Business Environment in India

India Business Environment Analysis MNGT375. 102 – International Business Fall 2009 – Thursday 6:30PM Mr. Dennis L. Noah By: Brandon Barrett Andrew Murphy I. General Characteristics of the Country The country’s terrain varies by region. The renowned Himalayas lie to the North while highland plains occupy the south, home to the Deccan Plateau. The West conveys a different terrain bringing large deserts. As a result of the terrain varying from region to region the climate follows suite. In the south the climate is tropical but moving northward it becomes more temperate. ,000 km of coastline cover India’s borders making it very accessible. The Arabian Sea and the Bay of Bengal allow water transportation to be done easily for most of the country. The country has a somewhat established infrastructure. The infrastructure does not support its 1 billion plus people properly but despite that its infrastructure is sufficient for the short run and will only improve i n the future. Telecommunications in recent years has experienced significant expansion due to the deregulation of telecommunication laws. The cellular service industry is experiencing extremely rapid growth. However the telephone density is merely 40 out of 100 people across the nation. There are a total of 81 million internet users which is a huge untapped market available. There are 349 airports in all of India. 250 of these airports have paved runways; however the other 99 airport’s runways are unpaved. There is 63,327 km of railways throughout the country which is a very established railway system. There is 3,316,452 km of established roadways in India which is the second largest amount for any country in the world. There are 53 national highways which carry a majority portion of the traffic. In addition to roads, there is 14,500 km of waterways mainly in rivers and canals in India. India contains 11 major seaports The conditions within India are not the finest. India is a premier destination and source of human trafficking for commercial sexual abuse and forced labor. Men, women, and even children are exploited and forced to work on mills, factories, and women are forced to marry unwillingly. India is also the world’s largest producer of Opium for pharmaceutical purposes; however an undetermined but high rate is also illicitly developed. Despite obvious obstacles in India’s current economy, the potential for this untapped market is infinite and an intelligent investment for many multinational corporations. II. Political & Legal Environment The system of government in 23 states closely resembles the federal system Union (Political structure, 2009). However, seven Union territories in the country are administered by the President. The Chief Minister (CM) of a state government has the executive powers while the Governor, elected by the President, is the head of Executive (India's politics, 2009). The Council of Ministers of a state is lead by the CM and is responsible to the elected legislative assembly of the state just like the federal government (Political structure, 2009). The judiciary is independent of the executive in India. The Supreme Court (SC) is the apex court in the country. The High Court stands at the head courts of the states. Each state is divided into judicial districts presided over by a district and sessions judge, who is the highest judicial authority in a district (India's politics, 2009). â€Å"There are courts of civil jurisdiction, known in different states as munsifs, sub-judges, civil judges and the like. Similarly, criminal judiciary comprises chief judicial magistrate and judicial magistrates of first and second class† (India's politics, 2009). Corruption has gone down in India due to transparency, reformed and free judicial system (Country profile: India, 2009). The Supreme Court is supreme; it has original, appellate and advisory jurisdiction (Daniel, 2004). Its exclusive original jurisdiction extends to all disputes between the Union and one or more states or between two or more states and protects the Fundamental Rights of people (India's politics, 2009). The Supreme court has 25 justices and one Chief Justice (CJ) appointed by the President and hold the office till the age of 75 years (India's politics, 2009). It does not deal with criminal cases (Daniel, 2004). III. Economic Environment Despite economic woes that swept through the United States, and in turn the rest of the world in mid-2008; India has weathered the storm while outpacing recovery relative to many other developed and emerging nations. Year to date the Bombay Stock Exchange small cap index has outperformed the S 500 and Dow Jones Industrial Average by over 100%. Appendix A) Financial markets have recovered at an unprecedented pace; however, fundamental and economic indicators suggest this rally is fueled by massive injections of liquidly, government intervention, and quantitative easing therefore deeming growth unsustainable. While evidence from monetary, fiscal, and economic policy globally suggest a double-dip recession is palpable; consumption between the Old World (US, Western Europe, Japan) & New World (Total World minus US, Western Europe, Japan) has changed. Currently emerging markets are expanding and consuming more than developed economics. Contrary to prior trends, OPEC’s largest customers now lie within emerging economies, and China is now the main consumer of Asian goods not the United States. India is poised to exponentially contribute towards New World growth driven by a free-market democracy, emerging middle class, capitalistic mindset, young English-speaking entrepreneurial population, and large inflows of foreign direct investment. (Market Commentary Report, Marc Faber) According to Citi Emerging Markets outlook nominal GDP in US$ bn was 1175. 0 in FY08 compared to 913. 5 a year before. Real GDP yoy growth was 9. 0% in FY08, and is expected to contract to 6. 7 in FY09 and steadily grow back to 8% yoyby FY12. Real imports and exports are expected to grow by 17. 9% and 12. 8% respectively in FY09. While imports and exports have experienced negative growth over the past few months the trade balance has narrowed to US $5 bn. Over the next year expected higher oil prices should impact India’s external a ccount considering they import 70% of their crude oil. Majority of GDP growth is driven internally so the nation is less depended on export growth than other countries. India’s current account is expected to be US -$43. 7 bn; exports will make up 169. bn while imports were 286. 5 bn. The current account in FY08 represented 1. 5% of GDP, and is expected to be 3. 8% in FY09. Foreign direct investment was US 15. 4 bn in FY08, and is expected to grow to 20 bn in FY09. According to Citi Investment research public debt should be reduced by US $200M this year. Before 1992 the Indian central government exercised tight control over foreign-exchange transactions and investment. From 1975-1992 Indian authorities managed a floating exchange rate system in which the rupee was pegged against a weighted basket of currencies similar to special drawing rights from the IMF. In March 1993 a free-floating exchange rate system was implemented. In comparison to other exchange rates the INR/USD has been less volatile. In Q2 2008 the exchange rate was 43 rupees for 1 U. S dollar, currently 1 U. S dollar yields 46. 44 rupees. In the past year the U. S dollar has appreciated against the rupee; however, long-term we believe the U. S dollar will depreciate against most currencies. Expansion of the United States balance sheet and monetary base suggests over the next few years the influx of dollars in circulation will devalue our currency and eventually lead to inflation. Operating a manufacturing facility in India does pose some exchange rate risk, but in the long run divesting some operations international may provide an inflation hedge. If the rupee does appreciate against the U. S dollar as expected the facility in India could use their rupee earnings and cash flow to purchase raw materials at a discount and retain earnings in a currency that will hold its value, and yield more purchasing power when converted back to U. S dollars in the future. Foreign capital investment also experienced deregulation with a â€Å"lazzi-faire† approach during the same period. Prior to July 1991 the central government of India followed the Foreign-Exchange Regulation Act. This act required all foreign capital be granted approval by India’s government; after the new foreign investment policy was announced, automatic approval was prescribed for 34 industries deemed high priority with an equity limit of 51%. In regards to ownership, after elections earlier this year India’s foreign investment policy has become even more deregulated. According to the Ministry of Finance the upper level of foreign ownership has been raised from 51% to 74% and in some cases to a 100%. â€Å"The finance minister announced the government’s commitment to a 90-day period for approving all foreign investment. Government officers will be assigned to larger foreign investment proposals and will facilitate Central and States clearances in a time-bound manner. † (Foreign Investment Policy, Ministry of Finance) Other recent policy changes have been developed to provide incentives for foreign firm participation within India. India’s most recent foreign investment policy on the Ministry of Finance website indicates the ban against using foreign brand names/ trademarks has been lifted, the corporate tax rate for foreign companies was reduced to 55% from 65% (domestic tax rate is 40%), long-term capital gains rates were lowered to 20% for foreign firms, and the Indian Income Tax Act exempts export earnings from corporate income tax for both Indian and foreign firms. India has a three-tier tax structure in which majority of taxes are indirect such as sales, value added, and goods and services tax. Intellectual property rights are also regulated; the Embassy of India posts in their policy statement that â€Å"there is a well-e stablished statutory, administrative and judicial framework to safeguard intellectual property rights in India, whether they relate to patents, trademarks, copyright or industrial designs†. Intellectual Property Rights in India, Embassy of India) India has become a developed market place; the Bombay Stock Exchange is the largest in South Asia, and the 12th largest in the world with a market capitalization of US 1. 79 trillion. With the oldest exchange in Asia and a developed regulatory framework; the nation also has a wealth of trade organizations and business associations to set standards and polices for various industries. Currently India has several hundred industry trade associations ranging from Ahmedabad Electri cal Merchants & Contractors Association to the Wood Furniture Makers Association. The Federation of Indian Chambers of Commerce and Industry and the Confederation of Indian Industry can be valuable government organizations when researching various compliance regulations and associations related to your firms industry. According the Federation of Indian Chambers of Commerce & Industry website there is a Manufacturing Committee aimed at making the industry globally competitive while indentifying possible risks and threats faced by the sector. Firms manufacturing small household appliances would join the Indian Electrical and Electronics Manufacturers Association (IEEMA). Founded in 1948, Indian Electrical and Electronics Manufacturers’ Association (IEEMA) is the representative national organization of manufacturers of electrical, professional electronics and allied equipment having over 550 members, Whose combined annual turnover is over Rs. 1,00,000 croresi. e. US $ 22 billion. † (About Us, IEEMA. org) The Southern India Engineering Manufacturers Assoc iation (SIEMA) might also be a valuable association to join which aims at protecting the interests of engineering companies. The Focus on the Global South organization indicates India currently has nine main regional trade agreements, and has 18 more under negotiation. Operational agreements include Agreement on South Asian Free Trade Area, Asia Pacific Trade Agreement, Bangladesh – India Amended Trade Agreement, Bhutan-India Agreement on Trade, India-Maldives Trade Agreement, India-Singapore Comprehensive Economic Cooperation Agreement, India-Sri Lanka Free Trade Agreement, India-Thailand Free Trade Agreement, and the Indo-Nepal Treaty of Trade. The most recent agreement was signed in 1992, and all have a scope on the trade in goods; however agreements currently in negotiation focus on goods, services, investment, and economic cooperation. (Overview, Focus on the Global South) On par with many other emerging countries, India’s main industries are in the agriculture, service, and industrial sectors. Specifically the retail sector is the largest industry and the second largest employer after agriculture which accounts for about 60% of the population. Press Releases, Department of Commerce) India recently has been a premier outsourcing destination because of its low-cost but skilled and educated labor. The information technology and software sector has been successful in developing a global footprint with a slew of small business servicing niche areas in the IT market. Examples include firms that provide supply chain management, CRM, and turnkey solutions to specific industries. India is also on the technological frontie r with companies leading the way in smartcard and RFID development and implementation. The largest company in India is Reliance Industries which operates in the oil and gas industry; however, it has become a major conglomerate with a market value of US 91. 53 mi. (India’s 40 Largest Companies, Forbes) The company’s activities span from exploration and production of oil and gas to petroleum refining and marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals), textiles, retail and special economic zones. (About Us, Reliance Industris) Second, is Oil & Natural Gas Company with a market value of US 61. 1 mi then the State Bank of India with US 24. 09 mi and assets of US 188,565 mi. In emerging and developing countries it’s normal for oil & gas, financial, and utilities companies to be the largest, because they build the foundation for growth and stability. India’s economy can only grow as fast as the financial and banking sector expands and the infrastructure that supports power, communication, and networking firsts ne eds to be in place before a modern market place can develop. Historical and present day, India is still considered a country with high political and terror risks. Recently attacks in Mumbai and tensions with Pakistan have caused some turbulence in financial markets; however, any organization with a long-term focus should not be readily concerned about political and economic risk because India is only bound to benefit from democracy, growth, and deregulation that benefits free-markets and trade. Geopolitical threats are concerning, but from a U. S standpoint the situation is not any better considering were in two wars. Divesting some operations in India could actually serve as a political and economic hedge reducing our exposure to specific threats the United States may experience. According to the Transparency International’s Corruption Perception Index of 2009, India ranked 84th out of a 180 countries with a score of 3. 4 out of 10. While India does not rank well on the CPI index it is still at the top of all South Asian countries. According to New Delhi most corruption lies in bribes and speed money to low-level public officials to â€Å"speed things up†. Following general elections on May 13, 2009, the Indian National Congress won 206 seats an additional 61 from before. The Indian National Congress represented 28. 5% of the vote following the Bharatiya Janata Party with 18. 80%. (Election Commission of India) Both major parties represent different alliances the United Progressive Alliance and the National Democratic Alliance. The United Progressive Alliance is said to lean more on the left side of the political spectrum with socialist and communist ideologies; however, the finance minister has made it clear through economic reforms that reflec t a market-based economy works best. Attention needs to be given to the apprehension between India’s governments and the finance minister’s economic objectives. Nonetheless, policies have recently continued to favor a free market approach. Last February the Indian government introduced its Union Budget for 2009-2010 which aimed at economic revival from the global slowdown. â€Å"Three fiscal stimulus packages in the form of tax relief and increased expenditure on public projects along with RBI taking a number of monetary easing and liquidity enhancing measures were introduced. † (Union Budget, New Delhi) India’s economy along with many others needs to adjust to a new economic landscape which includes Asia’s economic surge, America’s decline, and regional agreements. The stimulus packages are used to fuel growth rates in gross domestic product while creating profit maximizing incentives and protection for various industries. While India’s regulatory framework is still undergoing major development in terms of trade and economic policy; they also have made exponential progress. The nation is growing at over 1. 5% yoy with a rapidly emerging middle class which will drive consumerism in years to come. India is moving forward in the right direction by encouraging investment and ensuing political stability. We have a positive outlook and believe the current environment could be beneficial in minimizing the initial injection of capital to start operations. IV. Cultural and Socioeconomic Environment Religion and culture plays an important role in social relations and business in India. Traditional Indian society is defined by relatively strict social hierarchy. The influences of Hinduism and the tradition of the caste system have created a culture that emphasizes established hierarchical relationships (Social Hierarchy, kwintessential, 2009). Every relationship has a clear- cut hierarchy that must be observed for the social order to be maintained. About 81. 4% of the population of India practice Hinduism, 12. 4% practice Islam. Other religions include Sikhism, Christianity, Buddhism and other religions (Background note, U. S Department of State). The Indian caste system describes the social restrictions and discrimination in India, in which social classes are defined by thousands of groups, often termed as â€Å"Jatis† or castes. Discrimination based on caste is officially illegal, but remains prevalent, especially in rural areas. However, the government has made strong efforts to minimize the importance of caste through active affirmative action and social policies (Society and Culture, Times of India, 2007). India has a high context culture, many things are left unsaid. They do not like to express ‘no', be it verbally or non- verbally. Rather than disappoint you, for example, by saying something isn't available, Indians will offer you the response that they think you want to hear. If terms such as â€Å"We'll see†, â€Å"I will try† or â€Å"possibly† are employed then the chances are that they are saying ‘no'(Manners, RiddhiShah, 2005). Religion, education and social class all influence greetings in India. This is a hierarchical culture, so most senior persons or eldest are greeted first. Shaking hands is common, especially in the large cities among the more educated who are accustomed to dealing with westerners. Men may shake hands with other men and women may shake hands with other women; however there are seldom handshakes between men and women because of religious beliefs. They say â€Å"Namaste† by putting two palms together as a respectful greeting. Business cards are exchanged after the initial handshake and greeting. Using left hand to exchange business cards or gifts is considered disrespectful. It is also important to know that Hindus do not eat beef and Muslims do not eat pork (Meeting/Dining Etiquette, kwintessential, 2009). In Indian society, aggressiveness can often be interpreted as a sign of disrespect. This may lead to a complete lack of communication and motivation on the part of the Indians. Criticism about an individual's ideas or work needs to be done constructively, without damaging that person’s self-esteem (Doing Business in India, 2009). Hospitality is a key part of doing business in India; most business discussions will not even begin until tea is served and there has been some preliminary talk (Manners, Riddhi Shah, 2005). Indians prefer to do business with those they know. Relationships are built upon mutual trust and respect. In general, Indians prefer to have long-standing personal relationships prior to doing business. It may be a good idea to go through a third party introduction. Labor is abundant in India. It is currently estimated to have a total workforce of 397 million where agricultural and allied sectors accounted for about 60 percent of the total workforce. Only 28 million workers are employed in the organized sectors. Almost70 percent of the Indian workforce is under the age of 30, and 80 percent of the young people entering the workforce do not have high-school education or skills that are needed in the job market (Human Capital, 2009). With a majority of unskilled labor, many well-educated individuals within the ranks of the unemployed and under-employed, including technicians and engineers, can also be found without much difficulty. One area of focus for both Indian and foreign investors has been on information technology. This sector has been described as the engine of growth of the Indian economy. The Indian software industry is growing at a rate of more than 50 percent a year, and the country appears to be on track to achieve IT exports of $50 billion by 2010. Approximately 10,000 Internet companies were established in India in 1999, and after years of experiencing a brain-drain effect, Indians are returning home to start and work for technology companies. However, labor shortages are beginning to occur at the highest levels of some service industries especially in IT enabled services (Human Capital, 2009). The numbers of persons with managerial and other white-collar skills are increasing as newly established management institutes begin to produce graduates. There are 5,114 industrial training institutes as well, which have a total capacity of around 742,000 students, offering courses in engineering and non-engineering trades. Even for those graduates from professional disciplines, quality of education imparted is a major issue. Only 25% of engineers, 15% of finance, and accounting professionals and 10% of professionals with Indian degrees are suitable for work in multinationals companies (Globalization and education, 2008). It is important for an investor to meet local business community and start networking at Indian trade fairs to make the right connections. Local business consultants, government agencies and local US embassy also provide necessary information and assistance to start up a business there. It is also good to think of using a local agent or setting up your own office and take legal advice on regulations that may apply to the product or service. V. Industry Specific Information There are hundreds of privately owned companies that make small motors in India but there are no public companies that manufacture this product. Since private companies are not required to disclose their activities and financial information to the public, there no industry information available to us. There are at least 450 small motor manufacturers and suppliers in India (Electric Motors, India Mart). The existence of huge number of manufactures indicates that the small appliance industry is doing quite well. Some manufacturers sell their products within the country and some of them have extended their market to other countries. For instance, one of the largest manufacturers and suppliers of small motors in India, New Bharat Group, sells its products to at least 23 countries in Asia and Africa (Export, New Bharat Group). It will be one of the biggest competitors among many other competitors. Along with the economic growth and rapid urbanization, the Indian household appliances market has been growing each year. The household appliances market reflects the sale of six product sectors: refrigeration appliances, washing appliances, vacuum cleaners, dishwashers, room comfort appliances and cooking appliances. The Indian ousehold appliances market generated total revenues of $4. 8 billion in 2008. In 2013, the Indian household appliances market is forecasted to have a value of $7. 7 billion, an increase of 60. 7% since 2008 (Market Analysis, Datamonitor). It indicates that there is a possibility that the market size of electric motors in India will even get bigger. The availability of raw material suppliers is fa vorable to the small motor manufacturers because metal industry is one of the leading industries in Indian economy. Some other materials could be imported from neighboring country China as well (Electric Motors, Indiamart). VI. Benefits and liabilities of current situation Deciding where to locate productive activities for a manufacturing planet is a major business decision in which various risks need to be accessed to ensure the long-term strategic role of the firm and country align. In our case study we decided to own foreign production activities instead or outsourcing and developing a complete turnkey solution. While initial start-up cost and risk increase there is also a direct relationship between profitability. While production activities may already be organized, more focus must be placed on the logistics of the operation. How will the firm acquire materials? How is the location strategic towards business processes? Our organization must look beyond firm specific and product factors that may effect production, and focus on political risk, exchange risk, market risk, etc. If our company begins developing small motors for the appliances we already sell, then our manufacturing planet will aid in making our company more vertically integrated. Being able to supply components required to build the finished product lowers cost, protects proprietary technology, and improves overall business efficiency and practice. Considering equity ownership varies among industries, our manufacturing facility will most likely have to be in conjunction with a local firm. However, considering the engineering and operational expertise, Indian firms that can provide a strategic alliance or joint venture may benefit our organization and business process. Labor capital is one of the main reasons U. S companies have outsourced operations to India. From a human resources perspective India has a young population that’s educated and English speaking – a manufacturing facility would have no problems acquiring college grads for anagement and engineering positions while also obtaining machinist and assembly line workers. The overall labor cost used in the production of appliances would be less in comparison to the United States and quality would not be sacrificed. International human resource management will play a vital role for the firm as a strategy needs to be implemented to get amalgamated to the host c ountry through cultural, language, and practical training. A partnership or strategic alliance will help our international labor relations an ability to develop a competitive advantage while enhancing bargaining power. Compensation would be based on equalizing the base salary in terms of purchasing power between the countries; the standard of living in the home country would be on par for the host country. India with over 1. 1 billion people not only makes for a premier location to operate a manufacturing facility, but more importantly a marketplace for its appliances. Our firm has decided to implement a global standardization strategy that utilizes the local labor force. We feel this strategy is best for reaping cost reductions, economies of scale, and value added location economics. A global strategy would best serve our facility over a transnational or localization strategy because our product doesn’t have to be tailored to tastes across different geographic markets. Considering differences in consumer tastes and preferences don’t change much in what is required of appliances; our manufacturing facility should be focused on achieving economies of scale and utilizing various distribution channels locally with strategic partnerships. India also has several resource endowments that will help in reducing cost of raw materials from accessibility and ease. In addition being close to raw materials required for production reduces transportation cost while shipping cost are also reduced from have a facility in the middle of Asia, the largest potential market. India has a developed and regulated political economy with an individualistic mentality. The nation has a democratic political system in which government officials are elected through the people either directly or indirectly. While political risk does exist given the controlling political party (United Progressive Alliance) drives from socialist and communist ideologies. However, the government is a democracy and the citizens realize a free-market approach is best for their society; thus we consider the government politically stable without the risk found in totalitarian regimes. The economic system in India is evolving and moving towards a market economy, but currently has the elements of a mixed economy with some regulatory restrictions. As the finance minister continues to enact polices that discourage government intervention and open up markets for trade and investment – the economy is rapidly evolving into modern capitalistic system. Along with regulated and historically stable financial markets the legal system also has the framework necessary for protecting intellectual property and ownership. Business laws and incentives have been enacted to encourage foreign development and investment; corporate tax rates have been reduced and equity ownership caps have increased. After accessing the political, economic, and legal environment we believe the potential return and value creation offsets the risk and possible implications faced by operating a facility in India. Inherent with divesting operations internationally the host firm accepts a degree of translation, transaction, and economic exposure. However, given the fundamentals on the U. S dollar outlook in the economic environment section we believe future favorable exchange rate fluctuations will increase the value of our company’s equities, assets, cash flow, and earnings. The caste system is still present in India, but the government has outlawed caste-based discrimination, and their social stratification allows for upward mobility. Considering socioeconomic factors bring production to India not only reduces cost, but will help our firm penetrate a potentially large marketplace as Indian consumers will be more likely to purchase products developed and produced in their home country. VII. Expectations of country competitiveness related to industry The household appliances market is rapidly expanding in emerging countries such as India and China where demand is driven by an emerging middle class. In India it is expected by 2012 the middle class population will be size of our total population, around 300 million. The manufacturing industry specifically dealing with the production of small-motors is a saturated marketplace consisting of over 450 companies. Industry leaders include the New Bharat Group and Havells which supply small motors across Asia and Africa. Considering the concentration of firms in this segment it would probably be most beneficial for our company to partner with a retail distribution chain or technology firm that will be sure to add value while protecting our business processes. Our strategic lliance or joint venture would only be done if it was a government requirement due to foreign investment regulations which it probably will. Given the pace of technological innovation and capital investment the industry is bound to experience heighten competition and barriers to entry in India. Consolidation within the industry is unlikely in the near term as sheer population growth and consumerism we expect will outpace the influx in supply. VIII. Itinerary The itinerary for our cou ntry visit can be found in Appendix D.

Women And The Spartan Women - 1730 Words

Throughout ancient human history, men and women held vastly different roles. Women were often given the duty of bearing and raising children, whereas men were expected to fight, provide an income, and protect the household. Women were seen as totally inferior to men and described by Euripedes as â€Å"a curse to mankind† and â€Å"a plague worse than fire or any viper.† However, this misogynistic view of women and designated role of inferiority was not apparent in every ancient civilization. The role of the female in ancient Greek history can best be explored and contrasted between two important civilizations: The Spartans and the Athenians. The Spartan women were incredibly advanced for their time, and the Athenian women were drastically far behind. Both the Spartan and Athenian women held roles at home and lived lives far removed from the men of their societies. However, their lives were much different. While the Spartan women were strong and educated, the Athenian women held a status almost equal to slavery. The Spartan women were far more advanced than Athenians in aspects of life including education, athleticism, and independence. In no other city-state did women enjoy the same freedom and status as Spartan women. As a military-driven society, the Spartans realized that â€Å"regardless of gender all Spartiates had an obligation to serve the militaristic end of Sparta.† With this focus in mind, women were allowed more freedom, rights, and independence. Spartan women wereShow MoreRelatedThe Athenian And Spartan Women894 Words   |  4 Pageswoman in Athens and Sparta but also comparing them to women today, along with Greece lifestyles between the men and women. Although, women back then had different task they had similar duties as women do today. With that being said the women had complex duties as well and not just the men. 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Much like Spartan women, theRead MoreThe Birthplace Of Democracy : Ancient Greece1129 Words   |  5 Pagesalways had issues. Sparta and Athens are very different from the way they are administered as well as their practices. Athenians were the most scholarly types while the Spartans were more of the military type. Due to the fact that Sparta had a very military lifestyle, they were good at raising strong outspoken women in a society where women were kept at home. Sparta is located near the river of Evrotas in southern Greece. Citizenship in Sparta was based on land ownership. These citizens participated

The 5 Sectors of the Economy

A nation’s economy can be divided into various sectors to define the proportion of the population engaged in different activities. This categorization represents a continuum of distance from the natural environment. The continuum starts with primary economic activity, which concerns itself with the utilization of raw materials from the earth, such as agriculture and mining. From there, the distance from natural resources increases. Primary Sector The primary sector of the economy extracts or harvests products from the earth, such as raw materials and basic foods. Activities associated with primary economic activity include agriculture (both subsistence and commercial), mining, forestry, grazing, hunting and gathering, fishing, and quarrying. The packaging and processing of raw materials are also considered to be part of this sector. In developed and developing countries, a decreasing proportion of workers is involved in the primary sector. Only about 2 percent of the U.S. labor force is engaged in primary sector activity today, a dramatic decrease from the mid-19th century when more than two-thirds of the labor force consisted of primary-sector workers. Secondary Sector The secondary sector of the economy produces finished goods from the raw materials extracted by the primary economy. All  manufacturing, processing, and construction jobs lie within this sector. Activities associated with the secondary sector include metalworking and smelting, automobile production, textile production, the chemical and engineering industries, aerospace manufacturing, energy utilities, breweries and bottlers, construction, and shipbuilding. In the United States, a little less than 15 percent of the working population is engaged in secondary sector activity. Tertiary Sector The tertiary sector of the economy is also known as the service industry. This sector sells the goods produced by the secondary sector and provides commercial services to both the general population and to businesses in all five economic sectors. Activities associated with this sector include retail and wholesale sales, transportation and distribution, restaurants, clerical services, media, tourism, insurance, banking, health care, and law. In most developed and developing countries, a growing proportion of workers is devoted to the tertiary sector. In the United States about 80 percent of the labor force is tertiary workers. The Bureau of Labor Statistics puts non-agriculture self-employed into its own category, and that accounts for another 5 percent of workers, though the sector for these people would be determined by their job. Quaternary Sector Although many economic models divide the economy into only three sectors, others divide it into four or even five sectors. These final two sectors are closely linked with the services of the tertiary sector. In these models, the quaternary sector of the economy consists of intellectual activities often associated with technological innovation. It is sometimes called the knowledge economy.   Activities associated with this sector include government, culture, libraries, scientific research, education, and information technology. These intellectual services and activities are what drives technological advancement, which can have a huge impact on short- and long-term economic growth. Quinary Sector Some economists further subdivide the quaternary sector into the quinary sector, which includes the highest levels of decision making in a society or economy. This sector includes top executives or officials in such fields as government, science, universities, nonprofits, health care, culture, and the media. It may also include police and fire departments, which are public services as opposed to for-profit enterprises. Economists sometimes also include domestic activities (duties performed in the home by a family member or dependent) in the quinary sector. These activities, such as child care or housekeeping, are typically not measured by monetary amounts but contribute to the economy by providing services for free that would otherwise be paid for.

Descriptive and Inferential Statistics - 2333 Words

Descriptive and inferential statistics can describe data with remarkable precision and accuracy. Statistical analysis can also involve much time and effort, and therefore an understanding of the proper structure of descriptive and inferential statistics is crucial before expensive investments of time and resources are wasted because data is not collected using proper methods. Many surveys are reported every day in business, government and the media that are questionable because data was not collected and analyzed accurately. For the most robust inferential results, random data must be gathered, there must be enough sample points relative to the size of the population the sample is claimed to infer characteristics about, and the most robust inferences are made by applying a test condition to one or more groups compared to an untested group that did not get the treatment, to see how likely the condition of interest would appear in a control group by chance. If the population is small e nough or there are enough resources to survey them all, that is optimal and therefore no inferential statistics need be performed because descriptive statistics include all group members and therefore accuracy is 100% or very high, but this is often not possible There are many statistical techniques that can handle non-normal or random data, but if the consequences carry high risk of say loss of life, or irreversible damage, then the best effort is required to ensure the highest accuracy.Show MoreRelatedDescriptive and Inferential Statistics1122 Words   |  5 PagesRunning head: DESCRIPTIVE AND INFERENTIAL STATISTICS 1 Descriptive and Inferential Statistics DESCRIPTIVE AND INFERENTIAL STATISTICS 2 Descriptive and Inferential Statistics Descriptive and inferential statistics are incredibly similar forms of research testing within psychology. Each seeks to analyze, describe, and possibly predict a population’s behavior. 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It provides data for research studies as well as providing background information andRead MoreDescriptive and Inferential Statistics Paper1139 Words   |  5 PagesDescriptive and Inferential Statistics Paper PSY 315 Descriptive and Inferential Statistics Whether doing original research or conducting literature reviews, one must conclude what a powerful and versatile tool statistics are in the hands of researchers. From basic statistics such as data description, to using complex statistical methods to foresee future patterns or strengthen scientific claims about current climates, the role of statistics in research cannot be taken lightly and is essentialRead MoreUse of Descriptive Statistics over Inferential Statistics659 Words   |  3 PagesQ1. When would you use descriptive over inferential statistics? Provide a specific scenario and explain your rationale. Descriptive statistics is the term given to the analysis of data that helps describe, show or summarize data in a meaningful way such that, for example, patterns might emerge from the data (Understanding descriptive and inferential statistics, 2012, Laerd). Examples of descriptive statistics include an analysis of central tendency (the position of most members of the group inRead MoreAdvantages And Disadvantages Of Descriptive And Inferential Statistics932 Words   |  4 PagesDescriptive and Inferential Statistics Statistics has been a form of research for many years. There are several professions that depend on statistics to help their research to grow and flourish within society. Professions like psychology and medicine often use some sort of statistics to help them better understand their work. There are two types of statistics that are used often in research. There is descriptive statistics and inferential statistics. Throughout this paper, I hope to explain the distinctRead More1. What Are Descriptive Statistics and How Do They Differ from Inferential Statistics?1000 Words   |  4 Pagesare descriptive statistics and how do they differ from inferential statistics? INTRODUCTION Statistical procedures can be divided into two major categories: descriptive statistics and inferential statistics. Typically, in most research conducted on groups of people, you will use both descriptive and inferential statistics to analyse your results and draw conclusions. So what are descriptive and inferential statistics? And what are their differences?We have seen that descriptive statistics provideRead MoreDescriptive and Inferentail Statistics Essay889 Words   |  4 PagesDescriptive and Inferential Statistics Paper Descriptive and Inferential Statistics Paper Statistics are used for descriptive purposes, and can be helpful in understanding a large amount of information, such as crime rates. Using statistics to record and analyze information, helps to solve problems, back up the solution to the problems, and eliminate some of the guess work. In Psychology there has to be a variable or variables to be organized, measured, and expressed as quantities. InformationRead MoreUnderstanding Business Research Terms and Concepts: Part 2 Essay914 Words   |  4 PagesApril 18, 2016 Dr. Linda F Florence Understanding Business Research Terms and Concepts: Part 2 Descriptive statistics Descriptive statistics suggests a straightforward quantitative outline of a data-set which has been gathered. It helps us comprehend the experimentation or data-set in-detail and tells people concerning the mandatory details that help show the data perceptively. Descriptive statistics, we just convey exactly what the data reveals and tell us. Most of the statistical averages and

Big Bang Essay Research Paper The OriginSome free essay sample

Big Bang Essay, Research Paper The Beginning Some 12 billion old ages ago the existence emerged from a hot, heavy sea of affair and energy. As the universe expanded and cooled, it spawned galaxies, stars, planets and life. Since the beginning of human civilisation, people have ever questioned the beginnings of their being and the creative activity of the existence. Cosmology, the scientific survey of the big graduated table construction and development of the existence, has developed and evolved in response to the human demand to cognize our roots ( Silk, Big Bang 1980 456 ) . We will write a custom essay sample on Big Bang Essay Research Paper The OriginSome or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Within in this field of survey, the Big Bang theory has become the most prevailing theory, because the bulk of grounds from a assortment of different probes make it highly likely that something like the Big Bang occurred. The Big Bang theory of cosmology assumes that the universe began from a remarkable province of infinite denseness. As Joseph Silk defines the Big Bang theory, it is a theoretical account of the existence in which space-time began with an initial uniqueness and later expands ( Silk, Cosmic Enigmas 56 ) . The theory foremost referenced in Alexander Friedmann # 8217 ; s complete solution of Albert Einstein # 8217 ; s equations, in 1922. In 1927, Georges Lemaitre used equations to invent a cosmogonic theory that incorporated the construct that the existence has been spread outing from an explosive minute of creative activity. However, the term # 8220 ; Big Bang, # 8221 ; as a name for the initial cataclysmal event, was chosen by two work forces named George Gamow and R.A. Alpher due to their find of background radiation, a low-temperature radiation that penetrates the existence at microwave wavelengths ( 58 ) . Its beginning is now believed to hold been the highly hot bolide with whi ch the existence began, harmonizing to the Big Bang theory. Since its initial debut, much grounds has helped to beef up its instance, and other theories have been added to it, such as the Inflationary theory. This theory seeks to account for the physical events which took topographic point in the really first minutes of creative activity. In short, the Big Bang theory is one which incorporates other theories in its effort to explicate the development of the existence. Though much grounds supports, the Big Bang theory, there are still inquiries which remain unreciprocated. Other theories that attempt to explicate the beginning of the universe exist, but the Big Bang theory has become the standard theoretical account by which others are measured. The history of the Big Bang and cosmology was born when Albert Einstein developed his General Theory of Relativity in 1915, and his first cosmogonic paper in 1917, when Einstein attempted to do the equations of relativity fit together with the wrong belief that the existence was stable and inactive, with no get downing nor an terminal ( Monsters 103 ) . Einstein # 8217 ; s theory of gravity of space-like organic structures, general relativity, has identified gravitation with the curvature of space-time, the 4-dimensional manifold that consists of the three infinite dimensions combined with clip ( Silk, Big Bang 1980 13 ) . Any event can be described in footings of its way and location in space-time. In peculiar, the visible radiation from distant galaxies logically follows the shortest possible way, called a geodesic. The mode by which one looks back in clip is by geodesics ; galaxies are about like clip machines, with the visible radiation from most distant galaxies going through s pace-time since before the Earth was even formed, 4.6 billion old ages ago. The most distant galaxies are at a distance of 10 billion light old ages, fundamentally supplying a look-back in clip of 10 billion light old ages every bit good. Einstein # 8217 ; s theory of relativity received solid verification in 1919, when the warp of visible radiation from distant stars by the Sun was measured during a entire occultation. The cosmogonic deductions of Einstein # 8217 ; s theory of relativity began to have intensive scrutiny. The thought of the Big knock and an spread outing existence which challenged Einstein # 8217 ; s thought of a inactive and unchanging existence, came chiefly from a Russian meteorologist, Alexander Friedmann, and a Belgian churchman and mathematician, Georges Lemaitre. The preparation and anticipation of a Big Bang account for the existence was singular because both work forces formulated that theory of cosmology without any steadfast experimental grounds for cosmopolitan enlargement ( Silk, Big Bang 1980 15 ) . Both work forces, in different old ages, independently discovered the solutions to Einstein # 8217 ; s equations of gravity which described an spread outing existence, flinging Einstein # 8217 ; s cosmogonic invariable and his perceptual experience of a inactive existence. Friedmann, in 1922, and Lemaitre, in 1927, demonstrated that the existence could be in a large-scale enlargement. To avoid prostration, the enlargement of the existence balanced gravitative attractive force. The enlargement could either go on everlastingly, or finally change by reversal into a stage of contraction. A principle premise of their theory was that the affair content of the existence implied that infinite was non needfully Euclidean or correspondent to the two-dimensionality of a plane in a planar analogy, but could be curved like the surface of a sphere ( with a positive curvature ) or a hyperboloid ( negative curvature ) ( Silk Cosmic Enigmas 13 ) . Since the surface of a domain is closed and finite while a hyperboloid is unfastened and infinite, it can be inferred that a existence with high affair denseness should be closed, finite, positively curved and should finally fall in, whil e a universe with low affair denseness should be unfastened, infinite, and negatively curved, spread outing indefinitely ( 14 ) . Edwin Hubble, a celebrated American uranologist of the 1920 # 8217 ; s, discovered a additive relation between distance to a distant galaxy and its red-shift in 1929 which provided exciting grounds back uping the thought of the of all time spread outing existence which came from the Friedmann-Lemaitre theoretical account. Hubble s find was influenced well by the work of a Dutch uranologist, William de Sitter, who in 1917 hypothesized that the existence possessed the curious belongings that the visible radiation from the most distant parts became increasingly reddened as the distance increased. Hubble # 8217 ; s red-shift is due to a Doppler displacement of visible radiation from a galaxy which is withdrawing. This explains that the distance of galaxies from us is linearly relative to their red-shift and hence linearly proportional to their comparative speed of recession ( Silk, Big Bang 1989 374 ) . So fundamentally, galaxies and organic structures that are twice as far from us tha n another, travel twice as fast. This thought indicates that it has taken every galaxy the same sum of clip to travel from a common point of beginning to its current place, wherever that might be. The term # 8220 ; Big Bang # 8221 ; for these theories was coined by the Russian born U.S. atomic physicist George Gamow in 1946. He was one of the strongest advocators for this theory for the creative activity of the existence, back uping the work of Einstein, Friedmann, Lemaitre, and Hubble ( Peebles 1 ) . Gamow attempted to explicate the distribution of chemical elements throughout the existence through a self-generated thermonuclear reaction. He besides proposed that in the beginning of the Big Bang, the existence consisted of a aboriginal substance called ylem. This ylem was a gas of neutrons which was at highly high temperatures transcending 10 billion grades. Because the neutrons existed in this # 8220 ; free # 8221 ; province, they began disintegrating into protons, negatrons, and neutrinos. The consequence was a boiling sea of neutrons and protons which merged together to organize heavier and heavier elements. In Gamow # 8217 ; s perceptual experience, all of the elemen ts in the full existence formed in this mode during the earliest 20 proceedingss of the Big Bang. This hypothesis, trying to account for the beginning of He and H in the existence, was submitted by Gamow and his spouse, Ralph Alpher in 1948 ( Eldredge 355 ) . Then in a follow up paper, Gamow and Alpher wrote that after the existence was created in a great ardent detonation, as the existence expanded, the radiation would non hold persisted but would hold been steadily diluted. This would explicate the necessary chilling of the existence. But the most of import portion of this 2nd paper was the anticipation of background radiation, a touchable hint to the existent Big Bang. Although in the 1940 # 8217 ; s there was no technological manner to observe such a swoon afterglow, scientists of ulterior decennaries would be able to turn out what Gamow had hypothesized ( 363 ) . As cosmology and the Big Bang theory gained acceptance by the scientific community, solid, scientific grounds was found which supported the Big Bang and Gamow # 8217 ; s theory of background radiation. In the spring of 1964, Arno Penzias and Robert Wilson, two research workers at Bell Laboratories, while mensurating noise degrees from the sky, out of the blue discovered a signal of microwave radiation which had a temperature equivalent of about 3.5 grades Kelvin ( Smoot 81 ) . The signal was coming from all waies of the sky. The account for this signal was that it was a sensing of remnant radiation from the creative activity of the existence, the Big Bang. This decision was reached because of the isotropic and black body nature of this radiation. Since isotropic means the radiation at the wavelength was every bit intense all over the seeable sky, it can be inferred that that is precisely what one should anticipate if left over radiation came from the Big Bang, that since it occurred everyplace at the same time, the afterglow should be unvarying across the celestial spheres ( 84 ) . This was a # 8220 ; smoking gun # 8221 ; giving more strength to the Big Bang theory of the creative activity of the existence and turn outing Gamow # 8217 ; s hypothesis. More late, cosmic microwaves were detected which apparently originated at the farthest, outer ranges of the existence. These microwaves were improbably unvarying, bespeaking the homogeneousness of the early phases in the creative activity of the existence. The COBE orbiter of NASA which detected these microwaves besides discovered alterations in temperature and other factors which supported old computations based upon the premises of the Big Bang theory ( Gribben 143 ) . Although, it may neer be known for certain whether the Big Bang was the definite mode of creative activity for the existence, modern scientific idea and grounds, such as that of the COBE orbiter, indicate that the Big Bang theory is at the really least, an highly plausible one. Harmonizing to the Big Bang theory, the existence began with one big detonation, which took topographic point about 15 to 20 billion old ages ago. We now refer to this detonation that began the existence as the # 8216 ; Big Bang # 8217 ; and it is from this theory that we are able to analyze the development of the existence from the msecs of creative activity to the creative activity of galaxies, and from the formation of planets to the presence of life on Earth. Because about all astronomical phenomena can be explained wholly within the context of the Big Bang, or if non wholly, can be explained to a greater grade than any other manner, this theoretical account of the existence has become the most widely accepted up to this point. However, within the model of the Big Bang theory, there are several different theoretical accounts of the existence. The standard theoretical account of the Big Bang theory takes three possibilities into consideration, displayed in Appendix A. The first 1 is the unfastened Friedmann-Lemaitre theory on the existence in which exaggeratedly curved infinite is destined to spread out everlastingly. The 2nd theory is the closed Friedmann-Lemaitre theory on the existence in which spherically curved infinite is destined to fall in once more. The 3rd one is the Einstein-de-Sitter theory which calculates that the level infinite of the existence is destined to continually spread out every bit good. Although these three theoretical accounts do non differ greatly in the initial and get downing fazes of the development of the existence, they do differ in their ulterior fazes and as one can see, they predict really different hereafters for our existence. One of the most interesting ideas which arises out of this model, is that the existence was non ever in the province which we see it presently. To analyze how the existence evolved, we must follow back through the enlargement of the existence, coming every bit near as possible to the exact minute of the Big Bang. Probably the most dumbfounding fact is that we are know in a place to depict the existence as it existed during most of the first second of being. ( Trefil 20 ) In its early phases, harmonizing the Big Bang theory, the existence was in therma cubic decimeter equilibrium. A scorching visible radiation pervaded all locations and traveled in every way, with the features and qualities of a black body at extremely high temperatures. Early on in creative activity, the temperature was in the millions of grades because it was in a extremely compressed, aboriginal province. At this highly early phase of creative activity, atoms of opposite charge freely moved about independently of one another, in a province of affair called a plasma ( Trefil 23 ) . As the infinite expanded harmonizing the Big Bang theory from a individual point of beginning, the wavelengths of visible radiation stretched out every bit good. Likewise, the enlargement of the infinite stretched the wavelengths switching the highly high temperature black body spectrum to that of a lower temperature. Blue light shifted to the ice chest ruddy light part, and the existence cooled. As the existence cooled, certain signifiers of karyon, definite sums of He, H, and Li were formed, every bit good as other signifiers of simple atoms. About 1,000,000 old ages subsequently, and about 15 billion old ages ago, the existence became cool plenty for atoms to eventually organize. Soon after the formation of atoms and the subsequent attractive force of atoms of opposite charges, another natural procedure began ( Trefil 45 ) . Under the spread outing new stuffs began to come together in bunchs. As the existence expanded, affair was being brought together in these bunchs by the force of attractive force in gravitation. Within each bunch, the gravitative forces continued to run, pulling big clouds of gases together to organize nebulae. Finally, the bunchs and clouds of gas would organize stars through a procedure known as merger. A gas cloud had small pick but to prostration and fragment into what we now know as stars. Merely the random gesture of its atoms provides a force per unit area that can defy gravitation for merely a really short clip, with atoms clashing, radiating because of the presence of heavy atoms such as C, losing their kinetic energy of gesture, and finally doing a cool down and a prostration. As the gas clouds prostration into small bunchs ; these bunchs merge together into larger, assorted fragments, and grew by accreting gas from their milieus ( Silk, Cosmic Enigmas 65 ) . This fall ining gas shortly became sufficiently dense to get down radiating energy from atomic hits, and therefore the first stars were born. Over clip many of the star bunchs dissolved because of riotous gravitative forces exerted by other clouds, and a galaxy emerged which resembled the Milky Way ( Silk, Cosmic Enigmas 69 ) . The most outstanding characteristic of this early galaxy was a rotating disc of stars and gas clouds, along with a compact cardinal spheroid form of stars which developed from those fall ining gas clouds. Five billion more old ages would travel by before one of these interstellar clouds would deliver our solar system, condensed from the leftovers of earlier stars. Finally, merely put, chemical procedures would happen to associate atoms, which were one million millions of old ages in the devising from the beginning of the existence, together to organize molecules, and so finally complicated solids and liquids, and eventually conveying us to where worlds stand now. With our ability to detect other parts, non merely the optical part, we have discovered much grounds that supports the Big Bang theory. Probably the most persuasive grounds for this theory is the presence of cosmic microwave background radiation, which can merely be detected by wireless telescopes. Cosmic microwave background radiation is diffuse isotropous radiation whose spectrum is that of a black body at 3 grades Kelvin and accordingly is most intense in the microwave part of the spectrum ( Silk, Big Bang 1989 456 ) . This radiation is thought to come from the cooled residue of the initial detonation from which the existence evolved. Because microwaves are of shorter wavelengths, merely several centimetres broad, and are therefore non in the optical window, we are non able to straight detect these. Microwave radiation besides does non normally produce heat, except at highly high strength, doing it hard to observe. However, our full existence is a great beginning of these microwav es and it was non until the production of a little wireless horn for satellite communicating, created in 1965 at Bell Laboratories in Holmdel, New Jersey that radiation was detected. The find of cosmic microwave background radiation, was important because it fit in with George Gamow # 8217 ; s theory that the elements of the existence had been created 5 proceedingss after the # 8216 ; Big Bang # 8217 ; and therefore aboriginal radiation should be scattered across the existence. He besides hypothesized that due to enlargement, the temperature of radiation should hold cooled to about 5 grades above 0. When scientists detected this radiation it became apparent that it contained a high grade of uniformity which proves its beginnings are from the farthest points of the existence ( Silk, Big Bang 1980 102 ) . Cosmic microwave background radiation has besides been found to hold about a perfect black body radiation, intending that the strength distribution of its radiation is that of a black body. Its temperature now is about 3 grades Kelvin, deducing that it is really cold. This fits in really good with the impression that the existence has been spread outing. Indeed, if the black body radiation is traced rearward in clip, it becomes hotter and hotter until it reaches the conditions to make black body radiation ; a province of perfect equilibrium between radiation and affair. Evidence is besides provided from little divergences from the black body spectrum of about 5 grades ( Monsters 4 ) . They provide of import information on the little imperfectnesss of the Big Bang, which are responsible for the construction of the existence. This find of cosmic microwave background radiation is likely the most important grounds that supports the Big Bang theory. As with many other scientific hypotheses, the Big Bang theory is non wholly infallible. Although much current grounds supports the Big Bang theory of the creative activity of the existence, there is still some degree of uncertainness environing it. In fact, there are a couple cardinal jobs associated with the Big knock. These jobs include the inquiry of: why there is so small antimatter in the existence, and what happened prior to the initial blink of an eye of creative activity? These inquiries bring up of import issues associating to the existence which have non been decently answered by the Big Bang theory. In 1932, Carl Anderson, a physicist at the California Institute of Technology, discovered a new type of atom called a antielectron, which had the same mass of an negatron, but alternatively of a negative charge, had a positive charge. This was the first illustration of antimatter to be seen in a research lab scene. ( Peebles 106 ) Antimatter fundamentally is a signifier of affair that, at the atom degree, consists of a atom whose mass is equal to that of a normal atom but carries opposite electrical charges. There are other of import belongingss of antimatter as good. Antimatter annihilates whenever it comes in contact with ordinary affair and besides can be created in energetic reactions between simple atoms. Besides, every atom has a corresponding antiparticle ( Lerner 92 ) . If we have a aggregation of atoms and certain anti-particles at a really high temperature, we would anticipate a balance to happen between these procedures of obliteration and creative activity. Every clip a brace annihilates each other, such as an negatron ( atom ) and a antielectron ( anti-particle ) , another brace would be created in a hit at a different topographic point. But as the temperature falls, creative activity can non continue any longer with obliteration since there is non adequate energy to bring forth the mass of the br ace of atoms. Then the balance dissipates and obliteration occurs until all the atoms or antiparticles are used up wholly The issue that the Big Bang theory has a difficult clip resolution is that in this atom period which scientists refer to, taking topographic point about 13 proceedingss after the Big Bang, both obliteration and creative activity of atoms involved braces, so hence, for every atom which was created or destroyed, a corresponding procedure occurred for antiparticles every bit good. But one of the interesting facts about the Earth is that there is really small antimatter at all, about none. Satellites and planetal investigations which have explored the galaxy return with the same finding of fact that there is no antimatter anyplace ( Lerner 98 ) . The inquiry is how to explicate this complete instability between affair and antimatter, non merely on Earth but besides in our galaxy. Explanations for this instability include hypotheses that before the atom epoch of the Big Bang there was already an instability between affair and antimatter, either by the existence get downing out with more affair, antimatter being segregated to another part of the existence, or a procedure happening before the atom period making matter disproportionately to antimatter. Progresss in uranology have given the most acceptance to the theory that some procedure did happen that created affair before the atom period of creative activity ( Smoot 274 ) . An interesting inquiry that comes to mind when covering with the Big Bang theory is ; if the Big Bang created the universe as we know it, so what, if anything, existed before it? A modern guess for many modern-day scientists and physicists is that the present enlargement may be one rhythm of many which this closed existence has undergone. But in world, it is impossible to cognize what could hold existed or occurred before the Big Bang scientifically. We can merely theorize philosophically about what could perchance hold been before the initial minute of creative activity. It is singular that although modern scientific discipline can find what occurred one minute after the large knock, that it is impossible to find what existed or occurred before. We face the chance of neer cognizing the reply to this and other related inquiries sing creative activity of the existence. One can see that the Big Bang theory of creative activity is by no agencies an airtight, wholly unafraid theory. Questions such as that of the formation of galaxies, and antimatter can be hypothesized about but neer wholly explained. Problems with this widely accepted theory do be as one can see, but the famine of grounds may bespeak that the Big Bang theory is more accurate than non. Although the Big Bang theory does non yet explicate everything about the development of the existence, it does so explicate an ample sum. With the progresss in modern engineering, much convincing grounds has been discovered adding farther credibleness to this model of the existence. The Big Bang theory makes development and alter the cardinal construct of its cosmology. As uranologists and physicists gain more information from more proficient instruments such as the COBE infinite orbiter and the Hubble Space Craft, they will doubtless detect more elements of the existence that will lend to our apprehension of its development. # 8220 ; Smaller # 8221 ; inquiries such as the deficiency of antimatter, the universe position before creative activity, and the possibilities of cosmopolitan contraction still puzzle scientists. However, the biggest inquiry that they have yet to find is whether the existence will spread out indefinitely or will finally fall in upon itself and possibly reiter ate the procedure, everlastingly. Plants Cited Edredge, Niles. The Pattern of Evolution. New York: W.H. Freeman and Company, 1998. 98-134. Gribbin, John. # 8220 ; In Search of the Big Bang. # 8221 ; New Scientist Feb. 1992: 24. Lerner, Eric L. The Big Bang Never Happened. New York: Random House, Inc. , 1991. # 8220 ; Monsters at the Heart of Galaxy Formation # 8221 ; Science 1 Sept. 2000: 1484-5. Peebles, James E. The Evolution of the Universe. 26 Oct. 1994. . Silk, Joseph. The Big Bang. San Francisco: W.H. Freeman and Company, 1980. Silk, Joseph. Cosmic Enigmas. Woodbury, NY: The American Institute of Physics Press, 1994. Silk, Joseph. The Big Bang. New York: W. H. Freeman and Company, 1989. Smoot, George and Keay Davidson. Wrinkles in Time. New York: William Morrow A ; Company, Inc. , 1993. Trefil, James S. # 8220 ; The Moment of Creation # 8221 ; Quest Feb. 1983: 10.

Factors and Value Relevance of Voluntary †MyAssignmenthelp.com

Question: Discuss about the Factors and Value Relevance of Voluntary. Answer: Introduction The key objective of financial reporting is to offer high quality corporate financial information concerning various economic entities, especially of financial nature, useful in effective decision-making. Such provision of high-quality information is significant because it can assist in influencing stakeholders in making credit, investment, and other decisions that can enhance the overall efficiency of the market. According to the conceptual framework for financial reporting, financial information is useful only if it adheres to the qualitative characteristics. Business owners can utilize such accounting information to undertake a financial analysis of their companies. Without the presence of the proper information, it becomes difficult to take proper decision. The business owners are unable to take proper action if the qualitative features are absent. Such information plays a leading role in influencing the decision-making process. Decision making can be effective when the qualitati ve features are established and presented in a better fashion (Damodaran, 2010). Besides, qualitative characteristics consist of business owners perceived significance of the financial information. Qualitative characteristics of accounting information The fundamental qualitative characteristics are faithful representation and relevance that can enhance the quality of financial reporting. In short, the qualitative features helps in providing a strong foundation for the financial reporting and making decision-making more meaningful in nature. Further, other characteristics like verifiability, timeliness, comparability, and understandability form part of the conceptual framework to enhance decision-usefulness when these are properly established (IASB, 2010). Based on the conceptual framework, accounting information can be regarded as relevant if it possesses the ability to manipulate the financial decisions of users by assisting them to assess present, past, or future scenarios. This means that relevant information must have confirmatory or predictive value. Besides, the predictive value can assist users in assessing the past, future, and present events (Bodie et. al, 2014). Furthermore, to possess predictive value, information must not be in the kind of explicit forecast. Nevertheless, the capability to make anticipations from financial statements is maximized by the kind in which the detail on the past is reported. In addition, information can have confirmatory value if it assists the users in confirming or verifying their prior assessment. On a whole, information can be considered as relevant when it is offered in a timely way so that decision-making can be influenced. The second characteristic is a faithful representation that represents faithfully the events and other transactions it intends to either depict or can reasonably be expected to depict. It involves recognition of all obligations and rights arising from an event and accounting for the event in such a way that depicts its economic substance (Deegan, 2011). The information must be accounted for and represented in relation to the economic substance of a specific transaction and not simply its legal form. Further, the legal form of an event is not often consistent with the financial reality of the transaction. In such circumstances, the reporting of property sale will not faithfully depict the transaction entered into. To sum up, fina ncial statements must represent faithfully every transaction and other events that can assist in giving rise to liabilities, assets, and owners equity. Further, the profit and loss statement of the company must depict the transaction faithfully that can give rise to income and expenditure in a particular period (Bence Nadine, 2012). The third characteristic is materiality that assists in offering guidance as to how a particular transaction must be classified in the financial statements and/or whether it must be disclosed separately instead of being aggregated with other items. Such characteristic assists in dictating any item or transactions that can significantly affect the financial statements, and which must be accounted for utilization of GAAP exclusively (IASB, 2010). In simple words, if an event or cost that happened during the year can influence how an investor must view the company, it must be accounted for utilizing GAAP on the financials. Nevertheless, transactions that a re deemed to be immaterial can be ignored as they cannot influence how such investors can view the financials to make decisions (Fang Jin, 2012). The fourth characteristic is comparability that assists an individual in enabling comparisons within and across the entities. Further, when such comparisons are being made within an organization, information is compared with one financial accounting period to another. For instance, an income of a company is compared for the years 2015, 2016, and 2017. Nevertheless, such qualitative characteristic of financial accounting across organizations can play a key role in enabling evaluation of differences and similarities betwixt various companies. The fifth characteristic is verifiability that plays a key role in corporate reporting as it assures users that the data represents faithfully what it intends to represent. Further, financial information assisted by evidence and other independent individuals can verify them to observe whether such data is faithfully represented or not. In simple words, information in the financial statements is verifiable if it can be easily audited (Mangena, 2007). The sixth characteristic is timeliness that is one of the most vital elements in decision-making. If an individual cannot make a decision in a timely manner, the organization may miss the profits of customers and much more. Therefore, in simple words, timeliness refers to the provision of information to the decision-makers of financial statements inappropriate time so that they are able to influence their decisions. Moreover, such provision of data must not be significantly delayed otherwise it will be minimal or no value to the users (Carol et. al, 2016). The seventh characteristic is understandability that necessitates financial information to be comprehensible or understandable to the users of financial statements with ample knowledge of economic activities and business. Besides, in order to be understandable, information must be p resented concisely and clearly. However, it is inappropriate to discard complicated items in order to make the reports understandable and simple. The last characteristic is Prudence that allows preparers of financial information to exercise prudent views while making a judgment about uncertain transactions like asset lives, provision for doubtful debts, etc (Ibrahim et. al, 2013). The major crux of this qualitative characteristic is that it assists preparers in encountering uncertainties so that expenses and liabilities are not understated, and income and assets are not overstated (Carol et. al, 2016). This is one of the major reasons why it is considered one of the most significant qualitative characteristic. Qualitative characteristics are the attributes that provide usefulness to financial information in the financial statements. Based on the framework, such qualitative characteristics are all vital in nature and various similarities and differences can be found. One may argue that such fundamental characteristics are requirement-enhancing characteristics for information to be highly useful to the users. On a whole, effective judgments can be only made if the qualitative characteristics assist in enhancing the value of corporate reporting, thereby serving as a major tool for enhancement of the companys goodwill as a whole. The thought of the fair value can be defined as the price that can be grabbed by the selling of an asset or can be the price that is required for the shifting of a liability in a particular transaction that forms a bridge between the companies in a market. This definition is as per the AASB 13. The crucial point to be represented by the AASB 13 is to decisions made as in concern with the fair value which can be a boon to the people using the financial statements. In May 2011 the IASB issued a rule for the evaluation of the fair value price, and the topics covered under the IFRS 13 is in correspondence to this rule only. Attention was also paid towards the fair value evaluation in the form of AASB 13 which was issued on September 2011 by the AASB. Increase in the potential and the transparency of the corporate reporting in the form of financial statements is the main motive of following the above rules which would help the users of the financial statements and positively affect their decisions. But it should be noted that categorization of a particular liability or asset is not taken into attention, rather a fair value estimate is the only output as per the need and demand (Whittington, 2008). Many statements against such rules are put up which are broadly explained in the study. Concept of fair value It is already explained that fair value can be defined as the price that can be grabbed by the selling of an asset or can be the price that is required for the shifting of a liability in a particular transaction that forms a bridge between the companies in a market. The base target of the followed concept can be said to be independent of the alteration which takes place with time in the market. For instance, a reduction in the standard of the liabilities and the assets cannot affect the marketing conditions as it always considered as the date of evaluation. It is also seen that the value of an asset is in accordance with the marketing companies. There are some non-profit entities that provide assets for the sake and profit of the public (Porter Norton, 2014). But it may happen that these assets are combined with the others in a way so as to provide profit to the companies as the market never lacks in buyers. This depicts a clear state of demarcation between assets which are used for the same caused. Processes in accordance with a transaction like share-based payments and leasing transactions are started to be eliminated by this concept. It is also estimated that the as per this concept, if a liability or asset is sold the followed process, is genuine in nature going on between the marketing companies (Mark Michael, 2016). Also, this estimate is based on the idea that no ill-equipped transaction related to the liability or asset is recorded in it and only a particular type of process is taken into account. Thus, the concept of fair value can be put up in the circumstances in which the IFRS requires exposure of the evaluation of the fair value. In this concept attention towards the marketing, conditions are also paid. The IFRS 13 acts as a boon to the users of the financial statements by positively affecting their decisions and also helps the companies by disclosing their concealed facts and figures and also evaluates the assets and the liabilities aligned with the fair value price on a recurring or non-recurring form but only after the initial scanning (Libby et. al, 20110. A whole lot of public thinks the concept to be a boon for them but as in accordance with the timely alteration and manipulation in the accounting standards, many a people have raised questions about the effectiveness of such concepts. The reasons of such questioning are the facts that the many alterations made involve the approval of such concepts (IASB, 2010). The usefulness of fair value accounting plays a vital role in influencing the down market in a negative manner. When it comes to the process of evaluation of an asset in a downward manner that happens due to a market fall, the assets lower value can play a pivotal role in increasing the selling of assets at a price that is lower in consideration of the expectation of the seller. However, when there is an absence of the valuation then it is focused on the concept of fair value so that additional downward valuation can be negated. Further, it is even argued that the information that is present in the financials offered by the method of fair value accounting is reliable and relevant only for a specific period (ICSA, 2016). Hence, when the information present in the financials is based on time for the market scenario that is prevailing then any variation in the scenario of the market will lead to a major difference in the present financial projection of the organization. The financials t end to have a change undergoing a difference in the financial projection (Shah, 2013). Hence, to have reliable information, a new financial statement needs to be requested leading to more cost for the organization. This provides a factor of additional charges for the company and the cost of operations are enhanced hence, leading to a burden on the cost of the company. Conclusion It is seen that the AASB 13 pays more attention towards the data required for the evaluation of the fair value, but it to be noted that the upper hand is always of the fair value output. Many times questions has been raised about the profits gained by the users from the concept because at times it is not at all convincing and not at all required. So as a whole the potential of the concept is under question because it is always confusion always prevails about the positive effect of the concept in the accounting framework (Davies Crawford, 2012). The profitability of the concept comes from the dark side because many a time loopholes are detected in the concept. A whole lot of a people believe that the concept of fair value is the best ever way but the changing time has given birth to many manipulative techniques which are not covered in the concepts safety. Finalization of the concept in a proper way is not sure because alterations in the market affect the concept severely. Moreover, users have also stated it as the most important approach because the variations that happened n the accounting standard is a big threat to the present course of action. This report highlights the effective selection of the intangible assets. The main target of the report is to highlight the points and the factors which are related to the evaluation and also the process of identification and the undertaken work procedures of the prevailing accounting standards. In this report, Harvey Norman is selected that is listed on the ASX. The topic of discussion broadly explains the working and the process of evaluation of different terms related to the accounting standards which are necessary to be represented. In todays worlds, the innumerable transaction takes place on a single day and it is a matter of great concern that which transaction are to be stated and which are not be exposed by the company. It is obvious that a bunch of transactions which are depicted in the financial statements can affect the decisions of certain individuals which use the statements for their profits. A specific rule to be followed by all to survive in the market has been set up by the AASB and IASB from a long time. But it is also correct that a single rule is never efficient enough to cope up with the thinking and the dream of every individual. So it is advised that to totally rely on a particular set of rule is a very dumb move by anyone (ASC, 2016). Materiality is the term that must be paid attention and in accordance with it, the transaction necessary to be depicted must be done the same and the negligible ones are free to be neglected in the financial statements. Materiality is a key factor which solely d epends on the amount and size of the transaction which is different for different organizations or companies. This is why materiality is a subjective factor. The differences between companies are the output of the various policies and the methods of survival adopted by them. This is a perfect reason of different materiality for different companies which have demarcations (Williams, 2012). Measurement and recognition All the corporate reports like the financial statements are to be made in accordance with the rules set up by the International Financial Reporting Standard which is IAS 39. The IAS-39 plays a key role in providing input for the intangibles. Credit can be seen as a process that formally welcomes a particular product into the company which can be categorized as either liability or asset or expense or proceeds. Credited products are also included in the financials of the organization in both words and figures (Harvey Norman Holdings Ltd, 2016). Similarly, evaluation is the method to compile the amounts with the key elements. Costs related to intangibles are seen as expenses till they are able to satisfy the conditions of an intangible (Maines Wahlen, 2006). Many times it may happen that the intangible costs get mixed up with the ones spent for increasing the respect of the company. Thats the reason why costumers bill, generated brands are not recognized as intangibles. As in the case of intangibles, it is seen that after their evaluation, their value remains as cost minus gathered amortization. Many a times outlook of the fair value is needed in such cases and this can be grabbed from an active running market. It is so advised that the entry of a product into the financial statements of a company is only possible if it satisfies the four conditions of the accounting standards which are in accordance to the materiality doorsill and the efficiency hold back (Needles Power, 2013). The first situation is definition which can be thought of as recognition stage of a particular product into the financials of the company. The second situation is relevance in which the provided data must be capable enough to affect and alter the decisions of the individuals (Melville, 2013). The third situation is measurability in which the product is necessary to hold a pertinent trait quantifiable amid plenty steadfastness. The last but not the least situation is reliability which gua rantees realistic demonstration, verifiability, and objectivity of financial information. The GAAP is the one that answers all questions to the measurement and recognition requirements (Berk et. al, 2015). Evaluation on Harvey Norman The company Harvey Norman has been for incorporated with intentions and purpose of doing study and for that, the company has carried out work in compiling different and substantial aspects of corporate governance to facilitate the interested and aspiring offshore investors will be able to know regarding the composition and functioning of the Board of an entity. Hence, such aspects are designed proposition in this regard. In the annual report of Harvey Norman, there is mention of the details comprising of composition and selection of the board of directors, independent members, board meetings and the other important informations. In addition, it can be noticed from the report that the company has provided all the applicable details in relation to recognition and measurement of intangible assets. This implies that the companys board has taken an ethical stand in implementing a policy where the business process and accounting are based on prescribed accounting standards (Brealey et. al, 2011). The company trusts that the accounting standard principles are the demonstrative principles that lead to the better business system. Furthermore, regarding the goodwill of the company, the report spells out the in excess of the acquisition cost over the fair value of share against the total attributable assets purchased by the date of procurement. In addition to that, the company Harvey Norman possess plenty of enterprise value that is associated with its cash-generating unit in Australia appraises such as brand image, location premium and other additions to the share of profit (Harvey Norman Holdings Ltd, 2016). This assessment on part of the company engrosses the managements enthusiasm to continue and use such intangible assets in the future growth (Samaha Dahaway, 2010). None-the-less the company has provided its intangible assets are having an everlasting lifespan that is derived at cost minus accumulated impairment losses, as the intangible assets are having an indefinite workable lifespan are not subject to amortization with regard to impairment testing and are evaluated annually for depreciation. The impai rment losses of these assets are perceived as the value by which the carry-forward value of the assets exceeds its recoverable value. Conclusion In conclusion, taking into consideration the detailed analysis, for an effective decision-making process can be undertaken by adapting to in recognition and measurement principles into the system and in the due course of time more focus is being given by professional approach, as it allows and provide assistance in eliminating of mistakes from the book of accounts thereby helping in preparation of healthy financial report of the company. Furthermore, that giving a boost to the decision-making process in the company. The recognition and measurement of intangible assets also provide assistance in assessing the carry forward value of the intangible assets to allow the process of disclosures of the assets can be actualized. Further, the management of Harvey Norman is successful in implementing effective adequate decisions in recognition and measurement of distinctive intangibles such as goodwill and premium etc. In short, the disclosure of all those informations in the financial statemen t by the company can allow the clients in making a suited choice as well as the company in implementing accounting standards. 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