Traditional and Nontraditional Family Structure Assignment

Traditional and Nontraditional Family Structure - Assignment Example Thus nontraditional family forms include single parenthood, singlehood, cohabitation, Gay-Lesbian-Bisexual- and- Transgender (GLBT) relationships and even polygamy (Grant, 2012). Inasmuch as single parenthood do existed even prior to the 20th century due deaths of spouses, by then, single parenthood was surrounded by a certain level of stigma (Grant, 2012). This is contrary to what is happening now; where single parenthood is considered more acceptable. Additionally, unlike in traditional family set up where single parenthood mainly resulted from death of a spouse, today divorce and woman’s decision to have a child alone are key drivers. For instance, Artificial Insemination has become an option to have a child while single. Cohabitation is also a form nontraditional family (Bornstein, 1991). This is where a housed is shared by unmarried couple. It is normally taken to be an alternative form of marriage which has continued to gain popularity in the U.S. Some couple cohabitate with a claim that they are testing their compatibility in marriage. Besides, families created and the relationship formed by GLBT, may also be considered as a structure in the nontraditional family set up. Unlike traditional structure where a family is mainly husband, wife and children, nontraditional structure presents more complicated structure including even people of the same gender. Nontraditional families’ influence on spots participation depends on the nature of the family and the nature of the stakeholders (Bornstein, 1991); influence may either be negative or positive based on that nature. For example, in a single-parenthood family, a child or children may be actively involved in sports or otherwise; the determining factor being the nature of the parent (Bornstein, 1991). If the parent supports child’s involvement in sports or even himself/herself participates, the participation will be raised, and vice versa

Reort Essay Example | Topics and Well Written Essays - 1000 words

Reort - Essay Example As for site 4, it is at the south east of the Quarter. It is the gateway to the city center and a linkage between Riverside Business District and other commercial site at the south of it. The development of an integrated multi-functional site should be considered for this site. Option 1 is designed for the purpose of redeveloping the site to a high density and height mixed use area which is mainly used as business and retail sector, meanwhile there is a multi-storey car park and a hall as complementary for the site. Option 2 is designed for the purpose of redeveloping the site as a complementary for the existing residential and business area surrounded. It is designed as a mixed use sector with multi-storey car park as complementary for the site. Option 3 is designed for the purpose of redeveloping the site to a residential area. Meanwhile there is a multi-storey car park and convenience shop area as complementary for the site. There is a 6 floor building at the south end of the site for a landmark purpose. There will be 12-storey main buildings at the south end of the side, built as the landmark for the site.Two storey podiums will be in retail use. Other floors are used for business purpose. (see in final design) Furthermore,financial appraisal of Option 1 shows a relatively-high profit of  £9,291,385, 54.01% at the end. Thus it is possible for Option 1 to change during its final detailed design. So the multi-storey car park alters to underground car parking. This will increase the building cost but will provide a new additional 840 m2 vacant area. This area is going to be designed for open and green space based on the sites original planning guidance. In this case, there will be a basement car parking for 2448 m2 for the site. (residential: 21bays, business:62 bays, restaurant:7bays and hall 12 bays, total:102bays, which 102*24=2448m2) (see in final

The Study on the Teaching Quality and Teachers Role Under New English Curriculum Standards Essay Example for Free

The Study on the Teaching Quality and Teachers Role Under New English Curriculum Standards Essay Abstractï ¼Å¡With the increasing globalization and internationalization, English is playing a more and more important role in the world, especially in China. Also, English education is being more and more emphasized by educators and the whole society. How to improve the quality of English education has already been the focus of many countries in which English is regarded as a second or foreign language. One effective way to improve the quality of English education is to improve the qualities of English teachers, that is, the progress of teacher development. Key words: senior high school, quality, role. 1 Introduction 1. Research background With the increasing globalization and internationalization of countries in the world, English is more and more widely used and its role in the society is increasingly important. In addition, in many countries where English is regarded as a second or foreign language, English has already become a necessary demand for many jobs. Those who can read English books, write English articles and communicate with others in English may be easier to be employed. Such tendency requires people, especially the young, to improve their English language ability. Therefore, English education, which is a crucial way to help people learn English better, is becoming much more important. Over the past several decades, expertise and educators are finding methods to improve the quality of English education. The training of teachers’ professional skills is one of those effective methods which can better English education. Since China’s reform and opening, the scale of its English education has continually grown, attended by significant achievements in teaching and learning. However, English education in its current form is failing to meet the needs of contemporary social and economic development. The current round of reforms to the English curriculum aim to end the following practices: †¢ Over-emphasizing the transmission and explanation of knowledge about grammar and vocabulary †¢ Neglecting to develop students’ ability to use language for real In their place, the reforms aim to establish a curriculum that: †¢ Develops students’ comprehensive language competence †¢ Motivates students, is relevant to their life experiences and cognitive level †¢ Promotes task-based teaching methods †¢ Involves students in experiential, practical, participatory and cooperative learning †¢ Develops students’ positive attitudes, thinking skills, practical abilities, cultural awareness and autonomy through the language learning process 2. Research purposes Since teacher development is more and more crucial in the field of education, this study is of great use. For one thing, with the basis of previous studies and researches, this research, which analyzes the teacher’s quality and role needed under New English Curriculum Standard For Senior Middle School, can provide more useful information and resources for the progress of theoretical study. For another, it also has practical meanings because such research may provide useful modules to develop teachers in China, including training for pre-service teachers and in-service teachers, such as teacher preparation programs and training courses. These may be useful for the practical progress of the training of teachers in China or even in other countries 2. Professional quality of teacher under New English Curriculum Standard For Senior Middle School A qualified English teacher in senior middle school not only have to possess the basic quality of regular senior middle school, which is individuality, teaching capability, dedication, education theory and teaching research ability, but also have to have special attainment of English teacher of senior middle school. Taken together, it generally includes several points below: 2.1 A deep love for English teaching of senior high school. English teaching of senior middle school is absolutely necessary of the whole education. Our English teacher of senior high school must closely connected personal work with enhancement of quality of the whole nation, cultivation of Four possessions socialism citizen and task of cultivation of new century cross-cultural pillars of the national construction. We need to look far ahead and aim high, and profoundly realize the far-reaching meaning of English teaching in senior middle school, so as to generate deep affection to the three feet platform and be happy to dedicate our youth to educational business. 2.2 Teacher should enjoy high prestige and command universal respect†. An English teacher of senior middle school must intentionally care for not only teaching of class ,but also students’ physical and mental development . Teachers should teach and nurture students at the same time. No matter at work or in life, they should speak and act cautiously, set themselves as example to students, and preserve in doing it. 2.3 Have high level language quality. Our English teacher in senior middle school should possess solid professional basic skill, proficiently apply their language technique and knowledge, and master a certain quantity of vocabulary and background knowledge of British and American culture in the meantime. Therefore, teachers should continuously improve their language quality. Only if they can speak standard mandarin and fluent English, can they attract students to do corresponding training of listening, speaking, reading and writing like a magnet. 2.4 Have teaching skills of â€Å"Practice makes perfect†. English teaching in senior middle school requires teachers to teach their students in accordance with their aptitude based on class specialties. For example, The senior 2(9) class I am teaching is arts class with active girls and the senior 2(4) class is science class with most of them boys and poorer foundation. I often study the specialties of the arts class and science class, and I will design with different style and totally different teaching process and mode even for same teaching content to adapt to teaching of different class. According to the psychological and physiological characteristics of senior middle school students, â€Å"curriculum standard† request English teacher in senior middle school make teaching more artistic. Teachers need to devote a lot of time in acting, singing, drawing, making, ect., and master rules and methods of English teaching of senior middle school to achieve double effects o f teaching. 2.5 Have teaching strategy and culture consciousness quality. â€Å"Curriculum standard† request teachers should consciously use their teaching strategy to help students form suitable individual learning strategy, thus to achieve satisfying learning effect for both teacher and students. English teacher of senior middle school should be student oriented, develop student individuality, help students optimize their learning method and improve self learning ability. Teacher should also emphasize EQ education and cultivate their coordination consciousness and teamwork spirit, and have students learn communication, interaction, listening, appreciation and respect while building confidence. Only autonomous, cooperative and investigative learning can make them build up solid foundation for future society. English is language teaching with rich culture connotations. In English teaching of senior middle school, culture can be Historical geography, local customs and practices, traditional customs, life style, literature and art, dinner Etiquette etc. of English-speaking countries. For example, Unit 1 Anne’s Diary of class in Book 1 involves tears of blood of Jews; Unit 2 English Around the World tells us different standard English of different countries; Unit 3 Travel Journal let us know river of the six states-Mekong River, and Lancang River is the most important international river of Southeast Asia. English teacher of senior middle school should continuously improve their teaching strategy and cross cultural consciousness to be adaptable to English teaching request of â€Å"curriculum standard†. 2.6 Ability to apply multi-media and several kinds of teaching methods. Teachers should master several teaching tools and methods, which is one of the basic quality requests to English teachers of senior middle school by new curriculum standard. Tape recorder, film slide, pictures, self made teaching tools, courseware, multi-media, etc., are all effective teaching tools and methods to attract senior school students to learn English. With the development of science technique that makes great changes of information society, multi-media teaching has entered into urgent era for nationwide popularization. English teacher of senior middle school should be familiarly and freely make use of this modern technique to motivate students’ learning interest of English, cultivate their positive learning attitude and have them positively participate in English activities, thus to improve English teaching efficiency. 3. Role request of New English Curriculum Standard For Senior Middle School to English teacher of senior high school â€Å"Curriculum standard† request English teachers of senior middle school should be quickly adaptable to diversified role change. In total, teacher should play below roles in school education. 3.1 The roles of imparting knowledge and educating people. â€Å"Preacher†, â€Å"teach knowledge and solve confusion†, social request and expectations determine that English teachers of senior middle school should firstly play the role of imparting knowledge and educating people in school education. In modern English class of senior middle school, teacher should change the education from â€Å"one person alone has the say† to â€Å"allow everyone to have they say†, from parental teaching to partner discussion education. Teacher is initiator of human knowledge and educator of teaching by personal example. In students’ eyes, English teacher is living dictionary of English knowledge and also the source of cross cultural consciousness education. Therefore, the knowledge we impart must be accurate and updated, and also contemporary. 3.2 The role of administrator. Besides class teacher, English teacher of senior middle school is also the leader and manager of students group. To ensure the English class to proceed successfully and receive expected effect, teacher should not only â€Å"teach† but also â€Å"manage†, which means on the one side, English teacher should painstakingly organize class teaching, on the other side, emphasize the management of class discipline. There is no doubt that there is cacogenesis in every class. For the growing senior middle school students, teacher should give more positive education, communicate with them calmly, equally walk into their inner world and use more friendly talk, thus to make them sincerely convinced. 3.3 The role of psychological orientation. English teacher of senior middle school should also be a server of psycho hygiene. On the one side, they should guide students to live healthily and positively. For students â€Å"attach too much importance to science and make light of English†, teacher should teach and help him in earnest, and make him not lose this course in the same starting line. For students with â€Å"internet addiction†, teacher should help them hardly cut out the bad habits of net play, help them catch up on drop classes, help them get rid of over self abasement, anxiousness, impulsiveness to regain normal mentality and prevent the happening of different psychological problems. On the other side, when students fail in test and suffer from psychological frustrations, teacher should try to create an understanding and permissive harmonious atmosphere to comfort and cure students’ broken heart in teachers’ expected eyes. 3.4 The role of innovative researcher. English teacher of senior middle school should master modern technology, which is one the guarantee for class teaching quality. Network techniques are the core of modern technology. It provides wide space for class teaching with powerful initiative request, interactive manner, open space and extensive information source. Therefore, the master of computer applicability techniques is one of the standards to evaluate new era teachers. Multi-media provides great platform for English teachers to proceed with listing, speaking, writing and reading trainings. Therefore, we must perfect ourselves in multi-media teaching like self making courseware and film slide by continuously learning, rethinking and constant innovation. We should possess the ideology of â€Å"lifelong learning†, write teaching postscript and paper in time, and become innovative investigative teacher. 4. Conclusion The best way to learn is to learn from the best.† Teaching problem is mainly teacher problem. Quality of teacher had direct influence in the study of students. We can say that excellent English teacher of senior middle school can teach excellent students. Diversification of teacher roles determines the important meaning and weighty responsibility of teacher occupation, and also the high quality request of English teachers of senior middle school. Therefore, under the guidance of â€Å"curriculum standard†, our English teachers of senior middle school should possess high quality and be suitable for transition of diverse roles, so as to become the pioneer of new curricular reform of senior middle school in 21 century and remain invincible.

The Revenge Vs Justice Philosophy Essay

The Revenge Vs Justice Philosophy Essay Moby Dick or The Whale by Herman Melville tells the adventure of Ishmael and his voyage on the ship the Pequod, commanded by Captain Ahab. But Captain Ahab has an obsessive goal to kill the Whale because of a previous encounter with the whale that cause Captain Ahab to lose his foot. Some of the topics in this story are the battle Good and Evil, the dangers that come with monomania and obsession. The belief in Gods existence, the limits of knowledge and relying on fate are all topics in this story. Also revenge is very destructive and good can never come out of it. These topics are mostly seen in Captain Ahab with especially his obsession with revenge that ultimately leads to his downfall. This essay will explain how revenge affects Captain Ahab and Revenge as an American Identity. This essay will show that revenge feels right but only brings destruction; Justice feels wrong at times but in the end only builds relationships. Revenge does not listen to reason because your mind is focused only on the task of hand. The mind is no longer open minded because revenge encompasses the whole body. Captain Ahab says Come and see if ye can swerve me. Ye cannot swerve me, else ye swerve yourselves! The path to my fixed purpose is laid with iron rails, whereon my soul is grooved to run.(Melville,172). Captain Ahabs mind is already set he will not take no for an answer and believes this is the correct life path he cannot be talked to or coerced off his path. He believes that his path of revenge is fate and cannot be changed even if he wanted to. When people are obsessed with revenge are not open to any guidance they believe they are correct5 in all ways because revenge removes justice therefore it removes choices from the individual. Revenge often invokes taking you with me. If the character snaps out of it, it can lead to Was it really worth it? And My God what have I done?(Revenge before reason 1). When you are open to guidance you can usually see that revenge is not the correct option instead of being one minded and stubborn. You cannot think clearly and rationally if you are obsessed with revenge. Throughout the South during the Civil Rights movement people were clouded with prejudice. People did not use proper judgment in living back then, because of past occurrences and if their minds werent clouded they would have done help to eliminate racism. Reasons can only be seen in a mind open but if mind is clouded and we are not able to see sense revenge, prejudice and hate will continue to exist. Revenge never leads to good it only leads to suffering. The avenger believes that he is benefiting himself and his actions will make him feel better but it only leads to more hurt for both parties involved. As The Pequod is destroyed by The Whale Captain Ahab utters Towards thee I stab at thee; for hates sake I spit my last breathe at thee. Sink all coffins and all hearses to one common poo!, and since neither can be mine, let me then tow to pieces, while still chasing thee, though tied to thee, thou damned whale! Thus, I give up the spear!(Melville, 576). Captain Ahab already knows he is dying but still has an obsession to take the Whale with him to the death. People think revenge will save them, but it only hurts them in the end because of bad choices. An Eye for an Eye Will Make the Whole World Blind(Ganhdi). The nature of revenge keeps us from seeing ourselves being hurt in the process. Not forgiving is like drinking rat poison and then waiting for the rat to die.(Lammott). The A merican Justice System survives on non-biasness dealing with crimes and if we judge others for acts they committed and are biased it will prompt us to look for revenge then riots began to form and people taking law into their own hands. Feelings of revenge are hard to get rid of because revenge is human nature. The desire for revenge isnt a disease that afflicts a few unfortunate people; rather its a universal trait of human nature, crafted by natural selection, that exists today because it helped our ancestors adapt to their environment.( The Forgiveness Instinct 1). Crew members on the Pequod pleaded with Ahab to stop his vain expedition but he refused. He says Doesnt the devil live forever; who ever heard that the devil was dead? Did you ever see any parson a wearing mourning for the devil? And if the devil has a latch-key to get into the admirals cabin, dont you suppose he can crawl into a port-hole? If revenge is continuing to be nursed than it will continue to live like a parasite. Once feelings of revenge are brought on they move like a runaway train and will not stop until everything is destroyed with itself. I tell you that revenge never turns back and never stops. I tell you that it is always moving forward.(Dickens 3) As humans we believe that we have control over aspects in our life but revenge can be weeded in early stages but after time it can be very hard to forgive other. Dealing with foreign affairs the United States takes caution against other countries; government and military officials have many conferences and meetings before the country goes to war. Most of the time revenge is brought on from unpreparedness. Revenge is primitive it takes very little thinking unlike it is a knee jerk response while justice takes meditation thinking and guidance. Revenge gives control while justice keeps control. As humans would we are able to control our emotions but in Moby Dick the whale showed more composure than Captain Ahab for there is no folly of the beast of the earth which is not infinitely outdone by the madness of men (Melville, 87). An animal with no common sense will still have better actions than a human with common sense. Humans claim they have control on their feelings but still have commit act of revenge on others. Self-control is à ¢Ã¢â€š ¬Ã¢â‚¬ ¢the ability to control or override ones thoughts, emotions, urges, and behaviorà ¢Ã¢â€š ¬- for a desired outcome or goal (Damiani 7). In self- control we overlook our urges and look for the best option instead of the first option. Justice takes self-control we are able to look over our urges, revenge is an urge. If we act on our urges all the time without using common sense we are belittling ourselves to animals. As humans we have been given the ability to rationalize our actions before we perform them but revengeful acts are not rationalized because if they were humans would see the effects it haves on themselves and others. United States courts are kept in control and are well organized instead of wayward. For justice to continue to reign people must be in control of their urges and emotions so there could be fair trials and un-biased feelings dealing with cases. Revenge threatens control because there is no fairness. Countries that used an eye for an eye a tooth for tooth laws do not continue to exist because there was no control. In conclusion there is nothing fair about revenge it affects us in all aspects of life. It brings us down to the form of animals we lose control over our selves. It clouds judgment, it leads to suffering, and it is hard to stop the feelings. Americas Justice System attempts to seek justice in a calm controlled manner that takes biases and prejudice out of the equation to get a fair trial. Seeking justice is a behavior that is learned but revenge is an urge brought on by human nature that encompasses our whole self. Revenge keeps us from ever having feeling of forgiveness and never helps us to build or repair relationships. But justice gives us a building block to repair torn relationships and sometimes give closure to families or people that have been affected. Revenge helps us to move on from past issues, but revenge continues to makes us dwell on them. Justice humanizes and gives respect to each party, but revenge dehumanizes and causes us to be robots that respond to any stimuli.

Gay and Lesbian Liberation Essay example -- Homosexuality

Generations ago, the United States was a country of the male wardrobe. Today's movements for the rights of lesbian, gay, bisexual and transgender (LGBT) community are leveraging the existence of more globalized and open systems. Besides, the promotion of the lesbian, gay, bisexual and transgender population have been acknowledged through smart partnerships within conventional, political and economic scene, while the males and heterosexuals are still pervasive. This paper will focus on the oppression of the LGBT population denying their human rights. However, at the same token showing their struggle to ultimately be accepted in society to some degree will be addressed as well. The gay and Lesbian liberation movement presented the later involvement of the bisexual and transgendered groups. This was considered a significant social force that introduced the reality of this culture during the last several decades. Fortunately, the individuals who had been profoundly isolated from traditional sources gained some support. The sources entail family members, friends and communities. Unfortunately, the LGBT population encountered harsh treatment by their oppressors, as many people were against their way of life. Many of these LGBT individuals were terrorized by other individuals, which also resulted in death. A controversial issues regarding the LGBT population, particularly gays and lesbian has been their privilege to be married. Homosexuality was decriminalized in most states in the Americas. However, homosexuality remains criminally punishable in Guyana, to Belize and part of Caribbean islands (in Jamaica, in Dominica in Saint Lucia, in Barbados, in St. Vi ncent and the Grenadines in Grenada, in Trinidad and Tobago to Antigua a... ...tudies from 1978–2000. Scandinavian Journal of Psychology vol. 43 pp. 335–351 Bawer, Bruce (1993) A Place at the Table: The Gay Individual in American Society. New York: Touchstone Books Boswell, J. (1994). Same-sex unions in pre-modern Europe. New York: Villard. Dexter, P. (2003). Countering the counterfeit: A case for traditional marriage. . Miller, A. V. (2000). â€Å"Our own voices: a directory of lesbian and gay periodicals, 1890s-2000s†, Canadian Gay and Lesbian Archives: http:/ / www.clga.ca One, Inc. v. Olesen, 355 U.S. 371 Rasmussen, M. and Kenway, J. (2004), â€Å"Queering the youthful cyberflaneur Globalizing identities, consuming queers: Issues in education and globalization†, Journal of Gay and Lesbian Issues in Education vol. 2 no. (1). pp. 47–63. Streitmatter, R. (1995). â€Å"Unspeakable: The rise of the gay and lesbian press in America†, Boston: Faber & Faber

Time Value of Money and Present Value

Date: 14/11/2012 52. Annuities: You are saving for the college education of your two children. They are two years apart in age; one will begin college 15 years from today and the other will begin 17 years from today. You estimate your children’s college expenses to be $23,000 per year per child, payable at the beginning of each school year. The annual interest rate is 5. 5 percent. How much money must you deposit in account each year to fund your children’s education? Your deposits begin one year from today. You will make your last deposit when your oldest child enters college. Assume four years of collegeSolution: Cost of 1 year at university = 23,000 N=4 I=5. 5% PMT=23,000 CPT PV = 80,618. 45 For the first child the PV = 80,618. 45/ (1. 055) ^14 = $38,097. 81 For the second child the PV = 80,618. 45/ (1. 055) ^16 = $34,229. 07 Therefore the total cost today of your children’s college expense will be the addition of the 2 = $72,326. 88 This is the present value of my annual savings, which are an annuity, so to get the amount I am supposed to save each year would be: PV=72,326. 88 N=15 I=5. 5 CPT PMT = 7,205. 6 57. Calculating Annuity Values: Bilbo Baggins wants to save money to meet three objectives.First, he would like to be able to retire 30 years from now with retirement income of $25,000 per month for 20 years, with the first payment received 30 years and 1 month from now. Second, he would like to purchase a cabin in Rivendell in 10 years at an estimated cost of $350,000. Third, after he passes on at the end of the 20 years of withdrawals, he would like to leave an inheritance of $750,000 to his nephew Frodo. He can afford to save $2,100 per month for the next 10 years. If he can earn an 11 percent EAR before he retires and an 8 percent EAR after he retires, how much will he have to save each month in years 11 through 30? Solution:First we get the FV of the 2,100 savings over 10 years Bilbo Baggins can afford to save $2,100 dollars per month for the next 10 years therefore at 10 years he would have saved: PMT = 2,100 I = 10. 48 / 12 = 0. 873 N = 10 x 12 = 120 CPT FV = $442,201. 15 So after 10 years he would be able to purchase his yacht at the price of $350,000, and he would be left with a balance of $92,201. 15 This $92,201. 15 will be our current PV at year 10. At year 30, the year when Bilbo retires, the $92,201. 15 would become 92,201. 15*(1. 11) ^20 = $620,283. 23 Second we have to find out how much the inheritance of 750,000 would be at year 30: 750,000/1. 8^20= $160,911. 16 Third In order for him to be able to withdraw a sum of 25,000 per month for the next 20 years after his retirement, we should now calculate this annuity’s present value: N= 20 x 12 = 240 I= 7. 72 / 12 = 0. 643 PMT= 25,000 CPT PV = $3,052,135. 26 Adding up the PV’s of the $750,000 and the annuity, we will get $3,213,046. 32 We will subtract the future value at year 30 of the $92,201. 15 ($620,283. 23) which we saved at year 10 from $3,213,046. 32 to get $2,592,763. 09 We are now left with an annuity that pays $2,592,763. 09 at year 30, and a time period of 20 years (yr11-30) To calculate the yearly PMT, we haveFV= $2,592,763. 09 I= 10. 48 / 12 = 0. 873 N= 20 x 12 = 240 CPT PMT = 3,207. 33 Therefore the monthly PMT Bilbo would have to save each month through years 11-30 would be = $3,207. 33 34. Valuing bonds: Mallory Corporation has two different bonds, currently outstanding. Bond M has a face value of $20,000 and matures in twenty years. The bond makes no payments for the first six years, then pays $1,200 every 6 months over the subsequent eight years, and finally pays $1,500 every 6 months over the last years. Bond N also has a face value of $20,000 and a maturity of 20 years; it makes n coupon payments over the life of the bond.If the required return on both these bonds is 10% compounded semiannually, what is the current price of bond M? Of bond N? Solution: The price of a bond is equal to PV of ex pected future cash flows Bond M: Face value 20,000 Present value of 20,000 = 20,000/ (1. 05) ^40 = $2,840. 91 First we need to get the present value of the annuity for the 1,500 semiannual PMTs at year 14 Present Value of Annuity = $13,295 $13,295 becomes $3,391 at year 0 We then get the annuity of the 1,200 semiannual PMTs at year 6, and then at Present Value $13,005 at year 6 with a PV of $7,242 at year 0 The sum of the 3 PV’s gives us the value of the bond ,841 + 3,391 + 7,242 = $13,474 Bond N Face value 20,000 Present value of 20,000 = 20,000/ (1. 05) ^40 = $2,840. 91 38. Non-constant growth: Storico Co. just paid a dividend of aud 3. 5 per share. The company will increase its dividend by 20% next year, and will then reduce its dividend growth rate by 5% per year, until it reaches the industry average of 5% industry average growth, after which the company will keep a constant growth rate forever. If the required return on Storico stock is 13%, what will a share of stock s ell for today? Solution  : D0 = $3. 5 D1= 3. 5*1. 2= $4. 2 D2= 4. 2*1. 15= $4. 3 D3=4. 83*1. 1= $5. 31 D4=5. 31*1. 05= $5. 58 Since the first 4 periods are different we get the PV of each one alone, then as of the 4th year we get the perpetuity of the rest, and sum them up to get the final NPV We now get the PV of each Dividend PV D1 = 4. 2/ (1. 13) = $3. 72 PV D2 = 4. 83/ (1. 13) ^2 = $3. 78 PV D3 = 5. 31/ (1. 13) ^3 = $3. 68 So the PVs of D1+D2+D3 = $11. 18 NPV of perpetuity at constant growth = 5. 58(0. 08) / (1. 13) ^3 = 69. 75 / (1. 13) ^3 = $48. 34 NPV perpetuity + NPV dividends = NPV price of stock today 48. 34 + 11. 18 = $59. 52

Supplier and Partnering Processes Essay

For many businesses, goods and services provided by suppliers or partners account for a significant portion of the cost and value of the final product. Suppliers include not only companies that provide materials and components, but also distributors, transportation companies, and information, healthcare, and education providers. Key suppliers might provide unique design, technology, integration, or marketing capabilities that are not available within the business, and therefore can be critical to achieving such strategic objectives as lower costs, faster time-to-market, and improved quality. Organizational partners might include educational institutions that collaborate on research and training. (Conversely, a company might be viewed as a partner for an educational institution.) Increasingly, suppliers are viewed as partners with customers, because there usually is a co-dependent relationship. A powerful example of supplier partnerships is the response that occurred when a fire destroyed the main source of a crucial $5 brake valve for Toyota.1 Without it, Toyota had to shut down its 20 plants in Japan. Within hours of the disaster, other suppliers began taking blueprints, improvising tooling systems, and setting up makeshift production lines. Within days, the 36 suppliers, aided by more than 150 other subcontractors, had almost 50 production lines making small batches of the valve. Even a sewing-machine company that had never made car parts spent 500 person-hours refitting a milling machine to make just 40 valves a day. Toyota promised the suppliers a bonus of about $100 million â€Å"as a token of our appreciation.† Strong customer/supplier relationships are based on three guiding principles: 1.Recognizing the strategic importance of suppliers in accomplishing business objectives, particularly minimizing the total cost of ownership, 2.Developing win-win relationships through long-term partnerships rather than as adversaries, and 3.Establishing trust through openness and honesty, thus leading to mutual advantages. One example of these principles is the Baldwin Piano & Organ Company, which set up a 10-year agreement with Southland Marketing Inc. for piano plates to get  Ã¢â‚¬Å"higher quality, more consistent supply, and lower cost.†2 Baldwin helped finance the purchase of the equipment needed to finish the plates. The contract is expected to save Baldwin 10 percent a year on its plate costs. Successful suppliers have a culture where employees and managers share in customers’ goals, commitments, and risks to promote such long-term relationships (recall one of Deming’s 14 Points about supplier relationships–not purchasing solely on the basis of price). In many companies, suppliers are treated as if they were actually a part of the organization. For example, functions such as cafeteria service, mailroom operations, and information processing are being performed by suppliers at their customers’ facilities. As more and more of this type of outsourcing is done, the lines between the customer and the supplier become increasingly blurred. Many companies segment suppliers into categories based on their importance to the business and manage them accordingly. For example, at Corning, Level 1 suppliers, who provide raw materials, cases, and hardware, are deemed critical to business success and are managed by teams that include representatives from engineering, materials control, purchasing, and the supplier company. Level 2 suppliers provide specialty materials, equipment, and services, and are managed by internal customers. Level 3 suppliers provide commodity items and are centrally managed by purchasing.3 Measurement plays an important role in supplier management. Texas Instruments measures suppliers’ quality performance by parts per million defective, percentage of on-time deliveries, and cost of ownership.4 An electronic requisitioning system permits a paperless procurement process. More than 800 suppliers are linked to Texas Instruments through an information exchange system. Integrated data systems track the incoming quality and timeliness of deliveries as materials are received. Analytical reports and on-line data are used to identify material defect trends. Performance reports are sent each month to key suppliers. Joint customer-supplier teams are formed to communicate and improve performance. A supplier management task force of top managers directs current and strategic approaches to improving supplier management practices. Finally, communication, feedback, and recognition or awards are important practices in supplier and partnering processes. For instance, the Fastener Supply Corporation, which distributes fasteners, electronic hardware, and other products to over 300 customers makes frequent contact with its 250 suppliers, invites them to company functions and shares such information as customers’ forecasted requirements.5 Feedback should provide timely and actionable information to suppliers to lead to improvement and ensure that suppliers meet the organization’s performance requirements. At Fastener, any potential performance problems are brought to attention with prompt notice and immediate feedback. An annual award dinner recognizes outstanding suppliers for quality and continuous improvement. Many companies such as Bethlehem Steel, Miller Brewing, and Honda, make a point of delivering supplier awards not only to upper management at a fancy banquet, but also to the workers on the shop floor. â€Å"It’s one thing for the boss to say that quality is important, but another thing entirely for the customer to come out and say it,† says Jerry Schiedt, corporate purchasing director for Miller Brewing Company in Milwaukee. â€Å"When we actually visit a plant to present an award to the folks who made the award possible, then we build a relationship with the company and the folks on the floor who do the work to ensure the quality of the products we buy.†6 Supplier Certification Many companies use some type of supplier certification systems as the focal point of their supplier management system. These systems rate and certify suppliers who provide quality materials in a cost-effective and timely manner. For example, the Pharmaceutical Manufacturers Association defines a certified supplier as one that, after extensive investigation, is found to supply material of such quality that routine testing on each lot received is unnecessary. Certification provides recognition for high-quality suppliers, which motivates them to improve continuously and attract more business. The details of supplier certification processes vary by company. For instance, Florida Power and Light has a three-tier certification program.7 Vendors (another term for suppliers) can be certified as a â€Å"Quality Vendor,† â€Å"Certified Vendor,† and â€Å"Excellent Vendor.† To become a Quality Vendor, a  supplier’s products or services must meet basic requirements of quality, cost, delivery, and safety. In addition, the supplier must have a quality improvement process in place and be able to demonstrate that this has achieved significant improvements. It must also have an audit system to certify the process and the results. To become a Certified Vendor, the supplier must have demonstrated the use of statistical process control and prove that its processes can meet FPL’s specification requirements. It must also be able to document capability and have a plan for continuous quality improvement. To achieve Excellent Vendor status, suppliers must demonstrate the ability to exceed FPL’s specification requirements, employ reliability assurance techniques, and show that quality improvement is a central part of their management system. At the Gillette Company, the supplier certification program begins with Gillette identifying those suppliers with a proven ability to meet its specifications.8 Once a supplier is selected to participate, Gillette expects them to establish a pre-production planning system to assess the capability of their process to meet Gillette’s specifications. Feedback is offered in the form of recommended changes that will improve quality, reduce cost, or facilitate ease of manufacture. Supplier certification programs can be time-consuming and expensive to administer. One approach to avoiding unnecessary audit costs and helping to assure buyers that specified practices are being followed is to create a uniform set of standards–an independent and transportable supplier qualification system, such as ISO 9000.