Study On Discounted Cash Flow Techniques Finance Essay - Free Essay Example

Sample details Pages: 6 Words: 1817 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? In current practice, managers use DCF (discounted cash flow) and Traditional method analysis to estimate the investment in financial terms. In DCF method considers the time value of money in which reduces the time value of money progressively and it consist with NPV (Net Present Value) approach and IRR (Internal Rate of Return method). This could lead to more popularize investment appraisal techniques among the managers. Don’t waste time! Our writers will create an original "Study On Discounted Cash Flow Techniques Finance Essay" essay for you Create order A valuation method used to evaluate the attractiveness of an investment opportunity. DCF analysis uses future free cash flow projections and discounts them (most often using the weighted average cost of capital) to arrive at a present value, which is used to evaluate the potential for investment. If the value arrived at through DCF analysis is higher than the current cost of the investment, the opportunity may be a good one. Net Present Value The NPV which based on a required rate of return to each years projected cash flow, both in and out, is the application of discount factors. If the NPV is negative, the project should be rejected and if positive, the required rate of return is likely to be earned and the project should be accepted. NPV is especially appropriate for long-term projects, ranking investments by NPV does not compare absolute levels of investment. For Strengths of NPV by considering the time value of money, it also takes factors, like interest rates, cost of capital and investment opportunity costs into account. NPV not looks at profits and losses the way accounting systems do, it looks at cash flows. It can be tricky to determine and highly sensitive to the discount percentage. The technique works by discounting a projects cash flows by the Cost of Capital set by the organization. Each cash inflow and/or outflow is discounted back to its PV. Then they are summed. Each cash inflow and/or outfl ow is discounted back to its present value (PV). NPV = PV-costs (period, cash flow) pairs (n, Cn) where n is a positive integer, the total number of periods N, and the net present value NPV, the internal rate of return is given by r The NPV rule states that a project should be undertaken should its NPV be positive (Ross et al, 2005). The NPV rule includes the cost of capital or the discount rate to helping to take risk into account and covering any uncertain cash flows that may arise. It only includes the relevant costs, and it only takes these costs when they occur. The NPV rule uses cash flows instead of earnings, it uses all the cash flows of a project, and it discounts the cash flows with regards to the time value of money. Other forms of investment appraisal tend to ignore at least one, if not more, of these points. The NPV rule also provides a clear rule over the acceptance or rejection of a project. However, only future costs are taken into the analysis. This means t hat past costs are ignored because they do not vary with future decisions. There is also a heavy reliance on the discount rate, often difficult to calculate, and as a result, the cash flows can be complicated to predict. Cash flows are usually assumed to take place at the end of each year, but in practice, this is an over-simplification of the issue (Irons, 2004). Internal Rate or Return (IRR) The definition of IRR is based on NPV. In general terms, IRR is the value for r when the NPV equal to zero. This can be formulated as below   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€š It is the method favored by many accountants and finance people, possibly the ones at your company. It provides a simple hurdle rate for investment decision-making. It is not as easy to understand as some measures and not as easy to compute. Computational anomalies can produce misleading results, particularly with regard to reinvestments. Having calculated the IRR the company can then accept any projects with an interest rate lower than the IRR and reject any projects with an interest rate higher than the IRR. NPV is highly sensitive to the discount rate, while IRR bypasses the problem of deciding the correct one. IRR is very good for screening projects. IRR is not an absolute amount, its a rate or ratio that more useful for comparing unlike investments, say stocks and bonds. It also more useful for making international comparisons, and comparisons between different periods and different sized firms. The intention here is not to argue for either point of view, but instead to put the issue into balance. Conclusion The aim of Investment appraisal is to help companies make decisions on which project they should invest in. Investment decisions involves making an outlay of something of economic value, usually cash, which the outlay precedes to benefits, so it is vitally important to a business. If a wrong decision is made, the effects on the business could be significant and it might also mean closing down the activity and sell the premises at a significant loss. According to above discussions, discount cash flow techniques have their own advantages and disadvantages. They normally based on some assumptions and reliable forecasting of key values. So its really important and necessary to choose the right and suitable method. Q2. Appraisal Methods for AP Ltd a) AP Ltd. is trying to evaluate 4 new projects. Assume all the 4 projects have a useful life of 10 years. For every business to know where they should invest their money it is essential to research what they should do. There are few main methods of appraisal that should be looked at: 1)  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚   Annual Net Cash flow 2)  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚   Initial Investment 3)  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚   Cost of Capital 4)  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚   Internal Rate of Return (IRR) 5) Net Present Value (NPV) Calculations I am going to use following form to calculate all those answers. ACF(Annual Cash flow)ÃÆ'Æ’-Present value Interest Factor of Annuity (PVIFA)-I.I(Initial Investment)=NPV PVIFA = 1-(1+r)ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¾ÃƒÆ' ¢Ãƒâ€šÃ‚ Ãƒâ€šÃ‚ ¿ or table of PVIFA r Where r = interest rate n = number of periods A) IRR is the value for r when the NPV equal to zero. PVIFA = 0+I.I = 449.400 = 4.494 ACF 100.000 In the PVIFA table, 4.494 in the 10years row equal 18%, which is the IRR for the investment project. So the answer of A is 18% B) The Annual Cash flow in project 1 is  £100,000, Initial Investment is  £449.400 and the Cost of Capital is 14% which equal to 5.216 in the PVIFA table , to calculate the NPV of project we can use the formula as below. NPV = ACFÃÆ'Æ’-PVIFA-I.I =100,000ÃÆ'Æ’-5.216-449.400 =72,200 So the answer of B is  £72.200 C) In project 2, the IRR is 20% of 10 years life time. Then we can found the PVIFA of project 2 is 4.192 from the PVIFA table. And according to the definition of the IRR, we can use the kind of expression as below Cost of Capital = ACFÃÆ'Æ’-IRR20%,10years =70,000ÃÆ'Æ’-4.192 =293,400 So the answer of C is  £293,400 D) We already known the PVIFA14%, 10years is 5.216 and Initial Investment is  £293,400. So the NPV can be formulated as NPV = ACFÃÆ'Æ’-PVIFA-II =70,000ÃÆ'Æ’-5.216-293,400 =71,720 So the answer of D is  £71,720 E) The IRR of project 3 is 14%, and we know PVIFA14%, 10year is 5.216 . In this situation, we can follow the equation as below Net cash flow = Initial investment = 200,000 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€¹Ã¢â‚¬    £38,344 PVIFA14%, 10yr 5.216 So the answer of E is  £38,344 F) Now we know ACF of project is  £38,344, so we can calculate F as follows F= NPV+II = 35,624+200,000 = 6.145 ACF 38,344 Then looking for the PVIFA 6.145 in the 10 years row of PVIFA table, we can find tha t this value equal to 10% which is the Cost of Capital for project 3. So the answer of F is 10% G)According to the table PVIFA12%, 10year is 5.650, and Initial Investment is  £300,000 in project 4. Net cash flow = NPV +I.I = 39,000+300,000 = 60.000 PVIFA14%, 10yers 5.650 So the answer of G is  £60.000 H ) PIVFA= 0+I.I = 300,000 = 5 ACF 60,000 According the PVIFA table, the PVIFA 10years of 5.0 in is 15%, which means internal rate of return for the investment project 4. So the answer of H is 15% b) Both NPV and IRR methods valuable and favorable guides in business practice. Both the IRR and the NPV take account of time value of money, but situations arise where the IRR method leads to different decisions being made from those that would implement the NPV method. However, In some cases, a project with a higher NPV can produce a lower IRR. As in this part, the IRR and NPV method are not always agreed. First, compare the three project 2,3 and 4, we can easy to find that the project 2, which has greater IRR, also get greater NPV. The method of IRR and NPV are agreed. Obviously, for the AP Ltd, the project 2 is better than the project 3 and 4. Second, compare the project 1 with the project 2, the IRR and NPV method are offering conflicting recommendations. The project 2 has greater IRR than the project 1 whereas the project 1 has larger NPV than the project. why the NPV and IRR methods are getting conflicting recommendations and which one we should choose? Conflicting recommendations can be occurred, because projects have differences in size and/or cash flow timing. When one project is larger than another one, the bigger project can has a larger NPV but a smaller IRR, while the smaller project may get a larger IRR but smaller NPV (Emery et al, 2007). As in this case, the project 1 has larger NPV, but smaller IRR than the project 2. In generally, the project which get larger NPV is better. Therefore the method of NPV is superior to the method of IRR, when mutually exclusive projects differ in size. The problem of the difference in cash flow timing is caused by the reinvestment rate assumption (Emery et al, 2007). The method of IRR assumes that the future cash flow of the project can reinvest at the IRR, while use the method of NPV to imply that they are going to earn the cost of capital. And the best assumptions is the one which made my the method of NPV. Because if the project generate the business organization use the cash flow, the organi zation doesnt need borrow money from the other place. In other way, the cost of capital is the opportunity cost of the funds. Again, the method of NPV is superior and has better assumption. Conclusion When using NPV to guide an investment decision, a firm needs to estimate the future cash flow and the return required by its investors. According to finance theory the return required depends on the projects risk and required by the investors is often referred to as the firms cost of capital. Projects offer rates of return less than the cost of capital are not worthwhile undertaking financially, and the return Investment projects offer rates of return higher than the cost of capital add value to the firm. According to those above considerations and the results of the investment appraisal techniques, I would recommend the project 1 for AP Ltd. Because it has a larger NPV and from the financial view that it has the highest return on investment.

Environment - Energy Resources - 4599 Words

Part 1 Introduction What is your first thought of energy resources? Is it something that got to do with electricity? First of all, I would say that the energy system is not very sustainable because it can either be sustainable, or not sustainable. The energy resources used by mankind have grown dramatically and it is affecting the environment by leaving negative impact to the environment. Not only the government sector, but also the private sectors that are aware of the environment are trying to find alternatives to sustainable development to prevent the environment from being destroyed. Fossil Fuels The energy resources that are most commonly use by mankind is fossil fuels, which consist of oil, coal, and natural gas. Fossil†¦show more content†¦The hospitality and tourism industry in Malaysia will be affected by natural disaster as results of fossil fuels burning. Three Ways of Malaysian Tourism Industry to Counter Effects of Fossil Fuels Burning To tackle the impacts of fossil fuels towards the environment and the hospitality and tourism industry, the usage of biofuels should be practice widely. Biofuels is much more environmentally friendly and it would preserve the environment because biofuels would not release any harmful gas such as sulphur and acid emissions. Biofuels are fuels that are made from plant materials. Most biofuels now are obtained from fermentation of food products, such as corn kernels and sugar cane, and vegetable oils, such as soy and oil palm. However, there was a protest in using food products to produce biofuels. It was fully supported when a kind of plant named jatropha came in. Jatropha is resistant to drought and pests, and it produces seeds that contain up to 40% oil, which can be used in a standard diesel engine and also processed into biomass to power electricity plants. The usage of biofuels is environmentally friendly because biofuels are renewable, and they can offer environmental benefits su ch as lower emissions of carbon and sulphur compared with petroleum-based fuels. If lower emissions are to be released by biofuels, then the environmentShow MoreRelatedSustainable Environment Friendly Energy Resources Essay2188 Words   |  9 Pagescivilization mainly depends on the naturally limited fossil fuel. Those fossil fuel resources will end soon and their usage causes severe environmental impacts that if neglected may cause a catastrophic live extinction on earth. Thus to keep our development going while saving our environment. We have to use sustainable environment friendly energy resources and upgrade our systems to utilize the energy produced from those resources. Fossil Fuel Sustainability. Fig ‎1.1 Expected fusel fuel reserves. 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Scientist in a Society

Question: Summarise the essential elements of scientists in society - towards creating opportunity for greater involvement of scientific researchers in policy research and development? Answer: Scientist in a Society - Creating scope for wide involvement of researchers in Science in the research development and Policy: Innovation in science affects the lives of people. Some innovations are used as a solution some as a future prevention and some for providing a a courageous new world a dreamlike opportunity. Society gets real benefit from energy production and gene technology. It is a matter of question whether technology and science fits in the corporate, social and cultural life of a nation. With possessed knowledge researchers must provide guidance for the decision makers of the government involving new techniques (Society for Science, 2015). A disconnection exists in between Policy makers and the community of Scientists. If these two works collaboratively then the country would gain benefit. The training process of scientist begins and ends in the laboratory and their skills are deployed in places rather than University due to shortage of Posts (Symposium 3: Environmental Scientists as Effective Advocates: Above the Din but in the Fray, 2011). Preparing students and graduates in Post doctorates for careers outside academics gets poor attention. Scientists should be proactive in defining scenario of scientific evidence to the makers of policy and in order to do that the researchers should learn how these policies shall be made assessed. Attempts on collaborative work by the parliament and researchers were made. Around thousand people have been approached in a workshop and it was found that students have appreciated the approach. Many were found nave about such involvement to which policy making through scientific research had been highlighted for future reference. References Society for Science, (2015).Society for Science. [online] Available at: https://www.societyforscience.org/ [Accessed 18 Mar. 2015]. Symposium 3: Environmental Scientists as Effective Advocates: Above the Din but in the Fray. (2011).Bulletin of the Ecological Society of America, 92(1), pp.115-123.

Native Americans and civilization

Land ownership was the leading cause of the conflict between Native-American civilization and western settlement by American citizens. The entry of the colonialists into Native America was the beginning of the suffering of the Native Americans. The colonialists considered themselves civilized and did not want to stay in the same lands s the Native Americans. They wanted to take the Native American lands by buying them at a lower price and evicting the Indians to move from the east to west.Advertising We will write a custom essay sample on Native Americans and civilization specifically for you for only $16.05 $11/page Learn More However, this was difficult at first because of the proclamation that prohibited occupation of land acquisition beyond the eastern ranges. This did not last for long as the Revolutionary War changed it all; the settlers had gotten access to the native land by either buying it or exchanging it with a land in the east. Policy The fi rst policy that the settlers were suing was the assimilation policy where they claimed that they wanted to civilize the Indians. However, the situation changes in 1812 when the policy of assimilation of the native lands was no longer effective, and the Indians forcefully moved to the west. This was because of the Indian Removal Act of 1830, (Cassinelli pp 114). The forceful eviction of the Native Americans from their lands referred to as the Cherokee as the Trail of Tears. Many Indians lost their lives due to the long walk they had to make, to the lands in the western part of the Mississippi river. The native Indians not only lost their lands but also their culture in this eviction. Other Indians lost their lives as they were organizing attacks against the settlers. They had the determination to protect their culture and land, but the law and the settlers were too powerful. The Cherokees, Chickasaws, Choctaws, Creeks, and Seminoles resolved to join the Confederate conference in 1861 . They sent representatives to the conference to voice their suffering. However, the natives got punished after the war. The natives had to sell their lands at extremely low prices, give up their territories, and agree to let the railway pass through their land. Dawes Act The main blow came in 1887 when the Dawes Act was put into effect. The act stated that the communal land holding was no longer accepted and that everyone should hold private lands. The Indians were given twenty five years to start owning private lands after which they would become eligible citizens of America. The policy aimed at reducing the land owned by the Indians and gave it to the settlers. Thomas Jefferson’s vision of the yeoman was the one who had the idea of taking the land. He envisioned a land full of farmers doing different activities that can generate income.Advertising Looking for essay on history? Let's see if we can help you! Get your first paper with 15% OFF Learn More This is how they saw the lifestyles of the native Americas; a life with no vision. The Euro Americans wanted to teach the Native Americans their way of life because they saw themselves as more superior than the natives. They saw their way of life as the most civilized of all cultures. This was because the Indians valued land and did not believe in cultivation of all the land. The Euro-Americans considered this a waste of fertile land that was fertile and could be put into use. The motive behind the assimilation of the native American into the European way of doing thins was to destroy the Native American culture by assimilating them into the main stream society, (Parks, Pierpont Morgan Library, Nelson, Wiles pp 132). Forceful Education The other policy of assimilation was the forceful education system that used on the Indian children. The Native American children got separated from their parent’s, and taken to boarding schools where they were `shaped’ to fit into the civilized word. The children did not communicate    their native language when they were in school. The other conflict between the Native Americans and the euro Americans was the slave trade. This was particularly common in Virginia and Carolina states. The settlers took advantage of the rivalries among the native tribes to get slaves and use them in their farms. The settlers got slaves from the villages, and took to the slave market where interested buyers would come and make their choices. The attacks forced the natives to flee from their lands and go to places where there were no raids. This was an added advantage to the settlers as they occupied these pieces of land without a buying them. In 1704,  they captured about 1000 Native Americans, and 300 killed in Californian State only. This shows the extent to which the settlers would go just to get the fertile lands where they would practice farming, (Cox, Cox pp 234). Effects of the Conflict The effects of the conflicts between the Nat ive Americans and the Euro Americans were extremely adverse, because the natives ended up getting assimilated into the western culture. They lost not only their land, but also their lives in the struggle to remain intact. The Euro Americans wanted to get the fertile lands owned by the natives and put it into useful projects like farming. In order to do this, they had to form acts that could help them acquire the pieces of land. Works Cited Cassinelli, Peter. Native American land conflicts: the Western Shoshone’s changing concept of land, 1863-1979. Carolina: San Jose State University, 1979.Print.Advertising We will write a custom essay sample on Native Americans and civilization specifically for you for only $16.05 $11/page Learn More Cox, Eugene, Cox, Joyce. An American Saga: Some East Tennessee Taylors. New York: iUniverse, 2011,Print. Parks, Robert, Pierpont Morgan Library, Nelson Christine and Wiles Stephanie. From Jackson to Lincoln: democra cy and dissent. Pennsylvania: University of Pennsylvania Press, 1995, Print. This essay on Native Americans and civilization was written and submitted by user Audriana Z. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

The European Human Rights System

Drug Testin In The Workplace Essays - Drug Control Law, Free Essays

Drug Testin In The Workplace Essays - Drug Control Law, Free Essays Drug Testin In The Workplace Drug testing in the United States began with the explosive use of illegal drugs, in order to curb drug abuse. This began during the Vietnam War with drug use at a climax. In general, Drug testing is a way to detect illegal drug use and deter it, usually by Urinalysis. Drug testing in the United States violates a citizens right to unreasonable search and seizures along with jeopardizing ones freedom. Drug testing is not only an unreliable invasion of a persons privacy but it assumes that one is guilty before submitting to the test. Drug testing began to take place in the mid 1960s when drugs like Marijuana, hallucinogens and other drugs were becoming widespread (Stencel, pp.201). The military implemented mandatory drug testing because of the widespread use and the number of Vets that were returning home because of addiction. Ronald Reagan pushed for employers to implement drug testing and even had himself screened for illegal drugs to encourage employers and to reduce opposition to testing (Stencel, pp. 200). The increased concern about drug abuse has, in part, ben the result of the early 1986 appearance on the streets of crack-a new, powerfully addictive form of cocaine-and the growth of cocaine addiction (Berger, 12). President Reagan later called for a second war on drugs campaign. In October of 1986, President Reagan signed into law a 1.7 billion dollar antidrug bill, called the Drug-Free Workplace Order. In addition to the bill, Reagan instructed his cabinet officers to create a plan to begin drug testing for federal civil employees (Berger, 14). Drug testing thus begun a sharp climb into the area of private employers. In November of 1988 Congress passed an Act requiring grant recipients or federal contractors to maintain drug-free workplaces. Most of the employers set up voluntary testing programs and many employees began to sue, claiming that individual testing is a violation of privacy rights. The argument is that the employees are being deprived of their Fourth Amendment protection. Many believe that government testing programs should be unconstitutional unless the authorities have either reasonable suspicion or probable cause that the individuals being tested are on drugs. To justify the use of private employer testing, President Bush said in 1989 that Drug abuse among American workers costs businesses anywhere from $60 billion to $100 billion dollars a year in lost productivity, absenteeism, drug-related accidents, medical claims, and theft (Horgan, 19). This claim was derived from a source that interviewed families that were 28% lower in overall income than the average household. This was used in an effort to promote Bushs war on drugs forum into the private sector (Horgan, 21). Many behaviors of lower income people often differ statistically from upper-income people, therefore the statement of Bush never establishes a clear or accurate statistic. In 1989 President George Bush unveiled his National Drug Control Strategy, encouraging comprehensive drug-free workplace policies in the private sector and in state and local government (Stencel, 201). This created many controversies within the American workplace and in National Treasury Employees Union v. Von Raab decision, the Supreme Court upheld that drug testing was legal as long as it outweighs privacy rights (James). Then, in 1991 Congress passed the Omnibus Transportation and Employment Testing Act, which would extend drug testing in the United States. Throughout the rest of the 90s drug tests were extended to the outermost sectors of society causing drugs to become a significant issue during election times, although politicians are never tested themselves. The Fourth Amendment of the Constitution was created because of the rough treatment of colonists by the British. The British restricted trade and travel and this gave way to smuggling. British soldiers frequently conducted unrestricted house-to-house searches. People were forced to keep their private records and other personal information on their person or hidden in their home or business to avoid exposure and possible arrest (Berger, 102). The Fourth Amendment was part of the Constitutions Bill of Rights to protect ones privacy and maintain search and seizure guarantees. The right to privacy was described by Supreme Court Justice Louis D. Brandeis as the right to be let alone-the most comprehensive of rights and the right most valued by civilized men. The Fourth Amendment of the U.S. Constitution guarantees the right of the people to be secure in their person, houses, papers and effects against unreasonable search and seizure except upon probable cause. Random drug testing threatens the Fourth Amendment and has been called suspicion by association. This is to say that it is

Interview a leader Essay Example | Topics and Well Written Essays - 1000 words

Interview a leader - Essay Example This whole idea of him providing an innovative style of freedom to his employees has resulted in a fine rapport between the employees and their superior heads as well as ranking the Admiral Group 4th in the top 40 companies of the United Kingdom (Frobes, 2011). Henry Engelhardt, is the most encouraging CEO in whom the employees have a great deal of conviction and faith, he meets all the newly hired staff, takes initiative in being available for live online chats and is usually found communicating with his staff at all levels when he is at the Cardiff headquarters. He also believes that an organization should not only give the employees a good working environment but should also give them a pack of activities to keep them fresh, that’s why he has set annual competitions for his staff. All in all Henry Engelhart is an innovative leader with a vibrant spirit to keep his employees motivated, he gives them a sense of free will while also keeping certain authorities to himself only. This new leadership style and charisma which he has attracted me towards taking his opinions on the new divergent leadership styles and the dynamism a leader needs in this new business world. The questions asked are in the appendix section of this paper. The interview responses made it clear to me that leadership is now all about adapting to new roles and ideas and is no longer a set of rigid traits and thinking capabilities, like it was many years ago. Most of the questions dealt with the acquisition of information regarding the many roles that Mr. Henry has played during his career, the conclusion to which, derived by the responses of him, determined that even staying in only one department for a couple of years requires many interpersonal and professional leadership roles to be entertained by a leader (Rothwell et al, 2001). There was more information possessed when Mr. Henry was asked about the leadership strengths that he has developed in the so far tenure of his career, and i t was surprising to know that his leadership strength came from the attainment of these different leadership roles. He explained them as an observational journey in the world of leadership, making him earn strength at each and every check post he crossed. He also added that the journey was not easy as there were many nerve wrecking times when he thought he would not be able to deliver as required but he managed to overcome all such obstacles through the use of an open mind. Open mind, he added, is the basic criteria to transform you into the many diversified roles of leadership required at different stages of one’s leadership career. Motivation of employees, as explained by him, is all a matter of making a need assessment of all employees at different organizational levels and stages as the need patterns are often the product of an unsatisfactory working environment which takes employees away from attaining job satisfaction. Employee needs are loosely satisfied at the bottom of organization and the satisfaction meter moves up as we travel upwards in the chain of command of an organization; this makes the upper management attain job satisfaction, leaving the labor class away from this fruitful accomplishment, leaving them unsatisfied. An unsatisfied workforce, he said, leads to slower growing organizations, this is where leadership roles need changes

Cosmetic Industry background Analysis in China Marcket Assignment

Cosmetic Industry background Analysis in China Marcket - Assignment Example Due to this, many cosmetics manufacturers have introduced more products in the expanding cosmetic market such as flavored glosses and lipstick, cosmetic packaged in sparkly and glittery packaging, and advertising and marketing using young beautiful models. However, cosmetics market in China is doing well in the manufacturing and packaging of beauty products. For instance, the raw materials of making shampoos are best provided in China by various manufacturers such as: Wuxi Nuoya Machinery Co., Ltd., Yangzhou Chenhua Science &Technology Group Co., Ltd., Shanghai Xiaoxiang Chemical Co., Ltd., and Shandong Freda Biotechnology Co., Ltd., among others (Yang, 2004, p. 123). Cosmetic industry is dominated by a number of multinational corporations. However, sale and distribution is spread over a wide range of businesses in China. Historically, the people of China initially stained their fingernails using gelatin, gum Arabic, egg, and beeswax. The used color represented a particular social cl ass (Tao, 2005, p. 231). For instance, the royals wore silver and gold, and red or black. The lower social classes were forbidden from wearing bright colors. Cosmetics market in China and the world today make a lot of money due to the furious rate of growth of the anti aging industry and the factor of celebrity in marketing and advertising (Tang, 2008). Today in the whole world, beauty is characterized with the youths and many are obsessed with their falling jowls and wrinkles and lines appearing. This is even turning people to undertake cosmetic surgery. This is what has taken my interest in writing this research paper, which will focus on the cosmetic market in China including: wholesalers, manufacturers and retailers; Chinese cosmetic suppliers including raw materials and packaging suppliers (Sunfaith China Ltd., 2005, p. 200). Cosmetic market in China Cosmetic market and industry in China has evolved to a fully fledged market with the emergence of flouring brands (Tang, 2000, p. 311). Within the cosmetic market in China, among the 300 brands, 20 of the brands have a joint venture and leading position of 80% of the share of the market. The cosmetic manufacturers in China are generally located in the inland cities and the Eastern Coastal line (Shen, Liu & Huang, 2005, p. 19). The market produces 90% with sales rated above 60% within the country. With respect to the types of cosmetics in Chinese markets, products of skin care is first in the list with 35% share, products of hair care sharing 28%, and products of make up taking up 29% share, and others are perfumes. According to the cosmetic insiders, the total sales of the cosmetics will probably reach to RMB 80 billion and amount to 12.9% per annum. The wholesalers, manufacturers and retailers are making huge profits in the cosmetic market in China due to the mentioned estimates of sales (Schutte & Ciarlante, 1998, p. 78). China has also emerged the eighth best cosmetic market in the world and second best in Asia. The stiff competition in the cosmetic sector has pushed the industry of cosmetics to combine the cosmetic market, industrialization and internationalization (Pitman, 2005, p. 12). Back in 2005, the scale of market even reached RMB 46 billion, with the cosmetic retail sector reaching RMB 33.05 billion which was much above the expected limit of growth 19.1% (Li, 2005, p. 32). the cosmetic market in China is currently exhibiting the following characters: the cosmetic mark

Public participation Essay Example for Free

Public participation Essay The end of the twentieth century and the beginning of the new millennium have seen the rapid growth of two undeniably related phenomena. They are the rise of international democracy and the explosion in the use of information and communication technologies (ICTs). â€Å"E-democracy† is the concept widely used and even sometimes misused. Crick (2002:93) defines democracy as the, â€Å"polity or political rule [that] strives to balance individual freedom, individual rights, and the common good. † In this paper I’m going to examine the impact of ICTs on the concept of democracy as presented by Crick. Conditions of modern democracy are the role of individuals, official doctrines, typical social structure, nature of the elite, typical institutions of government, type of economy, theories of property, attitudes to law, diffusion of information, and attitudes to politics. No doubt that ICTs have potential to expand democratic participation. Still the question whether ICTs facilitate and enhance democracy is surrounded by much controversy. Areas such as e-voting and e-consultation attract great attention of political scientists from over the globe. ICTs provide an excellent opportunity for governments to become more transparent, efficient and accountable. ICTs mean that people are provided greater services and opportunities online, and as a result become more informed, articulate and active in public affairs. Thus, ICTs have a significant potential to widen civic engagement. Much hype surrounds the newly created term â€Å"global civil society†. Norris (2001:6) poses an inevitable and burning question, â€Å"Will the Internet have the capacity to revitalize public participation in conventional politics, such as levels of party membership, electoral turnout, or activism in civic and voluntary organizations? † ICTs may create the possibility of reaching out to publicize political parties, solicit feedback, new ideas, and new members, energize party activists and build leadership cadres. Thus, ICTs may help to promote political pluralism and activism. Individualism becomes a core value in the ICT-driven society, and the role of an individual is the condition of modern democracy. Also we should keep in mind that e-commerce empowers previously economically disadvantaged strata, and type of economy is one of the conditions of modern democracy. Norris (2001:97) stresses the following fact, â€Å"The Internet may broaden involvement in public life by eroding some of the barriers to political participation and civic engagement, especially for many groups currently marginalized from mainstream politics. † So ICTs provide a perfect opportunity to increase youth participation, enhance women on the political arena, and include marginalized and disadvantaged groups. As Crick (2002:98) argues, â€Å"Participation is critical, for moral education and for the implementation of democratic government. † Still, Leslie David Simon (2002:36) argues that, â€Å"Participation fortifies democracies, but it is also a favourite tool of many totalitarian states. † But Norris (2001:101) states that, â€Å"the new opportunities for civic engagement and political participation on the Internet will serve primarily to benefit those elites with the resources and motivation to take advantage of [them]. † The nature of the elite is the essential condition of modern democracy, and today we can speak of â€Å"information elite† as well as of â€Å"information society. † Transparency of the government, both federal and local, is another possible consequence of democracy. Crick (2002:103) states that, â€Å"Democracies work better (can only work) in an atmosphere of trust. † Norris (2001:107) states that, â€Å"new technologies allow greater transparency in the policy-making process, wider public participation in decision making, and new opportunities for interaction and mobilization in election campaigns, but, critics argue, whether these potentialities are realized. † Attention to the protection of human rights through the use of new communication technologies is an area of growing interest. On the other hand, the implementation of more â€Å"technological democracy† will exacerbate the existing digital divide present within and between developed and developing countries. The explosive growth of the Internet is exacerbating existing inequalities between the information rich and poor. Also, as Norris argues, a so-called democratic divide is developing between the citizens who do and do not use ICT’s to engage, mobilize and participate in public life. Instead of promoting democracy, ICTs could be manipulated by political parties as tools of propaganda. With no Internet censorship it is becoming a widespread political phenomenon. Crick (2002:21) defines anarchy as â€Å"a central danger of democracy†, and cyber-pessimist perceive Internet as a totally anarchical environment. Leslie David Simon (2002:Front Matter) reminds the reader that, â€Å"Today we know that there is another side to the story. Those who hate democratic values and human rights have also learned to use the Internet. In the United States and abroad, neo-Nazis and other hate groups maintain Web-sites † Also e-democracy should be seen as enhancing, not replacing traditional forms of government-citizen interaction. Norris (2001:104) reminds us that ICTs should be used, â€Å"to promote and strengthen the core representative institutions connecting citizens and the state. In this regard, opportunities for public participation and civic engagement generated via new technology are important. † Analysing all the abovementioned, I came to the conclusion that the views expressed by cyber-optimist are more realistic. Personally I believe that ICTs are able and will promote democracy and strengthen the rule of law, and attitude to law is one of the important conditions of modern democracy. ICT’s bring more opportunity and freedom, and these two factors will gradually cause wider adoption and improvement of democratic governance. Certainly, I admit the existence of numerous dangers related to the spread of ICTs, but I believe that the growing political consciousness will prevent further misuse of this powerful tool. Open and transparent government as well as availability and circulation of information can guarantee democracy and participation, and diffusion of information is one of the crucial conditions of modern democracy. Making a final conclusion I would life to state once more that the rational use of the whole potential of ICTs can facilitate democracies worldwide. Sources: 1. Leslie David Simon, Javier Corrales, Donald R. Wolfensberger, Democracy and the Internet: Allies or Adversaries?, Woodrow Wilson Centre Press, 2002 2. Pippa Norris, Digital Divide: Civic Engagement, Information Poverty, and the Internet Worldwide, Cambridge University Press, 2001 3. Bernard Crick, Democracy: A Very Short Introduction, Oxford University Press, 2002

Applying The Anova Test Education Essay

Applying The Anova Test Education Essay Chapter 6 ANOVA When you want to compare means of more than two groups or levels of an independent variable, one way ANOVA can be used. Anova is used for finding significant relations. Anova is used to find significant relation between various variables. The procedure of ANOVA involves the derivation of two different estimates of population variance from the data. Then statistic is calculated from the ratio of these two estimates. One of these estimates (between group variance) is the measure of the effect of independent variable combined with error variance. The other estimate (within group variance) is of error variance itself. The F-ratio is the ratio of between groups and within groups variance. In case, the null hypothesis is rejected, i.e., when significant different lies, post adhoc analysis or other tests need to be performed to see the results. The Anova test is a parametric test which assumes: Population normality data is numerical data representing samples from normally distributed populations Homogeneity of variance the variances of the groups are similar the sizes of the groups are similar the groups should be independent ANOVA tests the null hypothesis that the means of all the groups being compared are equal, and produces a statistic called F. If the means of all the groups tested by ANOVA are equal, fine. But if the result tells us to reject the null hypothesis, we perform Brown-Forsythe and Welch test options in SPSS. Assumption of Anova: Homogeneity of Variance. As such homogeneity of variance tests are performed. If this assumption is broken then Brown-Forsythe test option and Welch test option display alternate versions of F-statistic. Homogeneity of Variance: If significance value is less than 0.05, variances of groups are significantly different. Brown-Forsythe and Welch test option: If significance value is less than 0.05, reject null hypothesis. Anova: If significance value is less than 0.05, reject null hypothesis. Post Hoc analysis involves hunting through data for some significance. This testing carries risks of type I errors. Post hoc tests are designed to protect against type I errors, given that all the possible comparisons are going to be made. These tests are stricter than planned comparisons and it is difficult to obtain significance. There are many post hoc tests. More the options, stricter will be the determination of significance. Some post hoc tests are: Scheffe test- allows every possible comparison to be made but is tough on rejecting the null hypothesis. Tukey test / honestly significant difference (HSD) test- lenient but the types of comparison that can be made are restricted. This chapter will show Tukey test also. One way ANOVA Working Example 1 : One-way between groups ANOVA with post-hoc comparisons Vijender Gupta wants to compare the scores of CBSE students from four metro cities of India i.e. Delhi, Kolkata, Mumbai, Chennai. He obtained 20 participant scores based on random sampling from each of the four metro cities, collecting 100 responses. Also note that, this is independent design, since the respondents are from different cities. He made following hypothesis: Null Hypothesis : There is no significant difference in scores from different metro cities of India Alternate Hypothesis : There is significant difference in scores from different metro cities of India Make the variable view of data table as shown in the figure below. Enter the values of city as 1-Delhi, 2-Kolkata, 3-Mumbai, 4-Chennai. Fill the data view with following data. City Score 1 400.00 1 450.00 1 499.00 1 480.00 1 495.00 1 300.00 1 350.00 1 356.00 1 269.00 1 298.00 1 299.00 1 599.00 1 466.00 1 591.00 1 502.00 1 598.00 1 548.00 1 459.00 1 489.00 1 499.00 2 389.00 2 398.00 2 399.00 2 599.00 2 598.00 2 457.00 2 498.00 2 400.00 2 300.00 2 369.00 2 368.00 2 348.00 2 499.00 2 475.00 2 489.00 2 498.00 2 399.00 2 398.00 2 378.00 2 498.00 3 488.00 3 469.00 3 425.00 3 450.00 3 399.00 3 385.00 3 358.00 3 299.00 3 298.00 3 389.00 3 398.00 3 349.00 3 358.00 3 498.00 3 452.00 3 411.00 3 398.00 3 379.00 3 295.00 3 250.00 4 450.00 4 400.00 4 450.00 4 428.00 4 398.00 4 359.00 4 360.00 4 302.00 4 310.00 4 295.00 4 259.00 4 301.00 4 322.00 4 365.00 4 389.00 4 378.00 4 345.00 4 498.00 4 489.00 4 456.00 Click on Analyze menuÆ’Â  Compare MeansÆ’Â  One-Way ANOVAà ¢Ã¢â€š ¬Ã‚ ¦.One-Way ANOVA dialogue box will be opened. Select Student Score(dependent variable) in Dependent List box and City(independent variable) in the Factor as shown in the figure below. Click Contrastsà ¢Ã¢â€š ¬Ã‚ ¦ push button. Contrasts sub dialogue box will be opened. See that all the settings remain as shown in the figure below. Click Continue to close this sub dialogue box and come back to One-Way ANOVA dialogue box. Click Post Hocà ¢Ã¢â€š ¬Ã‚ ¦ push button. Post Hoc sub dialogue box will be opened. See that all the settings remain as shown in the figure below. Click Tukey test and Click Continue to close this sub dialogue box and come back to One-Way ANOVA dialogue box. Also note that significant level in this sub dialogue box is 0.05, which can be changed according to the need. Click Optionsà ¢Ã¢â€š ¬Ã‚ ¦ push button. Options sub dialogue box will be opened. Select the Descriptive and Homogenity of variance test check box and see that all the settings remain as shown in the figure below. Click Continue to close this sub dialogue box and come back to One-Way ANOVA dialogue box. Click OK to see the output viewer. The Output: ONEWAY Score BY City /STATISTICS DESCRIPTIVES HOMOGENEITY /MISSING ANALYSIS /POSTHOC=TUKEY ALPHA(0.05). Descriptives Student Score N Mean Std. Deviation Std. Error 95% Confidence Interval for Mean Minimum Maximum Lower Bound Upper Bound Delhi 20 447.3500 104.69016 23.40943 398.3535 496.3465 269.00 599.00 Kolkata 20 437.8500 79.75771 17.83437 400.5222 475.1778 300.00 599.00 Mumbai 20 387.4000 67.25396 15.03844 355.9242 418.8758 250.00 498.00 Chennai 20 377.7000 68.49287 15.31547 345.6443 409.7557 259.00 498.00 Total 80 412.5750 85.54676 9.56442 393.5375 431.6125 250.00 599.00 Test of Homogeneity of Variances Student Score Levene Statistic df1 df2 Sig. 2.371 3 76 .077 Since, homogeneity of variance should not be there for conducting Anova tests, which is one of the assumptions of Anova, we see that Levenes test shows that homogeneity of variance is not significant (p>0.05). As such, you can be confident that population variances for each group are approximately equal. We can see the Anova results ahead. ANOVA Student Score Sum of Squares df Mean Square F Sig. Between Groups 73963.450 3 24654.483 3.716 .015 Within Groups 504178.100 76 6633.922 Total 578141.550 79 Table above shows the F test values along with degrees of freedom (2,76) and significance of 0.15. Given that p Multiple Comparisons Student Score Tukey HSD (I) Metro City (J) Metro City Mean Difference (I-J) Std. Error Sig. 95% Confidence Interval Lower Bound Upper Bound Delhi Kolkata 9.50000 25.75640 .983 -58.1568 77.1568 Mumbai 59.95000 25.75640 .101 -7.7068 127.6068 Chennai 69.65000* 25.75640 .041 1.9932 137.3068 Kolkata Delhi -9.50000 25.75640 .983 -77.1568 58.1568 Mumbai 50.45000 25.75640 .213 -17.2068 118.1068 Chennai 60.15000 25.75640 .099 -7.5068 127.8068 Mumbai Delhi -59.95000 25.75640 .101 -127.6068 7.7068 Kolkata -50.45000 25.75640 .213 -118.1068 17.2068 Chennai 9.70000 25.75640 .982 -57.9568 77.3568 Chennai Delhi -69.65000* 25.75640 .041 -137.3068 -1.9932 Kolkata -60.15000 25.75640 .099 -127.8068 7.5068 Mumbai -9.70000 25.75640 .982 -77.3568 57.9568 *. The mean difference is significant at the 0.05 level. Using Tukey HSD further, we can conclude that Delhi and Chennai have significant difference in their scores. This can be concluded from figure above and figure below. Student Score Tukey HSDa Metro City N Subset for alpha = 0.05 1 2 Chennai 20 377.7000 Mumbai 20 387.4000 387.4000 Kolkata 20 437.8500 437.8500 Delhi 20 447.3500 Sig. .099 .101 Means for groups in homogeneous subsets are displayed. a. Uses Harmonic Mean Sample Size = 20.000. Working Example 2 : One-way between groups ANOVA with Brown-Forsythe and Weltch tests Aditya wants to see that there exists a significant difference between collecting information (internet use) and internet benefits. He collects data from 29 respondents and finds the solution through one way Anova. Note: The respondents count in the working example is kept small for showing all the 29 responses in data view window in figure ahead. Null Hypothesis : There is no significant difference in collecting information and internet benefits. Alternate Hypothesis : There is significant difference in collecting information and internet benefits. Internet Use Collecting Information(Info) [see figure below] Internet Benefits Availability of updated information(Use1) Easy movement across websites(Use2) Prompt online ordering(Use3) Prompt query handling(Use4) Get lowest price for product/service purchase(Compar1) Easy comparison of product/service from several vendors(Compar2) Easy comparison of price from several vendors(Compar3) Able to obtain competitive and educational information regarding product/ service(Compar4) Reduced order processing time(RedPTM1) Reduced paper flow(RedPTM2) Reduced ordering costs(RedPTM3) Info (Collecting Information) : 1(Never), 2(Occasionally), 3(Considerably), 4(Almost Always), 5(Always) Internet Benefits : 1(Not important), 2(Less important), 3(Important), 4(Very Important), 5(Extremely Important) Enter the variable view of variables as shown in the figure below. Enter the data in the data view as shown in the figure below. Click AnalyzeÆ’Â  Compare MeansÆ’Â  One-Way ANOVAà ¢Ã¢â€š ¬Ã‚ ¦. The One-Way ANOVA dialogue box will be opened. Insert all the internet benefits variables in dependent list and internet use variable in the factor as shown in the figure below. Click Post Hocà ¢Ã¢â€š ¬Ã‚ ¦ push button to open its sub dialogue box. See that significance level is set as per need. In this case, we have used 0.05 significance level. Click Continue to close the sub dialogue box. Click Optionsà ¢Ã¢â€š ¬Ã‚ ¦ push button in the One-Way ANOVA dialogue box. Select the Descriptive, Homogeneity of variance test, Brown-Forsythe and Welch check boxes and click continue to close this sub dialogue box. Click OK to see the output viewer. The OUTPUT ONEWAY Use1 Use2 Use3 Use4 Compar1 Compar2 Compar3 Compar4 RedPTM1 RedPTM2 RedPTM3 BY InfoG2 /STATISTICS HOMOGENEITY BROWNFORSYTHE WELCH /MISSING ANALYSIS. Test of Homogeneity of Variances Levene Statistic df1 df2 Sig. Availability of Updated information 1.117 3 25 .361 Easy Movement across around websites .475 3 25 .703 Prompt online ordering .914 3 25 .448 Prompt Query handling 2.379 3 25 .094 Get lowest price for product / service purchase 1.327 3 25 .288 Easy comparison of product / service from several vendors .755 3 25 .530 Easy comparison of price from several vendors 3.677 3 25 .025 Able to obtain competitive and educational information regarding product / service 1.939 3 25 .149 Reduced order processing time .326 3 25 .806 Reduced Paper Flow 1.478 3 25 .245 Reduced Ordering Costs 2.976 3 25 .051 Table above shows that Easy comparison of price from several vendors has significantly different variances according to levene statistic and showing significant level of only 0.025 (which is below 0.05 for 5% level of significance) as such anova result may not be valid for this variable. Therefore, Brown-Forsythe and Welch tests are performed for analyzing this particular variable. ANOVA Sum of Squares df Mean Square F Sig. Availability of Updated information Between Groups .702 3 .234 1.775 .178 Within Groups 3.298 25 .132 Total 4.000 28 Easy Movement across around websites Between Groups 2.630 3 .877 1.817 .170 Within Groups 12.060 25 .482 Total 14.690 28 Prompt online ordering Between Groups 1.785 3 .595 2.154 .119 Within Groups 6.905 25 .276 Total 8.690 28 Prompt Query handling Between Groups 1.742 3 .581 2.132 .121 Within Groups 6.810 25 .272 Total 8.552 28 Get lowest price for product / service purchase Between Groups .059 3 .020 .074 .974 Within Groups 6.631 25 .265 Total 6.690 28 Easy comparison of product / service from several vendors Between Groups .604 3 .201 .617 .610 Within Groups 8.155 25 .326 Total 8.759 28 Easy comparison of price from several vendors Between Groups 6.630 3 2.210 4.582 .011 Within Groups 12.060 25 .482 Total 18.690 28 Able to obtain competitive and educational information regarding product / service Between Groups 1.302 3 .434 2.212 .112 Within Groups 4.905 25 .196 Total 6.207 28 Reduced order processing time Between Groups .273 3 .091 .259 .854 Within Groups 8.762 25 .350 Total 9.034 28 Reduced Paper Flow Between Groups .140 3 .047 .110 .954 Within Groups 10.619 25 .425 Total 10.759 28 Reduced Ordering Costs Between Groups .647 3 .216 .453 .718 Within Groups 11.905 25 .476 Total 12.552 28 Table above shows the F test values along with significance in case of collecting information (Internet use). Comparing the F test values and significance values, we see that all the anova comparisons favour the acceptance of null hypothesis. Please note that significance values are greater than 0.05 in all the variables except easy comparison of price from several vendors, according to homogeneity rule, this variable will not be judged by Anova F statistic. For this variable, we have performed Welch and Brown-Forsythe tests. Robust Tests of Equality of Meansb,c,d Statistica df1 df2 Sig. Availability of Updated information Welch 1.123 3 7.172 .401 Brown-Forsythe 1.244 3 6.530 .368 Easy Movement across around websites Welch 1.659 3 8.402 .249 Brown-Forsythe 2.051 3 17.509 .144 Prompt online ordering Welch 1.633 3 7.896 .258 Brown-Forsythe 2.178 3 11.593 .145 Prompt Query handling Welch . . . . Brown-Forsythe . . . . Get lowest price for product / service purchase Welch . . . . Brown-Forsythe . . . . Easy comparison of product / service from several vendors Welch .560 3 8.014 .656 Brown-Forsythe .682 3 12.935 .579 Easy comparison of price from several vendors Welch . . . . Brown-Forsythe . . . . Able to obtain competitive and educational information regarding product / service Welch 1.472 3 7.457 .298 Brown-Forsythe 1.827 3 9.211 .211 Reduced order processing time Welch .219 3 8.155 .881 Brown-Forsythe .278 3 14.596 .840 Reduced Paper Flow Welch .119 3 8.021 .946 Brown-Forsythe .122 3 15.144 .946 Reduced Ordering Costs Welch .735 3 8.066 .560 Brown-Forsythe .525 3 16.006 .671 a. Asymptotically F distributed. b. Robust tests of equality of means cannot be performed for Prompt Query handling because at least one group has 0 variance. c. Robust tests of equality of means cannot be performed for Get lowest price for product / service purchase because at least one group has 0 variance. d. Robust tests of equality of means cannot be performed for Easy comparision of price from several vendors because at least one group has 0 variance. Table above shows the Welch and Brown-Forsythe tests performed on the internet benefits and particularly help in analyzing easy comparison of product / service from several vendors. The significance values are much higher then required 0.05. The Statistics and significance values indicate the acceptance of null hypothesis. The analysis and conclusion from output: Homogeneity of Variance test Anova test Brown-Forsythe test Welch test Accept Null Hypothesis Use1 Æ’Â ¼ Æ’Â ¼ Æ’Â ¼ Use2 Æ’Â ¼ Æ’Â ¼ Æ’Â ¼ Use3 Æ’Â ¼ Æ’Â ¼ Æ’Â ¼ Use4 Æ’Â ¼ Æ’Â ¼ Æ’Â ¼ Compar1 Æ’Â ¼ Æ’Â ¼ Æ’Â ¼ Compar2 x x Æ’Â ¼ Æ’Â ¼ Æ’Â ¼ Compar3 Æ’Â ¼ Æ’Â ¼ Æ’Â ¼ Compar4 Æ’Â ¼ Æ’Â ¼ Æ’Â ¼ RedPTM1 Æ’Â ¼ Æ’Â ¼ Æ’Â ¼ RedPTM2 Æ’Â ¼ Æ’Â ¼ Æ’Â ¼ RedPTM3 Æ’Â ¼ Æ’Â ¼ Æ’Â ¼ All the results verify the Null Hypothesis acceptance. Hence, we accept null hypothesis, i.e., There is no significant difference in collecting information and internet benefits. Working Example 3 : One-way between groups ANOVA with planned comparisons Ritu Gupta wants to know the sales in four different metro cities of India in Diwali season. She assumes the sales contrast of 2:1:-1:-2 for Delhi:Kolkata:Mumbai:Chennai, respectively. She collects sales data from 10 respondents each from the four metro cities, collecting a total of 40 sales data. Open new data file and make variables as shown in the figure below. The values column in the city row consists of following values: 1 Delhi 2 Kolkata 3 Mumbai 4 Chennai Enter the sales data of 40 respondents as shown below: City Sales (Rs. Lacs) 1 500.00 1 498.00 1 478.00 1 499.00 1 450.00 1 428.00 1 500.00 1 498.00 1 486.00 1 469.00 2 500.00 2 428.00 2 439.00 2 389.00 2 379.00 2 498.00 2 469.00 2 428.00 2 412.00 2 410.00 3 421.00 3 410.00 3 389.00 3 359.00 3 369.00 3 359.00 3 349.00 3 349.00 3 359.00 3 400.00 4 289.00 4 269.00 4 259.00 4 299.00 4 389.00 4 349.00 4 350.00 4 301.00 4 297.00 4 279.00 Click AnalyzeÆ’Â  Compare MeansÆ’Â  One-Way ANOVAà ¢Ã¢â€š ¬Ã‚ ¦. This will open One-Way ANOVA dialogue box. Shift the Sales variable to Dependent List and City variable to Factor column. Click Contrastsà ¢Ã¢â€š ¬Ã‚ ¦ push button to open its sub dialogue box. Enter the coefficients as shown in the figure below. Notice that the coefficient total should be zero. Click continue to close the sub dialogue box and come back to previous dialogue box. Click Post Hocà ¢Ã¢â€š ¬Ã‚ ¦ push button to check the significance level in the Post Hoc sub dialogue box. In this case it is 0.05. Click continue to close this sub dialogue box. Click Optionsà ¢Ã¢â€š ¬Ã‚ ¦ push button to open its sub dialogue box. Select descriptive and homogeneity of variance test and click continue to close this sub dialogue box. This will open previous dialogue box. Click OK to see the output viewer. The Output: ONEWAY Sales BY City /CONTRAST=2 1 -1 -2 /STATISTICS DESCRIPTIVES HOMOGENEITY /MISSING ANALYSIS. Descriptives Sales (Rs.Lacs) N Mean Std. Deviation Std. Error 95% Confidence Interval for Mean Minimum Maximum Lower Bound Upper Bound Delhi 10 480.6000 24.87837 7.86723 462.8031 498.3969 428.00 500.00 Kolkata 10 435.2000 41.99153 13.27889 405.1611 465.2389 379.00 500.00 Mumbai 10 376.4000 26.45415 8.36554 357.4758 395.3242 349.00 421.00 Chennai 10 308.1000 41.33992 13.07283 278.5272 337.6728 259.00 389.00 Total 40 400.0750 73.46703 11.61616 376.5791 423.5709 259.00 500.00 Test of Homogeneity of Variances Sales (Rs.Lacs) Levene Statistic df1 df2 Sig. 1.377 3 36 .265 The Levene test statistic shows that p>.05. As such, assumption of ANOVA for homogeneity of variance has not been violated. ANOVA Sales (Rs.Lacs) Sum of Squares df Mean Square F Sig. Between Groups 167379.475 3 55793.158 46.581 .000 Within Groups 43119.300 36 1197.758 Total 210498.775 39 The Anova F-ratio and significance values suggests that season does significantly influence the sales in the cities, F(3,36) = 46.581, p The contrast coefficients, as assumed are shown in the table below. Contrast Coefficients Contrast Metro City Delhi Kolkata Mumbai Chennai 1 2 1 -1 -2 Contrast Tests Contrast Value of Contrast Std. Error t df Sig. (2-tailed) Sales (Rs.Lacs) Assume equal variances 1 403.8000 34.60865 11.668 36 .000 Does not assume equal variances 1 403.8000 34.31443 11.768 22.101 .000 Since, the assumptions of homogeneity of variance were not violated, you can discuss with assume equal variances row of upper table. The t value of 36 is highly significant (p The descriptive table shows that during Diwali season, Delhi has maximum sales and Chennai has least sales according to the respondents. To obtain F value, the above T value will be squared, i.e. F=T2 = 11.668*11.668=136.142224. Also note that, df1 for planned comparison is always 1, i.e. df1=1 and df2 will be shown in the within groups estimate of ANOVA table above, i.e., df2=36. As such we can write the result as F(1,36)=136.142224, p Two way ANOVA Two way ANOVA is similar to one way ANOVA in all the aspects except that in this case additional independent variable is introduced. Each independent variable includes two or more variants. Working Example 4 : Two way between groups ANOVA Neha gupta wants to research that whether sales (dependent) of the respondents depend on their place(independent) and education (independent). She assigns 9 respondents from each metro city. Each respondent can select three education levels. Place: 1(Delhi), 2(Kolkata), 3(Chennai) Education: 1(Under graduate), 2(Graduate), 3(Post Graduate) A total of 3x3x9 = 81 responses were collected. She wants to know whether : The location influences sales? The education influences the sales? The influence of education on sales depends on location of respondent? Make the data file by creating variables as shown in the figure below. Enter the data in the data view as shown in the figure below. Click AnalyzeÆ’Â  General Linear ModelÆ’Â  Univariateà ¢Ã¢â€š ¬Ã‚ ¦. This will open Univariate dialogue box. Choose sales and send it in dependent variable box. Similarly, choose place and education to send them in fixed factor(s) list box. Click Options push button to open its sub dialogue box. Click Descriptive Statistics, Estimates of effect size, Observed power and Homogeneity tests check boxes in the Display box and click continue. Previous dialogue box will open. Click OK to see the output. The Output : UNIANOVA Sales BY Place Education /METHOD=SSTYPE(3) /INTERCEPT=INCLUDE /PRINT=ETASQ HOMOGENEITY DESCRIPTIVE OPOWER /CRITERIA=ALPHA(.05) /DESIGN=Place Education Place*Education. Between-Subjects Factors Value Label N Place 1 Delhi 9 2 Kolkata 9 3 Chennai 9 Education 1

High School and School Counseling Interventions Essay

Introduction and rationale for the research In the fields of counseling, education, and psychology, there has been a strong emphasis placed on evidence-based practices to determine the effectiveness of school counseling interventions. In this article, two types of Meta-Analysis interventions were used during this study. Meta-Analysis 1 involved treatment-control comparisons and Meta-Analysis 2 involved pretest-posttest differences. The overall average weighted effect size for school counseling interventions was . 30. This study determined how effective moderator variables influenced effect size of, guidance curriculum, individual planning, responsive services, and system support. Analyses of moderator variables are designed to determine the effectiveness of school counseling program activities in this article. Major strengths/weaknesses in the article The overall school counseling interventions produced an average effect size of . 30 which is significant. However, in this article, the average effect size of Meta-Analysis 2 intervention was not significant, only . 07. Previously research has found that meta- analyses using pretest-posttest typically produces a higher effect size compared to the more traditional treatment-control group comparisons. It’s difficult to determine the non-significant mean effect size for pretest-posttest meta-analysis. Additional analyses in the pretest and posttest form will need to focus on specific interventions and additional information regarding the effectiveness of specific strategies in school counseling. One of the common criticism of meta-analytic approaches is that studies with weak methodological rigor may artificially inflate average effect sizes(M. W. Lipsey,2003). M. W. Lipsey (2003) also argued that methodological moderator variables that often are assumed to be independent are not necessarily independent and carefully conducted meta-analytic reviews should explore methodological relationship patterns. The effect size of . 30 was based on 117 experimental studies that involved 153 interventions, which is a significant increase from the six studies used by Sprinthall (1981). Many more studies were conducted with elementary school students; however, school counseling interventions included in this meta-analysis appeared to be slightly more effective with middle or junior high students followed by high school students. Thus, these studies show a significant effect on school counseling interventions for all levels of K-12 education. There are also some limitations when meta-analytic techniques are used. The validity of effect size largely depends on the quality of studies that were included in the review. Some major limitations in school counseling research could not be addressed statistically. Also there are few studies that address the issues of treatment integrity. Only a handful of studies used treatment manuals or well-developed curricula. It was difficult for researches to determine what was effective because researchers could not determine what interventions were implemented with students. Another limitation was the elimination of 111 studies that had insufficient data or missing information. Another limitation from this article concerns the dominance of non-standardized outcome assessments in school counseling research. Meta-analysis also lacked long-term follow-up data. The lack of longitudinal data allows for the measurement and analysis of only short-term effectiveness. Another issue with meta-analysis research is that interventions focused mostly on specific interventions rather than comprehensive school counseling programs. There has been very few research studies conducted on comprehensive school counseling programs. Summary of research outcome.  There were 118 studies that used meta-analysis 1, involving treatment-control comparisons and 153 school interventions; however, two studies were considered one study because of the same simple. Out of the 117 studies, 81 were published in journals and 36 were theses or dissertations. This meta-analysis study had 16,296 participants and the sample ranged from 8 to 5, 618, with the average study involving 139. 28 participants. From these studies, 50. 4% were elementary school students, 17. 9% were middle or junior high school students, and 24. 8% were high school students, and 6% had a mixture of ages, and one study did not report the age of the student participants. There was an overall weighted effect size of 27% for students that received school counseling intervention compared to those students that did not receive school counseling intervention. The average effect size was significant. Also, there were a total of 33studies that used meta-analysis 2, involving pretest-posttest design; however, two effect sizes were eliminated from one study. Therefore, 31 studies that involved 51 school counseling interventions were used. The effect sizes calculated from these 31 studies involved 2,015 participants and the average study involving 62. 97 students and the sample ranged from 9 to 283. Out of the 31 studies, 17 were published in journals, 13 were theses or dissertations, and one study was an ERIC document. From these studies, 29% involved elementary school students, 12. 9% were middle or junior high school students, and 54. 8% were high school students, and 3. 2% had a mixture of ages and grade levels. There was only a . 07% weighted effect size on pretest and posttest meta-analysis which indicates the average effect size was not significant. Two methods of applying this research to practice Firstly, my goal as an aspiring school counselor is to implement a comprehensive school counseling program for all students. I would provide a variety of interventions and activities using the four components of the delivery system of a school counseling program, guidance curriculum, individual student planning, responsive services, and system support. I would then, conduct studies in my school, collecting data, and determine which services students and the school will benefit from the most. This will help me determine what type of programs and activities are most effective for our students and school. Secondly, I would consider taking additional research courses to prepare me to contribute to the knowledge base of school counseling, while conducting research projects related to school counseling. Simply, there needs to be more and better research in the area of school counseling. â€Å"Without additional empirical support, some schools may eliminate professional school counseling programs†(Erford, p 68). Conclusion. From this research on meta-analyses not all school counseling interventions were equally effective. Additional research is needed to examine the impact these studies had on students from diverse backgrounds. Although more research is often a recommendation after completing a meta-analysis (e. g. , Ehri et al. , 2001; Swanson, 1999; Whiston, Brecheisen,& Stephens, 2003; Xin, Grasso, Dipipi-Hoy, & Jitendra, 2005), we contend that lack of methodological rigor and dearth of studies make the calls for additional sound research in school counseling particularly important. Also, the issues of treatment integrity and increasingly use standardized outcome assessments will enhance future school counseling interventions. From this study, one would learn that additional research is needed, however, from this research; data shows that school counseling interventions have a positive effect size on student outcomes. Furthermore, there were significant effect sizes for interventions at the elementary, middle, and high school levels. School counselors’ were able to increase students’ ability to solve problems while decreasing discipline problems. However, the researchers were unable to identify specific programs or approaches that produce positive outcomes. Additional research is needed to address what interventions for school counseling works, with what students, and under what circumstances. References Erford, B. T. (2011). Transforming the school counseling profession (3rd Ed. ). Upper Saddle River, NJ: Pearson Education, Inc. Whiston, Tai, Rahardja, and Eder. (Winter 2011 Volume 89). School Counseling Outcome: A Meta-Analytic Examination of Interventions. Journal of Counseling.

Trail of ghenus khan

Mr.. Genesis Khan not being civilized, I believe that the Mongol Warrior (Adam) helped bring out the fact that Mr.. Khan was Indeed innocent of this accusation. This Mongol warrior brought forth the fact that they did indeed give the civilizations a chance to surrender to the Mongols. The Mongol warrior also acknowledged the laws that Mr..Khan had made, (This was backed up by the Historian Javelin (Rachel) and the research that was done by that errors). He also brought forth the fact that, many people thought that there warfare, was part of being civilized, but when we asked the prosecuting witnesses, (the ones before the Mongol Warrior was called up), what the deflation of being Cleveland was, many of the prosecuting witnesses did not Involve warfare Into their definition of being civilized.The Mongol warrior also helped us when the other prosecuting attorneys tried to ask him questions that were related to warfare, Instead of being elated to the main question, â€Å"Is Mr.. Khan c ellared, we then brought them to a dead end, with us (the defensive attorney's) putting objections towards their questions, because their question's had nothing to do with the main topic of the trial. The prosecuting side then ran out of questions to ask, due to irrelevance of the questions that they were asking.On the opposing side, the Mustangs, caliph of Baghdad (Harrison) presented the most convincing evidence, to go against Mr.. Genesis khan. This witness was a victim f the torment, this man was, I believe, rolled up in a carpet drug around beaten and trampled until dead. This man also had answers for most of our questions, and was ready for almost anything. In this simulation, I liked that we all worked together as a group, and we each had an important part in the trial. When we work as a group, the work seemed to go faster.For instance, my partner and I were both defensive attorneys, and when it came to looking for questions to ask our witnesses, we were both able to come up tit many different kinds, and when we were up there asking the questions we both took turns asking them and retrieving the answers. With the work going faster, and being divided up, it made it easier to develop a better understanding of what we were studying. I believe that the simulation was Just fine, but I feel that we should have had more time to debate about the topics, and maybe a little more time to get things prepared and ready for the trial.BY erne indeed innocent of this accusation. This Mongol warrior brought forth the fact that caked up by the Historian Jiving (Rachel) and the research that was done by that before the Mongol Warrior was called up), what the definition of being civilized was, many of the prosecuting witnesses did not involve warfare into their definition of attorneys tried to ask him questions that were related to warfare, instead of being related to the main question, â€Å"is Mr.. Khan civilized? â€Å", we then brought them to a dead end, with us (th e defensive attorneys) putting objections towards their questions,

5 Ways to Network with DailyWritingTips.com

5 Ways to Network with DailyWritingTips.com 5 Ways to Network with DailyWritingTips.com 5 Ways to Network with DailyWritingTips.com By Mark Nichol DailyWritingTips.com readers often ask us about our presence on social networks, so in this post, we provide details about how to interact with DWT and with other people who care about how they communicate. 1. Find us on Facebook, at Facebook.com/DailyWritingTips. There, you will see links to DailyWritingTips.com posts and can check out comments by other readers. (Please like our page if you haven’t already done so!) 2. Follow us on Twitter, at Twitter.com/Writing_tips. All posts are published on our Twitter stream, so if you follow us, you can link to them through our tweets. 3. Add us to your Google+ circles to stay up to date on our posts and possibly to join us on future hangouts. 4. If you’d like to ask a question about a post or respond to the post perhaps you have an additional example or another good strategy to share with others submit a comment at the bottom of the post. 5. If you have a suggestion for a post topic, or a question unrelated to a post, our email address is info@dailywritingtips.com. (However, if you have a question or a thought about a particular post, it’s better to comment, because then thousands of other readers can see what you have to say, too, and perhaps respond to your note.) Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the General category, check our popular posts, or choose a related post below:When to use "on" and when to use "in"Abstract Nouns from Adjectives45 Idioms with "Roll"

Catalase Lab Report

Catalase Lab Report IntroductionCatalase is an enzyme that speeds up organic reactions. (Starr Taggart, 2004, pg. 107). It is important because it promotes the decomposition of hydrogen peroxide, H2O2 (Starr Taggart, pg. 107). Hydrogen peroxide is a byproduct of cell metabolism that is toxic to cells. (Starr Taggart, 2004, pg. 96-97) This reaction can be written as: 2H2O2 2H2O + 02 (Starr Taggart, pg. 96). Oxygen gas (02) is a product of this reaction. The rate of oxygen production will help indicate the speed of the reaction. The purpose of this experiment is to find out how temperature, pH, and concentration affect the rate of oxygen production. The experimental hypotheses are: as the catalase concentration increases, the rate of oxygen production will increase, as temperature increases, the rate of oxygen production will increase, and as the pH increases, the rate of oxygen production will increase. Therefore, the null hypotheses are: the change in the temperature, concentration, or pH will not h ave a statistically significant effect on the rate of oxygen production from the breakdown of hydrogen peroxide by catalase.Hydrogen peroxideIn this experiment, the independent variables are the concentration of catalase, the temperature, and the pH of the reaction. The levels of concentration are 25%, 50%, 75%, and 100%. Five trials were conducted for 25% and 50% concentrations and four trials were done for 75% concentration. The control level, 100% was conducted eighteen times. The levels of temperature are 10o, 22o, and 37o centigrade. Four trials were conducted for 10 and 37 degrease centigrade. The control level, 22o, was conducted eighteen times. The levels of pH are 4, 7 and 10. Four trials were conducted for 4 and 10 pH. The control level, pH 7, was conducted eighteen times.The dependent variable is the rate of oxygen production measured...

Fashion PR Article Example | Topics and Well Written Essays - 2000 words

Fashion PR - Article Example The present paper endeavors to critically analyze the applicability of known dictums in public relations to the fashion industry after carefully understanding the development of public relations in the industry from earlier times in history. The development of public relations strategies in fashion industry came about around the 1930s, when members of the elite and wealthy class could afford to select and pick designer wearables like garments, gowns, wigs, glasses, bracelets, umbrellas and so on. By then, distinct fashion magazines were already available in print in the urban society and photos were being printed to create cover pages for the magazines. Fashion was not just restricted to apparels and what a person wore, but was also found in home dà ©cor and accessories. By the 1960s, a more important trend of identifying and portraying the volatility of the industry began and is popular till today. Amongst the first examples of use of public relation strategy in promoting fashion p roducts, we find a localization of power as a particular news house would ask members of its elite class or Hollywood actors and actresses who are members of the book house or publishing house to wear creations of known designer members of the same society, at events and functions where they would get noticed and clicked. This way, the publishing houses hoped to keep glamour and glitz showcased on people associated with them. One such example is seen when Eleanor Lambert in 1950 asks Joan Crawford to sport.

Case Study analysis for Marketing Communications Essay

Case Study analysis for Marketing Communications - Essay Example Companies in business areas such as beer and cider as well as other beverages benefit from sponsorship of sports personalities, clubs and events as these are opportunities for highlighting the spirit of entertainment and social celebrations, which is one of the intrinsic values of the product. The company is launching its advertising campaign on a rolling regional basis, starting from Southern London England followed by Scotland. However, when entering a market as UK, which is not very large in its size, it may be more effective to plan a national campaign, which will utilize national TV, and Press backed by outdoor advertising. The largest poster may be an effective means of attracting attention but the exposure level of the location is limited to those who are traveling via Heathrow airport to Ireland. The cost effectiveness per exposure may question the effectiveness of this advertising tool. The product positioning currently being conveyed by the campaign focuses on the product’s naturalness, tradition and heritage. Although these aspects appealed to the nationalistic Irish public, it may not be an effective positioning to the British. The company to adopt the â€Å"Pint Over Ice† concept combined with the naturalness aspect of the C&C’s product. The key message should be â€Å"Pint Over Ice† which targets the popularity of serving beverages in draught form in UK. The concept of â€Å"Pint On Ice† should be promoted as an integrated message through TV Ads, Press, Bill Boards as well as on location promotions with serving demonstrations. As the key challenge is to change the image of the cider product in UK public’s mind, the marketing communications focus has to be on above the line TV and press advertising conveying the premium image. The company should extend its advertising activities to pub level with Point of Sales material and promotions to add excitement. By providing branded product premiums such as caps, key tags

International Business Management Essay Example | Topics and Well Written Essays - 750 words

International Business Management - Essay Example Manufacturing sectors are major contributors of the national GDP in a number of ways. For instance manufacturing companies, use the national resources as inputs to formulate the outputs which can be either exported or used locally depending on the need. The huge unemployment rate in Morocco makes this industry an ideal sector to analyze since it involves a large workforce (Verme et al 2014). Also the manufacturing sector contains a huge degree of clarity on its role in contributing to the GDP of the country. Comparing the GDP of Morocco with other nations in the region, it will be apparent that the Moroccan GDP exhibits a growth of approximately 5 % annually (Verme et al 2014). This is a sign that the country holds potential resources to ensure success. Over the past 3 years the country has enjoyed political stability and continuous production without disruptions. This has seen the rise in its GDP continuously. The Moroccan government is putting in a lot of effort to protect its resources and ensure stability, through which it will give its citizens a foundation to work without engaging on other non-productive activities. As compared to other low economies the Moroccan economy is enjoying international recognition. Apart from the GDP, Morocco exhibits a high GNI in a given financial year (Verme et al 2014). The difference between the GDP and GNI is that while the GDP encompasses the income which the country generates locally, the GNI involves the income which is generated both locally and overseas this means that GDP is the best yardstick to measure performance of a given nation since it entirely points out those factors of production within a country’s disposal. Inflation over time has been a major problem in industries; inflation is responsible for cutting down of profits because of the frequent changes in the market. The inflation is usually used as an indicator of macroeconomic

‘Entrepreneurs’ as Franchisees Essay Example for Free

‘Entrepreneurs’ as Franchisees Essay Franchisors are increasingly having to be more and more selective in the adoption of franchisees with factors such as economic climate and the potential difficulty with growth playing key factors in the decision making process. It is not simply an ability to grow which creates a successful Franchise and nor is it the desire of any franchisor to adopt every potential franchisee. Franchisors are becoming more and more scrutinising as the global economy declines. There is a general understanding within any franchised business, which is that one of the most desired traits of any franchisee is the ability to follow a set design People who buy franchises are not entrepreneurs, and they better know that going in, (Libava, 2012). Throughout, the difficulty of working with entrepreneurial franchisees will be analysed alongside what a Franchisor looks for in an ideal Franchisee in the context of someone seeking to enterprise a franchise; how these differ, how they are similar and what potential benefits or disadvantages this stance may create. The entrepreneurial process requires a great number of identification and opportunist methods in order to obtain the resources for their business and be deemed â€Å"entrepreneurial† (Shane, 2003). The use of these skills will be evaluated in the context of a franchise in order to understand why franchisors prefer not to take on entrepreneurs. Firstly, it is important to understand why franchisors must have certain barriers of entry to their franchise before we can fully question their likeliness to take on entrepreneurs. Franchisees seek to join a Franchise due to the ease of starting a business; Suppliers are already established, store layout is already set, uniforms already designed customers already familiar with the brand and so on. The sole reason this is set out already is because it has been tried and tested (in most cases) over time, and most likely by a number of other Franchisees. Since all the Franchisees have built this brand image up since the off, it is integral to protect this brand image as any impairment to one franchisee could cause the public to â€Å"tar† the whole franchise â€Å"with the same brush†. However, the extent to their high expectations of potential franchisees has a tendency to vary with each scale of franchise. A well-established franchise has a lot to protect and therefore is likely to resist the urge to take on an enterprising franchisee, seeing them as â€Å"high risk†. Alternatively, the opposite can also be said as it is likely to promote the business more with greater levels of feedback, new prospects and innovative ideas (Diebold 1990). From one perspective, there are many reasons why certain franchisors would avoid accepting entrepreneurial Franchisees into their Franchise. Entrepreneurial businessmen and women are often stereotyped as the innovators; someone who pushes the boundaries of the known worlda change agent who is relentless in making things happen and bringing ideas to execution (Entrepreneur.com). This means that their skills best lie in the development of new ideas, improvement of old ways and generally the identification of modern concepts and techniques. In the eyes of a potential franchisor this has many foreboding difficulties should they decide to accept the franchising agreement. Firstly, a franchise is a tried and tested model which has proven to be a mostly profitable and successful enterprise of its own with a large quantity of time, effort and money used to perfect the foundations of the franchise. Therefore should a franchisee wish to try and change these perfected techniques, not only does it risk the chance of failure and therefore damaging the brand as a whole, but also the arrogant â€Å"I know better† attitude contradicts the very concept of a franchise. Libava defines this concept as using a â€Å"franchise company’s trademarks, systems, signage, software, and other proprietary tools and systems in accordance with the guidelines set forth in the franchise contract† to an â€Å"Identified System† (Libava 2012). Taking on board the enterprising ideas the franchisee puts across would essentially be the franchisor wasting effort and money in the perfecting of their pre-set method. This is especially the case with larger, more established franchises such as Subway and McDonalds, whereby every task is responded to in a set way and is quantified to the smallest factor. An example of this is when changing the uniform at McDonalds in 2012, it cost over  £1.52 million in the UK alone due to the vast number of employees (Weiss 2012). From cleaning the floors to dealing with food complaints, even the smallest change in the franchisors technique requires a great amount of communication and control, but is also a timely and therefore costly exercise. This then reflects the reluctant attitude to established Franchises when considering the great cost and risk involved in the context of someone entrepreneurial. The franchise already has the fine details of the business set into its own convention; entrepreneurial individuals only cause a constant battle with the franchisor due to the desire for change and sometimes, change for change’s sake. However, although in the established franchise context this statement may be true, it is not always the case. Start-up, less established and more innovative franchises are much more likely to be open for suggestion and more interested in taking on entrepreneurs into their franchise. The same can be said for franchises in need of innovation to survive. With everyday names such as HMV and Woolworths going into administration, amplification of a USP and innovation has become a necessary act for survival. Even the slightest differentiation could mean the difference between consumers buying with you or a competitor; Domino’s Pizza is a good example of this. Since the almost-global economic recession of 2008, survival has been integral to any business model, franchise or otherwise. As a result of this, Domino’s has allowed one of its more entrepreneurial franchisee’s to trial and as a result implemented â€Å"Bread Bowl† and â€Å"Pasta† dishes onto their menu with great success (Wilson 2012). The same can be said of WSI, an internet marketing franchise, whereby 90% of the products and services have come from the franchisee’s themselves to â€Å"ensure that [they] are offering the latest and best internet marketing processes to end clients that deliver results† (McArthur 2012). This shows how, it is not only the economic factors that play to a franchisors’ decision making, but also the type of franchise that they are operating. The online marketplace is a raw marketplace where each business is instantly comparable to their competitors and just as easily undercut; therefore, an innovative franchisee is more desirable than the traditional replicable franchisee as they are able to create differentiation potentially more valuable than price. In addition to this, it is also useful to look at the financial success of large and small franchises to gain a better understanding as to why some seek entrepreneurs and others don’t. An â€Å"Innovation vs. Replication† report compared the financial performance of 500 firms varying in size and found that small businesses with business models centred on low levels of replication and high innovation, showed more growth than models with high levels of replication. Additionally, they also found that large businesses with only high levels of innovation and low levels of replication had a lower average financial position (Aspara 2009). This reflects how statistically it would work against the favour of a large franchise to adopt innovative entrepreneurs, whilst also presenting a counter-point portraying enterprising individuals as promoters for growth and financial stability for smaller franchises. This isn’t always the case though, presented in the franchise Krispy Kreme with its â€Å"boom† stage in the early 2000’s. Being a rapidly growing donut franchise it had entrepreneurs from around the world wanting to become part of this international business. However, due to the lack of care when choosing franchisees and with growth as their only concern, issues with proximity caused cannibalising sales as a result of capitalising their own popularity (Morebusiness.com 2010). Pulling these points together, there are many clear reasons why a franchisor would be hesitant to take on an entrepreneur. Taking on a â€Å"If it’s not broke don’t fix it† attitude emphasises the safety in the tried and tested method of replication. Franchises with a set convention are likely to take a â€Å"sure-bet† rather than a â€Å"risk†, due to knowledge that the model works fine the way it is, proven by their own and other franchisees. That is not to say that what works for one franchising model is the same for all (Francis 2010). Both economic and business models play key factors into how enterprising a franchise may or may not choose to be. Some franchises such as WSI rely on entrepreneurial franchisees for the very success of their business and remain an integral part of their franchise model. Within the report of innovation and replication it found that the most financially successful businesses were large scale firms with high levels of innovation and replication (Aspara 2009) showing how there is room for improvement in any business. â€Å"Staying consistent on the core components of your business doesnt mean the products you sell, or even the way you deliver them, have to stay the same† (FranchiseDirect.com) However, replication in a franchise builds the foundations of what has already been industry certified and therefore proven to work. Entrepreneurs are most useful in a franchise when the need for innovation is high, such as start-up franchises and times of economic instability where differentiation is needed to survive. As a franchise grows, the structure becomes more and more rigid and therefore more difficult and less susceptible to change as the cost of doing so outweighs the potential benefits. Perhaps it is the case that most franchisors are less likely to take on an entrepreneur as a franchisee, using their own sources of research and development. However, not every franchise has the capital to operate their own entrepreneurial department and therefore is much more likely to opt for enterprising franchisees to enable their franchise to grow. Reference List Aspara et al, J A, 2009. Innovation vs. Replication. Business model innovation vs. replication: Financial performance implications of strategic emphases. 1, 6,7 Diebold, J. D, 1990. The Innovators: The Discoveries, Inventions, and Breakthroughs of Our Time. 1st ed. New York: Plume. Entrepreneur.com 2013. Innovators | Entrepreneur.com. 2013. [ONLINE] Available at: http://www.entrepreneur.com/innovators/index.html. [Accessed 24 January 2013]. Francis K.A. Demand Media. 2010. Innovation Vs. Replication in Franchises. [ONLINE] Available at: http://smallbusiness.chron.com/innovation-vs-replication-franchises-198.html. [Accessed 23 January 13]. Libava 2012, The Top Traits of Successful Franchise Owners | Entrepreneur.com. 2013. [ONLINE] Available at: http://www.entrepreneur.com/article/224016. [Accessed 23 January 2013]. Also see Definition Of A Franchise. 2013 [ONLINE] Available at: http://www.thefranchiseking.com/definition-of-a-franchise. [Accessed 24 January 2013] McArthur, R M, 2012. President of WSI Internet Marketing Franchise. Can Franchising and Innovation Go Hand in Hand? (See Wilson 2012) MoreBusiness.com. 2013 . Learning from the Franchising Mistakes of Failed Krispy Kreme | MoreBusiness.com. [ONLINE] Available at: http://www.morebusiness.com/franchise-risks. [Accessed 23 January 2013]. Shane, S.A , 2003. A General Theory Of Entrepreneurship: The