The explanatory gap Essay Example | Topics and Well Written Essays - 1000 words

The informative hole - Essay Example John Levine presented the informative hole for the trouble that the brain hypotheses of physicalists have in clarifying the physical properties in offering ascend to the manner in which things experienced when they are felt. Levine in his 1983 article utilized the informative hole to bring up that despite the fact that it may be material from a physiological perspective, the illustrative hole doesn't help our comprehension of torment feeling. The logical hole has captivated and vexed various analysts and thinkers likewise in the previous decades and came about into an impressive discussion. Finding a satisfying and satisfying robotic clarification to overcome any barrier is a difficult issue. This paper looks to characterize the informative hole, and feature whether the illustrative hole represents a deterrent to realism regarding crafted by Levine. The illustrative hole deduces that there is a presence of a hole of reliable and judicious significant data that depict and represent at tributes and characteristics of cognizance procedures, substance and states that it is reasonable to a balanced and coherent degree of dominance. In other words, informative hole is in the human idea. The term logical hole doesn't delineate a hole in nature, yet rather a hole in our own comprehension of nature (Levine 1983). Joseph Levine in his works shows the logical hole as a snag to realism. Realism holds that there exist characters between material sorts and cognizant sorts. Joseph Levine represents that torment is indistinguishable with the C-strands terminating, and furthermore gives a case of survey something are red which is indistinguishable with an action in the visual V4 region cortex. Joseph Levine likewise takes a gander at the logical hole as an obstruction to realism in the line with contemporary universality realist, and that such sort of characters are posteriori. Levine contends that it involves logical examination, to find out whether agony is the terminating C-s trands, as opposed to reasonable reflection to considering things to be red is an action in the V4 zone in the visual cortex. In such manner, the personalities of psyche and mind that are found will be of a similar kind to such commendable a posteriori characters of science as that of temperature is mean active vitality, or that of water is H2O. There is additionally a decent logical proof for the nearness of such like cerebrum and brain characters. Specifically cases, there are immediate proof in the co-event of certain material sorts and cognizant sorts. Joseph Levine even stated that the characters of psyche and cerebrum strike uniquely in contrast to the evidently relating logical personalities (Levine 1983). Levine refers to certain inquiries to exhibit the informative hole as an obstruction to realism: assume that we really have proof that agony is equivalent to terminating of C-fiber and is one. Would we not still need to attempt to discover why terminating of C-fiber feels t orment as opposed to something different? Also, why there is torment in the terminating of the C-fiber? There is anyway no undifferentiated from questions that press on us in the greater part of the logical cases. For instance, subsequent to discovering that water is H2O, there is no further inclination of the need to realize why in any event, when there is H2O, we despite everything have water, or why water is H2O and nothing else. This is the explanation Joseph Levine begat the informative hole so as to give a feeling that something have been left unexplained by psyche and cerebrum personalities. Numerous different rationalists other than Joseph Levine have contended that logical hole develops in light of the fact that individuals can't draw from the realities

Ludwig Van Beethoven Essays - Ludwig Van Beethoven,

Ludwig van Beethoven The ascent of Ludwig van Beethoven into the positions of history's most noteworthy writers was resembled by and somehow or another his very own result individual disaster and hopelessness. Starting in the late 1790's, the expanding humming and murmuring in his ears sent Beethoven into a frenzy, looking for a fix from specialist to specialist. By October 1802 he had composed the Heiligenstadt Testament admitting the assurance of his developing deafness, his resulting despair, and self-destructive contemplations. However, in spite of the individual disaster brought about by the illness in the one sense which should be more immaculate in [him] than in others, a sense which [he] once had in the most elevated flawlessness, a flawlessness, for example, not many in [his] calling appreciate, it likewise filled in as an inspiring power in that it provoked him to attempt to overcome the destiny that was given him. He would not give up to that envious evil spirit, my pathetic wellbeing before d emonstrating to himself and the world the degree of his expertise. In this way, confronted with such extraordinary looming misfortune, Beethoven, keeping confidence in his craft and capacity, states in his Heiligenstadt Testament a guarantee of his significance yet to be demonstrated in the improvement of his gallant style. By around 1800, Beethoven was acing the Viennese High-Classic style. Despite the fact that the style had been first culminated by Mozart, Beethoven extended it somewhat. He had unprecedently created sonatas for the cello which in blend with the piano opened the time of the Classic-Romantic cello sonata. What's more, his sonatas for violin and piano turned into the foundation of the sonata pair repertory. His experimentation with increments to the standard structures in like manner made it obvious that he had arrived at the constraints of the high-Classic style. Having shown the all-encompassing scope of his piano composing he was additionally begining to fashion another voice for the violin. In 1800, Beethoven was furthermore consolidating the sonata structure with a full ensemble in his First Symphony, operation. 2. In the field of piano sonata, he had additionally gone past the three-development structure of Haydn and Mozart, applying once in a while the four-development configurat ion saved for orchestras and groups of four through the option of a minuet or scherzo. Having unquestionably demonstrated the high-Classic period of his sonata advancement with the Grande Sonate, operation. 22, Beethoven proceeded onward to the dream sonata to permit himself more liberated articulation. By 1802, he had clearly prevailing with regards to acing the high-Classic style inside every one of its major instrumental sorts - the piano trio, string trio, string group of four and quintet, Classic piano concerto, team sonata, piano sonata, and orchestra. Having arrived at the finish of the incomparable Vienese convention, he was then confronted with either the unchallenging repetion of the worn out style or going past it to new manifestations. At about a similar time that Beethoven had depleted the possibilities of the high-Classic style, his expanding deafness landed him in a significant pattern of sorrow, from which was to develop his courageous period as exemplified in Symphony No. 3, operation. 55 (Eroica). In Beethoven's Heiligenstadt Testament of October 1802, he uncovers his disquietude that was sending him to the edge of sadness. He discusses self destruction in a similar breath as a hesitance to bite the dust, communicating his defenselessness against the certainty of death. Having looked vainly for a fix, he appears to have lost all expectation - As the leaves of harvest time fall and are wilted so in like manner has my expectation been cursed I leave here-nearly as I came-even the high fearlessness which frequently enlivened me in the lovely long periods of summer-has vanished. There is to some degree an equal between his own and expert life. He is at an impasse on the two cases. There is by all accounts no more that he can do with the high-Classic style; his deafness appears to be ready unavoidably to burden and at last end his melodic profession. Be that as it may, regardless of everything, he uncovers in the Testament an assurance, however frail and depleted, to continue - I would have taken my life-it was just my specialty that kept me down. Ok, it appeared to me difficult to leave the world until I had brough forward all that I felt was inside me. So I persevered through this pathetic

The Scientific Method Essay Example | Topics and Well Written Essays - 250 words

The Scientific Method - Essay Example The message appeared to move from â€Å"don’t drink alcohol† to â€Å"if you savor, drink moderation†. Increasingly logical investigation really found that expending a few sorts of liquor with some restraint, for example, one glass of wine for each day, really had solid advantages for the heart. Presently the message changed to â€Å"drinking particular sorts of liquor with some restraint can really be useful for you.† The latest examinations appear to now demonstrate that the utilization of liquor is insignificant to acceptable heart wellbeing. The grapes give the genuine advantage, not the liquor; so drinking a limited quantity of grape juice can render indistinguishable useful impacts from a glass of wine. These ever-changing messages we get about the utilization of liquor and how it identifies with human wellbeing is a genuine case of what science can and can not do. Following the logical strategy is an incredible method to deliberately respond to logi cal inquiries. Be that as it may, Science can't give the entire picture just from one analysis. Numerous specialists and examinations should be led to continually add to our assemblage of information. In the long run, a few things may get acknowledged as verification of some idea, however utilizing the logical strategy is no assurance that causality or truth can be built up.

Study On Financial Strategy And Financial Objectives Finance Essay - Free Essay Example

This chapter consists of four sections, excluding this Preamble. The first section is concerned with corporate strategy and financial strategy. The second section considers objectives of organisations generally, whilst sections three and four are concerned with financial objectives and non-financial objectives, respectively. Learning Outcomes On successful completion of this Chapter, students should normally be able to: discuss financial strategy and its relationship with overall corporate strategy, discuss the influence of the goals of different interest groups on corporate strategy, explain the objective of maximisation of shareholder wealth, explain the notion of satisficing and its relevance to the maximisation of shareholder wealth, identify and explain a range of typical financial and non-financial targets, discuss the relationship between financial targets and non-financial objectives. CORPORATE STRATEGY AND FINANCIAL STRATEGY Introduction Chambers dictionary defines strategy in a number of ways, one of which is any long-term plan. The Chartered Institute of Management Accountants (CIMA) have defined strategy as a course of action, including the specification of the resources required, to achieve a specific objective (CIMA, 1991). If we adopt the CIMA definition of strategy, it follows that corporate objectives precede strategy. The objectives of a company may be expressed in different ways, including expression as financial targets. Later, we shall consider some specific suggestions that have been made for possible financial targets. So, the definition introduces the idea of working towards an objective, and the first step in the study of financial strategy is therefore the identification and formulation of objectives. The area of corporate objectives has been the subject of much research. We note that, as a mere legal abstraction, a body corporate can no more have objectives than it can drive a car. The director s and senior managers of the company can have aims and objectives, but the company itself cannot. Nevertheless, many commentators use the term corporate objectives to identify objectives that the directors of a company wish that company to achieve. We emphasise that a particular organisation will have a corporate strategy devised by its directors to achieve their objectives for the company. To consider the nature of strategic decisions, we note that Johnson Scholes (2001) summarised the characteristics of strategic decisions for an organisation as follows: Strategic decisions will be concerned with the scope of the organisations activities, Strategy involves the matching of an organisations activities to the environment in which it operates, Strategy also involves the matching of an organisations activities to its resource capability, Strategic decisions therefore involve major decisions about the allocation or re-allocation of resources, Strategic decisions will affect operational decisions, because they will set off a chain of lesser decisions and operational activities, involving the use of resources, Strategic decisions will be affected not just by environmental considerations and resources availability, but also by the values and expectations of the people in power within the organisation, Strategic decisions are likely to affect the long-term direction that the organisation takes, Strategic decisions have implications for change throughout the organisation, and so are likely to be complex in nature. Financial strategy includes, for example, decisions relating to the sources from which funds are obtained and the mix of corporate funding, the amount that should be paid out by way of dividends, and financial aspects of the acquisition and replacement of fixed assets. Although there is some overlap, the factors that influence objectives and hence strategies can be classified, in broad terms, as follows: General and enviro nmental influences The power and influence of stakeholder groups, including internal coalitions Overriding economic imperatives Perceived social responsibilities of the organisation General and Environmental influences These influences include the following: (a) External influences, such as the values of society, the values of the sector in which the firm operates, and the influence of organised groups, such as government departments, consumer groups, environmental groups, animal welfare organisations, and so on, (b) The nature of the business itself, including the market conditions of the sector in which the firm operates (for example, whether the market is expanding, stagnating, or declining), the products the firms manufactures and sells, and the technology the firm uses (which will influence matters such as operating methods, the skills needed by its employees and so on), (c) The organisations culture, including its history and traditions, its organisatio nal structure, and the style of management employed by senior managers. Stakeholder groups Prior to CA2006, case law imposed a duty on directors to act in good faith in the interests of the company, by which was meant the shareholders collectively. There was also a duty to act in the interests of creditors if insolvency was threatened, and the Act preserves that requirement. However, in normal circumstances, the Act now requires directors to consider a number of factors in their decision-making, including, but not limited to, the following: the likely long term consequences of a decision; the interests of the companys employees; relationships with the companys trading partners; the effect of the companys operations on the community and the environment; the desirability of maintaining the companys reputation for high standards of business conduct; and the need to act fairly as between members. It seems that the inclusion of these factors is an attempt to ca pture the principle of enlightened shareholder value, the model for corporate endeavour  [1]  adopted by the Company Law Review. Enlightened shareholder value shares some characteristics with the concept of satisficing. It is possible to identify a wide variety of different groups whose interests are directly affected by the activities of a firm. These groups or individuals are referred to as stakeholders in the firm. Sharplin (1983) identifies many such stakeholders, including the following: Ordinary (equity) shareholders Preference shareholders Trade creditors Holders of unsecured debt securities Holders of secured debt securities Intermediate (business) customers Final (consumer) customers Suppliers Employees Corporate managers Past employees Retired employees Competitors Neighbours The immediate community National society World society Organisational strategists The chief executive The board of directors Gover nment Special interest groups Ordinary, or equity, shareholders are the providers of the risk capital of a company and it is usually assumed that their goal is to maximise the wealth that they have as a result of their ownership of shares in the company. Trade creditors have supplied goods or services to the firm on credit. They will usually have the objective of being paid in full by the due date. However, longer-term considerations mean that they will wish to ensure a continuing trading relationship with their customer and will therefore handle the account with tact, diplomacy, and realism. Long-term creditors, which will often be banks, will have the objective of receiving payments of interest and capital in full as they fall due. Where a loan is secured on assets of the company, the creditor will be able to appoint a receiver to dispose of the companys assets if the company defaults on the repayments. However, to avoid the possibility that this may result in a loss t o the lender (where the market value of the assets are insufficient to cover the loan amount), the lender will wish to minimise the risk of default and will therefore decline to lend more than is prudent. Employees will usually want to maximise the rewards paid to them in salaries and benefits, taking account of their particular skills and the rewards available in alternative employment. Many, perhaps most, employees will also prize security of employment. Managers, in common with other employees, will have the objective of maximising their own rewards. It is the duty of the directors to run the company for the benefit of shareholders. The objective of reward maximisation may conflict with the exercise of this duty, in ways that we examine later. Government has objectives that can be formulated in political terms. Government agencies interact with the firm in various ways including taxation of the firms profits, the collection of statistics, the provision of grants, enactme nt of health and safety legislation, and so on. Government policies will often be related to macroeconomic objectives such as sustained economic growth and high levels of employment. Sharplin does not differentiate between central and local government. Johnson Scholes (2001) separate power groups into external stakeholder groups and internal coalitions. Internal coalitions will include the finance department, sales and marketing, the manufacturing department, the board of directors, and so on. Each internal coalition or external stakeholder group will have different expectations about what it wants, and the expectations of the various groups may be in conflict. Each group, therefore, will influence strategic decision-making. Cyert March (1964) are particularly associated with the notion of satisficing. This view sees the firm in a broad, societal context as an alliance of interests. No stakeholder is considered more important than any of the others. Consequently, the aim of the firm is considered to be the provision of a satisfactory return to each of the stakeholders. CLASSIFYING ORGANISATIONAL OBJECTIVES It is possible to classify organisational objectives at different levels. One such classification scheme is as follows: Mission statements Corporate objectives Operational objectives. A mission is a general objective, often visionary, sometimes unwritten, usually open-ended, and almost always without any time limit for achievement. There is a view that, to have practical value for planning, an objective must be expressed as a target, that is to say, be expressed in quantitative terms. This means that practical objectives are closed ones. For example, a practical corporate objective cannot be to earn a satisfactory growth in profit, since what constitutes satisfactory growth is a subjective matter. A Board determined to be self-congratulatory could argue that any growth achieved was satisfactory, whatever its level. So, to be of practical use, the objective must be to achieve profit growth at or above some specified percentage level for a specified number of years. This view is not accepted by all commentators, for example, Johnson Scholes (2001) argue that mission can have an important influence on strategic thinking (however, mission is very difficult to express in closed terms). Sometimes it may seem as if the formal expression of a companys objectives in its Mission Statement owes much to the Public Relations Department. The following was the Mission Statement of ICI in 1991: The chemical industry is a major force for the improvement of the quality of life across the world. ICI aims to be the worlds leading chemical company, serving customers internationally through the innovative and responsible application of chemistry and related sciences. Through achievement of our aim, we will enhance the wealth and well-being of our shareholders, our employees, our customers and the communities which we serve and in which we operate. We will do this by: Seeking consistent profitable growth; Providing challenge and opportunity for our em ployees, releasing their skills and creativity; Achieving a standard of quality and service internationally which our customers recognise as being consistently better than any of our competitors; Operating safely and in harmony with the global environment. This statement raises more questions than it answers. For example, what criteria will be used to judge which company is the worlds leading chemical company? Who will judge what is, and what is not, responsible application of science? The second paragraph is a single sentence of mere futurity, a statement of something that will happen and not an aim or objective  [2]  . The third paragraph is also problematic. It is not clear whether growth means increase in profit or turnover or both or some other measure, such as, say, earnings per share. We note the curious mixture of future and present tenses: We will do thisÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ coupled with ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ customers recogniseÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. We also note that the criteria for judging global environmental harmony are left unspecified; indeed, ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦in harmony with the global environment is so vague as to be meaningless. It is perhaps unsurprising that Mission Statements, by whatever title they have been given, have been used by Company Directors and their Public Relations advisers as vehicles for articulating lofty aspirations and affirming companies commitment to whatever the days fashionable cause happens to be. Corporate objectives are those that are concerned with the firm as a whole. It has often been said that objectives should be SMART, that is to say: Specific Measurable Achievable Relevant Time-based We have seen above  [3]  that there are counter arguments to the view that objectives should always be measurable in quantitative terms. Argenti (1989) (citing the creation of customers, serving society, providing employment, and maximi sing profits as examples of objectives) concludes that an objective must be expressed so as to specify: its beneficiaries the nature of the benefit the size of the benefit. Corporate objectives outline the expectations of the firm (and the strategic planning process is concerned with the means of achieving the objectives). Objectives usually relate to factors that are seen as crucial for business success, including the following: Profitability (return on investment) Market share Growth Cash flow Customer satisfaction The quality of the firms products Industrial relations Added value The De La Rue group discloses its Corporate Objectives as follows: Corporate Objectives To retain and build our position as the worlds leading security printing and payment systems group by consistently striving for the best possible performance in quality, innovation, value and service for our customers. Through continuing enhanced performance, to attai n for our shareholders consistent growth in earnings and dividends per share and to communicate effectively to them our objectives and achievements. To train, motivate, support and reward our staff worldwide, focusing on their vital contribution to the success of the Company and also their involvement in the communities local to their business. Operational objectives are objectives that are specific to individual parts of an organisation. Examples are as follows: To increase the number of customers by some percentage (an objective of a sales department), To reduce the number of rejects by some percentage (an objective of a production department), To produce monthly management reports within, say, 5 working days of the end of each month (an objective of the management accounting department). Operational objectives are often referred to as targets or are formulated as part of a plan. Missions, objectives, and targets and plans are inter-related aspects of the stra tegic planning process. It is senseless to set a target that is unrealistic. For example, setting a target of collecting debts from customers within a week of issuing the invoice would be a welcome state of affairs, but it is not realistic and is unachievable. Unachievable targets are worse than a mere waste of time; they will demotivate employees and may detract from other, more realistic, aims. Following Argenti (1989), we state that quantification of primary objectives and secondary targets must emerge from a realistic appraisal of the organisations position and resources, and from the planning process. We note that it may be convenient to classify objectives as long-term or short-term. A company operating in an industry that is in recession and making losses in the short-term might continue to have, in the long-term, the objective of achieving steady growth in earnings, but, in the short term, its primary objective might switch to survival. In practice, it is often the cas e that managers performance is usually judged by short-term achievements. The board of directors of a public company are expected by City analysts to achieve growth in profits and earnings per share each year. If they do not, the share price will be adversely affected, and the board members will attract criticism. In extreme circumstances, the company may be the target for a hostile takeover bid as a result of failing to meet realistic targets. Consequently, the board will expect other senior and middle managers to achieve targets they have been set, and pay and prospects may be adversely affected if they do not. Since performance is often judged by short-term achievements, it is a natural tendency for managers to sacrifice longer term aims in order to achieve short-term targets. Examples of decisions that would involve the sacrifice of longer-term objectives include the following: Postponing (or abandoning altogether) capital expenditure projects (that would eventually contri bute to long-term growth and profits), to protect short term cash flow and profits Cutting research and development expenditure to save operating costs (and in so doing, reduce the prospects for developing future profitable products) Reducing the level of customer service, to save operating costs. Corporate Objectives: Research into Practice This area has attracted a great deal of interest, particularly since the 1960s. Many academics, taking a normative view, identify the principal corporate objective as the maximisation of shareholder wealth. For example, Damodaran (1999) asserts: There is general agreement, at least among corporate finance theorists, that the objective of the firm is maximize value or wealth. [Emphasis present in original.] That this is the aim adopted by senior managers in business appears to be borne out by empirical research. In a review article, Petty Scott (1981), identified the following goals as being those most frequently cited by manag ers as being important: maximisation of the percentage return on total asset investment achievement of growth in earnings per share maximisation of total earnings. Arguably, maximisation of shareholder wealth is an articulation of the combined effect of pursuing these three goals. Through a postal questionnaire, Pike Ooi (1988) asked senior managers of 100 large UK companies to indicate on a five-point Likert scale the importance of a number of aims. The results of this showed that managers were pursuing a number of aims simultaneously these aims taken together amounted to the goal of maximising shareholder wealth. Pike Oois survey showed some consistency with other evidence gathered both in the UK and USA. Dissent from the Maximisation of Shareholder Wealth View The aim of maximising net present value (the usual measure of wealth) has been criticised by Berle Means (1932) on the grounds that it neither describes managers aims nor constitutes the decision crite rion used in most firms. Grinyer (1986) argues that the shareholders do not have maximisation of their wealth as their sole objective he emphasises the flexibility and the variety of objectives. This is based on a greater level of financial sophistication on the part of the members than is probably the case. A further view is that of Marris (1963), who suggests that managers will act in the interests of any stakeholders who offer them additional reward. Further Dissent, Goal Congruence and Divergence Returning to the work of Pike Ooi (1988), there are (at least) three problems with that work that need to be confronted. They are: Will senior managers always pursue the maximisation of wealth for shareholders, even if this leads to repercussions that adversely affect the senior managers themselves? In other words, isnt it likely that managers will be influenced in their decision-making by the effects on their own welfare? How representative of the 30% of managers who refu sed to answer the questionnaire are those who did respond  [4]  ? Arent there other methodological problems with questionnaire surveys such as this? For example, with any questionnaire survey, how can we be sure that the respondents understood the questions properly? In addition, is it possible that respondents to surveys such as Pike Oois will tell lies? The first question, which we shall consider in detail, introduces a note of realism. It seems plausible that managers goals will not always be congruent with those of shareholders. In particular, it seems likely that managers will attach a higher priority to their own job security than would shareholders. Their actions may well reflect this in, for example, seeking to diversify the firms activities to reduce the risk of the firm failing. Shareholders, if they wish to reduce risk through diversification, will already have achieved that diversification through investment in an appropriate portfolio of investments. From the shareholders point of view, further diversification is superfluous, and managers efforts would be better directed at other goals. Managers goals may also differ from those of the firms owners where, for example, the managers remuneration is partially linked to some performance indicator. In these circumstances, a director may prefer to sacrifice long-term benefits for the company to achieve some short-term goal (profit of a certain amount, say). Some commentators have claimed that where the managers are also shareholders, such divergence of interests will not arise. This is not necessarily the case. Suppose an individual director is reliant upon his or her managerial salary for, say, 90% of their income and owns shares in their employing company that yield dividends and capital gains making up the remainder of their income: then it is at least plausible that that individual will act primarily to safeguard their position as manager rather than as shareholder. The (misguided) n otion that no goal divergence is possible when managers are also shareholders has led to the suggestion that goal congruence can be achieved by, for example, share option schemes for directors. Such schemes, it is claimed, will cause directors to take a long-term view in their decision-making, rather than pursuing short-run targets. However, this claim is based on a false premise (as we have seen) the more so if directors performance is judged on short-run targets and their salaries are based (if only partially) on such targets. If such systems of reward are in place then again, notwithstanding the existence of separate share option schemes, it is at least plausible that the individual manager will act primarily to safeguard their position as manager rather than as shareholder. In considering the actions of directors and other senior managers in relation to the goals of investors we should be aware that in the case of listed companies there is concentration of share ownership a nd hence power in the hands of a comparatively small number of institutional investors. Collectively, the managers of these institutional funds can and do exert influence over Boards, through their ability to exercise the ultimate sanction of removal from the Board. Therefore, it may be true to say that the degree of goal divergence of the type we have been considering in the case of listed companies has decreased. Whether this trend continues or is reversed depends upon the power of institutional investors, which in turn stems largely from the statutes governing taxation. Agency Theory The discussion above relates to the position of directors as agents of the shareholders  [5]  . Whereas the motivation of the directors has been considered, so far we have not considered what practical actions shareholders may take to ensure that the directors act in their interests. This lacuna is now remedied by examining the application of agency theory to the directors-shareholder rela tionship, with the intention of shedding light on what shareholders may consider their interests and hence proper corporate objectives to be. Agency theory is an influential school of thought that has, up to a point, eclipsed earlier approaches. Agency theory has its foundations in the seminal work of the British Economics Nobel Laureate Coase. Coase (1937) suggested that microeconomic analysis could be focused on the transaction and its associated costs, rather than on the market (and the enterprise). Specifically, the suggestion was that the market mechanism is replaced by a set of hierarchical authority relationships where this would allow greater efficiency than would be the case with a range of individual contracting relationships. Williamson (1964) furthered Coases work contending that individuals within the firm act in their own self-interest. Now, the view that the directors can be expected to act primarily in their own interests rather than those of the shareholders , can be traced all the way back from Williamson (1964) through Simon (1959) and Berle Means (1932) to the view of Smith (1776) that: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦being the Managers rather of other peoples money than of their own, it cannot well be expected that they should look over it with the same anxious vigilance with which the partners of a private copartnery frequently watch over their ownÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. Negligence and profusion ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ must always prevail, more or less, in the management of the affairs of such a company. This being so, the question arises as to what action the shareholders can take to cause the directors to act to maximise their (the shareholders) utility. One line of reasoning is to be found stemming from Coases work. Besides the work of Williamson (1964), extension of Coases work also came in the form of work by Alchian Demsetz (1972) who suggested that the specific system of reward in a given situation engenders a specific level of productivity. Further, that some form of monitoring will be required, which, in the case of a company where ownership is widely spread, is delegated to agents. Agency theory, then, is not based upon the market but neither is it based on the transaction: rather, it is based upon the legal relationships between the parties involved in agency contracts. This contribution to the principal-agent approach comes from Jensen Meckling (1976) who suggested that the firm was best conceived as a nexus of contractual relationships between individuals, in particular as a mechanism that minimises the agency costs of the relationship between shareholders and directors. According to Jensen Meckling (1976), the shareholders will introduce incentives to achieve this. Whatever financial incentives are introduced will have an associated cost. Furthermore, it is suggested that the principals will also introduce monitoring mechanisms that will produce reports on the effic acy of the incentives. These mechanisms will also have costs associated with them. It is suggested that there may be a third type of cost, a bonding cost, stemming from the agents desire to acquire a guarantee that s/he will act in the interests of the principals. Finally, there is the cost that is the difference between the effects of the monitoring mechanism together with the bonding and the maximisation of the principals interest. It seems then that there is a well-established body of thought that maintains that shareholders not only require their directors to act in their best interests, but also are prepared to meet the costs of ensuring that they do so. Corporate Financial Objectives: Theory Without considering specific aspects of specific businesses, we can say, in broad terms, that the employees of a business are engaged in: creating goods or supplying services (or both) for which there is a demand, and selling those goods or services (or both). The rationa le of undertaking these activities is to secure the benefit for the shareholders of inflows of resources that exceed the resource costs of securing those inflows. This excess will be reflected in an increase in the resources owned by the business. The increased resources can be distributed to investors in the firm, or applied to existing or new creating and selling projects, or a combination of the two. Having established that the directors of a company have a duty to run the business for the benefit of the shareholders, the question arises at to how benefit should be defined and measured. Some suggestions as to the objectives which senior management of an organisation might aim to achieve are dealt with briefly below: Maximisation of Profit This popular suggestion is too broad an objective to be useful. The argument behind it is that the shareholders benefit from an increase in profit and that as the group that owns and controls the firm they will cause the managers of the company to strive to maximise profit. However, this ignores the vital question of risk. Risk and return are the twin sides of the same coin. The all-out pursuit of profit maximisation would result in investment in high-risk projects that would not suit risk-averse shareholders. Furthermore, there is the question of timing: profit maximisation alone will not enable us to discriminate between rival projects that deliver profits at different times. Finally, it may be possible to increase the absolute amount of profit by means of a scheme that causes the profit per share to fall. For example, consider the following data for 201 relating to Quirk plc a company with 650,000 ordinary shares in issue:  £000 Sales 7,000 Cost of Sales 4,900 Gross Profit (30%) 2,100 Other Costs 1,400 Net Profit (10%)   Ãƒâ€šÃ‚  700 At the end of 201 the Board of Directors of Quirk plc decide to increase the scale of the companys operations the finance is obtained by issuing a further 260,000 ordinary shares. Following this decision, the following data is obtained relating to 202:  £000 Sales 9,100 Cost of Sales 6,370 Gross Profit (30%) 2,730 Other Costs 1,820 Net Profit (10%)   Ãƒâ€šÃ‚  910 In 201 the profit per share was  £700,000/650,000 = 108p, approximately. In 202 the profit per share had fallen to  £910,000/910,000 = 100p. In this example, the total profit had increased but the finance had not been used efficiently: a 40% increase in the number of shares issued led to an increase in profit of only 30%. Clearly, if increases in total profits are achieved at the expense of inefficiency, then the profit per share will decrease. From the above it is concl uded that the maximisation of profit is an unsatisfactory objective. However, maximisation of profit per share appears to be more satisfactory provided that due consideration is given to risk. Profit per share is more usually referred to as earnings per share, or EPS. EPS is the earnings attributable to each equity  [6]  share. IAS 33 Earnings per Share governs how EPS is reported. Maximisation of Return on Capital Employed (ROCE) This objective has an advantage over maximisation of profit in that it takes into account the efficiency achieved in the application of resources to generate profit. However, it omits to take into account the relative riskiness of rival projects (or the related long-run stability of the company). Survival and Long-Run Stability These are clearly legitimate aims, but they are not sufficiently ambitious. Most investors would surely wish to see their company achieve more than mere survival and long-run stability. Growth Growth in profit or assets or both appears to reflect aims expressed by managers themselves as revealed by Petty Scott (1981)  [7]  and the Corporate Objectives of De La Rue. The use of the word growth implies that long-run opportunities will not be sacrificed for short-term gains. However, caution is required since growth needs to be achieved efficiently as we saw from the example considered under maximisation of profit. Hence, growth is too imprecise to serve as a satisfactory objective. Satisficing The work of Cyert March (1964) was discussed above. Here, we note that it is arguable that satisficing is a pre-requisite for maximising shareholder wealth, for if any of the stakeholder groups is dissatisfi(c)ed then the firm cannot operate effectively or efficiently. The effect of business activity on the wider community is under increasing scrutiny. Pressure groups have been formed to protect the environment and the consumer, and statutory protection has been given in some areas where there had been scope for adverse effects arising from business activity. Even where business activity is legal but meets with moral disapproval, that disapproval may well take a form that has a financial impact on the firm concerned. The rapid increase in the number of companies offering ethical investment supports this view. Indeed, Harte et al. (1991) observe: The high profile of the ethical or socially responsible mutual funds/unit trusts, together with a growing sense that their pioneer ing work in introducing an explicit social dimension into the investment decision-making function is attracting a wider institutional response [and] has made them the subject of much media attention. Further, Milne (1991, p. 83) cites Donaldson (1982), Tinker (1985), Gray et al. (1987), and Donaldson (1989) and various research articles in Journal of Business Ethics and Advances in Public Interest Accounting in support of the contention that: The growing body of literature in business ethics generally supports the expansion of corporate responsibility. What constitutes socially irresponsible behaviour will change over time. For example, exploitative use of child labour was, but is no longer, legal in England whilst remaining widespread in the Indian sub-continent (New Internationalist, passim). The question becomes whether corporations should assume any social responsibilities over and above their statutory duties (such as the health and safety, employment, environmental and product safety legislation that already exists), and hence is a normative one. Gray (1990) and Malachowski (1990) both assert that it is legitimate to base rights and accountability on barometers of public opinion. Corporate Objectives: A Conclusion Although senior managers of companies may not be entirely clear about the objectives that they pursue, and although there may be occasions when senior managers act in their own interest rather than their companys, it will be taken as axiomatic in these notes that there is a prime corporate objective and that this objective is the maximisation of shareholder wealth. The justification for this is threefold: it is plausible that maximisation of shareholder wealth is the objective that managers pursue in practice, it forms a logical and coherent theoretical framework, and its adoption is fruitful. FINANCIAL TARGETS Financial management is the management of the finances of a business; that is, financial planning and financial control to achieve the financial objectives of the business. The theory of financial management is based on the assumption that the objective of management is to maximise the market value of the company. Specifically, that the objective of a company is to maximise the wealth of its ordinary shareholders. A company is financed by ordinary shareholders, preference shareholders, debenture holders, and other long-term and short-term creditors. All surplus funds, however, belong to the legal owners of the company, its ordinary shareholders. Any retained profits are the undistributed wealth of these equity shareholders. Now, if the financial objective of a company is to maximise the value of the company, and in particular the value of its ordinary shares, we need to be able to put values on a company and its shares. There are (at least) three possible methods of valuation : A balance sheet valuation (assets valued on a going concern basis) It is true that investors will consider a companys balance sheet. If retained profits rise every year, the company will clearly be profitable. However, balance sheet values do not measure of market value, although retained profits gives an indication of what the company could pay by way of dividend to shareholders. A balance sheet valuation (assets valued on a on a break-up basis) This method of valuing a business is of interest when the business is threatened with liquidation, or when its management is thinking about selling off individual assets (rather than a complete business) to raise cash. Market values The market value is the price at which buyers and sellers will trade stocks and shares in a company. This is a method of valuation that is more relevant to the financial objectives of a company. Now, when shares are traded on a recognised stock market, such as the London International Stock E xchange, the market value of a company can be measured by the price at which shares are currently being traded. However, when shares are in a private company, and are not traded on any stock market, there is no easy way to measure their market value. Even so, the financial objective of these companies should be to maximise the wealth of their ordinary shareholders. The wealth of the shareholders in a company stems from dividends received and the market value of the shares. The dividends received and capital gains from increases in the market value of his or her shares constitute a shareholders return on investment. Dividends are generally paid by UK public companies twice a year (an interim and a final dividend). A current market value is, for shares with a Stock Exchange listing, always known from the current listed share price. There is a theory, strongly supported by empirical evidence, that market prices are heavily influenced by expectations of what future dividends will be. Hence, we might conclude that the wealth of shareholders in listed companies can be captured by the market value of the shares. Prudent financial practice (and UK company law) requires that dividends are paid only out of profits earned. Consequently, the higher the profit earned the greater the dividend that can prudently, and legally, paid. It seems to follow that maximising profit would be a legitimate aim in business: however, we saw above that there are problems with the maximisation of profit and that increasing earnings per share (EPS) was preferable. Since a key reason for increasing earnings per share is to increase the dividend payable, it would make sense to specify both in articulating financial objectives, e.g. the board of a company might set the twin targets of increasing both EPS and dividends per share by 5% p.a. Other financial targets might include restrictions on the companys level of gearing, or debt. For example, a companys senior managers might decide that the ratio of long-term debt capital to equity capital should not exceed, say, 1:1, or that the cost of interest payments should not exceed, say, 20% of profit before interest and tax. We noted earlier that ROCE was unsatisfactory as a candidate for the primary financial objective of a company, but it can be used as a subsidiary financial target. Depending on the industry in which the company operates, the board could set a minimum ROCE of, say, 15%. Similarly, a target for the gross profit percentage could be set. As we have noted, one important reason for striving to increase earnings per share is to increase the dividend payable; the other reason is for reinvestment in the company. Hence, another possible area that could be the subject of a financial target is the level of profit retention, e.g. management might set a target that dividend cover  [8]  should not be less than, say, 3:1. We emphasise that these financial targets are short-term in nature and are sec ondary to the maximisation of shareholder wealth in the long term that is taken to be the corporate objective. The pursuit of short-term targets at the expense of the long-term is potentially dangerous, for example postponing the acquisition of capital goods, or limiting research and development expenditure, or cutting back on staff training. NON-FINANCIAL OBJECTIVES In the pursuit of the long-term maximisation of shareholder wealth, a board of directors that subscribed to the notion of satisficing might well regard as important some non-financial objectives, for example: The welfare of employees A company might aim to provide better than average wages and salaries, comfortable and safe working conditions, good training and career progression, and make better than average pension provision. Where redundancies are necessary, such companies will provide generous redundancy payments, or spend money trying to find alternative employment for redundant staff, or both. The welfare of society as a whole (Corporate Social Responsibility) The managers of some companies may place emphasis on the rà ´le that their company can play in relation to society as a whole. Increasingly, companies are accepting responsibilities in relation to environmental concerns. The fulfilment of responsibilities towards customers and suppliers Responsibiliti es towards customers that a company might accept include providing a product or service of the quality that customers expect, and dealing honestly and fairly with customers. Responsibilities towards suppliers might include avoiding the abuse of power stemming from the companys size. Concluding remark Given the primary objective of maximisation of shareholder wealth, it is nevertheless possible that non-financial objectives could clash with secondary financial targets. In this case, short-term financial targets may have to be sacrificed to satisfy the non-financial objectives essential for the long-term prosperity of the companys owners.

Walt Whitman’s Political Force - Poetry - Free Essay Example

Sample details Pages: 3 Words: 846 Downloads: 10 Date added: 2019/08/08 Category People Essay Level High school Tags: Walt Whitman Essay Did you like this example? Walt Whitman’s Political Force Poetry The 19th century was an era of discovery and realization. Ideas like equality, and individuality were becoming more prevalent in society. One of the first and most famous people to introduce these ideas to the world was poet Walt Whitman. Don’t waste time! Our writers will create an original "Walt Whitman’s Political Force Poetry" essay for you Create order In August of 1856, Walt Whitman wrote a letter to his friend and colleague Ralph Waldo Emerson. In this letter, Whitman shares what he intends to achieve through writing poetry. Throughout the letter, there are ideas about the value of human life, the sanctity of the human body, and equality. These themes and elements are expressed in Whitman’s poetry. In his letter to Emerson, Whitman states that â€Å"in poems, the young men of the States shall be represented, for they outrival the best of the rest of the earth.† It is evident that Whitman recognizes the value of human life, specifically the lives of young men, and he intends to present this value and importance to the rest of the world. Whitman achieves this idea in the poem â€Å"The Wound Dresser†. In this poem, Whitman refers to the blood of young men as â€Å"priceless†. The use of the word priceless in this context allows the reader to catch a glimpse of just how important these young men are to Whitman. In his view, there is no battle worth the blood of young. In this poem, Whitman also says, â€Å"yet I think I could not refuse this moment to die for you, if that would save you.† He values the lives of these brave young men over his own. He cares deeply enough for them that he would lay down his life if it meant they could live. Whitman successfully achieves the idea that the young men of America are the â€Å"best of the rest of the earth† by giving the audience a look into his mind and emotions. Another thing that Whitman intends to achieve through his poetry is the normalization of sex and the human body. In his letter, Whitman says, â€Å"by silence or obedience to the pens of savans [savants], poets, historians, biographers, and the rest, have long connived at the filthy law, and books enslaved to it, that what makes the manhood of a man, that sex, womanhood, maternity, desires, lusty animations, organs, acts, are unmentionable and to be ashamed of, to be driven skulk out of literature with whatever belongs to them. This filthy law has to be repealed it stands in the way of great reforms.† Whitman believes that sex and the human body are natural things that should be celebrated, not hidden away from society or declared as taboo. The poem â€Å"I Sing the Body Electric† perfectly encapsulates these ideas. Throughout this poem, Whitman catalogues different parts of the body to allow his audience to envision the human body in all its glory. With this visualization, comes normalcy. By declaring the human body and sex as sacred and beautiful, Whitman hopes that more people will create art and poetry about it, and eventually lead to a society where there is no shame in either. Whitman also expresses how he hopes to inform his audience about equality. He states in his letter to Emerson that â€Å"of women just as much as men, it is the interest that there should not be infidelism about sex, but perfect faith. Women in These States approach the day of that organic equality among themselves.† Whitman believes that women should be concerned with the normalization of sexual expression in poems, and that they are an equal part in the conversation. In Whitman’s poem â€Å"I Sing the Body Electric† he focuses on discussing and celebrating the physical body, both male and female. A passage in section two of â€Å"I Sing the Body Electric†, says, â€Å"that of the male is perfect, and that of the female is perfect,† in reference to the human body. Near the end of section five, Whitman praises women by saying, â€Å"Be not ashamed women, your privilege encloses the rest and is the exit of the rest, you are the gates of the body, and you are the gates of the soul.† Whitman is essentially celebrating women for their bodies and telling them that having a female body is a privilege and not something to be ashamed about. Saying something like this would have been considered inappropriate or even scandalous during Whitman’s time. This is because women were typically encouraged to stay covered and modest to conceal any expression of sexuality. By declaring the female body as beautiful and something that should be celebrated rather than hidden away, Whitman is achieving his goal of equality through poetry. It is evident through his unique and personal poems that for Whitman, poetry wasn’t just a vehicle for expressing political beliefs, but a political force itself. He intended to change society’s view of sexuality, the human body, and equality through his poems. It is thanks to creative and determined people like him that modern day society has evolved into a more tolerant and free place.

Graduation Speech Elementary And Middle School - 1669 Words

I remember seventh grade like it was yesterday. Everything was falling into place. I was happy with my life, had a strong relationship with God, and was content with where I was headed. My elementary and middle school years were just like any other Catholic school student. My schedule consisted of going to school, attending church, a sports practice, and then completing homework like everyone else. It wasn’t until eighth grade, where I was uprooted from that cookie cutter lifestyle, that I was actually challenged and pushed harder to be the best person possible, and to overcome the diversity and influences that I faced in the public school setting. Eighth grade was a huge transition year in my life. Not only was my family moving from†¦show more content†¦My freshmen and sophomore years of high school were full of poor decisions and irresponsibility. It seemed like my mom and I were always in some kind of argument and I spent a lot of time with friends who didnâ€℠¢t really care about me as a friend. This went on for two years and it wasn’t until my junior year that I experienced a total transformation. During my junior year of high school my church was starting a youth group which was going to be combined with two other Catholic churches in the area. At first I was hesitant to join because I had drifted so far away from God and my beliefs. One day during lunch our youth leader, Hayden, came to my school to have lunch with any students who wanted to get involved in youth group. I found out information about joining and that next Sunday my friend Brianna and I went to youth group and continued to almost every Sunday. After six months we would be attending our first church retreat. Upon arriving to the retreat I set down my overnight stuff, looked around, and realized that I didn’t know anyone else there except for my friend Brianna. They had us organized into small groups of about eight girls and those were the girls that we wou ld be spending the night with. Throughout the day I got to know the girls and made a few new friends. We said prayers together, ate together, and we attended the sessions that were set up throughout the day together. Later that night we were given to chance to go to

Training Evaluation of The Sppencer on Byron Hotel †Free Samples

Question: Discuss about the Training Evaluation of The Sppencer on Byron Hotel. Answer: Introduction The following proposal is made on the project topic of "Training Evaluation of The Sppencer on Byron Hotel". The proposal consists of a literature review section that allows the readers to understand the importance of developing training evaluation process. The proposal also depicts the use of effective project problem solving methods relevant to the current project. Background The project analysis would also show the advent of developing the study of the ethical considerations for the project. The training evaluation project proposal would also highlight the project approaches and provide justification of the project occurrence. Project Aims The project aims to develop a standard training evaluation process for the development of the improved services in the organization. According to Raymond, Bawa and Dabari (2016), the training evaluation would provide the scope for ensuring whether the operations of training would be helpful for carrying out the standards of the Byron Hotel. The project would help in forming the development of the training program held in Byron Hotel for Sppencer. The study would also allow the development of the proper planning development for the effective project development (Jacques, 2014). The project also aims to utilize the effectiveproject management concepts for the development of project plan. Literature Review The training programs for any organization hold an integral part for the development of the effective and improved stability to the organization. The study of various documents has shown that the project of training program development and evaluation are very supportive for the organizations to form the development of the effective operations (Locke, 2017). The training evaluation can be depicted by the use of the following steps, Need Assessment: As opined by Phillips and Phillips (2016), the need assessment analyses the reason for the implementation of the training program. The training evaluation process would consider the main reasons for developing the effective training process. The training is employed for ensuring that the activities or system that is being included or prevalent in the organization can be manageable by their staffs. The training is also employed for the Byron Hotel staffs so that they can get accustomed to the various norms and principles of the hotel. Task Analysis: The task analysis is done for evaluating whether the activities employed for the training program is valid and accurate. The task analysis would be formed for developing the accurate and improved performance evaluation for the trainees (Heckemann et al., 2015). The training program is formed for integrating the development of the staffs of Byron Hotel. However, it is crucial for understanding whether the employed method of training is appropriate or not. The consideration of the plan management is done for integrating the effective activities of the training and forming some specific plot for the improvement options. Objectives: The objectives of the training is also analysed and carved for developing the improved development of the Byron Hotel (Stephens Byker Shanks, 2015). The improved operations of the project are formed for ensuring that the plan development can be carried on by the use of the improved service delivery of the project planning. The analysis has shown that the development of the project plan would be formed for developing the effective objectives of the training development. The training evaluation had provided the scope for ensuring whether the operations of training would be helpful for carrying out the standards of the Byron Hotel. As explained by Hartzler et al. (2014), the study of various journal articles has shown that the development of the proper training is important for the effective project development. The task analysis was formed for developing the accurate and improved performance evaluation for the trainees. The analysis has shown that the various issues faced by the users can be mitigated by deploying effectiveproject management principles and processes. The study of various documents has shown that the project of training program development and evaluation are very supportive for the organizations to form the development of the effective operations (House Dimmock, 2015). The training program evaluation has involved the development of the system for evaluating the specific activities included for the training the staff about hotel activ ities. Project approaches Discussion and justification of the project The project has been developed by ensuring the Prince2 methodology for the development of the project plan. The project plan would be formed for ensuring that the project has involved the norms and principles of project management as stated in the PMBOK. The analysis has shown that the various issues faced by the users can be mitigated by deployingeffective project management principles and processes. The use of the various management plans like scope management plan, risk management plan, change management plan and other documents would be helpful for overcoming the various problems and issues of the project. The implementation of these variousproject management plans would provide scope for integrating the activities for managing the issues of the project, develop mitigation strategies, and implementing them for the project. Discussion of ethical considerations The ethical considerations for the project would highlight the ethical issues of developing the project of "Training Evaluation of The Sppencer on Byron Hotel". The training program evaluation would involve the development of the system for evaluating the specific activities included for the training the staff about hotel activities. The solution of the ethical issues and considering the ethical norms and principles of the Byron Hotel is important for the success of the project. Project Management Project Schedule The project schedule for the project of "Training Evaluation of The Sppencer on Byron Hotel" is given in table and Gantt chart format below, Task Name Duration Start Finish Training Evaluation of The Sppencer on Byron Hotel 58 days Fri 12/1/17 Tue 2/20/18 Initial Phase 11 days Fri 12/1/17 Fri 12/15/17 Analysis of the requirements 2 days Fri 12/1/17 Mon 12/4/17 Project Initiation Documentation 3 days Tue 12/5/17 Thu 12/7/17 Charter Documentation 3 days Fri 12/8/17 Tue 12/12/17 Submission of documents 1 day Wed 12/13/17 Wed 12/13/17 Signing of the documents 1 day Thu 12/14/17 Thu 12/14/17 Approval of the documents 1 day Fri 12/15/17 Fri 12/15/17 Planning Phase 9 days Mon 12/18/17 Thu 12/28/17 Selecting Plan Methodology 1 day Mon 12/18/17 Mon 12/18/17 Plan outline is developed 5 days Tue 12/19/17 Mon 12/25/17 Plan is reviewed 2 days Tue 12/26/17 Wed 12/27/17 Plan is approved 1 day Thu 12/28/17 Thu 12/28/17 Execution Phase 30 days Fri 12/29/17 Thu 2/8/18 Needs Assessment for the training activities 3 days Fri 12/29/17 Tue 1/2/18 Task Analysis for the training 2 days Wed 1/3/18 Thu 1/4/18 Organizing the cultural analysis 2 days Fri 1/5/18 Mon 1/8/18 Objectives of the training is studied 3 days Tue 1/9/18 Thu 1/11/18 Developing the training evaluation program 4 days Fri 1/12/18 Wed 1/17/18 Selecting Feedback method 1 day Thu 1/18/18 Thu 1/18/18 Sorting a group of participants 4 days Fri 1/19/18 Wed 1/24/18 Providing them with the feeback forms 1 day Thu 1/25/18 Thu 1/25/18 Giving them time for Filling the forms 5 days Fri 1/26/18 Thu 2/1/18 Collecting feedback forms from the participants 2 days Fri 2/2/18 Mon 2/5/18 Evaluating the feedbacks from the participants 3 days Tue 2/6/18 Thu 2/8/18 Final Documentation and closure 8 days Fri 2/9/18 Tue 2/20/18 Developing final report of the training evaluation 5 days Fri 2/9/18 Thu 2/15/18 Submission of documents 1 day Fri 2/16/18 Fri 2/16/18 Signing of the documents 1 day Mon 2/19/18 Mon 2/19/18 Project Closed 1 day Tue 2/20/18 Tue 2/20/18 Project Resource Management The project "Training Evaluation of The Sppencer on Byron Hotel" consists of the following resources, Resource Name Work Analyst 40 hrs Documenter 104 hrs Project Manager 96 hrs Planner 48 hrs Subject Expert 104 hrs Organizer 72 hrs References Hartzler, B., Jackson, T. R., Jones, B. E., Beadnell, B., Calsyn, D. A. (2014). Disseminating contingency management: impacts of staff training and implementation at an opiate treatment program.Journal of substance abuse treatment,46(4), 429-438. Heckemann, B., Zeller, A., Hahn, S., Dassen, T., Schols, J. M. G. A., Halfens, R. J. G. (2015). The effect of aggression management training programmes for nursing staff and students working in an acute hospital setting. A narrative review of current literature.Nurse education today,35(1), 212-219. House, J., Dimmock, G. (2015). Research into practice: evaluation of Skills Hub content and implications for library staff development in the creation of video OERs.Enhancing the Learner Experience in Higher Education,7(1), 29-45. Jacques, K. L. (2014).Revisiting the impact of a residence hall staff training class on the moral judgment development of college students(Doctoral dissertation, Colorado State University). Locke, J. (2017). STAFF TRAINING AND DEVELOPMENT-AN EXPRESSED NEED.Education Libraries,23(2-3), 7-8. Phillips, J. J., Phillips, P. P. (2016).Handbook of training evaluation and measurement methods. Routledge. Raymond, M. K., Bawa, A. B., Dabari, I. J. (2016). Utilization Of Training Fund For Staff Development In Adamawa State Local Government Service Commission.European Journal of Training and Development Studies,3(4), 1-16. Stephens, L., Byker Shanks, C. (2015). K?12 School food service staff training interventions: A review of the literature.Journal of School Health,85(12), 825-832.