Crew Resource Management Research Paper Example | Topics and Well Written Essays - 1250 words

Crew Resource Management - Research Paper Example This research paper describes ways of implementing successful crew managment tasks for organizations. Crew resource management is the study of the behavior of crew members in industries of aviation, fire related services, marine industries and other such types of industries. The origin of crew resource management took place in the year 1979 in a workshop that was conducted by NASA. The purpose of crew resource management is to train, develope and increase the effectiveness of the crews, such as firefighers, police crews, troops and other military forces. Research paper defines that the main accomplishments that the crew resource management focuses on are the adaptability skills, the assertiveness skills, the mission analysis experience, communication job, leadership art, decision making competence and also developing the skills of situational awareness. The leadership arts that are required in the phase of crew resource management are to focus on coordinating and directing the activities of the entire crew team. The crew members need to be motivated by their leader at all times and should be insisted towards showing positive team work at all times. This research paper also covers basic requirements that are needed for a leader to provide all types of assistance and information to the team members so that all, for example, military operations can take place smoothly.

Research Spotlight on Homework Essay Example for Free

Research Spotlight on Homework Essay Some researchers are urging schools to take a fresh look at homework and its potential for engaging students and improving student performance. The key, they say, is to take into account grade-specific and developmental factors when determining the amount and kind of homework. So, whats appropriate? What benefits can be expected? What makes for good homework policies? Research doesnt have all the answers, but a review of some existing data yields some helpful observations and guidance. How Much Homework Do Students Do? Survey data and anecdotal evidence show that some students spend hours nightly doing homework. Homework overload is the exception rather than the norm; however, according to research from the Brookings Institution and the Rand Corporation (see the Brown Center 2003 below). Their researchers analyzed data from a variety of sources and concluded that the majority of U.S. students spend less than an hour a day on homework, regardless of grade level, and this has held true for most of the past 50 years. In the last 20 years, homework has increased only in the lower grade levels, and this increase is associated with neutral (and sometimes negative) effects on student achievement. How Much Is Appropriate? The National PTA recommendations fall in line with general guidelines suggested by researcher Harris Cooper: 10-20 minutes per night in the first grade, and an additional 10 minutes per grade level thereafter (e.g., 20 minutes for second grade, 120 minutes for twelfth). High school students may sometimes do more, depending on what classes they take (see Review of Educational Research, 2006). What are the benefits? Homework usually falls into one of three categories: practice, preparation, or extension. The purpose usually varies by grade. Individualized assignments that tap into students existing skills or interests can be motivating. At the elementary school level, homework can help students develop study skills and habits and can keep families informed about their childs learning. At the secondary school level, student homework is associated with greater academic achievement. (Review of Educational Research, 2006) What’s good policy? Experts advise schools or districts to include teachers, parents, and students in any effort to set homework policies. Policies should address the purposes of homework; amount and frequency; school and teacher responsibilities; student responsibilities; and, the role of parents or others who assist students with homework. Reference: Cooper, H. (2003). A synthesis of research. Review of Educational Reseach, volume 76, Retrieved January 09, 2013, from http://www.nea.org/tools/16938.htm Reasons why students should not have homework Homework is supposed to ensure that all students retain the material covered in the classroom, but for many children it is an unnecessary chore and actually hinders their learning. Children learn best when they are interested in the subject. Positive mental attitude makes learning even challenging things much easier. Negative mental attitude, however, makes retaining knowledge harder and creates stress in a learner. It also takes much longer periods of time to complete. As a result children hardly have any time to develop their talents through extracurricular activities, or to spend adequate time with family and friends. Instead of being burdened with much resented huge loads of homework, children should have the opportunity for more self-directed and interactive learning at school to generate their interest and build in them positive attitude towards learning. Teachers should be more creative and use multimedia like computers and video presentations to make covered subjects more engaging involving childrens input more. Students should be allowed to suggest activities and projects they would like to do. In the present school system it is usually the teacher who decides what and how children should learn in class and at home. This promotes passivity and a sense that learning is a necessary evil rather than exiting opportunity to learn about the world we live in. This is very ineffective, making kids bored, stressed, and frustrated. Not to mention that it is often parents who do the reluctant kids homework therefore homework doesnt help them to learn at all. They get their grades, but end up having learning gaps that will come out later on and hinder their success. Children who are struggling themselves with loads of homework lack the time to develop other than academic passions and experience very unhealty stress that cen result even in a depression. The numbers of children who take antidepressants is rapidly growing. Students who are defiant about their homework often have very strained relationship with their parents. It is a source of contention in too many families and contributes to deep emotional problems in these children and also inevitably may cause depression and substance abuse. The age of kids taking street drugs is getting lower and lower. Children as young as ten in some countries have a drinking problem and homework overload can be an indirect cause of that. That is why I think students should not have homework, but be able to have enjoyable learning experience at school and freedom to be encouraged by the teacher to expand their knowledge on their own terms at home, and to be rewarded for the extra effort instead of being forced to do homework they dont like. Reference: Tehrani, E. (2009). Reasons why students should not have homework. Retrieved January 09, 2013, from http://www.helium.com/items/1309973-why-students-shoul-not-have-homework The Truth About Homework In high school, some studies do find a correlation between homework and test scores (or grades), but it’s usually fairly small, and it has a tendency to disappear when more sophisticated statistical controls are applied. Moreover, there’s no evidence that higher achievement is due to the homework even when an association does appear. It isn’t hard to think of other explanations for why successful students might be in classrooms where more homework is assigned—or why they might spend more time on it than their peers do. The results of national and international exams raise further doubts. One of many examples is an analysis of 1994 and 1999 Trends in International Mathematics and Science Study, or TIMSS, data from 50 countries. Researchers David P. Baker and Gerald K. LeTendre were scarcely able to conceal their surprise when they published their results last year: â€Å"Not only did we fail to find any positive relationships,† they wrote, but â€Å"the overall correlations between national average student achievement and national averages in [amount of homework assigned] are all negative.† Consider the assumption that homework should be beneficial just because it gives students more time to master a topic or skill. (Plenty of pundits rely on this premise when they call for extending the school day or year. Indeed, homework can be seen as a way of prolonging the school day on the cheap.) Unfortunately, this reasoning turns out to be woefully simplistic. Back â€Å"when experimental psychologists mainly studied words and nonsense syllables, it was thought that learning inevitably depended upon time,† the reading researcher Richard C. Anderson and his colleagues explain. But â€Å"subsequent research suggests that this belief is false.† The statement â€Å"People need time to learn things† is true, of course, but it doesn’t tell us much of practical value. On the other hand, the assertion â€Å"More time usually leads to better learning† is considerably more interesting. It’s also demonstrably untrue, however, because there are enough cases where more time doesn’t lead to better learning. In fact, more hours are least likely to produce better outcomes when understanding or creativity is involved. Anderson and his associates found that when children are taught to read by focusing on the meaning of the text (rather than primarily on phonetic skills), their learning does â€Å"not depend on amount of instructional time.† In math, too, as another group of researchers discovered, time on task is directly correlated to achievement only if both the activity and the outcome measure are focused on rote recall as opposed to problem-solving. Carole Ames of Michigan State University points out that it isn’t â€Å"quantitative changes in behavior†Ã¢â‚¬â€such as requiring students to spend more hours in front of books or worksheets—that help children learn better. Rather, it’s â€Å"qualitative changes in the ways students view themselves in relation to the task, engage in the process of learning, and then respond to the learning activities and situation.† In turn, these attitudes and responses emerge from the way teachers think about learning and, as a result, how they organize their classrooms. Assigning homework is unlikely to have a positive effect on any of these variables. We might say that education is less about how much the teacher covers than about what students can be helped to discover—and more time won’t help to bring about that shift. Regardless of ones criteria, there is no reason to think that most students would be at any sort of disadvantage if homework were sharply reduced or even eliminated. But even if practice is sometimes useful, we’re not entitled to conclude that homework of this type works for most students. It isn’t of any use for those who don’t understand what they’re doing. Such homework makes them feel stupid; gets them accustomed to doing things the wrong way (because what’s really â€Å"reinforced† are mistaken assumptions); and teaches them to conceal what they don’t know. At the same time, other students in the same class already have the skill down cold, so further practice for them is a waste of time. You’ve got some kids, then, who don’t need the practice, and others who can’t use it. Furthermore, even if practice were helpful for most students, that wouldn’t mean they needed to do it at home. In my research, I found a number of superb teachers (at different grade levels and with diverse instructional styles) who rarely, if ever, found it necessary to assign homework. Some not only didn’t feel a need to make students read, write, or do math at home; they preferred to have students do these things during class, where it was possible to observe, guide, and discuss. Finally, any theoretical benefit of practice homework must be weighed against the effect it has on students’ interest in learning. If slogging through worksheets dampens one’s desire to read or think, surely that wouldn’t be worth an incremental improvement in skills. And when an activity feels like drudgery, the quality of learning tends to suffer, too. That so many children regard homework as something to finish as quickly as possible—or even as a significant source of stress—helps explain why it appears not to offer any academic advantage even for those who obediently sit down and complete the tasks they’ve been assigned. All that research showing little value to homework may not be so surprising after all. Reference: Kohn, A. (2006). The truth about homework. Retrieved January 09, 2013, from http://www.edweek.org/ew/articles/2006/09/06/02kohn.h26.html?tkn=RVRFTkNGGXy32nbQpdGsSFt01V8aHU5cZ3wG

Developmental Psychology Essay -- Papers

Developmental Psychology Attachments in Developments =========================== Developmental psychology is concerned with how our cognitions, emotions and behaviour change as we grow with age and experience. Babies, only a few months old develop close bonds called attachment bonds with some people in particular. These people are able to settle the child, if upset, more easily than others and the baby will become upset if separated from the attachment object for too long. There has been a big debate in psychology over the precise role the mother figure takes in child development generally and especially the emotional development. Topic 4 - The Development and Variety of Attachments ==================================================== Attachments are emotional bonds that are formed with people very close to us. For babies and young people these attachments are formed with the people who look after them, usually their parents that prove very important to them. As we grow up our attachment objects usually change and may include boyfriends and girlfriends. The development of attachments ------------------------------ When you have become attached to somebody it means that you have formed a special bond with that person and them with you. These "attachment bonds" are very important to us but more so at an infant age with the loss of attachments having a negative effect on an individual. Maurer and Maurer said that attachments are welded in the heat of interactions, which shows that attachments depend on the interaction between two people rather than simply just being together. Maccoby identified four ... ...owed signs of behavioural instability e.g. shaking were less likely to become securely attached to their mother. Cross-Cultural Variations in Secure and Insecure Attachments In the same way that there are differences in attachment behaviour between individuals there is also differences in from one culture to another. Secure attachment is important in all cultures and the concept of an internal working model being universal has become a widely accepted view. Researchers in many different countries have used the Strange Situation to investigate secure and insecure attachment. There is considerable consistency in the results across cultures that show there is a relationship between mother - infant interaction and secure attachment. This suggests that there is a biological or genetic basis for attachment formation.

Immanuel Kant Essay -- Immanuel Kant Deontology Ethics

Immanuel Kant Immanuel Kant was born, lived and passed away in his home town of Konigsberg. He lived from 1724 to 1804. He studied at the local university and later returned to tutor and lecture students. It wasn’t until he met an English merchant by the name of Joseph Green that Kant learned of David Hume and began to develop his ideas of morals and values. Kant’s Critique of Pure Reason (1781) is believed by many to be his greatest work. Kant’s was known mainly, however, for his moral code The Categorical Imperative. Immanuel Kant was a follower of Deontology, or duty ethics. This means that for an act to be moral it must be performed out of duty. If you are concerned for the end product of your actions it is not a moral act. Only when your action is done in such a way that your only ...

Cause and Effect Solar Energy

Cause/Effect: Solar Energy Solar radiation is an energy resource many times larger than mankind’s energy needs. Mankind has been able to capture/harness this energy resource, but only on a limited scale. Mankind has found that the use of the sun was quite useful. They used it to grow and dry crops, dry clothing, produce heat, and for light. The sun is a sphere, on the inside of the sun there is a continuous process of fusion in which hydrogen nuclei combine to from helium nuclei. There is less helium than that of hydrogen, which allows the sun to create energy.The energy is then radiated out of the surface of the sun, in which only a small portion is intercepted by plant earth. Just outside of the earth’s atmosphere, approximately 93 million miles from the sun, has the intensity of radiation of about 1. 36 kilowatts per square foot. This process is also called the Solar Constant. This energy is absorbed, dispersed, and reflected by the atmosphere; beaming its radiation to earth’s ground. Almost half of this energy is visible light, approximately half is infrared radiation, and a very small portion of it is ultraviolet radiation.There are many ways to convert this energy. Some use it to heat their water and homes; some convert it to Electrical Energy. Most of the world’s energy needs have been met by converting solar energy into its electrical or mechanical forms. Electrical energy conversion of solar energy can be quite expensive. Much more than it would be to convert into thermal energy, but worth it in the long run. Solar panels or solar cells have been created to convert solar energy into mechanical energy, which can then be converted into electrical energy or used directly.This green energy alternative would cause a reduction in our environmental impact because it has less physical impact on the environment. They also help reduce the level of greenhouse gases produced and would decrease the demands of fossil fuels. Without a reli able, yet sustainable source of energy for the future, mankind will face a continued environmental destruction and continue to contribute to the growing problem of global warming. In order to stop the damage that is being done to the environment, we need to switch to an environmentally friendly energy production system.If we do not switch, the current facilities who rely mainly on fossil fuels, will continue to destroy the earth because they are leaving behind toxic residues and wasteful by products that will have to be dealt with for many years. The future lies with systems that eliminate these toxic and wasteful by products. Only by switching to fully renewable energy systems will humanity be free of these toxins. With our current technology and the expanding knowledge of tomorrow, wind turbines have a 30 year life span.The effort used to run these turbines is lower than the use of traditional power plants. Using wind energy to power turbines instead of plants using fossil fuels f or energy will reduce the overall impact of the U. S. Energy production. The before mentioned solar panel has a life expectancy of approximately 25 years. The total cost per kilowatt is way lower for solar panels than that of fossil fueled based power plants. These panels, once installed, need little to no maintenance. There is no monthly bill or added fees.Just like wind energy, solar energy is completely sustainable and they do not produce any physical by products. I believe that wind and solar energy is the perfect solution to the future of preserving the earth’s environment. Our environment is turning against us and there is a shortage of fossil fuels. It seems as though mankind as a whole is killing itself off. Mankind as a whole needs to rid itself of its dependency of fossil fuels. While wind and solar energy are not the only options available for sustainable energy solutions, in my opinion, they are the best alternative solutions.

The Role of the Quantity Surveying Profession within the contemporary Built Environment

Before discussing the role of the quantity surveyor, it’s very important to get an idea about the built environment where the quantity surveyor works. Simply the built environment means human made buildings, cities, roads and surroundings etc.. that could provide an environment for their activities. The concept of the built environment was introduced in Greece in many centuries ago in the process of developing their cities using grid plans. But the modern concept of built environment is far more complex than that. Considering the contemporary built environment, with huge increase of the population in the world over the last century human desires are risen up and became more complicated. Similarly necessity to have houses, cities, roads, which is called built environment, has become compulsive aspect of human life. Since the Quantity Surveyor is a significant character of constructing that built environment, he/she has to play a vital role in it. The Origin of the Quantity Surveying What is the quantity surveying? According to the Seeley (1997), Quantity Surveying is a profession which would prepare an accurate bill of quantities to be priced by tendering contractors and who would measure and value any variations that might occur during the progress of the works. But when considering the history of this profession, the origin of quantity surveying carries us way back to the 17th century. In 1666 after the Great Fire, London was under restoration process it needed huge no. of workers like masons, carpenters and other tradesmen. Before the 1666 all the workers mentioned above got paid daily basis. But the large amount of labor needed to restore the city after the fire, it made governors to think twice and decided to pay each worker for the quantity of work they had done. It meant on behalf of the salary workers had been paid for the amount of carpentry, masonry and other works they had done. Therefore one person had to read the drawings of the buildings and take off the quantity of work each and every trade in the construction and at the same time he had to prepare an estimate for the total cost. And the Quantity Surveying profession was evolved to the current status after that incidence. History of the Quantity Surveying In early 70’s there was a misunderstanding about the profession that believing the â€Å"valuation† and the â€Å"measurement† are covering the whole area of quantity surveying. Therefore quantity surveying profession was highlighted only for its â€Å"Technical† role throughout that period. But measurement and valuation are only two functions performed by quantity surveyors. Because of this nature, many people believed that the functions done by the quantity surveyor can be undertaken by any person or machine that can perform arithmetic calculations, like a computer. â€Å"The QS is not a necessity in the order of things. Any convenient and cheap method of multiplying drawings and specifications and placing copies in the hands of each estimator would answer the same purpose and get rid of the QS for good† (Anon, 1889 cited in Wood, 2008). Changing roles of Quantity Surveying Despite all the above doubts quantity surveying profession was survived and presently regarded as one of the most expensive profession in the construction industry. Also quantity surveying is being known as a dynamic profession and its skills section had gone for different changes over the last decade or so. Smith (2004) mentioned that the quantity surveying profession has faced to considerable changes over the last decade in terms of scope and the type of contributions provided within and outside the construction process. Ashworth (1981) pointed out the changing role of the quantity surveyor in recent past has been significant. Traditional roles of Quantity Surveying Quantity Surveyor Is the person who giving advices and preparing documents regarding cost estimating and financial section of the construction process. Thirty years ago the role of quantity surveyor was to prepare Bill of Quantities and providing Final Accounts only. â€Å"The traditional role of quantity surveyor is the professional who provides advice about cost and financial management for the construction process. The traditional services provided are considered to be of a technical basis, such as preparing the cost plan and the bills of quantities, tender documentation and tender appraisal, interim payments, measuring and valuing variations, advising on anticipated final costs and preparing the final account† (Burnside and Westcott, 1999). Competencies of Quantity Surveying Quantity surveyors are also well known as a construction economists who perform various and wide range of duties to support the cost effective construction projects. The core competencies of quantity surveying profession such as determining the budgets of projects, measuring project quantities, preparing Bills of Quantities, cost control documents, administrating contracts, and preparing final accounts, etc.. should be maintained and enhanced in order to adapt to changes in many areas of the construction industry since the quantity surveyor’s success depends not only the skills which he/she has. Practitioners need to be far more adaptable and willing to change their standard work practices than in the past (Smith, 2004). Also the RICS has introduced and highlighted some basic and optional core competencies that required of quantity surveyors to enhance their ability to face the varying construction industry and they are as follows. Competencies required of Quantity Surveyors for professional Competency (RICS) Basic competencies Core competencies Optional competencies Personal and interpersonal skills Construction contract practice Arbitration & other dispute resolution procedures Business skills Construction technology and environmental services Development appraisal Data, information and information technology Economics of construction Facilities management Professional practice Procurement and financial management Insolvency Law Insurance Measurement Project management Mapping Property investment funding Research methodologies and techniques Valuation Taxation allowances & grants Apart from that, Information Technology has made huge impact on quantity surveying profession as though it is spread out all over the construction industry. Smith (2004; 2006) keep emphasized that all the professionals should have the knowledge of how to use the AUTOCAD properly and accurately and be an expertise in the field of construction without delaying. (Odeyinka, 2008) Stated that, commercially developed software packages are available worldwide to improve the performance of quantity surveyors. Frei, (2009) also stated that with the intention of developing the productivity and high performance of the industry it is necessary to invest in information technology (IT) and information communication technology (ICT). RICS (1991) In 1990s and 2000s, Quantity Surveyors should be more innovative, more pro-active and more mobile to solve the problems and the changing of client requirements. New skills and services will be progressively developed from continuous research and developments of new techniques. Evolving roles of Quantity Surveying The quantity surveying profession has been able to evolve and diversify into new areas of practicing, providing a wider range of services, with the modern quantity surveyor covering all aspects of project cost management, procurement and contract management (Lee, Trench and Willis 2011) (Menaha Thayaparan, et.al2011) â€Å"Deviating from its traditional â€Å"technical† role, during mid-80’s RICS has promoted the role of the Quantity Surveyor as â€Å"the Building Economist†, â€Å"Cost Engineer†, â€Å"Procurement consultant† and as a â€Å"Cost Consultant† (RICS, 1986; RICS, 1991). These roles have attributed more of a â€Å"managerial† image to the quantity surveying profession.† Since that dynamic nature of the profession, it has been shaped up to provide timely needs such as cost and value management, project management, procurement consultant, quality management, risk management, arbitration, and many more non-traditional services of the construction industry without limiting to its narrow scope. QSBC (2009) Has been suggested that the role of the quantity surveyor has outspread over time beyond its main scope of financial based concerns not only to cover the knowledge of values, cost, labor and materials, but also to include legal and contractual matters, like wise being a consultants on construction business and also has to be concern about developers, the government, contractors and the general project management. According to the facts which I have discussed so far, it has declared that Quantity Surveyors not only have to perform traditional roles by offering traditional services nevertheless also have to play contemporary roles by granting non-traditional or additional services to fill up the demand of this innovative and mutable construction industry. Apart from those cost concerned aspects discussed above, quantity surveyors are also needed to be conversant in construction management and procurement, contractual administration and legal aspects of construction within the modern built environment. Therefore it’s important to discuss about management knowledge of quantity surveyor which gives the ability to adapt to divers conditions and to solve problems emerge in financial and contractual sectors which are very unique for each and every construction projects. In the recent past years it has been not rare for quantity surveyors to widen their scope of profession and put themselves in a position of project manager with the amount of experience they have got. The importance of the Project Management is growing worldwide and it has huge impact on productivity and quality of the project. By using this art of leading and coordinating material and human resources in construction process called project management, Quantity surveyor will be able to complete project on time within the budget. â€Å"Is a quantity surveyor an estimator, contract manager or project manager? The short answer to this question is yes, yes and yes. People from a quantity surveying background may find working environment compatible with any of those roles because the training qualifications acquired from the quantity surveying create the pathways† (Donald Towey ,2012, pp.110) It is possible to list about 5 main evolved roles of the quantity surveying profession from the information mentioned above. 1. Client advocate and representative 2. Construction designing and economics 3. Construction planning and procurement 4. Construction administration and management 5. Project management Emerging roles of Quantity Surveying Not limiting to discussing about the changes that already has made an impact on the profession, it’s better to address about changes which are going to happen in near future to the quantity surveying profession. Due to the latest economic climate over the world, there are very fewer resources available to commence new building projects. But it has become viable with the finding of new ways to handle building project more cost-efficiently by modern quantity surveyors who has given the traditional and contemporary monetary roles. Whence, future changes of quantity surveying profession seem to be more compulsive and its influence to the construction industry should be more explored by the quantity surveyors. Sustainability, whole life costing and the building information modeling (BIM) are the three main emerging roles of quantity surveying profession. When it comes to the whole life costing, it is a technique that use intentionally to improve efficiency, sustainability and also it provides clear information to the client whether the project is going to be financially viable or not after built. Calculating the costs of building and the items included for its whole life is called whole life costing assessment. By carrying these assessments prior to any other works which has been taken into count maintenance, operational and demolition costs of the project with the consideration of the inflation, client will be able to get best value for his money. The concept of sustainable construction is becoming more significant in the world as we are trying to bring down the environmental pollution and the greenhouse gases globally. By using recycled material, installing innovative natural sourced systems (solar systems) and introducing efficient material, labor and waste management, Sustainability can be admitted to the construction industry. Building Information Modeling (BIM) compares all details about projects design and its construction and operation process to meet the maximum efficiency at any stage of the project by using a computer generated model. (BIMIWG 2011) Furthermore, capability of identifying number of variations in design and compare them with traditional measures in a second, reduces the workload of the quantity surveyor. Also the changes has being made to quantity surveying profession with BIM is enforced by the UK government as 3D-BIM modeling will be essential component of every project by 2016. (BIMIWG 2011) Conclusion In brief, this report has done a critical discussion on traditional and contemporary roles of quantity surveying, origin and history of the profession, key and core competencies of quantity surveying and also changing, evolved and emerging roles of quantity surveying profession. Due to the changing nature of client’s and the market demand the quantity surveying profession has evolved continuously during recent decades. Clients not only ask for traditional services but also request for nontraditional services like project management, procurement, construction administration in contemporary built environment. Also there are some emerging aspects like whole life costing assessments, sustainability and BIM that could add more changes to the quantity surveying profession in near future. Therefore, in order to develop their skills and practice Quantity Surveyors should be well aware of these changes and has to adapt to them quickly.

New Heritage Doll Company: Business Overview

Index Executive summery†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦1 Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 2 Case analysis Match My Doll Clothing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 2 Design Your Own Doll†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 3 Comparison†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦4 Additional Questions†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦5 Recommendations†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 5 Appendix Appendix 1: calculation formulas, definitions and assumptions†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 Appendix 2: Exhibit 1 & 2†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 9Appendix 3: The NPV Profile†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 11 Executive Summary The production division at New Heritage Doll Company is considering between two business proposals to recommend at the firm’s upcoming capital budget meeting in October. In order to prioritize between the two projects, we needed to analyze both companies, quantitatively and qualitatively, to determine which proposal better suits NHDC’s goals. Using a qualitative analysis, we analyzed both Match My Doll clothing line and compared it to the Design Your Own Doll proposal.We found, after comparing the strengths and weaknesses of both proposals, that MMDC’s business case is more compelling. We then analyzed the financial aspect of both projects using the financial information given in the exhibit. In order to complete this analysis we began with a profitability analysis. First we computed the NPV, IRR and the profitability index in order to determine which of the projects would be more profitable. We found that although DYOD’s NPV was slightly higher, MMDC’s ratio’s seemed more compelling. We then moved on to a risk analysis, in order to compare the riskiness of the two projects.We found that not only is MMDC’s risk lower than that of DYOD, but its payback period was approximately 30% lower as well. Based on these analyses, we recommend that the company should choose the Match My Doll Clothing line expansion proposal. Introduction In this case study, two business proposals from the Production division of the New Heritage Doll Company (NHDC) are being considered for submission at the capital budgeting committee meetin g which makes decisions at the corporate level for all large spending proposals.The first proposal is to extend the company’s Match My Doll Clothing line, and the second is to develop a new Design Your Own Doll product. Emily Harris, vice president of NHDC’s production division, is weighing the two proposals. Due to constraints on financial and managerial resources, it is possible that the committee will decline to approve both projects as other divisions of the company such as licensing and retail are also presenting projects that may prove more attractive to the committee. Harris has to be prepared to recommend only one of the projects.In order to evaluate which of the projects Emily should promote, we look at the criteria of the committee. They will examine the proposed project for consistency with the company’s overall business strategy and they will see if the project balances the needs and priorities of each division against the practical, financial, and o rganizational constraints of the company. The committee will evaluate whether the proposed project will strengthen the entire company, not just the particular division. We would try to evaluate which of the proposals based on the projects' qualitative and quantitative analysis.We have used in our analysis both the figures that were supplied by the line managers, and further information that seem relevant from online researches we had conducted. Match My Doll Clothing This investment proposal is the expansion of the Match My Doll Clothing line (MMDC), an existing clothing line of matching doll and child clothing and accessories. The original line was a success, due to the strong identification that girls feel with their NH dolls. Due to the growing popularity of the line the line’s manager believe that the timing is right for expansion.The original line selected several items of New Heritage dolls’ fashions and produced identical items in girl’s sizes. However, t he number of items was limited. The proposed expansion would create an â€Å"All Seasons Collection† of apparel and gear covering all four season of the year. It would expand the number of matching doll and girl clothing items available One of the benefits of expanding the MMDC’ line is that the line has already demonstrated the commercial viability of the matching doll and child clothing model. The concept has a proven track record and now the company has only to further build on this successful model.Furthermore, the recent positive publicity engendered by the celebrity sightings, will create an even greater demand for the product, and will allow for the maintenance of premium pricing. We believe that the expanded line will be at least as profitable as the existing line. Another strength this project possesses is the project’s moderate risk , which is almost identical to that of MMDC’s existing business line. One of our concerns regarding the expansion of MMDC’s clothing line is the company’s inexperience within the clothing industry. NHDC will have to compete outside its current niche of dolls and accessories.The fickle nature of children’s fashion trends requires that the management keep up with current market trends, in order to maintain its premium pricing. Another concern we think is important to address is the expected lifetime of the project. Based on the risk that the company would not be able to stay up to date with the current trends and fashion we think that the life span of the projected CF may be somewhat optimistic, and might not reflect correctly the characters of this project. However, we do believe that for the sake of comparison this projection should be kept.Another concern that arises from the unexpectedness of children’s fashion trends is that the company may be faced with a very limited time frame in which it can make profitable investment decisions. One of the opportunities that a rise with the current proposal is the reduction in the seasonality of the company’s sales and earnings. The new line created an additional benefit of supplying clothing all year round, which in turn could provide the firm with a more stable revenue stream. By taking advantage of the â€Å"off peak discount† offered by some suppliers and anufacturers, the line manager expected to reduce the company’s seasonality which would create a more stable revenue stream for the firm. A threat which attributed to this proposal is its reliance on supposed discounts offered by suppliers and manufacturers. The failure of obtaining these discounts can cause an increase in costs, resulting in lower profitability. Capital expenditures in 2010 are predicted to be high since the project is during its first year of operation . In the following year they are still relatively high, but this can still be explained by it still being the beginning years of operation. 012-2013 have the low est Capital expenditure of all projected years; this could be explained by the high growth in revenues . It is important to note that these years are considered â€Å"day one†- since the product is new in the market, the market should embrace the product first and the depreciation is still on the lower numbers. From 2014 and onward, we see an increase in the firm’s Capital expenditure coupled with a constant growth . This might be due to maintaining the operation scope and compensating for the growth in depreciation (During year 2015 and onward). Design Your Own DollThe Design Your Own Doll (DYOD) project sets out to make dolls products more personal to customers, by creating dolls that can be designed to look like their owners. The new project was targeted to both new customers and loyal customers, who may already own a number of dolls, but are looking to add a unique addition to their collection. The strategy behind the project is that by becoming an active part of t he creation of the dolls the customers will become more loyal customers. The whole creation and participation will take part in a new section of New Heritage's website.We believes that because of all the new features, the experience and the uniqueness in this product, the customers would be willing to pay premium price. The fact that this project is web-based also enlarge the accessibility for customers, and by that enabling people that have hard time to approach an actual store to still purchase the company's product. On the other hand, there is a risk that the premium price, as discussed earlier, might narrow the audience since it approach higher socio economic level people. Due to the projects' unique the initial investing costs are higher, but so does the expected return .As a product which is â€Å"one of a kind† (â€Å"OOAK†), the production costs are going to be higher than usual (in particular fixed costs on a per unit basis, which come from low production runs and volume ), meaning that the payback period would be high. In addition, there are untested elements that need to be put into the manufacturing process, a risk that might cause future unexpected expenses. This project is considered to be a high risk project, due to the fact that it is completely new and contains (as mentioned) high costs of production.The initial equipment costs high (comparing to MMDC and) the time for it to be ready for production is going to be two years instead of 1 year in the MMDC proposal. Moreover, there is more equipment that shall be installed by the end of 2014 and that's why in the forecasts of DYOD (exhibit 2) there is a very high spike in the capital expenditures line. The good thing in purchasing this kind equipment is the option to pay custom equipment quarterly, so New Heritage can decide to pay everything in front, so it can get a sustainable discount.The projections for this project are based upon a near-flawless operation. Since this project wa s not tested and there is no experience with it, this may add to the riskiness of the project. New Heritage's website should be developed with the new software, which will take a year to write and test before starting with the sales. This is an explanation for the high initial R&D costs . Financial Comparison Net Present Value In order to evaluate both of the projects, we used the projections for MMDC and DYOD and calculated MMDC’s NPV to be slightly lower than that of DYOD.Our projections show that MMDC’s NPV is $7,150,070 , while DYOD’s is $7,298,100 . Due to the relatively small difference between the NPV’s we found, we believe that we should consider putting more emphasis on alternative factors when coming to a final decision. IRR Although we observed rather similar NPV’s, the two projects’ IRR are very different. Despite the slightly lower NPV, MMDC has an IRR of approximately 24%, compared to the 18% IRR of DYOD. This substantial diffe rence we’ve found can be explained by the significantly lower initial spending on capital by MMDC . Profitability indexUsing the Profitability index (PI) allows us to quantify the amount of value each project makes for every dollar invested. We calculated the Profitability ratios for both projects and found MMDC PI to be 2. 367, compared to 1. 17 of DYOD. After analyzing these results, it would seem that MMDC would generate a higher return on their investment. Risk analysis For MMDC, we took on the recommended moderate risk rate of 8. 4%. Based it is an already existing line that has no need for consumer acceptance, in addition to its proven ability to maintain premium prices, we decided that it was a logical assumption.For the DYOD, we assumed a high risk rate of 9%. After considering multiple factors, such as DYOD’s lengthy payback period , relatively high fixed costs and the use of new untested elements in the manufacturing process, a high discount rate is appropria te. Given these assumptions, we can see that MMDC is less risky than DYOD. Furthermore, we analyzed the NPV Profile and found that MMDC’s NPV is less sensitive to increases in the discount rate than DYOD. Another relevant figure we examined is the projects’ payback periods, which calculates the amount of time until a project’s initial investment is returned.According to our calculations, MMDC’s payback period is lower than that of DYOD . While MMDC will recuperate their initial investment in slightly over 7 years, it will take DYOD over 10 years to return their initial investment. Since the Payback period we calculated doesn’t take into account the time value of money, we calculated the Discounted Payback Period, and confirmed that here too, MMDC is faster at recuperating its initial investment . Profit Margin The average profit margin for the MMDC is 14. 9%, while for the DYOD it is 12. 55%. This suggests that MMDC is a more profitable company, an d may have better control over its costs than DYOD. Acid Test The result for the MMDC is 2. 43, while the result for DYOD is 2. 72. The significant of this is relating to the â€Å"worst case scenario† – what if the project would fail and the firm will need to get rid of it. Internal growth rate Even though we don't know how much of New Heritage's NI goes to dividends, we know that in both of the cases it will be the same and it would be