Smu Solved Assignments

MB0044 – Production & Operations Management Assignment set – 1 1. What are the components of systems productivity? Explain how CAD and CIM help in improving productivity. Production management encompasses all activities which go into conversion of a sate of inputs into outputs which are useful to meet human needs. It involves the identification of the perquisite materials, knowledge of the processes, and installation of equipments necessary to convert or transform the materials to products. System productivity is generally expressed as the ratio of outputs to inputs.Productivity can be calculated for a single operation, a functional unit, a department division or a plant. It is a measure of the efficiency of the system and looks at the economies achieved during the processes. Every process will have number of contributors-people machines, facilitating goods, ancillary equipments, technology, etc. Which help in achieving maximum productivity – each element attempt ing to enhance the contribution of other elements? Enhancement of productivity is achieved by either reducing the inputs for the same output or increasing the output by using the same input. Opportunities exist at all stages of the workflow.The entire system of introduce measures for increasing productivity. However in actual manufacturing situations, the inefficiencies will have cascading effect in hampering productivity. Communication, effective review processes and innovative methods will ensure optimization of resources. Capital productivity: Capital deployed in plant, machinery, buildings and the distribution system as well as working capital are components of the oust of manufacture and need to be productive. Demand fluctuations, uncertainties of production owing to breakdowns and inventories being crated drag the productivity down.Therefore, strategies are needed to maximize the utilization of the funds allotted towards capital. Adapting to new technologies, outsourcing and b alancing of the workstations to reduce the proportion of idle times on equipments are the focus of this section. Computers in design and manufacturing applications make it possible to remove much of the tedium and manual labor involved. For example, the many design specifications, blueprints, material lists, and other documents needed to build complex machines can require thousands of highly technical and accurate drawings and charts.If the engineers decide structural components need to be changed, all of these plans and drawings must be changed. Prior to CAD/CAM, human designers and draftspersons had to change them manually, a time consuming and error-prone process. When a CAD system is used, the computer can automatically evaluate and change all corresponding documents instantly. In addition, by using interactive graphics workstations, designers, engineers, and architects can create models or drawings, increase or decrease sizes, rotate or change them at will, and see results inst antly on screen.CAD is particularly valuable in space programs, where many unknown design variables are involved. Previously, engineers depended upon trial-and-error testing and modification, a time consuming and possibly life-threatening process. However, when aided by computer simulation and testing, a great deal of time, money, and possibly lives can be saved. Besides its use in the military, CAD is also used in civil aeronautics, automotive, and data processing industries. CAM, commonly utilized in conjunction with CAD, uses computers to communicate instructions to automated machinery.CAM techniques are especially suited for manufacturing plants, where tasks are repetitive, tedious, or dangerous for human workers. Computer integrated manufacturing (CIM), a term popularized by Joseph Harrington in 1975, is also known as Autofacturing. CIM is a programmable manufacturing method designed to link CAD, CAM, industrial robotics, and machine manufacturing using unattended processing wo rkstations. CIM offers uninterrupted operation from raw materials to finished product, with the added benefits of quality assurance and automated assembly. 2. What do you understand by ‘industry best practice’?Briefly explain different types of Benchmarking. Industry best practice: Each industry would have developed over years or decades. Materials would have changed, processes would have changed. As all products or services are meant to serve needs of the customers, they undergo continuous changes – both in shapes and features. Because of research that is conducted, materials and methods go on improve incessarily. The companies that were at the force innovate to stay in business as new entrants would be adopting the latest techniques that the pioneers had taken decades to establish.So the practices adopted by various firms in any industry would end up adopting almost similar methods of getting an output required. Such practices would get refined to great extent giving rise what we call industry best practices. These tend to get stabilized or changed owning to the development of new equipments which are designed and manufacturers of those with an eye on growing markets which demand higher quality and reduced prices. Competition benefits those who can use all these to their advantage. Industry best practices open up the field for benchmarking by companies which need to improve their performance.Bench Marking: It is a method of measuring a company’s processes, methods, procedures and in a way all functions in great detail. Benchmarking is used to understand how these got into the system and what circumstances brought them about. It is a learning process with a few to find out whether some of the reasons have changed and bring in new processes for improvement.. The metrics that could be used are – number of pieces per hour, cost per unit, number of breakdowns per week, customer alienation during a week, return on investment, numb er of returns from customers in a month, inventory turnover, and many others.As can be seen the figures as found above determine the efficiency of the organisation. To keep focused, many organizations, especially the large ones, select a few processes for purposes of benchmarking. This helps in ensuring constant and deep attention to those aspects which are to be dealt with. The following are the types of benchmarking firms consider. Types of benchmarking: †¢ Process benchmarking – the initiating firm focuses its observation and investigation of business processes with a goal of identifying and observing the best practices from one or more benchmark firms.Activity analysis will be required where the objective is to benchmark cost and efficiency; increasingly applied to back-office processes where outsourcing may be a consideration. †¢ Financial benchmarking – performing a financial analysis and comparing the results in an effort to assess your overall competi tiveness and productivity. †¢ Benchmarking from an investor perspective- extending the benchmarking universe to also compare to peer companies that can be considered alternative investment opportunities from the perspective of an investor. Performance benchmarking – allows the initiator firm to assess their competitive position by comparing products and services with those of target firms. †¢ Product benchmarking – the process of designing new products or upgrades to current ones. This process can sometimes involve reverse engineering which is taking apart competitors products to find strengths and weaknesses. †¢ Strategic benchmarking – involves observing how others compete. This type is usually not industry specific, meaning it is best to look at other industries. Functional benchmarking – a company will focus its benchmarking on a single function to improve the operation of that particular function. Complex functions such as Human Resour ces, Finance and Accounting and Information and Communication Technology are unlikely to be directly comparable in cost and efficiency terms and may need to be disaggregated into processes to make valid comparison. †¢ Best-in-class benchmarking – involves studying the leading competitor or the company that best carries out a specific function. Operational benchmarking – embraces everything from staffing and productivity to office flow and analysis of procedures performed. 3. List out the various automated systems for transfer of materials in the production plant. What do you understand by Line Balancing? Explain with an example. About the automated flow lines we can say it is a machine which is linked by a transfer system which moves the parts by using handling machines which are also automated, we have an automated flow line. Human intervention ma is needed to verify that the operations ate taking place according to standards.When these can be achieved with the h elp of automation and the processes are conducted with self regulation, we will have automated flow lines established. In fixed automation or hard automation, where one component is manufactured using services operations and machines it is possible to achieve this condition. We assume that product life cycles are sufficiently stable to interest heavily on the automate flow lines to achieve reduces cast per unit. Product layouts ate designed so that the assembly tasks are performed in the sequence they are designed at each station continuously.The finished item came out at the end of the line. In automated assembly lines the moving pallets move the materials from station to station and moving arms pick up parts, place them at specified place and system them by perusing, riveting, & crewing or even welding. Sensors will keep track of their activities and move the assembles to the next stage. The machines are arranged in a sequence to perform operations according to the technical requi rements. The tools are loaded, movements are effected, speeds controlled automatically without the need for worker’s involvement.The flexibility leads to better utilization of the equipments. It reduces the numbers of systems and rids in reduction of investment as well as a space needed to install them. One of the major cancers of modern manufacturing systems is to be able to respond to market demands which have uncertainties. Prototyping is a process by which a new product is developed in small number so as to determine the suitability of the materials, study the various methods of manufactured, type of machinery required and develop techniques to over come problems that my be encountered when full scale manufacture is undertaken.Prototypes do meet the specification of the component that enters a product and performance can be measured on these. It helps in con be reforming the design and any shortcomings can be rectified at low cost. Flexibility has three dimensions in the manufacturing field. They are variety, volume and time. There demands will have to be satisfied. In that sense they become constraints which restrict the maximization of productivity. Every business will have to meet the market demands of its various products in variety volumes of different time.Flexibility is also needed to be able to develop new products or make improvements in the products fast enough to cater to shifting marker needs. Manufacturing systems have flexibility built into them to enable organization meet global demand. You have understood how the latest trends in manufacturing when implemented help firms to stay a head in business. 4. Explain the different types of Quality Control Tools with examples? How do Crosby’s absolutes of quality differ from Deming’s principles?Quality Control (QC) is a system of routine technical activities, to measure and control the quality of the inventory as it is being developed. The QC system is designed to: Provide routi ne and consistent checks to ensure data integrity, correctness, and completeness; Identify and address errors and omissions; Document and archive inventory material and record all QC activities. The following seven are considered basic tools for achieving quality. Flow Chart Check sheet Histogram Pareto Analysis Scatter Diagram Control Chart Cause and Effect Diagram Flow Chart It is a visual representation of process showing the various steps.It helps in locating the points at which a problem exists or an improvement is possible. Detailed data can be collected, analyzed and methods for correction can be developed. A sample is shown below lists out the various steps or activities in a particular job. It classifies them as a procedure or a decision. Each decision point generates alternatives. Criteria and Consequences that go with decision are amenable to evaluation for purposes of assessing quality. The flow chart helps in pin-pointing the exact at which errors have crept in. A simpl e chart is shown below. Check SheetThese are used to record the number of defects, types of defects, locations at which they are occurring, times at which they are occurring, workmen by whom they are occurring. It keeps a record of the frequencies of occurrence with reference to possible defect causing parameter. It helps to implement a corrective procedure at the point where the frequencies are more, so that the benefit of correct will be maximum. A sample sheet is shown below. Histogram Histograms are graphical representations of distribution of data. They are generally used to record huge volumes of data about a process.They reveal whether the pattern of distribution – whether there is a single peak, or many peak and also the extent of variation around the peak value. This helps in identifying whether the problem is serious. When used in conjunction with comparable parameters, the visual patterns help us to identify the problem which should be attended to. Pareto Analysis This is a tool for classifying problem areas according to the degree of importance and attending to the most important. Pareto principle, also called 80-20 rule, states that 80 percent of the problems that we encounter arise out of 20 percent of items.If we find that, in a day, we have 184 assemblies have given problems and there are 11 possible causes, it is observed that 80 per cent of them i. e. 147 of them have been caused by just 2 or 3 of them. It will be easy to focus on these 2 or three and reduce the number of defects to a great extent. When the cause of these defects have been attended, we will observe that some other defect Scatter Diagram These are used when we have two variables and want to know the degree of relationship between them. We can determine if there is cause and effect relationship between and its extent over a range of values.Sometimes, we can observe that there is no relationship, in which we can change one parameter being sure that it has no effect on the other parameter. Control Charts These are used to verify whether a process is under control. Variables when they remain within a range will render the product maintain the specifications. This is the quality of conformance. The range of permitted deviations is determined by design parameters. Samples are taken and the mean and range of the variable of each sample (subgroup) is recorded. The mean of the means of the samples gives the control lines. Assuming normal distribution, we expect 99. 7 per cent of all values to lie within the UCL when we take 3 standard deviations – Upper Control Limit – and LCL – Lower Control Limit. The graphical representation of data helps in changing settings to bring back the process closer to the target. Cause and Effect Diagram This is a diagram in which all possible causes are classified on quality characteristics which lead to a defect. These are arranged in such a way that different branches — the causes are – le ading the stem in the direction of the discovery of the problem. When each of them is investigated thoroughly we will be able to pinpoint some factors which cause the problem.We will also observe that a few of them will have cumulative effect or even a cascading effect. Deming Wheel Deming’s approach is summarized in his 14 points. Constancy of purpose for continuous improvement Adopt the TQM philosophy for economic purposes Do not depend on inspection to deliver quality Do not award any business based on price alone Improve the system of production and service constantly Conduct meaningful training on the job Adopt modern methods of supervision and leadership Remove fear from the minds of everyone connected with the organisation Remove barriers between departments and peopleDo not exhort, repeat slogans and put up posters. Do not set up numerical quotas and work standards Give pride of workmanship to the workmen Education and training to be given vigorously State and exhibit top management’s commitment for quality and productivity Using the above principles, Deming gave a four step approach to ensure a purposeful journey of TQM. The slope is shown to indicate that if efforts are let up the program will roll back Plan – means that a problem is identified, processes are determined and relevant theories are checked out. Do – means that the plan is implemented on a trial basis.All inputs are correctly measured and recorded. Check/Study/Analyze – means that the trials taken according to the plan are in accordance with the expected results. Act – When all the above steps are satisfactory regular production is started so that quality outcomes are assured Crosby’s Absolutes of Quality Like Deming, he also lays emphasis on top management commitment and responsibility for designing the system so that defects are not inevitable. He urged that there be no restriction on spending for achieving quality. In the long run, main taining quality is more economical rather than compromising on its achievement.His absolutes can be listed as under. Quality is conformance to requirements – not ‘goodness’. Prevention, not appraisal, is the path to quality. Quality is measured as the price paid for non-conformance and as indexes. Quality originates in all factions – not quality department. There are no quality problems people, design, process create problems. Crosby also has given 14 points similar to those of Deming. His approach emphasizes on measurement of quality, increasing awareness, corrective action, error cause removal and continuously reinforcing the system, so that advantages derived are not lost over time.He desires that the quality management regimen should improve the overall health of the organization and prescribed a vaccine. The ingredients are: Integrity – honesty and commitment to produce everything right first time, every time. Communication – Flow of inf ormation between departments, suppliers, customers – helps in identifying opportunities. Systems and operations – These should bring in a quality environment – so that nobody is comfortable with anything less than the best. 5. Define project cycle, project management, and scope of project. List the various project management knowledge areas?What are the reasons for failure of a project? Project Cycle – A project cycle basically consists of the various activities of operations, resources and the limitations imposed on them. Definition of â€Å"Project Management† It is the practice of controlling the use of resources, such as cost, time, manpower, hardware and software involved in a project, that start with a problem statement and end with delivery of a complete product. Project management involves understanding its scope and various processes in the project cycle. Project Management DefinitionAs per PMBOK (Project Management — Body of Knowle dge, defined by PMI – Project Management Institute) : â€Å"Project management is the application of knowledge, skills, tools and techniques to project activities to meet project requirements. As per DIN 69901 (German Organization for Standardization): â€Å"Project management is the complete set of tasks, techniques, tools applied during project execution† Scope – It refers to the various parameters that affect the project in its planning, formulation and executions, Like:- The range of one's perceptions, thoughts, or actions.Breadth or opportunity to function. See Synonyms at room. The area covered by a given activity or subject. See Synonyms at range. The length or sweep of a mooring cable. Informal A viewing instrument such as a periscope, microscope, or telescope. Before knowing the reasons of failure we have to know about project. Project is a set of activities which are networked in order and aimed towards achieving goal of a project. Now, the reasons ar e project failure: Incidence of Project failure Projects being initiated of random at all levels Project objective not in line with business objectiveProject management not observed Project manager with no prior experience in the related project Non- dedicated team Lack of complete support from clients Factors contributing to project success not emphasized: Project objective in alignment with business objective Working within the framework of project management methodology Effective scoping planning, estimation, execution, controls and reviews, project bottlenecks Communication and managing expectations effectively with clients, team merits and stake holders Prior expectance of PM in a similar projectOverview of information and communication Technologies (ICT) project: Involve information and communication technologies such as the word wide web, e-mail, fiber-optics satellites. ii) Enable societies to produce, access, adapt and apply information in greater amount, more rapidly and a t reduce casts. iii) Offer enormous opportunities for enhancing business and economic viability. iv) Common problems encountered during projects. v) No prioritization of project activity from an organizational position. vi) One or more of the stages in the project mishandled. vii) Less qualified non-dedicated manpower. iii) Absence of smooth flow of communication between the involved parties. These basic reasons lead a project to failures. In the project failures business management and project management is directly involved. From the management point of view it is basic things to care above topics to success of a project. Project is the core business of a company. 6. Explain the various phases in project management life cycle. Explain the necessity and objectives of SCM. This is the initial phase of any project. In this phase information is collected from the customer pertaining to the project and the requirements are analyzed.The entire project has to be planned and it should be done in a strategic manner. The project manager conducts the analysis of the problem and submits a detailed report to the top project justification, details on what the problem is a method of solving the problem, list of the objectives to be achieved, project budget and the success rate of completing the project. The report must also contain information and the project feasibility, and the risks involved in the project. Project management life cycle is the integrated part of management. It is attach with project responsibility or failure of a project.The important tasks of this phase are as follows: Specification Requirements Analysis (SRA): It has to be conducted to determine the essential requirements of a project in order to achieve the target. Feasibility study: To analyze whether the project is technically, economically and practically feasible to be undertaken. Trade off analysis: To understand and examine the various alternatives which could be considered. Estimation: To esti mate the project cost, effort requires for the project and functionality of various process in the project. System design: Choose a general design that can fusil the requirements.Project evolution: Evaluate the project in terms of expected profit, cost and risks involved marketing phase. A project proposal is prepared by a group of people including the project manager. This proposal has to contain the strategies adopted to market the product to the customers. Design phase: This phase involves the study of inputs and outputs of the various project stages. Execution phase: In this phase the project manager and the teams members work on the project objectives as per the plan. At every stage during the execution reports are prepared. Control: Inspecting, Testing and Delivery phase during this phase.The project team works under the guidance of the project manager. The project manager has to ensure that the team working under his, implements the project designs accurately, the project man ager has to ensure ways of managing the customer, perform quality control work. Closure and post completion analysis phase upon satisfactory completion and delivery of the intended product or service the staff performance has to be evaluated. Document the lessons from the project. Prepare the reports on project feedback analysis followed by the project execution report. The phase which involve in the above are:The preparation stage involves the preparation and approval of project outline, project plan and project budget. The next stage involves selecting and briefing the project team about the proposals followed by discussions on the roles and responsibility of the project member and the organization. The project management life cycle: A Life cycle of a project consists of the following: Understanding the scope of the project Establishing objectives of the project Formulating and planning various activities Project execution and Monitor and control the project resources. Risk Manage ment:-Risk is defined in ISO 31000 as the effect of uncertainty on objectives (whether positive or negative). Risk management can therefore be considered the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Risks can come from uncertainty in financial markets, project failures, legal liabilities, credit risk, accidents, natural causes and disasters as well as deliberate attacks from an adversary.Several risk management standards have been developed including the Project Management Institute, the National Institute of Science and Technology, actuarial societies, and ISO standards. Methods, definitions and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes, financial portfolios, actua rial assessments, or public health and safety. The strategies to manage risk include transferring the risk to another party, avoiding the risk, reducing the negative effect of the risk, and accepting some or all of the consequences of a particular risk.Certain aspects of many of the risk management standards have come under criticism for having no measurable improvement on risk even though the confidence in estimates and decisions increase. Necessity and objectives of SCM:- SCM is the abbreviation of supply chain Management. It is considered by many express worldwide as the ultimate solution towards efficient enterprise management. SCM is required by and enterprise as a tow to enhance management effectiveness with a following organizational objective: Reduction of inventory:-Enactment in functional effectiveness of existing systems like ERP, Accounting.Software and Documentation like financial reports statements ISO 9000 Documents etc. Enhancement of participation level and empowerm ent level:- Effective integration of multiple systems like ERP, communication systems, documentation system and secure, Design R systems etc. Better utilization of resources- men, material, equipment and money. Optimization of money flow cycle within the organization as well as to and from external agencies. Enhancement of value of products, operations and services and consequently, enhancements of profitability.Enhancement of satisfaction level of customer and clients, supporting institutions, statutory control agencies, supporting institutions, statutory control agencies, suppliers and vendors, employees and executives . Enhancement of flexibility in the organization to help in easy implementation of schemes involving modernization, expansion and divestment, merges and acquisitions Enhancement of coverage and accuracy of management information systems. With the objectives of SCM its implementation are required.Implementation is in the form of various functional blocks of an organi zation interpenetrated through which a smooth flow of the product development is possible. A relatively new SCM option involves web based software with a browser interface. Several electronic marketplaces for buying and selling goods and materials. Steps involved in the implementation of SCM:- There is many steps which involved in SCM implementation are- Business Process, sales and marketing.Logistics, costing, demand planning, trade- off analysis, environmental requirement, process stability, integrated supply, supplier management, product design, suppliers, customers, material specifications, etc. Some important aspect of SCM- The level of competition existing in the market and the impact of competitive forces on the product development. Designing and working on a strategic logic for better growth through value invention. Working out new value curve in the product development along with necessary break point. Using it to analyze markets and the economies in product design.Time, cu stomer, quality of product and the concept of survival of fittest. Steps of SCM principals: Group customer by need: Effective SCM groups, customer by tie tinct service meets those particular segment. Customize the logistics networks: In designing their logistics network, companies need to focus on the service requirement and profit potential of the customer segments identified. Listen to signals of market demand and plan accordingly- sales and operations planners must monitor the entire supply chain to detect early warning signals of changing customer demand and needs.Differentiate the product closer to the customer: companies today no longer can afford to stock pile inventory to compensate for possible forecasting errors, instead, they need to postpone product differentiation in the manufacturing. Process closer to actual customer demand. Strategically manage the source of supply: by working closely with their key suppliers to reduce the overall casts of owning materials and servic es; SCM maximizes profit margins both for themselves, and their supplies.Develop a supply chain wide technology strategy: as one of the cornerstones of successful SCM information technology must be able to support multiple levels of decision making. Adopt channel spanning performance measures- Excellent supply performance measurement systems do more than just monitor internal functions. They apply performance criteria that embrace bathe service and financial metrics, including as such as each accounts true profitability. MB0045 – Financial Management Assignment set – 1 Q. 1 Write the short notes on 1. Financial management 2. Financial planning 3. Capital structure 4. Cost of capital 5. Trading on equity.Ans: 1. Financial Management Financial Management is Planning, directing, monitoring, organizing, and controlling of the monetary resources of an organization. The management of the finances of a business / organization in order to achieve financial objectives. Financia l Management is the efficient and effective planning and controlling of financial resources so as to maximize profitability and ensuring liquidity for an individual(called personal finance), government(called public finance) and for profit and non-profit organization/firm (called corporate or managerial finance). Generally, it involves balancing risks and profitability.The decision function of financial management can be divided into the following 3 major areas: INVESTMENT DECISION 1. Determine the total amount of assets needed by a firm hence closely tied to the allocation of funds 2. Two type of investment decisions namely: †¢ Capital Investment decisions re: large sums, non routine, longer term, critical to the business like purchase of plant and machinery or factory †¢ Working Capital Investment decisions re: more routine in nature, short term but are also very critical decisions like how much and how long to invest in inventories or receivables   FINANCING DECISION . After deciding on the amount and type of assets to buy, the financial manager needs to decide on HOW TO FINANCE these assets with the sources of fund 2. Financing decisions for example: †¢ Whether to use external borrowings/debts or share capital or retained earnings †¢ Whether to borrow short, medium or long term †¢ What sort of mix – all borrowings or part debts part share capital or 100% share capital †¢ The needs to determine how much dividend to pay out as this will directly affects the financial decision.Financial Planning Financial Planning is an exercise aimed to ensure availability of right amount of money at the right time to meet the individual’s financial goals Concept of Financial Planning Financial Goals refer to the dreams of the investor articulated in financial terms. Each dream implies a purpose, and a schedule of funds requirements for realising the purpose Asset Allocation refers to the distribution of the investor’s wea lth between different asset classes (gold, property, equity, debt etc. Portfolio Re-balancing is the process of changing the investor’s asset allocation Risk Tolerance / Risk Preference refers to the appetite of the investor for investment risk viz. risk of loss Financial Plan Is a road map, a blue print that lists the investors’ financial goals and outlines a strategy for realising them Quality of the Financial Plan is a function of how much information the prospect shares, which in turn depends on comfort that the planner inspires Capital Structure Capital structure of a firm is a reflection of the overall investment and financing strategy of the firm.Capital structure can be of various kinds as described below: – Horizontal capital structure: the firm has zero debt component in the structure mix. Expansion of the firm takes through equity or retained earnings only. – Vertical capital structure: the base of the structure is formed by a small amount of e quity share capital. This base serves as the foundation on which the super structure of preference share capital and debt is built. – Pyramid shaped capital structure: this has a large proportion consisting of equity capita; and retained earnings. Inverted pyramid shaped capital structure: this has a small component of equity capital, reasonable level of retained earnings but an ever-increasing component of debt. SIGNIFICANCE OF CAPITAL STRUCTURE: – Reflects the firm’s strategy – Indicator of the risk profile of the firm – Acts as a tax management tool – Helps to brighten the image of the firm. FACTORS INFLUENCING CAPITAL STRUCTURE: – Corporate strategy – Nature of the industry – Current and past capital structure Cost of Capital Cost of capital is the rate of return the firm requires from investment in order to increase the value of the firm in the market place.In economic sense, it is the cost of raising funds required to finance the proposed project, the borrowing rate of the firm. Thus under economic terms, the cost of capital may be defined as the weighted average cost of each type of capital. There are three basic aspects about the concept of cost 1. It is not a cost as such: The cost of capital of a firm is the rate of return which it requires on the projects. That is why; it is a ‘hurdle’ rate. 2. It is the minimum rate of return: A firm’s cost of capital represents the minimum rate of return which is required to maintain at least the market value of equity shares. . It consists of three components. A firm’s cost of capital includes three components a. Return at Zero Risk Level: It relates to the expected rate of return when a project involves no financial or business risks. b. Business Risk Premium: Business risk relates to the variability in operating profit (earnings before interest and taxes) by virtue of changes in sales. Business risk premium is determined b y the capital budgeting decisions for investment proposals. c. Financial Risk Premium: Financial risk relates to the pattern of capital structure (i. e. debt-equity mix) of the firm, In general, a firm which has higher debt content in its capital structure should have more risk than a firm which has comparatively low debt content. This is because the former should have a greater operating profit with a view to covering the periodic interest payment and repayment of principal at the time of maturity than the latter. Trading on Equity When a co. uses fixed interest bearing capital along with owned capital in raising finance, is said â€Å"Trading on Equity†. (Owned Capital = Equity Share Capital + Free Reserves )Trading on equity represents an arrangement under which a company uses funds carrying fixed interest or dividend in such a way as to increase the rate of return on equity shares. It is possible to raise the rate of dividend on equity capital only when the rate of intere st on fixed – interest – bearing – security is less than the rate of return earned in business. †¢Two other terms: †¢Trading on Thick Equity :-  When borrowed capital is less than owned capital †¢Trading on Thin Equity :-  When borrowed capital is more than owned capital, it is called Trading on thin Equity.Q. 2 a. Write the features of interim divined and also write the factors (08 Marks) Influencing divined policy? b. What is reorder level? Ans: a) Usually, board of directors of  company  declares  dividend  in annual general meeting after finding the real net profit position. If boards of directors give dividend for current year before closing of that year, then it is called interim dividend. This dividend is declared between two annual general meetings. Before declaring interim dividend, board of directors should estimate the net profit which will be in future.They should also estimate the amount of  reserves  which will deduct from net profit in  profit and loss appropriation account. If they think that it is sufficient for operating of business after declaring such dividend. They can issue but after completing the year, if profits are less than estimates, then they have to pay the amount of declared dividend. For this, they will have to take loan. Therefore, it is the duty of directors to deliberate with financial consultant before taking this decision.Accounting treatment of interim dividend in final accounts of company:- # First Case  : Interim dividend is shown both in profit and loss appropriation account and balance sheet , if it is outside the  trial balance  in given question. ( a) It will go to debit side of profit and loss appropriation account (b) It will also go to current liabilities head in liabilities side. # Second Case:  Interim dividend is shown only in profit and loss appropriation account, if it is shown in trial balance. ( a) It will go only to debit side of profit and loss appropriation account.If in final declaration is given outside of trial balance and this will be proposed dividend and interim dividend in trial balance will be deducted for writing proposed dividend in profit and loss appropriation account and balance sheet of company, because if we will not deducted interim dividend, then it will be double   deducted from net profit that is wrong and error shows when we will   match balance sheets assets with liabilities. Factors affecting dividend policy. The dividend decision is difficult decision because of conflicting objectives and also because of lack of specific decision-making techniques.It is not easy to lay down an optimum dividend policy which would maximize the long-run wealth of the shareholders. The factors affecting dividend policy are grouped into two broad categories. 1. Ownership considerations 2. Firm-oriented considerations Ownership considerations:  Where ownership is concentrated in few people, there are no problems in identifying ownership interests. However, if ownership is decentralized on a wide spectrum, the identification of their interests becomes difficult. Various groups of shareholders may have different desires and objectives.Investors gravitate to those companies which combine the mix of growth and desired dividends. Firm-oriented considerations:  Ownership interests alone may not determine the dividend policy. A firm’s needs are also an important consideration, which include the following: †¢ Contractual and legal restrictions †¢ Liquidity, credit-standing and working capital †¢ Needs of funds for immediate or future expansion †¢ Availability of external capital. †¢ Risk of losing control of organization †¢ Relative cost of external funds †¢ Business cycles †¢ Post dividend policies and stockholder relationships.The following factors affect the shaping of a dividend policy: Nature of Business:  Companies with unstable earnings adopt dividend policies which are different from those which have steady earnings. Composition of Shareholding:  In the case of a closely held company, the personal objectives of the directors and of a majority of shareholders may govern the decision. To the contrary, widely held companies may take a dividend decision with a greater sense of responsibility by adopting a more formal and scientific approach. Investment Opportunities:  Many companies retain earnings to facilitate planned expansion.Companies with low credit ratings may feel that they may not be able to sell their securities for raising necessary finance they would need for future expansion. So, they may adopt a policy for retaining larger portion of earnings. Similarly, is a company has lucrative opportunities for investing its funds and can earn a rate which is higher than its cost of capital, it may adopt a conservative dividend policy. Liquidity:  This is an important factor. There are companies, which are profitable but cannot generate sufficient cash, since profits are to be reinvested in fixed assets and working capital to boost sales.Restrictions by Financial Institutions:  Sometimes financial institutions which grant long-term loans to a company put a clause restricting dividend payment till the loan or a substantial part of it is repaid. Inflation:  In period of inflation, funds generated from depreciation may not be adequate to replace worn out equipment. Under inflationary situation, the firm has to depend upon retained earnings as a source of funds to make up for the shortfall. Consequently, the dividend pay out ratio will tend to be low. Other factors:  Age of the company has some effect on the dividend decision.The demand for capital expenditure, money supply, etc. , undergo great oscillations during the different stages of a business cycle. As a result, dividend policies may fluctuate from time to time. Ans b) Reorder Level This is that level of materials at which a new order for supply of materials is to be placed. In other words, at this level a purchase requisition is made out. This level is fixed somewhere between maximum and minimum levels. Order points are based on usage during time necessary to requisition order, and receive materials, plus an allowance for protection against stock out.The  order point  is reached when inventory on hand and quantities due in are equal to the lead time usage quantity plus the safety   stock quantity. Formula of Re-order Level or Ordering Point: The following two formulas are used for the calculation of  reorder level or point. Ordering point or re-order level = Maximum daily or weekly or monthly usage ? Lead time The above formula is used when usage and lead time are known with certainty; therefore, no safety stock is provided. When safety stock is provided then the following formula will be applicable: Ordering point or re-order level = Maximum daily or weekly or monthly usage ?Lead time + Safety stock Q. 3 Sales Rs. 400, 000 less returns Rs 10, 000, Cost of Goods Sold Rs 300,000, Administration and selling expenses Rs. 20, 000, Interest on loans Rs. 5000, Income tax Rs. 10000, preference dividend Rs. 15,000, Equity Share Capital Rs. 100, 000 @Rs. 10 per share. Find EPS. Sales Rs. 400, 000 less returns Rs 10, 000, Cost of Goods Sold Rs 300,000, Administration and selling expenses Rs. 20, 000, Interest on loans Rs. 5000, Income tax Rs. 10000, preference dividend Rs. 15,000, Equity Share Capital Rs. 100, 000 @Rs. 10 per share. Find EPS. Sales | | |400,000 | | |Less Returns | |10,000 |390,000 | | | | | | | |Less | | | | | |COGS | | |30,000 | | |S | | |20,000 | | |Int on Loan | | |5,000 | | |IT | | |10,000 |325,000 | |Div | | |15,000 | | |ESC | | |100,000 |@ 10/- | |NPAT – Pref Share Div | | | | |No of Shares | | | | | | | | | | |NPAT | | |55,000 | | |less Pref Share Div | |15,000 |40,000 | | | | | | | |EPS | | |40,000 |=Rs. 4/- | | | | |10,000 | | Q. 4 What are the techniques of evaluation of investment? Three steps are involved in the evaluation of an investment: †¢Estimation of cash flows †¢Estimation of the required rate of return (the opportunity cost of capital)   †¢Application of a decision rule for making the choice. The first two steps, discussed in the subsequent chapters, are assumed as given. Thus, our discussion in this chapter is confined to the third step. speifically, we focus on the merits and demerits of various decision rules. Investment decision ruleThe investment decision rules may be referred to as capital budgeting techniques, or investment criteria. A sound appraisal technique should be used to measure the economic worth of an investment project. The essential property of a sound technique is that it should maximize the shareholders’ wealth. The following other characteristics should also be possessed by a sound investment evaluation criterion. †¢ It should consider all cash flows to determine the true pro fitability of the project. †¢ It should provide for an objective and unambiguous way of separating good projects form bad projects. †¢ It should help ranking of projects according to their true profitability. It should recognize the fact that bigger cash flows true profitability. †¢ It should recognize the fact that bigger cash flows are preferable to smaller once and early cash flows are preferable to later ones. †¢ It should help top choose among mutually exclusive projects that project which maximizes the shareholders’ wealth. †¢ It should be a criterion which is applicable to any conceivable investment project independent of other. These conditions will be clarified as we discuss the features of various investment criteria in the following pages. Evaluation criteria A number of investments criteria (or capital budgeting techniques) are in use in proactive. They may be grouped in the following two categories: 1.Discounted cash flow (DCF) criteria à ¢â‚¬ ¢ Net present value (NPV) †¢ Internal rate of return (IIR) †¢ Profitability index (PI) 2. Non-discounted cash flow criteria †¢ Payback period (PB) †¢ Discounted payback period †¢ Accounting rate of return (ARR). Discounted payback is a variation of the payback method. It involves discounted cash flows, but as we shall see later, it is not a true measure of investment profitability. We will show in the following pages that the net present value criterion is the most valid technique of maximizing the shareholders wealth. Problems associated with inadequate working capital Working capital may be regarded as the life blood of business.Working capital is of major importance to internal and external analysis because of its close relationship with the current day-to-day operations of a business. Every business needs funds for two purposes. * Long term   funds are required   to create production facilities through purchase of fixed assets such as plants, ma chineries, lands, buildings & etc * Short term funds are required for the purchase of raw materials, payment of wages, and other day-to-day expenses. . It is other wise known as revolving or circulating capital It is nothing but the difference between current assets and current liabilities. i. e. Working Capital = Current Asset – Current Liability. Businesses use capital for construction, renovation, furniture, software, equipment, or machinery.It is also commonly used to purchase inventory, or to make payroll. Capital is also used often by businesses to put a down payment down on a piece of commercial real estate. Working capital is essential for any business to succeed. It is becoming increasingly important to have access to more working capital when we need it. Q. 5 What are the problems associated with inadequate working capital? A business firm must maintain an adequate level of working capital in order to run its business smoothly. It is worthy to note that both excessi ve and inadequate working capital positions are harmful. Working capital is just like the heart of business. If it becomes weak, the business can hardly prosper and survive.No business can run successfully without an adequate amount of working capital. Danger of inadequate working capital When working capital is inadequate, a firm faces the following problems. Fixed Assets cannot efficiently and effectively be utilized on account of lack of sufficient working capital. Low liquidity position may lead to liquidation of firm. When a firm is unable to meets its debts at maturity, there is an unsound position. Credit worthiness of the firm may be damaged because of lack of liquidity. Thus it will lose its reputation. There by, a firm may not be able to get credit facilities. It may not be able to take advantages of cash discount. Disadvantages of Redundant or Excessive Working Capital 1.Excessive Working Capital means ideal funds which earn no profits for the business and hence the busin ess cannot earn a proper rate of return on its investments. 2. When there is a redundant working capital, it may lead to unnecessary purchasing and accumulation of inventories causing more chances of theft, waste and losses. 3. Excessive working capital implies excessive debtors and defective credit policy which may cause higher incidence of bad debts. 4. It may result into overall inefficiency in the organization. 5. When there is excessive working capital, relations with banks and other financial institutions may not be maintained. 6. Due to low rate of return on investments, the value of shares may also fall. 7.The redundant working capital gives rise to speculative transactions. Disadvantages or Dangers of Inadequate Working Capital 1. A concern which has inadequate working capital cannot pay its short-term liabilities in time. Thus, it will lose its reputation and shall not be able to get good credit facilities. 2. It cannot buy its requirements in bulk and cannot avail of disc ounts, etc. 3. It becomes difficult for the firm to exploit favourable market conditions and undertake profitable projects due to lack of working capital. 4. The firm cannot pay day-to-day expenses of its operations and its creates inefficiencies, increases costs and reduces the profits of the business. 5.It becomes impossible to utilize efficiently the fixed assets due to non-availability of liquid funds. 6. The rate of return on investments also falls with the shortage of working capital. Disadvantages or Dangers of Inadequate or Short Working Capital †¢ Can’t pay off its short-term liabilities in time. †¢ Economies of scale are not possible. †¢ Difficult for the firm to exploit favourable market situations †¢ Day-to-day liquidity worsens †¢ Improper utilization the fixed assets and ROA/ROI falls sharply Q. 6 What is leverage? Compare and Contrast between operating Leverage and financial leverage (10 Marks) ‘Leverage’ is the action of a lever or the mechanical advantage gained by it; it also means ‘effectiveness’ or ‘power’.The common interpretation of leverage is derived from the use or manipulation of a tool or device termed as lever, which provides a substantive clue to the meaning and nature of financial leverage. When an organization is planning to raise its capital requirements (funds), these may be raised either by issuing debentures and securing long term loan 0r by issuing share-capital. Normally, a company is raising fund from both sources. When funds are raised from debts, the Co. investors will pay interest, which is a definite liability of the company. Whether the company is earning profits or not, it has to pay interest on debts. But one benefit of raising funds from debt is that interest paid on debts is allowed as deduction for income tax. When funds are raised by issue of shares (equity) , the investor are paid dividend on their investment. Dividends are paid only when th e Company is having sufficient amount of profit. In case of loss, dividends are not paid. But dividend is not allowed as deduction while computing tax on the income of the Company. In this way both way of raising funds are having some advantages and disadvantages. A Company has to decide that what will be its mix of Debt and Equity, considering the liability, cost of funds and expected rate of return on investment of fund. A Company should take a proper decision about such mix, otherwise it will face many financial problems.For the purpose of determination of mix of debt and equity, leverages are calculated and analyzed. Concept of Financial Leverage Leverage may be defined as the employment of an asset or funds for which the firm pays a fixed cost or fixed return. The fixed cost or return may, therefore be thought of as the full annum of a lever. Financial leverage implies the use of funds carrying fixed commitment charge with the objective of increasing returns to equity sharehold ers. Financial leverage or leverage factor is defined, as the ratio of total value of debt to total assets or the total value of the firm. For example, a firm having a total value of Rs. ,00,000 and a total debt of Rs. 1,00,000 would have a leverage factor of 50 percent. There are difficult measures of leverage such as. i. The ratio of debt to total capital ii. The ratio of debt to equity iii. The ratio of net operating income (earning before interest and taxes) to fixed’ charges) The first two measures of leverage can be expressed either in book v8lue or market value the debt of equity ratio as a measure of financial leverage is more popular in practice. â€Å" Risk & Financial Leverage: Effects of financial Leverage:  The use of leverage results in two obvious effects: i. Increasing the shareholders earning under favorable economic conditions, and ii.Increasing the financial risk of the firm. Suppose there are two companies each having a Rs. 1,00,000 capital structure. O ne company has borrowed half of its investment while the other company has only equity capital: Both earn Rs. 2,00,000 profit. The ratio of interest on the borrowed capital is 10%and the rate of corporate tax 50%. Let us calculate the effect of financial leverage, both in the shareholders earnings and the Company’s financial risk in these two companies. (a) Effect of Leverage on Shareholders Earnings: |  |   |  |Company A |  |Company B | | | | |Rs. | |Rs. |  |Profit before Interest and Taxes | |2,00,000 | |2,00,000 | |  |Equity | |10,00,000 | |5,00,000 | |  |Debt | |—- | |5,00,000 | |  |Interest (10%) | |—- | |50,000 | |  |Profit after interest but before Tax | |2,00,000 | |1,50,000 | |  |Taxes @ 50% | |1,00,000 | |75,000 | Rate of return on Equity of Company A Rs. 1,00,000/Rs. 10,00,000 = 10% Rate of return on Equity of Company B Rs. 75,000/Rs. 5,00,000 = 15% The above illustration points to the favorable effect of the leverage factor on ear nings of shareholders. The concept of leverage is 5 if one can earn more on the borrowed money that it costs but detrimental to the man who fails to do so far there is such a thing as a negative leverage i. e. borrowing money at 10% to find that, it can earn 5%. The difference comes out of the shareholders equity so leverage can be a double-edged sword. b) Effect of Leverage on the financial risk of the company:  Financial risk broadly defined includes both the risk of possible insolvency and the changes in the earnings available to equity shareholders. How does the leverage factor leads to the risk possible insolvency is self-explanatory. As defined earlier the inclusion of more and more debt in capital structure leads to increased fixed commitment charges on the part of the firm as the firm continues to lever itself, the changes of cash insolvency leading’ to legal bankruptcy increase because the financial ‘charges incurred, by the firm exceed the expected earnings. Obviously this leads to fluctuations in earnings’ available to the equity shareholders. Relationship: Financial and Operating leverage:Relationship between financial and operating leverage:  In business terminology, leverage is used in two senses: Financial leverage & Operating Leverage Financial leverage:  The effect which the use of debt funds produces on returns is called financial leverage. Operating leverage:  Operating leverage refers to the use of fixed costs in the operation of the firm. A firm has a high degree of operating leverage if it employs a greater amount of fixed costs. The degree of operating leverage may be defined as the percentage change in profit resulting from a percentage change in sales. This can be expressed as: = Percent Change in Profit/Percent Change in SalesThe degree of financial leverage is defined as the percent change in earnings available to common shareholders that is associated with a given percentage change in EBIT. Thus, operatin g leverage affects EBIT while financial leverage affects earnings after interest and taxes the earnings available to equity shareholders. For this reason operating leverage is sometimes referred to as first stage leverage and financial leverage as second stage leverage. Therefore, if a firm uses a considerable amount of both operating leverage and financial leverage even small changes in the level of sales will produce wide fluctuations in earnings per share (EPS).The combined effect of both these types of leverages is after called total leverage which, is closely tied to the firm’s total risk. MB0046 -Marketing Management Assignment Set – 1 Q. 1 ]a. Explain the different micro-environmental forces with examples. Forces in the micro environment [pic] 1 The Company Remember, in the previous unit we discussed about marketing mix and marketing plan. Safe Express, a leader in the supply chain management solution wants to hold its number one position in the US $ 90 billion Indian logistics market. The company plans to expand its service areas in the coming months. To meet the targets of the marketing plan, other departments of safe express also expanding their horizon.The Company is coming out with logistics parks in different cities; plans to hold seven million square feet of warehousing capacity in the next three years and invest Rs 10 billion in three years to meet those targets. The above example shows that the company’s marketing plan should be supported by the other functional departments also. 2 Intermediaries Marketing intermediaries: These are firms which distribute and sell the goods of the company to the consumer. Marketing intermediaries play an important role in the distribution, selling and promoting the goods and services. Stocking and delivering, bulk breaking, and selling the goods and services to customer are some of the major functions carried out by the middlemen.Retailers, wholesalers, agents, brokers, jobbers and carry for ward agents are few of the intermediaries. Retailers are final link between the company and the customers. Their role in the marketing of product is increasing every day. 3 Publics These are microenvironment groups, which help a company to generate the financial resources, creating the image, examining the companies’ policy and developing the attitude towards the product. We can identify six types of publics 1. Financial publics influence the company’s ability to obtain funds. For example, Banks, investment houses and stockholders are the major financial publics. 2. Media publics carry news and features about the company e. g.Deccan Herald 3. Advertisement regulation agencies, telecom regulation agency( TRAI), and insurance regulation agency(IRDA) of the government 4. Citizen action groups: Formed by the consumer or environmental groups. For example, people for ethical treatment of animals (PETA) or Greenpeace. 5. General publics: a compa

The Importance of Medical Marijuana

Individual Project # 3 Erricka Mayfield Colorado Technical University ENGL126-1204A-03: Sound Writing October 29th, 2012 Professor: David Mulvihill Introduction: The use of medical marijuana has been a controversial issue since it has been suggested as a method for use as medication. Despite its dissention, it comes by patient recommendation and Doctors prescribe it to their patients based on its medical benefits.Marijuana has been classified as a Controlled Substance and there have been statements that it is a â€Å"gateway drug,† in spite of the accusations against it, patients who use medical marijuana opinions differ greatly. Although documented studies exist weighing the benefits or non-benefits of medical marijuana, it is heartfelt that it should be legalized on the basis that it helps those who are critically ill to cope with various side effects of the diseases like AIDS, Cancer, and Multiple Sclerosis by alleviating pain, vomiting, and nausea.While many patients are a fflicted with side effects from the medications that are used to treat their diseases, the United States Government approved marijuana in pill form called â€Å"marinol† which is available as a prescription and has been proven to not be as effective due to the synthetic ingredient known as delta-9-THC.Whereas, marijuana derived directly from the plant has the original ingredient of delta-9-THC which works with the body’s natural endorphins by working in direct correlation of the body’s opioids receptor system and creating benefits to the patients who use it be restoring ailing patients to some quality of life, while battling these life altering diseases. Body: In 1997, the White House Office of National Drug Control Policy asked the Institute of Medicine to â€Å"review the scientific evidence on the potential health benefits and risks of marijuana† as a gateway drug.To the White House’s surprise and to the benefits of those who desperately need me dical marijuana, the Institute of Medicine proclaimed â€Å"that marijuana usually precedes rather that follows initiation of other illicit drug use. † The Institute of Medicine also states that â€Å"most users of illicit drugs had already used alcohol and nicotine while underage, before the use of marijuana. † In the opinion of the Institute of Medicine they feel that â€Å"because underage smoking and alcohol use typically precede marijuana use, marijuana is not the most common and rarely the first â€Å"gateway† to illicit drug use. In the studies completed by the Institute of Medicine they â€Å"found no conclusive evidence that the drug effects of marijuana are causally linked to the direct abuse of other illicit drugs. † The American College of Physicians also â€Å"urges the review of marijuana as a Schedule I Controlled Substance and its reclassification into a more appropriate schedule, given the scientific evidence concerning marijuanaâ€℠¢s safety and efficacy in some clinical conditions. In simpler terms the Institute of Medicine found no linkable evidence to â€Å"marijuana† being a gateway drug as most have claimed, stating that â€Å"most users of illicit drugs began using either alcohol or nicotine even before the legal age limit,† therefore stating that â€Å"they would not consider marijuana as a gateway drug. † Maybe the Institute of Medicine reaffirms some of the findings, studies, perceptions, and or opinions of others who agree that medical marijuana has some positive benefits.According to Medical Doctor and Former United States Surgeon General Dr. Joycelyn Elders asserts that â€Å"the evidence is overwhelming how marijuana can relieve certain types of pain, nausea, vomiting, and other symptoms caused by such illnesses as Multiple Sclerosis, Cancer, and AIDS or by the harsh drugs used to treat the diseases. † Dr. Elders firmly states â€Å"that marijuana can safely alleviate such symptoms in chronically ill patients and that marijuana is less toxic than many of the medications that Physicians prescribe their patients. The Institute of Medicine contributed information upon a study they completed called â€Å"The Efficacy of Cannabinoid Drugs† which is a study completed on the effects of cannabinoids on a range of symptoms in multiple patients who used medical marijuana. Their findings revealed that the cannabinoids were â€Å"effective in anxiety reduction, appetite stimulation, nausea reduction, and pain relief. † The Institute of Medicine strongly suggested that â€Å"cannabinoids would be well suited for particular conditions like chemotherapy-induced nausea and vomiting and in the AIDS wasting syndrome.A study completed at the University of California at San Francisco â€Å"found that smoked marijuana was more effective at relieving extreme pain in a debilitating condition known as peripheral neuropathy, as well as those patients who have diabetes and multiple sclerosis. To gain a better understanding of how cannabinoids work, they work with specific endo- cannabinoids and are produced by the body and also interact with the body’s natural pain receptors. Based upon the opinion of Doctor Gregory T. Carter, who is Co-Director at the University of Washington Medical Center Muscular Dystrophy Association says that there are really no other medications that have the same mechanisms of actions as marijuana, although â€Å"Marinol† is available by prescription but lacks the advantages by containing only a synthetic ingredient of delta-9-THC, which is only one of many therapeutically beneficial cannabinoids found in the natural marijuana plant. † An advocate for the medical use of marijuana named Rudolph J. Gerber cited a number of independent studies that coincide with the therapeutic uses of marijuana in symptoms affiliated with AIDS, cancer, multiple sclerosis, Tourette’s syndrome and even anxiety.In Mr. Gerber’s citing he found that marijuana’s health benefits were greater opposed to those found in Marinol like â€Å"the onset of relief from the capsule which takes an hour or more, as with the effects of smoking marijuana are only within minutes. † Marinol which is oral form of marijuana and contains delt-9-THC which is metabolized through the liver and neutralizes more than 90 percent of the chemical, while smoked marijuana contains the direct ingredient of delta-9-THC providing the ingredient direct delivery to the bloodstream. Lastly, â€Å"an oral dose of Marinol lasts up to six unpredictable hours, with variable effects, while smoked marijuana lasts a more manageable and predictable hour or two. Conclusion: Overall the benefits of patient using medical marijuana personally out way the recourse of prescription drugs and all of its side effects. Consider this if you know someone personally who is battling a critically illness and regular pres cribed Medications do not suffice, and the patient has to deal with the adverse side effects of the prescribed medications would medical marijuana be an alternative to consider?Would you advocate for the use of medical marijuana to help provide relief to a loved one from crippling side effects of prescribed medication? If so, I urge you today to consider the medical benefits of medical marijuana. Consider how medical marijuana can alleviate pain, and stop vomiting, and relieve nausea by creating relief to a patient who is battling a life altering disease. Just consider the option of medical marijuana! References: http://medicalmarijuana. procon. org/view. resource. php? resourceID Retrieved from www. procons. org Gerber, Rudolph J. Beneficial Effects of Marijuana as a Medical Prescription. † Legalizing Marijuana: Drug Policy Reform and Prohibition Politics. Westport, CT: Praeger, 2004. Rpt. in Marijuana. Ed. Joseph Tardiff. Detroit: Greenhaven Press, 2008. Contemporary Issues Companion. Gale Opposing Viewpoints In Context. Web. 29 Oct. 2012. Retrieved from http://ic. galegroup. com. proxy. cecybrary. com/ic/ovic/ViewpointsDetailsPage/Viewpoints Grinspoon, Lester. â€Å"Medical Marijuana Is an Effective Medicine. † Medicine. Ed. Louise Gerdes. Detroit: Greenhaven Press, 2008. Opposing Viewpoints. Rpt. from â€Å"Marijuana

Grading System

SUPPORT INFORMATION – Flash – BIOS LIFEBOOK AH531 SUPPORT INFORMATION File Description Flash – BIOS LIFEBOOK AH531 Issue: Pages: 20. 08. 2012 3 Windows BIOS Update Utility – LIFEBOOK A531/AH531 Description: File: Version: Date: Size: Status: Manufacturer: Important information: !!! Connect AC adapter before flashing !!! !!! Please suspend BitLocker encryption before updating the BIOS on a computer that has BitLocker enabled !!! !!! Please reboot your system after flashing !!! FTS_Windows BIOS Update Utility – LIFEBOOK A531/AH531_1. 30_1073231. EXE 1. 30 28. 5. 2012 2,91 MB Fujitsu Comment: _______________________________________________________________________________ BIOS Update – Windows for LIFEBOOK A531/AH531 Copyright (c) Fujitsu Technology Solutions 2011 _______________________________________________________________________________ – Inventory 1. Introduction 2. Preparation 3. BIOS Update Procedure 4. BIOS Version History ______ _________________________________________________________________________ 1. Introduction This package contains BIOS update files supporting BIOS Update Windows environment. BIOS Update – Windows _______________________________________________________________________________ 2. Preparation ________________________________________________________________________________________________________ Page 1 of 3 http://support. ts. fujitsu. com/ SUPPORT INFORMATION – LIFEBOOK_AH531 FileDesc_1073231 ________________________________________________________________________________________________________ BIOS Update – Windows After downloading the *. exe file containing the BIOS Update Windows package you need to store the files to any directory. ______________________________________________________________________________ 3. BIOS Update Procedure Important notes: – Make sure that an AC adapter and a charged battery pack is connected to your system. – You ne ed to have administrator privileges to run the BIOS update utility. – First you need to suspend BitLocker encryption before updating the BIOS on a computer that has BitLocker enabled. Attention: – Do not turn off or suspend the computer until the BIOS update has been completed. – BIOS update will be completed by a shutdown / reboot of the system.BIOS Update – Windows: Run BIOS Update Utility (file: *. exe) to update your System BIOS in Windows environment. _______________________________________________________________________________ 4. BIOS Version History Current BIOS V1. 30 Solved problems: – Fixed Blue Screen 0x7B issue. BIOS V1. 29 Solved problems: -None BIOS V 1. 28 Solved problems: – Fixed black screen after resume from standby randomly. BIOS V. 1. 27 Solved problems: – Fixed system can't power on when it goes to S4 and press power button immediately. Fixed system can't boot when CPU Celeron B720 is installed. BIOS V1. 25 to V 1. 26 were skipped. BIOS V. 1. 24: Solved problems: -Fixed input supervisor password over 20 times continuously ,it will be clear automatically. ________________________________________________________________________________________________________ Page 2 of 3 http://support. ts. fujitsu. com/ SUPPORT INFORMATION – LIFEBOOK_AH531 FileDesc_1073231 ________________________________________________________________________________________________________ -ADD F4 key to support Event LOG display.BIOS V. 1. 23 Solved problems: – Update CPU microcode to support Intel CPU i7-2640M BIOS V. 1. 22: Solved problems: – Can't select text in MS words using the Ctrl + Shift + Arrow keyboard shortcuts. – Fixed sometimes ODD can not be recognized in winPE. Known errors, problems and restrictions: – None Additional information: – Patch kernel to fix SCSI command (USB_MASS_STORE_SCSI) length problem in Android OS. (TOSHIBA REGZA SmartPhone) – Improve EFI variable auto recovery algorithm to cover RMA NG ROM failure. Fixed PIT timer issue when resume from S3. – Change the string while My Recovery is loading. â€Å"Please wait while My Recovery is loading†¦ â€Å"–>†Preparing now. Please wait for a while. † – When â€Å"WALKMAN A855† is connecting the system, system will hang up at FUJITSU logo. – The default setting of WOL is disabled in the BIOS setting. Change the power of LAN to low from high for battery life. – Update Realtek LAN controller PXE ROM from v2. 37 to v2. 41. – Fixed system can't boot after removeing AC/DC RTC battery for a while. Fixed memory frequence on 1333Mhz from â€Å"Auto†. – Update BIOS version to support new SPI ROM source. – Update Intel SandyBridge CPU MicroCode. – Correct â€Å"Copyright 1985-2011 Phoenix Technologies Ltd. † string display in BIOS diagnostic screen. ______________________________________ _________________________________________ Copyright (c) Fujitsu Technology Solutions 2011 CONTACT FUJITSU LIMITED Mies-van-der-Rohe-Stra? 8 80807 Muenchen Germany Website: http://www. fujitsu. com/fts/ Grading System SUPPORT INFORMATION – Flash – BIOS LIFEBOOK AH531 SUPPORT INFORMATION File Description Flash – BIOS LIFEBOOK AH531 Issue: Pages: 20. 08. 2012 3 Windows BIOS Update Utility – LIFEBOOK A531/AH531 Description: File: Version: Date: Size: Status: Manufacturer: Important information: !!! Connect AC adapter before flashing !!! !!! Please suspend BitLocker encryption before updating the BIOS on a computer that has BitLocker enabled !!! !!! Please reboot your system after flashing !!! FTS_Windows BIOS Update Utility – LIFEBOOK A531/AH531_1. 30_1073231. EXE 1. 30 28. 5. 2012 2,91 MB Fujitsu Comment: _______________________________________________________________________________ BIOS Update – Windows for LIFEBOOK A531/AH531 Copyright (c) Fujitsu Technology Solutions 2011 _______________________________________________________________________________ – Inventory 1. Introduction 2. Preparation 3. BIOS Update Procedure 4. BIOS Version History ______ _________________________________________________________________________ 1. Introduction This package contains BIOS update files supporting BIOS Update Windows environment. BIOS Update – Windows _______________________________________________________________________________ 2. Preparation ________________________________________________________________________________________________________ Page 1 of 3 http://support. ts. fujitsu. com/ SUPPORT INFORMATION – LIFEBOOK_AH531 FileDesc_1073231 ________________________________________________________________________________________________________ BIOS Update – Windows After downloading the *. exe file containing the BIOS Update Windows package you need to store the files to any directory. ______________________________________________________________________________ 3. BIOS Update Procedure Important notes: – Make sure that an AC adapter and a charged battery pack is connected to your system. – You ne ed to have administrator privileges to run the BIOS update utility. – First you need to suspend BitLocker encryption before updating the BIOS on a computer that has BitLocker enabled. Attention: – Do not turn off or suspend the computer until the BIOS update has been completed. – BIOS update will be completed by a shutdown / reboot of the system.BIOS Update – Windows: Run BIOS Update Utility (file: *. exe) to update your System BIOS in Windows environment. _______________________________________________________________________________ 4. BIOS Version History Current BIOS V1. 30 Solved problems: – Fixed Blue Screen 0x7B issue. BIOS V1. 29 Solved problems: -None BIOS V 1. 28 Solved problems: – Fixed black screen after resume from standby randomly. BIOS V. 1. 27 Solved problems: – Fixed system can't power on when it goes to S4 and press power button immediately. Fixed system can't boot when CPU Celeron B720 is installed. BIOS V1. 25 to V 1. 26 were skipped. BIOS V. 1. 24: Solved problems: -Fixed input supervisor password over 20 times continuously ,it will be clear automatically. ________________________________________________________________________________________________________ Page 2 of 3 http://support. ts. fujitsu. com/ SUPPORT INFORMATION – LIFEBOOK_AH531 FileDesc_1073231 ________________________________________________________________________________________________________ -ADD F4 key to support Event LOG display.BIOS V. 1. 23 Solved problems: – Update CPU microcode to support Intel CPU i7-2640M BIOS V. 1. 22: Solved problems: – Can't select text in MS words using the Ctrl + Shift + Arrow keyboard shortcuts. – Fixed sometimes ODD can not be recognized in winPE. Known errors, problems and restrictions: – None Additional information: – Patch kernel to fix SCSI command (USB_MASS_STORE_SCSI) length problem in Android OS. (TOSHIBA REGZA SmartPhone) – Improve EFI variable auto recovery algorithm to cover RMA NG ROM failure. Fixed PIT timer issue when resume from S3. – Change the string while My Recovery is loading. â€Å"Please wait while My Recovery is loading†¦ â€Å"–>†Preparing now. Please wait for a while. † – When â€Å"WALKMAN A855† is connecting the system, system will hang up at FUJITSU logo. – The default setting of WOL is disabled in the BIOS setting. Change the power of LAN to low from high for battery life. – Update Realtek LAN controller PXE ROM from v2. 37 to v2. 41. – Fixed system can't boot after removeing AC/DC RTC battery for a while. Fixed memory frequence on 1333Mhz from â€Å"Auto†. – Update BIOS version to support new SPI ROM source. – Update Intel SandyBridge CPU MicroCode. – Correct â€Å"Copyright 1985-2011 Phoenix Technologies Ltd. † string display in BIOS diagnostic screen. ______________________________________ _________________________________________ Copyright (c) Fujitsu Technology Solutions 2011 CONTACT FUJITSU LIMITED Mies-van-der-Rohe-Stra? 8 80807 Muenchen Germany Website: http://www. fujitsu. com/fts/

Choose one of the following Assignment Example | Topics and Well Written Essays - 1750 words - 3

Choose one of the following - Assignment Example Keyser, with the ship and crew, had left Smith at the second to last port which was why Smith had brought the case to court. While these issues were dealt with, the issue of both men killing and stealing Negroes in Africa was ignored. â€Å"In 1645, Richard Saltonstall petitioned the General Court that justice be done on Smith and Keyser for murder and man stealing. The court ordered the release of the two Negro slaves but apart from that, the case was not pursued† (Winthrop). This is a perfect example of form over substance. On paper, the court was right in its decision. The Negro slaves that were on their land were given back their liberty, while Keyser and Smith’s actions in Africa could not be pursued; it was out of the court’s jurisdiction. The â€Å"form† of the matter had been dealt with. But yet again, society chose to look at the form of the matter rather than the substance. Keyser and Smith both committed heinous crimes but as the Statute allowed enslavement, the matter was dealt with an ignorant

Exposed Essay Example | Topics and Well Written Essays - 500 words

Exposed - Essay Example When they were not ready to co-operate with me, I complained to my supervisor, and the same is not against anyone, but against the misconduct of the whole group. In addition, I would seek help from the supervisor to resolve the conflict and I will be ready to co-operate with my co-workers. On the other side, I would advise Jane that one must not use email to discuss sensitive or private information with co-workers/ supervisors. One can see that Harold Grimes dealt with Jane’s grievance/complaint in a professional manner. But Alisha Jones circulated files including the company’s rules, added with Jane’s email. To be specific, Alisha Jones tried to convince the workers that one of them faces stress and alienation in his/her workplace. So, she forwarded the email as a proof. This increased the scope of further tension among the employees. So, I would advise Jane that email is not a safe mode of communication to discuss sensitive or private information with co-workers or supervisors. On the other side, she can directly contact Harold Grimes because his duty is to supervise the workers and to resolve the conflicts among them. First of all, I feel extremely sorry to say that I was forced to complain to our supervisor, on your rude behavior. You people were aware of the fact that I am a new member to our existing work team. I am not complaining, but pointing out some facts on workplace harassment/alienation face by me. You people had been together for a long time and it is your duty to amalgamate a new member to the core of the group. As far as I am concerned, I was so excited to work with an existing work team. But you people did not try to help me by sharing your own language and code of conduct with me. You people know that I tried my level best to co-operate, but for no use. For instance, you people used to share private

William Hill portfolio diligence Essay Example | Topics and Well Written Essays - 7500 words - 1

William Hill portfolio diligence - Essay Example Purpose, findings, and research questions that will guide the study are generated from the shareholders’ effects and the motives for acquisition. The data for this study will be the secondary data from Journal of Financial Economics. In the background study, I analyse the reasons for William Hill’s takeover and stipulate the post-takeover performance of the company. Motives for acquisition of Stanley Leisure and shareholders’ value are critiqued in the following project. In this project, I have used the capital assets pricing model (CAPM) in methodological analysis and OLS Regression for data sources. I can resolve if William’s merger was worthwhile through liquidity-based explanations. Mergers and acquisitions involve the amalgamation of two or more firms or the purchase directed to current firm within the foreign country. This was established by Whiting (1976) that acquisitions are effected through capital transfer, use of marketing skills, and presence of skill for management to increase the efficiency of the companies concerned. The development of better information systems in the global trade can enable a company increase its level of performance and meet its customer needs better. I will discuss in detail the research questions that will assist William Hill in acquisition of Stanley Leisure; due diligence need by William Hill is to enable the shareholders with adequate concept of underlying William acquisition portfolio than the prevailing market allocation of betting services.

HMLS 302 Case Study Essay Example | Topics and Well Written Essays - 1500 words

HMLS 302 Case Study - Essay Example ers to drones as Unmanned Aerial Vehicles, UAV’s, which it claims will enhance the effective response to national and international matters such as disaster, homicide, terrorism, rescue operations, and various other situations that require an overhead surveillance approach, mostly in security (Homeland Security News Wire, 2012). The Bill signed into law by President Obama after Congress passed it in February 2012 requires of the military and security bodies to develop and fine-tune the not-so-common-now technology, referring to it as a necessary and significant step in advancing America’s aerial surveillance and security. In addition, the permission will extend to private and commercial UAV’s that will see them access the airspace above America which is currently ruled by manned aeroplanes. The explanation of this is that such measures will enhance the landings and take-offs of planes which currently rely on out of date and complex systems (Wagstaff, 2012). The following discussion will highlight the key controversies of this debate that circle within safety and privacy of the wider American population in regards to the UAV technology. It is unclear whether the debates arise from a foreshadowed implication that is likely to arise from the use of UAV’s or due to lacking knowledge regarding their handling and operation. It is however important to come to terms with what drones really are, how they operate and what their largest implications are likely to be. Commonly known as drones, these technological giants are referred to as Unmanned Aerial Vehicles or Remotely Piloted Air Systems by security bodies such as the Homeland Security Department. Unknown to many, drones have been in existence for a while, only that their use has been in small-scale discreet (military) operations such as hunting down and tracking wanted personnel in terrorist bases such as Pakistani. The original idea of creating drones was to use them in areas termed as difficult or too

The Place to Work in the Bank Essay Example | Topics and Well Written Essays - 500 words

The Place to Work in the Bank - Essay Example For this to happen, you need to put your best foot forward and we would expect you to adhere to the rules and regulations that govern the professional conduct here. The working hours are fixed, though, you may come in a bit late with the prior permission of your manager. Do remember to inform your manager in advance so that the customers do not have to wait at the counter or in your office. You have to ensure that you abide by the timings and if you have put in extra hours, you can claim overtime for it. Note that overtime does not apply to the managerial cadre. Your attire must be professional and it must not be flippant or causal. Men are expected to wear ties and optionally a jacket or a suit. Women are expected to dress professionally in business suits. No jeans or sneakers are allowed on all days. On some Fridays that are specially designated, you may come in casual attire. These days would be intimated to you in advance and most of the time there would be some fun and frolic along with celebrations of special occasions in the office. You are not allowed to have food or drinks at your work seat. There are designated cafeterias for these. You are expected to be civil with the customers and put up with minor irritants in their behavior towards you. However, you may raise the issue with your manager if you feel that a particular customer is behaving badly with you.

The Palace of King Minos Essay Example | Topics and Well Written Essays - 2250 words

The Palace of King Minos - Essay Example An Antiquarian and Numismatist, Sir Evans contracted my assistance on the project toward historiographic documentation of his work, and that of Duncan MacKenzie whom will provide oversight on the forthcoming archaeological excavation. Inspired by the work of one of my colleagues, Heinrich Schliemann and his discovery of the royal tomb at Mycenae in 1876, Sir Evans has made numerous trips to Crete and the site at Knossos since the first encounter in 1894. In the Ancient Minoan period, the great palace is not only a royal residence but also the center of administration for the broader agrarian and maritime economies of the island. The site of exchange for governance of Cretan society, and locus of power in communiqu with other seafaring cultures of antiquity, the Palace of King Minos was to become my greatest resource for inquiry into to ancient civilization. While I had spent time following others like Schliemann around the Mediterranean in writing about the development of Bronze Age cultures, nowhere was I enlightened to the human spirit and its potential for inculcating both equity and whimsy into a praxis of leadership. Unlike the hierarchies of the Ancient Egypt Egyptian Kingdoms of the same period, Crete main tained a separate culture that could very well be the precursor to democratic monarchies of the modern period. Six Months later . . .How does a historian go about constructing an adequate chronological framework for such a site as we are uncovering We have been toiling at our work endlessly as Mr. MacKenzie and his crew of local workers dig, dust and classify the bronze statuary from both Crete, and the surrounding Mediterranean, the vast amount of clay pottery, and even shards of ivory and other foreign materials from as far away as East Africa that are so indicative of the world of abundant trade that the Minoans engaged. The robustness of their culture and especially successful economic trade with other civilizations, attests to the high standard of living that the culture enjoyed well beyond what might have been expected in Europe even one hundred years ago. We have decided upon a Chronology for the Minoan Bronze Age which is now determined to be three periods: Early, Middle and Late Minoan (em, mm, lm). Subdivision of the periods has been classified according to noticeable shifts in pott ery styles. Late Minoan pottery: (a) conical rhyton, h. 325 mm, from Gournia, Room C58, lm ib; (b) ovoid rhyton, Marine style, h. c. 240 mm, from Palaikastro, lm ib; (c) bridge-spouted jar, Special Palatial tradition, Floral style, h. 165 mm, from Knossos, lm ib; (d) 'Ephyraean' goblet, h. 150 mm, from the Temple Tomb, Knossos, lm ii; (e) jar, Palace style, h. 850 mm, from Knossos, lm ii-iiia:1 (all Herakleion, Archaeological Museum); (f) stirrup jar, Close style, h. 105 mm, from a tomb at Tourloti, lm iiic (Philadelphia, PA, University of Pennsylvania, University Museum of Archaeology and Anthropology).iMuch effort has gone into geographic analysis of the site, and interpretation of planning that is an obvious precursor to Roman topographic renderings available to us today. The Palace at Knossos is to our best estimation 1300 BC. The

Mac & Cheese Essay Example for Free

Mac Cheese Essay The article â€Å"Why Games are Good for You† by Steven Johnson presents reasons why electronic video games are not harmful. While other people have written and talked about the harms that video games bring to young people. , Steven Johnson argues just the opposite. He says that video games have many benefits including making us smarter. Steven Johnson begins his article by describing what the critics say about video games. First, they are a great waste of time says Dr. Spock. At their worst, they promote violent responses from children. The main argument about video games is that they take away from children reading. Then the author presents the reasons that reading is so good for people. However, the author then says that a lot of the criticism about video games is because they are being judged by old standards by people who believe reading is the main way for children to learn skills. He asks the reader to think of a world where video games came before books. Then he argues that the criticisms of books would look a certain way. The criticisms are the author’s way of showing benefits of video games, like they are three-dimensional, and they have strong visual images and sound. The user uses complex motor skills to navigate them. Also, he shows that the children interact with the games and can control what happens in them. Steven Johnson then shows that the arguments used against books in this made up situation are like the ones used for video games. They do not show the benefits of reading like using the imagination or the shared experience of reading the same story. The arguments against video games are limited also says the author. He says if you compare video games to books, then the games will not be judged well because the two are so different. Next, he talks again about the benefits of reading like concentration and making sense of words and meanings. After showing how reading brings many benefits, he then argues that some of the benefits of readings are found with video games. He says, â€Å"By almost all the standards we use to measure reading’s cognitive benefits—attention, memory, following threads and so on—the nonliterary popular culture has been steadily growing more challenging over the past thirty years† (485). Research is showing in the last few years that people who play video games regularly are gaining important skills. In fact, Steven Johnson argues that â€Å"Increasingly the nonliterary popular culture is honing different mental skills that are just as important as the ones exercised by reading books† (485). He provides examples of why he believes this. Steven Johnson does not agree with critics of video games who believe they are not only a waste of time for children, but can cause harm. Instead, he argues that video games provide many benefits and skills for children including motor skills, interaction with a narrative, a rich landscape of sounds and images and so forth. Other researchers are starting to agree that video games are providing some benefits. Steven Johnson believes that video games should be valued more, but he also suggests that reading is still important. The main point, though, is that parents and others should stop thinking that video games are all bad and appreciate the value they bring to the child.

Lim Goh Tong

Lim Goh Tong The person who I admire most is Lim Goh Tong, and thus i had choosen him for my Malaysian Studies term paper topic. There are many great things of Lim Goh Tong that I always admire. He is not only a hardworking person, but also a smart businessman who do the right thing at the right time, I think its safe to say the greatest businessman in Malaysia. Lim Goh Tong was raised in an lower middle-class home, a rustic environment in a village, and was forced to leave school at 16, but yet this didnt hold him back in achieving his dream. Malaysians, especially the young generation, have a lot to learn from Lim Goh Tong. His spirit and courage in meeting challenges have enabled him to rise from nobody to somebody. Even without the advantages of higher education, he has proven that nothing is impossible. 2. Parents and Background He was born in 1918 in Anxi, a county in the region of Quanzhou, Fujian Province. Anxi is well-known for its Oolong tea, and Tiegunyin. His forefathers originated from Penglai, Fujian. At an early time, they migrated to Anxi and settled down there. His grandfather was Lim Mei Chow. His father, Lim Shi Quan, was the eldest of four boys in the family. The other boys were Lim Mo Zi, Lim Mo Sen and Lim Mo Jin. Like Lim Goh Tong, his father and grandfather was an upright man, loved and respected by anyone. His mother, Goh Ban, did not come from a rich family. But she always had the principle of being a good wife and mother. A gentle, affable lady with strong religious beliefs, she loved her family deeply and set a great store by proper upbringing for her children. His father own a business of dealing in vegetable seeds, rabbits and other items, while his mother took care of her seven children. Despite her bound feet, she had to do a lot of heavy work. But she never complained. The couple worked perfectly as a team, in line with the age-old Chinese thinking that the man should take charge of external affairs and the woman, domestic matters. A good parental teachings is very important that could affect a childs life through his behaviour and attitude. Same goes to Lim Goh Tong, his parent had been tirelessly teaching them with traditional Chinese virtues. They kept telling him the importance of hardworking and perseverance. Such parental teachings have a big impact on him and he always have the thought of once he make a commitment to do something, he must try his best to accomplish it. His parent frequently says: Do good to others and youll be rewarded somehow. this has been locked in his mind always, making him a humble man that respected by everyone that works with him. 3. Origin of His Name Lim Goh Tong The name Goh Tong is Fujuan dialect, in Chinese it would be Wu Tong, meaning the parasol tree. According to southern Chinese legend story, the phoenix, the legendary king of the birds, would rest only on wutong trees. There is even a saying of planting a wutong tree to attract phoenix for good fortune. His parents name him after wutong tree was to hoped to bring Lim Goh Tong a good fortune. 4. His Childhood The 1911 Revolution led by Sun Yat Sen that brought an end to Chinas long history of imperial dynasties. Fortunately, his life was relatively sheltered in village, his family was a warm and happy one, he had a happy childhood and opportunity to start studying the Chinese classics at the age of six, when he was not studying, he used to help his father selling vegetable seeds, tea leaves and other goods by the roadside or in the neighboring town of Yongchun. But disaster strucked, his father passed away when he was 16. With the lost of his father, he was forced to leave school. As the oldest son, he had to take over the heavy burden of feeding seven mouths in the family. After getting over the shock and pain of losing his father, he took over his trading business, he faced all sorts of problems. On his first day of business in Yongchun, he had failed to make even a single sale. Life as seed seller was tough. He had to leave home before dawn everyday and walk all the way to Yongchun. Two years passed. He managed to save up about 100 dollars. But due to continuing of civil war came the threats of banditry in his native place. Faced with security problem and declining business, he decided to give up trading to work as a carpenter. This was to be his line for next two years. In the meantime, the situation in China was becoming more and more worrying. Apart from suffering the turmoil from fighting between warrng factions, the people were bracing themselves for a Japanese invasion. As it became increasingly difficult to support a family, many people were head to Nanyang for better opportunity. 5. Head to Malaya Follow his forth uncle footstep, Lim Mo Jin, who had emigrated to Malaya many years earlier and started a contracting business, was already a successful Class A contractor in Kuala Lumpur, he decided to venture out to Malaya and asked his mother if she would lend him part of the money for traveling expenses. And she agreed. In 1937, the year the Japanese staged the Lugouqiao / Marco Polo Bridge Incident (a battle between the Republic of Chinas National Revolutionary Army and the Imperial Japanese Army.). He set off for Malaya with a small suitcase and 175 dollars 100 from his mother and 75 from his own savings. He was 20 years old then. After sailing the South China Sea for eight days, he landed in Singapore, and left 120 dollars. He stayed for two days with his eldest sister before leaving for Kuala Lumpur by train. Kuah Shai Hai, elder brother of his eldest sisters husband, paid for his train ticket and also gave him two dollars for pocket money. In Kuala Lumpur, he lived with his fourth uncle, Lim Mo Jin, and worked for him as a carpenter. He was paid on a daily-wage basis. That meant earning 80 cents a day when there was work and nothing when there was none. Despite his low income, he managed to save up some money to send to his mother every month. In the mean time, he learn Malay Language while working for his uncle. After two-year stint with his uncle, he decided that with the experience he gained, he decided to start out as a building sub-contractor. His first job was to build a two-storey school at the 9th miles, Cheras Road, Kuala Lumpur. He completed the job successfully and made a profit of more than 100 dollars. Three years passed by quickly, he decided to take a risk in returning home. On 29th November 1940, he left for Xiamen by sea via Singapore and continued his journey home by way of Tongan. By then, the Japanese had overrun Xiamen but Tongan remained in the hands of the Nationalists. To avoid trouble, the ship he was sailing on flew the Japanese flag when it entered Xiamen waters and switched to the Chinese flag as soon as it was out of the sphere of Japanese control. He was arrived in Anxi safely. He worked as carpenter in his hometown for 7 months and 7 days then only decide to go back Malaya as the war environment was getting worst. As soon as he back to Malaya, the Japanese restr ict travels in and out of Fujian Province, if he were hesitated about leaving, Genting wouldnt have exist now. About four years later, his mom passed away, sadly, he didnt even have the chance to see her for the last time. He arrived in Kuala Lumpur on August 1941, his fourth uncle then made him a foreman to lead on contractor project. 6. Impact of Japanese invaded Malaya As the Sino-Japanese war continue, rumour about Japanese going to attack countries in Southeast Asia were sirred up. To monitor the movements of Japanese warships, the British colonial government in Malaya decided to build an observation tower on a beach in Penang. His fourth uncle was awarded the job after a successful tender. He entrusted Lim Goh Tong with the task of overseeing the project. He left for Penang immediately to make the necessary preparations. But before he could commence work, the Pacific War had broken out and the project was abandoned. He hurried back to Kuala Lumpur as the strong rumours that a Japanese invasion was going to start. Soon after, the Japanese troops landed, swept through the country and began their brutal occupation that lasted three years and eight months. Kuala Lumpur was in terror after Japanese soldiers overran the city in mid Janyary 1942. Lim Goh Tong and his fourth uncle and Aunt was hid in a rubber plantation near Ampang New Village. During the earlier part of the Japanese Occupation, he earned a living as a vegetable farmer, after eight months, he decided to switch to petty trading. By using his previous experience back home, he started by selling tea leaves, Tiger Balm and other goods in and around Kuala Lumpur. Every morning, he would set off on his bicycle, going from one village to another , shouting his wares along the way. In the course of moving around Kuala Lumpur and Selangor, he came into contact with some others from Anxi who were doing well in second-hand hardware trading. After saving up some money, he joined their ranks. Soon with proper management, his business picked up quickly and he managed ti accumulate a good amount of savings. In 1945, towards the end of World War II, a Japanese-owned steel mill in Klang bought a large quantity of scrap iron from him. Before its Japanese manager could settle the account, he was crippled after being involved in a gun battle with anti-Japanese fighters. Meanwhile, the war situation changed and all signs were pointing to an imminent Japanese surrender. Lim Goh Tong was worried as the debt owed by the steel mill would become irrecoverable, so he got someone to help him write letter for the Japanese manager to sign to certify that he had a large stock of unpaid-for scrap iron in the steel mill. This letter would enable him to claim it back from the relevant authorities that would take over the steel mill. The Japanese finally surrender and British troops returned, with the letter signed by the Japanese manager, he succeeded in claiming back hundreds of thousands of dollars as the stock of scrap iron from British authorities. When the British returned to Malaya, they brought along large quantities of machinery such as cranes, bulldozers and concrete mixers for reconstruction of public facilities. Upon completion of various projects three or four years later, they sold the used machinery to citizen. Lim Goh Tong see the opportunity as many abandoned mines and rubber plantations resumed operations, there was an urgent demand for heavy machinery, especially in the mining sector, so he bought many of the second-hand machines on offer, then reconditioning them and giving them a new coat of paint and resold them at two to three times the prices he had paid for them. 7. Construction Company Kien Huat In 1951, he started buying used bulldozers from military airbases in Johor and Singapore then sell it off to British-owned oil factory, iron mining company and contractor to earn the profit of the price differences.. Ever since he started dealing in heavy machinery, Lim accumulated a wide range of reconditioned machines as well as a substantial amount of cash to move into construction and related industries. In the name of his family construction company, Kien Huat Private Limited. It was first name as Huat Kee, until someone told Lim Goh Tong that companies that named themselves xxx Kee were usually small timers without great ambitions. In 1954, Kien Huat completed several government projects, including the construction of a 20-mile road from the Old Klang Road in Kuala Lumpur to the Majestic Cinema in the old town of Petaling Jaya. The project was completed in three years at a cost of $1 million. Kien Huat was awarded a contract by the Kuala Lumpur Municipal government to construct part of a four-mile sewer from the Kuala Lumpur Railway Station to Klang Road. Each sewer section was 10 feet long, six feet in internal diameter and weighed six tons. The project cost $4.1 million. Construction of the other 1.5 miles of the sewer was undertaken by another contractor. It was a challenging project because two contractors has failed to complete the task, the first one had worked on it for only eight months before quitting without succeeding laying even a single sewer section. The second contractor, a reputable British firm that had demanded a price several times the original before agreeing to take over the job, also failed to complete it. It was due to the soil conditions actually, the soil structure contain 80 percent of rock overlaid with sand and a high water table, but Lim Goh Tong successfully completed the project by using gravel pump instead of water pump by keeping the soil dry enough for concrete to work out. After four years of Kien Huat commencement, Kien Huat had proven its capabilities by successfully completing many major projects. In 1955, Kien Huat had upgraded to Class A Contractor, which means it is qualified to undertake public projects of any size. 7.1. Construction of Ayer Itam Dam Project in Penang Of all the projects undertaken by Kien Huat in 1950s, the one that it took the greatest pride in was the Ayer Itam Dam in Penang. It was not only a milestone for the country but also a first for the local construction industry. The $12 million dam was the first to be built in the country; it was also the first time that a local contractor had been given a construction job of such scale. The dam project was commissioned by the Water Works Department of the Penang government to supply drinking water to the islands residents. During the construction of Ayer Itam Dam, accidents do happens. The British consultant engineer was of the opinion the soil structure at the site was strong enough to support without using wooden until reach 10 feet deep. But Lim Goh Tong concern about the workers safety and it was unsafe to carry out excavation without supporting structures to prevent cave-in. Thus, he ignored the British advice and implemented wooden support for safety purposes, and the project p rogressed smoothly. One day, while Lim Goh Tong was away in Kuala Lumpur, the British engineer asked the workers to remove the wooden supports, and disaster struck, the cave-in occurred soon after killed five workers and injured more than 20 others. Lim Goh Tong rushed back immediately and the engineer admitted his mistake and apologised to Lim Goh Tong. The safety measure adopted once again, and the project was alright in the next four years and completed in 1962, which started in February 1957. The Ayer Itam Dam not only solved the drinking water shortage problem for the islanders, but also helped to prevent flooding during monsoon season. 7.2. Construction of Sultan Yahya Putra Bridge Project, Kota Bharu Ever since Kien Huat had upgraded to Class A Contractor, Kien Huat has becoming busier. Apart from building the dam project in Penang, it also constructed the main building, the mosque and hostel of the Teacher Training College at Pantai Valley in Kuala Lumpur. In 1962, Kien Huat was given the job of constructing the Sultan Yahya Putra Bridge in Kelantan. Costing RM5.2 million, the 2800-foot bridge linking Kotha Bharu and Pasir Mas and leading on to southern Thailand. 7.3. Construction of Hydroelectric Project, Cameron Highlands In 1962, Kien Huat had the opportunity to work on the RM20 million hydroelectric project in the Cameron Highlands, Pahang, The mission of Kien Huat was to construct two dams, one at the seventh mile and another at the 14th mile Tapah-Tanah Rata trunk road and four power stations. The project was designed to meet the growing demand for electric power in Kuala Lumpur. Upon completion of the project in 1968, he moved most of his heavy machinery to Kelantan to work on the Kemubu Irrigation Scheme project, which turned out to be an evenful one that almost make Lim Goh Tong to bankrupt 7.4. Construction of Kemubu Irrigation Scheme, Kelantan The Kemubu Irrigation Scheme is the second largest in Malaysia after the Muda Irrigation Scheme in Kedah, it was implemented by the Agriculture Ministry with a Rm30 million loan from the World Bank to enable farmers to carry out cropping on 47,000 acres of rice land in Kelantan. Kien Huat won the contract with a bid of Rm 54 million, a whopping RM 10 million lower than the closest rival bid of RM 64 million. Many in the same trade think that Lim Goh Tong has gone crazy with the huge lose of money, but instead Lim Goh Tong didnt give up but wanted to prove them wrong. The project was a complicated one that called for the construction of a network of some 570 km of criss-crossing irrigation canals. More than nine million cubic yards of irrigation canals. More than nine million cubic yards of earth had to be excavated and 2000 reinforced concrete structures fabricated for diverting water into paddy fields. In addition, they had to build more than 200 bridges that used up some 20000 feet of concrete pipes of diameters ranging from 3 to 6 feet. Based on Lim Goh Tong calculation, he would be able to make RM 3 million from the project. Work commenced on 1st August 1968 after the contract for the project had been signed. The French firm of Sogreah acted as project consultants. In the months that followed, the project face many problems, like delay in the Governments acquisitions of land, thefts of equipment and materials from work sites, severe flooding due to monsoons and the May 13, 1969 incident. Progress of work slowed down greatly. All the problems causes RM5 million loss at the end of the first year and causing financial problem. Just when the problem happened, Mr Chin Sophonpanich, then chariman of Bangkok Bank, gave him an overdraft. At that time his overdraft account with Bangkok Bank was more than RM5 million in the red. Cash flow problems aside, he then continue with his project, but unfortunately at the end of the first year, Kien Huat had managed to complete only five per cent of the project. And thus, the projects consultant was unhappy, and in the next two months, they kept issuing warning letters to Lim Goh Tong. In a single day on 19th August 1969, he received 29 registered letters, all with the same contents saying that they would sue him and make him a bankrupt. Lim Goh Tong decide to hit back and to meet with project manager, telling them the delay of project was created by late land acquisitions from the Government, all proven by documents and hence it is unfair to put the blame on Lim Goh Tong. Lim also make a bet of if he could finish only another five or six per cent of the project after six months, then the project manager could sue him to bankrupt, they have granted him permission to continue with the project then. Lim Goh Tong the scaled down the structures as he found the structure was over design, the consultants too approved his proposal. The change resulted in a much simpler and faster way of working, less than 4 months he had completed about 60 percent of the whole project. And eventually the Kemubu Irrigation was completed on schedule, Kien Huat not only managed to make a profit of RM4 million, but also help the Government save more than RM10 million in costs. 8. Join in Southern Bank While Lim Goh Tong was building the Ayer Itam Dam, he used to get his fuel supply from a petrol station at the foothill. In the view of frequent transactions, He decided, for convenience, to make out a RM 5000 cheque then have his purchases deducted there from, upon depletion of the amount, he would top up with another RM 5000 cheque. By chance, he knew the petrol station boss Tan Sri Loh Boon Siew, a well known Malaysian enterpreneur now. Later, Tan Sri Loh Boon Siew invited Lim Goh Tong to jon him, Low Yat, Tan Seng Kee and Lim Chong in establishing Southern Bank, Penang first local bank. Each of them own 20 per cent stake. Lim Goh Tong stake in the bank was then taken over by Tan Teong Hean, his eldest son-in-law and son of Tan Seng Kee. Today, Southern Bank is one of the 10 core banks in Malaysia. 9. Development of Genting Highlands His idea of developing a mountain reort was not the result of an active search for business opportunities, in fact it was pop up in his mind in one night in 1963. At that time, he was sub-contractor for the Cameron Highlands Hydroelectric Project. That night, he had dinner in Cameron Highlands with the German firms General Manager, chief engineer and nine other people. After a few rounds of liquor, he felt hot and went out for some fresh air, as he stood there taking in the enchanting highland night view, cool breeze blew over him. It was so soothing and refreshing that he just closed his eyes and took a deep breath of mountain air. Then a train of thought ran through his mind. The first thing that struck him was that in tropical Malaysia, everybody likes to retreat to a cool mountain resort for a holiday every noe and then. This could be seen from the popularity of Cameron Highlands with the local as well as foreign tourists. But Cameron Highlands was a good four or give hours drive from Kuala Lumpur and the roads uphill were narrow and winding. He was also convinced that as the standard of living rose steadily in a fast developing Malaysia, more and more people would visit moutain resorts for relaxation and recreation. A Kuala Lumpur resident for many years, he was familiar with the terrain of its surrounding areas. He knew the only likely place to find a mountain high enough for a resort was around Bentong in the east. The moment he returned to Kuala Lumpur, he got hold of a topographical map of the Bentong district and scanned it. Gunung Ulu Kali at a place called Genting Sempah caught his eyes immediately. Within days, he assembled a team to explore the mountain and its surrounding areas. During the expedition that lasted nine days and eight nights, they gathered a wealth of data on the topography, drainage, soil conditions and other relevant aspects of the region. During their survey, they discovered that the little known mountain is in between border of states of Pahang and Selangor. In te latter part of 1963, he began by putting in an application to the Pahang State Government for the land at Genting Sempah for development of a tourist resort. The Bentng District Officer advised him to approach the Federal Government directly as the yalready had a plan to develop Genting Sempah. Tan Sri Haji Mohd Noah bin Omar introduce him to Tunku Abdul Rahman, our first Prime Minister. Tunku Abdul Rahman confirmed that the Government had wanted to develop the mountrain, but the plan had been postponed due to the road of access that require about 15 years to complete. Moreover, the country was confronting with Indonesia. Putting huge amount of funds into the development of a holiday resort at that time would give ammunition to the opposition, thus Tunku Abdul Rahman decided to allow the private sector to carry out the project. After preparing a project paper within a week to Tunku Abdul Rahman, he approved Lim Goh Tong to start the project. On 27th April 1965, Tan Sri Haji Mohamad Noah and Lim Goh Tong incorporated a private company called Genting Highlands Sdn Bhd. For the next five years, they applied to the Pahang and Selangor State Government for 4940 hectares and 1110 hectares of freehold land respectively. With Tunkus recommendation, the Pahang State Government approved their application. However, the Selangor Menteri Besar Datuk Harun Idris would only give the land on a 99-year lease. Lim went to see Datuk Harun and explained to him that he needed a freehold land because it would take 30 to 40 years and enormous investments to build roads, hotels, staff quarters and to install water and electricity supplies in the jungle area. At last, his request has been granted. On 8th August 1965, he led a team of technicians and workers to begin work, the government then agreed to build a telecomunications tower half-way up the mountain for better reception but with condition of the road has to be completed in three years and promised giving RM900,000 subsidy. Since he had to complete it fast, he make his construction team to work in two shifts round the clock, seven days a week. Besides working flat out on the job, he also threw in all the resources and equipment of his family company, Kien Huat, including bulldozers, tractors, air compressors and lorries. To complicated matters, around this time Lim had to start work on th Kemubu Irrigation Scheme in Kelantan, the contract for which he had bid earlier. Supervising and co-ordinatiing the two projects at the same time stretched his physical endurance to the limits. He shuttled between Kuala Lumpur and Kelantan, to him there were no rest days on Sundays and public holidays. Fortunately they did meet the dea dline and receive the promised RM900,000 subsidy, a big amount at that time and a great help to them. There was, however, another problem happen before Gentings official opening. When it was all geared up to commence business in January 1971, Kuala Lumpur and its surrounding areas were hit by the worst rainstorms in a century. The road to Genting was closed by landslides at 180 locations. It took them some four months to repair the damaged sections. Finally, Genting opened its door for business on 8th May 1971. It was a dream come true for Lim Goh Tong 9.1. Development of Genting Casino Lim Goh Tong original vision for the Genting resort was a highland retreat where the old and the young families could come to holiday. On 31st March 1969 when our Bapa Malaysia Tunku Abdul Rahman made his first visit to Genting Highlands. In his speech, the Tunku said he was moved by Lim effects to develop, without Government help, a highland resort for all Malaysians and thus greatly contribute to the countrys tourism indusry. To help improve Genting to a better tourist spot, Government would consider an application from Genting to operate a casino. On 28th April 1969, Lim submitted his application for a casino licence to the Government through the Tunkus Private Secreatary, Datuk Nik Hassan. Later in afternoon, just six hours after Lim submitted his application, came the good news that it had been approved and he was asked to collect the approval letter, thus, Genting Highlands became the first and only casino licence holder in the country. The May 13th incident happened soon after that, the government stated policy that no more casino licences would be approved. Soon after that, Lim Goh Tong proceeding to Macau to meet Mr Stanley Ho, the owner of Macaus only casino, to discuss the issue of co-operation in running the casino. However, for certain reasons, they did not succeed in reaching an agreement. Two years later, Lim finally struck a deal with Chun Rak Won, the operator of the only casino in Seoul, Korea. They signed a three-year agreement with his company which was to provide the expertise in managing the Genting casino. Unfortunately, the co-opetaion lasted only nine months before it was terminated by mutal consent, Genting took over the entire casino operation, learnt the ropes of the trade over time and eventually mastered the management skills. 9.2. Obtain Pioneer Status from Government Based on an annual taxable income of RM 2 million, Genting would be paying RM800000 income tax every year (the corporate income tax rate then was 40%), or a total of RM4 million for five years. It was critical to the company during the period when it had to invest heavily in resort infrastructure development. A five-year tax holiday would enable Genting to plough back all its profits into developing hotels and other tourist facilities, including a man-made lake, a cable car system, a golf course and the Chin Swee Temple. Upon completion, these facilities would attract more visitors and generate earnings many times what the resert would otherwise be able to. More importantly, the government would have fattened a revenue cow that promised to keep on giving good milk for a long, long time. The officials saw merit in his argument. On their recommendation, Genting was granted a five-year pioneer status with effect from 8th May 1971. It is proved to be a win-win decision. The tax the Gover nment collected from Genting later was far greater than the amount exempted during the tax holiday. 9.3. Development of Gohtong Jaya In 1993, at the suggestion of Dr Mahathir, Genting Development Sdn Bhd, started started developing a township on an 81 hectare piece of land at the seventh milestone of Jalan Genting Highlands, around the site of the Genting Highlands, around the site of the Genting Skyway cable car station. The Prime Minister offered many valuable ideas on the development of the township. Its name, Gohtong Jaya, was chosen with Dr Mahathir. The name Jaya which means success in Bahasa Melayu. 9.4. Development of Chin Swee Temple In 1966, when construction of the access road had reached the site where the Chin Swee Temple stands now, several workers and Lim Goh Tong spent the night in a cave at the end of a hard days work. During his sleep, he dreamt of the Chin Swee god a god widely pray in his native Anxi county in the Fujian Province. Chin Swee god told him kindly that he could stake everything on the development of Genting Highlands because it was a promising land that held a bright future for him. He woke up with renewed confidence and made a secret swear that if he succeeded in developing the resort, he would build a temple. In 1975, he set up a temple-building committee to take charge of the implementation of the project. Work on Phase One of the project started in 1976 and was completed after three years at a cost of RM1.6 million. Lim Goh Tong even made a special trip to Anxi to bring back a statue of the Chin Swee deity which was officially installed in the temple on 20th September 1979. After 18 long years and costing over RM10 million, the Chin Swee Temple was officially opened on 29th March 1994. Chin Swee Temple is now a popular place of praying as well as a tourist attraction of the resort. 10. Origin of the Name Genting Genting Sempah, the orignial name of the place, sounded simple and pleasant enough to Lim Goh Tong and he liked it. However, he found it quite hard to pronounce for the name of a company and a resort, so he decided to drop the second word and retain Genting only. At first, the Chinese name Yin (Silver) Ding (Top) is used, since Cameron Highland in chinese is Jin Ma Lun (Jin means gold). Lim Goh Tong thought that Yin Ding was a fitting choice because it contains the silver, and to the Chinese, jin (Gold) and yin (Silver) symbolising wealth and prosperity. But it turned out many has start criticizing after the name of Yin Ding has put into use, many think Yin Ding doesnt have anything to do with a resort on top of mountain, and it was vulgar to have a name just to associated with gold and silver. At the end, his wife (Lee Kim Hua) suggest to use Yun Ding (Cloud Top) since genting is located on top of a high moutain where people can touch the clouds floating around she said. Yun Ding has been in use ever since. 11. Rest in Peace Lim Goh Tong died on 23 October 2007, at Subang Jaya Medical Centre (SJMC). He is survived by his wife Puan Sri Lee Kim Hua, and their six children and 19 grandchildren. His body was laid to rest at Gohtong Memorial Park at Gohtong Jaya on Monday 29 October 2007 12. Conclusion The story of Tan Sri Lim Goh Tong is an inspiring one, beginning with nothing to his name, he turned difficulties into opportunities, took much calculated risks and confounded sceptics through sheer foresight and perseverance. it gives us a lot of inspiration as we want to become a businessman. He work hard for his entire life to realise his own dream. He success to realise his o