Monday, September 30, 2019

Model Stock Research for the Time-Warner Company Essay

Macroeconomic Review Being one of the fastest-paced and highest-profile industries in the world, the media sector has been in a whirlwind of change this past decade. There has been an explosive boom and bust and, of late, boom again, of internet technology. This has dramatically influenced media delivery. Clampdowns on shady accounting practices, assets changing hands and a more discerning and demanding media audience have also ensured that changes in the industry occurred at break-neck speed. This is why global media giant, Time Warner, has sought to embrace these challenges of the Information Age. Indeed, Time Warner had uniquely positioned itself to benefit from the explosive changes. Their size and resources make them a formidable competitor in the media arena because of their efficiency in an increasingly global environment. In front of the media arena, the average US citizen is confronted by more than 1,500 dailies, over 5,700 weekly newspapers, some 17,000 magazine titles, 10,000 commercial radio stations and more than 1,600 TV stations. Nielsen Media Research reported that as of January 2003, 98.2% of the over 100 million households own at least one TV set, with 69.8% of them hooked up to cable. The US also exports a massive amount of its media, which has become almost staple fare around the world. CNBC alone boasts a reach of 192 million households worldwide, with 82m of them in the US and Canada. The latest available GDP statistics from the US Bureau of Economic Analysis show that the radio and TV industry contributed $72.9 billion to the US GDP in 2001, up from $71.1 billion in 2000. Total US GDP for 2001 was $10,082 billion. In 2006, the US GDP is estimated at 3.2%, while the interest rates are at 8% (See Table 1). Table 1. United States – Country Data and Market Indicators (EIU, 2006). Series Units 2001 2002 2003 2004 2005 2006 Gross Domestic Product Key indicators GDP (% real change pa) 0.8 1.6 2.5 3.9 3.2 3.2 Fiscal and monetary indicators Interest rates Lending interest rate (%) 6.9 4.7 4.1 4.3 6.2 8.0 Inflation and wages Consumer prices (% change pa; av) 2.8 1.6 2.3 2.7 3.4 3.3 Demographics and income Population M 285.1 288.0 290.8 293.6 296.4 299.7 GDP per head ($ at PPP) PPP 35524.2 36352.8 37691.7 39894.3 42023.7 44110.0 Population Population M 285.1 288.0 290.8 293.6 296.4 299.7 Population (% change pa) 1.0 1.0 1.0 1.0 1.0 1.1 Labour force M 143.8 144.9 146.5 147.4 149.3 151.4 Recorded unemployment (%) 4.7 5.8 6.0 5.5 5.1 4.6 Income GDP per head US$ 35524.2 36352.8 37691.7 39894.3 42023.7 44110.0 Private consumption per head US$ 24745.9 25523.4 26491.1 27969.4 29495.1 30960.0 GDP per head ($ at PPP) PPP 35524.2 36352.8 37691.7 39894.3 42023.7 44110.0 Real GDP growth per head (% pa) -0.2 0.6 1.5 2.9 2.2 2.1 Personal disposable income bn  LCU 7486.8 7830.1 8162.5 8681.6 9036.1 9580.2 Personal disposable income (US$) M  US$ 7486840.0 7830080.0 8162530.0 8681560.0 9036100.0 9580150.0 Real personal disposable income (US$ at 1996 prices) M  US$ 6860090.0 7074210.0 7231140.0 7493920.0 7581650.0 7811600.0 Real personal disposable income (% change pa) 1.9 3.1 2.2 3.6 1.2 3.0 Average real wage index (LCU, 1996=100) 107.3 108.9 109.4 108.9 108.1 108.6 Average real wages (% change pa) 1.0 1.5 0.4 -0.5 -0.7 0.5   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Fact remains that US is the world’s biggest media producer as well as consumer. Advertising is the main source of revenue, although some sectors also create revenues from subscriptions. Media concerns with entertainment arms have additional sources of income through takings from gaming, distribution rights, amusement park entrance fees and spin-off merchandise. Also, entertainment is one of America’s top exports. In 1999, in fact, film, television, music, radio, advertising, print publishing, and computer software together were the top export, almost $80 billion worth, and while software alone accounted for $50 billion of the total, some of that category also qualifies as entertainment—video games and pornography, for example. Hardly anyone is exempt from the force of American images and sounds. . . . American popular culture is the nemesis that hundreds of millions—perhaps billions—of people love, and love to hate. The antagonism and the dependency are inseparable, for the media ï ¬â€šood—essentially American in its origin, but virtually unlimited in its reach—represents, like it or not, a common imagination. However, media availability is somewhat disproportionate to the time an average American has to consume information. But the industry is a lucrative one and media spinners are finding new ways to make the public continue to consume media and pay for it. In 2001, companies in the media industry recorded total revenues of $261.7 billion. Although this was a growth over 2000’s $255.2 billion, operating income had been steadily falling since 1998. This can be attributed largely to the fact that cable and satellite providers experienced rising maintenance costs and were investing heavily in new technology. The decline in income is expected to ease over the next few years as investments on new delivery channels start to bear fruit. Because of this, many companies started holding back on advertising activities following the recession in 2001. The 9⠁„11 tragedy, the subsequent wars in Afghanistan and Iraq and their accelerator effect on the economic downturn, brought increased uncertainties to the stock markets and exacerbated the advertising slowdown. This downtrend was reversed throughout most of 2002 as many believed a swift end to the Iraqi invasion would emerge. Market jitters returned in the third quarter of 2002 and earlier in 2003, which somewhat stalled advertising expansion as the Iraqi situation refused to look as good as the President’s claims. However, tentative cheers on US trading floors and moderate improvements in the job market slowly built up advertising momentum in the third quarter of 2003. For example, Time-Warner’s strategy has insisted on managing their costs aggressively. In 2005, they undertook difficult, but necessary, restructurings at a number of our divisions to ensure that their costs are aligned with their long-term business needs. At Warner Bros., for example, they streamlined their management to create a single Home Entertainment Group to oversee the digital delivery of entertainment to consumers. Looking ahead, they plan to reduce costs by $1 billion across their businesses in 2006 and 2007. Trade disputes with the EU and China and persistent trouble for US interests in Europe and the Middle East are forming grey clouds over the economic horizon. Also, big budget media advertising, with the exception of outdoor advertising, is invariably sparse at year-end when readership and viewership are traditionally down due to a lack of new programs and major sporting events. Consumers are usually on vacation or out holiday shopping at year-end, rather than at home reading or sitting in front of ‘the box’, giving media advertising less reach. However, prudent companies are aware that a prolonged advertising drought can adversely affect brand recall and consequently spell slower product movement. Thus, although advertising revenue increases were more modest than expected in 2003, with the exception of cable television, syndication and Spanish network segments. This income source is predicted to grow in 2004. As Time Warner moves forward with these external challenges, the foundation of their strategy is to invest our financial resources in a disciplined manner to provide the best possible return to their shareholders. This means focusing on the right businesses. Their board of directors and management continuously evaluate Time-Warner’s businesses to ensure that they meet their standards for financial performance, growth and return on investment. Industry Overview The United States market for cable and satellite TV services has grown by 6.5% since 2003 to reach a value of US$57.6 billion in 2004. Over 2001 to 2005, value sales increased by 36.5%. Over 73 million American households subscribed to cable television services with 34% of them having digital service in 2004. In 2004, the average monthly price for expanded basic programming packages was US$38.23. Satellite TV services are expected to continue to increase in popularity. Satellite TV is offering aggressive pricing packages relative to cable, an increasing number of special interest channels and local channels in all markets. Local channels were previously unavailable to subscribers. Despite the spate of satellite TV, Time Warner’s networks and cable segments have been posting consistent revenue growth in recent years. Revenue from the networks segment increased from $8,434 million in 2003 to $9,611 million in 2005, representing a growth rate of 7%. Revenue from the cable division increased from $7,699 million in 2003 to $9,498 million in 2005, representing a growth rate of 11%. These two segments together contribute more than 42% of the total revenues of the company. Increasing segmental revenues have contributed in the company’s overall revenue growth of 3.7% in fiscal 2005 over fiscal 2004. This is why cable television will likely continue to generate healthy revenue growth for owners of those networks, though gains may well be slower than over the past several years. Beneficiaries of ongoing strength in cable include Viacom, Time Warner, News Corp. and Disney. The most significant changes in the media industry in the past decade have been in its adoption of the internet technology. The internet has evolved from being just a communications tool to becoming an important entertainment, business and marketplace platform. Catching up is the cable segment, which is embracing broadband technology in earnest and is rapidly overtaking the role of traditional dialup technology in supplying telephony and especially internet services to North American homes. From 1996 through 2003, the US cable industry spent $75 billion in private capital on plant and equipment as well as infrastructure upgrades, according to NCTA. The cable industry in its totality is moving from analog to digital technology to compete with the high-quality, low-interruption signal transmission broadcast by DBS companies, which have been offering high quality, encrypted digital transmission almost since day one. The competition between cable and satTV is becoming more intense. Apart from normal TV programs and movie line-ups, both offer interactive (cable TV being a recent entrant) and internet technologies on their systems. Both are taking the TV experience to new heights. Not only can the viewer play interactive games on TV but they can also interact with programs they are watching, for example responding to interactive surveys or making immediate purchases on shopping channels via the remote control. Latest technological advancements also allow viewers to record, pause, forward and reverse live programs or watch them in slow motion or instant replay using digital⠁„personal video recording (DVR or PVR) and video on demand (VoD) devices for satTV and cable TV, respectively. Unfortunately, the digital revolution is bringing problems to some in the industry. Content and program providers are anxious over the dent DVRs and VODs may make in their earnings. How serious their concerns are remain to be seen, but observers of the industry are noting that a predecessor of DVRs and VODs, the VCR, was greeted with the same disquietude, which was soon replaced with blithe indifference as the technology propagated a new earning capacity, that is, the sale of videos. An issue that bothers media executives is their loss of control over viewers. Viewers can replay scenes they like during a commercial break, thus effectively bypassing messages from advertisers, who happen to be program sponsors. This could force advertisers to see TV as a less effective advertising channel than it used to be and give them better leverage at commercial slot price negotiation or cause them to adopt other advertising media. As viewers become more discerning, they are demanding greater viewing variety and higher quality programs. They are also getting hi-tech, seeking a greater, more interactive TV viewing experience much as they have come to expect from their personal computers. The FCC, the federal regulator for the media and telecommunications industry, is aware of this and is pushing the industry to hurry the digital transition. The FCC has mandated that all TV broadcast stations have High Definition TV (HDTV) broadcasting capability by 2006. This will mean a bigger outlay for broadcasters and cable companies in the coming few years: Broadcasters and program networks will have to invest in new cameras, titling and editing equipment and tape machines that support the digital TV (DTV) format and revamped rigs for DTV friendly TV vans. Cable operators need to convert all their equipment and set-top boxes. However, for viewers with HDTVs, the set-top boxes are bypassed. Time Warner had responded to this challenge through Warner Bros Entertainment, a subsidiary of the company when it tied up with CBS Corporation to form a new broadcast network. This new network, The CW, to be launched in late 2006, can significantly expand Time Warner’s customer base. Time Warner’s Cartoon Network channel entered into a joint venture with VIZ Media to form Toonami Jetstream, a new broadband service to provide streaming episodes of animation series. Toonami Jetstream will allow users to view episodes of Cartoon Network in their own time and also provide an alternative distribution vehicle for Time Warner. These alliances and joint ventures can provide Time Warner with a competitive advantage over its peers and enable it to enhance its revenue position. Expanding broadband market Most players in the cable industry have begun the digital journey but consumers may still need to dig into their pockets to enjoy the digital experience and make the analog age a thing of the past. They have to either buy new set-top boxes, which convert digital signals to analog, or buy HDTV sets, which range between just under $1,000 to almost $10,000. Early in June 2003, when the FCC eased its decades-old restrictions on the size of media entities, controversy erupted. Large media companies hailed the move. Consumer groups condemned the decision as bad news for democracy and local content. The new rule, which allowed media companies to have US penetration cap of 45% instead of the old 35%, was good news to media giants who were operating at close to the 35% limit. They had been lobbying hard for the lift, including Viacom, whose $40.6 billion purchase of CBS makes it the US’ largest single operator of TV and radio stations, reaching 41% of the total national broadcasting market. The 45% rule looked set to open the floodgates for other media liberalization that would allow TV, radio and newspaper owners much more room for consolidation. If a large TV station acquired a small, one-paper town market, the community would be dominated by that entity. This would threaten local content in the community’s media. However, the 45% rule was blocked by Congress in a massive 400 to 21 vote in July 2003. This was followed by a stay order by a federal court some few weeks later. Should the FCC fail to appeal to have the new cap reinstated, media giants who have exceeded the old limit will have to shave off their access assets and those nearing the demarcation point will need to strike out expansion as a way to increase income. Time Warner, which garners some revenues from films, should grow its studio profits well. It is releasing several DVDs of popular titles. Film profits generally sway on the timing of releases. Viacom, Disney, and Dreamworks Animation also have large stakes in the sector, which will likely move further towards home viewing via digital cable and the Internet. Having many cities that are highly cosmopolitan, the US has various minority and ethnic groups which are looking for more than just generic programs that do not necessarily depict their lifestyles or cater to their tastes. Many minority group communities have been addressing these issues by producing their own newspapers, TV programs and radio broadcasts. As their respective populations grow, so has the amount of business of their specialty media. Having long observed the growth of these niche markets, bigger players are now making moves toward grabbing a slice of the ethnic specific media pie that serve large minority communities. Previously, being culture sensitive meant placing non-Caucasian actors in supporting roles but, belatedly, major media companies are dedicating whole TV and audio channels to specific ethnic groups. In the media industry, the basic services were the largest sector, accounting for 53.1% of sales in 2004, worth US$30.6 billion. Advertising was the most dynamic sector. Growing from US$8.5 billion in 2000 to US$15.9 billion in 2004, this sector achieved 87% growth. Pay-per-view movies grew by US$400 million over the review period, to account for 2.8% of sales in 2004. In 2004, premium channels accounted for US$9.5 billion, or 16.5% of the market, realizing 13% growth. Cable TV continues to dominate the premium TV market with 76 percent of households and its market penetration is still increasing. Table 2. United States – Media Market Sectors US$ billion 2000 2004 Advertising 8.5 15.9 Basic services 24.1 30.6 Pay-per-view movies 1.2 1.6 Premium channels 8.4 9.5 Source: Euromonitor International In terms of performance, Comcast Corporation was the leader of cable and satellite TV services in the United States in 2004 with 32% market share. It maintained its leading position through product innovation and differentiation including its ON DEMAND offerings, increased regional sports programming and its leading Comcast.net portal. Time Warner Inc had the second largest market share in 2004 at 17.2%. This was an increase of 9.5% in 2003. AOL Time Warner was able to increase its position by taking a lead role in offering new products to its customers including High Definition Television, the Digital Video Recorder, Wireless Home Networking, and Digital Telephony service. Through expansion of its US market, Cox Communications Inc. increased its market share by 7.7% from 2003 to 9.7% in 2004. Charter Communications saw its market share decrease to 9.3% in 2004. Table 3. United States – Media Market Share % value of market sector 2004 Comcast Corporation 32.0 AOL Time-Warner Inc 17.2 Charter Communication 9.3 Cox Communications Inc 9.7 Adelphia 8.2 Source: Euromonitor International In the global arena, Hollywood’s long-standing tensions with China has taken its toll as Time Warner is pulling out of an ambitious, four-year theater venture in the country because of tightened restrictions on foreign ownership. The decision was announced in November 2006 came after its Warner Bros. unit tried unsuccessfully for more than a year to negotiate a compromise with the Chinese government over a July 2005 ruling requiring outside investors to cede control in ventures to their Chinese partners. Warner’s decision underscores Hollywood’s frustrations operating in China. Although studio executives consider China to be the world’s best growth opportunity for U.S. entertainment, they also are wary of expanding there, in part because of what they believe are burdensome government rules. Although the media market is fraught with competitors, Time Warner had been a formidable competitor because it offers diversified, yet complimentary products and services. The company operates in print media, television, cinemas, internet, cables services and wired broadband segments. Leveraging its operations in complimentary segments the company has been able to reproduce the same content in various formats to generate additional sales. Its wide product portfolio has also allowed the company to offer superior bundles to the customers. Company Analysis – Time-Warner Time Warner is one of the world’s leading media and entertainment companies. Its major businesses encompass an array of respected and successful media brands. Among the company’s brands are HBO, CNN, AOL, Time, Fortune, People, Sports Illustrated, and Time Warner Cable. CNN operates in nearly 200 countries, while AOL is the world’s leader in interactive services with 19.5 million subscribers in the US and 6 million in Europe at the last count. Time Warner’s cable business, Time Warner Cable (TWC), is the second-largest cable operator in the US while Warner Bros is one of the worlds leading studios. These are well established brands with global brand recall. The company can leverage the equity of its brands to generate sales. New developments continue to stream in Time-Warner. In 2004, Time Warner Cable announced the creation of a new business unit, Time Warner Cable Voice Services. This creation was responsible for overseeing the rollout of its residential telephone service, known as Digital Phone. During the same year, AOL Europe, and Google, announced a new multi-year agreement to provide targeted advertising from Google’s AdWords advertisers for the subscribers of AOL Europe. In February 2005, Warner Home Video announced the formation of CAV Warner Home Entertainment Company, a joint venture with China Audio Video. The company entered into a joint venture with New Line Cinema to form Picturehouse. AOL announced the acquisition of Weblogs, a blogging company. AOL also acquired an online digital music subscription company called MusicNow in November 2005. During the same month the company, along with several other cable companies concluded an agreement with Sprint. According to the agreement, the companies would form a joint venture for providing wireless and wireline entertainment product. AOL acquired Truveo, a pioneer in internet video searching in January 2006. In the same month Time Warner entered into an agreement with CBS to launch a new television network, The CW. Cartoon Network formed a joint venture with VIZ Media to create Toonami Jetstream, to provide broadband video services in April 2006. Time Warner has been continually profitable. The company recorded revenues of $43,652 million during the fiscal year ended December 2005, an increase of 3.7% over 2004. For the fiscal year 2005, the US, the company’s largest geographic market, accounted for 79% of the total revenues. Time Warner generates revenues through its five business divisions: filmed entertainment (26.4% of total revenue during fiscal year 2005), networks (21.3%), cable (21%), AOL (18.3%), and publishing (12.9%). During the fiscal year 2005, the filmed entertainment division recorded revenues of $11,924 million, an increase of 0.6% over 2004. The networks division recorded revenues of $9,611 million in fiscal year 2005, an increase of 6.2% over 2004. The cable division recorded revenues of $9,498 million in fiscal year 2005, an increase of 12% over 2004. The AOL division recorded revenues of $8,283 million in fiscal year 2005, a decrease of 4.7% from 2004. The publishing division recorded revenues of $5,846 million in fiscal year 2005, an increase of 5% over 2004. By geography, the U.S. remains Time Warner’s largest geographical market, accounted for 79% of the total revenues in the fiscal year 2005. Revenues from the US reached $34,469 million in 2005, an increase of 2.7% over 2004. Other international countries accounted for 6.7% of the total revenues in the fiscal year 2005. Revenues from other international countries reached $2,907 million in 2005, an increase of 4.5% over 2004. The UK accounted for 6.6% of the total revenues in the fiscal year 2005. Revenues from the UK reached $2,886 million in 2005, an increase of 15.1% over 2004. Germany accounted for 2.8% of the total revenues in the fiscal year 2005. Revenues from Germany reached $1,233 million in 2005, an increase of 6.2% over 2004. France accounted for 2.2% of the total revenues in the fiscal year 2005. Revenues from France reached $941 million in 2005, an increase of 7.1% over 2004. Canada accounted for 1.4% of the total revenues in the fiscal year 2005. Revenues from Canada reached $625 million in 2005, an increase of 24.3% over 2004. Japan accounted for 1.4% of the total revenues in the fiscal year 2005. Revenues from Japan reached $591 million in 2005, a decrease of 13.7% from 2004.    Financial Statement Analysis Company Posted Sales Fiscal Year Total Sales 2003 39565 2004 42089 2005 43652   Profitability Ratios 2007* 2006* 2005 2004  Ã‚  Ã‚  Ã‚   2003   Sales Gross Margin Operating Margin (%) Pre-Tax Margin (%) Net Profit Margin (%) Accounts payable Net Expenses Inventories Revenues per share Cash-Flow per share Earnings per share 46500 0.4 30    8.3          12.9 3 1.1 44900 0.4 30    11.4          11.8 3.12 1.35 43652 0.043 26.06 9.37 6.65 1,380,000 13,676,000 1,806,000 9.705 1.374 0.62 42089 0.042  Ã‚  Ã‚      32.008 11.66  Ã‚  Ã‚   7.99 1,494,000   13,094,000   1,737,000   9.354 2.076 0.68 39565 0.041   30.68 11.42   6.67   1,629,000 12,559,000 1,390,000 9.03 2.024 0.68 *Projected (Source: Valueline Investment Survey). Time-Warner remains to be an otherwise bright entertainment conglomerate. The company’s networks and cable segments have been posting consistent revenue growth in recent years. Revenue from the networks segment increased from $8,434 million in 2003 to $9,611 million in 2005. Revenue from the cable division increased from $7,699 million in 2003 to $9,498 million in 2005. These two segments together contribute more than 42% of the total revenues of the company. Increasing segmental revenues have contributed in the company’s overall revenue growth of 3.7% in fiscal 2005 over fiscal 2004. After trying to devise a way to maintain AOL’s subscription service in a high-speed world, management finally threw in the towel and decided to give AOL’s services away for free, focusing on advertising revenue. The move may have been late, but not so late that it won’t help stem AOL’s user base. The big concern is if advertising revenues will be sufficient to offset subscription losses. Still, this property is an important part of the company’s overall collection of media-related businesses. Moreover, the performance of the filmed entertainment segment and AOL segment has been weak in the past three years. Revenue from the filmed entertainment segment grew by as little as 0.6%. Revenues from the AOL segment declined from $8,598 million in 2003 to $8,283 million in 2005, representing a growth rate of -2%. The two segments contribute around 45% of the total revenues of the company. A weak operating performance by these segments indicates that the company has been losing ground to its competitors. The reason for this projection and forecasts is that TWX remains to be garnering operating profit. Although net profit have declined in fiscal 2005 compared to fiscal 2004, operating profits and net profits declined 26.7% and 13.6% respectively in fiscal 2005. The company’s operating margin declined from 14.6% in fiscal 2004 to 10.4% in fiscal 2005, while the company’s net profit margin declined from 8% to 6.6% in the same period. Declining profit margins indicate increasing costs and can adversely affect the company’s long term financial position. Declining cash from operating activities Time Warner’s cash flows from operations have been declining in recent years. Cash from operations have declined from $6,601 million in fiscal year 2003 to $4,965 million in 2005. Declining cash flows can force the company to borrow external capital to fund its growth plans, which could prove to be expensive. TWX Dividend Rate Per Share ($) Shares Outstanding (M) Ave. Daily Volume (M) Beta Shareholders Market Cap ($M) Institutional Holdings (%) Yield (%) 12-month P/E   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   0.22 3972.58 23.44 2.0329 56,500 83066.5 72 1 24.6 We can use the dividend discount model to estimate the cost of common stock. The difference between common stock and preferred stock is in our assumption about the growth pattern of future dividends. With common stock, we typically assume that dividends grow at a constant rate into perpetuity. Then we can write the present value of the assumed dividend stream as P 0   = D 1 ————————- ( 1 + k s ) where, P0 = the common stock price per share. D 1 = the dividend per share one year from now. ks = the required rate of return on common stock. If we solve for ks, we get: ks   = D 1 ————————- P0 At present, TWX’s stock price was at $20.14. TWX has historically paid out about 40 percent of its earnings as dividends. Therefore, with a forecast of about $0.55 per share in earnings for next year, TWX’s dividend would be forecast to be $0.55 Ãâ€" .40 = $0.22 per share. So, the dividend yield, defined as D1/P0, is $0.22/$20.14 = .0109, or 1.09 percent. TWX’s Key Growth Rates and Averages Past Growth Rate (%) 1 Year 3 Years 5 Years 9 Years Sales 3.71 2.56 29.05 49.46 Net Income -9.47 Ratio Analysis (Annual Average) Net Margin (%) 6.65 7.41 LTD of Capitalization (%) 19.48 21.01 20.71 21.15 Return on Equity (%) 4.71 5.32 8.18 Pricing/Earnings Recent Price 20.14 P/E Ratio 15.612 P/E (Trailing) 14.183 P/E (Median) NMF Rel. P/E Ratio 0.724 Ratings Financial Strength B++ Stock’s Price Stability 40 Price Growth Persistence 20 Earnings Predictability 20 Relative Value Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 Free CFs 11.8 12.8 13.5 13.9 16.0 17.9 20.1 22.5 PV of FCFs 10.17 9.58 8.65 7.68 7.62 7.36 7.10 WACC = 16% Long run g = 12% MV of Debt = $202 million No. of shares = 50 PV of FCF1-7   = 50.97 TV at Year 7 of FCF after Year 7 = FCF8/(WACC – g) = $448.00 PV at of TV at Year 0 = TV/(1+WACC)7 = 183.88 Sum = Value of the Total Corporation = $234.85 million Less: MV of Debt and Preferred = $202 million Value of Common Equity = 32.85 Divide by No. of Shares = 50 Value per Share = Value of Common Equity/No. Shares = $0.66 Assuming that beginning in the fourth year, the free cash flows are to grow by 10% less than previously predicted:    Year Old FCF New FCF 1 2001 $11.8 $11.8 2 2002 $12.8 $12.8 3 2003 $13.5 $13.5 4 2004 $13.9 $12.5 5 2005 $16.0 $14.4 6 2006 $17.9 $16.1 7 2007 $20.1 $18.1 8 2008 $22.5 $20.2   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   We will assume that the long-term growth rate and WACC will be the same as previously assumed. From this information, we can do the following calculations. Total PV of New FCF’s, Years 1-7 =$55.09 FCF 8   = $20.23  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   $20.23 TV   at Year 7: $505.76  Ã‚  Ã‚   = ——————- PV of TV: $178.95  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   4%  Ã‚   = WACC- gL Market Value of Total Company =   $234.05 Less: MV of Debt = $202 Market Value of Equity = $32.05 No. of Shares = 50 Value Per Share = $0.64 versus $ 1.37 under original assumptions. Therefore, a 10% reduction in some of the cash flows leads to a 53.28% decline in the value per share. As of September 30, 2006, TWX had net debt of $202 billion (including $11 billion on the Adelphia deal), and a net debt/EBITDA ratio of about 3.0X. In 2005, TWX paid out $2.8 billion related to a government settlement. Including the acquired systems, management sees low double-digit adjusted EBITDA growth in 2006 (off a restated base of about $10 billion in 2005), with 35% to 45% conversion of EBITDA into free cash flow. Management plans about $1 billion of cost cuts in 2006 and 2007 (excluding the $1 billion of cuts at AOL as previously mentioned). We project free cash flow of over $11 billion in 2006 and 2007 combined. Pursuant to a $20 billion share buyback program, TWX plans to repurchase about $15 billion of its shares in 2006, and the remainder in 2007. Over the longer term, the company targets a 3X leverage ratio. TWX began paying a quarterly cash dividend of $0.05 per share on its common stock in the 2005 third quarter (about $900 million a year), raising it to $0.055 in July 2006. TWX would also receive about $600 million in cash from the dissolution of its cable joint venture with Comcast. TWX undertook several asset divestitures in the past few years to enhance its financial flexibility, notable among which are the 2004 sale of its Warner Music Group (for $2.6 billion in cash), a 50% stake in Comedy Central ($1.2 billion), a DVD/CD manufacturing business ($1 billion), and two NBA and NHL professional sports teams (undisclosed). Also, in 2006, TWX sold its book publishing business for $532 million in cash, and its Turner South network for about $375 million in cash. TWX also raised $239 million from the sale of stock in Time Warner Telecom.

Sunday, September 29, 2019

Positive Behaviour Essay

Definition Behaviour that tends to satisfy the desires of the respondent is Positive Behaviour . It will become apparent that by this definition some positive behaviour may lead to antisocial (so called â€Å"negative†) responses and hence is not recommended. Furthermore, some behaviour that is itself socially acceptable and apparently positive is not, by this definition, actually positive because it does not tend to satisfy the desires of the respondent. The reverse is also true: some behaviour that is social not acceptable and apparently negative is yet actually positive because its operates to satisfy the desires of the recipient. Illustrations of Positive Behaviour Actions that can be classified under the following headings are customarily called positive: Showing interest Agreeing Making balance criticism Approving Showing affection Co-operating Protecting Praising Understanding Forgiving Although in some ways, the line between positive and negative behaviour exists in the eye of the beholder. Your value system, which stems from your family and cultural background as well as your own life experiences, will determine what you believe to be positive behaviour. Your feelings about yourself and life in general will also colour your perceptions. When adults feel positive about themselves, they are better able to understand and accept children’s behaviour. Positive behaviours are those which help children/venerable person move along toward the goal of becoming well-adjusted, fully functioning adults. In other words, behaviour that is typical of a particular stage of development, that paves the way for the next stage, is positive. Positive behaviour is not, therefore, the same thing as compliance with adult wishes, especially if those adult wishes reflect a lack of knowledge of children’s or venerable person’s development. Some positive behaviour can appear downright negative! Some authors argue that there are predictable times in the lives of all children/venerable person when their behaviour â€Å"falls apart†: when they seem to move backward in development in ways that perplex and dismay their parents and caregivers. These times invariably signal a rapid spurt of physical, cognitive, or socioemotional growth. An example might be the child on the verge of walking, whose frustration at being left behind evokes a sudden change in disposition and screams of rage. We can view these periods, not as crisis points, but rather as â€Å"touch points,† unparalleled opportunities for understanding and supporting development, if we anticipate them positively and avoid becoming locked in power struggles. By studying child/venerable person development and carefully observing the behaviour of many them, you can learn to adjust your expectations so that the behaviour you expect is within the bounds of possibility for children to achieve. By observing the behaviour of a particular child child/venerable person over time, you can begin to understand what particular behaviours mean for that person. You may begin to see how behaviour that seemed irritating to you actually serves a positive function for a child/venerable person. Focusing on positive behaviour places negative behaviour in better perspective and develops a more accurate impression of the whole child/venerable person. It allows you to emphasize strengths and help children overcome weaknesses.  Early childhood educators with heightened awareness of positive behaviours will set the stage so that those behaviours can occur, and will respond in ways that make these acts occur more often. In other words, they will use techniques of indirect and direct guidance. Positive behavioural support According the Department of health, Positive behavioural support (PBS) provides a framework that seeks to understand the context and meaning of behaviour in order to inform the development of supportive environments and skills that can enhance a person’s quality of life. Evidence has shown that PBS-based approaches can enhance quality of life and also reduce behaviours that challenge which in turn can lead to a reduction in the use of restrictive interventions. It is founded on principles that have applicability for a much broader range of people and may use different terminology. PBS provides a conceptual framework which recognises that people may engage in behaviours that are challenging because: †¢ they have challenging or complex needs that are not being met – these could be associated with unusual needs and personal preferences, sensory impairments, or mental or physical health conditions †¢ they are exposed to challenging environments in which behaviours of concern are likely to develop – examples might include environments which are barren and lack stimulation, where there are high levels of demand placed on people, where there may be institutional blanket rules, restricted or unpredictable access to preferred activities and those things the person values and where there is insufficient availability of positive social interactions, or where personal choices are not offered and/or honoured †¢ they typically have a generally impoverished quality of life. PBS approaches comprise a number elements: †¢ Using person-centred, values-based approaches to ensure people are living the best life they possibly can. This involves assisting a person to develop personal relationships, improve their health be more active in their community and to develop personally. When done properly, person centred planning processes make sure that those who support people get to know them as individuals. †¢ Skilled assessment in order to understand probable reasons why a person presents behaviours of concern; what predicts their  occurrence and what factors maintain and sustain them (this area of assessment is often referred to as a functional assessment). This requires consideration of a range of contextual factors including personal constitutional factors, mental and physical health, communication skills and the person’s ability to influence the world around them. Patterns of behaviour provide important data, skilled analysis of which enables key areas of unmet need to be understood. †¢ The use of behaviour support plans which have been informed by an assessment of these factors in order to ensure that aspects of the person’s environment that they find challenging are identified and addressed, that quality of life is enhanced and that wherever possible people are supported to develop alternative strategies by which they can better meet their own needs. These are referred to as primary preventative strategies. †¢ The behaviour support plan must detail the responses such as de-escalation techniques, distraction, diversion and sometimes disengagement to be used by carers/staff when a person starts to become anxious, aroused or distressed. These are referred to as secondary preventative strategies and aim to promote relaxation and avert any further escalation to a crisis. †¢ Behaviour support plans include guidance as to how people should react when a person’s agitation further escalates to a crisis where they place either themselves or others at significant risk of harm. This may include the use of restrictive interventions. Within behaviour support plans these are as identified as tertiary strategies. Any person who can reasonably be predicted to be at risk of being exposed to restrictive interventions must have an individualised behaviour support plan. Care programme approach care plans, personal recovery plans or other personalised approach planning structures may also incorporate behaviour support plans. They must always include clear evidence of health and social needs assessment, and be created with input from the person, their carers, relatives or advocates. This should identify: †¢ The context within which behaviours of concern occur †¢ Clear primary preventative strategies which focus on improvement of quality of life and ensuring that needs are met †¢ Secondary preventative strategies which aim to ensure that early signs of anxiety and agitation are recognised and responded to †¢ Tertiary strategies which may include detail of planned  restrictive interventions to be used in the safest possible manner and which should only be used as an absolute last resort What are the Positive Strategies for Supporting Behavior Improvement? There are many possible contributors to the development of challenging behaviours. It is important to investigate and evaluate these, but also to take action sooner rather than later, since many behaviors can become increasingly intense and harder to change as time goes on. Often a necessary approach to managing behaviour involves a combination of addressing underlying physical or mental health concerns, and using the behavioral and educational supports to teach replacement skills and self-regulation. There is no magic pill, but there are a number of strategies that can often be helpful. The use of Positive Behavior Supports is more than just a politically correct approach to behavior management. Research shows that it is effective. The alternative is usually punishment, which decreases the likelihood of a behavior by taking something away (such as removing a favorite toy) or doing something unpleasant (yelling, spanking.) While punishment might work immediately, it has been shown to be ineffective in the long run and can increase aggressive behavior, provide a model for additional undesirable behaviors, and strain the relationship with the caregiver (you). It is worth noting that to continue to be effective and maintain improvements, positive supports and feedback need to be ongoing as well. â€Å"Withholding reinforcement for problem behavior (i.e., extinction) is technically an example of punishment. Proponents of Positive Behavior Support (PBS) acknowledge that controlling access to reinforcement is necessary when trying to change behavior. What PBS does not condone is the use of aversive (e.g., demeaning, painful) procedures to suppress behavior. Such approaches have been demonstrated to be ineffective in producing durable changes in people’s behavior and do not improve to quality of their lives.† –Association for Positive Behavior Support If you have made changes to improve your child’s health or happiness, and these have not helped to improvehis behaviour in a reasonable time frame (a couple of weeks), or you are concerned about safety, help may be needed. Positive strategies and an intervention plan can be developed by a behavioral or educational team, usually in response to what is learned in a functional behavior assessment  (FBA) as described in the previous section. When several challenging behaviors exist, it is important to establish priorities. You may want to first target behaviors that are particularly dangerous, or skills that would help to improve situations across several behavioural scenarios. Remember to set goals that are realistic and meaningful. Start with small steps that can build over time. A non-verbal child is not likely to speak in full sentences overnight, but if learning to hold up a ‘take a break’ card when he needs to leave the table allows him to exit, and keeps him from throwing his plate, that is a huge success. A plan for our team should meet four essential elements: Clarity: Information about the plan, expectations and procedures are clear to the individual, family, staff and any other team members. Consistency: Team and family members are on the same page with interventions and approaches, and strive to apply the same expectations and rewards. Simplicity: Supports are simple, practical and accessible so that everyone on the team, including the family, can be successful in making it happen. If you don’t understand or cannot manage a complicated proposed behavior intervention plan, speak up! We have to recognize that many skills take time to develop, and that changes in behavior require ongoing supports to be successful. In some cases, especially when you are ignoring a behavior that used to ‘work’ for your child, behavior may get more intense or more frequent before it gets better. Your team should keep good records and track progress and responses to intervention to know if the plan is effective. Being realistic at the outset is crucial. It can help parents and caregivers appreciate that they are making small yet meaningful changes in their lives and the lives of the individual they care for. Making goals realistic means they are achievable. Being realistic keeps the picture positive. It focuses attention on progress towards to a goal, rather than perfection. Setting a real Positive Behaiviour Support Our team should develop strategies for you to use to increase the behaviors you want to see in your child. These will need to be individualized to his  particular needs and challenges. They can often be helpful in building a sense of pride in accomplishments and personal responsibility, and a sense of what is expected. This will reduce the anxiety and reactivity that results in aggression or other behaviors. Some helpful strategies: Celebrate and build strengths and successes: we tell him what he does well and what you like. A sense of competence often fosters interest and motivation. Strive to give positive feedback much more frequently than any correction or negative feedback. ‘Great job putting your dishes in the sink!’ Respect and listen to him: We may have to look for the things he is telling you, verbally or through his choices or actions. ‘You keep sitting on that side of the table. Is the sun in your eyes over here?’ Validate his concerns and emoti ons: Do not brush aside his fears or tell him not to worry. His emotions are very real. Help to give language to what he is feeling. ‘I know you do not like spiders. I can see that you are very afraid right now.’ ‘I can see that you are angry that our plans have changed.’ Provide clear expectations of behavior: Show or tell your child what you expect of him using visual aids, photographs or video models. A great way to teach new skills is Tell-Show-Do. Set him up for success: Provide accommodations. Accept a one word answer instead of demanding a whole sentence. Use a larger plate and offer a spoon to allow him to be neater at the dinner table. Use Velcroshoes or self-tying laces if tying is too frustrating. Ignore the challenging behavior: Do your best to keep the challenging behavior from serving as his way of communicating or winning. This is hard to do, but in the long run it is effective. Do not allow his screams to get him out of brushing his teeth, or his biting to get him the lollipop that he wants. Behaviors may get worse before you start to see them get better. Stay the course! And make sure all family and team members are consistent in this approach and that you pair this with other positive strategies. Alternate tasks: Do something that is fun, motivating or that your child is good at. Then try something hard. He will be less inclined to give up or get agitated if he is already in a positive framework. Teach and interact at your child’s or loved one’s learning level: Take care to set him up for growth and accomplishment, rather than the anxiety produced by constant failure or boredom. Give choices, but within parameters: Everyone needs to be in control of something, even if it is as simple as which  activity comes first. You can still maintain some control in the choices that you offer. ‘Do you want to eat first, or paint first?’ Provide access to breaks: Teach the individual to request a break when he needs to regroup (e.g. use a PECS card that represents â€Å"break†). Be sure to provide the break when he asks so he learns to trust this option and does not have to resort to challenging behaviors. Promote the use of a safe, calm-down place: Teach him to recognize when he needs to go there. This is a positive strategy, not a punishment. Set up reinforcement systems: Use simple, predictable processes that reward your child for desired behavior. Catch him being good and reward that, verbally and with favored activities, objects or ‘payment.’ ‘I love that you stayed with me during our shopping trip. You earned a ride on the airplane toy!’ Allow times and places for him to do what he wants: Even if it is a ‘stim’, it is important to provide these options when it is not an intrusion or annoyance to others. Reward flexibility and self control: ‘I know you wanted to go to the pool today and we were surprised when it was closed. For staying cool and being so flexible about that change in plans, let’s go get some ice cream instead!’ Pick your battles: Strive for balance. Focus on the behaviors and skills that are most essential. Be sure to include positive feedback and intersperse opportunities for success and enjoyment for you, your family, and your loved one with autism. Be resilient. Celebrate the fun and the good things! Use positive/proactive language: Use language that describes what you want the individual to do (e.g. ‘I love how you used a tissue!’ ), and try to avoid saying ‘NO’, or ‘don’t’ (e.g. ‘stop picking your nose.’ ). Setting Realistic Behavioral Goals: Setting goals allows us to objectively measure progress toward an identified desired outcome. It also allows caregivers and parents to ask themselves, â€Å"What behavioral changes would really make the greatest improvements in our lives together?† It allows them to identify what really matters. For instance, it may be more important to address a behavior such as throwing things during a classroom activity than to address that person’s tendency to stand up during meals. Adapt the Environment As you learn to think like a detective about your child’s behaviour, your observations (or the FBA) are likely to show that behaviour occurs at specific times, with certain people or in particular environments. You and your team will need to tune in, learning to recognize the signs of increasing tension, anxiety or frustration that eventually lead to challenging behaviours. Often there is a ramping up, or escalation period, and learning to recognize that early and using many of the approaches here can help to calm a situation and prevent behavioural outbursts. Sometimes these signs may be very subtle—red ears, a tapping foot, heavier breathing, higher pitched speech—but it is essential that everyone on the team responds to the importance of tuning in and working towards de-escalation. Changing the environment can often reduce behavioral episodes. Expand situations, relationships, places and opportunities that are successful. If possible, try to adjust or avoid situations that are triggers for challenging behaviour. Incorporate ways to reduce frustration and anxiety and increase understanding. Below are some things to consider when working to create a more successful environment: Organize and provide structure: Provide clear and consistent visual schedules, calendars, consistent routines, etc. so that the person knows what is coming next. Inform transitions and changes: Recognize that changes can be extremely unsettling, especially when they are unexpected. Refer to a schedule, use countdown timers, give warnings about upcoming changes, etc. we can use Visual Supports: Pictures, text, video modeling and other visuals are best for visual learners, but they are also critical because they provide information that stays. The ATN Visual Supports Tool Kit provides a step-by-step, easy-to-understand introduction to visual supports. Provide a safe place and teach when to use it: A calming room or corner, and/or objects or activities that help to calm (e.g. bean bag) provide opportunities to regroup and can be helpful in teaching self-control. Remove or dampen distracting or disturbing stimuli: Replace flickering fluorescent lights, use headphones to help block noise, avoid high traffic times, etc. Pair companions or staff appropriately for challenging activities or times: Some people are more calming than others in certain situations. If going to the store with dad works better than with  mom, focus on that and celebrate successes. Consider structural changes to your home or yard: These changes might address some of the specifics of your situation to increase independence or reduce the risks when outbursts occur. Making Homes that Work includes a range of potential changes that can be made to reduce property damage, improve safety, and increase choice and independence. Communicate to Others Many families have found it helpful to communicate to those around them about their child’s special needs and some of the behavioral situations that might arise. Sometimes it is helpful to let others know what is going on so that they can also be observers and help provide helpful input about your child. Some families have found it helpful to talk to their neighbours, or to communicate with others in the community using stickers, cards, or other visuals. Parents can carry a note card standing such this one : Positive and Proactive Care: reducing the need for restrictive interventions People with learning disabilities whose behaviour is challenging will have physical interventions used on them at some point in their lives. In the absence of a lawful reason, using force, or threatening to use force, could give rise to a criminal charge, as could locking someone in their room. The Mental Capacity Act defines the unlawfulness, and the appropriate penalties for actions of illtreatment or neglect. A physical intervention in relation to challenging behaviour is described by the British Institute for Learning Disabilities (Harris et al, 1996) as ‘A method of responding to the challenging behaviour of people with learning disability and/or autism which involves some degree of direct physical force which limits or restricts the movement or mobility of the person concerned.’ They define three types of physical intervention direct physical contact between a member of staff and a service user: for example holding a person’s arms and legs to stop them attacking someone the use of barriers such as locked doors to limit freedom of movement: for example placing door catches or bolts beyond the reach of service users materials or equipment that restricts or prevents movement: for example placing splints on a person’s arms to restrict movement. The Department of Health/Department for Education and Skills guidance (2002) outlines the requirements when physical intervention are planned and these include agreement by the multidisciplinary team, including consultation with others as appropriate put in writing, together with the behavioural plan (they should never be the only plan for managing behaviour) be supervised by appropriately trained staff  be recorded, so that the circumstances of any physical intervention and methods used can be monitored. This guidance also emphasises that the physical interventions should be used as infrequently as possible be in the best interests of the service user be part of a broader treatment strategy not cause injury maintain the person’s dignity. And also, The Human Rights Act (HRA)15 imposes a duty on public authorities, (including NHS Trusts, Local Authorities, and police forces) and services exercising functions of a public nature not to act in a manner that is incompatible with the European Convention on Human Rights13 (ECHR) rights that have been made part of UK law by the HRA.

Saturday, September 28, 2019

Med School Essay

I had a long discussion with my dad today about religion, but I also got a touch of his childhood. As the discussion progressed, I came to the realization that I know nearly nothing about my father my whole life. This was one of the first times he actually spoke to me about his past in any sort of detail at all my whole life. The only thing he would tell me as I grew up was that his father passed away when my dad was nine and that his father was an honest man. I still have much, much more to learn about my dad’s past, but the things he told me have made me so grateful to be born in America and  to have such high hopes for a brighter future. Today I found out that my grandfather went to college in the number one university in South Korea to study electricity, but he didn’t know a thing about light switches. My grandfather was a coal worker who participated in the strikes of 1987 that swept the nation off its feet. Unfortunately, he passed away nine years into my father’s life for reasons my dad has yet to tell me. Following my grandfather’s death, my dad’s family had a really rough time, moving around the country and being dirt poor to the point where malnutrition became a health concern in his  childhood. There were days when he would be out for a walk and he’d suddenly collapse on the spot due to intense stomach pains. People would pass by, but no one ever helped him up. After lying on the ground for God knows how long, he would rush back to the house to poop, only to find his efforts futile. He couldn’t afford a doctor and his mother was too busy trying to make ends meet. On top of that, he had two older sisters and, later, two older step-sisters. He attended college in Korea, where he started to form his smoking and drinking habits, which he  still carries to this day. Despite having friends who all started smoking and drinking in high school, he was always the one who stayed clean. I guess college changed him. (On the bright side, he promised me that he would quit smoking starting January of 2015. I told him that if he continues to smoke, that I would start smoking too. Wish him luck! ) In his twenties, he moved to the states with his mother in hopes of a better life. I guess he moved to the wrong part of America though because he had a lot of trouble with the people he interacted with  everyday and a colossal language barrier that prevented him from truly appreciating life in the states. He told me that he didn’t truly get the opportunity to live a normal life due to having to work long hours every single day just to get by. When he was thirty, he had me. A little bundle of hope that would be raised to live a life nothing like the one that my dad had to live. So why am I writing all of this? I honestly do not know. But if there’s one thing I’m damn sure of, it’s that I want to make sure my dad’s efforts aren’t in vain. My whole life I’ve been careless and a bit too relaxed about everything. I failed through middle school and I got suspended a grand total of four times. I had the same work ethic in high school, but I managed to get by with a 3. 7 GPA. My SAT score was a lifesaver in getting me into NYU, the school that I am currently attending. But even now, I feel as unmotivated and carefree as I was in middle school and high school. I volunteer every opportunity I can with children. Before today, they were the sole reason that I truly found a passion  and enjoyment in life. But now, all I can think of is becoming a pediatrician in the future. I don’t want any child to live as my dad did when he was a child. I want all children to have the same opportunities that my dad has worked so hard to provide for me. My goal is now med school. It may seem unrealistic for a guy with my personality, but I want to make a difference in my life and my dad’s life. I have decided to start hitting the books and to work as hard as I physically can to achieve these dreams. POWERED BY TCPDF (WWW. TCPDF. ORG)

Friday, September 27, 2019

Sustainability Shell Report Assignment Example | Topics and Well Written Essays - 250 words

Sustainability Shell Report - Assignment Example Therefore, the company has initiated a system in which their recycle, the water that has been used. In addition, in order to preserve the environment, the carbon dioxide released during oil exploration is stored (RDS, 2012). As far as sustainable energy and business strategy is concerned, the company is investing more on gas production. This is because there has been an increase in social and environmental pressures. However, despite these pressures the company has still to meet its long term and short term goals. Therefore, investing more on gas production will reduce emission of carbon dioxide associated with petrochemicals. The company is also continuing to invest a lot of money in research and development, so as to have efficient and cleaner technologies (RDS, 2012). Shell Company has also set out business principles which have code of conducts. The code of conduct helps the employees and organisations affiliated with the company to meet the set standards. The business principle also has human rights law which stipulates how fellow workers are supposed to interact while at work (RDS, 2012). In summary, the company has laid out plans to manage the environment, and climate change. It is also improving the lifestyles of the local communities by creating jobs and improving the local infrastructure. The safety of all the employees is also well taken care of by the company (RDS,

Thursday, September 26, 2019

Review book Essay Example | Topics and Well Written Essays - 500 words

Review book - Essay Example Jane Healy is perplexed by the over dependence of teachers on the computer as a teaching and learning aid. A survey carried out among teachers and parents led her to the startling revelation that after the three R’s, i.e. reading writing and arithmetic and good habits, most of them desired proficiency in computers in their wards. The traditional domains of arts, history, geography and science figured much lower in the list of sixteen items listed in the survey. Parents who buy a computer have their children’s education in mind while making this expensive purchase. In the schools, computers have taken over the teacher’s job of education facilitator through repetitive drills and practice. Parents seem to have fallen into a delusional trap because they assume that a child who can operate a sophisticated tool like a computer must be smart, when in fact such a theory is not necessarily right. Constant drilling only hones their ability to get better scores in standard tests while dulling their analytical and problem solving skills. In the lower classes, computers have a negative impact because â€Å"fast growing biological systems are most vulnerable to damage†(pg.111) Healy is critical of the high amounts spent on upgrading hardware and computer software which can be put to better use by promoting literature and arts and even in training teachers. The biggest dangers that a computer poses to a child is inhibition of brain development and a lack of creativity. A child’s excessive use of computers interferes with its cognitive and social skills and they find it difficult to communicate even in familiar surroundings. From a physiological angle, computers lead to hand and arm injuries due to repetitive use, and back problems because of the enormous amount of time spent sitting in front of the computer. There is also the danger of visual problems due to eyestrain and problems associated with constant exposure to electromagnetic fields.

International Accounting Essay Example | Topics and Well Written Essays - 1500 words

International Accounting - Essay Example Burberry Group Plc. is a multinational company which operates its business in the apparel sector of the textile industry. It is headquartered at London, United Kingdom and was founded in the year 1856 (Yahoo Finance, 2012a). Hennes & Mauritz AB is headquartered at Stockholm, Sweden and was founded in the year 1947. It is also engaged in the business of running retail stores in Sweden and abroad and offers different types of products which mainly includes apparels, footwear, cosmetics, etc. (Yahoo Finance, 2012b). Comparison of environmental disclosures in the annual reports Annual reports of a company are meant for the shareholders and different other stakeholders to help them in their decision making process. According to GRI, every public company is required to present their sustainability report referring to various environmental disclosures in their annual reports. Sustainability reports serve for the purpose of making the public organizations follow practices which would ensure their accountability and responsibilities towards their stakeholders. According to G3 sustainability report guidelines the performance indicators are broadly classified into three categories namely, Environmental, Economic and Social (GRI, n. d.). Six different aspects of the environmental disclosures as mentioned in the G3 sustainability report related to Burberry and H&M has been discussed in details as given below: Materials There are two environmental performance indicators mentioned in the G3 sustainability report that are related to the materials aspect. One such indicator is the materials used by a company in percentage terms that are recycled as input materials. This type of indicator has been devised to measure the ability of the organization to utilize its recycled input materials. If we look at the 2011 annual report of Burberry it can be observed that it has indicated its total recycled raw materials waste which has been recycled in 2011. However it is indicated in absol ute terms as 148 tons of raw materials waste recycled in 2011 (Burberry, 2012). Next the 2011 annual report of H&M indicates that no such indicators have been mentioned. It only talks about the company’s commitment towards reducing wastes that are used in its various production processes. However no such absolute figures or percentage terms related to the amount of recycled waste materials utilized by the company has been disclosed in its annual report (H&M, 2012). Hence, it can be concluded that Burberry complied with the disclosure requirements related to the materials aspect of environmental disclosures but H&M did not comply with the same. Energy There are five environmental performance indicators mentioned in the G3 sustainability report that are related to the energy aspect. One such indicator is the initiatives taken up by an organization to result in increasing use of renewable sources of energy in an efficient manner to help in the reduction of the overall energy req uirements of the company. In accordance with this disclosure requirement the companies are required to report on their existing initiatives that helped for the cause of reducing the energy requirements of the major products produced by them. The 2011 annual report of Burberry indicates that the company has mentioned about some of

Wednesday, September 25, 2019

Media Business Plan Assignment Example | Topics and Well Written Essays - 5000 words

Media Business Plan - Assignment Example This firm shall be established as per the provisions of Partnership Act 1890 and operating in the capacity of a subsidiary of BPM UK Private Limited but shall be operating independent of JUNCTURE PRODUCTIONS. The name "BLANK PAGE MEDIA UK PRIVATE LIMITED" has been assessed and found to compliant to the regulations by Company Names (GBF2) version 20 (as per enactment and subsequent modifications by the Companies Act 2006 and as per the terms stated in version 20 of GBF2 and version 17 of GBF3). However, the feasibility of using this name shall be verified by a reputed independent consultant to assess and report any possible claim of this name as a brand or intellectual property that may cause possible breach of laws (example, Law of Intellectual Property, Law of Confidentiality or any such equivalent law that may expose the organization to risks of local or global litigation) if we use this name for our company. The other two names are being used in the form of partnership firms. These names need not be matched with the existing list of companies as they are going to be established in the capacity of Partnership firms; however the external consultant would be requested to verify if these names do not breach anyone's intellectual property rights or confidentiality rights (and also are in compliance with the rules stated in version 17 of GBF3). [Department for Business Enterprise and Regulatory Reform (BERR). 2008] The following section presents the proposed Management structure of the three companies: MANAGEMENT AND ORGANIZATION STRUCTURE BPM UK Private Limited shall have two members in the management - David Beckford and Shavan Sharif. Both the members shall be entitled for 40% shares each in the company whereby 20% shares shall be reserved for providing share options to employees in future. The organization structure of this company is presented in Figure 1. David Beckford and Shavan Sharif would form the board in the capacity of Directors. In addition, a company secretary and legal advisor shall be involved in the board on a part time basis. The financial auditors shall be kept out of the board due to conflict of interest aspect of Generally Accepted Accounting Principles (GAAP). Figure 1: Organization Chart of BPM UK Private Limited The following four documents shall be prepared in accordance with the regulations of Company Formation (GBF1) version 22 (as per enactment and subsequent modifications by the Companies Act 2006 and as per the terms stated in version 22 of GBF1), reviewed by a hired Attorney and presented to Companies House: (a) Memorandum of Association (b) Articles of Association (c) Completed Form 10 (d) Completed Form 12 Post formation of the company, the organization shall be established as presented in Fig

Tuesday, September 24, 2019

Organisational Behaviour Research Paper Example | Topics and Well Written Essays - 1750 words - 1

Organisational Behaviour - Research Paper Example It is difficult for any workplace to be without stereotypes. This is because the nature of a workplace has an evaluation aspect, and stereotypes are responses to evaluation (Kray & Shirako 2009). The generalisations arising from stereotyping are usually done to make the decision making process easier, and are not deliberate attempts to make others feel incompetent. Stereotyping thus reduces the effectiveness of organisations. Correct organisational behaviour practices minimize the negative effects of stereotyping in the workplace. The purpose of organisational behaviour, as a field of study, is to make the organisations work with more effectiveness (Robbins & Judge 2013). This research paper will discuss the effects, evidence and applications of stereotyping based on the grouping of age. The issue of age in the workplace is an important aspect for at least three reasons. One, there is a perception in most cultures that the productivity of a person decreases with increasing age. Two, the workforce is aging in many developed countries including Australia, UK and USA. And three, many countries are increasing the retirement age, or completely doing away with the concept of retirement age. The influence of negative stereotype can affect ones performance at work. A case reported by Roberson & Kulik (2007, p.26) describes a situation where older workers have mastered ‘the look’ when they are introduced to persons who feel that they are too old to do work. A fifty seven year old accountant will conclude that a person finds him to be incompetent because of his age with comments such as ‘you had such a young voice on the phone’. A comment similar to the one describe can be concluded to mean that the commenter would have preferred (and was expecting) a younger accountant for one reason or the other. Desmette and Gaillard (2008) report that older workers

Monday, September 23, 2019

30 Year Plan of the Greater Adelaide Essay Example | Topics and Well Written Essays - 1500 words

30 Year Plan of the Greater Adelaide - Essay Example Its key function includes the provision of dynamic target expressions of the region and particular advice with regards to lands that should be allocated as employment lands. The 30-year plan of Greater Adelaide provides directions and policies of land use, which will be incorporated into structure plans, including those of local Development. It provides population growth, employment and housing targets that are specific to each region. Environmental protection is also among the main functions of the 30-year plan for Greater Adelaide by ensuring sufficient plans for protection of the environment. Priorities of the use of land for employment and housing alongside infrastructure and long-term transport plans are set aside. Importantly, the well-developed transport network of the Greater Adelaide owes its success to the towns planning where the bus and train services are balanced and operated by contracting transit companies for effectiveness (Cervero, 1998, p 363). Plans for essential s ervices such as water, health, electricity, and education are also set aside while activities of labor markets, industries, and lands are planned for economic growth. The 30-year plan is generally inclusive of the state competitiveness and productive capacity with regards to the mineral resources and primary productions of the Greater Adelaide. In general terms, the 30 year plan of the greater Adelaide is a blueprint for solving environmental and economic issues that are being faced by the region. Public opinions and views are being.

Sunday, September 22, 2019

Rhetoric and Copper Rivets Essay Example for Free

Rhetoric and Copper Rivets Essay Levi’s have been very popular for many years, and their target audiences are young people and blue-collar workers. In the ad image, it also shows clearly about how it is strong by emphasizing the copper rivets which is a part of important elements for Levi’s jeans for making it more tough and rugged. Therefore, the intended audiences will be blue-collar workers and people who like to have long lasting clothing. Question: What do you see as the writer’s purpose? To explain? Inform? Anger? Persuade? Amuse? Motivate? Sadden? Ridicule? Is there more than one purpose? Does the purpose shift at all throughout the text? Of course, the writer wants to sell Levi’s products to the readers by showing the advantages of Levi’s jeans such as emphasizing the copper rivets and having a good concept of design image which showing the copper material of the rivets and that person’s right hand surgical plate by using X-ray. Overall, the writer just keeps selling Levi’s products’ functions and usability. Question: Can you identify the rhetorical appeals as of this piece of writing (ethos, logos, pathos)? What would you add or omit to make the rhetorical appeals more effective? Ethos: Levi’s is a famous brand in the world because their products are tough, rugged and dependable since 1853, and they have kept designing different styles of jeans and clothes. Logos: The logo is recognizable by using red. The image shows the jean is using copper rivets which use same or similar material as the right hand’s surgical plate and make the pockets to be more rugged and dependable. Pathos: Levi’s has tried to keep making and improving different types and styles of their products which adopt different kinds and ages of people. Also, their tough, rugged and dependable products show the power, energy and comfort to people.

Saturday, September 21, 2019

Carbon Footprint And Water Footprint Environmental Sciences Essay

Carbon Footprint And Water Footprint Environmental Sciences Essay The paper is written on Ecological Footprint and its two subsets: Carbon Footprint and Water Footprint. These different Footprints are accounting tools which are used to measure the impact of resource consumption on the environment. The tool helps in signifying that how deep human beings have penetrated to disturb the ecological balance. Ecological Footprint is a progress indicator which is used to achieve environmental sustainability. The paper starts with a small introduction on Ecological Footprint and is then followed by the relationship between Biocapacity (BC) and Ecological Footprint (EF). BC and EF share a supply and demand relationship. The BC and EF relationship is very important because it helps the analyst to determine a nations or regions natural capital and resource consumption in that bioproductive area. If the biocapacity of a bioproductive area is sufficient to satisfy the Ecological Footprint then its stated that the area has reserve resources. If the Biocapacity is not sufficient to fulfil the Ecological demand then there is deficit of resource. In this case, the nation or the region has to trade with others for natural resources. The deficit of resources states that the consumption rate is very fast than the Earths renewal rate. Carbon Footprint is another tool which is used to measure an individuals contribution towards green house gas emission (GHG).Carbon Footprint calculator helps an individual to find out his carbon footprint value. Higher the carbon Footprint the more contribution an individual is making towards Global Warming. Water Footprint is also a subset of Ecological Footprint and is a novel concept. Water Footprint is an accounting tool which helps in determining the volume of fresh water consumed by an individual, group or city. The paper suggests few ways by which Carbon and water Footprint can be reduced. The only purpose for reducing the footprint value is to progress towards sustainability and to gift a sufficient and liveable Earth to our future coming generations. CHAPTER I: INTRODUCTION The Ecological Footprint is the measure to determine the extent to which human beings consume natures resources to the amount that can be regenerated by the earth. The Ecological Footprint (EF) is basically a young accounting tool for renewable resources that is used for determining the issues associated with sustainable consumption. Ecological Footprint represents the human demands for natures resources and how much bioproductive land and sea area is required to regenerate those resources to fulfil human demands under prevailing technology. The tool helps in determining how many Earths are required to support the current humanity practices and consumption. In 2006, it was stated by UN that the Humanitys Total Ecological Footprint was approximately 1.4 planet Earths; this estimate signifies that to humans consumes resources 1.4 times faster than the Earth to renew them. It takes nearly three years for UN to collect all the data from all the nations to estimate Humanitys total Ecologi cal Footprint. The Ecological Footprint tool is usually used in conjunction with Biocapacity (BC) and is expressed as EF/BC. Biocapacity refers to capacity of the area to provide natural resources and to accept or absorb waste. When the Ecological Footprint exceeds the Biocapacity mark it leads to un-sustainability. Thus the mathematical difference between EF and BC can be positive or negative, where positive means deficit and negative means surplus. The concept of EF/BC is a good analytical tool for creating awareness about resource consumption, depletion and regeneration. This tool is also very important for making the people realize the ability of Earth to regenerate consumed resources and to absorb the waste materials in a limited time frame. The Ecological Footprint value that is calculated at the end for assessment are categorized for goods, services, carbon emission, water usage, housing area, land used for work or any other purpose and also the number of earths that will be required to meet the worlds population and their levels of consumption. Ecological footprint is measured in terms of global hectares (gha). This accounting measure is very much similar to the life cycle analysis where the energy and resource consumption are converted into a normalized value which is the measure of land called the global hectares. HISTORY The concept of Ecological Footprint was first published in 1992 by William Rees. The concept was deeply explored by Mathis Wackernagel under Mr. Rees supervision at University of British Columbia in Canada from 1990-94. Originally the concept was named as Appropriate Carrying Capacity but was later changed to Ecological Footprint after getting inspired by a computer technician who appreciated the look of his new computer as a small footprint on the desk. A book was published in 1996 by Rees and Wackernagel called Our Ecological Footprint: Reducing Human Impact on the Earth. NEED FOR ECOLOGICAL FOOTPRINT Ecological Footprint is an accounting tool which is used to measure the consumption of Earths resources by individuals, territory, states, nations and world to their corresponding capacity of Earth to regenerate those resources and absorb the wastes. The tool can be used for: Analysing the lifestyle of the people and their daily resource consumption. Examining the extent to which a nation is utilising its biocapacity and then comparing the results with that of the other nations. Educating the people to make them realize about the biocapacity and the over consumption of natures resources with an idea to change their personal habits and resource utilization. Determining the actions and current lifestyles of the people and the nation which are not sustainable. Motivating the Multinational Companies to compute their own Ecological Footprint and take required measures to reduce the computed value. This can be done by taking initiatives towards environmental sustainability and by formulating corporate social responsibility policies. CHAPTER II: REVIEW OF LITERATURE ECOLOGICAL FOOTPRINT FUNDAMENTALS The Ecological Footprint (EF) is used to measure how much renewable resources of the biosphere are consumed by human and how fast the Earth is able to renew those resources. The renewable resources include croplands, animal products, wood and timber, fish, etc. The consumption of resources and the use of built up bioproductive area is measured in terms of global hectares (gha). It is a measure of how much bioproductive land and sea has been used by individuals, territories, states and nations to produce the consumable renewable resources and then to absorb the waste. The global yield factor by type of consumption is a measure which translates the product into an area that is required to produce that product. The product to be consumed can be crops, timber, fisheries, pasture, etc. The productivity of the product depends upon the time selection, product selection (animal products, crops, fish) and the type of land associated with the products; croplands for crop, dairy farms for animal products, fisheries for fishes. The equivalence factor translates the land type into global hectares (in gha/ha). This factor determines the worlds average productivity of a given type of productive area to the worlds average productivity of all the areas. In general there are six ecological bioproductive area: Crop land: The land used for growing grains, vegetables, fruits and for feeding the livestock. From ecological perspective it is the most productive area. Pasture: The land that is used for grazing the livestock, to build poultry farms, to produce dairy products like cheese and butter. Forest: The land that is used for growing trees or natural forest which can in turn yield timber. They serve other ecological purposes also like preventing soil erosion, ecological balance, protecting biodiversity, climate stability and maintaining the hydrological cycles. Sea, Rivers and Oceans: They maintain the marine life and provide fishing facilities. They also help in maintaining and balancing temperatures, land and sea breeze, capturing the solar energy, etc. The coastal area provides the seas ecological production. Energy land: The land used to sequester carbon dioxide and for accumulating equivalent amount of usable energy. Built up land: The land that is used by humans for their settlements, building houses, roads and constructing high end infrastructures. It is noticed that human settlement is mostly concentrated in the fertile areas of the region. It is very important for every individual to calculate their Ecological Footprint to know their stand. Human beings are the only ones responsible for the depletion of natural resources. They have started consuming so many resources and so rapidly that it is not possible for the Earth to cope up with its rate and thus renewal of resources is delayed. Globalization is the current market trend. Everything is turning global, developing countries are utilising this opportunity to gain competitive advantage and to strengthen their economy by investing in infrastructure. To set up a new infrastructure land, money and resources are required where land comes from the reserved forest lands and resources from the surplus quota. The forest lands are for the animals, its their natural habitat. Using the forest land disturbs the biodiversity and thus leads to extinction of many species. Forest lands are also major areas for preventing soil erosion and balancing ecological cycles. The usage of resources should be such that the coming generations can also have access to these resources without compromising. The future generation also have the rights to use natural resources and if the current trend is followed where the rapid resource utilization is taking place then the very soon these resources will deplete and there will be nothing to use. There are many Ecological Footprint calculators available these days to calculate individuals, nations and world Ecological Footprint. The calculators measure the difference between the Ecological resource usage and the biocapacity which is used to determine per capita resource amount. The next section will explain the EF and BC accounting which is a tool to measure whether the bioproductive area has surplus or deficit resources. ECOLOGICAL FOOTPRINT AND BIOCAPACITY ACCOUNTING There is a steady rate at which the nature can restore the renewable resources which have been consumed. The idea behind Ecological Footprint is not to get a value for which resources are being used and how much resource consumption is done by an individual, territory, state or nation but instead how fast they being consumed. The current scenario states that the consumption rate is very high in comparison to the renewal rate of Earth. Ecological Footprint and biocapacity relationship is similar to the Demand-Supply relationship in economics. Ecological Footprint measures the bioproductive area (land or water) required by the population to consume renewable resources under the prevailing technology to produce waste which is to be absorbed. Biocapacity is the capacity of the area to produce renewable resources. Thus, Ecological Footprint is the demand for renewable resources and Biocapacity is the supply of renewable resources. When EF and BC are used together they are either referred to as EF/BC accounting or simply EF accounting. EF accounting is a tool to compare the supply with the demand. The difference between the EF and BC can either be positive or negative. The positive value refers to deficit of natures renewable resources and negative value refers to the surplus/reserve of natures renewable resources. EF-BC =Positive.. Deficit EF-BC =Negative.. Surplus Figure 1 A nations ecological deficit can be compensated by getting into trade agreements with other nations who have ecological reserves or by liquefying ecological assets. In case of global ecological deficit there is no compensation available and is thus equal to overshoot. The Ecological footprint can be decreased with: A small population per a given area Less consumption of resources per person High resource efficiency which can be quickly renewed. It is possible that the demand can exceed the biocapacity mark thereby leading to overshoot. This can occur when: The trees and crops are harvested faster than they can re-grow. Depletion in the fisheries before being restocked. Quick emission of CO2 into the atmosphere making it difficult for the ecosystem to sequester it. Overshoot is no longer a local phenomena but instead a global phenomena. It is not just that people have started using more resources but have also started invading natures principle. Some effects of overshoot are: Natural capital liquidation Accumulation of CO2 in the atmosphere Deforestation Lack of biodiversity Scarcity of freshwater Figure 2 CALCULATING ECOLOGICAL FOOTPRINT The Ecological Footprint can be calculated by individually examining the amount of land used for: Crop cultivation Growing timber Grazing animals and livestock Fishing Transportation Building hi-tech infrastructure Energy production Electricity usage An individuals Ecological Footprint can be calculated by summing all these areas. The natural capital per person can be calculated by taking the total population and then dividing it by the number of hectares of bioproductive land. The current value for individual Ecological Footprint is 4.7 on the planet per person. The average productivity of different bioproductive area varies from other areas as they depend upon the weather conditions and the way the area is maintained. For example the average productivity of croplands is more than any other land types. Thus the areas productivity is converted into its corresponding equivalence factor so as to represent it in global hectares. The equivalence factor remains the same for all nations but it varies each year because of relative productivity and the land usage depending upon the environmental factors (weather). Figure 3 The average bioproductive area per person worldwide was 1.8 approximately in 2006. The World Wide Fund for Nature claims that the human ecological footprint has exceeded the planets biocapacity by 20%. Footprint per capita of: United States of America- 9.0 gha Switzerland- 5.6 gha China- 1.8 gha The average Ecological Shoe Size for different regions in global hectares can be seen below. North America leads the chart with the highest ecological footprint. Figure 4 Among the nations United States of America, India and China have the highest Ecological Footprint. While calculating the EF without knowing the population size of that country it cannot be stated what the population or each individual is demanding. Both India and China are highly populated countries but their resource usage is below the world average value. In case of US, the average footprint per person is five times that of the world average. Ecological Footprint of individuals residing in developing countries is less than the individuals residing in developed countries. Developed countries use advance technology and have modern infrastructure which require more resources for their working and maintenance thus making its individual Ecological Footprint above 4.7. In case of developing countries the value is low because of less industrialization and usually floats below 4.7. APPLICATION OF ECOLOGICAL FOOTPRINT The Ecological Footprint can be applied to organizations, individuals, territories, cities, states, nations and world as a whole. It helps in planning and to budget the natural capital. Thus the EF can be used in for different applications and it can be ensured that the EF remains as low as possible. This can be done by: Using resource efficient technologies that require minimal natural capital. Motivating people to maintain a clean environment by reducing the need of fossil fuel and by making the area pedestrian friendly. Encourage family planning and reduce family size so that per person consumption of resources is saved. SUBSETS OF ECOLOGICAL FOOTPRINT The Ecological Footprint can be further categorized into: Carbon Footprint Water Footprint Both the types of footprints are briefly taken up in following sections. CARBON FOOTPRINT The term Carbon Footprint refers to the total bunch of Green House Gases emissions caused by a person, product, community, organization or an activity. The Carbon Footprint is usually measured in terms of amount of carbon dioxide released; it can be either in percentage of carbon dioxide (gas) or in kilograms of carbon (solid particles). Carbon Footprint is a division of Ecological Footprint and Life Cycle Assessment. A Green House Gas Assessment can be taken up to calculate individuals, organizations and nations Carbon Footprint. Once the Carbon Footprint is known various strategies can be devised to reduce it. Few Strategies are: Adopting Cleaner Technology process Efficient product and process management Using green product; which are eco- friendly Using renewable sources of energy Procuring and using green raw materials Adopting waste management practices Practising Carbon offsetting programmes Carbon Offsetting is the reduction of Carbon footprint by the mitigation of Carbon Footprints through alternative project development like wind energy, solar energy, and reforestation. TWO PARTS OF CARBON FOOTPRINT A Carbon Footprint is made up of two parts: Primary footprint and Secondary footprint. Primary Footprint: Primary Footprint refers to the direct emission of Carbon Dioxide into the atmosphere. Direct emission can be by burning of fossil fuels, transportation, factory chimneys, burning of crops for crop rotation, etc. Secondary Footprint: Secondary Footprint refers to the indirect emission of Carbon Dioxide. Indirect emission refers to getting associated with the product or process which is directly emitting carbon dioxide. Example of Secondary Footprint is buying products wherein during the product lifecycle carbon dioxide emission had taken place. So the more you buy the more you will contribute towards secondary emission. The following questionnaire can be taken to check how much an individual contributes towards indirect carbon dioxide emission. Do you eat vegetarian food or non vegetarian food? Do you buy or grow organic food? Do you buy local food and goods? Do you buy new clothes or second hand clothes? Do you buy new appliances or second hand appliances? Do you use things that are recyclable? Do you try to use common vehicle while travelling? The chart below shows the amount of Carbon dioxide release in to the atmosphere: Primary Footprint Figure 5 WATER FOOTPRINT Water Footprint is an accounting tool to measure the total volume of fresh water used for goods and production manufacturing and consumed by individuals, groups or community. Water Footprint is measured in terms of volume consumed or water polluted per unit of time. Water Footprint can be calculated for consumers or producers. Consumers include an individual, community, family, society, village, province or a city. Producers include public or private organizations. Water Footprint is an indicator which not only measures the volume of water used or polluted but also the regions and locations. Water Footprint is a novel subset of Ecological Footprint and it does not provide any light on contribution of embedded water towards environmental impact or water stress. COMPONENTS OF WATER FOOTPRINT Water Footprint consists of 3 components: Blue Water Footprint: It accounts to the total volume of freshwater that has been used or evaporated from surface or ground water to produce products and services which are consumed by individual, groups or society. Green Water Footprint: It accounts to the total volume of water evaporated from the soil (moisture content of the soil because of rain water) Grey Water Footprint: It accounts to the volume of polluted water that is used for the production of goods and services for groups, society or individuals. It also refers to the amount of water required to dilute the pollutants such that the water remains above the acceptable standards for water quality. WATER FOOTPRINT OF INDIVIDUAL CONSUMERS Water Footprint for individual consumers refers to the total amount of fresh water consumed either directly or indirectly by the them. Direct consumption is the water used at home for drinking, washing, cleaning and other purposes. Indirect consumption is the total volume of fresh water used for producing goods and other services which are then consumed by the consumers. The average Water Footprint worldwide is 1240 m3 water/person/year. Chinese: 700 m3 water/person/year United States of America: 2480 m3 water/person/year Finnish: 1730 m3 water/person/year United Kingdom: 1695 m3 water/person/year WATER FOOTPRINT OF BUSINESSES The corporate water footprint is the total volume of freshwater that is either directly or indirectly used for carrying out business activities. The Water Footprint for corporate organization consists of two components: the direct use of water by the producer for supporting activities and the indirect use of water during the supply chain process. WATER FOOTPRINTS OF NATIONS Water Footprint of Nations depicts the usage of water for producing the products and services which are to be consumed by the citizen of that nation. This Water Footprint has two components: the Internal Water Footprint and the External Water Footprint. Internal Water Footprint refers to the requisition of domestic water resources and external Water Footprint refers to requisition of water resources in some other countries. In Japan, 65% of total Water Footprint comes from other country. CONCLUSION Ecological Footprint, Carbon Footprint and Water Footprint are very important accounting tool to measure bioproductive areas capacity, carbon dioxide emission and the usage of fresh water. The consequence of increased Carbon Footprint means more emission of Green House gases which leads to Global Warming and climatic changes. There have been noticeable changes in the environment and the weather in the past two decades. Human activities has badly hampered the chemical composition of the atmosphere by practising and using products that emit Green House Gases (GHG). The consequence of GHG accumulation is that the atmosphere blanket will deplete and a blanket of GHG will form around the earth. This will lead to extremely high temperature resulting into melting of icebergs and snow. The sea level will rise tremendously and will destruct everything. The high temperatures may also expand the deserts thereby altering the countryside permanently. The early symptoms are already been seen such as change in the local climate, crop yields, human health, growing number of diseases, and water supplies. All individuals must take the Carbon Footprint test which is called the Carbon Calculator. The test will help in determining an individual attachment with carbon. Whatever be an individuals score it is every human beings responsibility to save the planet and to minimise the release of Green House Gases. At individual level various activities can be taken to reduce an individuals Carbon Footprint. At Corporate level the organization must adopt a Corporate Social Responsibility (CSR) Policy to which it will always abide. A corporate must practice and use such products or materials which are eco friendly. The corporate must ensure that all its employees participate in CSR activities and work together towards environmental sustainability. The Corporate must also measure its Water Footprint and must always replenish the water source from where it has taken fresh water for its production of goods and services. Multinational Companies who can afford should build up rain water harvesting plants and sheds for social welfare. The Companies can themselves take initiatives to educate the people and improve the society and set a path towards environmental sustainability.