How Does The National Disability Discrimination Act Define...

How does the National Disability Discrimination Act define a disability? â€Å"The definition of disability’ used in the Act is broad. It includes physical, intellectual, psychiatric, sensory, neurological and learning disabilities. It also includes physical disfigurements and the presence of disease-causing organisms, such as the HIV virus. The Act covers disabilities that people have now, had in the past, may have in the future or which they are believed to have.† What types of disability are recognised from a Government perspective and therefor attract a degree of support? â€Å"The Disability Discrimination Act (DDA) identifies and defines the following categories of disability: Physical - affects a person s mobility or†¦show more content†¦It represents a commitment by all levels of government, industry and the community to a unified, national approach to policy and program development. This new approach will assist in addressing the challenges faced by people with disability, both now and into the future. (dss.gov.au) Some of the Challenges faced by disabled people of today â€Å"The sorts of challenges which persist for people with disabilities, their Carers and their families are those that make the navigating day-to-day life difficult. Like access to services, buildings, technology, education and training, telecommunications and any other ordinary everyday activities or issues that most able persons would take for granted. Other issues which are faced include the limited access to services, a lack of service options, issues regarding funding and resourcing, and jurisdictional challenges between state and federal government servicing and responsibility.† (dss.gov.au) Client research: (ask the carers and see client notes, must be conscious of any Privacy guidelines) 1) What is the name of the client you worked with? Lisha Tang 2) What is her disability? The carers could only inform us that Lisha was intellectually challenged. 3) What foods does she prefer? LISHA - Noodles, vegetables, salad, pasta. Lisha is a vegetarian OMAR – Cabbage Rolls (steamed) 4) What does she like doing?

The Philosophy Of Jose Arevalo Essay - 1677 Words

The author of this book is Juan Jose Arevalo and he was a professor of philosophy who became Guatemala’s first democratically elected president in 1944. He was elected after a popular uprising against the United States, backed by Dictator Jorge Ubico, which began the Guatemalan Revolution. He stayed in office until 1951 and had survived 15 coup attempts. During his presidency he had passed several social reform policies that included an increase in minimum wage and a series of literacy programs. He also directed and ministered the drafting of a new constitution in 1945. Arevalo focused much on the need of advancement with individuals and communities. After he was exiled as being a university professor he went back to Guatemala to help the new post-Ubico government, focusing on the areas of social security and drafting of a new constitution. He developed the term â€Å"spiritual socialism†, in which he defined his political philosophy as. The philosophy was pointed towar ds the moral development of Guatemalans with the intent to liberate man psychologically. Arevalo strongly believed that this theoretical doctrine was vital to the making of a progressive and peaceful Guatemalan society. He felt in order to create an ideal society it was necessary to allow the citizens the freedom to pursue their own opinions, property, and way of life. He proclaimed that protecting the freewill of the citizens creates more support for governmental institutions, which in turn ensures the security ofShow MoreRelatedThe Birth of Heroes and the Rise of Filipino Nationalism12139 Words   |  49 Pagesold Teodora Alonzo y Quintos had just given birth to a bouncing baby boy. No one thought that at her age, she could still give birth. The boy was her seventh child, and for her husband, Francisco Mercado Rizal, his second son. They both named him, Jose. Jose Protacio Mercado Rizal y Alonzo. 1861 was a lucky year for the Mercado Rizals. After relocating his family from Binan, Francisco Mercado got himself a lease agreement with the Dominicans for a huge hacienda and farm lot. The birth of another sonRead MoreThe Origin, Development and Significance of Human Rights10255 Words   |  42 Pagesperfectibility of human affairs led to the more comprehensive expression of this belief. Particularly important were the writings of John Locke, arguably the most important natural-law theorist of modern times, and the works of the 18th-century philosophies centred mainly in Paris, including Montesquieu, Voltaire, and Jean-Jacques Rousseau. Locke argued in detail, mainly in writings associated with the English Revolution of 1688 (the Glorious Revolution), that certain rights self-evidently pertain

Essay on Tobacco Advertising - 1910 Words

Introduction To say that tobacco advertising stimulates tobacco sales may seem a simple and moderate statement. In reality, tobacco control activists often meet serious opposition in defending this fact. Achieving the restriction or banning of tobacco advertising is one of the fiercest battles to face. Tobacco lobbyists usually assert that advertising does not increase the overall quantity of tobacco sold. Rather, the tobacco industry maintains that advertising merely enhances the market share of a particular brand, without recruiting new smokers. These arguments are not always easy to counter. This Factsheet gives health advocates the arguments and research data needed to face well-prepared tobacco lobbyists in public debate. The data†¦show more content†¦A recent meta-analysis of 48 econometric studies found that tobacco advertising significantly increased tobacco sales ([2]). Recent reviews by the United States Institute of Medicine ([3]), the United States Department of Health and Human Services ([4]) and the World Health Organisation ([5]) reached the same conclusion. Research within a country before and after an ad ban These studies compare tobacco consumption before and after a complete ban on advertising, controlling for other factors. Although such studies may be complicated by inadequate of data collection or poor implementation of the ban, they have yielded convincing data that a complete ban on advertising makes an important contribution towards reducing smoking prevalence. Selected studies are summarised in the table below. Country, year Description of anti-tobacco measures Effect Norway, 1975 Complete ban on advertising and sponsoring, coupled with health warnings, public information and age limits on sales Long-term reduction of smoking prevalence by 9% ([6], [7]) Finland, 1977 Complete ad ban, no smoking in public buildings, age limit on sales, strong public information campaigns Reduction of cigarette consumption of 6.7% (6) Canada, 1989 Complete ban on advertising and sponsoring, with higher tobacco prices Corrected for price increases, a long-term reduction of smokingShow MoreRelatedThe Ban Of The Tobacco Advertising1084 Words   |  5 Pagesdifferent when looking at the Indian Government’s deliberation over tobacco marketing and the usage of tobacco impacting their economy and population. The Government of India proposed bans on tobacco advertising leading to arguments for and against, it is however important to analyze both sides those in favor an those against, and any conflicts of interest that may be involved. Taking a closer look at those in favor of the tobacco advertising bans there are several factors to be considered. The GovernmentRead MoreArgument On The Tobacco Advertising944 Words   |  4 Pages ARGUMENT ON THE TOBACCO ADVERTISING On Feb 6, 2001 Government of India (GOI) dropped a bombshell on the tobacco Industry when it announced that it would shortly table a bill banning Tobacco Companies from advertising their products and sponsoring sports and cultural events. The people that support the government plan on banning Tobacco Companies from advertising their product, believe state had the right to intervene in the overall interest of the citizens. They also cited the exampleRead MoreThe Issue Of Tobacco Advertising960 Words   |  4 PagesThe issue of how tobacco companies try to influence teenagers into adulthood to consume tobacco was further highlighted in a legal case in the US that resulted in a ban on certain adverts that were said to attract the young into smoking Camel cigarettes. The supporters made a strong argument on the financial contribution of the tobacco industry to the Indian economy, in that they showed that not only the profits made in tax were low, but the spending made on health as a result of smoking, surpassedRead MoreTobacco Advertising Essay608 Words   |  3 PagesTobacco Advertising Although the Tobacco Industry recently paid enormous fines to the US Government and Individual states, they continue to promote smoking and influence young human beings world wide to use their products through multi dimensional advertising. For decades Americans were not told the truth about the dangers of smoking. The media stayed silent because it did not want to lose the hundreds of millions of dollars it made from cigarette advertising. Read MoreThe Ban On Tobacco Advertising987 Words   |  4 PagesOn Feb 6, 2001, Government of India announced a bill banning Tobacco Companies from advertising their products and sponsoring sports and cultural events. The objective was to discourage adolescents from consuming tobacco products and also arm the Government with powers to launch an anti-Tobacco Program. Summarize the arguments for the ban on tobacco advertising in India. Advocates of free choice opposed to these prohibitions, saying these amounted to unwarranted intrusion by the state into theRead MoreTobacco Advertising Is Illegal but Alcohol Is Not. Is This Hypocritical?3161 Words   |  13 PagesCOMM 3P14 – Media Industries Tobacco Advertising is Illegal, but Advertising for Alcohol is not, Is This Hypocritical? Rebecca Stewart 4574927 Russell Johnston Seminar 3 November 11, 2012 Advertisements are a vital part of any company’s marketing strategy, and are used to inform or persuade an audience about a certain product or service. In fact, North American companies are among the world’s highest advertisers (Boone et al., 2010, 502). Today, an average consumer is exposed to hundredsRead MoreTobacco Advertising Essay example1734 Words   |  7 PagesTobacco Advertising Tobacco is one of the most popular products in today’s market, but in order to be universally known, it needs to be advertised either by magazines and newspapers or by posters but not by television as â€Å" due to mounting clue of health dangers television commercials for smoking were banned beginning in 1971† (The Columbia Encyclopedia, 2). Tobacco advertising is much popular these days and we can support that it is the  ¨ food  ¨ of tobacco industries in order to keep themRead MoreTobacco Advertising And The Indian Government997 Words   |  4 PagesTobacco Advertising and the Indian Government An Analysis of the Case Study In February of 2001, India joined many developed nations in a long-held and ongoing debate; that of the ethical responsibility of government in regards to the advertising of tobacco products. By 2001 many other nations had already decided to either place bans on or strongly restrict the advertising of tobacco products in an attempt to curb usage and thereby avoid the ill health effects associated with the product. While theRead MoreThe Ban On Advertising Tobacco Products885 Words   |  4 PagesThe ban put on advertising tobacco products in India has caused a lot of debates. Some say it violates the constitution, others say it saves lives. Each side sets a valid argument, but which side is right? These bans do not only exist in India. They have been put into action in many different countries as well. Tobacco use kills 5.4 million people a year, averaging at about half of all smokers. (W.H.O.-Facts) I think that everyone is aware of how bad tobacco use is for your health. What peopleRead MoreThe Tobacco Advertising Ban951 Words   |  4 PagesSome of the arguments which support the placing of the tobacco advertising ban in India are:  · Some might feel that people’s freedom of choice is being affected by this ban imposed by the government but it could also be argued the state should be able to intervene in a situation where its subordinates’ health is at risk, just like a father looks after his underage baby who is not aware of what is good or harmful for him. The country’s government would be doing what is best for its citizens

Harrods free essay sample

Harrods department store Is one of Londons main tourist attractions? when you look at the size of this wonderfully decorated building, both inside and out, that isnt surprising It actually covers five acres of ground and has seven floors comprising 1 ft2. The Harrods building we see today was built between 1901 and 1905 and was commissioned by the owner, Richard Burbridge. In the former building, Burbridge had the very first moving staircase In London installed in 1898? And what about all those light bulbs that light up Harrods In the dark; how many are there? The answer Is more than 12,000. Harrods, the history]ToddYs magnificent department store Is d far cry from the first shop opened In Stepney, East London by Charles Henry Harrod It was a grocery shop and tea merchants Harrods moved to Brompton Road, Knightsbridge in 1849_Ã'ŸAtter the great exhibition, at Crystal Palace, in 1851 Knightsbridge became very busy and Harrods Stores did a roaring trade. We will write a custom essay sample on Harrods or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Charless on took over and expanded the store, which soon became known for the excellent service received by customers and its quality products. 0Richard Burbridge took over Harrods in 1894 and he had the expanding store rebuilt twice in 1894 and from 1901 to 1905. Odd Harrods fun factsÃ'ËœA silver replica of Harrods is on display on the stores lower ground floor. This was d gift from Gordon Selfridge when he lost d bet with the Harrods managing director, of which store, Harrods or Selfridges, would make more profit In number of animals are associated with Harrods. A cobra as used to guard a pair ot sandals with a price at E62,OOO due to their diamonds and sapphires. Noel Coward, writer and playmright bought an alligator in Harrods Pet Shop one Christmas. A baby elephant was also sold by Harrods as a present to Ronald Reagan. CThe motto of Harrods is Omnia Omnibus Ubique which means All Things for All People, Everywhere. Visitors to Harrods, (and there can be 100,000 per day), certainly have d marvellous experience, whether they are visiting d designer clothes department, or the famous Harrods Food Hall and Christmas departmentÃ'›.

chinese myths Essay Example For Students

chinese myths Essay James walker Mr.JohnsonE3December 20, 1996 The Chinese cultureThis report is about the myths and beliefs of the Chinese culture. Its about the stories the Chinese created to explain the world around them, and generally how they perceived their surrounding environment. This report deals with ancient myths and the people who believed them, and what the current believes of these people are. The Southwest Creation StoryThe Southwest creation story is a myth which explains why people are different. The myth begins by saying that there were people on earth who were all alike, meaning there werent people who were black, white, oriental, etc.. It states that the humans on earth all generally were the same. There were also gods who lived above the clouds in the heavens. And there was a huge heavenly ladder which started on a mountain and reached all the way up to heavens door. It goes on to tell a story of a man who had two children. One was a girl and the other was a boy. They lived in a house which had a huge very thick roof. The man had built the roof so thick because it rained almost every day. He hated the rain. He knew it had its benefits but too much of it ruined his crops, destroyed his livestock and every time it rained the roof of the house was destroyed. And every time the man rebuilt it, he made it thicker and thicker. He blamed all his misfortune on the Duke of T hunder. The Duke of Thunder was one of the gods who lived in the heavens. He was the god of rain and thunder. The man dispised the Duke very much and had a pure hatred of him. Every time it rained the Duke would descend from the heavens and stand on a hilltop. There he would watch with pure delight as the rains and thunder came down harder and harder. Finally the man had had enough. One day he took his axe and waited on the hilltop for the Duke to arrive. When the rains came so did the Duke, and the man slashed him in the back. The Duke was hurt but not killed because he was a god. The man caged him and brought him home. He put him in a corner and warned the kids not to go near him. And to especially not give him water. The next morning was a beautiful sunny one, but the Duke looked horrible almost as if he was dehydrating. The man told the children he had to go to the market and said again not to go near the Duke no matter what he does and dont give him water. After the man left th e Duke started moaning. He begged the children to give him some water but they refused following their fathers orders. The Duke pretended he was dead with his mouth hung open and he had his lips very dry. The girl was worried, she thought he was dying so she gave him one drop of water. The Duke instantly jumped back up and tore apart the cage. The children were terrified. He came over to them and promised them that they will be rewarded for their deed. He gave them a small egg and told them to plant it in the ground and then he left. When the man came back he was shocked by what had happened. He knew the Duke would be very angry and would punish him. So he didnt waste any time and started to build a ship. After a months time the ship was finished. It was built out of the strongest material known to him. Meanwhile the egg the children planted had grown to a size of about two small people. Then one day what the man had anticipated came. Huge torrential downpours of rain started and th ere were tremendous floods. The man jumped into the ship he built, in his panic he had forgotten about the children. They had ran into the egg which had become soft. The floods were so great that the man in his ship reached all the way to the door of the heavens. He banged the doors and yelled let me in! The gods didnt want mortals in the heavens, so the Duke was ordered to recede the floods. He took the floods back so fast that the man fell back to the earth and was crushed by his ship. The children in the soft egg bounced back to the ground safely. When they came out, they saw everything was destroyed. They were the only ones left. They lived happily for a while and after some time they had a child. Because they were brother and sister the child was deformed and died a short time later. The two kids chopped up the baby into tiny pieces and put him in a bag, and they started climbing up the heavenly ladder. The bag ripped before they could reach to the top and all the pieces fell b ack to earth. They fell all over the continents, and from them the new people developed. They were different in appearance from each other depending on where they lived. This myth explains why there are people who look so much different from each other. This myth suggests that man was more responsible for the creation of the new humans than the gods. Because of the actions of the man the people were created. .u43708c4626a14bf9b7af791506bdfbd3 , .u43708c4626a14bf9b7af791506bdfbd3 .postImageUrl , .u43708c4626a14bf9b7af791506bdfbd3 .centered-text-area { min-height: 80px; position: relative; } .u43708c4626a14bf9b7af791506bdfbd3 , .u43708c4626a14bf9b7af791506bdfbd3:hover , .u43708c4626a14bf9b7af791506bdfbd3:visited , .u43708c4626a14bf9b7af791506bdfbd3:active { border:0!important; } .u43708c4626a14bf9b7af791506bdfbd3 .clearfix:after { content: ""; display: table; clear: both; } .u43708c4626a14bf9b7af791506bdfbd3 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u43708c4626a14bf9b7af791506bdfbd3:active , .u43708c4626a14bf9b7af791506bdfbd3:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u43708c4626a14bf9b7af791506bdfbd3 .centered-text-area { width: 100%; position: relative ; } .u43708c4626a14bf9b7af791506bdfbd3 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u43708c4626a14bf9b7af791506bdfbd3 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u43708c4626a14bf9b7af791506bdfbd3 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u43708c4626a14bf9b7af791506bdfbd3:hover .ctaButton { background-color: #34495E!important; } .u43708c4626a14bf9b7af791506bdfbd3 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u43708c4626a14bf9b7af791506bdfbd3 .u43708c4626a14bf9b7af791506bdfbd3-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u43708c4626a14bf9b7af791506bdfbd3:after { content: ""; display: block; clear: both; } READ: Nuclear Energy Analysis Essay The Heritage of a KingThis is a myth about fate. In this myth a man named Zoa chi who is a king tries to find out his fate. Zoa was a survivor. When he was little his parents were assassinated. An attempt at his life was also made but his older brother protected him. The murderer was his uncle who betrayed his father and overthrew his power. He stayed in exile with his brother until he was older. Over the years his hatred of his uncle had made Zoa a very stern man. He had wowed to get his revenge. He became a great fighter and started a group of followers who also were against the king. Then finally the day he had been waiting for had arrived. With his small army he overpowered the kings army. Growing up on the streets had made Zoa a great strategy leader, so he was able to defeat the huge overconfident kings army. He killed the king and took over the throne. Years went by and he himself became overconfident and selfish. He created a fantasy image of himself as a great man. He though t that nothing on this planet could defeat him. As time went by he became just like his uncle. Absolute power had corrupted him. Then one day he declared to all his subjects that he was a god and expected to be worshipped. This was too much for the people, they rebelled but Zoa crushed all their resistance. One of his advisors told Zoa that he knew a magician who could greatly help him in keeping down further rebellions. He said that this man could see the future and help him stop protesters before they could organise and challenged him. The king immediately called the man to his castle. The mans name was Hou. He told the king that there will be a man who will kill him soon. And that man would be a close relative of his. The king knew exactly whom Hou was talking about. Zoas son Zhuan was almost the age where he could become king if something happened to his father. Immediately Zoa ordered Zhuan to be imprisoned. He said this was another example of how clever he was, he said he saw the future and beat fates destiny. He even said that he was better than any other god the people believed in. When he went to see Zhuan his older brother went with him. Zhuan pleaded with Zoa and said he would never even think of killing his own father. But Zoa didnt believe him. He sentenced Zhuan to death. But before Zhuan could be killed older Zoas brother beheaded him when he facing his son. Zoa was killed by his own brother who was ashamed of what his younger sibling had become. What the magician didnt tell Zoa was which close relative would kill him. Zoa who had become overconfident wasnt as great as he thought he was. And he was too arrogant to not know that the gods should not be challenged. This myth tells that becoming overconfident will eventually hurt you and that no one could beat their destiny. The Chinese in this story believed in the gods, they were very religious people and this myth tells that the gods should not be challenged. Both of these myths were written a lo ng time ago and I dont think that the people today still believe in these myths as strongly as the people who wrote them did. I think its like Halloween in our culture. We still practice the custom as the ancient people did but we dont have as much as a strong believe in ghosts and goblins as our ancestors did. .ub8ffa738f86196877ee4e9effbd090ca , .ub8ffa738f86196877ee4e9effbd090ca .postImageUrl , .ub8ffa738f86196877ee4e9effbd090ca .centered-text-area { min-height: 80px; position: relative; } .ub8ffa738f86196877ee4e9effbd090ca , .ub8ffa738f86196877ee4e9effbd090ca:hover , .ub8ffa738f86196877ee4e9effbd090ca:visited , .ub8ffa738f86196877ee4e9effbd090ca:active { border:0!important; } .ub8ffa738f86196877ee4e9effbd090ca .clearfix:after { content: ""; display: table; clear: both; } .ub8ffa738f86196877ee4e9effbd090ca { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ub8ffa738f86196877ee4e9effbd090ca:active , .ub8ffa738f86196877ee4e9effbd090ca:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ub8ffa738f86196877ee4e9effbd090ca .centered-text-area { width: 100%; position: relative ; } .ub8ffa738f86196877ee4e9effbd090ca .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ub8ffa738f86196877ee4e9effbd090ca .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ub8ffa738f86196877ee4e9effbd090ca .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ub8ffa738f86196877ee4e9effbd090ca:hover .ctaButton { background-color: #34495E!important; } .ub8ffa738f86196877ee4e9effbd090ca .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ub8ffa738f86196877ee4e9effbd090ca .ub8ffa738f86196877ee4e9effbd090ca-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ub8ffa738f86196877ee4e9effbd090ca:after { content: ""; display: block; clear: both; } READ: Henry Rollins EssayBibliographyBirch, Cyril. Chinese Myths And Fantasies. Great Britain: London, 1992. Fei, Charles. Strange Creatures. New York, 1990Ke, Yuan. Dragons And Dynasties. China: Beijing, 1993*Chinese Myths.* Grolier Encyclopaedia, 12th ed. 1996. Category: Mythology

Star Appliance Company Essay Example

Star Appliance Company Essay This paper will discuss how Star Appliance Company managed its cost of capital and plan for future investments. The paper will reveal corporate problems and present relevant management theories to lead the company into a solution. The underlying problems consist of choosing a new and more efficient financing strategy, and designing more accurate method of evaluating investment projects. Previously, the company was having positive sales performances which indirectly cause the problem to be hard to identify. However, as the company needed to expand their business, the new financial officer discovered several inefficiencies in managing corporate financing strategies and evaluating future investment. The condition was described by the WACC method.   The paper will present alternatives of solutions for the problem and in the end choose the most beneficial one for the case. The company must adopt a new financing strategy which incorporates a balanced proportion between debt and equity financing instruments. The company must also design a new evaluation strategy for the new investment projects which incorporate risks premiums, additional cost of investments and a margin of error in forecasting future cash flow. The financial department has obtained increasing roles in the corporate management concept. In previous times, marketing department projects sales, production department determined the necessary amount of assets required in order to meet the projections, and the financial department’s function was only to provide funds for providing other department with their requirements. However, this model of management is obsolete and replaced by more coordinated types of decision making, where financial managers are responsible for planning as well as controlling activities. This reflects the increasing importance of good financial considerations in each decision of the corporation. We will write a custom essay sample on Star Appliance Company specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Star Appliance Company specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Star Appliance Company specifically for you FOR ONLY $16.38 $13.9/page Hire Writer According to Weston and Brigham (1996), there are several detailed activities related to financial management. One of them is the activity of making investment and financing decisions. In line with corporate long term strategy, financial managers must provide funds to support growth. Successful companies usually have high rate of sales, which required additional factory investment, equipment and current assets to produce goods and services. In the more coordinated decision making activities, financial managers must help determining the optimum sales level and make decisions on specific investment that will be performed. Within those activities, there are also questions of whether to use internal or external financing, debt or equity financing, and short or long term debts. These are important aspects of corporate management that could determine whether the company is heading to success or financial failure. Within this paper, I am discussing the importance of considering cost of assets in corporate financial management. The case study will be the Star Appliance Company in 1977. In this paper, I will describe the problems within Star Appliance Company financial management and offer recommendation to solve existing problems within the company. II.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Problems Within the Star Company II.1  Ã‚  Ã‚  Ã‚  Ã‚   Corporate Background The Star Appliance Company is a successful business of manufacturing home appliances, especially electric stoves and ovens. Soon after the company was established in 1922, it receives a warm welcome from the growing market for home appliances. The company focuses on providing its customers with premium types of home appliances with a slightly higher margin than its competitors. In a short time, the company managed to gather significant market share due to its reputation of providing high quality appliances. Corporate financial strategy –to use equities instead of debts- has seemed to be working splendidly as The Company was able to survive the great depression and maintain its existence with smaller-based operations but strong financial structure within the company. However, management has become aware that there are problems in maintaining profitable operations with existing lines. The company plans to enrich its product lines, but there are some concerns regarding how the company managed its cost of capital. Without strong financial management capabilities, investments in new product lines could destroy corporate profitability instead of developing it. Therefore, these problems must be addressed first. II.2  Ã‚  Ã‚  Ã‚  Ã‚   Hurdle Rates In simple understanding, hurdle rate means the minimum acceptable rate of return on a capital investment project. It is required to measure the limitation of when an investment is no longer considered profitable. The calculation has the basic logic of requiring returns to be higher than the cost of investment. However it also incorporate several factors such as the cost of risk, inflation, etc. It is a comprehensive look on how an investment will increase the wealth of the shareholders. Mathematically, the hurdle rate consists of the cost of the capital plus the project’s risk premium (‘The Hurdle Rate, 2006). II.2.1  Ã‚   Corporate Hurdle Rates The company seemed lacked logical reasoning to determine its hurdle rate. Corporate hurdle rate is based only by an experience on previous return of equity. According to the elaboration above, this policy is vulnerable to risks and provides low assurance for profit. The company must determine a new and more reasonable hurdle rate by incorporating factors such as cost of capital and risk premium (‘The Hurdle Rate’, 2006) II.2.2  Ã‚   Cost of Capital The cost of capital must be included within an investment calculation simply because we do not want to invest where we it provides us with no profit what so ever. Nevertheless, because obtaining money results additional costs, the concept cost of capital must include two things: the project cost and the financing cost. To be acceptable, a project must have a rate of return that exceeds the project cost plus the financing cost (‘The Hurdle Rate’, 2006) II.2.3  Ã‚   Risk Premium Nevertheless, cost of capital itself still does not provide a logical measurement toward a good financing decision. This is because every return from different sets of investment has a different degree of assurance. If the investment has less than 100% assurance for the return, then a risk premium must be included in the calculation of financing decision. However, the rate of risk premium must be set very in a very careful manner. Inadequate amount of risk premium will put our investment if jeopardy, on the other hand, over assuming the amount of risk premium will eliminate some profitable projects from consideration (‘The Hurdle Rate, 2006). II.3  Ã‚  Ã‚  Ã‚  Ã‚   Financing Alternatives and Inflation II.3.1  Ã‚   Corporate Financing Strategy As mentioned in the case study, the company ha a unique strategy of financing. The company depends on equity financing methods a lot more than debt financing methods. On other words, the company survived through its years mostly by selling corporate equities. According to the case study, this is possible because the company has a remarkable reputation as a premium producer of household appliances and able to maintain good relationship with its affiliates. Nevertheless, Arthur Foster, the financial president of the company seemed confuse about corporate unwillingness to use debt instruments. Debt instruments have a considerably lower cost than equity, especially after incorporating tax into the calculation. The company might want to reconsider its policies of financing instruments. Furthermore, he argues that a proper additional margin must also be incorporated into the calculation to offset the effect of inflation. II.3.2  Ã‚   Debt and Equity Instruments The company prefers the equity financing because it has lower cost and smaller legal risk. However, due to corporate policy of increasing dividend rate, the alternative is no longer providing more efficiency compare to debt instruments. Generally, debt instruments will result a slightly higher capital cost and they would require monthly payment, nevertheless, they do not have the risk of loosing corporate control to shareholders. Moreover, if the company is able to maintain the good credibility toward creditors, after some time they would be more than happy to facilitate the company with debt extensions. On the other hand, the equity instruments are a tool of obtaining additional funds through affiliates or partners. These means management will loose more of the corporate control as the equity instruments build sups inside the company. Generally, the best option is to keep the proper balance between debt and equity financing instruments. Because the good balance differs among industry, the Star Appliance Company must put some effort in finding its own financing balance (‘Financing’, 2006). II.3.3  Ã‚   Inflation As stated by many economists in the late 1970’s, inflation was a significant factor influencing the cost of capital. A study by Cohen (1997) however, revealed that until today, inflation is still a significant influence for cost of capital. Inflation, even at its low rates, increases the user cost of capital significantly. If the rate of inflation decreases, the marginal gain in investment is greater compare to the rate of the decrease. This reflects the stronger effect of inflation toward cost of capital. Therefore, inflation should be incorporated in every investment analysis. II.4.  Ã‚  Ã‚  Ã‚   Risk, Legal Fees and margin of Error The last of Foster’s concerns is about how the company accounts for investment risks that are significantly larger than the others. There are opinions that riskier information should be evaluated using higher hurdle rates. Furthermore, Foster believed that there should be a margin to account for the existence of legal fees such as safety, and environmental costs. This margin is required to prevent the additional costs to eat away corporate profit from the investment. Finally, the investments must also calculate a margin of error, in order to account for unexpected disturbance in the forecasting process. In case of using different hurdle rates for different projects, management theories favor the opposite. According to several management theories, investment and financing consideration has different factors that must not be brought together. Investment decisions are based on the consideration of which project are the most profitable, while financing decisions should focus on supporting investment decision and not altering it. III.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Star Company Cost of Equity Cost of Equity is measured by various indicators. However, one of the most utilized is the Weighted Average Cost of Capital ratio. A firm’s WACC is the overall required return on the firm as a whole. In simple terms, the ratio accounts for every possibility of financing a corporation. According to the WACC concept, a corporation can either be financed by debt, preferen stock or common stock. The WACC put all of these factors into equation that resulted the average interest the company must pay for every dollar it finances. The calculation is as follows: WACC = w1k1(1-T) + w2k2 + w3k3 W1   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = percentage of debt K1  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = the rate of interest W2  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = percentage of preferen stock K2  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = cost of preferen stock W3  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = percentage of common equity K3  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = cost of common equity (Weston Brigham, 1996) According to existing data, the company financed most of its investments using retained earnings. The company did not have any long-term debt, which means that the w1 and k1 equals to 0. The case study also reveals that the company did not have any preferred stock within corporate balances sheet, which mean that the w2 and k2 equals to 0. Thus, the only variable exist within Star Appliance Company’s WACC is the common stock variable. Without the presence of debt and preferred stock, If we calculate the number of dividend paid and divide the result with total common stock of the company, then we will obtain a very high number of WACC. nbsp; Calculation : WACC (1978)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = percentage of common stock * (dividend paid/ total value of common stock) WACC (1978)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = 100% * [(dividend/share * total shares common stock)/total value of common stock] WACC (1978)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = 100% * [(1.52 * 13,414,268)/ 27,835,000] WACC (1978)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = 73% nbsp; The number means that on the period that ended December 31, 1978, the company paid as much as 73% for equity financing instruments. This is due to corporate operation to increase the rate of dividend paid, in order to satisfy shareholders. Despite corporate ability to sustain corporate operations and investment activities, the number is extremely high. Observing corporate financial structure, the company could easily obtain additional funding from debt instruments. Debts would have a much lower capital cost compare to the ‘sky-reaching’ dividend rate. nbsp; IV.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Recommendation From the case study, we are able to capture two main problems of the Star Appliance Company. The first point is the problem of choosing from alternatives financing instrument. Arthur Foster believed that despite the acceptable state of corporate financial performance at the time, the company could be a lot more efficient by altering its financing strategy. The second issue is that of choosing between different methods of evaluating alternative investments. There are several alternatives of solution forth both problems. nbsp; IV.1   Ã‚  Ã‚   Choosing Financing Instruments The first choice is to maintain corporate policy of using retained earnings and equity instruments in financing. This alternative will not create a problem for the company in the short-run. However, in the long-run, the company would need to expand its business by performing investment activities that require large amount of funds. This condition has been described in the case study as the company is trying to finance three projects with existing resource. In order to move forward with this project, the company needs to increase the efficiency of its financial structure. Maintaining current financing strategy will deny the company from further profitable investments using the projects. The second choice is to use debt instruments to cover the needs for investment. This alternative could provide the company with large amount of funds, considering the company did not yet have a balance of long-term debt. However, debt instruments are known for its slightly higher cost compare to standard equity instrument’s cost. It also requires a monthly payment that could be a burden if occurred in large proportions. Furthermore, companies overburdened with debts generally less favored by shareholders and future investors. The third alternative is to maintain a balance between debt and equity financing. This can be achieved by observing the debt-to-equity ratio and maintaining it within the proper balance. Some companies believe that a good company would not have a debt-to-equity ratio of more than 3 to 1. However, a good balance for debt-to-equity financing differs within each industry and the company must benchmark to other sin the industry to find the right balance. nbsp; IV.2  Ã‚  Ã‚   Methods of Choosing Investment Projects Within this issue, foster emphasizes several important points: methods of determining the proper hurdle rate, incorporating inflation, incorporating legal cost and a margin of error. The first alternative is to remain practicing existing investment evaluation method: using 10% hurdle rate, with little consideration of inflation cost, legal cost and a margin of error. This method will result all three projects to be acceptable alternatives. The company might be able to successfully financed all three projects if it apply for further external financing instruments, however,   the level of accuracy within the calculation will be low and there will be no certainty of the real cash flow that will be received in following years. The second alternative would be to incorporate financing costs, risk premium, inflation, legal cost and a margin of error. There is no sufficient data to perform these types of calculation within this paper. However, it can be estimated that the second alternative will not be acceptable according to the new hurdle rate and the new evaluation standard. The third alternative is to incorporate financing costs, risk premium, inflation, legal cost, margin of error and additional margin for riskier investments that require additional asset. This alternative will present a more accurate calculation of existing projects, but it will influence investment decisions with consideration of financing, something that will reduce investment activities considerably. nbsp; V.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Solution In choosing financing alternatives, the best solution for Star Appliance Company is to start using considerable debt instrument. The target is to balance the proportion between debt and equity. The company should have no difficulties in obtaining additional funds from debt instruments because of its good reputation and zero balance of long term debt. The balanced proportion between debt and equity instruments will lead to efficient financial management and resulted optimum capacity for further investment activities. In designing methods of evaluating investment projects, the company should choose to incorporate inflation, legal fees and margin of error, but should not choose to make additional margins for relatively riskier projects. Each project should be calculated using similar percentage of hurdle rate plus additional costs mentioned previously. nbsp; VI.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Conclusion Unlike most companies, the company seemed to have no problem in marketing and selling its premium product. However, the premium profits caused management to neglect efficiency concerns in managing its operations and investment decisions. The problem became visible as the company appointed new financial officer and tried to plan for further investment. Despite previous success, company’s WACC displayed that corporate cost of capital is significantly higher than average. The new financial officer mentioned problems such as the lack consideration of inflation, legal fees and margin of error in evaluating new projects. These factors are important in providing managers with accurate investment decisions and accurate predictions of cash flow. For example, according to a study by Cohen (1997) inflation has a significant effect in cost of capital. Furthermore, not incorporating legal fees and margin of error will eat away the profit of the investment. The solution presented for the company is to redesign its financing strategy into a balanced proportion between debt and equity. In terms of evaluating investment activities, the company should incorporate additional fees and a margin of error.

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