Divorce Assignment Example | Topics and Well Written Essays - 500 words

Divorce - Assignment Example This paper will look at the consequences of divorce on family life. The foundation of every society is its families. When two parents split up, a family is undermined. Divorce is a terrible scourge which forces families to move out of houses, sometimes change cities or schools, and split into two separate families. For everyone involved this is a severe and traumatic situation. Children are impressionable. They are starting their journey on the path of life and are deeply sensitive to the world around them. They seek patterns and they seek to understand why certain patterns have certain results. Although they may not understand the huge complications underwriting our society, they nevertheless have an inkling of how are world is structured and determined, the family provides this context as does their parents marriage. Divorce can have a serious effect on this. As Socrates writes: ‘Now, do you appreciate that the most important stage of any enterprise is the beginning, especially when something you and sensitive is involved? You, that’s when most of its formation takes place, and it absorbs every impression that anyone wants to stamp upon it. . . . Shall we, then, casually allow our children to listen to any old stories, made up by just anyone, and to take into their minds views which, on the whole, contradict those we’ll want them to have as adults?’1 In the Republic, the guardians are educated as children by the stories they are told. These stories provide moral justification for the actions and inactions of the people around them and are instrumental in their understanding of their own role in the world. But they must not be poems or fanciful stories, Socrates insists. They must tell young people about the truth of the world, not of lies. It is vitally important for parents who are having a divorce to be honest with their children. Lies do not help anyone. Divorce is a traumatic experience. It affects the foundation of society:

Supply chain management - optimization problem Coursework

Supply chain management - optimization problem - Coursework Example ), the second cash flow comes at the end of year two and gets an interest for one year (one thousand, one hundred ?), whereas the third cash flow happens at the end of year three and thus does not earn any interest (one thousand ?) (Leeman, 2010, 34). It is the value of cash or an asset at a given time or date in the future, which has a value that is equal to a particular amount of money presently (Leeman, 2010, 34). The Future Value can be calculated in two different ways as follows: For an asset that has a simple annual interest: Future Value = Original Investment multiplied by (1= (rate of interest* the total number of years)). For an asset that has an interest that is compounded years, Future Value = Original Investment multiplied by [(1+rate of interest) ^ total number of years]. One has to account for inflation when planning for his or her retirement. The nominal interest rate is generally used; thus even though he or she might have several ? in the future; we find that the mon ey will actually be worth less that the present million ? (Leeman, 2010, 34). For proof of the impacts of inflation take into consideration that one ? in the year 1940 is presently worth about only 8.5 cents. How do you apply FV to a house purchase of ?245,000/7%Int/30 FV =Â   FV = ?245,000* (1.1)30 ? 4275103. ... At one point, the company’s profits were decreasing because of the competence of its logistics management. The company over depended on the in-house manufacturing and distribution operations that were dysfunctional such as incompetent movement of goods along the chain of supply. These issues led to the chief executive Jim Maxmin choose to form a coalition with Federal Express BLS, which is the master of logistics (Leeman, 2010, 34). FedEx utilizes their logistical ability to operate as the inventory and supply agent for various enterprises whose main proficiency is in manufacturing. This move will also benefit the Federal Express since neither of these companies could perform their function well and the alliance formed gave the better of the two worlds. There are a number of essential factors that supply chain alliances should have in order to be successful. This is since its control is not only associated with the management mechanism they employ. The alliance partners should balance the control mechanism with trust building and the level of this trust largely depends on the alliance formed. Laura Ashley and Federal Express based their alliance mainly on trust with few elements of control in the official agreement. The agreement that Laura Ashley and BLS arrived at resulted to BLS taking over LA’s Newtown, distribution activities and Wales’s warehouse. Jim Maxmin initiated this process and handed the project over to the Global Operations Executive team for implementation. This led to the reformation of the current procedures and writing down of new incorporated distribution system. LA had to withdraw from warehousing, handling of goods with distribution and handing this task to a third party. He felt that this procedure would take

Candide Is A Humorous Satire About Young Candide Religion Essay

Candide Is A Humorous Satire About Young Candide Religion Essay Criticism of religion is a reappearing topic in Candide. After the great earthquake that destroys Lisbon, agents of the Inquisition capture Candide and Pangloss. Pangloss is charged with speaking his mind and Candide for seeming to approve what he had said. Eight days later, they are prepared for an auto-da-fe where Candide is whipped and Pangloss is hanged. The very same day, there is another earthquake. Voltaire intended this event to show the foolishness and ineffectiveness of the Church. The auto-da-fe is organized because the Inquisitors believe that by punishing offenders, they can save the city from any additional damage. The reader sees through the closely following earthquake that the Church made no difference with their impractical solution. One also sees the cruelty shown by the Inquisitors, the intended servants of God that in Candides reality only harm. They wickedly torture and execute their fellow citizens over philosophical disputes, many of which cannot be backed up by Scripture. Voltaire strongly emphasizes the hypocrisy shown by the Church officials that Candide encounters. The Grand Inquisitor captures a man for marrying his godmother, and yet he himself is guilty of several crimes. He threatens to use his influence with the Church to punish Don Issachar for his Jewish religion if he does not share Cunà ©gonde with him as his mistress. The Inquisitor plainly shows his hypocrisy through this blackmail and unchaste behavior. Cunà ©gondes own brother, the baron, becomes a Jesuit priest. He is guilty of having homosexual tendencies, as implied throughout his part in the book. Even the most prominent Church figure, the Pope, has a role in Candide, even though Candide does not meet him directly. Candide meets an old woman who is the daughter of a Pope. Simply the fact that the Pope has a daughter makes him a sinner and a hypocrite, for he violated his vows of celibacy. These themes of sin and blatant hypocrisy appear in connection with the Churc h throughout Candide. As a well-known philosopher, Voltaire had his own specific beliefs about life and human nature, many of which he expressed in Candide. One of his major ideas throughout the book is a question of philosophy, but in a different sense than one would think should come from a man of his time. Voltaire still channels Enlightenment thought as he argues against philosophy as a pattern for life and instead promotes practical action and hard work. Candides mentor, Pangloss, believes in unrestrained optimism. This is shown though his constant assertions that everything is for the best. Pangloss is Voltaires burlesque representation of a group of philosophers during the Enlightenment known for their optimism. As crisis and calamity repeatedly befall Candide and Pangloss, his never-wavering optimism appears self-indulgent and senseless. Voltaire supplies a polar opposite to Pangloss in Martin. Also a philosopher, Martin is an internally scarred man who advocates complete pessimism. His negativity is so absolute that he disagrees with Candides statement that there is some good in the world. Martins philosophy appears to be more reasonable. This could be because his character is more knowledgeable, or simply because the philosophy itself is more suited to human nature. Voltaire himself leans more towards Martins views in his personal thinking, but he points out that Martins philosophy is also flawed. Because Martin believes that nothing happens for the better in the world, he cannot see it as it really is. Although the many tragic events that happen support Martins pessimism, Voltaire denounces this philosophy as asinine as well. Coming from a philosopher, condemnation of a philosophic lifestyle, both optimistic and pessimistic, creates a heavy emphasis on the virtues of hard work and action instead of unreasonable thoughts. In Candide, Voltaire champions honest hard work. His character Cacambo is a reliable, practical man. In contrast to the philosophers, Pangloss and Martin, Cacambo inspires confidence and optimism, although he is neither an optimist nor a pessimist. When Candide gets into trying situations, Cacambo repeatedly helps him. Through this, Voltaire shows that action is more beneficial and practical than ideas are. Cacambo disagrees with Pangloss opinion that the world is created perfect by his own experiences, saying that the law of nature teaches us to kill our neighbor. He directly disproves Martins view of the world through his trustworthiness. Cacambo is responsible for reuniting Candide with his love, Cunà ©gonde. Instead of taking advantage of Candide as so many others did, Cacambo stays true to his word. Many misfortunes befall Cacambo, as with most other characters in the book, but he manages to lessen the ill effects of these events through his intellect and willingness to work in order to improve the world. Cacambo restores the readers faith in human nature after so many other characters have destroyed it. Voltaires Candide is a masterpiece of the Enlightenment, championing the ideals of hard work and morality. Voltaire takes a traditional Enlightenment perspective on the corruption within the organization of the Church, exposing the guilt and hypocrisy he sees in Church officials. While Voltaire condemns philosophy as a basis for life, he does not denounce it completely. He elevates Cacambo above the other characters because he uses thought in a practical way, while Pangloss and Martins philosophies prevent them from seeing the true world and living in reality. Voltaire masterfully manipulates his characters to reflect Enlightenment values and his personal beliefs pertaining to them.

Legalizing Physician-Assisted Suicide Essay -- Argumentative Essay

Physician-assisted suicide should be a legal option, if requested, for terminally ill patients. For decades the question has been asked and a clear answer has yet to surface. It was formed out of a profound commitment to the idea that personal end-of-life decisions should be made solely between a patient and a physician. Can someone's life be put into an answer? Shouldn't someone's decision in life be just that; their decision? When someone has suffered from a car accident, or battled long enough from cancer, shouldn't the option be available? Assisted suicide shouldn't be seen as cheating death, but as a way to pay homage to the life once lived. As far as including the mentally challenged in this equation, I am against it. The mentally challenged, although less likely to grasp information, still has the physical awareness to grow. It can be subdued with medicine and psychotherapy. From personal experience I am a witness of being around mentally challenged adults who love life regar dless of their conditions. Most don't have the ability to express a request such as life or death. Living life is a daily task just like it is for healthy citizens. Most if not all mentally challenged people aren't in any pain throughout their entire life. For this they shouldn't be targeted for assisted suicide. Death is an occurrence in life, whether it's unexpected or expected, it can't be cheated nor can it be avoided. The terminally ill should have the option to end their suffering with dignity. Assisted- physician suicide also goes by many names such as euthanasia. 'Euthanasia' rings an enormous bell as the same structure used during the holocaust in the 1940s. The difference between now and then is the innocent lives lost because of their inc... ...end ones terminally ill life should be up to the patient and no one else. Religion plays a major part on why the law hasn't been pasted yet. Just like the hippocratic oath, religion doesn't prohibit suicide in any way. One of the most basic commandments is â€Å"Thou shall not kill.† But no one knows where humans go once they past so it seems hypocritical to judge such situations on a myth. I do not encourage anyone to end their life nor would I request such a thing. However, I do support ones choice to die with dignity if facing medical reasoning such as terminal illness. The government should grant such request to honor their citizens. Works Cited http://www.balancedpolitics.org/assisted_suicide.htm http://euthanasia.procon.org/view.resource.php?resourceID=000134 http://www.religioustolerance.org/euthanas.htm http://www.assistedsuicide.org/future_of_right-to-

Outline and Evaluate research into the effects of deprivation Essay

Deprivation refers the disruption of attachment that has already been made. Bowlby has conducted a case study of little John whose mother was admitted to the hospital and he showed effect of short term deprivation. He found that he had gone through 3 stages which he called the PDD sequence (Protest, Despair and Detachment). At first when he was separated from his mother, he showed signs of protest and he was crying, shouting and shows signs of desperate attempts to get his mother to return. But after a period of time, he appeared to be calmer but showed signs of depression, these include refusing to eat and play. At last, he rejected his mother at reunion although he looked okay on the surface. Criticism for the study is that it is a case study of an individual, so it cannot be generalized to the public. Bowlbly has also conducted a study on 44 juvenile thieves. He interviewed 44 male teenage criminal who displayed affectionless psychopathy to check if they have experienced early separation in the first 2 years of age. He has found that 12 out of 14 affectionless psychopaths had experienced prolonged separation from mothers in the first 2 years. And 5 out of 30 who were not affectionless psychopaths had experienced deprivation. So he had jumped to the conclusion that deprivation before the age of two will lead to affection psycopathy and this supports his idea of critical period. However, his assumption is too big as he was trying to draw a cause and effect. He had not manipulated the variables and this is only a correlation study. Also, he has not taken into the account of what had happened during the period between 2 years old and teenage years. The boys may have other experiences e.g. joined a gang and that had lead them into being affectionless psychopaths. Also, the sample size is small and he has only used male participants in his study, so the sample is not representative and this study cannot be generalized. Bowlby wanted to use this study to proof his theory and he used an interview approach in this study. He might have asked leading question and lead the participants into answering the answers that he wanted. So this study may not be truthful. And this research is retrospective, which he had the participants to talk about their past, and memory could be distorted and may not give accurate answer. Moreover, there may be potential self-serving bias in the teenage boys as they may want to make excuses for their behaviour, so they may blame the situation and make themselves to appear in good light. Furthermore, Bowlby has suggested a maternal deprivation hypothesis. He proposed that a child needs continuous presence of a primary care giver in the first 1.5 to 2 years of age. Or else they will suffer from long term effects of deprivation, these include mental retardation, depression, affectionless psychopathy, etc. However, Rutters study on privated Romanian orphans has suggested effects of privation can be overcome as it was shown that there wasn’t long term damaging effects in the orphans after they have been adopted to a loving home.

Home Appliance Case Study

Q1. What are the Industry’s Dominant Economic Traits? Industry’s Dominant Economic Traits| Features| Questions to answer | Market Size & Growth Rate| U. S is the largest producer of Home appliances in the world. U. S Home appliances industry is in the phase of Maturity. There are four major firms in Home appliances industry in United States. in 2002 there are 74. 5 million units. Dollar volume had been growing at an annual average rate of 1. 9 percent since. Scope of Competitive Rivalry| As major  home appliance  industry became increasingly global it became difficult for global and domestic major  home appliance  companies to survive independently in the competitive environment. | Number Of Rivals| Major rivals who shared 99% of the  market  share were Whirlpool,  General Electric, and Maytag, AB Electrolux. Others who shared 1% of the  market  share were Bosch-Siemens, Haier, Emerson Electric, Sub-zero, Viking and Wolf. Buyer Needs & Requirements| Ma ny consumers were demanding appliances that are attractive, convenient and easy to clean for that consumers are willing to pay top prices for top of the fine appliances that enhances their decor's and save precious time. The manufactures have responded to the consumer demands, by manufacture smart appliances with sophisticated electronic controls and self diagnostic features. | Pace of Technological Change| New technologies and designed were being introduced into major home appliances.Due to governmental pressure, appliance manufactures were introducing energy efficient versions of Home appliances| Degree of Product Differentiation| In US major  home appliances  industry firms differentiated themselves on the basis of quality and cost. | Product Innovation| As a result of high competition and rivalry companies were always in search of innovation. Huge amounts were being spent on R;D in order to replace current technologies with more efficient one. For example use of microwave en ergy in  clothes dryers  so that clothes could be dried faster, at low temperature.This technology was not marketed as it needed further improvement. Another example of innovation is that silent, vibration-free refrigerator instead of the noisy, energy-consuming compressors. The cooling apparatus consisted of wheel containing gadolinium powder moving through a high powdered, rare earth magnet. | Economies of Scale| All the major  home appliance  manufacturers were trying to gain economies of scale by renovating and building production facilities in order to  improve quality  and reduce material costs. | Q2. What kinds of competitive Force are industry members facing? Please make sure you follow my slides for Porter’s analysis. You have to explain the reasons for your evaluation. Threat of New Entrants/ Entry Barriers| Factors|   | HUFA| MUFA| Neutral| MFA| HFA|   | Comment| Economies of scale| Small| | | | 4| | Large| 99% of market shares capture by big four f irms. | Capital require red| Low| | | | | 5| High| The high amount of capital required for the new entrance in this industry | Access to distribution channels| Ample| | 2| | | | Restricted| There are three mass distribution channel. Which distribute appliances to mass. Differentiation| Low |   | 2|   |   |   | High| There is no such differentiation in products features. Focusing on price reduction that drove the surviving firms to increased efficiency and a strong concern for customer satisfaction | Brand Loyalty| Low |   |   |   |   | 5| High| A significant fraction of the consumers of high-end appliances were very knowledgeable about the brands and were also particular about the brands they used. | Experience Curve| Insignificant|   |   |   | 4|   | Significant| They have more than 50 years of experience in appliance industry that was the main source of their success. Govt. Action| | | | | 4| | | Govt has put strong regulations on Industry to produce energy saving products. | Exit Barriers| Factors|   | HUA| MUA| Neutral| MA| HA|   | Comments| Specialized Assets| High| 1  | |   |   | | Low| They have captured a huge market through product development, learning experience and R;D. | Fixed Cost of Exit| High|   | 2|   |   |   | Low| They have spent a huge amount on machinery,labour trainings,R;D| Strategic interrelationship| High|   | 2|   |   |   | Low| Collaboration and commitment with their suppliers and dealers. | Competitive Rivalry|Factors|   | HUFA| MUFA| Neutral| MFA| HFA|   | Comment| Composition of Competitors| Equal Size |   |   |   |   | 5| Unequal Size| All have same resources and same product line so they can compete easily with each other. | Mkt. Growth rate| Slow|   | |   |   |    5| High| Because they have maximum market share and have grap the customers loyalty. | Scope of competition| Global|    1| |   |   | | Domestic| Because of competition with International marke ts. | Capacity Increase| Large|    1|   |   |   | | Small| When they will produce same products as like their competitors so it will exceed the requirements and have to sellin lesser price. Degree of differentiation| Commodity|   |    3| |   |   | High| No such product differentiation among rivals| Threat Of Substitute Product | Factors|   | HUFA| MUFA| N| MFA| HFA|   | Comment| Threat of Obsolescence of Industry’s product| Hi|   |   |   | |    5| Low| Product durability and reliability and no such substitute. | Aggressiveness of substitute products in promotion| Hi|    |   |   | |    5| Low| There is no threat facing from substitute product| Switching Cost| Low | |   |   |   |   5| High| No substitute| | Power Of Buyer|Factors|   | HUFA| MUFA| N| MFA| HFA|   | Comment| Number of Important buyers| Few|   | |   |   4|   | Many| Brand loyalty and innovative products preference. | Product supplied| Commodity|   |   2| à ‚  | |   | Specialty| Similarities in products so they can easily switch to other if they increase the cost | Switching cost| Low| 1|   |   |   |   | High| Buyers can easily switch to other products if low cost. | Profit earned by buyer| Low|   |   2|   | |   | High| Company is getting less profit and providing more discount to customers| | | | | | | | | | | | | | | | |Overall Industry attractiveness| | | | | Factors| Unfav| Neutral| Fav| | | | | Entry Barriers|   |   | *| | | | | | Exit Barriers| *|   |   | | | | | | Rivalry among existing firms| *  | |   | | | | | | Power of buyer| | *  |   | | | | | | Threat of substitutes|   |   | *| | | | | | Q3. Identify forces likely to exert greatest influence over next 1-3 Years? (Please note the Drivers of change are few usually not more than 4 factors). Your Drivers of change must point out. i. Are driving forces acting to cause demand for product to increase or decrease?The driving forces increase th e market demand for product because of emerging technologies, increase in globalization, product innovation and customers’ demand. ii. Are driving forces acting to make competition more or less intense? Competition increases because the existing firm more involved in product innovation, price reduction and globalization. iii. Will driving forces lead to higher or lower industry profitability? Their profitability will increase because of mass production, change in cost, efficiency, change in people’s life style. Q4. Develop Strategic group map for the industry.Justify your reasons? Price| Highlow| Maytag | | AB Electrolux | | | General Electric | Whirlpool | | | | | | | | | Few models Many models| Model Variety| Q5. What are the key Factors for competitive success? Develop competitive profile matrix. Common Types of Industry Key Success Factors (KSF)| Features| Questions to answer| Technology | Introduce energy saving products, customers oriented features and efficient products that have save their cost and time. Manufacturing Related KSF| Economies of scaleIt plays very vital role as the entire major home appliance manufacturers were heavily engaged in renovating and building production facilities to gain economies of scale. E. g. , reducing labor cost and manufacturing cost. QualityProduct Quality is also a key success factor it includes eight dimensions of quality which consumers want i. e. , performance, features, reliability, conformance, durability, serviceability, aesthetics and perceived quality. | Distribution related KSF| There is a strong network of wholesale distributors.Strong direct sales capabilities via the internet. | Marketing Related KSF | They have well known brand name. They have a narrow product line. They are giving guarantees and warranties to their customer. | Strategic Factors| WhirlpoolWeight Rating Weighted Score| MaytagWeight Rating Weighted Score| Market Share| 0. 25| 4 1| 0. 15 3 0. 3| Global expansion| 0. 25| 4 1| 0 . 5 3 0. 3| Learning experience| 0. 20| 4 0. 8| 0. 20 3 0. 6| Product Quality | 0. 15| 3 0. 45| 0. 25 3 0. 75| Production Capacity| 0. 15| 3 0. 45| 0. 25 2 0. 75| Total| 1| 3. 7| 2. 7| Competitive Profile Matrix (CPM)

How Augustine accounts for the existence of evil Essay Example

How Augustine accounts for the existence of evil Essay Example How Augustine accounts for the existence of evil Paper How Augustine accounts for the existence of evil Paper Augustine started from the assumption that God is God holy good and that God created a world free from defects. Following the teaching in genesis 1, Augustine emphasised that all God has made pleased Him. Suffering and evil were therefore unknown. He made the logical point that it is not possible for God to be responsible for evil since evil is not a substance. Instead evil refers to what is lacking in a thing; it is a privation of good. Augustine used the analogy of blindness which is not an entity in itself but an absence of sight. If God can not have created evil, Augustine traced its origin to those areas within the world that have free will, namely, angels and human beings. These abused Gods gift of freedom and chose wilfully to turn their attention away from God, the supreme good, and to idolise instead lesser goods. In keeping with the story of the fall in genesis 3, he argued that the desire for power proved too much for Adam and Eve, who were tempted by Satan, to break Gods command and eat the forbidden fruit from the tree of knowledge. Having explained the origin of evil, Augustine went on to show that all suffering is a fully deserved consequence of human sin. Natural evil originated from the loss of order within nature following the first sin. This destroyed the delicate balance of the world. From then on, there was to be enmity between humans and other creatures. Humans would have to battle constantly to grow enough food. Pain, such as that resulting from child-birth, entered the world, along with death. The first sin also caused the world to be distanced from god. In this new ad damaged environment, remote from god, moral evil flourished and spread. Both types of evil are interpreted as a punishment; all evil is either sin or punishment for sin. Augustine made the essential point that all humans, including innocent babies, deserve to suffer as all humans were present in the loins of Adam. This reflects the ancient belief that every generation was seminally present in Adam, and therefore that every generation is guilty because they inherit his guilt for disobeying god. Augustine concluded this theodicy with a reminder of gods grace if god was simply just every one would go to their rightful punishment in hell. Through his grace however, god sent his son to die on the cross so that some might be saved and go to heaven. This shows that god is merciful as well as just. Augustines view that evil is the result of human free will rather than gods will can be supported. For example, we can argue that if god gives human beings genuine free will this necessarily entails the possibility of moral evil. Augustines theodicy successfully accounts for the existence of natural evil as a result of the introduction for moral evil into the world. We can also support Augustines assumptions that free will is so valuable that it justifies the risk of evil. Because of its compatibility with, and reliance upon, the genesis account of creation, Augustines theodicy appeals to Christians who accept the authority of the bible as the word of god. Some weaknesses of the theodicy are that it has been argued that his theodicy contains; logical errors, scientific errors, and moral errors. Augustines appeal to the free will defence poses a logical difficulty within the specific framework of his theodicy. It is hard to see how, in a perfect world, where there was no knowledge of good and evil, there could possibly be freedom to obey or disobey god, since good and evil would be unknown. The fact that gods creatures chose to disobey him seems to suggest there was already a knowledge of evil which only could have come from god. The scientific difficulties stem from Augustines reliance upon the creation and fall stories in genesis. As a result, much of the arguement rests upon ancient and scientifically controversial Judaeo-Christian theology. One problem is Augustines idea that the world was made perfect by god and then damaged by humans. This contradicts evolutionary theory which asserts that the universe has continually been developing from an earlier stage of chaos. The second major weakness concerns Augustines assumption that each human being was seminally present in Adam. This theory must be rejected on biological grounds which mean that we are not in fact guiltily for Adams sin. This means that god is not just in allowing us to suffer for someone elses sin. One moral difficulty in Augustines theodicy concerns his concept of hell. Hell appears to b part of the design of the universe. This means god must have already anticipated that the world would go wrong and have accepted it. Finally, although Augustine argued that gods selection of some people for heaven shows his mercy, other would argue that it displays irrational inconsistency, further questioning gods goodness. The combined effect of these criticisms leads most people to concluded that Augustines theodicy does not work.

Company Valuation Report Goodman Fielder

Company Valuation Report Goodman Fielder Introduction In this report, we have tried to present a comprehensive evaluation of Goodman Fielder Company. By considering the market and financial environment in which Goodman fielder operates, we have employed the use of several helpful tools to evaluate Goodman Fielder. Here, historical data on share returns, market returns and financial statements will be used to approximate the value of Goodman Fielder shares.Advertising We will write a custom report sample on Company Valuation Report: Goodman Fielder specifically for you for only $16.05 $11/page Learn More The calculated values will then be compared with the actual values of shares at the market. The period of our interest runs from 1st January 2006 to 2nd February 2012. The Du Pont approach has been used to compute for equity returns. Later on, we used the CAPM model to estimate for the required rate of return. We then considered the DDM model, the cash flow model, the earnings ratio model and the pr ice book ratio (Tobin 1969). These approaches have been helpful in understanding various facets (including price value and competitiveness) of the share pricing for Goodman Fielder (a major indicator of a company’s performance) (Viney 2009). Often, we found it necessary to identify a number of actions that can be undertaken by the management of Goodman Fielder to better the prospects of their company. Background Information Goodman Fielder is a food processing and retail company with base operations in Australia (Kenneth 1982). Among the products that are produced and marketed by the Goodman Fielder Company include bread, mayonnaise, milk, pizzas, cooking oils and pies (Kenneth 1982). The company ranks top among the main producers and distributors of food within Australia and the rest of the pacific Islands (Keown 2002). In New Zealand, it (Goodman Fielder) is the largest supplier of flour ands commercial fat to manufacturing industries (Oliver 2009). Thus, apart from being a major producer and distributor of grocery commodities, Goodman Fielder is also a supplier of edible fat and flour to commercial food companies (Ross Sergio 2005). Many Australians love Goodman Fielder products; thus, the company has a good market segment here (Keown 2002). Goodman Fielder company employs more than seven thousand people within Australia and the larger pacific Islands region (New Zealand, Papua Guinea, New Caledonia and Fiji) (Oliver 2009).Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Market Segment As we have seen, Goodman Fielder has a large and wide market segment. Geographically, Goodman Fielder’s market segment cuts across Australia and the pacific Islands region (Collins Kothari 1989). Goodman Fielder produces a variety of products that target various segments in the consumer market (Kopcke 1982). Among the most important segments here include ba king, dairy market, fats and oils, and flour (Collins Kothari 1989). All of the mentioned segments fall within two major categories (Cuthbertson Nitzsche 2008). The first category can be described as one that consists of processed items that are ready for consumption such as packaged milk, bread and pies (Oliver 2009). On the other hand, the second category consists of items that need further processing before they can be supplied to local markets (Kopcke 1982). Such items, which are usually supplied to commercial food companies, include bulk flour and edible oils. Goodman fielder has always been among the two major large scale suppliers of food products in Australia (Cuthbertson Nitzsche 2008). Likewise, the company is the main supplier of edible oil and flour to commercial companies in New Zealand (Oliver 2009). Financial History Although the financial performance of Goodman Fielder has averagely been good for a long time (Rayburn 1986) (where the company has been giving good r eturns on its equity), the same cannot be said about its performance in the past five years (where our analysis of the company will focus) (Ali et al. 1995). The past five years have not been good for Goodman Fielder Company (Cuthbertson Nitzsche 2008). During this period, its (Goodman Fielder) profits have been decreasing steadily (Collins Kothari 1989). The share prices of Goodman Fielder have likewise been on a downward spiral (Cuthbertson Nitzsche 2008). Below is a chart showing the performance of Goodman Fielder’s shares over the past six years (Reilly Brown 2012). As it can be seen above, the shares of Goodman Fielder have decreased by more than a half in within the past six years (Ali et al 1995). Some stock market analysts are even expecting Goodman Fielder shares to even fall further in the coming months. While Goodman Fielder products remain popular within its consumer market, the company has been performing dismally (Ali et al. 1995).Advertising We wil l write a custom report sample on Company Valuation Report: Goodman Fielder specifically for you for only $16.05 $11/page Learn More An evaluation of Goodman Fielder financial statements over the past six years reveals a steady decline in revenues (Ali et al. 1995). A number of factors have helped to contribute towards the dismal performance of Goodman Fielder (Easton 1989). First, the recent years of the global economic crisis created a difficult environment for Goodman Fielder Company (Jorgenson 1968). The sales of Goodman Fielder products decreased as the market adjusted to the economic crisis to seek for cheaper food products from other producers (Atrill et al. 2006). Besides, many micro-scale competitors have emerged; thus, eating into the market segment of Goodman Fielder (Jorgenson 1968). The exports of Goodman Fielder have also been affected by the relative strengthening of the Australian dollar in relation to export markets (Kenneth 1982). Moreover, new in vestments in bakery by the company (Goodman Fielder) have failed to improve on returns (Atrill et al. 2006). The ever increasing fuel prices on the global market have coupled with other factors (such as increases in wage bills) to contribute in increasing production and operation costs for Goodman Fielder (Atrill et al. 2006). Such a direction has eaten into Goodman Fielder revenues; thus, contributing to its dismal performance (Easton 1989). More importantly however, the management of Goodman Fielder have been slow in reacting to the ever dynamic business environment of their company; thus, leading to the poor fortunes of their company (Edwards Bell 1961). While a large number of customers in Australia and the greater pacific Island region love Goodman Fielder products, the company has failed to solidify its market segment here (Atrill et al 2006). The poor performance of Goodman Fielder shares in the stock market is an indication that share investors are losing their confidence i n the ability in its managers (Kenneth 1982). Unlike a number of her counterparts that have successfully emerged from the recent economic crisis (After shrinking during the global economic crisis, the Australian economy has been recording some growths from 2008) to expand their profits, Goodman Fielder is even performing worse at the moment than during the economic crisis period (Ross Sergio 2005).Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More A number of objectives that have often been designed by Goodman fielder management to tackle the economic difficulties facing their company have so far failed to be fruitful (Atrill et al. 2006). The 2011 half year results indicate one of the poorest performing periods for Goodman Fielder in the past six years (The general performance of Goodman Fielder has generally been on a steady decline over the past five years) (Kenneth 1982). In the recent past, Goodman Fielder has at times been unable to pay dividends as a result of its decreasing cash inflows (Miller Modigliani). Obviously, there is an urgent need for Goodman Fielder to restructure and adapt to the current economic environment in its market (Koller et al. 2005). Such a direction can only be achieved by a creative, innovative, and a new management at Goodman Fielder (Edwards Bell 1961). As it will become clear in our analysis, the general performance of Goodman fielder has been way below her peer companies (Baker Powell 1 999). Even with the current progressive growth of the Australian economy (after a difficult economic crisis period), the performance of Goodman Fielder has failed to mirror the expanding Australian GDP (Expected to grow by about 0.8 percent this year) (Edwards Bell 1961). However, the outlook of Goodman and fielder cannot be concluded to be grim (Kopcke 1982). Let us not forget that there are millions of customers that love Goodman Fielder products (Fama French 2001). Much of Goodman Fielder’s future will however depend on the ability of its senior management to return the company where it was in the past decade (Miller Modigliani). With the expanding Australian economy, the possibilities of Goodman Fielder to expand its market share here are real (Baker Powell 1999). Moreover, the economies of pacific Island economies such as New Zealand, where Goodman Fielder has vast interest, have also continued to show a progressive growth; thus, presenting new opportunities for Good man Fielder to expand its markets in these areas too (Fama French 2001). However, as we had seen earlier, the onset of positive fortunes for Goodman Fielder is dependent on the ability of its management to deal with current difficulties and exploit existing opportunities in the market (Baker Powell 1999). Return on Equity Return on Equity is among the most important approaches that are usually utilised by investors to analyze a company’s profitability. Here, we will utilise the most recent returns (Half year returns for the period ending December 2011) data from Goodman Fielder Company to analyse its return on equity. Generally, a company that is able to produce high returns from its equities without accumulating large debts boasts of large cash flows (Baker Powell 1999). Thus, such companies can grow without new capital expenditures. Such an arrangement is useful for investors since they can withdraw funds from such a company and invest their withdrawals in other interest s (Fama French 2001). So as to understand important components on equity returns, we will employ the use of the Du Pont Model in analysing the equity returns of Goodman Fielder Company (for the period mentioned) (Beneda 2003). So as to give investors information on specific areas of interest, the Du Pont model has divided equity returns into three multiples: Net profit Margin, asset turnover, and Gearing Ratio (Kopcke 1982). Thus: Return on Equity = Net Profit margin*Asset Turnover* Gearing Table 1 below summarizes ROE’s for the past six years. Table 1: ROE YEAR Gearing ROE 2011 2.58 3.6 2010 2.78 2.8 2009 3.01 3.4 2008 2.9 4.3 2007 2.6 4.7 2006 2.2 5.6 An equity return of 3.6% is quite low (Fazzari et al. 1988). Such a rate is way below the acceptable average of about 12%. With such rates, investors will thus shy away from buying Goodman Fielder shares at the stock exchange; thus, a low demand for the company shares at the stock market (Beneda 2003). Such a direction explains why the stock prices of Goodman Fielder have been falling steadily at the stock market (Fazzari et al. 1988). In 2011, Goodman Fielder had a profit margin of 1.67 percent. Again, such a profit margin is quite low (Kopcke 1982). It therefore means that the company is making little profits from its revenues (Miller Modigliani). Besides, such a low profit margin is also an indication that there is currently a low possibility that the company’s (Goodman Fielder) management will affect profits to down spiral further (Beneda 2003). Since the profit margin is approaching one percentage point, a further decrease in profit margins is unlikely to result from the mismanagement of Goodman Fielder (Fazzari et al. 1988). It is therefore safer to invest in Goodman Fielder shares with a disregard of how the company’s management could lead to future decreases in profits (Lehn Makhija 1996). However, such a consideration cannot be used in isolation when identifyin g the potential of Goodman Fielder shares (Beneda 2003). During the half year period ending 31st December 2011, Goodman Fielder recorded an asset turnover of 83.5%. The asset turnover ratio is helpful in determining the capacity of a company in converting its assets to incomes (Black 1972). An efficiency of 83.5 % in converting assets to profits is quite acceptable (Fazzari et al. 1988). What however is of concern to investors is the low return on equity despite a leverage of 2.58 (Ohslen 1995). Such an arrangement means that Goodman fielder is relying on debts to generate its low return on equity at 3.6% (Fruhan 1981). Without debts, Goodman fielder would generate a return on equity of only 1.4%. Such an arrangement means that there is a low cash flow within Goodman Fielder; hence, explaining why the company has been facing difficulties in performance (Black 1972). Macro-Economic Factors The global economy is expected to expand slightly in the next few years after experiencing the recent economic crisis (Viney 2009). Here, developing economies like China will experience most growth. On the other hand, developed economies like Australia will experience a slight growth (the Australian economy is expected to grow by 2%). There is usually a strong relationship between economic growth and company growth. The growth prospects of Goodman Fielder Company in 2012 are thus positive. With a market in Indonesia and other Asia-Pacific economies (whose economies are expected to expand marginally), Goodman Fielder can expand her market further. At 2 to 3 percent, the expected rate of inflation in 2012 is within acceptable limits (Green et al. 1996). Australian customers will therefore have enough money to spend on Goodman Fielder products. With a leverage of 2.58, the financial performance of Goodman Fielder will heavily rely on interest rates. If interest rates increase, Goodman Fielder will spend more resources in financing her debt. On the other hand, a decrease in inter est rates will help to finance the expansion plans of Goodman Fielder. Indications at the moment predict a fall in interest rates to levels below 3%. Here, the prospects of companies with large borrowing, such as Goodman Fielder, will remain bright. Estimation of Goodman Fielder Shares CAPM Model The CAPM (Capital Pricing Model) model has for many years been a useful tool in calculating expected returns from shares (Lehn Makhija 1996). Although several economists have criticised the effectiveness of the CAPM model in analysing share returns, no alternative model has been developed to date (Black 1972). Generally, the CAPM model can be represented in the equation below: C= A+ ÃŽ ² (B-A) Where A is the risk free rate, B is the market return rate, ÃŽ ² is the coefficient of the premium rate, and C is the expected rate of return (Ohslen 1995). Our important responsibility lies in calculating beta for the capital pricing model (Black 1972). By observing the above equation, one can be ab le to see that it is an equation of a straight line; with a constant gradient and an intercept (Ohslen 1995). One can therefore be able to determine beta through the use of an appropriate graph that plots C against (B-A) (Fruhan 1981). Having obtained the historical share return indexes from dates 1st January 2006 to 2nd February, 2012, we calculated the monthly share return rates in an excel worksheet (Gozzi et al. 2006). Such rates were obtained by calculating percentage changes in the share returns of adjacent months, and then multiplying the result by 12 to obtain the annual rates of returns (Lehn Makhija 1996). Likewise, a similar procedure was employed to calculate the expected monthly returns of the share market from a dataset than contained monthly return values of shares (from dates 1st January 2006 to 2nd February 2012) (Bond Meghir 1994). The free market rates were obtained from the 20 year Federal Reserve rates (from the historical data of the United States treasury ra tes) (Gozzi et al. 2006). As we have been using in other data sets, our period of interest here is from 1st January 2006 to 2nd February, 2012. The frequency of the treasury rates that we used is monthly. The premium rate was then obtained by subtracting A from B (Lintner 1965). An appropriate graph was then drawn in excel where the rate of share returns was plotted against the premium rates (Lintner 1965). Our raw Beta is thus the coefficient of the premium rate, which (as shown below) was shown to be 0.9691. As it is usually suggested, our raw beta needs to be adjusted as below: 0.9691 (0.67) + 0.33 =0.979 Thus, we obtain an adjusted value of 0.979 as our new beta (Lintner 1965). In analysing the CAMP model, we used treasury rates from the Australian Reserve bank to proxy free market rates (Gozzi et al. 2006). Such a direction was informed by the stability of the treasury rates, and the very unlikely scenario of a default from the Australian government (Bond Meghir 1994). Many e conomists are confident in using the US treasury rates to represent free market rates (Liynat Zarwin 1990). Such rates are often approximated at 5 %( Liynat Zarwin 1990). However, it is useful to observe that in exceptional circumstances, treasury rates can decline (Liynat Zarwin 1990). Such a direction was observed during the recent economic crisis, and also during the early months of 2012. Here, treasury rates went even below 3% during some months. On the other hand, we employed the return value of the stock market to proxy the market return rate (Green et al. 1996). Since such a value is a representation of the average performance in market stocks, it may not represent a true picture of the market return rate (Green et al. 1996). Here, it would be useful to obtain the standard deviation on stock performance so as to understand whether the estimation that we have used is useful in representing market returns (Bond Meghir 1994). However, since such an approach would involve a c umbersome procedure of evaluating the performance of all listed companies in the share market, we simply used the total value of stock returns to calculate our assumed market return rate (Liynat Zarwin 1990). Considering the micro-economic factors that we have discussed above, we found it useful to split the financial performance of Goodman Fielder into four categories: Very strong GDP growth, strong GDP growth, flat growth, weak growth. The table below summarize our estimates. Table 2: Market Return for Different Conditions of Growth. GDP Market Return Estimate(%) Probability (%) Market Return (%) Very Strong ( 5%) 25 10 2.5 Strong (2-5%) 15 60 9 Flat (1-2%) 5 20 1 Weak (1%) -10 10 -1 Average 11.5 With an adjusted Beta, we calculated the current risk premium rate as follows. With a beta of 0.979, taking the current treasury rate (2.75% as obtained from the historical treasury rates), and assuming an average free market return of 5% (since most economist est imate that the premium rate varies from 3.5% to 6%, we take an average of 5%), the risk premium rate can be calculated as: A= 0.05+ 0.979 (0.05) = 9.9% The Dividend valuation Model can be represented as follows: Value= Expected Dividend/ (Return on equity-Growth rate) The table below summarizes returns for different conditions of economic growth. Table 3: Returns for different conditions of economic growth GDP Market Return (%) Risk Premium Required Rate Of Return Very Strong ( 5%) 2.5 -0.025 0.025525 Strong (2-5%) 9 0.04 0.08916 Flat (1-2%) 1 -0.04 0.01084 Weak (1%) -1 -0.06 -0.00874 Average (11.5) 11.5 0.065 0.113635 The discount rate is thus 9.9% and the last dividend payout was 2.5 cents per share (Liynat Zarwin 1990). We estimate a growth rate of 2%. As we had seen earlier during equity returns analysis, the ratio of profit margin was approaching 1%. Such a scenario implies that the management of Goodman Fielder will in future have a slight impact on future pro fit declines (Bond Meghir 1994). Since share prices have also declined to lowest levels, we can expect the share prices to stabilize and grow at a stabilized rate of 2% (Lone et al. 1996). We do not expect the shares to grow at a higher rate at the moment since the company (Goodman Fielder) will require a longer period of time to recover (Bowen et al. 1986). Table 4: DDM Approximations for Share Prices Year Growth Growth Rate Share 2012-2014 Slow Growth 0.02 0.639240506 2014-2016 High  Growth 0.08 2.736842105 2017 0NWARDS Stable  Growth 0.03 0.735507246 Thus, as shown in the table above, the current price for Goodman Fielder Shares is about 0.6392. This particular value is comparable with the market value that has been ranging from 80 cents to 40 cents in 2011. We can also calculate the implied growth rate by assuming that the stock prices for Goodman and Fielder are correctly valued (Lone et al. 1996). Here, with the greatly unstable Goodman Fielder stocks, the cha llenge would be in picking a historical value of the stock (Lone et al. 1996). We can select the sock value on 1st January, 2012 (Green et al. 1996). On this particular date, the stock was traded at 42.42 cents. Thus: 0.4242 = 0.025 (1+g/2)/ (0.099/2-g/2) Thus, implied growth rate is 0.019. Cash Flow Since Goodman Fielder does not always pay dividends, we can use cash flows per share (instead of dividends) to estimate its share value (Head 2008). The cash flow model is similar to the DDM model except that we use cash flows per share, instead of dividends, to calculate share returns. Based on our macro-economic assumptions, we think that Goodman Fielder will experience a slow growth followed by a stage of high growth, before settling at a steady growth. The table below presents approximations of the share price for the three stages above. Table 5  Price Earning Ratio and Price Book Value model Year Growth Growth Rate Share 2012-2014 Slow Growth 0.02 1.856865823 2014-2016 Slo w Growth 0.08 7.949978947 2017 0NWARDS Stable Growth 0.03 2.136501449 Price earnings ratio is useful in indicating the amount of money that investors are willing to spend for each dollar earned in the Goodman Fielder company. Dividing the formulae above by EPS (Earnings per share): Price earning ratio/EPS= Share market Price/EPS/ Earnings pet share According to the DDM: P = A (1+g)/(k-g). Dividing the formulae above by EPS: P/EPS = Payout Ratio (1+g)/(k-g). Thus, price earnings ratio is dependant on the following: the rate of growth, the required rate of return, and payout ratio. However, since the performance of Goodman Fielder has been very unstable, we will use the ratio multiplier to estimate the EPS of Goodman Fielder as shown below. Table 6: Approximated EPS Year 2011 2012 Market Price 0.639 Growth Rate 0.02 EPS 0.128 0.13056 Approx P/E Ratio 4.894301471 It is important to note that with the presence of many dynamics at Goodman fielder, the earning ratio has been changing constantly (Bowen et al. 1986). Price Book Ratio Likewise, Price book ratio = Equity market value/ Equity book value Price book ratio has been computed in the table below. Table 7: Price Book Ratio YEAR 2012-2014 2014-2012 2017 ONWARDS EBV 1754.4 1857.6 1771.6 EBVPS 0.8772 0.9288 0.8858 P/B 1.372253465 0.339369231 1.204338916 Discussion As we had seen, one of the main challenges that one is likely to face while evaluating a company like Goodman Fielder is the presence of many dynamics at play here (Head 2008). For example, data on stock returns for the past six years indicates a gradual dip in stock prices, which change on a continuous basis (Bowen et al. 1986). During our earlier analysis, we were able to observe a pattern of struggle and poor performance at Goodman Fielder (Chitou Ketz 1991). Generally, the overall trend of stock returns has been on a downward trend (Peasnell 1981). Although a number of catalytic activities have once in a while helpe d to stimulate the share prices to rise slightly, the general direction of the stock prices has been a dip (Head 2008). For example, on 6th January 2012, the stock prices for Goodman fielder rose by a third following a 10 percent acquisition of the company’s stake by Wilmer international limited (Ohlsen 1995). However, this particular rise of stocks was short-lived as share prices fell down again after some time (Bowen et al. 1986). Below is a graph showing an analysis of Goodman Fielder stocks in the past 18 months. As it can be seen, the performance has generally been poor. With such a trend, the Goodman Fielder shares have decreased their competitiveness in the stock market: hence, the observed dipping prices (Head 2008). The root mean square that was calculated by Excel’s regression was 0.19. As a result, about 19% of the risks that can be associated with Goodman Fielder are systematic (Peasnell 1981). Such Risks are related to trading activities at the stock mark et (Hitchner 2006). On the other hand, 81 percent of the risks that can be associated with Goodman Fielder are non systematic (Rappaport 1981). Such risks can be associated with the management of Goodman Fielder. From an analysis of the DDM model, we were able to obtain a stock price of 63.28 Cents (Chitou Ketz 1991). Such a value is comparable with the present value of the company’s stock at the share market (Hitchner 2006). However, it is still difficult to determine the accuracy of such a calculated value due to the volatile prices of the company’s share prices (leading to great variations in dividend payouts), which change constantly at the share market (Rappaport 1981). Still, the calculated value can hold for the period under which we evaluated the company (January 2006 to March 2012). On the other hand, our calculated value from cash flows was quite higher than the average share prices of Goodman Fielder (Chitou Ketz 1991). A possible explanation for such an a rrangement is the usual handling of large cash flows in companies that deal with perishables such as Goodman Fielder (Hitchner 2006). There is also a possibility of having taken wrong assumptions in our calculations, and, or errors in our computation (Jorgenson 1968). Due to a continual decrease in its share prices, the shares of Goodman Fielder could also be undervalued at the moment (Chitou Ketz 1991). In the last six years, the share prices of the (Goodman Fielder) company have decreased by over 50%. The management of Goodman fielder needs to develop innovative solutions that would steer their company back to the years of high profitability and high share capitalization (Rayburn 1986). Again, it is important to note that our understanding of the company from the models that have been evaluated above is limited (Scott 1992). Since such an evaluation is dependant on the usually speculative share market, we cannot depend on the company’s volatile share prices to arrive at ou r conclusions (Sainsbury 2010). Although many investors will use some of the methodologies that we have employed above to evaluate the potential of companies, their overall investments are usually based on speculation (Scott 1992). Still, since the performance of a company’s share price is proxy to the financial performance of a company, it can give us important information in evaluating a company (Sharpe 1964). The problem with shares like those of Goodman is that since they have been changing very gradually, it is difficult to associate specific share prices with the company’s performance (Sharpe 1964). The observed overall trend however has been a general decline in the price of the shares (Siegel 1985). Although the Dividends model approach has been useful in helping us to approximate a seemingly accurate value of Goodman fielder’s share price (based on comparison with other share prices), the cash flow system is a more accurate method of determining a compa ny’s share value (Sainsbury 2010). With a poor performance record that has recently streamed from the company (Goodman Fielder), the seemingly high price of shares that was approximated by the cash flow model indicates that the company is currently undervalued at the stock Market (Stewart 1991). In the direction of increasing its market share value, Goodman Fielder company needs to convince investors of its worth (Stiglz Weiss 1981). A robust and creative management will especially help in achieving such a goal (Stiglz Weiss 1981). Comment on Models We have used four different models to evaluate the financial performance of Goodman Fielder Company. These four models include the dividend valuation model, the cash flow model, the price earnings model and the price book value model. The value of Goodman Fielder share price that was approximated by the dividends ratio model is close to the stock performance of the company at the moment (Jorgenson 1968). t. Although the above mo del could have provided a useful approach in evaluating the share value of Goodman Fielder, a number of factors can compromise the accuracy of the DDM. As we have seen, the general performance of Goodman Fielder has been volatile, poor, and a bit unpredictable. It therefore means that the financial state of Goodman Fielder has been on a constant change (mostly in a negative direction). Dividend payouts from Goodman Fielder have reflected the unstable state of Goodman Fielder by changing constantly. Since we used the last dividend payouts to calculate the share price of Goodman Fielder (through the use of the DDM model), the price value that was calculated may not reflect the current state of Goodman Fielder. As it can be reflected in the 2011 half year a financial result, a lot has changed in Goodman Fielder since the last dividend payout. Moreover, with the current state of dismal performance, Goodman Fielder will likely avoid paying dividends payouts in the near future (as it has been doing lately); thus, presenting a difficulty in obtaining dividend values for feeding the DDM. Still, the main advantage that arises in the use of the DDM to calculate share values is the strong relationship that usually exists between share values and dividend payouts. However, for a company that has been moving in a difficult labyrinth like Goodman Fielder, it is not wise to use the DDM to calculate its share value (Collins Kothari 1989). For a company that is undergoing a crisis like Goodman fielder, the cash flow system is a more accurate method for determining the company’s share value (Sainsbury 2010). With a poor performance record that has recently streamed from the company (Goodman Fielder), it is wiser to rely on cash flows (rather than dividends) to calculate the share price of the company. Such a direction eliminates two major problems that were presented by the DDM; unsteady dividend payouts and lack of dividend payouts. As it is often the case, companies t hat are undergoing a crisis will prefer to reinvest resources than pay dividends (Stewart 1991). The cash flow model is therefore the best tool that can yield a more accurate and reliable value of a company’s share price than all the other approaches that we used. The share price of Goodman Fielder as per the cash flow model was much higher than the current share price of Goodman Fielder at the stock market (Ohlsen 1995). It is worth mentioning here that although the cash flow value was marginally higher than the stock value of Goodman fielder at the share market, the stock prices of Goodman Fielder have in recent years been performing better than the cash flow value. Here, the pointer of the cash flow value could be that the current share price of Goodman Fielder is undervalued. The calculated value of the earning ratio for Goodman Fielder is 9.2. This particular value is slightly different, but comparable with the 11 points value that has been approximated at the Bloomberg site. Our calculated price book value for Goodman Fielder Company is 1.33. Again, this particular value is different, but comparable to the 0.98 points value at the Bloomberg site. Although the price earnings ratio and the price book value are great in providing us with values that we can use to calculate share values for Goodman and fielder, they lack one important component in estimating share values-the future performance of Goodman and Fielder. Through the use of a growth rate, the DDM and cash flow models estimate the future performance of a company while estimating the current share value of a company. Conclusion During the past six years, the financial performance of Goodman Fielder has declined steadily. Such a direction has seen the company’s share value drop over the same period. While we obtained a yield from the dividends model that approximated the current value of shares at the stock market, the more accurate cash flows model yielded a value that was at least th rice the current share price. Since most stock investors like earning dividends, the stock market can thus value shares on the basis of dividend payouts (Strong Walker 1993). 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Amadeus

An overview of the movie Amadeus. A discussion of the movie Amadeus; which was directed by Milos Forman, and released during 1984. This paper shows how the film is an adaptation of Peter Shaffers Broadway hit, and is considered as an expansion of a Viennese urban legend concerning the death of the great musical genius Wolfgang Amadeus Mozart. The paper discusses the storyline in the film and touches on the music which appeared in the movie.Salieri now had his big plan for the final demise of Mozart, and the beginning of fame for himself. He put on a costume that Leopold had on at a party while visiting Mozart, and then went to visit with Mozart.During this visit, he pretended to be a mysterious benefactor and commissions the backbreaking Requiem, which eventually cost Mozart his health and life.Salieri knew that with Mozarts lifestyle, that Mozart didnt have much longer to live, so with the Requiem in hand, he planned for it to be played at a mass for Mozart, taking all credit for the composition, which would be the beginning of his fame. The plan didnt work and the Requiem wasnt finished until later by Mozarts pupil Sussmayer.Also, there was no great mass for Mozart.All that Salieri gained was guilt, which followed him to his last days.

Literature review Essay Example | Topics and Well Written Essays - 2000 words

Literature review - Essay Example Ancient Western viewpoint Intellectually In the early period of the High Middle Ages, the Islamic communities had greatly contributed to the intellectual growth of the European people. Goddard (2000) stated that the medieval Muslim scholars (e.g., Averroes) had translated into Arabic language the scientific ideas and philosophies of the Greeks such as Aristotle (Goddard, 2000: 97). He further noted that it was in the eleventh century that the Europeans were able to obtain, translate, and read the works of the Greek scientists and philosophers via their Arabic version. Goddard (2000) said that there were two specific European locations wherein the readings and translations of the Arabic texts of the Greek intellectuals were made: Spain and Sicily. By and large, Muslims were viewed by the medieval Christians, based from Goddard’s analysis, as transmitters of scientific knowledge and intellectual tradition (Goddard, 2000: 98). Economically Moreover, Glick (2005) said that the Isl amic communities had greatly shaped the notion and praxis of urbanization for the pre-11th century European people. Prior to A.D. 1000, the administration of justice practiced by the Christian nation-state of Iberian descent was â€Å"dispersed among a multiplicity† of institutions or courts throughout the land (Glick, 2005: 113). In contrast, the administration of justice prominent in Islamic communities was remarkably concentrated in the al-Andalus towns. With respect to urban practices, the influence of Muslims to the medieval Iberian Christians took place when the former created the al-Andalus region as an international market in the 8th-century period. Here, European Christians perceived Muslims as civilized people with highly organized activities pertaining to urban function. Glick’s reading of medieval Spanish urbanization significantly viewed Islam as the promoter of civilization as we know it today: concentrated at the center. Theologically In spite of the con tributions of Islam to the preservation and institution of knowledge and urbanization, the European elite had attempted to demonize, and eventually succeeded in demonizing, the expanding Muslim communities. Tolan (1996), p.xv) described how Peter the Venerable, a Christian abbot of Cluny, travelled to Spain in order to meet and convince its king for a sinister plot of attacking Islam (Tolan, 1996: xv). The abbot of Cluny conceived a plan to rationally criticize the ideas and teachings characterized in the Islamic faith; through the aid of the king of Castile and Leon, Peter the Venerable created a team of translators with the main task of translating the Qur’an and other Islamic texts from Arabic to Latin language (Tolan, 1996). Thence, Christian scholars attacked the philosophy or ideas prominent in the Islamic texts. In the process, they perceived the Muslims as akin to pagans or heretics (Lumbard, 2009: 156). Militarily In the Early Middle Ages, it must be noted that Islam was not highly considered by the medieval Christians as a religion in

Biology and Stem Cells Article Example | Topics and Well Written Essays - 750 words

Biology and Stem Cells - Article Example The embryonic stem cells (ESC) can be described as pluripotent which means that the cells can form any type of specialized cell. In addition, ESC can be considered as more widespread and ubiquitous as compared to the nonembryonic stem cells (non-ESC). The main source of ESC is the inner cell mass of blastocyst which is formed within a few days of the fertilization of egg which will develop into the fetus. The use and importance of the ESC had been recognized and thus the ESC line had been established in 1998 from an embryo. These ESC lines are created to be able to provide sources for the extraction of undifferentiated cells for application in the medical field. Aside from the extraction of ESC from embryos, there is an alternative manner of producing such cells. In the process known as the ‘nuclear transfer’ or therapeutic cloning, the nonphysiological ESC lines are produced. The nonembryonic stem cells, also referred to as non-ESC, are â€Å"multipotent† due to the restricted function in terms of differentiation and development into specialized cell types. The main sources of non-ESC are adults, specifically, the bone marrow thus referred to as the adult stem cells. The non-ESC can be classified as hemopoietic and mesenchymal stem cells. Hemopoietic stem cells can develop into the different types of blood cells. The mesenchymal stem cells are less differentiated compared to the other type. In addition to bone marrow sources, other sources are nose, muscle, liver, skin, brain, and eye (esp. retina and limbus). It is important to consider that although from adult source, stem cells are derived from comparatively less developed tissue sources.

Workplace romance Thesis Example | Topics and Well Written Essays - 3750 words

Workplace romance - Thesis Example Some coworkers may take workplace to be of no interest to them even as others may see their love affair responded to with a high level of defense. Companies and organizations are confused in respect work place romance since they ought to give a free and conducive environment for workers as opposed supposed to creating fear and tension among workers. Another subject of confusion in relation o workplace romance relates to the right organ or department to handle such cases. Some managers feel that such relationships could affect the productivity of the company while others feel that workers are citizens who have rights to socialize in whichever way they like even in the organizational setup. This has seen companies in situations where they have been unable to come with approaches and policies that address office dating. It has become challenging when people from different departments fall in love, for example, the administrator having a love affair with a junior officer in a certain dep artment. Secondly, it has been of less effect when the administrator develops a romantic relationship with his or her secretary, when the same administrator is the one who is in charge of implementing the laid down policies. This paper will discuss different perspectives and opinions of different authors toward work place romance. According to Bytautas, Klenin, Marinescu and Appelbaum (2007), employers have experienced work place relationships for a long time. They indicate that employers are in a position to realize that workers have love relationships with another employee. Bytautas et al. indicate that companies have realized the effects that come with work place relationships. It is has negative effects on production since the respective couples tend to spend their time together thinking of each other instead of concentrating on the delivery of service. Bytautas et al. suggest that work place romance has been a result of an

Argument final paper Research Example | Topics and Well Written Essays - 2000 words

Argument final - Research Paper Example ilable medical remedies, and so many patients suffering from these diseases are made to endure severe and chronic pain, vomiting, difficulty in breathing, and other similar discomforts. They are often also made to endure such symptoms for days and even months before they eventually die. In the interim, they often reach the point of wanting to end their suffering and pain by ending their life. Lacking the strength and the means to end it, these patients turn to their physicians to assist them in ending their life. But legalizing physician-assisted suicide (PAS) is a dangerous step which is very much against the basic principles of the medical practice. With such a premise, this paper shall discuss and support the thesis that physician-assisted suicide should not be made legal. An important consideration in the assisted suicide discussion is the fact that committing it is against the basic principle of non-maleficence or of not doing any harm to one’s patient. The Hippocratic Oath which serves as the basic ethical mandate of the medical practice expressly prohibits physician-assisted suicide and euthanasia (Finlay, 2005). This oath declares that a physician should not â€Å"administer a poison to anybody when asked to do so, nor will [the physician] suggest such a course† (as cited by Demy and Stewart, 1998, p. 249). In the time of Hippocrates, assisted suicide and euthanasia were very much against the principles of medicine. In the current context however, assisted suicide and euthanasia are ideas which are new and different from the concepts of medicine and care (Walker, 2001). Those who support physician-assisted suicide and euthanasia also have different ideas on what it is to be a physician and what the moral boundaries of the practice a re. â€Å"It is also telling that the current public interest in PAS comes at a time when the palliative powers of American medicine are greater than they have ever been in the past† (Walker, 2001, p. 27). All in all,

Essay on employability Example | Topics and Well Written Essays - 1250 words

On employability - Essay Example The recent world economic downturn and the pace countries will adopt towards recovery will translate to changes in statistics regarding employment and related practices e.g. selection and recruitment. This paper will discuss employability in light of my career direction and how this is in alignment with the current labour market. Career plans after graduation Employability is a huge concern to me but the course that I am pursuing i.e. Information Technology and Business Management has a good inclination in the job market. However, it is important to note that the type of organisation, professional level and type of job are important in determining short term success. Higher Education Institutions are meant to offer students better employment prospects (Yorke and Knight 2004). The plans that I have set aside after my graduation relate to becoming an Information Technology Project Manager. This is a position whose role is being redefined the world over due to the volatility of the IT f ield as well as that of managing related projects. Technology is quite dynamic with many changes happening all over the world that aim at enhancing ways of doing business. Managing IT-related projects will therefore require someone who is highly dynamic in regards to their general outlook of things as well as be able to timely capture emerging trends. Furthermore, project management in the IT sector is requiring managers to embrace the globalisation aspect of doing business and current marketing strategies of customers in the highly competitive global arena. Failure to adopt these in IT project management renders a manager irrelevant. It is therefore important to look deeper into my education landscape so far as well as in the near future and assess whether I am employable as an IT project manager. Employability in relation to the Article As the article by Brown et al. suggests, employability is relative depending on whom and where it is being analysed (Brown, Hesketh and Williams 2 002). IT industry in the current working environment requires personnel who have adequate knowledge in business management. The reason for this is that IT connects all departments and personnel within an organisational setup whether small or large. Those people working in the IT department therefore need to have adequate knowledge of all business operations. Having studied business management, I stand to understand how projects need to run till completion and when numerous departments are involved in ensuring success. The labour market especially in the UK has balanced all sectors relatively well and the fortunate occurrence is that all these sectors depend on IT to function internally and to interrelate (Meister 1998). The preference of taking IT project management as a career is based on the labour market limitations towards the range of jobs one can render application. Studying Business Management coupled with Information Management makes me think that project management in IT is an appropriate choice and that I have a chance of acquiring a job as a project manager. This goes ahead to prove the social construction of employability. On the other hand I would rather not take a receptionist job based on the social connotation that such is not appropriate for a person bearing my credentials. Considering the above relationship between labour market, employability and education

Is weight discrimination present in the workplace Research Paper

Is weight discrimination present in the workplace - Research Paper Example In fact according to statistics taken by Centers for Disease Control in 2006, it has shown that thirty four percent of all the adults living in the U.S have a BMI (body Mass index) of not less than 30 which is considered to be obese. In addition to Americans getting heavier and heavier a survey taken by the Yale University, prove that weight discriminations are present in work places as well as in our day-to-day encounters. In fact, it has been voted to be more present than discrimination against gender or age with racism taking the highest rank. On the real reasons as to why Obese people are discriminated in the work place, majority of the people consider them as being lazy, lack of self-discipline, unsuccessful and unintelligent (Brownell et al, 2010) According to statistics that have been taken into account to demonstrate weight discrimination in work places, they display those employees who are seen as obese are at a higher percentage not to be hired. In addition to that, their chances of being promoted are minimal, and if given jobs, their payment is lower compared to their fellow thinner employees. To prove this, they usually have the same credentials, qualifications, job performance, and education. The discrimination increases, as the individual gets heavier. The heavier the individual, the more likely the chances of reporting weight discrimination will be heard (Cardain, 2011). The national Longitudinal Survey of Youth also participated in a survey that demonstrated how in work places, thinner people are paid more that obese individuals who are performing the same duty. The statistics continue to display that if a female white individuals living in the United States have a decrease in their salary by nine percent if they happen to gain more than 65 pounds of the average weight of an individual (Douglas, 2011). In comparison to their coworkers who are less heavy than them, taking the fact that they perform the same duties, it has been reported that

Essay on employability Example | Topics and Well Written Essays - 1250 words

On employability - Essay Example The recent world economic downturn and the pace countries will adopt towards recovery will translate to changes in statistics regarding employment and related practices e.g. selection and recruitment. This paper will discuss employability in light of my career direction and how this is in alignment with the current labour market. Career plans after graduation Employability is a huge concern to me but the course that I am pursuing i.e. Information Technology and Business Management has a good inclination in the job market. However, it is important to note that the type of organisation, professional level and type of job are important in determining short term success. Higher Education Institutions are meant to offer students better employment prospects (Yorke and Knight 2004). The plans that I have set aside after my graduation relate to becoming an Information Technology Project Manager. This is a position whose role is being redefined the world over due to the volatility of the IT f ield as well as that of managing related projects. Technology is quite dynamic with many changes happening all over the world that aim at enhancing ways of doing business. Managing IT-related projects will therefore require someone who is highly dynamic in regards to their general outlook of things as well as be able to timely capture emerging trends. Furthermore, project management in the IT sector is requiring managers to embrace the globalisation aspect of doing business and current marketing strategies of customers in the highly competitive global arena. Failure to adopt these in IT project management renders a manager irrelevant. It is therefore important to look deeper into my education landscape so far as well as in the near future and assess whether I am employable as an IT project manager. Employability in relation to the Article As the article by Brown et al. suggests, employability is relative depending on whom and where it is being analysed (Brown, Hesketh and Williams 2 002). IT industry in the current working environment requires personnel who have adequate knowledge in business management. The reason for this is that IT connects all departments and personnel within an organisational setup whether small or large. Those people working in the IT department therefore need to have adequate knowledge of all business operations. Having studied business management, I stand to understand how projects need to run till completion and when numerous departments are involved in ensuring success. The labour market especially in the UK has balanced all sectors relatively well and the fortunate occurrence is that all these sectors depend on IT to function internally and to interrelate (Meister 1998). The preference of taking IT project management as a career is based on the labour market limitations towards the range of jobs one can render application. Studying Business Management coupled with Information Management makes me think that project management in IT is an appropriate choice and that I have a chance of acquiring a job as a project manager. This goes ahead to prove the social construction of employability. On the other hand I would rather not take a receptionist job based on the social connotation that such is not appropriate for a person bearing my credentials. Considering the above relationship between labour market, employability and education

Poverty Case Essay Example for Free

Poverty Case Essay Question: Choose an issue of importance to you—the issue could be personal, school related, local, political, or international in scope—and write an essay in which you explain the significance of that issue to yourself, your family, your community, or your generation. My parents had a life where there were no three meals a day, no electricity and so many other things. They used to tell â€Å"you never know how bad poverty is until you experience it†. Poverty is the leading cause of death in every developing county. We all know about poverty but we do nothing to stop it. According to UNICF more than 22000 kids die every day because of poverty. The food that we waste everyday will be enough to remove world poverty. My parents and grandparents came from world of utter poverty. When I talk about poverty I know how bad it is and I want the new generation to everything they can to remove poverty. Have anyone gone hungry for a day or two? We all eat at least three meals a day but there are people in the world who don’t even have a single piece of bread to eat. Mahatma Gandhi once said â€Å"there are people in the world, so hungry that god cannot appear to them except in the form of bread.† We all are living in a country where we have everything but there are people in the world who have to drink dirty water to slake their thirst. In Africa more than 5000 kids die each day because of drinking dirty water. We all know about this but we do nothing to stop world poverty. Remember that today’s kids are tomorrow’s future. If we put the all the billionaires in the world together they may be able to remove world poverty from this world. According to human nature if we want to do something we have the ability to do it but no one is there to take the lead. As a 17 year old teenager I care about my fellow citizens and the coming generation. I don’t want them to see a world of poverty and death. I want them to see a world of evergreen sunshine. Poverty is not something that we can remove in two or three days. It takes time to remove world poverty. As a member of the new generation let’s all make sure that we show our kids that we are living in a country with no poverty.

Effect of Substance Abuse on Child Upbringing

Effect of Substance Abuse on Child Upbringing Need for Treatment Women with children According to Miller (2001), the number of substance abuse treatment facilities for mothers with young children is very limited and therefore, implementation of local outpatient programs is very important to meet their specific treatment needs. Substance abuse treatment for single mothers is given a lower importance than the sufficient provision of their children in terms of safety and physical needs (Miller, 2001). Treatment of substance abuse and prevention of lifetime relapse requires various approaches (Miller, 2001). According to the Department of Health and Human Services (DHHS) (as cited in Miller, 2001), more than one-third of females who abused drug have undergone major depressive episodes and shown symptoms of mental health problems. Therefore, women who are abusing substance are more likely to experienced mental health problems as well. On the other hand, there is a high possibility that they will end up becoming the victims of domestic violence or experience partner violen ce (Miller, 2001). Substance Abuse and Mental Health Services Administration (SAMHSA) (as cited in Miller, 2001) stated that when problems regarding domestic violence failed to be addressed, it will interfere with the effectiveness of treatment and might lead to relapse. Moreover, the high rate of women involving in the legal system is also associated with substance abuse (Miller, 2001). Furthermore, women who are involved in substance abuse lack parenting skills, overreact with harsh discipline or neglecting their children due to their previous experience with same dysfunctional family patterns during their childhood years (Miller, 2001). By looking from the social learning perspective, this means that they are unaware that their children are seeing them as role model and might follow their footsteps in abusing substance. Need for treatment success In order to achieve successful participation in substance abuse treatment, the various needs of patients need to be known. Miller (2001) stated that mother with young children will only be able to focus on her addiction after basic needs such as food, shelter, and water of the family were addressed. Therefore, if any of the needs are affected, it may cause the mother to abandon the ongoing treatment. Besides that, in order for the treatment to be successful, clients must believe or have a positive perception towards the treatment that it will help them alleviate their addiction. Catalano, Ashery, Robertson, and Kumfer (as cited in Miller, 2001), found that including parenting program to clients in substance abuse treatment will significantly decrease the chances of relapse after treatment besides improving preservation because these clients believe that having good parenting skills is important. Miller (2001) pointed out several steps that can ensure a successful treatment program. One of it is to remove attendance barriers by permitting mothers to bring along their children to participate in the treatment program. Besides that, providing child care, training skills for children, and knowledge on substance abuse will make way for the identification of their emotional and behavioural problems. Likewise, providing parenting skills training and support services will help mothers with young children to increase their self-esteem. According to Miller (2001), he stated that funding basis is very important to develop and expand substance abuse treatment program in order to promote and nurture better stability in families by helping mothers to deal with their addiction while at the same time to become a better parent to the children. Amongst child welfare cases in which parents are having substance abuse is concomitant with increasing rates of child re-victimization, higher possibility of out-of-home placement, longer placement in care, and higher rates of child adoption and parental rights termination (Kaufman Oliveros, n.d.). Therefore, it is important to focus on several needs and factors besides addressing treatment barriers to ensure the success of treatment completion. One of the ways to ensure treatment completion is with the introduction of Family Treatment Drug Courts (FTDC). According to Kaufman and Oliveros (n.d.), several studies on FTDCs found that they are associated with a better substance abuse treatment initiation, lengthier stay in treatment, lesser days in out-of-home placement for children, higher frequency of family reunification, and higher chances of treatment completion. Kaufman and Oliveros (n.d.) continued to state that parents who attended FTDC and have completed the treatment quicker have almost 90 percent chance of reunification and have their children returned. A study found in the work of Kaufman and Oliveros (n.d.) suggested that it is important to work with extended family and natural supports to enhance permanency outcomes for children. Creating cross-system collaborations and placing a substance abuse specialist in child welfare institutions seems to be an effective strategy for increasing intake rates (Kaufman Oliveros, n.d.). Motivational Interviewing (MI), a person-centered and collaborative form of counselling that stimulates and reinforces motivation for change is an extremely effective approach to improve treatment initiation and completion as well increase treatment entry among substance abuser (Kaufman Oliveros, n.d.). Furthermore, substance abuse treatment initiation can be enhanced by outreach and engagement strategies (Kaufman Oliveros, n.d.). Outreach and engagement strategies are also effective at increasing substance abuse treatment completion rates when used with FTDC (Kaufman Oliveros, n.d.). On the other hand, today, FTDC and the newly developed home-based treatment intervention for substance abuse seem to be the most promising treatment program to improve treatment outcomes (Kaufman Oliveros, n.d.). Home-based substance abuse treatment program has an advantage of dealing with poverty related treatment barriers by bringing the program to those who cannot afford to access other substance abuse treatment programs. Treatment approaches that are delivered must not only emphasize on reducing the symptom but must also increase environmental stability and improve social functioning (Belcher, Briggs, Suarez, Titus, 2012). In order to achieve treatment success, structural resources that assist bonds among providers must be developed or enhanced to nurture more integrated service sectors (Belcher et al., 2012). Treatment services can only be fully integrated after changes are implemented across the whole system rather than within individual treatment programs (Belcher et al., 2012). Berlin (2002) stated four main common concerns that every treatment should have. The first concern is that treatment must be multi-dimensional and comprehensive by identifying numerous domains. Treatment must also include resources or access to services. Next, family therapy must be included to enhance communication among family members besides improving parental and guidance skills. The last concern is that after-care mu st be included in order to prevent relapse from occurring. Pressing Problems Parents who abuse substance are associated with the significant increase risk of child maltreatment and it is frequently under reported by child protective services (Bellettiere, Chuang, Cross, Wells, 2013). Family functioning and the well-being of children are also at risk when parents abuse drugs and alcohol (Bellettiere et al., 2013). Besides that, there is a high possibility that caregivers who abuse substance will engage health risk behaviours and mistreat the children in their care (Bellettiere et al., 2013). On the other hand, the children of parents who abuse alcohol and drugs will probably experience problems in terms of their emotion and behaviour as well as cultivate their own substance abuse in their later stage of adolescence and early adulthood (Bellettiere et al., 2013). A number of costly and alarming social problems can be associated directly to drug dependence. Recent studies estimated that the United States government has to spend around 67 billion dollars annually in crime, low productivity of work, foster care, and other social problems caused by drug dependence (Kleber, Lewis, McLellan, O’Brien, 2000). Volkow and colleagues (as cited in Kleber et al., 2000) found that the dopamine system of individuals who abstain from using cocaine was impaired three months after their last use. Other studies (as cited in Kleber et al., 2000) found that there was sustained variations in the stress response system after former substance users abstain from using opiate or cocaine. The response of encountering an individual or something that is earlier associated with drug use that might create conditioned physiological reactions and craving for the drug can combine to produce the feeling of loss of control (Kleber et al., 2000). The relapse frequencies which were reported to be very high are a clear sign of the negative reinforcement that alcohol and drugs have on people (Berlin, 2002). Alcohol causes more than 150,000 deaths each year and alcohol kills more Americans compared to other drugs other than tobacco which caused 440,000 deaths annually (Wu, 2005). Alcohol consumption has a negative effect on the central nervous system and brain that will cause those who consume alcohol to be aggressive and engage in risk taking behaviours (Wu, 2005). National Institute on Drug Abuse (as cited in Wu, 2005) stated that marijuana might induce impairment of short term memory, attention span, judgment skills, coordination and balance, learning skills, and other cognitive functions. The withdrawal symptoms of marijuana include irritability, restlessness, decreased appetite, insomnia, tremor, chills, and increased body temperature (Fisher Harrison, 2013). Besides that, cocaine will cause someone to have decreased appetite and sleep, increased heart rate, muscle spasms, and convulsions (Wu, 2005). The withdrawal symptoms of cocaine include intense drug craving, irritability, dep ression, anxiety, and lethargy (Fisher Harrison, 2013).