international trading Essays - International Trade, Export

Americans have many different viewpoints when the subject of international trading comes up, while some people may strongly approve, there are others who may still disapprove. There is no clear-cut answer as to whether international trading is beneficial or not. One thing is for sure; with the pros, there are the cons, and then there are the equally uncertain pros and cons. There is no doubt in my mind that international trading is a great thing, not just for consumers, but also for many otherwise poor, unfortunate countries, their economies, and their people. One reason why international trading can be very beneficial to consumers is for pricing purposes. When there are expanded global markets then the prices of goods may go down considerably. These pricing decreases could be because of the large market competition, or because the cost of raw materials are cheaper to obtain from abroad, or it could also be because of cheaper labor overseas. There are many countries that depend on trading to provide materials and goods that otherwise would not be available to them. Other reasons why trade is important is because trading provides global job expansion, it improves our economy, it may also improve relationships between countries, and/or there could be favorable exchange rates. Trading with foreign countries requires knowledge of their laws, customs, language, etc. It is crucial for your business to know all this information when dealing with other countries; this is why it can be very beneficial to expand branches overseas. Exporting goods to other countries, helps improve the economy at home by providing employment to its citizens. When foreign currency weakens against the U.S. dollar, trading then becomes a major advantage to the U.S. This means that the U.S. will be able to purchase more quantity at a cheaper cost. Those are some examples of the benefits of international trading, however with the pros there are the cons. A huge disadvantage of global trading is the amount of off-shoring jobs, if this amount is not controlled; it has the possibility of causing a higher rate of unemployment in our local economy. Another drawback of trading is the cheaper costs of products and goods overseas; this attracts a high number of consumers because of the obvious cost benefit. This ends up becoming harmful and costing more to consumers in the long run because this causes local suppliers, manufacturers, and stores to go out of business; increasing the unemployment rate within our community. Other disadvantages of international trading may be the high cost to transport products and goods overseas, since the only way to deliver these goods are by barge or by aircraft. On top of these costly shipping charges, countries may charge tariffs for the importing or exporting of goods overseas. Then there is the topic of payment and what type of currency is expected, and when payment is expected; it is also important to know the exchange rates with different currency. When dealing with international countries, one must be informed about international laws, treaties, different customs, languages, religions, and much more. Although it seems that the disadvantages outweigh the advantages, I think that international trading is a fantastic thing. It brings countries together and builds important long-term relationships among these countries. Trading demonstrates that even the poorest and smallest of the countries are able to provide some type of contribution to the global market. These are some reasons why I think international trading is such an absolute advantage to everyone.

Microeconomics Versus Macroeconomics

Microeconomics Versus Macroeconomics Microeconomics and macroeconomics are two of the largest subdivisions of the study of economics wherein micro- refers to the observation of small economic units like the effects of government regulations on individual markets and consumer decision making and macro- refers to the big picture version of economics like how interest rates are determines and why some countries economies grow faster than others. According to comedian P.J. O’Rourke, â€Å"microeconomics concerns things that economists are specifically wrong about, while macroeconomics concerns things economists are wrong about generally. Or to be more technical, microeconomics is about the money you don’t have, and macroeconomics is about money the government is out of.† Although this humorous observation pokes fun at economists, the description is accurate. However, a closer observation of both fields of economic discourse will provide a better understanding of the basics of economic theory and study. Microeconomics: Individual Markets Those who have studied Latin know that the prefix â€Å"micro-â€Å" means â€Å"small,† so it shouldn’t be surprising that microeconomics is the study of small economic units. The field of microeconomics is concerned with things like consumer decision making and utility maximizationfirm production and profit maximizationindividual market equilibriumeffects of government regulation on individual marketsexternalities and other market side effects Put another way, microeconomics concerns itself with the behavior of individual markets, such as the markets for oranges, the market for cable television, or the market for skilled workers as opposed to the overall markets for produce, electronics, or the entire workforce. Microeconomics is essential for local governance, business and personal financing, specific stock investment research, and individual market predictions for venture capitalistic endeavors. Macroeconomics: The Big Picture Macroeconomics, on the other hand, can be thought of as the â€Å"big picture† version of economics. Rather than analyzing individual markets, macroeconomics focuses on aggregate production and consumption in an economy, the overall statistics that macroeconomists miss. Some topics that macroeconomists study include effects of general taxes such as income and sales taxes on output and pricescauses of economic upswings and downturnseffects of monetary and fiscal policy on economic healtheffects of and process for determining  interest ratescauses for some economies growing faster than other economies To study economics at this level, researchers must be able to combine different goods and services produced in a way that reflects their relative contributions to aggregate output. This is generally done using the concept of the  gross domestic product  (GDP), and goods and services get weighted by their market prices. The Relationship Between Microeconomics and Macroeconomics There is an obvious relationship between microeconomics and macroeconomics in that aggregate production and consumption levels are the result of choices made by individual households and firms, and some macroeconomic models explicitly make this connection by incorporating microfoundations. Most of the economic topics covered on television and in newspapers are of the macroeconomic variety, but it’s important to remember that economics is about more than just trying to figure out when the economy is going to improve and what the Fed is doing with interest rates, its also about observing local economies and specific markets for goods and services. Although many economists specialize in one field or the other, no matter which study one pursues, the other will have to be utilized in order to understand the implications of certain trends and conditions on both the micro and macro economic levels.

Fishy Expressions

Fishy Expressions Fishy Expressions Fishy Expressions By Maeve Maddox The Venerable Bede (c.672-735) tells this story about Bishop Wilfrid’s conversion of the South Saxons in the 680s: When the Bishop first came into the kingdom and saw the suffering and famine there, he taught them how to get their food by fishing: for both the sea and the rivers abounded in fish but the people had no knowledge of fishing except for eels alone. So the bishop’s men collected eel-nets from every quarter and cast them into the sea so that, with the help of divine grace, they quickly captured 300 fish of all kinds. As the sea and rivers of Bede’s description abounded in fish, the English language abounds in expressions related to fish and fishing. Here are just a few. 1. to drink like a fish: to drink to excess. 2. to feed the fishes: to die by drowning. 3. to feel like a fish out of water: to feel out of one’s comfort zone. 4. to fish for compliments: do or say things to elicit praise from others. 5. to sound fishy: to seem dubious or suspicious. 6. All is fish that comes to his net: He makes use of everything that comes his way. 7. Fish or cut bait!: Make a decision one way or another. 8. Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime: a proverb meaning that it’s more useful to a person to teach him how to do something for himself than to give him a hand-out. 9. There are plenty of other fish in the sea: a comforting remark made to someone who has broken up with a sweetheart. 10. a pretty kettle of fish: an awkward situation or state of things. 11. big fish in a small pond: someone important in a small community 12. cold fish: an unemotional person 13. Fisher King: in Grail legend, the Fisher King is the uncle of Sir Perceval. He suffers a grievous wound that cannot heal until he is asked the right question. 14. Fisherman’s ring: a seal ring presented to a pope upon taking office. The ring is used to seal official documents; when the pope dies, the ring is broken. The apostle Peter, who was a fisherman, is regarded by the Catholic Church as having been the first pope. 15. fishing expedition: an attempt to elicit information by asking random questions. 16. fishwife: literally, a woman who sells fish; figuratively, a loud vulgar woman who shouts abuse 17. queer fish: an eccentric person I’ll leave fish-related expressions involving mackerels, herrings, sardines, and gills for another time. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Expressions category, check our popular posts, or choose a related post below:English Grammar 101: All You Need to KnowEmpathy "With" or Empathy "For"?Few vs. Several

Cash flow, gearing and working capital & liquididty ratio analysis Essay

Cash flow, gearing and working capital & liquididty ratio analysis - Essay Example In the year, 2011 the company net cash flows from operating activities was  £3658000 compared in to  £3147000 in 2010. This is 16.42% increase in the cash inflows meaning that the company realized improved cash from its day-to-day operations. From the cash flow statement, the positive improvement can be attributed to the increase in profits from continuing operations from  £2924000 in 2010 to  £3557000 in 2011 (Zytronic, 2011). The increase in depreciation cost on property, plant, and equipment increased the not cash inflows because in determining the net cash inflows the values are added back since the does not account for any actual cash flows. In 2011 for instance, the depreciation value was  £802000 meaning that the company incurred more depreciation cost because of the increase in the assets. The improvement in the cash inflows could be much more if the company could have reduced the values of inventory and receivables in 2011. The increase in inventory from 85 in 2010 to 166 in 2011 and of receivables from  £356000 in 2010 to  £647000 in 2011 is significant and adversely reduced the cash inflow figures in 2011 (Zytronic, 2011). At the same time, the increase in trade and other payables made the net cash flow from operating activities to improve. Finally, tax paid is also a component of the operating cash flows. In 2010, Zytronic paid a tax of  £65000 compared to  £821000 in 2011. The increase in the tax obligation between the two years is attributed to the increase in the profit recorded by the company. Tax is charged as a percentage of profits and therefore an increase in the profits would automatically translate in increased tax expense which as an outflow. The second component of the cash flow statement is the cash flows from the investing activities. Investing activities are those activities that a company puts its resources in order to earn profits, increase its capital assets in

National Rifle Association Essay Example | Topics and Well Written Essays - 1500 words

National Rifle Association - Essay Example The NRA in modern civil society receives much scrutiny for its stance on guns and people's right to maintain them but the NRA merely advocates correct gun usage as opposed to the implementation of guns in the world as they are perceived by many people to do (Helmut 2004). However, it must be stated that this stance is not one of promoting violence, but one promoting their basic foundation, the implementation of knowledge. Is gun possession for protection a civil liberty Well many people in the current civil society believe that there is enough independence in choice of human conduct. People are increasingly creating awareness that it's the person behind the weapon that commits a crime and not the weapon itself! The founders of national rifle Association believed that people in modern society were responsible enough to control their character even when in possession of a dangerous weapon like a gun (Kant, 2003 p. 33). Although NRA was faced with so much criticisms of controversy, it was one of the most influential lobby groups in the United States. There was growing need to support the second amendment which encouraged responsible gun ownership in the name of self defense. As a result of this, the NRA was formed from the views of two retired army officers who primarily wanted to make the entire human society more knowledgeable about the handling of firearms. Col. William C. Church and Gen. George Wingate started NRA in 1871 to be able to promote a sense of scientific process among all individuals whenever they handle firearms (Anderson p. 186). After the US charter in the State of New York approved the existence of the NRA the First President of the organization, US Senator Gen. Ambrose Burnside, took responsibility of this position (NRA HQ website). Ambrose Burnside as the first president, he tried his best to establish the organization's reputation in the society that they were most involved with. The aim of this body was make the society more responsible in the way of handling guns for self-protection grounds. It is indeed from the primary aims of the founders of the organization that NRA actually started out to affect the modern civil society as a whole. George Washington once said, "Firearms stand next in importance to the Constitution itself." (Wilson 2002) I think that is a simple approach the NRA is taking on the consideration of the Second Amendment and trying to instruct the proper safety of handling a firearm. Hence, through the financial support provided by the Long Island and Creed Farm, the organization was able to establish a practice range that would train numerous individuals, with their own guns, for the purpose of self defense. The Credmor, NRA's first training grounds, was established in 1872. (Anderson p. 20 3) It was the initial venue for the first ever annual shooting matches that happened during those years. Up to this day, the organization aims to educate everyone in the society about the need to be responsible and knowledgeable about the right usage of guns and firearms. In an aim to educate everyon

Computer Information Systems Brief Essay Example for Free

Computer Information Systems Brief Essay In order for the company to continue to thrive, consideration of growth opportunities will also be analyzed. In addition, the threats that Kudler may encounter if changes are not implemented will also be discussed throughout this evaluation. The owner of Kudler Fine Food stores offer gourmet foods and fine wines all within one location. All store locations offer baked goods, meat, seafood, produce, cheese, dairy products, and wine with little or no preservatives added. The success of Kudler Fine Foods is in part from the systems that the stores have in place. For example, the current computer system is available 24 hours a day, seven days a week, the owner provides training to all employees and is, therefore, understood by all employees. This understanding of the computer system enables the daily operations of the business to thrive as sales increase. As the company moves forward and introduces changes with technological advances, continued employee training is a must with the installation of new hardware and software programs. The number of products that must be accounted for, on a daily basis, at the Kudler locations is extensive. Presently, Kudler’s accounting data is collected by point-of-sale (POS) terminals in each store. The terminals are used as cash registers when customers check-out. The POS system records all sales, items, quantities, prices, taxes and totals for all transactions. â€Å"These intelligent terminals use keypads, touch screens, bar code scanners, and other input methods to capture data and interact with end users during a transaction, while relying on servers or other computers in the network for further transaction processing† (O’Brien Marakas, 2008, p. 81). Furthermore, functions are available for various types of sales reports to be created with the current system. However, the current system does not meet the needs of the business as the computer system is outdated. Furthermore, the founder of the company, Kathy Kudler, is having great difficulty with monitoring the needs of the three stores and the situation will soon become overwhelming with further expansion. Ms. Kudler needs a computer system that will accommodate her current and future needs for her growing gourmet food business. Currently, each of locations operates with a stand-alone POS system. Ms. Kudler must travel between stores to ensure the managers are meeting her high standards and creates a substantial loss in productivity. The lack of remote access also presents an issue for the future expansion plans for the business. With no way to access accounting, inventory, and sales information, successful expansion will not be possible. Ms. Kudler’s presence is a daily requirement at each location to manage the operations, inventory, sales, etc. and without updated computer technology the company cannot see any further growth. Not only is the company facing limited expansion possibilities, but current security measures are not sufficient. Although Kudler’s present system is password protected and has backup capability, financial information may be in jeopardy. With the implementation of a new system can easily remedy this situation giving added security to the company. In addition to the company’s financial information, protection to the company’s customer base should also be of great concern. In particular, the customer’s credit card information is at high risk. Additional security measures addressing such concerns as passwords, employee identification numbers, and restricting employee personal use must be applied. For example, a proxy server can limit the employee’s internet access to approved websites (Bargranoff, Simkin, Strand, 2008). Not only will a proxy server prevent counterproductive activity from employees, but it will also limit the exposure to threats from viruses, theft, and internet hackers. There are both strengths and weaknesses with Kudler’s Fine Foods current computer technology practices. Kudler Fine Foods uses the POS system to record sales, items, quantities, prices, taxes and totals for all transactions. However a continuous challenge Ms. Kudler faces is the purchasing of additional inventory. The company uses forecasting, which allows the company to replenish its inventory based upon historical sales information. For the company to monitor its supply, a system must be implemented that will track individual items and allow managers to re-order necessary inventory from this information. The issue with a forecasting inventory system is that the decisions are based upon past performance, 2 to 3 years old. Unfortunately, sales do not follow the same pattern from year to year. In addition, sales from holidays, birthdays, weddings, and the like are not accounted for under the forecasting system. Every year orders will continue to change depending on the economic stability of the state. Furthermore, holidays will not always be on the same day and will subsequently affect the forecasting information. In the event that too much inventory is order, the excess is donated to charity if in good condition, if not the excess is thrown away. Inventory management is crucial due to the perishing potential of the inventory items. It is a delicate balance because to satisfy customers, there must be enough on hand merchandise to avoid sales losses. It is imperative that Kudler Fine Foods increase the use of technology, if the company is to continue to grow and thrive. Most importantly that is a definite need for a network to assist Ms. Kudler with her communication needs between her stores and add updated software to handle the company’s inventory needs. To implement the new technology, funding and training will be required. The procurement of new software will be required for Ms. Kudler and her employees to run effectively and efficiently.

COP 3530, Discrete Data Structures and Algorithms, Summer 1999, Homework 6 :: UFL Florida Computer Programming Homework

Class Notes: Data Structures and Algorithms Summer-C Semester 1999 - M WRF 2nd Period CSE/E119, Section 7344 Homework #6 -- Due Fri 09 July 1999 : 09.30am In class, we discussed AVL trees, binary search trees, and the breadth-first and depth-first search (BFS and DFS) algorithms for graph or tree traversal. The purpose of this homework is to exercise your knowledge and develop skills you will need for the exams and for Projects 4 and 5. Use your class notes and the text (Chapter 12) as a guide to answering the following questions. Clarifications in response to student questions are posted in red typeface. * Question 1. Given the sequence {-3, 8, 2, -1, 4, 6, -2, 10}, (a) [1 point] Diagram an unbalanced binary search tree (BST) for this sequence. Right and left subtrees of the root should differ by two levels. This means that the balance factor can be -2 or +2. (b) [1 point] Traverse the BST using DFS and label the vertices by their values as they are encountered, as you did for Homework #5. (c) [1 point] Repeat Question 1b), but for BFS instead of DFS. (d) [1 point] Tell which method - DFS or BFS - would be better for outputting the BST values in sorted order. You do not have to start at the root of the tree. To get credit, you must explain your answer in 1-2 sentences. * Question 2. Given the sequence S = {-9, 2, 4, 6, 30, -10, 1, 5, 8, 7}, (a) [1 point] Diagram a binary search tree (BST) for this sequence. (b) [1 point] Insert the values -46, -47, 38, 39, 40, and 45 into the BST you diagrammed in Question 2a) and draw the new BST (the resultant tree, after all values are inserted). (c) [1 point] Using the array representation of a binary tree that we discussed in class, diagram the array representation of the tree you obtained in Question 2a).

Operations and Project Management Essay

If we consider the operational process of any organization for example a manufacturing industry, we find that most of such organizations use a bureaucracy structure. Tasks are divided in accordance to various departments. To complement these various departments and make work flexible, most organizations adapt a teamwork system which makes workers more effective in their duties as Styhre,2000, states. This chain of duties determines what will work best within the department area of control. Such an organization therefore must be spearheaded by an established board of directors. This team must have a vision for growth and direction of the entire organization. They are liable to the final decision making with regard to any proposals made by various departmental heads. Next the operations management team must be quick to gather or set goals and implement ideas working efficiently and making the most of available resources and opportunities. According to Hill,2000, they must be able to consistently evaluate the growth and diversity of resources and also any other managerial concerns of the organization. They must manage and ensure that the process of production runs efficiently and also determine whether the product is able to satisfy the current market. Hill further adds that, they must ensure also that the company is running profitably. The administration department is to administer and ensure that all the departments are running smoothly. The human resources department oversees the plight of the employees and their relationship with the employer. They visualize and implement any proposals, ideas, concerns, criticisms from the employees and adapt ways to keep the employees focused on the company’s objectives and plan on employees’ yearly evaluation scheme and remuneration. They are supposed to consistently look for ways to complement and motivate them in order to retain employees. The financial department works supportively with the accounts to present data including Local Purchase Orders. The logistics team must be able to properly evaluate minimal operating costs e. g. arket supply, raw materials and availability of cheap labor etc. They are to ensure the operational data and costs are rationalized including manufacturing and environmental costs. Procurement of materials, supplies and equipment, is also a duty vested on the logistics team. There is also the marketing department whose main function is to create or re-establish business opportunities and explore new markets for the finished goods in the case of manufacturing organizations or marketing of services for the service oriented firms. Another important component is the project management team which is supposed to propose new projects as well as plan for new ones and also implement the existing ones(Dilworth 2000). They must understand the demand of the market and how well they serve the corporate objective. In a manufacturing firm the chain of supply to the customer is the most crucial process. The production department ensures that the manufactured goods are of quality and are up to standard. Thorough attention is required especially to the products’ quality, cost and delivery because end product is of value than the raw material. Of equal importance is the customer services department whose role is to make sure that customers are satisfied with the services being rendered and how the same can be improved. Its significance derives from the fact that the customer is the pillar of any organization because they provide the market for the goods and services being traded and without whom there wouldn’t be continuity of any organization. Communication amongst all departmental heads is a crucial necessity for the successful operation of any organization and can only be accomplished by an information/IT analysis team. It ensures fast execution of duties. Throughout the organization, coordination and effective cooperation will make this process effective. The maintenance department maintains the company’s assets and also ensures that all repair work is done on time. These are some of the various departments and how they function to ensure effectiveness of the organization.

Accounting for Operational Activities: Illustrative Transactions and Financial Statements Answers

CHAPTER FIVE: COST ESTIMATION Introduction When managers make decisions they need to compare the costs (and benefits) among alternative actions. In this chapter, we discuss how to estimate the costs required for decision making (Lanen, 2008). Learning Objectives: According to Lanen (2008), after completing Chapter 5 you should: 1. Understand the reasons for estimating fixed and variable costs. 2. Estimate costs using engineering estimates. 3. Estimate costs using account analysis. 4. Estimate costs using statistical analysis. 5. Interpret the results of regression output. 6.Identify potential problems with regression data. 7. Evaluate the advantages and disadvantages of alternative cost estimates. 8. (Appendix A) Use Microsoft Excel to perform a regression analysis. 9. (Appendix B) Understand the mathematical relationship describing the learning phenomenon. Why Estimate Costs? Managers make decisions and need to compare costs and benefits among alternative actions. Good decision requ ires good information about costs, the better these estimates, the better the decision managers will make (Lanen, 2008).. Key Question What adds value to the firm? Read this  Financial StatementsGood decisions. You saw in Chapters 3 and 4 that good decisions require good information about costs. Cost estimates are important elements in helping managers make decisions that add value to the company (Lanen, 2008). Learning Objective One: Understand the reasons for estimating fixed and variable costs The reasons for estimating fixed and variable costs The basic idea in cost estimation is to estimate the relation between costs and the variables affecting costs, the cost drivers. We focus on the relation between costs and one important variable that affect them: activity (Lanen, 2008).Basic Cost Behavior Patterns By now you understand the importance of cost behavior. Cost behavior is the key distinction for decision making. Costs behave as either fixed or variable (Lanen, 2008). Fixed costs are fixed in total, variable costs vary in total. On a per-unit basis, fixed costs vary inversely with activity and variable costs stay the same. Are you gettin g the idea? Cost behavior is critical for decision making. The formula that we use to estimate costs is similar cost equation: Total costs = fixed costs + {variable cost per unit} number of unitsT c = f + {v} x |With a change in Activity |In Total |Per Unit | |Fixed Cost |Fixed |Vary | |Variable |Vary |Fixed |What Methods are used to Estimate Cost Behavior? Three general methods used to estimate the relationship between cost behavior and activity levels that are commonly used in practice: Engineering estimates, Account analysis & Statistical methods (Such as regression analysis) (Lanen, 2008). Results are likely to differ from method to method. Consequently, it’s a good idea to use more than one method so that results can be compared. These methods, therefore, should be seen as ways to help management arrive at the best estimates possible.Their weakness and strengths require attention. Learning Objective Two: Estimate costs using engineering estimates. Engineering Estimates C ost estimates are based on measuring and then pricing the work involved in a task. This method based on detailed plans and is frequently used for large projects or new products. This method often omits inefficiencies, such as downtime for unscheduled maintenance, absenteeism and other miscellaneous random events that affect the entire firm (Lanen, 2008). Identify the activities involved Labor |Rent |Insurance |Time |Cost | Advantages of engineering estimates |Details each step required to perform an operation |Permits comparison of other centers with similar operations | |Identifies strengths and weaknesses. | | Disadvantages of engineering estimates 1. Can be quite expensive to use. Read also Recording General Fund Operating Budget and Operating TransactionsLearning Objective Three: Estimate costs using account analysis. Account Analysis Estimating costs using account analysis involves a review of each account making up the total costs being analyzed and identifying each cost as either fixed or variable, depending on the relation between the cost and some activity. Account analysis relies heavily on personal judgment. This method is often based on last period’s cost along and is subject to managers focusing on specific issues of the previous period even though these might be unusual and infrequent(Lanen, 2008) .Example: Account Analysis (Exhibit 5. 1) |3C Cost Estimation Using Account Analysis | |Costs for 360 Repair Hours | |Account |Total |Variable Cost |Fixed Cost | |Office Rent $3,375 |$1,375 |$2,000 | |Utilities |310 |100 |210 | |Administration |3,386 |186 |3,200 | |Supplies |2,276 |2,176 |100 | |Training |666 |316 |350 | |Other |613 |257 |356 | |Tot al |$10,626 |$4,410 |$6,216 | |Per Repair Hour |$12. 25 ($4,410 divided by 360 repair-hours) | 3C Cost Estimation Using Account Analysis (Costs at 360 Repair-Hours. A unit is a repair- hour) Total costs = fixed costs + {variable cost per unit} number of unitsT c = f + {v} x |$10,626 = $6,216 + $12. 25 (360) |$10,626 = $6,216 + $$4,410 | Costs at 520 Repair-Hours Total costs = fixed costs + {variable cost per unit} number of units |Tc = $6,216 + {$12. 25} 520 |Total costs = $6,216 + $ $6,370 |$12,586 = $6,216 + $ $6,370 | Advantage of Account Analysis 1. Managers and accountants are familiar with company operations and the way costs react to changes in activity levels. Disadvantages of Account Analysis 1. Managers and accountants may be biased. 2.Decisions often have major economic consequences for managers and accountants. Learning Objective Four: Estimate costs using statistical analysis. The statistical analysis deals with both random and unusual events is to use several periods o f operation or several locations as the basis for estimating cost relations . We can do this by applying statistical theory, which allows for random events to be separated from the underlying relation between costs and activities. A statistical cost analysis analyzes costs within the relevant range using statistics. Do you remember how we defined relevant range? A relevant range is the range of activity where a cost estimate is valid.The relevant range for cost estimation is usually between the upper and lower limits of past activity levels for which data is available (Lanen, 2008). Example: Overhead Costs for 3C ( Exhibit 5. 2) The following information is used throughout this chapter: Here we have the overhead costs data for 3C for the last 15 months. Let’s use this data to estimate costs using a statistical analysis. |Month |Overhead Costs |Repair-Hours |Month |Overhead Costs |Repair-Hours | |1 |$9,891 |248 |8 |$10,345 |344 | |2 $9,244 |248 |9 |$11,217 |448 | |3 |$13,200 | 480 |10 |$13,269 |544 | |4 |$10,555 |284 |11 |$10,830 |340 | |5 |$9,054 |200 |12 |$12,607 |412 | |6 |$10,662 |380 |13 |$10,871 |384 | |7 |$12,883 |568 |14 |$12,816 |404 | | | | |15 |$8,464 |212 | A. Scattergraph Plot of cost and activity levelsDoes it look like a relationship exists between repair-hours and overhead costs? We will start with a scatter graph. A scatter graph is a plot of cost and activity levels. This gives us a visual representation of costs. Does it look like a relationship exists between repair-hours and overhead cost? We use â€Å"eyeball judgment† to determine the intercept and slope of the line. Now we â€Å"eyeball† the scatter graph to determine the intercept and the slope of a line through the data points. Do you remember graphing our total cost in Chapter 3? Where the total cost line intercepts the horizontal or Y axis represents fixed cost. What we are saying is the intercept equals fixed costs. Also read Current Liabilities and Payroll AccountingThe slope of the line represents the variable cost per unit. So we use â€Å"eyeball judgment† to determine fixed cost and variable cost per unit to arrive at total cost for a given level of activity. As you can imagine, preparing an estimate on the basis of a scatter graph is subject to a high level of error. Consequently, scatter graphs are usually not used as the sole basis for cost estimates but to illustrate the relations between costs and activity and to point out any past data items that might be significantly out of line. B. High-Low Cost Estimation A method to estimate costs based on two cost observations, usually at the highest and lowest activity level.Although the high-low method allows a computation of estimates of the fixed and variable costs, it ignores most of the information available to the analyst. The high-low method uses two data points to estimate costs (Lanen, 2008). Another approach: Equations V = Cost at highest activity – Cost at lowest activity Highest activity – Lowest activity F = Total cost at highest activity level – V (Highest activity) Or F = Total cost at lowest activity level – V (Lowest activity) Let’s put the numbers in the equations | | | |V = $12,883 – $9,054 |V = $10. 0/RH | |568 – 200 | | F = Total cost at highest activity level – V (Highest activity) F = $12,883 – $10. 40 (568), F= $6,976 Or F = Total cost at lowest activity level – V (Lowest activity) F = $9,054 – $10. 40 (200) Rounding Difference C. Statistical Cost Estimation Using Regression Analysis Statistical procedure to determine the relationship between variables High-Low Method: Uses two data points. Regression analysis Regression is a statistical procedure that uses all the data points to estimate costs. [pic] Regression AnalysisRegression statistically measures the relationship between two variables, activities and costs. R egression techniques are designed to generate a line that best fits a set of data points. In addition, regression techniques generate information that helps a manager determine how well the estimated regression equation describes the relations between costs and activities (Lanen, 2008). We recommend that users of regression (1) fully understand the method and its limitations (2) specify the model, that is the hypothesized relation between costs and cost predictors (3) know the characteristics of the data being tested (4) examine a plot of the data .For 3C, repair-hours are the activities, the independent variable or predictor variable. In regression, the independent variable or predictor variable is identified as the X term. An overhead cost is the dependent variable or Y term. What we are saying is; overhead costs are dependent on repair-hours, or predicted by repair-hours. The Regression Equation |Y = a + bX |Y = Intercept + (Slope) X |OH = Fixed costs + (V) Repair-hours | You alr eady know that an estimate for the costs at any given activity level can be computed using the equation TC = F + VX. The regression equation, Y= a + bX represents the cost equation.Y equals the intercept plus the slope times the number of units. When estimating overhead costs for 3C, total overhead costs equals fixed costs plus the variable cost per unit of repair-hours times the number of repair-hours. We leave the description of the computational details and theory to computer and statistics course; we will focus on the use and interpretation of regression estimates. We describe the steps required to obtain regression estimates using Microsoft Excel in Appendix A to this chapter. Learning Objective Five: Interpret the results of regression output. Interpreting Regression [pic] Interpreting regression output allows us to estimate total overhead costs.The intercept of 6,472 is total fixed costs and the coefficient, 12. 52, is the variable cost per repair-hours. Correlation coefficie nt â€Å"R† measures the linear relationship between variables. The closer R is to 1. 0 the closer the points are to the regression line. The closer R is to zero, the poorer the regression line (Lanen, 2008). Coefficient of determination â€Å"R2† The square of the correlation coefficient. The proportion of the variation in the dependent variable (Y) explained by the independent variable(s)(X). T-Statistic The t-statistic is the value of the estimated coefficient, b, divided by its standard error. Generally, if it is over 2, then it is considered significant.If significant, the cost is NOT totally fixed. The significant level of the t-statistics is called the p-value. Continuing to interpret the regression output, the Multiple R is called the correlation coefficient and measures the linear relationship between the independent and dependent variables. R Square, the square of the correlation cost efficient, determines and identifies the proportion of the variation in the dependent variable, in this case, overhead costs, that is explained by the independent variable, in this case, repair-hours. The Multiple R, the correlation coefficient, of . 91 tells us that a linear relationship does exist between repair-hours and overhead costs.The R Square, or coefficient of determination, tells us that 82. 8% of the changes in overhead costs can be explained by changes in repair-hours. Can you use this regression output to estimate overhead costs for 3C at 520 repair-hours? Multiple Regressions Multiple regressions are used when more than one predictor (x) is needed to adequately predict the value (Lanen, 2008). For example, it might lead to more precise results if 3C uses both repair hours and the cost of parts in order to predict the total cost. Let’s look at this example. |Predictors: |X1: Repair-hours |X2: Parts Cost | 3C Cost Information | |Month |Overhead Costs |Repair-Hours ( X1) |Parts ( X2) | |1 |$9,891 |248 |$1,065 | |2 |$9,244 |248 |$1,452 | |3 |$13,200 |480 |$3,500 | |4 |$10,555 |284 |$1,568 | |5 |$9,054 |200 |$1,544 | |6 |$10,662 |380 |$1,222 | |7 |$12,883 |568 |$2,986 | |8 |$10,345 |344 |$1,841 | |9 |$11,217 |448 |$1,654 | |10 |$13,269 |544 |$2,100 | |11 |$10,830 |340 |$1,245 | |12 |$12,607 |412 |$2,700 | |13 |$10,871 |384 |$2,200 | |14 |$12,816 |404 |$3,110 | |15 |$8,464 |212 |$ 752 | In multiple regressions, the Adjusted R Square is the correlation coefficient squared and adjusted for the number of independent variables used to make the estimate. Reading this output tells us that 89% of the changes in overhead costs can be explained by changes in repair-hours and the cost of parts. Remember 82. % of the changes in overhead costs were explained when one independent variable, repair-hours, was used to estimate the costs. Can you use this regression output to estimate overhead costs for 520 repair-hours and $3,500 cost of parts? Learning Objective Six: Identify potential problems with regression data. Implementation P roblems It’s easy to be over confident when interpreting regression output. It all looks so official. But beware of some potential problems with regression data. We already discussed in earlier chapters that costs are curvilinear and cost estimations are only valid within the relevant range. Data may also include outliers and the relationships may be spurious. Let’s talk a bit about each. Curvilinear costs |Outliers |Spurious relations |Assumptions | 1. Curvilinear costs Problem: Attempting to fit a linear model to nonlinear data. Likely to occur near full-capacity. Solution: Define a more limited relevant range (example: from 25 – 75% capacity) or design a nonlinear model. If the cost function is curvilinear, then a linear model contains weaknesses. This generally occurs when the firm is at or near capacity. The leaner cost estimate understates the slope of the cost line in the ranges close capacity. This situation is shown in exhibit 5. 5. 2. Outliers Problem: Outlier moves the regression line.Solution: Prepare a scatter-graph, analyze the graph and eliminate highly unusual observations before running the regression. Because regression calculates the line that best fits the data points, observations that lie a significant distance away from the line could have an overwhelming effect on the regression estimate. Here we see the effect of one significant outlier. The computed regression line is a substantial distance from most of the points. The outlier moves the regression line. Please refer exhibit 5. 6. 3. Spurious or false relations Problem: Using too many variables in the regression. For example, using direct labor to explain materials costs.Although the association is very high, actually both are driven by output. Solution: Carefully analyze each variable and determine the relationship among all elements before using in the regression. 4. Assumptions Problem: If the assumptions in the regression are not satisfied then the regression i s not reliable. Solution: No clear solution. Limit time to help assure costs behavior remains constant, yet this causes the model to be weaker due to less data. Learning Objective Seven: Evaluate the advantages and disadvantages of alternative cost estimation methods. Statistical Cost Estimation Advantages 1. Reliance on historical data is relatively inexpensive. 2.Computational tools allow for more data to be used than for non-statistical methods. Disadvantages 1. Reliance on historical data may be the only readily available, cost-effective basis for estimating costs. 2. Analysts must be alert to cost-activity changes. Choosing an Estimation Method Each cost estimation method can yield a different estimate of the costs that are likely to result from a particular management decision. This underscores the advantage of using more than one method to arrive at a final estimate. Which method is the best? Management must weigh the cost-benefit related to each method (Lanen, 2008). Estimat ed manufacturing overhead with 520 repair-hours and $3,500 parts costs *.The more sophisticated methods yield more accurate cost estimates than the simple methods. |Account Analysis = $12,586 |High-Low = $12,384 |Regression= $12,982 |Multiple Regression= $13,588* | Data Problems Missing data Outliers Allocated and discretionary costs Inflation Mismatched time periods No matter what method is used to estimate costs, the results are only as good as the data used. Collecting appropriate data is complicated by missing data, outliers, allocated and discretionary costs, inflation and mismatched time periods. Learning Objective Eight: (Appendix A) Use Microsoft Excel to perform a regression analysis. Appendix A: Microsoft as a ToolMany software programs exist to aid in performing regression analysis. In order to use Microsoft Excel, the Analysis Tool Pak must be installed. There are software packages that allow users to easily generate a regression analysis. The analyst must be well school ed in regression in order to determine the meaning of the output! Learning Objective Nine: (Appendix B) Understand the mathematical relationship describing the learning phenomenon. Learning Phenomenon Leaning phenomenon refers to the systematic relationship between the amount of experience in performing a task and the time required to perform it. The learning phenomenon means that the variable costs tend to decrease per unit as the volume increase. Example: | |Unit |Time to Produce |Calculation of Time | |First Unit |100 hours |(assumed) | |Second Unit |80 hours |(80 percent x 100 hours | |Fourth Unit |64 hours |(80 percent x 80 hours | |Eighth Unit |51. hours |(80 percent x 64 hours | |Impact: Causes the unit price to decrease as production increases. This implies a nonlinear model. | Another element that can change the shape of the total cost curve is the notion of a learning phenomenon. As workers become more skilled they are able to produce more output per hour. This will impact the total cost curve since it leads to a lower per unit cost, the higher the output. Chapter 5: END!! COURSE WORK EXERCISE 5-25 – A& B PROBLEM 5-47 -A& B REFERENCES Lanen , N. W. , Anderson ,W. Sh. & Maher ,W. M. ( 2008). Fundamentals of cost accounting. New York : McGraw-Hill Irwin. [pic]

Caesars Gallic Wars and Vercingetorix

Caesar's Gallic Wars and Vercingetorix One of Gauls most colorful historical figures is Vercingetorix, who acted as war chief for all the Gallic tribes who were trying to throw off the Roman yoke during the Gallic Wars. Vercingetorix and Caesar are the main figures in Book VII of De Bello Gallico, Caesars narrative about his wars in Gaul, although the Roman allies, the Aedui, also play a large role. This period of revolt follows the earlier Gallic battles at Bibracte, Vosges, and Sabis. By the end of Book VII Caesar has put down the Gallic revolt. The following is a summary of Book VII of De Bello Gallico, with some explanatory notes. Vercingetorix, son of Celtillus, a member of the Gallic tribe of Arverni, sent ambassadors out to Gallic tribes not yet allied with him asking them to join him in his endeavor to get rid of the Romans. By peaceful means or by attacking, he added troops from the Gallic tribes of the Senones (the tribe connected with the band of Gauls responsible for the sack of Rome in 390 B.C.), Parisii, Pictones, Cadurci, Turones, Aulerci, Lemovice, the Ruteni, and others to his own armed forces. Vercingetorix had used the Roman system of demanding hostages to ensure loyalty and ordered a levy of troops from each of these groups. He then took supreme command. He tried to ally the Biturgies, but they resisted and sent ambassadors to the Aedui for help against Vercingetorix. The Biturgies were dependents of the Aedui and the Aedui were allies of Rome (Brothers and Kinsmen of the Roman People 1.33). The Aedui started to help but then turned back perhaps because, as they said, they suspected the Biturgi es of complicity with the Arverni. Perhaps because they lacked the support of the Aedui, the Biturgies gave in to Vercingetorix. It is possible the Aedui already planned to revolt against Rome. When Caesar heard about the alliance, he realized it was a threat, so he left Italy and set out for Transalpine Gaul, a Roman province since 121 B.C., but he didnt have his regular army, although he did have some German cavalry and troops he had in Cisalpine Gaul. He had to figure out how to reach the main forces without putting them in danger. Meanwhile, Vercingetorix ambassador, Lucterius, continued to gain allies. He added the Nitiobriges and Gabali and then headed to Narbo, which was in the Roman province of Transalpine Gaul, so Caesar headed to Narbo, which made Lucterius retreat. Caesar changed his direction and advanced into the territory of the Helvii, then on to the borders of the Arverni. Vercingetorix marched his troops there in order to defend his people. Caesar, no longer able to do without the rest of his forces, left Brutus in command while he went to Vienna where his cavalry was stationed. Next stop was the Aedui, one of Romes main allies in Gaul, and where two of Cae sars legions were wintering. From there, Caesar sent word to the other legions of the danger presented by Vercingetorix, ordering them to come to his assistance ASAP. Vellaunodunum When Vercingetorix learned what Caesar was doing, he headed back to the Biturgies and then to the non-allied Boiian town of Gergovia in order to attack it. Caesar sent ahead messages to the Boii to encourage them to resist. Heading towards the Boii, Caesar left two legions at Agendicum. En route, at the Senones town of Vellaunodunum, Caesar decided to attack so there wouldnt be an enemy on his heels. He also figured he would take the opportunity to gain provisions for his troops. Especially during the winter when there was little to forage, having food could decide the outcome of a battle. Because of this, allied towns that werent potential enemies at ones back might still be destroyed to make sure the enemy army starved or retreated. This is what Vercingetorix would soon develop as one of his main policies. After Caesars troops surrounded Vellaunodunum, the town sent out their ambassadors. Caesar ordered them to surrender their weapons and to bring out their cattle and 600 hostages. With arrangements made and Trebonius left in charge, Caesar set out for Genabum, a Carnute town that had been preparing to send troops to help Vellaunodum fight, Caesar. The Romans pitched camp and when the townspeople tried to escape at night via a bridge across the Loire River, Caesars troops took possession of the town, pillaged and burned it, and then headed across the Loire bridge into the Biturgies territory. Noviodunum This move prompted Vercingetorix to stop his siege of Gergovia. He marched towards Caesar who was beginning a siege of Noviodunum. Noviodunum ambassadors begged Caesar to pardon them and spare them. Caesar ordered their weapons, horses, and hostages. While Caesars men went into town to gather up the arms and horses, Vercingetorix army appeared on the horizon. This inspired the people of Noviodunum to take up arms and shut the gates, backing down from their surrender. Since the people of Noviodunum were going back on their word, Caesar attacked. The town lost a number of men before the town surrendered again. Avaricum Caesar then marched to Avaricum, a well-fortified town in the Biturgies territory. Before responding to this new threat, Vercingetorix called a war council, telling the other leaders that the Romans must be kept from getting provisions. Since it was winter, foraged provisions were hard to come by and the Romans would have to leave. Vercingetorix suggested a scorched-earth policy. If a property lacked a good defense it would be burned. In this way, they destroyed 20 of their own Biturgies towns. The Biturgies begged that Vercingetorix not burn their noblest city, Avaricum. He relented, reluctantly. Vercingetorix then set up camp 15 miles from Avaricum and whenever Caesars men went foraging at a distance, some of Vercingetorix men attacked them. Caesar meanwhile built towers but could not build a wall around the city, as he would have wished, because it was enclosed by rivers and marshes. Caesar besieged the town for 27 days building towers and walls while the Gauls built countering devices. The Romans finally had success with a sudden attack, which frightened many of the Gauls into flight. And so, the Romans entered the town and massacred the inhabitants. About 800 in Caesars reckoning escaped to reach Vercingetorix. Caesars troops found ample provisions, and by this time winter was almost over. Vercingetorix was able to calm the other leaders despite all the recent disasters. Especially in the case of Avaricum, He could say the Romans didnt defeat them by valor but by a new technique the Gauls hadnt seen before, and besides, he might have said, he had wanted to torch Avaricum but had only left it standing because of the pleas of the Biturgies. The allies were appeased and supplied Vercingetorix with replacement troops for those he had lost. He even added allies to his roster, including Teutomarus, the son of Ollovicon, the king of the Nitiobriges, who was a friend of Rome on the basis of a formal treaty (amicitia). Aeduan Revolt The Aedui, Romes allies, came to Caesar with their political problem: their tribe was led by a king who held power for a year, but this year there were two contenders, Cotus and Convitolitanis. Caesar was afraid that if he didnt arbitrate, one side would turn to Vercingetorix for support of its cause, so he stepped in. Caesar decided against Cotus and in favor of Convitolitanis. He then asked the Aedui to send him all their cavalry plus 10,000 infantry. Caesar split his army and gave Labienus 4 legions to lead north, towards the Senones and Parisii while he led 6 legions into Arverni country towards Gergovia, which was on the banks of the Allier. Vercingetorix broke down all bridges over the river, but this proved only a temporary set-back for the Romans. The two armies pitched their camps on opposite banks and Caesar rebuilds a bridge. Caesars men headed to Gergovia. Meanwhile, Convictolitanis, the man Caesar had chosen to be king of the Aedui, treacherously conferred with the Arverni, who told him that the Aeduans holding out was preventing the allied Gauls from being victorious against the Romans. By this time the Gauls realized their freedom was at stake and having the Romans around to arbitrate and help them against other invaders meant the loss of freedom and heavy demands in terms of soldiers and supplies. Between such arguments and bribes made to the Aedui by the allies of Vercingetorix, the Aedui were convinced. One of those in on the discussion was Litavicus, who was put in charge of the infantry being sent to Caesar. He headed towards Gergovia, providing protection for some Roman citizens on the way. When they were near Gergovia, Litavicus riled up his troops against the Romans. He falsely claimed the Romans had killed some of their favorite leaders. His men then tortured and killed the Romans under their protection. Some rode off to th e other Aeduan towns to convince them to resist and avenge themselves on the Romans, as well. Not all Aeduans agreed. One in the company of Caesar learned of Litavicus actions and told Caesar. Caesar then took some of his men with him and rode to the army of the Aedui and presented to them those very men they thought the Romans had killed. The army lay down its arms and submitted themselves. Caesar spared them and marched back towards Gergovia. Gergovia When Caesar finally reached Gergovia, he surprised the inhabitants. At first, all was going well for the Romans in the conflict, but then fresh Gallic troops arrived. Many of Caesars troops did not hear when he called for a retreat. Instead, they continued to fight and try to plunder the city. Many were killed but they still did not stop. Finally, ending the days engagement, Vercingetorix, as the victor, called off the fight for the day when new Roman legions arrived. Adrian Goldsworthy says an estimated 700 Roman soldiers and 46 centurions were killed. Caesar dismissed two important Aeduans, Viridomarus and Eporedorix, who went to the Aeduan town of Noviodunum on the Loire, where they learned that further negotiations were being made between the Aeduans and the Arvernians. They burned the town so the Romans couldnt feed themselves from it and began to build up armed garrisons around the river. When Caesar heard of these developments he thought he should put down the revolt quickly before the armed force grew too large. This he did, and after his troops had surprised the Aeduans, they took the food and cattle they found in the fields and then marched off to the territory of the Senones. Meanwhile, other Gallic tribes heard of the revolt of the Aedui. Caesars very competent legate, Labienus, found himself surrounded by two newly rebelling groups and so needed to move out his troops by stealth. The Gauls under Camulogenus were tricked by his maneuvers and then defeated in a battle where Camulogenus was slain. Labienus then led his men to join Caesar. Meanwhile, Vercingetorix had thousands of cavalry from the Aedui and Segusiani. He sent other troops against the Helvii whom he defeated while he led his mena and allies against the Allobroges. To deal with Vercingetorix attack against the Allobroges, Caesar sent for cavalry and light-armed infantry help from the Germanic tribes beyond the Rhine. Vercingetorix decided the time was right to attack the Roman forces whom he judged to be inadequate in number, as well as encumbered with their baggage. The Arverni and allies divided into three groups to attack. Caesar divided his troops in three, too, and fought back, with the Germans obtaining a hilltop formerly in Arverni possession. The Germans pursued the Gallic enemy to the river where Vercingetorix was stationed with his infantry. When the Germans started to kill the Averni, they fled. Many of Caesars enemies were slaughtered, Vercingetorix cavalry was routed, and some of the tribal leaders were captured. Alesia Vercingetorix then led his army to Alesia. Caesar followed, killing those he could. When they reached Alesia, the Romans surrounded the hilltop city. Vercingetorix sent out mounted troops to go to their tribes to round up all those old enough to bear arms. They were able to ride through the places where the Romans hadnt yet completed their fortification. The fortifications were not just a means to contain those within. The Romans put torturous devices on the outside that could injure an army pressing against it. The Romans needed some to gather timber and food. Others worked on building the fortifications, which meant Caesars troop strength was diminished. Because of this, there were skirmishes, although Vercingetorix was waiting for Gallic allies to join him before a full-fledged fight against Caesars army. The Arvernian allies sent fewer than asked, but still, a great number of troops, to Alesia where they believed the Romans would easily be defeated by the Gallic troops on two fronts, from within Alesia and from those newly arriving. The Romans and Germans stationed themselves both inside their fortifications to fight those in the city and outside to fight the newly arriving army. The Gauls from outside attacked at night by throwing things from a distance and alerting Vercingetorix to their presence. The next day the allies came closer and many were injured on the Roman fortifications, so they withdrew. The next day, the Gauls attacked from both sides. A few Roman cohorts left the fortifications and circled round to the rear of the outer enemy whom they surprised and slaughtered when they tried to flee. Vercingetorix saw what had happened and gave up, surrendering himself and his weapons. Later Vercingetorix would be displayed as a prize in Caesars triumph of 46 B.C. Caesar, generous to the Aedui and Arverni, distributed Gallic captives so that every soldier throughout the army received one as plunder. Source: The Gallic Menace in Caesars Propaganda, by Jane F. Gardner Greece Rome  © 1983.

Explore the Three Laws of Thermodynamics

Explore the Three Laws of Thermodynamics The branch of science called  thermodynamics deals with systems that are able to transfer thermal energy into at least one other form of energy (mechanical, electrical, etc.) or into work. The laws of thermodynamics were developed over the years as some of the most fundamental rules which are followed when a thermodynamic system goes through some sort of energy change. History of Thermodynamics The  history of thermodynamics  begins with  Otto von Guericke  who, in 1650, built the worlds first  vacuum pump  and demonstrated a  vacuum  using his  Magdeburg hemispheres. Guericke was driven to make a vacuum to disprove  Aristotles long-held supposition that nature abhors a vacuum. Shortly after Guericke, the English physicist and chemist  Robert Boyle  had learned of Guerickes designs and, in 1656, in coordination with English scientist  Robert Hooke, built an air pump.  Using this pump, Boyle and Hooke noticed a correlation between  pressure,  temperature, and  volume. In time,  Boyles Law  was formulated, which states that pressure and volume are  inversely proportional.   Consequences of the Laws of Thermodynamics The laws of thermodynamics tend to be fairly easy to state and understand ... so much so that its easy to underestimate the impact they have. Among other things, they put constraints on how energy can be used in the universe. It would be very hard to over-emphasize how significant this concept is. The consequences of the laws of thermodynamics touch on almost every aspect of scientific inquiry in some way. Key Concepts for Understanding the Laws of Thermodynamics To understand the laws of thermodynamics, its essential to understand some other thermodynamics concepts that relate to them. Thermodynamics Overview - an overview of the basic principles of the field of thermodynamicsHeat Energy - a basic definition of heat energyTemperature - a basic definition of temperatureIntroduction to Heat Transfer - an explanation of various heat transfer methods.Thermodynamic Processes - the laws of thermodynamics mostly apply to thermodynamic processes, when a thermodynamic system goes through some sort of energetic transfer. Development of the Laws of Thermodynamics The study of heat as a distinct form of energy began in approximately 1798 when Sir Benjamin Thompson (also known as Count Rumford), a British military engineer, noticed that heat could be generated in proportion to the amount of work done ... a fundamental concept which would ultimately become a consequence of the first law of thermodynamics. French physicist Sadi Carnot first formulated a basic principle of thermodynamics in 1824. The principles which Carnot used to define his Carnot cycle heat engine would ultimately translate into the second law of thermodynamics by the German physicist Rudolf Clausius, who is also frequently credited with the formulation of the first law of thermodynamics. Part of the reason for the rapid development of thermodynamics in the nineteenth century was the need to develop efficient steam engines during the industrial revolution. Kinetic Theory the Laws of Thermodynamics The laws of thermodynamics do not particularly concern themselves with the specific how and why of heat transfer, which makes sense for laws that were formulated before the atomic theory was fully adopted. They deal with the sum total of energy and heat transitions within a system and do not take into account the specific nature of heat transference on the atomic or molecular level. The Zeroeth Law of Thermodynamics This zeroeth law is sort of transitive property of thermal equilibrium. The transitive property of mathematics says that if A B and B C, then A C. The same is true of thermodynamic systems that are in  thermal equilibrium. One consequence of the zeroeth law is the idea that measuring  temperature  has any meaning whatsoever. In order to measure temperature,  thermal equilibrium  must be  reached between the thermometer as a whole, the mercury inside the thermometer, and the substance being measured. This, in turn, results in being able to accurately tell what the temperature of the substance is. This law was understood without being explicitly stated through much of the history of thermodynamics study, and it was only realized that it was a law in its own right at the beginning of the 20th century. It was British physicist Ralph H. Fowler who first coined the term zeroeth  law, based on a belief that it was more fundamental even than the other laws. The First Law of Thermodynamics Though this may sound complex, its really a very simple idea. If you add heat to a system, there are only two things that can be done change the  internal energy  of the system or cause the system to do work (or, of course, some combination of the two). All of the heat energy must go into doing these things. Mathematical Representation of the First Law Physicists typically use uniform conventions for representing the quantities in the first law of thermodynamics. They are: U1  (or  Ui) initial internal energy at the start of the processU2  (or  Uf) final internal energy at the end of the processdelta-U  Ã‚  U2  -  U1   Change in internal energy (used in cases where the specifics of beginning and ending internal energies are irrelevant)Q  Ã‚  heat  transferred into (Q   0) or out of (Q   0) the systemW  Ã‚  work  performed by the system (W   0) or on the system (W   0). This yields a mathematical representation of the first law which proves very useful and can be rewritten in a couple of useful ways: The analysis of a  thermodynamic process, at least within a physics classroom situation, generally involves analyzing a situation where one of these quantities is either 0 or at least controllable in a reasonable manner. For example, in an  adiabatic process, the heat transfer (Q) is equal to 0 while in an  isochoric process  the work (W) is equal to 0. The First Law Conservation of Energy The  first law  of thermodynamics is seen by many as the foundation of the concept of conservation of energy. It basically says that the energy that goes into a system cannot be lost along the way, but has to be used to do something ... in this case, either  change  internal energy or perform work. Taken in this view, the first law of thermodynamics is one of the most far-reaching scientific concepts ever discovered. The Second Law of Thermodynamics Second Law of Thermodynamics:The second law of thermodynamics is formulated in many ways, as will be addressed shortly, but is basically a law which - unlike most other laws in physics - deals not with how to do something, but rather deals entirely with placing a restriction on what can be done. It is a law that says nature constrains us from getting certain kinds of outcomes without putting a lot of work into it, and as such is also closely tied to the  concept of the conservation of energy, much as the first law of thermodynamics is. In practical applications, this law means that any  heat engine  or similar device based  on  the principles of thermodynamics cannot, even in theory, be 100% efficient. This principle was first illuminated by the French physicist and engineer Sadi Carnot, as he developed his  Carnot cycle  engine in 1824, and was later formalized  as a law of thermodynamics  by German physicist Rudolf Clausius. Entropy and the Second Law of Thermodynamics The second law of thermodynamics is perhaps the most popular outside of the realm of  physics because it is closely related to the concept of  entropy or the disorder created during a thermodynamic process. Reformulated as a statement regarding entropy, the second law reads: In any closed system, in other words, each time a system goes through a thermodynamic process, the system can never completely return to precisely the same state it was in before. This is one definition used for the  arrow of  time since entropy of the universe will always increase over time according to the second law of thermodynamics. Other Second Law Formulations A cyclic transformation whose only final result is to transform heat extracted from a source which is at the same temperature throughout into work is impossible. - Scottish physicist William Thompson ( A cyclic transformation whose only final result is to transfer heat from a body at a given temperature to a body at a higher temperature is impossible. - German physicist Rudolf Clausius All the above formulations of the Second Law of Thermodynamics are equivalent statements of the same fundamental principle. The Third Law of Thermodynamics The third law of thermodynamics is essentially a statement about the ability to create an  absolute  temperature scale, for which  absolute zero  is the point at which the internal energy of a solid is precisely 0. Various sources show the following three potential formulations of the  third law  of thermodynamics: It is impossible to reduce any system to absolute zero in a finite series of operations.The entropy of a perfect crystal of an element in its most stable form tends to zero as the temperature approaches  absolute zero.As temperature approaches absolute zero, the entropy of a system approaches a constant What the Third Law Means The third law means a few things, and again all of these formulations result in the same outcome depending upon how much you take into account: Formulation 3 contains the least restraints, merely stating that entropy goes to a constant. In fact, this constant is zero entropy (as stated in formulation 2). However, due to quantum constraints on any physical system, it will collapse into its lowest quantum state but never be able to perfectly reduce to 0 entropy, therefore it is impossible to reduce a physical system to absolute zero in a finite number of steps (which yields us formulation 1).

Country risk analysis Research Paper Example | Topics and Well Written Essays - 1750 words

Country risk analysis - Research Paper Example Therefore, the country’s economy is growing and when united with its population increase, India is indeed a very significant nation for investment in the world (Machiraju 36). This paper will seek to discuss a country risk analysis with reference to India by taking the perspective of a multinational corporation considering expanding its operations into that country, and is intended to assess the business environment in that country. Geographical Location Bounded in the south eastern part by the Arabian sea, in south by the Indian Ocean, and on the south eastern side by the Bengal Bay, the country of India shares her border land with Bhutan in the north-eastern side, Pakistan on the western angle, and Nepal, China, Burma, and Bangladesh on the eastern side (Machiraju 49). India covers an area of 1,269,219 square miles (3,287,263 sq km); the capital city is New Delhi, while the major cities include Chennai, Bangalore, Mumbai, and Kolkata. With regard to the Indian Ocean, India l ies within the vicinity of Maldives and Sri Lanka while the islands of Nicobar and Andaman share the maritime border with the states of Indonesia and Thailand (Saleem 66). This indicates that India lays within a very vibrant economic location – a factor that gives this country too much international openness. Thus, any multinational corporation considering expanding its operations into this country should do so without hesitation. Accordingly, the Indian naval hydrographic charts maintains that the coastline of India measures up to 4,700Â  mi (7,517 kilometers) lengthwise; within that distance, 3,400Â  mi (5,423 kilometers) belong to India’s peninsular and 1,300Â  mi (2,094 kilometers) to the Nicobar, Andaman, and Lakshadweep chains of the island (Devonshire-Ellis 48). This country has several rivers which major origin is Himalaya that flows through the country to the Bengal Bay. Brahmaputra and Ganges are the major rivers supplying India with larger amounts of wate r. The Ganges River has important tributaries such as the Kosi and Yamuna (Carbaugh 54). Cases of flooding are common with the Yamuna tributary but the major peninsular rivers such as the Tapti and Narmada have steeper gradients, which deter them from causing floods. The country is geographically divisive and the costal characteristics comprise the marshy Kutch Ran situated in the western part of India (Bouchet, Ephraim, and Bertrand 50). The country has alluvial Sundarbans delta found in eastern India. Climate The Himalayas Mountains and the Thar Desert have a great influence on India’s climate. Fact findings show that they both act as the driving force of the country’s major sources of income. They are the pivotal determiners of the winter and summer monsoons winds, hence influencing the culture and economy of the state strongly (Machiraju 55). The Himalayas also shield India from the excruciating wrath of the cold katabatic winds of Central Asia by keeping the India n subcontinent bulk warmer as opposed to similar states under same latitudes (Carbaugh 84). The Desert of Thar has a pragmatic role to play as it attracts the moisture-laden summer monsoon winds, which blow from the south-west. These winds are very important to the people of this country as they provide most of the country’s rainfall when they blow between the months of June and October (Saleem 81). India has four predominant climatic groupings, namely