Ken the Drunkard Essay Example | Topics and Well Written Essays - 750 words

Ken the Drunkard - Essay Example Maggie has been married to Ken for ten years and their two kids are now eight and six years old. At the time the two met, Ken never used to drink in fact they met in a church function. Maggie had gone to pay a visit to her aunt in Brooklyn. It happened that on her first Sunday at the place, she and her cousins went to church when Ken happened to be worshipping. Ken took notice of Maggie when she and her cousins entered the church. After the church service, Ken approached Maggie and they exchanged contacts. They became friends for quite sometime and Maggie would go and visit him. As time went by, they became lovers an affair which led to their marriage five years later. By then Ken was an engineer in a certain firm where he worked for eight years and afterwards got retrenched. Consequently, he turned to drinking in trying to cope with the situation. Ken would go drinking and would go home as early as nine but on one particular night, he was late. After knocking the door for sometime a nd no one opening, he decided to sleep on the veranda. Fortunately, Ken used to snore while asleep and thus at some point, Maggie woke up and realized her husband had not come home yet. She went to the living room, turned on the lights and on looking at the watch it was three in the morning. Shortly after, she heard some sounds emerging from the door. At first, she was afraid and decided to peep through the window since the front side of the house was lit up by the security light. Surprisingly, she saw her husband lying down just at the door. She opened the door and woke him up. After waking up, Ken started shouting at Maggie telling her what a non-caring wife she was and that she refused to open the door for him despite the fact that the house was his. Maggie tried explaining to him that she did not hear his knock but he could not listen. Ken’s voice was so loud that, the kids woke up. When the kids showed up at the living room, Ken went ahead and started telling the kids ho w useless their mother was and that he was going to chase them away from his house together with their mother. There and then, Ken told Maggie that, he did not care what time it was but she and the kids should pack their things and leave the house. Maggie in response told him that neither she nor the kids were going anywhere. At that time, their voices were so loud and the kids were crying aloud which woke up their neighbours who started streaming in the compound one by one to know what the matter was. Ken kept on repeating to Maggie to leave the house before he did something crazy but Maggie could not listen. At some point, he pushed her through the front door only for her to fall on the rough surface of the veranda where she secured some knee and arm bruises. The neighbours were now increasing in number and Ken viewed it as some sort of interruption to his family affairs. What followed next was a very terrifying scene to Maggie, the kids and the neighbours. Ken who happened to be at the door of the house entered inside and came out with a gun. He started chasing everybody in the compound shouting that Maggie should leave his house and the neighbours should leave his compound. Some of the male neighbours tried their best to take hold of Ken but their efforts where all in vain since Ken was too strong and they were still afraid of the weapon. At first, Ken fired in the air to scare away the crowd. A philosopher once said that, when a person is terrified or exposed to a frightening situation or a

Impact of Steve Jobs Essay Example for Free

Impact of Steve Jobs Essay The impact Steve Jobs had on Apple was immeasurable. He built the company from the ground up. Every product Apple has put out has been because of Steve Jobs. His knack for knowing what desires consumers want in a product is just one aspect of what Steve Jobs did to help Apple become one of the top consumer electronic companies in the world. Steve Jobs was a smart man and CEO. As the head of the Apple company, Jobs surrounded himself with smart men. This not only helped his company, but it helped Jobs when it came time to make big decisions regarding a project. After a project was initiated, engineers and designers had to work together on the project. Because Jobs believed that Apple’s greatest advantage was its integration of the project, from design to hardware to software to content, he wanted all departments at the company to work together in parallel. Jobs used the phrases of â€Å"deep collaboration† and â€Å"concurrent engineering† to describe this process. To make this â€Å"collaboration† happen, Jobs relied heavily on the hiring process. He would have candidates meet the top leaders of Apple. This included guys such as Cook, Tevanian, Schiller, Rubinstein, and Ive. After the interview, he would meet with his leaders without the candidate and decide whether the person would fit in at Apple. Jobs goal with all of this was to prevent what he called â€Å"the bozo explosion.† Jobs explained that â€Å"the bozo explosion† is when a company becomes loaded down with second-rate talent. Jobs’ hiring process took the candidate not only to the area they would be working in, but through other departments and had the candidates talk to them to see how they would fit in. From the start of the company, Jobs understood the needs and desires of his customers. He put products out there that the consumer wanted and his main desire was to get the product right. According to the Apple Marketing Philosophy, there were three points that were stressed. The first was empathy. This was meant to have an intimate connection with their customers. Apple will â€Å"truly understand the customer’s needs better than any other company. The second was focus. This meant that Apple would â€Å"eliminate all the unimportant opportunities.† The final point was impute. This meant that no matter how great the quality of the product, if it were presented in a sloppy manner, it will be perceived as sloppy. This most noticeably, was recognized with Apple’s packaging. When you opened the product and noticed the details of the packaging that would set the tone for the product. Jobs had a knack for bringing new products to the market that the consumers wanted to buy. He was also a perfectionist. One of Jobs’ talents was that he could look at a certain market filled with second-rate products and take advantage of it by perfecting it. He did this by simplifying the process, software, or the design of the product. For example, when designing iTunes, Jobs looked at what was available to the consumer at that point and came to the conclusion that they were so complicated to the user that only a genius could figure out half of their features. A fundamental part of perfecting products was minimalizing them. Jobs was a minimalist. In order to make products user friendly, Jobs knew that the consumer had to understand how to use them and like using them. Make it simple. According to Jobs, â€Å"Simplicity isn’t just a visual style; it’s not just minimalism or the absence of clutter. It involves digging through the depth of the complexity. To be truly simple, you have to go really deep. You have to deeply understand the essence of a product in order to be able to get rid of the parts that are not essential.† Jobs used this minimalistic style in not only in the technology products he produced, but in the Apple stores he designed. Larry Ellison’s company, Oracle, was developing software for the checkout systems, a system that avoided having a register. According to Ellison, â€Å"if you looked at the stores and the products, you will see Jobs’ obsession with beauty as simplicity-this aesthetic and wonderful minimalism, which goes all the way to the checkout process in the stores.†

Influences on Peer Groups and Friendships

Influences on Peer Groups and Friendships Peer groups, social competence and friendship. Indicate the relevance or not of the following: Theory, Cultural differences, Age differences, Gender differences and methodological issues. Introduction It has been established that humans are social creatures. It has also been established that humans have an inclination to form social groupings for a myriad of psychological reasons, such as friendship, acceptance, comfort, togetherness and so forth. However, the ways in which these grouping takes place are rather more complex than one might expect. An examination of group development paying particular regard to the effects of age, culture, gender and theoretical bias on the concepts of peer groups, social competence and friendship was embarked upon. An evaluation was conducted of some key research that has attempted to examine and explain much of the core concepts and issues involved in social grouping and development. Group Alignment, Group Development and Group Dynamics Levine et al (1998) indicated that groups were more likely to accommodate new members if there was an established relationship between newcomers and already established members. This was believed to be due to the need to establish socialisation of new members through mentors. The relationship of newcomer to mentor was heavily dependant upon age difference (Levine et al, 1998). Research on socialisation effects conducted by Irons and Moore (1985) revealed that the significance of a mentor in including subjects that were formerly excluded. They suggested that these formerly excluded subjects were people such as women and people of alternate colour (Irons Moore, 1985). It should be noted that the theoretics used by Irons and Moore are based upon patriarchy and racial prejudice. Tuckman (1965) devised five stage theories in group development theory and later with his colleague Tuckman and Jenson (1977) extended this concept further. Forming Potential members align themselves to a group. Storming Members try to influence the group. This creates conflict within the group. Norming Members try to reconcile conflicts. Norms and roles are established. Performing Members perform tasks in accordance to group need. Adjourning Members become distanced from the group and group activities due to the perception that group costs outweigh group benefits. Social Facilitation Zajonc (1965) suggested three important factors in the significance of social groups. The presence of others generates arousal in the subject and stimulates behaviour. Arousal increases the tendency to perform a desired response from the subject. The quality and success of this response is dependant upon the type of task. Zajonc concluded that a dominant response was perceived as being required from the subject within a group. This affected the performance of easy tasks in a positive manner and difficult tasks in a negative manner. Mere Exposure Theory, Evaluation Theory and Distraction/Conflict Theory The idea of mere presence is integral to Zajonc’s findings on social facilitation. That is to say that effects of others as stimuli are dictated to by presence alone. However, others have suggested otherwise. Cottrell (1968), Henchey and Glass (1968), put forward evaluation theory which suggested that the success of social facilitation is dependant upon those who are perceived to be able to evaluate performance. For instance, those in a subjects peer group with certain perceived traits, such as competence, would have either positive or negative effects on the subject’s performance. Put forward by Baron (1986) and Sanders (1981) distraction/conflict theory suggests that the presence of distractive stimuli will effect social facilitation. For instance, the subject will produce social facilitation effects when others, such as friends, create distraction or attentional conflict. Group Roles, Norms and Cohesion Forsyth (1990) Levine and Moreland (1990) suggest that there are three major contributors to the dimension of social groups: Social roles, social norms and group cohesion. Roles a set of expected behaviours that are evaluated by a subjects established group role (established by either formal title or informal appreciation). Norms a set of established rules of conduct defined by the group dynamic. Cohesion the forces that push a group closer together in terms of purpose, attitude and goal (Cartwright Zander, 1960). Using a methodology supporting the idea of biologically predetermined group roles and norms Bales (1958) suggested that group roles and norms were based upon the traditional family dynamic i.e. the elite male role of the breadwinner and the submissive female role of caretaker. Examination of his methodological approach revealed that gender difference was not a predefining factor. Wood and Karten’s (1986) experiments into role performance of cross sex groups, was revaluated by Dovidio et al (1988). It was found amongst men and women who felt equally as competent, that the roles adopted were often similar (Dovidio et al, 1988). The Effects of Group Cohesiveness and Friendship Following on from Cartwright and Zander (1960), Carron et al (1985) suggested that group cohesiveness was comprised of two significant factors: a group’s orientation towards a goal and a group’s orientation towards its social relationships. It was observed by Carron (1985) that goal setting was a much more important part to success than social relationships. He determined that the successful completion of goals would increase self esteem and belief in the roles and norms of a group, whereas social relationships, such as friendship, would be more likely to distract the group from its collective goals. Carron (1982) defined a cohesive group as having a collective identity, a sense of shared purpose and structured patterns of communication (Carron, 1982). These were considered essential elements to the effectiveness of a group’s success and to it‘s cohesion. Collective identity the identity of a group seen in terms of its roles and norms. Sense of shared purpose an understanding of the importance of roles and the goals that they achieve Structured patterns of communication group acknowledgement, understanding, appreciation and communication of each roles needs and requirements. Conclusion The need for social groups drives the subject to undergo many developments in terms of social facilitation. It would seem from our examination that these factors are driven through a variety of factors. From the research we can see that group alignment is dependant upon relationships based upon age difference. It would also appear that group development requires challenges and subsequent reconciliation’s from certain subjects. It also appears that group dynamics are not necessarily composed of culturally or racially defined roles. Rather, it would appear that roles are intrinsic to socially defined goals and needs. The subject within the group would appear to be driven by other members in a way that is not quite as simple as, say, group conformity or peer competitiveness. It would also appear that group success is dependant upon the successful achievement of role defined goals. Furthermore, these role defined goals seem to be effected negatively by intimate individual relationships, such as friendship. In essence, theory, age, gender, culture and methodology are relevant to the way in which we understand peer groups, social competence and friendship and have psychological impact upon the development of social groupings and the very concept of ourselves as social creatures. Bibliography Bales, R, F., (1958) Task roles and social roles in problem-solving groups. In E. E. Maccoby, T.M. Newcomb, E. L. Hartley (Eds.), Readings in Social Psychology (3rd Ed., p. 437-447). New York: Holt. Baron, R, S., (1986) Distraction-conflict theory: Progress and problems. In L, Berkowitz (Ed.) Advances in experimental social psychology. Orlando: Academic Press. Carron, A.V., Widmeyer, W.N., Brawley, L.R. (1985). The development of an instrument to assess cohesion in sport teams: The Group Environment Questionnaire. Journal of Sport Psychology, 7. Carron, A.V. (1982). Cohesiveness in sport groups: Interpretations and considerations. Journal of Sport Psychology, 4. Cartwright, D., Zander, A., (1960) Group Dynamics: Research and Theory. (2nd ed. p. 69-94) Evanston: Row Peterson. Cottrell, N, B., (1968) Performance in the presence of other human beings: Mere presence, audience, and affiliation effects. In E, C., Simmel, R, A, Hoppe, G, A, Milton (Eds.) Social Facilitation and Intimate Behaviour (p. 91-110). Boston: Allyn Bacon. Davidio, J, F, Ellyson, S, L., Keating, C, F., Heltmen, K., Brown, C, E., (1988) The relationship of social power to visual displays of dominance between men and women. Journal of Personality and Social Psychology, 54, 233-242. Forsyth, D, R., (1990) Group Dynamics (2nd ed.) Pacific Grove: Brooks/Cole. Henchy, T., Glass, D, C., (1968) Evaluation apprehension and the social facilitation of dominant and subordinate responses. Journal of personality and social psychology, 10, 446-454. Irons, E, D., Moore, G, W., (1985) Black Managers: The Case of the Banking Industry. New York: Praeger. Levine, J, M., Moreland, R, L., (1990) Progress in small groups research. Annual Review of Social Psychology, 41, 585-634. Levine, J, M., Moreland, R, L., Ryan, C, S., (1998) Group Socialisation and Intergroup Realtions. In C,Sedikides, J, Schopler, C, A, Inscko (Eds.) Intergroup Cognition and Intergroup Behaviour. Mahaw, NJ: Erlbaum. Sanders, G, S., (1981) Driven by distraction: An integrative review of social facilitation theory and research. Journal of Experimental Social Psychology. 17, 227-251. Tuckman, B, W., (1965) Developmental sequence in small groups. Psychological Bulletin, 63, 384-399. Tuckman, B, W., Jenson, M, A., (1977) Stages of small group development revisited. Group and Organisation Studies, 2, 419-427. Wood, W., Karten, S, J., (1986) Sex Differences in interaction style as product of perceived sex differences in competence. Journal of Personality and Social Psychology, 50, 341-347. Zajonc, R, B., (1965) Social Facilitation. Science, 149, 269-274.

One Flew Over the Cuckoo’s Nest Essay -- Essays Papers

One Flew Over the Cuckoo’s Nest Written by Ken Kesey, One Flew Over the Cuckoo’s Nest was published in 1967 by Penguin Books. This story was written based on the author’s experience while working in a mental institution. He held long conversations with the inmates in order to gain a better understanding of them. It was during this period that he wrote the first draft of One Flew Over the Cuckoo’s Nest. Most of the characters in the novel are based upon actual patients he met while working at the hospital. One Flew Over The Cuckoo's Nest is set in a mental hospital in Oregon. The novel is divided into four parts. Parts One, Two and Four are set in the hospital itself. In Part Three, the patients from the hospital go on a deep-sea fishing trip, and the setting is the boat. Except for a few outsiders, the characters are either patients or employees of the hospital. Kesey has drawn from his own experience to give the reader an insider's view of the hospital. The novel starts with the admission of Randle P. McMurphy to the Hospital. As he introduces himself to the other patients, the â€Å"head nurse†, Nurse Ratched immediately decided he is a troublemaker. Even though everyone else is afraid of the nurse, everyone that is except for McMurphy. He tires to make as much commotion as he can. He sings when he’s not supposed to, asks for things when it’s not time to, and appears half-naked, which really flusters the nurse. When a staff meeting comes up, the do... One Flew Over the Cuckoo’s Nest Essay -- Essays Papers One Flew Over the Cuckoo’s Nest Written by Ken Kesey, One Flew Over the Cuckoo’s Nest was published in 1967 by Penguin Books. This story was written based on the author’s experience while working in a mental institution. He held long conversations with the inmates in order to gain a better understanding of them. It was during this period that he wrote the first draft of One Flew Over the Cuckoo’s Nest. Most of the characters in the novel are based upon actual patients he met while working at the hospital. One Flew Over The Cuckoo's Nest is set in a mental hospital in Oregon. The novel is divided into four parts. Parts One, Two and Four are set in the hospital itself. In Part Three, the patients from the hospital go on a deep-sea fishing trip, and the setting is the boat. Except for a few outsiders, the characters are either patients or employees of the hospital. Kesey has drawn from his own experience to give the reader an insider's view of the hospital. The novel starts with the admission of Randle P. McMurphy to the Hospital. As he introduces himself to the other patients, the â€Å"head nurse†, Nurse Ratched immediately decided he is a troublemaker. Even though everyone else is afraid of the nurse, everyone that is except for McMurphy. He tires to make as much commotion as he can. He sings when he’s not supposed to, asks for things when it’s not time to, and appears half-naked, which really flusters the nurse. When a staff meeting comes up, the do...

Educational Theories And Learning Styles On Teaching Practice

The procedure of thought and acquisition has proved to be absorbing and interesting for many philosophers, faculty members and scientists for centuries. Due to psychological and neurological research, grounds has been gathered about usage of intelligence and the encephalon ‘s operation. Learning, both formal and informal, occurs every twenty-four hours and there are many definitions depicting its procedure. These definitions vary harmonizing to theoretician ‘s ain positions and attacks towards larning ( Pritchard, 2009 ) . When acquisition, persons frequently choose to utilize or accommodate a preferable acquisition manner. There are many defined acquisition manners and one manner of happening out which manner is the 1 that an person prefers, is by replying and measuring a learning manner questionnaire. Depending on consequences, scholars are being described in assorted footings such as ocular, reflector, pragmatist and many more. Not all theories provide questionnaires or trials to place learning penchants. These theories, for illustration Gardner ‘s Multiple Intelligences, are, however, utile tools assisting recognise countries of strengths and failings. In this assignment I discuss assorted larning theories and how they are relevant to professional and personal pattern. I present a scope of larning styles/theories and sketch their chief points, for illustration Myers-Briggs Type Indicator, Visual, Audio, Kineasthetic acquisition manner, Gardner ‘s Multiple Intelligences and Goleman ‘s Emotional Intelligence. I contrast assorted larning manners and look how they are implemented into the national course of study. I assess how realistic it is to use the acquisition manners in pattern and I besides reflect on my ain pattern and experiences. Learning manners and theories A acquisition theory, possibly more associated with grownup acquisition and staff employment, that identifies and classifies assorted personal types, is Myers-Briggs Type Indicator ( MBTI ) . The theory originates from thoughts of Carl Jung and it identifies four penchant graduated tables, they are: Extraversion ( E ) / Introversion ( I ) , Sensation ( S ) /iNtuition ( N ) , Thinking ( T ) /Feeling ( F ) and Judgement ( J ) /Perception ( P ) . By uniting the four letters of each penchant the personality type is established. In entire, there are 16 whole types that describe single penchants ( Myers, I. Briggs, 1995 ) . Some critics of MBTI are speedy to indicate out that the descriptions of different personal types are excessively obscure, general and some convergence ( Bayne, 1997 ) . Additionally, assorted factors that can act upon persons when replying inquiries need to be considered, such as: Have they got old experiences of specific state of affairss when depicting their behavior and actions? How many experiences can they compare? How do they experience that peculiar twenty-four hours? Is at that place a possibility of a wages when falling into a certain class? ( For illustration publicity ) . Who is traveling to be reexamining questionnaires, employer or an outside bureau? Are consequences traveling to act upon any alterations in current occupation place? Are persons traveling to be stereotyped? Are they traveling to be encouraged to work with their strengths and non given chance to better their failings? Despite the defects, the MBTI enables people to derive a better apprehension of themselves and how other people think and interact with each other. It is besides of import to retrieve that each peculiar personal type is as of import and utile as the remainder of them, and that there is no right, incorrect or better type. Another theory, strongly promoted by the Department for Education and Skills ( 2004 ) , is the Visual, Audio, Kinaesthetic ( VAK ) larning manner. One manner of happening out which manner is the 1 that an single prefers is by replying and measuring a learning manner questionnaire. These penchants can be ocular, audile, kinesthetic, or sometimes a blend of two or three manners. The VAK acquisition manner is supported by many pedagogues who are provided with valuable apprehension of what larning manner is preferred by an person, which larning environment enables the pupils to spread out their acquisition and, which learning schemes provide a balance of chances for the pupils. However, there are besides many professionals who argue that formal VAK trials are misdirecting for instructors. Alternatively of pulling attending to how kids learn and how assorted facets can act upon their acquisition, the theory has led to pupils being labelled as peculiar types of scholars. Many theoreticians, including Dunn and Dunn and Gregorc, use the VAK attack. Although, Gregorc ‘s theoretical account was ‘theoretically and psychometrically flawed ‘ and both of their manners should non be used at schools ( Coffield et al, 2004, pp. 31, 33 ) harmonizing to the Department for Education and Skills ( 2004 ) , both theories should be considered by schools. The writers of the ‘VAK or VAK-uous? ‘ demonstrate, based on their study, that: Rubing beneath the surface of it all, we find a instead challenging universe of accelerated and brain-based acquisition, a universe of pseudoscience, psychobabble and neurononsense. ( Bowker et al, 2008, p. 311 ) Some of the theories take into history other intelligences apart from lingual and mathematical accomplishments. Howard Gardner ( 1993 ) recognises assorted intelligences, originally there were seven: lingual, logical/mathematical, musical, spatial/visual, kineasthetic, interpersonal, intrapersonal. He is right to believe that intelligence is non linked with IQ but some of his ‘intelligences ‘ can be viewed as endowment. His theory encourages pedagogues to look beyond reading, composing and mathematics, and to reflect on and accommodate their patterns. Teachers are persuaded to concentrate on pupil ‘s countries of strengths, to detect their accomplishments, and utilize them to actuate and raise self-pride of pupils who are otherwise classed as ‘underachievers ‘ . The Department for Education and Skills ( 2004 ) recommends Gardner ‘s model of multiple intelligences to be applied to be after lessons and activities guaranting that they are inclusive fo r all kids, taking into history a scope of larning manners identified by instructors. However, Gardner ‘s theory lacks research and grounds to back up this. His critic John White ( 2006, pp. 82-83 ) openly says that because it is ‘backed by authorization of a celebrated Harvard professor ‘ does non intend that it is accurate and even Gardner himself admits that ‘it is merely by opportunity that he ( Gardner ) decided to name his classs ‘intelligences † . Another theoretician that focuses on intelligence separate from IQ is Daniel Goleman. In his work he speaks of Emotional Intelligence ( EI ) . EI has become omnipresent and is widely used in assorted countries, which proves that many grownups, every bit good as kids, can profit from utilizing Goleman ‘s rules in pattern every twenty-four hours. Goleman ( 2004 ) identifies five cardinal rules: ego and other consciousness, temper direction, self-motivation, empathy and direction of relationships. The term 'emotional intelligence ‘ is known worldwide and closely associated with working environment. Goleman ( 2004 ) argues that EI is more of import than IQ. For illustration when sing using a baby's room practician, emotional and societal accomplishments are more of import than academic accomplishments as the practician needs to be able to associate to parents, kids, co-workers and other professionals involved in a kid ‘s attention. Additional preparation, to guarantee t hat the practician has appropriate making, can be provided by employer or sought by an employee. One of the cardinal points of Goleman ‘s response to criticisms is that he is non showing a new theory but a topic that has been studied for old ages under personality research. The theory was originally introduced by Jack Mayer and Peter Salovey, whom Goleman seldom references in his work. He uses the term emotional intelligence excessively loosely as he besides includes facets of personality and behavior. Even so, many schools in the United States of America have successfully incorporated programmes on emotional intelligence in their course of study and have been running them for a decennary ( Gilbert, 2008 ) . Both, Goleman and Gardner, suggest that non merely academic accomplishments, such as authorship and reading, but besides other intelligences are portion of the acquisition procedure. They suggest the intelligences are every bit of import, and need to be considered when organizing inclusive acquisition environment for kids and grownups. With the Department for Education and Skills ( DfES, 2004 ) and the Office for criterions in instruction ( Ofsted, 2006 ) advancing personalised ‘tailored ‘ larning for all pupils and raising criterions, pedagogues are put under force per unit area to guarantee that larning demands of all pupils are met. DfES ( 2004, unit 19, p. 2 ) provinces that theory of larning manners is based on ‘tried and tested techniques and draws on academic research and the experience of rehearsing instructors ‘ . However, the unit 19 was withdrawn in 2007. Assorted larning theories offer their ain account of a learning manner, their point of position and frequently besides a formal trial or questionnaire. They all promise positive consequences and an account why a scholar prefers a peculiar acquisition manner. It is so up to a instructor to happen ways how to implement the national course of study that best suits the scholar. However, harmonizing to Susan Greenfield ( 2007 ) the pattern is ‘nonsense ‘ from a neuroscientific point of position and she stresses that after 30 old ages of educational research, there is no independent grounds that any learning manner stock list has any direct educational benefits. Evaluation of my pattern and past experiences For me, the most important facet of this assignment was the whole construct of larning manners and theories. Initially, I did non cognize much about the topic and I found it more and more absorbing as I continued in my reading. Previously, I realised that kids ‘s larning penchants can be monitored through elaborate observations and ratings, I was able to concentrate on kids ‘s strengths and failings. I think that observations are every bit of import as questionnaires but I besides realise that they are more clip consuming, which was seldom an issue for me as I have merely antecedently worked with little groups of immature kids. Having analysed assorted larning manners I now wonder how utile they are to my pattern. I realise that kids ‘s different attacks to larning demand to be recognised. However, I am non confident about benefits of assorted larning manners to kids ‘s acquisition, particularly after reading Coffield ‘s critical points of position that arose from his research. In my pattern I have ever believed that advancing empathy and positive attitudes amongst kids would understate unwanted behavior, hence, supplying a composure and exciting learning environment. As kids grow they become cognizant of their ain feelings and responses they receive when exposing a peculiar emotion. By furthering empathy, instead than sympathy, kids and grownups can derive a better apprehension of each others feelings and emotions, what triggers them, how to command and cover with them. I would non travel every bit far as stating that these facets should be classed as ‘intelligences ‘ , they are, in my sentiment, more associated with personal/social accomplishments and behavior, therefore holding an impact on larning attitudes. A theoretician who recognised empathy as an of import portion in kids ‘s acquisition and development was Carl Rogers. He identified that non merely kids but besides grownups need to experience valued, respected and treated with fon dness. Rogers ( 1989 ) speaks of unconditioned positive respect, intending that parents and others, who play of import portion in a kid ‘s life, accept and love a child/person for what they are no affair their actions and behavior. To make emotionally warm environment where all kids are accepted but besides going more effectual in interpersonal relationships, instructors need to expose empathetic apprehension and communicate openly and candidly. Learning manner questionnaires and my acquisition attitudes By finishing one of VAK self-assessment questionnaires I identified that my preferable learning manner was a ocular 1. On contemplation, I can see elements of this manner in the manner I learn and organise undertakings as I do work best from lists and written waies. I besides write down notes and slug points when reading, fixing lessons and activities for kids or be aftering staff meetings. I frequently use different symbols or colorss to associate up topics. I have discovered that seeing something written down enables me to do connexions quicker and retrieve information better. Harmonizing to MBTI on-line study my personality type codification is likely ESTJ or possibly ESTP. After carefully reexamining the results I agree with most of the consequences. I ever plan in front, I have got really good organizational accomplishments and I use them good in my professional and personal life. Although, I prefer undertakings to be done in a certain manner, I am besides willing to accept new suggestions ( see appendix A ) . Having analysed results of other trials I undertook, such as Belbin ‘s Self-perception Inventory and Honey and Mumford questionnaire, I discovered new facets of myself and I identified forms that are dominant in my personal penchants. Furthermore, it confirmed that I am efficient and dependable, and I like construction and modus operandi. However, I am introspective, I do non like role-play in forepart of looker-ons, I am loath to depute ( which was commented on in an assessments by my old employer ) and sometimes I do non react to new thoughts. Additionally, I do non like being rushed though I seem to work better under force per unit area. I besides stand by my determination or position if I am certain that I can back up it with a valid statement. The rating was helpful as it made me cognizant of my preferable learning mode but besides encouraged me to admit, see and develop other manners, as on many occasions I have expected people to portion my acquisition penchants. As a following measure, I need to utilize the cognition of my larning attitudes in my surveies and implement my ‘study program ‘ . I have devised a new structured timetable and monthly program, which enables me to clearly see my marks. I made certain that I allowed myself a sufficient sum of clip for library research, visits and reading and I besides took into history clip that I spend set abouting online research. Equally, I made certain that I took regular interruptions and I besides allocated clip for regular exercising. It has been a twosome of old ages since I completed degree three in Children ‘s Care, Learning and Development, and the return to instruction was exciting but besides a nervous measure. I was cognizant that the surveies were traveling to be more demanding. Rather than roll uping grounds and information, edifice portfolio and being assessed at work every bit required in the yesteryear, future surveies would be based on thorough grounds based research and personal and professional contemplations. Having acknowledged strengths and identified failings, I now feel that I can utilize them to my advantage. In the past I learned how to cover with unfavorable judgment, which I did non ever take good, but being cognizant of this encouraged me to work on my accomplishments. Now I use unfavorable judgment to my benefit and expression at it from a positive angle as a tool to better myself. Decision In decision, the chief rule that we are all different to each other, and that we develop and learn in a different manner is still core. The cognition of assorted larning manners provides instructors and practicians with utile information on how to heighten kids ‘s acquisition. The instructors are so able to be after lessons and organise activities suiting assorted larning manners that consequences in a lesson that engages all of the pupils in the category. Pritchard ( 2009, p. 43 ) provinces that ‘Learning manners are non fixed traits which an person will ever expose ‘ . There are many factors that can act upon scholar, therefore do a alteration of a learning manner. As this assignment shows, every acquisition manner and its theory have its dedicated protagonists and house critics. It is up to pedagogues to happen a balance and guarantee questionnaires and trials do non overpower kids. When utilizing questionnaires to set up acquisition manners, it is of import to retrieve that consequences are non one hundred per cent accurate and some questionnaires are easy to forge. Nevertheless, they are practical tools to assist persons happen out more about their strengths and failings. However, clip and resources should non be wasted on measuring consequences that may hold an insignificant or no impact on pupils ‘ acquisition. Besides there is a certain sum of hazard of kids being confused with assorted labels and attacks, which may alter as students leave school scenes. Alternatively, a broad assortment of learning methods and an apprehension of an person ‘s needs consequences in a category environment that is inclusive, appealing and that makes scholars aware of their ain qualities. Most significantly, kids should come out of a school system as whole ‘complete ‘ scholars able to dispute and accommodate assorted attacks to larning. They should derive an apprehension of what their strengths are and how to utilize them so they can maximize their possible, and be cognizant of their failings and how to better and better themselves.Word count: 2706

Test Bank Ch8 3616 Butler

PART IV Managing the Risks of Multinational Operations Chapter 9 The Rationale for Hedging Currency Risk True/False 1. In a perfect financial market, financial contracts are zero-NPV investments. ANS: True. 2. If hedging currency risk is to add value to the stakeholders of the firm, then hedging must impact either expected future cash flows or the cost of capital or both. ANS: True. 3. If financial markets are informationally efficient, then corporate financial policy is irrelevant. ANS: False. Don’t confuse informational efficiency with a perfect market.Although the perfect market conditions ensure informational efficiency, informationally efficient markets can be imperfect. 4. Perfect financial markets are a necessary condition for corporate risk hedging to have value. ANS: False. Market imperfections are necessary conditions. 5. In perfect financial markets, corporate financial policy is irrelevant. ANS: True. 6. In a perfect financial market, the law of one price holds. AN S: True. 7. Equal access to perfect financial markets ensures that individual investors can replicate any financial action that the firm can take. ANS: True. 8.In perfect financial markets, corporate hedging policy has no value. ANS: True. 9. In perfect financial markets, corporate investment policy is irrelevant. ANS: False. Firm value depends entirely on the firm’s investments in a perfect financial market. 10. If corporate financial policy is to have value, then at least one of the perfect market assumptions cannot hold. ANS: True. 11. Real-world financial markets are perfect markets. ANS: False. Perfect markets are a theoretical ideal and not a practical reality. 12. Market imperfections are greater across national boundaries than within national boundaries.ANS: True. 13. In perfect financial markets, multinational corporations have an advantage over domestic firms in financing their investments. ANS: False. The law of one price holds in perfect financial markets. 14. Mul tinationals have a comparative advantage over domestic firms in exploiting cross-border differences in financial markets. ANS: True. 15. Progressive taxation is a system in which larger taxable incomes receive a higher tax rate. ANS: True. 16. Tax preference items are goods that are sold on a tax-free basis. ANS: False.Tax preference items are items such as tax loss carryforwards and carrybacks and investment tax credits that are used to shield corporate taxable income from taxes. 17. A call option is an option to buy an underlying asset at a predetermined price. ANS: True. 18. A call option is an option to â€Å"call in† or demand payment on a loan. ANS: False. A call option is an option to buy an underlying asset at a predetermined price. 19. Indirect financial distress costs are relatively unimportant for firms selling products for which quality and after-sale service are important.ANS: False. Reputation is easily eroded in these instances. 20. Managerial gamesmanship is l east prevalent during financial distress. ANS: False. Gamesmanship is more prevalent during hard times. 21. Option values increase with an increase in the volatility of the underlying asset. ANS: True. 22. A decrease in the variability of firm value is good news for debt and bad news for the equity call option, other things held constant. ANS: True. 23. Corporate hedging of business risk unambiguously increases shareholder wealth when the firm is in financial distress. ANS: False.Because debtholders have first claim on corporate assets, corporate hedging of business risk helps debtholders first and may or may not help equityholders. 24. In the real world, corporate hedging policy can change expected future cash flows but is unlikely to reduce the cost of debt. ANS: False. Hedging policy can decrease the variability of firm value and can thus reduce the risk of debt and the required return charged by debtholders. 25. Direct costs of financial distress are far more important to corpor ate hedging decisions than are indirect costs. ANS: False.The indirect costs of financial distress influence the activities of firms not just in bankruptcy but prior to bankruptcy as well. 26. Underinvestment occurs when debtholders refuse to invest additional capital into the firm during financial distress. ANS: False. Underinvestment occurs when equity foregoes positive-NPV investments. 27. In financial distress, equity has an incentive to take on large risks in order to increase the value of the equity call option. ANS: True. 28. In Miller-Modigliani’s perfect world, the firm’s optimal investment criterion is â€Å"Accept all positive-NPV projects. ANS: True. 29. In practice, management’s objective is to maximize shareholder wealth. ANS: False. Managers act nominally as equity’s agents but, in actuality, in their own best interests. 30. Managers have little incentive to hedge company-specific risks. ANS: False. As undiversified stakeholders, managers are concerned with both systematic and unsystematic risk. 31. Managers have an incentive to hedge their unit’s transaction exposure to currency risk. ANS: True. 32. Hedging can increase firm value by reducing the costs of agency conflicts between managers and shareholders.ANS: True. 33. Exchange-traded options and futures contracts have a fixed cost per contract so that costs are proportional to the number of contracts traded. ANS: True. 34. The costs of hedging through operations are likely to be less burdensome for a large multinational corporation with diversified operations than for a small, less-diversified firm. ANS: True. Multiple Choice 1. The perfect market assumptions include each of the following except ____. a. equal access to market prices b. equal access to costless information c. frictionless markets d. rational investors e. table governments ANS: E 2. Frictionless financial markets could have which of the following? a. agency costs b. bid-ask spreads c. broker age fees d. government intervention e. irrational investors ANS: E 3. Which risk management guidelines in a) through d) is not recommended by the Group of Thirty Global Derivatives Study Group? a. assess the credit risk arising from derivatives activities b. combine authority over trading and bookkeeping functions into a single department c. quantify market risk under adverse market conditions and perform stress tests d. alue derivatives positions at market e. all of the above are recommended ANS: B 4. Which of a) through d) is unlikely to result in a decision to hedge currency risk? a. bid-ask spreads on foreign exchange b. costs of financial distress c. differential taxes on income from different tax jurisdictions d. stakeholder game-playing e. all of the above are incentives to hedge ANS:A 5. Which of the following factors does not contribute to tax schedule convexity? a. Alternative Minimum Tax (AMT) rules in the United States b. progressive taxation c. sales taxes d. ax prefere nce items e. all of the above contribute to tax schedule convexity ANS: C 6. Indirect costs of financial distress impact the firm in each of the following ways except ____. a. higher financial costs b. higher legal costs in bankruptcy c. higher operating costs d. lower revenues e. stakeholder gamesmanship ANS: B 7. Which of statements a) through c) regarding costs of financial distress is false? a. Both debt and equity unambiguously benefit from corporate risk hedging. b. Hedging can increase expected cash flows by reducing the costs of financial distress. c.Hedging can reduce debtholders’ required return and hence the cost of capital to the firm. d. All of the above are ANS: True. e. None of the above are ANS: True. ANS: A 8. Which of the following was most responsible for the collapse of Barings Bank? a. bankruptcy proceedings b. failure to monitor the activities of its traders c. index arbitrage d. index futures and options trading e. the 1991 fall in share prices on the T okyo stock exchange ANS: B 9. Management has an incentive to hedge which of the following exposures? a. operating exposure b. transaction exposure c. ranslation (accounting) exposure d. all of the above e. none of the above ANS: D 10. Tax schedules are said to be progressive when ____. a. the effective tax rate is greater at high levels of taxable income than at low levels b. the effective tax rate is greater at low levels of taxable income than at high levels c. they do not discriminate on the basis of race, creed, or color d. when tax rates vary by the age of the taxpayer e. none of the above ANS: A Problems 1. In what way is equity a call option on firm value? Tax schedule convexity: progressive taxation 2.Suppose corporate income up to $250,000 is taxed at a rate of 25 percent. Income over $250,000 is taxed at 40 percent. The taxable income of Quack Poultry will be either $200,000 or $300,000 with equal probability. Quack’s income variability arises entirely from an expos ure to currency risk. a. Draw a graph like Figure 9. 2 depicting tax schedule convexity in the United States. b. What is Quack’s expected tax liability if it does not hedge its currency risk? c. What is Quack’s expected tax liability if it is able to completely hedge its currency risk exposure and lock in taxable income of $250,000 with certainty? . In what way does hedging have value for Quack Poultry? Direct and indirect costs of financial distress 3. A firm based in the United Kingdom has promised to pay bondholders ? 10,000 in one year. The firm will be worth either ? 9,000 or ? 19,000 with equal probability at that time depending on the value of the dollar. The firm will be worth ? 14,000 if it hedges against currency risk. a. Identify the values of debt and equity under unhedged and hedged scenarios assuming there are no costs of financial distress. b. Suppose the firm will incur direct bankruptcy costs of ? ,000 in bankruptcy. Identify the value of debt and of e quity under both unhedged and hedged scenarios. c. In addition to the ? 1,000 direct bankruptcy cost, suppose indirect costs reduce the asset value of the firm to either ? 6,000 or ? 18,000 (before the ? 1,000 direct bankruptcy cost) with equal probability. Hedging results in firm value of ? 12,000 with certainty. Identify the value of debt and of equity under both unhedged and hedged scenarios. d. Can hedging add value to shareholders in this problem? Problem Solutions 1.If the firm’s assets are worth more than that promised to debtholders, equity will exercise its option to buy the assets of the firm from the debtholders at the exercise price. If firm assets are worth less than the promised claim, equity will not exercise its option and debt assumes control of the firm. Tax schedule convexity: progressive taxation 2. a. [pic] b. Expected taxes with no hedging: (? )[($200,000)(0. 25)] + (? )[($250,000)(0. 25)+($50,000)(0. 40)] = (? )($50,000) + (? )($82,500) = $66,250. c. Ex pected taxes with hedging: ($250,000)(0. 5) = $62,500 < $66,250. d. Hedging allows Quack to minimize its expected tax liability. This increase in expected future cash flows to equity results in an increase in equity value. 3. a. If firm value is ? 9,000, equity will not exercise its option to buy the firm at a price of ? 10,000. In this case, equity receives nothing and debt receives ? 9,000. If the firm is worth ? 19,000, equity pays the bondholders ? 10,000 and retains the residual ? 9,000. Firm value can be broken down into E[VFIRM] = E[VBONDS] + E[STOCK] = [(? )(? 9,000)+(? )(? 10,000)] + [(? )(? 0)+(? (? 9,000)] = ? 9,500 + ? 4,500 = ? 14,000. Hedged, firm value can be broken down into VFIRM = VBONDS + VSTOCK = ? 10,000 + ? 14,000 = ? 14,000. In the absence of costs of financial distress, the reduction in the variability of firm value results in a reduction in call option value and a ?500 shift in value from equity to debt. b. Unhedged, firm value is decomposed as: E[VFIRM] = E [VBONDS] + E[STOCK] = [(? )(? 9,000 1,000)+(? )(? 10,000)] + [(? )(? 0)+(? )(? 9,000)] = ? 9,000 + ? 4,500 = ? 13,500. With hedging, VFIRM = VBONDS + VSTOCK = ? 10,000 + ? 4,000 = ? 14,000.As in the previous example, the reduction in the variability of firm value is accompanied by a ? 500 transfer of wealth from equity to debt. Hedging also avoids the deadweight ? 1,000 bankruptcy cost and yields an expected gain of (? )(? 1,000) = ? 500. In this example, debt captures the expected gain of ? 500. Equity will capture some of the gain if hedging results in lower interest payments on the next round of debt. c. Unhedged, firm value is E[VFIRM] = E[VBONDS] + E[STOCK] = [(? )(? 6,000 1,000) + (? )(? 10,000)] + [(? )(? 0)+(? )(? 8,000)] = ? 7,500 + ? 4,000 = ? 11,500.If the firm hedges, then VFIRM = VBONDS + VSTOCK = ? 10,000 + ? 2,000 = ? 12,000. This is the same as b) after including indirect costs of financial distress with an expected value of [(? )(? 9,000 6,000)+(? )(? 19,000 18,000) ] = ? 1,500+? 500 = ? 2,000. d. Hedging can add value to shareholders if they can negotiate lower interest payments on debt because of their hedging policies. Even in financial distress, equity could offer to renegotiate the bond contract to more evenly share the gain in firm value from hedging. In this way, they can share in any gain from reducing the probability and costs of financial distress.