Financial Analysis Coach Inc. - 1686 Words

Coach Inc. Research Report Weibo Xiong BU.230.620.82 Johns Hopkins University April 25, 2016 COACH.INC ________________________________________ Date: 04/25/2016 Current Price: $40.23 Recommendation: HOLD Ticker - NYSE: COH Headquarters: New York City, NY Target Price: $42.36 USD ________________________________________ Highlights Market Profile We give Coach (COH) a Hold recommendation based on a one-year target price of $42.36, offering 4.6% upside from its closing price of $40.23 on April 25, 2016. Our recommendations are followed by: †¢ Financial Analysis - COACH INC s gross profit margin is decreasing and operating expenses is increasing when compared to the same period years ago. Profitability has decreased. But, COACH INC is extremely liquid. Currently, the Current Ratio (3) shows the company has ability to cover short-term debt. Cash flow is still abundant. But ROE has decline. Overall, the company is facing some financial issues in the brand transition process. †¢ Valuation - Valuation methods indicate a current intrinsic value of $42.36 per share. Based on its business strategy and cash flow structure, we believe there is growth potential in the future. We evaluated Coach’s intrinsic value primarily though a discounted cash flow analysis. †¢ Main Risks– Risks to ourShow MoreRelatedWhy Canada And South America Could Be Viable Places For Business1278 Words   |  6 Pagestargeted towards mixed gender locations. conclusion While Coach, Inc. has managed to capture a large amount of the market by pursuing a broad differentiation strategy and promoting the company as an accessible luxury brand, they still have some areas to improve upon. Appendix A – External Analysis A.1 Porter’s Five Forces Rivals: High: Very strong competitive forces, many options for a consumer to choose from. Suppliers: Low: Coach, Inc. has many supplier options to purchase the materials thatRead MoreA Note On Leadership And Management Essay961 Words   |  4 Pagesintroduces the background of Coach Inc., analyzes its ratios to compare the company to the average luxury industry data, and analyzes the future situation based on the analysis of these ratios. Coach Inc., established in 1941, is a famous manufacturing company. Based on its ratio analysis, it operated well in previous years and will have an amazing life in the manufacturing and luxury field in the future. This paragraph introduces the background information of Coach Inc. Coach Inc., which was establishedRead MoreSwot Analysis Of Coach Inc.854 Words   |  4 Pages1. SWOT Analysis of Coach Coach Inc.’s strengths mainly come from their financial status and images of their brand. One of Coach’s strength is from their own income statement. Coach has no debt, which gives them the ability to expand their operations and fund critical projects. Their other essential strength is their brand image; Coach being in the business for so long has allowed their brand to grow year after year. In addition, another strength to Coach is their diverse retail channels;Read MoreCoach Concept Of Coach Company1599 Words   |  7 PagesThe Coach brand is one of the most recognized brands in both North America and overseas in targeted international markets. Coach Incorporated markets a lifestyle to a loyal customer base. At the same time they provide consumers with fresh, compelling, and innovative products that are extremely well made at an attractive price. (Coach Incorporated, 2015) We note that in their responses to customer demands for both fashion and function, Coach Incorporated offers various styles and product categoriesRead MoreThe Complexity Of Coach Inc.862 Words   |  4 PagesBased on the complexity of Coach Inc. (Coach) inventory system and policy, I identified potential risks that could affect Coach’s productivity and carefully chosen critical extended procedures to detect possible fraud and misstatement. Analysis and overview of potential fraud risks related to Coach Inc. inventory policy. Coach is exposed to (1) employee theft; if proper inventory controls and segregation of duties are not correctly implemented, employees could steal items after delivery to theRead MoreInventory Control at Wheeled Coach Inc.1682 Words   |  7 PagesProfile: Wheeled Coach Wheeled Coach Industries, Incorporated is the largest manufacturer of ambulances and rescue vehicles. The subsidiary of Collins Industries, Inc. was founded in 1975, and is currently based in Winter Park, Florida. Wheeled Coach, led by their President Bob Collins, Jr. employs a highly trained production team of over three hundred and fifty personnel who are responsible for the assembly and final production of all ambulances in their production facility. Wheeled Coach offers itsRead MoreCase Study : Coach Inc.1231 Words   |  5 PagesExternal Analysis Coach Inc. operates in the luxury goods industry where it sells high quality leather handbags, accessories, and other leather products. The scopes of the products within this market are rated high in their â€Å"quality, style, and value† (Gamble, 2015, Page 71). The qualities of these luxury goods are rare, desirable, hard to replicate, and have a strong brand reputation. Firms within this market choose to compete domestically, in North America, and globally, in Europe, andRead MoreCoach Analysis : Coach Inc.1821 Words   |  8 PagesCoach Incorporated Analysis In this portfolio project assignment there will be an analysis of Coach Inc., which has a company ticker symbol of COH, and a close competitor Michael Kors Holdings Limited, ticker symbol of KORS. First, there will be a review on the ratio analysis on the results and rationale for the items selected. Second, there will be a horizontal and vertical analysis for Coach Inc. on the income statement and the balance sheet. Third, there will be a review of at least four itemsRead MoreCase Study : Coach Inc.1230 Words   |  5 PagesB. External Analysis Coach Inc. operates in the luxury goods industry where it sells high quality leather handbags, accessories, and other leather products. The scopes of the products within this market are rated high in their â€Å"quality, style, and value† (Gamble, 2015, C-71). These qualities of the luxury goods are rare, desirable, hard to replicate, and have strong brand reputation. Firms within this market choose to compete geographically in countries North America, Europe, and more recentlyRead MoreFinancial Analysis On Financial Statements854 Words   |  4 PagesFirm Performance: A Review of Financial Statements Financial crises like dot-com bubble in the late 1990s and the housing market crash in the late 2000s prompted investors, and firms, to reconsider the criticality of financial discipline. Transparency would be necessary to entice investors to spend money again, thus a firm’s financial statements became their marketing tools. These examples reinforce the importance of financial statements’ relation to the financial wellbeing of a company. This

Global Product Quality And Corporate Social-Myassignmenthelp.Com

Question: Discuss About The Global Product Quality And Corporate Social? Answer: Introduction Corporate social responsibility (CSR) is a new method of a business model which has gained significant popularity in past few years. As per CSR policies, corporations required maintaining a level of transparency in their organisational culture to ensure the implementation of ethical principles. Organisations focus on their duty as a corporate citizen instead of just focusing on the enhancement of revenues. The competition between corporations has grown due to globalisation which requires international corporations to maintain certain guideline while operating their business in foreign countries. Most organisations misuse their CSR policies since there is no strict structure provided by the government regarding the implementation of CSR policies. This essay will focus on analysing the merits and demists of implementation the CSR policies in a business. Further, the essay will evaluate the situation from different corporations perspective and analyse theories of different experts. Advantages and Disadvantages of CSR Corporate Social responsibility is an important topic in modern times, due to the enhancement of peoples perspective towards the preservation of the environment. As per Tai and Chuang (2014), most large organisations implement an effective CSR policy to enhance the environmental preservation and support different aspects of society. CSR policies stop organisations from misusing their large position and ensure the welfare of society. Modern organisations are expected to act as a citizen and perform their duties to protect the society and environment. A CSR structure is self-regulated by an organisation. The CSR policies shift the corporations focus on profit making to the welfare of society and preservation of environmental resources. Suliman, Al-Khatib, and Thomas (2016) provided that due to lack of proper administrative authorities, many organisations prepare effective CSR policies but did not strictly comply with them. The managers and market experts worldwide have accepted the req uirement of strict CSR policies for the benefit of societies and environment. In modern times, the competition between corporations has raised significantly. As per Campbell and Helleloid (2016), to achieve more success, most companies use illegal or unethical methods to enhance their revenues. To stop corporations from misusing their position, CSR policies are necessary. For example, in 2014, many of the worlds largest organisations, such as Facebook, Microsoft, and Starbucks, found guilty of tax evasion in the United Kingdom. HSBC bank has also been found guilty in a tax scandal; the company was helping rich people to avoid paying taxes and showing the wrong valuation of their company in financial statements (Naheem, 2015). The role of government authorities has reduced with the increase in the number of the corporation. Many large organisations use the unethical method to enhance their production which increases the pollution in the environment. Various unethical activities of corporations can be avoided by effective implementation of CSR policies. Effective CSR policies assist organisations in improving their recruitment and retention process. Carroll (2015) provided that one of the main reasons for CSR policies popularity is the better lifestyle of people. Most people gained knowledge regarding environmental protection, and they prefer to use products from corporations who do not harm the environment. People also prefer to work for organisations with better CSR policies because it makes them feel they are helping in the improvement of the environment. The companies with effective CSR policies have happier employees than comparing to an organisation with low CSR policies. According to the research of Aguinis and Glavas (2012), the example of corporations with effective employees CSR policy includes Target, Google, and Ben Jerrys. Google is known for implementing strict CSR policy for improvement of their employees. The corporation has been awarded the best place to work numerous times. They provide various benefits to their e mployees such as time to work on their own projects, positive social interactions, and scholarships to continue their further studies. These policies improve the recruitment process since Google hire worlds top talented individuals. The strict implementation of CSR policies improves the reputation of corporations in the market because people prefer to use products from environmentally friendly websites. A study conducted by the online customer provided that more than 66 percent of customers prefer to use and pay extra for the products of a company with better CSR policies (Kim, Park and Wier, 2012). Most reputable organisations in the world have strictly implemented CSR principles in their organisational environments such as Apple, Starbucks, and Microsoft. As per Hopkins (2016), Apple is one of the worlds most reputable brands, and they use natural energy sources, such as hydro, solar or wind, to power their manufacturing factories in China. All the operation of Apple is the United States such as data center or offices are also used natural energy to power their machines and the products created by Apple are 100 percent recyclable. The steps taken by Apple help they reduce environmental pollution which assists them in enhancing their products sales. As per Cheng, Loannou, and Serafeim (2014), an organisation with strict implementation of CSR policy has better chances of improving their cash flows than compared to other corporations. Most customers living in developed countries prefer to use products from environmentally friendly corporations, which increase such companys sales. Another benefit of implementing CSR policies is an increase in the sources of investment for the company. According to Crane, Matten, and Spence (2013), CSR policies ensure the transparency in corporations work which attracts a large number of financiers to invest in the corporation. Most investors prefer to associate with companies who have strict CSR policies since they have a high reputation in the market. Strict implementation of CSR policies has several benefits but it also includes several drawbacks. The first drawback of implementing CSR policies is related to shifting of corporations focus on profit making to providing benefit to society. According to Chandler and Werther (2013), the existence of a company is based upon providing benefit to its shareholders, but by implementing CSR policies a corporation has to focus on other stakeholders as well, such as employees, environment, society, and suppliers. Due to a reduction in a profit-making objective, many investors might not prefer to invest their money in companies with strict CSR policies. The disadvantage of CSR policies includes enhancement in the expenses of the organisation. As per Albuquerque, Durnev, and Koskinen (2014), for an effective CSR policy, a corporation is required to change their process to the environmental friendly mechanism, such as better machinery or environmentally friendly material, which costs higher than normal materials. Corporations also required providing different incentives to their employees and performing other activities for social benefits, which can increase the expenditure of a corporation. CSR policies require an organisation to maintain transparency in their operations which is beneficial for consumers but difficult for corporations. As per Madden, Roth, and Dillon (2012), providing each little detail to customers and investors can be frustrating for the company. It can also be risky since other corporations can assess the future plans of the company. The organisations are also required to provide details regarding their failures which can eventually reduce the reputation of the company in the market. For example, if a phone manufacturer company admits that the material used by them in the manufacturing of their product increases environmental pollution, then the reputation of such company will reduce in the marketing. According to Kim, Li, and Li (2014), another disadvantage of using corporate social responsibility is an increase in the prices of companys products, as compared to other competitors. The corporations with strict CSR policies regarding environment or employees have high price products, for example, Apple, Starbucks or Google all have high priced products than compared to their competitors. The customers in developed countries can afford high price products but the customers of developing countries usually did not invest in high price products when they have other alternatives. This reduces the corporations revenues from developing countries. The popularity of CSR policies has grown rapidly in past few years but there is still lack of strict implementation. Most large corporations implement CSR policies but did not comply with them to enhance their profits. For example, Volkswagen has strict CSR policies but the company still used the highly polluted material in their cars to enhance their profits. For effective implementation of CSR policies, it is necessary that government prepare strict regulations regarding CSR. The awareness between small and medium organisation regarding environmental protection is also required for encouraging them to implement CSR policies (Baumann-Pauly, Wickert, Spence and Scherer, 2013). Companies should analyse their organisational structure before implementing CSR policies to reduce the disadvantages of CSR policies and enhancing their benefits. Conclusion In conclusion, the role of CSR policies has grown significantly which covers various parts such as environment, suppliers, employees and other. A large number of multinational corporations have implemented CSR policies into their business model but still, the effective follow-up of such policies is missing. Various large corporations are found guilty of misusing their CSR policies such as HSBC, Volkswagen, Starbucks and much more. To ensure successful implementation of CSR policies, the government should prepare strict regulations which will force the organisation to comply with CSR policies. The advantages of CSR policies overcome its drawback and every corporation should implement such policies into their business model. References Aguinis, H. and Glavas, A., 2012. What we know and dont know about corporate social responsibility: A review and research agenda.Journal of management,38(4), pp.932-968. Albuquerque, R.A., Durnev, A. and Koskinen, Y., 2014. Corporate social responsibility and firm risk: Theory and empirical evidence. Baumann-Pauly, D., Wickert, C., Spence, L.J. and Scherer, A.G., 2013. Organizing corporate social responsibility in small and large firms: Size matters.Journal of Business Ethics,115(4), pp.693-705. Campbell, K. and Helleloid, D., 2016. Starbucks: Social responsibility and tax avoidance.Journal of Accounting Education,37, pp.38-60. Carroll, A.B., 2015. Corporate social responsibility.Organizational dynamics,44(2), pp.87-96. Chandler, D. and Werther Jr, W.B., 2013.Strategic corporate social responsibility: Stakeholders, globalization, and sustainable value creation. Sage Publications. Cheng, B., Ioannou, I. and Serafeim, G., 2014. Corporate social responsibility and access to finance. Strategic Management Journal,35(1), pp.1-23. Crane, A., Matten, D. and Spence, L.J., 2013. Corporate social responsibility in a global context. Hopkins, M., 2016.The planetary bargain: corporate social responsibility comes of age. Springer. Kim, Y., Li, H. and Li, S., 2014. Corporate social responsibility and stock price crash risk.Journal of Banking Finance,43, pp.1-13. Kim, Y., Park, M.S. and Wier, B., 2012. Is earnings quality associated with corporate social responsibility?.The Accounting Review,87(3), pp.761-796. Madden, T.J., Roth, M.S. and Dillon, W.R., 2012. Global product quality and corporate social responsibility perceptions: A cross-national study of halo effects.Journal of International Marketing,20(1), pp.42-57. Naheem, M.A., 2015. AML complianceA banking nightmare? The HSBC case study.International Journal of Disclosure and Governance,12(4), pp.300-310. Suliman, A.M., Al-Khatib, H.T. and Thomas, S.E., 2016. Corporate Social Responsibility.Corporate Social Performance: Reflecting on the Past and Investing in the Future, p.15. Tai, F.M. and Chuang, S.H., 2014. Corporate social responsibility. business,6(03), p.117.

To what extent do political parties promote democracy free essay sample

Political parties have many functions, one of which is to uphold the principles of a democratic political system. A democratic political system is one which involves various features, such as a peaceful transition of power from one government to another, free and fair regular elections, people having open access to independent information, government accountability to the people and representative institutions and that the government operates in the broad interests of the people. Democracy can take a number of forms, the main two being representative and direct democracy. In the UK a representative democracy is in place. Arguably, the mere existence of political parties enhances democracy as they allow the public to decide who should be in charge of their country, however at times, the promotion of democracy by political parties could be questioned for example party corruption and undemocratic actions for example the unfair use of hereditary peers to pass a Bill. We will write a custom essay sample on To what extent do political parties promote democracy? or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The most important way that political parties enhance democracy is through representation. The idea of a representative democracy is that the elected representatives express the will of the people and sections of society. Political parties claim to have a representative function, however parties have their origins in the representation of social classes. In contemporary politics this is a weaker party because all of the main parties argue that they represent the national interest, and not just the interests of specific classes or groups. Therefore it is essential that they seek to ensure that all groups in society have their interests and demands at the very least, considered by the government. The use of referendums also increases public participation and enhances the idea of democracy. Public participation is a key element of democracy therefore an increase in the use of referendums will result in a higher level of democracy. A referendum is an occasion when citizens (either all of them or only those in a certain region) are asked to determine a question of public importance. In the UK, a referendum result is not binding on Parliament because Parliament remains sovereign. However it is virtually unthinkable that the UK Parliament would defy the expressed result of a referendum. It is Parliament and government that determine whether a referendum is to be held and what the question may be. Although the public cannot directly influence the government through a referendum, their opinions on the matter proposed will have a significant effect on the final decision made, which gives the public a higher sense of authority. There was a 1998 vote to approve of an elected London mayor, which was necessary as it was going to change the governance of the capital city, so the consent of Londoners was vital. It also implied some increase in taxation, again making consent essential. Referendums increase the publics influence in the political sphere, therefore by using them, political parties are promoting democracy. However referendums are rarely held, and politicians/political parties as a whole usually make important decisions, and don’t often require the assistance of the public. Many issues that could be used in a referendum are argued to be ‘too complex’ for the majority of the people to understand, let alone make a judgement on. For example issues arising from proposed European Union treaties may well be too complex for popular consideration. Many would argue that such matters should be left to our elected representatives under the guidance of experts rather than to the general public, and the influence of the media. Also, politicians may go against the wishes of the people, for example with the bedroom tax. There was a great deal of controversy associated with it, however the government still pursued it. If a referendum had been held, the opinions of the public on the matter may have been expressed, however one wasn’t held therefore this political action could be deemed as being undemocratic. The fact that, in the United Kingdom, we have multiple political parties, with a variety of view points and policies, is exemplary of the fact that political parties enhance democracy. The existence of various political parties gives the public voting options, and provides them with a choice of who governs their country, which is arguably a democratic approach, and encourages public participation. The idea that the public are not only voting for the party and its leaders, but also its policies show that they have an influence in how the country is run. For example the Conservative party (under David Cameron) believes in traditional institutions and values, protecting the rights and interests of property owners, and support the idea that the wealthy do have a responsibility to improve the conditions of the disadvantaged. However modern Labour (under Ed Miliband), emphasises that education is the main driver of social justice and social mobility, agrees that there should generally greater stress on environmental protection, and the party now favors more active state intervention to promote economic growth. The differing ideas of these two large parties, show that the public are given a variety of options on each different potential governing body, which gives them adequate knowledge to make a decision on who to vote for. The existence of multiple political parties enhances democracy as it increases public participation and influence. In conclusion, although there are a variety of political parties, both major and minor, existing in the United Kingdom, which arguably enhances democracy, they are all moving closer to the center, and becoming very similar in the modern day, which reduces the idea that political parties enhances democracy. For example the Conservative party and the Labour party currently agree on matters that in the past, they didn’t. For example on the matter of education, Cameron abandoned the traditional support for selective secondary education (grammar schools) and instead supported Labour’s policies to create a wide range of different types of secondary schools and colleges. The increasing similarities between political parties reduces the concept of public participation, therefore is reducing the enhancement of democracy. Referendums are an excellent way of reducing the barrier between the public and the government, and increasing the publics influence on government decisions and policy making. And although they are becoming increasingly used, they are not frequently held therefore this would further support the idea that political parties do not enhance democracy.

Nash Equilibrium Theory

Nash Equilibrium Theory Introduction Nash equilibrium is a challenge that has acquired many increasing applications in both the internet and economics. It is evident from the internet that it is hard to count all the Nash equilibrium of a two player game. This is so even if the entry of the matrix is 0 or even 1.Advertising We will write a custom essay sample on Nash Equilibrium Theory specifically for you for only $16.05 $11/page Learn More Nevertheless, the complexity which is involved in finding the Nash equilibrium is open and has been actually opposed as one of the most significant wide open problems in the complexity theory today. There is a new polynomial reduction given in finding the Nash equilibrium in the general bi-matrix games in finding Nash equilibrium in the games where all the playoffs are either 1 or 0 (Kim, 2004). Once a given problem is shown intractable in the in complexity theory, the research for the same shifts towards the directions of polynomial algorithms for approximation or modest goals and the exponential bounds which are lower for the restricted algorithm classes. We however conclude that Nash algorithm is a concept of solution of a game that involves two or more players in it, where by assumption has been made that every player understands the strategies of the equilibrium for the players and that not even one player has a thing to gain by altering his own strategies unilaterally (Kim, 2000). Algorithm for the Nash equilibrium In calculating the Algorithm for Nash equilibrium, we give out a common algorithm for calculating the Nash equilibrium of the bi-matrix game within an exponential time. The calculation relies on the proposition that; given the existence of a Nash equilibrium with the supports S1 = Supp (x) and S2 = Supp (y), there will be a polynomial time of the algorithm in order to compute a Nash equilibrium with the definite supports stated. In the question, we will calculate the Nash equilibrium as follows: Let Si1 b e the ith row of S1, and Sj2 be the jth column of S2Advertising Looking for essay on math statistics? Let's see if we can help you! Get your first paper with 15% OFF Learn More We then solve the linear program based on the 2n + 3 variables: The variables: a, b ≠¥ 0, U, V, á µÅ¸ The solution is then shown to the given conditions in a Nash equilibrium having the supports (S1, S2). The set of the constraints demands that the probabilities ai be non-negative and add up to one. They should also be 0 outside the required support with at least á µÅ¸ within the desired support (Freund, 2006). The following charts show the Nash Equilibrium tables. The steps I used in calculating the Nash equilibrium.Advertising We will write a custom essay sample on Nash Equilibrium Theory specifically for you for only $16.05 $11/page Learn More I examined the payoff matrix and determine what payoffs belong to whom I determined each player’s best response in all other actions of the other players, this process is done to all other players The Nash equilibrium hence exists where each player’s best response is similar to the other player’s best response For instance Step one Cooperate Non cooperate Cooperate 2000(B) 1500(A) 4000(B) 50(A) Non Cooperate 100(B) 2000(A) 101(B) 60(A) Step two Cooperate Non cooperate Cooperate 2000(B) 1500(A) 4000(B) 50(A) Non Cooperate 100(B) (2000) 101(B) (60) Step three Cooperate Non cooperate Cooperate 2000(B) 1500(A) 4000(B) 50(A) Non Cooperate 100(B) 2000(A) (101) 60(A) Proof of equilibrium The algorithm is simple and enumerates all the pairs (S1, S2) where by S1 is the sub set of the pure strategies of the row player while S2 is the pure strategies for the column player. For every pair, the equilibrium is used to find the Nash equilibrium in case one exists with the specified supports. In case no Nash equilibrium exists with the supports, the algorithm terminates within the polynomial time and either asserts that there is no solution existing or for one with a á µÅ¸ = 0. In the case latter case described, the solution to the problem will be a valid Nash equilibrium therefore the algorithm will find necessarily Nash equilibrium whenever it uses the initial algorithm on the support of the described Nash equilibrium. Hence, there exist at most the following in the solution: The 2m Ãâ€" 2n kind of pairs of the sets, therefore we get a total of (n + m) 0(1) 2(m + n) total time (Kim, 2000).Advertising Looking for essay on math statistics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Proof of negotiation algorithm The original proof of the existence of the Nash equilibrium is the Brouwer’s fixed point theorem. The proof is as follows: we can have the best of all correspondence for all other players with the relation from the set of the probability distributions over the profile of the opponent players to the set strategies as given in the supports, the profile of the mixed strategy of all the players except for player Si1. Analysis of negotiation algorithm Nash algorithm is a concept of solution of a game that involves two or more players in it, where by an assumption has been made that every player understands the strategies of the equilibrium for the players and that not even one player has a thing to gain by altering his own strategies unilaterally (Freund, 2006). Nash algorithm is a concept of solution of a game that involves two or more players in it, where by assumption has been made that every player understands the strategies of the equilibrium fo r the players and that not even one player has a thing to gain by altering his own strategies unilaterally. In calculating the Algorithm for Nash equilibrium, we give out a common algorithm for calculating the Nash equilibrium of the bi equation The path-order AR (AR(p)) Random Process is given by x(n) = −a(1)x(n − 1) − a(2)x(n − 2) − ãÆ' » ãÆ' » ãÆ' » − a(p)x(n − p) + w(n) (1) where by; w(n) is white noise having variance ÏÆ'w2 (k), k = 1, , p are the AR parameters. We assume that x(n) is real. The autocorrelation function of the AR process, rx(k), also satisfies the autoregressive property, this leads to the well-known Yule-Walker equations for the AR parameters rx(k)=- (k-i), k- 1 Suppose the measurements used to estimate the AR parameters can be modeled as ËÅ"x(n) = x(n) + v(n) where v(n) is white noise having variance  ¾2v, then the parameter estimates derived from the Yule-Walker equations will be biased since, rËÅ"x(k) = rx (k) +  ±(k) ¾2v where  ±(k) is the Dirac delta function. It has been shown that the biased AR parameters produce a â€Å"flatter† AR spectrum since the estimated poles of the AR process are biased toward the center of the unit circle [1]. A number of methods have been described for estimating the AR parameters using noisy measurements, some of these methods are surveyed in [1, 5] (Freund, 2006). The Noise-Compensated Yule-Walker (NCYW) equations are defined as (RËÅ"x −  ¸B) u = 0p+q (3), Where the dimensions of RËÅ"x,B, and u are (p + q) Ãâ€" (p + 1) , (p + q) Ãâ€" (p + 1), and (p + 1) Ãâ€" 1, respectively. The unknowns in (3) are u and  ¸, so clearly, equality holds when  ¸ =  ¾2v and u =  · 1 a(1) a(2) a(p)  ¸T. We observe that the first p equations are nonlinear in the AR parameters, u, and the measurement noise variance, The next q equations however are linear in u. In general there exist p distinct ( ¸, u) solving (3), the solution is taken to be that which corresponds to the minimum real value of  ¸ solving (3). A number of authors have observed that solving the p nonlinear equations, in addition to the q linear equations can improve the parameter estimates [2, 3, 4]. In [5], a matrix pencil method based on the Noise-Compensated Yule-Walker (NCYW) equations was presented which was found to out-perform several other methods for AR-in noise parameter estimation. None of these papers have established the minimum number of linear equations that are required for the solution of the NCYW equations to be the unique, correct solution. It is clear that q ≠¥ p linear equations are sufficient to insure that the solution is unique, in this case, all other ( ¸, u) solving (3) are complex. However, the minimum value of q needed to insure a unique solution has not been established. This is an important consideration because using a large value of q, which would guarantee a unique solution, also implies computing more high- order autocorrelation lag estimates which can reduce the solution accuracy since these tend to have a larger estimation variance. Hence one would like to choose the smallest value of q that still guarantees a unique solution (Friedman, 2001). One might expect that since there are a total of p + q equations in p + 1 unknowns, fewer then q = p linear equations are needed. In other words, if only one linear equation were used, q = 1, this would still give p + 1equations in p + 1 unknowns, hence a unique solution could still exist. In this correspondence, we show that this is not the case and q ≠¥ p is also a necessary condition for there to exist a unique solution (Friedman, 2001). Conclusion The coalition proof of the Nash equilibrium concept applies to specify non cooperative surroundings where by players can freely share and discuss their game strategies but cannot make any changes or even binding commitments. The concept emphasizes the self enforcing immunization to deviations . The best response in the game in Nash equilibrium is therefore necessary for self-enforceability. This is not sufficient generally when players can deviate jointly in a way that is beneficial mutually. The proof Nash equilibrium refines the concept via a stronger conception of the self-enforceability that gives room for the multilateral deviations (Freund, 2006). Nash algorithm is a concept of solution of a game that involves two or more players in it, where by assumption has been made that every player understands the strategies of the equilibrium for the players and that not even one player has a thing to gain by altering his own strategies unilaterally. To describe a standard ARMA equation we will use the example below which further breaks down the equations used in the autoregressive models. The calculation relies on the proposition that; given the existence of a Nash equilibrium with the supports S1 = Supp (x) and S2 = Supp (y), there will be a polynomial time of the algorith m in order to compute a Nash equilibrium with the definite supports stated (Freund, 2006). A number of authors have observed that solving the p nonlinear equations, in addition to the q linear equations can improve the parameter estimates [2, 3, 4]. In [5], a matrix pencil method based on the Noise-Compensated Yule-Walker (NCYW) equations was presented which was found to out-perform several other methods for AR-in noise parameter estimation. None of these papers have established the minimum number of linear equations that are required for the solution of the NCYW equations to be the unique, correct solution. It is clear that q ≠¥ p linear equations are sufficient to insure that the solution is unique, in this case, all other ( ¸, u) solving (3) are complex. In summary, Nash equilibrium is challenge that has acquired many increasing applications in both the internet and economics. It is evident from the internet that is hard to count all the Nash equilibrium of a two player ga me. This is so even if the entry of the matrix is 0 or even 1. Nevertheless, the complexity involved in finding the Nash equilibrium is open and has been actually opposed as one of the most significant wide open problems in the complexity theory today. There is a new polynomial reduction given in finding the Nash equilibrium in the general bi-matrix games in finding Nash equilibrium in the games where all the playoffs are either 1 or 0. In complexity theory, once a given problem is shown intractable, the research for the same shifts towards the directions of polynomial algorithms for approximation or modest goals, exponential bounds which are lower for the restricted algorithm classes (Friedman, 2001). References Freund, S. (2006). Adaptive game playing using multiplicative weights. New York: Prentice Hall. Friedman, S.(2001). Learning and implementation on the Internet. London: Springer. Kim, C. (2000). Fixed Point Theorems with Applications to Economics and Game  Theory. London: Cambridge University Press. Kim, C. (2004). Infinite Dimensional Analysis: London, Springer

History of the Second Temple Period Research Paper

History of the Second Temple Period - Research Paper Example The second temple period became complete at the beginning of the first Jewish-roman war and the demolition of the Jewish temple. During the second temple period, Judaism was faced by three main predicaments and their consequences while different groups of Jews reacted to them differently. The period began with the destruction of Jewish kingdom when the Judeans lost their land, holy city, temple and monarchy and most of them exiled to Babylon. This was followed by a theological crisis, which involved nature, goodness and power of God. They were also threatened in terms of culture, ceremonies and race since they were thrown into propinquity with other individuals and religious groups. The lack of acknowledged prophets later in the period left them lacking divine guidance at the moment when they were mostly in need of (their) support and guidance. The second crisis was the increasing authority of Hellenism in Judea that ended in the Maccabeus Revolt in 167 BCE. The final crisis involved the Roman occupation of the region. The aim of the paper is to describe the Second Temple Period from Alexander the Great to the reign of Herod’s sons. ... cond Temple Period The second temple period, which lasted 600 years, can be divided into various periods each with own distinct political and social characteristics. During this time, different kingdoms took power of Jerusalem, they included Persian, Macedonian Greeks (Alexander the Great), and Egyptian Greeks, Syrian Greeks, nature and Romans and the Egyptians. During the return to Zion from Babylonian captivity, which was during the Persian period, Jerusalem was rather poor. However, the city enjoyed vivacious flourishing religious life. The same time saw the appearance of a dominant religious class, sophisticated elite accessible to foreign influence2. The Persians were conjured by Alexander the Great in 332 BCE. The Persians’ defeat by Alexander the Great ushered in the Hellenistic period which reigned until the Maccabean Revolt in 167 BCE. The Hellenistic period under Alexander the Great comprised of a rising gap between the Hellenized elites who espoused Greek way of lif e and the city’s observant inhabitants. It is this gap which eventually resulted to the Maccabean Revolt. After the demise of Alexander the Great, the division of his empire among the generals, the formation of the Seleucide kingdom followed3. The decline of associations between the Hellenized Jews and sacred Jews guided the Seleucid King, Antiochus IV Epiphanes, to enforce decrees prohibiting particular Jewish religious rites and traditions. As a result, the orthodox Jews revolted under the rule of the Hasmonean people (Maccabees). The revolt resulted to the creation of an independent Judean empire under the Hasmonaean dynasty. The dynasty later disintegrated following the civil war between sons of Salome Alexandra and Aristobullus II. Those not interested in the governance of the King but

Early childhood learning Essay Example | Topics and Well Written Essays - 250 words

Early childhood learning - Essay Example Cognitive Development helps children in improving in areas such as music, art, mathematics, logical reasoning, recognition of symbols and manipulative skills. These types of areas improve the mental capabilities of children and help them in learning more though different forms. At very early age, children must be taught how to behave socially. Developing social and personal aspects includes learning through self-concept, temperament, aggression, stereotypes and different stages of social behaviour. Every person has to encounter with different situations and different people in life, therefore early development in these areas help children to deal with such people and situations with a comfortable position. Physical Development is as important as any other area because without proper health and hygiene children would not be able to concentrate and give best of efforts. Physical development can be attained by incorporating healthier food, sports and restful sleep in children’s daily routine. Generally, there is very less attention paid to this area which is the most important of all. If a child is taught to spend a substantial time in grooming and enhancing the spiritual areas than there is a chance that it will become a major part and something of considerable importance to him. Spiritual grooming is essential as it is necessary to detach one from the worldly things and to give some time to the nourishment of one’s inner

Potential Disadvantages Associated With Refurbishment

Potential Disadvantages Associated With Refurbishment Introduction From reading the chapter on the advantages of refurbishment, you could be thinking that refurbishment is the way to go because of all the positives surrounding it like, the social advantages, shorter time scale, environmental considerations, less money etc. But as we all know, for every argument, there is an up side and a down side. This chapter highlights the potential disadvantages, risks and problems that can occur on refurbishment projects so you can see the other side of the coin. To Refurbish or not to Refurbish ?. A fixed price contract to be constructed by a certain date involves alot of risks. These risks include whether the work can be performed at the agreed price, future price increases, weather conditions during the course of construction, competency of the contractors management, supervisors and workers. (Taggart, 2010) All of these risks and potential problems are taken into account on new build and refurbishment projects. But I will only be looking into the whole area of the potential problems and disadvantages that are associated with refurbishment projects, such as: Problems at tender stage. Added Health And Safety Considerations. Difficulty of locating data which requires investigations Added workload required to upgrade to meet existing regulations Problems involved with old/existing components and practices Extremely difficult to define accurate scope of works and accurate programme. 2.1 Problems at tender stage One of the disadvantages that come with refurbishment projects is the difficulty that can arise at tender stage. New build construction holds an advantage in this area as there are more procurement options available on a new build project than on a refurbishment project. This means that the principal disadvantage that refurbishment projects have at tender stage, is that the clients choice of tender options is limited for a number of reasons which will be stated below. An example of a procurement option that realistically would not be viable on a refurbishment project, would be Traditional Lump Sum Tendering. Some of the reasons as to why this would be an inappropriate method of procurement is as follows: It requires the work to be accurately foreseen and detailed (This is difficult on a refurbishment project as scope of work could prove difficult to predict). It fosters confrontation between employer and contractor (This is an important point as flexibility and good working relations are vital on a refurbishment contract). (Murphy, 2007) Another procurement option, which is not viable on a refurbishment project, is Open Tendering. Even though this option ensures maximum competition, there is the disadvantage that tenders may be received from firms who have neither the necessary financial resources nor the adequate technical knowledge and experience involved. Also other disadvantages associated with this type of tendering are that: There is a lack of control by the client over the competency of the builder he is employing. There is a waste of resources when many firms tender for the same job. (Seeley,1976) Even though there are a few options left for tendering on refurbishment projects, there are 2 main types which principally are better (typically on housing projects), which are (1) Selective tendering and (2) Negotiation with a selected contractor (1) Selective Tendering: This option is mainly referred on projects that are of great magnitude and complexity. But if selective tendering is chosen on a basic housing refurbishment scheme then the number of firms invited to tender should be 3 or 4. (2) Negotiation: This should be the principal option on a housing project because there is less time wasting involved. It also offers advantages as it allows for an early start to be made as less time is wasted at tender stage and also where the contractor chosen has exceptional experience of the scope of work covered by the type of work in question. (Seeley,1976)) This section should adequately describe how the limitation of procurement options at tender stage, is a disadvantage associated with the option of refurbishment. 2.2 Added Health and Safety Considerations Another one of the main disadvantages with Refurbishment is the added Health and Safety aspects, which have to be taken into consideration. The reason as to why the area of health and safety is so important is because, on a refurbishment project there are all of the considerations, which occur on a new build site, for example: Scaffolding Working at heights Danger of electrocution Working with dangerous instruments/ machines Danger of falling objects. Etc But also there are many more considerations, which have to be taken into account on a refurbishment project, which will not occur on a new build project, such as: Removal of asbestos Shoring (although this may be needed on rare occasions on new build contracts to support surrounding buildings). Danger of collapsing of old unstable houses Supporting decaying structural members so as to provide a safe place of work Danger of existing services All of these considerations are added to the general considerations, which means that the health and safety risk is almost doubled on refurbishment projects. I will address these health and safety considerations in much more detail in a separate chapter later on in this dissertation. 2.3 Difficulty of locating data, which requires investigations Another Disadvantage of refurbishing buildings is, the fact that when it comes to refurbishing older houses and buildings it is very difficult to locate data on the existing building which means that many different inspections and surveys must be carried out on the building before any type of works can commence which causes a loss in time and also these investigations and surveys can cost a lot of money to carry out, as the reports of these surveys can determine the scope and nature of the works to be carried out. There are many reasons as to why a survey is required, when a house or building is being refurbished such as: To prepare a measured drawing of the building to enable a scheme for alterations, improvements or extensions to be prepared. To advise on the repair and preservation of a building (including listed buildings). Work to be carried out to satisfy the requirements of the local or other authority, i.e. dangerous structure notices or public health notices. To prepare plans in connection with party wall agreements. This is usually required where alterations to a party wall are contemplated. (Noy, 1997) As you can see from above these surveys require great detail and could take a long time to carry out and also for the results to be drawn up which proves to be a large disadvantage. The procedure, which is involved in a typical survey of a house, is described below. Here is an example of a typical investigation procedure, which would be carried out on a typical 2-storey dwelling house. A preliminary inspection of the whole property to familiarise the surveyor with the type and layout. A detailed inspection of the main roof space and any subsidiary roof voids which are accessible. A room-by-room inspection at each floor level starting from the topmost floor. Inspection of accessible basements, cellars and sub floor areas. An examination of the elevations, including structure and finishes. Inspection of the site boundaries, outbuildings and surroundings. An examination of the elevations, including structure and finishes. Examination and testing of drainage and services. (Glover, 2001) You can see from above that these procedures must be carried out by a very competent and qualified person with an acquired knowledge of old properties and refurbishment techniques. Invariably it could cost you a large amount of money as well as time, depending on the complexity and size of the dwelling house in question. 2.4 Added workload required to upgrade to meet existing regulations. This is another potentially large disadvantage, as there can be a large possibility that the problem of the amount of work that is required to upgrade to meet regulations could cause you a lot of hardship and difficulties on refurbishment projects as there are so many regulations and requirements to comply with, that it could end up costing the client a lot of extra time and money depending on the age and condition of the building. Here, is a list of the main parts of the building regulations, which the building that is being refurbished will have to conform with: Part A- Structure Part B- Fire Safety Part C- Resistance to Moisture Part E- Sound Part F- Ventilation Part L- Conservation of Fuel and Energy Part M- Access for the Disabled Because there are so many parts to comply with, it could prove to be more beneficial to demolish and rebuild a house rather than refurbish the existing building as the costs involved in upgrading the building may result in the refurbishment project spending way over budget, and the client wishing that he had demolished and rebuilt the house rather than refurbishing it. This is why this particular section can prove to be a disadvantage of the refurbishment option. Because of the importance of this section I will be describing the whole area of upgrading buildings to meet regulations in a later chapter in this dissertation. 2.5 Problems involved with old/ existing practices. A large advantage that new build construction has over refurbishment is, because you are totally building a new structure from scratch, there are no problems associated with interaction between old building, temporary works, services and new work as well as having to match existing components with new components. (Murphy, 2007) This may not be a problem when refurbishing newer properties, but for example if you were refurbishing an old house with architectural details such as: old craft processes and old style antique details that are intended to be maintained and restored as well as repeated by the client in the refurbishment project that is to be undertaken, then this will cause many hold ups and time lost on the overall programme as well as much more money being spent because of the following reasons: Old processes such as specialist plastering and antique joinery are very time consuming and costly to reproduce because of the specialist nature of these processes. There are not many contractors around which carry out these types of old crafts which means that you could be a long time waiting. Because of the hold ups in these areas the rest of the project will suffer as a result, so therefore the project could drastically fall behind in time and could also go way over budget. This whole area could prove to be a big disadvantage if you are refurbishing a project under similar restrictions and restraints but these types of refurbishment are very rare unless you are refurbishing a listed building, but I will not be going into detail in the whole area of listed buildings in this dissertation. 2.6 Extremely difficult to define accurate scope of works and accurate programme. In my opinion, this problem is probably one of the biggest disadvantages associated with refurbishment as it affects the project in a lot of different fields. Firstly, when the scope of works and the programme cannot be specifically defined or finalised, then it means that there could be difficulties with regards to tendering and also planning as the contractor does not know for definite, what type of project that he is getting himself into. Secondly, if a particular detail occurs that is different from the planning specifications, then an investigation by the planning authorities may occur, which would directly affect the project. The statement Extremely difficult to define accurate scope of works and accurate programme can be proved by looking at the situations, which affect this problem that are: Late discovery of new circumstances: this is a feature that can occur on any size or type of refurbishment project. For example if you are refurbishing a house and you discover late into the project that you find that some aspect of the project does not comply with standards or regulations, which in turn means that alterations to the scope of works and maybe changes to plans will have to be carried out. Something like this could totally change the programme of the job and also the final accounts. Discovery of unforeseen conditions possible for almost entire project: This problem is another factor that proves the difficulty involved with trying to draw up an exact scope of works and programme. Even though a general site investigation may have been carried out at the start of the project, it is still entirely possible that unforeseen conditions may appear throughout the project. Some of these conditions may include: late discovery of decaying structural members, late discovery of absence of wall insulation,, dpc etc. Late discoveries similar to these are a constant feature of refurbishment work, that add to the problem of producing an accurate scope of works and programme for the project. After reading this section the reasons are apparent as to why an accurate scope of works and accurate programmes are very hard to predict due to the reasons stated above. You can also see how these areas in turn, affect other aspects of the project such as tendering, procurement and the adequate selection of a contractor for a refurbishment project.