Monopsony and Taste-for-Discrimination Model

(1) Monopsony is an economic situation when there are a number of sellers but only one buyer (monopsonist) in the market. Monopsony can be considered as the model symmetrical to market monopoly, and at monopsonic market not the sellers but buyer can determine the price of the goods in the market. A monopsonist can regulate market price by varying the amount of goods he buys. That is why the price which monopsonist is ready to pay for the goods will be lower than it can be in any competitive market. The concept of Monopsony was introduced in 1933 by Joan Violet Robinson, a British economist and creator of the theory of imperfect competition. She conducted a series of researches on different economic issues, the results of which were publicized in her book The Economics of Imperfect Competition.   She also studied the dynamics of MC and MRP curves in the situation of monopsonic market and compared those with the dynamics of the corresponding curves in terms of competitive markets. (2) Taste-for-Discrimination model was created by an American economist Gary Becker, who is famous for his studying and interpreting economic concepts from sociological points of view. The model was introduced in the 1950s and described the behavior of employer, which is ready to have extra expenses in order to be associated with some group of the employees instead of another group. Originally, Becker made this assumptions referring to racial discrimination, but the model may be applied not only to racial determinant. Undoubtedly, such situation in the market can bring to lowering the wages of discriminated groups, though the productivity of all the groups will remain equal. Thus, discriminated employees will have lower utility. Correspondently, monetary profits of non-discriminatory companies will be higher than those of discriminatory companies.   In addition, it will affect economic equity, because the companies at the market will tend to segregate the groups of workers in long run period if the customers are ready to pay for the â€Å"taste†. References Robinson, Joan Violet. (2004) The Columbia Encyclopedia, Sixth Edition. NY: Columbia University Press. Schwab, S. J. (1999). Employment Discrimination [Brochure]. Cornell University School of Law. Ithaca, NY.

The Lost Symbol Chapter 117-118

CHAPTER 117 Langdon felt his stomach drop as the CIA helicopter leaped off the lawn, banked hard, and accelerated faster than he ever imagined a helicopter could move. Katherine had stayed behind to recuperate with Bellamy while one of the CIA agents searched the mansion and waited for a backup team. Before Langdon left, she had kissed him on the cheek and whispered, â€Å"Be safe, Robert.† Now Langdon was holding on for dear life as the military helicopter finally leveled out and raced toward the House of the Temple. Seated beside him, Sato was yelling up to the pilot. â€Å"Head for Dupont Circle!† she shouted over the deafening noise. â€Å"We'll set down there!† Startled, Langdon turned to her. â€Å"Dupont?! That's blocks from the House of the Temple! We can land in the Temple parking lot!† Sato shook her head. â€Å"We need to enter the building quietly. If our target hears us coming–â€Å" â€Å"We don't have time!† Langdon argued. â€Å"This lunatic is about to murder Peter! Maybe the sound of the helicopter will scare him and make him stop!† Sato stared at him with ice-cold eyes. â€Å"As I have told you, Peter Solomon's safety is not my primary objective. I believe I've made that clear.† Langdon was in no mood for another national-security lecture. â€Å"Look, I'm the only one on board who knows his way through that building–â€Å" â€Å"Careful, Professor,† the director warned. â€Å"You are here as a member of my team, and I will have your complete cooperation.† She paused a moment and then added, â€Å"In fact, it might be wise if I now apprised you fully of the severity of our crisis tonight.† Sato reached under her seat and pulled out a sleek titanium briefcase, which she opened to reveal an unusually complicated-looking computer. When she turned it on, a CIA logo materialized along with a log-in prompt. As Sato logged in, she asked, â€Å"Professor, do you remember the blond hairpiece we found in the man's home?† â€Å"Yes.† â€Å"Well, hidden within that wig was a tiny fiber-optic camera . . . concealed in the bangs.† â€Å"A hidden camera? I don't understand.† Sato looked grim. â€Å"You will.† She launched a file on the laptop. ONE MOMENT PLEASE . . . DECRYPTING FILE . . . A video window popped up, filling the entire screen. Sato lifted the briefcase and set it on Langdon's thighs, giving him a front-row seat. An unusual image materialized on the screen. Langdon recoiled in surprise. What the hell?! Murky and dark, the video was of a blindfolded man. He was dressed in the garb of a medieval heretic being led to the gallows–noose around his neck, left pant leg rolled up to the knee, right sleeve rolled up to the elbow, and his shirt gaping open to reveal his bare chest. Langdon stared in disbelief. He had read enough about Masonic rituals to recognize exactly what he was looking at. A Masonic initiate . . . preparing to enter the first degree. The man was very muscular and tall, with a familiar blond hairpiece and deeply tanned skin. Langdon recognized his features at once. The man's tattoos had obviously been concealed beneath bronzing makeup. He was standing before a full-length mirror videotaping his reflection through the camera concealed in his wig. But . . . why? The screen faded to black. New footage appeared. A small, dimly lit, rectangular chamber. A dramatic chessboard floor of black-and-white tile. A low wooden altar, flanked on three sides by pillars, atop which burned flickering candles. Langdon felt a sudden apprehension. Oh my God. Filming in the erratic style of an amateur home video, the camera now panned up to the periphery of the room to reveal a small group of men observing the initiate. The men were dressed in ritual Masonic regalia. In the darkness, Langdon could not make out their faces, but he had no doubt where this ritual was taking place. The traditional layout of this Lodge Room could have been anywhere in the world, but the powder-blue triangular pediment above the master's chair revealed it as the oldest Masonic lodge in D.C.–Potomac Lodge No. 5–home of George Washington and the Masonic forefathers who laid the cornerstone for the White House and the Capitol Building. The lodge was still active today. Peter Solomon, in addition to overseeing the House of the Temple, was the master of his local lodge. And it was at lodges like this one that a Masonic initiate's journey always began . . . where he underwent the first three degrees of Freemasonry. â€Å"Brethren,† Peter's familiar voice declared, â€Å"in the name of the Great Architect of the Universe, I open this lodge for the practice of Masonry in the first degree!† A gavel rapped loudly. Langdon watched in utter disbelief as the video progressed through a quick series of dissolves featuring Peter Solomon performing some of the ritual's starker moments. Pressing a shining dagger to the initiate's bare chest . . . threatening impalement should the initiate â€Å"inappropriately reveal the Mysteries of Masonry† . . . describing the black-and-white floor as representing â€Å"the living and the dead† . . . outlining punishments that included â€Å"having one's throat cut across, one's tongue torn out by its roots, and one's body buried in the rough sands of the sea . . .† Langdon stared. Am I really witnessing this? Masonic initiation rites had remained shrouded in secrecy for centuries. The only descriptions that had ever been leaked were written by a handful of estranged brothers. Langdon had read those accounts, of course, and yet to see an initiation with his own eyes . . . this was a much different story. Especially edited this way. Langdon could already tell that the video was an unfair piece of propaganda, omitting all the noblest aspects of the initiation and highlighting only the most disconcerting. If this video were released, Langdon knew it would become an Internet sensation over night. The anti-Masonic conspiracy theorists would feed on this like sharks. The Masonic organization, and especially Peter Solomon, would find themselves embroiled in a firestorm of controversy and a desperate effort at damage control . . . even though the ritual was innocuous and purely symbolic. Eerily, the video included a biblical reference to human sacrifice . . . â€Å"the submission of Abraham to the Supreme Being by proffering Isaac, his firstborn son.† Langdon thought of Peter and willed the helicopter to fly faster. The video footage shifted now. Same room. Different night. A larger group of Masons looking on. Peter Solomon was observing from the master's chair. This was the second degree. More intense now. Kneeling at the altar . . . vowing to â€Å"forever conceal the enigmas existing within Freemasonry† . . . consenting to the penalty of â€Å"having one's chest cavity ripped open and pulsing heart cast upon the surface of the earth as offal for the ravenous beasts† . . . Langdon's own heart was pulsing wildly now as the video shifted yet again. Another night. A much larger crowd. A coffin-shaped â€Å"tracing board† on the floor. The third degree. This was the death ritual–the most rigorous of all the degrees–the moment in which the initiate was forced â€Å"to face the final challenge of personal extinction.† This grueling interrogation was in fact the source of the common phrase to give someone the third degree. And although Langdon was very familiar with academic accounts of it, he was in no way prepared for what he now saw. The murder. In violent, rapid intercuts, the video displayed a chilling, victim's point-of-view account of the initiate's brutal murder. There were simulated blows to his head, including one with a Mason's stone maul. All the while, a deacon mournfully told the story of â€Å"the widow's son†Ã¢â‚¬â€œHiram Abiff–the master Architect of King Solomon's temple, who chose to die rather than reveal the secret wisdom he possessed. The attack was mimed, of course, and yet its effect on camera was bloodcurdling. After the deathblow, the initiate–now â€Å"dead to his former self†Ã¢â‚¬â€œwas lowered into his symbolic coffin, where his eyes were shut and his arms were crossed like those of a corpse. The Masonic brothers rose and mournfully circled his dead body while a pipe organ played a march of the dead. The macabre scene was deeply disturbing. And it only got worse. As the men gathered around their slain brother, the hidden camera clearly displayed their faces. Langdon now realized that Solomon was not the only famous man in the room. One of the men peering down at the initiate in his coffin was on television almost daily. A prominent U.S. senator. Oh God . . . The scene changed yet again. Outside now . . . nighttime . . . the same jumpy video footage . . . the man was walking down a city street . . . strands of blond hair blowing in front of the camera . . . turning a corner . . .the camera angle lowering to something in the man's hand . . . a dollar bill . . . a close-up focusing on the Great Seal . . . the all-seeing eye . . . the unfinished pyramid . . . and then, abruptly, pulling away to reveal a similar shape in the distance . . . a massive pyramidical building . . . with sloping sides rising to a truncated top. The House of the Temple. A soul-deep dread swelled within him. The video kept moving . . . the man hurrying toward the building now . . . up the multitiered staircase . . . toward the giant bronze doors . . . between the two seventeen-ton sphinx guardians. A neophyte entering the pyramid of initiation. Darkness now. A powerful pipe organ played in the distance . . . and a new image materialized. The Temple Room. Langdon swallowed hard. On-screen, the cavernous space was alive with electricity. Beneath the oculus, the black marble altar shone in the moonlight. Assembled around it, seated on hand-tooled pigskin chairs, awaited a somber council of distinguished thirty-third-degree Masons, present to bear witness. The video now panned across their faces with slow and deliberate intention. Langdon stared in horror. Although he had not seen this coming, what he was looking at made perfect sense. A gathering of the most decorated and accomplished Masons in the most powerful city on earth would logically include many influential and well-known individuals. Sure enough, seated around the altar, adorned in their long silk gloves, Masonic aprons, and glistening jewels, were some of the country's most powerful men. Two Supreme Court justices . . . The secretary of defense . . . The speaker of the House . . . Langdon felt ill as the video continued panning across the faces of those in attendance. Three prominent senators . . . including the majority leader . . . The secretary of homeland security . . . And . . . The director of the CIA . . . Langdon wanted only to look away, but he could not. The scene was utterly mesmerizing, alarming even to him. In an instant, he had come to understand the source of Sato's anxiety and concern. Now, on-screen, the shot dissolved into a single shocking image. A human skull . . . filled with dark crimson liquid. The famed caput mortuum was being offered forth to the initiate by the slender hands of Peter Solomon, whose gold Masonic ring glinted in the candlelight. The red liquid was wine . . . and yet it shimmered like blood. The visual effect was frightful. The Fifth Libation, Langdon realized, having read firsthand accounts of this sacrament in John Quincy Adams's Letters on the Masonic Institution. Even so, to see it happen . . . to see it calmly witnessed by America's most powerful men . . . this was as arresting an image as any Langdon had ever seen. The initiate took the skull in his hands . . . his face reflected in the calm surface of the wine. â€Å"May this wine I now drink become a deadly poison to me,† he declared, â€Å"should I ever knowingly or willfully violate my oath.† Obviously, this initiate had intended to violate his oath beyond all imagination. Langdon could barely get his mind around what would happen if this video were made public. No one would understand. The government would be thrown into upheaval. The airwaves would be filled with the voices of anti-Masonic groups, fundamentalists, and conspiracy theorists spewing hatred and fear, launching a Puritan witch hunt all over again. The truth will be twisted, Langdon knew. As it always is with the Masons. The truth was that the brotherhood's focus on death was in fact a bold celebration of life. Masonic ritual was designed to awaken the slumbering man inside, lifting him from his dark coffin of ignorance, raising him into the light, and giving him eyes to see. Only through the death experience could man fully understand his life experience. Only through the realization that his days on earth were finite could he grasp the importance of living those days with honor, integrity, and service to his fellow man. Masonic initiations were startling because they were meant to be transformative. Masonic vows were unforgiving because they were meant to be reminders that man's honor and his â€Å"word† were all he could take from this world. Masonic teachings were arcane because they were meant to be universal . . . taught through a common language of symbols and metaphors that transcended religions, cultures, and races . . . creating a unified â€Å"worldwide consciousness† of brotherly love. For a brief instant, Langdon felt a glimmer of hope. He tried to assure himself that if this video were to leak out, the public would be open-minded and tolerant, realizing that all spiritual rituals included aspects that would seem frightening if taken out of context–crucifixion reenactments, Jewish circumcision rites, Mormon baptisms of the dead, Catholic exorcisms, Islamic niqab, shamanic trance healing, the Jewish Kaparot ceremony, even the eating of the figurative body and blood of Christ. I'm dreaming, Langdon knew. This video will create chaos. He could imagine what would happen if the prominent leaders of Russia or the Islamic world were seen in a video, pressing knives to bare chests, swearing violent oaths, performing mock murders, lying in symbolic coffins, and drinking wine from a human skull. The global outcry would be instantaneous and overwhelming. God help us . . . On-screen now, the initiate was raising the skull to his lips. He tipped it backward . . . draining the blood-red wine . . . sealing his oath. Then he lowered the skull and gazed out at the assembly around him. America's most powerful and trusted men gave contented nods of acceptance. â€Å"Welcome, brother,† Peter Solomon said. As the image faded to black, Langdon realized he had stopped breathing. Without a word, Sato reached over, closed the briefcase, and lifted it off his lap. Langdon turned to her trying to speak, but he could find no words. It didn't matter. Understanding was written all over his face. Sato was right. Tonight was a national-security crisis . . . of unimaginable proportions. CHAPTER 118 Dressed in his loincloth, Mal'akh padded back and forth in front of Peter Solomon's wheelchair. â€Å"Peter,† he whispered, enjoying every moment of his captive's horror, â€Å"you forgot you have a second family . . . your Masonic brothers. And I will destroy them, too . . . unless you help me.† Solomon looked almost catatonic in the glow of the laptop sitting atop his thighs. â€Å"Please,† he finally stammered, glancing up. â€Å"If this video gets out . . .† â€Å"If?† Mal'akh laughed. â€Å"If it gets out?† He motioned to the small cellular modem plugged into the side of his laptop. â€Å"I'm connected to the world.† â€Å"You wouldn't . . .† I will, Mal'akh thought, enjoying Solomon's horror. â€Å"You have the power to stop me,† he said. â€Å"And to save your sister. But you have to tell me what I want to know. The Lost Word is hidden somewhere, Peter, and I know this grid reveals exactly where to find it.† Peter glanced at the grid of symbols again, his eyes revealing nothing. â€Å"Perhaps this will help to inspire you.† Mal'akh reached over Peter's shoulders and hit a few keys on the laptop. An e-mail program launched on the screen, and Peter stiffened visibly. The screen now displayed an e-mail that Mal'akh had cued earlier tonight–a video file addressed to a long list of major media networks. Mal'akh smiled. â€Å"I think it's time we share, don't you?† â€Å"Don't!† Mal'akh reached down and clicked the send button on the program. Peter jerked against his bonds, trying unsuccessfully to knock the laptop to the floor. â€Å"Relax, Peter,† Mal'akh whispered. â€Å"It's a massive file. It will take a few minutes to go out.† He pointed to the progress bar: SENDING MESSAGE: 2% COMPLETE â€Å"If you tell me what I want to know, I'll stop the e-mail, and nobody will ever see this.† Peter was ashen as the task bar inched forward. SENDING MESSAGE: 4% COMPLETE Mal'akh now lifted the computer from Peter's lap and set it on one of the nearby pigskin chairs, turning the screen so the other man could watch the progress. Then he returned to Peter's side and laid the page of symbols in his lap. â€Å"The legends say the Masonic Pyramid will unveil the Lost Word. This is the pyramid's final code. I believe you know how to read it.† Mal'akh glanced over at the laptop. SENDING MESSAGE: 8% COMPLETE Mal'akh returned his eyes to Peter. Solomon was staring at him, his gray eyes blazing now with hatred. Hate me, Mal'akh thought. The greater the emotion, the more potent the energy that will be released when the ritual is completed. At Langley, Nola Kaye pressed the phone to her ear, barely able to hear Sato over the noise of the helicopter. â€Å"They said it's impossible to stop the file transfer!† Nola shouted. â€Å"To shut down local ISPs would take at least an hour, and if he's got access to a wireless provider, killing the ground-based Internet won't stop him from sending it anyway.† Nowadays, stopping the flow of digital information had become nearly impossible. There were too many access routes to the Internet. Between hard lines, Wi-Fi hot spots, cellular modems, SAT phones, superphones, and e-mail-equipped PDAs, the only way to isolate a potential data leak was by destroying the source machine. â€Å"I pulled the spec sheet on the UH-60 you're flying,† Nola said, â€Å"and it looks like you're equipped with EMP.† Electromagnetic-pulse or EMP guns were now commonplace among law enforcement agencies, which used them primarily to stop car chases from a safe distance. By firing a highly concentrated pulse of electromagnetic radiation, an EMP gun could effectively fry the electronics of any device it targeted–cars, cell phones, computers. According to Nola's spec sheet, the UH- 60 had a chassis-mounted, laser-sighted, six-gigahertz magnetron with a fifty-dB-gain horn that yielded a ten-gigawatt pulse. Discharged directly at a laptop, the pulse would fry the computer's motherboard and instantly erase the hard drive. â€Å"EMP will be useless,† Sato yelled back. â€Å"Target is inside a stone building. No sight lines and thick EM shielding. Do you have any indication yet if the video has gone out?† Nola glanced at a second monitor, which was running a continuous search for breaking news stories about the Masons. â€Å"Not yet, ma'am. But if it goes public, we'll know within seconds.† â€Å"Keep me posted.† Sato signed off. Langdon held his breath as the helicopter dropped from the sky toward Dupont Circle. A handful of pedestrians scattered as the aircraft descended through an opening in the trees and landed hard on the lawn just south of the famous two-tiered fountain designed by the same two men who created the Lincoln Memorial. Thirty seconds later, Langdon was riding shotgun in a commandeered Lexus SUV, tearing up New Hampshire Avenue toward the House of the Temple. Peter Solomon was desperately trying to figure out what to do. All he could see in his mind were the images of Katherine bleeding in the basement . . . and of the video he had just witnessed. He turned his head slowly toward the laptop on the pigskin chair several yards away. The progress bar was almost a third of the way filled. SENDING MESSAGE: 29% COMPLETE The tattooed man was now walking slow circles around the square altar, swinging a lit censer and chanting to himself. Thick puffs of white smoke swirled up toward the skylight. The man's eyes were wide now, and he seemed to be in a demonic trance. Peter turned his gaze to the ancient knife that sat waiting on the white silk cloth spread across the altar. Peter Solomon had no doubt that he would die in this temple tonight. The question was how to die. Would he find a way to save his sister and his brotherhood . . . or would his death be entirely in vain? He glanced down at the grid of symbols. When he had first laid eyes on the grid, the shock of the moment had blinded him . . . preventing his vision from piercing the veil of chaos . . . to glimpse the startling truth. Now, however, the real significance of these symbols had become crystal clear to him. He had seen the grid in an entirely new light. Peter Solomon knew exactly what he needed to do. Taking a deep breath, he gazed up at the moon through the oculus above. Then he began to speak. All great truths are simple. Mal'akh had learned that long ago. The solution that Peter Solomon was now explaining was so graceful and pure that Mal'akh was sure that it could only be true. Incredibly, the solution to the pyramid's final code was far simpler than he had ever imagined. The Lost Word was right before my eyes. In an instant, a bright ray of light pierced the murkiness of the history and myth surrounding the Lost Word. As promised, the Lost Word was indeed written in an ancient language and bore mystical power in every philosophy, religion, and science ever known to man. Alchemy, astrology, Kabbalah, Christianity, Buddhism, Rosicrucianism, Freemasonry, astronomy, physics, Noetics . . . Standing now in this initiation chamber atop the great pyramid of Heredom, Mal'akh gazed upon the treasure he had sought all these years, and he knew he could not have prepared himself more perfectly. Soon I am complete. The Lost Word is found. In Kalorama Heights, a lone CIA agent stood amid a sea of garbage that he had dumped out of the trash bins that had been found in the garage. â€Å"Ms. Kaye?† he said, speaking to Sato's analyst on the phone. â€Å"Good thinking to search his garbage. I think I just found something.† Inside the house, Katherine Solomon was feeling stronger with every passing moment. The infusion of lactated Ringer's solution had successfully raised her blood pressure and quelled her throbbing headache. She was resting now, seated in the dining room, with explicit instructions to remain still. Her nerves felt frayed, and she was increasingly anxious for news about her brother. Where is everybody? The CIA's forensics team had not yet arrived, and the agent who had stayed behind was still off searching the premises. Bellamy had been sitting with her in the dining room, still wrapped in a foil blanket, but he, too, had wandered off to look for any information that might help the CIA save Peter. Unable to sit idly, Katherine pulled herself to her feet, teetered, and then inched slowly toward the living room. She found Bellamy in the study. The Architect was standing at an open drawer, his back to her, apparently too engrossed in its contents to hear her enter. She walked up behind him. â€Å"Warren?† The old man lurched and turned, quickly shutting the drawer with his hip. His face was lined with shock and grief, his cheeks streaked with tears. â€Å"What's wrong?!† She glanced down at the drawer. â€Å"What is it?† Bellamy seemed unable to speak. He had the look of a man who had just seen something he deeply wished he had not. â€Å"What's in the drawer?† she demanded. Bellamy's tear-filled eyes held hers for a long, sorrowful moment. Finally he spoke. â€Å"You and I wondered why . . . why this man seemed to hate your family.† Katherine's brow furrowed. â€Å"Yes?† â€Å"Well . . .† Bellamy's voice caught. â€Å"I just found the answer.†

Prp Theories

HUMAN RESOUCE MANAGEMENT CONTENTS 1. Introduction1 2. Literature review2 2. 1Emergence of PRP2 2. 2Concept of PRP3 2. 3Relevant theories of PRP4 2. 3. 1Maslow’s hierarchy of needs & Herzberg’s motivational theory4 2. 3. 2Equity theory in PRP5 3. Case study6 3. 1Case one: â€Å"Why Do Companies Use Performance-Related Pay for Their Executive Directors? † (Bender, 2004)6 3. 2Case two: â€Å"Evaluating performance-related pay for managers in the National Health Service† (Dowling & Richardson, 1997)9 4. Analysis and Evaluation of PRP Theory in Business Organisations11 4. 1Comparison11 4. Contrast12 4. 3Performance related pay theory in business organizations13 4. 3. 1Motivates employees and improve their performance14 4. 3. 2Facilitates change to organizational cultural14 4. 3. 3Encourages the internalization of performance norms15 4. 4Problems of PRP in practice15 4. 4. 1Setting performance objectives16 4. 4. 2Assessment and ratings17 4. 4. 3Reward17 5. Concl usion18 Reference19 Appendices21 1. Introduction Nowadays, Human Resource Management has become a strategic and coherent approach more than just managing the competencies and skills of employees in an organization. Armstrong (2002) noticed that HRM is much more focus on people not jobs, and so does business organization (Lewis, 1998). Yet, people have been placed as an important role of business. To this extent, this essay will take a critical look at PRP which is based on people, and also considered as an essential and sensitive part of the HRM in organizations today. The paper starts with a brief review of recent literature which reports studies of PRP systems. It continues with describing two case studies related to the practical discrepancy to PRP theories. It goes on to our own independent critical analysis by comparing the PRP theories and practice in real world. Finally, there are conclusions being drawn about the appropriateness of PRP in a research environment. 2. Literature review 2. 1 Emergence of PRP Performance-related pay (PRP) emerged in the early 1980’s which attempts to relate individual performance at work to reward, aiming to motivate people ad develop performance-oriented cultures. Besides business organisations, some public institutions such as governments and universities also adopt PRP as an essential level for championing values. By comparing with other payment schemes, the PRP idea was whole-heartedly accepted by employers and played a much more positive effect on improving employees’ behaviour and organisations’ culture. According to the IPD research into performance management practices in 1997, 43 per cent of respondents had PRP; additionally, IBS research in 1998 showed that 61 per cent of answers satisfied their merit pay. These figures make it easy to see that PRP have been widely applied among organizations whatever businesslike or public facility (Armstrong, 2002). There are a variety of reasons why organization may applied PRP. Armstrong and Murlis (1994) stated that ‘it is right and proper for people to be rewarded in accordance with their contribution’. According to Pilbeam & Colbridge (2002), there are a number of factors contributing to the emergence of PRP, which is identified in Figure 1. The Thatcher legacy and ‘enterprise’ values in the public sector Increasingly competitive environment and concern with employee performance Unitary and neo-unitary employment relations perspectives Reassertion of the ‘right to manage’ and increasing managerial control Influence of HRM demagogy & Strategic integration of reward Trends towards individualism and the weakening of collectivism Emergence of PRP Figure 1: Factors contributing to the emergence of PRP (Pilbeam & Corbridge, 2002) 2. 2 Concept of PRP ACAS (1990) defined individual performance-related pay (PRP) as â€Å"a method of payment where an individual employee receives increases in pay based wholly or partly on the regular and systematic assessment of job performance†. Additionally, Murlis (1996) claimed a significant distinction between the use of PRP to managing performance straight from the motivational stimulation of financial rewards (motivation) and the use of PRP to identify different levels of performance (reward). Based on these points, PRP can be commented as a combination of three key factors: motivation, performance and rewards, which work in two ways that motivating people to achieve expected performance; and rewarding these people who have achieved successful performance. Based on these three factors and their relationships, Pilbeam and Corbridge (2002) identified three stages for PRP application: Firstly, setting individual performance criteria by imposition, discussion or agreement firstly; secondly, assessing performance against individual performance criteria which established in stage1; thirdly, allocating pay to the assessment of performance by the exercise of managerial prerogative. 2. 3 Relevant theories of PRP 3. 2 2. 3. 1 Maslow’s hierarchy of needs & Herzberg’s motivational theory in PRP Maslow’s (1943, 1987) hierarchy of needs and the two factor theory of Herzberg (1959) indicated that pay can be considered as the most effective way to satisfy human’s need and further to motivate people to work more effectively, which means appropriate payment can stimulate employee to achieve successful performance that maximizing organisation’s benefits. Kessler and Purcell (1922) noted that employees will be easily motivated if there is a direct and close relationship between performance and reward. Therefore, PRP schemes could motivate the employees to increase their efforts to accomplish good performance. 2. 3. 2 Equity theory in PRP The Equity theory of Adams (1965) identified that employees have a strong need to be treated fairly which can be balanced by an equity between their input like work performance and output like rewarding. Compared to other types of pay like non-incentive pay which is based on collectively-negotiated rule, PRP associates employees’ productivity with their behaviour, rewarding employees for their successful performance, which is much more fair and reasonable. From these theories, we can see that PRP has brought a lot of potential benefits on improving HRM efficiency of organization. However, there are some shortages in PRP application in practice, which will be discussed in following two empirical case analyses. 3. Case study 3. Case one: â€Å"Why Do Companies Use Performance-Related Pay for Their Executive Directors? † (Bender, 2004) The paper focused on the issue of rewards to the listed companies’ executive director. There are variable ways to pay the rewards. Thus the performance-related pay introduced to this paper. At the beginning of this paper prior research introduces three types of theory to explain why companies use performance-related pay: agency theory , motivation theories (expectancy, equity), and institutional and legitimacy theories. Research designing utilized 12 companies’ interviews with 35 persons who stand in different positions. These interviews lasted for two years from December 2001 to May 2003. The interviews reflected different opinions about the influence of PRP. Some of the answers demonstrated PRP could motivate people to do work well: Alan Wilson, chief executive of Skandia UK regarded pay as a motivator; a HR director thought if everyone was paid the same base salary, they would always do the same. But a part of the respondents denied that PRP made an effort in motivating people in the work. A CEO argued that whether PRP works depends on which market you were in and also on when the people were on flat salaries. Also another respondent held a neutral idea on motivation of PRP to managers. A CEO categorized his employees into two types: one type chased money and the other worked for vocational interests and he realized that PRP was in a position to exert influence on those who chased money and not on employees worked for vocational interests. At the end of this part the author reaches the conclusion that lack of money is a de-motivator. Furthermore, interviews demonstrated some different ideas: a) Payment represents personal value of employees. The more contribution you have made, the more you can earn; b) Focus and fairness: according to the answers from interviewees, we can find that the company adopts PRP with the intention to make executives focus on their work efforts and fairness can improve employees’ performance; c) The need to provide alignment: here is a large number of factors influence performance in long-term and some of those cannot be observed currently; d) Other reasons to introduce performance-related pay: the requirement of government to adopt PRP and because of everybody has it so you has to have it; e) Problems with performance-related pay: a consultant pointed out that PRP system would bring unpredictable problems especially in long-term and it is difficult to select appropriate measure and tar gets. Market Practices Need for Legitimacy Need to Attract and Retain Implement a performance-related reward scheme Set performance measures and targets and use it to communicate strategy Directors’ actions and behaviours Business performance Performance-related award Monetary award Increased human capital for future negotiations Effect on individual’s self worth Figure 2: Why Companies use performance-related pay (Bender, 2004) In the final part, the author summarizes this case study according to three theories mentioned at the beginning of our description and draws figure 1 to show why companies performance-related pay. . 2 Case two: â€Å"Evaluating performance-related pay for managers in the National Health Service† (Dowling & Richardson, 1997) This paper includes 4 sections. Section 1 explains the NHS system which means the performance related pay system for general management in 1989. Section 2 concludes the evaluation criteria and explanatory framework. PRP is introduced on the initiative of management. According to Cannel a nd Wood’s survey, PRP could be introduced to overcome problems with existing systems, o encourage employees’ motivation, to improve communication with work force, to reduce problems of recruitment. Kessler suggested that the PRP might also be used to improve the fairness of a payment system, to reduce union influence and the importance of collective bargaining, can also give additional influence to line managers. The purpose of PRP is said to reward those manage who achieve a more than competent standard of work and motivate managers to perform better. Section 3 values the efficiency of the scheme and four measures are utilized to check the outcome of the scheme. Managers had to be assessed by their supervisors and receive reward based on their performance if they had finished targets set at the beginning of the year. In NHS, the HR department designed the PRP system in order to motivate managers. However, through self-reported data from the managers covered by the PRP system, a majority of respondents saw the scheme as having little or no effect on their motivation to do their jobs well. Also the authors did not found solid evidence to show that there are corresponding negative consequences of PRP. The initial examination of the raw data clearly suggests that the three elements of the scheme achieved different degrees of success. The objective-setting elements seemed to be widely supported. It could be observed that the scheme's rewards were either not appropriate or not sufficiently attractive to act as a motivator. PRP include the way in which performance standards are set and monitored. Section 4 explains the effects of PRP in the NHS. About 85% respondents showed satisfaction with the objective –setting process. Furthermore, they also agreed that the challenge offered by the objective measures increase their determination to achieve their goal set before. On the other hand, there was also much critical comment on reward system such as subjectivity and appraiser bias. In addition, the PRP reward system was always cash limited. 4. Analysis and Evaluation of PRP Theory in Business Organisations 2 3 4. 1 Comparison Both of the two cases are involved in the topic of PRP, and focus on the effectiveness of PRP scheme. In addition, both of the researches partly agree that PRP is successful in some areas or in some extend, however, PRP is still not a perfect scheme due to various reasons. As what has been pointed out to be the problems in PRP, among all of the reasons mentioned in the papers, the objective-setting process has been pointed out in both of the researches, which indicates that this might be one of the key points which should be considered to improve PRP scheme. What is more, both of the papers mention that PRP is introduced in order to â€Å"attract and retain executives with the potential of large earnings†(Bender, 2004) and â€Å"to improve the fairness of a payment system, to generate employee commitment† (Dowling and Richardson, 1997), which can be considered as the positive points of PRP. 4. 2 Contrast The methods used in the research in the two cases are different. The case about PRP in the National Health Service used both quantitative and qualitative date from a questionnaire survey (Dowling and Richardson, 1997). While, the case conducted by Bender (2004) used qualitative date from an interview survey. Moreover, the perspectives used in the two papers also vary. As to the reasons why PRP is not more successful, Dowling and Richardson (1997) consider that there are three kinds of employees as being particularly important: firstly, those who think that the objective-setting process of PRP is coped with terribly; secondly, those who think the assessments are handled badly; lastly, those who believe that the rewards are not attractive enough to encourage their motivation. They hold the opinion that PRP has a less important influence on these people, which indicates that the improvement of objective-setting process, assessments and rewards might lead to improving the effect of PRP. While, the paper conducted by Bender (2004) indicates that the reason that PRP is not so successful is also related to the market in which directors are. Besides, salary and rewards are not the only recourses that could motivate managers. For instance, leisure can also play a significant role in the performance of managers. Additionally, PRP scheme has less important impact on those people who mainly work for vocational interests. Meanwhile, this paper (Bender, 2004) pays more attention to the reasons that PRP is used by companies. The writer points out some more reasons from interviews with directors other than the strong points of PRP which have been mentioned above. To be exactly, pay can be deemed as a symbol of worth and how much one can earn is associated with the self esteem for the executives. In the end, we can see from the two papers that PRP has developed successfully from 1997 to 2004 because what are reflected in the papers shows us that PRP has been used much more and been recognized in a wider range. As a result, we can conclude that with the use of PRP, this scheme has become and also will become more and more mature and contribute a lot to business organizations. 4. 3 Performance related pay theory in business organizations This section conducts analysis of two empirical cases critically and assesses the value of PRP theory and benefits it achieves in business organizations. The whole objective of pay related systems like the PRP and other HRM theories is obviously to bring or add to the value of business organizations. When we take a look at the first paper, it is obvious that on the average PRP increases an organization’s value. The following are the perceived benefits of the PRP theory: 4 5. 1 5. 2 5. 3 5. 4. 1 Motivates employees and improve their performance The human needs hierarchy theory of Maslow (1943, 1987) and the two factors theory of Herzberg (1959) indicate that in modern society satisfying human needs like payment is in a position to motivate people to work harder. Furthermore, in business organisations payment related to performance can stimulate people to accomplish the performance that organizations want. Kessler and Purcell (1992) claimed that if direct relationship exists between effort, performance and reward, employees would be motivated. PRP schemes act exactly as this direct link motivating the employees to increase their efforts. 5. 4. 2 Facilitates change to organizational cultural Kessler and Purcell (1992) argued that PRP refers to flexibility, dynamism, entrepreneurial spirit and careful allocation of resources, leading to a performance-orientated culture. Therefore, the introduction of PRP facilitates change in business organizations culture from collectively negotiated formula to individual contribution, which assists in solving problems, increasing value of organizations, and reducing problems of recruitment and retention. 5. 4. Encourages the internalization of performance norms â€Å"PRP can encourage the internalization of the organisation’s goal or norms of behaviour among the employees of the organization† (Geary, 1992). In the implementation of PRP, the organisation’s norms of behaviour can be enhanced by rewarding congruous work effects and by punishing incongruous performance. Th ereby, it strengthens management control and clarifies job roles within organizations. 5. 4 Problems of PRP in practice Theoretically, PRP can produce many benefits for organizations, which have been demonstrated above. However, there are always gaps between theories and practice of PRP. In this part data from the NHS case will be utilized to illustrate some problems of PRP. Figure 3 above shows that only 2 percent respondents consider PRP as the motivator for them to work harder while respondents with opposite idea accounts for 45 percent. Also 67 percent respondents embrace neutral idea on the question of whether PRP scheme affect motivation to do the job and 77 percent respondents did not feel more co-operation after the introduction of PRP scheme. Question| Negative Positive| Does PRP have effect on your motivation to do the job well? 2| 3| 67| 25| 4| You consciously work harder because of the PRP scheme. | 45| 26| 17| 10| 2| You focus on PRP objectives rather than other activities. | 34| 34| 20| 10| 2| PRP changes co-operation level among colleagues| 2| 12| 77| 8| 1| Figure 3: PRP in the National Health Service (Dowling and Richardson, 1997) 5. 5. 4 Setting performance objectives It is essential for organizations to set up clear and measurable objectives so that the behaviour of employees can be guided by objectives. However, imposition and narrowness of PRP in objective-setting could lead to failure of the implementation. What’s more, short term approach stemming from narrow and misleading objectives could make employees ignore intangible aspects and long-term tasks. Therefore, the weakness of PRP in objective-setting could discourage behaviour that is not financially rewarded and prevent business organizations from functioning well. 5. 5. 5 Assessment and ratings Assessment and ratings are indispensable stage of PRP system. In practice, two crucial elements during these processes, scales of ratings and fair appraisals made by managers are difficult to achieved, which make employees not satisfied with ratings given to them. As Belfield and Marsden (2002) argued that the use of PRP will do more harm than good if the right monitoring environment is not in place. 5. 5. 6 Reward PRP regards reward as the motivator for employees to work hard, which is often not the case in practice. Maslow’s theory of the Hierarchy of Needs (1943) stated that payment is not the only need of human beings. Besides payment, people also have mental requirements such as belongingness needs, esteem needs and self-actualization. 5. Conclusion After critical analysis and assessment we can finally reach the conclusion that in theory PRP is in a position to provide business organizations certain benefits such as motivating employees, improving their performance, attracting executives, facilitating change in organizational culture and encouraging the internalization of performance norms. However, due to imposition and narrowness in objective-setting, unfairness and inaccuracy in assessment and ratings, and diversification of human needs, theoretical benefits of PRP cannot be reached. Therefore, more attention should be paid on the gap between HRM theories and their application in practice so that HRM theories can assist business organizations in increasing their values. Reference ACAS, 1990. Appraisal-related Pay. London: ACAS. Adams, J. S. , 1965. Inequity in social exchange. In: Berkowitz, L. ed. , Advances in experimental social psychology. New York: Academic Press, 267-299. Armstrong, M. , 2002. Employee reward. 3rd ed. London: Chartered Institute of Personnel and Development. Armstrong, M. ; Murlis, H. , 1994. Reward Management, London: Kogan Page. Belfield, R. ; Marsden, D. , 2002. Matchmaking: the influence of monitoring environments on the effectiveness of performance pay systems. Centre for Economic Performance, London School of Economics and Political Science, London, UK. Bender, R. , 2004. Why Do Companies Use Performance-Related Pay for Their Executive Directors? Corporate Government, 12(4), pp. 521-533. Dowling, B. ; Richardson, R. , 1997. Evaluating performance-related pay for managers in the National Health Service. The Intematioruil Joumal of Human Resource Management, 8(3), pp. 348-366. Herzberg, F. , 1959. The Motivation to work, New York: John Wiley. Geary, J. F. , 1992. Pay, control and commitment: linking appraisal and reward. Human Resource Management Journal, 2(4), pp. 36-54. Kessler, I. ; Purcell, J. , 1992. Performance-related pay: objectives and application. Human resource management Journal, 2(3), pp. 16-23 Lewis, P. , 1998. Management performance-related pay based on evidence from the financial services sector. Human Resource Management Journal, 8(2), pp. 66-77 Maslow, A. H. , 1943. A theory of human motivation. Psychological Review, 50, pp. 370-396. Maslow, A. H. , 1987. Motivation and Personality. New York: Harper ; Row. Murlis, H. , 1996. Pay at the Crossroads. London: Institute of Personnel Development. Pilbeam, S. ; Corbridge, M. , 2002. People Resourcing: HRM in Practice. 2nd ed. Harlow: FT Prentice Hall. Appendices Tow papers: Bender, R. , 2004. Why Do Companies Use Performance-Related Pay for Their Executive Directors? Corporate Government, 12(4), pp. 521-533. Dowling, B. ; Richardson, R. , 1997. Evaluating performance-related pay for managers in the National Health Service. The International Journal of Human Resource Management, 8(3), pp. 348-366.

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Determine the water resources in your hometown area (Canton, Ohio - Stark County) - Assignment Example In the end a unified approach will be adapted, incorporating all the perspectives, to address the issue of conservation of water. According to the US 2009 census, the estimated population of Canton-Massillon, Ohio Metropolitan statistical area is 408, 005 (US Census Bureau, 2009). Most of the urban population depends upon ground water for consumption and daily usage purposes. The area receives its water supply through 3 different ecological mechanisms, all of which are interconnected through a complex hydrologic and infiltration cycle. The major sources of water supply are: (1) Precipitation (2) Surface water resources (3) Ground water resources. We will briefly explain each one of them with particularly greater emphasis upon ground water resources and it’s the primary source of water supply to the area. The graphical illustration below reveals that on average 3.5 to 3.7 inches precipitation falls every month on Stark country. However, considering the fact that seasonal changes and yearly extremes severely affect the precipitation rate, the following data may not be reliable while analyzing long term precipitation rate. Data revealed by â€Å"Ohio state university extension fact sheet† demonstrates that, all the minor rivers, streams and lakes eventually drain into Ohio River near Beaver, Pennsylvania and Ohio River at Marietta (in Washington County). Furthermore, the infiltration capacity of soil also plays a significant role as it determines the amount of rainfall water to be trapped on the surface or infiltrate into the soil. As mentioned earlier, the availability of ground water is dependent upon the chemical and physical properties of geologic formation. For a better understanding of ground water resources, the nature of aquifers should be analyzed in detail. As the following figure â€Å"Ground water resource map†

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Carlos Slim Helu - Future of his company Research Paper

Carlos Slim Helu - Future of his company - Research Paper Example nchez-Runde, and Nardon 192). Therefore, this essay explores the future of Carlos Slim Helu’s company in terms of economic prospects and market share. Essentially, Carlos Slim Helu has made himself a name in the world of entrepreneurship due to his relentless efforts in doing global business (Casanova 28). Currently, the business tycoon owns a chain of about 200 companies that operate in Latin America and even beyond to the extent of employing over 200,000 people (Healy 129). This actually means that he is a man who holds a significant stake in the economy of the states of Latin America by his businesses. Since he has used his personal resources in improving the welfare of the people of Latin America especially the immediate communities in which his companies were situated, the legacy of Carlos Slim is one that will never go away very soon (Steers, Sa?nchez-Runde, and Nardon 192). Perhaps it is worth noting that Carlos Slim, through his fortune, helped educate over 165,000 Mex ican people to the university level. This great and commendable achievement won him the heart of many (Casanova 28). In this respect, many people particularly the Mexicans, have full confidence in his company and products offered. In addition, Carlos Slim did a great deal of work when he came with the initiative of building rural schools so that the rural folk could take their children to school (Steers, Sa?nchez-Runde, and Nardon 192). In terms of justice, the business mogul bailed over 50,000 Mexicans from jail because they were unfairly detained and they could not afford the bail. Perhaps these factors have led to his business booming in Mexico and beyond. Lastly but more importantly, it is important to note the fact that he has reserved over $4 billion for education in addition to $6 billion for other programs including but not limited to his Telmex Foundation (Casanova 28). As the world’s richest man, Carlos Slim has invested in building extensive networks with some of t he world’s most powerful figures including heads of states in order to penetrate his businesses further into many countries and consequently, conquer the global market share (Casanova 28). With this competitive edge in the market, the companies of Carlos Slim are able to survive any turbulence in the market that will send other companies winding up and for this reason, it is proper to insinuate that Carlos Slim together with his companies, are here to stay (Casanova 28). Although several critics have come strongly against the business mogul, Carlos Slim has always been relentless in his business enthusiasm particularly when it comes to dealing with sharp criticisms (Casanova 28). While he has had to deal with such criticisms as being a monopolist who will go any length in order to floor his business rival, Carlos Slim has taken it positively and instead of retorting to such allegations. Besides, he has instead opted to direct his effort to improving the world through educatio n, health, food, and justice (Steers, Sa?nchez-Runde, and Nardon 192). When it comes to collaborating with other tycoons, billionaire Carlos Slim Helu tops the list (Healy 129). This is particularly so when it comes to the search for the untapped opportunities in the world. In this regard, Carlos Slim

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Premature babies' medical care - Essay Example Additionally, it is also a decisive concern on who acts on the person's behalf if he/she is incompetent in order to protect his/her interests. It is stated clearly as one of the rights of patients that they have a right to refuse treatment to the extent permitted by law (Annas 1989). Despite the critical issue in medical law that surrounds the protection of interests on children and incompetent adults, the decisions as to the withholding or withdrawal of medical treatment is being settled on the discretion of the court provided that patient's incompetence has been clearly determine. Most of the problems and difficulties when working with very premature babies are related to practical problems of the management and medical treatment. This has created confusion between parents and the medical staff on their decision over the actions that have to be taken. Such a particular has been recurrent yet still has to be highlighted if we are to ensure that all babies can receive the best care and attention. Even though there have been great improvements in the care of babies, we've yet to find the best ways in managing these problems that may arise. According to Brazier and Lobjoit (1991), even though it is ideal to obtain consent of the parents prior to entering babies into a new study, there are some circumstances in neonatal care where it is very difficult and even almost unethical to try to obtain properly informed consent. In these circumstances if the doctors are always constrained to obtain consent this may either prevent a satisfactory study from taking place or bias the study, because not all the babies with a particular problem would be eligible and it may unnecessarily increase the parents' anxiety level. However, ethics still comes out as the guiding principle. It would be unethical in trying to answer a relevant problem without consent as much as conducting what one considers to be an inadequate study or the obviously dishonorable way of never conducting the study so that no one knows the right way to cope with that particular problem. Brazier and Lobjoit (1991) make a final point that informed consent is as important in neonatal studies as in any other situation. On the other hand there are circumstances when the most ethical thing to do is to conduct the study without asking for the parent's consent due to the nature of the problems encountered both in terms of the care of the baby and the parents. Medical Ethics on Children As much as caring with premature babies, infants and children draw up concerns that ought somebody to be particularly careful (WMA 1989). The MRC (1964) suggest strict rules to be followed by hospitals in dealing with children. The council suggested that one cannot undertake research on children that is not directly intended to benefit those children. And in 1973, the RCP (1973) permits the non-therapeutic research as an exemption and could be conducted if those procedures brought about negligible risk or discomfort. However, the guidelines failed to define what is meant by "negligible. It was the BPA guidelines in 1980 that lays out particular consideration in non-therapeutic research on children. They suggest the consideration of an examination of the degree of benefit which might result. One particular example given

Sparco Paints Essay Example for Free

Sparco Paints Essay Sika Paint Industries (Pvt) Limited is the manufacturer of the leading brand â€Å"SPARCO† commonly known by its trademark SPARCO Paints in the domestic and the international market. Sika has steadily and progressively marched into newer heights of popularity and accomplishments in the past more than two decades of its inspection. The company was founded by Malik Muhammad Javaid Iqbal in 1988 as a sole proprietorship concern led its fast growth with dynamism to make it a private limited company in 2004. Ever since, the world of possibilities has never stopped coming around for the company. Dynamic Success From a small business to a dynamic enterprise, Sika Paint Industries has consistently set foot through major cornerstones of its industry, gaining numerous milestones and nationwide recognition to its credit. The company has met the growing demand of its huge industry through steady development of its product range resulting in not only a major market share but a larger base of loyal customers having good standing with them. Over the years, the quality of its brand Sparco Paints has remained unscathed and caters to both the local and international export market. Our Reasons of Growth Amongst its many success factors, the deployment of technology, innovation and robust marketing and branding activities have led to the rapid growth of Sparco Paints. The company concentrates primarily on decorative, industrial, auto, wood finishes and road marking paints for which the company owns the state-of-the-art manufacturing establishment equipped with latest machinery and laboratory facilities. Center of Effective Research The company actively engages up-to-date research to boost the economic value of its paints and strives to improve its product quality with each passing day. The extensive research for innovative product knowledge and methods to engineer the product quality constantly invigorates its existence. The company has engaged in constant researching for best practices for the product development and hence successful in completely retaining its valued customers. Having received the ISO 9001:2008 quality control standard certification for its unmatched quality, the company implements its intricate quality assurance policies at all manufacturing stages including the procurement of raw material, its handling, work in progress, packing, finishing and the timely delivery of end products to the customer. The company firmly believes on providing the paint products of premium quality with intense technical support and color advisory services. The company promises to provide excellent service and achieve its objectives through experienced and well trained professionals of the industry and competitive pricing.

Choosing Between Debt And Equity Finance Essay

Choosing Between Debt And Equity Finance Essay In financial decisions, the choice between debt and equity financing is one of the most difficult ones. Both types of financing have its advantages and disadvantages. Debt financing is based on borrowing finance, and incurs debts that should be repaid in a certain time. The obligations of the company include repaying the loan and paying interest on the loan until its repaid. Debt financing does not impact the ownership of the business, but might cause high debt servicing costs. On the other hand, equity financing represents the exchange of finance to a part of business ownership; this is commonly done by issuing stocks. Equity financing allows to receive investments without additional payments and does not cause financial concern of investors, like debt financing does. However, since the ownership is shared, the owners have to dilute their decisive power (Grossman Livingstone, 2009), and might even lose control of the company. For the companies, the choice of debt or equity financing is based on many factors, such as size of the company, state and dynamics of the industry, perspectives of the company, debt-to-equity ratio, debt servicing costs etc. The purpose of this essay is to consider the decision of American Superconductor Corporation to shift to equity financing from debt financing, made in 2003. AMSC case American Superconductor Corporation is a company providing wind turbine design, electrical control systems, power systems and superconductive wires (Madura, 2008). It operates mostly in Europe, North America and Pacific Asia. Before 2003, the companys investment policy was based on debt financing; however, in 2003, the decision to forgo a secured debt financing and to adopt an equity financing strategy under current market conditions (Esposito, 2003) was made. The company experienced recession in 2003; in October 2002, its stock prices have fallen to the record level of $2.25, and in 2003, they constituted about $3.36, which was very low compared even to 2002 level of $12.26 (AMSC Stock, 2010). The company needed financing, and their choice was to issue a public equity offering instead of debt financing. This decision was explained as strategic solution based on the consequences of 2003 blackouts, and CEO of American Superconductor, Greg Yurek, forecasted an increased need for their power grids and public attention to better voltage support with dynamic reactive power compensation (Esposito, 2003). The results of first six months of fiscal 2004 year seemed to prove the efficient of the decision to pursue equity financing, since no long-term debt was reported, and $17.4 million revenue in the first two quarters of the year. The company also focused on wind turbines, which were gaining popularity. Wind power in 2007, for example, became the first $30B clean energy industry (Madura, 2008). Current financial position of AMSC shows that its total revenue and gross profit values have significantly increased during the last years (2008-2010 financial information available); the companys gross margin is 39.14% compared to 32.19% in the diversified electronics industry in general (AMSC Stock, 2010). The operating margin is also higher: 14.70% compared to 5.71% industrys operating margin, the EPS is also higher (0.64) than 0.08 average (AMSC Stock, 2010). Although the financial position of AMSC is weaker than that of main competitor, ABB. Ltd., the company managed to override another major competitor, SatCon Technology Corporation. The industry provides a significant development potential, and the stocks of the company were not priced less than $10 since 2007 (AMSC Stock, 2010). Analysis of financial decision The combination of debt and equity financing impacts the companys cost of capital. Debt financing is safer for investors, while equity financing is more risky for investors, but at the same time safer for the company (Grossman Livingstone, 2009). Since debt financing creates contractual obligations, the companies should carefully consider their ability to repay the debts. Debt servicing incurs higher costs than equity financing, and if the company experiences fast growth, it might suffer from high debt servicing expenses. It has also been shown that companies with consistent profit operating in low-risk and slowly growing industries more often opt for debt financing, while companies operating in risky and rapidly changing industries as well as in volatile ones, should choose equity financing since these companies have more opportunities for investments, and would not suffer from underinvestment (Grossman Livingstone, 2009). By 2003, AMSC experienced financial problems and its stocks have dropped in price, but the conditions of the environment indicated the quick growth of interest to AMSC production. It could be forecasted that in some time the company would need significant investments and 2003-2004 was the right time to expand. If AMSC continued debt financing, its growth would be hindered by debt servicing costs and worse stock dynamics. Thus, the decision of AMSC to replace debt financing with equity financing was very appropriate in this situation. Conclusion In order to perform the choice of business financing (debt versus equity), it is necessary to consider the perspectives of the company as well as the nature and dynamics of the industry. In 2003, AMSC was experiencing financial difficulties and its stocks have significantly fallen. However, there were many opportunities for development, and the 2003 blackouts increased the interest to AMSC production. Therefore, the company had strong potential for growth, and needed strong financing source without excess cost increase. Thus, American Superconductor Corporation performed a right decision to stop debt financing, and to issue a public equity offering. The correctness of the decision can be also traced looking at further financial development of the company: AMSC is stably growing, creates new products and shows good progress compared to its competitors.

Natural vs Synthetic Fiber Reinforced Polymer

Natural vs Synthetic Fiber Reinforced Polymer Concrete technology as a branch discipline of technology requires increase in the degree of specialization and consolidation of the fiber material in the cement matrix form composite materials. It requires knowledge of the concepts related to the interaction between the fiber and adhesive cement, mortar or matrix concrete that influence the production and nature of the product. The scientists and engineers have been actively exploring to find the materials that will be used as replacement of conventional materials that can provide a feature best new design and innovation to enhance the material. The development of fiber technology is in the line with the development of knowledge of the material. Following the high demand and innovation in applying fiber, the fiber technology has produced various kinds of fibers potential for commercialization. Participation fiber reinforcement in concrete, mortar and cement adhesive work to improve the engineering properties of many based materials such as fracture resistance, bending strength and resistance to fatigue, impact, thermal shock or chipping. Consolidation of materials in the form of cement mortar or concrete has become an attraction as a building material because it is inexpensive, has the resilience and has a compressive strength and stiffness sufficient for restructuring. However, the disadvantages are located on fragile nature, tensile strength and impact of the weak as well as receptive to moisture movement. Hence, reinforced by fibers that have enhanced capabilities offer a suitable alternative, practical and economical to overcome the lack of features of conventional concrete or mortar. Elements of a fiber is a continuous filament in the form of an express term sheet or spreadsheet form. Fibers can generally be categorized into three types : synthetic fibers, natural fibers and mineral fibers. Synthetic fibers are man-made fibers. It is based chemicals such as petrochemicals and synthetic fibers derived mostly from nylon, polyster, aerylic polymer and polyacrylonitrile fibers used to make fiberglass. There is also a bundle of fibers that make the polymer chain is as strong as aramid and chain bond length as dyneema. While natural fiber derived from natural sources, from plants and animals. Plant fibers are cellulose and lignin-based stacks such as cotton, jute, coir, oil palm bunches, flax and so on. It can be obtained from seeds (cotton, kapok), leaf (pineapple, banana), leather plant (jute, kenaf, rattan, hemp), fruit (coconut, palm) and straw (rice, wheat, barley, grass). Next, animal fibers derived from protein particles like silk and wool. For mineral fibers, it derived from the earths crust and it happens naturally. It is based on asbestos fibers (chrysotile, amosite, crocidolite, tremolite, actinolite, anthophyllite), ceramic fibers (glass wool, quartz, aluminum oxide, silicon carbide) and fiber-metal (steel, aluminum). However, both of natural and synthetic fiber reinforced concrete have their own challenges and weakness. Nothing is being done without deficiencies. Synthetic fiber however has more challenges than natural fiber because of its production. Future development of natural and synthetic fiber reinforced polymer concrete will make us want to investigate more about them. OBJECTIVES To know about polymer concrete and why fiber being reinforced in it. To describe the characteristics of natural and synthetic fiber reinforced polymer concrete. To describe the challenges in environment while using both composite materials in construction. To describe the future development in both composite materials. LITERATURE REVIEW POLYMER CONCRETE AND ITS CHARACTERISTICS Polymer concrete is a composite material in which the binder consists entirely of a synthetic organic polymer. It is variously known as synthetic resin concrete, simply resin concrete or plastic resin concrete. Because the use of a polymer instead of Portland cement represents a substantial increase in cost, polymers should be used only in applications in which the higher cost can be justified by superior properties, low labor cost or low energy requirements during processing and handling. It is therefore important that architects and engineers have some knowledge of the capabilities and limitations of polymer concrete materials in order to select the most appropriate and economic product for a specific application. Polymer concrete consists of a mineral filler such as an aggregate and a polymer binder which may be a thermoplastic, but more frequently, it is a thermosetting polymer. When sand is used as a filler, the composite is referred to as a polymer mortar. Other fillers include chalk, gravel, limestone, crushed stone, condensed silica fume (silica flour, silica dust), quartz, clay, granite, expanded glass, and metallic fillers. Generally, any dry, non-absorbent, solid material can be used as a filler. To produce polymer concrete, a monomer or a pre-polymer which mean a product resulting from the partial polymerization of a monomer, a hardener (cross-linking agent) and a catalyst are mixed with the filler. Other ingredients added to the mix include plasticizers and fire retardants. Sometimes, silane coupling agents are used to increase the bond strength between the polymer matrix and the filler. To achieve the full potential of polymer concrete products for certain applications, various fiber reinforcements are used. These include glass fiber, glass fiber-based mats, fabrics and metal fiber. Setting times and times for development of maximum strength can be readily varied from a few minutes to several hours by adjusting the temperature and the catalyst system. The amount of polymer binder used is generally small and is usually determined by the size of the filler. Normally the polymer content will range from 5 to 15 percent of the total weight, but if the filler is fine, up to 30 p ercent may be required. Polymer concrete composites have generally good resistance to attack by chemicals and other corrosive agents, good resistance to abrasion, have very low water sorption properties and good marked freeze-thaw stability. Also, the greater strength of polymer concrete in comparison to that of Portland cement concrete permits the use of up to 50 percent less material. This puts polymer concrete on a competitive basis with cement concrete in certain special applications. The chemical resistance and physical properties are generally determined by the nature of the polymer binder to a greater extent than by the type and the amount of filler. In turn, the properties of the matrix polymer are highly dependent on time and the temperature to which it is exposed. The viscoelastic properties of the polymer binder give rise to high creep values. This is a factor in the restricted use of polymer concrete in structural applications. Its deformation response is highly variable depending on formulation ; the elastic moduli may range from 20 to about 50 GPa, the tensile failure strain being usually 1 percent. Shrinkage strains vary with the polymer used. For example, high for polyester and low for epoxy-based binder. It must be taken into account in an application. A wide variety of monomers and pre-polymers are used to produce polymer concrete. The polymers most frequently used are based on four types of monomers or pre-polymer systems : methyl methacrylate (MMA), polyester pre-polymer-styrene, epoxide pre-polymer hardener (cross-linking monomer) and furfuryl alcohol. Table 1 : General Characteristics And Applications of Polymer Concrete Products Poly (methylmethacrylate) General Characteristics Low tendency to absorb water. As a result, high freeze-thaw resistance ; low rate of shrinkage during and after setting. Outdoor durability and good chemical resistance. Typical Applications Used in the manufacture of faà §ade plates, stair units and sanitary products for curbstones. Polyester General Characteristics Good adhesion to other materials, relatively strong, good chemical and freeze-thaw resistance but have high-setting and post-setting. Typical Applications Because of lower cost, widely used in panels for public and commercial pipes, buildings, floor tiles, stairs, various precast and cast-in applications in construction works. Epoxy General Characteristics Strong adhesion to most building materials, low shrinkage, good creep and fatigue resistance, superior chemical resistance and low water sorption. Typical Applications Epoxy polymer products are relatively costly. They are mainly used in special applications including use in mortar for industrial flooring, skid-resistant overlays in highways, epoxy plaster for exterior walls and resurfacing of deteriorated structures. Furan-based polymer General Characteristics Composite materials with high resistance to chemicals which most acidic or basic aqueous media, strong resistance to polar organic liquids such as ketones, aromatic hydrocarbons and chlorinated compounds. Typical Applications Furan polymer mortars and grouts are used for brick such as carbon brick and red shale brick, floors and linings that are resistant to chemicals, elevated temperatures and thermal shocks. Source : Blaga, A. and Beaudoin, J.J., (1985). Polymer Concrete. Canadian Building Digest published November 1985. THE CHARACTERISTICS OF FIBER AND TOUGHNESS CONCEPT Characteristics of fiber in use to hardened concrete : Fibers should be significantly stiffer than the matrix which has a higher modulus of elasticity than the matrix. Fiber content by volume must be adequate. There must be a good fiber-matrix bond. Fiber length must be sufficient. Fibers must have a high aspect ratio. Means that they must be long relative to their diameter. Toughness is defined as the area under a load-deflection (or stress-strain) curve. Adding fibers to concrete greatly increases the toughness of the material. That is, fiber-reinforced concrete is able to sustain load at deflections or strains much greater than those at which cracking first appears in the matrix. NATURAL FIBER REINFORCED POLYMER CONCRETE AND ITS CHARACTERISTICS Potential use of natural fiber reinforced concrete in the application of natural fibers has long attracted the attention of researchers. Various researches has been conducted in many countries for a variety of mechanical properties, physical performance and durability of materials reinforced by natural fibers. Natural fibers are categorized as organic waste from plants such as fiber coconut, sisal, bagasse, jute, wood dust and so on. Natural fiber reinforced concrete is essentially a special concrete where it contains fibers with a small diameter, independently and randomly distributed in the cement matrix. Uniform distribution in the cement matrix, contributing to an increase in the tensile and resistance to cracking, impact and improved the ductility values à ¢Ã¢â€š ¬Ã¢â‚¬ ¹Ãƒ ¢Ã¢â€š ¬Ã¢â‚¬ ¹for the good aspects of energy absorption. Although many types of fibers were used as reinforce material in concrete, the use of natural fibers had long been in existence and there is a lot of evidence of the usage of these fibers in the history of civilization. Nature has given human the fiber reinforced material in the form of wood, bamboo and other plants. The use of straw in mud bricks and horse hair in the mortar has the potential of natural fibers. Only in the late 1960s and early 1970s, research began to study the potential use of various types of natural fibers as reinforcement material in the slab concrete and cement-based composite materials. Natural fiber reinforced cement or concrete products that use fibers such as coir, sisal, sugar bagasse, bamboo and so on have been produced and tested in more than 40 countries. For economic reasons in developing countries where natural fibers is so much available, it is demanding for construction industry players to enhance the usefulness of these resources in an effective and economical as to introduce composite materials for residential use and others. Basic needs use of natural fibers as reinforcement material in concrete matrix is à ¢Ã¢â€š ¬Ã¢â‚¬ ¹Ãƒ ¢Ã¢â€š ¬Ã¢â‚¬ ¹tensile strength and high elastic modulus, the bond between the matrix and fiber, good chemical composition, stable geometry and good durability. SYNTHETIC FIBER REINFORCED POLYMER CONCRETE AND ITS CHARACTERISTICS Synthetic fibers are man-made fibers resulting from research and development in the petrochemical and textile industries. There are two different physical fiber forms: monofilament fibers, and fibers produced from fibrillated tape. Currently there are two different synthetic fiber volumes used in application, namely low-volume percentage (0.1 to 0.3% by volume) and high-volume percentage (0.4 to 0.8% by volume). Most synthetic fiber applications are at the 0.1% by volume level. At this level, the strength of the concrete is considered unaffected and crack control characteristics are sought. Fiber types that have been tried in concrete matrices include : acrylic, aramid, carbon, nylon, polyester, polyethylene and polypropylene. The characteristics is depend on the types of synthetics used to reinforced with polymer concrete. Different fiber has different properties. Adding carbon fiber decreased the unit weight of polymer concrete. Carbon fiber provides much higher compressive strength, flexure strength and ductility of polymer concrete. PVC and polypropylene fibers did not significantly influence the compressive strength and gave the lowest pulse velocities and modulus. NATURAL VS SYNTHETIC FIBER REINFORCED POLYMER CONCRETE : CHALLENGES The challenges of polymer concrete are the monomers of polymer can be volatile, combustible and toxic. Initiators, which are used as catalysts, are combustible and harmful to human skin. The promoters and accelerators are also dangerous. Natural fibers are emerging as lightweight, low cost, and more environmentally rather than synthetic fibers in composites. This is because : natural fiber production has lower environmental impacts compared to synthetic fiber production. natural fiber composites have higher fiber content for equivalent performance, reducing more polluting base polymer content. the light-weight natural fiber composites improve fuel efficiency and reduce emissions in the use phase of the component, especially in auto applications. end of life incineration of natural fibers results in recovered energy and carbon credits. A compound reinforced with natural fibers is not only low density, low-cost, and abrasion resistant, it also offers an absence of toxicity and better dimensional stability. Polyester raw material releases high amounts of carbon dioxide. This rapidly increases global warming, which is why polyester and other synthetic fabrics are widely discouraged. The other reason is that some synthetic fabrics come from non-renewable resources such as oil. Eventually rise of these synthetic fibers usage have been causing environmental problems such as dumping and recycling. In addition, glass fiber can cause acute irritation of the skin, eyes, and respiratory tract. Mainly concerns have been raised for long term disease such as cancer and lung scarring. Moreover, when released, glass fiber does not decompose and hence again it results in environmental pollutions, as well as, threaten animal life and nature along. Therefore, one of the solutions is using natural fibers instead of synthetic fibers in developing composites materials as they are renewable. Also the consumption of renewable resources would provide positive image for sustainability of green environment. Natural fibers are less harmful to the environment and the society because they are derived from plants and animals which are more eco-friendly. Products which manufactured from natural fabric eventually dissolves into the earth. Plant and animal based fabrics are a part of the evolutionary process of life. They return to the earth to return once more to life. Synthetic fibers are more harmful to the environment because they are enhanced with chemicals. Polyester and nylon fabrics are made from a substance which creates nitrous oxide. Materials that are labeled petrochemical, flame retardants, nylon, acetate and non-wrinkle are all chemically treated. Chemicals which used for the manufacture of synthetic fabrics is harmful and can enter into the water supply and cause health problems. Also workers who are continuously exposed to dangerous chemicals are at risk for developing auto-immune diseases and disease of the lung. Products made from petrochemicals take years to break down, creating a constant need for landfills. Synthetic products that are disposed into the ocean are a threat to marine life. The threat to aquatic animals will eventually precipitate a food shortage. Although, synthetic fibers may offer softer fabrics and more durable materials, the long term effect on the environment far outweigh any advantages. The high cost of petrol along with global awareness of how natural fibers improve overall quality of life will help motivate manufacturers to find more innovative ways to utilize natural fibers. NATURAL VS SYNTHETIC FIBER REINFORCED POLYMER CONCRETE : FUTURE DEVELOPMENT Synthetic : Although not investigated extensively, the use of two or more fiber types in the same concrete mix is considered promising. The decision to mix two fibers may be based on the properties that they may individually provide or simply based on economics. Considerable improvement in the load deflection response was observed mixing steel with polypropylene fibers. In a more recent study, steel micro-fibers (25 microns in diameter and 3 mm long) and carbon micro-fibers (18 microns in diameter and 6 mm long) both in mono- and hybrid- forms were investigated. In the mono-form, steel fiber provided better strengthening than the carbon fiber and carbon fiber provided better toughening than the steel fiber. Interestingly, in the hybrid form (in combination), they both retained their individual capacities to strengthen and toughen. It appears possible, therefore, that by properly controlling fiber properties and combining them in appropriate proportions, one can actually tailor-make h ybrid fiber composites for specifically designed applications. Natural : Environmental awareness and depletion of the petroleum resources are among vital factors that motivate a number of researchers to explore the potential of reusing natural fiber as an alternative composite material in industries such as packaging, automotive and building constructions. However, their applications are still limited due to several factors like moisture absorption, poor wettability and large scattering in mechanical properties. Among the main challenges on natural fibers reinforced matrices composite is their inclination to entangle and form fibers agglomerates during processing due to fiber-fiber interaction. So, the research on natural fiber is being done by mercerization treatment on mechanical properties enhancement of natural fiber reinforced composite or so-called bio composite. It specifically discussed on mercerization parameters, and natural fiber reinforced composite mechanical properties enhancement. It was found that the most parameters used in merc erization treatment were alkali concentration, fiber soaking temperature and fiber soaking duration. Although similar types of reinforced fiber are used, it could give different values in its final composite mechanical properties due to different parameter setting during a mercerization treatment process. Therefore, there is a significant need to conduct further work focusing on main effect and interaction effect of mercerization parameters setting toward enhancement of natural fiber reinforce composite mechanical properties. CONCLUSION In conclusion, natural fiber reinforced polymer concrete has more environmentally characteristics than the synthetic one. But, in the context of advantages, synthetic fiber reinforced polymer concrete has more than natural. Both of them have their own advantages and disadvantages. Because of several characteristics of natural fibers such as moisture absorption, poor wettability and large scattering in mechanical properties, thus it makes reinforcement with polymer concrete a bit less advantageous. Future works will be needed to improve the properties of both natural and synthetic fiber reinforced polymer concrete included with environment impacts.

A Comparison of Seamus Heaneys Poem Digging and The song of the old mo

I have looked at the poem 'Digging' by Seamus Heaney. The poem is about the poet digging into his past and appears to be a modest poem. The "nicking and slicing neatly" that Heaney says in his poem can also apply to the crafting of a poem. Heaney seems unhappy and distanced from his farming family roots however he shows a good amount of admiration for farming men. Heaney shows the skill and dignity of labour. The expertise is rather admired than the strength and the technique is very precisely explained. He constantly has memories of common places, which very few people would notice, but Heaney thinks that these memories should be recognised. He is frustrated at how different he is to his family. Maybe in those days writing poems may not have been seen as manly. I am going to compare this poem 'Digging' to another poem which is called 'The song of the old mother' written by William Butler Yeats. First of all in Heaney's poem he is talking about himself as a child to his grandfather, while Yeats is talking about the older people to the younger generation. "My grandfather cut more turf in a day, Than any other man in toners bog." This quote shows that Heaney was talking as a child to his grandfather. "And the young lie long and dream in their bed." This quote shows that Yeats is talking about the younger generation and by calling them young she is implying that she is significantly older than the people she is referring to. In both poems they describe heavy manual work, but in 'Digging' they love doing the work that they do and in 'The song of the old mother' she is unhappy and bitter that she has to scrub... ...s family had a close relationship because when he was young he did not really describe any conflict between them but in Blake's poem he does show the love of the weeping mother. When the farther kisses the child he is showing his ever nigh love of god for the child. In Blake's poem he is implying the worship of god (the farther) because he has involved god when simply a child has been lost from his parents. In Heany's poem he shows his personal love and respect for his farther and grandfather. "Once I carried him milk in a bottle Corked sloppily with paper." This quote can show in a way that he loved his farther because he cared enough to go get his farther some milk in a bottle. In conclusion I think that these poems have explored the relationships between different families from different generations.

Essay --

According to Laurence Sterne, â€Å"Nobody, but he who has felt it, can conceive what a plaguing thing it is to have a man’s mind torn asunder by two projects of equal strength, but obstinately pulling in a contrary direction at the same time†. In Mark Twain’s novel, The Adventures of Huckleberry Finn, the character Huckleberry Finn, also known as Huck, is one who can conceive this plague. Huck Finn’s ‘two projects of equal strength’ was the difficult decision whether to turn Jim, a black slave, over to his rightful â€Å"property† owner or to continue helping Jim escape to freedom. This inner conflict took place in Jim’s conscience of trying to decide what the right thing to do was. These two conflicting forces were the basis of how the story was told. The Adventures of Huckleberry Finn is told from Huck’s viewpoint, and it illuminated the quandary that Huck faces as he befriends Jim and helps him to freedom, as well as convincing himself talkimg himself into believing feeling . A part of Huck thought helping Jim was wrong because helping a black man escape to freedom was against society’s rules and went against everything that he had been taught and raised to believe. The other part of Huck saw Jim as a good person, a friend, and believed Jim should be free from slavery. It was a war between Huck’s conscience of not following society’s conventional laws and following his heart in what seemed right. Throughout the novel, Huck questioned whether he was doing the right thing. Even though he felt he was doing the right thing, he kept thinking about how he was going against society’s values and ideals. Huck also felt that he was betraying Miss Watson by taking Jim, her â€Å"property†, away from her. Miss Watson was always good to Huc... ... I studied a minute, sort of holding my breath, and then says to myself: â€Å"All right, then, I’ll go to hell†Ã¢â‚¬â€and tore it up† (Twain 317). At this point in the novel, Huck realizes that he would rather go to Hell for doing what he believed to be right even if it is wrong in others’ eyes, including God’s. Although Huck knew it was wrong to help a runaway slave, he also knew it was what he had to do, it felt right to him. The inner turmoil that Huck experienced within his conscience was a constant battle, but Huck made the decision to follow his heart. Huck learns, from his own life experiences of befriending Jim and his own moral conscience and intuition, that standing up for what seems â€Å"right† isn’t always easy to do, but it’s the right thing to do. Huck made the moral decision to go against what he had been taught was â€Å"right† and do what he knew was â€Å"right†.