Motivational Effects of Technology in Music Education Essay

Motivational Effects of Technology in Music Education - Essay Example This report stresses that one of the main issues facing music education is the technological gap between the teachers and the real world. This is because most of the teachers are from another generation of learning and hence they did not acquire technological skills and knowledge in their training. In order to avoid this problem, music teachers and curriculum developers should integrate technology in their learning activities. It is important to note that in this context technology is a purveyor of many benefits which have virtually transformed the music world. Therefore, technology inclusion in the school system is not an imposition but rather a necessity. This paper makes a conclusion technology in music education has many benefits ranging from ease of study accruing from repetitive teaching tasks by computers to unlimited availability and accessibility of learning materials. Music as a subject is not very popular as compared to other disciplines such as engineering. There have been attempts by some countries to reform their music curriculum in a bid to appeal to more students . For instance, Scotland has implemented major reforms in its music schools including establishing technologically-enhanced music rooms for their schools . Technology seems to be the only solution to a seemingly unviable field of study . Integrating technology in a formal learning setting is bound to affect the involved parties in various ways . The effects of technology in education have already been studied in other curriculum.

Human Population and the Environment - Urbanization Essay Example for Free

Human Population and the Environment Urbanization Essay Urbanization can simply be seen as the movement and concentration of large populations upon an urban area at the detriment of the rural populous. This is due to a complex set of economic, demographic, social, cultural, technological, and environmental processes (P. Knox, 2009). Our topic narrows down to the correlation of urbanization and the environment. To start with, a number of environmental benefits can be realized due to urbanization; For instance urban areas concentrate large populations in a relatively small area thus there is more free forestry land. Plus a compact, concentrated urban area means more people walking and less number of cars on the road, consequently fewer carbon emissions from usage of cars. Conversely, there are a number of challenges posed to the environment due to urbanization. The mass exodus of people into urban areas have had a strain on infrastructure and led to poor sanitation and housing that leads to environmental degradation. Poor planning leads also leads to air, water and noise pollution due to industries and community settlements. We see this issue addressed in the Moroccan Shelter upgrading in Agadir. Faced with substandard housing and shanty towns inhabited by an ever increasing populous, three projects are set up, one of which is the Tikiouine project that comprises of three housing areas being developed and integrates community participation and responsibility concerning their sewer lines and tertiary water. In addition, the Tilburg city management model offers a sustainable five step integrated approach to administration of social, economic and environmental policies in a city. The Tilburg model implements these policies up to the neighborhood level. Thus ensures that a â€Å"Basic Quality† is maintained and thus minimizing environmental deprivation.

Free Essays - Searching for Truth in A Farewell to Arms :: Farewell Arms Essays

Searching for Truth in A Farewell to Arms If The Sun Also Rises was one of the best books I have ever read, then A Farewell to Arms is Truth. I simply cannot believe that these books existed so long without my knowledge of how grand they are. I consider myself to read constantly, more than almost anyone I know, and here in less than a month I read two books that are undoubtedly among the best I have encountered.    When I finished A Farewell to Arms I was of course stunned by the death of Catherine and the baby and Henry's sudden solitude. "What happens now?" I felt, as I so often do when I finish a book that I want to go on forever. This is infinitely more difficult with a book that has no conclusion, and A Farewell to Arms leaves a reader not only emotionally exhausted but also just as alone as Henry and with nowhere to go. The entire work was aware of where it was going and what was going to happen next, and then to stop the way it did was unfair. Now, I've read enough essays while deciding which would be the topic for my class presentation that I know many people see that the unfairness of life and the insignificance of our free will are apparently the most important themes in the book, but I don't agree. I also don't agree that it is a war story or a love story. Exactly what it is, though, is not clear to me. Can't art exist without being anything? "There isn't always an explanation for ev erything."    War and love are obviously important themes in the book, and the relationship between the two is explored by Hemingway and, somewhat, by Henry. In the first two Books we are in the war and the war is overwhelming. In the last two Books we are in love. And, just as the first two Books are peppered with love in the time of war, the last two Books are tinged with war in the time of love. GIVE SPECIFIC EXAMPLE OF THE â€Å"PEPPERING† AND THE â€Å"TINGING.† WHAT EFFECT DOES THE â€Å"PEPPERING† AND â€Å"TINGING† HAVE ON THE NOVEL? THE CHARACTERS?    The third Book is the bridge between the two 'stories' and it is not surprising that it centers on the escape.

Thrives on Misunderstanding: Analysis of “A Doll House”

Of all the struggles of the oppressed, perhaps the most daunting has been the most silently tyrannical. Women have spent ages proving their obvious intellectual, cognitive, and social equality to the male population, especially to the men in their lives. In â€Å"A Doll House† and â€Å"Trifles,† Henrik Ibsen and Susan Glaspell illustrate how men not only underestimate their wives, but also drive them to hide their true thoughts, act in secrecy, and ultimately take formidable, yet understandable measures of overcompensation. They do so while simultaneously imposing unique male and female perspectives on the relationships they create.Through the men’s shallow view of the women around them and their inability to properly analyze their interactions, the male characters in â€Å"Trifles† and â€Å"A Doll House† create a culture of tension and resentment in their households that lead their wives to rebel against their oppression. In A â€Å"Doll House,à ¢â‚¬  Ibsen uses Torvald’s character to highlight the patronizing quality of the 19th century husband. Torvald addresses his wife, Nora, almost always by pet names, such as â€Å"Is that my little lark twittering out there?†¦ Is that my squirrel rummaging around?†¦When did my squirrel get in? † (859) For the better part of three acts, Nora internalizes the condescension and relishes the adoration—or at least she pretends to. The comments, which serve to reduce her humanity, lead Nora to realize that Torvald is ill-equipped to be a husband or a father, as he can only seem to sustain the relationships he dominates. As she comes to this realization, she tells her husband â€Å"There’s another job I have to do first. I have to try to educate myself. You can’t help me with that. I’ve got to do it alone. And that’s why I’m leaving you now. (907) Although removing herself from the hold of her husband’s patriarchy se ems logical, it is uncertain whether Nora will adapt to the realities of an independent lifestyle. The transition from her father’s patronization to the binds of Torvald’s expectations left Nora no opportunity to explore her interests or learn practical skills, like money management. Furthermore, had Nora pursued either, her husband would have forbidden her from duties associated with the male realm. The lack of these experiences forced Nora into venturing into the male world of business, taking out the loan which â€Å"saved† Torvald.When he reads Krogstad’s letter, his true sentiments about Nora come out: â€Å"I should have suspected something of the kind. I should have known†¦ All of your father’s flimsy values have come out in you. No religion, no morals, no sense of duty. † (904) Torvald’s lack of faith in Nora’s intellectual and business abilities also become clear through the outburst. The tension and shallowness i n the household become apparent when he uses pet names superficially, but when genuinely expressing emotion, he uses no names of the sort.He restricts their interactions to shallow conversation, which Nora picks up on when she announces her departure: â€Å"In eight whole years—longer even—right from our first acquaintance, we’ve never exchanged a serious word on any serious thing. † (906) Certainly, their interactions are more of a father-child dynamic than that of a married couple. Only when faced with her departure does Torvald make any concessions to the relationship, after attempting to subdue her defiance. Likewise, the women in â€Å"Trifles† are oppressed, though less subtly.Though Mrs. Peters and Mrs. Hale make significant discoveries at the Wrights’ home, their husbands treat them as children brought along to work. For instance, these women live their day to day lives pursuing the popular cultural interests deemed appropriate for w omen, and as such, are prone to discuss them in conversation. When Mrs. Hale points out Mrs. Wright’s quilt, the sheriff is quick to tease her: â€Å"They wonder if she was going to quilt it or just knot it! (The men laugh, the woman look abashed. † (917) The blatant disrespect makes the women disinclined to tell the men investigating the crime scene any of their real findings, almost out of spite and to protect their fellow woman, Mrs. Wright. The women take note of the quilt, the broken preserves, and the dead canary, which likely triggered Mrs. Wright’s rage. While the men begin their search with the preconceptions that Mrs. Wright committed the crime and attempt to find evidence to prove it, the women assume her innocence; either they choose to because of their kind nature, or perhaps because doing so is a silent form of retaliation. Such rebellion is obvious when Mrs.Hale hides the bird from the sheriff and recalls Mr. Wright’s injustice to his wife: â€Å"I wish you’d seen Minnie Foster when she wore a white dress with blue ribbons and stood up there in the choir and sang. Oh, I wish I’d come over here once in a while! That was a crime! That was a crime! Who’s going to punish that? † (921) The men do not account for the woman Mrs. Wright had once been, and are therefore blind to the motive they search for. Mrs. Wright parallels Nora in that their men drive them to acts of desperation. Whereas Nora merely leaves her oppressive husband, Mrs. Wright finishes hers off herself.The difference in sex between the authors and how they have the women deal with their husbands is especially significant. Ibsen, a man, concludes with the oppressed woman becoming aware of her situation in spite of her lack of education, summoning the courage to leave her husband and family never having experienced independence. Almost suddenly, Nora realizes the lifelong hold of patriarchy her father and husband have imposed on he r when she complains â€Å"Our home’s been nothing but a playpen. I’ve been your doll-wife here, just as at home I was Papa’s doll-child. And in turn, the children have been my dolls.I thought it fun when you played with me, just as they thought it fun when I played with them. That’s been our marriage, Torvald. † (906) Glaspell, on the other hand, brings a female perspective and ended her characters’ marriage in murder—a fit of passion and rage from a woman who had lost her identity and zeal. The female author’s conclusion of overcompensation seems more realistic than the male author’s of miraculous clarity. For example, the male author’s version of the married couple is surely one of blatant shallowness, while the female author indirectly illustrates a dynamic void of respect and love.The more subtle, sinister nuances of the relationship that Glaspell hints at are more characteristic of real relationships; the on es that deteriorate often lose civility gradually. Contrasting, the Helmers were seemingly cordial, though paternalistic, until the end. Through their oppressive behavior, intentional or not, the men in these works contribute to their wives’ emotional deaths and to the deaths of their relationships. By treating them more like pawns in their quest for superficial happiness than equals, these men fail to recognize the frailty of their marriages.In addition, by underestimating their wives’ capabilities, they are blind-sighted when the women assert their humanity. The male-dominant dynamic incites the conflicts that lead the women to rebel; had there been any depth to the husband-wife connections, the contentions of â€Å"A Doll House† and â€Å"Trifles† may have been eschewed all together. Instead, the despotism in these relationships forges irreversible consequences: for the men, the harsh reality of a broken life; for the women, resentment for their oppres sion and a future of uncertainty.

The Ability of Yeast to Ferment Sugar Molecules

All cells need to have a constant energy supply. The two processes by which this energy is attained from photosynthetic materials to form ATP are cellular respiration and fermentation. (Hyde,2012). Fermentation is a way of harvesting chemical energy that does not require oxygen. (Reece et al. 2012). When the body is deprived of oxygen it will then begin to meet its energy needs through the slow process of fermentation. In our lab we investigated alcoholic fermentation by using yeast, which can flourish in an low energy environment in anaerobic conditions.In this lab our goal was to discover the rate at which yeast will ferment different sized molecules of carbohydrates. In order to perform our experiment we made use of water, glucose, sucrose, and starch. It was hypothesized that glucose, sucrose, then starch would all be used to produce energy during fermentation. Being that glucose is a simple sugar, or monosaccharide, we predicted that glucose would be fermented most quickly. This hypothesis was made based on the idea that glucose is the cell's main source of energy in aerobic cellular respiration. The first step of cellular respiration is glycolysis which breaks down glucose for energy.We predicted that Sucrose would ferment second to glucose since it is a larger molecule composed of glucose and fructose. Finally, we predicted that starch would ferment extremely slow behind all of the other carbohydrates. METHODS AND MATERIALS: On October 31, 2012 in the lab of Greenfield Community College my lab partners, Madeline Hawes, Timothy Walsh and I conducted the following experiment in order to test the effectiveness of yeasts' ability to ferment different carbohydrates. We first filled 6 small flasks with 75 ml of water and 5 drops of phenol red to each flask.Four of these were labeled with the solution that would feed into them and the other two with â€Å"control† and the last with â€Å"increased CO2. † The color of phenol red is orangish-pink wh en there is a neutral pH present. As carbon dioxide is released into this solution from the release of the gas from the yeast filled flasks, the solution turns a light yellow indicating a weak acid. We measured out four weigh boats of 2 grams each of starch and then added 2 grams to each of 4 labeled flasks of 50 ml water, 50 ml Glucose solution, 50 ml Sucrose solution, and 50 ml Starch solution respectively.All of these had been stored in incubators to maintain an optimal temperature of 35 degrees celsius. We put these flasks into our sink which we made into a water bath. We then drained and added hot plate warmed water from a 1000 ml beaker we kept heated in order to maintain the optimal temperature of 35 degrees celsius around the flasks. We swirled the large flasks to mix the solutions and yeast as they sat in the water bath. The flasks containing the yeasts solutions were then stoppered with glass straws and tubings and their extending tubes placed into the matching labeled sma ller flasks adjacent to the sink.I blew through a straw into the flask labeled â€Å"increased CO2. † The phenol red detected the presence of CO2 turning the solution yellow. The â€Å"control† flask was left as a comparison for the remaining yeast filled tubes feeding into the other flasks of phenol red and water. RESULTS: We recorded our first observations at 10 minutes. Just as we hypothesized, the yeast and water experienced no change. In the glucose solution flask, the glucose molecules were being quickly broken down and forming a frothy head, sending a bubble of CO2 through the tube every 2 seconds while turning the phenol red to a light orange.The sucrose solution was bubbling every three seconds and also had turned light orange. At 10 minutes there was no reaction in the Starch solution. The latter data remained consistent with our hypotheses. The glucose solution at 20 minutes was very frothy and bubbly and had turned the phenol red a very light yellow with a consistent bubble through the tube every second indicating a strong presence of CO2. The sucrose, too, had turned light yellow and had continuous bubbles every 2 seconds. The starch had a rare bubble with no noticeable change in the phenol red solution.At the final check in of 40 minutes both the glucose and sucrose had fermented most of the yeast and slowed down on bubbling. The glucose still had the most bubbles occuring. The starch was a lighter pink with little change in the levels of froth in the yeast solution. The water solution still remained completely unchanged. DISCUSSION: Our hypotheses were supported through illustrating that all forms of sugar do provide energy and that glucose, being the smallest molecule, was the most efficient. The control tube contained no sugar and therefore produced no energy. A source of sugar is necessary for glycolysis and fermentation to occur.The strongest presence of carbon dioxide was in glucose, indicated by the bubbles which are a by-pro duct of ethanol fermentation. The rate of fermentation in sucrose was second to glucose and Starch was the least effective at providing a sugar to create energy. The large polysaccharide was difficult for yeast to break down to create the necessary energy that would produce carbon dioxide. Glucose is the most efficient sugar as it is a small monosaccharide which is already the source of energy for the Glycolysis cycle. The largest possible source of error in our experiment is the time in which each solution began its fermentation process.We added the yeast into each flask containing the sugar solutions at staggered times. If this experiment were to be repeated it would be more precise to have four people pour in the yeast and swirl at the exact same time and then stopper the solutions. The only minor inconsistency would be the amount of yeast that was spilled or left in the weigh boats. This could create a discrepancy in the final results. Through this lab I understoodd that in time s of oxygen deprivation the body can still function through the process of fermentation.The yield of 2 ATP molecules is enough to keep muscles contracting for a short period of time when oxygen is scarce. Through the fermentation process NAD+ is regenerated as pyruvate is broken down to CO2 and ethanol. This allows the anaerobic production of 2 ATP molecules. (Reece et al. 2012). In essence, keeping cells alive that may otherwise die without the energy to provide for muscle contractions of the heart.LITERATURE CITED: Reece, Taylor, Simon, Dickey, and Campbell. , Biology: concepts & connections. Pearson Benjamin Cummings, San Francisco, CA. Pgs. 100-101 Hyde, A. October 31, 2012

RE Methods and Experience Essay

RE Methods and Experience Essay RE: Methods and Experience Essay Research Methods Case Scenario Tara Millisor General Psychology 111 Research Methods Case Scenario There have been studies that show how participating in activities and interventions, help students with lower reading scores significantly increase their reading scores. In one study, exercise not only builds your fitness, it also boosts brain power, which can help students do better in school and improve grades. Studies show that teens who do aerobic exercise, like walking and swimming have bigger brains. Exercise can enlarge a brain's basal ganglia, that helps you pay attention while in school. One school has shown that thirty minutes of walking on a treadmill improved many students' problem solving skills by ten percent. Complicated movement stimulates thinking, so moving around while studying may help children learn. Even by standing up can help you pay attention when working on assignments. To boost students brain power to its max they need to get at least eight and a half hours of sleep a night and start the day with a healthy breakfast. Another study shows the effects of a vo luntary summer reading intervention were assessed in a trial involving 552 students in ten schools. In this study, fourth grade children received eight books to read during summer vacation, and were encouraged to practice oral reading at home with a family member and to use comprehension strategies during independent, silent reading. Reading lessons occurred during the last month of school in June, and 8 books were mailed to students on a biweekly basis during July and August. Iowa Test of Basic Skills were largest for students who reported owning fewer books at home, less fluent readers, and minority students. These findings suggest that a voluntary summer reading intervention may represent a scalable and cost effective policy for improving reading achievement among students. My hypothesis to help students with lower reading scores and show how to

All the Kings Men Jack and Anne relationship essays

All the Kings Men Jack and Anne relationship essays The relationship of Jack Burden and Anne Stanton was one shared with time upon the tennis courts, lakes, and roads in Burdens Landing. The failure of engagement between Jack and Anne was due to the fact they both desired different qualities in their lover. Anne admired a man who had ambition and true goals in life. She was vulnerable to Jack, since he was her childhood playmate. Jack was fixated on the past and reflected to the summer where they were both floating in the lake. Jack recalls that day, where they were both looking at the sky. He had pondered if she had ever seen the gull above. It was the flashback that Jack had in his mind of Anne. He could live in that past. Jack did not have the motivation to pursue law school and never had ambition. They eventually married each other after they had experienced some of life outside of Burdens Landing. Jack had his involvement with his first wife, Lois. He was content with his choice of work and believed his own theories for the caus e of events. Anne had experienced love from a politician and her freedom. Jack Burden and Anne Stanton married because they were complimentary to each other. They had enjoyed their childhood together, understood the secret life to Willie Stark, and lived together. The time that passed between their failed engagement and marriage was necessary for each to seek who their true self was, and know in return what they desired in a partner. Each had the misunderstanding of what they believed they needed in a partner. Jack was obsessed with his beautiful wife, Lois, until he realized that she lacked personality. Anne admired a man who had ambition and would be successful in life. During this time, they discovered what qualities they had admired and could actually appreciate each other in marriage. The passing of time allowed Jack Burden and Anne Stanton to realize their love. ...

Learn to Tell Time in German

Learn to Tell Time in German Telling time in German requires knowing three basic ingredients: the numbers from 1 to 59, the German words for to and after, and the fractions quarter and half (past). Heres How: Learn or review the German numbers from 1-59.An hour is divided up like a pie into quarters (viertel) and halves (halb).For half past, you say halb and the next hour. Halb acht 7:30, i.e., half (way to) eight.After is nach. Es ist zehn nach zwei 2:10 (Its ten after two).For quarter past, you say Viertel nach: Viertel nach neun 9:15.To or before is vor (FOR). Viertel vor zwei 1:45. Zehn vor elf 10:50.English oclock is Uhr in German. Es ist fà ¼nf Uhr 5:00 (five oclock).For precise times, you say Uhr between the hour and the minutes: zehn Uhr zwà ¶lf 10:12.For many common situations (timetables, TV guides), Germans use 24-hour (military) time.Add 12 to a pm time to get the 24-hour form: 2 pm 12 14.00 (vierzehn Uhr).To express 24-hour time, be precise: zwanzig Uhr neun 20.09 8:09 pm.Practice your German time-telling skills with every clock or schedule you see. Tips: Make sure you know your German numbers well. Watch out for eins. With time its ein Uhr (1:00).Accept the fact that there are different ways of telling time in different cultures, none of which is better or worse than the others.Remember that understanding the time is usually more important than being able to say it.

The Pursuit of a MBA Essay Example | Topics and Well Written Essays - 750 words

The Pursuit of a MBA - Essay Example In his book ‘Managers Not MBAs’, Henry Mintzberg (2004) mentioned that, despite the fact that the MBA is regarded as the ‘education for management’, it actually prepares the ‘wrong people in the wrong ways with the wrong consequences’. One of the major reasons for such criticisms is that the MBA programme gives too much of importance on the management theories while ignoring the need to develop the practical expertise. This leads to an imbalance in the supply and demand of proficient managers in the context of real scenario, opposed to theoretical knowledge. Pfeffer & Fong (2002) questioned the lack of repositioning of the MBA model over the years and discussed that a number of interpersonal and social skills required in the current corporate world cannot be developed through an MBA programme. The authors stated that the fact that the individuals graduating from the most elite MBA programs realized the maximum salary packages is due to the fact that these individuals were chosen by their institutes on the foundation of their competences and qualifications which were way better than the average. Thus, it could be inferred that the personal characteristics of the candidates are more important than what is being taught in the MBA programme. This explanation is consistent with the verity that the curricula of majority of the MBA programmes and the course books utilized are extremely analogous across business schools of different statures. Thus, it can be concluded that there are no significant distinctions in the knowledge being imparted in the different MBA programmes. Nonetheless, the individuals undertaking MBA generally benefit in terms of both intrinsic as well as extrinsic aspects of career development and success. A few of the aspects enhanced by taking up an MBA are confidence, credibility, social status and remuneration among others. The MBA degree prepares the candidates with a perceptive of the variety and miscellan y that they would gradually deal with in their place of work. This enables the individuals to discover the principles, values and conducts suitable for that environment. Moreover, MBA degree is believed to develop the skills necessary in the process of information investigation, interpretation of data as well as the proficiency in taking up new endeavors. Furthermore, the MBA programme also enhances the presentation as well as negotiation ability and the social interaction capability of an individual. The MBA classrooms are the sites of vigorous discussion and arguments amongst the students; the involvement of individuals in such a vibrant atmosphere reinforces their aptitude to investigate, converse, convince, and reach agreement while integrating diverse viewpoints. Thus, on the whole, the MBA programme is linked with attributes for swift career progression. Sturges & Et. Al. (2003) identified that the major result of the MBA programme in addition to enhanced self-assurance, was t he evolution of the ‘knowing why’ and the ‘knowing how’ career proficiencies in the candidates, which are highly esteemed in the management world. In the assessment of changes in terms of management role and function as well as income levels of individuals prior and post their MBA degree,

Discuss the importance of national culture in a business environment Essay

Discuss the importance of national culture in a business environment and illustrate its impact on conflict in international business communication - Essay Example Understanding cultural differences is the key to successful international business communications. (Zachry. P.1) Professor Geert Hofstede identifies five ‘independent dimensions’ (p.1) of cultural differences. The significance of Hofstede’s independent dimensions is a method of avoiding misunderstanding and conflict in international business negotiations. Gary Emmons in his article The New International Style of Management, suggests that the new corporate culture may be sufficient to overcome the difficulties arising out of national cultural barriers. (p.2). A new and increasing global style of business management might transcend anticipated conflicts resulting from cultural barriers. Cultural dimensions impacting cross-national business communications are: High-versus low-context cultures, monochromic versus polychromic time, silent language, Hofstede’s cultural dimensions and Maruyama’s epistemological types. In high context cultures such as China and Japan, communications are conducted in an implicit manner. In low-context cultures such as the United States and many European nations, communications are conducted in an explicit manner. (Tung p.5) In many high context cultures, gift giving is prevalent and a failure to understand this aspect of the culture is liable to lead to a misconceived implication of impropriety. Moreover, when engaging in the gift exchange cultural mode with high-context cultures it is important to avoid gifts which imply bad luck or ill will. This very simple failure to understand the nature of high-context culture communication modes can lead to serious conflicts in international business communications. (Tung p.6) Cultures operating on monochromic time (m-time) believe in performing one function at a time. On the other hand, cultures operating in polychromic time (p-time) function while performing several different tasks. P-time cultures have a propensity for mixing business with

Should All Drugs Be Legalized Essay Example | Topics and Well Written Essays - 1000 words

Should All Drugs Be Legalized - Essay Example On the other hand, those who violently oppose the legalization of all drugs contend that legalization would actually make â€Å"harmful, psychoactive, and addictive substances affordable, available, convenient, and marketable. It would expand the use of drugs. It would remove the social stigma attached to illicit drug use, and would send a message of tolerance for drug use, especially to youth† (Drug Watch International, 2001, par. 1). The current discourse hereby asserts that all drugs should be legalized to eradicate the costs of prohibition, to lower its prices, and to minimize repercussive violence that results from illegal trade and criminal activities that ensue from the sale and use. At the current status of governmental policies and regulations of restricting the sale and use of drugs, statistics have consistently revealed that ther are more incidences of addiction and costs to society All Drugs Must be Legalized The legalization of drugs would eradicate the costs of p rohibition. As asserted by a Harvard University professor, Jeffrey Miron, the costs of prohibiting drugs are enormous. In the United States, for instance, it was revealed that â€Å"If it legalized drugs, the United States could save $85 billion to $90 billion per year. Roughly half that is spent on the current drugs policy and half that is lost in taxes that the state could have levied on legal drugs† (Miron, 2013, par. 4). ... eral deficits by eliminating expenditure on prohibition enforcement -- arrests, prosecutions, and incarceration -- and by allowing governments to collect tax revenue on legalized sales† (Ghosh, 2010, par. 8). As disclosed, the savings that would be generated from legalization would definitely outweigh the costs of prohibition. Likewise, by legalizing drugs, the black markets would be eliminated and therefore, the prices of drugs would significantly decrease (Drug Watch International, 2001). Birrell averred that â€Å"legalisation would replace the freest of markets that currently exists to the benefit of the world's most vicious crooks with a system in which supply is controlled, products regulated and profits taxed† (Birrell, 2013, par. 8). Thus, the elimination of the black markets would likewise eliminate absence of accountability and make the sale of drugs safer and more secure. Finally, if the prohibition or restriction of the sale and use of drugs are lifted, viole nce and drug-related criminal activities would be reduced, minimized or out rightly prevented. According to Vibes (2013), â€Å"the steady increase in violent crime over the past few decades is directly correlated with the escalation of the drug war† (par. 4). This was supported by Miron (2013) who emphasized that â€Å"prohibition leads to violence. By making a black market inevitable, you generate violence because the conflicts between the parties involved in the drug trade can't be solved by legal means within the judicial system† (par. 20). In fact, from the statistics disclosed by the U.S. Department of Justice, it was noted that â€Å"state and local law enforcement agencies made an estimated 1,336,500 arrests for drug possession or use in 2010† (Snyder, 2010, p. 11). In the UK, it was disclosed

Identity Construction Essay Example | Topics and Well Written Essays - 2000 words

Identity Construction - Essay Example The body an example of an essential part of humanity that contributes to the development of the relative preferences in people a feature that studies establish validate the claim that it is increasingly becoming a channel for identity constriction. The discussion below relates the claim to a number of theories of personality to determine the role of the body in influencing consumption of products and services in the market (Aaker & Aaker, 2010). Chris Shilling for example in his theory asserts views the body as a project through which he explains the different diversities in people. It is natural that people are different; some of the difference are natural such as gender while others are artificial and people can therefore always manipulate such to fit different scenarios. Chris therefore seeks to investigate the role of these differences in people and the manner in which they affect the consumption of different products and services thereby making different group of people markets to different products and services. Through computation, individuals are markets to different products and services; this implies that any aspect of their life that affects their consumption of the good and services is of essence in tailoring the marketing strategies that the producers of such products and services employ. ... The nature of marketing dictates an effective understanding of the market group a feature that validates the extensive analysis of the consumers. Any factor that affect the creation of taste and preference therefore influences the marketing strategies of an organization in order to maintain the supply to the demand, which consequently refers to the profitability of an operation. In analyzing the body a project, Chris begins by analyzing the natural difference in humanity. Nature has an effective means of categorizing things, in humans one such means is the gender. Females taxonomical features most of which are conspicuously different from their male counterparts. The same is applicable to the male gender, from such a basic view of individuals; it becomes natural that the two therefore form markets to different products and service. A number of products and services that befit one of the genders while others are applicable to both. It is therefore a mandate of entrepreneurs to determi ne the difference and similarities between the two thereby developing enterprises that serve the diversities that the two present. The differences that arise from gender make the two potential markets to an assortment of products and services since the aspect influences preference. Women for example use sanitary pads; a feature that comes naturally. The victims of such monthly flows cannot influence their taxonomy. In the event of coping with the periodical flow and managing them more effectively, women become potential markets to the manufacturers of pads among other sanitary towels, a fundamental of a product that the female gender use that their male counterparts do not. Additionally, the clothes that the two

Total Quality Management Question#2 Essay Example | Topics and Well Written Essays - 1500 words

Total Quality Management Question#2 - Essay Example Oakland (2000) proposed that employees' participation helps in implementing the total quality management (TQM) strategy. For this to happen, employees must be made aware about the different aspects of quality and how they can be partners in implementing quality strategy. Such an arrangement, often termed as the participative form of management, is stated to help the subordinates in sharing the decision making power with their superiors. But the success of any strategy depends upon a number of factors, implementation policy and prevailing circumstances. Therefore the key elements for improving the levels of quality in the billing department include; In view of the evolving global economy, which demands appropriately skilled workforce, most of the governments around the world have started undertaking reforms of their education and training systems, with inclusion of the vocational streams into the system and by providing apprenticeship training to the students. Such training is often provided in technical skills. But the copier company has a mixed workforce which includes trained manpower for carrying out the technical work, maintenance etc. while the other category includes customer care executives and marketing people who require more of behavioural training. There's another category of employees belonging to the accounts and administration branch who might have undergone some training in their respective fields, but when it comes to live experience, their training might require some more polishing to mould them in sync with the company's principles and objectives. John Ruskin, an English critic of 19th century once said, "Qua lity is never an accident, it is always the result of intelligent effort". This statement sums up the kind of efforts required for deliver value to the customer and for producing a quality product and service. To start with, there must be a sincere effort on the part of the management to keep the communication channels working between workers and management. Interaction at regular intervals with the customer care executives, billing clerks, technicians, sales clerks etc. helps not only in gathering the feedback from them, but such interaction also helps in motivating the workers. Company officials must inform the workers in detail about company policies and objectives. The interactions at regular intervals must be used by the company managers to collect as much information as possible about the expectations of the employees from the company and their apprehensions/ doubts about handling some typical situations. An effort must be made by the company officials to solicit the opinions of the workers in resolving some of the testing situations. Such an exercise would no doubt encourage the workers to come out with innovative solutions, but it will also help in company preparing a detailed data base of its working style, working conditions etc., which in turn will help in preparing better customer handling policies. The workers must be trained in handling the customer

Identity Construction Essay Example | Topics and Well Written Essays - 2000 words

Identity Construction - Essay Example The body an example of an essential part of humanity that contributes to the development of the relative preferences in people a feature that studies establish validate the claim that it is increasingly becoming a channel for identity constriction. The discussion below relates the claim to a number of theories of personality to determine the role of the body in influencing consumption of products and services in the market (Aaker & Aaker, 2010). Chris Shilling for example in his theory asserts views the body as a project through which he explains the different diversities in people. It is natural that people are different; some of the difference are natural such as gender while others are artificial and people can therefore always manipulate such to fit different scenarios. Chris therefore seeks to investigate the role of these differences in people and the manner in which they affect the consumption of different products and services thereby making different group of people markets to different products and services. Through computation, individuals are markets to different products and services; this implies that any aspect of their life that affects their consumption of the good and services is of essence in tailoring the marketing strategies that the producers of such products and services employ. ... The nature of marketing dictates an effective understanding of the market group a feature that validates the extensive analysis of the consumers. Any factor that affect the creation of taste and preference therefore influences the marketing strategies of an organization in order to maintain the supply to the demand, which consequently refers to the profitability of an operation. In analyzing the body a project, Chris begins by analyzing the natural difference in humanity. Nature has an effective means of categorizing things, in humans one such means is the gender. Females taxonomical features most of which are conspicuously different from their male counterparts. The same is applicable to the male gender, from such a basic view of individuals; it becomes natural that the two therefore form markets to different products and service. A number of products and services that befit one of the genders while others are applicable to both. It is therefore a mandate of entrepreneurs to determi ne the difference and similarities between the two thereby developing enterprises that serve the diversities that the two present. The differences that arise from gender make the two potential markets to an assortment of products and services since the aspect influences preference. Women for example use sanitary pads; a feature that comes naturally. The victims of such monthly flows cannot influence their taxonomy. In the event of coping with the periodical flow and managing them more effectively, women become potential markets to the manufacturers of pads among other sanitary towels, a fundamental of a product that the female gender use that their male counterparts do not. Additionally, the clothes that the two

Virtue Ethics Essay Example | Topics and Well Written Essays - 1000 words

Virtue Ethics - Essay Example (Maria 16) The people that have this kind of virtue based ethics tend to ask the major question on which action to choose when they are faced by a dilemma where a basically moral decision has to be taken. The theory also tends to train people on how to overcome the vices such as that of greed or even unnecessary anger that may stand in the way and stop someone from being a good person. The theory of virtue ethics has been in the background of all forms of discussions whereby they have been given a low profile when people meet to discuss issues of morality and the theories involved. In western philosophy, the ancient Greek thinkers had the thought that this kind of ethics was the oldest in terms of time. According to Aristotle, who dealt with the issue of virtue ethics in detail, when a person acquires forms of good habits, then such a person has the ability to regulate emotions and reason in instances that require rationality. Aristotle, therefore, points out to the idea that such un derstanding can help people make decisions that are morally correct when they are face with situations of difficulties. (Maggio 28) The major reason as to why virtue ethics can be said to remain popular and relevant is because it makes a major contribution that would enable us get to understand morality in depth. The discussion also talks majorly of the kind of role played by motives in the whole agenda of morality. Certain forms of virtues remain relevant as they are quite necessary for the actual accommodation of acceptable moral decisions thereby making it rather necessary for the moral decisions to engage correct motives so as to get more desirable end results of the ethical appreciation. Moral decisions are further scrutinized and it is discovered that moral theories do not rely heavily on motives so as to be able play a vital role in the evaluation of our moral decisions. (Maria 19) Correct motivations should be, therefore, encouraged so as to facilitate the evaluation of mora l education that the young people are taken through. The practitioners of this understanding point out the importance of selecting the desire of achieving a certain outcome then keep up with the need to accomplish the said goals by the kinds of actions that can make it acceptable when fully scrutinized. It is also important to note that the other reason why the theories under virtue ethics are prone to be more attractive as compared to the other theories is the idea that most of the other theories have the common way of facing difficulties and challenges that come as a result of calculations that are conducted under moral understanding as well as further problems that arise as a result of the lack of knowledge on the kinds of actions to accompany which kinds of moral duties that have to be emphasized. Theories under virtue ethics point out the understanding that once we are successful in selecting the type of person we want to be, it is possible that arriving at decisions that are m orally acceptable will most obviously come out naturally. Virtue ethics has the tendency of making individuals dig deep into their thoughts to establish the sort of people we want to be, the virtues that are expected of the persons we are trying so hard to be, the kinds of actions that will make us as individuals cultivate the kinds of actions that virtue ethics require us to have if we are to be successful in becoming the people we want to

Media essay comparing Essay Example for Free

Media essay comparing Essay The use of this threat, which suggests cannibalism, something that still horrifies a lot of people, is particularly effective and still used in films such as Silence of the lambs. Pip certainly portrays an effective show of fear. In the 1997 version Finn, rather looks well cared for and certainly able to defend himself. When Robert De Niro enters as Magwitch he does look rather rough and his use of very graphic language is meant to be representative of the fact that he is not well educated where as in the David Lean version even though Magwitch was ill mannered he did not swear. When grabbed by Magwitch Finn doesnt look quite as scared as he is meant to. He is not able to answer question except to nod or make some gurgling noises as Magwitchs hand is covering his mouth all the while. As the 1944 version follows the novel closely the convict is able to pick Pip up and place him on a tombstone and tilt him back to a position where he (the convict) is Pips only support and the fact that throughout the whole rough treatment he gets from Magwitch he is constantly polite and uses the respectful title sir, when it is quite clear that Magwitch is no gentleman makes the audience feel even more sympathetic towards him. As the 1997 version of the movie is shot at a beach there is no way that Magwitch could have picked Finn up and place him on a tombstone, although in my opinion he could have tilted him back from the boat nearby so that if Magwitch let go he would fall into the ocean. As for body language on the whole I think that Pip was able to demonstrate his fear far better than Finn in the 1997 version. I found the actions and body language of Magwitch equally daunting in both films. In the 1944 version we do not get to see the Convicts face properly which leads the audience think of him as a very sinister and frightening figure, as on could imagine him in anyway they like. To oppose that we see Pips face quite clearly and the fear etched into it. In the 1997 version we have only a fleeing vision of the convicts face before the camera zooms in on Pips face and w can only see the convicts hand which is covering his moth. I believe the 1944 version was more successful in creating a Magwitch that was fearsome to all. I believe casting had a hug part to play in this as well, because I had grown p watching Robert De Niro movies and I have seen him appear in many of my favourite movies in the role of many of my favourite characters and it was very hard for me to think of him as the evil and sinister looking Magwitch as I had other impressions from him. On the other hand as the 1944 version was made years before I was born I had no idea who the actors were and I had no impressions of them before I watched the movie and I am sure if I come across a movie with Finlay Currie cast in a different role I would still think of hi as Abel Magwitch. People usually go to movies to escape their reality for a brief spell of time, the fact that David Lean chose to have his cast wearing Victorian customs makes it easier for the audience to feel transported into another era easier than the 1997 version where the director chose to have the costumes modernized along with everything else. On the whole I think that David Leans version of Great Expectations was more successful in creating tension and suspense. The fact that the movie is in black and white and that it portrays grim and harsh surroundings as opposed to the beautiful and sunny location of the 1997 version of the film where it was very hard for me to feel the slightest bit of tension although there was a considerable amount produced by the sudden appearance of the convict I didnt feel it was enough or that it did any justice to the book which in my opinion is one of the best ever written and nowadays I often come across writers who have tried to reproduce novels the same way Dickens did. I preferred the 1944 David Lean version because I felt it did justice to the book and gratified my expectations in creating a cataclysm of mounting tension. Niloofar Bozorgi 10R 1 Show preview only The above preview is unformatted text This student written piece of work is one of many that can be found in our GCSE Great Expectations section.

Terrorism: Definition, History and Solutions

Terrorism: Definition, History and Solutions TERRORISM:  AN EXPLORATION OF ITS DEFINITION, HISTORY, AND POSSIBLE SOLUTIONS â€Å"Terrorism upsets people. It does so deliberately. That is its point, and that is why it has engrossed so much of our attention in the early years of the 21st century.† Townshend [1] Ask any ten individuals on the streets of London, Paris, Moscow, or New York for the top three issues facing the world today and one common response is likely to be terrorism. Inquire further about how the same people would define terrorism, when terrorism began, and how terrorism can be stopped and you will probably be faced with a myriad of answers, or maybe just looks of puzzlement. The range of responses (or lack thereof) from the public should not be surprising. Not even experts agree on responses to these seemingly fundamental questions on an issue of such importance to worldwide security, an issue that Thackrah suggests is â€Å"one of the most intractable global problems at the start of the twenty-first century†.[2] This essay begins by surveying the vast array of definitions for the term terrorism, providing some insight into the reasons that terrorism is so difficult for experts to define, and adopting a working definition for the term. The historical roots of terrorism will then be explored and results of a review of selected literature on possible solutions for dealing with terrorism will be introduced. Finally, a conclusion discussing the results of the literature review will be presented. Terrorism Defined What is terrorism? The definition assigned to the term very much depends on who you ask, although, as Hoffman writes, â€Å"few words have so insidiously worked their way in to our everyday vocabulary†.[3] Oots writes that terrorism has been defined in different ways by various scholars.[4] Hoffman suggests that most individuals have vague notions of what the term means, but cannot offer precise, explanatory definitions. The Terrorism Research Center claims that â€Å"[t]errorism by nature is difficult to define†.[5] Townshend writes that both politicians and scholars have been â€Å"hung up† in attempting to define terrorism in a way that distinguishes it from other criminal violence and even military action.[6] Complicating attempts to define terrorism, the meaning and usage of the term have changed over the years.[7] Complications aside, most people would agree that terrorism is a subjective term with negative connotations, a pejorative term, used to describe the acts of enemies or opponents. The term has moral connotations and can be used to persuade others to adopt a particular viewpoint. For instance, if an individual sympathises with the victims of terrorism, then the perpetrator is considered to be a terrorist, but if an individual sympathises with the perpetrator, then the perpetrator is considered to be a freedom fighter or is referred to by equally positive characterisations.[8] About this, the Terrorism Research Center writes: â€Å"One man’s terrorist is another man’s freedom fighter.†[9] Whittaker distinguishes between terrorists, guerrillas, and freedom fighters in writing: â€Å"the terrorist targets civilians†; â€Å"the guerrilla goes for military personnel and facilities†; and â€Å"the freedom fighter conducts a campaign to liberate his people from dictatorial oppression, gross disarmament, or the grip of an occupying power†.[10] One author included over one hundred definitions for the term terrorism.[11] Another quoted over ninety definitions and descriptions.[12] The definitions range from those that are quite simplistic to those that are equally comprehensive. The following definitions are illustrative of the broad range of thought: Terrorism is â€Å"violence for purposes of creating fear†.[13] Terrorism is â€Å"politically and socially motivated violence†.[14] â€Å"Terrorism is political violence in or against true democracies.†[15] â€Å"Terrorism may be described as a strategy of violence designed to inspire terror within a particular segment of a given society.†[16] â€Å"Terrorism is the most amoral of organised violence†.[17] Terrorism is â€Å"a form of warfare†¦used when full-scale military action is not possible†.[18] â€Å"Terrorism is a method of action by which an agent tends to produce terror in order to impose his domination.†[19] â€Å"Terrorism is the systematic use of coercive intimidation, usually to service political ends. It is used to create a climate of fear.[20] Terrorism is â€Å"the threat or use of violence, often against the civilian population, to achieve political or social ends, to intimidate opponents, or to publicise grievances†.[21] â€Å"Terrorism is the use of coercive means aimed at populations in an effort to achieve political, religious, or other aims.†[22] Terrorism is â€Å"politically motivated violence perpetrated against non-combatant targets by subnational groups or clandestine agents, usually intended to influence an audience†.[23] Whittaker explores the complexity of defining terrorism by furnishing a comprehensive list of terrorism criteria:[24] The violence or threat of violence inherent in terrorism is premeditated and politically motivated for the purpose of intimidating or coercing a government or the public in general. The strategy of terrorism is to instil fear and insecurity. Sustained campaigns or sporadic incidents are applied by terrorists in conducting their unlawful activities. Calculated use of violence is applied against civilian, non-combatant targets. Acquiring, manipulating, and employing power is at the root of terrorism. Revolutionary terrorism attempts to completely change the political system within a state; sub-revolutionary terrorism attempts to effect change without totally replacing the existing political system. Terrorism consists of carefully planned goals, means, targets, and access conducted in a clandestine manner. The goals of terrorism focus on political, social, ideological, or religious ends. This distinguishes terrorism from other criminal activity. Terrorism is conducted occasionally by individuals, but most often by sub-national groups. An important objective of terrorism is to obtain maximum publicity. Increasingly, terrorist â€Å"zones of action† are extending beyond national borders, becoming transnational in effect. The vast number of definitions proposed for the term terrorism might make one wonder if there could ever be agreement around a common definition. For without a common understanding about what terrorism is, how can it be challenged and ultimately removed as a threat to modern civilisation? Despite the many definitions for terrorism, there does seem to be an emerging consensus on the definition of the term, according to Jenkins.[25] For instance, Enders and Sandler offer the following comprehensive definition of terrorism: â€Å"Terrorism is the premeditated use or threat of use of extranormal violence or brutality by subnational groups to obtain a political, religious, or ideological objective through intimidation of a huge audience, usually not directly involved with the policy making that terrorists seek to influence.†[26] Enders and Sandler’s definition will be used for the purpose of this essay not only because it is an example of a current consensus description, but also because it contains criteria suggested by other definitions surveyed in the literature review – violence or threats of violence; intimidation of large civilian audiences; desire to influence; subnational terrorist groupings; and political, religious, or ideological objectives. Historical Roots of Terrorism Colin Gray writes that terrorism â€Å"is as old as strategic history†.[27] The roots of terrorism can be traced back in time to ancient Greece, and terrorist acts have occurred throughout history since that time. The term terrorism, however, originated in the French Revolution’s Reign of Terror [28] and was popularised at that time.[29] Terrorism in this era carried a very positive connotation as it was undertaken in an effort to establish order during the anarchy that followed uprisings in France in 1789. It was considered to be an instrument of governance instituted to intimidate counter-revolutionaries, dissidents and subversives and was associated with the ideals of democracy and virtue. In fact, according to Hoffman, the revolutionary leader Maximillien Robespierre claimed that â€Å"virtue, without which terror is evil; terror, without which virtue is helpless† and that â€Å"[t]error is nothing but justice, prompt, severe and inflexible; it is therefore an emanation of virtue†.[30] Terrorism at the start of the twentieth century retained the revolutionary connotations it had acquired during the French Revolution as it took aim on the Ottoman and Habsburg Empires. In the 1930s, the meaning of terrorism mutated to describe activities of totalitarian governments and their leaders against their citizenry in Nazi Germany, Fascist Italy, and Stalinist Russia. For instance, in Germany and Italy, gangs of â€Å"brown shirts† or â€Å"black shirts† harassed and intimidated opponents, although leaders of these nations denied that this occurred. After World War II, the meaning of terrorism changed once again, returning to its revolutionary connotations where it remains today. Terrorist activities in the 1940s and 1950s primarily focused on revolts by indigenous nationalist groups opposing colonial rule in Asia, Africa, and the Middle East, resulting in independence for many countries. Although terrorism retained its revolutionary connotation in the 1960s and 1970s, the focus shifted from anti-colonialist to separatist goals. Today, terrorism involves broader, less distinct goals.[31] The right-wing and left-wing terrorism that became widespread in recent times included acts by diverse groups such as the Italian Red Brigades; the Irish Republican Army; the Palestine Liberation Organisation; the Shining Path in Peru; the Liberation Tigers of Tamil Eelam in Sri Lanka; the Weatherman in the United States; various â€Å"militia† organisations, also in the United States; radical Muslims through Hamas and Al Quaeda; radical Sikhs in India; and the Aum Shinrikyo in Japan.[32] Some governments, such as those in Iran, Iraq, Libya, and Syria, are also considered to be involved in terrorism as sponsors of terrorist activities.[33] Some people, such as American dissident Noam Chomsky, contend that the government of the United States is engaged in terrorism, as exemplified by the title of Chomsky’s 2001 article entitled â€Å"U.S.â₠¬â€A Leading Terrorist State†, which appeared in the Monthly Review[34]. Terrorism associated with the French Revolution had two important characteristics in common with terrorism today. Firstly, terrorism was, and is today, organised, deliberate, and systematic. Secondly, the goals of terrorism then and now were and are to create a new, better society.[35] But, terrorism today has changed in some very fundamental ways: (1) terrorist organisations have evolved into network forms and are less often organised in hierarchies; (2) the identities of transnational terrorist organisations are harder to identify because they claim responsibility for specific acts less often; (3) today’s terrorist groups do not make demands as often as in the past and their goals appear to be more hazy and vague; (4) motives have generally shifted from those that are more politically-oriented to those that are more religiously-oriented; (5) targets of terrorists are more dispersed around the globe; and (6) terrorist violence, today, is more indiscriminate, involving signifi cant collateral damage to the public.[36] With this historical foundation, particularly the description of the evolution of terrorism into its current form, the focus now shifts to possible solutions to dealing with the issue today. Possible Solutions to Terrorism To effectively meet the challenges of terrorism, one should consider the history of terrorism, but must also look to the future. Kress and colleagues contend that terrorism is increasing in â€Å"geographical scope, numerical frequency, and intensity† as well as in â€Å"ingenuity and subtlety†. They suggest that these trends could well translate into more varied threats and more powerful tools and weapons, adding that â€Å"bombs will get smaller and more powerful, poisons and mind-blowing drugs more insidious, psychological techniques for converting or brainwashing the victims more effective, and psychological tortures more agonizing.†[37] Ian Lesser offers a comprehensive approach for meeting the challenges of terrorism. His approach consists of a core strategy and supporting strategies aimed at targeting security threats posed by terrorists within a context of global security threats from all sources. Lesser’s core strategy consists of four components: (1) reducing systemic causes of terrorism, (2) deterring terrorists and their sponsors, (3) reducing risks associated with â€Å"superterrorism†, and (4) retaliating in instances where deterrence fails. In reducing system causes of terrorism, Lesser is referring to the long-term goal of addressing issues that give rise to terrorism such as social and economic problems, unresolved ethnic and nationalist conflicts, frustrated political ambitions, and personal experiences of individuals who may become future terrorists. In deterring terrorists and their sponsors, Lesser suggests taking â€Å"massive and personal† actions against terrorist leadership, although he concedes that this is becoming more and more difficult as terrorists and their sponsors become more diverse and diffuse. In reducing risks associated with â€Å"superterrorism†, Lesser calls for eliminating weapons of mass destruction that terrorists could use in inflicting destruction and suffering. And, finally, in retaliating when deterrence fails, Lesser suggests developing the means to retaliate quickly and specifically to terrorist activities.[38] One of Lesser’s strategies supporting his core strategy is â€Å"environmental shaping†, which involves exposing sponsors of terrorism to global scrutiny and isolation; shrinking the â€Å"zones of chaos and terrorist sanctuary; including counterterrorism as an integral component of strategic alliances; limiting global exposure; and targeting terrorist networks and funding. His â€Å"hedging strategy† involves hardening key policies and strategies to limit risks of terrorism, increasing ground and space-based surveillance of terrorist resources, and preparing to mitigate the effects of terrorism to limit negative effects.[39] Kress and associates reiterate the first component of Lesser’s core strategy in offering their proactive approach to dealing with terrorism; specifically, addressing â€Å"genuine political injustice† and resolving â€Å"supposed injustices†.[40] Chalk contends that a state response to terrorism must be â€Å"limited, well-defined and controlled† to avoid compromising â€Å"the political and civil traditions that are central to the liberal democratic way of life†. He suggests that â€Å"any liberal democratic response to terrorism has to rest on one overriding maxim: a commitment to uphold and maintain constitutional principles of law and order†.[41] Conclusion The long history of terrorism, dating as far back as ancient Greece, suggests that this phenomenon may never be eliminated as a tactic by those people or groups without sufficient formal legal power to achieve their goals. However, this does not imply that terrorism cannot be engaged proactively and reactively. Logically, it seems that the first step should be to agree on a universally-accepted definition for terrorism because, without a consensus on the meaning of the term, effectively addressing its causes and its effects may be difficult at best and impossible at worst. With a consensus definition in hand, the comprehensive strategy for dealing with terrorism proposed by Lesser – reduction in systemic causes, deterrence, â€Å"superterrorism† risk reduction, and retaliation – would appear to offer the most balanced, effective approach. Today’s leaders should realise that offensive and defensive military action, so typical of traditional warfare, is quite ineffective as a sole method for dealing with modern forms of terrorism as demonstrated by failures experienced by Israel in dealing with the Palestinian terrorist problem and the greater-than-expected difficulties experienced by the United States, the United Kingdom, and others in ridding the world of radical Islamic terrorists. These efforts may not only fail to ultimately deal effectively with preventing terrorist activities, but may also produce more terrorists who are offended by military actions. Alternatively, a holistic approach – one which includes proacti ve prevention and reactive punishment measures such as the approach advocated by Lesser – should be employed. In any solution to the global problem of terrorism, the cautionary advice offered by Peter Chalk should be considered; that is, political and civil liberties should not be sacrificed in responding to the terrorist threat. For the very way of life the governments of free societies are trying to protect in their attempts to combat terrorism could be compromised by actions that are not limited, well-defined and controlled. Interestingly, this thought was eloquently proffered more than two centuries ago by American inventor, journalist, printer, and statesman Benjamin Franklin in warning that â€Å"[t]hose who would give up essential liberty to purchase a little temporary safety, deserve neither liberty nor safety.† The recommendation, then, is to deal with terrorism in a holistic, balanced manner stressing proactive and reactive measures whilst preserving political and civil liberties. References Bassiouni, M. â€Å"Terrorism, Law Enforcement and the Mass Media: Perspectives, Problems, Proposals†, The Journal of Criminal Law and Criminology 72:1 (1981). Cited in Thackrah (2004). Bergesen, Albert J., and Han, Yi. â€Å"New Directions for Terrorism Research†. International Journal of Comparative Sociology 46:1-2 (2005). Bite, V. â€Å"International Terrorism†. Foreign Affairs Division, Library of Congress, Appendix of U.S. Congress, Senate Committee on the Judiciary. Washington, DC: Government Printing Office, 1975. Cited in Thackrah (2004). Chalk, Peter. â€Å"The Response to Terrorism as a Threat to Liberal Democracy†. The Australian Journal of Politics and History 44:3 (1998). Chomsky, N. â€Å"U.S. – A Leading Terrorist State†. Monthly Review 53 (2001): 10-19. Cited in Bergesen and Han (2005). Enders, W., and Sandler, T. â€Å"Patterns of Transnational Terrorism, 1970 1999: Alternative Time-Series Estimates†. International Studies Quarterly 46 (2002): 145-65. Cited in Bergesen and Han (2005). Fromkin, David. â€Å"The Strategy of Terrorism†. In Contemporary Terrorism: Selected Readings, John D. Elliot and Leslie K. Gibson, eds. Gaithersburg, Maryland: International Association of Chiefs of Police, 1978. Gray, Colin S. Modern Strategy. Oxford: Oxford University Press, 1999. Heyman, P. B. Terrorism and America: A Commonsense Strategy for a Democratic Society. Cambridge, Massachusetts: The MIT Press, 1998. Cited in Thackrah (2004). Hoffman, Bruce. Inside Terrorism. New York: Columbia University Press, 1998. Jenkins, B. M. â€Å"Terrorism and Beyond: A 21st Century Perspective†. Studies in Conflict and Terrorism 24 (2001): 321-27. Cited in Bergesen and Han. â€Å"New Directions for Terrorism Research†. International Journal of Comparative Sociology 46:1-2 (2005). Kress, Bruce, Livingston, Marius H., and Wanek, Marie G. International Terrorism in the Contemporary World. Westport, Connecticut: Greenwood Press, 1978. Lesser, Ian. â€Å"Countering the New Terrorism: Implications for Strategy†. In Countering the New Terrorism, Hoffman et al., eds. Santa Monica, California: Rand, 1999. Mallin, Jay. â€Å"Terrorism as a Military Weapon†. In Contemporary Terrorism: Selected Readings, John D. Elliot and Leslie K. Gibson, eds. Gaithersburg, Maryland: International Association of Chiefs of Police, 1978. Cited in Oots (1986). Oots, Kent Layne. Political Organization Approach to Transnational Terrorism. New York: Greenwood Press, 1986. Ruby, C. L. â€Å"The Definition of Terrorism†. Analyses of Social Issues and Public Policy 2(1) (2002): 9-14. Cited in Bergesen and Han (2005). Terrorism Research Center, What is the Definition of Terrorism? (n.d.) Available from: http://www.terrorism.com. Accessed: 29 November 2005. Thackrah, John Richard. Dictionary of Terrorism. New York: Routledge, 2004. The Columbia Encyclopaedia. â€Å"Terrorism† (2004). Townshend, Charles. Terrorism: A Very Short Introduction. Oxford: Oxford University Press, 2002. Waciorsky, J. La Terrorisme Politique. Paris: A Pedone, 1939. Cited in Thackrah (2004). Whittaker, David J. Terrorists and Terrorism in the Contemporary World. New York: Routledge, 2004. Wilkinson, P. Terrorism versus Democracy: The Liberal State Response. London: Frank Cass, 2000. Cited in Thackrah (2004). Wilkinson, P. â€Å"Three Questions on Terrorism†, Government and Opposition 8:3 (1973). Cited in Thackrah (2004). 1 Footnotes [1] Charles Townshend, Terrorism: A Very Short Introduction (Oxford: Oxford University Press, 2002). [2] John Richard Thackrah, Dictionary of Terrorism (New York: Routledge, 2004). [3] Bruce Hoffman, Inside Terrorism (New York: Columbia University Press, 1998), 14. [4] Kent Layne Oots, Political Organization Approach to Transnational Terrorism (New York: Greenwood Press, 1986). [5] Terrorism Research Center, â€Å"What is the Definition of Terrorism?† (n.d.), Available from: http://www.terrorism.com, Accessed: 29 November 2005. [6] Townshend (2002). [7] Hoffman (1998). [8] Hoffman (1998). [9] Terrorism Research Center (n.d.). [10] David J. Whittaker, Terrorists and Terrorism in the Contemporary World (New York: Routledge, 2004). [11] Townshend (2002). [12] Thackrah (2004). [13] David Fromkin, â€Å"The Strategy of Terrorism†, in Contemporary Terrorism: Selected Readings, John D. Elliot and Leslie K. Gibson, eds. (Gaithersburg, Maryland: International Association of Chiefs of Police, 1978), cited in Oots (1986). [14] V. Bite, â€Å"International Terrorism†, Foreign Affairs Division, Library of Congress, Appendix of U.S. Congress, Senate Committee on the Judiciary (Washington, DC: Government Printing Office, 1975), cited in Thackrah (2004). [15] P. B. Heyman, Terrorism and America: A Commonsense Strategy for a Democratic Society (Cambridge, Massachusetts: The MIT Press, 1998), cited in Thackrah (2004). [16] M. Bassiouni, â€Å"Terrorism, Law Enforcement and the Mass Media: Perspectives, Problems, Proposals†, The Journal of Criminal Law and Criminology 72:1 (1981), cited in Thackrah (2004). [17] P. Wilkinson, â€Å"Three Questions on Terrorism†, Government and Opposition 8:3 (1973), cited in Thackrah (2004). [18] Jay Mallin, â€Å"Terrorism as a Military Weapon†, in Contemporary Terrorism: Selected Readings, John D. Elliot and Leslie K. Gibson, eds. (Gaithersburg, Maryland: International Association of Chiefs of Police, 1978), cited in Oots (1986). [19] J. Waciorsky, La Terrorisme Politique, (Paris: A Pedone, 1939), cited in Thackrah (2004). [20] P. Wilkinson, Terrorism versus Democracy: The Liberal State Response (London: Frank Cass, 2000), cited in Thackrah (2004). [21] The Columbia Encyclopaedia, â€Å"Terrorism† (2004). [22] N. Chomsky, â€Å"U.S.A Leading Terrorist State†, Monthly Review 53 (2001): 10-19, cited in Bergesen and Han (2005). [23] C. L. Ruby, â€Å"The Definition of Terrorism†, Analyses of Social Issues and Public Policy 2(1) (2002): 9-14, cited in Bergesen and Han (2005). [24] Whittaker (2004). [25] B. M. Jenkins, â€Å"Terrorism and Beyond: A 21st Century Perspective†, Studies in Conflict and Terrorism 24 (2001): 321-27, cited in Bergesen and Han, â€Å"New Directions for Terrorism Research†, International Journal of Comparative Sociology 46:1-2 (2005). [26] W. Enders and T. Sandler, â€Å"Patterns of Transnational Terrorism, 1970 1999: Alternative Time-Series Estimates†, International Studies Quarterly 46 (2002): 145-65, cited in Bergesen and Han (2005). [27] Colin S. Gray, Modern Strategy (Oxford: Oxford University Press, 1999). [28] The Columbia Encyclopaedia (2004). [29] Hoffman (1998). [30] Hoffman (1998). [31] Hoffman (1998). [32] The Columbia Encyclopaedia (2004). [33] Hoffman (1998). [34] N. Chomsky, â€Å"U.S.A Leading Terrorist State†, Monthly Review 53 (2001), cited in Bergesen and Han (2005). [35] Hoffman (1998). [36] Albert J. Bergesen and Yi Han, â€Å"New Directions for Terrorism Research†, International Journal of Comparative Sociology 46:1-2 (2005). [37] Bruce Kress, Marius H. Livingston, and Marie G. Wanek, International Terrorism in the Contemporary World (Westport, Connecticut: Greenwood Press, 1978). [38] Ian Lesser, â€Å"Countering the New Terrorism: Implications for Strategy†, in Hoffman et al., Countering the New Terrorism (Santa Monica, California: Rand, 1999). [39] Lesser (1999). [40] Kress, Livingston, and Wanek (1978). [41] Peter Chalk, â€Å"The Response to Terrorism as a Threat to Liberal Democracy†, The Australian Journal of Politics and History 44:3 (1998).

reasonable doubt :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  A Burden Worth Having I don’t quite remember what I was doing in Baltimore. Suddenly, through a chain of random events, I ended up in jail for grand larceny. Although I was confident of my innocence, even my best friends testified against me. I found no hope in our judicial system. Fortunately, I could escape that situation. My alarm rang, and I woke up. Others, however, don’t have that option. Such is the story of Kirk Bloodsworth. In 1985, he was sent to death row accused of killing and raping a 9-year-old girl from Maryland. In 1992, when DNA testing was in its infancy, Bloodsworth pushed for a DNA test to prove he was not the killer. It was not a match. The state of Maryland set him free and paid him $300,000 for wrongful imprisonment. The government’s burden to prove â€Å"beyond a reasonable doubt† the culpability of a suspect is ideal because it represents the recognition, on the part of the government, that our judicial system is not infallible, as Mr. Bloodsworth’s case points out. When instituted in the late 18th century, the burden of proof was a response to arbitrary arrests for political or economic interests. The government’s decision to enact the burden of proof symbolizes the popular resentment of these violations of liberty. Hence, the principle of â€Å"it is better for 10 guilty men to go free than for one innocent man to go to prison.† The United States has historically promoted the rights of man and liberty. The sentencing of an innocent person not only displays the inefficiency of a government’s judicial system to uphold these values, but also the irreversible damage done to the individual. The pressure that law enforcement officials face from the public to find closure to cases highlight one reason why the burden of proof is essential in the judicial system. When a police department cannot find suspects to charge for a crime, it is then seen as a failure on its part. In October, a rally was organized against the death penalty in Houston, Texas. Amnesty International revealed 180 boxes containing unexamined files with vital information about cases involving prisoners on death row. Potential evidence that could lead to the exoneration from death row of these individuals was not taken into consideration during their trials. This revelation demonstrates how law enforcement officials and the judicial system can carelessly make mistakes and why the burden of proof is necessary.

Political Philosophy and the US Constitution: Influences of Locke and Mill Essay

The US Constitution offers an arrangement of the American governmental system. Interestingly, it was influenced by political philosophers whose works too had inspired people across the globe especially on the values of democracy. This essay is devoted on providing an account of how two men inspired the framers of our constitution namely, John Locke and John Stuart Mill. John Locke was one of the great political philosophers who would defend the existence of a government in our society. It is quite interesting how intellectuals like him begin the journey toward a parsimonious theory by looking deeply into the state of nature. Locke’s state of nature is one where humans have freedom. His was an optimistic view of how men, being equal amongst them establish order in the law of nature which is governed by reason. This reason guides men to avoid doing harm on anyone else’s liberty, health, life and possessions. Yet, men give up their state of nature to preserve their lives, liberties and estates or what he called- property. Read more: Constitution mini q answers essay Property is created by labor. The human effort mixed with natural resources is the criterion that justifies private property. Man’s desire to avoid the disadvantages of the state of nature given the scarcity of resources threatening life and freedom or his â€Å"state of war† is the root of man’s will to form a society and eventually a government, which is established not by a contract but by fiduciary trust. People consent to a political power for three reasons: the establishment of law, an impartial judge for law enforcement, and a penalty to punish law violators. Men formed government in order to preserve these liberties, lives and properties and since they are born with them then no government can take that away from them. Man has inalienable rights and liberty that must be protected- anyone who transgresses the law of nature and whose act causes injury upon others will ought to be penalized. He considers the legislature the highest body of government since it is the one hat preserves the society and creates the laws. According to Locke, the people become trustor and beneficiary while the legislature is the trustee. The legislature holds the supreme power according to Locke upon which the executive must be subordinate, yet the people remain above all organs of the government. These ideas were contained in his â€Å"Second Treatise of Government†, which were likewise adopted in the US Constitution. Locke argued that people has the sovereignty not the rulers. In the Declaration of Independence it was stated that, â€Å"governments derive their just powers from the consent of the governed. † This is an illustration of how Locke influenced the US Constitution by ensuring that the rulers are accountable to the people. The legislature assures that the law must apply to all; they must not be arbitrary and not oppressive; they must not raise taxes without people’s consent and; must not transfer its law-making body to anyone else. A presidential democratic system of government was preferred since Locke himself did not believe in the divine supremacy of a monarchy. The government does not have rights, only the people have. Locke asserts that the people have supreme power to remove or alter the legislative when they find a legislative act contrary to the trust reposed in them. Since property precedes government, and considering that it is the end to which men unite into a political society, the state then cannot take away any of his property without his consent. This is manifested in the Fourteenth Amendment to the constitution of the United States saying that, â€Å"no state shall deprive any person of life, liberty or property, without due process. † The Constitution itself that was chartered by the majority is higher than the rulers. The Supremacy Clause of Article VI establishes the â€Å"rule of law,† which supports the idea that the government itself, with the Congress and the Executive, must abide by the law. Locke too conceptualized on the â€Å"separation of powers† and governmental â€Å"checks and balances†. Locke believed that the importance of rationality as a human faculty, could overrule the interests of the public good if left unchecked in the legislature. He was also pessimistic of the concentration of powers in only one body of government as it could lead to tyranny and abuses. Locke’s theories of disobedience also shed light to the right of individuals to political association and political opinion. Accordingly, revolution is not only a right but also an obligation. It must be noted that people’s obedience to the government is due to the latter’s protection of their values. When government encounters dissolution from within- for instance when the president overrides the laws and defeats the legislature, the people are at liberty to erect a new government by changing persons, form of government or both. Failure of the state to provide or sustain that protection would result to people’s replacement of the government. There are three types of commonwealth according to Locke-democracy, monarchy, or oligarchy. Treating the Commonwealth as not necessarily a democracy for any type can be considered one if it promotes the public good, people always have the power to change government type determined by the holder of legislative power. Yet rebellion however is justified in the instances where the people are made miserable, could be avoided if free communication channels are maintained; besides revolution doesn’t occur in little mismanagement of the public affairs. There are better ways as initialized by the Constitution on how to formally replace ineffective leaders that is through impeachment and through peaceful elections. Hence, the overall contribution of John Locke to the US Constitution are the following; limited government, inalienable individual rights, and inviolability of property. The First Amendment of the US Constitution protects freedom of speech and expression. This is probably John Stuart Mill’s greatest contribution in political philosophy with application to US politics. Mill focused on how the practice of one’s absolute freedom like freedom of opinion and sentiment, which is an essential component of liberty, should prevail, as it is critical to the determination of truth and justice. According to him, unless absolute freedom of opinion and sentiment- scientific, moral and theological- is guaranteed, a society is not completely free. Mill guards against a tyranny of opinion and feeling. He guards against the tyranny of the majority, which is a result of ethical norms proposed by society. Hence, he referred to eccentricity as a character when and where strength has abounded, perhaps as a result of courage to pronounce one’s belief albeit there is already one that is generally accepted. Democracy should arise from a condition where majority has been able to show genius, courage and vigor-which are personalities of eccentrics. Mill calls for individualism and creativity. Mill explains his defense of expression of opinion using a utilitarian perspective- that maximization of one’s freedom is for the benefit of the society as it breeds human progress due to competition of ideas. First, Mill states that the â€Å"opinion which we silence may be true and in silencing it we assume our own infallibility; though the silenced opinion may be erroneous on the whole, it may be partly true, and because the prevailing opinion on any matter is rarely the complete truth, it is only by the collision of adverse opinions that the remainder of truth has any chance of being supplied; even if the prevailing opinion be the complete truth, it will inevitably become dogma, prejudice and formula unless it is exposed to the challenge of free discussion† (Ebenstein, 2000). Mill opposes majority rule, as it appears to him a domination of a specific class. He prefers representative government as it brings about representation of the minorities. This suggestion was adopted in the US Constitution specifically on the election of presidents and vice-presidents by Electoral College and by creating a legislature consisting of district representatives. Locke and Mill’s insights are useful in our political environments up to this date. They have enabled democracy to flourish in America by insisting on their liberal traditions. In international relations, their principles are similarly utilized in the promotion of rights and freedom as well as the protection of every state’s territory and the designation of international institutions, which are tasked to protect nations from abuses and external threats. References: Amar, Akhil Reed. America’s Constitution – A Biography. New York, NY: Random House, 2005. Ebenstein, William and Alan Ebenstein. Great Political Thinkers: Plato to Present. 6th Edition. Thomson Wadsworth. 2000. â€Å"John Locke†. Democracy and the Origins of Constitution. In http://www. sullivan- county. com/bush/constitution. htm Shields, Currin. â€Å"The Political Thought of John Stuart Mill. † In http://www. ditext. com/mill/rg/shields. html

Then and Now

Then and Now use the following form to describe your dally routines before you were a college student versus a typical days routine now that you are a college student. Using the form as a reference, answer the questions that follow in at least 50 words each.Daily Routine Form Day Before college After college Sunday Wake up, eat, take care of the kids, fix around and just relaxed up, eat, take care of the kids, watch movies with them,and Just relax, and sometimes make sure I did finish all my school work Monday Wake up, fix breakfast for the kids get my aught ready for school drop her off, go to work am-pm, pick up my daughter, get back home, feed the kids, play with them, watch TV, fix dinner, get them ready for bed Wake up, fix breakfast for the kids and me, take my daughter to school do 2 hours of school work, flu lunch get dress go to work 3-11 pm get back home make sure the kids are k and sleeping do 1 hour of school watch TV and go to sleep Tuesday Wake up, fix breakfast for the kids get my daughter ready for school drop her off, go to work am-pm, pick up my daughter, get back home, feed the kids, play with them, watch v, fix dinner, get them ready for bed Wake up, fix breakfast for the kids and me, take my daughter to school do 2 hours of school work, fix lunch get dress go to work 3-11 pm get back home make sure the kids are k and sleeping do 1 hour of school watch TV and go to sleep Wednesday Wake up, fix breakfast for the kids get my daughter ready for school drop her off, pick up my daughter, get back home, feed the kids, play with them, watch TV, fix dinner, get them ready for bed Wake up, fix breakfast for the kids and me, take my daughter to school do 2 hours of school work, ix lunch get dress go to work 3-11 pm get back home make sure the kids are k and sleeping do 1 hour of school watch TV and go to sleep Thursday Wake up, fix breakfast for the kids get my daughter ready for school drop her off, go to work take my daughter to school, fix lunch, p ick my daughter up from school, feed the kids, play with them, fix dinner, get them ready for bed.Friday Wake up, fix breakfast for the kids get my daughter ready for school drop her off, go to work am-pm, pick up my daughter, get back home, feed the kids, play with them, watch TV, fix dinner, get hem ready for bed Wake up, fix breakfast for the kids and me, take my daughter to school do 2 hours of school work, fix lunch get dress go to work 3-11 pm get back home make sure the kids are k and sleeping do 1 hour of school watch TV and go to sleep Saturday Wake up, fix breakfast for the kids, go to work am-pm, get back home, feed the kids, play with them, watch TV, fix dinner, get them ready for bed Wake feed the kids, play with them, fix dinner, get them ready for bed. Daily Routine Questions 1. What are the major differences in your daily routine now that you are in school? The major differences in my daily routine now that IM in school and before are.When I wasn't in school I use to work the morning shift, and after work I had pretty much the rest of the day to Just cook and play with the kids or Just waste time, now I work the night shift 3-11 pm I use my morning time to make sure the kids are taken care of and as part of my routine I incorporated time for school in the morning as well as at nights after I get back from work 2. Do you have an effective balance in the use of your time and your priorities? Why or why not? I believe I have a pretty effective balance on the used of my time and my priorities cause so far so good , I haven't had any problems or issues Just yet, I always been to turn my assignments on time, and be able to expend time with my kids, and not neglect them anything 3. Describe your biggest obstacle to completing projects or assignments and how you will overcome it? Although o have a pretty effective balance of my time I would have to say my biggest obstacle to complete projects or assignments on time would be managing time.Up until now V ive been pretty good at it, but having two kids, working full time and being back in school can get a little crazy and hectic especially when my kids get sick, I'll just have to have a backup plan for unexpected events such as them getting sick or me getting sick. 4. What are some time-management strategies you have learned this week that you can implement immediately? How will you use them? Some of the time management strategies I have learn this week is keeping a time log, this is a helpful way to determine how you are using your time, use a planning tool, get organized and schedule your time appropriately by Develop blocks of study time effectively manage my time by organizing and proportioning tasks such as schoolwork, Then and Now Then and Now use the following form to describe your daily routines before you were a college student versus a typical days routine now that you are a college student. Using the form as a reference, answer the questions that follow in at least 50 words each. Dally Routine Form Day Before college After college Sunday I would lounge around In my pajamas all day and Just watch TV with my sister and family. I get up every morning and check on the progression of my assignments that re usually due and I work to complete them as well as make sure I have posted for participation for the week.I also spend quality time with my husband, lounging around and watching TV and playing video games. Monday I would go to the lake and exercise (Running) then go home and spend the day doing various things ranging from watching TV to cooking dinner to doing laundry and help my sister with her homework. I usually get up before 5 to help my husband to get ready for work then send him off. Then I am up clean ing the house and completing horses as well as running errands for the household, and my husband as well as looking at my assignments fir the week and writing them down in my planner and posting reminders in my phone and computer.I also check my grades for the week and have check ins with my enrollment advisor, Ashley, and we go over my progress in my courses and she gives feedback on my grades and what I can and should do better In regards to my grades. Tuesday I would wake up and exercise In a different location such as the forest behind my house. Then I would run around all day with my aunt and uncle getting things done such as paying bills, grocery shopping, and searching for schools for me to go to.I basically do the same thing I do Monday, but I am also making lists of things my husband and I need for the household, work, and school. I am also checking on my school work and completing my chapter readings for my courses. Wednesday I usually get up and exercise that morning, the n I lounge around afterwards until 6 p. M. And then I attend bible study with my aunt and sister until 9 p. M. Then I am In bed by midnight. I am up with my husband before 6 a. M. Making sure he is ready for work then I send him off. I usually try to relax on these days and rest my body.Thursday I stay in bed on these days and just sleep or eat all day. Just like the days before I am up with my husband before 6 a. M. And helping him to shopping for shoes or anything that catches my eye. Friday I am up early to get in a workout before 8 a. M. Then I am relaxing and doing school searches and making phone calls asking about various schools and programs. These days are decided on whether or not my husband has it off. If he has the day off we are traveling the Island and exploring and eating out and going to the beach. If he does not have the day off we are up before 6 a. . Getting our day started. Saturday I wake up and go spend the day with my family playing games and making meals toge ther. I sleep in and spend the day in bed with my husband. Daily Routine Questions 1 . What are the major differences in your daily routine now that you are in school? I spend more time helping my husband get ready for work and making sure that he has everything he needs for the day. I am also checking in with my enrollment advisor and teachers to make sure I am where I need to be in school and that I am in rack with assignments and participation.I also noticed that I start my days around or before 6 a. M. And I am constantly running errands or doing chores to make sure things are done for the household, my husband, and myself. 2. Do you have an effective balance in the use of your time and your priorities? Why or why not? Yes I do. Now that I am a wife and college student at the same time, I make sure that I know ahead of time what needs to be done for my household and husband as well as what assignments are due, what they consist of, and what course they are for.I also make sure t o plan out what days I am doing certain things and what days I can afford to take time for myself and Just relax. 3. Describe your biggest obstacle to completing projects or assignments and how you will overcome it? My biggest obstacle that hinders me from completing projects or assignments would have to be time management and procrastination. I can plan out my days accordingly but sometimes I can get very busy with certain things and become side tracked. I now try to keep track of time and make sure that I am in the right place at the right time to omelet my tasks.I usually procrastinate when I am feeling lazy or I am under the weather. When this happens I will push myself to get up and get it done because it has to be done. 4. What are some time-management strategies you have learned this week that you can implement immediately? How will you use them? I learned to plan accordingly and make sure that you do not overwhelm yourself ahead of time and make sure that I have time between each task so that I can rest and give my brain a break as well as not doing more than 3 tasks a day so that I can remain stress free.

Dick’s Sporting Goods, Equity Valuation and Analysis

Table of Contents Executive Summary2 Company Overview2 Economic Analysis GDP Growth3 Inflation3 Interest Rates3 Housing5 Consumer Spending5 Sovereign Debt6 Unemployment6 US Dollar7 Impact of Sporting Goods Stores Industry7 Industry Analysis8 Porter’s 5 Forces8 Big Four Analysis11 Industry Life Cycle13 Dick’s Sporting Goods Analysis Review of Annual Report16 Company SWOT Analysis18 Trend Ratio Analysis20 Cross Sectional Ratio Analysis22 Analyst Analysis/Estimates24 DuPont Ratio Analysis25 Valuation P/E Multiplier26 Valuation FCF to Equity27 Summary of Analyst Reports28Beta Analysis29 Technical Analysis29 Conclusions31 Executive Summary After analyzing Dick’s Sporting Goods and taking into account both positive and negative aspects associated with the stock, I am giving the stock a Moderate Buy Recommendation, with a target price of $46. 50. The recommendation took into account DKS’s recent earnings report, improving financial health, growth estimates, and i ndustry outlook. In this report I will evaluate the current overall economic conditions and how they affect the Sporting Goods Stores industry and the Retail sector in general.The report then focuses on Dick’s Sporting Goods’ key measure of financial health, profitability, and growth compared to historical levels and competitors. A P/E Multiple analysis and a Free Cash Flow to Equity valuation approach was then used to derive an intrinsic value of the stock. Company Overview Dick’s Sporting Goods is the largest Sporting Goods Store in the United States, selling sports equipment, exercise and fitness equipment, apparel and footwear along with outdoor sports equipment and accessories.Dick’s was founded in 1948 and operates 455 stores in 42 states primarily in the eastern part of the United States. Dick’s Sporting Goods controls 13. 4% of the market share within the industry and has the largest market cap at $4. 75 billion. When the most recent fiscal year ended in January of 2011 (FY 2010), Dick’s Sporting Goods generated over $4. 8 billion in sales and had Net Income of just over $182 million. Currently Dick’s Sporting Goods has 120. 72 million shares outstanding. Economic Analysis GDP Growth Recently GDP grew at an annualized rate of 1. % and 2% in the second and third quarters of 2011 respectively. Consumer Spending is one of the key drivers and is a large portion of the US economy and with consumer confidence still below healthy levels. Combined with low consumer spending current monetary and fiscal policy have prevented GDP from getting above the aforementioned growth levels for an extended amount of time. Also contributing to low GDP is the traditionally higher unemployment as of late, lack of confidence in the US government, and low home values as a result of the housing crisis.The low growth in GDP will more than likely continue in the near future as the economy will work out of the recent recession and wi ll therefore keep interest and inflation rates. Once the economy starts to strengthen and expand however, GDP growth rates will increase from their current bleak levels. Inflation Inflation expectations have remained low recently, showing trust in the Red to monitor/control inflation rates when the economy begins to start expanding.With Ben Bernacke and the Fed’s commitment to keep interest rates at their historically low levels, it seems that monetary policy is following a trend of attempting to prevent any policy from causing further struggle to the U. S. economy. In the short term there seems to be no immediate threat/fear of inflation rising in the US. According to an article from Reuters, the Fed wants to keep inflation around its 2% target in order confirm the Federal Reserve’s ability to keep control over inflation levels. Interest RatesInterest rates set by the US Federal Reserve within its over-arching monetary policy are very important in terms of the world e conomy. Recently the Fed pledged to keep the federal funds rate close to zero through mid year 2013. Operation Twist, a plan to buy long-term U. S. debt and sell short-term debt, which will result in a flattening of the yield curve and a drop in long-term debt yields, is a part of the expected future according to the Fed. This means that the historical lows in interest rates that we are seeing will continue in the short run.In the long run however, there looks to be a divergence from that short-run trend. Consumers and businesses in the long-run will get away from the de-leveraging process that we are seeing in the recent past and currently and begin to build up cash that will circulate more unreservedly. This will cause the Fed to set interest rates at higher levels in order to combat against the rise in inflation in the post-deleveraging period. Housing Post-housing/financial crisis of 2007-2009, the housing market seems to be showing signs of improvement after great downturn.With the downturn in housing prices, many homeowners did not have enough equity to avoid taking a loss on the sale of their homes so they are sitting with home loans based off of higher-than-current mortgages. However, in November the National Association of Home Builders’ sentiment index jumped to 20, which is the highest reading in over a year. Demand for mortgages has also seemed to pick up a bit according to the Fed’s 4th quarter loan survey. Construction remains at historically low levels but has increased as of late, and the number of foreclosures has increased this quarter also.These trends do seem to be geared to a more short-term thought process and many analysts believe that in the long run, the housing market will improve and strengthen along with the strengthening of the US economy. Consumer Spending In October personal income increased $48. 1 billion and disposable personal income increased $30. 2 billion according to the Bureau of Economic Analysis. In additi on, personal consumption expenditures increased $8. 2 billion. With consumer spending representing about 70% of total GDP increases in the different income categories translates into more consumer spending.Analysts believe that with continued increasing we can start to return to pre-recession levels of spending. This increase is a positive sign for retailers because there is more disposable income to purchase their products than recently as we continue to move away from recessionary levels. From the chart below you can see the upward trend from the 2008 lows in personal consumption spending. The chart on the next page does a good job portraying the recent trends in consumer spending. Sovereign Debt Foreign currencies have been seen weakening relative to the US dollar due to many debt issues in countries abroad.This has caused investors to flock towards the safest reserve currency, which is the US dollar. Fear in Europe stems from economies that are much too large to be bailed out or allowed to completely default on their debt and the means for a solution have not come about as of yet. Greece, Italy, and Spain are among those countries that are seeing investor fear and are also causing investors to be cautious to the other European economies, even ones that have proved to be more reliable (Germany and France). There have been austerity measures that are aimed at reducing the debt levels of the countries in fear of defaulting however oliticians in the near future must discuss the outlook of the European Union and whether or not there is a need for countries to break apart. These threats significantly reduce the expected growth in forecasted GDP and spending, which could be harmful to worldwide markets that depend on Europe. Unemployment The unemployment rate and the number of unemployed persons have remained stagnant through October ranging around 9%-9. 2% and 13. 9 million respectively. Within retail trade, employment increased in general merchandise stores and the industry has added 156,000 jobs over the past 12 months.The unemployment rate is forecasted to decline as the economy starts to strengthen and pull its way out of recessionary levels. This obviously affects consumer spending and consumer confidence in general. Higher unemployment rates tend to mean less disposable income, which would affect the pricing point of retailers and would hurt big ticket items such as different luxury goods. With dropping unemployment rates predicted for the future, consumer confidence will ultimately increase and consumer spending, therefore benefitting the retail sector. Value of the US DollarAs mentioned before with the fear of default and crisis abroad foreign currencies have weakened in relation to the dollar. Also this chaos in Europe helps support against the loose monetary policy of late, limited growth see in GDP, and large trade deficits, which would otherwise weaken the dollars position. Investors favor the safety that the US dollar provides . This strengthening in comparison to other currencies also gives sentiment to the fact that investors are becoming more and more confident in the US market again and thus moving more and more capital back into it.In the near future I believe that the dollar will remain strong relative to other foreign currencies and that investor confidence from abroad will continue as a direct relation to a strong future currency. Impact on Industry Many of the indicators listed in the Economic Analysis greatly affect the Retail Sector and Sporting Goods Stores Industry as a whole. The most obvious one is the gradual rise in consumer spending and therefore GDP. Both of these are positive signs for the retail sector, who’s profits are directly linked to variations in consumer spending.Consumer spending will also increase when consumer deleveraging process begins to slow down in the next few years. Due to low consumer confidence as a result of the financial crisis people were paying down more debt in order to be more financially healthy (deleveraging. ) As confidence increases consumers will use more disposable income towards consumption and less towards paying down debt. The high unemployment rates that we are currently seeing have negative effects on disposable income and therefore negatively affect the retail sector.However, with the forecast of adding jobs and a declining unemployment rate, the result will be increases in disposable income and therefore increases in consumer spending. The strong dollar in relation to foreign currencies makes US goods more expensive, however this does not have an adverse effect on Dick’s Sporting Goods because it generates the vast majority of its sales domestically. Industry Analysis Dick’s Sporting Goods operates in the Sporting Goods Stores Industry within the Retail Sector.Companies in this industry retail new sporting goods including sports equipment and apparel, exercise and fitness equipment, footwear and other s porting goods and accessories. Dick’s Sporting Goods also owns 81 Golf Galaxy stores in 30 states. DKS operates in off-mall locations and feature an interactive store-within-a-store environment. Revenue growth for the past five years in the industry has been volatile due to drivers such as high volatility in disposable income. Average annual revenue growth over the past five years was just 0. 3% and the forward five years are forecasted for average annual revenue growth of 2. % Porter Five Forces Barriers to Entry The most dominant barrier to potential entrants into the industry has to do with the large start-up costs associated with firms. The initial cost of establishing a retail outlet or acquiring a retail outlet with sufficient inventory to supply customers is a great inhibitor to new entrants. High marketing and advertising costs are also important cost barriers to be dealt with in order to become competitive in the industry. This expenditure increased in the five years to 2011, which was a directly from rises in competition.This has caused massive investment in brand promotion and promotional campaigns in attempts to increase store traffic and differentiate. This is another capital barrier to entry for possible entrants. In addition, the present and well-established channels of distribution between suppliers and the major players of the industry can be a major deterrence. In order to achieve success new entrants would have to need to somehow establish strong relationships with the upstream manufacturers and wholesalers in order to obtain high quality, low-priced stock. CompetitionDespite their low market shares individually the concentration in the Sporting Goods Stores industry is increasing due to increases in M&A as of late. This trend along with the growth in the number of outlets operated by the larger players of the industry create high levels of difficulty for the smaller and specialty firms within the industry. These smaller firms have be en forced to reduce product margins in order to remain competitive. In addition, IBISWorld estimates that through 2016 the number of enterprises within the industry will grow at an average rate of 0. 9%, further intensifying competition.There has been recent competition from department stores and other mass merchandisers and IBISWorld predicts that this will be the single biggest threat to the industry in the years to 2016. Because of their great size and buying power, these competitors are able to offer merchandise at considerably lower prices and in bulk quantities. From there department stores and mass merchandisers are able to pass cost savings onto the consumers via lower prices, while still maintaining margins. Large chains like Walmart and Target can also lower prices more readily making it harder to compete on price.This has caused larger Sporting Goods Store Chains to open â€Å"superstores† that allows them to compete more effectively on price with department stores . Substitutes/Compliments In terms of sports equipment, which is the largest product segment in the industry, market share has declined since 2000 and can be attributed to the growth in the rental market. With declining disposable income levels, it became more cost effective for consumers to rent sports equipment then purchasing it outright. Sale of sports equipment by external competitors like department stores has also accounted for this loss in market share.Other substitutes that affect this industry have to do with how people spend their leisure time and competition with products such as toys, crafts, fashion, and music related items exist because of this factor. Home entertainment products also directly compete with sporting and recreational goods depending on how consumers spend their leisure time. With advances in technology the competition for these substitutes increases, which holds true in advances in video game systems, computer games, and online resources to spend leisur e time.Buyer Power Buyer power can be seen mostly through the affects that disposable income takes on industry sales. The products that Sporting Goods Stores would not be generally viewed as necessities and therefore sales are hurt when consumer spending takes a downturn due to tightening of disposable income. Fluctuations in income levels among consumers also alters price levels of goods purchased. In continuing with price, price remains the single largest basis of competition between firms within the industry.Consumers are price conscious and will ensure that they purchase goods at the best possible price. Therefore, buyers have the power to shift pricing points of firms and facilitate competition based on those pricing points. Along with price comes quality and the demand for popular branded items by consumers. Consumer preferences can determine the range of merchandise carried by companies and also the brands that stock the shelves. Therefore changes in consumer preferences grea tly affects the products offered to public by consumers and the quality of products offered. Supplier PowerSupplier power within the industry has come mostly in retailers seeking exclusive contracts with them in the hopes that those retailers gain an advantage over rivals with the types of products they are able to offer. For example, Foot Locker, which is more of a sports apparel retailer but nonetheless, has secured specific partnerships with Adidas and Reebok for the back-to-school period. With the partnership Foot Locker became the exclusive retailer of new-release Adidas and Reebok shoe products. This trend of seeking exclusive contracts with suppliers is forecasted to ontinue in the future in hopes of increasing industry revenue. However, this also gives more power to suppliers in terms of which companies they competitively position themselves with. Big Four Analysis Demographics Sports participation rates by age have a pretty solid effect on industry revenue. Children aged 5 to 17 years old are estimated to represent the key market for the industry, comprising of about 53 million individuals. This age group also has the highest participation rates in sports, thus driving sales for this age demographic.The problem is that as this age group gets older there is a trend of decreases in sports participation in order to focus attention on activities other than sports. The relative size of this market in the five years to 2016 is expected to decrease by 9% because of this changing of activities. Also, as people live longer they want to maintain healthy lifestyles, which is why the aging baby boomers are expected to lead to higher sports participation rates among people 64 years and older. This will have a very favorable effect on the industry given the vast number of individuals that fall within this category.Sporting Goods Stores are also found to greatly position themselves in areas of the United States most densely populated. The industry is largely concent rated in the Southeast and West regions, which account for 24. [email  protected] and 17. 5% of industry establishments. These two regions also account for the largest share of US population at 25. 2% and 17. 0% respectively. Lifestyle Increases in consumer awareness regarding living healthy lifestyles and incorporating regular exercise into their daily lives is a positive factor for the industry.This lifestyle thus boosts sports participation rates resulting in increasing revenue for industry players. There has also been recent rise in popularity for sports activities that strengthen the mind-body spiritual connection, which also has a positive effect on the industry. Another key driving factor that has positive results for the Sporting Goods Stores Industry is the national culture of the United States. Sports are a very important part of our nation’s culture whether it be via the professional sports exposure or the team sport participation driven by association with secon dary and tertiary schools.The exposure and the vast amount that sports are imbedded within our every day life create continued positive figures in terms of sports participation. Legal/Regulatory Sports retailers that sell firearms must comply with the Federal Brady Handgun Violence Prevention Act, requiring retailers to perform presale background checks of consumers who want to purchase hunting rifles. Each background check generates a specific transaction number that is recorded on Form 4473 of the Bureau of Alcohol, Tobacco, and Firearms and retained for 20 years for auditing purposes.In addition retailers must hold a federal firearms license. Retailers are not exposed to tariffs on goods supplied but do have a range of organizations that provide guidance and support to them. Some key examples of such organizations include the National Retail Federation, the American Apparel and Footwear Association, and the National Sporting Goods Association. Technology Some technological advanc es that have made firms more competitive in the industry include, point of sale systems, bar-code scanning and electronic data interchange.These enable firms to control merchandising, distribution, sales, and markdowns. Increases in labor productivity have also been a direct result of such technological advances. Establishments of online means of shopping also have given retailers another channel of product distribution and have created further competition. Some technological threats to the industry have to do with shifts in consumer preferences as far as how they spend their leisure time. Wii Sports for Nintendo is an example of this as consumers have shifted to digital games as opposed to physical sports.The Wii series also offers additions such as Wii Fit and Wii Fit Plus Yoga, which shows the ways in which consumers view sports participation has altered. Technological advances in video and computer games have enhanced the quality, affordability, and experience of undertaking the se leisure activities and continued growth in those areas has a drastically negative effect on traditional sporting activities and the Sporting Goods Stores Industry as a whole. Industry Life Cycle The Sporting Goods Stores Industry is currently in the mature stage of their ife cycle, with growth rates failing to outpace the overall economy, the consolidation of the industries players, and the lack of product innovation significant enough to change the industry’s landscape. Maturity in the industry has been supported by competition from department stores and the lack of change in the key buyers and sellers of sporting goods along with a slowdown in the rate of technological advances. Department store competition has caused contraction within the industry, which is typical of a mature industry.While more affluent firms have been the primary targets for consolidation, the industry also experienced a decline in the number of non-employing operators, such as the small â€Å"mom and pop† stores. Finally, while manufacturers look to continue enhancing product designs and functionality to make products faster, lightweight, more durable, and more versatile, these types of product advancements generally have little impact on the overall growth of the industry. These product advances aren’t the catalyst that can propel this industry into a growth phase.Sporting Goods Stores as % of GDP (in millions) Year| 2006| 2007| 2008| 2009| 2010| Industry Sales| 38,132. 60| 39,980. 40| 39,826. 80| 39,000. 00| 38,385. 70| Sales Growth| -| 4. 8%| -0. 4%| -2. 1%| -1. 6%| Nominal GDP| 13,398,800| 14,061,800| 14,369,100| 14,119,000| 14,582,400| GDP Growth| -| 4. 95%| 2. 19%| -1. 18%| 3. 28%| Sales as % of GDP| . 285%| . 283%| . 271%| . 272%| . 265%| The industry sales chart that is shown above includes all companies that operate within the Sporting Goods Stores Industry, from major players to small and specialty stores.From the data above we can see that revenue gro wth for the industry has lagged behind Nominal GDP growth. Supporting the notion that the industry is in the mature stage. This was most likely caused by the fact that growth in the industry over the previous five years was hit hard by declines in consumer spending and consumer deleveraging. Declines in consumer confidence and consumption levels seemed to affect Industry revenue than Nominal GDP as a whole. Sporting Goods Stores Companies with over $250 million in Sales as % of GDP (in millions) Year| 2006| 2007| 2008| 2009| 2010|Industry Sales| 9,705. 20| 11,404. 40| 11,881. 10| 12,265. 80| 12,838. 50| Sales Growth| -| 17. 5%| 4. 18%| 3. 24%| 4. 67%| Nominal GDP| 13,398,800| 14,061,800| 14,369,100| 14,119,000| 14,582,400| GDP Growth| -| 4. 95%| 2. 19%| -1. 18%| 3. 28%| Sales as % of GDP| . 00072%| . 00081%| . 00083%| . 00087%| . 00088%| The second chart is the same breakdown as the one before, however it is a make up of only the 7 firms in the industry that receive revenue over $25 0 million on an annual basis (Sports Authority is included but is privately held so only basic revenue data was able to be retrieved).What we see now is quite a different story, with industry revenue growth outpacing Nominal GDP growth in all years of the historical breakdown. This suggests that the large cap firms within the industry are not as mature in nature as the broad industry and have ample room for growth in the future. This would suggest that based on the forecasts of increased consumer spending/consumption in the future as the economy strengthens and consumer confidence returns, growth figures for these large cap firms will be even higher. Dick’s Sporting Goods Analysis Review of Annual Report Key Risk FactorsThe following are some of the risk factors presented from management as their biggest threats in terms of influencing sales. : * Economic and financial downturn causes declines in consumer spending, which will adversely affect the company’s operations. * The business is very seasonal and is highly dependent on the success of the 4th quarter. * The industry is very sensitive to general macroeconomic changes that would affect either consumer sentiment or consumer spending. * The terms of their senior secured revolving credit facility impose certain restrictions that may impair their ability of available capital. The lack of acceptable retail store sites on terms acceptable to Dick’s Sporting Goods, rising real estate prices and other costs related to new store openings could limit expansion plans. * Private brand offerings, which are being emphasized more and more, expose DKS to many other risks than more popular brands. * If inflation were to increase it would greatly affect Dick’s Sporting Goods’ operating results unless DKS was able to fully pass on the increases in costs to the consumer via price. Legal Proceedings In 2011 Dick’s Sporting Goods has 14 cases ongoing in litigation, which is down from 20 10 when there was 39.One of the cases that received a lot of notoriety recently was Tamara Barrus vs. Dick’s Sporting Goods in 2010. Barrus was a former employee who was suing her former company on claims that DKS failed to pay her wages and failed to compensate her for overtime. The reason this case got so much attention was because as the case drew on, additional claims were added to the case from 35 other states with the same allegations. The settlement ended up being for approximately $10. 8 million before taxes in favor of Barrus and the other defendants.What is important to note is the potential vast negative effect this could have had on DKS’s reputation as well as the losses they had to pay in court. Off Balance Sheet Arrangements The off balance sheet arrangements for Dick’s Sporting Goods relate to operating leases, future minimum guaranteed contractual payments, and letters of credit. In the annual report, Dick’s Sporting Goods holds a firm sta nce that these off balance sheet items do not have any material effect on the financial condition of the company, revenues or expenses, results of operation, liquidity, capital expenditures, or other resources.When looking at the figures however there seem to be a different story. DKS lists $3,717,112,000 in total contractual obligations and $21,527,000 in total other commercial commitments that are not listed on their balance sheets. This would definitely seem to affect their operations and liquidity when looking at the magnitude of those numbers. In addition, DKS lists over $200 million in goodwill on its financial statements but its largest subsidiary Golf Galaxy was determined to have their goodwill unit fully impaired upon further investigation, which calls into question the size of the goodwill figure.DKS lists $130,496,000 in financing leases and $9,524,000 in capital leases, the financing leases do not have to be listed in financial statements but as you can see carry a very large amount. Finally, Dick’s Sporting Goods agreed to new terms on its Credit Agreement that allow DKS to incur unlimited capital lease obligations and indebtedness to finance the acquisition or improvement of any fixed capital assets. The new agreement also allows Dick’s to increase their ability to incur up to $200 million of unsecured indebtedness. ManagementIn examining the upper management of Dick’s Sporting Goods there are only a few things that I would like to point out. Edward Stack, whose father founded Dick's, has served as chairman and CEO since 1984. One area for concern is the board's staggered terms and the firm's dual-class common stock structure, which includes Class B shares with super-voting rights. Stack owns about 26% of the outstanding shares (including 23 million Class B shares) and controls 66% of the voting power. This drastically limits the control of minority shareholders.Dick's also has takeover defenses in place to prevent potential suitors from acquiring the firm. Executive compensation is weighted toward Stack, who received more than $7 million in total compensation over the past two years while the other top four officers received between $3. 8 and $1. 2 million. Salaries, all less than $1 million, are relatively small in the executive compensation system, but stock awards and stock options have been generously given and have consistently increased share counts. The dealings of the CEO and his family are also means for concern.Company SWOT Analysis Strengths Store-within-a-store merchandising concept With this type of merchandising model Dick’s Sporting Goods is able to gain advantages as a large store as well as that of a specialty store. Each of DKS’s large 50,000-75,000 square foot buildings it has specialty stores including: Golf Pro Shops, Footwear Centers, Fitness Centers, Outdoor Centers, and Team Sports. Deep product selection and knowledgeable staff are two advantages that DKS is able to provide with these specialty shops.These stores focus on specific categories and carry very deep products selections within each area of interest. The area that hurts specialty stores is competing on price but since DKS is also a mass merchandiser it is able to be competitive on price in that aspect. The combination of these two types of stores increases the average spend, customer satisfaction, price competitiveness, and product selection. Leading Market Position Garnered from Competitive Pricing Dick’s Sporting Goods is the leader in market share in the industry capturing about 13. 4%.The small number of large cap firms in the industry create an attractive competitive dynamic for these companies, as they have better bargaining power and can pass on the benefits of this large scale to customers in the forms of lower prices and higher quality merchandise. At the end of fiscal year 2011 DKS operated 486 stores and has growth plans set in the motion to increase that number at a staggering rate. A key aspect that has fueled its market position is its price positioning. DKS maintains a policy of matching competitor’s advertised prices and maintains the notion of providing value at each price point.Weaknesses Strained Relationship with the Employees Dick’s Sporting Goods has been involved with labor issue lawsuits over the past few years. Claims by former employees of failing to pay wages and overtime wages and various class action lawsuits. These not only deteriorate the relationships between corporate and lower level employees but also result in financial loss and gives a hit to the company’s overall reputation. Opportunities Increased Health Consciousness As mentioned in the lifestyle section, the health and wellness trend is expected to gain tons of momentum in the coming years.Industry analysis shows that yoga, aerobics, tennis, hiking, and running/jogging were the top five sporting activities that people were involved in 2010. Growing participation in these areas can be attributed to growing public awareness and emphasis on the benefits of a healthy lifestyle. In order to take advantage of this DKS can push its exercise/fitness equipment areas and fitness apparel lines, which would directly benefit in sales from higher participation in those five sporting areas mentioned. Offering Merchandise with Higher Margins in order to Enhance Profitability DKS has been ontinually improving profitability by offering higher margin merchandise such as apparel and footwear. In 2010, DKS incorporated Nike Field House shops at its retail outlets and plans to open 100 Nike Field House shops at its stores by the end of 2011. By partnering with manufacturers who are trying to push these types of products, DKS stands to benefit by way of product differentiation and product exclusivity as it is Nike’s key strategic apparel partner. More initiatives such as this will stand to boost profitability for DKS and will increase its return on investments. Threats Lower Participation in GolfPrimarily due to the economic slowdown there has been a decline in golf participation in the last few years as club members have not been able to afford the high fees charged by golf clubs. According to estimates participation is down 11. 5% from the year before, which has led to sluggish sales growth in that area for DKS. Gold equipment related purchases decreased 14% industry wide last year, which is a threat to Dick’s Sporting Goods as the revenue from the sale of golf equipment forms an important part of DKS’s total revenue. It also hurts the sales revenue of the 81 Golf Galaxy stores that are owned by Dick’s Sporting Goods.Non-replicable Characteristic of Products Demand for particular sporting goods equipment depends heavily on the region of the United States and DKS has limited scope in terms of replicating its products across all of its stores because of this. Climate changes play a significa nt role as well in the merchandising mix to be offered in regions and demands changes in the seasonality of certain products. With these obstacles to deal with, it limits DKS’s ability to have huge gains on inventory even though it is a large retailer. Trend Ratio Analysis Key Growth Ratios, YOY| 2007-01| 2008-01| 2009-01| 2010-01| 2011-01| Revenue %| 18. %| 24. 9%| 6. 2%| 6. 8%| 10. 4%| Net Income %| 3. 6%| 3. 9%| (1. 0%)| 3. 1%| 3. 7%| Dick’s Sporting Goods has had positive growth each of the last five years in terms of revenue, and has had positive growth four of the last five years in terms of their bottom line. This can be attributed to its strong position with the industry in terms of market share and its ability to compete on price as a mass merchandiser and be profitable in terms of its specialty stores. Growth looks to continue in the future for DKS with analysts predicting around 8% growth in fiscal year 2012 and low double digit growth in 2013.Liquidity/Fina ncial Health| 2007-01| 2008-01| 2009-01| 2010-01| 2011-01| Current Ratio| 1. 5x| 1. 4x| 1. 7x| 1. 5x| 1. 8x| Quick Ratio| 0. 3x| 0. 1x| 0. 2x| 0. 3x| 0. 7x| Cash Conversion Cycle| 59. 5| 66. 8| 71. 4| 62. 5| 51. 3| Receivables Turnover| 90. 2x| 76. 5x| 68. 9x| 94. 7x| 138. 4x| Inventory Turnover| 3. 8x| 3. 6x| 3. 4x| 3. 7x| 3. 8x| Dick’s Sporting Goods’ liquidity ratios seem pretty stable over the past five years. However, the quick ratio is very lower compared to the current ratio because inventory represents such a large part of DKS’s current assets.Despite this the quick ratio has been increasing over the past four years of operation. DKS’s cash conversion cycle has declined in recent years after extreme growth in the beginning of the last five years. Inventory turnover has been pretty stagnant for Dick’s Sporting Goods and DKS should look to improve this number in order to reduce inventory costs and storage costs. Finally the receivables turnov er of Dick’s Sporting Goods has seen great growth in the past five years meaning that it has been doing a better job of collecting on its accounts receivable.Profitability| 2007-01| 2008-01| 2009-01| 2010-01| 2011-01| Asset Turnover| 2. 3x| 2. 2x| 2. 1x| 2. 1x| 2. 0x| ROA| 9. 1%| 9. 4%| 7. 5%| 7. 0%| 8. 3%| ROE| 21. 8%| 20. 0%| (4. 5%)| 13. 7%| 14. 9%| ROIC| 17. 7%| 18. 0%| 14. 0%| 12. 8%| 14. 7%| Dick’s Sporting Goods’ profitability ratios are down from their beginning levels in this recent five-year period. These are unfavorable trends in terms of investor confidence. Return on Equity is lower than the beginning of the period by 6. 9% and Return on Invested Capital is at 3% lower than fiscal year 2006 levels.The good note is that all the ratios are improving from the previous year in attempts to return to levels prior to the recession. These ratios will hopefully increase as consumption increases and consumer confidence returns to pre-recessionary levels. Leve rage Ratios| 2007-01| 2008-01| 2009-01| 2010-01| 2011-01| Debt/Equity| 29. 2%| 20. 4%| 20. 3%| 13. 1%| 10. 3%| Long-term Debt/Equity| 29. 1%| 20. 4%| 20. 2%| 13. 0%| 10. 3%| Interest Coverage| 18. 2x| 13. 2x| 13. 7x| 51. 9x| 22. 8x| Financial Leverage| 0. 29| 0. 20| 0. 20| 0. 13| 0. 10| Dick’s Sporting Gods has approximately $. 3 of liabilities for every $1 of assets. Dick’s has also done a very good job of reducing its long-term debt relative to equity in addition to reducing its debt relative to equity. In addition DKS currently covers its interest expenses 22. 8 times with earnings. This is a significant drop from the previous year but it is an overall increase from the beginning of the five years leading to fiscal year 2010. Cross Sectional Ratio Analysis I chose to compare Dick’s Sporting Goods with Cabela’s Inc. and Big 5 Sporting Goods, which are its two biggest publicly owned rivals in the industry.All three are industry leaders in many statistica l and ratio categories. For comparison sake I will use the most recent fiscal year (2010) for the cross sectional ratio analysis of the three firms. Key Growth Ratios, YOY| DKS| CAB| BGFV| Revenue %| 10. 4%| 4. 3%| 0. 1%| Net Income %| 3. 7%| 5. 0%| 2. 3%| In looking at the year-over-year key growth ratios, Dick’s Sporting Goods’ revenue is more than double above Cabela’s and substantially higher than Big 5 in the most recent fiscal year. DKS is only second however in year-over-year net income, losing out to its closest industry competitor Cabela’s Inc.Liquidity/Financial Health| DKS| CAB| BGFV| Current Ratio| 1. 8x| 2. 0x| 1. 8x| Quick Ratio| 0. 7x| 1. 6x| 0. 1x| Cash Conversion Cycle| 51. 3x| 76. 4x| 100. 3x| Receivables Turnover| 138. 4x| 61. 0x| 63. 2x| Inventory Turnover| 3. 8x| 3. 3x| 2. 5x| The current ratios for the industry leaders are pretty similar across the board and CAB is the leader of the three in terms of quick ratio with DKS in second. I n terms of receivables turnover, Dick’s Sporting Goods is much more efficient in collecting on its accounts receivable than either CAB or BGFV, however DKS is last of the three in its average cash conversion cycle.Finally, DKS is has the best inventory turnover among the top three public players of the industry meaning that it is more efficient in reducing its inventory costs and DKS does a better job of getting its products off the shelves and into the customer’s hands. Profitability| DKS| CAB| BGFV| ROA | 8. 3%| 3. 4%| 5. 9%| ROE| 14. 9%| 11. 2%| 14. 6%| ROIC| 14. 7%| 5. 1%| 11. 3%| Profitability measures of the industry’s three largest players shows that Dick’s Sporting Goods earns greater income off of their equity relative to its two competitors.Return on Assets and Return on Invested Capital also favor DKS in comparison to its peers. Leverage Ratios| DKS| CAB| BGFV| Debt/Equity| 10. 3%| 227. 4%| 34. 4%| Long-Term Debt/Equity| 10. 3%| 120. 8%| 33. 1% | Interest Coverage| 22. 8x| 9. 5x| 25. 8x| Financial Leverage| 0. 10| 4. 42| 2. 60| As you can see Dick’s Sporting Goods is a much less levered company in comparison to its two largest competitors. It has drastically lower debt to equity ratios and a dramatically lower financial leverage statistic. This make Dick’s Sporting Goods a less risky company in comparison to Cabela’s Inc. and Big 5 Sporting Goods Inc.However, DKS’s beta is slightly greater than one; around 1. 24, which means that its is riskier than the market. Analyst Analysis/Estimates A key factor in DKS’s merchandising strategy is strong vendor relationships. Most mass merchants and specialty retailers have limited access to sports equipment because they can’t offer the high level of service that manufacturers demand from the firms they supply to. The store-within-a-store layout however Dick’s Sporting Goods provides that high level of service through experienced profess ionals, value-added repairs, maintenance, and assembly services.There is also an interactive shopping experience for customers with them being able to try products out before purchase, which most competitors don’t match. Dick’s has a great opportunity to expand nationwide in terms of number of storefronts and overall market share. Management has identified the potential for at least 900 DKS stores in the US before it nears saturation, which means that as of right now Dick’s is only halfway to its ultimate goal in terms of store base. It’s estimated that Dick’s Sporting Goods will open on average 36 new stores per year in the near future, suggesting a mid/high single digit square footage growth rate.In the long run, analysts expect more M&A similar to the acquisition of Golf Galaxy in order to provide immediate market penetration into several new markets. These types of acquisitions will also give DKS a better understanding of local markets, which w ill allow for DKS to adjust for regional preferences as discussed earlier. Dick’s Sporting Good’s category-leading inventory turns and high profitability within the industry will likely produce enough cash to fund its store growth initiatives in the near future.This will prevent DKS from having to turn to capital markets or the use of levering up. This will allow the firm to remain one of the industry’s healthiest companies financially. Analysts give Dick’s Sporting Goods a Fair Value Estimate of $41 per share, which is an increase from prior estimates based off of longer term operating margin assumptions. In terms of comparable ratios for valuation, analysts’ fair value estimate implies 22 times forward earnings, 9 times enterprise value to EBITDA, and 3% free cash flow yield.In terms of operating margin, analysts estimate that it will be on average between 8%-9%, which is a conservative estimate compared to company estimates of double-digit margi ns in the next three to five years. The model that the Morningstar analysts are using takes into account the growth plans that Dick’s Sporting Goods has in the future in terms of store openings at an average of 35 per year and that the chain reaches a total store count of more than 800 in the next 10 years at the end of the forecast.For fiscal year 2012, the model gives just under 8% growth in revenues, continued leverage of operating margins are to reach 8% on both gross margin improvement and SGA leverage. In 2013, analysts project low double-digit growth on a faster store-opening rate and slightly improved same-store sales along with flat operating margins as percentage of revenue. DuPont Ratio Analysis Over the most recent five-year period, Dick’s Sporting Goods saw drastic decreases in Return on Equity and moderate decreases in Return on Assets.By breaking down these ratios into the Dupont formula we can see what played a part in these decreases. Return of Assets= Net Income/Total Assets= Profit Margin*Asset Turnover | 2007-01| 2008-01| 2009-01| 2010-01| 2011-01| ROA=NI/TA| 9. 1 %| 9. 4 %| 7. 5%| 7. 0%| 8. 3%| Profit Margin= NI/Sales| 20. 93%| 20. 68%| 15. 75%| 14. 7%| 16. 6%| Asset Turnover= Sales/TA| 2. 3| 2. 2| 2. 1| 2. 1| 2. 0| From dissecting Return on Assets further we see that the main contributor to the decreasing ROA was the decreases in profit margin from the beginning of the most recent five-year period.Profit margins were cut because due to decreases in consumer spending during recessionary periods, Dick’s Sporting Goods was forced to cut its prices while input costs remained high, thus narrowing margins. Asset turnover was reduced during this five year period but not at a significant enough rate to be a major contributing factor to the massive decreases in Return on Assets. We now look at the Return on Equity based on the Return on Assets computations. | 2007-01| 2008-01| 2009-01| 2010-01| 2011-01| ROE= ROA*TA/EQ| 21. 8%| 20. 0%| (4. 5%)| 13. 7%| 14. 9%| Fin. Lev= TA/EQ| 0. 29| 0. 0| 0. 20| 0. 13| 0. 10| With the financial leverage decreasing because of there being less equity in the market as the recession continued after 2007, in order for Return on Equity to increase the ROA needed to offset that decrease in financial leverage. As we saw before, due to the drastic drops in profit margin over the period the Return on Equity suffered also. Therefore, variability in ROE can be attributed to volatility in the Return on Assets of Dick’s Sporting Goods. (Some of the values are not exact because of miscalculations in on the part of the Capital IQ database).Valuation P/E Multiplier The current P/E for Dick’s Sporting Goods is 20. 1. Since the economic outlook calls for expansion I will use the average annual growth of earnings from 2002-2007, which was deemed an economic expansion era. The average annual earnings growth rate over this time period is 24. 084%. This is a realistic estimation because if the economic forecast proves correct the we would experience a similar type of growth as we did post Internet bubble crisis, which is right around the beginning of 2002. Dick’s Sporting Good’s current earnings per share is $1. 92.Therefore, in order to get estimated earnings you take the current earnings per share and multiply it by the average annual growth rate of earnings during economic expansionary times. This gives us estimated earnings of $1. 92*(1. 24084)= $2. 3824. From there we multiply expected earnings per share times the current price to earnings ratio in order to get the intrinsic value based on this valuation model. Therefore we take 20. 1*$2. 3824 to get an intrinsic value of $47. 886. The current stock price of DKS is $38. 53 (as of 11/29/11). This would suggest that the market undervalues DKS by about 19. 54%.Free Cash Flow to Equity Approach In using the free cash flow to equity approach there are many inputs in which you need to identify and defend their use. Here are some of those inputs: * WACC=11. 64%; This was based off of a WACC calculator in which total debt and total equity were extracted from the most recent financial statements, corporate tax was 38. 8% based on public information, cost of debt was 7. 0% based on analyst information, and cost of equity was found using CAPM. For risk free rate the 3 year treasury rate was used of . 4% and for market return the 3 year return on the Russell Midcap Growth Index of 10. 8% was used because that is the style of stock DKS is and 3 years after analyst growth estimates for 2012 and 2013 is when we expect economic expansion. * 2012 growth rate is 8% based on analyst estimates and 2013 growth is 11% based on analyst estimates. * From 2014 until 2016 we expect there to be growth but at a decreasing rate of about 1. 5% per annum until after 2016 when we expect growth to mimic economic expansion from 2002-2007 in which the average annual growth rate was 6. 31%. Calculatio n of Intrinsic Value on Following Page Year| FCF/Share| 2002| . 3902| 2003| . 3168| 2004| . 0283| 005| . 3412| 2006| . 0541| 2007| . 7692| 2008| -. 5089| 2009| 2. 2119| 2010| 1. 8934| 2011| 2. 032| 2012| 2. 19456| 8% growth| 2013| 2. 43596| 11% growth| 2014| 2. 66737| 9. 5% growth| 2015| 2. 88077| 8% growth| 2016| 3. 06802| 6. 5% growth| Perpetuity| 61. 1934| 6. 31% growth| Intrinsic Value| $41. 0685| The current stock price is $38. 53 (as of 11/29/11), and based on the intrinsic value this suggests that the market undervalues DKS by about 6. 18%. Summary of Analyst Reports According to Morningstar Investment Research Center, the fair value estimate for Dick’s Sporting Goods is $41. 0. In addition, analysts recommend to consider buying the stock at $24. 60 and consider selling the stock at $63. 60. Morningstar also gives Dick’s Sporting Goods a three star rating. In looking at YahooFinance the mean target for the stock based on analyst estimates is $46. 50 with a high target of $50. 00 and a low target of $36. 00. Accordingly, this month there are 10 Strong Buy recommendations, 7 Buy recommendations, 9 Hold recommendations, and 1 Underperform recommendation. Beta Coefficient Dick’s Sporting Goods has a Beta coefficient of 1. 4, indicating that it is generally more risky than the general market. This risk factor is most likely determined by the high revenue volatility that the industry is exposed to as a direct result of consumer spending and also due to the industry’s mature state. Technical Analysis In examining Dick’s Sporting Goods using technical analysis I chose to pick a few popular technical analysis indicators and use them to assess DKS. First we look at Bollinger Bands, which are variable width bands that become narrower during less volatile periods and wider during more volatile periods.In examining the Bollinger Bands for DKS we can see that as of right now there seems to be low levels of volatility in pricing espe cially compared to August where there was much volatility in pricing for DKS along with the overall market. The recent lower volatility would suggest stable pricing trends to continue in the near future. Next I looked at the Relative Strength Index. The RSI is a calculation where average up and average down are calculated using a simple average method for the initial observation. Subsequent values are computed using these initial values in conjunction with a damping factor to smooth out extreme points.An RSI indicator falling below a value of 30 indicates an oversold condition. A buy signal is triggered when the indicator crosses 30 from below. Similarly, an RSI value greater than 70 indicates an overbought condition. A sell signal is triggered when the indicator crosses 70 from above. If you look at the bottom half of this picture you can see the Relative Strength Index for the current year. In going with the description on the previous page, it seems that in late August/early Sept ember the RSI crossed 30 from below, which would have signaled a buying situation at the time.In looking at other technical analysis trends, financial visualizations or FINVIZ. com, gives distance from simple moving average statistics. The SMA50, or the distance from the 50 day simple moving average is 3. 25%, which according to the site is a favorable statistic. In addition it states that the SMA200 or the distance from the 200 day simple moving average is 2. 28%, which is once again a favorable statistic according to the site. Conclusions * Dick’s Sporting Goods has the leading market share in a mature Sporting Goods Stores industry that’s marked by high levels of pricing competition. The industry is very dependent on consumer spending and disposable income per capita. Decreases in these along with consumer confidence pose huge threats to the industry as we saw with the extremely marginal average annual growth from 2006 to 2011. * DKS is the leader in the golf indust ry with its acquisition of Golf Galaxy and its us of the store-within-a-store model for specialty golf stores. * The industry is seeing decreases in sports participation among children in lieu of other avenues to fulfill leisure time that could put restraints upon growth within the industry. Dick’s Sporting Goods’ high lease expense represents off-balance-sheet financing and means the company is more leveraged than investors realize. * DKS has benefitted from its ability to compete on price as a mass merchandiser and from offering deep product selection and higher margin items within it’s specialty stores. * Management has store expansion plans that on average would open up about 35 new stores per year and would put Dick’s Sporting Goods over 800 stores within the 10 year forecast, which is just under the estimate for number of stores until saturation. ————————————— —- [ 1 ]. Zumbrun, Joshua. â€Å"Fed Says Economy Has Picked Up While Still Detecting ‘Significant’ Risks. † Bloomberg – Business & Financial News, Breaking News Headlines. Bloomberg, 2 Nov. 2011. Web. [ 2 ]. EVANS, KELLY. â€Å"Housing Market May Be Nearing a Bottom. † Business News & Financial News – The Wall Street Journal – Wsj. com. Wall Street Journal, 21 Nov. 2011. Web. [ 3 ]. Bureau of Economic Analysis. Personal Income and Outlays: October 2011. Accessed 11/27/11. [ 4 ]. Bureau of Economic Analysis. Real Personal Consumption Expenditures.Accessed 11/27/11 [ 5 ]. Bureau of Labor Statistics. Employment Situation Summary. October 2011. [ 6 ]. IBISWorld Market Research Industry Report. Sporting Goods Stores. Accessed 11/21/11 [ 7 ]. BizMiner [ 8 ]. Bureau of Economic Analysis [ 9 ]. BizMiner [ 10 ]. Bureau of Economic Analysis [ 11 ]. â€Å"Capital IQ. † Financial Records: DKS. Accessed 11/30/11 [ 12 ]. â€Å"Capita l IQ. † Financial Statements: DKS, CAB, BGFV. Accessed 11/30/11. [ 13 ]. Morningstar Investment Research Center. Swinand, Paul. Analyst Research: DKS. Accessed 11/21/11. [ 14 ]. â€Å"Capital IQ. † Financial Statements: DKS. Accessed 11/30/11.