estimate of lost gross gross sales for the Carlson Department blood line10 Conclusion10 Introduction The Carlson Department stemma suffered heavy damage when a hurricane struck on August 31, 1996. The breed was closed for four months ( family line 1996 through celestial latitude 1996) causing our sales drop to $0.The task of this piece is to go bad sales in our segment store in past 48 months and develop estimates of the lost sales at the Carlson Department Store for the months of family line through celestial latitude 1996. The Carlson Department Store is involved in a dispute with amends co mpany concerning the make out of lost sales during the beat the store was closed. Two key issues must be resolved 1) The amount of sales Carlson would throw off made if the hurricane had non struck, and 2) Whether Carlson is entitled to any stipend for extravagance sales from increased business activity after the storm.to a greater extent than $8 billion in federal disaster relief and indemnification money came into the county, resulting in increased sales at incision stores and many some other businesses. Carlson Department Store Sales data for folk 1992 through August 1996 Certain conditions should be met by any inviolable forecast. A good forecast should usuall(a)y be based on adequate experience of the relevant past. With our company The Carlson Department Store we pose the sales data for the 48 months preceding the storm available. This amount of historical data fulfills the essential for the volume of relevant data.Table1 proves the sales data for the Carlson Department Store for the months of September 1992 through August 1996. Table 1 Sales for Carlson Department Store mil. $ Month 1992 1993 1994 1995 1996 February 1. 80 1. 89 1. 99 2. 28 knock against 2. 03 2. 02 2. 42 2. 69 April 1. 99 2. 23 2. 45 2. 48 whitethorn 2. 32 2. 39 2. 57 2. 3 June 2. 20 2. 14 2. 42 2. 37 July 2. 13 2. 27 2. 40 2. 31 August 2. 43 2. 21 2. 50 2. 23 September 1. 71 1. 90 1. 89 2. 09 October 1. 90 2. 13 2. 29 2. 54 November 2. 74 2. 56 2. 83 2. 97 December 4. 20 4. 16 4. 04 4. 5 Series of verse is often difficult to interpret. Graphing the observations can be very helpful since the human body of a complicated series is more easily discerned from a picture. The data for Carlson Department Store, as can be seen in Graph 1, guide some seasonal worker fluctuations. It can be seen that the sales in furthermost quarter atomic number 18 higher than in the first 3 lodge of a year, with the highest volume of sales in December. pic Count ywide Department Stores Sales data for September 1992 through August 1996 The data for all department stores in the county are summarized in Table 2.Table 2 Department Store Sales for the county mil. $ Month 1992 1993 1994 1995 1996 February 48. 0 48. 6 45. 6 51. 6 attest 60. 0 59. 4 57. 6 57. 6 April 57. 6 58. 2 53. 4 58. 2 May 61. 8 60. 6 56. 4 60. 0 June 58. 2 55. 2 52. 8 57. 0 July 56. 4 51. 54. 0 57. 6 August 63. 0 58. 8 60. 6 61. 8 September 55. 8 57. 6 49. 8 47. 4 69. 0 October 56. 4 53. 4 54. 6 54. 6 75. 0 November 71. 4 71. 4 65. 4 67. 8 85. 2 December 117. 6 114. 0 102. 0 100. 2 121. 8 Sales of all department stores in the county, as can be seen from Graph 2, show similar seasonal fluctuations as sales of Carlson Department Store. pic From the above represent one can also observe that in past 3 years (years 1993-1995) the volume of sales in the month of September went down, and slowly went up again in October and November and usually reached its peak i n December. The extraordinary(predicate) behavior in September 1996 pulls our attention. For the first time in 4 years history we observe that the sales volume in September compared to August sales went up by 11. 7 % whereas in September 1993 they were down by 8. 6%, in September 1994 down by 15. 3%, and in September 1995 actually down by 21. 8%.The question is why such a change occurred? And the answer is that more than $8 billion in federal disaster relief and insurance money came into the county, which resulted in these increased sales at department stores. Choosing the separate forecasting method There are many different forecasting methods. One of the challenges we had to face was to choose the right technique. Smoothing methods are appropriate for a stable time series. When a time series consist of hit-or-miss fluctuations around a long-term bm line, a linear equating may be used to estimate the trend.When seasonal do are present, seasonal indexes can be computed and used to deseasonalize the data and to develop forecasts. When both(prenominal) seasonal and long-term trend effects are present, which is also the shield of Carlson Department Store as well as the case of all department stores in the county, a trend line is fitted to the deseasonalized data the seasonal indexes are then used to adjust the trend projections. Trend and seasonal worker Components in Forecasting The office of forecasting the sales for months September through December 1996 (had there been no hurricane) for The Carlson Department Store is summarized in Table 3.Table 3 Procedure of forecasting sales for Sep. -Dec. 1996 Sales 12-month Centered Seasonal Deseasonalized Moving Moving Irregular Sales Average Average tax 1992 Sept. 1. 71 - - - 2. 09 Oct. 1. 90 - - - 1. 95 Nov. 2. 74 - - - 2. 35 Dec. 4. 20 - - - 2. 41 1993 Jan. 1. 45 - - - 1. 46 Feb. 1. 80 - - - 2. 13 Mar. 2. 03 - - - 2. 09 Apr. 1. 99 - - - 2. 05 May 2. 32 - - - 2. 24 June 2. 20 - - - 2. 37 July 2. 13 - - - 2. 28 Aug. 2. 43 - - - 2. 2 Sept. 1. 90 2. 24 - - 2. 32 Oct. 2. 13 2. 26 2. 25 0. 95 2. 18 Nov. 2. 56 2. 28 2. 27 1. 13 2. 19 Dec. 4. 16 2. 26 2. 27 1. 83 2. 38 1994 Jan. 2. 31 2. 26 2. 26 1. 02 2. 32 Feb. 1. 89 2. 33 2. 29 0. 82 2. 23 Mar. 2. 02 2. 34 2. 33 0. 87 2. 08 Apr. 2. 23 2. 34 2. 34 0. 5 2. 30 May 2. 39 2. 36 2. 35 1. 02 2. 31 June 2. 14 2. 36 2. 36 0. 91 2. 30 July 2. 27 2. 36 2. 36 0. 96 2. 43 Aug. 2. 21 2. 37 2. 36 0. 94 2. 38 Sept. 1. 89 2. 35 2. 36 0. 80 2. 31 Oct. 2. 29 2. 35 2. 35 0. 97 2. 34 Nov. 2. 83 2. 36 2. 36 1. 20 2. 42 Dec. 4. 04 2. 39 2. 37 1. 70 2. 31 1995 Jan. 2. 31 2. 38 2. 38 0. 97 2. 32 Feb. 1. 99 2. 38 2. 38 0. 84 2. 35 Mar. 2. 42 2. 38 2. 38 1. 02 2. 49 Apr. 2. 45 2. 42 2. 40 1. 02 2. 52 May 2. 57 2. 44 2. 43 1. 06 2. 48 June 2. 42 2. 45 2. 44 0. 99 2. 60 July 2. 40 2. 47 2. 46 0. 7 2. 57 Aug. 2. 50 2. 49 2. 48 1. 01 2. 70 Sept. 2. 09 2. 51 2. 50 0. 84 2. 55 Oct. 2. 54 2. 53 2. 52 1. 01 2. 60 Nov. 2. 97 2. 55 2. 54 1. 17 2. 54 Dec. 4. 35 2. 56 2. 55 1. 70 2. 49 1996 Jan. 2. 56 2. 58 2. 57 1. 00 2. 57 Feb. 2. 28 2. 61 2. 59 0. 88 2. 69 Mar. 2. 9 2. 63 2. 62 1. 03 2. 77 Apr. 2. 48 2. 65 2. 64 0. 94 2. 55 May 2. 73 2. 65 2. 65 1. 03 2. 64 June 2. 37 2. 67 2. 66 0. 89 2. 55 July 2. 31 2. 66 2. 67 0. 87 2. 47 Aug. 2. 23 2. 66 2. 66 0. 84 2. 40 fall 113. 72 Columns 1 and 2 represent all the years and months.Column 3 shows the monthly sales data of Carlson Department Store. The first step of the deseasonalizing routine is to calculate the pitiful comelys. We had to decide how many observations to use in the pitiable average. One selection method is to calculate the destine error and the mean square error of the differences between the actual data and the forecast. The series with the smallest squared error would be preferred. The Management Scientist results for the Carlson Department Store show that the 12-month moving averag e gives the smallest squared error. The 12-month moving average value are shown in the Column 4.If the number of data points in a moving average calculation is an even number, we need to center the moving average values to correspond to a particular time period, as we did in the calculations in Column 5. By dividing each time series observation by the corresponding centered moving average value, we could identify the seasonal-irregular effect in the time series. Column 6 summarizes the resulting seasonal-irregular values for the entire time series. By dividing each time series observation by the corresponding seasonal index, we remove the effect of season from the time series.Deseasonalized sales data are shown in Column 7 and a graph of the data (graph 3) is on the next page. The first step of the decomposition procedure has now been completed. The upstart series has eliminated the seasonality. The next step is to calculate the trend. The observation of the deseasonalized sales da ta of Carlson Department Store appears to indicate that a straight line would be most appropriate form of equation that would describe the trend. Graph 3 Deseasonalized sales data of Carlson Department Store pic Applying regression analysis we have arrived to this the linear trend equation Tt = 2. 875 + 0. 0118t. The dispose of 0. 0118 in the trend equation indicates that over past 4 years the Carlson Department Store has experienced an average growth in sales of about $0. 0118 per year. If we accept that the past 4-year trend in sales is a good power for the future, we can use the equation above to project the trend fixings of the time series. Substituting t = 49, 50, 51, and 52 into the equation we yield the deseasonalized sales of Carlson DS for September through December 1996. For September 1996 we get $2. 67 mil, for October 1996 $2. 68, November 1996 $2. 9 and for December 1996 $2. 70. In order to apply the seasonal effects we multiply these projected deseasonalized sales b y the relevant seasonal indexes metrical in Table 4. Table 4 Seasonal Indexes Month Seasonal-Irregular Component Values Seasonal Index Jan. - 0. 63 0. 64 0. 65 0. 69 0. 65 Feb. - 0. 78 0. 80 0. 81 0. 87 0. 82 abut - 1. 12 1. 11 1. 4 1. 06 1. 11 April - 1. 00 1. 01 0. 99 1. 02 1. 01 May - 1. 04 1. 03 1. 03 1. 03 1. 03 June - 0. 99 0. 97 0. 97 0. 98 0. 98 July - 0. 96 0. 92 0. 98 0. 98 0. 96 Aug. - 1. 07 1. 09 1. 10 1. 02 1. 07 Sep. - 0. 98 0. 93 0. 88 1. 05 0. 96 Oct. - 0. 90 0. 8 0. 99 1. 03 0. 98 Nov. 1. 00 1. 02 1. 00 1. 04 1. 00 1. 01 Dec. 1. 47 1. 45 1. 41 1. 37 - 1. 43 An estimate of lost sales for the Carlson Department Store By multiplying the projected deseasonalized sales by the relevant seasonal indexes careful in Table 4 we will arrive to the levels of sales for months September 1996 through December 1996 had there been no hurricane September 1996 $2. 19 mil. October 1996$2. 62 mil November 1996 $3. 14 mil December 1996$4. 1 mil The above-described pro cedure for forecasting sales for Carlson Department Store can be utilise to countywide department stores too. It would give following results The estimated countywide department store sales had there been no hurricane (and no disaster relief money) for September 1996 is $46. 65 mil, for October 1996 $51. 22, for November 1996 $64. 4, and for December 1996 $99. 3. Comparing these figures to the actual sales of the countywide department stores one can see that the actual sales are over-valuated. I attribute this to the $8 billion of disaster relief money.Had the county department stores not veritable the disaster relief money they would probably continue their downward trend described by function Y = 63. 64 0. 13t. The slope of 0. 13 in the trend equation indicates that over past 4 years countywide department stores have experienced an average defy in sales of about $0. 13 per year. Conclusion The task of this report was to resolve two key issues. 1. Estimate the amount of sales Carlson would have made if the hurricane had not struck. We have come to a conclusion that the sales for September 1996 had there been no hurricane would be $2. 9 mil, in October 1996 it would be $2. 62 mil, in November 1996 it would be $3. 14 mil and in December 1996 it would be $4. 71 mil. 2. Find out whether Carlson is entitled to any requital for excess sales from increased business activity after the storm. More than $8 billion in federal disaster relief and insurance money came into the county, resulting in increased sales at department stores and numerous other businesses. Based on our estimates we strongly believe that the countywide department stores would made much lower sales havent they received the relief money.Therefore we believe that our department store is entitled to compensation for excess sales from increased business activity after the hurricane and we will marvel the insurance company to cover our lost sales for months September through December 1996 in the a mount of $12. 66 mil. Reference Keat, P. G. , Young, K. Y. Managerial stintings. Economic tools for todays decision makers. 3rd edition. Anderson, D. R. , Sweeney, D. J. , Williams, T. A. Quantitative Methods for Business. 8th edition. Barr, Richard. southerly Methodist University. The Appeal of Network Models. 1997. 5 Feb 1997.

I Know Why the Caged Bird Sings Essay

The the Statesn Dream is true equality and freedom of the citizens of The United States. In Maya Angelous I Know Why The Caged Bird Sings, ox-eyed daisy struggles with the thought of hint unwanted as a child and the discrimination against dims. As white daisy grows up, she experiences number 1-hand the cruelty of racism. Her struggles reflect on all the hardships the citizens of America went through when they were scrap for equality as well. It first started in 1607 when English settlers travelled to America for religious freedom. The freedom they sought out for ultimately grew to be something much important than just religious freedom. marguerite defies authority and segregation and eventually gains the equality she deserves. Even though the era of slavery has ended, segregation betwixt blacks and purenesss were still present.The town that white daisy lives in is separated from where the white community is and she b arly knows what they are like and she wonders if they are even human. Early on in the story, white daisy first experiences the cruelty of the local powhitetrash when her family is warned of the white thrash force searching her town for a scapegoat. This causes her Uncle Willie to hide in a tater bin even though he is innocent. In chapter blank, Marguerite watches triple white girls mock ma and she feels anger towards their cruelty and unfairness.As Momma finds her crying in anger, this is the first time she felt the need to concord the white slew and fight against them. This encounter foreshadows Marguerites future day acts of defiance against white people, as the English settlers defied their kind and moves to America. Marguerites first true act of defiance was when she was working for a white woman named Viola Cullinan. Mrs. Viola Cullinan is rude and her friends mistreat Marguerite. In redact for Marguerite to stop working for her, she broke her prized china. This was a sign of Marguerite in conclusion taking a stand again st being mistreated. Her resistance gains Marguerite derriere her ostentation and she is getting closer to the freedom that she yearns for.There are times in the story where Marguerite feels an extreme sense of pride for her and her people. At Marguerites graduation, a white man named Edward Donleavy degrades the black population by stating that they can only excel in sports. He causes the eighth grade class to feel ashamed of themselves because they feel unintelligent. Marguerite starts to regret the fact that Columbus discovered the new world and she wishes that he hadnt.She feels so embarrassed, only Henry Reed, the valedictorian of her class brings their spirit back up.He has the crowd sing the Negro National Anthem and as his speech ends, every(prenominal)one feels great pride swell inside of them. Marguerite feels uplifted of her heritage and education and ignores what harsh words of Mr. Donleavy. Another time when Marguerite feels proud of the black population is when sh e envisions Ms. Henderson standing up to Dr. Lincoln. She pictures Ms. Henderson turning into a superhero and scaring Dr. Lincoln. She states that she feels proud to be her granddaughter. The American Dream cannot be fulfilled unless the people have an extreme sense of pride of who they are and their country. Marguerites feelings were the start of the journey towards equality between all races.Marguerite first experiences a sense of equality when she attends a school in San Francisco. totally the students are rude to her and act as if she is inferior to all of them. On the other hand, Marguerite meets a teacher names Mrs. Kirwin who doesnt discriminate. She treats every single one of her students the same, no matter what their race is. She only remembers Mrs. Kirwin because she didnt treat her differently. Marguerite experiences one final act of equality when she runs forward from her father.She discovers a mix of young teens consisting of several races working together in equalit y. They give her certain rules that allow her to appreciate diversity and how everyone is the same. For example, everyone must work and put in an equal amount of effort to survive. Like the American Dream, everyone living in the junkyard is equal and treated fairly. There was no heaviness or segregation when Marguerite lived in the junkyard. As it says in The solution of Independence, every American citizen is endowed by their Creator with certain inviolable rights.In chapter 19, the Store is filled people listening to the boxing haul with Joe Louis, a hero from the black population. When he wins, Marguerite feels that he proven that black people are powerful people. The black population develops a sense of hope, feeling that things will start to change because Joe Louis made a difference and because he is a black man.They feel as if they finally took a stand to all the unjust lynching and discrimination against blacks. costly the end of the story, Marguerite becomes the first black person to have a job as a streetcar conductor. At first, there was a policy forbidding any black person to have this job, but Marguerite fights and against all odds, she is successful. This proves that regardless of social standing, one can grasp what they desire if he or she really wants it. Just as us Americans fought for freedom, Marguerite fought for equality.

Backup Criteria Essay

A lodge should attain posteriorup files of anything important and pertinent to their business. Any selective information and files that argon stored on their computer should be support up. I would suggest a full backup which includes all files whether they reserve been changed or not. I would have 8 datasets which includes User Acquisition Costs, given up Carts, Visitor Value, Lifetime Value, Traffic, Lead Source ROI, Purchase Funnel and comp 1nt of Mobile Visits. I would use a File History back up. Before you start using File History to back up your files, you urgency to first select where your backups are extradited. You jackpot select an outwardly connected drive, much(prenominal) as a USB drive, or you can save to a drive on a network. There are other choices, but these two provide the best options to ease protect your files against a crash or other PC problems. File History lone(prenominal) backs up copies of files that are in the Documents, Music, Pictures, Video s, and Desktop folders and the OneDrive files available offline on your PC.If you have files or folders elsewhere that you want backed up, you can add them to one of these folders. The data should be taken offsite every night. Data backup is passing critical to the survival of your business. There are numerous potential hazards that peril your data. Equipment failures, crashes, theft, fire and flood are just a few examples of the dangers. Your company needs a solid plan in place to enjoin that all of your important data is retrievable. If a crash occurs, you can such utilities as fdisk, dinit, chkfsys, and spatch to detect and repair any damage that happened to files that were open for compose at the time of the crash. In many cases, you can completely prepare the filesystem. Sometimes the damage may be more severe. For example, its assertable that a hard disk willing develop a enceinte block in the shopping center of a file, or worse, in the middle of a directory or some o ther critical block. Again, the utilities provided can help you determine the extent of such damage.You can ofttimes rebuild the filesystem in such a way as to avoid the damaged areas. In this case, some data will be lost, but with some effort, you can recover a large portion of the affected data. When backing up your data, you need to decide whether to back up each file and directory separately, or in an archive with a collection of other files. You also need to decidewhether or not to compress your data to reduce the depot requirements for your backups. The time lost to compression and decompression may be set-back to a degree by the reduced time it takes to write or read the compressed data to media or to transfer it through a network.To reduce the expense of compression, you may choose to compress the backup copies of your data as a background task after the data has been copied, perchance days or weeks after to reduce the storage requirements of older backups part keeping n ewer backups as accessible as possible. You should back up often enough so that you can recover data thats soundless current or can be made current with minimum work. In a software development group, this may range from a day to a week. Each day of out-of-date backup will generally cost you a day of redevelopment. If youre saving pecuniary or point-of-sale data, then daily or even twice-daily backups are common. Its a good idea to maintain off-site storage.

Comparison of Filing Systems

Everyday, 21 trillion general office documents, 76 million letters, 234 million photocopies, and 6oo million figurer print discloses, all in paper, be produced by organizations in America alone. These figures came out from a study by the International Data Corp. All of these bar to paper-based files that are invaluable to the maintenance and progress of institutions.However, as such(prenominal) as resources only become assets if properly handled, these files are only of as much use as an institution knows where they are, and how to access the selective information they contain (Langemo and Robles).In baffle to realize this, it is necessary for an agency or office to establish a filing arranging that satisfies both the criteria of effectiveness and efficiency (Texas State depository library and Archives Commission). For this, there are a number of selections. Therefore, it is essential to discriminate and contrast the features that each filing system can offer so that a reason able choice can be made.Let us startle consider the Alphabetic filing system. Also referred to as a direct-access system, it is the or so extensively locked classification system. As the term direct-access implies, its advantage is that it is easy because anyone wanting to access information from the files need not check with an index.A drug user only needs to identify the first letter of the label of the data in question and search for it among the files in the order that it appears in the alphabet. though there is a standard prescribed in using an alphabetical filing system, most offices alphabetize their files loosely according to their prerogative intention (Langemo and Robles).A seeming upgraded version of the alphabetic system is the Geographical classification system. In this system, files are arranged by geographic location, e.g. by city, county, province, state, region, or country, and are further positioned in alphabetical order. Today, government offices and petrol eum industries still employ the Geographic classification system in filing land-oriented records (Langemo and Robles).Meanwhile, when certain compositors case of records requires numeric ordering, Numeric classification systems are employed. This type of filing system makes it easier to manage paper documents either by numbering the border of end-tabbed folders, or by utilizing shelf filing equipment, computer index databases, and color code schemes (Langemo and Robles).Finally, when it is inappropriate to categorize records according to names either by individuals, organizations, institutions, locations, or agencies, Subject filing systems are used. This system is divided into two arrangements mental lexicon and encyclopaedic. When the topics of the files are arranged alphabetically, they are in dictionary arrangement. Meanwhile, in an encyclopedic arrangement, associated items in a subject file are classified alphabetically under a superior caption (Langemo and Robles).All of t hese four filing systems are advantageous for specific types of files. It is up to the agencies to evaluate which among these filing systems is appropriate for them. sorrow to identify this can lead to a waste of time, money, resources, or worse, heavy complications. The decision making practices of an institution will significantly be more than effective if fitting filing system is employed (Texas State subroutine library and Archives Commission).Reference CitedLangemo M., and Marcel Robles. Upgrade Your Office file System. Office lead and Office Solutions Magazine. Feature. December 2001. 22 Sept. 2006. .Texas State Library and Archives Commission. Filing Systems. Records Management Publications. Texas State Library and Archives Commission. 26 Sept. 2002. 22 Sept. 2006. http//www.tsl.state.tx.us/slrm/recordspubs/fs.html.

Assertive Discipline

Miss Collin was a nasty instructor that I had when I was 6 or 7 years old and, as a result of the psychotherapy I underwent in later years, I am now able to asseverate that this instructor is responsible for most of the mental damage I suffered with resulting suicidal tendencies. She intaked terror and humiliation to restrain order in the classroom and did non hesitate to use the blister as her method of control (Warnes 1). School baby birdren shouldnt be afraid(predicate) to attend their naturalize because the teachers humiliate assimilators, atomic number 18 mean and halt unfor swelled rules.The over alone purpose of exoteric schools is to provide a primary reading environment so a student croupe obtain a good education. All students should be treated equ bothy no intimacy where they atomic number 18 and should have the same rights as adults so they flock march on their goal of graduating. Discipline is more than keeping a group of children or young people q uiet plot of ground being talked to. Preserving good demeanor is certainly one aspect to check off, for encyclopedism it in an atmosphere of mental confusion is difficult. Children have to learn to conform to the rules of behaviour pauperismed in a classroom.Teachers have the right to ask for a quiet class, keep the students in their seats, and have the right to discipline them if they do not cooperate. When a teacher expresses his or her thoughts, smellings, and beliefs in direct, honest, and enchant itinerarys that do not break the right of others, and when the message does not humiliate, degrade, or dominate the one being talked to, he or she is using Assertive Discipline. In order for a teacher to maintain control of his or her class they moldiness use Assertive Discipline. In order for a teacher to have his or her take met, they can set the behavior of the children.With bulge out influence a teacher is powerless and will sour burned out. (Canter, 2) There is no simple answer to why this happens. A number of complex factors have feature to create an environment in which teachers are having trouble in get personal and professional gather ups met. Until the past decade, the teacher was looked at as the main person in the classroom by students and parents. The teacher, simply because of their routine status, had respect and authority. Thus, the teacher was a powerful figure in the eye of the students and could easily influence the students behavior, often with just a look, smile, or a threat.All of that is now changed. Today, a teacher has to earn the respect of some(prenominal) the students and their parents. A teachers basic techniques of influence, or discipline, is no longer as impressive as getting the desired results. The discipline approaches of the 1950s and 1960s do not run short with the students of the 1990s. In addition, the teacher cannot rely on the strong support of the parents bothmore. umpteen parents are openly que stioning, the education that their children are receiving, and do not thumb they want to support the needs of their childs teachers.Teachers cannot get their needs met in a classroom unless they have an effective method of discipline in which they well understand and comfortable utilize. An aggressive teacher is genius who clearly and securely communicates his or her wants and needs to his or her students, and is hustling to reinforce their words with grant actions. (Canter,9) When a teacher is roveive, and clearly and firmly communicates their wants and discoverings to a child, they send a clear message. This message simply states I mean what I say and say what I mean. (Collins, 155)Lee Canter, a child guidance exceptionalist, has undercoat that while most teachers shambling lesson plans as a routine matter, very few make discipline plans. Planning is essential to teaching well. Lesson be after is second nature to teachers. Lesson plans are part of a professional rou tine, and are done almost automati shoot the breezey when the need arises. However, readiness for discipline is an simply different story. The vast majority of teachers have learned or have been exposed to the grades involved in cooking discipline programs, specially those to be used specifically with disruptive students.Because of teachers frustrations, all we often uplift is their complaining about how difficult the students really are. Such complaining whitethorn help to relieve the strain of dealing with difficult students, but it in no way helps to solve the paradox. Planning your discipline efforts, and utilizing assertive principles, are as essential to teaching as a lesson plan. (Charles,128) Discipline planning will structure and guide classroom management efforts the same as lesson planning for academic efforts. Discipline plans are important and helpful to all teachers.Charles, urges to make discipline plans according to the pursual steps Identify each existing or potential discipline problems, specify the behaviors you want the students to bear away or work in, decide on negative and positive consequences appropriate to the student and situation, and decide how to execute the negative and positive consequences. (Charles, 129) Discipline planning is the systematic applications of the assertive principles the teacher exhibits. It involves focusing your attention on whatsoever existing or potential discipline problems you whitethorn have.These discipline problems whitethorn involve an individual student, or a group of students, or an unblemished class. Having good discipline enables the teacher to deal assertively with their students. He or she will have a go at it how to maximize their potential influence to get their needs met, with more difficult situations it may be useful for the teacher to engage in problem-solving and discipline planning with comrades, school psychologist, principle or anyone who may be familiar with the stude nts or have successfully managed similar problems.One final area needed for discipline planning are special activities. Special activities are those activities the students do not consistently engage in, for example, range trips or assemblies. A day or so before such an activity, the teacher must have some basic discipline planning. at a time again, the teacher must determine the behavior wanted and not wanted, the adjust setting and positive consequences, and how the program will be started. The assertive teacher write outs the fact that he or she has wants and needs and has the right to get them met in the classroom.The teacher is also aware of the limitations and realizes that they have the right to ask for assistance, whether it is from the principle, parents, or peers. (Charles,37) The assertive teacher should be aware of the childs need for warmth and support. An assertive teacher is aware that a limit setting reaction must be delivered in as effective a manner as possib le. Eye contact is very important when trying to get a point made. Whenever necessary, the teacher plans how to cover charge up their limit setting didactics with appropriate consequences.This is done in order to maximize the influence that his or her response can have on the behavior of the child. (Canter, 28) Whenever required, teachers should be prepared to back up their words with consequences in order to motivate the behavior of more difficult children. He or she is aware some children need more support than others and is prepared to give that child as more as they can. (Canter, 32). The children learn to trust and respect an assertive teacher. The children clearly cognise the parameters of acceptable and unacceptable behavior.This gives them an opportunity to choose how they want to behave while hold outing fully what the consequences will be for their behaviors. This does not mean that every child will like an assertive teacher, and does not mean that every child will be have. Some children may still decide not behave for any reason. All that an assertive teacher can do by his or her behavior is try to establish an atmosphere where he or she maximizes the potential for a positive teacher child relationship. The major area where being an assertive teacher helps a child is when the student has special needs or problems.This when a teacher needs to step things up a notch and be lessen more assertive. Some teachers may lose track of their assertive potential, but they have to teach the child how to behave in the appropriate manner. (Canter, 46) One problem area where a child needs assertive discipline is when he or she is confronted with peer pressure. This is when the students fellow peers force him or her to do something, like throw spew out balls or make funny noises to win the approval of others. This problem can be solved by confronting the child and telling him what he or she is doing wrong.This problem can also be solved by giving out a punishm ent like, writing on the chalkboard or may be standing in the corner with his or her back turned to the rest of the class. If all else fails, the teacher may want to call the childs home and plan a conference with the students parents. Though most teachers feel threatened and overwhelmed by parents, especially if they are pushy or manipulative, they need to take a stand and thoroughly explain the situation acquittance on with their child. (Rich, 145) The teacher has to be assertive with the parents and the child.The teacher should not voltaic pile grade the problems they are having with their child. Instead they should tell the parents the way things are. For instance a teacher should not call the childs parents and say, we have a little problem with your son, when in actuality, the child had a violent tantrum. The teacher should let the parents know that they need their cooperation to discipline the child at home for his tantrum. If the teacher does not tell the parents what they truly feel then the childs tantrum will be even worse the next time.The corner stone of assertive discipline is the potential positive influence teachers can have on the behavior of their students. Hand in hand with influence goes responsibility. (Canter, 57) When teachers accept the consequences of their potential influence they accept the consequences of their potential influence they accept the responsibility to choose, or not to choose, to utilize this potential for the best interest of both themselves and the students. Assertive teachers recognize the responsibilities they have for the children.They know they cannot assert themselves and get their needs and the children needs met. They know they can have the impact on their classrooms if they choose to do so. separate teachers choose not to accept the reality of their potential influence. Thus, they are confronted with the following situations they place themselves in a powerless position. They view themselves as a helpless victim at the mercy of the students, their parents, the principle, and the school system. Such teachers become the complainers.They complain about everyone and everything that victimize them. Charles, 120) They end up blaming all of their problems on others, and never on themselves. Mandatory uniforms is an answer that some give to closure the late(a) and alarming rise in violence and drop out rates in our public schools. Those that support uniforms argue that uniforms disguise sparing and ethnic backgrounds, so students are no longer jealous of others. The pecuniary burden on parents is lifted. But do uniforms really give all of these benefits? Can just one change in public schools make them so much better?The wearing of uniforms in more of the nations public schools has been a much-talked about issue recently, with President Clinton and several members of Congress verbalise their support. Supporters of school uniforms say social and economic classes would no longer be reveal ed by students clothing, schools will have more of a sense of community, and students self-pride will change. Some gang members have hurt or bump off innocent people because of a colored item of clothing they chose to wear. Proponents assert that uniforms will reduce this type of violence in schools and, therefore, make classes effective and orderly.Uniforms have been shown to reduce absentee rates as well. In situations where there are several different financial backgrounds attending the same school students may be under pressure, and possibly ridiculed because of failure to conform to the latest invent trends. Everybody wearing the same styles of clothes might eliminate that. In response to growing levels of violence in our schools, many parents, teachers, and school officials have come to see school uniforms as one positive and creative way to reduce discipline problems and increase school safety.They observed that the slangion of school uniform policies can promote school safety, improve discipline, and enhance the learning environment. As a result, many local communities are deciding to adopt school uniform policies as part of an overall program to improve school safety and discipline. California, Florida, Georgia, Indiana, Louisiana, Maryland, New York, Tennessee, Utah and Virginia have enacted school uniform regulations. Even though social and economic barriers can be torn down, some schools have not had as much success.In fact, implementing requisite school uniforms can be dangerous because it provides the community with a erroneous sense of security. It is like putting a small bandage on an enormous wound, instead of attempting to find ways to truly deal with the bleeding. Although this can happen, uniforms prove to continue to be a success. In a recent study of uniforms in Georgia Schools, eighty percent of students stated that they did not feel that the uniforms reduced fights and 68. % felt that uniforms did not help to make them feel a p art of school. I myself would not feel at any way individually squashed if I were made to wear a uniform. Everyone must look at the main issue pertaining to this topic. Our lives, without our individuality is meaningless. I would be more than willing to wear a uniform to school and be safe and let my personality express my individualism, and be judged for what I am than to be judged and be put into a life sour situation for what color I was wearing.

Prison Abuse

prison house guy the earthsns all know that our prisons be the final frontier for the socially rejected criminals and violent offenders. Once they are convicted, prison is their new home. For which it can be five years or the await of their lives until death. When the door closes rear end them the rest of the world doesnt matter. It is inside the prison that matters. Those of us who are out-of-door the prison are unaware of what goes on in t present, such as prisoners abuse. Violence within the Statess correctional facilities has become an increasing problem in recent years.With the largest incarceration say in the world, it is tho expected that we reckon these problems. Unfortunately, it is the correctional staff face with these problems. With the rising of the prison population and the decline of the number of correctional staff, it is only inevitable that fury, within the worlds largest imprisoned population, increases in Americas prison schemas. Prison violence is a r eal release because people every year are convicted of many different crimes, around severe and some minor.Regardless of the crime committed, everyone in the prison and fling systems is vulnerable to prison violence. Society has even labeled these criminals Animals regardless of the crimes they committed. bit they are in prison they are treated as Animals. Prison violence includes the abuse of both prisoners and the guards. This is a crucial problem here in America and we are unaware of it disaster in our prisons. any of the prison violence that goes on leads inmates to be severely injured or end up dying from the beat down they receive.There are several articles that are on violence in our prison system. angiotensin-converting enzyme article by Dan Frosch informs us of an inmate that refuses to follow the orders given to him by the guards in a Utah prison. As a result of his novelty they stripped him naked and tied him to a restraining hot seat for sixteen to twenty dolla r bill hours then released him to his cubicle in which he collapsed and died. An autopsy showed the inmate that goes by the name Michael Valent died from a blood clot that blocked an artery to his heart. This article featured in The Nation.Valent had died due to the fact that he was confined to the chair and could not move any part of his person for those sixteen hours when he was restrained The chilling incident made national news not only because it happened to be videotaped but excessively because Valents family successfully sued the State Of Utah and forced it to stop using the device (Frosch). The guards who had done this to Michael Valent also had done the same to other inmates as well but they lived or the abuse was never recorded. It is likely that incidents like this have happened around America but never been reported or made public knowledge.In some cases the prisoners do not speak out about what is happening to them fearing the consequences from the guards or boyfrien d inmates. Another incident of prisoner abuse was a thirty-seven year old inmate strangled a fellow inmate who is a former priest to death. He was given no protection whatsoever. A former priest who was put in prison for either a minor crime shared a cell with a prisoner who killed someone. The only logical question is whether the law enforcement system inside these prisons or jails goes downhill once the criminals are put behind bars?Should the incarcerated be punished severely by the men that honor over them? Do the guards have a right to use veer force on these men who havent done anything curiously wrong inside prison? Why dont the guards hold back or stop other inmates from fighting amongst themselves. As we have seen the violence in Americas prisons has gone from bad to worse. There is no way to stop it. There needs to be a antecedent to this crisis that will not fail at all and will persist solid throughout the years that will not falter what so ever.A solution will pro tect inmates from the danger that lies within those walls. deeds Citied Frosch, Dan. Exporting Americas Prison Problems. TheNation. com, May 12, 2004. Web. 12 Nov. 2009. http//www. thenation. com/ mendelevium/20040524/frosch Seabrook, Norman. Prison Violence on the Rise. BNET. USA Today Magazine, 25 Sept. 2005. Web. November 17, 2009. http//findarticles. com/p/articles/mi_m1272/is_2724_134/ai_n15380394/pg_1 Chapman, Stephan. The Prisoners Dilemma. New Republic 8 March, 1980, Print.

Banning Smoking in Public Places

censor dope in in the everyday eye(predicate) places Id like to bubble nigh the censorning bullet in public places. Gener all toldy, is known about smoking that weed shell different types of tooshiecer, yellow teeth and dreadful smell. I think that smoking in public places represent a real problem, because smoking can rent to serious health problems for both the person who smoke and the seated next to him. Nowadays, smoking is a spark advance cause of mortality in the world, but also a genuinely profitable business for close to companies.In general, when it comes to smoking, opinions ar divided. While some mess urge us non to smoke, others try to convince us that is non necessary to make so m whatsoever(prenominal) problems and that smoking is not dangerous. commencement of all, issue of smoking in public places has become today a real reason for concern. So, g everyplacenments all over the world have implement ousts of smoking in public places, to the joy o f non- stag partys and the diswhitethorn of those for whom a butt joint is a permanent file name extension of the lips. baccy smoke contains carbon monoxide, a gas, which, if is inhaled, can produce different types of pulmonary diseases, cancer. This action of carbon monoxide displays one capital advantage of the illegalize on smoking in public places. battalion standing next to the smoking compartment will, against their wishes, be inhaling the tobacco smoke emanating from the spark advance of the cigar or cigarette as well as that exhaled by the smoker. and so, long quantities of carbon monoxide will be entering the victims snag stream, wreaking havoc with his red origination cells.Tobacco smoke has also been shown to contain certain(p) carcinogenic compounds which have the expertness to mutate the DNA of anyone who inhales them, leading to potential cancers of the lungs, mouth and throat, and also substitute cancers at other sites in the body. These effect present a nother cause in favour of the ban on smoking in public. primitive sight standing next to the smoker will be change magnitude their risk of getting cancer tenfold. Tobacco smoke also contains nicotine, a chemical which produces the same effects as adrenaline in the body.Nicotine gains the existing rate, heart beat and channel rack of the person who consumes it. Increased blood pressure may lead to bent of the arteries, a condition called atherosclerosis. Thus another advantage of the ban comes to light. Non-smokers who unwittingly inhale second-hand smoke are loose to nicotine and its harmful effects. Apart from the retrieveming(a) aesculapian and health advantages of the ban on smoking in the public, certain social advantages can be mentioned.It is a well-known fact that children, having spinnable minds, emulate almost everything they see their elders doing. The negative impact of seeing an gravid smoking could ultimately lead these children to becoming smokers thems elves. And the chances of such sighting increase manifold in public places where smoking is allowed. Countries which provide free medical aid for their citizens have an added advantage, a monetary one. Respiratory illnesses caused by inhaling tobacco smoke are on the rise, resulting in an increase in the summate of money spent on medical accusation by these countries.Most of the people suffering from these illnesses are non-smokers exposed to second-hand smoke. By banning the smoking of any form of tobacco in public, the incidence of these illnesses is greatly decreased, thus salvage millions which may be order towards other projects. The only disadvantage of the ban that comes to mind is that the smoker finds himself ineffective to exercise his right to choose, his freedom as a representative citizen, fully. It is surely an infringement on the rights of the smoker, rights which are guaranteed to any and all citizens of a democratic country.But one feels it is unjustified. Th e smoker cannot and should not advertize his smoking upon anyone, he should care for the rights of others as well. The rights of so few cannot be given preference over the rights of so many. All in all, the ban on smoking in public is a step in the right direction, towards a break out future for us and the generations to come. All move possible should be interpreted to discourage tobacco smoking, a potentially hazardous habit which may lead to death. We owe it to ourselves to do so. forbiddance Smoking in Public PlacesBanning smoking in public places Id like to talk about the banning smoking in public places. Generally, is known about smoking that can cause different types of cancer, yellow teeth and unpleasant smell. I think that smoking in public places represent a real problem, because smoking can lead to serious health problems for both the person who smoke and the sitting next to him. Nowadays, smoking is a leading cause of mortality in the world, but also a very profitable business for some companies.In general, when it comes to smoking, opinions are divided. While some people urge us not to smoke, others try to convince us that is not necessary to make so many problems and that smoking is not dangerous. First of all, issue of smoking in public places has become today a real reason for concern. So, governments all over the world have implemented bans of smoking in public places, to the joy of non-smokers and the dismay of those for whom a cigarette is a permanent extension of the lips.Tobacco smoke contains carbon monoxide, a gas, which, if is inhaled, can produce different types of pulmonary diseases, cancer. This action of carbon monoxide displays one great advantage of the ban on smoking in public places. People standing next to the smoker will, against their wishes, be inhaling the tobacco smoke emanating from the tip of the cigar or cigarette as well as that exhaled by the smoker. Thus, large quantities of carbon monoxide will be entering the vic tims blood stream, wreaking havoc with his red blood cells.Tobacco smoke has also been shown to contain certain carcinogenic compounds which have the ability to mutate the DNA of anyone who inhales them, leading to probable cancers of the lungs, mouth and throat, and also secondary cancers at other sites in the body. These effects present another case in favour of the ban on smoking in public. Unenlightened people standing next to the smoker will be increasing their risk of getting cancer tenfold. Tobacco smoke also contains nicotine, a chemical which produces the same effects as adrenaline in the body.Nicotine increases the breathing rate, heart beat and blood pressure of the person who consumes it. Increased blood pressure may lead to hardening of the arteries, a condition called atherosclerosis. Thus another advantage of the ban comes to light. Non-smokers who unwittingly inhale second-hand smoke are exposed to nicotine and its harmful effects. Apart from the evident medical and health advantages of the ban on smoking in the public, certain social advantages can be mentioned.It is a well-known fact that children, having impressionable minds, emulate almost everything they see their elders doing. The negative impact of seeing an adult smoking could ultimately lead these children to becoming smokers themselves. And the chances of such sighting increase manifold in public places where smoking is allowed. Countries which provide free medical aid for their citizens have an added advantage, a monetary one. Respiratory illnesses caused by inhaling tobacco smoke are on the rise, resulting in an increase in the amount of money spent on medical care by these countries.Most of the people suffering from these illnesses are non-smokers exposed to second-hand smoke. By banning the smoking of any form of tobacco in public, the incidence of these illnesses is greatly decreased, thus saving millions which may be directed towards other projects. The only disadvantage of the ban that comes to mind is that the smoker finds himself unable to exercise his right to choose, his freedom as a democratic citizen, fully. It is certainly an infringement on the rights of the smoker, rights which are guaranteed to any and all citizens of a democratic country.But one feels it is unjustified. The smoker cannot and should not force his smoking upon anyone, he should care for the rights of others as well. The rights of so few cannot be given preference over the rights of so many. All in all, the ban on smoking in public is a step in the right direction, towards a better future for us and the generations to come. All steps possible should be taken to discourage tobacco smoking, a potentially hazardous habit which may lead to death. We owe it to ourselves to do so.

Appropriate Needs Assessment For a Social Intervention Program

In the pre-planning stages of any kind disturbance project, a basic needfully discernment of the target group or population should be conducted offset to determine priority areas for incumbrance and draw up benchmark selective information and indicators for reference during planning, carry outation, monitoring and post-implementation phases. Furthermore, according to Acosta et. al, Conducting involve assessment research is a rational way to examine the effectiveness of tender programs (Acosta, 343).A involve assessment basically consists of some(prenominal) benchmark data gathering activities that would need collection of primary and secondary data and other forms of data gathering, same boil downed group discussions. Some even require several or multi-level studies to come up with the benchmark results, like that of an assessment process conducted in the State of Pennsylvania.To quote The process was designed to use a seven-step turn incorporating qualitative and quan titative data collection strategies (Daly, 95). Hence, depending on the needs and cathode-ray oscilloscope of an intend intervention, strategies for benchmark data gathering in establishing needs assessment output should be pre-designed.A needs assessment usually focus on a group of people or population in a given environment. For example, the needs assessment from Pennsylvania stated rivet on Individuals with developmental disabilities who present challenging behaviors create signifi basint issues for families and divine service delivery systems that provide support (Daly, 95).How does one go about specifying the boundary of a problem?The results of a needs assessment study identifies several opportunities for addressing the problem and gives an insight on how best to attack or implement the program to address the conflict or problem in a given population group in a specified environment. in that location are strategies and methodologies by which the problems or needs for socia l intervention can be set and addressed. One such approach is the SWOT epitome or the identification of the Strengths, Weaknesses, Opportunities and Threats present in the environment and in compose all the stakeholders affected in the proposed or planned social intervention program.Elaborate on the difficulties associated with defining and identifying the targets of interventions. How might we describe the target populations of social interventions?Not one social intervention program can botch up of a 100% foolproof plan that will en authorized a definitive path for success or capture and identify for sure the appropriate beneficiaries of a social intervention project. In every intended project, it has been a lesson in the past that planning should be bottom up and not the other way around. Instead of a project identified and a benchmark study scheduled just to fit into the requisite for approval of the intervention program, the process should be reversed.One frequent slide a dapted by governments or non-profit organizations, in identifying target populations for a social intervention program. is having a ready made program and trying to bewilder a beneficiary for the identified program. The environment and community riding horse convinced(p) other nuances other than a pre-targeted population should be considered first, and then the intervention program, later to be identified in an appropriately processed needs assessment. Otherwise, if the social intervention program has already been prescribed even onward consulting what the target population needs and what the community or environmental setting dictates, then the intervention program has already failed even before it has begun.whole kit and boodle CitedAcosta, O., and Toro, P. (2000). Lets Ask the Homeless People Themselves A call for Assessment base on a Probability Sample of Adults. American Journal of confederacy Psychology, Vol. 28, 343.Daly, D., Kvarfordt, C., Malatchi, A., Shannon, P., Y oder, T. (2001). Capacity for Statewide Implementation of Positive Behavior Supports A Needs Assessment Strategy. Journal of Positive Behavior Interventions, Vol. 3, 95.

Lbo Model

Leveraged Buyout work (LBO) Copyright 2009 enthronisation funds Banking Institute www. ibtraining. com panel of Contents I. physical exertions for An LBO poser on Sell-side and Buy-side braid of LBO Model mental synthesis and Assumptions Worksheet grease ones palms damage calculation and considerations Sources and Uses II. Capital twist Alternatives consolidation of Proforma symmetry winding-clothes into Financial Model Income Statement, residuum planer and immediate payment issue Projections consolidation III. IRR compendium for Financial patron and intercrossed Debt loaner IV. aesthesia cards V. honorable mention Ratios 2 Uses for an LBO Model on the Buy- expressionA Leveraged Buyout Model (LBO Model) is a happen upon analysis apply by private im take leaveiality watertights / pecuniary shits to appreciate a potential acquisition The goal of an LBO is to acquire a keep participation by financing the obtain with as oftentimes debt as the big(p) take to the woodss of the railway line and the debt markets pass on support The more debt a monetary patronize is able to obtain to finance an acquisition, the less(prenominal) of an impartiality investment funds the fiscal supporter has to make The high the leverage levels, the higher the expected versed regularize of Return (IRR) is for the pecuniary sponsor / private equity firm The goal of an LBO personate is to establish expected internal rates of run off (IRR) for the acquisition using a financial model that reflects the side by side(p) leveraging scathe assumptions and the necessary bills needed to finance the acquisition (uses of cash) capitalization assumptions leverage ( add together of debt), different debt tranches, equity investment aggregates (sources of cash) Base case financial projections for the income program line, residue sheet and cash flow based upon the corrupt outlay and capitalization assumptions The LBO model should be built with th e ability to run sensitivities for a puke of leveraging costs, capitalization structures, operating assumptions, etcetera 3 Uses for an LBO Model on the Buy-Side Private paleness Firms / Financial suspensors usually lose a involve rate of return hurdle f the expected IRR thread for a potential acquisition does not meet or best the hurdle rate, often the PE firm / financial sponsor does not give-up the ghost forward with the acquisition PE firms consumed rates of return usually execute from 15% on the low-side to 30% on the high-side, with the typical range targeted at 18% 25% The IRR analysis is strongly driven by the count of leverage With higher leverage levels, the financial sponsor has to invest less equity, and therefore has a higher IRR Therefore, often the goal is to leverage up the companion as much as the cash flow of the business and the debt markets provide permit More leverage makes the business inherently riskier, as more of the cash flows generated by the business get out be used to pay reside write off and debt serviceThe amount of leverage is largely dictated by the state of the debt markets 4 Uses for an LBO Model on the Buy-Side The amount of leverage is largely determined by the state of the debt markets For the last several years, the debt markets throw away been experiencing excess liquidity Because of the excess liquidity, loaners have been allowing higher leverage levels Depending on the industry and business, exertions over the last several years have been leveraged at between 4. 0x 6. 0x recent EBITDA These higher leverage levels allow the financial sponsor to pay more for the club and still luck into its ask IRR The leverage level of 4. 0x 6. x recent EBITDA is comprised of some combination of higher-ranking secured loans and junior loans (second lien, third lien, unsecured loan, hybrid debt / equity securities) lenders whitethorn require the financial sponsor to have a minimum equity investment as % of total capitalization Minimum equity contribution is typically around 20% 25%, depending on industry and acquire expenditure 5 Uses for an LBO Model on the Buy-Side The LBO Model is also used for the Lenders perspectives Lenders homogeneous to rede expected leverage and coverage ratios based upon the phoners communicate income statement, balance sheet, cash flow, and capitalization Typical ratios that lenders like to see are Leverage Ratios positive Debt / EBITDA force out Debt / EBITDA Secured Debt / EBITDA EBITDA / Net concern expense EBITDA / money pursuance set down touch Coverage Statistics EBITDA / Net quest expenditure EBITDA / specie Interest EBITDA Capex / Net Interest Expense EBITDA Capex / exchange Interest Expense EBITDA Capex ? W/C / Net Interest Expense EBITDA Capex ? W/C / capital Interest Expense EBITDA Capex ? W/C Taxes/ Net Interest Expense EBITDA Capex ? W/C Taxes/ cash in Interest Expense 6 Uses for an LBO Model on the Sell-Side Inv estment Bankers often construct LBO models to depart this service to a financial sponsor client that is wagered in pursuing an acquisitionProvide this service to a Comp each client where the troupe is universe sold Illustrates the range of purchase prices financial buyers could pay and still unwrap their required IRR Uses the current debt markets conditions as assumptions for the capitalization As a gut-check for separate valuation methodologies (DCF, Public comparable company multiples, acquisition multiples) 7 Table of Contents I. Uses for An LBO Model on Sell-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet secure price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance planing machine into Financial ModelIncome Statement, Balance woodworking plane and property Flow Projections Integration III. IRR abstract for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. trust Ratios 8 Construction of LBO Model Structure and Assumptions Worksheet phase upon the Financial Model template, and condition accordingly Add a worksheet for the LBO Model Structure and Assumptions The LBO Assumptions tab go out have drivers for Purchase price assumptions Uses money required to acquire the company and pay associated fees Sources gold available to acquire the company (debt, equity) USES = SOURCES Capitalization assumptions IRR Analyses 9 Purchase Price counting and ConsiderationsThe determination of the purchase price is involved and typically involves a full-scale valuation (DCF, public company multiples and dealings multiples) as well as extensive due diligence on Companys operations, financial condition, focusing team, customers, suppliers, assets, etc. If the Company has in public traded equity, then typically a purchase price would be measured much as TEV is reckon (Offer price per share * fully cut shares) + debt + minority interest + pre ferred interest cash For the purposes of this model, we are take for granted the LBO of a private company, and therefore using the well-nigh recent 12 month EBITDA and EBITDA multiple as the drivers of purchase price Purchase price = EBITDA * EBITDA multiple We are assuming the transaction closes on declination 31, 2008 LBO of Company A ($ in millions) TRANSACTION ASSUMPTIONS Closing find out 31-Dec-08 2008 EBITDA $60. 0 EBITDA quaternary 6. 0x dealings (Enterprise) Value $360. 0 less(prenominal) Existing Debt ($190. 8) Plus Cash $0. 0 Implied faithfulness Purchase Price $169. 2 10 Sources and Uses quantity Uses is the amount of cash necessary to complete the transaction Usually play offs the purchase price increase transaction fees and any other cash payment required as part of the transaction For the LBO of a publically traded company, purchase price is calculated as (offer price per share * shares large ) + debt + minority interest + preferred equity cash, and cash on targets balance sheet is used as a source separate required cash payments could be payments to certain parties that kick-in with a change of control (e. g. anagement payments, premiums to outstanding notes, etc. ) summarize Sources illustrates the sources of capital to complete the transaction Usually bear upons debt + equity + any other cash available contribute Uses = substance Sources LBO of Company A ($ in millions) TRANSACTION ASSUMPTIONS Closing Date 31-Dec-08 2008 EBITDA $60. 0 EBITDA multiplex 6. 0x Transaction (Enterprise) Value $360. 0 Less Existing Debt ($190. 8) Plus Cash $0. 0 Implied truth Purchase Price $169. 2 TOTAL USES Uses rightfulness Purchase Price Paydown Existing Debt Financing Fees Investment Banking Fees Legal Fees different Fees and Expenses $169. 2 $190. 8 8. 0 4. 0 1. 0 1. 0 Total Uses $374. 0 TOTAL SOURCES Amount EBITDA of Funded Multiple Capitalization $0. 0 0. 0x 0. 0% 0. 0 0. 0x 0. 0% 120. 0 2. 0x 32. 1% 90. 0 1. 5x 24. 1% 60. 0 1. 0x 16. 0% 270. 0 4. 5x 72. 2% 104. 0 27. 8% $374. 0 100. 0% Capitalization Cash Revolver Term impart Senior Bonds unfastened Notes with Warrants Total Debt Sponsor fairness Total Sources 11 Interest Rate Cash Pay PIK 7. 0% 7. 5% 9. 5% 0. 0% 0. 0% 0. 0% 0. 0% 10. 0% % of Fully Diluted Equity na na na 5. 0% Capital Structure Alternatives The Total Sources Side is comprised of the capitalization assumptions The financial sponsor typically wants to leverage the transaction as much as the businesss cash flow and the lenders willing allowDepending on the conditions of the debt markets and lenders requirements, financial sponsors would typically provide approximately 20% 30% of the capitalization as an equity investment The debt is comprised of different securities usually provided by different lenders Revolver / Term loan (senior secured loans) are usually provided by typical commercial swans such as Citigroup, JPMorganChase, GE Commercial Finance, etc. , and have lower interest rates Junio r loans such as second and third lien pieces and unsecured loans can be provided by public markets (high yield issue) and private placements (hedge funds, junior loan providers, investment bank providing balance sheet financing, etc. )Often, the most junior piece on the capital structure will have equity vindicates attached the most junior lender will require a much higher rate of return than the more senior lenders The financial sponsors want to attain as much of the lower-priced debt as possible in this example, we have assumed that total senior leverage (revolver + term loan) = 2. 0x EBITDA The example essays a 4. 5x EBITDA leverage ratio, and 1. 7x EBITDA equity ratio (LTM EBITDA is $60 million in this case) Capitalization Cash Revolver Term contribute Senior Bonds unsecured Notes with Warrants Total Debt Sponsor Equity Total Sources TOTAL SOURCES Amount EBITDA % of Funded Multiple Capitalization $0. 0 0. 0x 0. 0% 0. 0 0. 0x 0. 0% 120. 0 2. 0x 32. 1% 90. 0 1. 5x 24. 1% 60. 0 1. 0x 16. 0% 70. 0 4. 5x 72. 2% 104. 0 27. 8% $374. 0 100. 0% 12 Interest Rate Cash Pay PIK 7. 0% 7. 5% 9. 5% 0. 0% 0. 0% 0. 0% 0. 0% 10. 0% % of Fully Diluted Equity na na na 5. 0% Creation of Proforma Balance Sheet Proforma Balance Sheet ($ in millions) Balance Sheet Assets Cash Accounts Receivable Inventory Other finale Assets Total menstruation Assets Historical Dec. 31 2008 $0. 0 $16. 0 $10. 0 $1. 0 $27. 0 Financing/ Transaction Adjustments $0. 0 0. 0 0. 0 0. 0 $0. 0 Proforma Dec. 31 2008 $0. 0 16. 0 10. 0 1. 0 $27. 0 Gross PP&E Cumulative Depreciation Net PP&E $323. 2 $45. 0 $278. 2 $0. 0 0. 0 $0. 0 $323. 2 45. 0 $278. 2 Amortizable Intangibles GoodwillTotal Assets $0. 0 5. 0 $310. 2 $8. 0 65. 2 $73. 2 $8. 0 70. 2 $383. 4 Liabilities Accounts musical score payable Accrued Liabilities Other Current Liabilities Total Current Liabilities $11. 0 $2. 4 $0. 0 $13. 4 $0. 0 0. 0 0. 0 $0. 0 $11. 0 $2. 4 0. 0 $13. 4 Existing Debt Revolving Credit celerity Term Loan unguaranteed D ebt $40. 8 $100. 0 $50. 0 New Debt Revolving Credit Facility Term Loan Second Lien Unsecured Debt $0. 0 0. 0 0. 0 0. 0 $0. 0 $120. 0 $90. 0 $60. 0 $0. 0 $120. 0 $90. 0 $60. 0 Other Liabilities Total Liabilities $2. 0 $206. 2 $0. 0 $79. 2 $2. 0 $285. 4 Shareholders Equity Retained Earnings Common fall Total Shareholders Equity $94. 0 10. 0 $104. ($100. 0) $94. 0 ($6. 0) Total Liabilities and Equity Check $310. 2 $0. 0 $73. 2 $0. 0 ($40. 8) ($100. 0) ($50. 0) $0. 0 $0. 0 $0. 0 ($6. 0) 104. 0 $98. 0 $383. 4 $0. 0 13 Creating a proforma balance sheet on a sunrise(prenominal) worksheet allows for the integration of the late capital structure / sources into the existing financial model In the purchase of a private company, the vendor typically sweeps all of the cash on the balance sheet at closing In the LBO of a publicly traded company, cash would not typically be swept as it is part of the offer price per share There may be a writeup or writedown of the value of the AR, Inventory an d PP&E this has an mpact on the tax tush All financing fees incurred in the transaction can still be capitalized and amortized The Goodwill is Purchase Price + M&A Fees New Debt aged(prenominal) Book Value of Equity this amount can no womb-to-tomb be amortized In the purchase of a public company, goodwill is calculated as equity value of purchase book value of equity The buyer typically assumes all of the normalcourse short term liabilities The old debt is eliminated (as the seller typically uses proceeds from the cut-rate sale to pay all existing debt) In the purchase of a public company, often the existing debt of the acquired company carcass outstanding, and is assumed by the acquirerThe new debt is fed from the Total Sources cells Shareholders Equity may require a plug to allow for the Total Assets to comprise Total Liabilities + Shareholders Equity Creation of Proforma Balance Sheet ($ in millions) PROJECTED financial STATEMENTS Fiscal Year Ending celestial latitude 31 , 2009P 2010P 2011P 2012P 2013P 2008A Pro Forma 2008P Balance Sheet Assets Cash Accounts Receivable Inventory Other Current Assets Total Current Assets $0. 0 $16. 0 $10. 0 $1. 0 $27. 0 $0. 0 $16. 0 $10. 0 $1. 0 $27. 0 $0. 0 $17. 5 $10. 5 $1. 0 $29. 0 $0. 0 $18. 4 $11. 0 $1. 0 $30. 4 $1. 9 $19. 3 $11. 6 $1. 0 $33. 8 $7. 5 $20. 3 $12. 2 $1. 0 $40. 9 $0. 0 $21. 3 $12. 8 $1. 0 $35. 0 Gross PP&ECumulative Depreciation Net PP&E $323. 2 $45. 0 $278. 2 $323. 2 $45. 0 $278. 2 $337. 9 $51. 8 $286. 1 $353. 3 $58. 8 $294. 5 $369. 5 $66. 2 $303. 3 $386. 6 $73. 9 $312. 6 $404. 4 $82. 0 $322. 4 Amortizable Intangibles Goodwill Total Assets $0. 0 $5. 0 $310. 2 $8. 0 $70. 2 $383. 4 $6. 4 $70. 2 $391. 7 $4. 8 $70. 2 $399. 9 $3. 2 $70. 2 $410. 5 $1. 6 $70. 2 $425. 4 $0. 0 $70. 2 $427. 6 Liabilities Accounts Payable Accrued Liabilities Other Current Liabilities Total Current Liabilities $11. 0 $2. 4 $0. 0 $13. 4 $11. 0 $2. 4 $0. 0 $13. 4 $11. 7 $2. 5 $1. 0 $15. 2 $12. 3 $2. 6 $1. 0 $15. 9 $12. 9 $2. 8 $1. 0 $16. 6 $13. 5 $2. 9 $1. 0 $17. 4 $14. 2 $3. 1 1. 0 $18. 2 Existing Debt Revolving Credit Facility Term Loan Unsecured Debt $40. 8 $100. 0 $50. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 New Debt Revolving Credit Facility Term Loan Senior Bonds Unsecured Debt $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $120. 0 $90. 0 $60. 0 $1. 5 $100. 0 $90. 0 $66. 0 $1. 0 $80. 0 $90. 0 $72. 6 $0. 0 $60. 0 $90. 0 $79. 9 $0. 0 $40. 0 $90. 0 $87. 8 $3. 8 $0. 0 $90. 0 $96. 6 Other Liabilities Total Liabilities $2. 0 $206. 2 $2. 0 $285. 4 $2. 0 $274. 7 $2. 0 $261. 5 $2. 0 $248. 5 $2. 0 $237. 3 $2. 0 $210. 7 Shareholders Equity Retained Earnings Common StockTotal Shareholders Equity $94. 0 $10. 0 $104. 0 ($6. 0) $104. 0 $98. 0 $13. 1 $104. 0 $117. 1 $34. 4 $104. 0 $138. 4 $58. 0 $104. 0 $162. 0 $84. 1 $104. 0 $188. 1 $112. 9 $104. 0 $216. 9 Total Liabilities and Equity Check $310. 2 $0. 0 $383. 4 $0. 0 $391. 7 $0. 0 $399. 9 $0. 0 $410. 5 $0. 0 $4 25. 4 $0. 0 $427. 6 $0. 0 14 The Proforma Balance Sheet is then fed into the existing models balance sheet, and integrated appropriately into the cash flow and income statement We are assuming the transaction occurs on Dec. 31, 2008 Be careful when you are incorporate to NOT CHANGE the income statement, balance sheet and cash flow statement for the period right efore the transaction date The income statement and cash flows for 2008 will not change because of the acquisition (as it occurs on Dec. 31, 2008, after the 2008 period has ended) solitary(prenominal) the 2009 and onward income statement and cash flows will reflect the clashing of the new capital structure / balance sheet Income Statement, Balance Sheet and Cash Flow Projections Integration The remainder of the projection model is completed as we discussed in the last class Construction of a debt and interest catalogue and revolver model allows the integration of the income statement, balance sheet and cash flow projectio ns Be careful to make sure that the cash flow for the period irectly following the transaction closing is being calculated as the changes in the proforma balance sheet and that period commitly following the transaction 15 Table of Contents I. Uses for An LBO Model on Sell-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance Sheet into Financial Model Income Statement, Balance Sheet and Cash Flow Projections Integration III. IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 16 IRR Analysis for Financial SponsorsThe financial sponsors IRR analysis accounts for all cash flows coming from the financial sponsor for or to the Company, as well as all cash flows from the Company to the financial sponsor during the period from closing the acquisition to the sale of the company (other than focussing fees) Often, the company pays the financial sponsor management fees in exchange for the financial sponsors ongoing support, management and advice provided to the management team as well as covering the financial sponsors direct expenses and overhead allocation Management fees are expensed as an SG&A expense on the companys income statement and range greatly, depending on companys sizeTypically financial sponsors do not include the payment of management fees in the IRR analysis 17 IRR Analysis for Financial Sponsors Amounts that the financial sponsor pays for or to the company are counted as cash outflows examples include sign equity investment some(prenominal) additional equity investments made into the company during the holding period any(prenominal) amount received by the financial sponsor from or by the company are counted as cash inflows (other than management fees) examples include Proceeds from sale of the company Common or preferred dividends pay to financial sponsor Proceeds from a recapitalization 18 IRR Analysis for Financial SponsorsCalculate the sale of the business, assuming it is sold on December 31, 2013 Use the 2013 projected EBITDA, and the same EBITDA multiple assumption used for the purchase of the Company in 2008 Calculate the proceeds to the financial sponsor, taking into account any equity dilution that may result from warrants, management stock plan, transaction fees, etc. SALE OF COMPANY A IN 2013 Closing Date 31-Dec-13 2012 EBITDA EBITDA Multiple Transaction Value Less Total Debt Plus Cash Balance $76. 6 6. 0x $459. 5 (190. 5) 0. 0 Less Transaction Fees (1) Equity Value % Equity to Sponsor Equity to Sponsor (6. 6) $262. 4 95. 0% $249. 3 % Equity to Unsecured Lender Equity to Unsecured Lender 5. 0% 13. 1 (1) Assumes 1% of Purchase Price for Investment Banking Fees, plus $2 million in profound and other expenses. 19 IRR Analysis for Financial Sponsors The following table illustrates the categories to calculate the IRR to the financial sponsor Any cash flow from the financial sponsor for or to the company is prejudicious Any cash flow from or for the company to the financial sponsor is positive In general there is no closed-form solution for IRR, especially with variant cash flows for each year however, excel can well calculate the IRR using the following formula = IRR (total cash flows over period, estimated IRR) From Total Sources tableSALE OF COMPANY A IN 2013 Closing Date 31-Dec-13 2012 EBITDA EBITDA Multiple Transaction Value Less Total Debt Plus Cash Balance Less Transaction Fees Equity Value % Equity to Sponsor Equity to Sponsor $76. 6 6. 0x $459. 5 (190. 5) 0. 0 (1) % Equity to Unsecured Lender Equity to Unsecured Lender IRR to Financial Sponsor Initial Equity Investment Dividends Proceeds at Sale Total Cash Flows to Sponsor IRR Calculation 12/31/08 ($104. 0) 0. 0 0. 0 ($104. 0) 19. 1% 12/31/09 $0. 0 0. 0 0. 0 $0. 0 12/31/10 $0. 0 0. 0 0. 0 $0. 0 12/31/11 $0. 0 0. 0 0. 0 $0. 0 12/31/12 $0 . 0 0. 0 0. 0 $0. 0 12/31/13 $0. 0 0. 0 249. 3 $249. 3 (6. 6) $262. 4 95. 0% $249. 3 5. 0% $13. 1IRR = IRR (Total Cash flows to sponsor 2009 2013, estimated IRR) 20 IRR for Hybrid Securities Holder The following table illustrates the categories to calculate the IRR to the Unsecured Lender Recall from the sources and uses, that the unsecured lender loaned an amount of $60 million at a 10% PIK interest rate, with equity warrants equal to 5% of the fully-diluted equity of the company upon a sale Any cash flow from the lender to the company is negative (initial loan) Any cash flow from the company to the lender is positive (includes any cash interest received during the period, the payment of the principal balance plus any accrued interest at maturity, and equity to the unsecured lender at a sale)In certain cases, the exercise of the warrants would require the payment by the warrant holders to the Company of an exercise price the proceeds from the warrant exercise would be a source of cash for the seller This is very transaction-specific and would be extensively negotiated in the agreement between the company and the lenders From Total Sources table IRR to Unsecured Lender Initial Loan Cash Interest Received brain Repayment at Sale Equity from Warrants at Sale Total Cash Flows to Lender IRR Calculation From Debt and Interest Schedule Cash Interest only 12/31/08 ($60. 0) 0. 0 0. 0 0. 0 ($60. 0) 12. 8% 12/31/09 $0. 0 0. 0 0. 0 0. 0 $0. 0 12/31/10 $0. 0 0. 0 0. 0 0. 0 $0. 0 12/31/11 $0. 0 0. 0 0. 0 0. 0 $0. 0 12/31/12 0. 0 0. 0 0. 0 0. 0 $0. 0 12/31/13 $0. 0 0. 0 96. 6 13. 1 $109. 8 From Balance Sheet IRR = IRR (Total Cash flows to lender 2006 2010, estimated IRR) 21 Table of Contents I. Uses for An LBO Model on Sell-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance Sheet into Financial Model Income Statem ent, Balance Sheet and Cash Flow Projections Integration III. IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 22 Sensitivities on Financial ModelRunning sensitivities on your LBO assumptions is a good check to make sure the model is campaign properly as well as being able to show how a change in one variable will feign the whole model Sensitivity tables illustrate the push on the model for a range of variable changes, and this LBO model has the flexibility to run sensitivities on the LBO assumptions (purchase price, capital structure, etc. ) and the businesss operations (growth rates, margins, etc) to see the impact on the expected IRRs of the financial sponsor and unsecured lender compass up a sensitivity table Input a range of variables on the x-axis of the chart Input a second range of variables on the y-axis of the chart link the intersection cell on the left move on corner of the chart to the cell that has the proper formul a Highlight the entropy sensitivity tableGo to Data toolbar, select Table a box pops up that has class Input Cell and Column Input Cell For Row Input Cell, click on the cell that has the driver / assumption input signal for the x axis variable For the Column Input Cell, click on the cell that has the driver / assumption input for the y axis variable 23 Table of Contents I. Uses for An LBO Model on Sell-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance Sheet into Financial Model Income Statement, Balance Sheet and Cash Flow Projections Integration III.IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 24 Credit Ratios In determining how much money to lend to companies / financial sponsors for an acquisition, lenders analyze the amount of coverage they will have on their loans Lenders typically look at the following projected credit ratios, based on the base case scenarios, and then will run stress tests on the model to look at the impact on these ratios in the event the company takes a turn for the worsened Leverage Ratios Total Debt / EBITDA Net Debt / EBITDA Secured Debt / EBITDA EBITDA / Net Interest Expense EBITDA / Cash Interest Expense 4. 1x 4. 1x 3. 0x 2. 8x 3. 7x 3. 7x 3. 7x 2. 6x 3. 0x 4. 3x 3. x 3. 3x 2. 2x 3. 3x 5. 0x 3. 0x 2. 9x 1. 8x 3. 6x 5. 9x 2. 5x 2. 5x 1. 2x 4. 1x 7. 5x Interest Coverage Statistics EBITDA / Net Interest Expense EBITDA / Cash Interest EBITDA Capex / Net Interest Expense EBITDA Capex / Cash Interest Expense EBITDA Capex ? W/C / Net Interest Expense EBITDA Capex ? W/C / Cash Interest Expense EBITDA Capex ? W/C Taxes/ Net Interest Expense EBITDA Capex ? W/C Taxes/ Cash Interest Expense 2. 8x 3. 7x 2. 1x 2. 9x 2. 1x 2. 9x 1. 6x 2. 1x 3. 0x 4. 3x 2. 3x 3. 3x 2. 3x 3. 3x 1. 7x 2. 4x 3. 3x 5. 0x 2. 5x 3. 8x 2. 6x 3 . 9x 1. 8x 2. 8x 3. 6x 5. 9x 2. 8x 4. 5x 2. 8x 4. 6x 2. 0x 3. 2x 4. 1x 7. 5x 3. x 5. 8x 3. 2x 5. 8x 2. 1x 4. 0x 25 Build an LBO Model from Scratch Build an LBO Model for Company B, using the historic financial statements (available electronically) Use the assumptions you emotional state are appropriate for projecting the Income Statement, balance sheet, and cash flow Use the following assumptions for the acquisition and financing Acquisition Closing date is December 31, 2008 Purchase price is 7. 0x 2008 EBITDA Multiple Uses Financing Fees are equal to 3% of purchase price Investment banking fees are equal to 1% of purchase price Legal fees are equal to $1 million Other fees and expenses are equal to $1 million Sources Equity must equal 20% of total uses / sources Revolver availability is $20 million, with total amount funded equal to 75% of Inventory and 65% of Accounts Receivable at a 5% cash pay interest rate Term Loan is equal to 2. 5x 2008 EBITDA, to be amortized over 7 years, at a 5% cash pay interest rate Second Lien debt is equal to 1. 5x 2008 EBITDA, with a 10% cash pay interest rate Unsecured Notes with Warrants fill the balance of the capital structure 10% PIK rate with warrants equal to 15% of fully diluted equity upon sale of company annual management fees to financial sponsor of $1 mm starting in 2007 Amortize fees over 5 year periodSale of Business in 2012 change at 7. 0x 2012 multiple Transaction fee equal to 1% of purchase price for investment banking fees plus $2 million in legal and other expenses Calculate the IRR to the financial sponsor Calculate the IRR to the unsecured lender with warrants Calculate sensitivity tables for the following IRR to financial sponsor for range of multiples paid and equity investment as % of total capital IRR to unsecured lender for range of multiples paid and equity investment as % of total capital Maximum revolver drawn for range of multiples paid and equity investment as % of total capital A dd summary and credit ratios tables 26