Bham civil rights

MAGMA It was coldest November day when my friend and I went to the Birmingham Civil Rights Institute. Coming here brought back a lot of memories because feel like Civil Rights was the majority of what we studied in grade school. From the minute I parked I saw the 16th SST Baptist Church that was bombed many years ago. I remember taking field trips there when was a child. Walking through the building was like taking a journey through Birmingham contributions to the Civil Rights Movement and human rights struggles.The most familiar part of the institute was going past Martin Luther King Jar. ‘s exhibit. I always enjoyed hearing his speeches because he has so much passion when he spoke. He actually helped me out in my speech class my freshman year. Another section remembered studying in grade school was the displays of segregation. There were separate bathrooms and water fountains and they depicted how the ‘White† bathrooms were spotless and the â€Å"black† bat hrooms were run down and dirty.And who can forget Rosa Parks and ere decision to stay put in her seat, ignoring the bus driver, James Blake, on December 1, 1955. Overall, I enjoyed my visit to the Birmingham Civil Rights Institute. I thought it was going to be a walk in, look at stuff and leave type of thing but it truly brought back many memories from grammar school and what we studied then. I would encourage anyone who has not been to the Civil Rights Institute to go and see for themselves how interesting and heartfelt it is to see the past of our city, Birmingham, and what has become of it now. Birmingham has come a long way.

The Manual Transmission System Engineering Essay

In this study, I am traveling to compare and contrast the difference between Toyota 5 velocity manual gear box transmittal and Toyota 5 velocity automatic transmittal system.2. History of the transmittalIn 1894 Louis-Rene Panhard and Emile Levassor invented the modern transmittal. Today we still use the same construct since it was introduced. The construct is still the same that the crankshaft connects from the engine to the transmittal shaft through clasp. The latter is mounted to cogwheels which control and run the transmittal of the gesture that is coming from the engine to the wheels. Few experiments have been done about type and Numberss of cogwheels but still until today the same construct is applied. To do it easier for the driver to command velocity and with aid of cogwheels, synchromesh cogwheels and a unrecorded rear axle were invented. Alternatively of holding cogwheels engage and disengage once more from each other, a auto transmittal that had cogwheels and uninterrupted with each other was introduced, all the cogwheels were traveling and the Canis familiaris clasp was designed in order to link the cogwheels that are caused to revolve by engine and travel the wheels frontward. Different cogwheels with different sizes are designed to increase or diminish the impulse of the vehicle. The most popular transmittals were 4 velocity transmittals which its top cogwheel ( 4th ) had a ratio of 1:1 while other cogwheels had lower ratios. Then, applied scientists came with a fifth cogwheel in which will increase the ratio by 1 between the engine revolutions per minute and the wheel revolutions per minute that is known as overdrive. American discoverers Harold Sinclair and Richard Spikes designed automatic transmittal while German discoverers invented the automatic transmittal fundamental design. While General Motors provided automatic transmittal in all of their autos that were manufactured from 1938 and by the terminal of 1940s most of the auto manufactures offered at least one transmittal in their theoretical accounts. Electric autos besides fitted with electric auto transmittal. Now the market for automatic transmittal is immense and most autos are manufactured with it ( Car transmittal, 2006 )3. Automatic transmittal systemThis is the type of transmittal that is capable of altering the gear ratios automatically while the vehicle is traveling without the demand of the driver to manually alter the cogwheel utilizing the gear stick. The chief intent of the transmittal is to supply the undermentioned result: Impersonal – to maintain the engine running without the cogwheel, or traveling the vehicle. Lower cogwheels – for taking off intent and for operating in heavier state of affairs. Higher cogwheels – for cruising, higher velocity and lighter weight Reverse gear – to travel the vehicle backwards. Transfering the drive torsion to the needed wheels ( Crolla, D, 2009, P, 109 ) The automatic transmittal comes into two different types. The front wheel thrusts vehicles that are designed more compact than rear wheel thrust vehicle ‘s transmittals that are usually connected in the engine compartment in which they are known as transaxle. Both of these types of transmittal do the same occupation and same design of the planetal cogwheel train. The indispensable portion for the front wheel drive transmittal is differential, while the rear wheel thrust transmittal has externally mounted derived function which is uses the thrust shaft to associate up with the transmittal. The automatic transmittal system contains few major constituents. These are: Planetal cogwheel unit Torque convertor Hydraulic control unit Sealing waxs and gasket Computer Governor/ modulator The above six constituents perform assorted responsibilities in transmittal as explained below ( Toyota proficient preparation ) .Planetal gear unit:The intent of planetal gear unit is to supply and altering different gear ratios. By and large, the planetal cogwheel unit contains three major parts. These are pealing cogwheel, interior cogwheel ( sun cogwheel ) and planetal bearer that carries three or four cogwheels which are between the interior cogwheel and outer ring cogwheel.Planetal cogwheel unitWhen one portion of the planetal cogwheel connects to the input shaft which leads to the engine, the 2nd portion is held still and the 3rd portion normally attached to the end product shaft. It all depends on which portion stays still, which one is the input or end product because it will ensue in different gear ratios. Thingss such as brake sets, hydraulic clasp battalions and one manner clasps are used in the planetal cogwheel to command the power flow. Every cogwheel links up to a com bination of clasp battalions and bake sets being engaged or disengaged ( Samarins.com )Torque convertorIs a unstable type yoke, that lets the engine to revolve freely without the aid from the transmittal, if the engine is running easy, tick overing or on the halt traffic, there is a little sum of torsion that is passed via torsion convertor, less force per unit area is besides required on the brake pedal to maintain the auto stationary. Besides when you put more force per unit area on the gas pedal, it speeds up and adds more fluid into the torsion convertor which causes the wheels to have more torsion. The torsion convertor lodging contains five major constituents. Pump is fixed to lodging, turbine that is connected through end product shaft to transmittal, stator has end product that is connected to fixed shaft in transmittal, fluid and convertor clasp. This lodging is attached to the engine ‘s flywheel and rotates and at any velocity that the engine is whirling. The torsion convertor besides has pumps that is made up of fives and are attached to the lodging that uses the same velocity as engine to turn. Centrifugal type pump is used inside the torsion convertor, as it rotates it causes the fluid to be thrown outside and this action creates the vacuity that draws a batch of fluid in at the Centre. Once the fluid arrives in the blades of the turbine, the transmittal begins to revolve and this causes the auto to travel, the turbine ‘s blades are curved and this makes the fluid that is coming from the exterior to travel into different manner before it goes to the Centre of the turbine, this changing of way is the 1 that causes the turbine to whirl. In other manner we can set that both turbine and the fluid spin in different way and this creates the force as an result. This fluid that exists from the turbine is normally traveling into different way as the pump and engine bend, because if the fluid hits the pump straight, it may do the engine to blow power or decelerate it down and that is why there is a stator in the torsion convertor ( Builders transmittal and used auto Inc. ) .Hy draulic control unit:A transmittal fluid is sent utilizing the engine oil pump that controls the public presentation of the auto clasps that helps the planetal cogwheel sets to work swimmingly.Sealing waxs and gasketTheir work is to back up and keep the right topographic point of the engine oil and halt it from leaking outside.Governor / ModulatorThis controls and proctors throttle place and the velocity of the auto to find when to alter the cogwheels.ComputerThis is the major unit that uses detectors to command all the activities such as engine velocity, engine burden, throttle place, brake pedal place etc. ( Carazoo, 2010 )4. MaterialsThe stuffs that are used to construct clasp or transmittal have to defy heat, clash, lasting, strong, difficult and tough. These stuffs are organic, Kevlar, segmented Kevlar, intercrossed C, ceramic and sintered Fe ( UUC Motorwerks, 2003 )5. Advantages of automatic transmittal systemThe torsion convertor gives more engine torsions and reduces the str ain and the daze of the full thrust line. A lock up clasp is included in the latest automatic transmittal, this helps in maximising the fuel economic system because of its direct mechanical linkage from the engine to the transmittal. A vehicle with automatic transmittal is really comfy and easy to drive as the driver does non necessitate to manually alter the gear ratios. Automatic transmittal can besides be powerful and strong because of the agreement of the Sun cogwheel and ring cogwheel, this addition the cogwheel ‘s contacts that reduces the cogwheel ‘s breakage and supplies more torsion on large country ( Rowe, R. 2010 )6. Disadvantages of automatic transmittalSince the automatic transmittal is made up of several constituents, the chief reverse can happen when individual portion interruptions down working and this can do a transmittal to halt working, as a consequence maintaining or repairing it can be really expensive. Besides the entire velocity of the vehicle is controlled by the computing machine that manages the transmittal, and the driver can lose the acceleration beyond a certain velocity. Automatic transmittal can overheat easy.7. Manual transmittal systemThis is the type of transmittal in which the driver has to manually alter the cogwheel ratio scene by utilizing the cogwheel stick inside the auto. There are two types of manual transmittals. The changeless mesh design and the sliding cogwheel type. The sliding-gear type, no portion is turning inside the transmittal instance except the chief thrust cogwheel and bunch cogwheel when the transmittal is in impersonal. In order to engage the cogwheels and use engine power to travel the vehicle, the driver pushes the clasp pedal and moves the displacement boss, which shifts a linkage and forks to skid a cogwheel along the chief shaft that is connected directly above the bunch. Once the cogwheels are meshed, the clasp pedal is released and the power from the engine is sent to the thrust wheels. There can be different cogwheels on the chief shaft of different diameters and tooth counts, and the transmittal displacement linkage is designed so the driver has to unmesh one cogwheel before being able to engage another. With these older transmittals, gear clang is a job because the cogwheels are all revolving at different velocity ( Cook, M. 2009 ) The 5 velocity manual transmittal cogwheel box has a three plane agreement order with contrary cogwheel alongside 5th cogwheel and uses a particular fluid to run. Traveling forks are attached to three broad base tracks that work in ordered bushing for less clash, these traveling levers are connected together to the shifting overseas telegrams. Every one of them uses different manner with selected lever and this creates less switching attempts for a driver, it besides avoids to by chance prosecuting the contrary cogwheel from 5th because of the manner it is designed to run, it shifts the crossing over lever into three to four cogwheel without thronging or binding. The displacement boss is normally used to command the gear ratios. The forward cogwheel ratios are synchronized utilizing great capacity double cone brass ( 1st and 2nd ) and other cogwheels are synchronized with paper clash stuffs which is more strong and clang resistant than brass. The input shaft uses paper stuffs synchroscopes, by cutting revolving inactiveness it helps to cut down the shifting attempt. A rearward battle clang can be minimised by utilizing a brake mechanism. The needle roller bearings are fixed to cut down clash and extend gear life. The instance itself is cast in merely two pieces to cut down leak waies ; structural ribs strengthen and indurate the instance to cut down noise and quiver with little or no excess weight. The instance has good bending stiffness, offering a natural frequence above the exciting frequence of the engine at peak revolutions per minute ( Massey, K. 2010 )8. Clasp systemA manual transmittal system will non work without a clasp. This is the mechanism that is used for conveying rotary motion that can be engaged and disengaged. This is controlled by the driver who uses a particular release mechanism to command the motion of the torsion between them.The clasp assemblyA individual phonograph record clasp assembly contains four major parts: the rear face of the flywheel- a drive member the clasp disc- the goaded member the force per unit area home base assembly-a drive member the release mechanism-disengages and engages the clasp ( May, E. 2004. p,250 )8.1 Types of claspsMultidisc clasp that contain two or more phonograph records are normally used in automatic transmittal, motor rhythms and heavy mechanical equipment. While the manual transmittal is operated utilizing a dry clasp and there is no lubrication between surfaces. The automatic transmittal clasp operates wet, it is enclosed in the transmittal instance that is full of lubrication fluid. By and large, in automatic transmittal there is no clasp pedal and a gear displacement ( Roymech, 2010 ) ( Genta & A ; Morello, 2009 P, 425 ) There are so many different types of clasps such as cone clasps, wet clasps and dry clasps but the common one uses one or more clash phonograph record that are pushed really tight together or against the fly wheel utilizing a spring. A Clasp contains two revolving shafts, one is operated utilizing block and the other one uses a different method, these two shafts are connected together by the clasp so that they can be locked together and revolving at the same clip while it engages, or be decoupled and rotate at different velocity while it disengages. The input shaft is used at the Centre of the force per unit area to prosecute the splines of the clash phonograph record hub. The clasp and flywheel assembly whirling as one unit when the engine is revolving. The flywheel is having the torsion from the engine, uses the clash that is happening from the clasp phonograph record to the spline hub into the transmittal. When the clasp pedal is moved, it manages and controls the motion of the to rsion between two units. The force per unit area home base can be retracted against the springs force and frees the phonograph record from its clamping action by dejecting the pedal. These two units and clamping force can be connected once more by let go ofing the pedal one time once more. This is a really of import mechanism when: Prosecuting the transmittal into cogwheel, the input shaft from the transmittal must be disengaged from the engine. The pedal is released easy, it provides a gradual battle of the thrust, as the facings faux pass of the clash faux pas, and this lets the torsion to be applied continuously until these two units are connected really tightly. Choosing different ratio, altering cogwheels when the vehicle is traveling, for this to go on, the engine torsion from the transmittal must be interrupted. The disengaged of the transmittal that causes the vehicle to halt and allow the engine tally at tick overing velocity. The co-efficient of clash between the clash facings and their coupling surfaces, the entire spring force and the sum of facings in contact can make up one's mind the torsion that is transferred by the clasp. If you want to increase the torque capacity, the diameter of the clasp needs to be increased and this will do the spring force to increase. Multi home base clasp can be made by holding two or more clasp home bases every bit good as increasing the figure of facings and torque capacity. They are utile where by cut downing the diameter is good or where by increasing the spring strength is unwanted. ( CDX online eTextbook ) .9. Advantages of manual transmittal systemThe manual transmittal vehicles are normally cheaper and good in care comparison to the automatic 1s, this is because altering of the fluid can be really less, besides when it breaks down it is more than probably that the clasp needs to be replaced and this can salvage you a batch from purchasing a new or 2nd manus transm ittal. It gives better control because of the faster displacement response, this is chiefly due to the bad conditions. They can every bit good be good in braking because the driver is non contending the attempt of the automatic transmittal to travel frontward. It can be good is footings of fuel economic system because you can switch the cogwheel into impersonal and avoiding drive in lower cogwheels. A skilled driver at switching cogwheels will hold a better grip in snowy, muddy or slippery conditions and might every bit good be easier to acquire of the unsafe state of affairs than automatic 1. Manual transmittal is besides lighter in weight. And there is a fun point of position in driving manual because it keeps you active and keeps you cognizant of what is traveling on around you ( Moore, S. 2010 )10. Disadvantages of manual transmittal systemDriving manual auto in traffic can be really pain full particularly when there is a stop start drive, automatic autos are more comfy in this instance. It is really improbable to happen a manual transmittal auto with a sail control. Most auto now are built in automatic transmittal so there is less handiness of autos with manual transmittal every bit good as the troubles in larning how to drive manual transmittal autos.11. Report SummaryThis has been a successful study and I have researched a batch of information about this subject. Indeed I have acquired a batch transmittal system. Here are some few pointed aligned below: History of the transmittal What is automatic transmittal system Major constituents of the automatic transmittal and how they work Advantages and disadvantages of automatic transmittal system What is manual transmittal system Clasp assembly and clasp constituents and how they work Advantages and disadvantages of manual transmittal system12. DecisionsHarmonizing to my apprehension in the study, it shows the chief difference between automatic transmittal and manual transmittal is that automatic transmittal uses torque convertor to make power while manual transmittal uses clasp to prosecute and withdraw the cogwheels. Besides automatic autos are in really high demanding since most of the constituents are controlled by computing machines now in the auto. It besides shows that one time the automatic transmittal breaks it can be really difficult and complicated to repair it and this may stop up in replacing the whole transmittal. In footings of manual cogwheel box, the study shows they are really hard to interrupt or decease every bit good as less care excessively, this is one of the best things in manual transmittal because it can last for long clip without anything happen. From my point of position I would ever urge to travel for manual auto if you enjoy the cogwheel altering ration as I do.

Concert Review Essay

The rhythm, which was continuously steady seemed to get faster like a heart beat by the climax of the song. It was also at this point that the dynamics of the song were increasingly getting louder until all instruments met at the top with a bang and then changed the dynamics again to a moderate level until the song concluded. â€Å"Waltz for Debby†, written by Bill Evans and arranged by Don Sebesky, was a consonant, slow-beat waltz. The texture of this piece remained the same through its entirety and the 1,2,3 pattern was also very noticeably throughout the piece as well. The saxophone, trumpet and electric guitar took turns at the melody and did so through this performance in the form of solos. The dynamics throughout this song were soft and then increased to a moderate level before a decrescendo to a softer level once again. The ensemble did a fabulous job of keeping with the beat. â€Å"Ancient Memories†, by Fred Hamilton and arranged by Paul Ferguson, was played the night of the concert by guest trumpeter, Darryl White. Mr. White played this song because it is the title track on his 1999 album, also called â€Å"Ancient Memories†. Mr. White is a professor of trumpet at the University of Nebraska. This piece began by having very dissonant tones within the harmony with the introduction of a piano and drums. The song then changed into a more consonant harmony, which remained throughout the rest of the song. The texture of this song was polyphonic between the trumpet and the piano. The melody of this song was bright and happy in some places within the song and more cool and relaxing in other parts as the tempo changed and the notes of the trumpet were held for emphasis. There were many dynamics used within this song. The song began with a crescendo from very soft to very loud and then remained in this pattern until the end when the pattern was reversed. â€Å"Fly Me to the Moon† was for me a song of romance from the time the first note began. The song was passionate and sexy and displayed dialogue without using any words. The ensemble played this piece with steadiness and the solo by Cassi Lee provided the extended dialogue that sounded like dancing and twirling in the moonlight. This song reminded me of â€Å"My Heart Will Go On† in that the instrumental nature of it tells a story, just as much as when Celine Dion is singing the lyrics. I found listening to this song a worthwhile experience and it was a fantastic beginning to the jazz concert in that it was familiar to the audience. â€Å"Waltz for Debby’ made me wonder who Debby was and why someone would write such an old-sounding song for someone they loved. The song was very pretty, but it was of a different genre than that of the other pieces within the concert. It is honestly hard for me to recommend this song to anyone, for I thought it was dull and lacked the depth of the other songs throughout the evening. â€Å"Ancient Memories† was a beautiful piece. I am not sure what I enjoyed more, the fact that Mr. White played with such passion and made the song his own life force or that this piece reminded me of my childhood. This piece reminded me of something Bill Cosby would have on the Cosby Show in one of the jazz clubs. The song was fun and although the song had a lot of repetition, I loved listening to the changes over and over again. The Jazz Ensemble concert at Tarleton was an enjoyable evening full of great music and intellectually stimulating experiences of music that I would not have listened to if not for this assignment. Diversification is an important lesson to learn when viewing music because all music has roots from another genre and recognizing this makes you more diversified as an individual.

Early childhood - Philosophy and newsletter Assignment

Early childhood - Philosophy and newsletter - Assignment Example (Ornstein, 1998) Early Childhood Education . . . . 1. Should be about making discoveries 2. Should show experience is important in learning 3. Experiences that builds upon other skills learned 4. Should teach about the community 5. Should show how we fit into that community 6. Should be challenging 7. Should be engaging 8. Should show that making relationships is important 9. Is a time that we learn about and work towards explanations and reasons and find solutions 10. Will teach how to make decisions 11. Will give children a chance to make choices â€Å"According to Shileod and Bergson Early childhood education is to try and create an ideal adult by making reasoned choices and decisions to reach our goals and society’s goals. We will learn to see things in different ways, and to make connections that we need to learn. We will also not criticize or learn to criticize to speak our minds. We will learn and be able to observe, question, challenge, invent, speculate and explore.à ¢â‚¬ (Cromwell, 2000) Activities for Learning Early Childhood Education must also develop positive self-esteem, show how to be nurturing and to use our natural resources to improve our survival in the community and the world and to be able to solve their own problems and children and adults will continue to always keep learning. Early childhood education should also show that learning never stops it just keeps happening. This field of education has children learn by Specific Skills or in increment. Children learn by training, practice and motivation. They will learn that failures are still learning and through failing we learn how to make our lives and relationships better. Early childhood education is a beginning and teaches that we want balance to what we can do and what we want to do. In my philosophy I want my teaching to be based on Discovery learning and Mastery learning. (Ornstein, 1998) Play is also important in the early childhood education. In a child care center for two to five year olds the teacher will have learning centers for the various content areas. In our center we will be using Science, Social Studies units along with Language activities to teach our children about the community around them. The activities will involve growing plants from seeds, then trying to figure out how these plants can help the community and the world around them. Play is another way that the children will learn in this child care center. The children will learn through play activities that are age appropriate that will teach them about cooperation and how to self-initiate ideas of their own. Play can be used in the content areas and the children can learn the necessary skill of learning how to question what is going on around them. Through play children will become aware and be sensitive to the happenings around them and make friends with the children of other cultures. Early childhood education also allows the children to make many choices and this will help them t o improve their thinking skills and also to improve their persuasive skills. The children will also learn and use decision-making skills. This early childhood center will always be aware of the safety needs of the children for healthy living. The center will also be flexible and creative in our ways of teaching academics and social interactions.

Czech Republic Conversion to the Euro Essay Example | Topics and Well Written Essays - 1000 words

Czech Republic Conversion to the Euro - Essay Example Investments in property have been greatly reduced. Thousands of advertisements for selling properties are seen in newspapers daily. Negotiations with the Czech National Bank (CNB) to lower the interest rate by 1.5 percent are in process so as to lessen the impact and stress on economy. Czech Republic: Importance of Euro Adoption Since Euro is the second largest currency distributed and used worldwide, following points will emphasize on how beneficial it will be to Czech to adopt Euro as its official currency. Minimizing Transaction Costs: - People in Czech, with 'Koruna' (CZK) as their currency, have to first convert their currency to dollar to pay their bills. The latest conversion rate is 1.00 CZK = 0.0499510 USD. Banks and exchange companies charge an extra amount for this conversion. Euro, if adopted as the national currency in EU, will definitely minimize such transaction costs leading the Czech economy to progress. Eliminating Exchange Rates: - Since, conversion from one currency to other in between European states will be eradicated on the adoption of Euro, the exchange rates will no longer affect the economy and the risks for the appreciating or depreciating currency will also be eliminated. Increasing Competition: - Transparency refers to knowing and seeing much of something; a product, price or service. Euro is transparent and will benefit the consumers to understand what they actually need and how much by paying fewer prices for products and services. It will also increase the wages thereby creating competition among the European states with Euro as their national currency. Capital Distribution: - All the European states including Czech... The paper describes the Czech economy and the importance of Euro adoption in it. Since the whole world is going through the period of recession, the economy is being tremendously affected. The economy of Czech Republic, more of a struggling state, is totally dependent upon the development of the Western Europe for the next two years according to the latest poll published by the Czech News Agency. Investments in property have been greatly reduced. Thousands of advertisements for selling properties are seen in newspapers daily. Negotiations with the Czech National Bank (CNB) to lower the interest rate by 1.5 percent are in process so as to lessen the impact and stress on economy. Since Euro is the second largest currency distributed and used worldwide, following points will emphasize on how beneficial it will be to Czech to adopt Euro as its official currency. All the European states including Czech Republic will have a fair allocation of capital in financial markets. The Czech Republi c government first decided the introduction of Euro in 2009. But due to the stressed circumstances all around the world, it has been reported by the Czech News agency that the plan of introducing Euro as the national currency of the Czech Republic has been postponed until 2012. For this, CNB has time to work on its monetary policies. It also plans to research more on the European framework to improve the economic situation of the Czech Republic.

Marilyn Frye on opression, racism and sexism Essay

Marilyn Frye on opression, racism and sexism - Essay Example Frye defines oppression by including cultural and economic structures, which according to her are the reasons why ‘dominators’ and ‘subordinates’ exist. She describes oppression by trying to explain the thought that the society itself builds up the idea of sex marking, sex announcing or generally sex identification that according to her must have created advantages among men but disadvantages among women. This according to her has become the root cause of oppression which she strongly defines as, â€Å"A system of interrelated barriers and forces which reduce, immobilize and mold people who belong to a certain group, and effect their subordination to another group (individually to individuals of the oher group, and as a group, to that group)†. Based on this definition, she tries to explicate the point that for as long as women could be generally defined as subordinates and men as dominators, oppression would take place against the former. The suggesti on of what is masculinity and feminity has something to do with the existence of this oppression as Frye argues that as our cultural system tries to train us to behave differently as men and women, extreme dimorphism has become a very obvious outcome (p.239). This according to her has always placed men on the advantage side as they could take power over women. The idea of Frye concerning oppression seems to originate in the cultural foundation and so she tries to conclude that either masculinity or feminity is just a biological transformation that culture inculcates us, which according to her could be changeable the moment we are able to understand how the the things operate and go around us (p.240). She tries to argue this point based on her experience and as a feminist trying to correct the elemental principle linked up with how the fundamental cultural background of every individual could contribute to the prevailing oppression against women, particularly on the ground of sex ide ntification. Clearly, Frye’s discussion on the ways in which oppression operated in society, and the effects it has on both women and men in the case of sexism have to be evaluated, but prior to that it is important to know how she defines sexism. According to her, sexism could involve â€Å"the forces which make us mark and announce sexes are among the forces which constitute the expression of women, and they are central and essential to the maintenance of that system† (p.238). As stated earlier, Frye opposes the idea of domination and subordination and eventually sex identification, as for her these could potentially build the essential foundation of oppression against women. She is trying to look at the negative implication of oppression in this case and is more closely concerned on the welfare of the women who are strongly defined as the subordinates to men’s dominition. On the ground that oppression would lead to overall negative consequences, from the cons equentialist point of view, Frye’s idea of oppression would remarkably make sense (p.233). This means that if men’s dominition would lead to negative impacts against women, then the associated oppression is the end itself to justify the presence of male dominance and eventually domination against women. However, if in the case that dominition by itself, which would allow men to dominate over women is a primary form of a natural, cultural or biological design of putting the society in order, then there must no associated negative connotation of feminity or masculinity. They would just elaborate the appropriate role that

The importance of thinking adoption first when choosing a pet Research Paper

The importance of thinking adoption first when choosing a pet - Research Paper Example Rather than selecting a pet from an animal breeding farm, adopting an abandoned animal from a shelter, is increasingly gaining importance. Thesis Statement: The purpose of this paper is to investigate why adoption should be considered first when choosing a pet. Further, the use of pets in shelters as resources for adoption by healthcare institutions and other facilities will be examined. The Lucrative Breeding of Animals for the Pet-Supply Industry It was estimated in 2004 that the American pet-supply industry sales produced profits of over $23 billion every year, and that it would to continue rising. The increase in companion animals is considered by professionals in the industry as a positive sign people are appreciating the value of pets. However, a contrasting picture is revealed by the number of these ‘valued’ pets entering shelters and being euthanized. â€Å"Because the pet-supply industry is so lucrative, businesses put significant effort into marketing their pr oducts to the pet consumer† (Fournier & Geller 61). Media advertising also plays a major role in pet-supply sales, thereby contributing to overpopulation of pet animals. â€Å"Puppy mills† is the descriptive, derogatory term used for dog breeding farms that produce and supply puppies to pet stores. Strategies to terminate such enterprises include â€Å"educational programs to encourage adoption of pets from animal shelters† (Guither 108), promoting legislation to regulate and license dog breeding enterprises, and requiring pet stores to give the source of the animals they offer for sale. Some animal rights groups claim that policies have not been enforced against commercial dog breeding, and inspectors have not examined the animals in commercial breeding facilities. People wanting to buy a pet are advised by animal rights groups to buy from small family enterprises where puppies are well cared for and free from disease. Most animal welfare organizations â€Å"pr omote spaying and neutering to reduce the number of unwanted animals being born† (Guither 108). These campaigns have resulted in reducing the euthanization of homeless dogs and cats at the shelters. The Abandonment of Pets at Animal Shelters In the United States, every year millions of dogs and other companion animals are abandoned by their owners at animal shelters. Organizations such as the Humane Society operate thousands of shelters across the country, and do their best to provide temporary housing and other services to abandoned animals. Crucially, they attempt to find the animals permanent homes. Unfortunately, however, the numbers of abandoned animals are far greater than the number of people and families wanting to adopt them. Consequently, millions of animals are put to death every year to make room for new pets brought to the shelters. â€Å"One of the reasons most often cited by people who leave their former pets, usually dogs, at animal shelters is that the animal s engage in problem behaviors† (McDonald, Caso & Fugit 311) that their owners find difficult to deal with. Most of the members of animal rights groups do not approve of pet owning, considering it to be unethical, and a form of â€Å"fascism† or dictatorship, based on Americans’ treatment of their pets as materialistic commodities. To maintain ethical values in pet ownership, Guither (p.107) states that stewardship and not ownership should be the norm for companion animal care. The services offered by shelters, spaying and neute

Routines and Capabilities of Walt Disney Essay Example | Topics and Well Written Essays - 1500 words

Routines and Capabilities of Walt Disney - Essay Example The resources of Walt Disney are the firm’s most fundamental characteristics which are their tools and their personality. These are the individual assets of the firm such as items of capital equipment, employee skills, brand names, and the like. The resources are firm-specific assets that are useful for creating a competitive advantage which few competitors can acquire easily. A company that has resources that are valuable, rare, costly to imitate and organized to exploit resources, then the company can sustain its competitive advantage. Organisational resources can be classified into tangible and intangible resources. Tangible resources include cash, financial assets, land and capital equipment. Intangible resources include brand reputation, technology, employee skills and goodwill. Like most firms, Walt Disney recognises the intangible resources as the most valuable and most strategically important items. They invest in training and development of workers, research of new te chnologies, and marketing its brand.

Initiative Essay Example | Topics and Well Written Essays - 500 words

Initiative - Essay Example If ever this would be implemented, then this is would be the first law of the United States which allows marijuana legally for personal consumption. Although marijuana was allowed in the state strictly for medical use more than a decade ago, still allowing it for personal consumption is another matter. Those who advocate the passing of the initiative into a law argue that the tax would greatly benefit the state which is currently suffering from the economic crisis. According to Weber ( 2010) â€Å"supporters say state-run studies have found that taxes on marijuana could raise as much as $1.4 billion in annual revenue†. This would really help the ailing economy as Governor Schwarzenegger announces for a second round of tax breaks for new home buyers in order to boost the housing industry. Somehow, the additional income would be a welcome relief for the government. "It was very easy," the initiatives main proponent, Richard Lee, told the paper. "People were eager to sign. We heard they were ripping the petitions out of peoples hands to do it."(qtd.from Marijuana Legalization Could End Up in Ballot, 2005). However, not all sectors of society are happy about these developments since law enforcers as well prosecutors believe that legalization would produce more problems for society. This would involve drug-related crimes and it would be too late then to arrest the problem when the use of marijuana becomes legal. Definitely, use of marijuana promotes negative externalities which can also become a precedent for legalizing other vices in society. It is still the government’s accountability and responsibility to balance the advantages and disadvantages of a public policy. The public policy reflects the core values of a society. Although the benefit of providing more income for the government is utilitarian and practical, still, traditional sectors uphold moral ethics. Besides, the

In what way modernization change the political identity in modern Essay

In what way modernization change the political identity in modern Japan - Essay Example Historians have also stated that Japan was a country inn which political oppression and dictatorship reigned as citizens had no voice on political matters. In fact, those who dared to make any challenge had to bear the government’s wrath2. Nevertheless, this changed tremendously as Japan is today known to be the top upholders of democratic freedoms. The objective of this paper is to discuss how modernization has changed the political identity in the modern Japan. The pace at which Japan has modernized itself has really taken many countries by surprise. It is reported that, like many other Asian countries, Japan retained its feudal system of government up to mid 19th century, after making itself one of the greatest economical power in Asia and beyond, up to the end of 20th century. Nevertheless, as the country struggled to modernize the society, two historical conversions took place, which made Japan what is today according to Furuya. Meiji Restoration of 1868 was the first conversion to take place in Japan it is noted that since then, Japan abandoned its traditional way of doing things while promoting modernization and industrialization3. The second was the triumph of the World War II, which is also historical, as far as modernization of Japanese society is concerned. It is reported that after 1945, the GHQ reforms removed the old social systems as well as the national identity, an act rooted in the Meiji Restoration. As such, a post-war Japan was needed for the establishment of a democratic society, and to rebuild its national identity, so as to see Japan become a more democratic country4. The Meiji restoration is said to have contributed a lot with regard to how it help mitigate the political threats that Japan faced from other foreign countries. It is reported that the Meiji leaders were aware of China’s fate and, therefore, appreciated that maintaining the status quo would lead to defeat and humiliation.5 These leaders were aware

The Vigilance Project Essay Example | Topics and Well Written Essays - 1000 words - 1

The Vigilance Project - Essay Example Being in a group, an individual feels as integral part of a team which enhances his or her self-worth. 4. Realistic is conflict â€Å"based on scarce resources†; symbolic conflict is conflict â€Å"based on values and beliefs†. Realist conflicts take place between groups over scarce resources in a competitive environment. Symbolic conflicts occur due to different perspectives regarding values and ideas which give rise to conflicts in goal persuasion. 5. The leadership paradox is best stated as â€Å"The fact that teams usually need leaders, but the very presence of a leader threatens the autonomy of a team†. Instead of making a team more productive, a leader may end up being a hindrance if he overuses his power (Thomson, 2004, p.309). 6. The three types of team coaching include â€Å"ability, coordination, motivation†. Motivation enhances team commitment, coordination helps people to work together, and educational coaching increases skills and abilities of team members (Levi, 2010, p.178). 7. Teams that are underbounded â€Å"Have many external ties, but cannot bring its members together†; in contrast, teams that are overbounded â€Å"have high loyalty but an inability to integrate with others†. Overbounded teams are highly cohesive and so members can work in more coordinated manner than underbounded teams (Hackman, 2011, p.79). 11. According to the empirical research on convergent and divergent thinking, â€Å"Groups are better than individuals at divergent thinking; individuals are better than groups at convergent thinking†. This is because in the former effort is to find single solution to a problem while in the latter effort is to find multiple solutions to a problems which can be more effective in a group (Salkind, 2005, p.309). 12. The key threats to creativity include all of the following, except â€Å"social striving†. Social striving means individuals can exhibit maximum performance when working as part of a group, and this can enhance

Dracula and Kenneth Essay Example for Free

Dracula and Kenneth Essay The high angle shot and extreme long shot looking down at Dracula and Harker crossing through the hall. This shot draws attention to Draculas extremely long red cape streaming out behind him like a trail of blood. The low angle shot shows Dracula looming over Harker and makes him look powerful, like he is in control. Many two shots are used to allow the audience to make comparisons between the two characters. The low angle shot is also used to emphasize the shadows movements. The low lighting helps with casting Draculas shadow which is again typical of horror. Draculas eerie shadow moving in the gloom is very effective for scaring the audience as the combination of shadow with candle light works exceptionally well for this scene. This candle light makes the gloomy aspect more present as the castle is immense and there are not very many candles so most of the entrance hallway would be beyond the reach of the light and in darkness, which makes it very scary as you do not know what lurks in the gloom. There is orchestral music played by the strings which go low and slow to create a sinister atmosphere. This music adds to the feeling of tension, the feeling that something is going to happen. The music gets louder and quicker when Harker offends Dracula by laughing and Dracula gets furious and pulls out a sword. This combined with the change of pace and volume of the music makes the audience become afraid, a typical trick of horror. There are many different sound effects in this scene from Dracula. There is the howling of the savage wolves, which scares the audience and makes the element of horror and wildness of the setting more clear. There was the thunder, which is typical of a horror movie. The clanging of the huge, metal gates emphasizes the feeling of the strength and inescapability of the castle and that Harker will not be able to escape and this will be his prison for the rest of his life. Harkers costume is typical of a man of those times. He wears a suit and is very neatly presented. He has his hair combed very carefully. Draculas is very different. He wears a huge red robe which trails out behind him like blood. His hair is curled up high and is white and it mixes with the skin on the back of his neck which makes him look weird and scary. His skin is white and wrinkled like an old man and this creates the effect that he has been drained of all his blood and that helps you to understand his lust for blood and the way he talks about the preciousness of blood. It makes him look very scary and effective, almost dead in a way. It also makes him look exotic and abnormal. He would stand out in a crowd of normal people. There were quite a few similarities between the film extract and the text; both were set in a huge, Gothic castle with a vast courtyard. The stone was massively carved and the door was old and studded. Both had creeping shadows and lanterns. In both the film extract and the text, Dracula is portrayed as having hairy palms (abnormal), profuse hair, an extraordinary pallor as he is very pale, he is portrayed as being an old man in both and he is also similarly portrayed as speaking with a strange intonation (foreign accent). The similarities between the film extract and the text with Harker is that in both they portray his feelings of anxiety and his crossing of the threshold is made significant. The differences are that in the text, Dracula is described as having bushy eyebrows and a moustache whereas in the film extract he has a plain face. In the text, Dracula is dressed in all black while in the film he is dressed in white which emphasizes his paleness with a red cape that is more powerfully visual as looking like blood flowing behind him. Also in the text Dracula is portrayed as having a red mouth with protuberant, pointed teeth while in the film he is shown as having a pale mouth and normal teeth. The director uses this look in order to make Dracula look like a normal human, adding to the feeling of mystery surrounding him, and to make him different from the stereotypic image of Dracula. Summary These two films engage a modern audience in the way the films use clever tricks to give suspense, which can be overlooked in some of the newer horror films that rely on the amount of blood that comes out rather than clever filming and jumpy moments. In short, Dracula and Frankenstein were very similar in the way that they portrayed the typical horror tricks and consisted of similar camera angles to each other point out various bits. I thought that Dracula, both the written extract and the film extract fitted the horror genre a bit better than Frankenstein as it was more believable for me. I also thought that the film extract was much more scary, although Frankenstein wasnt bad and had its moments of fright. My final views were that Dracula was on the whole filmed better than Frankenstein as it used the different camera angles more effectively in my opinion. Andrew Baillie 10ALB Show preview only The above preview is unformatted text This student written piece of work is one of many that can be found in our GCSE Mary Shelley section.

Merger And Acquisition Joint Ventures

Merger And Acquisition Joint Ventures Mergers and acquisitions (MAs) are becoming a strategy of choice for organizations attempting to maintain a competitive advantage. This paper reviews related literature to identify some underlying issues related to the success rate of MAs. It also discusses critical issues of joint ventures and also the problems and benefits of them. In addition, there has been an increased focus on the use of inter-firm relationships or strategic alliances in todays business. This paper also argues the factors which lead to successful strategic alliances. When firms are dealing with negative earnings and/or economic downturns, operational restructuring and consolidation are initiated as a rescue tool. Some firms recover, while the others fail to survive. Restructring and consolidation are the next issues which discuss generally. Introduction and Background Mergers and Acquisitions Acquisitions and mergers are a national as well as global trend. They occur everywhere in organizations, administrative units and businesses in all industries and of all sizes. Many people are at stake and a great deal of money as well (Balle, N. 2008). Mergers and acquisitions are becoming an increasingly popular strategic option for organizations (McEntire and Bentley, 1996). In fact, recent stimates indicate that the annual price tag of mergers and acquisitions consummated in the USA exceeds $1 trillion (Stanwick, 2000). Mergers are commonly characterized as the consolidation of two organizations into a single organization. Acquisitions, by contrast, are commonly characterized as the purchase of one organization from another where the buyer or acquirer maintains control (Borys and Jemison, 1989). Mergers and acquisitions (MAs) have been a very popular strategic maneuver for global businesses, attaining growth, diversification, or profitability (Fowler and Schmidt, 1988). In fact, the merger mania that started in the 1980s, continued throughout the 1990s and is still vigorous (Houghton et al., 2003). MAs are nothing but extreme forms of organizational change, and change is often perceived by employees as threatening, due to their feeling of vulnerability and fear of losing security (Saunders and Thronhill, 2003). Under these circumstances, they have become increasingly important in helping to redefine employment relationships (Anderson and Schalk, 1998; Cartwright and Cooper, 1993; Guest, 1998; Herriot and Pemberton, 1995, 1996; Hiltrop, 1995; McLean Parks and Kidder, 1994; Turnley et al., 2003). Joint Ventures Joint ventures (JVs) occur when two or more legally separate bodies form a jointly owned entity in which they invest and engage in various decision making activities (Geringer, 1988; 1991). A joint venture may be termed International (IJV) where at least one of the parties (or parents) is based outside the country where the venture is taking place or if the joint venture is being administered on a wide level in more than one country (Geringer and Hebert, 1989). JVs are now seen in terms of weaponry employed by companies within the context of their business networks to facilitate competition in relation to firms core markets and technologies (Beamish and Banks, 1987; Harrigan, 1987; Buckley and Casson, 1996); they are thus of vital strategic importance for international business and their significance is growing. It has been argued that various features of culture might affect the development of joint ventures. In their article Swierczek and Hirsch (1994) concluded that it is important that future partners understand the impact of differences in culture before they begin to joint venture. They added that JVs are often characterized by problems of misunderstanding and limited effectiveness because of the lack of compatibility of the cultures represented in the joint ventures. Similarly Beamish and Inkpen (1995) found that MNEs could benefit equally well from local market knowledge which their partners could provide. They also stated that the life cycles of many manufacturing subsidiaries are short because the MNE is unable to understand the knowledge of local culture, economy and politics. Strategic Alliances A strategic alliance is an agreement between two or more partners to share knowledge or resources which could be beneficial to all parties involved. Strategic alliances can be as simple as two companies sharing their technological and/or marketing resources. In contrast, they can be highly complex, involving several companies, located in different countries. These firms may in turn be linked with other organizations in separate alliances. The result is a maze of intertwined companies which may be competing with each other in several product areas. (Niren M. Vyas, William L. Shelburn and Dennis C. Rogers 1999). A few years ago strategic alliances were perceived as an option reserved only for corporate giants. Today, however, for many companies, a go-it-alone strategy no longer seems to be a viable alternative. As a result of the maturation of several trends of the 1980s intensified foreign competition, shortened product cycles, soaring capital investment costs, and the evergrowing demand for new technologies alliances are becoming an attractive strategy for the future (Niren M. Vyas, William L. Shelburn and Dennis C. Rogers 1999). Restructuring and Consolidation It is rare to find a single product company. Most have diversified their interests into related or unrelated areas. Some companies are known as restructuring companies, The latter acquire other companies essentially for the purpose of reorganizationing or streamlining and selling them off subsequently to other owners at a profit. Restructuring companies also have the function of aiding the process of restructuring an industry (Proctor, T. 2001). Operational restructuring involves making decisions about appropriate workforce size and skill requirements, plant capacity and location, functions consolidation, and possible shifts in production focus. More specifically, operational restructuring can be considered a program: that is planned and controlled by management, and materially changes either: the scope of a business undertaken by an enterprise; or the manner in which the business is conducted (Lin and Lee and Gibbs, 2007). Focusing is on operational restructurings for two primary reasons. First, such events often affect a companys business strategies, operations, organizational functions, and existing management structures. Second, operational restructurings entail controversial corporate accounting practices of restructuring charges (Lin and Lee and Gibbs, 2007). Corporate consolidation is a topic of active debate among academics and practitioneres alike. Academic reserches emphasis the importance role corporate consolidation play in disciplining under-performing management and imposing operating efficiences (Healy 1992; Jarrel et al., 1988), practitioners view it as a tool of market share expansion and an effective response to a plethora of competitive challenges (Read, 1999; Howell, 2002). In its most visible form, M As, corporate consolidation is a sizable business run in Europe by established national players operating, increasingly, on a cross-border basis (Berg, 2002). Merger and Acquisitions Several researchers have suggested that in most cases MAs fail to meet initial financial expectations (i.e. Bruner and Spekman, 1998; Haveman, 1992; Very and Schweiger, 2001; Zollo, 2003). Back in the 1980s, Lubatkin insisted that although MAs had been a very important and popular means for executing organizational strategies, less than 20 percent actually achieved its expected financial or strategic objectives. Almost a decade later, Cartwright and Cooper (1992) quoted nearly 40 per cent failure rates for change efforts and a few years later, 1996, nearly 50 percent of MAs failure rate to achieve initial objectives. Along the same lines, Weber (1996) found that 35 per cent of those MAs that fail in their first three years of life are a result of poor employee relations. Over the years, several researchers have raised that percent again, advocating that more than two-thirds of MAs fail to create meaningful shareholder value (Ashkenas et al., 1998; Carr et al., 2004; Marks and Mirvis, 1998). As for the main reasons for such failure rates, there is a dispute among researchers. Existing literature has identified among the main reasons for not fulfilling initial goals both hard and soft factors. Specifically, there are researchers suggesting that paying the wrong price, buying for the wrong reason, selecting the wrong partner, and buying at the wrong time are some of the most prominent ones (i.e. Armenakis, 1999; Haleblian, 1999). However, others insist that underestimation of depth of the problems related to the human factor during a M or A condemns the projects success, and thus, more attention has to be given on employees needs (i.e. Bijlsma-Frankema, 2001; De Cock and Rickards, 1996; Houghton et al., 2003; Lesowitz and Knauff, 2003; Seibert, 1995; Stahl et al., 2003). Focus on value creation, not just integration Many companies organize their post-merger integration activities on a functional basis rather than a value-added basis. While many functional activities must be consolidated (such as bringing databases together and rationalizing policies, procedures and IT systems), not all integration activities yield equal benefits. Blindly and aggressively integrating various functions and businesses without regard to a value-creating hierarchy can actually destroy value (Chanmugam, Shill, Mann, Ficery and Pursche, 2005). Use culture as a value-creation tool The most successful acquirers of the future will see culture as a tool in three ways. First, they will look at cultural differences during the target identification and bidding phases, assess the potential impact of those differences, and incorporate their analysis into the valuation and bid. Second, they will try to avoid the pitfalls common during pre- and post-merger planning, and actively incorporate the elements of each companys culture that best support the desired combination. Finally, they will proactively use culture to create value through the use of high-visibility retention, promotion, termination and structural organizational design decisions (Chanmugam, Shill, Mann, Ficery and Pursche, 2005). Joint Ventures Critical Issues for IJVs An IJV is defined as an equity sharing arrangement in which a foreign corporation and a local firm (either private or government owned) pool their resources, sharing risks and operational control to operate an independent business unit on a continuous basis for profit and/or to attain some strategic objective (Geringer and Hebert, 1991). Broadly viewed, the IJV market entry mode represents two opposing trends. First, judged by the number of entries, it is becoming increasingly popular as a mode of market entry and expansion (Makino and Beamish, 1998; Vanhonacker and Pan, 1997). In recent years an increasing number of global corporations have become involved in IJVs at home and overseas, covering many sectors, industries, and product groups (Griffith, Zeybek and OBrien, 2001). The second issue relates to the fragile nature of IJVs, and it has been repeatedly argued that the failure rate or instability rate of IJVs is above thirty percent, and it is often markedly higher compared to other alternative forms of market entry and operation (Makino and Beamish, 1998). Gomes-Casseres (1989) offered two explanations for reasons of instability in any JV, arguing that the partners simply made a mistake; forming a JV when it may not have been the best thing to do, or they joined up with the wrong partner. Further, that their ini tial decision was right, but conditions changed so that the JV was no longer useful (Cullen, Johnson, and Sakano, 1995). Problems with Joint Ventures Some of the main problems with Joint Ventures include: Significant differences in the major goals of the parties, Details of the joint venture contract, The foreign corporations global integration and the local partners national orientation, Differences between the partners concerning marketing, Desire for control, Transfer pricing conflicts, Conflict over decision making, managerial processes and style (Julian and OCass, 2003). Benefits of Joint Ventures Joint ventures provide companies with the opportunity to obtain new capacity and expertise. They allow companies to enter into related businesses or new geographic markets or obtain new technological knowledge. Joint ventures have a relatively short life span (5-7 years) and therefore do not represent a long-term commitment. In the era of divesture and consolidation, they offer a creative way for companies to exit from non-core businesses (companies can gradually separate a business from the rest of the organization, and ultimately, sell it to the other parent company (appr. 80% of all joint ventures end in a sale by one partner to the other) (Trafford and Proctor 2006). Succe of a Joint Venture success of a joint venture may be influenced by five important characteristics. These characteristics are illustrated as building blocks in a model which Trafford and Proctor(2006), have termed the COPED model. COPED Model (Trafford and Proctor, 2006) Communication Many business alliances fail to meet expectations because little attention is given to nurturing the close working relationships and interpersonal connections that unite the partnering organisations (Weitz and Jap, 1995). An awareness of communication processes is essential within alliances if maximum efforts are to be coordinated and directed towards the success of strategic alliances. Ineffective communication can reduce the effectiveness of a strategic alliance and thus lead to conflict between partners (Jain, 1987). There is an assumption that organisations will function better if communication is open, if relationships are based on mutual understanding and trust, if relationships are co-operative rather than competitive, if people work together in teams, and if decisions are reached in a participative way. These conditions, however, are not observed in many organisational situations. Main barriers to communication concern are power differences; gender differences; physical surroundings; language; and cultural diversity (Huczynski and Buchanan, 2001). Openness Trust is considered a prerequisite for alliance success (Byrne, 1993) and lack of trust is a major reason for alliance failures (Peng and Shenkar, 2002). There is evidence to point to the fact that strategic alliances may be unstable and their success rate poor (Gant, 1995). Partner firms need to manage this risk adequately by understanding the conjoint roles of trust and control. The establishment of a new relationship between members of the organisation at all levels a relationship based on trust is an issue that is becoming increasingly important to organisations (Handy, 1995). Planning Many strategic alliances lack alliance strategies. A coherent alliance strategy has four elements: (1) a business strategy to shape the logic and design of the alliance; (2) a dynamic view to guide the management and evolution of the alliance; (3) a portfolio approach to enable co-ordination among the alliance to enhance flexibility; and (4) an internal infrastructure that supports and strives to maximise the value of external collaboration (Gomes-Casseres, 2000). When managed well, the above elements can create tremendous value. At the wrong time and when managed poorly, they can be costly distractions (Gomes-Casseres, 2000). According to Hill and Jones (2001), the strategic planning process can be broken down into five main steps: (1) mission and objectives; (2) environmental scanning; (3) strategy formation; (4) strategy implementation; and (5) evaluation and control. Ethos Ethos is the characteristic spirit or attitudes of a community, or people (Webster, 1992). It comes very much to the fore in strategic alliances when the co-operating firms continue to be independent organisations and a new situation appears in which an interaction is established between two firms with different organisational cultures. This usually implies different leadership styles and different objectives, which may lead to lack of trust between the parties and to conflicts which may arise when the time comes to make decisions (Buono, 1991). Similarly, cultural conflicts are more common in joint ventures, where a closer contact between the partners is required, than in contractual alliances (Schultz, 1998). Direction The public sector is under pressure to improve service delivery and cooperate more effectively (Cabinet Office, 2003). There is a growing demand for leaders able to carry out these tasks, and to see through fundamental processes of change. The appointment, monitoring, reward and accountability structures and processes all play some part in inhibiting and/or encouraging certain forms of leadership which give the correct direction. Strategic Alliances Parkhe (1993) defined a strategic alliance as a: relatively enduring interfirm co-operative agreement, involving flows and linkages that use resources and/or governance structures from autonomous organizations, for the joint accomplishment of individual goals linked to the corporate mission of each sponsoring firm. Following from this definition, it can be seen that an alliance must be a formal part of business strategy (Johnson, 1999), meaning that an agreement between two partners must be formalised into a contract, as opposed to a handshake deal or a verbal agreement. Second, alliances must be mutually beneficial; that is, they must result in a win-win situation. Koza and Lewin (1998) argued that one of the many reasons that strategic alliances were formed was to seek out new knowledge by acquiring new technology and skills. In this type of alliance they argued that the partners would seek to reduce information asymmetry between the partners. This may involve the standardization of service delivery of production processes, joint strategic planning, sharing of databases and knowledge transfer through staff exchanges. A second and related motivation for forming an alliance was to explore for new market opportunities. This involved innovation, basic research, invention, risk taking, building new capabilities, entering new lines of business, and investments in the firms absorptive capacity. Barriers to successful Strategic Alliances Barriers to successful strategic alliances must also be recognized. The three major barriers are: (1) Failure to understand and adapt to new style of management. The adaptation of a new style of management requires a change in corporate culture which must be initiated and nurtured from the top. (2) Failure to learn and understand the cultural differences. Not only do the cultural differences exist among international firms seeking alliances, but corporate cultures may be different among firms from the same country. Flexibility and learning are the greatest tools in overcoming this barrier. (3) Lack of iron-clad commitment to succeed. Individuals who negotiated or implemented the initial alliance agreement may change due to promotions, transfers, retirement, or terminations. Continuity of total commitment for the alliance is needed at all levels in the organization without which the alliance will fail to reach its full potential (Vyas, Shelburn and Rogers, 1995). Importance of Knowledge in Strategic Alliances Inter-firm cooperative initiatives are one of the precious ways for firms to identify, transfer and internalize external knowledge. Koguts review of literature addressing joint ventures found that one of the firms main motivations for entering into collaborative agreements was to transfer organizational knowledge (Kogut, 1988). Berg and Friedman, in a study of over 300 JVs at the 2-digit SIC level showed that in many cases, joint ventures did not in fact enhance the market power of the parent firm, but rather functioned as a means of knowledge acquisition (Berg and Friedman, 1981). Thus the issues of knowledge creation, knowledge transfer and learning have attracted researchers and have been examined several times in academic research and management consulting applied studies. Restructuring and Consolidation Why and how to Restructure an Ailing Business A number of typical situations that a firm with declining performance may encounter and could cause this firm to go through an operational restructuring are stated in this section. -Needs for operational restructuring The decision to restructure is driven by a number of considerations. At times, restructuring is in response to significant sea changes in the business environment while in other cases it is done to address poor operating/stock performance. Both internal (e.g. financial distress) and external (e.g. recessions) economic and financial conditions can drive the decision to restructure. Additionally, votes of no confidence in management will likely lead to corporate restructuring (Lin and Lee and Gibbs, 2007). -Typical activities of operational restructuring and consolidation Restructuring and consolidation efforts can take on a couple of forms. Often times management takes steps to contain costs, but in at other times drastic changes such as a refocusing of business direction occurs. For a firm that incurs losses, cost control is often the first step to return to profitability. Slashing labor costs, production costs, selling and administrative expenses, RD expenditures, and financing costs are common measures of corporate restructurings (Denis and Kruse, 2000). Downsizing and employee layoffs are the restructuring actions that are typically taken to cope with poor operating performance, especially within contracting economies(Lin and Lee and Gibbs, 2007). Other Issues Operational restructuring and consolidation has been considered as one important turnaround strategy for a firm in a bad situation, especially during an economic recession. Lin and Lee and Gibbs (2007), stated that delisting risk increases when firms undertake repetitive restructurings, massive workforce reduction, and large-scale asset downsizing. Moreover, firms with high levels of debt and failure to cut costs and/or narrowing its focus on core competencies are also more likely to delist. Conclusion As more and more companies opt to supplement organic growth with mergers and acquisitions, the earlier stages of MA transactions are becoming relatively mature, commoditized processes. According to Galpin and Herndon (2008), in order to build replicable MA integration, MA integration must be managed as an end-to-end business process. MA integration is a competency set with specific skills that must be built throughout the organization. The organizations MA integration process and capabilities must be in place before the train leaves the station that is, before the deal gets done. The organizations MA integration process must be continually improved by learning from previous mistakes and successes. The researches indicate the existence of five helpful characteristics identified under the heading of Communication, Openness, Planning, Ethos and Direction, which may be present in a successful partnership (joint) venture. The COPED model, is for building more comprehensive and productive relationships between public sector organisations and private sector companies which lead them to a successful joint venture. Strategic alliances are in the age of business without boundaries. A strategic objective aimed at expanding the competitive knowledge resource, and clearly there are special skills in bringing these arrangements to fruition. Professional managers recognize that in the age of business without boundaries it is essential that they provide learning opportunities and the necessary knowledge that will enable their employees to effectively and securely collaborate internally and externally. So there is a need for knowledge and learning regarding to strategicalliances (Dealtry, 2008). Operational restructuring has been considered as one important turnaround strategy for a firm in a bad situation, especially during an economic recession. Moreover, firms with high levels of debt and failure to cut costs and/or narrowing its focus on core competencies are also more likely to delist. So considering and learning about restructuring and consolidation is another important isuue to take account for managers.

Methods of Investment Appraisal and Financial Statement Analysis

Methods of Investment Appraisal and Financial Statement Analysis The purpose of this report is to assess various method of investment appraisal and financial statement analysis and and finaly recommendation on choosing stratefic portfolio. Task 1 Forcasting There are various to forecast from the past result and find out what is going to happen future The simplest method for forcasting revenue and cost through time series analysis with simple moving average for example Using moving average the forcast for next months will be Forcast jan+febà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦..to dec divided by 12 months and answer is for July the forcast would be 31.58 or 32 and so on. Trend is systermatic (gradual) increase or decrease in average over time while seasonal forcasting is the predictable short term cycling behaviour for whatever reason day month week etc For example assume the following market share of tesco in the next year Seasonal Factor Average Seasonal factor Month 2007 2006 2007 2006 Jan 31 30.6 1.02 1.02 1.02 Feb 32 30.4 0.99 1.03 1.01 Mar 35 30.6 0.91 1.02 0.96 Apr 33 31 0.96 1.01 0.98 May 31 31.4 1.02 0.99 1.01 Jun 29 31.5 1.10 0.99 1.04 Jul 30 31.6 1.06 0.99 1.02 Aug 31.4 31.4 1.01 0.99 1.00 Sep 33.1 31.2 0.96 1.00 0.98 Oct 32.2 31.4 0.99 0.99 0.99 Nov 32.34 31.4 0.98 0.99 0.99 Dec 31.1 31.4 1.02 0.99 1.01 Average  £31.76  £31.16 Now if we want to find market share of tesco in January of 2008 January forcast = Average forcast multiply by seasonal factor which is 1.02 If average mothly forcast for the year is 30 then forcast for January will be 30*1.02 = 30.6 Task 1 part 2 Its very know and understandable fact that start a new business or growing it require a lot of hard work ,planning and right kind of financing with a team of dedicated peoples. There are all source of finance which can be used to finance but each of them has some benefit or edge over in some way or other. Therefore deciding which source of financing should we use is a lots home work together ability to face issues coming up and ability to take decisions. Money (Capital) is life blood of any business and business cannot survive without capital. Keeping plan flexible Thinking big and move fast Business should move on when raising capital Strong management team What amount capital required depended what we want to achieve and our experience e and credit worthiness and stage of growth at which we stand together general factor such market trends and economic condition. There are various sources of finance depend on business 1) Self Financing: Self Financing Financing through credit card and is the most riskiest option and costly as interest rate on credit cards are very high and amount available is normally low subject credit evaluation conducted by bank. Start up Financing is another method whereby a business can put cash into the new business generated through various different source till it is reach to level to generate further financing itself. 2) Commercial Financing by Bank Business can get commercial financing if they have track record or they have something to give as security to bank. Commercial financing is very important and fundamental way to finance a specific project and normally bank will agree to finance if there is home work done with regards to feasibility. The disadvantage is company has to bear risk of loss and bank will charge interest which is great cost Though these are disadvantages still commercial finance through bank most widely use to finance a specific project. 3) Share Issue A newly establish company can issue Initial public offering to raise finance from public but a lot of home work require. Private Companies can issue new shares in the form rights issue or bonus issue but cant advertise them. Initially company can finance itself equity investment by investors. Later on merger or acquisition of limited company is very good source raising finance by issuing shares. Share issue is quite unusual way to raise money for specific project its time consuming and lengthy process but its one the less riskiest way. 5) Finding Investor/Partner Finding a person, group or organization to fund business is another form of financing to raising capital .the advantage if this method is risk is shared between partners and disadvantage is worth generates from business is divided between one more peoples according partnership agreement. There are many other sources of finance for small business like local government initiatives on lending program and commercial companies providing finance etc. Some big companies are really cash rich and therefore they look opportunities to invest cash and therefore they can act as strategic investors. Task 2 There are vaious method appraise financial returns on various competing project. The most important of them are 1) Payback period 2) Net present value 1 Pay back period Lets take a example if there are two projects where initial investment is 60m while one give return as following Year Amount 1 10 2 25 3 30 4 28 While another project give returns as Year Amount 1 13 2 20 3 25 4 50 Solution Project One Year Amount Remaining Investment 0 60 1 10 50 2 25 25 3 30 25 4 28 Project Two Year Amount Remaining Investment 0 60 1 13 47 2 20 27 3 25 2 4 50 2 iniital investment returne The first project here pay its entire investment in three years while the second projecgt pay its entire investment four year time so according payback period method project two should be selected. Payback period doesnt account for time value of money therefore not very effective method 2. Net Present Value Taking the same example above if we analyse them (we need discount factor which cost of capital to discount future cash flows. Lets assume it as 10% Year Amount Discount Factor Present Vaue 0 1 10 0.909 9.09 2 25 0.826 20.65 3 30 0.751 22.53. 4 28 0.683 19.124 71.394 Project Two Year Amount Remaining Investment Present Vaue 0 1 1 13 0.909 11.817 2 20 0.826 16.52 3 25 0.751 18.775 4 50 0.683 34.15 81.262 The Net present value of second project is more than first one therefore e according to npv method second project is more profitable. Select appropriate and relevant financial information for use in the process of making strategic decisions on investment There are vaious ways to analyse investment each has it own merit and demerit but mostly to analyse investment we required some basic information to make our decision on. If we are comparing two or more competing projects we can do by using investment appraisal techniques like net present value etc We need some basis information to calculate and appraise and finally take investment decision which Approximate amount of total investment required for the project The future cash flow whether inflow or outflow that can be generated from the project. The minimum required return . If we are going to invest in a company we need to focus on two main factor which are how much dividend it pays through ratios called dividend cover and dividend yield and how much capital gain we can get by movement in share price relevant ratios are price earning ratio, earning per share etc. For the above calculation we need exact amount of Dividend paid during the year Share price Profit after tax Number of ordinary share issued This information can be drawn from the financial statement of targeted company. The future investment can be based on basis of past performance of selected companies The investment in company to acquire needs other consideration which is based on various financial as well as non financial factors but mostly following factors are taken into account . Company financial health through calculation of various ratio profitability, gearing , liquidity and efficiency etc The vision, mission , goals and objectives of the acquiring company and strategies to achieve those and many more. Therefore decision regarding acquisition or mergers required comprehensive analysis. Make recommendations based on a post-audit appraisal on the appropriateness of selected investment project decisions The payback period is simplest method to decide between competing project which one is the best but it ignore time value of money Net present value account for time value of money and is one of the mostly used way to appraise competing projects but it is complex and and require some figures to give correct answer like discount rate etc For investment in the shares of company we need financial information such as share price dividend eps etc but selection of company to invest in its share depends on many other factors like if the investing entity want to invest for long term or short term For long term investements share price moment is more important than dividend or vice versa. Task 3 Financial Statements Analyse financial statements using relevant techniques to assess the financial viability of an Tesco for 2008 The financial statement of any organization can be analysed by calculation of ratio and each ratio has its own significance and importance. There is hard and fast rule and no parameters to judge performance of each and every company against but its very subjective and depend on company and industry in which it operates. Let assume the following financial statement belong to company called Simon Sparks and analyse its financial statement. Simon Sparks Profit and Losss Account the period ended 30June 200X  £  £  £ Sales 292,000.00 Less Sales returns 13,800.00 Net Sales 278,200.00 Carriage outwards 15,000.00 263,200.00 Less cost of good sold S Opening stock 15,100.00 Purchases 135,600.00 Less Purchase returns 5,200.00 130,400.00 Less Closing Stock 16,200.00 129,300.00 Gross Profit 133,900.00 Bad debts 2,200.00 Advertising 6,000.00 Electricity Gas 11,100.00 Salaries and wages 37,200.00 Insurance 5,700.00 Motor expenses. 16,600.00 Postage stationery 2,400.00 Rent rates 20,900.00 102,100.00 Net Profit 31,800.00 Less Drawings 15,800.00 Retained Profit Balance Sheet as at 30 June as of 30 June 200X Non Current Asset ( . Fixtures Fittings @ cost 60,300.00 Motor vehicle @ cost 42,000.00 Total Non Current Asset 102,300.00 Current Asset Cash 600.00 Trade debtors 24,000.00 Closing stock 16,200.00 Total Current Asset 40,800.00 Total Asset 143,100.00 Liabilities and Owners Equity Capital 83,800.00 Retained Profit 16,799.00 100,599.00 Non Current Liabilities Current Liabilities Bank Overdraft 5,600.00 Trade Creditors 36,901.00 Total liabilities plus capital 143,100 126,699.00 All businesses exist to make profit in some way or other and to measure profitablilty we have many ratio to analyse same data from different aspects. Retuen on capital employeed is a primary ratio to assess profitablitly of any orgnization and its one of most widly used ratio.It is calculated by Dividing Profit before interest and tax with capital plus long term liability In the case of Simon spark it is 32% which can be assume as very good performance interims of profitability but ratio cant be analyses in standalone way they must be compared with some industry average competitor or past performance to evaluate and we dont ant information available here. Simon Park has managed to generate gross sale of  £292,000 which is really commendable as long as data is reliable and comparable. The Gross profit ratio shows companys profit margin when selling price is compared with cost of sale. The GP ratio of Simon spark is 51% which is really commendable and appreciatable but remember we are assuming that data is not only reliable but trustable. The other factor to measure profitability is net profit 6% here we see how effectively and efficiently day to day operation are run by management. Surprisingly the net profit margin is just 6% it is definably not very good indication of good performance but due to limitation of information for comparison we are unable to give conclusive remarks but 6% is very low and it shows though company is earning profits but its not working efficiently and effectively. The most significant expenses are salaries and wages followed by rent and rates. We dont know if its inefficient management but definitely I think there is enough room for improvement Liquidity Liquidity ratios are very important as company can be profitable but if not liquid enough can run to insolvency or at least find it self in big problems. Liquid assets are those which can easily convert in to cash with in short duration of time. The examples are cash, debtor, stock etc. The most important of liquidity ratio is current ratio which shows current assets as number of times to current liabilities and it is very widely used in business world. There is no specific ratio which can be said as good enough or bad as it varies from industry to industry and company to company. Simon Sparks current ratio is 1.5 times it mean it has 50% more liquid asset to meet it immediate needs. Its not bad but considering limitation of information we can assume its up to standard of industry. But there is more important ratio coming out of current ratio it is quick ratio. In quick ratio we dont consider stock as quickly convertible into cash asset and therefore remove it. The quick ratio of simpn spark is 0.94 times which cant be said either good enough or bad for the reason mention above. Carry out a performance audit of an organisation including reference to internal and external factors Performance audit is audit of mainly(management operations ,function or procedures of) not for profit or governmental organization to ensure value for money (economy efficiency and effectiveness ) in utilization of resource by using systematic professionally designed and conduct methodologies which are generally accepted and well structured. Few benefits of performance audit is Improving organisational performance A tool to increase efficiency Policy and performance Legal imperative Performance audit may include detection of fraud and error but its not included everytime there fore scope of permance audit must define and given in writing prior to start of work Performance audit using internal factors might be for example in production it may number of units produce in a one hour compare with standared or ideal performance For financial performance profit can be compare from period to another with cost of sale and revenue to ensure resource are used properly and generate value for money External factors to consider for performance audit are comparision of per unit cost with major competitor to ensure VFM (value for money economy, efficiency and effectiveness is achieved . Comparision of number of staff with equivalent or similar company or employee productivity with similar organization Performance audit is not define in any standered and can include anything but it is different from performance measurement. Use appropriate calculations to improve the quality of financial information used The quality of information is very important because its not reliable and relevant than its useless most business try to spend thousand to avoid the lost of money but unfortunately lack of focus on right cause more loss. The reliable and timely financial information is essential for success and to avoid loss and making wrong decision on the basis of misleading information. Financial in itself is very vast and full of useful information but its generall and everyone has to take this information and use it assess their own purpose for example a company can generate huge profits say Company A has revenue of  £100 million while gross profit is  £50 million and net profit  £25 million. A lay men can conclude fromthis information that companys is performing really well and generating good profits but what if we got data the competitor of same size earn profit  £1000 m with Gross profit ratio of 70% unlike our 50%. Even worse can happen like company is generating huge profits but its running out of cash to pay its immediate liabilities . Creditors have right to appeal in court and prove company as defaulter and therefore cease its existence. So calculation of various ratio from the broad set of financial statement help in understanding actual position of company regarding its competitors. I Make recommendations on the strategic portfolio of an organisation based on the interpretation of financial and ancillary information The world is moving very fast and there is increasing competition with increasing globalization and opening of borders therefore organization need to update themselves with latest information and predict future and prepare for it Organizations have many reason to believe that they have to prepare themselves before the storm and therefore they are required to identify, find and use the required information whether financial or other to prepare themselves for the future. There are various strategies an organization can follow to achieve its objectives. A company should diversify if they have access to adequate resource (financial or other)and technical capability to achieve success. Diversification bring competitive advantages as with mergers as economies of scale and information asymmetry can achieved . Strategic portfolio may include developing and investing in new technologies to achieve competitive advantage as technology as key to success. The factor which can be consider for strategic portfolio is to develop new products and or improve exsiting one to compensate those products whose lifecycle is about to finish . Partnership with international companies or local companies to enter new ventures is also a great option and by doing this organization can not diversify but loss in case of failure is share between partners and there will be access to new and usesful information by working with another organization. These are the few reformation which an organization should consider to develop there strategic portfolio and its quite subjective and can vary from one organization to another. 30.6 30.4 30.6 31 31.4 31.5 31.6 31.4 31.2 31.4 31.4 31.4

New Financial And Statistical Measures To Monitor The Success Of Ge :: essays research papers

New Financial and Statistical Measures to Monitor The Success of GE To : The Board of Directors, GENERAL ELECTRIC COMPANY Subject : NEW FINANCIAL AND STATISTICAL MEASURES TO MONITOR THE SUCCESS OF GENERAL ELECTRIC COMPANY After Mr. Weltch announced my new assignment, I pondered how I could go about guaranteeing the best possible result: a creditable and well organized work that is going to help you, the Board of Directors, plan for the future of the company in a better way. Before starting my analysis, I must specify that my target is not to abolish the traditionally used financial and statistical measures but to develop new ones to be used as guidance for the corporation's future development. Our Chairman recently wrote that "the hottest trend in business in 1995 -- and the one that hit closest to home -- is the rush toward breaking up multi- business companies and spinning off their components, under the theory that their size and diversity inhibited their competitiveness ... breaking up is the right answer for some big companies ... for us it is the wrong answer. ²1 For us the new trend is the entrance into the service industry. The question must then be: is this the right answer? GE is expecting to increase its revenue by the year 2000 to $120 billion compared with $58 billion in 1990. In other words, if the forecast proves to be correct, it will obtain an average annual rate of growth of 7.5%. This high rate is mainly attributed to the expansion of the services sector of the company, which is estimated to increase by an average annual rate of 13% compared with a corresponding one of 2.1% for manufacturing. Today nearly 60% of GE's profits comes from services -- up from 16.4% in 1980.2 This is our new direction and therefore my target is to find these measures that are going to help us understand how the business is going to perform in that particular field. I also consider that our attempt to expand internationally is extremely important and in a way is something new for us. International operating profit was $3.0 billion for 1995 compared with $2.3 billion in 1993.3 This extremely rapid expansion hides a lot of dangers, and at the same time shows another new "trend" of our corporation. In my analysis I will include the international sector. I will also narrow in on employees, stockholders, goodwill and on potential investors. 1) MIEC (Manufacturing Industry Expenses Comparison) As we know, the basic organization of the company Å’s continuing operations consists of 12 key businesses, which contain management units of New Financial And Statistical Measures To Monitor The Success Of Ge :: essays research papers New Financial and Statistical Measures to Monitor The Success of GE To : The Board of Directors, GENERAL ELECTRIC COMPANY Subject : NEW FINANCIAL AND STATISTICAL MEASURES TO MONITOR THE SUCCESS OF GENERAL ELECTRIC COMPANY After Mr. Weltch announced my new assignment, I pondered how I could go about guaranteeing the best possible result: a creditable and well organized work that is going to help you, the Board of Directors, plan for the future of the company in a better way. Before starting my analysis, I must specify that my target is not to abolish the traditionally used financial and statistical measures but to develop new ones to be used as guidance for the corporation's future development. Our Chairman recently wrote that "the hottest trend in business in 1995 -- and the one that hit closest to home -- is the rush toward breaking up multi- business companies and spinning off their components, under the theory that their size and diversity inhibited their competitiveness ... breaking up is the right answer for some big companies ... for us it is the wrong answer. ²1 For us the new trend is the entrance into the service industry. The question must then be: is this the right answer? GE is expecting to increase its revenue by the year 2000 to $120 billion compared with $58 billion in 1990. In other words, if the forecast proves to be correct, it will obtain an average annual rate of growth of 7.5%. This high rate is mainly attributed to the expansion of the services sector of the company, which is estimated to increase by an average annual rate of 13% compared with a corresponding one of 2.1% for manufacturing. Today nearly 60% of GE's profits comes from services -- up from 16.4% in 1980.2 This is our new direction and therefore my target is to find these measures that are going to help us understand how the business is going to perform in that particular field. I also consider that our attempt to expand internationally is extremely important and in a way is something new for us. International operating profit was $3.0 billion for 1995 compared with $2.3 billion in 1993.3 This extremely rapid expansion hides a lot of dangers, and at the same time shows another new "trend" of our corporation. In my analysis I will include the international sector. I will also narrow in on employees, stockholders, goodwill and on potential investors. 1) MIEC (Manufacturing Industry Expenses Comparison) As we know, the basic organization of the company Å’s continuing operations consists of 12 key businesses, which contain management units of

Automobile Racing :: essays research papers

Automobile Racing International competitiveness, testing the capabilities of specially designed automobiles and the skill of their drivers, over tracks and courses of differing lengths and construction, this is automobile racing. The first car race considered is the one held in France in July 1894, in which the winner averaged 24 kilometers per hour, when 100 automobiles set out from Paris to Rouen. The first race in North America was held in Chicago, Illinois, in the year 1895. The excitement generated by the possibility of driving at higher and higher speeds has made automobile racing one of the world's major spectator and participant sports. Early races were held in two forms; pure speed races and the others tested engine reliability, which later became known as rallies. In rallies, cars attempt to achieve and maintain a set speed between points. The first races were held on public roads, but with increasing concern for spectator safety, special closed-circuit tracks were built for rally racing. The most common racing track is a paved oval with banked corners, from 200 m to 4000 m in length. The difference between road and track racing ultimately led also to different vehicle construction; four major types of racing cars are now built. Pure racing machines, such as those used in Grand PrixFormula 1 and in Indycar, are built for power and endurance at speeds of more than 320 km/h (200 MPH). In the past stock cars used to be production automobiles modified for track racing, but are built now solely for the purpose of racing. Sports cars used for racing, such as rallies, may be either rebuilt production vehicles or pure racing machines. Drag racers are cars built to accelerate rapidly to high speeds over very short straight tracks, or drag strips, generally about 400 m (3 mi) long. The race most popularly associated with the sport is the Indianapolis 500, so called because contestants must cover 500 mi (about 805 km); it has been held annually on Memorial Day weekend since 1911. With crowds averaging 400,000, it is the best-attended single-day sports event in the world. This year the Indy 500 will not involve most teams from IndycarCART, Championship Auto Racing Teams, the regulatory body which is now being opposed by the IRL, Indycar Racing League, whose owner also owns the Indy 500 track. The elite Grand Prix races are held at various international sites, such as SÃ £o Paulo, Brazil, and Johannesburg, South Africa, and through the streets of Monte Carlo, Monaco. Points scored by winners of these races are totaled to establish the world champion driver.