Monday, September 30, 2019

A House on Fire Essay

Fire is a good servant, helping us with the cooking and providing warmth during those chilly winter nights, but it can also be a bad master when we underestimate its destructive power. It’s for this reason that fire needs to be handled with care. Playing with it can be dangerous, and at times can also prove fatal to those unfortunate enough to find themselves in its path. Our next-door neighbours were lucky in that nobody was injured, but the same thing cannot be said about their beloved house. Although it’s been ten years now, I can still remember the whole thing as if it were yesterday, and each time, the thought of that terrifying episode makes my blood run cold. It was a hot stuffy summer night when it all took place. Back then air-conditioners were not a common sight, so everyone had no choice but to resort to leaving the windows wide open at night to let the breeze in. Not that one could have used the air-conditioner that night anyway – there was a power cut, which in turn also explains the cause of the fire. From accounts following the incident, it seems that it all started because of an oil lamp that had been left on a cupboard in the sitting room downstairs. A strong gust of wind must have come in through the window, knocking the oil lamp over onto the curtain, which burst into flames in no time. The fresh breeze from the open windows kept feeding the hungry flames, which continued eating away at the walls and furniture. The fire spread quickly and soon the sofa, carpets and furniture were ablaze. It was the acrid smell of burning that woke up the occupants of the house from their dreams, to an even worse nightmare. They jumped out of their beds, ran downstairs, and made a dash for the door, but they were stopped in their tracks when part of the ceiling came crushing down in front of them, blocking their only way of escape. It was then that their heart missed a beat, realising for the first time that they were trapped. They remained frozen still, shocked at the sight of that burning inferno. The pungent smoke filled their nostrils and lungs, making them choke and cough. The heat was like a solid wall. Going forward was pointless! Fear rose in their throat at the thought of dying, and they wanted to cry, but they fought down their panic and tried to think clearly of a good plan instead. Spurred by their terror and the will to survive, they ran back upstairs, swift as a  cat, and sprang into the bathroom. While trying to regain lost breath, their father immediately soaked them from head to toe with water. He also got towels, put them under the running water, and placed some of them on their heads. The remaining wet towels were placed under the door to stop the smoke coming in. Then their father opened the window and they all started to scream and yell at the top of their voices. It was that blood curdling sound of screaming which startled me from my sleep. I was not prepared for what I was about to see however. Peering out of my bedroom window I came face to face with our neighbour’s house, completely engulfed by the fire. I rushed to my parents’ room to tell dad, who immediately went to call the fire brigade and the hospital to send a rescue team. In a matter of minutes we heard the shrill noise of the sirens and soon after the fire-engine could be seen speeding down the street, followed by an ambulance and a police car, and coming to a sudden halt just in front of the house. The firemen immediately jumped down from their truck, unrolled the water hosepipes and placed a long ladder against the wall. A brave fireman climbed the ladder to reach the trapped family, while the rest of the team, with hosepipes in hand, fought hard to control the terrible flames. In those frightful moments that followed, it was as if time stood still. The firemen kept directing powerful streams of water into the burning building, but the flames showed no sign of wanting to die. Finally, after what seemed like ages, the trapped neighbours were brought down to safety, to the joy and clapping of all the people who had come on the scene. They had been saved in the nick of time! The paramedics, who until then were on stand-by, lowered each one of them onto the waiting stretchers, and rushed them to hospital. Although they weren’t injured, they were suffering from a terrible shock and had inhaled lots of toxic fumes. The firemen stayed behind until the flames had been completely extinguished. What remained of the house were the blackened walls; the inside was collapsing. That night I couldn’t catch any sleep because of all the commotion. I felt agitated, and the crackling sound of the spent flames and the crashing stones kept me awake all through the night.

Sunday, September 29, 2019

History of Matches Essay

A match is a small stick of wood or strip of cardboard with a solidified mixture of flammable chemicals deposited on one end. When that end is struck on a rough surface, the friction generates enough heat to ignite the chemicals and produce a small flame. Some matches, called strike-anywhere matches, may be ignited by striking them on any rough surface. Other matches, called safety matches, will ignite only when they are struck on a special rough surface containing certain chemicals. History The first known use of matches was in 577 during the siege of a town in northern China. Women in the town used sticks coated with a mixture of chemicals to start fires for cooking and heating, thus allowing them to conserve their limited fuel by putting the fires out between uses. The details of this technique were subsequently lost to history. It was not until 1826 that John Walker of England invented the first friction matches. Walker’s matches were ignited by drawing the heads through a folded piece of paper coated with ground glass. He began selling them in 1827, but they were difficult to light and were not a success. In 1831, Charles Sauria of France developed a match that used white phosphorus. These matches were strike-anywhere matches and were much easier to ignite. Unfortunately, they were too easy to ignite and caused many unintentional fires. White phosphorus also proved to be highly toxic. Workers in match plants who inhaled white phosphorus fumes often suffered f rom a horrible degeneration of the jawbones known as â€Å"phossy jaw.† Despite this health hazard, white phosphorus continued to be used in strike-anywhere matches until the early 1900s, when government action in the United States and Europe forced manufacturers to switch to a nontoxic chemical. In 1844 Gustaf Pasch of Sweden proposed placing some of the match’s combustion ingredients on a separate striking surface, rather than incorporating them all into the match head, as an extra precaution against accidental ignition. This idea—coupled with the discovery of less-reactive, nontoxic red phosphorus—led J. E. Lundstrom of Sweden to introduce safety matches in 1855. Although safety matches posed less of a hazard, many people still preferred the convenience of strike-anywhere matches, and both types continue to be used today. The first matchbook matches were patented in the United States by Joshua Pussey in 1892. The Diamond Match Company purchased the rights to this patent in  1894. At first, these new matches were not well accepted, but when a brewing company bought 10 million matchbooks to advertise their product, sales soared. Early match manufacturing was mainly a manual operation. Mechanization slowly took over portions of the operation until the first automatic match machine was patented by Ebenezer Beecher in 1888. Modern match manufacturing is a highly automated process using continuous-operation machines that can produce as many as 10 million matches in an eight-hour shift with only a few people to monitor the operation. Raw Materials Woods used to make matchsticks must be porous enough to absorb various chemicals, and rigid enough to withstand the bending forces encountered when the match is struck. They should also be straight-grained and easy to work, so that they may be readily cut into sticks. White pine and aspen are two common woods used for this purpose. Once the matchsticks are formed, they are soaked in ammonium phosphate, which is a fire retardant. This prevents the stick from smoldering after the match has gone out. During manufacture, the striking ends of the matchsticks are dipped in hot paraffin wax. This provides a small amount of fuel to transfer the flame from the burning chemicals on the tip to the matchstick itself. Once the paraffin burns off, the ammonium phosphate in the matchstick prevents any further combustion. The heads of strike-anywhere matches are composed of two parts, the tip and the base. The tip contains a mixture of phosphorus sesquisulfide and potassium chlorate. Phosphorus sesquisulfide is a highly reactive, non-toxic chemical used in place of white phosphorus. It is easily ignited by the heat of friction against a rough surface. The potassium chlorate supplies the oxygen needed for combustion. The tip also contains powdered glass and other inert filler material to increase the friction and control the burning rate. Animal glue is used to bind the chemicals together, and a small amount of zinc oxide may be added to the tip to give it a whitish color. The base contains many of the same materials as the tip, but has a smaller amount of phosphorus sesquisulfide. It also contains sulfur, rosin, and a small amount of paraffin wax to sustain combustion. A water-soluble dye may be added to give the base a color such as red or blue. The heads of safety matches are composed of a single part. They contain antimony trisulfide, potassium chlorate, sulfur, powdered glass, inert fillers, and animal glue. They may  also include a water-soluble dye. Antim ony trisulfide cannot be ignited by the heat of friction, even in the presence of an oxidizing agent like potassium chlorate, and it requires another source of ignition to start the combustion. That source of ignition comes from the striking surface, which is deposited on the side of the matchbox or on the back cover of the matchbook. The striking surface contains red phosphorus, powdered glass, and an adhesive such as gum arabic or urea formaldehyde. When a safety match is rubbed against the striking surface, the friction generates enough heat to convert a trace of the red phosphorus into white phosphorus. This immediately reacts with the potassium chlorate in the match head to produce enough heat to ignite the antimony trisulfide and start the combustion. Match boxes and match books are made from cardboard. The finned strips of cardboard used to make the matches in match books are called a comb. The Manufacturing Process Matches are manufactured in several stages. In the case of wooden-stick matches, the matchsticks are first cut, prepared, and moved to a storage area. When the matchsticks are needed, they are inserted into holes in a long perforated belt. The belt carries them through the rest of the process, where they are dipped into several chemical tanks, dried, and packaged in boxes. Cardboard-stick matches used in match books are processed in a similar manner. Here is a typical sequence of operations for manufacturing wooden-stick matches: Cutting the matchsticks 1 Logs of white pine or aspen are clamped in a debarking machine and slowly rotated while spinning blades cut away the outer bark of the tree. 2 The stripped logs are then cut into short lengths about 1.6 ft (0.5 m) long. Each length is placed in a peeler and rotated while a sharp, flat blade peels a long, thin sheet of wood from the outer surface of the log. This sheet is about 0.1 in (2.5 mm) thick and is called a veneer. The peeling blade moves inward toward the core of the rotating log until only a small, round post is left. This post is discarded and may be used for fuel or reduced to wood chips for use in making paper or chipboard. Stripped logs are placed in a peeler, which cuts a sheet about 0.1 in (2.5 mm) thick, called veneer, from the log. The veneer proceeds to the chopper, which cuts it into small sticks. The sticks are soaked in a dilute solution of ammonium phosphate and dried, removing splinters and crystallized solution. The matches are dumped into a feed hopper, which lines them up. A perforated conveyor belt holds them upside down while they are dipped in a series of three tanks. The matches are dried for 50-60 minutes before they are packaged. 3 The sheets of veneer are stacked and fed into a chopper. The chopper has many sharp blades that cut down through the stack to produce as many as 1,000 matchsticks in a single stroke. Treating the matchsticks 4 The cut matchsticks are dumped into a large vat filled with a dilute solution of ammonium phosphate. 5 After they have soaked for several minutes, the matchsticks are removed from the vat and placed in a large, rotating drum, like a clothes dryer. The tumbling action inside the drum dries the sticks and acts to polish and clean them of any splinters or crystallized chemical. 6 The dried sticks are then dumped into a hopper and blown through a metal duct to the storage area. In some operations the sticks are blown directly into the matchmaking facility rather than going to storage. Forming the match heads 7 The sticks are blown from the storage area to a conveyor belt that transfers them to be inserted into holes on a long, continuous, perforated steel belt. The sticks are dumped into several v-shaped feed hoppers that line them up with the holes in the perforated belt. Plungers push the matchsticks into the holes across the width of the slowly moving belt. A typical belt may have 50-100 holes spaced across its width. Any sticks that do not seat firmly into the holes fall to a catch area beneath the belt and are transferred back to the feed hoppers. 8 The perforated belt holds the matchsticks upside down and immerses the lower portion of the sticks in a bath of hot paraffin wax. After they emerge from the wax, the sticks are allowed to dry. 9 Further down the line, the matchsticks are positioned over a tray filled with a liquid solution of the match head chemicals. The tray is then momentarily raised to immerse the ends of the sticks in the solution. Several thousand sticks are coated at the same time. This cycle  repeats itself when the next batch of sticks is in position. If the matches are the strike-anywhere kind, the sticks move on to another tray filled with a solution of the tip chemicals, and the match ends are immersed in that tray, only this time not quite as deeply. This gives strike-anywhere matches their characteristic two-toned appearance. 10 After the match heads are coated, the matches must be dried very slowly or they will not light properly. The belt loops up and down several times as the matches dry for 50-60 minutes. Packaging the matches 11 The cardboard inner and outer portions of the match boxes are cut, printed, folded, and glued together in a separate area. If the box is to contain safety matches, the chemicals for the striking strip are mixed with an adhesive and are automatically applied to the outer portion of the box. 12 When the matches are dry, the belt moves them to the packaging area, where a multi-toothed wheel pushes the finished matches out of the holes in the belt. The matches fall into hoppers, which measure the proper amount of matches for each box. The matches are dumped from the hoppers into the inner portions of the cardboard match boxes, which are moving along a conveyor belt located below the hoppers. Ten or more boxes may be filled at the same time. 13 The outer portions of the match boxes move along another conveyor belt running parallel to the first belt. Both conveyors stop momentarily, and the filled inner portions are pushed into the outer portions. This cycle of filling the inner portion s and pushing them into the outer portions is repeated at a rate of about once per second. 14 The filled match boxes are moved by conveyor belt to a machine, which groups them and places them in a corrugated cardboard box for shipping. Quality Control The chemicals for each portion of the match head are weighed and measured exactly to avoid any variation in the match composition that might affect performance. Operators constantly monitor the operation and visually inspect the product at all stages of manufacture. In addition to visual inspection and other normal quality control procedures, match production requires strict attention to safety. Considering that there may be more than one million matches attached to the perforated belt at any time means that the working environment must be kept free of all sources of accidental ignition. The Future The use of matches in the United States has steadily declined in the last few decades. This decline is the result of several factors: the availability of inexpensive, disposable lighters; the decrease in the use of tobacco products by the general public; and the development of automatic lighting devices for gas-fired stoves. Of the matches that are sold, book matches far outsell wooden stick matches because of their advertising value. Worldwide, matches will continue to be in demand for the foreseeable future, although their production will probably follow the demand and migrate to other countries. Where to Learn More Books Bennett, H., ed. The Chemical Formulary, Vol. XV. Chemical Publishing Company, Inc., 1970. Periodicals Bean, M.C. â€Å"History of the Match,† Antiques and Collecting Hobbies. September, 1992, pp. 42-44. — Chris Cavette

Saturday, September 28, 2019

Capital Structure Question Solution

FINE 3100 Problems for Midterm – Additional Capital Structure Problems Question 1 Belgarion Enterprises Asset beta, the riskiness of the firm, can be found as the weighted average of the betas of its debt and equity, where the weights are fraction of the firm financed by debt and equity: ? A = D/V ? D + E/V ? E = . 5 ? 0 + . 5 ? 1. 4 = . 7 To find the beta of the firm with no debt, find ? o or ? u using the formula for levered equity: ? E,L = ? o + [? o – ? D] D/E ( 1 – TC) Rearrange to find ? o = ? E,L + ? D D/E ( 1 – TC) 1 + D/E ( 1 – TC) Since the debt beta is zero, the equation simplifies to: ?o = ? E,L = 1. 4 / ( 1 + (. 5/. 5) ? (1 – . 4) ) = . 875 1 + D/E ( 1 – TC) The asset beta is higher if the firm has NO DEBT, in the otherwise perfect financial markets world. The firm with debt has an asset that the firm no debt does not: the interest tax shield. The riskiness of the tax shield is lower than the riskiness of the firm’s operating assets (its business risk). In fact, in this case, the interest tax shield is riskless because the debt is riskless. The beta of the levered firm’s assets is lower than beta of the unlevered firm’s assets. Remember, bankruptcy is costless in this problem. If bankruptcy is not costless, the result may not hold – by increasing leverage, the probability of bankruptcy goes up and therefore the expected costs of bankruptcy increase. In this case, the firm’s riskiness may well increase with leverage). Question 2 Little Industries a) Current market values EL = 300,000 ? $3 = $900,000 Value per bond: (. 05 ? 1000)/. 1 = 50/. 1 = $500 Total bonds: D= (. 05? 100,000)/. 1 = $50,000 VL = D + EL = 50,000 + 900,000 = $950,000 b) Current required rates of return Debt: rD = 10 % (given) Equity: rE,L = (EBIT – I) ? (1 – TC) = (270,000 – 5,000) ? (1 – . 4) = . 1766666 = 17. % EL 900,000 WACC = (D/VL) ? rD ? (1-TC) + (EL/VL) ? rE. L = (50,000/950,000) ? .1 ? (1-. 4) + 900,000/950,000 ? .177 = . 1708 c) For case of perpetual debt: VL = Vu + Tc D Therefore: Vu = VL – Tc D = 950,000 – . 4 ? 50,000 = 950,000 – 20,000 = 930,000 NOTE: another way to solve for the unlevered firm value is to first calculate the unlevered cost of equity and then use it to discount the unlevered firm’s cash flows 1. Unlevered cost of equity Recall: rE. L = r0 + (r0 – rD) D/E (1 – Tc) Rearrange the formula for r0: 0 = [rE,L + rD D/E (1 – Tc) ]/ [1 + D/E (1 – Tc)] = (. 177 + . 1? 50,000/900,000 ?. 6)/(1+50,000/900,000?. 6) = . 1741935 VU = EU = EBIT ? (1- TC)/r0   = 270,000 ? .6/. 1741935 = 930,000 d) (i) After restructuring, the firm will be 30% debt financed. Let D* be the total debt after refinancing and VL* be the total firm value after refinancing. It must be true that: D* = . 3 ? VL* Since VL = Vu + Tc D, then VL* = Vu + Tc D* Substituting for D* VL* = Vu + Tc . 3 ? VL* Solve for VL* (1 – . 3? TC) VL*  = Vu VL*  = Vu/ (1 – . 3? TC) = 930,000/ ( 1 – . 3 ?. 4) = 1,056,818. 2 And D* = . 3 ? VL*  = . 3 ? 1,056,818. 2 = 317,045. 5 EL* = . ? VL*  = . 7 ? 1,056,818. 2 = 739,772. 7 (ii) By issuing new debt and retiring equivalent value of equity, total firm value increases VOLD  = 950,000 VNEW = 1,056,818. 2 Increase in firm value = 1,056,818. 2 – 950,000 = 106,818. 2 Since the required rate of return to debt is unchanged, we can assume that all of the benefit of the restructuring is captured by the shareholders. On the announcement of the proposed restructuring, the total value of equity will increase by the increase in firm value: Value of existing equity on the announcement = 900,000 + 106,818. 2 = 1,006,818. 2 New share price = 1,006,818. 2/300,000 = $3. 356 To figure out the number of shares repurchased, first figure out the dollar value of the new debt issued: New debt issued = New total debt – previous total debt = 317,045. 5 – 50,000 = 267,045 Shares worth $267,045 are repurchased, at $3. 356 per share Total shares repurchased = $267,045/$3. 356 per share = 79,572 shares Share remaining = 300,000 – 79,572 = 220,427 (iii) New required return to equity Method 1: rE. L = r0 + (r0 – rD) D/E (1 – Tc) = . 17419 + (. 17419 – . 1) ? (317,045. 5/739,772. 7) ? .6 = . 193 Method 2: Interest on total debt, I = . 1 ? 317,045. 5 = 31,704. 5 rE,L = (EBIT – I) ? (1 – TC) = (270,000 – 31,704. 5) ? 1 – . 4) = . 193 EL 739,772. 7 New WACC = . 3 ? .1 ?. 6 + . 7?. 193 = . 1531 e) (i) Because the model assumes bankruptcy costs are zero, it does not consider the potential downside of increasing leverage. With bankruptcy costs, the expected costs of bankruptcy increase with leverage, offs etting the benefit of reduced taxes. (ii) Given D* = 317,045. 5 and Interest = 31,704. 5 EL = (EBIT – I) ? (1 – TC) = (270,000 – 31,704. 5) ? (1 – . 4) = 571,909. 1 EL . 25 Total firm value: V = D* + EL = 317,045. + 571,909. 1 = 888,955 Now, taking into account the impact of the bankruptcy costs, on the announcement of the increased leverage, the firm value FALLS: Change in firm value = 950,000 – 888,955 = -61,045 New equity value on the announcement = 900,000 – 61,045 = 838,955 New share price on the announcement = 838,955/300,000 = $2. 80 Share price falls from $3 to $2. 80!!! Therefore, the restructuring is a bad idea if the new required rate of return to equity rises to 25%. Question 3 Mighty Machinery Initial situation: market value of debt = . 08? 50m/. 08 = 50 m market value of equity = 8 m ? 20/sh = 160 m market value of firm = 210 After Restructuring: Assume that all change in value is borne by the shareholders. So the loss of the tax shield will impact shareholders only. Value of lost tax shield = Tax rate ? change in debt = . 35 (-10m) = – 3. 5m New firm value = old value + value of tax shield = 210 – 3. 5 = 206. 5 m New debt value = old debt + change in debt = 50m – 10 m = 40m New equity value (at the actual restructuring date) = new firm value – new debt value = 206. 5 – 40 = 166. 5 m New share price: Given that shareholders bear all of the impact of the reduced tax shield, given efficient financial markets, the value of the equity will fall by 3. m ON THE ANNOUNCEMENT of the plan. Thus, at the announcement, total equity is worth 160 – 3. 5 = 156. 5m or $19. 5625 per share ($156. 5m/8m = 19. 5625). Another way: the NPV of the restructuring is -3. 5m, which is all borne by shareholders. The change in share price will be -3. 5m/8m = -$0. 4375, giving a new share pric e of $20 – . 4375 or $19. 5625. ii) Shares issued = $10m/$19. 5625 or 511,182 Check: final share value/new number of shares = 166. 5/8. 511182 = $19. 5625. (iii) Use the formula: rE = r0 + (r0 – rD) D/E (1 – Tc) Rearrange the formula for r0: r0 = [rE + rD D/E (1 – Tc) ]/ [1 + D/E (1 – Tc)] = [. 5 + . 08 ? 50/160 ? (1-. 35)]/[1+50/160 ? (1-. 35)] = . 138181818†¦. Then New rE = r0 + (r0 – rD) (new D/new E) (1 – Tc) = . 138 + (. 138-. 08) (40/166. 5) (1-. 35) = . 1429 The restructuring causes rE to fall, as expected. The leverage is lower, the risk of equity is lower, shareholders’ required rate of return falls. b) You answer this question! Question 4 NOTE: This was a particularly tricky question. Part marks were given for wrong answers. Assume that it is valid to use the CAPM†¦this is ok, given the perfect financial markets assumption. Need to get all of the components of WACC: rD = current yield-to-maturity, 9% Market value of D = (. 08 ? 2. 5m )/. 09 = 2. 22222m TC = 35% What about value of equity and cost of equity Use a competitor to figure out†¦the closest company to GLC is All Lawn Chemicals. The most complete way to go is to figure out the unlevered cost of equity of All Lawn (reflecting the business risk), and value GLC at this rate. This will give us the unlevered value of GLC. Next, use GLC’s current capital structure to get GLC’s levered value of the firm and its equity. Next calculate the cost of equity, given GLC’s current capital structure†¦. 1. Find unlevered cost of capital for All Lawn Use the same rearrangement of the cost of equity formula in question 6: rE = r0 + (r0 – rD) D/E (1 – Tc) Rearrange the formula for r0: r0 = [rE + rD D/E (1 – Tc) ]/ [1 + D/E (1 – Tc)] Use CAPM to find current rE of All Lawn: rE = rf + ? ? MRP = . 075 + 1. 2 ? .07 = . 159 r0 = [. 159 + . 09 ?. 3? (1-. 35)] / [1+. 3? (1-. 35)] = . 14774 Value of firm for GLC  : V L = OCF ? (1 – tc) + tcD RU V = 1. 5M * (0. 65) + 2. 222M*(0. 35) .1477 VL = 7. 37892M Value of Equity for GLC: VL = Ve + VD = 7. 37892M = 2. 222M + Ve Ve = 7. 37892 – 2. 222 = 5. 1569M Ve = 5. 1569M = y R equity = (OCF – Interest expense)(1 – tax rate)/ Value of equity = { ($1. million – . 08x$2. 5 million) . 65}/5. 1569= . 163858 =16. 39%. OR 1. Find unlevered cost of capital for All Lawn Use the same rearrangement of the cost of equity formula in question 6: rE = r0 + (r0 – rD) D/E (1 – Tc) Rearrange the formula for r0: r0 = [rE + rD D/E (1 †“ Tc) ]/ [1 + D/E (1 – Tc)] Use CAPM to find current rE of All Lawn: rE = rf + ? ? MRP = . 075 + 1. 2 ? .07 = . 159 r0 = [. 159 + . 09 ?. 3? (1-. 35)] / [1+. 3? (1-. 35)] = . 14774 2. Value of Unlevered GLC Vu = [OCF – Taxes] / r0 = [1. 5 ? (1-. 35)] /. 14774 =6. 59943 3. Value GLC with its current capital structure VL = Vu + Tc D = 6. 59943 + . 35 ? . 22222 = 7. 37721 4. Value GLC’s equity and its required rate of return Thus: EL = VL – D = 7. 37721 – 2. 22222 = 5. 15499 and rE = r0 + (r0 – rD) D/E (1 – Tc) = . 14774 + (. 14774 – . 09)? (2. 22222/5. 15499)?. 65 = . 1639 5. Calculate GLC’s WACC Wacc = (2. 22222/7. 37721)?. 09?. 65 + (5. 15499/7. 37721)?. 1639 = . 1322 Question 5 a) False. Although often increases in firm value increase equity value, it is not always the case. When debt is risky (that is, there is a chance that the debt will not be paid the full promised interest and principal), improvements in firm val ue may go partly or totally to debt holders. This means that the debt has become less risky: there is less chance that the bondholders won’t get the promised interest and principal repayments. An example: when a firm is in financial distress, a value-increasing investment may only increase the value of the debt – and none of the value goes to shareholders. See kit and also the Barclay, Smith, Watts article. b) False. All that is necessary for the risk of equity to increase is that the firm’s operating cash flow be variable. Whenever you add the fixed interest payments, the result is to intensify the variability of the cash flows to shareholders (they get paid only after the fixed payments have been made to the debtholders). Look at the kit, – risk of equity increased with the addition of debt – and there is no chance of bankruptcy in this example (debt is riskless – no matter what state of the world occurs, the debtholders get their promised payments). c) False. For this answer, assume perfect financial markets and keep the firm’s investment and borrowing constant. If you don’t make these assumptions, then we have to make other assumptions about the state of the financial markets. These ones make our story easy). It is true that a shareholder may have to sell shares at the bottom of the market to create homemade dividends. But if the firm increases its dividend, they too will have to sell shares at the bottom of the market!! If we assume that the firm is currently payi ng out the money they have, the rest is tied up in investment plans and no new borrowing is made, if the dividend is increased, THE FIRM WILL HAVE TO GO TO THE MARKET AND SELL SHARES to pay for the higher dividend. The risk of selling shares at the bottom of the market has not gone away and shareholders still get stuck with it – either they pay for it directly when they sell their shares or indirectly when the firm brings in new shareholders who pay less for their shares than if it had been the top of the market. So this is not a valid reason why the firm paying a dividend will increase firm value. d) Uncertain. What the answer depends on is whether the bond holders anticipated correctly the chances and costs of distress/bankruptcy. If bondholders correctly anticipate distress and the costs associated with it, they will pay less for the bonds than if the costly distress did not occur. Shareholders end up paying the costs – because the company gets less for the bonds sold – raising the cost of debt financing. Of course, if bondholders do not correctly anticipate the distress, then they share in the costs. e) THIS IS A POST MIDTERM QUESTION True. Cost savings are much more likely to be achievable than revenue increases – firms have control over their production process but not over their customers. f) False. This question is very much related to a). Shareholders will not be willing to contribute more money to positive NPV projects when the bulk of the benefit goes to bondholders. See the references in a). g) True. The messy formula for the impact on firm value of adding debt when both personal and corporate taxes are considered is outlined in the kit. This happens when (1-TB) < (1-Tc)(1-TS)†¦.. Translating: 1-TB is the after-all-taxes cash flow of a $1 of bond income, (1-Tc)(1-TS) is the after-all-taxes cash flow of $1 of equity income (because first corporate taxes are paid and then personal taxes on equity income are paid). If investors get less in their pocket, after all taxes, when $1 of bond income is paid then after a $1 of equity income, they won’t want the firm to borrow – pay only dividend income and less total taxes (corporate plus personal) are paid. Firm value will be lower if the company borrows!!! h) True. This follows from the â€Å"free cash flow problem† discussed in Barclay, Smith and Watts. A company with lots of cash but few investment opportunities (low growth) puts management into temptation: spend the money on projects they like but aren’t necessarily positive NPV. For such a firm, a high dividend payout (high dividends/net income) and high interest and principal obligations keeps the cash out of the hands of manager and gives them fewer opportunities to make negative NPV investments, increasing the value of the firm. i) True. Given these assumptions, adding debt creates a new asset: a tax shield. The tax shield is a â€Å"gift† from the government, increasing the firm’s after-tax cash flows. This tax shield is lower risk than the assets of the business – it depends on the riskiness of the firm’s debt (and we assume that the tax rate doesn’t change). Thus total risk of the levered firm is lower than if it is unlevered (the levered firm has the same business risk plus the lower risk tax shield – the overall risk is lower). j) THIS IS A POST MIDTERM QUESTIONS False. All valuation methods requiring assumptions to be made. Earnings capitalization is a simpler valuation method than discounted cash flow– but it is loaded with strong assumptions about the future cash flows/earnings such as constant growth, constant dividend payout and unchanging capital structure. ) True the firm will have received the cash without having to issue new shares, however, the firm will also have missed out on raising equity when these warrants are not exercised and the warrant holders (and other potential investors) are disappointed and may not invest in this firm in subsequent rounds of equity financing if they were not able to benefit from their warrant purchase. Warrants are not like call options. With call options the firm in not involved in the transaction. With warrants the firm’s reputation and ability to raise financing is affected.

Friday, September 27, 2019

Beginning a business - Gyro Grill Essay Example | Topics and Well Written Essays - 500 words

Beginning a business - Gyro Grill - Essay Example Even if an individual has unique culinary skills, he or she needs correct guidance to start a business, which has the probability to evolve in the long-term. This section of the paper attempts to examine various factors that need consideration, when starting a new business. Formulation of a business plan is imperative. For the Gyro Grill to start, an individual will need a rental space, some start up financial help in the form of loan from the bank and employees to work in the restaurant. Unless a proper business plan is not formulated, the bank will not consider giving a particular business a loan. A written business plan is essential, which lists down the aims and the objectives of the business, the amount of growth the business may experience in the coming years and the talents of the people, belonging to the family (Miller, 1978). Since Gyro Grill is a family business, an individual can state the number of people in the family who have gotten a culinary diplomas, the number of youngsters who have done proper business planning while studying and old people with an experience and knowledge of the business settings. It is also important to state which type of food Gyro Grill will serve, especially the specialty foods, which are necessary (Miller, 1978 ). If the business plan lives up to the bank’s requirements, then the family business will easily get a loan from the bank. However, Gyro Grill should not completely depend upon the bank for a loan. It must have its own financial resources, in the form of accumulated savings of the family. Initially, the business can employ people from the family, since it will have a smaller group of customers. The business needs registration with the law, as well. The Gyro Grill may act as an independent business, instead of a franchise from another restaurant. Therefore, the business will need effective marketing tools to spread the word of a new

Thursday, September 26, 2019

Wal-mart's Philanthropic Efforts Essay Example | Topics and Well Written Essays - 750 words

Wal-mart's Philanthropic Efforts - Essay Example For example, a smart buyer who would want to buy more out of her single dollar can actually meet this need at Wal-mart. It has got all, if not many, for every customer who would want to find more value for their money in today’s highly challenging economy. The main objective of this paper is to examine the philanthropic efforts of Wal-mart and how they are strategically aligned with its core competencies. Wal-mart emphasizes two important philanthropic points in its mission. Save people money There are many ways how an individual can save his or her money. However, Wal-mart emphasizes that each consumer can save their money with its various product and service offerings. For Wal-mart, saving money is associated with a low-priced product. Common sense suggests that money could substantially buy more if the products’ prices are remarkably low. In line with this, Wal-mart ensures that people can still attend to their other priorities by providing or offering those products that of substantial lower prices. For example, a particular consumer who is in a budget requires products that are substantially low in price so that there may still be left for other spending. This means that a one-kilo sugar needs not be too expensive so that there is still a way to buy coffee, milk, and others. However, Wal-mart also emphasizes that saving money is also associated with providing the best quality that customers can rely on. It ensures that customers can really make out the best of its offerings. This means that customers will still enjoy fresh and healthy fruits such as oranges, apples and others. Providing quality to each of its product offering would mean a lot to its consumers, so Wal-mart sees to it that by providing a higher quality it does not only entices people but build up trust among them. So here are the most important points of saving people money, it basically builds up the trust of consumers towards Wal-mart’s product and service offerings. T his in return is strongly aligned with its core competencies (Wal-mart, 2011; Wal-mart, 2010; Wal-mart, 2009; Wal-mart, 2008). Living better To live a better life is another good promise of Wal-mart for its consumers. This is just the result of providing the best and competitive prices of its products for its customers. Wal-mart ensures that people can receive more, but above this is to allow them save even more. Product chain management Perhaps, one may wonder why Wal-mart can remarkably offer lower prices for its offerings. The answer lies on its product-chain management. For many years, its core competencies are rooted in here. It can offer lower prices for goods and other related products because it substantially cut back expenses that may be passed on to the final price of the product. In order to ensure that the market or retail price of the product is low, its strategy is to provide great effort on its product chain management (Wal-mart, 2011; Wal-mart, 2010; Wal-mart, 2009; Wal-mart, 2008). This is remarkably the root of Wal-mart’s core competencies. If it has to be analyzed, the company does not only look forward to how it can stand a cut above the other in its industry, but its aim is to help people save their money so as they could live a better life. Conclusion It is clear that Wal-mart is significantly trying to be a cut above the other in its industry by cultivating its core competencies through its low-price strategy for its product offer

A group assignment to produce a strategic marketing plan for your new - 1

A group to produce a strategic marketing plan for your new product - Assignment Example The United Kingdom (UK) soft drink market remains among the most exploited avenues of the entire economy. This is best described along both the international and local dimensions. The prospect of a novel product, such as Canki, making a successful penetration into such a market calls for the involvement of critical marketing programs. The critical challenges faced by novel players in this market range from the shaping of the product to the eventual delivery. The product must satisfy the customers order in terms of preference and taste. Research is called for in respect to life cycle of the product due to various challenges that may arise as the product is sold. Canki’s sale can be increased through the focus of increment in product’s line depth and increasing the number of product lines. Marketer should put the focus on branding the product in an attractive design. The product desired to be packaged in a manner that relates with the target market population. This would be achieved by wrapping the product in fashionable cans that attracts the youths who are the elemental market aim. The youthful population remains the ideal market that may catapult a novel player into the UK market (Steen, 2007). Coca cola, which is deemed as Canki’s main rival, has based its target market on the wider UK popu lation. Success of the Canki will involve the identification of a singular age set of clients to be the main focus. The designing of the products desires to illustrate a sense of connection with the preferences and tastes of this population. Acceptability of the product, by the targeted market population, remains critical to the eventual success of the firm (Baines, Criss and Kelly, 2011). The concept of place as a pillar of marketing involves the fathom of both the market and the production dimensions. The product must be provided in places where the targeted clients can reach out to it easily. The marketer must have a clear research

Wednesday, September 25, 2019

Ethics Essay Example | Topics and Well Written Essays - 2000 words

Ethics - Essay Example Egoism is also in conflict with conflict regulation. There are times when a moral choice requires one to act contrary to one’s own interest. The application of egoism would not allow this. UTILITARIANISM   People who prescribe to utilitarianism believe that one should always act in favor of what will provide the greatest amount of happiness for all people involved. The theory challenges one to measure happiness. This is difficult as happiness is subjective to each individual. Furthermore, utilitarianism condones terrible acts such as murder if those acts provide pleasure to the greatest number of people. Another concern is that there is no solid guide to follow and acts are often in conflict. Sometimes it is okay to do things like steal, other times it is not. Individuals must weigh the results of a particular action each time one encounters it in order to calculate the corresponding level of happiness for everyone involved and determine the proper course of action in each u nique scenario. CATEGORICAL IMPERATIVE   The Categorical Imperative admonishes people to act the way they would want all other people to act. The theory assumes that people are rational and will act accordingly. Those who are irrational for any reason, including illness, would be exempt from practicing this theory. Moreover, actions taken by an individual may be in conflict when one considers perfect duties and imperfect duties. Bold statements of perfect duties such as never tell a lie govern behavior, but if a lie prevents someone from getting hurt one must do one to support the other when applying the categorical imperative. One could also stretch the rules to allow almost any action, because the rules are already broad in nature. NATURAL LAW   Natural Law theorizes that anything is moral that supports basic rights including survival, procreation, and maintenance of health. People may have trouble defining natural laws and determining how to apply them. In addition, oneâ€⠄¢s views on religion and the role of God in nature intertwine with the definition of Natural Law. Because one’s views on religion and the role of God in nature are determined on an individual basis, the theory is difficult to practice with any consistency across a group of people. Natural Law may also condone specific acts that many would view as immoral or unethical because they are not in conflict with any natural law. For example, many consider rape immoral, but one could argue that the act supports procreation if the intent of the act was to create a child. THEORY OF JUSTICE AS FAIRNESS-MAXI MIN   The theory of Justice as Fairness—Maxi Min suggests that one should balance opportunity with inequality. Equality is difficult to measure and one must reduce equality to embrace the lowest common societal denominator in order to apply this theory. In practice, however, this allows inequality on the other end of the spectrum. In practice, people must apply a veil of ign orance in order to apply the two principles inherent in the theory. People may find the veil of ignorance challenging to achieve. Additionally, the theory is difficult to apply on an individual basis and more aptly applies at a community level. WILL TO POWER - Existentialist Theory of Nietzsche   Nietzsche proposes that all humans naturally exert their will on others. Because each person acts selfishly, there are no altruistic acts. The desire to

Tuesday, September 24, 2019

Reflection Paper on Romance on a Global Stage, by Nicole Constable Essay

Reflection Paper on Romance on a Global Stage, by Nicole Constable - Essay Example There are more than 350 matrimonial and dating websites on the internet that match the profiles of men and women with people from all over the globe and romantic union clearly demonstrates the amalgamation of the global community. Nicole Constable has discussed this aspect of the society in her unique study and compiled it in her book titled â€Å"Romance on a global stage: Pen pals, virtual ethnography and mail-order marriage’, where the substance of her prose focuses on real individuals in a romantic or matrimonial alliance with people in a different country and culture. (Constable, 2003, p. 198-208) The basic premise of the relationship centers on men from the west and eastern women; primarily Filipina or Chinese women. Constables work is not only based on theoretical evidences but also anecdotal that gives the readers a general insight into the matter. Marriage is one the most universal concepts and as mentioned earlier, as the internet is becoming more and more synonymou s with the world’s population, online relationships and mail-order marriages have become extremely common and as a result the differences between the value system between people belonging to various cultural backgrounds have become even more pronounced; however, the values have undergone a series of change in recent, as a result the global community has become more uniform. ... Online dating and mail-order marriage is a long-distance relationship, and couples are able to stay in touch only through the internet, telephone or the conventional method of writing letters to each other. (Piper & Roces, 2003) Sometimes, individuals also pay visits to their significant others in their home country until they finally immigrate. The cost involved is very high and often the immigration procedure takes a really long while due to rampant bureaucracy and red-tapism that further prolongs the waiting period for the husbands and their wives. During this time there are a number of issues that the couples face and must resolve in order to ensure a prosperous future together. The Asian women, who have applied for an American visa, have to endure the biting remarks of their peers that their husbands might have found someone else. Often officials working at the immigration office or INS are governed by their prejudices and biases towards various cultures and races and in order t o vent out their anger, they delay the procedure and make the wait longer for couples. In case of Freddie, who had a Filipina wife was subjected to the anger and frustration brought about by the immigration procedure due to the fact that the immigration had a personal grudge against people from the Philippines and thought they did not deserve to be allowed in the country. Their grudges and anger towards the race is a deep-seated one and has it origin in the country’s history whereby, Philippines chose independence instead of becoming a pert of the United States. However, the current economic situation of the country cause the people to move to America in pursuit of greener pasture but before that they have to face the immigration

Monday, September 23, 2019

World history and american history Assignment Example | Topics and Well Written Essays - 500 words - 1

World history and american history - Assignment Example In sum, the conquests of Islam in the Middle East set the stage for the birth and elaboration of a rich and diverse new civilization of Islam that persist to today. Islamic civilization reworks and combines elements of older traditions such as Judaic and Christian with the ethical and religious ideas of the Qur’an and Muhammad’s teachings to produce a coherent, dynamic new Islam that is evidenced today. The Islam had one motive, to ensure that they converted everybody to Islamic across the Middle East and to accomplish this, they used means rather than the message in order to convert people into Islamic. With their prominent leader Muhammad, who they adored as their god, every utterance he made was to be followed by every Muslim without questioning. He was recognized as distinctive prophet who was a God revealed word by the Qur’an, and he was willing and worked to ensure he converted everyone in the Middle East to Islam. b) Secondly, the political change was other means that led to the mass spread of Islamic religion across the Middle East. The political shift to Islam meant the emergence of the new ruling elite. Although the Believers’’ movement came to include locals in the conquered areas, the new elite was, at first, overwhelmingly composed of Believers who were of Arabian origin and who spoke Arabic as their native tongue. c) Thirdly, another consequence of the conquests for the Islam in the Middle East was the influx of Arabian immigrants, specifically to the new garrison towns in Iraq, Egypt, and various districts and towns in Syria leading to population pressure of Arabs across the Middle East nations. This shows a high similarity with Christianity where the Christians have strongly followed the Bible and the footsteps according to the Christs teachings. The believers will be highly appreciated during the judgment do while the non-believers will be punished, and worship of God is required in order to receive

Sunday, September 22, 2019

Defending the Play Trifle Essay Example for Free

Defending the Play Trifle Essay In the play, Trifles by Susan Glaspell, is about a murder mystery of Mr. Wright. The men; the court attorney, sheriff, and Mr. Hale, a neighorbor to the Wright family, and the women; the sheriff’s wife, Mrs. Peter and Mrs. Hale, solve the mysery in two very different ways. The men show up at the house as a crime scene, and only focusing on the bigger, important elements of a murder mystery. As Mr. Hale was trying to explain everything he saw in the house that morning of Mr. Wright’s death, he said â€Å"She was rockin’ back and forth. She had her apron in her hand and was kind of – pleating it (1154)†. Meanwhile, Mr. Hale was looking for Mr. Wright, Mrs. Wright was kind of subtle and said you can’t. Mr. Hale was confused. All she said then was he has been murder. All three men go upstairs to talk and investigate the body. One the otherhand, the women approach the house as a home, and focusing on the trifles, meaning small detail or unimportant, such as baking mess, unfinished sewing, and unwashed pans cleaning. As the women are worried about Mrs. Wright’s trifles in the house the men like to make fun of them. For example, Hale stated, â€Å"Well, women are used to worryin’ over trifles (1156)†. Mrs. Wright loved making preserves as her fruit froze in the freezer and made a big mess that the two women were worried about, so the sheriff said â€Å"Well, can you beat the women! Held for murder and worryin’ about her perserves (1155)’. In society, as you can see, men tend to ingore the women’s world, blind to the truth before their eyes. A critic once said Trifles is a lousy play because by the third page we already know who done it, so there isn’t much reason the sit through the rest of the play. A murder mystery does not have to keep the reader in suspense to who the culprit was, but why the culprit did it. The key element in the play Trifles is motive, the reason or emotion that drives a person to do something. What made Mrs. Wright drive to kill her husband? As the men look for any possible motive, the women talk to one another about Mrs. Wright. They end up finding a bird cage with a broken door, but they find no bird. Another possible movite uncovered by the women is the discovery of the dead bird. They found the bird, dead, somebody had strangled the bird. So, just because a murder happens early, does not make it a bad play. Works Cited X. J. Kennedy. Dana Gioia. LITERATURE An Introduction to Fiction, Poetry, Drama, and Writing. Trifles. 12 ed. New Jersey: Pearson. 2013. Pages1153-1163.

Saturday, September 21, 2019

Casual Internet Gamers in India

Casual Internet Gamers in India Casual Internet Gaming in India is the area of dissertation which will be researched. A phenomenon relatively new to the world, casual internet gaming is an area which is yet to be researched and fully understood. Computer gaming is an area close to my heart, as well as an exciting and challenging field to work on, where the markets are still evolving and promising great potential in the near future. Electronic gaming itself is a very wide subject which hasnt been properly researched, especially in India. Internet gaming is a subset to it, but again an area so vast that it cant be covered in one research. Going down further, I chose casual internet gaming because of the following reasons- Casual gaming is by far the most popular mode of gaming on internet in India. Internet speeds in India allows only casual gaming to grow currently. Social media is proving to be an ideal platform for their growth No research on this topic has been done so far. We are yet to understand why people and Indians in particular are attracted towards casual gaming. Till now, Indian Marketers have not taken a consumer-centric approach to make and deliver casual games. There is great scope in the field, as Indians discover casual gaming and get hooked on to it through various platforms According to a recent study by JuxtConsult , Of the 47 million Internet users, 39 million are based in urban areas, while only 8 million reside in the rural. Hence Internet penetration is largely limited in India and speeds are still slow. In such a scenario, the only games that can work well are casual games because they dont need high end computer/gaming systems, nor are the speed requirements a constraint. In fact, being the only mode of gaming which is viable, it has been the focus of the gaming industry as well. From dedicated websites like zapak to integration of casual games to social media networks like facebook, casual games are available across the internet. The surprising part is that no one has really tried to understand the reason for their popularity or the potential profitability of these games. The growth of Indias casual games market comes in line with the overall growth of the countrys games market and industry. According to founder of CasualGaming.biz, Gaurav Mirchandani the industry has changed substantially over the past few due to the growth of internet users in India whom now have broadband access in their homes, at work, and in restaurants and hotels. This change has sparked a new emergence of casual gaming in India as a leisure and as lead to new small companies setting up offices for game development outsourcing mostly for flash and PC downloadable games. The Industry focus has been on delivering casual games across platforms to the maximum possible user base. However, no thought has been given to the consumer and their needs. The Industry lacks a consumer-centric focus in game development and delivery. A deeper understanding of why these games are being played, and by whom they are being played is necessary to improve the standards and profitability of casual gaming as a business. As the world moves towards the virtual avenues provided by the technological revolution, internet gaming assumes significance as the next major frontier of the world. Brands are already investing in this area and can really cash on into this profitable business. Internet now provides people the choice of playing with other individuals over the cyber space. The constant advances in technology open up new possibilities regularly, taking computer gaming to new heights each time. Hence, the objective of the research will be to understand the psyche of the Indian casual gamer. This will help the Indian gaming industry understand the consumers better and hence deliver better products to them. Not only that, it will also help them improve the profitability of the business, by understanding what is relevant to the gamers, and what is not. This will be an exploratory study into the realm of casual gaming in India. Given the time constraints of a dissertation, I will be able to focus on limited aspects of casual gaming. Hence I am choosing only those aspects of the area, like why do gamers behave as they do and where and when they play games, which are important both for the Industry and the academia. Again due to the time constraints and vastness of the topic, everything cannot be covered in one research. Hence a study on the college-going gamers will be conducted. LITERATURE REVIEW Very little literature is available on consumers of Casual Gaming in India. I studied the gaming industry in general to find references to casual and internet gaming, especially in the Indian context. Gaming: India is All Set! -Rao, K. Rajesh (rajesh, 2008) Prospects for Animation Gaming Industry in India. -Kuruvila, A. O. (A.O, 2008) (Computer gaming on the go in India, 2004) India: The Final Frontier for Games? (Silicon india, 2008) Zapak Taking Casual Games seriously! (Vimali, 2008) Casual Gaming A Big Draw for VCs. (Khanna, 2008) Games people play (Marketing Management, 2007) Casual video gaming is now serious business (2007) Casual Computer Games Go Upscale (2007) Nothing casual about it Rajiv Fernando 2009 The article presents the authors views concerning the development of the gaming industry in India. He relates that the new generation is characterized by the evolution of interactive digital content and distributed model of games services. The author perceives good opportunities for game developers and providers associated with the increase of Internet penetration and digital content. The article starts off with a preface of the Global and Indian gaming and animation industry and goes on to dwell upon the statistics of the industry in India. It then follows up with a SWOT analysis of the Indian gaming Industry Reports on the report released by British Broadcasting Corp. in 2005 regarding the mobile gaming market segment in India. Increase in the number of mobile phone users in October 2004; Factors that influenced the growth in the mobile gaming sector; Number of game developers and mobile companies that provide games to their subscribers. The article provides an overview of the computer games industry worldwide, particularly in India. It explains the technology trends that might influence the advent of these games including powerful cellular telephones, cloud gaming and the growth of broadband networks. A historical background on the emergence of these electronic games is also presented. The article discusses the success of the online games introduced by Zapak Digital Entertainment in India. Zapak is influential to the success of the gaming industry through the launching of massive multiplayer online games (MMOGs), hardcore games and large format gaming cafÃÆ' ©es. The companys strategies in creating value chain for its customers and distribution network are mentioned. The article presents the views of the author on various issues related to the electronic games industry in India. It focuses on the casual gaming business. The author addresses the problems on piracy and financing animation and gaming projects in the country. Future opportunities for the casual gaming space are also cited. The article discusses conflicting studies concerning the target audience for casual games. A study by Information Solutions Group found that casual gamers are predominately female. In-game advertisement firm Eyeblaster backed this data up, claiming that the majority of casual gamers are females that are more than thirty years old. However, a study by Ipsos Insight showed that more than half of computer and video gamers are male, data that is backed up by a Universal McCann study about console gamers. The article reports on the growing competition among firms in the video games industry in New York City. According to IDC Research, revenues from casual video games are expected to increase by 68 percent to $750 million in 2007 and are forecasted to reach $2 million by 2009. Wade Tinney, co-founder of Large Animal Games, said that it is important for firms in the industry to be well-funded so that they can move quickly and make products that compete with those with other companies. The article talks about the demographics of casual gamers worldwide according to the various studies that have been conducted. It also talks about the distribution of these games and what the game developers are doing to fight off competition in the casual gaming segment. It takes the zapak example to show that casual games are here to stay. It further tells about the future plans of zapak and compares the groeth of casual gaming in India with increase in internet penetration.It re-iterates that industry observers believe that online games had great potential for growth in the Indian gaming market, as it overcame the problem of piracy. Sify eyes kids for gaming biz (2007, Infotech.indiatimes.com) Web 2.0: Online Communities, Personalization and the Web OS. (Singh, 2006) Casual Games White Paper -IGDA ,2003 The 2009-2014 Outlook for PC Casual Games in India Icon Group International, Inc. 2008 Insights on Casual Games, Nielson, 2009 Casual gaming study conducted by NPD Group China Gaming 2008à ¢Ã¢â€š ¬Ã¢â‚¬Å"2012 Forecast and Analysis Casual Gaming Market Update James Kuai and Peter Shackelfor 3Q 2007 2004 China Casual Game Research Report (2005) It shows the interest of the industry in the casual gaming industry and an attempt to focus on the needs of the consumers, finally. I talks about Sify and its plan to acquire casual games and make them available all across Sifys cyber cafes. The article reports developments on Web 2.0 in India. Social networks and casual gaming continue to prevail in the major themes of Web 2.0. Online communities emphasize the notion of more sharing and connectivity on the Internet, as well as a strong focus on personalization. Another interesting phenomenon in the Web 2.0 world is the emerging space of online casual gaming. This article is on the International Casual Games industry. Numerous players continue to enter the market, business models are constantly changing, and new customers are found every day. This paper helps define the industry, and give everyone a base level of understanding of all aspects of this space. It is not intended to go into minute detail on any one subject, but provides broad understanding to the major factors involved in the casual game industry. This econometric study covers the latent demand outlook for PC casual games across the states, union territories and cities of India. Latent demand (in millions of U.S. dollars), or potential industry earnings (P.I.E.) estimates are given across over 5,000 cities in India. This report does not discuss the specific players in the market serving the latent demand, nor specific details at the product level. Nor does the report cover actual sales data (which are simply unavailable, in a comparable or consistent manner in virtually all of the cities in India) This study looks at data from more than 800 casual games for PC computers, which are defined as inexpensive to produce, straightforward in concept, easy to learn and simple to play. They say that casual gamers return more often to games and therefore play more often than hardcore gamers. The study, which surveyed nearly 3,000 U.S. gamers, identified 14 specific types of gamer within 39 different game genres. Casual gamers were divided into 10 classifications. The study also offered data that would seem to dispel the myth that casual gamers dont invest as much time playing games as core gamers do. This IDC study examines the dynamics of the China gaming market and focuses on online gaming. It looks at market drivers, dynamics, and strategies; the competitive landscape; and includes profiles of the top 10 vendors as well as a 2008à ¢Ã¢â€š ¬Ã¢â‚¬Å"2012 forecast. The concentration of the China online gaming market improved significantly in 2007. The revenue sum of the top 10 vendors occupied 91.8% of the total market. Casual Gaming Market Update provides in-depth analysis of the current dynamics and future directions of the rapidly growing casual gaming industry in the USA, including quantitative forecasts, competitive analysis, consumer perspectives, and profiles of leading companies in the casual gaming value chain. According to iResearch, market size of China online casual game industry was RMB 25 million in 2003 and it reaches to RMB 410 million in 2004 with growth rate of 356%. The fast growth of online casual game industry is mainly attributable to the market success of QQ game platform and Shanda BnB. iResearch forecasts that market size of China online casual game industry will keep fast growth in the following years: its is estimated that market size of China online casual game will reach RMB 1.78 billion in 2007. The literature review failed to reveal any concrete consumer research done in the field of Casual gaming in India. Apart from references in articles in business and technology magazines, only two proper journal articles were found on the subject. No survey, scholarly article, book, dissertation etc on this topic covering the consumer angle and pertaining to India was found. Being a new research area, this is not surprising, but only logical. Hence we find a huge research gap here, particularly in the Indian context. RESEARCH OBJECTIVES FRAMEWORK We see that there is a wide research gap in this area. At best surveys, statistics and reports are available on the subject. While the consumers have been studied in the west and Asian markets like China, an Indian study to understand the consumer was not found on an extensive search. Therefore, in the proposed research we plan to- Understand the Indian college-going casual internet gamer No research was found on the above mentioned research field, inspite of extensive search. An exploratory research in this field is hence in order. The phenomena of Internet gaming and hence out study will be largely restricted to SEC A and SEC B in India ( JuxtConsult study,2009 ). This is due to the current limitations of internet penetration. Though a comprehensive study needs to be done on all existing and potential casual gamers, the proposed dissertation will be limited to college going gamers only. This will be so keeping in mind the time constraints of the dissertation. The research objectives: Find out reasons why college-goers play casual internet games What are usage patterns of casual internet-gaming in India Explore the casual gaming phenomena First we need to know the platforms where casual internet games are being played by college-goers. After that we will find the reasons why these gamers are hooked on to casual internet gaming. We will then find the relations between the usage pattern and the reasons of usage and explore this area of casual gaming from the consumer perspective. This will give us various hypothesis which then can be verified. Hence it will help develop a consumer-centric approach which is currently missing in the industry. A deep understanding of the casual internet gamers in India is necessary for this approach. The researchs objective is to develop this new approach for the industry and academia alike within the constraints of a research (college-going students only). PROPOSED RESEARCH DESIGN AND METHODOLOGY To find out the whys and hows of the Indian Casual gaming industry, a qualitative research will be in place. Here we are trying to understand the usage and behavior of the college going audience with respect to casual gaming, which requires a qualitative approach. Secondary research- Being an area which appears to be hardly studied, the starting point would be studies done on gaming in India, for example à ¢Ã¢â€š ¬Ã¢â‚¬Å" IAMAI-IMRB report NASSCOM Animation Gaming Report IGDA reports These reports give an insight on the demographics of the Indian gamer and are a good place to start. A secondary research on the subject of Casual online gaming will tell us where to find the gamers and challenges of the Industry. It will basically give an industry point of view. With the help of these reports and an extensive online research, we will be able to find out the platforms where the gamers are playing casual games, for example- Dedicated Casual gaming websites Social media networks Mobiles Film/brand promotion websites A comprehensive list of all the casual gaming platforms on the internet will be made. Once we know where to find the college going casual gamer, we can move on to the next stage, which is to probe him/her. Apart from this, casual gaming phenomena in other countries will be studied where research has already been done on the subject. Quantitative studies on Indian gaming industry will be studied to form a strong base for the qualitative research to be undertaken. Primary research- We will through the secondary research know where to find the Indian casual gamer. We will then do a primary research to find the reasons why people play casual games. In- depth Interviews- To find out the reasons why people play casual internet games 15 in-depth interviews will be conducted keeping in mind that all possible platforms are covered. The hows and whys of the college going gamers will be found out. Questionnaire- To understand the usage patterns of the casual internet gamers, a qualitative questionnaire will be in order. It will give us the various attitudes of the gamers along with consumption patterns of the college-going gamers. We will be able to find out which games they are playing, when they are playing and how they are playing. A questionnaire will have a sample size of around 40 people from the college-going gamers. The results of the in-depth interview and questionnaire along with the secondary research will then be used to develop the psychographic profiling of the casual internet gamer. This will be done using the TGI software tool. The universe will be derived by the intensive secondary research. Sample size is proposed to be 15 in-depth interviews and 40 gamers (20 men and 20 women) for the questionnaire, keeping in mind our target, the college going gamers. Mere numbers are irrelevant here as our focus is on developing a deep understanding on the subject. As this is a qualitative study, a probability sampling method is ineffective and expensive; hence we will do non-probability sampling with convenience, quota and snow-ball sampling techniques. A content analysis technique will be undertaken. The analysis will be with a systematic description of behavior asking who, what, where, where and how questions within formulated systematic rules to limit the effects of analyst bias. Being an exploratory research, this will be a good basis to begin with. EXPECTED CONTRIBUTION The Indian gaming industry is estimated to grow at a CAGR of 49% to reach USD 830 million by 2012 which was USD 167 million in 2008. Casual internet gaming is an area of the industry which is popular and growing. And it is also an area where on an extensive search no concrete research could be found. Hence this area of research appeals to both the industry and academia. No consumer centric approach in this field has yet been observed. This research will perhaps be the first of its kind where the psychographic profiling of the college going casual internet gamers will be done and basic STP constructs on the same will be developed. For the industry, this approach will help them develop and deliver better products and being an exploratory research, for the academia the research output will provide further scope for researching in the field. This research only focuses on College going gamers. There are a lot of other segments which can be studied. Also, casual gaming is just a subset of computer gaming, which in itself is a large field to research on, given the dearth of studies done in the Indian context, leaving scope for further researches, using this research as a basis. Casual Internet Gamers in India Casual Internet Gamers in India Casual Internet Gaming in India is the area of dissertation which will be researched. A phenomenon relatively new to the world, casual internet gaming is an area which is yet to be researched and fully understood. Computer gaming is an area close to my heart, as well as an exciting and challenging field to work on, where the markets are still evolving and promising great potential in the near future. Electronic gaming itself is a very wide subject which hasnt been properly researched, especially in India. Internet gaming is a subset to it, but again an area so vast that it cant be covered in one research. Going down further, I chose casual internet gaming because of the following reasons- Casual gaming is by far the most popular mode of gaming on internet in India. Internet speeds in India allows only casual gaming to grow currently. Social media is proving to be an ideal platform for their growth No research on this topic has been done so far. We are yet to understand why people and Indians in particular are attracted towards casual gaming. Till now, Indian Marketers have not taken a consumer-centric approach to make and deliver casual games. There is great scope in the field, as Indians discover casual gaming and get hooked on to it through various platforms According to a recent study by JuxtConsult , Of the 47 million Internet users, 39 million are based in urban areas, while only 8 million reside in the rural. Hence Internet penetration is largely limited in India and speeds are still slow. In such a scenario, the only games that can work well are casual games because they dont need high end computer/gaming systems, nor are the speed requirements a constraint. In fact, being the only mode of gaming which is viable, it has been the focus of the gaming industry as well. From dedicated websites like zapak to integration of casual games to social media networks like facebook, casual games are available across the internet. The surprising part is that no one has really tried to understand the reason for their popularity or the potential profitability of these games. The growth of Indias casual games market comes in line with the overall growth of the countrys games market and industry. According to founder of CasualGaming.biz, Gaurav Mirchandani the industry has changed substantially over the past few due to the growth of internet users in India whom now have broadband access in their homes, at work, and in restaurants and hotels. This change has sparked a new emergence of casual gaming in India as a leisure and as lead to new small companies setting up offices for game development outsourcing mostly for flash and PC downloadable games. The Industry focus has been on delivering casual games across platforms to the maximum possible user base. However, no thought has been given to the consumer and their needs. The Industry lacks a consumer-centric focus in game development and delivery. A deeper understanding of why these games are being played, and by whom they are being played is necessary to improve the standards and profitability of casual gaming as a business. As the world moves towards the virtual avenues provided by the technological revolution, internet gaming assumes significance as the next major frontier of the world. Brands are already investing in this area and can really cash on into this profitable business. Internet now provides people the choice of playing with other individuals over the cyber space. The constant advances in technology open up new possibilities regularly, taking computer gaming to new heights each time. Hence, the objective of the research will be to understand the psyche of the Indian casual gamer. This will help the Indian gaming industry understand the consumers better and hence deliver better products to them. Not only that, it will also help them improve the profitability of the business, by understanding what is relevant to the gamers, and what is not. This will be an exploratory study into the realm of casual gaming in India. Given the time constraints of a dissertation, I will be able to focus on limited aspects of casual gaming. Hence I am choosing only those aspects of the area, like why do gamers behave as they do and where and when they play games, which are important both for the Industry and the academia. Again due to the time constraints and vastness of the topic, everything cannot be covered in one research. Hence a study on the college-going gamers will be conducted. LITERATURE REVIEW Very little literature is available on consumers of Casual Gaming in India. I studied the gaming industry in general to find references to casual and internet gaming, especially in the Indian context. Gaming: India is All Set! -Rao, K. Rajesh (rajesh, 2008) Prospects for Animation Gaming Industry in India. -Kuruvila, A. O. (A.O, 2008) (Computer gaming on the go in India, 2004) India: The Final Frontier for Games? (Silicon india, 2008) Zapak Taking Casual Games seriously! (Vimali, 2008) Casual Gaming A Big Draw for VCs. (Khanna, 2008) Games people play (Marketing Management, 2007) Casual video gaming is now serious business (2007) Casual Computer Games Go Upscale (2007) Nothing casual about it Rajiv Fernando 2009 The article presents the authors views concerning the development of the gaming industry in India. He relates that the new generation is characterized by the evolution of interactive digital content and distributed model of games services. The author perceives good opportunities for game developers and providers associated with the increase of Internet penetration and digital content. The article starts off with a preface of the Global and Indian gaming and animation industry and goes on to dwell upon the statistics of the industry in India. It then follows up with a SWOT analysis of the Indian gaming Industry Reports on the report released by British Broadcasting Corp. in 2005 regarding the mobile gaming market segment in India. Increase in the number of mobile phone users in October 2004; Factors that influenced the growth in the mobile gaming sector; Number of game developers and mobile companies that provide games to their subscribers. The article provides an overview of the computer games industry worldwide, particularly in India. It explains the technology trends that might influence the advent of these games including powerful cellular telephones, cloud gaming and the growth of broadband networks. A historical background on the emergence of these electronic games is also presented. The article discusses the success of the online games introduced by Zapak Digital Entertainment in India. Zapak is influential to the success of the gaming industry through the launching of massive multiplayer online games (MMOGs), hardcore games and large format gaming cafÃÆ' ©es. The companys strategies in creating value chain for its customers and distribution network are mentioned. The article presents the views of the author on various issues related to the electronic games industry in India. It focuses on the casual gaming business. The author addresses the problems on piracy and financing animation and gaming projects in the country. Future opportunities for the casual gaming space are also cited. The article discusses conflicting studies concerning the target audience for casual games. A study by Information Solutions Group found that casual gamers are predominately female. In-game advertisement firm Eyeblaster backed this data up, claiming that the majority of casual gamers are females that are more than thirty years old. However, a study by Ipsos Insight showed that more than half of computer and video gamers are male, data that is backed up by a Universal McCann study about console gamers. The article reports on the growing competition among firms in the video games industry in New York City. According to IDC Research, revenues from casual video games are expected to increase by 68 percent to $750 million in 2007 and are forecasted to reach $2 million by 2009. Wade Tinney, co-founder of Large Animal Games, said that it is important for firms in the industry to be well-funded so that they can move quickly and make products that compete with those with other companies. The article talks about the demographics of casual gamers worldwide according to the various studies that have been conducted. It also talks about the distribution of these games and what the game developers are doing to fight off competition in the casual gaming segment. It takes the zapak example to show that casual games are here to stay. It further tells about the future plans of zapak and compares the groeth of casual gaming in India with increase in internet penetration.It re-iterates that industry observers believe that online games had great potential for growth in the Indian gaming market, as it overcame the problem of piracy. Sify eyes kids for gaming biz (2007, Infotech.indiatimes.com) Web 2.0: Online Communities, Personalization and the Web OS. (Singh, 2006) Casual Games White Paper -IGDA ,2003 The 2009-2014 Outlook for PC Casual Games in India Icon Group International, Inc. 2008 Insights on Casual Games, Nielson, 2009 Casual gaming study conducted by NPD Group China Gaming 2008à ¢Ã¢â€š ¬Ã¢â‚¬Å"2012 Forecast and Analysis Casual Gaming Market Update James Kuai and Peter Shackelfor 3Q 2007 2004 China Casual Game Research Report (2005) It shows the interest of the industry in the casual gaming industry and an attempt to focus on the needs of the consumers, finally. I talks about Sify and its plan to acquire casual games and make them available all across Sifys cyber cafes. The article reports developments on Web 2.0 in India. Social networks and casual gaming continue to prevail in the major themes of Web 2.0. Online communities emphasize the notion of more sharing and connectivity on the Internet, as well as a strong focus on personalization. Another interesting phenomenon in the Web 2.0 world is the emerging space of online casual gaming. This article is on the International Casual Games industry. Numerous players continue to enter the market, business models are constantly changing, and new customers are found every day. This paper helps define the industry, and give everyone a base level of understanding of all aspects of this space. It is not intended to go into minute detail on any one subject, but provides broad understanding to the major factors involved in the casual game industry. This econometric study covers the latent demand outlook for PC casual games across the states, union territories and cities of India. Latent demand (in millions of U.S. dollars), or potential industry earnings (P.I.E.) estimates are given across over 5,000 cities in India. This report does not discuss the specific players in the market serving the latent demand, nor specific details at the product level. Nor does the report cover actual sales data (which are simply unavailable, in a comparable or consistent manner in virtually all of the cities in India) This study looks at data from more than 800 casual games for PC computers, which are defined as inexpensive to produce, straightforward in concept, easy to learn and simple to play. They say that casual gamers return more often to games and therefore play more often than hardcore gamers. The study, which surveyed nearly 3,000 U.S. gamers, identified 14 specific types of gamer within 39 different game genres. Casual gamers were divided into 10 classifications. The study also offered data that would seem to dispel the myth that casual gamers dont invest as much time playing games as core gamers do. This IDC study examines the dynamics of the China gaming market and focuses on online gaming. It looks at market drivers, dynamics, and strategies; the competitive landscape; and includes profiles of the top 10 vendors as well as a 2008à ¢Ã¢â€š ¬Ã¢â‚¬Å"2012 forecast. The concentration of the China online gaming market improved significantly in 2007. The revenue sum of the top 10 vendors occupied 91.8% of the total market. Casual Gaming Market Update provides in-depth analysis of the current dynamics and future directions of the rapidly growing casual gaming industry in the USA, including quantitative forecasts, competitive analysis, consumer perspectives, and profiles of leading companies in the casual gaming value chain. According to iResearch, market size of China online casual game industry was RMB 25 million in 2003 and it reaches to RMB 410 million in 2004 with growth rate of 356%. The fast growth of online casual game industry is mainly attributable to the market success of QQ game platform and Shanda BnB. iResearch forecasts that market size of China online casual game industry will keep fast growth in the following years: its is estimated that market size of China online casual game will reach RMB 1.78 billion in 2007. The literature review failed to reveal any concrete consumer research done in the field of Casual gaming in India. Apart from references in articles in business and technology magazines, only two proper journal articles were found on the subject. No survey, scholarly article, book, dissertation etc on this topic covering the consumer angle and pertaining to India was found. Being a new research area, this is not surprising, but only logical. Hence we find a huge research gap here, particularly in the Indian context. RESEARCH OBJECTIVES FRAMEWORK We see that there is a wide research gap in this area. At best surveys, statistics and reports are available on the subject. While the consumers have been studied in the west and Asian markets like China, an Indian study to understand the consumer was not found on an extensive search. Therefore, in the proposed research we plan to- Understand the Indian college-going casual internet gamer No research was found on the above mentioned research field, inspite of extensive search. An exploratory research in this field is hence in order. The phenomena of Internet gaming and hence out study will be largely restricted to SEC A and SEC B in India ( JuxtConsult study,2009 ). This is due to the current limitations of internet penetration. Though a comprehensive study needs to be done on all existing and potential casual gamers, the proposed dissertation will be limited to college going gamers only. This will be so keeping in mind the time constraints of the dissertation. The research objectives: Find out reasons why college-goers play casual internet games What are usage patterns of casual internet-gaming in India Explore the casual gaming phenomena First we need to know the platforms where casual internet games are being played by college-goers. After that we will find the reasons why these gamers are hooked on to casual internet gaming. We will then find the relations between the usage pattern and the reasons of usage and explore this area of casual gaming from the consumer perspective. This will give us various hypothesis which then can be verified. Hence it will help develop a consumer-centric approach which is currently missing in the industry. A deep understanding of the casual internet gamers in India is necessary for this approach. The researchs objective is to develop this new approach for the industry and academia alike within the constraints of a research (college-going students only). PROPOSED RESEARCH DESIGN AND METHODOLOGY To find out the whys and hows of the Indian Casual gaming industry, a qualitative research will be in place. Here we are trying to understand the usage and behavior of the college going audience with respect to casual gaming, which requires a qualitative approach. Secondary research- Being an area which appears to be hardly studied, the starting point would be studies done on gaming in India, for example à ¢Ã¢â€š ¬Ã¢â‚¬Å" IAMAI-IMRB report NASSCOM Animation Gaming Report IGDA reports These reports give an insight on the demographics of the Indian gamer and are a good place to start. A secondary research on the subject of Casual online gaming will tell us where to find the gamers and challenges of the Industry. It will basically give an industry point of view. With the help of these reports and an extensive online research, we will be able to find out the platforms where the gamers are playing casual games, for example- Dedicated Casual gaming websites Social media networks Mobiles Film/brand promotion websites A comprehensive list of all the casual gaming platforms on the internet will be made. Once we know where to find the college going casual gamer, we can move on to the next stage, which is to probe him/her. Apart from this, casual gaming phenomena in other countries will be studied where research has already been done on the subject. Quantitative studies on Indian gaming industry will be studied to form a strong base for the qualitative research to be undertaken. Primary research- We will through the secondary research know where to find the Indian casual gamer. We will then do a primary research to find the reasons why people play casual games. In- depth Interviews- To find out the reasons why people play casual internet games 15 in-depth interviews will be conducted keeping in mind that all possible platforms are covered. The hows and whys of the college going gamers will be found out. Questionnaire- To understand the usage patterns of the casual internet gamers, a qualitative questionnaire will be in order. It will give us the various attitudes of the gamers along with consumption patterns of the college-going gamers. We will be able to find out which games they are playing, when they are playing and how they are playing. A questionnaire will have a sample size of around 40 people from the college-going gamers. The results of the in-depth interview and questionnaire along with the secondary research will then be used to develop the psychographic profiling of the casual internet gamer. This will be done using the TGI software tool. The universe will be derived by the intensive secondary research. Sample size is proposed to be 15 in-depth interviews and 40 gamers (20 men and 20 women) for the questionnaire, keeping in mind our target, the college going gamers. Mere numbers are irrelevant here as our focus is on developing a deep understanding on the subject. As this is a qualitative study, a probability sampling method is ineffective and expensive; hence we will do non-probability sampling with convenience, quota and snow-ball sampling techniques. A content analysis technique will be undertaken. The analysis will be with a systematic description of behavior asking who, what, where, where and how questions within formulated systematic rules to limit the effects of analyst bias. Being an exploratory research, this will be a good basis to begin with. EXPECTED CONTRIBUTION The Indian gaming industry is estimated to grow at a CAGR of 49% to reach USD 830 million by 2012 which was USD 167 million in 2008. Casual internet gaming is an area of the industry which is popular and growing. And it is also an area where on an extensive search no concrete research could be found. Hence this area of research appeals to both the industry and academia. No consumer centric approach in this field has yet been observed. This research will perhaps be the first of its kind where the psychographic profiling of the college going casual internet gamers will be done and basic STP constructs on the same will be developed. For the industry, this approach will help them develop and deliver better products and being an exploratory research, for the academia the research output will provide further scope for researching in the field. This research only focuses on College going gamers. There are a lot of other segments which can be studied. Also, casual gaming is just a subset of computer gaming, which in itself is a large field to research on, given the dearth of studies done in the Indian context, leaving scope for further researches, using this research as a basis.

Friday, September 20, 2019

Management of Geriatric Health Facilities

Management of Geriatric Health Facilities Nirpreet Kaur Brar ABSTRACT The main purpose of the report is to tell about the different organisation’s services provided to elderly and how they can bring more improvements in their services. It also describes how to minimize the stigma impacts on individuals and their family. In this report the problems among elderly are described and the management of those problems is also described in the report. The report was descriptive in nature. The data was analysed and interpreted. INTRODUCTION In the field of healthcare, support planning for geriatric clients and family is packed with excitement, challenges, obstacles, confusions or frustrations, but all these are combined with the sense of purpose and commitment. Geriatric care management is the process in which planning and coordinating care of the elderly is done to meet the long term care needs of the elders, improving the quality of life of the elderly and maintaining the independence of the old people for a long time. It makes a part to work with persons of old age and their families to manage, render and refer various types of health and social care services. The common medical conditions which affect elderly are diabetes mellitus, hypertension and dementia etcetera. TASK-1 Identify and critically analyse the kind of support and access to community support services Kindly residential care rest home. Select at least five different organisations and explain how their services assist the elderly with common geriatric health conditions. Answer: -1) The Parkinsonism society of New Zealand (Parkinson’s New Zealand):- This society is for the old people who are affected by Parkinson’s. It provides support not just to the individuals with Parkinson’s but to their friends and families also. There is a list below for the carer to consider for providing care to the old persons:- Sufficient information about the need of the person you are supporting. Should have a diary to keep and record the symptoms and difficulties of the person you are caring. Should ask the Parkinson’s community educator about the financial benefits of the old person. Consider about the feelings and what you are doing. Should contact with other carers. It is the key to provide invaluable mutual support, ideas, information and friendship. Should promote independence for the person you are caring for. 2) Alzheimer’s New Zealand: The Alzheimer’s services are available to everyone who has dementia. The groups of this society are free and available in variety of locations such as North, south, east and west. The workers provide a comprehensive range of help and support of dementia which includes:- Telephone consultation and advice Home visits Family groups and individual consultations Excellent information resources Home based dementia support provides:- One to one socialisation for the person with dementia either in home or by the outings etcetera The staff runs weekly activity groups for people with dementia’s early stage for providing appropriate socialisation and stimulation. The Alzheimer’s New Zealand is strategic framework which is demanding and based on future for the national dementia community which provides the direction which in turns required for us to know how to meet the challenge of dementia at present or in the future. In New Zealand dementia is one of the most significant and growing challenge of the health care. There is a framework which challenges all of the organisations in the dementia community. 3) Arthritis New Zealand: Arthritis New Zealand is not-for-profit organisation which aims at enabling a better quality of life to the people which are affected by arthritis? It works in the areas of education, direct support and public awareness etcetera. It is one of the New Zealand’s leading charities which represent the interest of 530,000 people which are living with this painful disease. It aims at enabling a better quality of life for the people having arthritis. The generous community and their contribution help it. It costs $5.6 million annually to provide essential services. The 12% of this cost is provided by the government to the organisation. The rest of the cost has to find from elsewhere. For example through fundraising activities like lotteries and Annual Appeals. The net income which is raised through these fundraising activities is spent throughout 21 arthritis centres. 4) Osteoporosis New Zealand:-Osteoporosis New Zealand is a national organisation which aims at reducing the incidence of osteoporosis in New Zealand. It was formed for the aim of raising awareness and knowledge of osteoporosis and for providing a national voice for people with osteoporosis and for those who are at risk. The main objective of this society is to:- Improve bone health for all New Zealanders. Develop a culture in New Zealand for valuing bone health for life. Osteoporosis New Zealand is dedicated to improve bone health for all New Zealanders at all stages of life. This is done by scientific evidence based decision making through the development of management recommendations and position statements by providing advice, educational material and information for the public and advocating for better access to diagnosis and medication for osteoporosis. 5) Glaucoma New Zealand: Glaucoma New Zealand is a charitable interest which aims at eliminating blindness from glaucoma. It is number one preventable cause in New Zealand. Glaucoma aims at:- Enhancing public awareness regarding glaucoma Supporting and informing people with glaucoma Educating eye health workers for ensuring high quality services. Facilitate research into glaucoma. The key massage of glaucoma New Zealand is that the early detection of glaucoma is vital to prevent blindness which means an eye examination every five years from the age of 45 and every three years from the age of sixty. However at any age any changes noticed in eyesight then eye examination is necessary at that time. It is really important for the people to know that if glaucoma runs in their family the risk increases among every member substantially. At the age of 60 there are more chances of getting glaucoma or short sighted, if anybody used to consume drugs in past or present or have eye injury. Glaucoma activities include:- To aid early detection of glaucoma annual public awareness campaigns are established For educating the people and those with the interest of glaucoma regular public meetings are conducted for helping them to understand about the disease condition and treatment of that disease A glaucoma membership information package Eyesight publication- a regular newsletter sent free Support and inform people with glaucoma Participating in education of health professionals involved in glaucoma care Supporting research into glaucoma In information and education of glaucoma following things are done:- Presentation at public meetings around the country Free information packs for people who are registered Advisory service Fact sheets for distribution by ophthalmologists and optometrists Quarterly newsletter:eyelights b) Select at least six of the following type of services provision and explain how these assist the elderly with common geriatric health condition Hospitals: A hospital provides emergency medical care; intensive treatment; diagnostic testing and it may or may not require admission. The elder people use hospitals more than the younger people. The geriatric interdisciplinary team identifies and meet the complex needs of the old patients and watch for and prevent common problems among the old people. This team aim to ensure the following:- The patient can move easily from one care setting to another care setting The care is not duplicated 2) Residential care: Private companies and not-for-profit organisation provides the residential care in New Zealand. In most of the cases care cost of the individual is subsidised by the government funding which is known as residential care subsidy. Residential care divided into four levels: rest home care long term care hospital, dementia care and psycho geriatric care. Some of the homes provide all levels of care but some do not. 3) Psychiatric services: It is a time limited service which provides assessment, treatment, and management rehabilitation and consultation advice for old people who have functional or organic health conditions. The services are delivered in holistic way that acknowledges and takes account of the client’s cultural, social and spiritual needs as well as their disability and health needs. The service is provided in one of the following locations:- Dedicated mental health service for old people Acute adult mental health ward Assessment and treatment beds in private hospitals Clinics including outreach to rural and remote areas 4) Dementia advisors: Dementia advisors provide following services:- Education and training for people with dementia and their families. Workforce training and education Readily accessible services Governance Culturally appropriate services Funding streams Monitoring and evaluation Advocacy 5) Nursing homes: These are to maximize the physical functioning minimize or prevent the decline in daily living activity and plan for transitions of care. The care strategies include: Maintaining daily routines of individuals. Educate older adults, family and formal caregivers on the value of independent functioning and the consequences of functional decline. Minimize bed rest 6) Sheltered housing: The New Zealand population is ageing. But within the older population older age groups are increasing rapidly which results in increasing of life expectancy, which is higher for women as compared to men due to which women will experience more years with the disability at the end of the life. These factors combine to underline the vulnerability of older women and to suggest that their needs be given a high profile in the planning and designing for housing for older people. TASK-2 QUESTION- Kindly residential care rest home management would like you to prepare an outline of a booklet that they could have printed and use as part of the educational material supplied to stakeholders within the organisation which include staff, individual clients and family members. Management have identified the following stigma impacts: Social isolation of the individual and their family Answer: People living alone have few social connections and the nature of the dementia can make it hard for them to maintain social contacts. It can be defined as the absence of social interactions, contacts and relationships with family and friends. It is considered as a risk factor in disease development and in the existing disease disability. It is included as well as in the measure of quality of life and thus it is an outcome and also risk factor. Social isolation consideration almost always occurs in the context of social support and the two in most cases are used interchangeably. Both concepts are defined inexactly over the past few decades. A new study has shown that being socially isolated can have a greater effect on risk of early death especially among the elderly. In addition feeling of loneliness reported by the participants often linked with isolation was not significantly linked with death risks. Assumption of automatic loss of independence:- Answer: One may feel that by asking others for help, you will lose your sense of self or become dependent. The policies which are designed to meet the challenges of old population should be based on understandings of process of disability in old age. Unable to make decisions about own care:- Answer: Patients have the right to participate in decisions about their care, e.g., diagnostic and treatment interventions, diet, ambulation, daily care, and end-of-life care. Consent to diagnostic and treatment interventions requires that the patient demonstrate their ability to consider the benefits, burdens and risks of the decision. Whether or not an individual has the capacity to understand, make a decision and take responsibility for the consequences of the decision is a clinical determination; it is not a question of legal competence. Persons with mild-to-moderate dementia can have the capacity to make some, but not all, decisions. They may be able to participate in decision making but impaired memory recall might preclude their ability to demonstrate that they understand the treatment options. Dissatisfying interactions with the medical community Answer: One of the barrier that put the person with dementia in serious conditions by approving and complying to medical management. Many researchers stress the clinical and theoretical importance of effective communication in medical encounters Both empirical data and clinical experience suggest that there are important ways that physicians can maintain and enhance the health and well-being of patients, as well as family caregivers, by fostering mutuality through a triadic relationship Geriatric patients usually have a complex array of interacting biomedical, psychosocial, and functional disabilities .Caregivers play a substantial role in assisting patients in daily activities .In addition to the physical disabilities associated with age related co-morbidities, many older patients have cognitive impairment that compromises their ability to exercise judgment and report symptoms and experiences. Caregivers have knowledge of the patients physical, social, cognitive, and financial well-being, and bring this information to the medical encounter. This factor necessitates that physicians extend their learning possibilities and information-giving practices to caregivers. Research on geriatric encounters typically focuses on the many problems that exist between doctors and their geriatric patients, especially difficulties of patient communication .Other studies call attention to problems with the elderly persons capacity for self-care. Wait kin (1991) notes that some of the most interesting and important features of research on geriatric medical encounters involve concerns about matters that appear marginal or peripheral to the technical goals of clinical medicine. He found that elderly patients personal troubles included social isolation, financial insecurity, loss of community and material possessions, death of family members, and retirement from work. Physicians often responded to such social psychological problems by cutting off any discussion about social context and reemphasizing technical matters. At best, the current literature only implicitly addresses the pivotal role caregivers play in this relationship. Uncertainty of support and treatments:- In 2010/11 a wide range of health professionals, service providers and consumers were engaged in a process to develop a new way to deliver good quality, safe and sustainable services to meet the needs of the increasing number of older people in Hawke’s Bay. The model outlined in this document was been developed in line with the key principles of the government’s Better, Sooner, More Convenient and initiative. Evidence of what really makes a difference in the lives of older people was drawn upon, along with evidence of what has worked to reduce the pressure on hospitals both in New Zealand and overseas. Many older people especially those who are intensive users of health and support services have long term health conditions and support needs that require ongoing monitoring and follow-up. The model of care described here has been developed as a generic model which has the potential to be applied to other client groups with long term needs. Report prepared by Andrea Joplin, Project ManagerKey developments outlined in this paper includes: The establishment of an Older Person’s Health Service within Hawke’s Bay DHB. The closer alignment of the over 65s team at Options Hawke’s Bay with the DHB’s Older Person’s Health Services. The establishment of interdisciplinary Care Clusters aligned to General Practice groups to include a Care Manager, Allied Health and District Nursing. Piecemeal changes to older people’s services are unlikely to make significant gains in the quality of life for our clients or achieve clinical and financial sustainability. The development of Care Manager Roles to undertake comprehensive assessment, care planning and service coordination for older patients with very complex needs. The development of Community Geriatrician resources. The resourcing of intermediate care services in community settings. The development of restorative home-based support services. The Steering Group recognised at the outset of the planning process that piecemeal changes to older people’s services were unlikely to make significant gains in the quality of life for our clients or achieve clinical and financial sustainability. As such the developments discussed in this paper are not insignificant. However, changes will be made in an evolutionary, rather than revolutionary manner and the model may take several years to fully implement. Changes will need to be carefully planned and implemented in stages, as finances and other resources allow. There is a window of opportunity to begin service developments before the increase in the number of adults aged over 85 years begins in earnest in 2013-2014. It will be possible to redirect existing resources to fund some of the new services in 2011/12, but there will also be a need for further investment in coming years as the proportion of older people in the Hawke’s Bay population grows. RECOMMENDATIONS There should be regular monitoring of the services to maintain good performance and to assess the areas of improvements. Planning should be made to provide good services and then that planning should be implemented in a better way. Sufficient staff should be there in every organisation to support and treat the old people. Good management for everything is very necessary. Conclusion The group believed that utmost management of geriatric health facilities is as important to the safety of the patient, the value given to staff, and the profit of the institution. The staff’s safety is also as much important as the patient’s safety. If staff will be good then only he /she can take care of his residences. REFRENCES Alzheimer’s New Zealand (1982) Retrieved from http://alzheimers.org.nz/ Hospital care and elderly (2013) Retrieved from http://merckmanuals.com/geriatrics/elderly/hospital_care_and_the_elderly Mental health services for old people (2014) Retrieved from http://otago.ac.nz/christchurch/otago014051 Social isolation among older individuals (1992) Retrieved from http://nap.edu/openbook.php Loss and recovery of independence among seniors (July 2002) Retrieved from http://odesi1.scholarsportal.info/documentation/PHIRN/NSAI/6316-eng