Zero-Emission Vehicles Barriers To Overcome Essay Example

Zero-Emission Vehicles: Barriers To Overcome Essay Zero-discharge vehicles (ZEV) are vehicles that produce almost no or no carbon outflows. ZEVs incorporate battery-worked vehicles and vehicles which run on hydrogen energy units. In 1990, California got one of the main states to pass enactment building up a ZEV program at the state level (Union of Concerned Scientists, 2008). Since that time, worries over contamination, reliance on remote oil, and other financial issues have increment enthusiasm for ZEV innovation and have driven different states to embrace comparable arrangements. A quantifiable and important move towards ZEV, in any case, has not yet evolved. A few obstructions have forestalled the execution and buyer acknowledgment of ZEV innovation. Defeating these boundaries will be a significant test for strategy producers and architects later on. Issues with foundation Vehicles, trucks, and different vehicles in the United States use either gas or diesel for fuel. Therefore, the fuel conveyance framework for the nation is set up to deal with these two items. Vehicles that utilization elective energizes, including elective fills that are as generally normal as propane or gaseous petrol, make some troublesome memories discovering refueling stations. The absence of solid refueling stations for these elective fills forestalls the across the board client of vehicles that utilization elective powers. Proprietors of propane-controlled vehicles and trucks, for instance, must arrangement their outings and travel schedules around the accessibility of fuel. This issue is expanded significantly as increasingly intriguing energizes are added to the blend. For instance, while hydrogen energy components may give a perfect and moderate option in contrast to gas controlled vehicles, there are right now no business refueling stations for hydrogen power devices. On the off chance that the driver of such a vehicle was to attempt to make an excursion of any sensible separation, the individual in question would in the end come up short on fuel and would be compelled to change plans. The absence of hydrogen stations has made an authentic Catch-22 for business hydrogen innovation. From one perspective, fuel suppliers are probably not going to make an appropriation framework for hydrogen fuel until there is a more noteworthy interest for their items. Sadly, the absence of a business hydrogen dispersion framework that is equipped for overhauling an armada of hydrogen-fueled vehicles has forestalled any genuine improvement of this innovation. This difficult will likely require some kind of open private association to be settled. The administration could offer help to make a hydrogen conveyance arrange that could give fuel to hydrogen-controlled vehicles. Private financial specialists could be energized through assessment motivations and other government sponsorships to build up the appropriation arrange until such time that there are adequate clients to help the new business. We will compose a custom paper test on Zero-Emission Vehicles: Barriers To Overcome explicitly for you for just $16.38 $13.9/page Request now We will compose a custom article test on Zero-Emission Vehicles: Barriers To Overcome explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom article test on Zero-Emission Vehicles: Barriers To Overcome explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer Power module innovation faces a comparable issue. The facts demonstrate that there is a profoundly evolved electrical vitality lattice that is now settled in the United States. A few buyers accept that all they should do is basically plug their battery-fueled vehicles into any helpful outlet to revive their batteries. Tragically, this observation may not be totally precise. While the framework is set up, the capacity of that matrix to help the vitality needs of a huge number of battery fueled vehicles isn't ensured. All things considered, the momentum vitality matrix may essentially crumple under the extra weight of a huge number of drivers connecting their vehicles to revive over night. As the nation changes to battery-controlled vehicles, it will in the end become important to give increasingly electrical vitality, either through wind, sunlight based, or atomic force. The option of these additional sources, notwithstanding, will in any case not be adequate except if the appropriati on framework can deal with the extra load.â This will require an update of the current vitality lattice to deal with the expanded force requests. Industry issues A comparable Catch-22 exists for the vehicle producers. Vehicle organizations must put a great many dollars into the innovative work (RD) of new models of conventional vehicles. They do this since they are sensibly certain, in light of their statistical surveying, that customers will like their new item and that they will be compensated for their examination. Alongside the standard measure of RD that will be anticipated from any new model vehicle, the advancement of a ZEV will require the extra cost of growing new advances. It is ridiculous, for instance, to anticipate that a ZEV motor should impel a frame and body type that was intended for an interior burning motor. Not exclusively will the car fabricate need to build up another ZEV impetus framework, yet the organization will likewise need to build up a body and undercarriage that can work with that new motor. This will require retooling and reconfiguring existing plants or potentially the development of new assembling offices tha t are committed to the creation of ZEV items. This is an immense cost with an uncertain result, at any rate for the time being. Vehicle organizations may make some troublesome memories legitimizing this cost when they are practically bankrupt. Indeed, the arrangement appears to lie in an organization among government and the private division. Government can help vehicle organizations to build up the innovation that is required to mass-produce financially reasonable ZEV items. Simultaneously, private financial specialists can give cash-flow to make the assembling offices to deliver the vehicles. Financial boundaries Expanded requests for power (on account of battery fueled vehicles) will drive up the expense of power for different purposes. This cost increment will influence all shoppers, not simply the customers who happen to buy ZEVs. Increments in costs for power could influence the gainfulness of organizations, family unit financial plans, and governments that are required to take care of the electric tabs for the regions in their wards. The fame of ZEVs could endure if people in general sees that these vehicles are expanding fuel costs. That discernment will turn out to be increasingly sensational if ZEVs are seen as causing or adding to power outages or brownouts because of a lacking force gracefully. Open Perception The issues of accessible elective powers and their circulation are genuine issues. They can, in any case, be understood, given sufficient opportunity and assets that are dedicated to finding an answer. These issues, nonetheless, are confounded by the open attention to them and the observation that they will be hard to survive. The change from an oil fueled vehicle armada to an across the country armada of battery or hydrogen vehicles speaks to a significant move in innovation as well as in the publics meaning of a vehicle. Such enormous change doesn't come effectively to individuals, particularly to individuals who are utilized to helpful and generally reasonable transportation. Individuals should reconsider the idea of what a vehicle is, the thing that fuel is, and how these items are bought and utilized by purchasers. Americans like enormous vehicles. This demeanor changed to some degree during the latest round of fuel cost increments, however there are as yet a large number of Americans who drive SUVs or different gas-swallowing vehicles. Americans, generally, consider littler vehicles as some way or another less secure, less sheltered, and less esteemed than enormous vehicles. This mindset speaks to a genuine mental boundary for the improvement of elective powers and the vehicles that will utilize them. Until Americans change their view of vehicles and beat this mental obstruction, it is far-fetched that vehicles that utilization elective powers will have a sufficient market request to legitimize their creation. The facts confirm that Honda, Hyundai, and other vehicle producers have done very well with littler vehicles. In any case, even these generally littler vehicles are as yet bigger than the run of the mill ZEV would should be so as to be monetarily practical. Car makes and the legislature should utilize a consolidated technique of state funded training and publicizing to make a more prominent interest for these vehicles. End At last, the United States and different countries of the world must choose the option to change to ZEVs or different vehicles that don't consume non-renewable energy sources. The value flood of the late spring of 2008 exhibited how helpless the worldwide economy is to variances in oil costs and how effectively those costs might be controlled by little gatherings of people. There is additionally the issue of a limited flexibly of oil holds on the planet. While it will be some time before the world is out of oil, almost certainly, request will surpass creation capacities sooner or later soon. This hole among flexibly and request will drive up costs and will make gas controlled vehicles inoperable now and again. There are additionally ecological contemplations. The connection between petroleum products, contamination, and ecological change has been settled. It is not necessarily the case that ZEVs won't accompany their own arrangement of ecological issues, including the issue of discarding utilized batteries and drained hydrogen cells. These new issues, be that as it may, can be settled as the innovation is created. Designers and strategy creators must address both the specialized and the mental hindrances to advertise if ZEVs are to turn out to be industrially suitable in the United States. These will be troublesome difficulties; yet they can be cultivated if the legislature and private industry are eager to cooperate. References Association of Concerned Scientists Union of Concerned Scientists (2008).

The United States and Japan After World War II

The United States and Japan After World War II In the wake of enduring destroying losses at every others hands during World War II, the U.S. also, Japan had the option to manufacture a solid after war conciliatory coalition. The U.S. State Department despite everything alludes to the American-Japanese relationship as the foundation of U.S. security interests in Asia and . . . key to territorial soundness and thriving. The Pacific portion of World War II, which started with Japans assault on the American maritime base at Pearl Harbor, Hawaii, on December 7, 1941, finished very nearly four years after the fact when Japan gave up to American-drove Allies on September 2, 1945. The acquiescence came after the United States had dropped two nuclear bombs on Japan. Japan lost somewhere in the range of 3 million individuals in the war. Quick Post-War Relations The successful partners put Japan under universal control. U.S. General Douglas MacArthur was the incomparable leader for the remaking of Japan. Objectives for remaking were majority rule self-government, monetary strength, and tranquil Japanese conjunction with the network of countries. The United States permitted Japan to keep its sovereign -  Hirohito -after the war. Notwithstanding, Hirohito needed to deny his heavenly nature and freely bolster Japans new constitution. Japans U.S.- affirmed constitution allowed full opportunities to its resident, made a congress - or Diet, and revoked Japans capacity to make war. That arrangement, Article 9 of the constitution, was clearly an American command and response to the war. It read, Aspiring earnestly to a worldwide harmony dependent on equity and request, the Japanese individuals perpetually revoke war as a sovereign right of the country and the danger or utilization of power as a mean of settling universal debates. So as to achieve the point of the first section, land, ocean, and flying corps, just as other war potential, will never be kept up. The privilege of belligerency of the state won't be perceived. Japans post-war constitution got official on May 3, 1947, and Japanese residents chose another lawmaking body. The U.S. also, different partners marked a harmony settlement in San Francisco officially finishing the war in 1951. Security Agreement With a constitution that would not allow Japan to guard itself, the U.S. needed to assume on that liability. Socialist dangers neglected War were genuine, and U.S. troops had just utilized Japan as a base from which to battle socialist animosity in Korea. In this way, the United States arranged the first of a progression of security concurrences with Japan. Concurrent with the San Francisco arrangement, Japan and the United States marked their first security bargain. In the arrangement, Japan permitted the United States to base armed force, naval force, and flying corps staff in Japan for its barrier. In 1954, the Diet started making Japanese ground, air, and ocean self-protection powers. The JDSFs are basically part of neighborhood police powers because of the protected limitations. By and by, they have finished missions with American powers in the Middle East as a component of the War on Terror.​ The United States likewise started returning pieces of the Japanese islands back to Japan for regional control. It did so slowly, returning piece of the Ryukyu islands in 1953, the Bonins in 1968, and Okinawa in 1972. Bargain of Mutual Cooperation and Security In 1960, the United States and Japan marked the Treaty of Mutual Cooperation and Security. The bargain permits the U.S. to keep powers in Japan. Occurrences of American servicemen assaulting Japanese kids in 1995 and 2008 prompted warmed requires the decrease of American troop nearness in Okinawa. In 2009, U.S. Secretary of State Hillary Clinton and Japanese Foreign Minister Hirofumi Nakasone consented to the Guam International Arrangement (GIA). The understanding required the expulsion of 8,000 U.S. troops to a base in Guam. Security Consultative Meeting In 2011, Clinton and U.S. Secretary of Defense Robert Gates met with Japanese agents, reaffirming the U.S.- Japanese military coalition. The Security Consultative Meeting, as indicated by the State Department, illustrated local and worldwide basic vital goals and featured approaches to reinforce security and barrier participation. Other Global Initiatives Both the United States and Japan have a place with an assortment of worldwide associations, including the United Nations, World Trade Organization, G20, World Bank, International Monetary Fund, and the Asia Pacific Economic Cooperative (APEC). Both have cooperated on such issues as HIV/AIDS and a dangerous atmospheric devation.

Greek Mythology (1019 words) Essay Example For Students

Greek Mythology (1019 words) Essay Greek MythologyGreek Mythology, convictions and ceremonial observances of the antiquated Greeks, who turned into the principal Western human progress around 2000 BC. It comprises principally of an assortment of various stories and legends about an assortment of divine beings. Greek folklore had gotten completely evolved by about the 700s BC. Three exemplary assortments of legends Theogony by the artist Hesiod and the Iliad and the Odyssey by the artist Homer-showed up at about that time. Greek folklore has a few distinctive attributes. The Greek divine beings took after people in structure and demonstrated human sentiments. Not at all like antiquated religions, for example, Hinduism or Judaism, Greek folklore didn't include unique disclosures or profound lessons. It likewise fluctuated broadly practically speaking and conviction, with no conventional structure, for example, a congregation government, and no composed code, for example, a consecrated book. Head Gods The Greeks accepted that the divine beings picked Mount Olympus, in a district of Greece called Thessaly, as their home. On Olympus, the divine beings shaped a general public that positioned them as far as power and powers. Be that as it may, the divine beings could wander unreservedly, and singular divine beings became related with three fundamental spaces the sky or paradise, the ocean, and earth. The 12 boss divine beings, ordinarily called the Olympians, were Zeus, Hera, Hephaestus, Athena, Apollo, Artemis, Ares, Aphrodite, Hestia, Hermes, Demeter, and Poseidon. Zeus was the leader of the divine beings, and the otherworldly dad of divine beings and individuals. His significant other, Hera, was the sovereign of paradise and the gatekeeper of marriage. Different divine beings related with paradise were Hephaestus, lord of fire and metalworkers; Athena, goddess of shrewdness and war; and Apollo, divine force of light, verse, and music. Artemis, goddess of untamed life and the moon; Ares, divine force of war; and Aphrodite, goddess of affection, were different lords of paradise. They were joined by Hestia, goddess of the hearth; and Hermes, courier of the divine beings and leader of science and development. Poseidon was the leader of the ocean who, with his better half Amphitrite, drove a gathering of less significant ocean divine beings, for example, the Nereids and Tritons. Demeter, the goddess of horticulture, was related with the earth. Hades, a significant god however not by and large viewed as an Olympian, administered the black market, where he lived with his better half, Persephone. The black market was a dull and distressed spot situated at the focal point of the earth. It was populated by the spirits of individuals who had passed on. Dionysus, divine force of wine and delight, was among the most mainstream divine beings. The Greeks committed numerous celebrations to this natural god, and in certain locales he became as significant as Zeus. He frequently was joined by a large group of whimsical divine beings, including satyrs, centaurs, and fairies. Satyrs were animals with the legs of a goat and the chest area of a monkey or human. Centaurs had the head and middle of a man and the body of a pony. The wonderful and beguiling sprites frequented woods and woodlands. Love and Beliefs Greek folklore stressed the shortcoming of people as opposed to the incredible and alarming forces of nature. The Greeks accepted that their divine beings, who were eternal, controlled all parts of nature. So the Greeks recognized that their lives were totally subject to the positive attitude of the divine beings. When all is said in done, the relations among individuals and divine beings were viewed as cordial. In any case, the divine beings conveyed serious discipline to humans who indicated inadmissible conduct, for example, liberal pride, extraordinary desire, or even over the top flourishing. The folklore was interlaced with each part of Greek life. Every city gave itself to a specific god or gathering of divine beings, for whom the residents frequently constructed sanctuaries of love. They routinely respected the divine beings in celebrations, which high authorities regulated. At celebrations and other authority social affairs, artists presented or sang extraordinary legends and stories. Numerous Greeks found out about the divine beings through the expressions of writers. .udb8b5b374ad90d4a29865bebe3afc096 , .udb8b5b374ad90d4a29865bebe3afc096 .postImageUrl , .udb8b5b374ad90d4a29865bebe3afc096 .focused content territory { min-stature: 80px; position: relative; } .udb8b5b374ad90d4a29865bebe3afc096 , .udb8b5b374ad90d4a29865bebe3afc096:hover , .udb8b5b374ad90d4a29865bebe3afc096:visited , .udb8b5b374ad90d4a29865bebe3afc096:active { border:0!important; } .udb8b5b374ad90d4a29865bebe3afc096 .clearfix:after { content: ; show: table; clear: both; } .udb8b5b374ad90d4a29865bebe3afc096 { show: square; progress: foundation shading 250ms; webkit-change: foundation shading 250ms; width: 100%; obscurity: 1; change: murkiness 250ms; webkit-change: haziness 250ms; foundation shading: #95A5A6; } .udb8b5b374ad90d4a29865bebe3afc096:active , .udb8b5b374ad90d4a29865bebe3afc096:hover { darkness: 1; progress: mistiness 250ms; webkit-progress: murkiness 250ms; foundation shading: #2C3E50; } .udb8b5b374ad90d4a29865bebe3afc096 .focused content zone { width: 100%; position: relati ve; } .udb8b5b374ad90d4a29865bebe3afc096 .ctaText { fringe base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: striking; edge: 0; cushioning: 0; content improvement: underline; } .udb8b5b374ad90d4a29865bebe3afc096 .postTitle { shading: #FFFFFF; text dimension: 16px; text style weight: 600; edge: 0; cushioning: 0; width: 100%; } .udb8b5b374ad90d4a29865bebe3afc096 .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; outskirt: none; outskirt range: 3px; box-shadow: none; text dimension: 14px; textual style weight: intense; line-tallness: 26px; moz-fringe span: 3px; content adjust: focus; content design: none; content shadow: none; width: 80px; min-stature: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/basic arrow.png)no-rehash; position: total; right: 0; top: 0; } .udb8b5b374ad90d4a29865bebe3afc096:hover .ctaButton { foundation shading: #34495E!important; } .udb8b5b374ad90d4a298 65bebe3afc096 .focused content { show: table; stature: 80px; cushioning left: 18px; top: 0; } .udb8b5b374ad90d4a29865bebe3afc096-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .udb8b5b374ad90d4a29865bebe3afc096:after { content: ; show: square; clear: both; } READ: Cleopatra - Queen of Egypt EssayGreeks likewise found out about the divine beings by listening in on others' conversations at home, where love was normal. Various pieces of the house were devoted to specific divine beings, and individuals offered supplications to those divine beings at customary occasions. A special raised area of Zeus, for instance, may be set in the patio, while Hestia was ceremonially respected at the hearth. In spite of the fact that the Greeks had no official church association, they all around regarded certain blessed spots. Delphi, for instance, was a heavenly site committed to Apollo. A sanctuary worked at Delphi contained a prophet, or prophet, whom bold voyagers examined regarding what's to come. A gathering of ministers spoke to every one of the blessed destinations. These ministers, who additionally may be network authorities, deciphered the expressions of the divine beings yet didn't have any uncommon information or force. Notwithstanding petitions, the Greeks frequently offered penances to the divine beings, as a rule of a local creature, for example, a goat. Roots Greek folklore likely created from the crude religions of the individuals of Crete, an island in the Aegean Sea where the districts first development emerged around 3000 BC. These individuals accepted that every single regular item had spirits, and that specific articles, or fixations, had exceptional mysterious forces. After some time, these convictions formed into a lot of legends including characteristic articles, creatures, and divine beings with a human structure. A portion of these legends made due as a major aspect of traditional Greek folklore. The antiquated Greeks themselves offered a few clarifications for the advancement of their folklore. In Sacred History, Euhemerus, a mythographer from the 300s BC, recorded the across the board conviction that legends were bends of history and the divine beings were saints who had been celebrated after some time. The savant Prodicus of Ceos instructed during the 400s BC that the divine beings were exemplifications of regular wonders, for example, the sun, moon, winds, and water. Herodotus, a Greek student of history who lived during the 400s BC, accepted that numerous Greek ceremonies were acquired from the Egyptians. As Greek human advancement grew, especially during the Hellenistic time frame, which started around 323 BC, the folklore likewise changed. New methods of reasoning and the impact of neighboring human advancements caused a steady change of Greek convictions. Nonetheless, the fundamental qualities of the Greek divine beings and their legends stay unaltered. See Also Aegean Civilization. BibliographyGreek Mythology, Microsoft(R) Encarta(R) 98 Encyclopedia. (c) 1993-1997 Microsoft Corporation. All rights held. Folklore

Assessing The Importance Of Ratios Example For Free - Free Essay Example

Price earnings ratio (P/E ratio) is the ratio between market price per equity share and earnings per share. Earnings per share is calculated by dividing the net profit after taxes and preference dividend by the total number of equity shares. Earnings per share (EPS) is the portion of a companys profit allocated to each outstanding share of common stock. Note that EPS can be from the last four quarters (trailing P/E) or the sum of the last two actual quarters and the estimates of the next two quarters, but it is important to note that the P/E ratio is a measure of investors expectations as to future earnings and not for current earnings. In many cases, the ratio of a stock price to earnings per share or the price which must be paid for each pound of the firms earnings is used as basis for comparing the investment characteristics of different shares. A share price on its own tells us little or nothing about its investment value. Two companies with identical prospects, assets and aggregate equity value may have different share prices quite simply because one firm has fewer shares outstanding than the other. This may be the result of a company having fewer shares issued at a higher price than the other or it may mean that a company paid out fewer dividends in order to finance its past growth through retentions, while the other company p aid out higher dividends and raised capital by issuing more shares to fund its investment programmes. In other words, two identical companies can have different prices as a result of the number of shares outstanding. Since EPS and share prices can be affected by the number of shares outstanding P/E will neutralize the impact of these differences. By dividing the stock price by earnings per share a simple way has been found of standardizing share prices that otherwise cannot be meaningfully compared. For example, the Barclays PLC which is a major global financial services provider is currently trading (Po) at 315p a share and the Earnings per share expected in the next four quarters (E1) are 34.99p per share. The P/E ratio for the stock of Barclays PLC will be equal to 9 times (315p/34.99p). In our case, which Barclays PLC is currently trading at a multiple (P/E) of 9 times, the interpretation is that an investor is willing to pay 9 pounds for each pound of current earnings. ) a) ii) In order to identify and briefly discuss the theoretical determinants of P/E ratio the Gordon growth model will be utilized. The Gordon growth model, named after its inventor Myron Gordon, makes the dividend valuation model easier to use by combining it with additional assumptions, which will be given later in our discussion. Shares are valued on the basis of the payoffs which they are expected to generate for investors. In principle the value of the payoff expected from holding a share is simply the present value of the cash flows anticipated by investors. What investors expect to get out of any share they hold are dividends (Dt) and the proceeds (PN) from the sale of the share at the end of the planned holding period (N). The present value of the expected cash flows (the dividends expected and the proceeds from the sale) is determined by using a discount rate which is equivalent to the rate of return which investors can earn on investments in other shares of similar risk (r). The value of the share (Po) may be determined by using a model of the following nature: A simple valuation equation can also be developed for the shares of a firm that retains some of its earnings to finance investment as long as its assets, earnings and dividends can be expected to grow at a constant rate (g). This produces the following model, referred as the Gordon Model (see Gordon, 1959).- where D1 = D0 (1+g) This model suggests that the price of share is a function of the dividend expected in the next period (D1), the rate of growth of dividends (g) and the discount rate (r). By specifying the dividend, in terms of earnings per share (E1), the retention ratio (b) and the payout ratio (1-b) the above model can be demonstrated as below: Some insights into why price-earnings ratios can be expected to vary from firm to firm can be derived form a consideration of the previous model. This particular model suggests that the prospective P/E ratio will be higher the lower t he discount rate (r), the greater the expected rate of growth (g), and the lower the retention ratio (b). In the case that the expected growth rate (g) is the same as the historical growth the prospective P/E ratio can be adjusted to obtain a ratio based on the last reported earnings: At first sight it is evident that there is an inverse relationship between the P/E ratio and the retention ratio (b), but this cannot be true since firms can not influence their P/E ratios by manipulating their retention ratios. Stockholders will pay more per pound of earnings the greater the proportion of earnings paid out in dividends all else being equal, but any reduction in retention will lead to a fall in investment, which will lead to a decrease in the expected rate of growth of dividends. The constant growth model has become the most widely employed theoretical model because of its simplicity. The simplicity of the constant growth model is a reflection of the assumptions on which the mode l is based, and the awareness of these assumptions is essential for the recognition of its weaknesses and strengths. It is assumed that: all investment is financed from retentions and a constant proportion of earnings is retained in each time period; the rate of return on the firms investments is constant over time, as the rate of return on existing assets; and the cash flow produced from investments is constant in perpetuity. QUESTION 2 a) iii) The differences in P/E ratios reported in the financial press cannot all be explained by the determinants of the P/E ratios identified by the valuation models. For example, one of the reasons for those differences can be the differences in the accounting methods employed by firms. The valuation models are based on an idealised notion of expected earnings per share; the firms expected cash flows minus an allowance for depreciation, calculated on an economic basis, while observed P/E ratios, reflect more pragmatic definitions of earnings. It is well known that differences in accounting methods have a significant impact on earnings per share but do not have any impact on share prices (the market sees through the effect of accounting differences). Generally, differences in earnings per share arise from differences in accounting methods which lead in differences in reported P/E ratios. Those firms employing depreciation policies with high charges have lower reported earnings per share ( since depreciation is charged against revenues as an operating expense) and higher price earnings ratios than firms using straight line depreciation. Another factor that might influence the value of the companys reported P/E ratio is transitory changes in earnings. Beaver and Morse (1978) at a later study realised that the observed spread of P/E can be explained by the difference between equilibrium and actual earnings. Changes in earnings which are of temporary nature will not lead to proportionate change in the share price but to higher P/E ratio if negative transitory earnings occur and lower P/E ratio if positive transitory earnings occur. As a result, firms with low earnings will have high P/E ratios, without being growth firms at all. QUESTION 2 b) The sample of shares chosen to discuss and explain the possible reasons for the differences in the reported price-earnings ratio belong to the banks operating in the United Kingdom. It is important to choose companies that are in the same industry since this is the only way that P/E ratio analysis can have any significant comparable meaning. The data gathered are presented in the table below: BANK SHARE PRICE EPS P/E HSBC 662.7p 63.43p 10.4 times Royal Bank of Scotland Group 44.66p 3.4p 13.1 times Lloyds Banking Group 62.88p 6.10p 10.3 times Barclays 315p 34.99p 9 times Price earnings ratios were calculated based on the companies current share price and the estimated earnings per share for year 2011. P/E ratios calculated this way are known as forward price earnings ratios. Forward P/E ratios can give investors a more meaningful result than do trailing P/E ratios that are calculated by dividing the current share price by the trailing earnings per share for the last 12 months. Trailing P/E ratio is a historic measure while forward P/E is more useful and informative. After all, it is the future that counts; you are paying what the company will do in the future rather than what the company did in the past. Another reason that forward P/E ratios are used in this case is that the P/E for Lloyds could not be calculated by using EPS of the past 12 months because the firm had a bad year. Lloyds suffered a loss of 0.5p per share and calculation of P/E based on this figure would give a meaningless result. The figures presented at the table above suggest that the market has more confidence in the ability of RBS to continue increasing its earnings, but at the other side it believes the outlook for Barclays is unpromising. A high P/E ratio indicates that investors are paying more for each unit of earnings, so the stock is more expensive compared to those stock with low P/E ratios. The P/E ratio is co mmonly used to assess the level of confidence investors have in a company. It represents the markets view of the companys growth potential. A high price-earnings ratio indicates that investors have a high level of confidence in a companys future prospects. As we can see from the table presented, RBS has the highest price-earnings ratio, indicating that investors of the Banking sector have a high level of confidence in the companys growth potential prospects, it might equally be considered to be overvalued depending on prevailing market circumstances. RBS has a P/E ratio of about 13, implying that investors are currently willing to pay  £13 for every pound of earnings RBS generates. Similarly, Barclays P/E ratio of around 9 implies that investors are currently willing to pay 9 pounds for each pound Barclay makes. For a different perspective, try flipping the P/E ratio to an E/P ratio, commonly referred to as the earning yield. Like a yield on a bond, this number shows a companys annual earnings as a proportion of its market value. Buying one share of RBS at 44.66p, with EPS 3.4p equates to an earnings yield of 7.6% (3.4p divided by 44.66p). For Barclays, the earning yield is 11.1%, because each share, currently trading at 315p is expected to generate a 34.99p in earnings per share. In long run, Barclays investors theoretically should earn a better rate of return than RBS investors for each pound invested. Yet the true outcomes could be different. The question that arises is whether the difference in P/E ratios alone makes one company a better investment than the other. Fundamental problems exist with the P/E ratio. First, the share price (P) doesnt consider debt since it is the equity price of a business. That is fine with companies without debt, like Google or Microsoft but not for the companies chosen. For instance, business with a market cap of  £5 billion, with  £1 million of net debt on the balance sheet, has an enterprise value of  £6 billio n. If this company earns  £500 million in profit in a given year, the P/E ratio will be 10; but in reality, investors should see 12. The logic embodied in the conventional wisdom that high P/E ratios are good and low P/E ratios bad, is given by the dividend growth rate equation at which dividends (D) is expressed in terms of EPS (E) and retention ratio (b). The firms required rate of return r, can be given as follows: where i is the firms expected rate of return on future investments. From this equation is obvious that for any given r and b, the smaller the fraction [E1/P0] is, the larger i must be. Since [E1/P0] is the inverse of the P/E ratio, a small [E1/P0] corresponds to a high P/E ratio. Therefore, all else being equal, the higher the P/E ratio, the higher must be the expected rate of return on future investments; or, more simply, a high P/E ratio such as RBSs corresponds to good future investment opportunities, while Barclays with the lowest P/E ratio doesnt corres pond to good future investment opportunities. Remember the P/E ratios are calculated based on estimated (average) earnings per share. But actual values almost never equal the average. A firm can have a very high P/E ratio during a bad year and a very low during a good year, yet in both cases, the firm may not have changed fundamentally. A high P/E ratio of 13.1 times for RBS is the result of low earnings (3.4p) rather than high expected rate of return on future investment. Note that RBS with the smallest share value (44.66), has a P/E ratio that is the highest due to very low EPS, the smallest of all companies. The conventional wisdom about P/E ratio can be altered also by the possibility that earnings are not reflecting the actual outcome. For example, a land sold would create large profits due to the large difference between its historic cost listed on its balance sheet and the current market value. Or, the firm recognizing a bad debt that has existed for several years. Another possibility that can alter the conclusions about P/E ratios is changes in the firms accounting procedures. For example, a change of how the firm estimates its inventory, from the First-in-First-out basis (FIFO) to the Last-in-First-out basis (LIFO), lead to a decrease of the firms reported earnings in times of inflation. A change in the measure of earnings can cause a change in the P/E ratio that really indicates nothing new about the value of the firm. It can also be suggested that risk will influence the P/E ratio to the direction of influence needs careful consideration. Responsible for differences between the reported P/E ratios is also the expected growth and the way it depends in part on the level of investment and in part on the profitability of the investment. Specifically, one can conclude that a lot more information is needed than just the P/E ratio to estimate the value of a share of stock. QUESTION 3: Rights Issues QUESTION 3) a) i) Almost all quoted companies in UK that wish to raise money do so by means of a right issue. A right issue offers existing stockholders the right to buy new shares in proportion to their existing holdings. Rights issues allow stockholders to maintain their interest or proportionate share, in the ownership of the company, by ensuring that new shareholders are not brought in the company to the disadvantage of existing shareholders. Existing shareholders can exercise or sell their rights to other investors who would like to subscribe to the issue. Specifically, RBS wish to raise  £12 billion of new equity capital and will do so by means of a rights issue. RBS shareholders are invited to subscribe to the right issue with an entitlement of 11 new shares for every existing 18 shares they hold at an issue price (PS) of 200p. The subscription price the price of the new shares is pitched below the current market price of 372.5p (P0). The discount offered as an inducement to shareholde rs to subscribe to the new issue is equal to approximate 46.31% (d). The 200p subscription price is calculated as given below: Once RBS decided on the level of funds (F) to be raised and the subscription price (PS), the number of new shares (ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‚ N) to be issued can be calculated quite easily:  £ 12 bil /  £ 2 =  £ 6 billion of shares And once the number of new shares to be issued is known, the number of shares [N(R)] which an investor must hold to be granted one right can be calculated: The number of shares outstanding prior to the right issue (N0) must also be calculated in order to determine the ex-rights price. The determination is given below: The ex-rights price will be a weighted average of the pre-issue price and the subscription price: the weights being given by the ratios of the number of pre-issue shares to the total number shares outstanding following the issue: So,  £3.07 The market value of a right [V(R)] depends on the difference between the subscription price (PS) and the expected price of the share following the new issue (PX).  £1.07 QUESTION 3 a) ii) Rights issues are made at a discount, partly to make them look attractive and plus encourage stakeholders to subscribe, and partly against the risk of a fall in the market price during the offer period. Whether to invest in the rights or to sell them is the best choice for an investor will be analyzed furthermore. Assuming that a shareholder owns 900 shares of RBS, through the rights issue he can buy 550 shares at 200p (11 new shares for every 18 existing). Wealth Effects: the initial wealth with 900 shares at value P0 =  £3.72 is: Initial Wealth = 900 *  £3.725 Invest in the rights: This will happen only if the shareholder has the resources to acquire the additional shares and believes this is the best way to invest his money. Moreover a shareholder may invest in the rights because there are bi stamp or duty brokers commissions payable, and the desire to maintain ones existing share of voting power. Value of new investment =  £3,352.5 +  £1,100 =  £4,45 2.5 The value of investment at the ex-rights price will be: Value of investment at PX = (900+550 shares) *  £3.07 =  £4,452.5 Thus, the impact on the shareholders wealth will be  £0. Sell the rights This will happen if the shareholder wants to maintain his existing investment in the company in value terms. In the beginning the shareholder will lose from the fall of the share but he will cover from the loss through selling the rights. If the shareholder sells the rights, the value of his share at the ex-rights price will be: Value of shares at PX = 900 shares *  £3.07 =  £2,763 The declines in the shareholders wealth will be: Decline in shareholders wealth =  £3,352.5 - £2,763 =  £ 589.5 The amount that the shareholder will acquire from the sale of the right at VR =  £1.07 will be: Value from sale of the right = 550 shares *  £1.07 =  £589.5 Thus, the impact on the shareholders wealth will be  £0 From the above analysis i t is obvious that the shareholder wealth remains unchanged after the rights issue ether if e invests in the rights or sells the rights. The wealth of the shareholder will change only when the new issue leads to the re-appraisal of the firms value. This happens because issue of new shares at a discount leads to the fall in the value of existing shares thereby offsetting the value of the right. QUESTION 3) c) The Royal Bank of Scotland (RBS) announced a rights issue in order to raise  £12 billion, which is considered the largest UK equity issue at that time. Under the terms of the rights issue, 11 new shares will be offered to existing shareholders for every 18 shares they hold. The subscription price is pitched well below the current market price of 372.5p. The discount offered as and inducement to shareholders to subscribe to the new issue is equal to 46.13%, well above the conventional level o f 15 to 20 per cent. The discount is pitched at this level in order to assure that the subscription price of 200p [372.5 (1-1.46310)] will remain below the market price over the offered period. The size of the typical discount drifted upward since the stock market at that time became more volatile and because of the size of funds needed to be raised. At first sight it might appear that the rights issue mentioned above is an attractive proposition for shareholders. The right issue allows th e shareholders to increase their holdings of shares in the company at a discounted price, but a closer look at the mechanics of a rights issue reveals that it leaves the wealth of the shareholder unchanged, because the value of the existing shares falls, and this fall offsets the gains provided by the subscription. If the market price of the shares of RBS remains sufficiently above the subscription price of 200p the issue is likely to be successful, otherwise underwriters guarantee to take up any shares which the shareholders decline to acquire. Specifically, in the case of RBS, the bank agreed with its lead banks that fees would be 1.75 per cent of the proceeds of the average issue. These investment banks that lead the issue will only absorb some of the risk since most of it is passed onto the sub-underwriters of other merchant banks and institutional investors such as insurance companies for a fee of 1%. The question that arises is whether the company will be obtaining value fo r money for the underwriters fee of 1.75 per cent of the proceeds of the issue. In later study, Marsh (1980) found out that underwriting is highly profitable on an ex post basis. In 671 rights issues, only 35 led to losses with an average loss of 4.2%. In the case of RBS, the underwriters were left with unsold shares of less than 5 per cent since 95.11 percent of the shares offered had been taken by the investors. The remaining 299.4m shares were sold at profit by the underwriters, at a price of 230p a share, raising an additional  £688.6m (299.4 m shares times  £2.3p) As Merret, Howe and Newbould (1967) comment in one of their first studies, the underwriting charges in the case of rights issues seems somewhat excessive for the minimal risks actually borne bye the underwriters. To incorporate the effects of risk mentioned above the underwriting contract should be viewed as a put option (Marsh 1980). RBS, the issuing firm is in the same position as an investor holding a put op tion, while the underwriter of the right issue is considered as the writer of a put option. The potential losses or gains of the underwriter are equal to the potential gains and losses of the issuing firm. Marsh found that the cost of underwriting produced an average excess return to the underwriters of 0.7 percent and only in 14% out of 539 underwritten issues the value of the put option element of the underwriting agreement appears to be greater than the fees charged. It seems logical to conclude that underwriting fees are used to compensate for other services provided by the merchant banks, for which explicit charge is not being made. Underwriting cannot be considered too expensive if this is the case. The profit and loss associated with an underwriting agreement as a function of the share price are illustrated in the figures below: (a) PROFIT LOSS FOR RBS (b) PROFIT LOSS FOR UNDERWRITERS UNDERWRITING FEE (+) profit QUESTION 3) d) Alex Porter of Collins Stewart views that investors should take up the rights offered by RBS because buying shares at 200p is incredibly cheap since the 2009 estimated earnings per share of 37p and a price-earnings of 9 indicate that the price of share will be raised to 333p (374p x 9). RBS rights issue seems as an attractive proposition for shareholders since they are given the right to subscribe to additional shares at a discount above the conventional level of 15% to 20%. On the other hand, RBS has employed a large price discount (46.31%) and faces the risk of the dilution of earnings, dividends and assets. The lower the subscription price the larger the number of shares that must be sold in order to raise the fund required by the company. In the case of RBS, 6 billion shares must be issued in order to raise  £12 bil of equity capital. There is a fear that the increased claims of the firms earnings, dividends and assets will lead the stock market to react adversely to this dil ution. An adverse reaction implies that the investors are unable to differentiate between nominal and real changes and that the stock market is inefficient. The fall in earnings per share, as more shares have to be issued to raise the funds required, will be matched by the fall in share price. The fall in share price will be compensated by the increase in the number of shares, leaving the earnings yield of the stockholders overall stake in the company unchanged. As a conclusion I believe that Porters statement is misleading and creates a misunderstanding, since it implies a share price of 333p which is far greater than the expected ex-rights price of 307p calculated. The belief that the price of share will have a future value of 333p is very optimistic since the financial crisis of 2007 is considered by most economists the worst financial crisis since the great Depression to the 1930s. There is a fear that the European banking system may collapse as did large financial institutio ns in the United States. Specifically, S P no longer considers the UK banking sector to be one of the lowest risk and secure banking systems because of the countrys weak economic environment, the reputational damage experienced by the banking industry, and high dependence on state support programs. The risk profile of UK banks is affected by anticipated system-wide, domestic non-performing and impaired loans that will remain high throughout 2009 and 2010, linked to high levels of household and corporate debt. The uncertainty surrounding the banking industry must be taken into consideration in analyzing the statement of Porter which is in my opinion very optimistic. One, before deciding buying RBS shares offered at 200p, should consider whether RBS will remain in the following years, structurally strong, and a business that will continue making profits under the conditions discussed above. QUESTION 4: Options QUESTION 4) a) An option gives the holder the right to buy or sell on asset by a certain date for a certain price. The option that gives the holder the right to buy is called call option and the one that gives the holder the right to sell is called put option. The price in the contract is known as the exercise or strike price (x), and the date in the contract is known as the expiration, expiry or maturity date. The fact that distinguishes options from other contracts (futures of forwards) is that the holder does not have to exercise the right that the option gives him. For an option contract an investor must pay an up-front price, known as the option premium (c). In the specific question we are asked to explain why call option traded on Marks Spencer shares are trading in November than those trading in September. There are many factors that influence stock option prices, and the most important are given below: The current stock price (S0) The strike price (x) The time to expiratio n (T) The volatility of the stock price (ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢) The risk-free rate (r) The dividends expected during the life of the option Specifically in order to give an adequate answer to the question involved, we will discuss what happens to the call option prices of Marks Spencer when one of these factors changes (the time to expiration) while the others remain fixed. Options are referred to as in the money, at the money or out of the money. A call option is in the money when sk, at the money when s=k, and out of the money when sk. Clearly the option will be exercised when it is in the money and the payoff will be the amount by which the stock price exceeds the strike price (s-x0), which is called the intrinsic value of an option. As the stock price increases, than call option becomes more valuable. Therefore the longer the time that a call has to run to maturity, the greater the scope for the price to rise above the exercise price. The probability to notice bi g variation between the share price at expiration and the strike price is higher, the longer the maturity period of the option. Another important element is that in call options there is a limit to what can be lost which is the call premium while the gains are unlimited. In other words, gains and losses are not symmetrically distributed for a call option. Although European call options usually become more valuable as the time to expiration increases, this is not always the case. Consider two European call options on a stock: one with an expiration date in one month, the other with expiration date in two months. If a very large dividend is expected in six weeks, this expected dividend will cause the stock price to decline, so that the short-life option could be worth more than the long-life option. QUESTION 4) b) A straddle is an option strategy that involves taking a position in both calls and puts on the same stock. Specifically, in a straddle, an investor buys a call and a put option which have the same exercise price and expiration date. When the share price at the time of expiration (ST) is greater than the strike price (x), the call option is exercised. The put option is exercised when the strike price (x) is greater than the stock price (ST). The exercise price of 210p has a call premium in November equal to 24.5 (C0) and a put premium equal to 22 (P0). The amount paid from the investor for this specific combination called straddle will be equal to: C0 + P0 = 24.5 + 22 = 46.5 The profit pattern is shown in the following table: Action ST CFTfrom Call CFTfrom Pull P/L CF0+CFT Exercise Put 130 0 (210-130)-46.5 33.5 Exercise Put 163.5 0 (210-163.5)-46.5 0 Exercise Neither 210 0 0 (46.5) Exercise Call 256.5 (256.5-210)-46.5 0 0 Exercise Call 290 (290-210)-46.5 0 33.5 Long Straddle ST This specific long straddle strategy will yield a profit if ST is above the upper breakeven point of 256.5 and below the lower breakeven point of 163.5. Between the two breakeven points (16.5, 256.5) the specific strategy will yield loss with a maximum value of 46.5. An investor might consider worthwhile to invest in a straddle if he believes that there are likely to be big movements in the stock price, and these beliefs must be different from most of the other investors. A straddle seems a natural trading strategy in the case that a big move is expected in the companys stock price because there is a takeover bid for the company or the outcome of a major lawsuit involving the company is about to be announced. In other words, someone may take a long straddle position if he thinks the market is highly volatile, but does not know in which direction it is going to move. This position is a limited risk a purchaser of a stradd le may lose the cost of both options but there is an unlimited profit potential. In contrast, a short straddle position is highly risky because the potential loss is unlimited, while profitability is limited to the premium gained by the initial sale of the options since short straddle is a strategy that involves a simultaneously sell of a put and call option. QUESTION 4) c) A zero sum game is one where for every winner you must also have a loser. In other words for every person who turns a profit someone else must suffer a corresponding loss. Financial markets offer many examples of zero sum games. For example the writer of an option can only gain what the holder loses and vise-versa. Specifically, the profit of the writer is a mirror image of the holders loss. This situation is given in the following diagram: Profit graph for a call writer and investor X When the share price at expiration (ST) is lower than the exercise price (x), the call option will not be exercised by the investor. The investor of the particular option will suffer a loss equal to the call premium (-c). This particular loss will be the profit to the writer of the call option (+c). On the other hand, if the exercise price (x) is not above the share price at expiration the profit of the investor [ST (x+c)] will be the loss of the writer [(x+c)-ST]. All the above are summ arized below: Share price Investor Writer Both PL STX -C0 +C0 Æ STX ST-(X+C) [-ST+(X+C)] Æ

Essay about John Proctor in The Crucible by Arthur Miller

The Crucible John Proctor In the book The Crucible there is a struggle within to have one have a sense of belonging to society. They want to be loved by that society no matter how much they may seem that they don’t belong. But they do want to show that to everyone, everyone that may not think that. John Proctor is a good example of a struggle to find a place in society. He’s the type of person that wants to plow his fields on the good days even if the good day is only on Sunday of that week. His struggle to make a living with his crops gets him into trouble with the very religious Puritan community of Salem Massachusetts. If John Proctor has a fault its that he’s to honest when he thinks your wrong about something he†¦show more content†¦After being tried and condemned to death, John refuses to confess. But he doesn’t want to die because of some witches that are just making lies. So he signs the paper that is going to be nailed to the church door saying he has committed sins. He asks himself â€Å"God in heaven, what is John Proctor, what is John Proctor.† He is asking if John Proctor is considered honest or a liar. Because he knows he did nothing wrong in his life but he is accused and no one wants to believe him. But he shortly takes back his claim and refuses to sign it because he doesn’t want his friends being condemned for his actions, â€Å"I speak my own sins, I cannot judge another. I have no tongue for it.† So by doing so he answers part of the question â€Å"What is John Proctor† by coming forth on his own view of himself. John Proctor cannot live with the lie if he had signed that confession, so he will die by his own honesty. With a man just trying to make a living with his life, he finds himself involved with something he didn’t want to get involved with at all. 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Ethical Issues In The IT Industry Samples †MyAssignmenthelp.com

Question: Discuss about the Ethical Issues In The IT Industry. Answer: Introduction Ethics is something that has become a matter of concern for the companies. This is the era of global and technological business and hence IT sector plays a very major role in it. There are changes in ways IT has influenced the lives of the people (Reynolds, 2011). This has raised many ethical issues for the firms working under this industry. In order to ensure that these issues do not create negative impact on the firms it is essential that they manage it in a better manner. Telstra is one of the biggest IT firm in the Australia. This report throws lights on the ethical issues that are present in the IT industry and the impact it has on the stakeholders associated with the companies like Telstra. It also describes the alternatives that can be used for addressing these issues. Major issues related to ethics and its influence on the stakeholders In IT industry there are many ethical issues that is becoming a challenge for the business (Weckert and Lucas, 2013). These issues have come up due to several kinds of factors. These issues have become challenges for the society and the industry. Some of the issues in the cited industry are listed below: Security: There are larger set of data that is present on the IT mediums these days (Venkatesh, Thong and Xu, 2012). Since all the other industries are also dependent on this industry for their operations. There have been attempts in the past by the hackers to steal or corrupt these data. This has created major ethical concern for the industry as the hackers can misuse this data as per their need. Privacy: There are many types of personal data related to the stakeholders are present in this industry. If these data gets leaked then it is a threat to the privacy of the company as violating such privacy rights is an ethical issue for the Telstra. Copyright Infringement: Today the original work of many people is stored on the IT mediums. Many a times it has been seen that these works are copied by some other person. This especially happens in multimedia files. It is a violation of the copyright act and is a major ethical concern in the industry. Increased burden on IT personnel: With the increasing competition in the industry, the burden on the employees to works more accurately is increasing. They have to deliver quality 24 hours. Many employees get terminated due to their insufficiency to perform at such transforming and high expectations. This has accounted to one of the major ethical concerns in the industry. Digital divide: In many parts of the world IT technologies have not developed so as much as it has in the other corners of the world (Quinn, 2014). Countries such as US have dominance over the internet mediums while the nations in African region have lower access to these technologies. This has created a digital divide in the world. Since this is the era of business that is based on IT and hence the nations that do not have such facilities are lagging in terms of development. It has become one of the major ethical issues in the industry. All these issues have negative impact on the IT industrys stakeholders. If these issues are not addressed in a proper manner then it may create some serious problems for the society. Some of the impact on the stakeholders has been listed below. Employees: Workers of the IT industry are under serious pressure of performing in a better manner so that such issues do not occur. Their personal data is also on stake. Investors: If the data is not secured in a proper way then there is always a chance that there can be heavy loses to the stakeholders. Copyright infringement like in the case of piracy has increased in the past several decades which have resulted in losses for the investors. Consumers: The information related to the consumers of the firm are at stake. This has created the chances of frauds that arise due to security and privacy (Stair, et al., 2011). If any data gets leaked of the clients of the companies then they may cause them personal harm. Government: Any kind of unethical frauds that happens in any industry is directly effecting the government as they have to take care of such issues. If any such frauds occur then government has to give compensations to the clients. Society: There is a change in the IT industry which has become a part and parcel of the lives of the people in the society. These changes have direct effect on the society. If the data leak is related to economic welfare of society occurs then it is an ethical issue for the society. Alternatives for addressing such issues This industry is changing at much faster rate as compared to other industries hence a more dynamic approach must be applied for tackling all these issues. If all these issues have not been taken care of then there can be serious loses to the stakeholders associated with them. There are some of the alternatives that IT industry can use for addressing these issues: Making policies: It is one of the best ways of ensuring that such malpractice does not occur in the industry. Making policy can help in reducing the amount of unethical practices in the industry (Wright, 2011). Thefts related to the data can be reduced to minimum by making policies. Ethical guidelines must be made as per the requirements of the industry and it must be uniformly implemented within the industry. Use of firewalls: There must be use of firewalls that protects data from any kind of attacks with the use of malwares. This will help Telstra in safeguarding from hackers that aims to destroy hardware and software of the firm. Authentication tools: Tools such as login pages can help in safeguarding private and important data of the firm (Floridi, 2013). This does not allow unwanted person to access the systems of the users. Telstra needs to upgrade their authentication tool from time from time so that a better authentication can be provided. Making technology affordable: It is crucial for the industry to make sure that they work on the technology that is affordable. This will help in reducing the divide that is created between the developed and under developing nations. For doing this an extensive amount of research needs to be done. Collaborative approach: It is crucial for the companies in the industry to make sure that they have collaborative efforts to reduce such unethical practices in the industry (Stahl, et al., 2014). Copying of the idea generated by the Telstra by the other must be reduced (Telstra, 2015). Preferred alternative over the many There are many alternatives that are available with the IT industry so as to address the unethical practices in the society (Tavani, 2011). Among these alternatives the most suitable alternative can be to take use of the authentication tool. This is due to the reason that it does not allow any unauthorised person to access the system. This will help in making sure that no frauds or data temper is done. Multilayer authentication tools can be highly beneficial. Even the access to the system should also be given to limited number of stakeholders so that the chances of frauds can be further reduced. Conclusion From the above report it can be summarised that Information and technology industry is facing many kinds of challenges in the form of ethical issues. IT industry has penetrated in the lives of the society and hence the concerns related to the ethics have broadened. Issues such as security and privacy have threatened the stakeholders of the industry. IT firms needs to use all the alternatives present with them for preventing such affairs. Taking use of the authentication tools can help Telstra in preventing from such kind of breach. Recommendations Telstra aims to become one of the best performing firms in the industry. While achieving this they need to ensure that they have taken proper care of all the ethical concerns that are associated with the company. Cited firm needs to use the authentication tools so that any unauthorised person may not access to the systems of the company. They also need to continuously upgrade it so that they remain ahead of the hackers. A formal policy that could stop mal practices inside the firm is required. Use of the advanced firewalls will protect them from any kind of cyber-attacks. References Floridi, L., 2013.The ethics of information. Oxford University Press. Quinn, M.J., 2014.Ethics for the information age. Boston, MA: Pearson. Reynolds, G., 2011.Ethics in information technology. Cengage learning. Stahl, B.C., Eden, G., Jirotka, M. and Coeckelbergh, M., 2014. From computer ethics to responsible research and innovation in ICT: The transition of reference discourses informing ethics-related research in information systems.Information Management,51(6), pp.810-818. Stair, R., Moisiadis, F., Genrich, R. and Reynolds, G., 2011.Principles of information systems. Cengage Learning Australia. Tavani, H.T., 2011.Ethics and technology: Controversies, questions, and strategies for ethical computing. John Wiley Sons. Telstra . (2015) Conducting our business ethically. [Online]. Available at: https://www.telstra.com.au/content/dam/tcom/about-us/community-environment/pdf-e/sustainability-report-2015-responsible-business.pdf. [Accessed on: 11th March 2018]. Venkatesh, V., Thong, J.Y. and Xu, X., 2012. Consumer acceptance and use of information technology: extending the unified theory of acceptance and use of technology.MIS quarterly, pp.157-178. Weckert, J. and Lucas, R., 2013.Professionalism in the information and communication technology industry. ANU Press. Wright, D., 2011. A framework for the ethical impact assessment of information technology.Ethics and information technology,13(3), pp.199-226.

Research Proposal - Be Precise and Present in a Clear and Simple Manner

Research Proposal - Be Precise and Present in a Clear and Simple MannerSo, you have written a research proposal and you are anxious to submit it for review. The grant review is one of the most dreaded and critical parts of submitting for government grants. The grant reviewers are expert in their fields and they know that any flaws in your proposal will be seen. I will give you some tips on how to make your research proposal stand out from the crowd.Your research proposal must contain information about your business, your company, the type of market you are targeting and what will be the goals and objectives of your company. You should start with the title of your research proposal. Never just say 'business'. Always make sure that you also include a description of the business or field of interest you are in.The title should make sure that the reader understands the purpose of your research. It should also make sure that your proposal doesn't become obscure and go off topic. As an exa mple, 'Valuable Research of the Florida State University' is probably not a good title for a proposal that talks about the Florida sea lions.Your body copy is very important. It needs to give details of the research which will further justify the use of a grant and the possible benefits and risks of the grant proposal. Also, it should offer a good press release and testimonials to back up the proposal.One other thing you need to do is to prepare and outline your research proposal. This is one of the crucial points when reviewing your research proposal. This outline should have the important information like the name of your organization, phone number of contact and email address and many more.After reviewing the research proposal, you should send it in a format that is accepted by all. If you don't have the power to mail it to all the reviewers, you may just upload it online. If you don't have the internet at home, you can send it through an e-mail.Finally, the best way to get a gra nt from any grantmaker is to have a research proposal prepared and submit it properly. You can be confident that the grant reviewer will understand your paper and the research you presented. The reviewers are experts in their fields and if your research is complete and well documented, it will be given the same attention.