Friday, January 31, 2020
Discuss the theme of ladies' ball Essay Example | Topics and Well Written Essays - 750 words
Discuss the theme of ladies' ball - Essay Example A softer version of the game was developed and called ââ¬Å"Softballâ⬠. Still the same game, just a different set of rules as applicable to women. In Richard Cumyn's novel ââ¬Å"Ladies Ballâ⬠, we discover the story of David and his unknown reasons for falling out of love with baseball. Richard Cumyn never clearly stated what year the story was unfolding in, so I am choosing to believe that the story had been set in the era after World War II, when men were coming back from the war and were reclaiming their right to the great game of Baseball. Cumyn as an author creates an internal conflict for this main character, David. However, it is an internal conflict that seems to have no beginning and no resolution. Instead, he used this conflict in order to successfully depict a man who comes to the realization that by letting go of something that he loved and enjoyed as a child, he has also lost an understanding of a portion of himself as a person. When his wife, Joan, is invited to join the local informal ladies baseball league, he believes that she won't have any interest in joining the local team for a game that night. Mostly because she is more of a cycling person than a ââ¬Å"baseballâ⬠person. However, it slowly becomes clear to the reader that Joan was simply humoring her husband when she first refused to play with their new neighbors because of the way that David reacted to the invitation extended to her. He decided that she should not play the game. He did not allow her to make the decision for herself. But events on their first night in their new home conspire to allow Joan to try her hand at ââ¬Å"ladies ballâ⬠, or softball as their neighbor Grace preferred to call it. However, what David believes and what is true are two different things. Contrary to his belief, Joan did not want to ââ¬Å"get away from this neighborâ⬠but instead, actually wanted to participate in the game. The passage from the book is clear: ââ¬Å"[he] [decid es] that they [need] a way to escape gracefully from [the neighbor].â⬠Thanks to the clever manipulation of their children and an extremely hot summer night, she got the chance to do something that she knew her husband was dead set against her participating in. Somehow, David has chosen to channel his dislike of baseball and his fear of having to play the game that he no longer likes through his wife. His thoughts, actions, and conversation with her that night as they passed the local baseball diamond showed his insecurities about baseball and left him feeling highly uncomfortable and torn between allowing himself to enjoy the female version of a game that he loved, and walking away from the game because it was now being played by women. David is truly uncomfortable with the way that Joan had defied him in order to play the game, making him look like a fool and party killer in front of their new neighbors. He had expected her to decline politely when she was invited to play yet again. He never expected her to suit up and get out on the field, ready, willing, and able to play. When he leaves her to put their children to bed, he can't help but return to the field to see how his wife participates in the game. He does this from the shadows as he is still reluctant to show her and their neighbors that he has started to enjoy the game and watching his wife play ââ¬Å"ladies ballâ⬠. Having his wife catch the winning ball only adds to David's inner conflict about the game that he gave up on. His lonely excursion into the baseball mound to get a whiff of the game yet
Thursday, January 23, 2020
3 negros :: essays research papers
In the period after Reconstruction the position of African Americans in southern American society steadily deteriorated. After 1877 the possibilities of advancements for African Americans disappeared almost completely. African Americans experienced a loss of voting rights and political power created by methods of terrorization such as lynching. The remaining political and economic gains that were made during reconstruction were eventually whittled away by Southern legislation. By the 1900s African Americans had almost no access to political, social, or economic power. Shortly after this Jim Crow laws began to emerge, segregating blacks and whites. This dramatic transition from African American power to powerlessness after reconstruction gave birth to two important leaders in the African American community, Booker T. Washington and W.E.B. DuBois. Although these two remarkable men were both in search of a common goal, their roads leading to this goal were significantly different. This is most evident in the two most important documents of the menââ¬â¢s careers: Booker T. Washingtonââ¬â¢s, ââ¬Å"1895 Atlanta Exposition Speechâ⬠and W.E.B. DuBoisââ¬â¢ response to this, ââ¬Å"The Souls of Black Folks.â⬠These two men were both dedicated to solving the difficult problems African Americans experienced in the post reconstruction south. Both DuBois and Washington wanted economic prosperity for African Americans but they differed on what would be done to achieve this. Both men focused on education as a key to the improvement of black life but they differed on the form education should take. The true difference in these menââ¬â¢s extremely different routes to better the lives of African Americans after reconstruction was a product of their extremely different backgrounds. In this essay I will examine the documents, ââ¬Å"1895 Atlanta Exposition Speechâ⬠by Booker T. Washington and W.E.B. DuBoisââ¬â¢, ââ¬Å"The Souls of Black Folksâ⬠in order to determine the paths that each of these men took towards the advancement of African Americans, and the reasons behind these methods. DuBois and Washington came from extremely different backgrounds. These differences are essential to understanding why each of these men went about trying to achieve progress for their race in the way they did. DuBois, the son of free parents, was born a free man and grew up in a white environment with more privileges and advantages than the majority of African Americans living in the United States at that time. He suffered neither severe economic hardship nor from repeated encounters with racism. In contrast, Booker T.
Wednesday, January 15, 2020
My so-Calld Life Essay
My So-Called Life What is the underlying meaning of the title of the series? The title of the show, My So-Called Life, suggests the understanding of meaninglessness that many teenagers experience. It shows us how it is to feel judged by others and it encapsulates the main theme of the series. The show depicts the teenage years as being difficult and confusing rather than a light, fun-filled time. This series deals with the expectations that people have of teenagers. The main character, Angela felt like she was being expected to do certain things even though she had ust become a teenager and she was still trying to figure out who she was for herself. In high school, Angela found two new friends named Rayanne and Rickie, who are not the best students and donââ¬â¢t seem to be very good influences on her. As a result, Angela started to skip classes with them and didnââ¬â¢t focus on her school work as much anymore. Her parents expected her to keep up with her school work and do well in her classes, the things she had always done; but being a teenager in high school had changed Angela. In the show, a main focus is how people are judged by their appearance.Angela felt misunderstood and judged when she dyed her hair red after it being blonde her whole life. Angela didnââ¬â¢t want to be seen as that ââ¬Å"goody goody blonde girlâ⬠anymore, she wanted to stand out and make a change. Her personality had changed; the people she hangs out with had changed, so why not change her hair too. But her parents and old friends judged her because of it. The show covers all of the characters going through rough times; each and every one of them was put into different situations where they felt meaningless or unwanted. They all ook turns feeling uncomfortable and not knowing how to deal with their situation. At the beginning of the series, Angela felt unwanted by Jordan. Later on, Rickie felt alone after he was involved in a shooting and had no one to talk to about it. Also, Rayanne was jealous of Angela when she found out how great her father was and that Angela didnââ¬â¢t even appreciate it. In a more recent episode, Jordan was frustrated because the substitute teacher picked on him in class. Throughout the series, Shannon felt neglected and hurt when Angela left her and started hanging out with Rayanne and Rickie instead of her.Finally, Brian felt used when he found out that Angela only came over to his house to meet with Jordan outside. As this series shows us, the teenage years are not easy to deal with. Teens have to figure out who they are and who they would like to be friends with. They have to deal with the expectations people have for them; and be put into situations where they feel meaningless, misunderstood or judged. The title of the show, My So-Called Life, is used to show that the typical teenager's life is not easy and it isn't how it usually is put out to be.
Tuesday, January 7, 2020
Essay on Informative speech - 1259 Words
[TEMPLATE FOR AN INFORMATIVE SPEECH PREPARATION OUTLINE] The Effects of Disney Films Specific Purpose: To inform my audience about the different stereotypes Disney portrayed in their movies. Central Idea/Thesis Statement: Different types of stereotypes in Disney movies effect childrenââ¬â¢s view on gender roles. INTRODUCTION I. When you wish upon a star; makes no difference who you areâ⬠¦. Or does it? If you recognized this classic Disney song, that means you grew up watching Disney during your childhood. II. The Disney movie franchise has been producing movies for many years now. The Walt Disney Studios Company began in 1923 in Los Angeles. Around 1937, Disney became famous for their creating the first full-length animatedâ⬠¦show more contentâ⬠¦I am going to talk about the different stereotypes that occurred in Disney movies. BODY I. Disney films characterized female stereotypes and male stereotypes. II. Stereotypes are an idea or the image of a particular type of person or thing, which can affect a childrenââ¬â¢s perspective in the society. A. Women are portrayed as rich princesses to carry the image of looking like a Barbie doll. Women are even portrayed as evil-step mothers, or even poor servants. Regardless they always need a man; either they need a prince or a father figure to save their lives. 1. For example, if you take a look at Pocahontas, Cinderella, Belle, or Jasmine you will see that they are beautiful females. They all share the similar traits of a perfect, tiny waist, and huge breasts. a. According to the article ââ¬Å"Images of Gender, Race, Age, and Sexual Orientation in Disney Feature- Length Animated Films,â⬠the author Towbin mentioned that one of the common characteristics to a female Disney character was ââ¬Å"a womenââ¬â¢s appearance is valued more than her intellectâ⬠(Towbin, Mia Adessa 2004). . 2. Princess Ariel who was a mermaid traded her voice for her love Prince Eric. When she was in trouble she needed her father to rescue her from the evil witch. Even when you sit and think about the whole Little Mermaid story; you would see that her only goal was to find her prince and marry him. a. The only role that women play is either the beautiful princess, or the evilShow MoreRelatedInformative Speech Essay855 Words à |à 4 Pagestype of speech would the speaker choose. Well chapter 13 contents the creative process for informative speaking. What informative speaking is how to choose a focused informative topic, how to conduct a research and informative outline? The chapter also contains how to organize the body, introduction, and conclusion of the informative speech. Lastly chapter 13 contents explain how to prepare to present the speech and evaluate and informative speech. In order to make a well informative speech the speakerRead MoreInformative Speech912 Words à |à 4 Pagesï » ¿Informative Speech: The Causes of Homelessness Subject and Purpose 1. This informative speech on ââ¬Å"The Cause of Homelessness ââ¬Å"is very Inform able and worth listening to, because in todayââ¬â¢s economy it could be you or me. Some seem to think homelessness is choice. I find this speech relevant to the world I live in today, due to the high unemployment rate, declining job market, and the economic hardships that families are enduring. This topic is not a broad one, but yet can be spokeRead MoreInformative Speech793 Words à |à 4 PagesA List of Informative Speech Topics: Pick Only Awesome Ideas! Just when you thing youre way past through the question How to write an essay?, another one comes. Thats the thing students desperately Google like What is a informative speech? ââ¬â and, believe experts, this is something youll definitely need some professional help in. Informative speaking is a speech on completely new issue. Tell your audience something they have never known! Now that you know the answer to the question ââ¬Å"WhatRead MoreInformative Speech1497 Words à |à 6 Pagesï » ¿ORGC 201 Informative Speech Assignment Create a 5-6 minute presentation using PowerPoint visuals. Make sure your PowerPoint follows the guidelines discussed in class. The purpose of the presentation should be to inform the audience. Your presentation should reflect a topic, theme, or issue relevant to your major. For ideas of topics, you may consider looking at issues of Crainsââ¬â¢ Chicago, The Wall Street Journal, Bloomberg BusinessWeek, The New York Times, The Chicago Tribune, cnn.com, TheRead MoreInformative Speech1451 Words à |à 6 PagesInformative Speech Title: Child Care General Purpose: To inform Specific purpose: I want my audience to be informed of child care facilities Central purpose: I want my audience to be aware that they can save money I. Introduction Six months ago, corporate daycare facilities were cleaning out my bank account. I was losing the ability to pay for gas, rent and my utilities because all my money was going towards my sonââ¬â¢s weekly daycare tuition. My parents could help me scrap on by here and thereRead MoreInformative Speech978 Words à |à 4 PagesInformative Speech: How to Decide on a College Major Benjamin Ownby I. Introduction A. According to the National Center for Education Statistics in a 2013 study, college students changed their major an average of three times. B. Trying to determine a college major is difficult for us. C. Last Spring, I was struggling to decide whether I should continue pursuing a degree in Civil Engineering or change majors to MIS, an interesting major I had recently discovered. I continued to have trouble makingRead Moreinformative Speech758 Words à |à 4 Pagesï » ¿Informative Speech with Visual Aids Outline Specific Purpose: To inform my audience about extreme beauty practices in different cultures. INTRODUCTION I. I am pretty sure most of you here have heard the old saying that ââ¬Å"Beauty is Pain.â⬠II. We wake up striving to look better or beautiful everyday more and more. III. That is because as human beings we tend to be very visual and observe the look of a person before finding out who they really are. IV. So, today I will be sharing with you aRead MoreInformative Speech981 Words à |à 4 PagesINFORMATIVE SPEECH (David Hurt, COM 108) Low Pay for Women Compared to Men in America How much did you pay for your car? Did you know that the difference between an average man and womenââ¬â¢s salary is enough to purchases a new automobile in America. Below Iââ¬â¢m going to discuss the pay gaps, Educational aspects with men and women, and why this issue is world wide. In order to better understand this issue of pay between men and women look at your wifeââ¬â¢s or husbandââ¬â¢s pay and youââ¬â¢ll see theRead MoreInformative Speech1145 Words à |à 5 Pagesï » ¿Cheyenne Duran Comm 20 Kelly Glass October 23, 2013 Informative Speech Outline Topic: Gun Control Organizational pattern: Topical Specific purpose: To inform my audience about the controversial subject gun control. Primary audience outcome: I want my audience to know the two sides on the topic of gun control. Thesis statement: Gun control will create laws and licensing to possess a gun to help decrease crime and fatalities, but also people believe gun control is going against our constitutionalRead Moreinformative speech1255 Words à |à 6 Pagesï » ¿ Title: Information Speech Outline ââ¬Å"The Evolution of Animationâ⬠Subject Code: USEL 23 - Speech Communication Prepared For: Datin Minda Hassan Prepared By: Nur Rabiatul Adawiyah Bt Mohd Nor Kamarudin (1411170007) Class: Oregon Program: ADFP Summer 2014 Preparation Outline Informative Speech ââ¬Å"The Evolution of Animation ââ¬â From 2D Animation to 3D Animationâ⬠General Purpose: To inform Specific Purpose: To inform my audience the evolution of animation. Central
Monday, December 30, 2019
Villette Charlotte Brontë;s Lesser-Known Masterpiece
Charlotte Brontà «s 1852 novel Villetteà tells the story of Lucy Snowe as she travels from England to France to work at a school for girls. The psychologically penetratingà novel is less well-known thanà Jane Eyre, but is frequently considered Charlotte Brontà «s best work.à Summary of Plot Villette follows the story of Lucy Snowe, a young English girl with a tragic past. At the start of the story, Lucy is just fourteen years old and lives in the English countryside with her godmother. Lucy eventually leaves England for Villette and finds work at a boarding school for girls. She falls in love with Dr. John, a young and handsome English doctor who does not return her affections. Lucy is very hurt by this, but deeply values his friendship. Dr. John eventually marries an acquaintance of Lucys. Lucy meets another man at the school named Monsieur Paul Emanuel. M. Paul is a very good teacher, but he is somewhat controlling and critical when it comes to Lucy. However, he does begin to show her kindness and expresses interest in both her mind and her heart. M. Paul arranges for Lucy to become the headmistress of her own school before setting sail to Guadalupe to do missionary work. The two agree to marry upon his return, but it is implied that he dies on the ship ride home before the nuptials can occur. Major Characters Lucy Snowe: The protagonist and narrator of Villette. Lucy is a plain,à hardworking Protestant English girl. She is quiet, reserved and somewhat lonely, yet she longs for independence and a passionate love affair. Mrs. Bretton: Lucys godmother. Mrs. Bretton is a widow who is in good health and good spirits. She dotes on her only son, John Graham Bretton. Lucy stays in Mrs. Brettons home at the start of the story before seeking work in another home. John Graham Bretton: A young physician and the son of Lucys godmother. Also known as Dr. John, John Graham Bretton is a kindhearted man who lives in Villette. Lucy knew him in her youth and then falls in love with himà ten years later when their paths cross once again. Dr. John instead gives his affections first to Ginevra Fanshawe and later to Polly Home, the latter of whom he eventually marries. Madame Beck: The mistress of a boarding school for girls. Madame Beck hires Lucy to teach English at the boarding school. She is rather intrusive. She snoops through Lucys possessions and interferes in Lucys romance with Monsieur Paul Emanuel. Monsieur Paul Emanuel: Madame Becks cousin and Lucys love interest. Monsieur Paul Emanuel teaches at the school where Lucy works. He falls in love with Lucy, and she eventually returns his affections. Ginevra Fanshawe: A student at Madame Becks boarding school. Ginevra Fanshawe is a pretty but shallow girl. She is frequently cruel to Lucy and attracts the attention of Dr. John, who eventually realizes that she may not be worthy of his affections. Polly Home: Lucys friend and Ginevra Fanshawes cousin. Also known as Countess Paulina Mary de Bassompierre, Polly is a smart and beautiful girl who falls in love with and later marries John Graham Bretton. Major Themes Unrequited Love: Lucy, the protagonist, loves and loses more than once during this story. She falls for the handsome Dr. John, who does not love her back. She later falls for Monsieur Paul Emanuel. Although he returns her love, the other characters conspire to keep them apart. At the end of the story, it is implied that Monsieur Paul dies and does not return to her. Independence: The theme of independence is present throughout the story. Lucy is quite passive in the beginning of the novel, but grows into a very independent woman, particularly for the era in which the story is set. She seeks a job and travelsà to Villette, despite the fact that she knows very little French. Lucy longs for independence, and when the man she loves leaves to do missionary work in Guadalupe, she lives independently and serves in the role of headmistress of her own day school. Resilience: Near the beginning of the novel, Lucy experiences a devastating family tragedy. Although the details of this tragedy are not specifically outlined for the reader, we do know that Lucy is left without a family, home or money. But Lucy is resilient. She gets a job and finds ways to care for herself. Lucy is somewhat isolated, but she is resilient enough to overcome her tragedy, find satisfaction in her work, and build relationships with other people. Literary Style Villette is a Victorian novel, which means it was published during the Victorian era (1837-1901). The three Brontà «Ã sisters, Charlotte, Emily and Anne each published works during this time. Villette uses the biographical structure commonly seen in traditional Victorian literature, but deviates somewhat due to its autobiographical nature. Many of the events that happen to the protagonist of the story mirror the events in the authors life. Like Lucy, Charlotte Brontà «Ã experienced family tragedy when her mother died. Brontà «Ã also left home in pursuit of a teaching job, suffered from loneliness and experienced unrequited love with Constantin Heger, a married schoolmaster she met in Brussels at the age of 26. Historical Context The ending of Villette is intentionally ambiguous; the reader is left to determineà whether or notà Monsieurà Paul Emanuel makes it back to shore and returns to Lucy. However, in the original ending written by Brontà «, it is made clear to the reader that Monsieur Paul Emanuel perishes in a shipwreck. Brontà «s father did not like the idea of the book ending on such a sad note, so Brontà « altered the final pages to make the events more uncertain. Key Quotes Villette has earned its reputation as one of Charlotte Brontà «s best works because of its beautiful writing. Many of the most familiar quotes from the novel showcase Brontà «s unique and poetic style. ââ¬Å"I believe in some blending of hope and sunshine sweetening the worst lots. I believe that this life is not all; neither the beginning nor the end. I believe while I tremble; I trust while I weep.â⬠ââ¬Å"Peril, loneliness, an uncertain future, are not oppressive evils, so long as the frame is healthy and the faculties are employed; so long, especially, as Liberty lends us her wings, and Hope guides us by her star.â⬠ââ¬Å"The negation of severe suffering was the nearest approach to happiness I expected to know. Besides, I seemed to hold two lives - the life of thought, and that of reality.â⬠à ââ¬Å"Tempered by late incidents, my nerves disdained hysteria. Warm from illuminations, and music, and thronging thousands, thoroughly lashed up by a new scourge, I defied spectra.â⬠ââ¬Å"Trouble no quiet, kind heart; leave sunny imaginations hope. Let it be theirs to conceive the delight of joy born again fresh out of great terror, the rapture of rescue from peri l, the wondrous reprieve from dread, the fruition of return. Let them picture union and a happy succeeding life.â⬠Villette Fast Facts Title: VilletteAuthor: Charlotte Brontà «Publisher:à Smith, Elder Co.Year Published: 1853Genre: Victorian fictionType of Work: NovelOriginal language: EnglishThemes: Unrequited love, independence, and resilienceCharacters: Lucy Snowe, Mrs. Bretton, Ginevra Fanshawe, Polly Home, John Graham Bretton, Monsieur Paul Emanuel, Madame BeckNotable adaptations: Villette was adapted into a television miniseries in 1970 and into a radio serial in 1999 and 2009.
Sunday, December 22, 2019
Critical Examination of Malthusian Theory of Population Essay
Thomas Robert Malthus, very popularly known as Malthus, was a professor of History and Political Economy at Haileybury College of the East Indian Company. He was a philosopher of 19th century. He lived his life from 1766 to 1834 AD. After writing an essay on the Principle of Population in 1805 AD, he became popular in the history of population studies. In his essay which later on became a very famous theory by the name Malthusian Theory. In the theory, he has drawn some assumptions such as: ol li value=1 Human beings have great potentialities to produce children li value=2 In agriculture Law of Diminishing Returns operates li value=3 Human beings will need food to eat li value=4 Passion between sexes isâ⬠¦show more contentâ⬠¦That is how the nature will bring balance in population and in the means of subsistence and will enter into the cycle which again continues to population growth and food growth in different ratios and the so on. Of course he was the first philosopher who applied the inductive method very thoroughly and systematically to social science, but all is assumptions could be true and might work at the ancient period and in a particular society where his study was based on. Now at the present, it is not applicable at all. So many things which have great belongings with human beings, and developments in sciences and technologies and even in cultures that bring a lot of changes in several aspects of life and living are ignored in the theory. In his theory, he claims that the human beings are interested in increasing family size, which might be applicable in an ancient period when the people were illiterate, depend on agriculture, and so on. But in the present context, it is not applicable anywhere because now the people are educated. People know the demerits of large family size. People are not found interested in increasing the size of family because there is no rational of increasing family size. Rather people are interested in decreasing family size. People like a small and beautiful family without any lacking in life or with lot of enjoyments. Moreover, in some countries it is found that people areShow MoreRelatedScope of Demography8788 Words à |à 36 PagesDemography, Scope, Perspectives and Theory J C Caldwell 1 November 2000 Demography: Scope, Perspectives and Theory John C. Caldwell Health Transition Centre National Centre for Epidemiology and Population Health Australian National University Canberra The term ââ¬Å"demographyâ⬠has been widely used in English-speaking countries only from the mid -twentieth century. Earlier, ââ¬Å"population studiesâ⬠or, revealingly, ââ¬Å"population problemsâ⬠had been the common usage. There is still an inclination to restrictRead MoreBackground Of Study Of Malaysia10269 Words à |à 42 Pages there is a large population migration from rural to urban areas since the 1990s due to the creation of jobs and opportunities in urban areas. As the economy is growing, there is an increased competition among nations where greater labor market flexibility and good jobs need to be created. Malaysiaââ¬â¢s fifty years of nationhood witnesses many milestones in its economic development. It has a multi-ethnic, multi-religious society that includes the majority of the Muslim population in most states andRead MoreFood Politics7528 Words à |à 31 Pagesbiodiversity, and land, but also devalues their local wisdom and knowledge of farming practices. This industrialization clearly abuses both the area around local citizens as well as the citizens themselves. While these parties, the majority of the population, are disadvantaged as our food system industrializes, corporations and governments benefit by way of increased profits and domination. Implications of this change are at the expense of depriving peasants and small food producers around the worldRead MoreWater as a Source of Future Conflict in Sa26984 Words à |à 108 Pagespolitical and security issues for the water resources of the river basins in SA? And what are the probabilities of the Onset of the river conflict and the Militarization of River Claims in South Asia? Scope 9. As water is considered as one of the most critical non-traditional security concern and its distribution is seen as a potential contributor to conflict and cooperation; these linkages have to be drawn with the post-Cold War interest in environmental security. Within this genre, the paper has veryRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words à |à 656 PagesE SSAYS ON TWENTIETH-C ENTURY H ISTORY In the series Critical Perspectives on the Past, edited by Susan Porter Benson, Stephen Brier, and Roy Rosenzweig Also in this series: Paula Hamilton and Linda Shopes, eds., Oral History and Public Memories Tiffany Ruby Patterson, Zora Neale Hurston and a History of Southern Life Lisa M. Fine, The Story of Reo Joe: Work, Kin, and Community in Autotown, U.S.A. Van Gosse and Richard Moser, eds., The World the Sixties Made: Politics and Culture
Friday, December 13, 2019
NPV method Free Essays
This report focuses on three Important areas of financial management namely Capital structure, Management of Working Capital and Investment appraisal. While the flirt two parts of the report analysis Appleââ¬â¢s activities, the last part of the report is related to the given scenario. The first part of the report evaluates Appleââ¬â¢s capital structure. We will write a custom essay sample on NPV method or any similar topic only for you Order Now After determining the companyââ¬â¢s capital structure, the report will evaluate different financing options for the companyââ¬â¢s capital investments. The analysis involves the cost of debt and equity. The aim Is to justify the financing decision for a Eng term. The second part of the report evaluates the performance of Appleââ¬â¢s working capital management practices. This part relies on the ratio analysis. Current Ratio, Debtors, Creditors and Inventory days will be calculated over a three years period. The data is gathered from the Yahoo Finance. In order to make the analysis more meaningful there will be a benchmarking with a main competitor. The last part of the report conducts NAP analysis to find out the best investment option for the given scenario. The project with the highest NAP is likely to be most beneficial for the company. Subsequently conclusions will be drawn. Reason for Choosing Apple for this study I have a personal interest in this company as it is seen the most successful company in the world at the moment. I will be able to learn from the best practice. Capital Structure and Financing Decision A firmââ¬â¢s optimal capital structure is the mix of debt and equity that minimizes the weight cost of capital of the firm. When the cost of capital is minimized, the total value of firmââ¬â¢s shares are maximized. As a result the minimum cost capital structure is called as the optimum capital structure. (Moyer et al. 012) According to Moles et al. (201 1) managers decide on the optimum capital structure based on the trade-offs between the benefits and costs of debt. The fact that there are a number of different benefits and costs associated with the use of debt flagging suggests that managers will balance these different options. Moles et al. (2012) explains that debt can be cheaper as debt is less risky than the equity. In addition, there is a tax advantage with debt financing as interest expenses are generally tax deductible. Another world, the company pays less tax if they use debt financing. However, a company can go into liquation If It cannot payback Its debts of Interest obligations. According to Appleââ¬â¢s financial statements on Yahoo Finance (2012) over the last three years period (2009, 2010 and 2011 ) the company did not have any long term debt as well as short term debt. While the companyââ¬â¢s retained earnings increased from $23. 4 billion in 2009 to $37 billion in 2010 and this figure reached to $63 billion in 2011, the company financed its projects through retained profits. The company was able to do this because It had large profits. Appleââ¬â¢s net profits were $8. Lion, $14 billion and $25. 9 billion In 2009, 2010 and 201 1 respectively. According to the Appleââ¬â¢s Annual and $1. 3 billion in 2011, 2010 and 2009 respectively. Currently the company is using equity option to finance its capital expenditure. According to BBC (2012) this year the company announced $2. 65 per share quarterly dividends. This is the first dividend payment since 199 5. As the company does not pay regular dividends, it is not meaningful to calculate the companyââ¬â¢s cost of equity using the divided valuation model. However, the market prices of Apple shares increased almost 22% in 2011. Therefore, it can be said that Appleââ¬â¢s cost of equity is quite high. In conclusion, currently Apple finances its capital projects through equity financing. With a possible debt financing the company is likely to reduce its cost of capital. This could be a good idea if the companyââ¬â¢s profit figures start to decline. According to the financial statements of the company Apple did not have any short term or long term loans between 2009 and 2011. Analysis of working capital management Working capital management concerns with organizing a companyââ¬â¢s short term sources to sustain ongoing activities mobiles funds and optimism liquidity. It further dropped to 1. 61 in 2011. The companyââ¬â¢s figures can be compared with the Blackberry manufacturer RIM. RIMââ¬â¢s current ratios are higher than Appleââ¬â¢s in 2010 and 2011. RIM 2011 2010 2009 current Ratio 2. 08 2. 06 2. 39 The main reason for the decline in Appleââ¬â¢s current ratio is decline in debtor and from 2010 to 2011. In the same period, the inventor days decline from 9. 3 days to 4. 4 days. This indicates that the efficiency of the companyââ¬â¢s working capital management as they were able to receive the money from debtors faster and to keep fewer inventories. The company also was able to keep creditors days high with 135. 5 days. Consequently the companyââ¬â¢s current ratio declined dramatically in recent years. However, this decline should be seen as a positive development as the company has been leaner in recent years. Therefore, the figures above indicate the companyââ¬â¢s working management practices are successful. Investment Appraisal with NAP method Net present value (NAP) of a project is the sum of the present values of all its cash flows, both outflows and inflows. The rate used to discount the cash flows must be consistent with the projectââ¬â¢s risk. Another word, if the project risky then higher discount rates should be used when appraising the investment options. The same company might use different discount rates for its difference projects depending on a rockiness of the project. (Graham and Smart, 2011) According to Graham and Smart (2011) the companies can invest in any projects if the NAP figure is positive as any positive figure will increase the value of the company. The table below demonstrates the NAP calculations for an investment option. Delta Printing is considering buying machinery and there are three different purchase options. The machines can be used for a six-year period. After six year Machine A and B can be sold with a scraped value. Initial cost of each options are as follows; El m for Machine A, CHEEK for machine B and CHEEK for Machine C. According to the initial cost figures the Project C is the best option as it requires less investment. However, there will be no scrapped value for Machine C. With the original figures, it is difficult to make a decision. In this case, NAP method can simplify the investment decisions. The cash inflows are discounted with the companyââ¬â¢s cost of capital of 15%. How to cite NPV method, Papers
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