Investment appraisal under uncertainty Essay Example | Topics and Well Written Essays - 1250 words

Investment appraisal under uncertainty - Essay Example Literature review Real option valuation calls for an elaborate and a firm strategy to form a conceptual tool to make the decision for the company (Kim & Sanders 2002). The most appropriate tool to be used in uncertainty cases is using real option as a technique to assess investments for contexts with high market, technical and technological uncertainty (Billington, Johnson & Triantis 2002). This is because they allow managerial flexibility and option analogy. Real options ensure delaying making a right decision on investment of a company until a time when the right information is obtained to make the best decision. Kim & Sanders (2002) notes that real option approach in this case takes into consideration ascertaining important sources of ambiguity and distinguishing, making, and fostering options whose values comes from responding to new information about the uncertainties. Mun (2002) notes that real options are important in identifying taxonomy of the business. Real options are more important in growth options of the business since they are analogous to financial call options. Longstaff & Schwartz (2001) notes that, real options involve a sequence of investment over a period that makes them preferable than the other capital budgeting decisions. These real growth options thus compound options, where options are formed upon the exercise of previous options. Moreover, real options are better used as techniques to assess investments for contexts with high market, technical and technological uncertainty since they allow companies to make decisions on contracting situations. This can have a significant impact on the value of the shareholder (Li & Johnson 2002). Value Drivers of Real Options Kim & Sanders (2002) notes that value created from the right and not the obligation to acquire or exchange a specific asset, has value even though not ad infinitum. Option value determined by several factors, both quantitative and qualitative. Understanding the above factors enab les managers to make the appropriate decisions in order to exploit them. Uncertainty about the future Real options are determined by uncertainty about the future. This implies that if more possibilities of interacting with the uncertainties exist, then they will create value. This situation is created by asymmetric payoff structure alongside discretionary rights. Time to expiration Real options are also determined by the time to expiration. This situation implies that the more time an option takes to exercise the option, the more valuable the option will become. The reason behind this rationale is that the lengthy time will work to increase uncertainty. However, in other cases, increases in uncertainty are often offset by increased in costs, which are triggered by the lengthy period (Li & Johnson 2002). Time value of money Real options are also affected by the time value of money. This is an essential part since money affects all the sectors of the economy. Monetary policies by the government affect all sectors of the economy and have impacts on investment decisions, which concern undertaking or abandoning the project. Time value of money affects inflation, cost of capital, and macroeconomic stability, which in turn affects real options. The reason behind this is that the interest rate charged by the central banks affects the time value of money, thus exposing real options to political risks. Qualitative factors Real options are

HAMAS Essay Example | Topics and Well Written Essays - 1000 words

HAMAS - Essay Example This network sustained the MB during the death of Hassan-al Banna. The succeeding leaders of MB used a proactive approach to overthrow secular governments and revive Islam. Despite the tough suppression, the MB became a classless movement that extended beyond Egypt and found its way to Palestine. The first MB in Palestine was formed in 1946 and participated in the Arab-Israeli war in 1948. In 1952 a faction of the MB was formed-The Palestinian Islamist Party. Its radical rather than reformist approach did not gather mass appeal and after its leadership was exiled the party became insignificant. The foundations of Hamas originated in the Islamic Centre which was established in 1973 in the Gaza Strip. It took over mosques and zakat committees; it established a welfare system and founded medical, religious, and health facilities and gained mass popularity (Knudsen 2004). In December 1987 a road accident between an Israeli truck and the automobiles carrying Palestinian laborers caused an extensive uprising-the first intifada. The Islamic resistance was slow to react because until then the Islamic Centre, particularly its leader Sheikh Yasin, was not ready to declare Jihad. Therefore, the Centre agreed to fashion a second organization, Hamas, which would participate in the armed resistance. If Hamas succeeded, the Islamic Centre would declare the organization as their own. In January 1988 Hamas initiated armed retaliation; in August 1988 the Hamas charter was released which states the affiliations, objectives, social responsibility and universality of the organization. The main leadership then shifted to Amman, so it controlled the finances and the military division. In 1992 Hamas’s intelligence wing integrated into the military wing (Mishal & Sela, 2000) The militant wing of Hamas used violence against Israeli civilians for retribution

How do you Evaluate the Role of the Communist Party among California Essay

How do you Evaluate the Role of the Communist Party among California Farmworkers - Essay Example Before the intervention of the communists, the Mexican farm workers staged a short-lived cantaloupe strike in 19281 in the Imperial Valley that showed that the workers were incapable of bridging the ethnic divide that existed amongst them and of organizing their ranks. Later on, when the Lettuce farm workers rose up demanding better wages, the Communist Party of United States, propelled by the wave of communism spreading half the world away in Russia, sent its workers to help the protesting farm workers in 1929. The Communist Party formed the Traders Union Unity League (TUUL). According to Daniel E. Cletus, who chronicled the role of the communists in the strikes of 1930s, the involvement of the communists in the lettuce strike of 1930 ‘marked the beginning of a new period of conflict in agricultural labor relations in California’2. Though the communists were at this point spurred more by opportunism than any genuine concern for the welfare of the workers, and the strike itself deteriorated due to the arrest of the communists and the harsh repression tactics employed by authorities, the strike was the first of many, more effective strikes involving communists to come later on. About forty agricultural strikes took place between the years 1930 to 19323, before the TUUL gave way to the Cannery and Agricultural Workers Industrial Union (CAWIU), also organized by the Communist Party. The CAWIU sought to organize workers in canneries for mass picketing, but after several arrests of the strikers, the employers’ determination to quell the protests won through and the modest demands of the workers failed to get a hearing. The failure of the CAWIU in organizing an effective campaign disillusioned the workers and many of them returned to work. It is worthy to note, however, that the CAWIU began to provide experienced leaders to the workers who would organize the undisciplined masses in to a much more synchronized entity that would later achieve much m ore victories than defeats. Before the peach strike of 1933 began, the Dust Bowl Immigrants ensured that a surplus of labor, in addition to the Mexican and Filipino workers already present, existed at all times. The wages were shamefully minimal, and the lack of jobs ensured that regardless of how unsatisfied the workers were, they could not leave their jobs. The discontent produced what Kushner describes as one of the two ‘important CAWIU-led strikes in August 1933 also helped set the stage for the cotton strike’4. The peach strike was one of the first victories of the union, having won 25 and 27 ? cents per hour after four days of protesting. The extent of the involvement of the American communists in the strikes of the Californian Farm Workers became obvious when the Cotton Strike broke out. The Cotton Strike is unarguably the most significant of the 1930s’ agricultural strikes, and was also the most violent and lasted longer than the other strikes. The commun ists had by then learned many bitter lessons, and were realizing the futility of trying to direct unplanned, volatile protests that kept breaking out. The success of the Peach Strike had taught them the importance of organization. Another notable feature of the protests organized by the CAWIU was that they were devoid of any violence, and hence, impelled

David Contracts Written Project Essay Example | Topics and Well Written Essays - 1000 words

David Contracts Written Project - Essay Example Offer There must be an offer in any form if a contract. A contract includes an offer by indication of an offerer who is the person or party that makes the initial offer to enter a contract, and an offeree. The offeree is the person or the party to whom accepts the offer under certain terms. A contract can only come into existence when the offeror presents his or her offer to the offeree under certain conditions and terms and the offeree accepts it willingly without supplementary negotiations. An offer is an affidavit or a proclamation of the terms on which the offeror is amenably obligated to in the agreement (Gillies 85). It is the current intention to be in obligation in an agreement with certain and definite terms presented to the offeree. Expression of willingness to a contract can take different forms such as email, fax, letter and even conduct provided it presents the basis by which the offer is ready to contract. The court of law determines whether parties have a valid offer o r an agreement by using a test called the objective test. The contractual intention to be obligated in a contract is judged objectively and evenhandedly in the courts of law (Gillies 89). Courts emphasizes that the most important thing is how a reasonable individual would view the situation in a contract and not a party’s or individuals real intentions in a contract that matters. The conditions and requirements of an offer should have the following: terms of payment that includes detailed information of the item on offer and date of payment, price and delivery date. Without any of the above-mentioned conditions being fulfilled in an offer, the offer on sale is not an offer but rather an advertisement. An offere can decide to revoke an offer before acceptance by the offeree. Nevertheless, the offere must inform the offeree of the planned revocation. However the offere may not revoke an offer if has been sheathed in an option. In a unilateral contract, the offere may revoke the offer at any given time. Meeting of the Minds. Meeting of the mind an element in a contract, is sometimes called consensus ad idem, mutual assent or mutual agreement. Meeting of the minds in contract law refers to the intentions of the persons on parties in a contract. It refers to the situation where the parties forming a contract have a common understanding in the particular contract. The reasoning behind the mutual assent is that no person or party is held to an agreement that they are not aware exists. Legal remedies may not come into action where a particular obligation in an agreement is mainly a moral one and not a legal obligation. There can only be a meeting of minds when all parties forming a contract are well aware of the legal obligations. The destruction of mutual assent can occur in the event of fraud, misrepresentation, duress, mutual mistake or undue influence.   Consideration Consideration refers to the legal value pertaining to contracts. Consideration refers to the things of value a party expects from the other in future pledged while forming a contract (Yelpaala 78). The consideration takes the form of services, money, physical objects, abstinence from future actions, physical objects to mention just but a few (Yelpaala 78). A payment is not a consideration if by pre-existing

Teaching ESL Adults Essay Example | Topics and Well Written Essays - 750 words

Teaching ESL Adults - Essay Example However, good times are not always why people seek overseas settlement (Yen, 2012). According to the United States 2010 Population Census, of the 26.4 million immigrants in the United States, almost 80% are adults (Yen, 2012). English as a Second Language (ESL), as a result, has turned into the fastest growing and developing segment in government financed adult education program. A majority of the adult ESL students do not have much education in their home country, and hence, lack proper study skills vital for academic success and accomplishment. They tend to face great financial distress, as well as family responsibilities, which oftentimes avert them from focusing on their education, as well. Educating them can be a vital challenge for both the curriculum developer and the teacher (Yen, 2012). Therefore, a proper lesson plan should be devised, which seeks to incorporate all adult ESL students in the classroom. The title of the lesson will be "Finding a Job: An Introduction to Apply ing for Entry Level Positions". The plan will incorporate 15 adult students of varying ages, origins and language proficiency who are concerned in discovering what it takes to find employment. The course will run for two-hours, twice a week for eight weeks. The three main goals of the lesson plan will include enabling to listen actively, speak so others can understand and also enable adult ESL learners to read with understanding. In Colorado state, the capability of listening and understand English incorporates goals, which mainly revolve around survival and personal safety (Fullan & Stiegelbauer, 2008). A case of a survival skill at an indispensable stage is understanding when a person asks for your name. Also, in Colorado, understanding someone can be positively influenced by education. Not being understood is annoying for a non-native English speaker. An easy goal is the ability to inquire the price of an item in the market especially a crowded one (Starr, 2013). A higher goal is the ability to hold a discussion with your child's teacher at school, or to give details about a book adequately, which a librarian can assist in locating the title. Understanding and interpreting the written English language is also vital. The skill to understand and interpret road signs or pick a meal from a menu is a recessed skill, while a high-level skill is the capacity to select suitable classes from a college course catalog (Starr, 2013). This talent permits the adult language learner to feel more contented and happy in a language, which is not his or her own. Many adult ESL learners find this the most natural place to begin their English language acquirement. Benchmark standards of the adult ESL students with regards to Colorado state standards include: All ESLs have to take state educational achievement tests in language arts, apart from ESLs who have been in the United States for less than one year. If available from the state, ESLs students can seat for these language a rts tests in their native languages so as to understand how the vocabularies are used in language. Adult ESLs students who have been in United States for three successive years should be tested in language arts/reading using an examination written in English, even though on a case-by-case basis, this phase can be prolonged up to five years. Adult ESLs students as a group should meet annual targets of Adequate Yearly Progress (AYP). States, districts, and

Blame Essay Example | Topics and Well Written Essays - 1750 words

Blame - Essay Example The consequentialist theory holds that the moral rightness or ethicality of the act can only be determined by the actual consequences that the act yields (Armstrong). Also, the rules applicable to the acts of same kind or motivation behind the act, also determine the moral rightness of the act. If the consequences are good for the people than the act is also good. Based on the consequentialist theory, the terrorist’s actions held no moral rightness or ethicality as their acts directly resulted in the killing of thousands of people and indirectly it resulted in creating an atmosphere of fear for the Americans, and discrimination for the people of same ethnic and geographical background. Although all Muslims, be they devout or not, are not responsible for such actions and do not hold such enmity against Americans, yet, the actions of the terrorists resulted in reflecting upon the whole Muslim community. Which gives rise to the blame that if the actions of the terrorists were not morally right so are the actions of the people who discriminate against the Muslims or the Arabs are wrong; as being part of a learned civilization they should

The American War of Independence Essay Example | Topics and Well Written Essays - 2250 words

The American War of Independence - Essay Example But by whatever stroke of fate, the colonials completely trounced the mighty forces of Great Britain. The rout was so unexpected that the historian John Ferling quoted George Washington as saying that the "American victory was a little short of a standing miracle".1 Ferling went on to say that the skirmishes and battles "often hinged on intangibles such as leadership under fire, heroism, good fortune, blunders, tenacity and surprise".2 The British forces all throughout the war played the aggressor , employing time-tested strategies and tactics that it had used before against the French, Spanish and Irish foes. The colonials, meanwhile, a complete tyro in any warfare, were always on the defensive employing tactics that were best suited for the occasion. "often dismissed by the British as ragtag"4 were surviving on a measly budget accorded them by the Continental Congress. Thus, in some skirmishes, they were on the brink of starvation, sometimes attired in tattered clothes and shoes and sometimes in decrepit condition. The triumvirate of King George III, Secretary of State George Germain and Prime Minister Lord North formed the nucleus which decided what tactics Britain should implement in the war in the New World. This nucleus ,based in London, 3000 miles away from the arena of war, was responsible for the coordination, the logistics and the communication needed to win a war. Meanwhile, the Continental Congress, composed of delegates from all the colonies and based in Philadelphia, was the brain and the nerve center , the controller and the coordinator of the colonial forces. With the riches coming from its colonies in the West Indies, Canada, America, Gibraltar and India, there was no doubt that Britain entered this war financially prepared. The Congress, on the other hand, aware that any victory would hinge on how well-oiled the war machinery would be, desperately sought finances both from abroad and from the home front. It used the strategy of diplomacy and psychology on England's long-standing enemies, France and Spain, stoked the latter's hatred and resentment and came out extracting some financial support as well as munitions from both. Since that was not enough, it used 4 tactics to raise money locally i.e. loans from "well-to-do merchants and planters"; "forced loans ... from farmers who were given certificates of indebtedness"; by levying money or goods "apportioned among the various states"; and by "issuance of paper money, the famous Continental currency".5