The Perception Of Human Communication - 948 Words

Prejudice, Stereotype, and how they affect listening Often humans form opinions about one another that may hinder them from listening to a particular group or person effectively. Two ways listening can be impaired is by stereotypes and prejudices’ formed before a certain person even expresses themselves nonverbally or verbally. According to the book â€Å"Fundamentals of Human Communication† the word stereotype is defined as: â€Å"Rigid and usually negative assumptions about personal and social qualities of people who are members of a particular social category. â€Å"(G-10) Another scholarly source confirms this definition by stating that â€Å"a stereotype is a fixed or over generalized belief about a particular group or class of people. â€Å" (Cardwell, 1996) Over the years people describe types of communication as stereotypical because it allows a communicator to judge the outcome of a conversation before it even occurs. Stereotypes can sometimes be viewed as advantageous in certain situations because it allow s a communicator to judge an outcome of a situation based on past situations. For example, if a mother has talked to a doctor previously about how to treat a cold and his advice worked well, chances are she will stereotype what will take place the next time she has a cold and consults a doctor before it even happened. On the other hand, in this case stereotyping can be bad when you assume what the other communicator is going to say or do, prejudging the outcome, and you are wrong.Show MoreRelatedSelf Perception1068 Words   |  5 PagesCase Study 1 Self - perception Project 4 Case Study 2 1.Describe your perception of the situation: This situation has the potential to be awkward, but it is certainly salvageable. I think that mentioning Toya’s high level of responsibility and her ability to be a â€Å"self-starter† was a very good opening to this conversation about her first few weeks on the job. Making an interrogative statement about, â€Å"how Toya could improve her work† was a bit of a mistake in my opinion. It put ToyaRead MoreLanguage and human identity1466 Words   |  6 Pagesthrough language where in fact it is not always true only by a stronger ability in language could change peoples perspective. It is not just how people communicate it is the way for mankind to see the world in different perspective of different perceptions that are influenced by emotions and cultures. According to BBC.co.uk â€Å"It’s estimated that up to 7,000 different languages are spoken around the world. 90% of these languages are used by less than 100,000 people. Over a million people converse inRead MoreNonverbal Communication in the Works of Tubbs and Moss, and William Blakes Ideas of Perception and Biases1323 Words   |  5 PagesQuestion 1 Nonverbal communication is just as important in verbal communication in most instances. In fact, a lot can be disseminated through nonverbal cues and behaviors. Tubbs and Moss show how influential nonverbal communication can be within their work Human Communication: Principles and Contexts, which shows that even the most hidden elements of nonverbal cues can influence communication, both positively and negatively. One of the last sections of Chapter 4: The Nonverbal Message in TubbsRead MoreCommunication Technology Is An Intrinsic Part Of Our Lives1231 Words   |  5 Pageselectronics that the advancement in communication and network technology has provided us with has become a part of our bodies. The obvious effects of these advancements can surely be seen in our society today. Human relationships have changed quite a bit. The way people interact and behave was affected as well. Not only that but also the perception of human relations and feeling of intimacy has shifted or evolved from its pre-existing perception. Communication technology holds a special place inRead MoreEssay on Verbal and Nonverbal Communication in Our Time is Up1012 Words   |  5 Pagesdifferences between verbal communication and nonverbal communication? Can we communicate every aspect of whatever we want to express by only verbal messages. Why do we use euphemisms, connotation and denotation to express ideas that are uncomfortable or hard to communicate to others? Cite examples from the motion picture shown in the class and other relevant examples. There are many different ways to communicate with one another, however the primary aspects of communication underlie between two groupsRead MorePerceptions1026 Words   |  5 PagesWhy are the perceptions you have of your skills usually different from the perceptions that others have of your skills Why Do Differences in Perception Occur? The way you sense the world—the way you see, hear, smell, touch, and taste—is subjective, uniquely your own. Nobody else sees the world the way you do, and nobody experiences events exactly as you do. The uniqueness of human experience is based largely on differences in perception—â€Å"the process of becoming aware of objects and eventsRead MoreThe Theory Of Nursing Theory1463 Words   |  6 Pageshas bestowed nurses with a sense of identity and has allowed those outside of nursing to identify the contribution nurses make in healthcare (Draper, 1990). Theory has also endowed the additional benefits including safer patient care, enhanced communication amongst nurses, and direction for research and education (Nolan, Luhnd, Tishalman, 2014). Nurses are influential in the process of patients reaching optimum health. Through collaboration with the patient the nurse provides assistance in settingRead MoreCharter776 Words   |  4 Pages|Project Manager | | |Project Team Resources | |Communications, Policy, Healthy Workplace Advisory group, | | | |Attraction Retention working group | |2.0 Business reasons for project Read MoreMy Guest Star Featured Is Sara Picklesimer987 Words   |  4 PagesRecently this week, we’ve been discussing perception and how it impacts the way we communicate in our daily lives. Interestingly enough, this episode of COMMPENDIUM hosted by Professor Stephen Stifano focused on this subject and its attributes. Our guest star featured is Sara Picklesimer, a University of Louisville graduate and now currently a doctoral student at the University of Connecticut in the field of communication. She was born in Pinesville, Kentucky, and started off as a biology major beforeRead MoreModernism and Virginia Woolf Essay1310 Words   |  6 PagesWoolf’s narrative style literary called stream of consciousness, correspond to the perception of time, which has to be viewed as the vital element of modernity. Therefore, before addressing to Woolf’s literary style it is necessary to describe how modernist authors were influenced by th e new concept of time. Time has experienced by modernist author as a phenomenon in which past, present and future are juxtaposed at the same time; therefore, time is not the representative of chronological moment.

Essay On Society In The Great Gatsby - 835 Words

The 1920’s brought about extreme change in the way the average American lived their lives, both socially and politically. Immigration, industrialism, and economy boomed, creating abundant wealth among Americans through the creation of new job opportunities. Eventually, a more defined social class structure was established, bringing fluctuations in the distribution of wealth among different ranks in society. This period of time, known as the â€Å"Roaring Twenties†, is exhibited in The Great Gatsby by F. Scott Fitzgerald, who uses the characters in the novel to depict the conflict in American society. Gatsby, the central figure of the novel, represents the lower class and is followed as he attempts to achieve the benefits of the American Dream,†¦show more content†¦Contrary to the belief that the higher class has advantages that elevate them in their ability to access the American Dream, the progressive class is still capable of acquiring the wealth needed to ri se in social status and become equal with those within plutocratic society. No matter their pre-existing fortune, citizens of low status are fully capable of achieving the benefits of the American Dream through seizing opportunities given to them and flourishing as equals within American society. Fitzgerald portrays Gatsby as the main protagonist of the lower progressive class by highlighting his limitations in accessing the benefits of the exclusive higher societal classes. Nick observes Gatsby on his pier as â€Å"He stretched out his arms towards the dark water in a curious way†¦ I glanced seaward — and distinguished nothing except a single green light†(Fitzgerald 20-21). Gatsby is portrayed to highlight the fact that no matter how progressive and socially mobile he is, he will never achieve an equal status as those within higher society, which Fitzgerald uses the green light to symbolize. He was convinced that through superfluous wealth and mass property, he could go from the penniless man he was, to entering the highest echelons of American society with Tom and Daisy. Gatsby’s downfall is when he realizes that Tom and Daisy’s society is inaccessible by the rest of America no matter the wealth, proving Fitzgerald’s concept of the lo wer class’s restriction onShow MoreRelated Chapter 2, -The Great Gatsby- -Dying society- Essay936 Words   |  4 PagesChapter 2, -The Great Gatsby- -Dying society- Fitzgerald presents in this novel upper-class people, who live in the world of dreams. He tries to describe the life of milliners, who spends enormous amount of money on drugs, parties, alcohol and other luxury things. In this chapter the writer clearly shows us that America in 20th was dying, there was no truth, no love and no real relationships, and everything was based on how much money each American had. All America had just people whoRead MoreFitzgerald’s The Great Gatsby - Parallel between Jesus of Nazareth and Jay Gatsby711 Words   |  3 PagesThe Great Gatsby:  Ã‚   Parallel between Jesus of Nazareth  and Jay Gatsby In his critical essay, â€Å"The Mystery of Ungodliness†, Bryce J. Christensen writes about the parallel that F. Scott Fitzgerald creates between Jay Gatsby and Jesus of Nazareth from the New Testament of the Christian Bible. Christensen explains that Fitzgerald once wrote a letter to his friend, John Jamieson, explaining that he was going to write the story of Jay Gatsby’s youth, but he did not because he wanted to maintain theRead More Criticism of Capitalism in The Great Gatsby by Fitzgerald Essay1520 Words   |  7 PagesCriticism of Capitalism in The Great Gatsby by Fitzgerald      Ã‚  Ã‚   In The Great Gatsby, Fitzgerald creates an artificial world where money is the object of everyones desire.   The characters, the setting, and the plot are very deeply submerged in a Capitalism that ends up destroying many of them.   Fitzgeralds criticism of Capitalism can be seen as a move to subtly promote Socialism, an ideology in which value is placed on the inherent value of an object rather than its market value.   InRead More The Great Gatsby and the Valley of Ashes Essay1149 Words   |  5 PagesThe Great Gatsby and the Valley of Ashes    Many times we hear of societys affect on people; society influencing the way people think and act.   Hardly mentioned is the reverse: peoples actions and lifestyles affecting society as a whole and how it is characterized.   Thus, society is a reflection of its inhabitants and in The Great Gatsby, by F. Scott Fitzgerald, it is a wasteland described as the valley of ashes.   Since the characters of this novel make up this wasteland, arent they theRead MoreGreen Light Symbolism In The Great Gatsby877 Words   |  4 PagesThe Great Gatsby symbolizes a major part of whats so called the â€Å"American Dream.† But what is Fitzgeralds assertion on the American Dream? The Great Gatsby by Scott Fitzgerald, delivers a perspective of the American society in the 1920s, also the American Dream and It’s mysteries. There are many symbolizes throughout the novel, for example, the bright green light Gatsby gazes from across the oceanside of his Mansion - â€Å"I glanced seawardà ¢â‚¬â€and distinguished nothing except a single green light, minuteRead More Destruction and Failure of a Generation in Fitzgerald’s The Great Gatsby1413 Words   |  6 PagesThe Great Gatsby and the Destruction of a Generation      Ã‚   The beauty and splendor of Gatsbys parties masks the decay and corruption that lay at the heart of the Roaring Twenties. The society of the Jazz Age, as observed by Fitzgerald, is morally bankrupt, and thus continually plagued by a crisis of character. Jay Gatsby, though he struggles to be a part of this world, remains unalterably an outsider. His life is a grand irony, in that it is a caricature of Twenties-style ostentation: his closetRead MoreThe Dissolution of a Dream in F. Scott Fitzgerald’s The Great Gatsby1047 Words   |  5 PagesDissolution of a Dream in The Great Gatsby       A dream is defined in the Websters New World Dictionary as: a fanciful vision of the conscious mind; a fond hope or aspiration; anything so lovely, transitory, etc. as to seem dreamlike.   In the beginning pages of F. Scott Fitzgeralds novel The Great Gatsby, Nick Carraway, the narrator of the story gives us a glimpse into Gatsbys idealistic dream which is later disintegrated.   No- Gatsby turned out all right at the end;Read MoreDestruction of Dreams, Failure of Dreamers in Fitzgerald’s The Great Gatsby1489 Words   |  6 Pages Jay Gatsby, the protagonist of F. Scott Fitzgerald’s novel, The Great Gatsby, is used to contrast a real American dreamer against what had become of American society during the 1920s.   By magnifying the tragic fate of dreamers, conveying that twenties America lacked the substance to fulfill dreams and exposing the shallowness of Jazz-Age Americans, Fitzgerald foreshadows the destruction of his own generation. The beauty and splendor of Gatsbys parties masked the innate corruption within theRead More Symbols, Symbolism, and Metaphor in The Great Gatsby Essay796 Words   |  4 Pages Metaphors and Symbolisms in The Great Gatsby nbsp; In the novel The Great Gatsby, F. Scott Fitzgerald uses many different metaphors and symbolisms to express his point.nbsp; In this essay the point that I wish to make is how Fitzgerald uses colors to develop image, feelings, and scenery depiction to let the reader feel the emotions and other aspects being portrayed in that particular part in the book.nbsp;nbsp;nbsp; Like every other essay one must address the major pointsRead MoreThe Great Gatsby By F. Scott Fitzgerald1519 Words   |  7 Pagesdevelop the whole plot. In The Great Gatsby, Fitzgerald uses a lot of symbols in this book. Among all those symbols in it, the symbol of the green light is the strongest, due to the changes of meaning in the book and leading the plot. However, each symbolic imagery is not unique, they interact with each other. This essay will argue that, with the help of other symbols, the symbol of green light becomes the crucial symbol for us to understand The Great Gatsby. Besides, this essay will discuss the three times

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Globalisation - Australia and Asia Essay - 2566 Words

Edward Said states, â€Å"No one today is purely one thing. Labels like Indian, or woman, or Muslim, or American are no more than starting points.† Said’s idea illustrates the evolution of relations between communities as a result of globalization, and the understanding and recognition of other cultures through the interpretation of cultural borders. In this essay I will analyse to what extent globalisation is affecting identity formation, and also the roles of cultural borders in today’s world. I will assess whether through globalisation of the media we are in fact overcoming cultural borders and traditional stereotypes and in turn forging a mutual respect between foreign communities, or as Said argues (Said cited in Crary amp;†¦show more content†¦Archival accounts of the continuous race hatred directed against coloured people in Australia†¦reveal the sexual and other preoccupations that occupied those white minds from which such fantasies emanated (p. 43) Australians wanted little to do with Asia, and besides those who wanted to â€Å"expand the Western Sphere of influence in the region† (Rizvi 1996, p.175), few Australians traveled to Asia. Asian people were essentially defined by their race, and by their embodiment of not being European. It is with these historical perceptions in mind that Said’s statement holds extreme worth. Said could be seen as acknowledging past stereotypical labels enforced on Asian people, and dismissing these labels in today’s world, implying that something has changed to make these labels â€Å"no more than starting points†. Relating this to Australia/Asia, we note that Australians previously judged Asians purely and solely on racial grounds: â€Å"Race became a key explanatory factor not only in academic anthropology, but more importantly in the popular imagination of Australians.† (Rizvi 1996, p. 175). Cultural confusion and an unwillingness to appreciate local customs and values gave birth to a contempt for local culture. Local people were simply seen as ‘other’, and â€Å"non-European people needed to be tamed or civilised, made ‘normal’† (Rizvi 1996, p.175). Whereas before people of differentShow MoreRelatedI.On The 23Rd Of November, 2016, The Economist Magazine1259 Words   |  6 Pagesits loss of profit. III. http://edition.cnn.com/2017/02/19/asia/china-coal-north-korea-ban/ On February 20th the CNN reported on China’s decision to halt all coal imports from North Korea as part of its effort to enact United Nations Security Council sanctions aimed at preventing the countries weapons and ballistic military program. I. Donald Trump’s decision to leave the TPP will greatly affect the economic factors relating to globalisation. The TPP had great potential to strengthen trade ties betweenRead MoreThe Major Performing Arts Sector in Australia803 Words   |  3 PagesThe Major Performing Arts sector in Australia The Major Performing Arts (MPA) sector comprises ‘28 leading Australian companies in the fields of dance, theatre, opera and orchestral and chamber music’ (Australian Council, 2012: 3) [The list of the 28 companies see the Appendix]. By 1997, this sector encountered great financial and artistic difficulties. In this case, the Australia Government announced the establishment of the Major Performing Arts Inquiry (MPAI) in 1998 and the final report ‘SecuringRead MoreTeaching And Learning Of The 21st Century1098 Words   |  5 Pagesonline education a more popular and a lot of the value proposition. Globalisation is a force reorganizing the world’s economy through knowledge and information sharing. The education system must adapt to change brought on by globalization by increasing economic and political interdependence of different parts and cultures of the world includes societal and environmental changes. One of the most immediate impacts of globalisation felt by Australian society results from the creation of a global marketplaceRead MoreNics Have Been and Continue to Be the Driving Force of Globalisation. Discuss.1487 Words   |  6 PagesNICs have been and continue to be the driving force of globalisation. Discuss. An NIC stands for a Newly Industrialised Country. It is a term used to describe a country that has moved away from an agriculture-based economy and into a more industrialised, urban economy. These countries have a high growth rate. Current NICs include China, India, Brazil, Malaysia, Mexico, South Africa, Philippines, Thailand and Turkey. The average growth rate between these countries is approximately 7.64% comparedRead MoreGlobalization: Building a Global Brand Essay1688 Words   |  7 PagesGlobalisation has a huge impact on marketing in many ways. Globalisation can force businesses to change their operations, perform to expectations, vary their marketing strategies or adopt a Global Marketing strategy. Businesses must adapt to these situations to succeed in the Global Market and establish themselves as a Global Brand. Marketing is a key, arguably the most important factor of a business. It is the range of activities that aim to identify, anticipate and shape customer demands andRead MoreThe Integration Of Chinese International Students1350 Words   |  6 PagesSociety Australia is a multicultural and multiracial country. After the end of The Immigration Restriction Act 1901, an unprecedented number of immigrants has shifted to Australia from diverse cultural backgrounds, which accelerate the expansion of Australian multiculturalism (Australian Bureau of Statistics, 2011). Among all the immigration groups, along with the Europeans, labourers and business people from Asia countries have shifted to Australia to promote the Australian globalisation, and broughtRead MoreHow Globalisation has affected developing countries in the Asia - pacific region1609 Words   |  7 Pagesthe most alluring country. Globalisation has many impacts on developing countries; these include growth, employment, poverty, women and finance. These will be assessed below. It is striking that global GDP growth has been slower than in previous decades since 1990, the period in which globalization has been most pronounced. This contrasts with predictions of the growth-enhancing impact of globalization. Growth is unevenly distributed among developing countries in the Asia - pacific region. In termsRead MoreThe Changing Nature, Spatial Patterns and Ecological Dimensions of a Global Economic Activity942 Words   |  4 Pagesnew establishing industries in new countries, wine production has been dynamic in its nature, spatial patterns and ecological dimensions. Changing nature The changing nature of the wine industry is characterized by three main elements. 1. Globalisation – has increased the opportunities for wine industries across the world to expand into global markets. Export has become popular, as there are countries that consume a lot of wine but do not produce any. For example, Luxemburg in Europe is one ofRead MoreAnalysis Of Ford And Taylorism Theory973 Words   |  4 Pagesactivity 1, we are going to summarize the ideas of Ford and Taylorism and discuss if the concept it accepted in many countries. Secondly, in the second activity, we are going to review about globalisation by Thomas Friedman. We will mention about the risk of living in the flat world of globalisation. Globalisation has made a huge impact on economic. It has changed the way the world was revolving. E-learning Activities Week 1– Activity 1 – Ford and Taylorism. The key idea of scientific managementRead MoreThe Internationalisation Of Higher Education1018 Words   |  5 Pagesand Teichler, 2007, p. 261). Careful analysis of the literature would seem to support Knight’s view that â€Å"Internationalisation is changing the world of Higher Education and globalisation is changing the world of internationalisation† (Knight,2004, p.5). Welch (2002) looks at the historical and economic background on globalisation and links this to the phenomenon of internationalisation of higher education. He summarises the works of authors including Sklair, Harvey and Giddens. He looks at the rationales

Course project economics and evaluation Free Essays

Course: project economics and evaluation Course code: C11PV Coursework title: Project Appraisal Student Number: H00152083 Lecturer: Dr. Esinath Ndiweni 1. Introduction The work is centred on the importance of project appraisal therefore emphasising on the financial and non-financial techniques of appraisal. We will write a custom essay sample on Course: project economics and evaluation or any similar topic only for you Order Now The object and, therefore, the importance of a project appraisal is making an analysis to see whether the project is viable. It is vital to know whether a project is technically feasible and whether it is going to be an economic liability or not. A project appraisal is an important part of any project and should be taken seriously because a lot rests on it. The effects of a project appraisal are long reaching and have very definite long term effects because of the capital investment that is always required in any project. Once a decision has been made to go ahead with a project, it is irreversible. Even if, through some catastrophic event, the project has to come to an unpredicted halt, the investment has been made so all could be lost. These high expenditures can be critical, not just for that particular project but for the health and survival of the entire business. As such, this paper combines the importance of both methods in order to help in assessment of project performance. 2. Literature review Recent literature has been emphasising on the need to consider the use of both financial and non-financial methods when dealing with project decisions. It is fundamental for a project to consider these techniques in order to measure a success of a project. This part of the paper is focused on critically analysing and evaluating these techniques and justifying why both are important. Some of these methods are very simple (e. g. payback period) while others are particularly sophisticated and complex (e. . Net Present Value, Real Options Reasoning). Simpler methods do not take into account the time value of the money and do not include the risk dimension. All these methods are well documented and explained in the literature. However, there is little empirical evidence on the factors that explain the use of the different techniques by firms. Thus, this p aper is focused on the use of capital investment appraisal methods (CIAM) in practice. Particularly, it analyses whether there are specific contingencies that explain why firms use and do not use specific capital investment appraisal methods. . Financial method of appraisal The decision making in projects are not difficult when we only use financial knowledge. Financial techniques use NPV, IRR, Payback Period techniques in appraising a project as well as making investment decisions. Through this technique, a firm can also analyse a project’s tendency to risk by using sensitivity analysis and risk analysis. Project managers often concentrate on establishing the financial visibility of their projects through reasonable economics. Traditionally, the Net Present Value, the Internal Rate of Return and Payback Period techniques have formed a major component of the financial techniques of investment. They are often based on the time value of money methods to forecast the expected monetary returns of a given project. The reliability of these techniques however depends on the accuracy of the given cash flows and the time frame as planned by the organisation. A major drawback to the financial method of appraisal is the fact that it cannot be practically assumed with a high degree of certainty. The value of all the factors is affected by numerous risks and unforeseen events which are often difficult to tell. Based on an article by S. Mohammed under project certainty (2001) he argued that the financial factors like the net present value, internal rate of return and payback period do not allow for non-financial aspects to be considered in assessing investment option. Non-financial methods such as political, legal and social factors are believed to be essential but rather, firms count them outside the normal appraisal process. These non-financial factors require careful knowledge in order to be managed. In major cases, the neglect of these aspects may result in failure of the project despite having favourable financial components. a. Types of financial techniques of appraisal There different types of techniques in the financial aspects of appraisal. The first to be considered is the Net present Value (NPV). This method enables the firm to determine how much value a project can add. It determines the acceptability of the project. Before taking any step to in a project, the NPV must be considered. If the NPV is positive, then the project can be accepted, whereas if it is negative, the project should be rejected. It determines the stance of the firm in the project and enables organisations to know the end product of the project in terms of cash. The limitation however is the fact that NPV does not accurately forecast future costs and benefits. Another technique is discounted cash flow method which provides approach for evaluating proposed investment project because they recognise the importance of the concepts of time value of money and the cost of capital, and stress the need for forecasting. It can be applied for valuing business as a whole and also for valuing individual business components of a company or firm. Also it can be used by both equity shareholders because on the basis of DCF valuation they can compare two companies and take decision whether to invest or not, and also debt holders can use DCF method to take decision regarding the company. The problem with DCF is that since it is a valuation tool it is dependent heavily on the inputs used for valuation purpose, so if inputs are changed slightly there can be large change in the value of a company. Payback period is another important technique which refers to the period of time a project can cover for the investment made by the company. For example if the initial project cost is ? 50000 and the annual cash flow is ? 10000, it implies that the payback period would be 5 years. It is also beneficial for those companies who are recently established and want to know the time frame in which they would recover their original investment, therefore those companies which do not want to take risk and want quick return on their investments can select those projects which have low payback period and ignore those projects which require long gestation projects. A major disadvantage of payback period is that it does not show a true picture when it comes to evaluating cash flows of a project. b. Advantages and disadvantages of different financial methods of appraisal The payback period is based on the idea of how much time is needed for the project to generate cash flows sufficient to recover the initial amount invested. It can be also used as a criterion for acceptance or rejection of projects in the case that the payback period is above or below a certain number of years previously defined. The main advantages of this method are: ease of understanding; simplicity of implementation; provides an idea of the degree of liquidity and risk of the project; and in times of huge instability, the use of this method is a way to increase the security of investments. Despite these advantages, the payback method has two important drawbacks. First, it ignores the cash flows occurring after the payback time, which can lead to the rejection of profitable projects that require a longer recovery period. Second, the payback period, in its original version, does not consider the time value of money in calculating the cash flows. This is inconsistent with the basic principles of financial mathematics. One way of overcoming this problem is to calculate the payback period by discounting (at the appropriate discounting rate) the expected future cash flows, as proposed by Longmore (1989). The accounting average rate of return (ARR) is computed as the ratio between the project’s estimated average profit and the average accounting value of the investment (Brealey and Myers, 1998). This ratio is compared with the firm’s accounting rate of return or other benchmark external to the firm (e. . the industry average value). The main advantages of this method are its simplicity of understanding and usage, given that the figures used in calculations are those provided by accounting reports. However, this method presents some important weaknesses. First, it does not take into account the time value of money. Second, being based on accounting earnings and not on the project’s cash flows, it is conceptual ly incorrect. Finally, there is the need to set a target rate of return as a prerequisite to apply ARR as an appraisal method (Akalu, 2001). c. Benefits and importance of financial techniques of Appraisal The object and, therefore, the importance of a project appraisal is making an analysis to see whether the project is viable. It is vital to know whether a project is technically feasible and whether it is going to be an economic liability or not. A project appraisal is an important part of any project and should be taken seriously because a lot rests on it. The effects of a project appraisal are long reaching and have very definite long term effects because of the capital investment that is always required in any project. Financial techniques are essential methods in determining the acceptability of the project. Financial method of appraisal is often regarded as the aspect of project appraisal, however, in order for a project to be successful non-financial aspects must also be considered. A major significance of financial method of approval is that it partially justifies spending money on a project. This means that it enquires whether a project gives good value for the budget of the project. It also gives confidence through its several tools that money is being put to good use. Financial techniques are also important decision making tools in which they involve comprehensive analysis of a wide range of data and judgement. This is to enable projects managers to ensure that the selected project is sustainable and it also guarantees sensible ways of managing risk. Furthermore, financial method helps to confirm that projects will be managed properly, by ensuring the calculations are accurate, that there are contingency plans to handle risks and setting milestones against which progress can be judged. 4. NON-FINANCIAL METHODS OF APPRAISAL Project appraisal is not all about financial methods. There are non-financial aspects of appraisal that play an important role in helping firms make decisions on projects. As a matter of fact, non-financial factors are considered as the backbones of a project that will either make or break a project. A very important factor that requires consideration is meeting the requirements of current and future legislation. In most cases it is regarded more important than any method of appraisal because it is uncertain. Every country belongs to a system of government that it is accountable to, in an event where every calculations and evaluations have been completed to determine the acceptability of a certain project, and then along the line the government in power brought a rather abrupt end to the given project. The logic in this implies financial techniques of appraisal are very significant to a project, however, they must go hand-in-hand with the non-financial factors and it is paramount for any management to consider meeting the requirements of the legislation first. Other important factors of non-financial methods are matching the standards of the industry, improving staff morale and improving relationships with clients. In most cases, it is fundamental to balance non-financial and financial techniques. The firm may need to decide how important each factor is to the project. An appraisal choice in this way can take into consideration how well the project fits with the techniques. d. Analysis of non-financial factors of appraisal There are different factors to be considered in the appraisal of projects. In most cases some of these factors are neglected in the event of appraisal and it does not reduce the profitability of the project, and on the other hand it renders the project non-profitable. First of all, the political factors must be considered. This is an obvious factor which its omission could result into the end of the project in the sense that the project manager or the firm must meet the requirements of the legislation. For example some governments could ban the use of some web-based advertisements due to political reasons definitely, and the project could sometime require the use of the web-based sites to create awareness of the project to the general public. Due to the actions of the government, the project consequently faces a setback. The advantage of this factor however is that, it does not occur often and it has a low probability of failing a project if it does not occur. A good example of this factor is when 2011, the Egyptian president decided to ban the access of YouTube, a video site that is known worldwide for its ease of video coverage. If the company decides to advertise the project through this means and along the way the decision is taken, the company will definitely face a setback. Another factor to be considered is the environmental factor. Green activities have recently gained popularity to the extent that companies not investing in equipment that preserve the environment are seen as non-responsive by the general public who are the customers. It is also important for a project to be aware of the resources in the area where the project would be launched. For example, in Nigeria, projects that are based on construction are usually suitable for the soils of the northern part because they are arable and fine. If a company decides to launch a project in the southern part there is possibility of failing to get the perfect soil due to large number of oil fields. Also the process of land acquisition is complex. It requires the company to follow a long process in order to acquire a large piece of land. Furthermore for short term projects it would be of immense advantage if the country is blessed with favourable weather conditions and a vast number of skilled labours. Furthermore in addition to the analysis of non-financial methods of appraisal, it is paramount to bring the usefulness of risk into the picture. It enhances decision making on marginal projects. A project whose single-value NPV is small may still be accepted following risk analysis on the grounds that its overall chances for yielding a satisfactory return are greater than is the probability of making an unacceptable loss. Likewise, a marginally positive project could be rejected on the basis of being excessively risky, or one with a lower NPV may be preferred to another with a higher NPV because of a better risk/return profile. However an area for caution is Risk analysis amplifies the predictive ability of sound models of reality. The accuracy of its predictions therefore can only be as good as the predictive capacity of the model employed. Lastly the company or the firm must consider the availability of manpower. In order to ensure the success of a project there must be a high concentration of skilled workers to handle the activities of the project. The higher the number of skilled workers will create a better chance for the project to be launched and completed in a good way. There must be individuals who will handle the financial methods as well and to ensure the project will be favourable or not. e. Limitations of non-financial methods The appraisal of projects in most cases requires the incorporation of the effects of both financial and non-financial methods of appraisal and ensures that these methods are appropriately represented. The main drawback to the non-financial methods of appraisal is that they cannot be used alone to determine the acceptability of a project. Also due to its intangible nature it brings limitation when using probability analysis. This is due to the fact that non-financial factors on projects are often difficult to quantify. As a result of this, current models often ignore this method because of the lack of knowledge of the qualitative and strategic benefit costs. Non-financial have an intangible nature, are difficult to estimate, and cause a subjective analysis to project evaluators. Therefore, the investment decision should rely not only on the traditional evaluation criteria, but also on non-financial factors, through the use of tools and methods that incorporate and quantify non-financial aspects in project evaluation. f. Comparison between financial and non-financial techniques of project appraisal The prominent issue about the financial and non-financial methods of appraisal is the fact both concepts are essential to the success of a project. The neglecting of one aspect of either of the concepts may result in the failure of the project because they work hand-in-hand. In other comments it was understood that the non-financial factors are not instrumental in the appraisal of a project due to their qualitative nature. On other hand, financial methods like the payback period do not give a true picture of what exactly is required in the investment. However in my view the financial techniques are better in showing the benefits of a project. 5. Conclusion The paper is centred on the importance of the techniques of project appraisal. Due to the mutual nature of both the financial and non-financial methods of appraisal, I believe they are both crucial factors to be considered in the appraisal of a project. The two methods complement each other. These methods are not only crucial for project use only but also for students and researchers as well, and hopefully upcoming innovation from researchers could bring adjustments to the financial methods to be simpler. . REFERENCES Akalu, M. (2001). â€Å"Re-examining project appraisal and control: developing a focus on wealth creation. † International Journal of Project Management 19: 375-383. Hermes, N. , P. Smid and L. Yao (2006). â€Å"Capital Budgeting Practices: A Comparative Study of the Netherlands and China†, Working Paper, University of Groningen, p. 36. Hawkins, C. J. , and D. W. Pearce (1971), â€Å"Capital Investment Appraisal† (MacMillan Press). Jones, C. , Software Assessments, Benchmarks, and Best Practices, Information Technology Series, Addison Wesley, 2000 Verbeeten, F. (1993). Do organizations adopt sophisticated capital budgeting practices to deal with uncertainty in the investment decision? A research note. † Management Accounting Research 17: 106-120. http://www. nibusinessinfo. co. uk/content/strategic-issues-investment-appraisal (accessed on March 24, 2013) http://www. accountantnextdoor. com/investment-appraisal-8-non-financial-factors-that-every-accountants-and-managers-should-consider/ (accessed on 22nd march, 2013) http://www. letslearnfinance. com/advantages-and-disadvantages-of-payback-period. html (accessed on March 23rd, 2013) How to cite Course: project economics and evaluation, Essay examples

Leonardo da Vinci in our life Analysis Essay Example For Students

Leonardo da Vinci in our life Analysis Essay Leonardo dad Vines contribution to the era of Renaissance The Renaissance era created an immense amount of talented scientists, artists, inventors, and philosophers who contributed great deal to the development of human race. In history it is hard to find a similar genius individual as the creator of High Renaissance art Leonardo dad Vinci. Even aftereffects of research on his creations, we are still captivated by the brilliance of his works. Leonardo dad Vinci was an artist, a sculptor, an architect, a philosopher, a historian, a mathematician, a physicist, a mechanic, and an astronomer. Consider Leonardo a genius of the High Renaissance. He was undeniably way ahead of his time, and is undoubtedly one of desegregates geniuses that ever lived. He played an enormous role in the development of art and science of the High Renaissance in Italy. His creations Last Supper (495-97) and Mona Lisa (1503-06) are among the most widely popular art works of the Renaissance. The Mona Lisa painting is a good example of his work which contributed to the development of art in the Renaissance. The Mona Lisa is a portrait of a wife of a Florentine noble. She refused to smile; Leonardo even tried ring musicians but that didnt change her mind. At last, Just for a second she smiled faintly and Leonardo was able to capture it. In his drawing Leonardo masters the techniques of Suffuse and Chiaroscuro. Suffuse involves the most gradual transition from one color to another, giving it a very delicate and expressive image. As mentioned in the studies, Chiaroscuro highlights the contrast of light and shadow. In the Mona Lisa, this is most evident in the contrast between the face and the dark background. I consider the Mona Lisa his most beautiful creation. Leonardo dad Vinci highly influenced the development of science of the High Renaissance in Italy. He is considered one of the prominent contributors to the scientific discoveries of the era. Dad Vinci extended his studies into science and other subjects. For example, he drew complex models of flying machines, as he was fascinated by flight. He also attempted to build flying objects himself and designed an immense amount of mechanical devices. Based on his studies of birds, he drew a human powered ornithology, which is a wing flapping machinate would fly, mimicking the movement of a bird in flight. As a result, some of the machines that he drew on paper such as helicopters would become reality many centuries later. He also had knowledge in the studies of anatomy and was one of the first to understand the circulation of blood in the human body. There seemed to be no limit to his interests and work. Leonardo dad Vinci is one the most prominent individualists lived in the Renaissance era and contributed a vast amount of scientific discoveries and beautiful works of art which are genius and timeless. Leonardo looked far ahead of his time and influenced our generation and development of the modern world today. Leonardo dad Vinci in our life By Andrews