Essay writing toronto: October 2019

Wednesday, October 30, 2019

Restaurant Ethnography Essay Example | Topics and Well Written Essays - 500 words

Restaurant Ethnography - Essay Example I decided to observe the behavior of the employees (waitresses, cashiers, chefs among others) thereby focusing on the importance of good behavior and customer relation in creating customer loyalty. Context: Cottage Inn is a medium restaurant that serves the daily food needs of the habitats of ChesterÃ¢â‚¬â„¢s Mill. It is located at the heart of the town, directly opposite Walmart Mall and besides Shell gas station. The restaurant serves various types of foods such as snacks, entrees and beverages, which are drafted in a stylish menu. Upon entry, there is a buffet service on the first right turn. I observed waiters standing behind big silver dishes awaiting to serve the customers. On the left, is a classy burrito bar which contains all the necessary items that are needed to make a sandwich or a Mexican burrito. Opposite the burrito bar is a brand new machine which is used to produce blended juice. Besides, this restaurant has also adequate space that allows the customers to relax and have a clear view of the outside while dinning. The dining room, a huge room decorated with golden curtains and expensive furniture, is located on the first floor of the building. Leather couches are arranged all-round the dining room with large television sets positioned exactly opposite each couch, I carried out my observations seated on the middle couch since I could observe almost everything from that point. This observations spanned over a period half an hour. First, I noted that there were different jobs assigned to different employees who were expected to carry them out. There were a couple of workers including five chefs on the main kitchen, six cleaners (three downstairs and three upstairs), two ushers, one burrito bar attendant, one milk and beverage server and four to five dish washers. These workers were all cladded uniformly. They wore white head wears, black pants and a white apron. They all looked neat apart from one whose shirt had been spilt over by soup.

Monday, October 28, 2019

On Distance Learning Essay Example for Free

On Distance Learning Essay Distance education represents a way of teaching with geographically dispersed individuals and groups. Moore related that as early as 1978, regular mail service was used to aid distance education, but the advent of the internet brought new and exceptional dimensions to the world of distance education (10). It offered access to geographically and physically separated individuals to courses and instruction in a more interactive manner through increased education, interactivity among participants, and incorporation of collaborative pedagogical models. But even with the increasing number of courses and degrees delivered entirely online, and the number of supporters this type of education has gained, many still express opposition to it as against the traditional classroom education. Former college teacher James BarszczÃ¢â‚¬â„¢s is one well-known critic of distance education. He strongly asserts in his essay that distance learning cannot fulfill the true purpose of education. The diffusion of the Internet worldwide has literally changed the traditional structure of the school, and, as it can be noticed from the previous examples, it is doing in many different ways that are more and more interesting. It must not be forgotten, of course, that parents keep on worrying about the fact their childrenÃ¢â‚¬â„¢s opinions are circulating all over the world and that this could mean danger and repression for them. These anxieties, however, cannot erase the advantages coming from the introduction of this new technology into the educational are, most importantly, of bringing education to everyone. But what is the true purpose of education, really? In its most basic sense, I strongly believe that the essence of education is to instill in an individual the capability to make out at the world for oneself, to generate oneÃ¢â‚¬â„¢s own choices, to declare what is black or what is white. In whatever manner this education may come from, it is still learning and discovering about new things that help shape a person into what he is. Distance learning has brought a remarkable means of delivering this education to students in rural or remote areas, so that they make take advantage of continuing learning and give them the ability to schedule learning at times convenient to them. Not only that, a great number of distance education programs cater to the requirements of a lot of diverse people of all ages, sexes, occupations, learning backgrounds and health conditions. Granted that personal contact which is very important in effective education is missing with this kind of education, but as is the situation with all new technologies, there are negative and positive aspects to distance learning. Many instructors, as well as students of distance education miss this. Distance learning can admittedly be lonely sometimes. There is always a price to pay, whether it be big or small. Although this is the case, steps could be done to assuage this drawback. Encouraging students to share something about themselves is one activity that can at least give all participants the feeling that they know something about their colleague and the professor. Additionally, many courses are well supported and, for students who are unable to attend residential events, there are usually opportunities for students to participate in online discussion groups, clubs and societies. It would be noteworthy to point out that for distance learning to be effective, a conducive learning environment needs to be created and maintained. Considerable thought and effort should go into the criteria required for setting-up learning centers and how these criteria would be put into practice and monitored. If this would be followed, distance education, with an extensive record of providing learning to out-of-the-way and distant learners, will become the effective, mainstream method of education and training that advocates claim it to be. In a world where continuous learning is a must, distance education has paved the way for everyone to have access to the educational system without having to physically go to school. Discipline is needed, of course, but it is one value that even traditional schooling teaches students to have. In the end, distance education can only provide a win-win situation for everyone involved in it.

Saturday, October 26, 2019

Emersons definition of experience :: essays research papers

The true meaning of life based on experiencesÃ¢â‚¬ ¦ What is it? This is a question which many people dedicate their lives into answering. Ralph Waldo Emerson is one of the few who has succeeded in answering this question. He weaved his answer into a long and tedious essay, which is called Ã¢â‚¬Å"ExperienceÃ¢â‚¬ . The only downfall from this work is that itÃ¢â‚¬â„¢s solely from his perspective, and doesnÃ¢â‚¬â„¢t include other peopleÃ¢â‚¬â„¢s ideas as well as his. Emerson believes that people donÃ¢â‚¬â„¢t possess the individualistic quality. Everyone is too focused on the actions and opinions of everyone else, and should take a more personal stance for once. We mimic people too much because we believe that we will benefit if weÃ¢â‚¬â„¢re the same as the majority. We are all individuals and have our own opinions, and we should embrace them! Emerson also believes that people are multiform, and therefore have trouble uniting as one society. However, he explains how deep down everyone has a background of unity, and really want to unite as one. This is another reason why some people try to copy others. We figure that if we are all the same, we will be united. However, this is not the case, because our opinions and beliefs get in the way. We have a universal desire to believe, and because of this strong impulse, we yearn to move forward. We crave to be able to waltz up the stairs, and get closer and closer to our dreams. People gain intelligence and knowledge through what they experience. They gain valuable life skills by actually witnessing events first hand. If society were only to learn out of a textbook, everyone would be boring and completely one-sided. Our experiences help to shape our Ã¢â‚¬Ëœclay of identityÃ¢â‚¬â„¢. Instead of hiding from horrible experiences, we should try to learn from them, and incorporate the morals into our daily lives. Ralph Waldo EmersonÃ¢â‚¬â„¢s writing style is very deep and profound, and answered the question of what the

Thursday, October 24, 2019

Corporate Evaluation Analysis – Avon Products

Table of Contents I. Company HistoryÃ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Pg. 3 II. Recent NewsÃ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 5 III. Industry AnalysisÃ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 8 IV. SWOT AnalysisÃ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Pg. 15 V. Value Line AnalysisÃ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 15 VI. Ratio AnalysisÃ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 18 VII. Regression & Descriptive Statistics Ã¢â‚¬â€œ Growth AnalysisÃ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 20 VIII. Growth Analysis, Estimates for Earnings Employed in DDM, DDM including Discount Rate, and Other Assessments of RiskÃ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Pg. 23 IX. Other Valuation ParametersÃ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 26 X. Rule #1Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Pg. 28 XI. Conclusions/Final Stock JudgmentÃ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 31 XII. ReferencesÃ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 33 XIII. AppendixÃ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Pg. 35 I. Company History In general, Avon Products, Inc. is a U. S. cosmetics, perfume, jewelry, skin care, personal care and childrenÃ¢â‚¬â„¢s products seller with markets in over 140 countries across the world and sales of $9. 9 billion worldwide. Avon Founder David H. McConnell offered women a rarity in 19th century America: a chance at financial independence. In 1886, it was practically unheard of for a woman to run her own business. Only about 5 million women in the United States were working outside the home, let alone climbing the ranks of any corporate ladder. That number accounted for just 20% of all women (Avon. com). The man behind the company for women was the son of Irish immigrants and grew up on a farm. Yet, it was this young man from rural New York, a visionary leader decades ahead of his time, who would become a pioneer in empowering women. McConnell, a bookseller-turned-perfume entrepreneur, would offer women the opportunity to create and manage their own businesses through what later became known as direct selling. David H. McConnell sold books door-to-door and gave out perfume to entice women to buy his books. His perfume proved to be much more popular than his books, so he then founded the California Perfume Company (CPC) in New York, New York. Mrs. P. F. E Albee, a 50-year old wife and mother of two, became the California Perfume CompanyÃ¢â‚¬â„¢s first Representative. The legendary Mrs. Albee is still considered a role model for Avon Representatives today and is credited with creating the companyÃ¢â‚¬â„¢s system for distributing products. The California Perfume Company was incorporated on January 28, 1916 by David H. McConnell and Alexander D. Henderson (businessman) in Suffern, New York. By 1918, five million units were sold in North America, and by 1928, sales reached $2 million. In October 1939, the name was changed to Avon Products, Inc; McConnell had visited Stratford-Upon-Avon (UK) and had liked the town so much, that he renamed his company after it. The company was taken public in 1946 with OTC stock. By 1954, sales reached $55 million, and the Ã¢â‚¬Å"Avon CallingÃ¢â‚¬ advertising campaign was introduced, making it one of the largest and most successful advertising campaigns in history (Avon. com). In the 1960Ã¢â‚¬â„¢s and 1970Ã¢â‚¬â„¢s, Avon was one of Wall StreetÃ¢â‚¬â„¢s favorite Ã¢â‚¬Å"Nifty FiftyÃ¢â‚¬ stocks, a group of well-regarded, Ã¢â‚¬Å"buy and holdÃ¢â‚¬ blue chips that also included Xerox, Disney, and McDonaldÃ¢â‚¬â„¢s. These stocks helped drive the bull market of the early 1970s in the U. S. , with AvonÃ¢â‚¬â„¢s stock soaring to $140. The Nifty Fifty bubble later bursts, sending U. S. stocks plunging. Avon was listed on the NYSE as AVP in 1964. By 1979, sales reached $3 billion, with one million direct sales agents. Today sales exceed $10 billion worldwide. In June 1989, Avon became the first major cosmetic company to announce a permanent end to animal testing on all Avon-manufactured products. Avon does not conduct animal testing on any of its products or raw ingredients and does not require that suppliers of raw ingredients and finished products produced for Avon conduct animal testing on our behalf. In addition to its corporate pursuits, the Avon corporation is involved in philanthropic causes. The Avon Foundation for Women, an accredited 501(c)(3) public charity, is the largest corporate-affiliated philanthropy for women in the world. Avon has been committed to helping women achieve their highest potential of economic opportunity and self-fulfillment by empowering them through scholarships and support for other forms of educational and occupational training and advancement. The Avon Foundation is currently focused on two key causes: breast cancer and domestic violence. Through 2009, Avon global philanthropy raised and donated more than $725 million worldwide for causes most important to women. Since 1992 in more than 50 countries around the globe, millions of dedicated Avon Representatives have sold special Avon cause products, raising almost $150 million to end breast cancer and domestic violence and to help in times of global emergencies. In 1999, the first woman CEO was named: Andrea Jung. In 2003, Ã¢â‚¬Å"mark. Ã¢â‚¬Å", which is targeted to younger, college-aged women, was created to help the company reach out into markets it had not previously serviced. mark. as proven to be successful in reaching a new generation of recruits, primarily young women ages 18Ã¢â‚¬â€œ25, with a monthly Ã¢â‚¬Å"magalogÃ¢â‚¬ featuring its products. In 2008, reality star Lauren Conrad became a spokesmodel for the brand. Conrad also designed clothing and accessories for the brand. In 2010, actress Ashley Greene would replace Conrad as the spokes model for the brand. T hroughout the first decade of the new millennium, Avon began operating in numerous new markets, with heavy expansion in Central and Eastern Europe and the Caribbean Islands. Avon is now in more than 100 markets and is coined to be Ã¢â‚¬Å"the company for womenÃ¢â‚¬ . II. Recent News AVP has a market cap of $11. 43B, operating cash flow of $702M, and consistent quarterly dividends around $0. 22 per share, making AVP a leader in personal products globally (Investment Underground). Given AVPÃ¢â‚¬â„¢s positioning in the personal products industry, Avon could be a prime takeover candidate for competitors such as The Estee Lauder Company (EL) or French conglomerate L'Oreal SA (LRLCY. PK) looking to expand their reach into the direct sales portion of the personal products market. Because AVP currently has one of the lowest operating margins in the sector (11. 0%), competitors such as EL could view AVP as an attractive investment in hopes of increasing profitability. In turbulent times, people turn inward. The argument for large cap consumer staple companies is that they are familiar names that offer the necessities of daily life. BarronÃ¢â‚¬â„¢s Magazine presents a list of ten companies that fit this argument. The underlying thesis is that these ten com panies offer cash flow, dividends and predictable growth. This list includes: Avon Products (AVP), Campbell Soup (CPB), Clorox (CLX), Coca Cola Enterprises (CCE), Colgate-Palmolive (CL), General Mills (GIS), Kellogg (K), Molson Coors Brewing (TAP), PepsiCo (PEP), and Proctor & Gamble (PG). Are these companies really good investments for today? |Ticker |Company |Recent |Price Chg. |Dividend |EV/EBITDA |EV/SALES | | | |Price |52W |Yield | | | |AVP |Avon Products, Inc. |26. 59 |-19. 00 |3. 50 |15. 03 |1. 31 | |CPB |Campbell Soup Company |33. 50 |-4. 00 |3. 50 |13. 01 |1. 9 | |CLX |Clorox Company, The |68. 81 |7. 00 |3. 20 |17. 46 |2. 39 | |CCE |Coca-Cola Enterprises Inc. |25. 81 |-5. 00 |1. 90 |16. 15 |1. 79 | |CL |Colgate-Palmolive Company |76. 95 |-9. 00 |3. 00 |12. 23 |2. 70 | |GIS |General Mills, Inc. |36. 65 |0. 00 |3. 10 |14. 90 |2. 24 | |K |Kellogg Company |54. 17 |3. 00 |3. 00 |15. 49 |2. 18 | |TAP |Molson Coors Brewing Company |43. 5 |0. 00 |2. 60 |12. 87 |3. 20 | |PEP |PepsiCo, Inc. |63. 24 |-5. 00 |3. 00 |15. 58 |2. 25 | |PG |Procter & Gamble Company, The |60. 60 |-5. 00 |3. 20 |15. 05 |2. 78 | The first item that can be noticed from the above chart is that t hese companies underperformed the S 500 significantly during the past twelve months (Sommer). This lag is not indicative of a turning point. The poor performance reflects high unemployment and consumer uncertainty. The consumer is being more selective in its discretionary spending and seeking alternate, cheaper products. The market seems to reflect this understanding. The high dividend yields provide a measure of support to these stock prices but they also reflect the lack of price appreciation. | Ticker |Company |EPS TTM |2011 EPS |2012 EPS |FCF TTM |Payout Ratio| | | | |(Est. ) |(Est. ) | | | |AVP |Avon Products, Inc. |2. 28 |2. 01 |2. 26 |-0. 03 |38. 0 | |CPB |Campbell Soup Company |2. 36 |2. 43 |2. 53 |1. 15 |47. 50 | |CLX |Clorox Company, The |5. 25 |3. 94 |4. 43 |2. 00 |41. 00 | |CCE |Coca-Cola Enterprises Inc. |2. 05 |2. 04 |2. 26 |1. 44 |5. 90 | |CL |Colgate-Palmolive Company |4. 46 |5. 05 |5. 50 |2. 98 |45. 50 | |GIS |General Mills, Inc. |2. 51 |2. 48 |2. 68 |0. 60 |41. 80 | |K |Kellogg Company |5. 6 |3. 47 |3. 78 |-0. 17 |30. 20 | |TAP |Molson Coors Brewing Company |3. 81 |3. 78 |4. 04 |1. 98 |28. 30 | |PEP |PepsiCo, Inc. |3. 97 |4. 48 |4. 90 |3. 21 |47. 60 | |PG |Procter & Gamble Com pany, The |3. 84 |3. 97 |4. 36 |3. 43 |49. 00 | Each of these companies reports solid earnings over that past twelve month period. Consensus analyst estimates for both the current year and next year are less impressive. We believe the estimates reflect expectations for continued weakness from stressed consumersÃ¢â‚¬ (Sommers). These companies are all overpriced and have no catalyst for change. The assumption that investors can find safety by identifying sectors or themes is a dangerous one. Avon recorded feeble operating performance in the fourth quarter of 2010. The company's earnings per share plunged 13. 2% to $0. 59 from $0. 68 per share in the year-ago period. The decline was principally due to reduction in operating margin, which resulted from unfavorable product mix, rising commodity cost and a 27% sales decline in Venezuela (Zachs). Moreover, Avon ended fiscal 2010 with a long-term debt of $2,408. 6 million, reflecting a debt-to-capitalization ratio of 59%, which is substantially higher, and could negatively influence the company's credit worthiness and make it more vulnerable to the macro-economic factors and competitive pressures. Additionally, the North American market continues to remain sluggish with volume falling 14. 0% in the fourth quarter of 2010. Moreover, the company's initiatives to change the product mix and reposition the business in the U. S. arket will require significant expenditure to support increased advertising and promotional activities. This is likely to undermine AvonÃ¢â‚¬â„¢s overall operating performance, moving forward. Besides, the company is expecting a mid single-digit revenue growth in fiscal 2011, which can be achieved through strong field programs coupled with an innovative. As well, call it luck; on November 08, 2010, Avon sold out its entire ownership interest (74. 67%) in Avo n Japan to TPG Capital, otherwise the scenario could have been worse for the company due to the recent crisis in Japan product pipeline (Zachs). Pulling out of the Japanese market was part of the company's 2010 decision to redouble its efforts in China. It announced the sale of its 75% stake in Avon Japan to private equity firm TPG for $90 million in late 2010. The move also was part of the beauty-products maker's plan to refocus on direct sales. (The Japanese unit typically generated more than half its revenues through direct mail. ) III. Industry Analysis (Personal Products Ã¢â‚¬â€œ Cosmetics & Toiletries) Because of the wide arrange of products Avon offers, it is quite difficult to pin point one single industry. Thus, going by their primary selling products, Avon fits most accurately into the Personal Products and Cosmetics & Toiletries industries. Companies that manufacture and/or market personal care products produce cosmetics, fragrances, and razors. The personal care products industry targets many faces Ã¢â‚¬â€œ from chubby newborns to 40-something near-goddesses to those newly retired and dreaming of a beachfront condo. While companies in this sector would like to cater to everyone, the industry has found potential in both the Baby Boomers and their children Ã¢â‚¬â€ the teens and Ã¢â‚¬Ëœtweens. Called Gen Y, Boomer's teens offer an estimated $9 billion in purchasing power (HooverÃ¢â‚¬â„¢s). Leaving no demographic untouched, personal care products makers also are expanding their target markets across gender lines, marketing everything from cosmetics to hair care to men and teen boys, as well as women. With more US consumers reaching the age of 55 (33% by 2030), the industry has targeted this more-vain-than-not age segment and has logged revenue growth in skin care and hair coloring products throughout the past few years as a result. On the other end of the spectrum, the teen girl population age 12 to 19 grew from 14. 3 million in 1995 to 15. 2 million in the US in 2001 (HooverÃ¢â‚¬â„¢s). Industry beauty companies, such as Avon Products, are targeting this demographic with lifestyle brands the likes of Avon's Mark. While women have historically been a target market Ã¢â‚¬â€ primarily because women are the likely shoppers Ã¢â‚¬â€ the buying power of males is not ignored by the personal care industry. In fact, the group's buying power is eagerly sought after. Industry giants are tapping into the revenue potential of personal care products made specifically for men, illustrated by Procter & Gamble's acquisition of Gillette in October 2005 for some $57 billion (HooverÃ¢â‚¬â„¢s). Gillette represents more than razors. In the eyes of the industry, Gillette is the king of marketing to men. As the top marketer to women, Procter & Gamble has counted on its purchase of Gillette to give it the keys to the castle and enable it to become the voice to men, as well. Men offer revenue potential beyond Gillette's Mach3 and Colgate-Palmolive's Mennen brand. A Newsweek magazine poll conducted in mid-2003 revealed that more than half of men age 35 to 55 are Ã¢â‚¬Å"somewhatÃ¢â‚¬ satisfied with their overall appearance. This percentage reflects an increase for this age segment since Newsweek's last poll in 1996. Companies have begun educating men on the topics of sunscreen, lotions, nail care, hair color, and more. Along the way, the personal care industry has been piquing the interest of the male customer and introducing him to the profitable skin care market, as Estee Lauder has with its Aramis and Clinique brands and Beiersdorf has with its Daily Protective lotion (formerly NIVEA for Men). This trend still extends into 2008. Regardless of gender or age, customers access personal care products through a variety of venues, including grocery stores, drugstores, mass merchandisers, warehouse clubs, specialty retailers, and online e-tailers. Reports about personal care products sales for grocery stores and drugstores are usually prefaced with the phrase, Ã¢â‚¬Å"excluding Wal-Mart. Ã¢â‚¬ (Fidelity) This is a reminder that Wal-Mart Stores, as well as some warehouse clubs, present something of a wildcard to the industry. Outside the brick and mortar, personal care products makers have a polished business model for using direct-selling methods to reach target markets. Cosmetics companies have gained sales advantages Ã¢â‚¬â€ with little or no overhead Ã¢â‚¬â€ by letting their customers sample products at home parties. Direct sellers, such as Avon Products, Mary Kay, and Amway, have long relied on this concept. UK-based natural personal care retailer The Body Shop has tested the US waters by selling through independent consultants and continues to sell in the US after seeing positive results. No matter where a company in the personal care products industry identifies its untapped growth potential Ã¢â‚¬â€ be it in the teenage girls or mid-life males markets Ã¢â‚¬â€ a few of the same factors apply. Staying competitive means implementing innovation fueled by billions of dollars in R&D and a strategy of quick-to-market products. Reaching far and reaching fast are significant parts of the battle. However, expanding as wide as the tentacles of Wal-Mart and maintaining brand recognition and loyalty in a sea of private labels may prove to be the ultimate challenges. Fidelity) [pic] Competitors: Avon faces competition from a variety of products and product lines both nationally and globally. The beauty and beauty-related products industry is extremely competitive and the number of competitors and degree of competition in this industry varies extensively from country to country. Globally, Avon competes against products sold to consumers by other direct-selling and direct-sales co mpanies and through the Internet and against products sold through the mass market and prestige retail channels. The major competitors of the company are L'Oreal SA (LRLCY. PK) and Revlon Inc. (NYSE: REV). Competition from mass merchandisers and specialty and department stores has spurred Avon to not only spend many millions on R&D but set aside just as much Ã¢â‚¬â€ $100 million Ã¢â‚¬â€ to support the launch of a global ad campaign. Avon anticipates driving additional growth based on fragrances (Today, Tomorrow, Always) and skin care (Anew anti-aging) sales. To that end, it signed on award-winning singer Fergie to develop a signature fragrance, which was unveiled in 2010. Previous partnerships have involved French designer Emanuel Ungaro for two fragrances (U by Ungaro for Her and U by Ungaro for Him) and the New York Yankees' Derek Jeter for Ã¢â‚¬Å"DrivenÃ¢â‚¬ men's fragrance and a personal grooming line of products. (Yahoo! Finance) [pic] Revlon (REV) is engaged in the production, marketing and selling of an array of cosmetics, hair color, beauty tools, anti-perspirants/deodorants, fragrances, skincare and other beauty care products. The company primarily operates in North America, Asia-Pacific, Europe, Africa, and Latin America. It is headquartered in New York City, New York and employs 4,800 people. Revlon's global brand name, product quality and marketing experience have enabled it to create one of the strongest consumer brand franchises in the world. RevlonÃ¢â‚¬â„¢s brand equity among the consumers enabled the company to garner 12. 7% of the US mass retail color cosmetics market; 9. 7% of the hair color market; 4. 6% of the perspirants/deodorants market; and 21% of the beauty tools market, during 2009 (Revlon). Strong brand image of the company facilitates customer recall and allows Revlon to penetrate new markets as well as consolidate its presence in the existing ones. The company recorded revenues of $1,295. 9 million during the financial year ended December 2009 (FY2009), a decrease of 3. 8% as compared to 2008. The decline in revenues was driven by lower net sales of Revlon and Almay color cosmetics and some of the other beauty care products. The operating profit of the company was $170. 8 million in FY2009, an increase of 10. 2% over 2008. The net profit was $48. 8 million in FY2009, a decrease of 15. 7% as compared to 2008 (Revlon). L'Oreal (LRLCY. PK) is one of the largest cosmetic companies in the world. It produces and markets a range of make-up, perfume, hair and skin care products in over 130 countries. It is headquartered in Clichy, France and employs 64,600 people. Since its inception about 100 years ago, the company has developed a strong brand portfolio of 23 international brands. The company's products are sold under well-known brands such as L'Oreal Paris, Garnier, Maybelline, SoftSheen Carson, CCB Paris, L'Oreal Professional, Kerastase, Redken, Matrix, Mizani, Lancome, Biotherm, Helena Rubinstein, Kiehl's, Shu Uemura,and Giorgio Armani. These brands are available through a range of distribution channels ranging from mass market, to selective distribution including hair salons, pharmacies/drugstores and a network of directly owned stores and franchises. Strong brand portfolio lends better visibility and presence in all distribution channels and enables LÃ¢â‚¬â„¢Oreal to reach a large customer base, thereby increasing its market penetration opportunities. L'Oreal operates through three business divisions: cosmetics, the Body Shop, and dermatology. The Body Shop division operates a chain of 2,550 stores in 63 countries worldwide specializing in skin and hair care products made from natural ingredients. The company recorded revenues of E17,472. 6 million ($24,367. 8 million) during the financial year ended December 2009 (FY2009), a decrease of 0. 4% compared with 2008. The operating profit of the company was E2,577. 6 million ($3,594. 8 million) in FY2009, a decrease of 5. 4% compared with 2008. The net profit was E1,792. 2 million ($2,499. 5 million) in FY2009, a decrease of 8% compared with 2008 (LÃ¢â‚¬â„¢oreal). (Fidelity) [pic] IV. SWOT Strengths |Weaknesses | | | | |Diverse geographic presence enhances |Chinese operations marred with controversy | |scale of operations and mitigates local market risks |and poor performance | | | | |Low cost business model of direct selling |Lack of clear-focus and strategy for non-beauty products | | | | |Strong brand equity |Declining operating margins | |Opportunities |Threats | | | | |Restructuring initiatives for organizational Competitive environment in the global | |Effectiveness |cosmetics industry | | | | |Re-branding strategy to drive consumer |CompanyÃ¢â‚¬â„¢s revenues tied to the | |Demand |performance of the sales representatives | | | | |Emerging markets enhances the scope of |A diversified global operation exposes Avon to currency fluctuation | |growth for the AvonÃ¢â‚¬â„¢s value cosmetic |risks | |products | | V. Value Line Analysis On December 24, 2010, Jerome H. Kaplan, a Value Line analyst, points out that investors are not thrilled about AvonÃ¢â‚¬â„¢s mediocre progress. The companyÃ¢â‚¬â„¢s stock price has declined in the last three months. Avon continues to struggle a bit in the U. S. and Chinese markets as is reflected in September-quarter earnings, as well as deteriorating growth in the vital markets of Brazil and Russia. Kaplan states, Ã¢â‚¬Å"Long-term emerging market-oriented investors should consider this untimely stock. Avon could be viewed as the equivalent of a diversified portfolio in fast-growing regions, such as Latin America, Asia, and Central and Eastern Europe. (Value Line) Improves margins, profits, and share price will most likely be a result of the growth of these markets by 2013-2015, in addition to savings of over one billion dollars by 2012-2013 from programs reducing AvonÃ¢â‚¬â„¢s cost structure. When looking at the Value Line, we notice a Safety rating of 3. A Safet y rating is another way to measure the companyÃ¢â‚¬â„¢s risk or financial strength. It is measured from 1 to 5, with 1 being the highest and best rating indicating the company has a less likely chance of becoming bankrupt and are less volatile. In AvonÃ¢â‚¬â„¢s case, a 3 may be interpreted as being unpredictable. If the score is lowered to a 4 or 5, the greater the short-term price movements the stock may experience. Safety ranks work better than Beta when there is a break in the market (when the market is going down). Arguably the most important investment recommendation found on Value Line is the Timeliness rating. The scale is also from 1 to 5 with again 1 being the most desirable rating which reflects the top 100 stocks within Value LineÃ¢â‚¬â„¢s 1,700 stocks. Investors typically are encouraged to buy a portfolio of stocks across six or more industries with a ranking of 1 for Timeliness. After some time, investors are encouraged to keep an eye on this rating and when it falls to a 4 or 5 rating that stock should be sold, as is the case with Avon with a Timeliness rating of 4 (Money-Zine). With a financial strength of a B++, Avon is considered a company that would most likely survive a depression. This means the company has sufficient liquidity to payout their dividends or increase how much they give as dividends. When income is the primary consideration, a strong balance sheet provides greater assurance that a dividend can be maintained (Valueline). Proper financing ensures stockholders that operations can be expanded without having to disperse a portion of the earnings to bank or bondholders. The stock price stability (SPS) is the standard deviation of weekly stock prices over the last five years. It is ranked from 5 to 100 and in increments of 5. A ranking of 100 reflects the lowest standard deviation, which reflects the greatest stability attainable, while 5 indicated the largest standard deviation and the least stability. Price stability along with the companyÃ¢â‚¬â„¢s financial strength rating determines a stockÃ¢â‚¬â„¢s Safety ranking. Avon has a price stability of 75 which puts them not too far from the top and would be considered to be on the lower side of good stability. The price growth persistency (PGP) of a stock is measured in the same format as the stock price stability. A stock that is 100 probably beat the index every year of the last 10 years. AvonÃ¢â‚¬â„¢s PGP rating is 45, which is on the low side of average. This measurement rewards this fund for the consistency with which it outperforms the broader universe if equity offerings over an extended period of time. Earnings predictability for Avon is 65. This rating provides a measure of the reliability of an earnings forecast. Ratings with a 100 are noted as the Ã¢â‚¬Å"best fitÃ¢â‚¬ on the regression line, meaning they have a high consistency of earnings. Predictability is based upon the stability of year-to year comparisons, with recent years being weighted more heavily than earlier ones. Reliable forecasts are close to 100 and the least are close to lowest of 5. Being that Avon falls around the middle of these two extremes, it can be said that the company is somewhat reliable and other factors should be considered in conjunction. A stock's beta is a measure of a particular stock's price volatility and risk relative to a broader measure of stock price movements such as a market index (Money-Zine). Many stock beta calculations are performed relative to the S 500; however, the Value Line Beta calculation uses the New York Stock Exchange Composite Index. The most important fact to point out is that the beta measures a stockÃ¢â‚¬â„¢s movement in price. If a stock has a beta of 1. 0 or above, which is the value of the market beta, it will experience more movement either up or down relative to the index. In comparison, a stock with a beta of less than 1. 0 is considered less risky and stable with smaller price fluctuations. According to Value Line, Avon has a beta of . 5 right under the market beta, which implies that this stock is not risky and will most likely not experience any drastic changes in its price. The Technical ranking of a stock is almost similar to that of its Timeliness ranking except for the fact th at the Technical ranking does not take into consideration earnings per share projections, only the opportunity for a stockÃ¢â‚¬â„¢s price appreciation. With a Technical ranking of 2, Avon, according to Value Line, should be purchased since this rating indicates Avon has short-term capital gains, in the three to six month timeframe (Money-Zine). The plowback method is sometimes used to calculate a companyÃ¢â‚¬â„¢s earnings after dividends have been paid out. A high rate indicates that a company pays less in dividends and thus reinvests more of its earnings into the company. Investors tend to prefer a lower plowback ratio in a slow-growing company and a higher one in a fast-growing company. Whether or not this is desirable depends on the rate of growth. The plowback rate is calculated using the following formula: ROE x (1 Ã¢â‚¬â€œ Payout Ratio (Dividends per share/Earnings per share)). Plugging in the Value Line figures for Avon the result is, . 492 x (1 Ã¢â‚¬â€œ (. 84/1. 45)) = . 207 = 20. 7%. To calculate AvonÃ¢â‚¬â„¢s free cash flow we need the following = per share earnings + cash flow from operations Ã¢â‚¬â€œ required dividends Ã¢â‚¬â€œ capital spending. Thus, 1. 45 + . 44 Ã¢â‚¬â€œ . 84 Ã¢â‚¬â€œ . 69 = $0. 36. VI. Ratio Analysis Profitability |12/31/2010 | |12/31/2009 | |12/31/2008 | |12/31/2007 | |Ratios | | | | | | | | |2006 |5. 5 |Ã‚ |1. 75 |Ã‚ |6. 26 |Ã‚ |60. 28 | |2007 |5. 4 | |1. 81 | |7. 23 | |70. 67 | |2008 |8. 3 |Ã‚ |1. 81 |Ã‚ |8. 38 |Ã‚ |125. 92 | |2009 |6. 1 | |1. 61 | |6. 4 | |64. 27 | |2010 |5. 9 |Ã‚ |1. 48 |Ã‚ |4. 74 |Ã‚ |41. 4 | According to this DuPont Analysis for Avon, all three sectors show inconsistencies and overall fluctuations up and down. In 2008, the company is at its highest level but dramatically goes down in all sectors the year following and continues to decline. Overall, efficiency in all sectors are not very stable. The company has had its off and on days throughout the years without any trend or consistency. Avon needs to control their operations and cost efficiency more closely. VII. Regression & Descriptive Statistics Ã¢â‚¬â€œ Growth Analysis Using the data figures for Avon provided through Value Line from 2002 to 2009, a descriptive analysis and linear regression were produced for SPS, Shares, EPS, CF, DIV, ROE, PE, BV, FCF, OM, RTC and NPM (Appendix). A more comprehensive analysis was done for EPS, FCF, PE, and ROE. Included in each financial variable analysis is the calculation of normalized data points for the 7th and 8th periods, which are years 2008 and 2009, respectively. Within this additional analysis the Current to Normalized (CNE) was also calculated, and each resulting figure was compared to the normal expected range of . 85 Ã¢â‚¬â€œ 1. 15. In the last step of this additional analysis, growth rate and variability figures were also produced. *Please Note: the ROE figures for the years of 2002, 2003, 2005, and 2008 were noted as Ã¢â‚¬Å"NMFÃ¢â‚¬ on Value Line, thus the figures used in the analysis were calculated using the net income after tax from the income statement and the shareholderÃ¢â‚¬â„¢s equity from the balance sheet. Looking at the summary of the results for these four financial variables in the chart given below, only the CNE of EPS, which is . 93 falls within the normal range of . 85 Ã¢â‚¬â€œ 1. 15, which means that in the remaining three areas of FCF, PE, and ROE, Avon is operating below the expected and acceptable range. These below average results signify that the normalized points produced are not adequate enough to rely on to calculate appropriate growth rates. As can be seen also in the summary, there is a positive growth rate in both EPS and ROE, but negative in both FCF and PE. ROE may be at a significant high growth rate because of the out of norm results that were calculated for the years of 2002, 2003, 2005, and 2008 as mentioned above. In each of these particular years, shareholders equity was low in comparison to net income (negative in 2002) which resulted in abnormal figures Value Line did not wish to indicate. FCF has a negative growth rate since in 2005 it was at an unsustainable figure of 1. 07 and then drastically declined to . 34 the following year and even lower to . 25 in 2007. This drastic change coupled with another fluctuating high and low between 2008 and 2009 are factors for this negative growth rate. In relation, although not as drastic, for PE results more visibly decline in the last two periods of 2008 and 2009. |Avon Products, Inc Financial Variables Analysis | | | |EPS |ROE |FCF |PE | |Normalized 8th Period | |$1. 55 |$156. 38 |$0. 46 |$22. 18 | | | |Ã‚ |Ã‚ |Ã‚ |Ã‚ | |Normalized 7th Period | |$1. 51 |$121. 35 |$0. 52 |$22. 7 | | | |Ã‚ |Ã‚ |Ã‚ |Ã‚ | |Current to Normalized | |0. 93 |0. 31 |0. 79 |0. 84 | | | |Ã‚ |Ã‚ |Ã‚ |Ã‚ | |Growth Rate | |3. 09% |28. 87% |-12. 80% |-0. 88% | Another aspect of the descriptive and regression analysis that is important to point out are the R-squared and skewness. R-squared, also known as the coefficient of variation, is helpful in providing a measure of how well future outcomes are likely to be predicted by the model. The values for R-squared range from 0 to 1: the closer to 1 the results are, the better the Ã¢â‚¬Å"fitÃ¢â‚¬â„¢ of the predicted values and the more realistic or reliable they are. R-squared can also be explained as the strength of the relationship between time and the variable. For all four financial variables, the R-squared figures range from . 01-. 25, which are indicative of weak relationships between time and each of these variables. None of the data points for these variables are strong measures of how well the regression line approximates the real data points. Skewness is a measure of the asymmetry of the probability distribution of a real-valued variable (Wikipedia. com). The results are usually either positive or negative, or in some instances undefined. A negative skew in characterized and having the mass distribution concentrated on the right of the figure or in most recent years and has relatively few low values. A positive skew has a mass distribution concentrated on the left o the figure or in earlier years and has relatively few high values. For both EPS and PE, the skewness is positive in contrast to ROE and FCF which are both negative. Growth for EPS and PE both took place in recent years while growth for ROE and FCF took place in earlier years. |Avon Products, Inc Financial Variables Analysis | | | |EPS |ROE |FCF |PE | |R-Squared | |0. 1041 |0. 2092 |0. 2527 |0. 101 | | | |Ã‚ |Ã‚ |Ã‚ |Ã‚ | |Skewness | |1. 0284 |-2. 5446 |-0. 3754 |0. 8432 | For the remaining financial variables, the same analysis was produced. Interestingly enough, the CNE for these variables fall within the normal expected range of . 85 Ã¢â‚¬â€œ 1. 15, except for BV which is slightly over at 1. 18. These figures range from . 91 Ã¢â‚¬â€œ 1. 04. The growth rates for DIV, CF, BV and SPS are positive, but are negative for Shares, OM, NPM and RTC. The negative growth rate of Shares means that the company is buying back their stock. For R-squared the only strong relationships between time and that variable were DIV at . 584, Shares at . 8963 and SPS at . 9632. The R-squares for BV and RTC are relatively moderate. Skewness for DIV, BV, OM and NPM are negative with growth occurring in earlier prior years and skewness for CF, Shares, SPS and RTC were positive with growth occurring in the latter years. |Avon Products, Inc Financial Variables Analysis | | | | | |EPS 2009 |1. 45 | | | | | |Growth Rate = |3. 9% | | | | | |Payout Ratio = |36% | | | | | |Discount Rate = |7. 10% | | | | |Avon Projections 2010-2019 | | |Period |Years |EPS |DIV |PV | |1 |2010 |1. 49 |0. 54 |$0. 50 | |2 |2011 |1. 54 |0. 55 |$0. 48 | |3 |2012 |1. 59 |0. 57 |$0. 47 | |4 |2013 |1. 64 |0. 59 |$0. 45 | |5 |2014 |1. 69 |0. 61 |$0. 3 | |6 |2015 |1. 74 |0. 63 |$0. 42 | |7 |2016 |1. 79 |0. 65 |$0. 40 | |8 |2017 |1. 85 |0. 67 |$0. 38 | |9 |2018 |1. 91 |0. 69 |$0. 37 | |10 |2019 |1. 97 |0. 71 |$0. 36 | |PV total of dividend payout for the next 10 years: |$4. 26 | Terminal Value The 2019 stock price calculated reflects the value of all future dividends or cash flows in perpetuity. In order to determine the 2019 stock price the following will be needed: Because when using the above process the discount rate is assumed and one of the biggest variables that may fluctuate and thus cause the result to differ, other methods should also be considered when doing a company stock price valuation. One other such popular method is the Capital Asset Pricing Model (CAPM). Capital Asset Pricing Model (CAPM) The main purpose of this model is to explain the relationship between risk and the expected return that a stock may yield and is used in the pricing of risky securities (Investopedia). The following formula is used in the calculation of CAPM: o CAPM = Rf + (a (Rm Ã¢â‚¬â€œ Rf) Rf = Risk-free rate (Treasury bond rate) assumed at 5% o Rm = Expected market return assumed at 12% o (a = Beta of the security; from AvonÃ¢â‚¬â„¢s Value Line beta is . 95 Thus, when using this CAPM formula to calculate the discount rate, the following result is returned: CAPM = . 05 + . 95 (. 12 Ã¢â ‚¬â€œ . 05) = . 1165 = 11. 65% discount rate (Ke). This new discount rate of 11. 65% is now inputted into the dividends projections table done previously. The new table is shown below with a PV total of dividend payout for the next 10 years now at a reduced amount of $3. 45. The new terminal value also decreases to $16. 87 as well as the PV of this 2019 stock price to $5. 60. The stock remains overvalued with an intrinsic value of $9. 06 compared to the current price of $29. 22. The price-to-intrinsic is now 3. 23. |Variables used to determine PV total of dividend payout for the next 10 years: | | | |EPS 2009 |1. 45 | | | | | | |Growth Rate = |3. 09% | | | | | | |Payout Ratio = |36% | | | | | | |Discount Rate = |11. 5% | | | | | | | | | | | | | | |Avon Projections 2010-2019 | | | | |Period |Years |EPS |DIV |PV | | | |2 |2011 |1. 54 |0. 55 |$0. 45 | | | |3 |2012 |1. 59 |0. 57 |$0. 41 | | | |4 |2013 |1. 64 |0. 59 |$0. 38 | | | |5 |2014 |1. 69 |0. 61 |$0. 35 | | | |6 |2015 |1. 4 |0. 63 |$0. 32 | | | |7 |2016 |1. 79 |0. 65 |$0. 30 | | | |8 |2017 |1. 85 |0. 67 |$0. 28 | | | |9 |2018 |1. 91 |0. 69 |$0. 25 | | | |10 |2019 |1. 97 |0. 71 |$0. 24 | | | |PV total of dividend payout for the next 10 years: |$3. 45 | | The only way that Avon stock would be considered undervalued would be at a discount rate of about 4. 9% or below as shown in the table below. |Variables used to determine PV total of dividend payout for the next 10 years: | | | |EPS 2009 |1. 45 | | | | | | |Growth Rate = |3. 09% | | | | | | |Payout Ratio = |36% | | | | | | |Discount Rate = |4. 0% | | | | | | | | | | | | | | |Avon Projections 2010-2019 | | | | |Period |Years |EPS |DIV |PV | | | |2 |2011 |1. 54 |0. 55 |$0. 50 | | | |3 |2012 |1. 59 |0. 57 |$0. 50 | | | |4 |2013 |1. 64 |0. 59 |$0. 9 | | | |5 |2014 |1. 69 |0. 61 |$0. 48 | | | |6 |2015 |1. 74 |0. 63 |$0. 47 | | | |7 |2016 |1. 79 |0. 65 |$0. 46 | | | |8 |2017 |1. 85 |0. 67 |$0. 45 | | | |9 |2018 |1. 91 |0. 69 |$0. 45 | | | |10 |2019 |1. 7 |0. 71 |$0. 44 | | | |PV total of dividend payout for the next 10 years: |$4. 75 | | X. Rule #1 The Four MÃ¢â‚¬â„¢s Ã¢â‚¬ ¢ Meaning Ã¢â‚¬ ¢ Moat Ã¢â‚¬ ¢ Management Ã¢â‚¬ ¢ Margin of Safety (Sticker Price) Does the business have meaning to you? Since my tender age of 4, I remember going door-to-door with my mother distributing Avon brochures and samples. Not only was she a single mother at the time, but she also went to school and worked another part-time job. My mother eventually left her part-time job and made Avon her full-time career. She now has 25 years of selling Avon and making a living out of it. My step-father also quit his full-time job and dedicated his time to helping my mother out with the business. My whole life I have seen my mother work her hardest to give me anything and everything she could to raise me and get me to where I am now and she could not have accomplished that if it werenÃ¢â‚¬â„¢t for her loyal commitment to Avon Products. She built her business from the bottom up just like any other Avon representative. She now works from home and has all her clients come to her. My mother has always told me that she eventually wants to hand over the business to me and I have taken this opportunity in Finance class to learn more in-depth about the company and what it offers not only as a business owner but also as an investor. Ironically enough, just about a month ago my mother showed interest in investing in the company (yes, after 25 years! ) and asked me about whether she should and if so how much she should invest. This evaluation project gave me even more reason to choose Avon Products, Inc as my chosen company of interest. Does the business have a wide Moat? Or in other words, is the companyÃ¢â‚¬â„¢s future predictable? Avon has been in existence almost 100 years, 95 to be exact. It has had an exciting development from start to present going from being solely in the perfume/cosmetics market to expanding their products to include an array interests from kids toys to menÃ¢â‚¬â„¢s sports watches. They have captured a competitive advantage from the beginning starting off as the first to introduce direct selling and now being a well renown beauty global entity; they have indeed establishes a good name for themselves. Avon continues to do extensive research to keep up to par with their different markets and products and continuously strives to improve what they already have and produce new products. Many companies have hence since followed in AvonÃ¢â‚¬â„¢s footsteps, realizing the success Avon has had with focusing on interpersonal sales and customer service. Avon has a well-established name and reputation and many customers have been loyal since their early years. The Management Ever since the beginning up until 2001, Avon has had male CEOÃ¢â‚¬â„¢s. Some find that a bit peculiar being that Avon prides itself on being Ã¢â‚¬Å"the Company for WomenÃ¢â‚¬ . LetÃ¢â‚¬â„¢s keep in mind though the history of this company as mentioned in the first part, Avon was created by a man by accident perhaps, but definitely with good intentions. As of 2001, the new CEO, Andrea Jung, has brought new hope and meaning to the company. Since her leadership started the company has revolutionized into a new identity with Representatives truly feeling and living the motto of the company. Both customers and Representatives have more confidence in the company and it has portrayed overall both in the financial and operational functions of the company. Safety of Margin (Sticker Price) On Rule #1Ã¢â‚¬â„¢s website www. ruleoneinvestor. com, Phil Town, provides various calculators that aid in the decision to buy or not buy a particular stock by inputting various company figures to produce the companyÃ¢â‚¬â„¢s true value. Step 1 Data Input: Current EPS: 1. 45 # Years: 10 EPS Growth Rate: 13% Step 1 Result: Future EPS = $4. 92 Step 2 Calculate Future Value Data Input: Future EPS: $4. 92 Future PE: 18 Step 2 Results: Future Value = $88. 56 Step 3 Calculate Sticker Price Data Input: Future Value/Share: $88. 56 Min Acceptable ROI: 15% # Years: 10 Step 3 Results: Sticker Price: $21. 89 Step 4 Calculate Margin of Safety Data Input: Sticker Price: $21. 89 Step 4 Results: Margin of Safety: $10. 95 Overall Results: $21. 89 ; $29. 22 (Current Price) = Stock is Overvalued = Sell/Not Buy XI. Conclusions /Final Stock Judgment Based on all the analysis previously set forth here, the best recommendation for an investor would be not to buy Avon stock or to sell their Avon stock if they currently hold interest in the company. Finding that the intrinsic value of the company using two separate methods (AAA bond rate & CAPM) both return a valuation that AvonÃ¢â‚¬â„¢s current stock price is undervalued, would understandably be sufficient to determine that it would not be the best of choices to invest in the company; at least for the current time. The difficulty as well in trying to formulate a regression analysis for ROE also points to the companyÃ¢â‚¬â„¢s weaknesses since shareholderÃ¢â‚¬â„¢s equity has not shown a constant, positive performance and even at times negative. Income generation for stockholders is not quite strong and would require further, long-term watch if an investor has a personal interest in the company to be able to invest at a later time when the value of the current stock is really what it is worth. Furthermore, recent news indicates it is not the greatest time for Avon in terms of earnings as they have spent a great deal on advertising. Getting out of the Japanese market may have been the most perfectly timed move they have made. Although Avon is currently not seen as one of the strongest companies to invest in at the moment, reviews have said not to leave Avon behind for the future. They are slowly regaining momentum and being that their beta of . 95 is still below the marketÃ¢â‚¬â„¢s beta of 1. 0, it is not one of the riskiest out there. Also, it must be reminded that with a good Technical ranking of 2, Avon has short-term capital gains, in the three to six month timeframe. At a financial strength of a B++, the company is still in good shape and can most likely survive a depression better than other companies. The company has sufficient liquidity to payout their dividends or increase how much they give as dividends. Investors should still proceed with caution if even in the future the company still maintains a Safety rating of 3 and a Timeliness rating of 4 as these ratings do not give the company enough leverage to be deemed financially reliable. In addition, with a Price Growth Predictability (PGP) of 45, Stock Price Stability (SPS) of 75, and an Earnings Predictability of 65, the company does not perform more than average in all of these areas meaning they donÃ¢â‚¬â„¢t really beat the index, they are somewhat stable, and they have an average consistency of earnings. Overall, all of the above inconsistencies and especially the overvalue of the current stock price, will not lead to satisfactory returns. Perhaps in the near future the tables will turn as the company does have many opportunities and room for slow growth, but it will require a watchful eye. Avon is a trusted company with a rich history, especially among women, so there is much possibility of vast improvement and capabilities of big interest to investors if the company is more observant with their financial movement and take care of their shareholders. XII. References Avon Products, Inc. Avon. com. 2011. 2 April 2011 Datamonitor. Business Source Premier. 7 June 2010. 3 April 2011 Fidelity. Fidelity. com. 2011. 8 April 2011 HooverÃ¢â‚¬â„¢s Inc. LexisNexis Academic. 8 April 2011. 8 April 2011 Investment Underground. Seeking Alpha. 21 March 2011. 2 April 2011 Investopedia. Investopedia. com. 2011. 6 April 2011 Kaplan, Jerome H. Value Line. 2011. 2 April 2011 LÃ¢â‚¬â„¢Oreal. Loreal. com. 2011. 6 April 2011 Money-Zine. Money-Zine. com. 2011. 4 April 2011 Revlon. Revlon. com. 2011. 6 April 2011 Roberts, Andrew. Bloomberg. 17 March 2011. 2 April 2011 Sommer, Ron. Seeking Alpha. 21 March 2011. 2 April 2011 Town, Phil. Rule #1: The Simple Strategy for Successful Investing in only 15 Minutes a Week. 2011. 9 April 2011 Wikipedia. Wikipedia. com. 2011. 6 April 2011 Zachs. Yahoo! Finance. 16 March 2011. 2 April 2011 XIII. Appendix [pic][pic] [pic] Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€œ Corporate Valuation: Avon Products, Inc. (NYSE:AVP) F

Wednesday, October 23, 2019

Library Ethics

Given the scenario where in the year 2020, the information highway is under total control of the U.S. Government. It is mandatory to filter the information that can be accessed on public libraries. The issue of having the limited access to such information can be very controversial. This can imply other issues that concern the seclusion of information. This is unethical for the following arguments. The suppression of the free access via internet is an act of depriving the freedom of expression is considered this to be unethical and a violation of right. One of our basic rights of expressing our thoughts is protected by the First Amendment in the Bill of Rights, which is Freedom of speech. Speech, as in the text implies, pertains to the visual, verbal, non-verbal and symbolic representation of one's expression (Kilman, 2000). Whenever an issue is raised to be concerning this right, it is subjected to the Court whether it violated the First Amendment. Courts make exceptions to speech which causes substantial harm to the public. If the government has a full control on what can be available on public, then some expression of people can be filtered out. Whenever there is an article or discussion of sensitive issues in the internet, the government has the power to hide this information. The government has a control on what they want to show the people and eliminate important facts that can destroy their reputation. In contrary, the issue of government regulatory on libraries can be ethically correct. The improper use and abuse in the use of internet is main issue why the government wants to implement this policy. Some internet users do not cite their reference which violates the original author's copyright. The idea of the author is exploited and is not credited. Under the United States copyright law, the authors and inventors have the exclusive right for their respective writings or discoveries (RA 1476, 1976). This protects them from the illegal use of their property. Also, to some abusers, it became a medium of violence and sexual exploitation like pornography. There are now several websites that are open to the public which can be very dangerous when exposed to young minds. With the help of implementing filter of accessibility on public libraries as mandatory, the government intends to resolve this issue. This mandatory to Libraries will have positive and negative effects to libraries and patrons. For libraries, strict implementation will be the challenge to them. They should familiar on the new system that the government wants. Patrons will only have limited resource. Although their research will still be adequate, it is a fact that there are things that are not shown to them. On the positive side, parents of young patrons can assure that their children are safe from the exposure of adult materials. To mediate this issue, an effective new way of implementing strict policies on libraries with the use of library computers can help. Appropriate policies set by the libraries must be observed. It is the role of a Library to provide materials of information but visitors must always follow the Library's policies. The library supposed to take responsibility for the information provided on its web site (Shih, 2004). There should always be balance between rights and responsibility. Library computers are open to the public for those who are in need of resources and must be responsible users. We are all given the right to express ourselves freely but not forgetting the message that underlie it. No right can be violated if one is always responsible in his actions. REFERENCES Kilman, J. C., G. (2000). The Constitution of the United States of America: Analysis and Interpretation. (1976). Republic Act No. 1476 .94 th Congress. 2nd Session. Shih, Susan. Policy for Public Use of the Internet. 2004 Ã‚

Tuesday, October 22, 2019

Tips for Declaring Variables in Java

Tips for Declaring Variables in Java A variable is a container that holds values that are used in a Java program. To be able to use a variable it needs to be declared. Declaring variables is normally the first thing that happens in any program. How to Declare a Variable Java is a strongly typed programming language. This means that every variable must have a data type associated with it. For example, a variable could be declared to use one of the eight primitive data types: byte, short, int, long, float, double, char or boolean. A good analogy for a variable is to think of a bucket. We can fill it to a certain level, we can replace whats inside it, and sometimes we can add or take something away from it. When we declare a variable to use a data type its like putting a label on the bucket that says what it can be filled with. Lets say the label for the bucket is Sand. Once the label is attached, we can only ever add or remove sand from the bucket. Anytime we try and put anything else into it, we will get stopped by the bucket police. In Java, you can think of the compiler as the bucket police. It ensures that programmers declare and use variables properly. To declare a variable in Java, all that is needed is the data type followed by the variable name: int numberOfDays; In the above example, a variable called numberOfDays has been declared with a data type of int. Notice how the line ends with a semi-colon. The semi-colon tells the Java compiler that the declaration is complete. Now that it has been declared, numberOfDays can only ever hold values that match the definition of the data type (i.e., for an int data type the value can only be a whole number between -2,147,483,648 to 2,147,483,647). Declaring variables for other data types is exactly the same: byte nextInStream; short hour; long totalNumberOfStars; float reactionTime; double itemPrice; Initializing Variables Before a variable can be used it must be given an initial value. This is called initializing the variable. If we try to use a variable without first giving it a value: int numberOfDays; //try and add 10 to the value of numberOfDays numberOfDays numberOfDays 10; the compiler will throw an error: variable numberOfDays might not have been initialized To initialize a variable we use an assignment statement. An assignment statement follows the same pattern as an equation in mathematics (e.g., 2 2 4). There is a left side of the equation, a right side and an equals sign (i.e., ) in the middle. To give a variable a value, the left side is the name of the variable and the right side is the value: int numberOfDays; numberOfDays 7; In the above example, numberOfDays has been declared with a data type of int and has been giving an initial value of 7. We can now add ten to the value of numberOfDays because it has been initialized: int numberOfDays; numberOfDays 7; numberOfDays numberOfDays 10; System.out.println(numberOfDays); Typically, the initializing of a variable is done at the same time as its declaration: //declare the variable and give it a value all in one statement int numberOfDays 7; Choosing Variable Names The name given to a variable is known as an identifier. As the term suggests, the way the compiler knows which variables its dealing with is through the variables name. There are certain rules for identifiers: reserved words cannot be used.they cannot start with a digit but digits can be used after the first character (e.g., name1, n2ame are valid).they can start with a letter, an underscore (i.e., _) or a dollar sign (i.e., $).you cannot use other symbols or spaces (e.g., %,^,,#). Always give your variables meaningful identifiers. If a variable holds the price of a book, then call it something like bookPrice. If each variable has a name that makes it clear what its being used for, it will make finding errors in your programs a lot easier. Finally, there are naming conventions in Java that weÃ‚ would encourage you to use. You may have noticed that all the examples weÃ‚ have given follow a certain pattern. When more than one word is used in combination in a variable name the words following the first one are given a capital letter (e.g., reactionTime, numberOfDays.) This is known as mixed case and is the preferred choice for variable identifiers.

Monday, October 21, 2019

12 Quotations on Learning to Write by Reading

12 Quotations on Learning to Write by Reading Read! Read! Read! And then read some more. When you find something that thrills you, take it apart paragraph by paragraph, line by line, word by word, to see what made it so wonderful. Then use those tricks the next time you write. That charge to young writers happens to come from novelist W.P. Kinsella, but in fact hes echoing centuries of good advice. Heres how 12 other authors, past and present, have stressed the importance of reading to a writers development. Read, Observe, and PracticeFor a man to write well, there are required three necessaries: to read the best authors, observe the best speakers, and much exercise of his own style.(Ben Jonson, Timber, or Discoveries, 1640)Exercise the MindReading is to the mind what exercise is to the body.(Richard Steele, The Tatler, 1710)Read the BestRead the best books first, or you may not have a chance to read them at all.(Henry David Thoreau, A Week on the Concord and Merrimack Rivers, 1849)Imitate, Then DestroyWriting is a difficult trade which must be learned slowly by reading great authors; by trying at the outset to imitate them; by daring then to be original and by destroying ones first productions.(Attributed to AndrÃƒ © Maurois, 1885-1967)Read CriticallyWhen I was teaching writing - Ã‚ and I still say it - Ã‚ I taught that the best way to learn to write is by reading. Reading critically, noticing paragraphs that get the job done, how your favorite writers use verbs, all the useful techni ques. A scene catches you? Go back and study it. Find out how it works.(Tony Hillerman, quoted by G. Miki Hayden in Writing the Mystery: A Start-to-Finish Guide for Both Novice and Professional, 2nd ed. Intrigue Press, 2004) Read EverythingRead everything - Ã‚ trash, classics, good and bad, and see how they do it. Just like a carpenter who works as an apprentice and studies the master. Read! Youll absorb it. Then write. If it is good, youll find out.(William Faulkner, interviewed by Lavon Rascoe for The Western Review, Summer 1951)Read Bad Stuff, TooIf you are going to learn from other writers dont only read the great ones, because if you do that youll get so filled with despair and the fear that youll never be able to do anywhere near as well as they did that youll stop writing. I recommend that you read a lot of bad stuff, too. Its very encouraging. Hey, I can do so much better than this. Read the greatest stuff but read the stuff that isnt so great, too. Great stuff is very discouraging.(Edward Albee, quoted by Jon Winokur in Advice to Writers, 1999)Be a Voracious, Loving ReaderWhen you start reading in a certain way, thats already the beginning of your writing. Youre learning what you admire and you re learning to love other writers. The love of other writers is an important first step. To be a voracious, loving reader.(Tess Gallagher, quoted by Nicholas OConnell in At the Fields End: Interviews With 22 Pacific Northwest Writers, rev. ed., 1998) Tap Into the World ConsciousnessToo many writers are trying to write with too shallow an education. Whether they go to college or not is immaterial. Ive met many self-educated people who are much better read than I am. The point is that a writer needs a sense of the history of literature to be successful as a writer, and you need to read some Dickens, some Dostoyevsky, some Melville, and other great classics - Ã‚ because they are part of our world consciousness, and the good writers tap into the world consciousness when they write.(James Kisner, quoted by William Safire and Leonard Safir in Good Advice on Writing, 1992)Listen, Read, and WriteIf you read good books, when you write, good books will come out of you. Maybe its not quite that easy, but if you want to learn something, go to the source. ... Dogen, a great Zen master, said, If you walk in the mist, you get wet. So just listen, read, and write. Little by little, you will come closer to what you need to say and express it thr ough your voice.(Natalie Goldberg, Writing Down the Bones: Freeing the Writer Within, rev ed., 2005) Read a Lot, Write a LotThe real importance of reading is that it creates an ease and intimacy with the process of writing; one comes to the country of the writer with ones papers and identification pretty much in order. Constant reading will pull you into a place (a mind-set, if you like the phrase) where you can write eagerly and without self-consciousness. It also offers you a constantly growing knowledge of what has been done and what hasnt, what is trite and what is fresh, what works and what just lies there dying (or dead) on the page. The more you read, the less apt you are to make a fool of yourself with your pen or word processor.Ã‚ ...[R]ead a lot, write a lot is the great commandment.(Stephen King, On Writing: A Memoir of the Craft, 2000)And Have FunRead a lot. Write a lot. Have fun.(Daniel Pinkwater) For more specific suggestions on what to read, visit our reading list: 100 Major Works of Modern Creative Nonfiction.

Sunday, October 20, 2019

5 Lessons for Mixing Past and Present Tense

5 Lessons for Mixing Past and Present Tense 5 Lessons for Mixing Past and Present Tense 5 Lessons for Mixing Past and Present Tense By Mark Nichol Writers often fall into a tense trap and donÃ¢â‚¬â„¢t even notice. A tense trap is not a trap that makes you tense; itÃ¢â‚¬â„¢s when you get stuck in past tense when the phenomena you are describing is perpetual or at least valid to the present moment. Here are some sample tense traps and their simple fixes: 1. Ã¢â‚¬Å"Bush lost me as a supporter when he said that outsourcing American jobs was a good thing.Ã¢â‚¬ This sentence from a newspaper column correctly reports in the past tense at the beginning of the sentence. But Bush likely said something like this: Ã¢â‚¬Å"Outsourcing American jobs is a good thing.Ã¢â‚¬ Even in paraphrase, the writer should retain the present tense: Ã¢â‚¬Å"Bush lost me as a supporter when he said that outsourcing American jobs is a good thing.Ã¢â‚¬ 2. Ã¢â‚¬Å"The two men chimed right in with their own stories about what wonderful people Jack and Margaret were.Ã¢â‚¬ Because this sentence is taken out of context, you have no idea whether Jack and Margaret were still alive at the time they were being discussed. To your credit, though, that thought occurred to you but it didnÃ¢â‚¬â„¢t occur to the person who referred to the still-alive-and-kicking couple in the past tense. Unless Jack and Margaret later suffered from a personality disorder that transformed their natures, the writer should have made the observation in the present tense: Ã¢â‚¬Å"The two men chimed right in with their own stories about what wonderful people Jack and Margaret are.Ã¢â‚¬ 3. Ã¢â‚¬Å"These remarks infuriated French president Jacques Chirac, who declared that his country loved Jews and was not at all anti-Semitic.Ã¢â‚¬ Methinks Monsieur is suffering pied-en-bouche disease when he clumsily protests FranceÃ¢â‚¬â„¢s apparently nonabiding affection for Semitic peoples. But itÃ¢â‚¬â„¢s not his fault; the paraphrase should support the intent of his sentiment by using the present tense: Ã¢â‚¬Å"These remarks infuriated French president Jacques Chirac, who declared that his country loves Jews and is not at all anti-Semitic.Ã¢â‚¬ 4. Ã¢â‚¬Å"He wanted to know: Did it really do all the things people said it did?Ã¢â‚¬ Assuming you know that the product in question is extant and that its operating features are persistent, reference to it should be in the present tense regardless of the framing tense: Ã¢â‚¬Å"He wanted to know: Does it really do all the things people say it does?Ã¢â‚¬ 5. Ã¢â‚¬Å"Even when he was young, Dali was fascinated by and disturbed about how ants ate animal carcasses.Ã¢â‚¬ Because ants (disregarding the fact that Dali remains neither a youth nor alive) still eat animal carcasses, the verb should appear in the present tense: Ã¢â‚¬Å"Even when he was young, Dali was fascinated by and disturbed about how ants eat animal carcasses.Ã¢â‚¬ But look at this sentence from the same article: Ã¢â‚¬Å"This experience convinced the late artist that it was useless to represent reality in his painting.Ã¢â‚¬ This statement is correct as is. Knowing, as we do, that the artist is no longer alive and that the sentiment refers specifically to him, the point is no longer valid, so past tense here is proper. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Grammar category, check our popular posts, or choose a related post below:50 Slang Terms for MoneyCapitalization Rules for the Names of GamesA "Diploma" is not a "Degree"

Saturday, October 19, 2019

Why Do managers plan Research Paper Example | Topics and Well Written Essays - 1750 words

Why Do managers plan - Research Paper Example Planning is done by all individuals in their personal and profesional lives. If one doesnt plan, then there are high chances that things may move in a haphazard way. A project has several stages of planning which contributes overall importance towards the organization. Managers concentrate on the time spent on conducting effective planning that can be a source to save time and income. This practice is helpful in preventing problems that can potentially happen ("A Guide to the Project Management Body of Knowledge",Ã‚ 2013). Who is a Manager? A managerÃ¢â‚¬â„¢s responsibility is to direct the work of groups or individuals in order to combine their efforts in order to achieve necessary objectives. A manager can disseminate the work through direct or indirect passage of workers or subordinates. Work needs to be delegated to the subordinates according to the level of exeprtise of each subordinate. The manager should be well aware of the employee's ability for proper delegation of tasks. The manager needs to be familiar with the supervising abilities and should have the potential to coordinate the work process while taking corrective measures for the benefit of the company. A manager doesn't need to be a perfect human being who is ideal in all the skills, but he needs to perform efficiently enough to complete projects successfully (A Guide to the Project Management Body of Knowledge,Ã‚ 2013). The manager needs to be well aware of the mission and vision statement of the organization and accordingly it is the manager's duty to ensure that all the subordinates are clear on the mission and vision and also are clear on the path to be taken to achieve the mission. Hence, managers are in a better position to plan the path and ensure that all the employees follow the planned path to achieve the goals and objectives for the firm. With a proper planning and execution phase, the organization is able to prosper towards success and profitability. A well set out plab allows the employees to constantly review the milestones achieved and the elements that still remain to be achieved. Tasks this way tend to work out in a smooth and consitent flow. A manager has to perform various functions and roles depending upon the context he/she is working. For instance, an accounting manager directs the accounts function and coordinates smooth communication. Similarly , a manager working in the Design Engineering department needs to support his staff to perform the necessary roles to achieve the best design and engineering of the product (Belker,Ã‚ 2012). A marketing manager may have to plan out the goals and objectives of the marketing department and accordingly devise the appropriate marketing strategies to achieve the set goals and objective. Each functional manager may have to plan out the work process so that things work smoothly and in the right direction. All the functional managers may have to sit in a meeting and discuss on the larger perspective, and this way with proper cooperation and coordination the firm is able to achieve the desired level of success. There are so many ways that proves planning to be a crucial and effective element towards the success of any organization. A manager should not conduct the planning on his own, but he must make sure that all the concerned employees and staff is involved so that better decisions can be made. In this way many new ideas can be achieved which will be an asset for the manager to ponder and take decisions accordingly. However, without a successful execution of the decision and without considering all the important potential risks towards planning, it can create serious issue and

Hot pursuit Essay Example | Topics and Well Written Essays - 500 words

Hot pursuit - Essay Example The main principle or premise that underlies this rule is that Ã¢â‚¬Å"an act is deemed to be committed not only where the physical movements occur but also where the consequences take effect.Ã¢â‚¬ (Williams, 1939). The main justification of the hot pursuit exception is reposed in the landmark case of Warden v. Hayden (387 U.S. 294 [1967]) where the warrantless entry of the police into the house of the suspect was deemed justified by the majority because the "exigencies of the situation made that course imperative" (p. 298). But a rule to follow, according to Worrall (2011), is that Ã¢â‚¬Å"the nature of the exigency defines the scope of the search.Ã¢â‚¬ This means that the exigency must be of so grave a nature and so compelling a reason before a search may be commenced without a warrant. This case of Warden also propounded other justifications. According to Justice Brennan, the imperatives of the Fourth Amendment Ã¢â‚¬Å"does not require police officers to delay in the course of an investigation if to do so would gravely danger their lives or the lives of others" (pp. 298-299). It was also reasonable for the police officers, according to the decision, to ensure that had control of all weapons which could be used against them or to effect an escape" (p. 299). Another important rule to consider is that there must be no time at all to get a warrant. If there is a reasonable period of time that the police officers can use to procure a warrant, then the most prudent course of action would simply to get the warrant and then apprehend the suspect or search his premises on the strength of the warrant of arrest or search warrant. In the case of Welsh v. Wisconsin (466 U.S. 740 [1984]) the Court held that the hot pursuit exception cannot be made to apply Ã¢â‚¬Å"because there was no immediate or continuous pursuit of the petitioner from the scene of [the] crime". The doctrine of hot pursuit is relevant in issues of maritime

Friday, October 18, 2019

Discussion Questions Assignment Example | Topics and Well Written Essays - 250 words

Discussion Questions - Assignment Example If I were to create a code of conduct I would include ethical consideration such as honesty, professionalism, and cooperation. These three traits are essential in any negotiation process. I believe that in theory gender is not suppose to play any type of role in a negotiation process. The fact that the people involved are of different gender is not suppose to matter at all. Of course cultural relativism must be considered when dealing in international negotiations. For example when dealing with parties from countries such as many middle east countries were women do not have the same privileges as men it would not be wise for an American company to send a team of women to negotiate with a group of Arab businessmen who would be bias and would not respect the women. I do not think one gender is better than another, but it is reality that men have had more experience than women over the years due to the injustices of the past which implies that there are more men with the skills and abilities necessaries to succeed at the negotiating

Dubai Ports World (DP World) Assignment Example | Topics and Well Written Essays - 1750 words

Dubai Ports World (DP World) - Assignment Example Like most companies, DP World seeks growth and profitability through strategic initiatives, judicious financial management, and conducting routine internal assessments of its strength and weakness and understanding the industry threats and opportunities. In addition, positioning itself where it can take advantage of new market opportunities and grow is one thing. Coming up with new ways to conduct current operations is another. Modernizing its information technology infrastructure, sustaining a commitment to community projects in which it operates, understanding the political, social, economic and technological factors that influence its business and providing a work environment that DP world supports through training and development will position DP World to take advantage of opportunities to grow and expand into new markets. Core Industry Dubai Ports World (DP World) operates in the international marine terminal business (port operations) providing development and logistics services (DP World, 2010). Specifically, the majority of DP World management is in container handling services as part of an overall strategy of managing container, bulk and terminal cargo. In addition to containers, DP World also operates general cargo, bulk cargo, Ro-Ro vessel (such as car handling), and passenger terminals. DP World also operates P&O Maritime Services, DP World Cargo Services and DP World Intermodal. According to the DP World website, P&O Maritime Services is a ``specialist provider of maritime services to industry and government`` (DP World, 2010). DP World Cargo provides stevedoring (loading and unloading) services. These services include containers, bulk, general cargo, project cargoes, car carriers, reefer vessels and passenger vessel stores and baggage handling. DP World Intermodal operates what it refers to as ``outside th e gate`` (DP World Intermodal, n.d.) services to help clients streamline their supply chains, specifically in the railway services industry. This service is more formally called Container Rail Road Services Private Limited, or CRRS for short (DP World Intermodal, n.d.). Its P&O operations are diverse and include government shipping services, cargo services, port services (including skilled crews, shore support staff and vessel maintenance), offshore specialized marine services to the offshore oil and gas industry, defence, chartering (including ship brokering and chartering for mining and bulk minerals) and agency services (including ship agency, chandlery and manning services) (P&O Maritime, n.d.). Chandlery services cover supplies and equipment. Key Substitute Products / Services According to an OAS overview (Rossignol, 2007, p. 7), companies in this strategic assessment include (with number of ports in operation, millions of TEU throughput): 1. HPH - Hutchinson Port Holdings (45, 33.2). 2. PSA Ã¢â‚¬â€œ Singapore Port Authority (25, 32.4). 3. APMT - APM Terminals (40, 24.1). 4. P&O Ports (acquired by DP World). 5. DP World (42, 35.2 Ã¢â‚¬â€œ when combined with P&O Ports). 6. Evergreen Marine Corp (240, 11.5). 7. Eurogate (10, 11.4). 8. COSC - China Ocean Shipping Company (34, 8.1). 9. SSA Marine (150, 6.7). 10. MSH - Mediterranean Shipping Company (215, 5.7). Global growth is a key vision for DP World and this variable could be used as one of the key strategic measures. Growth can be measured in terms of TEU units. TEU is short for twenty-foot equivalent units as this is the majority of the industry

Thursday, October 17, 2019

Position Paper Essay Example | Topics and Well Written Essays - 1000 words - 7

Position Paper - Essay Example 146). The supporters of this argument indicate that every day and every occasion is different from all the rest. It is, therefore, not right to expect that history will provide viable lessons for the present, let alone the future. My position on this issue is that there are lessons in history. My position is based on three arguments. First, the conditions that lead to a problem in the past are more often than not the same that cause its repeat later in life. Secondly, present problems often result from failures to recognize and handle historical signs of the same. Thirdly, if it is true that the present prepares for the future and that the present will be history in future, and then history will have lessons to give the future. The social structure of the world undergoes minimal changes over the years. This implies that what the cause-effect relationship of incidences and events in history happen to be the same in the present. For instance, the history of war indicates that the causes of the first and second world wars were economic inequality and the search for trade and military superiority. This was caused by the lack of economic corporation. When the First World War ended, the world leaders did not take enough concern to handle the causes and hence the Second World War was inevitable. In both, tension events preceded the war outbreak and fuelled the attacks (Crescenzi, Kathman, and Long, p. 236). Presently, these are the lessons that the world always consider in monitoring the economic and trade environment of the world. This control through the IMF and World Bank, established after WWII is a lesson from history. The implementation of the deductions from those lessons has seen the world through more than 60 years if relatively peaceful existence and lack of conflicts. With capitalism and globalization, the fight for economic superiority in the world is not expected to undergo changes. This implies that the lessons learnt from history will always be

Critically evaluate the external role and influence of relevant Essay

Critically evaluate the external role and influence of relevant International Governmental Organisations in processes of state a - Essay Example Of course, the will and commitment of the people of these states was the main force behind this transformation, the important role of international organisations cannot be ignored in nation-building and state-building in the region. Since their independence, the Baltic States have joined the United Nations, the Council of Europe, the Organization for Security and Cooperation in Europe and a number of other international institutions. However, their membership in NATO and the European Union (EU) has been instrumental in the nation-building process of the Baltics. In this study, we will analyse the influence and role of mainly EU and NATO in the state-building and nation building process in the Baltic countries. Historical context Located in the geographical centre of Europe, the Baltic States had been for centuries an arena of confrontation between East and West, as well as between North and EastÃ¢â‚¬ (Van Ham, 1995, p.10) . From the end of the 18th century, after these countries we re merged into the Russian empire, all the three lands were subjected to cultural and political suppression. The Tsarist Russia left no stone unturned to culturally and politically assimilate the Baltics into mainstream Russia. These states regained independence after the World War I, but only to lose it again to Soviet Union in 1940. Soviet leader Joseph Stalin reoccupied the Baltic countries in 1940 under the pretext of Molotov-Ribbentrop pact which provided room for Soviet influence in the region. After invading the three countries, he ruthlessly suppressed the nationalist feelings in the region and, following the path of the Tsarist Russian, he arbitrarily tried to assimilate the Baltics into mainstream Russia. However, as soon as Stalin died, the people of Baltics had set an example of rebellion for the rest of the USSR to follow. When the rest of Soviet Union was in peace in 1988, the people of these three countries were resisting the Soviet rule. Thousands of youths formed a human chain stretching the entire length of the three republics on August 24, 1989, on the 50th anniversary of Soviet rule. They were not far away from their independence. They eventually regained sovereignty in 1991 with the fall of Soviet Union. Three fragile new states However, it was not the end of their struggle. They were three fragile states with looming threats from their once superpower neighbour Russia. Without any state structure and a closed economy inherited from Soviet Union, the leadership and people of these states were in a state of paranoia, fearing for losing their sovereignty again. They had to go through the process of nation- and state-building in order to sustain their independence. Lack of strategic depth, open borders and their proximity to Russia and Ã¢â‚¬Å"limited economic resources to devote to developing viable military forces, especially since they have inherited little from the Soviet Army and were subject to a Western arms embargo until 1993Ã¢â‚¬ (V an Ham, 1995, p.4), put them in a vulnerable position as far as their security and viability was concerned. Domestic and global dynamics and policy options After independence, the decision makers in the Baltic States had to choose between a wide

Wednesday, October 16, 2019

Position Paper Essay Example | Topics and Well Written Essays - 1000 words - 7

Tuesday, October 15, 2019

Managing Multi-disciplinary Teams Essay Example | Topics and Well Written Essays - 1250 words

Managing Multi-disciplinary Teams - Essay Example Besides, the set goals should not only be practically realizable, but also in line with the relevant criteria and objectives governing the working of a particular organization. The most important task that calls for urgent attention in the management of a multi-disciplinary team is that all the members in that team should be sure about the specific roles assigned to them (Bacal, 2009). While allocating such roles, not only the abilities and aspirations of the specific employees ought to be taken into consideration, but no confusion should be left as to the allocation of responsibility and leadership pertaining to the specific tasks and roles. It is a common tendency amongst the teams to try to retain their old ways of working. However, the attainment of optimum efficiency and the successful achievement of the project goals require the teams to be flexible and adaptable (Bacal 2009). The case study under consideration brings to the light the need for setting clear-cut goals while managing multi-disciplinary teams, but also looking into the job of performance management through regular evaluation and feedback (Bacal 2008). The case study under consideration primarily involves a set of employees that includes two respiratory therapists, an intern, an administrative staff member, and a supervising head managing the overall activities of the department.One of the respiratory therapists is relatively young and is of an enthusiastic and positive temperament. The other therapist is quieter, mature, calibrated and much disciplined in his approach towards the work. The two therapists are expected to perform a whole range of duties like conducting an analysis of the issues at hand, conducting tests, assembling the equipment, and interacting with the patients and their family members. Being a therapist happens to be a stress intensive job and both the therapists tend to handle their jobs well in their own unique way. While the friendly nature of the younger therapist makes the patients feel at ease, the balance and confidence of the older therapist leaves his patients calm and reassured. Despite their conductin g periodical meetings, the relationship between the two therapists is marked by high conflict and disagreement, owing to the large scale and considerable differences in their approaches and ideas towards their work. The differences existing between these two therapists certainly need some astute conflict management (Farmer, 2009).The older therapist's approach towards one's work is very conservative while the younger therapist is more adventurous and spontaneous in his approach and wants to incorporate new challenges and issues in the organizational list of priorities. A conflict of opinion in the sphere of organizational priorities often has the potential to affect efficiency and productivity (Kerina, 2009). While the older therapist intends to be fixed and obstinate in his adherence to safety procedures, his younger counterpart believes in taking chances and to react according to the situation at hand. This environment of high conflict is negatively influencing the working of othe r therapists within the organization.

Monday, October 14, 2019

Defects of Consent Essay Example for Free

Defects of Consent Essay A defect of consent is a situation where a partyÃ¢â‚¬â„¢s declaration does not reflect his actual intent. This difference between declaration and intent may be caused by other parties,in order to make someone to form a contract with themselves. Fraud and Duress are this kind of defects. Roughly,fraud is deceiving someone by hiding certain facts or giving them a wrong impression/information in order to make them form a contract and duress is scaring or threatening someone to make them form a contract. If there is a difference between declaration and intent,which unintentionally resulted from the declarant,we can say there is an error. In some cases,both parties are mistaken about contract. Such defects are called Ã¢â‚¬Å"Collective ErrorÃ¢â‚¬ . In these situations,contract is formed by partiesÃ¢â‚¬â„¢ true intent,not according to their false statements. Error In the TCO article 30,the law states that Ã¢â‚¬Å"A party acting under an essential error when entering into a contract is not bound by it. Ã¢â‚¬ Interpreting this article,we can deduce that essentiality is a key concept,since unessential errors will not affect validity of the contract. Some aspects of essential error are specified in TCO,but law does not limit cases of essential error with those articles. Unwritten states of essential error are determined by the rules of good faith. Error may occur in several ways: Error in declaration In the TCO article 31 the law sets forth: An error is deemed particularly essential in the following cases 1-Where a party intended to conclude a contract different from that to which he consented. A wants to sell 100 kilos of olive oil to B,but during the formation of the contract, A inadvertently states that he wants to buy 100 kilos of olive oil and B agrees the offer. -Where a party has concluded a contract relating to a subject matter other than the subject matter he intended. A wants to buy E branded good,but during the formation of the contract he states he wants to buy F branded good by mistake and is not aware of it. 3-Where a party declared his intent to conclude the contract other than the whom he intended to. A wants to send an offer via mail to B,but he writes a different adress and mail goes to C. C accepts the offer. 4-Where a party took a specific person into consideration as the other party in entering a contract but declared his intent to another. A is a nanny who wants to raise BÃ¢â‚¬â„¢s child C,but during the formation of the contract she stated the name of BÃ¢â‚¬â„¢s mentally deficient child D. A is mistaken about someoneÃ¢â‚¬â„¢s identity,not someoneÃ¢â‚¬â„¢s qualifications. Otherwise it would be error in motive,which shouldnÃ¢â‚¬â„¢t be confused. 5- Where a party has promised to make a significantly greater performance or has accepted a promise of a significantly lesser consideration than he actually intended. Error in calculation of a simple nature do not affect the validity of the contract;but they should be corrected. A good should have 10. 000 dollars written on its label but accidently 1000 dollars is writtenon label. A buys the good for 1000 dollars. Error of Agents The law states in TCO article 33 that Ã¢â‚¬Å"Where an offer to enter into a contract has been incorrectly communicated by a Messenger,translator or other agents or by any means,the provisions governing error are applicableÃ¢â‚¬ . Error of agents are counted as error in declaration. Mistranslation,misinforming,changes in the text during telegraphingÃ¢â‚¬ ¦ are examples of such errors. Error by Considering a Demeanour as Consent When a partyÃ¢â‚¬â„¢s action is considered as an offer or acceptance by another party,and the other party is right to consider this as such and forms the contract,contract will be valid. However mistaken party can put forward that he is mistaken and benefit from the provision of error in declaration. Texts signed without reading If a party signs a text without reading ,and is right to think that the text suits his intent,outcome is determined by the other partyÃ¢â‚¬â„¢s knowledge about this intent. If the other party knows or has to know that text does not suit signerÃ¢â‚¬â„¢s intent,contract will not have been formed and thus there will not be any need for provisions of error. On the other hand,if the other party does not know or have to know the signerÃ¢â‚¬â„¢s intent,contract will be formed,but signing party by proving that the error is essential,can benefit from provisions of error in declaration. Signature in Blank One of the parties agree to sign in blank first,then allow other party to constitute the contract. If this contract formed later on has contents which do not suit signing partyÃ¢â‚¬â„¢s actual intent,he can benefit from provisions of error. Error in Motive Error in motive is caused by an error in the formation of intent. On principle,error in motive is not essential. If there are conditions prescribed by the law,there is an essential error in motive. In TCO article 32,the law sets forth that Ã¢â‚¬Å"Error in motive is not deemed as essential unless the mistaken party deems the motive as necessary basis for the contract and it is valid regarding the business affairs in good faith. Yet this rule is not applicable unless the other party is aware of this motiveÃ¢â‚¬ According to this article,error in motive is essential if the party deems this motive as necessary basis for the contact. This means the party is mistaken about a subject or qualifications of someone which affected his decision to form the contract. Error in material qualification,error in fact,error in legal status are examples of such mistakes. A wants to buy sculpor BÃ¢â‚¬â„¢s statue but in fact the statue is a replica. In this situation there is error in material qualification. A thinks he is assigned to a job in another city,so he rents a house in that city. He made an error in fact. A purchases a land to build a house,but does not know construction is forbidden on this site. He is mistaken about landÃ¢â‚¬â„¢s legal status. Also if other party is or has to be aware of the motive,error is deemed as essential. This should be determined in the present case. Avoidability In TCO art. 30 the law stipulates that Ã¢â‚¬Å"A party acting under an essential error when entering into a contract is not bound by it. Ã¢â‚¬ However this is limited by TCO art. 39. The contract will be valid if the mistaken party does not abolish the contract in a year,beginning from the moment he realises his error. Good Faith Rules in Error Right to avoid is also limited by the law. The law states in TCO art. 34 that Ã¢â‚¬Å"A person may not advance error in a manner in violation of good faith. In particular, the contract is considered to be concluded in a way that the party acting in error intended, in case the other party declares his consent to be bound by that contract. Ã¢â‚¬ Violation of good faith mentioned in the first subsection may be like this: A person learns that he made an essential error about a contract which he concluded years ago. He wants to use his right to avoid just to damage other party. In that case he will not be able to benefit from provisions of error since it is a violation of good faith. Second subsection of this provision is particularly important. I wish to give a case in this point,in order to better explain it: A wants to buy a kilo of fruit for 2 Liras,but he is mistaken and accepts BÃ¢â‚¬â„¢s offer to buy a kilo for 3 Liras. Then A states his mistake to B,B immediately says he is ready to sell it for 2 Liras. In this situation A cannot put forward that he wants to nullify the contract,since he made an essential error. The contract is formed. Error by Negligence According to TCO art. 35 Ã¢â‚¬Å"A party acting in error is liable for any loss arising from the nullity of the agreement where the error is attributable to his own negligence. However, there is no compensation if the other party knew or should have known of the error. In the interests of equity, the Court may, not exceeding the benefit of standart performance, award further damages to the injured party. Ã¢â‚¬ The first subsection is about responsibility of partiesÃ¢â‚¬â„¢ actions before the formation of the contract (culpa in contrahendo). Even a slightest negligence in error results in culpa in contrahendo,and in such situations damages will be compensated. According to the second sentence of this subsection,there will not be any compensations if the other party knew or should have known of the error. But this provision is not applicable to error of declaration,since if the other party knew or should have known the error in declaration,contract is formed according to the declarantÃ¢â‚¬â„¢s real intent. Yet if a party knows or has to know other party made an error in motive,mistaken party will not have to compensate any damages even if he abolishes the contract. Amount of the damage that will be compensated,is the damage that would not exist if the contract would not be formed. This kind of damage is Ã¢â‚¬Å"negative damageÃ¢â‚¬ . Benefit of the standart performance is named as Ã¢â‚¬Å"positive damageÃ¢â‚¬ . According to the second subsection,judge may decide further damages. This Ã¢â‚¬Å"further damageÃ¢â‚¬ is compensation of positive damage. Amount of positive damage that must be compensated may be some of the positive damage or all of the positive damage,determined by equity,but cannot exceed positive damage.