Malaysia and Hong kong Essay Example | Topics and Well Written Essays - 1750 words

Malaysia and Hong kong - Essay Example In this concern, majority of the economists have developed their ideas focusing on the educational criterion of the economy to promote knowledge-based society. Notably, the governmental bodies can play a significant role in accumulating the public sector with the private sector in this regard and promote the educational background of the economy. This shall not only stimulate the economic growth with lower rate of unemployment, but shall also rejuvenate the economic competitiveness (Wilson, J. P., â€Å"Human Resource Development: Learning & Training for Individuals & Organizations†). The fact can be well identified in the recent economic development of Hong Kong. Since the initiation of the 21st century several analysts have been observing the trend of Hong Kong in terms of its Human Resources. Mr. Tung Chee-Hwa played a major role in stimulating the need of knowledge-based society in order to enhance the affectivity of the Human Resources of Hong Kong. Mr. Tung was designate d as the Chief Executive of the Hong Kong Special Administrative Region (HKSAR). His ‘Policy Addresses’, for consecutive few years, were based on the requirements and the importance of a knowledge-based society. For instance, his 2000 Policy Address outlined the series of measures to be customized by the government in order to improve the infrastructure of the economy. This in turn shall facilitate its objective of gaining the advantages of a knowledge-based society. It is worth mentioning that Mr. Tung’s initiation to develop the economy into an innovative and knowledge-based society made it a prior concern for the governmental bodies until 2003. Stating precisely, as suggested by Mr. Tung, the objective could be attained effectively providing extra strength to the four chiefly categorized economic pillars, i.e. logistics, finance, producer services and tourism sector. Furthermore, to ensure these strategies the governmental framework initiated to push value add ed industries. Hence, the governmental supervision played a crucial role in enhancing Hong Kong’s Human Resources and in turn stipulating the economic competitiveness (Wong, G., â€Å"Taking stock of Hong Kong's Human Resources†). 1.2. Role of Human Capital in Developing Economic Competitiveness According to the Organization for Economic Co-operation and Development (OECD), human capital is defined as â€Å"The knowledge, skills, competencies and attributes embodied in individuals that facilitate the creation of personal, social, and economic well-being† (OECD, â€Å"The Well-being of Nations: The Role of Human and Social Capital†). Apparently identifiable from the provided definition, human capital is quite important to reward stability and competency to the economy irrespective of its present status. As further communicated by the OECD report, efficiency in terms of human capital can be attained through an enhanced education and training system to impro ve the knowledge base of the society (OECD, â€Å"The Well-being of Nations: The Role of Human and Social Capital†). It is in this context that the concept of knowledge-based economy is gaining a growing importance in the

Please see instructions Assignment Example | Topics and Well Written Essays - 500 words

Please see instructions - Assignment Example the fertilizer falls, then the market supply curve would shift to the right because of the following reasons: The cost of producing the corns would have been reduced thus leading to increased supply. This also would enable many farmers that are either farming on large scale or small scale to engage in the production of corn since the production cost has been reduced for them (Flynn, et al, 2007). Another possible reason may be that farmers who are specialized on the cultivation of other crops are most likely to shift their production towards corn production If the government offers new tax breaks to the farmers, the market supply curve of the corns would shift o the right due to the following reasons: The cost of production would have been reduced as the realized profits are increased. This is because; the reduction of tax imposed on the production of the corns would encourage many farmers to practice corn production since high tax on corn production make many farmers to shy away from producing them. If tornado sweeps through lowa, then the supply curve of the corn production in the US would shift towards the left since the tornado would affect the corn production negatively. As a result, the supply of the corns would reduce. If the incomes of the buyers in the market for Adirondack vacations increases, the demand curve would shift to the right because of the following reasons; when the income increases, the demand for the products increases thus leading to a shift towards the right. The second reason is that the number of people with the ability to afford the product would rise thus increasing the demand of the product If the in the market for pizza read a study linking pepperoni consumption to heart disease, the demand curve would shift to the left due to the following reasons. A change in taste is likely to occur thus increasing the demand for substitutes as the as the demand for pizza reduces. The pizza consumers may shy away from the heart disease

The Sand Mining In Kalu Ganga Environmental Sciences Essay

The Sand Mining In Kalu Ganga Environmental Sciences Essay 01. Kalu Ganga considered as one of the major river in Sri Lanka. It started from Idikatupana in Samanala Mountain and discharged at Kalutara. It is 126 Km long and covered Sbaragamuwa and Western Providences including Ratnapura, Horana and Kalutara. 02. Kalu Ganga is one of the most important Rivers in Sri Lanka which receives very high rainfalls and has higher discharges. Due to its hydrological and topographical characteristics, the lower flood plain suffers from frequent floods and it affects socio-economic profile greatly. 03. Kalu Ganga basin is the second largest river basin in Sri Lanka covering 2766 km2 and much of the catchment is located in the highest rainfall area of the country, which reflects the high annual rainfall. The annual rainfall in the basin is averaged to 4000 mm and leads to 4000 million m3 of annual flow. 04. Indiscriminate river sand mining in Sri Lanka has caused a number of environmental problems such as erosion of river banks, destruction of bridges and roads, sea water intrusion to the coconut and paddy lands, and deterioration of river water quality used for drinking and bathing. However, despite the concerns of authorities and environmental groups, sand mining is continuing at an alarming rate as miners and other beneficiaries still appreciate the private profitability at the expense of long-term environmental costs. 05. On the other hand, blanket recommendations to banning of river sand mining lead to loss of income opportunities of the people, who involved in various activities related to sand mining, and increase the construction costs. CHAPTER 2 AIM 01. The aim of this paper is to convince the reader to impact of sand mining affect on the Kalu River and problems occurred due to sand mining activities. Statement OF PROBLEM 02. With the incensement of the constriction works in Western and Sbaragamuwa provinces annual requirement of sand is increased. In order to fulfill the required demand, sand mining activities also increased in Kalu River. These sand mining activities are caused number of environmental and social problems. Some of these problems are erosion of river bank, sea water intrusion to the agriculture lands and loss of habitant, problem and destruction of road and bridges, and deteriorations of quality of drinking water. Due to excessive sand mining activities this problem also increases rapidly. RESEARCH HYPOTHESES 03. By reducing sand mining activities can be reducing the damage to the environment, save capital for repairing and construction of new road net work and brigs. It is also can up lift social condition of the people who living in these areas. METHODOLOGY 04. This study will be based on data collection form government organization and, people who presently living affected areas and documentary sources. 05. Primary source of collection of information was based on documentary sources including publications, Newspaper articles and information were taken by surfing through the Internet. 06. Secondary source Data obtained from Ministry of Environmental and Geological Survey and Mining Bureau, Visiting to people living in kalu River area. Data obtained from irrigation department. SCOPE OF THE STUDY 07. The scope of the study covers the affect of environment and social problem, because of sand mining activities in Kalu River. STRUCTURE OF THE PAPER 08. The paper will be structured as follows: a. Chapter I. The first chapter will contain the introduction to the paper. b. Chapter II. The second chapter will contain the Methodology of the study and will comprise of the following: (1) Aim (2) Statement of the Problem (3) Research hypothesis (4) Scope of the study (5) Method of data collection (6) Structure of the paper c. Chapter III. Back ground d. Chapter IV. Data e. Chapter V. Analysis f. Chapter VI. Conclusion and recommendation OBJECTIVES 09. General Objectives: To analyze the social and environmental affect and by introducing alternative methods to minimize sand mining activities, to reduce social and environmental are issues. 10. Specific Objectives To analyze what are the problem mainly affected because of sand mining. To analyze how these problems effected to people in this areas. To analyze how these problems effected to government. To introduce suitable solution for the reduce sand mining activities in Kalu River. DATA COLLECTION METHODS 11. Visiting sand mining site (licensed and illegal) in Kalutara and Ratnapura district. 12. Data obtained from Ministry of Environmental and Geological Survey and Mining Bureau. 13. Visiting to people living in kalu River area. 14. Books, News papers, Internet, etc. LIMITATIONS 15. The time available to conduct this research will be only 3 months. The length of the paper will be limited to 5000 words, and it will not be possible to collect data from all the reliable sources. Area of research 16. This research was conducted in Kalutara district covering mast of the areas of sand mining taking palace in Kalu River. The area included Kalutara to Ingiriya along the Kalu River. CHAPTER 3 BACK GROUND 01. The demand required for sand construction works within the country is more than five million cubic meters or eight million ton of sand mine and sold per year. This sand quantity values nearly 16 billion. This high demanding for market of sand led to mining the sand significantly in most of the areas of Kalu River. Not only the deposited sand mining, river bed sand mining as well as river bank sand removal also increased. The river sand mining highly affect to the natural equilibrium of the Kalu River. 02. There are some other important rivers in Sri Lanka also facing to this environmental and social problem in various scales. It is estimated that sand mining in Kalu River has increased by three times in last few years. Over mining in the river causes many problems like deteriorations of quality of drinking water supply due to sea water intrusion to the Kalu River, collapse of river bank and loss of river land. Considering the importance factors of scientific assessment on the environmental degradation consequent to unsystematic sand mining, an effort has made in this research study to recognize remedial and environmental impacts in Kalu River basin due to sand mining. 03. Sand mining is continuing to be a major environment hazard in many parts of Sri Lanka especially due to the unprecedented increase in demand to the civil contraction activities in the infrastructure and housing sector. 04. Substitute for river sand is sea sand which available in the market. However industry prefers river sand due to problems of salinity and the need to dry sea sand to reduce deleterious material. Anther substitute is crashed quartzite rock (impure are from silica) available in form of ridges especially in the hill country as well as Polonnaruwa and Dambulla area. 05. This issue as highlighted in this paragraph is the question of who is legislatively authorized to regulate the mining of river sand. In this content I shall quote from the cost conservation Act No 57 of 1991. Costal zone is defined as the area lying with in a limited of three hundred meters land wards of mean high water line and limit of two kilo Meters seaward from the mean low water line. 06. In cause of river, streams, or any other body of water connected to the sea either permanently or periodically the landward boundary extended to limit of two kilo Meters measured perpendicular to the straight base line drown between natural entrance point and includes water of such river, streams and lagoons or any other body of water so connected to the sea. 07. Under mines and mineral Act NO 33 of 1992 the Geological survey and mines bureau (GSMB) could also issue sand mining permits in the foreshore or sea bed with in the sand mining with in the meaning of crown land ordinance (chapter 454) with the approval of the minister of cost conservation. This act was amended by Act NO 66 Geological survey and mines bureau in 2009. 08. There are some ambiguities related to the regulation of activities in the costal zone and river bank as well as beds. However it must be stressed that all mining activities should be under the Mines Bureau administration by the mines and mineral Act. CHAPTER 4 DATA PRESENT SITUATION Method of sand mining 01. There are three method used for sand mining. Sand mining near to river bank Sand mining in depth water (5 ft to 10 ft)using sand mining bucket with rod (Bonderi method) Sand mining in river bed using boats 02. Considering these there methods, sand mining using boats was prominent in Kalu River. This method was mostly affected for the mining sand in Kalu River. This was done by following sequence. Bring the boat to places were sand are collected. Look for suitable place and place bamboo rod in that place. Take the basket and dive to the water and find were sand available. Takes sand and fill in to the boat. Take down to the river bank and down load to the Lorries or places were sand selling. Sand mining quantities 03. There are different between sand mining quantities and location and people are used for sand mining in place to place and it is generally. 1 Â ½ 2 Volume of cub boat 6 men involued. 1 or less Volume of cub small boat 4 men involved. Most of the boats mining sand about 4 -6 cub of sand per day 04. Considering Kalutara district there are 471 licensed sand mining places according to the GSMB. These places are in Kalutara, MIllaniya, Dodangoda, Madurawala, Bulathsinhala and Ingiriya. GA divisions. Sand mining places in Kalu River in Kalutara district 05. These are the licensed sand mining places in Kalutara district Millaniya 150 Dodangoda 138 Kalutara 061 Madurawala 075 Walalavita 040 Palindanuwara 068 Pandura 007 Ingiriya 037 Bulathsighala 076 06. During year 2010 GSMB was carried out survey on volume of deposited sand in Kalu River. This was carried out two Engineers of GSMB Mr Rgive and Mr Janaka (Mining Engineers). According to there observation this was the result Quantity of sand deposits in Kalu River in a year 120,000 Cub Quantity that mining at kalu River 178,000 Cub 07. According to there are results more than 78,000 Cub of sand adequately mining in Kalu River in yearly? Other livelihoods from depend on sand mining 08. There are few people who depend on sand mining on Kalu River they are sand transporters, small hotels poor people who and supply sand buckets, Environmental Damage due to sand mining 09. River sand is mined for used in the building industry. In a few location it can be even be beneficial by lowering the river bed and reducing flooding. Because of mining of Sand, River bed is lowering and it increases the volume of the water it can hold. Because of that during heavy rain this can be prevent form food. In 2003 food in Ratnapura is about 33 ft but in Tebuwana area it was only 15 ft. 10. Current level of extraction in inappropriate location such as Millaniya, Aguruwathota, Tebuwana and Kalutara has however led to serious environmental impacts. Sand mining has damaged river banks deepened the river and increased costal erosion. Costal erosion arises because river sand replaces sand lost from the beach by reducing wave reaction. 11. Because of the people near river bank are already lost there soil to kalu river and they not allow to mind sand near there lands. From there social problem will occurred and some incident went up to lost of lives. 12. Sand mining by lowering the river bed facilitates intrusion of sea water. Salt water intrusion up stream during the dry season long Kalu River in Kalutara district, intruding salt water enters irrigation system destroying vegetation. In addition, the water table can become saline and affected wells. 13. In dry season people living in this are facing anther problem lowering of water level in there wells. Because of sand mining Kalu River bed lowering in dry season level of water also lower then years a go. Some places people are facing in difficulty to get water for there day today requirement. 14. The biggest environment issue in Kalu River is river bank erosion. Because of sand mining activities, river bed was deepened. This will create unstable river bank. The bank collapsed in to the river. This happen most of the places in Kalu River, this cant be stopped by planting bamboo trees after flood bamboo trees also collapsed in to the river because of it roots are insufficient to take the strength. 15. The damage to the National infrastructure such as road net work and bridges are prominent in Kalu River. Due to collapse of river bank total loss of national infrastructure due to sand mining has never been comprehensively assessed. An estimate of replacement of endangered bridge would cost millions. In Kalu river between Tebuwana and Narthupana there are three endanger bridges. In one place contraction of damaged road was presently going on according to there view this damage cost mare than 10 Million. 16. Indiscriminate river sand mining in Kalu River has caused anther environmental problems deterioration of river water quality used for drinking and bathing because of mixing of sea water. Sand mining is continuing at an alarming rate as miners and other beneficiaries still appreciate the private profitability at the expense of long-term Research done by Open University biology student Mr Chirath Bratha regarding animal and plant volume in a sand mining place and non sand mining place and other details are as follows. The research was done for 1000 ml of water Sand mining place Non sand mining place Water 290 ml 100 ml Find sand 260 ml 250 ml Core sand 260 ml 200 ml Gravel 190 ml 180 ml Other partials 270 ml Species Sand mining place Non sand mining place Puntiours Nigrofaciatus (Bulath hapaya ) 03 Puntious titteya (Le tittaya) 02 10 Puntious Cumigii(Pottaya) 01 03 Darra Ceylonensis (Patirana salaya) 08 Danio pathirama (cheep) 01 Oryzias Melastigma (Hada tittaya) 02 08 Horadania Atokorali (Hora Dandiya) 01 07 This was done by duration one hour Feather he measured Oxysigen percentages in these two places, were sand mining and not mining places. Percentage of Oxygen Places of Sand minims activities took placed for 100 ml 21 mg Percentage of Oxygen places were sand not mining placed .81 mg CHAPTER 5 ANALYSIS 01. According to the dates from and mining places, they will mine sand on about six month per year but according to the people living in this are it was Eight to Nine months. This is an indication of sand mining owners are mining sand excessively. 02. The data will be analyzed using simple descriptive statistics to get a general picture to generate realistic implications.

AI vs Frankenstein :: essays research papers

Movie: Artificial Intelligence Synopsis: In the not-so-far future the polar ice caps have melted and the resulting rise of ocean waters has drowned all the coastal cities of the world. Withdrawn to the interior of the continents, the human race keeps advancing, reaching to the point of creating realistic robots-called mechas-to serve them. An ambitious Professor succeeds in building David, an artificial kid, the first of its kind programmed to provide endless love for its adopter. David is adopted by Monica as a substitute for her real son, but an unfortunate sequence of events leads Monica to abandon David. Believing that Monica will love him only if he becomes a real boy, David sets off to find the Blue Fairy (from the fairy tale Pinocchio), whom he earnestly believes is the only one with the power to grant him his wish. Explanation: Artificial Intelligence is very similar to Mary Shelly’s Frankenstein in that the underlying themes, questions asked, and moral issues raised are the same. The main idea being appropriated is that of creating life, although not ‘life’ in its usual context referring to living organisms. The ‘life’ created (or rather built) in AI is in fact a mere imitation of life, a mechanical substitute human boy†¦artificial intelligence. In AI, the creation is David, and he bears immediate similarities to the Frankenstein monster. In the book, the monster was to be Frankenstein’s ‘perfect’ human, a soul who knew nothing but love. Ironically, David was programmed to provide unconditional love and also served the purpose of being the perfect replacement of a ‘human’ boy. The desire to aid mankind through scientific and technological advancement is shared by both creators in their respective texts. In the film however, the Frankenstein equivalent is indirectly achieved by another character after David’s initial creation. The Frankenstein role is in fact fulfilled by Monica, David’s adopter (‘mother’), who activates David by ‘imprinting’ him to her. Although for different reasons, both ‘parents’ (mother/father figures) hastily rush the ‘activation’ process without closely assessing the risks and responsibilities of their doings or even realizing the wishes of their creations. Both creators end up abandoning their creations, leaving them alone, friendless in societies where they are both hunted. A woman talking to the Professor in the first scene of the film asks directly: â€Å"if a robot child loves his mother, is she expected to love him back?†-â€Å"Can a robot be loved?† The film maintains the same stance as Mary Shelley’s book by arguing that society is in fact to blame for the mistreatment of David.

Chemistry Energy Levels Essay

The energy of the subshell increases as follows:4s<4p<4d<4f * â€Å"4s† has the greatest probability of being close to the nucleus * Subshells are limited to # of electrons they can hold ( 2 electrons per orbital) s=21s orbital d=105d orbital p=63p orbitals f=147f orbitals Assessment * How many p subshells are in the 4th energy level (n=4)? 34px 4py 4pz * What is the maximum number of electrons that can occupy the 4p subshell? each p subshell can hold 2 electrons and therefore there are 3p orbitals with 2 electrons * What is the maximum number of electrons that can occupy the 4th energy 322n2=2(4)2 =2(16) =32 Creating Energy Level Diagrams * Used to show the relative energies of electrons in various orbitals under normal conditions * Each orbital is indicated by a separate circle/square * All orbitals of a given subshell have the same energy. Ie. The 3p orbitals in the 3p sublevels have the same energy * The spacing between successive subshells decreases as the number of subshells increases overlapping of shells having different values of n. Assessment 1. How many d orbitals exist? – 5 2. How many electrons can exist in the 3d orbitals? – 10-2 in each of the 5d orbitals 3. How many electrons can exist in the n=2 level? 8-remember 2n2=2(2)2=8 4. How many electrons can one 4f orbital hold? 14-2 in each of the 7f orbitals 5. Which has a higher energy a px, py, or pz orbital? They all have the same energy. 6. Which electron can be found furthest from the nucleus:2s or 3s? 3s electrons 7. Which electrons can be found furthest from the nucleus:2s or 2p. 2p is further. Fig. 3. 19 Arrow Orbital Notation Aka Orbital Diagrams * Use circles or squares for the orbitals and arrows for the electrons * RULES: * The Aufbau Principal- electrons will occupy lowest available energy level * Pauli Exclusion Principal- no two electrons have the same quantum numbers * Hund’s Rule – electrons remain unpaired for as long as possible. Ex: One electrons goes in each Px, Py, Pz, before they start to pair up Fig 3. 21 Electron Configuration – Provides the same information as an energy level diagram but in a more concise format. * Li: 1s2 2s1 C:1s2 2s2 2p2 * Ne: 1s2 2s2 2p? Use the following concept map to help to determine the filling order of the orbitals: * The similarity among elements within groups and the structure of the periodic table can be explained by electron configuration * Li: 1s2 2s1 * Na: 1s2 2s2 2p? 3s1 Short Hand Notation -Use symbol of noble gas with the same core electron configuration: Ex. Na [1s2 2s2 2p? ]3s1 Or [Ne] 3s1 Some unexpected Electron Configuration * Example: Cru and Cu Expected Actual Cr: [Ar] 4s2 3d? [Ar] 4s1 3d? Cu: [Ar] 4s2 3d? [Ar] 4s1 3d10 In each case, an electron is borrowed from the 4s subshell and placed in the 3d subshell. * Cr-3d subshell becomes half-filled * Cu-3d subshell becomes full * Half-filled and fully filled subshells tend to be more stable * Other expectations: Ag: [Kr] 4s2 3d10 Au: [Xe] 4f14 5d10 6s1 Explaining Ion Charges * Remember s electrons are lost before d electrons when dealing with transition metals. Ex1. Zn Zn: [Ar] 4s2 3d10 Zn2+: [Ar] 3d10 (4s electrons are lost so that the 3d orbital remains full) Ex2. Pb Pb: [Xe] 6s2 4f14 5d10 6p2 Pb2+: [Xe] 4f14 5d10 6p2 (The 6s electrons are lost) Pb4+: [Xe] 4f14 5d10 (The 6p electrons are lost as well as the 6s electrons) Quantum Numbers * Electron waves (orbitals) can be characterized by a set quantum numbers, n, l, ml, ms Principle quantum number (n): * Identifies the energy of an electron in an orbital * All orbitals that have the same value of n are said to be in the same shell * Range from n=1 to n=infinity * Determines the size of the electron wave how far the wave extends from the nucleus * As n increases the energies of the orbitals also increase Secondary quantum number (l): Divides the shells into smaller groups called subshells * n determines the values of l * for any given n, l may range from l=0 to l=n-1 * identifies the shape of the orbital Value of l| 0| 1| 2| 3| Letter designation| s(shape)| p(principle)| d(diffuse)| f(fundamental)| Magnetic quantum number (ml): * splits the subshells into individual orbits * identifies the orientation of the orbital * for any given value of l, ml has a value ranging from +l to –l * e. g. If l=0, ml=0; for l=1, ml=+1, 0, -1 which correspond to the x, y and z orientations of the p orbitals.

ACCOUNTS RECEIVABLES MANAGEMENT Essay

Chapter-V Accounts Receivable Management †¢ Introduction †¢ Goals of Receivable Management †¢ Credit Management †¢ Optimum Credit Policy †¢ Credit of Account Receivable 155 Introduction Accounts receivable represent the amount due form  customers (book debts) or debtors as a result of selling goods on credit. â€Å"The term debtors is defined as ‘debt’ owned to the firm by customers arising from sale of goods or services in the ordinary course of business.† The three characteristics of receivables the element of risk, economic value and futurity explain the basis and the need for efficient management of receivables. The element of risk should be carefully analyzed. Cash sales are totally riskless but not the credit sales, as the same has yet to be received. To the buyer the economic value in goods and services process immediately at the time of sale,  while the seller expect an equivalent value to be received later on. The cash payment for goods and services received by the  buyer will be made by him in a future period. The customer  from whom receivables or book debts have to be collected in  future are called Trade debtor and represent the firm’s claim on assets. Receivables management, also termed as credit management, deals with the formulation of credit policy, in  terms of liberal or restrictive, concerning credit standard and credit period, the discount offered for early payment and the 156 collection policy and procedures undertaken. It does so in such a way that taken together these policy variables determine an optimal level of investment in receivables where the return on that investment is maximum to the firm. The credit period extended by business firm usually ranges from 15 to 60 days. When goods are sold on credit, finished goods get converted  into accounts receivable (trade debtors) in the books of the seller. In the books of the buyer, the obligation arising from credit purchase is represented as accounts payable (trade creditors). â€Å"Accounts receivable is the total of all credit extended by a firm to its customer.† A firm’s investment in account receivable depends upon  how much it sells on credit and how long it takes to collect receivable. Accounts receivable (or sundry debtors) constitute the 3rd most important assets category for business firm after plant and equipment and inventories and also constitute the 2nd most important current assets category for business firm after inventories. Poor management of accounts receivables are: neglect of  various overdue account, sharp rise in the bad debt expense, and the collection of debts expense and taking the discount by customers even though they pay after the discount date and  even after the net date. Since accounts receivable represent a sizable  investment on the part of most firms in the case of  public enterprises in India it forms 16 to 20 per cent of current assets. Efficient management of these accounts can provide  considerable saving to the firm. 157 Factors involving in Receivable management: 1. The terms of credit granted to customers deemed creditworthy. 2. The policies and practices of the firm in determining which customers are to be granted credit. 3. The paying practices of credit customers. 4. The vigoir of the sellers, collection policies and practice. 5. The volume of credit sales. Goals of Receivable Management The basic goal of credit management is to maximize the  value of the firm by achieving a trade off between the liquidity (risk and profitability). The purpose of credit management is not to maximize sales, nor to minimize the risk of bad debt. If the objective were to maximize  sales, then the firm would sell on credit to all. On the contrary, if minimization of bad debt risk were the aim, then the firm would not sell on credit to anyone. In fact, the firm should manage its credit in such a way that sales are expanded to an extent to which risk remains  within an acceptable limit. Thus to achieve the goal of  maximizing the value, the firm should manage its trade credit. The efficient and effective credit management does help  to expand sales and can prove to be an effective tool of  marketing. It helps to retain old customers and win newcustomers. Well administrated credit means profitable credit accounts. The objectives of receivable management is to  promote sales and profits until that point is reached where the 158 return on investment is further funding of receivables is less than the cost of funds raised to finance that additional credit. Granting of credit and its management involve costs. To  maximize the value of the firm, these costs must be controlled. These thus include the credit administration expanses, b/d  losses and opportunity costs of the funds tied up in receivable. The aim of credit management should be to regulate and  control these costs, not to eliminate them altogether. The cost can be reduced to zero, if no credit is granted. But the profit foregone on the expected volume of sales arising due to the extension of credit. Debtors involve funds, which have an opportunity cost. Therefore, the investment in receivables or debtors should be optimized. Extending liberal credit pushes sales and thus  results in higher profitability but the increasing investment in debtors results in increasing cost. Thus a trade off should be sought between cost and benefits to bring investment in  debtors at an optimum level. Of course the level of debtors, to a great extent is influenced by external factors such as industry norms, level of business activity, seasonal factors and the  degree of completion. But there are a lot of internal factors include  credit  terms,  standards,  limits  and  collection  procedures. The internal factors should be well administered to optimize the investment in debtors. 159 Credit Management In order that the credit sales are properly managed it is necessary to determine following factors: 1. Credit Policy 2. Credit Evaluation of Individual Buyers 3. Credit Sanction Decisions 4. Control and Monitoring of Receivables Credit Policy The first stage of credit sales is to decide policy in which most important variable is whether credit sales should be made or not and if yes to what extent i.e. what percentage of sales should be done on cash and what percentage on credit. The  discussion with cement companies marketing and financà ©Ã‚  department clearly suggest that the credit policy is more  dependent upon market forces and less on company specially  in periods when there is excessive competition which has  happened a number of times in the history of cement industry after decontrol and manufactures have been forced to provide credit if they wanted full utilization of capacity. If in the market there is practice of providing credit, those companies who do not fall in line have lower sales and so lower utilization of instilled capacity. The management has to weigh whether it  should avoid risk of realization and problem of arranging  funds for larger sales on credit or decide for reduced capacity util ization thereby resulting in higher cost per tonne of cement produced. 160 Actually the policy should be based on cost benefit  analysis of these factors but often policy is decided without detailed calculations. In actual practice when one waits to push sales the marketing department pressurizes the management to provide liberal credit to buyers to realize sales targets. Credit Rating The second virtual point of credit policy is to whom to give credit and whom it should be denied. Whether it should be given to everyone or on selective basis? As per standards one can workout impact of credit sales on profits by following formulae: ∆P = ∆S (1-V) – K * ∆I – B, ∆S in the above formula ∆P = Change in profit ∆S = Change in sales V = Ratio of variable cost to sales K = Cost of capital i.e. interest cost of credit ∆I = Increase in receivables investment B = Bad debts ratio on additional sales The change in profits (∆P) is dependent upon ratio of variable cost and fixed cost and change in sales. The figure is worked out by deducting variable cost from sales i.e. sales  minus variable cost is change in profits. The above formula appears to be very simple but for  policy purposes it requires that policy maker should be able to estimate precisely the impact of credit on sales value, the  variable cost and bad debts besides the cost of capital. In practice besides the cost of capital, it is very difficult to measure extent of increase in sales as a result of credit and it is only broad estimate of sales department. Similarly, it is very difficult if not impossible to workout likely bad debts. The variable cost can be worked out with great precision if proper costing system is maintained. Because of difficulties in  quantifying various variables in the formulae often credit  policy is decided without working details on prevailing market conditions and the need of the company to push sales at a point of time. It has been by various companies that no details are worked. Credit Period The credit period is the time length for which seller agrees to provide credit to the buyers. It varies according to the practice of trade and varies between 15 to 60 days. In some  cases for an early payment pre-agreed discount is given to  induce buyer make an early payment. For late payment in the  agreement there is provision for interest payment by buyer. If credit is given for longer period it induces to push up sales but this is true only when one provides longer period credit than competitors. The customer-distributor, dealer, consumers is attracted to a firm who provides longer period credit. The impact of credit on profits and sales can be worked out from the following formula: ∆P= ∆S (1-V)*K*∆1-b, ∆S The various components are as under : 162 ∆ P= Change in profit ∆ S= Change in sales ∆ 1= Change in investments receivables V= Ratio of variable cost to sales K= Cost of giving credit b= bad debits ratio to increased credit The discussion with the industry suggests that they rarely take decision on period of credit based on formula. It is market conditions and practices in the trade, which decides the period of credit and hardly any calculations of cost are done. In practice it is marketing department whose advice plays an  important and deciding role. In the period when sales have to be pushed up more credit is provided and there is no uniform policy overtime. During rainy season (July-Sep.) when demand is generally slack more liberal credit is granted than rest of the year. Further, when stocks accumulate due to sluggish sales,  producers accept the terms of their customers and traders  about the period of credit but when market conditions are  tight, the seller becomes more strict in providing credit. Optimum Credit Policy Credit policy refers to those decision variables that influence the amount of trade credit i.e. the investment in receivables. The firm’s investment in receivable are affected by general economic conditions, industry norms, pace of technological change, competition etc. Though the firm has no control on these factors, yet they have a great impact on it and it can certainly influence the level of trade credit through its 163 credit policy within their constraints imposed externally. The purpose of any commercial enterprise is the earning of profit. Credit itself is utilized to increase sales, but sales must return a profit. Further, whenever some external factors change, the firm can accordingly adopt its credit policy. R.J. Chambers says, â€Å"The responsibility to administer credit and collection policies may be assigned to a financial executive or marketing executive or both of them jointly depending upon the original structure and the objectives of the firm.† Different types of credit policy are: 1. Loose or Expansive Credit Policy– Firms following this policy tend to sell on credit to customers very liberally. Credits are granted even to those whose credit worthiness is not proved, not known and are doubtful. Advantages of Loose or Expansive Credit Policy: (i) Increase in Sales (higher sales), (ii) Increase in profit (higher profit), Disadvantages of Loose or Expansive Credit Policy: (i) Heavy bad/debts. (ii) Problem of liquidity (iii) Increase in cost of credit management. 2. Tight or Restrictive Credit Policy– Firms following this policy are very selective in extending credit. They sell on credit, only to those customers who had proved credit worthiness. Advantages of Tight of Restrictive Credit Policy: (i) Minimize cost. (ii) Minimize chances of bad debts. 164 (iii) Higher sales in long run. (iv) Higher profit in long run. (v) Do not pose the serious problem of liquidity. Disadvantages of Tight or Restrictive Credit Policy: (i) Restrict Sales. (ii) Restrict Profit Margin. Benefits of Credit Extension: (i) Increases the sales of the firm. (ii) Makes the credit policy liberal. (iii) Increase the profits of the firm (iv) The market value of the firms share would rise. Cost of Credit Extension: (i) Bad debt losses (ii) Production and selling cost. (iii) Administrative expenses. (iv) Cash discounts and opportunity cost. Cost Benefit Trade off Profitability 165 Aspects of Credit Policy: (i) Credit terms (a) Credit Period (b) Cash Discounts (ii) Credit Standard (iii) Collection policy or collection efforts. (i) Credit terms – The stipulations under which the firm sells on credit to its customers are called credit terms. (a) Credit Period – The time duration for which credit is extended to the customers is referred to as credit period. It is the length of time for customers under which they are allowed to pay for their purchases. It is generally varies between 15-60 days. When a firm does not extend any credit the credit period would obviously be zero. It is generally stated in terms of a net date, for example, if firm allows 30 days of credit with no discount to induce early payments credit then its credit terms are stated at ‘net 30’. Usually the credit period of the firm is governed by industry norms, but firms can extend credit for  longer duration to stimulate sales. If the firm’s bad debts build up, it may tighten up its credit policy as against the industry norms. According to Martin H. Seidhen, â€Å"Credit period is the duration of time for which trade credit is extended. During this period the overdue amount must be paid by the customer. The  length of credit period directly affects the volume of  investment in receivables and indirectly the net worth of the company. A long credit period may blast sales but it also 166 increase investment in receivables and lowers the quality of trade credit.† (b) Cash Discounts – It is the another aspect of credit terms. Many firms offer to grant cash discount to their customers in order to induce them to pay their bill early. The cash discount terms indicate the rate of discount and the period for which discount has been offered. If a customer does not avail this offer, he is expected to make the payment by the net date. In the words of Martin H. Seiden â€Å"Cash Discount prevents debtors from using trade credit as a source of Working Capital.† Liberalizing the cash discount policy may mean that the discount percentage is increased and or the discount period is lengthened. Such an action tends to enhance sales (because the discount is regarded as price reduction), reduce the average collection period (as customers pay promptly). Cash Discount is a premium on payment of debts before due date and not a compensation for the so – called prompt payment. (iii) Credit Standard – The credit standard followed by the  firm has an impact of sales and receivables. The sales  and receivables level are likely to be high, if the credit  standard of the firm are relatively low. In contrast, if  the firm has relatively low credit standard, the sales  and receivables level are expected to be relatively  high. The firms credit standard are influenced by three  Ã¢â‚¬Å"C† of credit. (a) Character – the willingness of the  customers to pay, (b) Capacity – the ability of the  customers to pay, and (c) Condition – the prevailing  economic conditions. Normally a firm should lower its credit standards to the  extent profitability of increased sales exceed the associated costs. The cost arising due to credit standard realization are administrative cost of supervising additional accounts and  servicing increased volume of receivables, bad debt losses,  production and selling cost and cost resulting from the slower average collection period. The extent to which credit standard can be liberalized  should depend upon the matching between the profits arising  due to increased sales and cost to be incurred on the increased sales. (iii) Collection policy- This policy is needed because all  customers do not pay the firm’s bill in time. There are certain customers who are slow payers and some are non-payers. Therefore the collection policy should aim at accelerating  collections from slow payers and non-payers and reducing bad debt losses. According to R.K. Mishra, â€Å"A collection policy should  always  systematization  emphasize  in  promptness,  collection  efforts. It  regularity  will  and  have  a  psychological effect upon the customers, in that, it will make them realize the attitude of the seller towards the obligations granted.† The collection programme of the firm aimed at timely  collection of receivables, any consist of many things like  monitoring the state of receivable, despatch of letter to  customers whose due date is approaching, telegraphic and  telephone advice to customers around the due date, threat of legal action to overdue accounts, legal action against overdue accounts. The firm has to be very cautious in taking the steps in  order to collect from the slow paying customers. If the firm is strict in its collection policy with the permanent customers, who are temporarily slow payers due to their economic  conditions, they will get offended and may shift to competitors and the firm may loose its permanent business. In following an optimal collection policy the firm should compare the cost and benefits. The optimal credit policy will maximize the profit and will consistent with the objective of maximizing the value of the firm. Credit Evaluation Before granting credit to a prospective customers the  financial executive must judge, how creditworthy is the  customer. In judging the creditworthiness of a customer, often financial executive keep in mind as basic criteria the four (i) Capital –refers to the financial resources of a company as indicated primarily by the financial statement of the firm. (ii) Capacity – refers to the ability of the customers to pay on time. (iii) Character – refers to the reputation of the customer for honest and fair dealings. (iv) Collateral – represents the security offered by the customer in the form of mortgages. Credit evaluation involves a large number of activities  ranging from credit investigation to contact with customers, appraisal review, follow up, inspection and recovery. These  activities required decision-making skills which can partly be developed through experience but partly it has to be learned externally. This is particularly true in area of pre-credit  appraisal and post-credit follow up. It is an important element of credit management. It helps  in establishing credit terms. In assessing credit risk, two types of error occur – (i) A good customer is misclassified as a poor credit risk. (ii) A bad customer is misclassified as a good credit risk. Both the errors are costly. Type (i) leads to loss of profit on sales to good customer who are denied credit. Type (ii)  leads in bad debt losses on credit sales made to risky customer. While misclassification errors cannot be eliminated wholly, a firm can mitigate their occurrence by doing proper credit evaluation. Three broad approaches used for credit evaluation are: A. Traditional Credit Analysis – This approach to credit  analysis calls for assuming a prospective customer in terms of 5 of credit: (i) Character, (ii) Capacity, (iii) Capital, (iv) Collateral, and (v) Conditions. To get the information on the 5 firm may rely on the following. 1. Financial statements 2. Bank references 170 3. 4. Credit agencies 5. Experience of the firm 6. B. Trade references Prices and yields on securities Sequential Credit Analysis – This method is more efficient method than above method. In this analysis, investigation is carried further if the benefits of such analysis outweighs its cost. C. Numerical Credit Scoring – This system involves the following steps. 1. Identifying factors relevant for credit evaluation. 2. Assign weights to these factors that reflect their relative importance. 3. Rate the customer on various factors, using a suitable rating scale (usually a 5 pt. Scale or a 7pt. Scale is used). 4. For each factor, multiply the factor rating with the factor weight to get the factor score. 5. Add all the factors score to get the overall customer rating index. 6. Based on the rating index, classify the rating index. D. Discriminant Analysis – The credit index described above is somewhat ad hoc in nature and is based on weight which are subjective in nature. The nature of discriminate analysis may be employed to construct a better risk index. Under this analysis the customers are divided into two categories: 1. who pay the dues (X) 171 2. who have defaulted (O) The straight line seems to separate the x’s from o’s, not completely but does a fairly good job of segregating the two groups. The equation of this straight line is Z = 1 Current Ratio + 0.1 return on equity A customer with a Z score less than 3 is deemed credit worthy and a customer with a Z score less than 3 is considered not credit worthy i.e. the higher the Z score the stronger the credit rating. (V) Risk Classification Scheme – On the basis of information and analysis in the credit investigation process, customers may be classified into various risk categories. Risk Categories Description 1. Customers with no risk of default 2. Customer with negligible risk of default (< 2%) 3. Customer with less risk of default (2% to 5%) 4. Customer with some risk of default (5% to 10%) 5. Customer with significant risk of default (> 10%) Credit Granting Decision – After assessing the credit worthiness of a customer, next step is to take credit granting decision. There are two possibilities: (i) No repetition of order. Profit = P (Rev-Cost) – (1-P) Cost 172 Where P is the probability that the customer pays his dues, (1-P) is the probability that the customer defaults, Rev is revenue for sale and cost is the cost of goods sold. The expected profit for the refuse credit is O. Obviously, if the expected profit of the course of action offer credit is positive, it is desirable to extend credit otherwise not. Customer pays (Rev-cost) Offer credit Customer default (1-P) Refuse credit (ii) Repeat Order – In this case, this would only be accepted only if the customer does not default on the first order. Under this, once the customer pays for the first order, the probability that he would default on the second order is less than the probability of his defaulting on the first order. The expected profit of offering credit in this case. Expected profit on initial order + Probability of payment and repeat order x expected profit on repeat order. [P1 (Rev1 – Cost1)-(1-P1) Cost1] + P1 x [P2(Rev2-Cost2)-(1P2) Cost2] The optimal credit policy, and hence the optimal level of accounts receivable, depends upon the firm’s own unique operating conditions. Thus a firm with excess capacity and low variable production cost should extend credit more liberally and carry a higher level of accounts receivable than a firm operating a full capacity on a slim profit margin. When a sale is made, the following events occur: 173 (1) Inventories are reduced by the cost of goods sold. (2) Accounts receivable are increased by the sales price, and (3) The differences is recorded as a profit. If the sale is for cash. Generally two methods have been commonly suggested for monitoring accounts receivable. (1) Traditional Approach (a) (b) (2) Average collection period Aging Schedule Collection Margin approach or Payment Pattern Approach (a) Average Collection Period (AC): It is also called Day Sales Outstanding (DSOI) at a given time ‘t’ may define as the ratio of receivable outstanding at that time to average daily sales figure. ACP = Accounts receivable at time â€Å"t† Average daily sales According to this method accounts receivable are deemed to be in control if the ACP is equal to or less than a certain norm. If the value of ACP exceed the specified norm, collections are considered to be slow. If the company had made cash sales as well as credit sales, we would have concentrated on credit sales only, and calculate average daily credit sales. The widely used index of the efficiency of credit and collections is the collection period of number of days sales 174 outstanding in receivable. The receivable turnover is simply ACP/360 days. Thus if receivable turnover is six times a year, the collection period is necessarily 60 days. (b) Aging Schedule – An aging schedule breaks down a firm’s receivable by age of account. The purpose of classifying receivables by age group is to gain a closer control over the quality of individual accounts. It requires going back to the receivables’ ledger where the dates of each customer’s purchases and payments are available. To evaluate the receivable for control purpose, it may be considered desirable to compare this information with earlier age classification in that very firm and also to compare this information with the experience of other firms of same nature. Financial executives get such schedule prepared at periodic intervals for control purpose. So we can say Aging Schedule classifies outstanding accounts receivable at a given point of time into different age brackers. The actual aging schedule of the firm is compared with some standard aging schedule to determine whether accounts receivable are in control. A problem is indicated if the actual aging schedule shows a greater proportion of receivable, compared with the standard aging schedule, in the higher age group. An inter firm comparison of aging schedule of debtors is possible provided data relating to monthly sales and collection experience of competitive firm are available. This tool, 175 therefore, cannot be used by an external analyst who has got no approach to the details of receivable. The above both approaches have some deficiencies. Both methods are influenced by pattern of sales and payment behaviour of customer. The aging schedule is distorted when the payment relating to sales in any month is unusual, even though payment relating to sales in other months are normal. II. Payment Pattern Approach – This pattern is developed to measure any changes that might be occurring in customer’s payment behaviour. It is defined in terms of proportion or percentage. For analyzing the payment pattern of several months, it is necessary to prepare a conversion matrix which shows the credit sales in each month and the pattern of collection associated with it. The payment pattern approach is not dependent on sales level. It focuses on the key issue, the payment behaviour. It enables one to analyze month by month pattern as against the combined sales and payment patterns. From the collection pattern, one can judge whether the collection is improving, stable, or deteriorating. A secondary analysis is that it provides a historical record of collection percentage that can be useful in projecting monthly receipts for each budgeting period. Control of Accounts Receivable Some of the important techniques for controlling accounts receivable are ratio analysis, discriminate analysis, 176 decision tree approach, and electronic data processing. Information system with regard to receivables turnover, age of each account, progress of collection size of bad debt losses, and number of delinquent accounts is also used as one of the control measures. Ratio analysis is widely used in the control of accounts receivable. Some of the important ratios used for this purpose are discussed below: (1) Average collection Period (Receivables x 365/Annual Credit Sales): The average collection period indicates the average time it takes to convert receivables into cash. Too low an average collection period may reflect an excessively restrictive credit policy and suggest the need for relaxing credit standards for an acceptable account. On the other hand too high an average collection period may indicate an excessively liberal credit policy leading to a large number of receivables being past due and some being not collectable. (2) Receivables Turnover Sales/Receivables): (Annual Credit This ratio also indicates the slowness of receivables. Both the average collection period ratio and receivables ratio must be analyzed in relation to the billing terms given on the sales. If the turnover rates are not satisfactory when compared with prior experience, average industry turnover and turnover ratios of comparable companies in the same industry, an analysis should be made to determine whether there is any 177 laxity in the credit policy or whether the problem is in collection policy. (3) Receivables to Sales (Receivables/Annual Credit Sales x 100) Receivables can be expected to fluctuate in direct relation to the volume of sales, provided that sales terms and collection practices do not change. The tendency towards more lenient credit extension as would be suggested by slackening of collections and increase in the number of slow paying accounts needs to be detected by carefully watching the relationship of receivables to sales. When credit sales figures for a period are not available, total sales figures may be used. The receivables figures in the calculation ordinarily represent year-end receivables. In the case of firms with seasonal sales, year-end receivables figures may be deceptive. Therefore, an average of the monthly closing balances figures may be more reliable. (4) Receivables as percentage of Current (Receivables/Total Current Assets Investment) Assets The ratio explains the amount of receivables per rupee of current asset investment and its size in current assets. Comparison of the ratio over a period offers an index of a firm’s changing policies with regard to the level of receivables in the working capital. Some other ratios are: 1. Size of receivable = receivable/total current assets 2. Size of debtors = debtors/total current assets 178 3. Size of loans and advances = loans and advances/total current assets The size of receivables of selected companies has been given in table 5.1 Table 5.1 Size of Receivables of the Selected Cement Companies for the years from 2003-04 to 2007-08 Year ACC Mangalam Gujarat Ambuja 0.52 0.35 0.43 0.35 0.46 0.52 0.43 0.54 0.38 0.54 0.44 0.46 Shree Cement 0.58 0.55 0.63 0.61 0.66 0.61 India Cement 0.54 0.72 0.79 0.84 0.87 0.75 Industry Average 0.53 0.53 0.61 0.61 0.62 0.58 2003-04 0.68 2004-05 0.61 2005-06 0.67 2006-07 0.64 2007-08 0.62 Company 0.64 Average Source: Based on data provided annual Reports of the cement companies. The size of receivable of all the cement companies shows  fluctuating trend throughout the study period except Gujarat Ambuja, and Shree. Both the companies show increasing trend. The minimum size of receivable in ACC is 0.61 (2004-05),  Mangalam is 0.38 (2007-08), Gujarat Amubja is 0.35 (2003-04 and 2004-05), Shree Cement is 0.55 (2004-05) and in India  Cement is 0.54 (2003-04). The maximum size of receivable in  ACC is 0.66 (2003-04), Mangalam is 0.52 (2003-04), Gujarat Ambuja is 0.54 (2007-08), and Shree cement is 0.66 (2007-08) and in India cement is 0.87 (2007-08). The study of the  composition of receivables is a very important tool to evaluate  the management of receivables. It assists to show the point where receivables are concentrated most. The size of sundry debtors in cement manufacturing   companies in India has been computed and presented in the table 5.2. Table 5.2 Size of Sundry Debtors of the Selected Cement Companies  for the years from 2003-04 to 2007-08 Shree Cement 0.22 India Cement 0.11 Industry 0.21 Mangalam Gujarat Ambuja 0.34 0.05 2004-05 0.29 0.32 0.05 0.33 0.08 0.22 2005-06 0.32 0.34 0.07 0.32 0.11 0.23 2006-07 0.28 0.31 0.08 0.27 0.14 0.22 2007-08 0.27 0.21 0.09 0.26 0.12 0.19 Company 0.28 0.30 0.07 0.28 0.11 0.21 Year ACC 2003-04 0.19 Average Source: Based on data based on Annual Report of Cement Company It is evident from the table 5.2 that the size of sundry  debtors in ACC, India Cement, Mangalam and Shree show fluctuating trend throughout the study period. Percentage to current assets was highest to 0.32 in ACC in 2005-06 and  highest 0.33 in Shree in 2004-05. Gujarat Ambuja shows  increasing trend throughout the study period. The percentage of sundry debtors to current assets where reduced shows that in those years the speed of increase in current assets was much more than that of the sundry debtors. The size of receivable of all the cement companies shows fluctuating trend throughout  the study period except Gujarat Amubja. The minimum size of  receivable in ACC is 0.21 (2003-04), Mangalam is 0.21 (2007-08), Gujarat Ambuja is 0.05 (2003-04 and 2004-05), Shree cement is 0.22 (2003-04) and in India Cement is 0.08 (2004-05). The  maximum size of receivable in ACC is 0.32 (2005-06),  Mangalam is 0.34 (2003-04 and 2005-06), Gujarat Ambuja is 0.09 (2007-08), and Shree Cement is 0.33 (2004-05) and in India Cement is 0.14 (2006-07). The average collection period of selected cement  companies has been given in table 5.3 Table 5.3 Average Collection Period in Selected Cement Companies for the years from 2003-04 to 2007-08 (in days) Year ACC Mangalam Gujarat Ambuja Shree 1999-00 34 36 7 46 India Cement 18 2000-01 43 36 7 47 20 2001-02 43 33 8 49 22 2002-03 41 27 10 48 37 2003-04 26 28 10 37 47 Company 39 32 8 45 29 Average Source: Based on data provided in Appendix The minimum Average Collection Period in ACC is 34 (2003-04), Mangalam is 27 (2006-07), Gujarat Ambuja is 7 (200304 and 2004-05), Shree Cement is 37 (2007-08) and in India Cement is 18 (2003-04). The maximum Average Collection Period in ACC is 43 (2004-05 and 2005-06), Mangalam is 36 (2003-04 and 2004-05), Gujarat Ambuja is 10 (2006-07) and  2007-08), and Shree Cement is 49 (2005-06) and in India Cement is 47 (2007-08). 181 The Creditor turnover of selected cement companies has been given in the table 5.4. Table 5.4 Creditor turnover of Selected Cement Companies or the years from 2003-04 to 2007-08 Shree 11.10 Mangalam Gujarat Ambuja 8.77 1.12 1.63 India Cement 1.40 Industry Average 4.80 2004-05 12.60 6.98 0.71 1.15 1.38 4.56 2005-06 12.93 5.80 0.63 1.41 1.09 4.37 2006-07 12.19 5.48 0.95 1.93 0.97 4.30 2007-08 13.42 3.71 0.73 1.58 0.90 4.07 Company 12.45 6.15 0.83 1.54 1.15 4.42 Year ACC 2003-04 Average Source: Based on data based on Annual Report of the cement companies It is evident from the table 5.4 that Creditor turnover in ACC and Gujarat Ambuja and Shree fluctuating trend. Mangalam and India Cement show decreasing trend all over  the study period. The minimum Creditor turnover in ACC is 1.10 (2003-04), Mangalam is 3.71 (2007-08), Gujarat Ambuja is 0.62 (2005-06), Shree Cement is 1.15 (2004-05) and in India Cement is 0.90 (2007-08). The maximum Creditor turnover in ACC is 13.42 (2007-08), Mangalam is 8.77 (2003-04), Gujarat Ambuja is 1.12 (2003-04), and Shree Cement is 1.93 (2006-07) and in India Cement is 1.40 (2003-04). The  debtors  turnover  in  cement  manufacturing  companies in India has been computed and presented in thetable 5.5. 182 Table 5.5 Size of Receivable of Selected Cement Companies  for the years from 2003-04 to 2007-08 Year ACC 10.65 Mangalam Gujarat Ambuja 10.21 50.26 2003-04 2004-05 8.58 10.21 2005-06 8.45 2006-07 2007-08 Shree 7.90 India Cement 20.45 Industry Average 19.89 52.07 7.78 17.85 19.30 11.19 44,17 7.47 16.66 17.59 8.95 13.64 36.79 7.67 9.92 15.39 10.20 13.06 37.41 9.94 7.73 15.67 Company 9.37 11.66 44.14 8.15 14.52 17.57 Average Source: Based on data based on Annual Report of the Cement Companies It is evident from the table 5.5 that the debtors turnover in ACC is fluctuating maintains approximately a fixed level. Mangalam and Gujarat Ambuja show fluctuating trend  throughout the study period. Debtors turnover was highest to 13.64 in Mangalam and 9.94 in Shree in 2006-07 and 2007-08  respectively. India Cement shows decreasing trend throughout the study period. The minimum debtors turnover in ACC is 8.45 (2005-06), Mangalam is 10.21 (2003-04 and 2004-05),  Gujarat Ambuja is 36,79 (2002-03), Shree Cement is 7.47 (200506) and in India Cement is 7.73 (2007-08). The maximum debtors turnover in ACC is 10.65 (2003-04), Mangalam is 13.64 (2006-07), Gujarat Ambuja is 52.07 (2004-05), and Shree Cement is 9.94 (2007-08) and in India Cement is 20-45 (2003-04). 183 Select References: O.M. Introduction to Financial Management (Homewood illnois: Richard D. Irwin, 1978). Lawerence D. Schal and Charles W. Haley, Financial Management, 3rd Edition. New York, McGraw Hill, 1973). S.E Bolten, Managerial Finance, (Boston: Houghton Mitten Co., 1976). R.J. Chambers, Financial Management, (Sydney: GTE Law Book Company Ltd,. 1967). Joseph L. Wood, ‘Credit and Collections’ in Daris Lillian, ed., Business Finance Handbook, (Englewood, Cliffs, New Jersey : Prentice Hall, 1962. Martin H. Seiden, The Quality of Trade Credit (New York : National Bureau of Economic Research, 1964. Theodore N. Backman, Credit and Collection: Management and Theory (New York : McGraw Hill Book Company, 1962). 184

la pieta essays

la pieta essays To see a scorned, beaten, and crucified man lying dead in the arms of his mother is an image, which can inspire overwhelming emotions within the heart of an observer. Yet, for the longest time I've had such difficulty looking at Michelangelo's Pieta or any piece of art in this way. To me, art has never been about expressing oneself or conveying a message to others, but simply creating an image for the sake of beauty and perfection. When I look at the Pieta I see a cold, solid mass of marble carved by the skilled hands of a master. I look at it in terms of the technique Michelangelo used, the understanding he had of the human form, the movement within the composition, and ultimately the precision and realism with which the piece was rendered. For it has been upon these standards that I have based my concept of what art is. In my eyes, art has always been just a unique ability that I have. I feel driven by it, not to express some deep emotion, but almost as an obsession to perfect my own ability. Every stroke of a brush and every motion of a file has been to make what I've created more detailed, graceful, and real. I'm only now beginning to realize how much more there is to art than what I had previously understood. When I look at a piece of my work, I see the detail and realism of it, yet somehow I feel that these aspects are all that it possesses. I wonder whether or not I've almost turned my sense of art into a science that lacks the essential characteristics of art, which are expression and emotion. Yet now I have also begun to see that the strictness and precision of my art truly is an expression of who I am, and that through it, one can understand how I perceive the world around me. I feel uncomfortable in a world where nearly every aspect of our lives is becoming less clearly defined and where right and wrong are continually forsaken for a vague sense of truth. So in some respects, art provides me with the sense of str ...

Product Dumping and Its Effect on Foreign Markets

Product Dumping and Its Effect on Foreign Markets Dumping is an informal name for the practice of selling a product in a foreign country for less than either the price in the domestic country or the cost of making the product. It is illegal in some countries to dump certain products into them because they want to protect their own industries from such competition, especially because dumping can result in a disparity in the domestic gross domestic products of impacted countries, such was the case with Australia until they passed a ​tariff  on certain goods entering the country. Bureaucracy and International Dumping Under the World Trade Organization (WTO) dumping is a frowned upon international business practices, especially in the case of causing material loss to an industry in the importing country of the goods being dumped. Although not expressly prohibited, the practice is considered bad business and often seen as a method to drive out the competition for goods produced in a particular market. The General Agreement on Tariffs and Trade and the Anti-Dumping Agreement (both WTO documents) allow for countries to protect themselves against dumping by allowing tariffs in cases where that tariff would normalize the price of the good once its sold domestically.   One such example of a dispute over international dumping comes between neighboring nations the United States and Canada in a conflict that came to be known as the ​​Softwood Lumber Dispute. The dispute began in the 1980s with a question of Canadian exports of lumber to the United States. Since Canadian softwood lumber was not regulated on private land as much of the United States lumber was, the prices were exponentially lower to produce. Because of this, the U.S. government claimed the lower prices constituted as a Canadian subsidy, which would make that lumber subject to trade remedy laws that fought such subsidies. Canada protested, and the fight continues to this day.  Ã¢â‚¬â€¹Ã¢â‚¬â€¹ Effects on Labor Workers advocates argue that product dumping hurts the local economy for workers, especially as it applies to competition. They hold that safeguarding against these targeted cost practices will help detract the consequences of such practices between varied stages of local economies. Oftentimes such dumping practices result in increased favoritism of competition between workers, a sort of social dumping that results from making a monopoly of a certain product. One such example of this on a local level was when an oil company in Cincinnati attempted to sell below-cost oil to diminish profits of competitors, thereby forcing them out of the market. The plan worked, resulting in a local monopoly of oil as the other distributor was forced to sell to a different market. Because of this, oil workers from the company who outsold the other were given preference in hiring in the area.

18th Century Spanish America and Race

18th Century Spanish America and Race Assess the role of the State of Spanish America in the formation of ideas about human differences prior to the 18th century. The formation of ideas about human difference has been contingent upon both fluid and persistent socio-political, historical and economic forces since globalisation arguably began with the age of discovery in the 1400’s, arguably spear-headed by the Spanish empire. This is perhaps most perceptible in the key signifiers of human social distinction. Concepts such as ‘race’ and ‘ethnicity’ appear to be static, objective human categorisations; yet, when subjected to a process of historical and geo-political scrutiny, each proves to be a subjective and poignant signifier, even a product of a process of social and historical construction and part of the production of knowledge. [1] The historical phenomenon of the Spanish State serves as an exemplar to demonstrate a convergence of ideological paradigms which shaped notions of human difference, underscoring this central contention that ideas of human difference are generated within a specific historical milieu, often involving the confrontation of two or more ethno-cultural groups. It is crucial to acknowledge that Spain’s dominance of Africa from the 15 th century and parallel conquest of Latin America was enacted with the conscious and unconscious appropriation of Eurocentric ideals which emphasised European supremacy and assumed European cultural, theological and economic superiority over Amerindians. The seeds of such national superiority have been traced to Biblical delineations of difference, [2] with its demarcation of blessed and cursed progeny, reinforced historically by medieval theological thought which associated blackness with the devil and sin, while whiteness was aligned with purity and righteousness. The widely accepted European medieval theory of ‘monogenism’, derived from the Biblical teaching of a common ancestry and fam ily tree concept of origins, gave impetus to the Spanish State’s self identity. [3] This widely accepted view within medieval Europe has been largely discredited in more recent centuries, dismissing the notion of a common human genesis. [4] The Iberian Peninsula had left a potent legacy and precedent at the conclusion of the medieval period, with Spain’s stark delineation and unyielding destruction of human difference. The pronounced ethnic diversity on the peninsula in the form of Jewish and Muslim migrants from throughout Europe, the Middle East and Northern Africa, exacted a Spanish definition which underlined difference rather than similarity, and in fixating upon difference, brought the reflex action of the decimation of such diversity, through a systematic, historic and prolonged practice of massacre, segregation, conversion, inquisition and expulsion. [5] Such unenlightened, barbaric and medieval practices, one may argue, left their mark on the Spanish psyche, readily appropriated by the American Spanish state, as it imported and imposed its imperialistic, paternalistic and sanctimonious practices, upon a rich diversity of Amerindian ethnic societies. This precursor to the Spanish American state illuminates the historical consciousness of the earlier Spanish rule in Europe, revealing the cultural hegemonic assumptions and practices the Spanish state appropriated from its 14 th and 15 th century European roots. [6] The early 20 th century pejorative branding of pre-eighteenth century Spain as the ‘black legend’ evokes â€Å"Spain’s colonial brutality in the Americas during the sixteenth and seventeenth centuries.† [7] Ironically, Spain drew condemnation from other European nations for such action, deemed to be an ignorant, superstitious and fanatical nation, incapable of entering modernity. [8] Spain’s European condemners had been equally culpable in sub-Saharan Africa, in stimulating the African sl ave trade. By casting Spain as the antithetical demon, England, France and northern Europe masked their own international sins in the process. This brief observation illustrates one process that shaped human ideas about human difference, namely, intra-cultural ignorance and an insular societal gaze which repeatedly reinforced the values, practices and beliefs of Spain’s own cultural epicentre, and in the process, defined other ethnicities by their differences and their otherness. Moreover, the Spanish American state constructed a false social hierarchy based upon religious assumptions which condemned humans living a more unencumbered and simple existence initially beyond the grasp of modern commerce and technological innovation.

The Organization Behavior of PIXAR Research Paper

The Organization Behavior of PIXAR - Research Paper Example Pixar animation studios is built upon a family style structure in which stakeholder interests are a priority and quality is the highest goal over financial concerns. The objective of their enterprise, according to their website is â€Å"to combine proprietary technology and world class creative talent to develop computer animated feature films with memorable characters and heartwarming stories that appeal to audiences of all ages†. In order to pursue this goal, the company has created a strategy-culture in which a strong culture has developed so that the employees are highly loyal. However, the insular corporate culture has created some issues in which communications in the organization are not up to the original standard expected by the mandates. The business is experiencing some of the effects of expansion as lower level employees are fighting to be heard. From its smaller beginnings of merely 44 employees when purchased by Steve Jobs, the company now has 850 employees with 19 executives. With a large work force all operating towards a limited number of projects, the experiences that first brought Lasseter to form his own business can eventually become seen as a threat to the company if the creativity of lower level employees is not allowed to flourish. However, according to Hoover’s, Inc. , the average amount of revenue per employee per year is at $300,000, making the business a capital-intensive industry. Investment and start-up costs make competition difficult, but also mean that competing creative types have a shot at finding financing even in the high-risk, but potentially high return nature of the business. Company History Pixar Studios did not start out on a successful tract. The company started as Pixar, Inc. in 1984, a company that sold computer hardware and turned to selling animation software as well as providing commercial animations for advertisers. John Lasseter and a handful of employees, shortly from the junior animation ranks at the Walt Disney Company, formed this company as a division of the company owned by George Lucas under the special effects branch (Pixar, 2011). The hope of the company was to create a success through animation, creating short length promotional films which were bringing in no financial return. The company ran reporting nothing but losses in the couple of years and was having trouble financing the one project they were determined to create (Price, 2009). The company was purchased by Steve Jobs in 1986 for ten million dollars when the division was formed into an independent company as Pixar, thus beginning the course towards a revolution in the animated film industry. The company was co-founded by Ed Catmull, who was also the vice-president of the special effects division at Lucas, Inc (Pixar, 2011). Through innovative techniques and building a reputation through short films, the company gained enough credibility to engage in their first efforts towards a full length, feature film project. With Lucas, Inc., Steve Jobs, and innovations that had the capacity to rock the animated film industry, the next logical step was to include the Walt Disney Company as a part of one of the most powerful innovative groupings ever developed. The project was Toy Story, a fully computer generated animation film that the Disney Studios came on board to finance in 1991. There was a murmur of disapproval in Hollywood, the belief that a fully computerized

Waste Management Essay Example | Topics and Well Written Essays - 2250 words

Waste Management - Essay Example This amounts to 20,000 to 30,000 tonnes of general battery waste generated each year. Facilities for recycling automotive batteries are well developed and 90% of the highly hazardous automotive batteries go for recycling. However comparatively, only one percent of household batteries go for recycling. In 2000, approximately 19,000 tonnes of waste general usage batteries and 113,000 tonnes of automotive batteries had to be disposed. Most of these were dumped in landfill sites. Approximately 680 million batteries were purchased in UK in 2001, and statistics show that over 89% of these were general purpose batteries. Figures in other countries like US and Japan are as devastating. Estimates1 indicate that over three billion industrial and household batteries were sold in the US in 1998, and battery consumption rate rose by 5.8 percent annually through 2002. Between 1998 and 2003, the global demand for secondary batteries grew by 67% with Japan holding 65% of the market share in 2003. Th e cost of recycling varies in different countries, while some base it on the chemistry of the battery, others measure it across tonnage alone. However the basic cost for recycling batteries approximately comes to $1,000 to $2,000US per ton. The costs double when transportation is also included. This is a figure that all countries are trying to bring down, with Europe aiming to achieve the figure of $300 per ton (Buchmann, 2001). Authorities responsible for managing battery waste Currently various local authorities have been established specifically for managing battery waste. The Waste and Recycling Action Plan (WRAP) has started various programmes across UK for battery collection. REBAT is another organization in the UK set up to manage and collect portable rechargeable batteries. It is a component of the British Battery Manufacturer Association, and provides comprehensive information on recycling companies and support for battery recycling. A few of the battery recycling plants and programs set up in Europe include names of G&P Batteries, the first recycling plant dedicated to recycling household batteries. Britannia Refined Metals in Kent and HJ Enthoven & Sons in Derbyshire are two recycling

Critical Perspectives on Information--- Technology Landscape Assignment

Critical Perspectives on Information--- Technology Landscape - Assignment Example In order to learn more about the topic, this document seeks to discuss more on email use and what past research has documented about it. All the different aspects concerning email will be discussed herein. Computers have become a very much needed tool to accomplish everyday activities. They have created and are continuing to work to create an avenue for communication that has changed the lifestyle of many. Electronic mail, chat rooms and instant messaging services have made a major stride in the technology world. The most used mode of communication in the office setup and in person-to-person is the email (electronic mail). These are being carried on by people to communicate because they are seen as very good and easy to use. They are also preferred by many because of computers are used in the process of sending them. They also provide the opportunity for the workers to improve their productivity, satisfaction and also they are for the good of the organization at large (Rice R. & Bair J., pp 185-216). Among those using the Internet, the email is considered as the most important application (Katz J. & Aspden P. 1997). For example, like in Sweden, the number of people that are connected to the Internet has been doubling every year for several years now. This growth makes email a very important subject of discussion in the community that cannot be ignored. With the increase of the numbers of people who are sending and receiving emails, this also means there will be plenty of emails to read. These emails are sometimes stored and can pile to big numbers. When these are so many, the user cannot read all of them. This will push them to want to delete them. There will also be another challenge to face if the emails contain work related data that an individual might not want to dispose. At times the emails can be used as a to-do list There are various forms of communication that

Debunking Public vs. Private Sector Myths Coursework

Debunking Public vs. Private Sector Myths - Coursework Example The situation has changed today and the Americans experience less economic mobility than before. Today, a farmer son is more likely to become a farmer than go into a more advanced professional career. This situation has been caused by escalating college costs limiting the number of people who get a chance to go to college. College today has become a major investment (Slemrod, 252). With the rising costs of living more people who are willing to enter college are unable to do so or drop out before finishing their course. The middle earners have been mostly affected compared to other classes. True. Markets can fail due to a number of reasons which results in the value of goods produced is lower than the value of goods unproduced. There are four types of market failures which include public goods, externalities, imperfect information and market control. Public good market failure occurs because the nonpaying consumers cannot be excluded from consumption. Because of the large number of non-payers, the value of the goods produced reduces (Mazzucato, 65). Market failure from market control arises due to limited completion of the suppliers and this affects the demand and supply price. Externalities can also cause market failure by making the demand and supply price not to reflect the cost of production. Imperfect information also causes the supply price and demand price to be in disparity. This implies that the market price does not reflect the actual value of the product. It is that it is the key role of the government to address market failures. This is because there are no other interventions that can work to reverse market failures. The government can intervene by either direct government involvement in terms of production or provision in case of public goods (Slemrod, 321).

Teaching paper Research Example | Topics and Well Written Essays - 1250 words

Teaching - Research Paper Example It uses discussion and case method to illustrate the effects and solution to stress management disorder in the young adults with more stress being on high school and college students. The major occurs of the research lies on its goals towards student health enhancement. In this case, the teaching plan helps students to understand the forms of stress, causes of stress in young adults, characteristics of despairing episodes used for the prognosis of dejection, gender analysis and contribution to the prognosis of stress management disorder, amount of anger that relates to the prognosis of depression as well as ways of countering stress problems among students in various institutions (Kottler & Chen, 2012). The goals of the teaching plan research aim at solving the growth of stress management disorder in schools which is highly related to drug addiction among young people, transition to self dependence, relationship issues as well as exam related stress. Young adults are prone to stress disorders due to the high level of adrenaline fluctuation as a result of the adolescent stage. The objective of the teaching plan is to provide assessment of stress management in youn g adults. This objective helps learners to understand the primary causes of stress management disorder and its impending effects to health thus achieving one of the learning goals of creating awareness. The teaching plan also aims at creating programs that help students deal with stress management issues as it targets an essential and vulnerable group in the human growth process. Due to this notion, the document helps to achieve the learning goal of problem solving through use of education. The teaching plan also achieves the objective of enhancing learning through the provision of knowledge. There are many theories regarding stress disorder that provide a deep understanding to the concept behind the relation of stress

Critical Perspectives on Information--- Technology Landscape Assignment

Critical Perspectives on Information--- Technology Landscape - Assignment Example In order to learn more about the topic, this document seeks to discuss more on email use and what past research has documented about it. All the different aspects concerning email will be discussed herein. Computers have become a very much needed tool to accomplish everyday activities. They have created and are continuing to work to create an avenue for communication that has changed the lifestyle of many. Electronic mail, chat rooms and instant messaging services have made a major stride in the technology world. The most used mode of communication in the office setup and in person-to-person is the email (electronic mail). These are being carried on by people to communicate because they are seen as very good and easy to use. They are also preferred by many because of computers are used in the process of sending them. They also provide the opportunity for the workers to improve their productivity, satisfaction and also they are for the good of the organization at large (Rice R. & Bair J., pp 185-216). Among those using the Internet, the email is considered as the most important application (Katz J. & Aspden P. 1997). For example, like in Sweden, the number of people that are connected to the Internet has been doubling every year for several years now. This growth makes email a very important subject of discussion in the community that cannot be ignored. With the increase of the numbers of people who are sending and receiving emails, this also means there will be plenty of emails to read. These emails are sometimes stored and can pile to big numbers. When these are so many, the user cannot read all of them. This will push them to want to delete them. There will also be another challenge to face if the emails contain work related data that an individual might not want to dispose. At times the emails can be used as a to-do list There are various forms of communication that

Teaching paper Research Example | Topics and Well Written Essays - 1250 words

Teaching - Research Paper Example It uses discussion and case method to illustrate the effects and solution to stress management disorder in the young adults with more stress being on high school and college students. The major occurs of the research lies on its goals towards student health enhancement. In this case, the teaching plan helps students to understand the forms of stress, causes of stress in young adults, characteristics of despairing episodes used for the prognosis of dejection, gender analysis and contribution to the prognosis of stress management disorder, amount of anger that relates to the prognosis of depression as well as ways of countering stress problems among students in various institutions (Kottler & Chen, 2012). The goals of the teaching plan research aim at solving the growth of stress management disorder in schools which is highly related to drug addiction among young people, transition to self dependence, relationship issues as well as exam related stress. Young adults are prone to stress disorders due to the high level of adrenaline fluctuation as a result of the adolescent stage. The objective of the teaching plan is to provide assessment of stress management in youn g adults. This objective helps learners to understand the primary causes of stress management disorder and its impending effects to health thus achieving one of the learning goals of creating awareness. The teaching plan also aims at creating programs that help students deal with stress management issues as it targets an essential and vulnerable group in the human growth process. Due to this notion, the document helps to achieve the learning goal of problem solving through use of education. The teaching plan also achieves the objective of enhancing learning through the provision of knowledge. There are many theories regarding stress disorder that provide a deep understanding to the concept behind the relation of stress

Trade Practices Essay Example for Free

Trade Practices Essay On the material date of 19th December 1997, the Australian Rugby League (ARL) disclosed its intention to enter into partnership with News Ltd to run rugby league that unites their respective leagues on condition that the conglomeration of teams under the ARL news would be reduced to fourteen teams. As a result, souths, which was excluded from participating in the National Rugby league in the year 2000 brought a claim on grounds that the action taken by ARL, News, NRLI and NRL was unlawful as it contravened the provisions of section 45 as read with section 52 of the Trade Practices Act (1974). These provision stipulate the general rules. In section 52 corporations are not entitled in the course of transacting in trade to engage in conduct that is misleading or deceptive.   In echoing this principle, section 45 prohibits the making of contract arrangements that are discriminatory on the basis that they exclude certain persons or corporations. Issues in Question Whether ARL and News were competitive partners at the time they entered into the contract and made exclusionary provisions. Whether the inclusion of the 14-team term was to the effect of restricting, limiting and/or preventing trade. Whether the victim was a specific person or class of persons. It was established in both courts that the souths fell under the description of particular persons under section 4D Tests used to resolve the case ARL and News were not competitive partners at the time of establishing the 14 team term as they had merged to form National Rugby League therefore section 45 and 4D did not apply Souths had failed to establish the respondent’s intention to prevent or restrict their trade, as the 14- team was part of a selection process due to their successful performance. Holding: Partners who are competitors and enter into a contract that intends to provide less services or goods would have contravened section 45 at the time the exclusion is made Reference South Sydney District, Rugby Football Club Ltd V. News Ltd (2002) Appeal Case

Role Of English As A Foreign Language Education Essay

Role Of English As A Foreign Language Education Essay Algeria is an African multilingual country with one official language called Modern Standard Arabic and more than two foreign languages French, English, Spanish, etc. It is a country whose contributions and all interests are now in how to improve foreign languages for specific purposes particularly English so as to prove its position as a powerful and important country across the world. Today, the role of English as a foreign language (henceforth EFL) in the world is influenced by many factors such as business, cultural, political and educational factors. The latter is the main factor which plays, now, strongly a major role to pull a lot of attention in the decision of the Algerian educational authorities to know how to deal with the positive qualities EFL has in undertaking methods and approaches as parts of reforms in order to improve English teaching and learning as it is in developed countries. Hence, the questions to be raised, here, are how to deal with the qualities EFL has with non-native speakers and what significant scientific contribution EFL gives to non-mother country (Algeria)? And what are the suggested approaches and methods the Algerian educational authorities make to improve and work with this language? Answering to the questions above, the Algerian educational leaders started to improve and hold tightly EFL by shifting from traditional methods to modern to say to the world that we are able, as a multilingual developing country, to make EFL as a second Language major and significant in our schools and university and then be present everywhere across the globe. This challenge remind us about some debate on teaching EFL in developing countries as an insignificant contribution, by African designers, to knowledge and production(Graddol 2006, Batibo 2007) and Phillipson (1996) who had observed, after the independence of some developing countries , that those who were first responsible for making English official, major, developed and significant are African leaders; For example, the case of English Language Teaching (ELT) in Algerian schools after independence. ELT in Algeria was denied and insignificant before the independence in comparison with French. Because the French language was taught in schools as SL (second language) due to the consequences of the French occupation in Algeria that was the longest period of colonization which took a long time from 1830 till 1962. Thus French became as an official language in the Algerian institutions. Andrew Freeman (1961:1) confirms what we are saying about French as SL in the following quotation  « The French, in Algeria, between 1830 and 1962; tried actively to suppress Arabic. The French influence resulted in many different levels and mainly the linguistic level. The latter reflected the impact of the French language on Algerians who were being forced to speak French and then obliged to learn it in schools, but prior to independence and after 1990s a new revolution came to the surface and the Algerian authoritarians started new relations with USA to give some importance to English as an essen tial medium to be integrated in the Algerian schools. In the beginning, English was taught in middle and secondary schools to students from the eight classes in the middle school to the third classes of the secondary school up to 2005. English at that time had not been being perfectly taught in Algeria in comparison with some developing countries. By the time, because English has become a lingua franca (henceforth ELF), which is defined functionally by its use in intercultural communication, English as a global language (e.g. Crystal 2003; Gnutvzmann 1999), English as a world language (e.g. Mair 2003) and World English (Brutt-Griffler 2002) English as an international language (EIL) becomes influencing force everywhere across the world. Due to these facts of the current situation of English, Algerian Government decides to go through changes in various fields to hold and improve this global language in higher studies. Among these changes are implementation of policies made in education related to new approaches and system were brought to Algerian institutions such as LMD System and competency based approach (henceforth CBA) in primary and secondary schools. CBA approach has been brought to the Algerian schools in 2002 as a new approach and a part of reform in the primary, middle and secondary school. It has been imposed as a primary part of reform and complimentary to LMD reform on EFL teacher. To make CBA approach successful, the education minister mobilized all responsible for schools (primary, middle and secondary) to follow the CBA implementation. Moreover, Algerian ministry contribute, morally and financially, to give all opportunities and provide all those who are responsible for helping teachers and students with materials needed and equipments to be familiar with CBA success in the classroom. Thus, inspectors spent much time and money for making seminars in all over the country to instruct and correct the teachers ways in the teaching of English language and following the planning of English curriculum. In addition to the CBA, the LMD reform is also brought to the Algerian university in 2003 to continue the correctness of the teaching of English. In this work, we shall focus on some changes of approaches and systems such as LMD to see whether it is towards a more communicative use of English as a second language and a more focus on English language teaching. ELT is not easy responsibility for EFL teachers to teaching all of the students assigned to a classroom in university. The latter becomes, now, the world question in holding English as an international language which becomes increasingly important and required in Algeria in the last decade. Nowadays, there are much debate on what is teaching and how it becomes in the twentieth century, some people say that teaching is a creative way to become joined with and support others to help all learners learn. Others say that without teaching learning is not a way to make teachers and students more efficient. McKay (2002) says, The teaching and learning of an international language must be based on an entirely different set of assumptions than the teaching and learning of any other second and foreign language. McKay (2002:1) This quotation makes us ask the following questions: 1-How should English be taught under LMD system as a challenging language in Algeria? (Our focus in this work). 2- What purpose of learning English should we achieve? (That is what we are looking for) 3- Can we be best English teachers? (This is our hypotheses to be proved) According to the questions above, we begin to analyze these issues regarding the role of English in our own lives and in our society. We first start by looking at EF L teachers role, i.e. how do they play a central role in the teaching of English language perfectly? How do they apply the instructions given to teach English and how to be responsible for motivating their students to learn? It is essential that teachers themselves are aware of the way they are following to go through the four skills of listening, reading, speaking and writing including pronunciation, grammar, vocabulary, and spelling all contribute to effective English communication. The much attention we give to each skill area is due to the teachers and learners competence and their needs. In addition, teachers should be adjusted in the light of the current status of English in the world. As Parker Palmer (1998: 308) points out, When I do not know myself, I cannot know who my students are. I will see them through a glass darkly, in the shadows of my unexamined life and when I cannot see them clearly, I cannot teach them well. Parker Palmer (1998: 308) It is clear to know how able we, as teachers, are to make our students understand and know ourselves in society as well as we can understand from P. Palmer the relative position and attention given to English has been considered and examined from ideological and cultural or political standpoints rather than pedagogical concerns. The latter is very important point to discuss in accordance with our situation as Algerian EFL teachers. Unfortunately, with the classical system we, cannot be adjusted in the light of the current status of English in Algeria because, up to 2005, there are many obstacles and factors make our EFL teachers incapable to make all students understand such as: 1-The number of students is overmuch in a class (40 50) 2- Insufficient communicative activities use for teaching English language skills such as reading, listening, writing, grammar, etc. 3- Inadequately equipped classrooms and the lack of ICTs use. 4- The impact of a social factor on EFL teachers as well as learners 5- Being authoritarian traditional teachers 6- Being passive traditional learners. 7- Being too shy to speak English in the classroom. 8-The impact of mother tongue (L1) on students and some teachers pronunciation too Due to some deficiencies mentioned above, the Algerian government started rebuilding the skeleton of university which is the image of the country abroad. So since 2OO1, the ministry of higher education has decided to diagnose the situation in order to provide immediate and sustainable solutions for university and here a new Algerian university system has imposed itself. Following the recommendations of the National Committee of the education reform, a reform plan was adopted by the Cabinet in April 30, 2002 and the Ministry of Higher Education and Scientific Research has adopted a ten-year strategy to develop the sector for the period 2004-2013, one of whose main themes is The development and implementation of an overall and deep reform of higher education, the first step is the establishment of a new architectural educations, including an updating and upgrading of various educational programs, and a reorganization of the educational management. Thus, the choice goes towards the new BMD: Bachelor-Master-Doctorate system, or LMD ( Licence, Master and Doctorate) as it is known, to meet the expectations of society and also to be in conc ordance with the new guidelines and global trends in higher education. This system examines, evaluates and improves the way the teachers and learners are following now to better and develop their English. It also defines the ways and means to teach study and evaluate differently in higher education. It aims to motivating and enabling students across the world by allowing diplomas to be compared and become equivalent to European diplomas, developing the professionalization of higher education whilst preserving the general interest nature of the teaching, to strengthening the learning of transverse skills such as fluency in foreign modern languages and computer skills encouraging the students mobility and encouraging the students access to the world of work in Europe allowing the student to build up a personalized education plan gradually. Because English is too challenging for us and becoming the most dominant and useful language among many European languages, our governments has adopted many systems (policies) that promote ELT in Algeria. At present, English is considered as a foreign language that is offered as a required subject at all levels of higher education in university. In order to understand and recognize that the introduction of English language into the Algerian educational system lead us to have part in the globalization, our government made huge effort to change the policies that have been being followed in 1900s. For instance, at the level of university, the LMD system is about a new approach based on the Communicative Approach that has been implemented in the Algerian university almost in all subjects and specialties, as we have already said above. LMD system has been introduced into our universities by August 2003 to make changes in syllabuses and curriculum development in order to reduce and overcome the difficulties and the obstacles cited (see page 5) and make English teaching and learning successful under the new system LMD. As well, to achieve good results, EFL university teachers must be ready to change from traditional teacher to modern changing the traditional approaches into more communicative innovative activities to teaching to what extent we pay much attention to the four skills perfectly. On the one hand, the changes made and brought to universities contribute to achieve success in teaching and learning languages. On the other hand, there are many different reasons for changes, so too are there many different kinds, or levels, of change that can take place in globalization. Interestingly, in Algeria there are changes towards teaching English more explicitly, and with more of a focus on form. Furthermore, nowadays, the emphasis is on to what extent do systems and approaches impact, positively, on ELT to improve EFL students levels in order to get much knowledge and then achieve perfect English to securing their jobs through acknowledged degrees and high levels of employment because the spread of joblessness across the world particularly in Algeria have upset authorities. From the various opinions of learners, even longer studies are not an end in themselves everyone now understands that schools and universities are the first starting point for everyone desires to realize any project. Aiming to get higher studies is simply a means to access better jobs likely to lead to higher social status (profession, security, wage, etc.). For that reason, English language becomes, for EFL students, a dominant subject, an international language and a means for getting job easily. It is now required, across the globe, and important for the Algerian learners and/or job seekers. The question then is what concrete roles does English development give to the EFL LMD students in the Algerian university? Coleman (2010) addresses a similar question by reviewing the functions of English as a foreign language in development. He refers to four areas where English has often been given a role to play: 1-for employability 2-for international mobility 3-for unlocking development opportunities and accessing information 4- as an impartial language. These four points must find an answer in the implementation of LMD systems results. Thus, the present work study is devoted to overcome the difficulties and problems Algerian teachers and learners are encountering in acquiring English language for specific purpose. The latter has been conducted by many researches to discuss the various problems that Arab universities encounter and mainly Algerian university. These kinds of problems refer to their ability as teachers or their competence in transmitting skills. Mukattash (1983) divides the problem that learners of English encounter into problems of pronunciation, spelling, morphology and syntax at the level of university as well students or learners unable to express themselves that what makes difficulties spread. For Mukattash the students major difficulties arise from the fact that they cannot use English correctly and appropriately in and out the classroom when required; he says: Comfortably and efficiently either when dealing with academic topics or common everyday topics (1983:169). What we can understand by the difficulty of English efficiency is related to the students deficiencies in communicative competence and self -confidence. Consequently, to face these kinds of problems of communicative competence, Ministry and educational experts run to find solutions to these problems by changing the strategies and encourage the training abroad that gives the learners a good knowledge and culture as well as make them confident. The queries to be raised here are how universities could be developed into places where advanced knowledge was disseminated and what are the strategies and the reforms are going to be followed. It is only recently that universities have become the almost systematic pragmatics, looking for motivation and aptitude for higher and perfect studies. As a main part of this work, we have also shed light on another part of reform which is called ICT (information, communication and technology). It also impacts on our understanding in the teaching and learning of English language through changes. According to many linguists, the use and integration of ICT might indeed provide students with much information in learning E L (henceforth English language) competency as well as make better and more attractive the quality of EFL teachers and students learning under LMD and CBA experience. They approve that the use of ICT becomes an effective medium to better and develop the English language. As well, ICT helps in the use of interactive lessons through the four skills to speed up the teaching and learning of English perfectly. Moreover, the impact of the use of ICT on teaching and learning is a promising scope of interest for researchers in various disciplines such as mathematics, informatics, education and sports, literature, English studies or teaching foreign languages and so forth. The latter becomes one area where ICTs influence is widely investigated. In a special report, (International Certificate Conference, 2002), devoted to the impact of Information and Communication Technologies on teaching foreign languages and on the role of foreign language teachers in Europe, the term ICT includes technologies in which the computer or laptop plays a central role, for example, Computer-Assisted Language Learning (CALL), the Internet, and a variety of generic computer applications. To reinforce what has been said in (2002), in (2003) Carmen et al say that integrating ICT tools in teaching can lead to increased students learning competencies and increased opportunities for communication and it is a rapid development in the learning and teaching of foreign languages more particularly English. Nowadays, the rapid developments and the frequent use of ICTS in Algerian society is not only impact on a quick computing discourse has generated linguistic convergence it is also the focus on the use of ICT in schools and universities. The latter now require much availability of computers provided with the net/ internet because they become a support for learning and teaching any discipline and mainly languages. Thus, the use of ICT in both education and higher education becomes an important element in the Algerian governments strategy to reinforce and ensure the effectiveness of systems implementation such as LMD in higher education. Higher education goes with the ICTs use which becoming more important to contribute to the growth and development of learning and teaching in the 21st century. In this part, we highlight the effectiveness of ICT in higher education and we seek to explore how it will impact on the way courses will be given to learners and delivered in the universities. Having spoken on the whole study work, generally, leads us to think of the following: Statement of the problem Through our experience of more than 5 years of teaching English under the new system LMD at the University of Mostaganem, we have noticed changes in the attitudes of our students and teachers towards LMD system. Students come to university with no idea about LMD; the only idea they have had in mind is the CBA approach which is implemented in 2002 in the secondary school. They have already been familiar with the competency based approach in undertaking all kind of new tasks, techniques and methods given to be applied. The questions to be raised here are as follows: Is there any relation between LMD and CBA reforms? To what extent can the LMD system contribute positively or negatively to teaching and learning foreign languages mainly the English language? Does ICT contribute to enhance ELT? If yes how? Are all teachers familiar with ICT? If yes or no why? Are all teachers familiar with ICT? If yes or no why? Pragmatically speaking how is the relationship between CBA, LMD and ICT in use? Hypotheses On the basis of what have been preceded, we are going to formulate the following hypotheses: 1. In relation to CBA, would LMD system respond to the students and teachers needs in mastering English? 2. Would curriculum development in the new implementation system such as LMD and CBA fit the world demand in education? 3. Must all teachers and leaders use ICT to enhance foreign languages/ English? The organization of the research Our doctoral research revolves around five chapters. The first chapter is devoted to talk about a broad review of the relevant literature relating to the fundamental concepts of teaching and learning theories, ending up with some clarifications about what is curriculum including the various systems that have been implemented in teaching languages such as LMD system and the CBA approach . In chapter two, research methodology, we are going to present first an introduction to what is qualitative research and then describe the steps of the techniques used, starting with the review of some definitions given about the qualitative research methodology, we have read and summarized, ending with our illustration of the experience we have undertaken during our investigation. .i.e. the discussion of the importance and objectives of qualitative research methods we have undergone. Chapter Three is devoted to the main changes, LMD system and CBA approach, which took place in the educational system in the Algerian university. Chapter Four is devoted to talk about the impact of the ICTS on these changes or reforms, LMD system and CBA approach. Chapter five presents the analysis of data collected from questionnaires and then discusses the results. Finally in the general conclusion, we try to summarize all what have been preceded and said before to suggest some solutions or hypothesis to avoid failure in education and give much importance and attention to LMD, ICT, CBA and curriculum development to make higher studies successful and effective in the teaching of the English language..