Anabolic Steroid Use in Baseball :: essays research papers

In American high schools across the country, many people buy, sell, and use drugs. In addition, these people influence everyone around them. On these campuses, some of the people influenced by this illegal activity are sports players. One of the sports most affected is baseball. Doping in baseball is wrong because it ruins baseball's reputation, it negatively influences the athlete's health, and the drugs are bad for young people who hold up athletes as role models. Reputation Baseball?s reputation has been painted with a red asterisk. The non-medical use of steroids has been banned according to the Anabolic Steroid Control Act of 1990. Many baseball athletes have been caught or presumed illegal users of HGH or Steroids since the act passed in 1990. All these athletes have one thing in common, they want to have an edge or advantage on the game. Some athletes even admit to administering the drug to other athletes and themselves. Jose Conseco testified to personally injecting the steroids into Mark McGuire (Cote). Baseball?s pride and joy the Hall of Fame is constantly the conversation of self-morals and integrity. The Hall of Fame has asked its voters to consider the players integrity and personality as a whole. The Hall of Fame committee asks that the voters wait until they see truthfulness, integrity, and contrition. Cooperstown is unique compared to the NFL?s Hall of Fame in that Cooperstown actually has a morals clause. This clause states what Cooperstown has been asking the public to consider in the overall integrity of the player. The bottom line is the public believes steroids are illegal and that in any case shall athletes use steroids to get an edge on the game (Cote). Steroids are widespread and can be very costly. According to a survey, there are more than 3 million steroid users in the US. Of that number, 262,000 are teen athletes. There are over $400 million worth of steroids sold each year. Steroids cost anywhere around $50 to $600 a month depending on how much the user uses. In addition, 1 out of 15 high school athletes have admitted to using steroids (Peck). Many baseball athletes believe steroids will give them an edge on the game by making themselves stronger. This is true in the respect that it makes the athlete stronger and more superior but they also cause more problems then they solve.

Patronage During the Italian Renaissance

Introduction: Imagine being an artist in Florence during the 1400-1500’s. The city would be a lively place bursting with numerous aspiring artists. Of the young men learning their trade as best as possible, most will not achieve centuries of notoriety. The ones that do earn the honor of being remembered today all had a common theme; wealthy patrons, including wealthy individuals, guilds and the church. Throughout the Italian Renaissance, the artists who achieved the most success were the artists who acquired the most notable patrons.Probably the most famous of these patrons were the Medici’s and, like other patrons, they were rich and powerful. The power did not always come directly from running the government, but because they had enough financial influence over the people in the Florentine government they indirectly influenced how the area was run. This influence means they had connections with the most important people of their day, important people who would also cr eate commissions for the artists. Powerful families were not only financially secure, but had excess money to spend on expensive items such as bronze sculptures.For the patrons it was all about showing off what they could afford to other wealthy families. Wealthy families influenced the arts because they wanted to show off, it was politically wise, and they actually appreciated the arts. These reasons lead to a profound impact upon the patron-artist relationship and the art produced during the Italian Renaissance period. Patronage To Flaunt The Medici’s were a highly affluent family and they desired to show off their excess wealth. Basically, they wanted to flaunt their wealth.Once the more expensive things in life, such fancy clothes are bought and a fancy party provided for all the friends, what else is there to do with such an excess of money? Becoming a patron of the arts was not always in association with a love of art, but because the people who could afford it wanted t o show off their wealth and prestige. One of the very best ways to do this was to purchase extravagant and expensive artwork, because it is long lasting and highly visual. One example of prestige is the tabernacle for the Church of the Annunziara in Florence.It was commissioned by Piero d’Medici and the inscription states that the marble alone costs 4000 florins. (Burke, p 98) Another proof this reason for patronage was so common is the statement, â€Å"the majority of the types of commission just referred to were determined by the taste and outlook of the upper middle class. † (Antal, p134) Many other sources assert the same exact thing. Most commissions were done according to the taste of the upper middle class because they were the people competing with one another to have the most extraordinary art.It is easy to invite people over and show the art to them or conveniently place artworks in public places to feature to clients and coworkers. This is a social practice widely used today and was in no way different during the Italian Renaissance. Political Scheming A wealthy person might support the arts based on politic scheming. If the wealth holder is a patron of the arts, then it shows he respects the talents of other men and is willing to support those other men. To quote Machiavelli, â€Å"A prince ought to show himself a lover of ability, giving employment to able men and honoring those who excel in a particular field. (Burke, p99) For someone with political aspirations, living this type of life would prove to political supporters how aware he or she is of other people’s abilities. And when someone supports those abilities as just a regular member of society, that support will likely increase as the person rises in power and wealth. The Medici’s exemplified this by the amount of art they increasingly commissioned as they increased in wealth and climbed their way to control over Florence. An example of political scheming is Bot ticelli’s Adoration of the Magi.It was commissioned by Guasparre di Zanobi del Lama, to be an alter piece for a chapel in the Santa Maria Novella. Traditionally, paintings of the magi are painted to pay religious homage to Christ, and the Magi who travelled to see him. In this particular version, Botticelli paints likenesses of the Medici into the people including depicting Cosimo de’Medici as the Magi kneeling before Jesus. It is believed that the he painted such a powerful family into the painting because of his patron’s desires. Guasparre del Lama wanted the Medici painted as the prominent characters to show his respect for the powerful family.People rarely show such a public display of adoration for a politically powerful family without having personal, underlying political motives. Ultimately, this man used his influence on the arts as a method of getting attention from the Medici family. (â€Å"Analysis: Botticelli’s â€Å"Adoration of the Magiâ⠂¬ Ã¢â‚¬  2010) Positive Patron-Artist Relationships When the artists developed a positive relationship with the patron, it proved highly beneficial for the individual artists. These benefits were primarily financial, including the potential for more work from the same patron.This can be seen many times over, including the example of Raphael with Pope Julius II. If the artist’s work pleased the patron, they would be likely to higher the same artist for more art, which would in turn lead to a stable income for the artist. In order to please the patron, the artist had to follow their specifications. Raphael completed many masterpieces for the Pope, including 3 frescoes in the Vatican. These pieces are proof that in order to please the Pope, Raphael had to incorporate him into the art.One source explained the School of Athens and the Disputa as the earthly and celestial wisdom of Julius II, while the Parnussus shows the beauty of creativity. The Expulsion of Heliodorus from th e Temple symbolizes the expulsion of the French and the subjugation of all the church’s enemies, with Julius II depicted witnessing the scene from his portable throne. In the Uffizi gallery in Florence there is a fresco completed by Raphael, showing the Pope as a resigned, pensive old man instead of a victorious Moses springing to his feet, as Michelangelo portrayed him.What the artist wanted in his paintings was irrelevant compared with the need to please the patron and continue acquiring commissions. (Barnett 2007) Not all artist-patron relationships were entirely business oriented. For proof of this more positive impact, it requires a look at Michelangelo and Lorenzo de’Medici. Unlike Raphael and Pope Julius II, Michelangelo’s relationship with Lorenzo Medici was much deeper. They were as close, if not closer than many fathers and sons.Michelangelo lived with the Medici’s for two years as a teenager because Lorenzo saw his talent and invited him to liv e at the Medici palace and study art while he was there. Lorenzo greatly appreciated his talents and was a constant source of encouragement to the young Michelangelo. There was a tradition in the Medici household, that the most prominent people were allowed to sit down first, and Michelangelo was allowed to sit before Lorenzo’s own son. Michelangelo returned the favor by carving the impressive marble relief, The Battle of the Centaurs for Lorenzo.Because of the bond the two shared, it did not come as a surprise to anyone that he went into a temporary depression upon Lorenzo’s death. Artists developing positive relationships with their patrons that heavily impacted their personal lives as well as their careers were rare for the time, but did occur on occasion and had an extended influence on their entire lives. Networking through Patronage Another major benefit that occurred from pleasing the patron was the networking. When the patron liked an artist, and another wealth y friend wanted to commission a piece of art, they would recommend the artist they liked most.Most often, when the need for an artist was announced, the artists interested would begin pestering the patron. A letter would achieve the pestering if the artist was not currently in the same city. This constant bothering involved the artists convincing their wealthy connections to encourage the patron to select them or reminding the patron of the positives concerning their working relationship. In these cases, the patron would pick the artist based upon their own personal working relationship with the artist.In 1474, news spread in Milan that the Duke wanted a chapel in Pavia to be painted. The duke’s agent is recorded as complaining that all the painters, â€Å"good and bad† were bothering him about becoming the artist for the chapel. (Burke, 101-102) Trouble often arose concerning the contract between the patron and artist over what had to be done, how it was to be done, w hen it would be done and how much it would cost. One well-known example requires looking at Michelangelo’s experiences with Pope Julius II.The strain between the two was constant and caused many complications. In order to get Michelangelo to paint the Sistine Chapel, Julius II had to first convince him to return to Rome. Something Michelangelo did with the assumption that pleasing the Pope would allow him to start working on the tomb again. How they agreed on what exactly was depicted in the Chapel does not have any specific source in the contracts, but most art historians would agree that it was a source of contention initially between the two obstinate men.And as the work progressed, Pope Julius II would show up and create new tension by telling Michelangelo to work faster. Despite the constant struggles, the Sistine Chapel was completed, which is not true for every patron-artist relationship gone south. The relationship between the patron and artist could easily become str ained resulting in frustration, unfinished works and a bad experience. But like the Pope, other wealthy families usually still commissioned paintings and sculptures because they enjoyed owning them. Even if working with an artist could be stressful.Artists would in turn continue to complete works commissioned from frustrating patrons because they provided a continuous livelihood. (King, 2003) Other Patronage Topics Another question brought to mind by the Sistine Chapel is whether great art would exist if the patron was not there to fund the art and to push the artist. Not all patrons were quite as pushy as Pope Julius II, but all patrons had some kind of say in how the paintings and sculptures were created. Proof of this is found in the surviving contracts from this time period.Without these contractual agreements and without the constant bothering from the patrons, many artworks would probably never have been completed. Due to the artist getting distracted by other work or simply n ot being interested in that particular piece anymore. A type of art that has not yet been discussed yet is architecture. Patrons who commissioned buildings were typically guilds or major groups in society, instead of individuals. But these types of patrons also had major influences on the architects. Brunelleschi’s Dome focuses on a major example of how the architects were influential.These guild patrons often helped competitions to decide who got the work instead of just going and picking someone. In the book, Brunelleschi was the main focus, but other people were brought up, such as the people he worked with and competed against. Prestige is the main factor behind competition, and competing against people who are already well known would have been difficult, so for Brunelleschi to compete anyway must have required a high amount of confidence. Especially after the rivalry between Brunelleschi and Ghiberti sparked by the gates of paradise ompetition lead Brunelleschi to focus on architecture instead of goldsmith artwork. Meaning the challenge of capping Santa Maria del Fiore must have appealed to him so greatly; that he did not care whom else he competed against. Its very pleasing that he gets the ultimate victory of the Dome, because that is the main architectural aspect of Florence and the baptistery doors exist in the shadows of his masterpiece. This method of earning a commission fueled rivalries and competition, which added to the competitive nature of art during the Italian Renaissance.This competitive nature in turn created the best work possible from each artist. When recognized for winning a competition, the artist would achieve high levels of fame that could make a career noteworthy. (King, 2000) Conclusion: Those with wealth affect everything because they are the ones with power. Art did not manage to escape that, especially throughout the Italian Renaissance. The motivation for each patron varied from political reasons, to the purpose of per sonal enjoyment, to the desire of flaunting to others.Sometimes their impacts limited the artists, other times they helped the artist become better skilled and more notable. Either way, the relationship between the patrons and the artists heavily influenced the final artistic product. ——————————————– [ 1 ]. Burke, Peter. The Italian Renaissance: culture and society in Italy. Princeton: Princeton University Press, 1999. [ 3 ]. Pluribus One Consulting, LLC, â€Å"Analysis: Botticelli’s â€Å"Adoration of the Magi†. † Last modified 2010. Accessed November 16, 2012. ttp://pluribusone. wordpress. com/2010/09 [ 4 ]. Barnett, Peter. iartid, â€Å"Art in History. † Last modified 2007. Accessed November 16, 2012. http://artid. com/members/art_in_history/blog/post/164-famous-patrons-and-their-influence-pope-julius-ii. [ 5 ]. Burke, Peter. The Italian Renaissance : culture and society in Italy. Princeton: Princeton University Press, 1999. [ 6 ]. King, Ross. Michelangelo and the Pope's Ceiling. New York: Walker Publishing Company, Inc. , 2003 [ 7 ]. King, Ross. Brunelleschi's Dome. New York: Penguin Books, 2000.

Financial Analysis For Wonderland Confectionaries Theme Park Finance Essay - Free Essay Example

Sample details Pages: 12 Words: 3533 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Wonderland Confectionaries Inc. owns a successful chain of Restaurants and the company is considering diversifying its activities by investing in theme park business by constructing a theme park. This report analyses the Wonderlands investment in the theme park to diversify its current business. Based on the information available from the market research undertaken by Wonderland and the investigation done on the closest theme park competitor, major investment appraisal methods were used to evaluate the above said investment. Recommendations are given based on the findings from the investment appraisal methods. Furthermore, investment appraisal method used in this analysis is compared with other major investment appraisal methods. In addition to that, financial and non-financial issues that management of Wonderland need to be aware of and suggestions on how to manage these issues are discussed. Further, a brief outline of the use of real options in project appraisal is given. Don’t waste time! Our writers will create an original "Financial Analysis For Wonderland Confectionaries Theme Park Finance Essay" essay for you Create order INTRODUCTION Wonderland Confectionaries Inc. owns a successful chain of restaurants and the company is contemplating to diversify its business activities by investing in theme park business. In order to undertake this diversification process, the company is considering constructing a theme park, which would have a mixture of family and adventurous activities. This report aims to analyse the Wonderlands investment in the theme park. Based on the information available from the market research undertaken by the company and the investigation done on a closest theme park competitor (Alice Limited), major investment appraisal methods will be used to evaluate the above said investment. Recommendations will be given based on the conclusions drawn from the investment appraisal methods used in this analysis. Furthermore, investment appraisal method used in this analysis will be compared with other major investment appraisal methods. In addition to that, financial and non-financial issues that management of Wonderland need to be aware of and suggestions on how to manage these issues will be discussed. Further, a brief outline of the use of real options in project appraisal will be given. NET PRESENT VALUE In order to calculate Net Present Value (NPV), Weighted Average Cost of Capital (WACC) needs to be calculated by using project specific approach as shown below. Main reason behind this is because WACC of the new project will represent the most accurate measure of cost of capital for the new project, which will be used as discount factor to calculate NPV. Further, Wonderlands funds can be viewed as a pool of resources. Company will withdraw money from this pool of funds to invest in the theme park project and add to the pool as new finance is raised or profits are retained. In this case, it is most appropriate to use an average cost of capital as the discount rate (BPP Learning, 2009, p.334). 3.1 Calculation of Project Specific WACC (Theme Park) In order to calculate project specific WACC, 5 steps will be followed as shown below: Step 1: Identify Pure Play Company; a company in the desired industry is identified to use their beta and relevant information. This is required to allow an insight into the risk of the industry as measured by the pure play companys data. In this case, the pure play company is ALICE LIMITED operating in Theme park industry. Step 2: De-Gear; pure play company identified has a beta, which is an equity beta that is inclusive of debt. They may very well have a different gearing level to the company concerned (pure play company; ALICE LIMITED), and effects of debt (gearing) need to be removed from their equity beta (De-Gearing) in order to obtain a debt free beta known as Asset Beta. Asset Beta = Equity Beta x Equity Equity + Debt (1-tax) Where; Equity Beta of Alice Ltd = 1.50 Equity of Alice = 500,000,000+700,000,000 = 1,200,000,000 Debt of Alice Ltd = 570,000,000 Corporate Tax = 35% Asset Beta = 1.50 x 1,200,000,000 1,200,000,000 + 570,000,000 (1- 0.35) Asset Beta = 1.146 Step 3: Re-Gear; at this stage the new asset beta will be taken to introduce it to see the effects of debt of the diversifying company (re-gearing). This can be done as follows: Equity Beta = Asset Beta x Equity + Debt (1-tax) Equity Where; Asset Beta = 1.146 Equity of Wonderland = gearing is estimated to be 80% of equity = 100,000,000 x 5 x 80% = 400,000,000 Debt of Wonderland = gearing is estimated to be 20% of debt = 100,000,000 x 5 x 80% = 100,000,000 Corporate Tax = 35 Equity Beta = 1.146 x 400,000,000 + 100,000,000 (1 0.35) 400,000,000 Equity Beta = 1.332 Step 4: CAPM; at this step, new cost of equity of Wonderland Confectionary Inc. is calculated based on the new beta, which is reflective of the risk that equity investors will now have to face. This can be seen below: Ke = Rf + B (Rm-Rf) Where; Ke = Cost of Equity Rf = Risk Free Rate (3.5%) B = Beta (1.332) Rm = Expected Market Return (12%) Ke = 0.035 + 1.332 (0.12 0.035) Ke = 0.1483 (14.83%) Step 5: WACC; It is best practice to use the Weighted Average Cost of Capital (WACC) method in appraising any investment. Tabular approach will be used to calculate WACC as shown below in the table 1: Table 1: Calculation of WACC Capital Component Market Value of Capital Component (V) Cost of Capital Component (K) Value multiplied by cost of capital component (VK) Equity 400,000,000 0.148 59,300,860 Debt 100,000,000 0.0521 5,200,000 Total (Sum) 500,000,000    64,500,860 1 Kd BD = i (1 t) = 0.08 (1 0.35) = 0.052 = 5.20% Weighted Average Cost of Capital (WACC) = ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å" VK ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å" V WACC = 64,500,860 500,000,000 WACC = 0.1290 (12.90%) Weighted Average Cost of Capital of 12.90% will be used as a discount factor to calculate Net Present Value. 3.2 Calculation of Net Present Value (NPV) The following major assumptions have been made in working out the NPV for the theme park project: This evaluation will ignore the market research cost of 400,000 as it is a sunk cost. Leap years will be ignored in this analysis. Insurance is required at the start of the project. As a result, out of 3,000,000 insurance costs, 2,000,000 per year is due directly to the theme park project. There will be no inflation on advertising costs. Advertising savings will be considered as cash inflows. Monetary analysis of future cash flows will be used because of different inflation rates as follows: (a). Revenue to rise by 6% from current on a compound basis. (b). Insurance costs to increase in line with consumer price, i.e. 6% per annum compounded annually. (c). Labour cost will be increased by 7% each year on compounding basis (d). Operating costs to increase by 5% per year. Theme park will be operated 7 days a week for 365 days a year and will be maintained during the night. Further, the following estimates have been made: (a). Park will attract an average of 20,000 visitors per day (for at least 5 years) and 70% of the visitors are forecast to be children and rest being adults. (b). Price of admission will be taken as 25 per adult and 15 per child. (c). Average visitor will spend 10 on food and drinks. Taking into account all the above major assumptions, total revenue per year is calculated in the following table 2 below: Table 2: Revenue Per Year Description Adults Children Total Number of visitors per day 6,000 14,000 20,000 Number of visitors per year 2,190,000 5,110,000 7,300,000 Admission Fee (@ 25 adults 15 child) 54,750,000 76,650,000 131,400,000 Food Drinks ( 10 per visitor) 21,900,000 51,100,000 73,000,000 Revenue per year (Admission and Food + Drinks) 76,650,000 127,750,000 204,400,000 From the above table it can be seen that theme park project will generate revenue of 204,400,000 per year. However, Wonderland Confectionaries Inc. expect it to rise by 6% from current on a compound bases as shown in the following table 3 below: Table 3: Net Trading Revenue Calculation Description Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Revenue (6% inflation rate) 1 216,664,000 229,663,840 243,443,670 258,050,291 273,533,308 Total Revenue Per Year 216,664,000 229,663,840 243,443,670 258,050,291 273,533,308 Operating Costs Insurance 2 (2,120,000) (2,247,200) (2,382,032) (2,524,954) (2,676,451) Operating Costs 3 (17,000,000) (17,850,000) (18,742,500) (19,679,625) (20,663,606) Labour Costs 4 (37,450,000) (40,071,500) (42,876,505) (45,877,860) (49,089,311) Total Operating Costs Per Year (56,570,000) (60,168,700) (64,001,037) (68,082,439) (72,429,368) NET TRADING REVENUE 160,094,000 169,495,140 179,442,633 189,967,851 201,103,940 1 Revenue (Year 1) = 204,400,000 x (1.06)1 = 216,664,000; 2 Insurance (Year 1) = 2,000,000 x (1.06)1 = ( 2,120,000); 3 Operating Costs (Year 1) = 17,000,000 x (1.05)(1-1) = 17,000,000; 4 Labour Costs (Year 1) = 35,000,000 x (1.07)1 = ( 35,450,000) Tax payable can be calculated from the above net trading revenue for each year at a rate of 35% as shown below in the table 4: Table 4: Tax Payable Calculation Description Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Tax Payable 1 56,032,900 59,323,299 62,804,922 66,488,748 70,386,379 1 Tax Payable (Year 1) = 160,094,000 x 0.35 = 56,032,900 Out of the whole investment, 300 million will attract a capital allowance on straight-line basis as shown in the following table 5: Table 5: Capital Allowance Calculation Description Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Tax Relief 1 21,000,000 21,000,000 21,000,000 21,000,000 21,000,000 1 Tax Relief (Year 1) = 300,000,000 / 5 x 0.35 = 21,000,000 Theme park would cost a total of 500 million and could be constructed working after 1 year of investment. Half of the 500 million would be payable immediately and half in one years time without the effect of inflation due to a signed agreement. This is show in the table 6 below: Table 6: Investment Calculation Description Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Investments (250,000,000) (250,000,000) In addition to the above, working capital of 60 million will be required from the beginning of the project and is expected to increase yearly in line with inflation factor of the revenue which is 6%. This can be seen from the table 7 below: Table 7: Calculation of the Working Capital Re-capture Description Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Working Capital (60,000,000) (3,600,000) (3,816,000) (4,044,960) (4,287,658) (4,544,917) Working Capital Re-capture (80,293,535) Non-current asset has an after tax realisable value between 100 million and 200 million after five years of the project. As a result, an average of 150 million will be taken as residual value as show in the table 8 below: Table 8: Calculation of Residual Value Description Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Residual Value 150,000,000 Due to dual use of existing advertising campaigns by company on its restaurants, theme park will save 3 million per year in advertising expenses as shown below in the table 9: Table 9: Savings on Advertising Expenses Description Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Inflow of Advertising Savings 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 With the help of all the above information, Net Present Value of the project can be calculated as shown below in the table 10: Table 10: Calculation of Net Present Value Description Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Net Trading Revenue 160,094,000 169,495,140 179,442,633 189,967,851 201,103,940 Tax Payable (56,032,900) (59,323,299) (62,804,922) (66,488,748) (70,386,379) Capital Allowance (Tax Relief) 21,000,000 21,000,000 21,000,000 21,000,000 21,000,000 Investments (250,000,000) (250,000,000) Working Capital (60,000,000) (3,600,000) (3,816,000) (4,044,960) (4,287,658) (4,544,917) Working Capital Re-capture 80,293,535 Residual Value 150,000,000 Advertising Savings 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 Cash Flow (310,000,000) (125,538,900) 130,355,841 136,592,752 143,191,446 150,172,644 230,293,535 Discount Factor @ 12.90%1 1.000 0.886 0.785 0.695 0.615 0.545 0.483 Present Value 2 (310,000,000) (111,194,774) 102,268,671 94,917,399 88,133,559 81,869,308 111,203,407 NET PRESENT VALUE 3 57,197,569 1 Discount Factor is taken from the WACC amount calculated above which is 12.90%; DCF (Year 1) = 1.000 / 1.1290 = 0.886 2 Present Value (Year 1) = ( 125,538,900) x 0.866 = ( 111,194,774) 3 Net Present Value is sum of all the present values for 6 years which is 57,197,569 From the above table 10, it can be seen that theme park project has a positive net present value of 57,197,569 and as such Wonderland Confectionaries Inc. should accept the project. Positive NPV means that the project will increase the wealth of the company by the amount of the NPV at the current cost of capital. In other words, positive NPV means, if the theme park project is undertaken by Wonderland, it will offer a higher return than the return required by the company to provide satisfactory return to its sources of finance, which in turn means that the companys value will be increased and the project will contribute to shareholders wealth maximisation (BPP Learning, 2009, p.148). However, it is recommended for Wonderland to have a closer examination of the sales projections done for the project. NPV decision could be further supported by calculating the Internal Rate of Return (IRR) for the project. To calculate IRR, the following technique is used (deriving cost of redeemable debt technique): Columnar Approach. Identify the cash flows. Discount at two rates (Negative NPV = Divide 1st discount rate by 2 and Positive NPV = Multiply 1st discount rate by 2). Use the IRR formula (Entonu, 2010). Table 11: Columnar Approach to Calculate Internal Rate of Return Description Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Cash Flows (310,000,000) (125,538,900) 130,355,841 136,592,752 143,191,446 150,172,644 230,293,535 DCF @ 12.90% 1.000 0.886 0.785 0.695 0.615 0.545 0.483 Present Value (310,000,000) (111,194,774) 102,268,671 94,917,399 88,133,559 81,869,308 111,203,407 Net Present Value                   57,197,569 DCF @ 25.80% 1.000 0.795 0.632 0.502 0.399 0.317 0.252 Present Value (310,000,000) (99,792,448) 82,370,028 68,609,733 57,173,465 47,663,686 58,102,912 Net Present Value (95,872,625) Note: NPV at DCF (Discount Factor) @ 12.90% = 57,197,569; when NPV is positive, that means DCF used to calculate NPV is too low. As a result DCF should be multiplied by 2 (i.e. 12.90 x 2 = 25.80%) to get a negative NPV [NPV @ 25.80% DCF = ( 95,872,625)]. To calculate IRR, the following formula is used: Internal Rate of Return (IRR) = LR + NPV (+) x (HR LR) NPV (+) NPV (-) Where; LR = Lower Discount Rate HR = Higher Discount Rate NPV (+) = NPV at lower discount rate NPV (-) = NPV at lower discount rate IRR = 0.129 + 57,197,569 x (0.258 0.129) (57,197,569+ 95,872,625) IRR = 0.1772 IRR of 0.1772 (17.72%) is greater than the current weighted average cost of capital of Wonderland, which is at 9%, as such IRR agrees with NPV decision to proceed with the project. 3.3 Evaluation of Net Present Value method compared to other major methods used Net Present Value (NPV) is the difference between an investments (theme park) market value and its costs. In other words, NPV is a measure of how much value is created or added today to Wonderland Company by undertaking the theme park investment (Ross et al., 2008, p. 232). NPV appraisal method is the best method for the financial analysis of theme park project is for the following reasons (LSBF, 2009, p.34): (a). Theme park project with a positive NPV increases the wealth of the Wonderland Company and consequently increases the shareholders wealth. (b). Unlike ROCE and payback method, NPV takes into account the time value of money (a dollar today is worth more than a dollar tomorrow) and therefore the opportunity cost of capital. (c). Discount rate can be adjusted to take account of different level of risk inherent in different projects. In other words, higher discount rates can be set for riskier projects. (d). Better than payback and accounting rate of return method because NPV considers the cash flows over the whole life of the project rather than profit. (e). Superior to return on capital employed method because it focuses on relevant future cash flows. (f). Unlike internal rate of return, NPV method does not suffer the problem of multiple rates of return. FINANCIAL AND NON-FINANCIAL ISSUES There are number of financial and non-financial issues that the management of Wonderland needs to be aware as follow: (a). Financial Issues It is essential for Wonderland to include only incremental cash flows during project appraisal, which means cash flows that are dependent on the projects implementation (Arnold, 2005, pp. 82). It is important for Wonderland to include all opportunity costs and incidental effects in their investment appraisal (Arnold, 2005, pp. 83). Wonderland should ignore sunk costs such as market research cost of 400,000, as these are not part of the theme park investment project. Market research cost is already incurred whether or not decision to construct the theme park goes ahead and is there for not incremental (Arnold, 2005, pp. 84). It is fundamental that Wonderland management to include only incremental costs during project appraisal. This becomes an important issues when it comes to overhead costs such as labour, insurance and operating costs, etc, which are not directly related to any one part of the company or one project. To access the viability of the theme park project, only incremental expenses that would be incurred by going ahead with the project should be included as other general overhead costs will be incurred regardless of whether project takes place or not (Arnold, 2005, pp. 84). Even though interest on bank loan to be borrowed by Wonderland to invest in the theme park project does represent a cash outflow, this element should not be included in the cash flow calculations. The main reason is that, it will lead to double counting, as the opportunity cost of capital used to discount the cash flows already incorporates a cost of these funds (Arnold, 2005, pp. 85). Before Wonderland commits to invest in the theme park project, it is vital to ensure funding for the project is available. Further, identifying the right finance option for the particular project is essential from the different varieties of financing options available (Business link, 2010). Wonderland should consider potential risk of the theme park project. This could be done with the help of assessment of all the risks involved in the project such as delays, underlying assumptions not being reliable, sales forecast gone wrong, etc. Further, they could use sensitivity analysis to predict the impact these potential risks will have on the project (Business link, 2010). (b). Non- Financial Issues It is important for Wonderland to see how theme park project fits with the existing business of the company. Further, they should consider how this project could contribute to overall strategic objective of the company (Business link, 2010). Green Issues: It is important for Wonderland to consider the environmental impact that might be cause because of theme park project. It is vital for Wonderland to use most advance technologies to limit the damages caused to the environment because of the huge project. The main reason is that, companies who do not investment in green activities are considered now as irresponsible by the public who will in turn become customers of the theme park project. Motivation of staffs: The effect on the staff is a crucial consideration to be made when investing in new projects. Arnold (2005, p. 76) states that staffs enthusiasm and commitment will be central importance of the success of new projects. It is important for Wonderland to find ways to improve staff morale, making it easier to recruit and retain employees (Business link, 2010). Customer satisfaction: Its important for Wonderland to find ways to satisfy the prospective customers of the theme park project by conducting market surveys, market observation and market experiment, etc (Arnold, 2005, pp. 76). Government regulations: It is vital that Wonderland keep up to date with the government regulations and they should meet the requirements of current and future legislations (Business link, 2010). Competitors: Wonderland should consider actions of their major competitors such as Alice Ltd before making the investment decision (Business link, 2010). Trends: They should consider the future trends before making the investment decision to see the potentials in the theme park project. Further, it is important for Wonderland to anticipate and deal with future threats such as projecting intellectual property rights against potential competitors (Business link, 2010). It should be noted that most of the above non-financial issues could be assessed with the help of post audit techniques where by company checks on the progress of theme park project by conducting post audits shortly after the projects have begun to operate. This will allow Wonderland to indentify problems that need fixing, check the accuracy of forecasts and suggest questions that should have been asked before the project was undertaken (Brealey and Myers, 2003, pp. 313-314). REAL OPTIONS A real option is the right but not the obligation to undertake some business decisions; typically the option to make, abandon, expand, sell a capital investment (Kodukula and Papudesu, 2006, pp. 53-64). If Wonderland decided to investment in the theme park project, it should be noted that there are many options available for them through out the life of the project to make strategic changes as follows: (a). Abandonment: This is option where by Wonderland can cease the project during its life if it is not viable for them to continue the project due to several reasons such as changes to demand, economy, etc. Due to changes in circumstances, Wonderland can decide to abandon the theme park project in order to terminate loss-making projects (Brealey and Myers, 2003, p. 625). (b). Expansion: Depending on the success of the theme park project, Wonderland can decide to expand its theme park project to gain more market share in this industry (Arnold, 2005, p. 562). If there is potential for growth opportunities in the future, the option to expand can provide significant value to the company (Kodukula and Papudesu, 2006, p. 110). (c). Flexibility: During the life of the theme park project, Wonderland will have the option to change inputs and output of the theme park projects for example, changes in suppliers or different pricing methods, discounts, etc in order to generate more profit from that project to the company (Brealey and Myers, 2003, pp. 630-631). (d). Selling: Option where by company decides to sell the whole project for several reasons such as loss making projects or company received an opportunity to sell project at profit if they decides to abandon its theme park project, etc. (e). Timing: Even though theme park project is giving a positive NPV does not mean that Wonderland should go ahead with the project today. Company has the option to wait if they can delay the investment decision where creating a trade of between cash flow today and cash flow in the future. Further, if they decided to wait, they could make a more informed and in the long run more value creating decision (Arnold, 2005, p. 563). 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In The Joy Luck Club - Free Essay Example

Sample details Pages: 3 Words: 750 Downloads: 4 Date added: 2019/07/31 Category Literature Essay Level High school Topics: Joy Luck Club Essay Did you like this example? In The Joy Luck Club all the characters names were: Lina St. Clair, Ying Ying, An Mei, Rose, Waverly, Lindo, Suyuan and Jing Mei (June). The first relationship is between June and Suyuan, June is Suyuans daughter, Suyuan recently died 6 months ago, in the film the Joy Luck Club found Suyuans daughters that of which she left on the side of the rode during the war and wanted them to repair their relationship. The next relationship is between Lindo and Waverly, Waverly is Lindos daughter, Waverly being generally successful (even when playing chess when younger) and married to Rich. Then there is An Mei and Rose, Rose is An Meis daughter, Rose is married to Ted Jordan. Then there is Ying Ying and Lena, Lena is Ying Yings daughter, Ying Ying married a cheating man and felt lost she then killed her first child in the bathtub to take the only thing that she had over him. Lena is married to Harold, Harold makes Lena pay for most things that of which she later finds unfair, Lena finds that he doesnt respect her and she ends up demanding respect. Don’t waste time! Our writers will create an original "In The Joy Luck Club" essay for you Create order The relationship that I chose to closely analyse is between Ying Ying and Lena. This relationship is special or stands out to me because of the fact that Ying Ying killed her own child in China to spite the man she loved but grew to hate, as well as because she expects her daughter to demand what she could not. Lena being Ying Yings daughter, Ying Ying having married a man that she thought was in love with her and had his kid, soon late found out that he was a disgusting cheating man that had no respect for her. With hate in Ying Yings heart she decided to drown her first baby in order to make her husband feel pain. Ying Ying then left her Chinese husband and came to America where she married Clifford and had her daughter Lena. Clifford speaks fluent english but not chinese and Ying ying speaks fluent chinese but not english so in the movie, its found that Clifford often puts words into Ying Yings mouth. After losing her child and her marriage though, Ying ying found herself most times lost and an deep dark spells. Ying Ying puts the traits of not speaking up for herself and not demanding respect onto her daughter, Lena. In Lenas marriage she is married to a man named Harold, Harold making 7x as much as she does, makes has them go half on everything they buy even things that he buys for her or that he buys only for himself. Ying Ying then explains to Lena that she is lacking a demand for mutual respect in her relationship, the same as she did back in China. Ying Ying wishes for her daughter to take charge for what she wants and needs before it is too late, she wants her to find herself and not to accept anyone who doesnt accept who she is. Love between Ying Ying and Lena was expressed by Lena often comforting Ying Ying when she falls into a deep sorrow spell and Ying Ying by explaining her story and that she wants better for her daughter (forcing Lena to break free from her unhappy marriage). In the movie, unlike Waverly and Junes parents, Lena didnt have her mother push her to do any skill, throughout the movie it even seemed as if Ying Ying began to give up trust in the idea that she could be a good mother to her daughter until she explains her story. With Lenas Chinese and American identities she seems to be more intact with her American side, she has an big American style house that Ying Ying addresses as lopsided and her mother doesnt like the way that her house is set up because of Chinese customs, Lena also accepts the idea of ?fair in her relationship before her mother addressed it. Two examples in the movie that reflect these customs is when the Ying Ying went into the room and began to touch things almost tipping over the table, she insults the table and labels it as useless, while Lena calls it a gift. Another example is when Ying Ying was first introduced to Lenas home and Ying Ying looked unpleased by the style, especially when seeing the list of money, Ying Ying sees it as disrespectful and looks down on it, while Lena accepted it also.

Sample Resume A Teacher - 1375 Words

Emily Yester Period 11 Mrs. Drum Career Paper December 15, 2015 Teacher Many people will tell you that the person who inspired them the most was a teacher. They inspire us and prepare students for a higher level of education. They teach planned lessons and the needed skills students will need in the future when they attend college and when they seek employment. High school teachers will see various different classes throughout the day and may teach different grade levels and different types of classes that pertain to their level of specialty (Echaore-McDavid). Though no matter what or who they are teaching, their goal is the same, success for the students. Teachers assess the students in their classes to determine their strengths and weaknesses of the given material (Bureau). The parents of the students and the teachers also have a level of communication outside of the classroom (Bureau). Teachers communicate with the parents to assess the level of success the student has and to work with the parents to help the student . Ther e are two types of ways that a teacher may choose to instruct the class. These are didactic teacher or evocative teaching. Didactic teaching is teaching through demonstrations or lectures (Ed). Evocative teaching is instructing the students through aid and focusing on the students discussions to teach a new topic (Ed). Everything aShow MoreRelatedSample Resume : Teacher Interview1238 Words   |  5 Pages2/26/2017 Teacher interview What is your teaching philosophy? All students have the ability to learn, as long as they are believed in. It just may take a little more time, or require different strategies to help them achieve success. How do you meet the needs of all your students in the classroom? This is not an easy task! Students come to you on many different levels, and require different things. 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Dangers of Online Predators Free Essays

The Dangers of Online Predators and What Can be done to Protect Our Youth Marcos Williams CM 107: College Composition 1 Unit 9: Final Abstract This paper is to educate parents and children about the dangers of online predators. Predators are going to great links to prey on children and they are going to great links to hide their identity. Predators are hiding in cyberspace and they are lying in wait for children to go online so they can make their move on unsuspecting children. We will write a custom essay sample on Dangers of Online Predators or any similar topic only for you Order Now Law enforcement agencies and parents have to do whatever it takes to protect children and they should make sure that the necessary steps are taken. Law enforcement agencies are using the media and they are hiding online to help capture these offenders. Parents should make sure that their home computers have the proper software, know who kids are friends with online, gain access to all emails kids use, make sure computers are visible at all times, and never turn a blind eye and think that this will never happen to their children. Kid’s safety is always a priority and they should be guarded at all times. I have chosen a degree in Criminal Justice with an emphasis in Cyber-crimes to protect kids against online predators. Educating parents and children about the dangers of online predators and discussing how law enforcement agencies and parents can protect our children is the first step. This paper will discuss what kids don’t know about online predators, how these online predators are hiding their identities from law enforcement, how law enforcement is cracking down on online predators, and most importantly, how parents can protect their kids against online predators. Kids do not realize that predators look for kids with a lack of self-esteem, kids that are vulnerable, and kids that are having problems at home. These offenders meet children in public chat rooms geared towards teens and teens engaging in sexual subjects (Wolak, 2004). They will soon lure kids into private chat rooms or instant messaging. Some offenders lie about age and or sex to gain trust of children. Once trust is built, the predator introduces the child to pornography. This lowers the child’s inhibitions and desensitizes the child to nudity, and validates adult-child sexual relations (Berson, 2003). After all these things occurs, a face to face meet between the child and predator often follows, and the child is usually sexually abused or worse (killed). Some offenders create child-like avatars, go online and pose as teenagers. Predators use free Wi-Fi at public access points or connect to unsecure wireless routers installed in private residents rather than using their own personal accounts. They hide IP addresses by using proxy servers. Predators use â€Å"throw- away,† free e-mail accounts such as hush mails (private emails that children set up and hide from their parents) and counter surveillance methods. Offenders use pre-paid credit cards to hide any online transactions. They also steal IP addresses of business to avoid detection. These measures that offenders are taking, is making it hard for law enforcement to track them down (NSCEPI, 2010). Law enforcement officers are posing as minors online and assuming different gender to catch online predators (Mitchell, 2005). There is also the media, like the television show â€Å"To Catch a Predator,† to catch and arrest some of these predators. Cyber Tip-lines have been formed so that if parents see anything that is inappropriate they can report it to law enforcement. The FBI, Homeland Security, and other agencies have put together different types of operations to protect kids from online predators (NSCEPI, 2010). Law enforcement officers are collecting and preserving all evidence of grooming, such as pornography, Web cameras, and other electronic equipment to bring down these predators (Brown, 2001). Law enforcement agencies across the nation are taking the necessary steps so that evidence can be given to the prosecutor and use at trial to show the perpetrator’s motivation (Brown, 2001). Parents should talk to their kids about the dangers of online predators. They should become computer literate and learn the lingo that children use online, PLS (parents looking over my shoulder), FTF (lets meet face to face), and other abbreviations. Parents should put parental software on computer to monitor sites and keep kids off unsafe sites (Dombrowski, 2007). Home computers should be kept in a family room or kitchen so that parents can monitor and see exactly what sites the children are on. Parents should also discourage their kids from going into chat rooms, especially, private chat rooms with strangers. They should always make sure they know who all of their children’s friends are on the internet (Dombrowski, 2007). When a parent notices inappropriate material on their computer they should notify law enforcement immediately. Parents should use all these measures plus become familiar with the internet and the language their kids use on the computer to protect them from online predators. I have chosen to get my Bachelor’s degree in Criminal Justice with an emphasis in Cyber-crimes to protect kids from online predators. In the Cyber-crime field I will be able to protect kids from online predators and educate parents and kids of the online dangers that lurk in cyberspace. Online predators are trying to manipulate and prey on children that are going through something in their home life. Predators are getting smarter and wiser when it comes to lurking and preying on children through the internet. They are taking many precautionary measures to protect their identity from our kids and law enforcement. The FBI, Homeland Security, and other agencies have put together task forces to stop online predators. Law enforcement have partnered with the television show â€Å"To Catch a Predator† to stop online predators. Most of the predators that are arrested on this show are men between the ages of 20 to 55 years of age. Law enforcement and prosecutors are doing everything they can to put these criminals behind bars. Parents should take the necessary steps to protect their children from these types of predators. Parents need not turn a blind eye and think that their child will not become prey to predators while online. They need to get computer literate and learn the lingo that their children are using while they are on the internet. Parents need to educate their kids about online dangers and keep their computers in areas where traffic is heavy flowing. They also need to get the proper software on their computers to cut down the risk of predators getting to their children. In summary, parents and law enforcement officials need to work together to educate themselves and kids about the dangers of online predators because online predators are doing whatever it takes to manipulate and prey on children. They are also doing whatever it takes to protect them from being identified and prosecuted. References Berson, I. (2003). Grooming Cyber victims: â€Å"The Psychological Effects of Online Exploitation for Youth† Journal of School Violence 2, no. 1(2003): 9-18 retrieved from: http://www. cs. auckland. ac. nzl~john/NetSafe/IBerson. df Brown, Duncan. â€Å"Developing Strategies for Collecting and Presenting Grooming Evidence in a High Tech World† Update (National Center for Prosecution of Child Abuse), 2001, 1. http://www. ndaa. org/publications/newsletters/update_volume_14_number11_2001html Dombrowski, S. C. , Gischlar, K. L. , and Durst, T. â€Å"Safeguarding Young People from Cyber Pornography and Cyber Sexual Predation: A Major Dilemma of the Internet† Child Abuse Review 16, no. 3 (2007): 153-70 https://www. ncjrs. gov/App/Publications/abstract. aspx? ID=240947 Mitchell, K. J. , Wolak, J. , and Finkelhor, D. Police Posing as Juveniles Online to Catch Sex Offenders: Is It Working? † Sexual Abuse: A Journal Research and Treatment 17, no. 3 (July 2005): 241-67 retrieved from: http://www. unh. edu/ccrc/pdf/CV82. pdf. National Strategy for Child Exploitation Prevention and Interdiction: A Report to Congress August 2010 http://www. justice. gov/psc/docs/natstrategyreport. pdf Wolak, J. , Finkelhor, D. , and Mitchell, K. J. â€Å"Internet-Initiate Sex Crimes against Minors: Implications for Prevention Based on Findings from a National Study. † Journal of Adolescent Health 35, no. 5 (2004):11-20 How to cite Dangers of Online Predators, Essay examples

Designing Business Models Creating and Capturing

Question: Discuss about the Designing Business Models : Creating and Capturing. Answer: Introduction: Quality training has been operating as are registered training organization for past 1 year. In the following business plan, the objectives, missions, strategies and plans of the company to raise its productivity and revenue has been analysed. It is quite important for a particular business plan to maintain some vital attributes in it. The strengths and weakness of the business plan for quality training are discussed in this report. Strengths The executive summary of the plan has all the details regarding the product, concept, financial features, requirements, current position of the organization. The objective of the plan is clearly defined for the organization. It helps in portraying a clear view of the plan. The mission of the plan is quite efficiently framed by keeping the purpose, vision, mission and marketing slogan for the business plan. The key to success factors are stated in the plan which provides a brief view of how the company would increase its market share. Company structure is described in a descriptive manner, which helps in getting a clear view of the structural framework of the organization. The competitive analysis is one of the most vital part of the business plan which is framed very descriptively in the plan. It has been followed by the swot analysis and the strategies that have been framed by the organization to overcome the weaknesses, analyse the threats, use the strengths and utilise the opportunities. The market analysis of the business plan has provided a clear image of how the distribution of the organization would be framed. The analysis is quite strong as it has all the sections including the trends, strategies and materials. Weaknesses The executive summary does not enlisted the major achievements that have been undertaken by the organization. The objective of the plan has been framed for a short period of the business of two years only. The key to success factors are not explained briefly. The training courses and services that are organized by the company are not briefly described in the business plan. Hence it does not provide a clear view if the kind if services provided by the organization. The pricing strategy of the organization is quite weak, as there are no pricing strategies described or undertaken. The business plan misses the financial plan, which does not incorporate in any account balance sheets and cash flows that would help the organization for further projections. There is no initial budget used in the program. The business plan misses the funding and starts ups to be used in the initial stage, income flow statements for the initial months and years. This makes the plan quite weak in nature. The strengths and weaknesses analysed in this report regarding the business plan of quality analyst helps in portraying the overview of the organization future projections. This business plan is moderate in nature because it lacks financial and pricing analysis. It should be improved more, thereby helping to render funding from various sources. Automotive Repair Sales Valet Business Plan An automotive repair sale is a company that is owned by Mad Keen Motors in London. The company has been able to spread its business in five locations of London, thereby spreading their market share in the city. The business plan for the organization that has been framed would be analysed in this report, thereby analysing its strengths and weaknesses. Strengths The mission statement of the organization fulfils the need of framing the future objective of the company. This helps in portraying a brief idea of the organization of what it wants in future. The key to success factors are well stated along with the objectives of the organization. It helps in stating the opinions which mad keen motors hold for their future business. The company summary analysis provides a clear view regarding the companys history and past years balance sheets which helps in getting a view of how the company has performed in its past records. The market analysis of the business plan is quite strong as it has analysed the segmentation, targeting and positioning strategy very clearly. This framework provides a clear analysis of how the organization has attempted to perform in the market by stating clear strategies. The market analysis includes milestones which are very important part of the business plan. The business plan has an additional web plan strategy. This is quite an effective part of the business by being in the era of digital marketing. These strategies would help in improvising the current market share of the organization, thereby promoting the company more than its competitors. The financial plan that has been projected by the organization in its business plan is quite clear, which states its future takeovers, funding and initial investments to be made. Their revenue sales and profits to be generated in future has been forecasted, thereby providing a vivid image of how the market aims at functioning in future. The company has a strategically framed contingency plan, which is quite important for any business plan. It helps in analysing the organization would handle the risks associated with business. Weaknesses The executive summary of the business plan misses the financial features, requirements, and does not focus on the target customers. The product analysis of the business is quite weak in nature, it does not describe the products or services being offered by the organization. It is quite important for the people to understand the most vital part of the company, its products. The business plan lacks a competitive analysis which is a notion of the weak plans. A competitive analysis helps in acknowledging the threats that prevail in the market with respect to the competitors. These competitors would thereby decide upon the market share of the referred company. It is a vital segment of the plan. The strengths and weaknesses analysed in the business plan has been quite effective in analysing the status of the plan of mad keen motors. The business plan is relatively stronger plan, as it has utilised all the essential elements of a plan except the competitive analysis. References Crowley, C., Michiels, S. and Joosen, W., 2012, October. Show me the money The importance of network effects for mobile application business models. InIntelligence in Next Generation Networks (ICIN), 2012 16th International Conference on(pp. 164-170). IEEE. Gavinelli, L., 2016. Firms Strategies and Competitiveness: An Overview. InBusiness Strategies and Competitiveness in Times of Crisis(pp. 1-48). Palgrave Macmillan UK. Hinkelmann, K. and Pierfranceschi, A., 2014. Combining Process Modelling and Case Modeling. In8th International Conference on Methodologies, Technologies and Tools enabling e-Government MeTTeG14. Najmaei, A. and Sadeghinejad, Z., 2016. Designing Business Models for Creating and Capturing Shared Value. Seo, G., 2013.Challenges in implementing enterprise resource planning (ERP) system in large organizations: similarities and differences between corporate and university environment(Doctoral dissertation, Massachusetts Institute of Technology). Shaikh, U.A. and Mukhtar, U., 2014. Intelligence led dynamic knowledge based behavioral leadership model for dynamic fractal organization.South Asian Journal of Management Sciences (SAJMS), Iqra University,8(1), pp.9-35.