Ambiguity in Projects Samples for Student-Myassignmenthelp.Com

Question: Discuss about the Ambiguity in Projects. Answer: Introduction Ambiguity, in the literal sense of the world, refers to the situation or a statement that can lead to more than one interpretation. According to Philippo et al. (2013), one of the most essential criteria that is expected of project managers is to have the capability of managing ambiguous situations, as most organizational project teams are bound to face certain ambiguous situations during the life cycle of the entire project. FCB Abu Dhabi Advertising Agency is one of the leading advertisement agencies of the United Arab Emirates. The agency has been associated with some of the biggest campaigns of the year, like those used by Coca Cola, Paper Plus, Nivea and Levis. The following sections of the report provides an insight into the ambiguous scenarios that project teams associated with the organization have experienced in real life and the impact of such ambiguity on the lifecycle of the project. Background of the organization Foote, Cone Belding, or FCB is one of the largest advertising networks operates globally. Headquartered at Chicago, the organization is currently owned by the Interpublic group. At present, the organization operates across 90 countries of the world, the UAE being one of the most prominent ones (Fcb.com 2016). The FCB Abu Dhabi Advertising Agency has been in the receiving end of several awards, including the Caples, Effies, El Ojo along with those awarded at The One Show and the Cannes. In fact, the organization is well known for its genuine participation in ensuring the success of their client brands. Ambiguous situation in the organization Khushbu, a UK based fashion line had approached the sales team of The FCB Abu Dhabi Advertising Agency with the aim of branding their products in the UAE. Kushbu is a well known fashion brand in Europe, primarily due to the unique nature of the products that they sell: perhaps it is the sole organization that sells 'Islamic Wear' for women, using online platforms (Khushbu.tootinglife.com 2016). It is well known fact that women residing in the United Arab Emirates are encouraged to wear 'Islamic Wear', thus the interest expressed by the administrative authorities of Kushbu so as to launch their products in the country was solely based on the demands of the market (Epps and Demangeot 2013). However, the members of this project teams soon identified certain ambiguous situations that they felt should be resolved before the campaigns could be designed and launched: 1. The first and foremost issue that the project team identified was that the tagline used by Khushbu: while selling their product in Europe, Khushbu used the tagline Even covered women care about their appearance (Khushbu.tootinglife.com 2016). However, the project team of The FCB Abu Dhabi Advertising Agency was spilt into halves regarding the tagline to be used while launching the product line on the national television of UAE: while some of the members were against robbing off the brand of their signature tagline, yet another section was skeptical about using the same (they feared that the tagline might appear to be disrespectful towards the women residing in UAE) (Fcb.com 2016). 2. On the other hand, the project team had also identified the fact that the products launched by Khushbu were quite high (Khushbu.tootinglife.com 2016). The team was thus uncertain about the section of the population that should be targeted in the campaigning process. Besides, the pricing strategy, the un-traditional features of the 'Islamic Wears' designed and sold by the fashion line also required the identification of the particular section of the population that could be targeted, much before the campaigns could be designed (Pasha-Zaidi, Masson and Pennington 2013). At the very same time, the project team were not able to cover all sections of the potential customers (top, low and mid) as campaigns of such large scale require huge budgetary funds that the authoritative heads of Khushbu were not eager to bear with (Fcb.com 2016). Thus, it can be said that the ambiguity of the project laid in the fact that in spite of Khusbus idea being innovative, their signature tagline, style and design were controversial and that The FCB Abu Dhabi Advertising Agency neither had the data required to identify the section of the population that could be targeted effectively. In order to find solutions to the issues identified by the project team, the marketing team indulged in an extensive market research regarding the demand of the untraditional Islamic wears (similar to the ones designed and developed by Khushbu) among the women of the United Arab Emirates (Fcb.com 2016). Besides this, the marketing team also put efforts towards realizing whether the signature tagline of the brand would be acceptable to the UAE society. After the data collection process was completed, analytical tools were used to identify that particular section of the population that could be targeted for the purpose of campaigning. Besides this, the marketing team ultimately developed a new tagline for the fashion line with which the products were launched in the market (Epps and Demangeot 2013). Impact of the ambiguity on the organizational projects The impact of the ambiguous situation (as described in the section above), have been enlisted below: Positive Impacts the ambiguity on the organizational project The first and foremost point that demands mention in this context is that the fashion line of Khusbu was finally launched in the UAE without raising any discontent or complaints from the generals mass: courtesy to the new tagline designed by the project team of The FCB Abu Dhabi Advertising Agency (Khushbu.tootinglife.com 2016). Figure: Khusbu launched in UAE with a new tagline (Source: Khushbu.tootinglife.com 2016) On the other hand, the project team had identified educated women belonging to high income group families should be considered by Khusbu as the primary target customer group in the UAE . It is worth mentioning that almost 70 percent of the students attending Universities in the UAE are women, thus, the market chosen by the project team is quite extensive and promises significant revenue collection (Pasha-Zaidi, Masson, and Pennington, 2013). It is worth mentioning that in spite of the fact that the marketing agency was forced to conduct the survey as they had no information based on which the target market could be decided on, the data collected from the process was efficiently utilized in several other projects: the information available on the official website of The FCB Abu Dhabi Advertising Agency indicates that the campaigns designed for Olay and Nivea were largely based on the results of this particular survey (Fcb.com 2016). Negative Impacts the ambiguity on the organizational project The market survey made by the FCB was conducted over a period of six months, thus incurring considerable amount of cost to the fashion line. Thus increased time and budgetary requirements of the project were the primary adverse impacts of the ambiguities of the project (Gutirrez 2014). On the other hand, Khusbu is a renowned brand among the Muslim communities of the United Kingdom. Robbing of the brand of their signature tagline indeed forced them to build their reputation in the UAE from the scratch. Importance of acceptance of ambiguity in conducting a successful project Researchers Philippo et al. 2013 are of the opinion that among very few well tested and approved laws of conducting successful projects, the fact that Ambiguity Kills Projects holds true for projects of all sizes, structures and domains. However, the authors have also pointed out the very fact that in spite of the large number of tools and methods available for managing projects, embracing ambiguities is still considered to be imperative. Researcher Gutirrez (2014) seconds their opinion by stating that the very fact that the presence of ambiguities has adverse effects on the success of projects encourages project teams to document the SMART goals of the project, to identify the risks associated with it, to define the scope of the project and to develop strategies that could be used for overcoming the uncertainties. Thus, it can be said that while acceptance of ambiguity in projects might lead to disastrous outputs, embracing the same actually results in the utilization of methods that enables optimum management of the said projects. In respect to the situation under consideration, the campaigns designed for Khusbu might have been ruined completely in case the marketing team of The FCB Abu Dhabi Advertising Agency had incorrectly identified the target market (Fcb.com 2016).. Conclusion The above mentioned sections of the report provide an insight into ambiguities identified in one of the campaigning projects undertaken by The FCB Abu Dhabi Advertising Agency. The ambiguities have been defined in section 3, along with the measures taken by the project team to overcome it. Besides this, the impact of the ambiguous situation (both positive and negative) on the success of project have been provided in section 4, while a generalized discussion on the effects of accepting project ambiguities has been provided in section 5 of the report. In the light of the information provided in the report, it can thus be concluded that while ambiguous situations indeed threat the success of organizational projects, the attempts and efforts made towards overcoming such uncertainties leads to the adaptation of strategies that ultimately leads to the successful completion of any project, irrespective of its size, structure or domain. References Epps, A. and Demangeot, C., 2013. The rainbow of diversity versus the rain of fragmentation: the futures of multicultural marketing in the UAE.Foresight-The journal of future studies, strategic thinking and policy,15(4), pp.307-320. Fcb.com, 2016.FCB Abu Dhabi Advertising Agency - United Arab Emirates. [online] FCB Global. Available at: https://www.fcb.com/location/abu-dhabi [Accessed 27 Jul. 2016]. Gutirrez, E., 2014. Managing Ambiguity When Evaluating and Selecting New Ideas in Project Portfolio Management.International Journal of Innovation and Technology Management,11(05), p.1450030. Khushbu.tootinglife.com, 2016.Khushbu - Women's wear, Fashion, Salsas kameez in TootingLife. [online] Khushbu.tootinglife.com. Available at: https://www.khushbu.tootinglife.com [Accessed 27 Jul. 2016]. Pasha-Zaidi, N., Masson, T. and Pennington, M.N., 2013. Can I get a job if I wear Hijab? An exploratory study of the perceptions of South Asian Muslim Women in the US and the UAE.International Journal of Research Studies in Psychology,3(1). Philippo, E.J., Heijstek, W., Kruiswijk, B., Chaudron, M.R. and Berry, D.M., 2013, April. Requirement ambiguity not as important as expectedresults of an empirical evaluation. InInternational Working Conference on Requirements Engineering: Foundation for Software Quality(pp. 65-79). Springer Berlin Heidelberg.

Nature of Financial Management free essay sample

In the earlier years, it was treated synonymously with the raising of funds. In the later years, its broader scope, included in addition to procurement of funds, efficient use of resources. Scope of Financial Management Financial is broadly concerned with the acquisition and use of funds by a business firm. The important tasks of financial management, as related to the above, may be categorized as follows: A. Financial Analysis, Planning and Control †¢ Analysis of financial condition and preference †¢ Profit Planning †¢ Financial forecasting †¢ Financial Control B. Investing †¢ Management of current assets (cash, marketable securities, receivables and inventories) †¢ Capital Budgeting (identification, selection and implementation of capital projects) †¢ Managing of mergers, reorganizations and divestments C. Financing †¢ Identification of sources of finance and determination of financing mix †¢ Cultivating sources of funds and raising funds †¢ Allocation of profits between dividends and retained earnings Important Topics in Financial Management Table 1. 1 Balance Sheet and Topics in Financial Management Share Capital EquityCapital Structure and Cost of Capital Preference Reserves and Surplus Debentures Unsecured Loan Current Liabilities ProvisionsWorking Capital Trade CreditorsFinancing Policy Provisions Fixed Assets (Net)Capital Budgeting Gross Block Less Depreciation InvestmentSecurity Analysis Current Assets, Loans and Advances Cash and bank balancesCash Management ReceivablesReceivables Management InventoriesInventory Policy Loans and Advances Miscellaneous Expenditure and Losses Table 1. We will write a custom essay sample on Nature of Financial Management or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 2 Income statement and Topics in Financial Management Net SalesRevenue risk Cost of goods Sold Materials and stocks Wages and Salaries Other Manufacturing Expenses Gross ProfitGross profit margin Operating Expenses Selling and Administration Expenses DepreciationDepreciation Policy Operating Profit Non operating surplus / deficit Earnings before interest and taxBusiness risk InterestFinancial risk Profit before tax TaxTax planning Profit after taxReturn on equity DividendsDividend policy Retained Earnings Goals / Objectives of Financial Management- Traditional Approach – It has been traditionally been argued that the objective of a company is to earn profit. This means that the finance manager has to make decision in a manner that the profit is maximised. Each alternative, therefore, is to be seen as to whether or not it gives maximum profit. Profit maximization objective gives rise to a number of problems as below: i) Profit maximization concept should be considered in relation to risks involved. There is a direct relationship between risk and profit. Many risky propositions yield high profit. Higher the risk, higher is the possibility of profits. If profit maximization is the only goal, then risk factor is altogether ignored. i) Profit maximization, as an objective does not take into account time pattern of return. Proposal A may give a higher amount of profits compared to proposal B, yet if the returns begin to flow say 10 years later, proposal B may be preferred which may have lower overall profits but the returns flow is more early and quick. iii) Profit maximization, as an objective is too narrow. It fails to take into account the social considerations as also the obligations to various interests of workers, consumers, society as well as ethical trade practices. Further, most business leaders believe that adoption of ethical standards strengthen their competitive positions. iv) Profits do not necessarily result in cash flows available to the stockholder. Owners receive cash flow in the form of either cash dividends paid to them or proceeds from selling their shares for a higher price than paid initially. Modern Approach The alternative to profit maximization is wealth maximization. This is also known as Value maximization or Net Present Worth maximization. Value is represented by the market price of the company’s equity shares. Prices in the share market at a given point of time, are the result of many factors like general economic outlook, particular outlook if the companies under consideration, technical factors and even mass psychology. However taken on a long-term basis, the share market prices of a company’s shares do reflect the value, which the various parties put on a company. Normally, the value is a function of two factors (i) The likely rate of earnings per share of a company (EPS) and (ii) The capitalization rate EPS are calculated by dividing the periods total earnings available for the firm’s common shares by the number of shares of common shares outstanding. The likely rate of earnings per share (EPS) depends on the assessment as to how profitably a company is going to operate in the future. The capitalisation rate reflects the liking of the investors for a company. If the company earns a higher rate of earning per share through risky operations or risky financing pattern, the investors will not look upon its shares with favour. To that extent, the market value of the shares of such a company will be low. If a company invests its fund in risky ventures, the investors will put in their money if they get higher return as compared to that from a low risk share. The market value of a firm is a function of the earning per share and the capitalisation rate. Suppose the Earning per share are expected to be Rs. 7 for a share, and the capitalisation rate expected by the shareholder is 20 per cent, the market value of the share is likely to be 7 7 x 100 = - = Rs. 5 20% 20 This is so because at this price, the investors have an earning of 20%, something they expect from a company with this degree of risk. The important issues relating to maximizing share prices are Economic Value Added (EVA) and the focus on stakeholders. Economic Value Added (EVA) is a popular measure used by many firms to determine whether an investment – proposed or existing – contribute positively to the owner’s wealth. EVA is calculated by subtracting, the cost of funds used to finance or investment fr om its after-tax-operations profits. Investments with positive EVA increase shareholder value as those with negative EVA reduce shareholders value. For example, the EVA of an investment with after tax operations profits of Rs. 510,000 and associated financing costs of Rs. 475,000 would be Rs. 35,000 (i. e. Rs. 410,000 – 375,000) Because this EVA is positive, the investment is expected to increase owner wealth and is therefore acceptable. What about Stakeholders? Stakeholders are group such as employees, customers, suppliers, creditors, owners and others who have a direct economic link to the firm. A firm with a stakeholder focus consciously avoids actions that would prove detrimental to stakeholders. The goal is not to maximize stakeholder well being but to preserve it. It is expected to provide long run benefit to shareholders by maintaining positive stakeholder relationships. Such relationship should minimize stakeholder turnover, conflicts and litigation. Clearly, the firm can better achieve its goal of shareholder wealth maximization by maintaining cooperation with other stakeholders rather than having conflict with them. The Role of ethics Ethics is standards of conduct or moral judgment. Today the business community in general and the financial community in particular are developing and enforcing ethical standards, purpose being to motivate business and market participants to adhere to both the letter and the spirit of laws and regulations concerned with business and professional practice. An effective ethics program is believed to enhance corporate value. An ethics program can reduce potential litigation and judgment costs, maintain a positive corporate image, and build shareholders confidence, and gain the loyalty, commitment and respect of the firms stakeholders. Such actions, by maintaining and enhancing cash flow and reducing perceived risk, can positively affect the firm’s share prices. Ethical behaviour is therefore viewed as necessary for achieving the firm’s goal of owner wealth maximization. Place of Finance function in the organization structure: The finance function is almost the same in most enterprises. The details may differ but the important features are universal in nature. The finance function occupies such a major place that it cannot be the sole responsibility of the executive. The important aspects of the finance function have to be carried on by the top management i. e. the Managing Director and the Board of Directors. It is the Board of Directors, which makes all the material final decisions involving finance. Financial management in many ways is an integral part of the jobs of managers who are involved in planning, allocation of resources and control. The responsibilities for financial management are disposed throughout the organization. For example: †¢ The engineer, who proposes a new plant, shapes the investment policy of the firm. The marketing analyst provides inputs in the process of forecasting and planning. †¢ The purchase manager influences the level of investment in inventories. †¢ The sales manager has a say in the determination of receivable policy. †¢ Departmental managers, in general, are important links in the financial control system of the firm. The chief financial officer (CFO) is basically to assist the top manageme nt. He has an important role to contribute to good decision making on issues, which involve all the functional areas of the business. He must clearly bring out financial implications of all decisions and make them understood. CFO (his designation vary from company to company) works directly under the President or the Managing Director of the company. Besides routine work he keeps the Board of Directors informed about all the phases of business activity, including economic, social and political developments affecting the business behaviour. He also furnishes information about the financial status of the company by reviewing from time to time. The CFO may have different officers under him to carry out his functions. Broadly, the functions are divided into two parts. (i) Treasury function (ii) Control function Treasury function (headed by financial manager) is commonly responsible for handling financial activities, such as financial planning and fund raising, making capital expenditures decisions, managing cash, managing credit activities, managing the pension fund and managing foreign exchange. The control function (headed by Chief Accountant / Financial Controller) typically handles the accounting activities such as corporate accounting, tax management, financial accounting and cost accounting. The treasurer’s focus tends to be more external, the controllers focus more internal: BOARD OF DIRECTORS Managing Director/President V. P ProductionV. P FinanceV. P Sales Treasurer Controller Credit Cash Banking PortfolioCorporate Taxes Internal Budgeting Management Management Relation ManagementGeneral Audit Accounting Cost Accounting Fig 1. 1 Organization chart of finance function Relationship of field of finance with economics – The field of finance is closely related to economics. Financial managers must understand the economic framework and be alert to the consequences of varying levels of economic activity and changes in economic policy. They must be able to use economic theories as guidance for efficient business operation. Examples include supply-demand analysis, profit-maximizing strategies, and price theory. The primary economic principle used in managerial function is marginal analysis, the principle that financial decisions should be made and actions taken only when the added benefits exceed the added costs. Nearly all-financial decisions ultimately come down to an assessment of their marginal benefits and marginal costs. Relationship to Accounting – The firm’s finance (treasurer) and accounting (controller) activities are closely related and generally overlap. Normally managerial finance and accounting are not often easily distinguishable. In small firms the Controller often carries out the finance function and in large firms many accountants are also involved in various finance activities. There are two basic differences between finance and accounting: i) Emphasis on cash flows: The accountant’s primary function is to develop and report data for measuring the performance of the firm, assuming its financial position and paying taxes using certain standardized and generally accepted principles. The accountant prepares financial statements based on accrual basis. The financial manager places primary emphasis on cash flows, the inflow and outflow of cash. ii) Relating to decision-making: Accountants devote most of their operation to the collection and presentation of financial data. The primary activities of the financial manager in addition to ongoing involvement in financial analysis and planning are making investment decisions and making financing decisions. Investment decisions determine both the mix and the type of assets held by the firm. Financing decisions determine both the mix and the type of financing used by the firm. However the decisions are actually made on the basis of cash flow effects on the overall value of the firm. Interface with other Functions Finance is defined as the lifeblood of an organization. It is a common thread, which binds all the organizational functions as each function when carried out creates financial implications. The interface between finance and other functions can be described as follows: Manufacturing Finance i) Manufacturing function necessitates a large investment. Productive use of resources ensures a cost advantage for the firm. i) Optimum investment in inventories improves profit margin. iii) Many parameters of the production cost having effect on production cost are possible to control through internal management thus improving profits. iv) Important production decisions like make or buy can be taken only after financial implications have been considered. Marketing Finance – i) Many aspects of marketing management have financial implications e. g. hol d inventories to provide off the shelf service to customers and thus increase sales; extension of credit facility to customers to increase sales. i) Marketing strategies to increase sales have additional cost impact, which needs to be weighed carefully against incremental revenue. Personnel Finance – In the global competitive scenario business firms are moving to leaner and flat organizations. Investments in Human Resource Development are also bound to increase. Restructuring of remuneration structure, voluntary retirement schemes, sweat equity etc. have become major financial decisions in the area of human resource management. Strategic Planning – Finance – Finance function is an important tool in the hands of management for strategic planning and control on two counts – i) The decision variables when converted into monetary terms are easier to grasp. ii) Finance function has strong inter-linkages with other functions. Controlling other functions through finance route is possible. Methods and Tools of Financial Management – i) In the area of Financing – Funds are procured from long-term sources as well as short-term sources. Long-term funds may be made available by owners, i. e. hareholders, lenders through issue of debentures / bonds, from financial institutions, banks and public at large. Short-term funds may be procured from commercial banks, suppliers of goods, public deposits etc. The finance manager has to decide on optimum capital structure with a view to maximize shareholder’s wealth. Financial leverage or trading on equity is an important method by which return to shareholders can be increased. ii) F or evaluating capital expenditure (investment) decisions, a finance manager uses various methods such as average rate of return, payback, internal rate of return, net present value and profitability index. ii) In the area of working capital management there are various methods for efficient utilization of current resources at the disposal of the firm, thus increasing profitability. The centralized method of cash management is considered a better method of managing liquid resources of the firm. iv) In the area of dividend decision, a firm is faced with the problem of declaring dividend or postponing dividend declaration, a problem of internal financing. There are tools to tackle such situation. v) For the evaluation of a firm’s performance there are different methods. For example, ratio analysis is a popular technique to evaluate different aspects of a firm. vi) The main concern of the finance manager is to provide adequate funds from the best possible source, at the right time and the minimum cost and to ensure that the funds so acquired are put to best possible use through various methods / techniques are used to determine that funds have been procured from the best possible available services and the funds have been used in the best possible way: Funds flow and cash flow statements and projected financial statements help a lot in this regard. The changing role of Financial Management in India – Modern Financial Management has come a long way from the traditional corporate finance. The finance Manager is working in a challenging environment, which changes continuously. As the economy is opening up and global resources are being tapped, the opportunities available to finance manager have no limits. At the same time one must understand the risk in the decisions. Financial management is passing through an area of experimentation and excitement, as a large part of the finance activities carried out today were not heard a few years ago. A few instances are enumerated below: i) Interest rates have been deregulated, further interest rates are fluctuating, and minimum cost of capital necessitates anticipating interest rate movements. ii) Rupee has become freely convertible in current account. iii) Optimum debt equity mix is possible. The firms have to take advantage of the financial leverage to increase the shareholders wealth. However financial leverage entails financial risk. Hence a correct trade off between risk and improved rate of return to shareholders is a challenging task. v) With free pricing of issues, the optimum price of new issue is a challenging task, as overpricing results in under subscription and loss of investor confidence whereas under pricing leads to unwarranted increase in number of shares and also reduction of earnings per share. v) Maintaining share prices is crucial. In the liberalized scenario the capital markets is the important avenue of funds for business. The dividend and bonus policies framed, has a direct bearing on the share prices. i) Ensuring management control is vital especially in the light of foreign participation in equity (which is backed by huge resources) making the firm an easy takeover target. Existing managements may loose control in the eventuality of being unable to take up the share entitlements. Financial strategies to prevent this are vital to the present management. Forms of Business Organization – The three most common forms of business organization are the sole proprietorship, the partnership and the company. Other specialized forms of business organizations also exist. Sole proprietorship are the most In terms of total receipts and net profits corporate form of business dominate. Sole Proprietorship – A sole proprietorship is a business owned by one person who runs for his own profit. Majority of the business firms are sole proprietorships. The typical sole proprietorship is a small business e. g. bakeshop, personal trainer or plumber. The majority of sole proprietorship is found in the wholesale, retail, service and construction industries. Typically, the proprietor along with few employees runs the business. He raises capital from personal resources or by borrowing and is responsible for all business decisions. The sole proprietor has unlimited liability, towards creditors not restricted to the amount originally invested. The key strengths and weaknesses of sole proprietorship are given in table 1. 3. Partnership – A partnership firm is a business run by two or more persons for profit. Partnership accounts for the next majority of business and they are typically larger than sole proprietorship. Finance, legal and real estate firms often have large number of partners. Most partnerships are established by a written contract known as ‘Deed of Partnership’. In partnership, all partners have unlimited liability for all the debts of the partnership. In India, partnership is governed by the Partnership Act, 1932. Strengths and weaknesses or partnerships are summarized in Table 1. 3. Company Form – A company form of business is a legal entity, separated from the owners, with perpetual succession. Just like an individual, the company can sue and be sued, make and be party to contracts and acquire property in its own name. The company form of organization is the dominant form of business organization in terms of receipts and profits. Although, corporations are involved in all types of business, manufacturing corporation account for the largest portion of corporate business receipts and net profits. The key strengths and weaknesses of corporate form are summarized in Table 1. 3. The owners of the company are its shareholders, whose ownership is evidenced by either common shares or preference shares. Shareholders get a return by receiving dividends i. e. periodic distribution of earnings or gains through increase in share price. Owner’s liability is limited to the amount paid on their shares. Shareholder elects the Board of Directors through vote. The Board of Directors has the ultimate authority in running the organization including making the general policy. The President or Chief Executive Office (CEO) is responsible for managing day to day operations and carrying out the policies established by the Board. The CEO is required to report periodically to the firm’s board of directors. The corporate form of business are subject to strict control by Regulatory Agencies including Companies Ac, 1956, SEBI, etc. Table I Strengths and weaknesses of the common forms of business organizations Sole Proprietorship |Partnership |Company | | | | | |Strengths | | | | | | | |Owners receive all profits and incurs all losses |Can raise more funds than the sole proprietorship |Owners liability is limited to the extent paid on | | |their shares | |Low organizational costs |Borrowing powers enhanced by more owners | | | | |Can achieve large size via sale of shares | | |More available manpower and managerial skill | | |Income is included and taxed on owners personal tax | |Ownership (share) is readily transferable | |return |Income included and mixed on individual partner’s tax | | | |return |Long life of the firm | |Independence | | | | | |Can have professional managers | |Secrecy | | | | | |Has better access to financing | |Ease of dissolution | | | | | |Receives some tax advantage | | | | | | | | | |Weaknesses – |Owners have unlimited liability and may have to cover | | | |debts of other partners |Taxes generally higher, because corporate income is | |Owner has unlimited liability towards debt of the firm| |taxed and dividends paid to owners are also taxed. | |Partnership is dissolved when partner dies |(the latter has been exempted at the hands of the | |Limited fund raising power limits growth | |shareholders in India) | | |Difficult to liquidate or transfer partnership | | |Proprietor must be jack-of-all trades | |More expensive to organize than other forms of | | | |business | |Difficult to give employees long-run career | | | |opportunities | |Subject to greater control by regulating authorities | | | | | |Lacks continuity when proprietor dies or unable to | |Lacks secrecy since the shareholders must receive | |operate | |financial reports at periodic intervals | | | | | Limited Liability Partnership A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liability. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partners misconduct or negligence. This is an important difference from that of an unlimited partnership. In an LLP, some partners have a form of limited liability similar to that of the shareholders of a corporation. In some countries, an LLP must also have at least one general partner with unlimited liability. Unlike corporate shareholders, the partners have the right to manage the business directly. In contrast, corporate shareholders have to elect a board of directors under the laws of various state charters. The board organizes itself (also under the laws of the various state charters) and hires corporate officers who then have as corporate individuals the legal responsibility to manage the corporation in the corporations best interest. An LLP also contains a different level of tax liability from that of a corporation. Limited liability partnerships are distinct from limited partnerships in some countries, which may allow all LLP partners to have limited liability, while a limited partnership may require at least one unlimited partner and allow others to assume the role of a passive and limited liability investor. As a result, in these countries, the LLP is more suited for businesses where all investors wish to take an active role in management. There is considerable confusion between LLPs as constituted in the U. S. nd that introduced in the UK in 2001 and adopted elsewhere  Ã¢â‚¬â€ see below  Ã¢â‚¬â€ since the UK LLP is, despite the name, specifically legislated as a Corporate bo dy rather than a Partnership. India The Limited Liability Partnership Act 2008 was published in the official Gazette of India on January 9, 2009 and has been notified with effect from 31 March 2009. However, the Act, has been notified with limited sections only. The rules have been notified in the official gazette on April 1, 2009. The first LLP was incorporated in the first week of April 2009. 1. In India, for all purposes of taxation, an LLP is treated like any other partnership firm. 2. be limited to their agreed contribution in the LLP. 3. Further, no partner would be liable on account of the independent or unauthorized actions of other partners, thus allowing individual partners to be shielded from joint liability created by another partners wrongful business decisions or misconduct. 4. LLP shall be a body corporate and a legal entity separate from its partners. It will have perpetual succession. Indian Partnership Act, 1932 shall not be applicable to LLPs and there shall not be any upper limit on number of partners in an LLP unlike an ordinary partnership firm where the maximum number of partners can not exceed 20, LLP Act makes a mandatory statement where one of the partner to the LLP should be an Indian. 5. Provisions have been made for corporate actions like mergers, amalgamations etc. 6. While enabling provisions in respect of winding up and dissolutions of LLPs have been made, detailed provisions in this regard would be provided by way of rules under the Act. 7. The Act also provides for conversion of existing partnership firm, private limited company and unlisted public company into a LLP by registering the same with the Registrar of Companies (ROC) 8. Nothing Contained in the Partnership Act 1932 shall effect an LLP. 9. The Registrar of Companies (Roc) shall register and control LLPs also. 10. The governance of LLPs shall be in electronic mode based on the successful model of the present Ministry of Corporate Affairs Portal. Chapter Assignments – 1. What are the tasks of Financial Management? 2. Discuss the salient features of the traditional approach to Corporation Finance. 3. Discuss the distinctive features of modern approach to Corporation Finance. 4. What is the normative goal of financial management? 5. â€Å"Financial Management is an integral part of the jobs of all managers. Hence it cannot be entrusted to a staff Department†. Discuss. 6. Discuss some of the problems the financial managers in a developing country like India have to grapple with. 7. Draw a typical organization chart highlighting the finance function of a company. 8. Which of the following functions should be the responsibility of a Finance Manager? i) Maintaining the books of account. ii) Negotiating loans with banks iii) Preparation of cost statements iv) Conducting of internal audit v) Analysis of new projects i) Ensuring that enough cash is available at all the branches and factories of the company. vii) Assisting the management in taking a decision regarding the quantum of dividend. viii) Negotiating under-writing agreements in case of new issues ix) Preparing the financi al statements. x) Deciding about change in the policies regarding recruitment. xi) Decision on administrative practices. xii) Change in marketing and advertising techniques routine. 9. Which of the following statements are true? i) It is the job of the finance manager to approve all payments. ii) The finance manager has to keep a proper balance in the procurement and use of funds. iii) Acquisition of fixed assets is of no concern to the finance manager. v) It is always advisable to distribute the total amount of profit as dividend. v) Since it is crucial that all sections of the business have adequate cash, it is a good policy to give each sections of the business double the amount of cash that they normally require so that they can meet even emergencies. vi) Debentures and loans from financial institutions are very important sources of long-term funds. vii) It is better if no credits are given to the customers since this would mean that no amounts are tied up in sundry creditors. v iii) In a period of rising prices, it is better to stock as much as raw material as possible, irrespective of the cost of procuring funds. x) A proper capitalization ensures that there is a balance between long-term funds and short-term funds and also proper ratios are maintained between the various sources of funds. 10. Which of the following statements do you agree? i) Financial management is essential only in private sector enterprise. ii) Only capitalists have to bother about money. The bureaucrat is to administer and not manage funds. iii) The public administrators in our country must be given a basic understanding of essentials of finance. iv) A state owned Transport Company must immediately deposit in the bank all its takings. v) â€Å"Financial Management is counting pennies. We do not believe in such miserly attitude†. vi) â€Å"Finance function is important as any other function in an organization†.

Why the Model T Is Called the Tin Lizzie

Why the Model T Is Called the Tin Lizzie Despite its initial humble appearance,  the Model T became the most influential car of the 20th century. Priced so that the average American could afford it, the Model T was sold from 1908 until 1927. Many also may know Henry Fords Model T by its nickname, the Tin Lizzie, but you may not know why the Model T is called the Tin Lizzie and how it got its nickname. A 1922 Car Race In the early 1900s, car dealers would try to create publicity for their new automobiles by hosting car races. In 1922  a championship race was held in Pikes Peak, Colorado. Entered as one of the contestants was Noel Bullock and his Model T, named Old Liz. Since Old Liz looked the worse for wear, as it was unpainted and lacked a hood, many spectators compared Old Liz to a tin can. By the start of the race, the car had the new nickname of Tin Lizzie. But to everyones surprise, Tin Lizzie won the race. Having beaten even the most expensive other cars available at the time, Tin Lizzie proved both the durability and speed of the Model T. Tin Lizzies surprise win was reported in newspapers across the country, leading to the use of the nickname Tin Lizzie for all Model T cars. The car also had a couple of other nicknames- Leaping Lena and flivver- but it was the Tin Lizzie moniker that stuck. Rise to Fame Henry Fords Model T cars opened up the roads for the American middle class. The car was affordable because of Fords simple but ingenious use of the assembly line, which increased productivity. Because of this increase in productivity, the price dropped from $850 in 1908 to less than $300 in 1925. The Model T was named the most influential car of the 20th century as it became a symbol of Americas modernization. Ford built 15 million Model T cars between 1918 and 1927, representing  as much as 40 percent of all car sales in the United States, depending on the year. Black is the color associated with the Tin Lizzie- and that was the only color available from 1913 to 1925- but initially, black was not available. Early buyers had a choice of gray, blue, green, or red. The Model T was available in three styles; all mounted on a 100-inch-wheelbase chassis: The five-seat touring carThe two-seat runaboutThe seven-seat town car   Modern Usage Tin Lizzie is still most associated with the Model T, but the  term is used colloquially  today to describe a small, cheap car that looks like it is in a beat-up condition. But keep in mind that looks can be deceiving.  To go the way of the Tin Lizzie is a phrase that refers to something outdated that has been replaced by a newer and better product, or even a belief or behavior.

Dissociative Identity Disorder in Black Swan Essay

Dissociative Identity Disorder in Black Swan Essay Black Swan Film Review Essay Black Swan Film Review Essay Black Swan is a psychological thriller by Darren Aronofsky about a ballerina who slowly goes insane during the time of repetition for the ballet performance Swan Lake. The movie is made very well in terms of psychopathology. The main heroine, ballerina Nina, is so immersed in her own perception of the ballet performance that she begins to identify real life with the plot of the ballet, and herself with a swan: firstly, with White - Odette and then with Black - Odile. Finally, the latter prevails. Nina suffers from dissociative identity disorder. Speaking of everyday language, it is a split personality. Dissociative Identity Disorder in Black Swan Psychologists are well aware of this kind of disease, and nowadays it is thoroughly studied. Several features inherent to dissociative identity disorder are shown accurately in Black Swan. Meanwhile, the other psychological disorders were used to create an atmosphere of the film and do not correspond to the disease symptomatology. Without a doubt, among dissociative disorders, the most â€Å"cinematic† type of the illness is a split personality or multiple personalities. The patient has several â€Å"alter personalities† that exist in parallel, each one in its own reality. Drama potential of the problem was proved in Black Swan. Apparently, authors of the film are clearly impressed by the fact that an infantile girl and a brutal killer can peacefully coexist in the one person. Severe stress experienced by the individual often becomes the cause of the syndrome of â€Å"splitting† (Bruch, 2015). In the thriller Black Swan, it is clearly demonstrated what happens when the â€Å"realities† of the two personalities accidentally begin to come into contact. The main heroine gets the lead role in the ballet. It is the role of Swan Queen, and it involves two opposite sides. Nina must fulfill the role of the White and Black Swan. First one fits her perfectly because Nina was like White Swan: modest and shy, nervous and fearful. However, Black Swan, the other part her performance, turned out to be an overwhelming task. Since it embodied dissolute and evil forces of human nature, Black Swan was the opposite of her own character. Therefore, to immerse in the role, Nina had to change herself, to become a â€Å"black†, as well as awaken own dark and evil nature. Eventually, the acting exercise turned into a real obsession or paranoia. Black Swan moved into Nina, displacing White. She has become an embodiment of evil for the role that ultimately she performed undoubtedly perfect. However, White Swan and its light essence could not exist in Nina anymore. It would not be a mistake to suggest that Nina suffers from dissociative identity diso rder. Dissociative identity disorder is a very rare psychiatric disease from the group of dissociative disorders in which an individual’s personality is split, and it seems that there are several different characters (or ego states) in the body of one person (Ross, 2000). In the certain moments, there is a â€Å"switch† in a person, and one person replaces another one. These â€Å"individual† may have a different gender, age, nationality, temperament, intelligence, philosophy, respond differently to the same situation. After the â€Å"switch†, the currently active person can not remember what happened during the time another person was active (Ross, 2000). This disorder is an extreme manifestation of dissociation. It is a psychological defense mechanism in which a person begins to perceive what is happening to him or her as if it is going on to someone extraneous (Goldberg, 2014). This mechanism is useful because it allows a person to be protected from excessive, unbearable emotions. However, in cases of excessive activation of this mechanism, dissociative disorders appear. Contrary to popular belief, these disorders are not associated with schizophrenia (Goldberg, 2014). The parts of the patient’s self-identity resulting from separation (dissociation) from his or her personality can not be considered independent integrated personality. Usually, the person is not aware of the other people’s presence in the body (Lawrence, 2010). According to DSM-IV, dissociative identity disorder is diagnosed if the following criteria are present: In the patient, there are two or more distinct identities or personality states at the same time. Each of them has a sustainable model of attitude, outlook, and their own approach to reality. At least two of these identities alternately take control over the behavior of the patient. The patient could not recall important information about him- or herself, and it goes beyond the ordinary forgetfulness (Lawrence, 2010). In addition to the symptoms listed in the DSM-IV, in patients with dissociative identity disorder depression, suicide attempts, sudden changes in mood, anxiety, and anxiety disorders, phobias, panic attacks, sleep and nutrition disorders, and other dissociative disorders, hallucinations may also occur (Kihlstrom, 2005). Dissociative identity disorder is closely related to the mechanism of psychogenic amnesia. The latter is a memory loss that has a purely psychological nature without physiological disturbances in the brain. This is a psychological defense mechanism by which a person can displace the traumatic memories from consciousness. However, in the case of identity disorder, it helps individuals to â€Å"switch† (Kihlstrom, 2005). Excessive activation of this mechanism often results in the development of common everyday problems with memory in patients suffering from the identity disorder. Dissociative identity disorder is believed to be caused the by the combination of several factors: intolerable stress, ability to dissociate, a lack of care, and concern in relation to the child in traumatic experience, or lack of protection from subsequent undesirable experience. Adults with this disease often describe the situation of violence in childhood (Lawrence, 2010). These data indicate that the abuse in childhood acts as the main cause of identity disorder among patients. Some of them may not experience violence, early loss (e.g., death of a parent), serious disease, or other extremely stressful event (Lawrence, 2010). The ballerina has a mental disorder of neurotic character since adolescence. It is an obsessive self-inflicted injury that is confirmed by Nina’s mother. However, one can suggest that it was not self-inflicted wounds. It was just a child’s abuse the true nature of which the mother could not know due to busyness in developing her own ballerina career. Besides, Nina has no father. Perhaps the death of the parent was the cause of the future disorder. The reasons for dissociative identity disorder experiencing by the heroine are not completely clear in the movie. Thus, she already had the disorder. It is likely to worsen by bringing up by the mother, liability, dream, guilt, and the fierce competition. At the very beginning of the film, the heroine is said that â€Å"Perfection is not just about control. It is also about letting go†. Since that time, the split of her personality began. There are two swans: humble and aggressive. Since early childhood, Nina was taught to suppress her emotions, especially aggression. Thus, she is not able to play Black Swan. Emotionally, during the development, she stopped on the level of a small child. It can be evidenced by the look at her bedroom that is full of pink lingerie and many toys. Just killing a humble person, she was able to play Black Swan. So then, realizing what happened, to play a dying person. The starting point for the emergence of the alter ego was stress and obsession of overvalued idea of perfectionism. Its nature can be twofold: hysterical - then triumphal ballet career is expected, and schizophrenic - psychic catastrophe and professional and life fall. The presence of hallucinations is not a mandatory obstacle to the performance of the ballerina. Thus, the dual personality is created and entered Nina’s life. Its nature can be twofold: hysterical - and then waiting for the actress triumphal ballet career; schizophrenic - ahead of psychic catastrophe and professional life fall. The presence of hallucinations is not a mandatory obstacle to the ballerina’s performance. The presence of alter ego is shown in the film quite accurately. It is brightly highlighted by the mother phrase in relation to Nina â€Å"It is not my Nina†. The Black Swan personality is acting in the following scene. Nina is more and more disturbing by the fear that Lily wants to take away her role. Nina rehearses all the evening before the premiere of the ballet. She suffers from hallucinations. Nina goes to the hospital to Beth, who threw herself under a burning car and was injured. Suffering from depression, Beth takes nail file and begins to pierce her face. After unsuccessful attempts to stop Beth, Nina runs from her chambers and jumps into the elevator. There she suddenly realizes that nail file, with the help of which Beth cut her face, somehow appeared in her hands. In a fit of panic, Nina runs home. One can suggest that alter ego of Nina, Black Swan, hurt Beth. However, Nina should not remember this. This is also a mismatch between the symptoms of dissociative iden tity disorder. In the film, it was not shown that Nina forgot periods when the second person operated. She rather does not understand what is going on when Black Swan is acting. Also, the symptoms of dissociative identity disorder as depression, suicide attempts, sudden changes in mood, anxiety disorders, and phobias were absent. However, they do not always occur in this disease. A source of horror in Black Swan is the unexplained mutation of the human body. Alien personality, which grows through the skin, changes the way of thinking. However, these shocking scenes of the heroine’s metamorphosis, her moments of going crazy can not be considered completely accurate with respect to dissociative identity disorder. As was mentioned above, the person does not know that another personality is present in his or her body. Nina always thinks that she is bleeding. Germination of feathers through the skin and permanent blood wounds on the body are the attempts of alter ego to come into Nina’s reality. However, it can be considered as a cinematic metaphor and visual means used to deepen the impression of the film (not the features inherent to such mental disorder as personality split). The scenes in which Nina suffers from a variety of aberration are typical psychiatric symptoms of the hallucinatory-delusional syndrome developing in a stressful situation. The hallucinatory-delusional syndrome may accompany dissociative identity disorder. Nina’s hallucinations are shown the most brightly in the scene when she imagined that she killed her rival by the glass from the mirror. However, in reality, she hurt herself. The wound was deep, but obviously because of the shock Nina did not feel the pain and went to the final stage where danced the last part and then died. Negative attitudes towards people with mental disorders begin with prejudice. Familiarity with mental illness leads to a more enlightened view of the problem. However, the main factor is correct information. With the proper image in the movie mental disorders, stigma can be overcome. With regards to treatment, correct and incorrect depictions of disorders do not have significant effect because initially physicians are more aware of the problem. In fact, Black Swan is a story of the human disease, a split personality, and psychosis. Excellent acting shows the struggle of the individual with her second â€Å"I†. In the heavy pursuit of a dream or obsession, White Swan is suffering but fights. Black Swan also goes ahead and does not stop fighting. These swans are two â€Å"I† of one person. There are black and white sides of Nina’s personality. All her life is connected with the struggle of these two egos. Feelings and nervous breakdowns are developing in dissociative identity disorder. Nina is struggling with herself. However, she does not know who she is for sure. Identity disorder is extremely difficult for her. Eventually, the role destroys her.

Angola - High mortality rate Term Paper Example | Topics and Well Written Essays - 1500 words

Angola - High mortality rate - Term Paper Example ain consists of agricultural highlands, with a large savanna in the east and south; and rain forest strips in the north and the enclave of Cabinda (U.S. Department of State, 2011). Angola has a tropical climate. According to the WHO (2011), the total population of Angola is 18,498,000. Its main ethnic groups are: â€Å" Ovimbundu 37%, Kimbundu 25%, Bakongo 13%, mixed racial 2%, European 1%† (U.S. Department of State, 2011). Around 17% of its population are children 5 years old and below. Approximately 42% live in the rural areas. The official language in Angola is Portuguese and the Portuguese compose the largest non-Angolan population. Angola has a republic government system. A new constitution was enacted on February 5, 2010 and three days after, President dos Santos established a new government. The new constitution made a party list system where citizens can vote for a party, instead of a single candidate, and the president will be the head of the winning party’s list (U.S. Department of State, 2011). It created a new office of the vice president, and removed the position of the prime minister. The next presidential and parliamentary elections are projected to occur in 2012. Angola is rich in oil, gas, and diamonds, but remains in the lower rings of 10% of numerous socioeconomic indicators (U.S. Department of State, 2011). GDP growth in 2009 did not improve, though higher GDP projections are expected for the coming years (U.S. Department of State, 2011). An estimation of Angola’s oil reserves showed it to range from 9.5 billion to 13.5 billion barrels (U.S. Department of State, 2011). Crude oil composed around 50% of Angolas GDP, as well as 95% of its exports, and 72% of government revenues in 2010 (U.S. Department of State, 2011). Angola also generates 40,000 bpd of locally refined oil. Angola ranks 160th in the UNDP Human Development Index (WHO, 2005, p.1). The main determinants of health are the financial resources of the country, the availability of

Judaism and Hinduism Essay Example | Topics and Well Written Essays - 500 words

Judaism and Hinduism - Essay Example Religions exist around the world the world to guide the spirituality of people. They tend to explain the source of everything and life after death. They guide people with their morals and beliefs (Clack and Clack 2). Two of the religions are Judaism and Hinduism which are two of the oldest major religions in the world. The history has proven their credibility in providing the path toward enlightenment for the believers as they have millions of followers. Similarities and Differences Judaism began 4000 years ago as a Middle East religion and its people are known as Jewish. As centuries passed, many Jews or Jewish people had lived in various nations at present; they cover over 100 countries (Faelli 5). On the other hand, Hinduism is another religion that exists since 3,000 or more years in the past. The people of that religion are called Hindus who once lived along a river in India. The famous Indus River became Hindu to describe that group of people. The Hindus have varying beliefs but many similarities classify them under the religion they call Sanatan Dharma (Symmons 4). Both religions exist for a long time but they started from different places. The comparison of the two religions would be seen in the succeeding paragraphs.

Labor union membership Essay Example for Free

Labor union membership Essay Research Question: Is there a relationship between highest year of school completed and socioeconomic index? The two interval/ratio variables are respondent’s highest year of school completed and socioeconomic index. The independent variable is respondent’s highest year of school completed and dependent variable is respondent’s socioeconomic index. The null and alternate hypotheses are Null hypothesis, H0: There is no significant relationship between highest year of school completed and socioeconomic index. Alternate Hypothesis, H1: There is a significant relationship between highest year of school completed and socioeconomic index. The variable highest year of school completed measures respondent’s education in terms of years of schooling completed. The unit of measurement is in years. The variable is a good example for the interval level of measurement, as it has not only a rank but also has meaningful intervals between scale points. The variable socioeconomic index measures respondent socioeconomic index scores reflecting the education, income, and prestige associated with different occupations. There is no unit of measurement for an index value. It is measured in terms of number (or percentage). The variable is a good example for the ratio level of measurement, as it have all the properties of the other three data types (nominal, ordinal and interval), but in addition possess a meaningful zero that represents the absence of the quantity being measured. The average highest year of school completed of respondents is about 13. 15 years and varies from mean by about 3. 04 years. About half of the respondents have highest year of school completed is above 13 years. The range of highest year of school completed is 20 years with minimum and maximum being 0 and 20 years, respectively. A 95% confidence interval for respondent’s highest year of school completed is between 12. 99 to 13. 30 years. Thus, it can be said with 95% confidence that respondent’s highest year of school completed is between 13. 0 to 13. 3 years. The average socioeconomic index of respondents is about 47. 24 and varies from its mean by about 18. 76. About half of the respondents have socioeconomic index above 38. 9. The range of socioeconomic index is 80. 1 with minimum and maximum being 17. 1 and 97. 2, respectively. A 95% confidence interval for respondent’s socioeconomic index is between 46. 26 to 48. 22. Thus, it can be said with 95% confidence that respondent’s socioeconomic index is between 46. 26 to 48. 22. The value of correlation coefficient between highest year of school completed and socioeconomic index is about 0. 585. This indicates a moderately strong positive relationship between highest year of school completed and socioeconomic index. In other words, there appears that as respondent’s highest year of school completed increases, respondent socioeconomic index increases. The regression equation is given by Socioeconomic Index = – 0. 255 + 3. 613(Highest Year of School Completed) The slope regression coefficient is given by 3. 613. This suggests that for every years increase in respondent’s highest year of school completed, increases respondent socioeconomic index by about 3. 613, on average. The intercept regression coefficient is given by – 0. 255 and it has no meaning in given context. The value of coefficient of determination (R2) is 0. 343. This suggests that highest year of school completed explains about 34. 3% variation in respondent socioeconomic index. However, the other 65. 7% variation remains unexplained. Thus, there is moderate effect of highest year of school completed on respondent socioeconomic index. Highest years of school completed significantly predicts respondent socioeconomic index, ? = 0. 59, t(1414) = 27. 15, p . 001. Highest years of school completed also explains a significant proportion of variance in respondent socioeconomic index, R2 = . 34, F(1, 1414) = 737. 24, p . 001. In other words, there is a significant relationship between highest year of school completed and socioeconomic index. We can reject the null hypothesis at the . 05 level of significance as p-value (. 001) is less than . 05. Thus, we can conclude that the research hypothesis is valid for the population of interest and we should generalize to the population level. Since, the sample size is large; therefore, we do not risk any type of error in offering this conclusion. The only concern is that the assumptions (The errors (residuals) are normally distributed, have constant variance and are independent.) related to simple regression analysis is not checked. Research Hypothesis 2 Research Question: Is there a relationship between highest year of school completed and number of hours per day watching television? The two interval/ratio variables are respondent’s highest year of school completed and number of hours per day watching television. The independent variable is respondent’s highest year of school completed and dependent variable is number of hours per day watching television. The null and alternate hypotheses are Null hypothesis, H0: There is no significant relationship between highest year of school completed and number of hours per day watching television. Alternate Hypothesis, H1: There is a significant relationship between highest year of school completed and number of hours per day watching television. The variable highest year of school completed measures respondent’s education in terms of years of schooling completed. The unit of measurement is in years. The variable is a good example for the interval level of measurement, as it has not only a rank but also has meaningful intervals between scale points. The variable number of hours per day watching television measures respondent number of hours per day watching television programs. The unit of measurement is in hours per day. The variable is a good example for the ratio level of measurement, as it have all the properties of the other three data types (nominal, ordinal and interval), but in addition possess a meaningful zero that represents the absence of the quantity being measured. The average highest year of school completed of respondents is about 13. 05 years and varies from mean by about 3. 08 years. About half of the respondents have highest year of school completed is above 12 years. The range of highest year of school completed is 20 years with minimum and maximum being 0 and 20 years, respectively. A 95% confidence interval for respondent’s highest year of school completed is between 12. 89 to 13. 30 years. Thus, it can be said with 95% confidence that respondent’s highest year of school completed is between 12. 9 to 13. 2 years. The average number of hours per day watching television of respondents is about 2. 89 hours and varies from its mean by about 2. 23 hours. About half of the respondent’s number of hours per day watching television is above 2 hours. The range of number of hours per day watching television is 24 hours (may be data error) with minimum and maximum being 0 and 24 hours (may be data error), respectively. A 95% confidence interval for respondent’s number of hours per day watching television is between 2. 78 to 3. 01 hours. Thus, it can be said with 95% confidence that respondent’s number of hours per day watching television is between 2. 8 to 3. 0 hours. The value of correlation coefficient between highest year of school completed and number of hours per day watching television is about -0. 289. This indicates a weak moderate negative relationship between highest year of school completed and number of hours per day watching television. In other words, as respondent’s highest year of school completed increases, number of hours per day watching television decreases. The regression equation is given by Hours per Day Watching TV = 5. 636 – 0. 210(Highest Year of School Completed) The slope of regression coefficients is given by –0. 21. This suggests that for every year increase in respondent’s highest year of school completed, decreases respondent’s number of hours per day watching television by about 0. 21 hours, on average. The intercept of regression coefficients is given by 5. 636, which suggests that individual with no education watches about 5. 6 hours of television each day, on average. The value of coefficient of determination (R2) is 0. 084. This suggests that highest year of school completed only explains about 8. 4% variation in respondent’s number of hours per day watching television. The other 91. 6% variation remains unexplained. Thus, there is very weak effect of highest year of school completed on respondent’s number of hours per day watching television. Highest years of school completed significantly predicts respondent’s number of hours per day watching television, ? = -. 29, t(1483) = -11. 64, p . 001. Highest years of school completed also explains a significant proportion of variance in respondent’s number of hours per day watching television, R2 = . 08, F(1, 1483) = 135. 52, p . 001. In other words, there is a significant relationship between highest year of school completed and number of hours per day watching television. We can reject the null hypothesis at the . 05 level of significance as p-value (. 001) is less than . 05. Thus, we can conclude that the research hypothesis is valid for the population of interest and we should generalize to the population level. Since, the sample size is large; therefore, we do not risk any type of error in offering this conclusion. The only concern is that the assumptions related to simple regression analysis is not checked.