The Introduction Of Mamee Double Decker

The Introduction Of Mamee Double Decker Mamee-Double Decker (M) Berhad is a unique brand of good taste and fine quality. The company is recently listed in the Kuala Lumpur Stock Exchang (KLSE). The company manufactures many products which are Mamee Monster, Mamee Instant and Sllrrrp Noodles, Mister Potato Chips, Mister Potato Crisps and so on. All this products are already household names. The most famous product of the company is Mamee Monster. Mamee Monster is something like noodles with a pack of seasoning powder. This product consists of two flavours which are chicken and barbeque. Besides these two flavours, there is another new flavor like satay flavor. Between these three flavours, barbeque is the tastiest and many kids like it including us. Mamee Monster consists of jumbo pack; the jumbo packs are a new product and it is include two flavours like barbeque and the new one- curry flavour. These two flavours can stimulate our taste buds. Besides this honored, the company also promote a new product which is Mister Potato Rice Crisps. This new product can competes with others brand as well like Jacker and Pringles. Why do I say so? It is because this Mister Potato Rice Crisps is low fat and healthier compared with others potato chips. Jacker is good taste but salty and same goes to Pringles. This new product consists of four flavours such as, original, flame grilled bbq, hot and spicy as well as sour cream and onion. For people who likes chili can try hot and spicy flavor. For those who do not like heavy flavour can try original flavour. In an addition, Mamee-Double Decker (M) Berhad also has a product which is instant noodles-Mamee Sllrrrp. For this instant noodles have a variety of flavours such as ayam kampung, asam laksa, kari berapi and kari extra pedas. Any of the flavours will make people sllrrrp, sllrrp, sllrrrp when eating. Overall, Mamee-Double Decker (M) Berhad is a good quality brand and no doubt it can win the heart of the public range from kids and adults to old folks. This company is a very successful company and earns much profit from previous until now. Mamee Lekor After a thorough consideration, we as Mamee-Double Decker (M) Berhads corporate finance advisors had decided to increase their shareholders wealth by introducing a new product keropok lekor. What is keropok lekor? This is it. The easiest way to describe Keropok Lekor is to call it as fish sausage. Its main ingredients are fish (Ikan Parang/Kembong/Selayang), sago flour, salt and water. We named our new product (keropok lekor) as Mamee Lekor. It can be served in crispy type or soft chewy type according to preferences.D:New folderMmuGamma 1st SemBBF 2124 FM 2keropok_lekor.jpgD:New folderMmuGamma 1st SemBBF 2124 FM 211.jpg Keropok lekor is originated from Kuala Terengganu, Malaysia and it is a popular and most visible fried snack in Terengganu. Lots of local there know how to make this keropok lekor. Therefore, there are many stalls in Malaysia that sells keropok lekor. However, there is none in hypermarket, cinemas and petrol station. This keropok lekor become very popular that we can find it in other states of Malaysia such as Johor and Melaka. Perhaps, we could not find this type of snacks in country other than Malaysia because keropok lekor is a local Malay delicacy and specialty of Malaysia. Mamee-Double Decker (M) Berhad introduces Mamee Lekor in two forms. First, the mini ball sized fried keropok lekor which packaging in a small plastic bag like Mamee Monster. Another one is raw keropok lekor. D:New folderMmuGamma 1st SemBBF 2124 FM 2keropak_lekor.jpg The fried keropok lekor in mini packing contains 10 mini balls of keropok lekor which sells RM1.50 per pack. The above picture is for illustration purpose only. To be more attrative, we will shape it into mini balls to attract customers. We also produce raw keropok lekor in 700g per pack which sells at RM10. This fried mini keropok lekor will expire in 4 to 5 days after production. How we are going to handle this situation? We will follow the Gardenias distribution strategy. We will send our workers to send new keropok lekor and collect back the expired one. Our workers are going to the retail store and supermarkets to send and collect Mamee Lekor 2 times per week. This is to ensure that our products are fresh before reaches to our customers and consumers. Also, we produce raw keropok lekor to fulfill some households demands. They can cut it into the thickness they prefer and fry or steam it. The main difference between the raw and ready fried mini packed keropok lekor is that the raw keropok lekor can keep for longer period. On the other hand, the ready fried mini packed keropok lekor can only last within 5 days. Some household may buy the raw keropok lekor and kept in their freezer and fried it whenever they want to eat. Since raw keropok lekor can be kept in a long period which is around one year, we plan to export it to other countries. We plan to export 700g of raw keropok lekor per pack to other countries selling at RM12 each. The selling price is slightly higher than in Malaysia because it already included the cost that related to export activities. We decided to export to Australia, Hong Kong and Singapore. We export more to Australia because it is the largest and fastest growing export market compared to other countries. It ha s highest export rate of snack and confectionary from Mamee-Double Decker. We also export to Singapore and Hong Kong because we want to introduce Mamee Lekor to Western and Asian countries as well. Why we produce keropok lekor? This is because it is a local traditional delicacy which not available in other countries. It is a specialty to foreigners because their countries do not have this food. So, we can monopolize Mamee Lekor in other countries. Besides, according to research, Mamee Double-Decker (M) Berhad s snacks and confectionery occupied the highest demand compared to other catrgories. So we produce Mamee Lekor which is a kind of snacks to boost the demand. We will start our project by reaching out the children because no children dislike snacks and they like to try on new things. So, we decided to distribute Mamee Lekor to school canteens. It is packed in a mini package same as Mamee Monster. It is cute and can attract children to try it. It is also convenient to consume. Moreover, in order to expand new market, we will distribute our Mamee Lekor to all cinemas such as Golden Screen Cinemas and MBO Cinemas. Most of the people will carry a packet of snacks or a big box of popcorn into the theatre. As our Mamee Lekor is also a kind of snacks, we believe that the demand will be higher in cinemas. Also, Mamee Lekor can be a substitute good for those who do not like popcorn or other snacks for health conscious. As Our Mamee Lekor is made from fish and fried with unsaturated oil, it is high protein, monosodium glutamate (MSG)-free and less oily. Why we want to promote healthy lifestyle? It is to follow Mamee-Double Decker (M) Berhads step. The company wants to produce products that are MSG-free, artificial colouring-free and oil-free. We produce keropok lekor in a healthy way to help consumers to consume without worries while maintaining a balance and healthy lifestyle. Initial Investment When we wanted to produce the Keropok Lekor, we used 3 types of machine like cartridge system, frying machine and packaging machine. The machines and the usages are shown below: Cartridge system is used to blend the filled up fish with some ingredients. This machine is the key in making Keropok Lekor and was the first step to produce the better product. The retail price of this type of machine is RM 15,000 each. It is a franchised system, so the price is fixed. We prepare keropok lekor from fish meat grounded with sago and salt; these are then rolled and made into the shape of long tubes similar to sausages by this machine.C:UsersPublicPicturesSample Picturesmoto_0117.jpg The frying machine is used to fry Keropok Lekor after it was shaped into mini size by our labours. This machine has many functions such as continuous fines removal for increased oil life and automatic oil level control. It is easy to clean. Its superior oil temperature control helps to maintain fryer quality stability. The cost of purchasing the machine is RM 6,000 each.http://img.diytrade.com/cdimg/432764/3809036/0/1181816403/Gas_Frying_Machine.jpghttp://i03.i.aliimg.com/photo/104903103/Horizontal_Packaging_Machine_v0.jpg As shown the horizontal packaging machine. After the Keropok Lekor had been steam and fried, the packaging and leballing process happen. It is to keep keropok lekor last longer and maintain the taste. This machine costs RM 13,000 each. How many factories we have? We are going share some spaces in the existing Mamee-Double Decker factories rather than building extra factories. We choose to share capacity with factories in Selangor, Perak, Johor and Sarawak. This is the strategic location as we can cater the demands of North, East, West, and South of Malaysia. There are 2 cartridge system, 2 frying machines and 1 packaging machine in each factory. We use 2 catridge machine because one machine is not big enough to blend big amount of filled fish and other ingredient. When we use two of them together, the maintenance cost will become lower when some of the parts broken. Timing on processing will also reduce 20% compare to big cartridge machine. Other than that, we use 2 frying machines because we need to save cost especially in introducing the new product. The bigger and more technologically advance machine will cost higher. So we use 2 cartridge system and frying machine instead of the sophisticated one. The machines we use are expected to be able to serve large amount of production. Lastly, for an newly introduced project, we expect that 1 packaging machine is enough to cater our production. It produces around 70 to 100 packs of keropok lekor per hour. With one packaging machine only, we can save our budget and consume less space. We are going to promote our new product by advertising on The Star  [1]  newspaper. Why we choose to advertise on The Star rather than other newspapers? According to Audit Bureau of Circulations from 1 July 2008 to 30 June 2009, The Star newspaper is the most famous newspaper in Malaysia in term of readership. It has between 290,000 to 300,000 readers. Moreover, The Star newspaper is an English-language newspaper which is readable for all races, for instance Malays, Chinese, Indian and others, in Malaysia. Additionally, we need to buy new vans to implement our distribution network strategy. Each second hand van would cost us RM 80,000 each. We plan to buy 2 vans for each factory. We will hire driver to run our distribution network to distribute and collect back our keropok lekor. Year 1 In first year, we expect to sell 1,200 packs of Mini ball keropok lekor and raw keropok lekor each day. That means each factory has to produce 300 packs of Mini keropok lekor and raw keropok lekor respectively. Total quantity produce of mini and raw keropok lekor = 300 packs per day x 4 factories x 30 days per month x 12 months per year = 432,000 packs repectively. Sales Mini keropok lekor Raw keropok lekor Cash inflow in year 1 Unit selling price RM 1.50 RM 10.00 Quantity produce 432,000 432,000 Sales volume RM 648,000 RM 4,320,000 RM 4,968,000 The main ingredients of keropok lekor are ikan parang/kembong/selayang, sago flour, salt and water. The ingredient costs of mini and raw keropok lekor are RM 0.80 and RM 5.00 each while the packaging costs are RM 0.20 and RM 0.10 respectively. Packaging cost of mini keropok lekor is higher than raw keropok lekor because the packaging design will be more colourful and attractive. Also, we need labours to help us shape mini keropok lekor and fry it. Each labour cost is RM 800 per month. Each driver will have to travel 2 times per week to distribute and collect mini keropok lekor. Each trip will cost RM 150 including petrol cost. So, each driver costs us RM 150 x 2 times per week x 4 times per month x 12 months x 4 factories = RM 57,600. Costs Mini keropok lekor Raw keropok lekor Ingredient + packaging (RM0.80+RM0.20) x 432,000= RM 432,000 (RM5+RM0.10) x 432,000 = RM 2,203,200 Labor 6 labours X RM 800 X 12 months x 4 factories = RM 230,400 Driver 2 drivers x RM 57,600 = RM 115,200 Cash outflow (RM 432,000 + RM 2,203,200 + RM 230,400 + RM 115,200=RM 2,980,800 Net operating cash flow in year 1 = RM 4,968,000 RM 2,980,800 = RM 1,987,200 Year 2 Year 2, we estimate that our production will increase 5% as demand increases. Since first years production is 864,000 units (432,000 units for mini and raw keropok lekor respectively), year 2 our productions will be 907,200 units (864,000 + 5%). That means production for each type is 453,600 units. Besides, as Mamee Double-Decker (M) Berhad generated about 30% of its sales from the export markets which cover more than 80 countries across all continents, we plan to expand market and export raw keropok lekor to other countries. Each pack of raw keropok lekor, we will charge RM 12 which slightly higher than RM 10 to cover any expenses incur in export activities. In this year, we will export 100,000 units to Australia, 60,000 units to Hong Kong and 36,000 units to Singapore. In other words, we will export 25000, 15000 and 9000 units to these 3 countries in every 3 months. Why do we export more products to Australia? As Australia is the largest and fastest growing export market which contributed 18% of the total export sales in financial year 2009, we decided to export more products to the country. Other than Western country, we also export to Asian country such as Hong Kong. It not only helps to expand our market, but also introduce keropok lekor such a traditional cuisine to both Western and Asian countries. Besides, Singapore is our neighbour country and knows our cultures more as well as it contributed 9% of total export, so we choose to export to Singapore rather than other countries. Sales Mini keropok lekor Raw keropok lekor Export raw keropok lekor Cash inflow in year 2 Unit selling price RM 1.50 RM 10.00 RM 12.00 Quantity produce 453,600 453,600 196,000 Sales volume RM 680,400 RM 4,536,000 RM 2,352,000 RM 7,568,400 Due to increase in production, we have to add in additional 2 labours, 1 driver, 1 cartridge system, 1 packaging machine and 1 frying machine in each factory. Costs Mini keropok lekor Raw keropok lekor Export (raw keropok lekor Ingredient + packaging (RM0.80+RM0.20) x 453,600 = RM 453,600 (RM5+RM0.10) x 453,600 = RM 2,313,360 (RM7+RM0.10)x 196,000 = RM 1,391,600 Labor 8 labours X RM 800 X 12 months x 4 factories = RM 307,200 Driver 3 drivers x RM 57,600 = RM 172,800 Cartridge system RM 15,000 x 1 unit x 4 factories = RM 60,000 Packing machine RM 13,000 x 1 unit x 4 factories = RM 52,000 Frying machine RM 6,000 x 1 unit x 4 factories = RM 24,000 Cash outflow RM 453,600+ RM 2,313,360+ RM 1,391,600+ RM 307,200+ RM 172,800+ RM 60,000+ RM 52,000+ RM 24,000 =RM 4,774,560 Net operating cash flow in year 2 = RM 7,568,400 RM 4,774,560 = RM 2,793,840 Year 3 We estimate that our sales in this year keep increasing and probably reach maturity. Our expected production excluding export will increases from 907,200 to 950,400 units which increases around 5 % of year 2s production. In other words, production for mini and raw keropok lekor is 475,200 units respectively. Additionally, we expect export rate of keropok lekor will increase 4 %, which is from 196,000 to 204,000 units. In this year, we have to add in more technologically advance machine to cater the increase in production. We will purchase more innovative cartridge system, packing machine and frying machine to improve productivity. We also hire 2 more labours and 1 more driver to help us run our business smoother. The additional driver can help us widen our distribution network to other places. We expect that the cost of labour will become slightly higher which is from RM 800 to RM900. It is to increase their motivation to work and maybe due to inflation. Sales Mini keropok lekor Raw keropok lekor Export raw keropok lekor Cash inflow in year 3 Unit selling price RM 1.50 RM 10.00 RM 12.00 Quantity produce 475,200 475,200 204,000 Sales volume RM 712,800 RM 4,752,000 RM 2,448,000 RM 7,912,800 Costs Mini keropok lekor Raw keropok lekor Export (raw keropok lekor Ingredient + packaging (RM0.80+RM0.20) x 475,200 = RM 475,200 (RM5+RM0.10) x 475,200 = RM 2,423,520 (RM7+RM0.10)x 204,000 = RM 1,448,400 Labor 10 labours X RM 900 X 12 months x 4 factories = RM 432,000 Driver 4 drivers x RM 57,600 = RM 230,400 Cartridge system RM 20,000 x 1 unit x 4 factories = RM 80,000 Packing machine RM 20,000 x 1 unit x 4 factories = RM 80,000 Frying machine RM 10,000 x 1 unit x 4 factories = RM 40,000 Cash outflow RM 475,200+ RM 2,423,520+ RM 1,448,400+ RM 432,000+ RM 230,400+ RM 80,000+ RM 80,000+ RM 40,000 =RM 5,209,520 Net operating cash flow in year 3 = RM 7,912,800 RM 5,209,520 = RM 2,703,280 This year, although expected sales increases, net operating cash flow decreases. This is because we plan to do expansion by adding more technologically advance machines. This is logic as whenever a firm manages to cover up their initial investment, what they might do is to do expansion. Year 4 Out of expectation, probably the demand for our keropok lekor might go down. Perhaps there is new competitors exist in market. Who knows they envy of our high sales volume and might want to compete with us? With our 3 years brand recognition, perhaps our sales would not drop too badly. So, our expected production will be 920,000 units which are 3% less than previous year. Production of mini and raw keropok lekor will be 460,000 units respectively. As production decreases, we do not have to hire much driver for distribution network. We will cut down 1 driver to cut expense of RM 57,600. However, we will remain our existing labours. As we believe that, whenever there is an obstacle, we will find out a way to curb it and boost future sales as well as production. Thus, we do not want to loss any well- trained and loyal labour. Still, in order to handle any possible changes in future, we have a pessimistic view that the cost of ingredient will increase. We predict that the unit cost of mi ni keropok lekor will increase from RM0.80 to RM0.90 while raw keropok lekor will increase from RM5 to RM 5.50. On the other hand, our export rate will keep on increasing. We expect our production will be 210,000 units which is 3% higher than in year 3. Why do we forecast that the export rate will increase? Why not decrease? Because, even if foreign competitor wants to compete with us, they might need some times to figure out how to produce such a Malay local cuisine which is available in Malaysia only. This is our local special food, so of course there is some recipe that other countries do not know. Also, since there is a decrease in Malaysias sales and an increase of export rate, we do not have to add in any new machine. Sales Mini keropok lekor Raw keropok lekor Export raw keropok lekor Cash inflow in year 4 Unit selling price RM 1.50 RM 10.00 RM 12.00 Quantity produce 460,000 460,000 210,000 Sales volume RM 690,000 RM 4,600,000 RM 2,520,000 RM 7,810,000 Costs Mini keropok lekor Raw keropok lekor Export (raw keropok lekor Ingredient + packaging (RM0.90+RM0.20) x 460,000 = RM 506,000 (RM5.50+RM0.10) x 460,000 = RM 2,576,000 (RM7.50+RM0.10)x 210,000 = RM 1,596,000 Labor 10 labours X RM 900 X 12 months x 4 factories = RM 432,000 Driver 3 drivers x RM 57,600 = RM 172,800 Cash outflow RM 506,000 + RM 2,576,000 + RM 1,596,000 + RM 432,000 + RM 172,800 = RM 5,282,800 Net operating cash flow in year 4 = RM 7,810,000 RM 5,282,800 = RM 2,527,200 Year 5 Assume that there is a drop in sales, of course we will take some actions to increase the sales back. In this year, we plan to open kiosk in hypermarket. Together there will be one kiosk in Melaka, Kuala Lumpur, Penang and Johor Bahru respectively. Rental of each kiosk is expected to be RM 800. We will hire 2 workers to help us operate the kiosk. Since we sell freshly cooked keropok lekor on the spot, we will need to purchase one frying machine for each kiosk. We also need some budgets for setup cost. With the above strategy, we believe that we able to boost our sales for at least 2%. Our expected production will be 940,000 units which is 470,000 units for each type of keropok lekor. Furthermore, we predict that our export rate of keropok lekor will grow at a decreasing rate which is 1% only. Our expected export rate will be 212,000 units. We are going to hire 2 more labours to help us to run our business to avoid supply shortage and to employ any future strategy. We need 1 more driver to widen our distribution network, and send raw keropok lekor to our kiosk to ensure there is no shortage problem. No additional machine is required as we already added in technologically advance machines in previous year which able to cater higher production. Sales Mini keropok lekor Raw keropok lekor Export raw keropok lekor Cash inflow in year 5 Unit selling price RM 1.50 RM 10.00 RM 12.00 Quantity produce 470,000 470,000 212,000 Sales volume RM 705,000 RM 4,700,000 RM 2,544,000 RM 7,949,000 Costs Mini keropok lekor Raw keropok lekor Export (raw keropok lekor Ingredient + packaging (RM0.90+RM0.20) x 470,000 = RM 517,000 (RM5.50+RM0.10) x 470,000 = RM 2,632,000 (RM7.50+RM0.10)x 212,000 = RM 1,611,200 Labor 12 labours X RM 900 X 12 months x 4 factories = RM 518,400 Driver 4 drivers x RM 57,600 = RM 230,400 4 Kiosk Expenses Calculations Total Rental RM 800 x 4 kiosks x 12months RM 38,400 Workers RM 800 x 2workers x 4 kiosks x 12 months RM 76,800 Frying machine RM 3000 x 4 kiosks RM 12,000 Setup RM 1,500 x 4 kioks RM 6,000 Total expenses for kiosks RM 133,200 Cash outflow in year 5 RM 517,000 + RM 2,632,000 + RM 1,611,200 + RM 518,400 + RM 230,400 + RM 133,200 = RM 5,642,200 Net Operating cash flow in year 5 = RM 7,949,000 RM 5,642,200 = RM 2,306,800 Although expected sales increases, net operating cash flow slightly decreases, it is due to the investment in kiosks. Yet, we believe that next years sales and net operating cash flow will increase simultaneously. RM 1,987,200 RM 2,793,840 RM 2,703,280 RM 2,527,200 RM 2,306,800 o 1 2 3 4 5 year RM 1,140,000 The time line above depicts the conventional cash flow of our project. There is only one cash outflow for initial investment in year 0. From year 2 to 5, there is positive net operating cash flow. The net cash flow rises from year 1 to 2 because we export raw keropok lekor to other countries and increase revenues. In year 3, the sales keep on increasing but net cash flows drop as we do expansion by purchasing additional machines for technology advancement. During year 4, we predict that there will be new competitors exist to compete with us. Our sales drop slightly but net cash flow increases, because we try to cut cost and do not need to add in new capital. The next year, we employ a new strategy which is to open kiosk in hypermarket to sell freshly fried keropok lekor. We predict that our sales will increase slightly. But why net cash flow descend? Because we need some costs on operating the kioks. In short, our net cash flow thoroughout the year is up and down, but we manage to ke ep it at positive level. From other point of view, there will be up and down, because when any unfavourable things incur, we try to solve it and up the net cash flow again. Cost of Capital The cost of capital acts as a link between Mamee Double-Decker (M) Berhad s long term investment decisions (keropok lekor project) and the wealth of their owners as determined by investors in the marketplace. It is the magic number that is used to decide whether a proposed investment will increase or decrease the firms stock price. The cost of capital is the rate of return that Mamee Double-Decker (M) Berhad must earn on the keropok lekor project in which it invests to maintain the market value of its stock. In this project, we will use Mamee Double-Decker (M) Berhads retained earnings to cover our new project. Cost of retained earnings is a cost of internally generated funds. It is an imputed or opportunity cost or the dividends given up by the common stockholders. It is the rate that investors can earn elsewhere on investments of comparable risk. Why we choose to use cost of retained earnings rather than issuing new shares or bonds? The main reason is that we notice Mamee Double-Decker (M) Berhad is proposing share buy-back. According to research, they plan to buy back the shares by using their retained earnings. So, why do we still want to use its retained earnings to support our new project? This is because we cannot issue additional shares or bonds to raise capital. Mamee Double-Decker (M) Berhad proposed share buy-back is to reduce number of shares outstanding and increase their share price. So, we do not want to do the opposite way. Moreover, Mamee Double-Decker (M) Berhad is very strong. It holds RM 43,457,000 cash, deposit and bank balances without borrowing any long term debt. It finances itself with cash only. That is why we do not want to raise capital by issuing bond which is a type of long term debt. Although tax is deductible when we issue bonds/debts/loans, we do not want to break the rules and rise their financ ial risk. They do not finance themselves with any debt, perhaps they want to reduce their risk for no need to pay out coupon payment and principal to their debtors. Besides, we choose to raise capital by using retained earnings because our initial investment only takes 9% of their overall retaining earnings. Their retained earnings in financial year 2009 are RM 83,977,000 while our initial investment is RM 1,140,000. Our payback period shows that we could cover it up within 1 year. Yet, without being over optimistic, there is always something unfavourable happen, so we predict that we could cover up the initial investment within 2 years. Cost of retained earnings= D1 / P0 + g The dividend per share from year 2000 to 2009 is shown below: Year Dividend per share Year Dividend per share 2000 5.5 cents 2005 14 cents 2001 5.5 cents 2006 20 cents 2002 5.5 cents 2007 25 cents 2003 6.0 cents 2008 5 cents 2004 10 cents 2009 7 cents Input Function -5.5 PV 7.0 FV 9 N Growth of dividends = 2.71% (by using financial calculator) According to Bloomberg Businessweek  [2]  , expected dividend in 2010 is RM 0.10 while share price of Mamee Double-Decker (M) Berhad is RM 3.70. Cost of retained earnings = (RM 0.10 / RM 3.70) + 2.71% = 5.41 % In short, our cost of raising capital by using Mamee Double-Decker (M) Berhads retained earnings is 5.41%. The cost of capital will be applied when calculating NPV of the company. Payback Period Payback period can be defined as the amount of time required for a firm to recover its initial investment in a project, as calculated from cash flow. Payback period which also calculated as: Payback period = RM 1,140,000 / RM 1,987,000 = 0.57 years Basically, payback period is used by small firms to evaluate most projects or small projects in larger firms. The computation is simple and easy to apply. By measuring how quickly the firms get to recover from its initial investment, payback period gives implicit consideration to the timing of cash flows. Many firms use payback period as a decision criterion to other decision as it can be viewed as a measure of risk exposure. The longer the firm must wait to recover its invested fund, the greater the possibility of a calamity. So, the shorter the payback period, the lower the firms exposure to such risk. Payback period cannot be specified in light of wealth maximization goal because it is not based on discounting cash flows to determine whether they add to the firms value. Payback period is viewed as an unsophisticated capital budgeting technique because it does not explicitly consider the time value of money. The calculation above shows that payback period for our new project is one year. Why is it so short? It is because our cash inflow in year 1 which is RM 1,987,200 is higher than the initial investment which is RM1,140,000. So, we get to cover back our initial investment and have an extra of RM 847,200 of revenue in year one. We should be glad that we able to pay back the initial investment within one year but please do not forget that it does ignore the time value of money. In finance, we always mention time value of money. But, do we really know what does it mean? Well,

Audience analysis Essay

1. Identify several controversial issues debated in your workplace, community or on campus. -The issue of the legitimacy of homosexual marriage is certainly on people’s minds.   It relates to questions of personal liberty and civic requirements imposed by the state, the right to choose, as well as fundamental issues related to marriage as an institution. -Universal health insurance is talked about and people are pretty strong divided about whether it would work and even be effective. -Whether we’re in a depression is argued pretty strongly, a lot of people don’t think that this is a problem because they talk about cycles and just about being on the wrong point on the cycle.   Other people are increasingly worried and predict that the situation will get much worse and that it is a depression but we only act like it’s not a depression due partially to increased credit availability. 2.Identify a policy or practice you would like to see changed at your workplace, community or on campus. -The equal employment act is kind of an issue because it’s successfully manipulated by a few people with access to good lawyers but is detrimental to people just entering the work force because the act makes it harder to fire someone.   Also, there’s possibly an increase of bias because employers will selectively fire people who would not sue and often times they deserve to sue more than people who do sue.   It’s a great abstract idea but it’s very variable and at times promotes both inefficient hiring and firing practices. 3.Select one issue, policy or practice as the topic for your persuasive speech. Should social security be privatized?(Yes) 4.Describe the rhetorical situation for your public speech. What features of the speech setting are important to consider in preparing your speech? The rhetorical situation is that I’d have to be convincing with sharp arguments that are crisply delivered.   As it’s a public speech the language would have to be very conventional and not have regionalism driven in too much in case it would be too distracting for various members of the audience.   Engagement is crucial, balancing myself with the surroundings is helpful.  Ã‚   It’s usually extremely useful to be very aware of where the speech will be delivered because extreme clashes or even minor clashes are disruptive and distracting. If my speech setting is a classroom the language could be more informal and include more jokes.   If it’s in a space where movement is very free and people could walk out anytime it would have to be much more planned out and well-executed.   Visual engagements are often times critical and knowing about the audio-visual equipment is extremely helpful so that preparations can be made to have everything run as smoothly as possible. 5.Identify your audience and discuss the demographic factors that may influence how you address your topic. My audience is my peers.   They are just entering the work force or have entered it on a more informal basis.   Most of my peers have faced a lot of frustrations related to jobs and their extreme inaccessibility.   During tough economic times young adults are usually the hardest hit because they have the least security and are given far fewer social services than the elderly. 6.Make a list of the questions you would like to ask members of your audience. 1. Would your grandparents fund a public school or would they move someplace where they wouldn’t have to? 2. If you grew up in a family-oriented neighborhood where schools really mattered did you come into contact with elderly volunteers who seemed to care about you? 3. How would you feel if you found out that social security operates exactly like a pyramid scheme and that most people under the age of 40 do not expect to receive anything from social security? 4. Would you voluntarily pay for other people’s retirements if you had a choice? 5. Have you noticed that your social security tax on your paycheck is often higher than your monthly cell-phone bill every month? 7.Why is it important to conduct an audience analysis? It’s essential for being prepared enough to give useful information and what’s useful depends on what they’re concerned about.   What truly interacts with their life and what really does have a formative impact on the choices they would make and the motivation they would have towards a lot of important life-steps. If I don’t do an audience analysis I could also risk alienating the audience if I talk about something they’re completely unfamiliar with or if I talk about something that is extremely disturbing or boring for my audience.   For example, if I talked about social security privatization to an older audience about to benefit or already benefiting I would not mention a lot of things that I would mention to people in my peer group.   An offended audience is probably one of the worst-case scenarios that could result and it’s a bad experience for both parties involved. To think about what the audience would have to deal with on a daily basis, what relates to issues that impact them in a significant way, and last of all, what would help them listen to what I have to say.   The audience never pays attention in an automatic way and a lot of competency needs to be earned, speeches are critical because they’re a great job-skill to have and also necessitate that more thought is given to how I present myself and what even persuades me.   If I choose a topic that’s unappealing to me it will most likely be the case that it will be infectious. If I properly try to analyze my audience at least I’d be better cued towards sensitivities and preferences.   Both are extremely important to be aware of as one relates to things I could say that could result in insult and the other is important because to be a truly persuasive speaker there’s a lot of interaction.   The audience also enjoys interaction and sitting still is often hard to many people, particularly when a speech is too irrelevant.   Audience awareness would in most situations allow for a speaker to feel prepared and to also have prompted a motivation to prepare.

The Success Of Early Invention Programs - 1627 Words

INTRODUCTION Breast cancer is the most common cancer toward the female gender within Australia today (AIHW 2016. This essay will analyse the success of early invention programs in relation to breast cancer, and will advocate strategies to help strengthen community actions and develop personal skills to improve the health outcomes for community members, especially those at greater risk. Early invention programs for breast cancer focus on Mammograms, pap tests, and clinical breast examinations, in order to catch the sickness before severity takes place. These intervention programs are clearly affective in community, as more than 5 in 10 women (54%) aged 50-69 years took part in the Monogramming program in the last two years through Breast Screen Australia (breastScreen Australia 2016). Barriers that may interfere with such programs and their attendance rates include health literacy, cost, advertisement and knowledge/understanding. The term breast cancer represents the process in which abnormal cells in the breast(s) grow uncontrollably. (Cancer Australia 2016) The most common risk factors in relation to breast cancer consist of; being a woman, your family history, age, genetics, personal medical history, radiation, breast changes, ethnicity, weight and pregnancy history. In the year 2015, 15,740 new cases of breast cancer were diagnosed, and 3065 deaths occurred (Breast Screen Australia 2016). The breast cancer incidence rates increased from 5,368 in 1982, to 14,568 inShow MoreRelatedEntrepreneurship : Business And Its Expenses1727 Words   |  7 Pageslimited liability, a greater number of people were encouraged to become entrepreneurs. Thus, the corporation was a great invention from the Renaissance period, but it all started with entrepreneurs, much as they still do today. 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This allowed text to be printed one line at a time, instead of printing one typeset at a time. This complex yet innovative machine allowed companies such as newspapers to educate the masses in a rapid mannerRead MoreThe History of Television Essay1473 Words   |  6 PagesHistory of television and its influence on people lives. How did television revolutionize th e world? TV, more commonly known as ‘television’ is one of the greatest inventions of the 20th century. In ancient Greek tà ¨le means ‘far, and in Latin visio means sight. From my perspective and many people of the world television has changed the way we live. Television has brought many amazing things, however nothing is perfect. 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National debt was at an all-time high, and unemployment and government spending didn’t fare much better. However, this financial crisis was just what the country needed to complete reinvent itself as one of the leading countries in the way

John Calvin Research Paper - 1427 Words

John Calvin Research Paper John Calvin was born in July 10, 1509, Noyon, Picardy, France. He died in May 27, 1564, Geneva, Switz. His education career was a mixture of both theologian and statesman because he study law at the University of Paris. Beside that he also get exposed to Renaissance humanism that influenced by Erasmus and Jacques. Even though Calvin study law but he only do it for his father will, of wanting him to become a lawyer. However, throughout the course of his life, he is primarily focus on Renaissance humanism, influence by Erasmus and Jacques. This is a study that aimed to reform church and society base on classical and Christian antiquity which establish to return the Bible studied to its original language. Under†¦show more content†¦Calvin struggle over control of Geneva come to an end in May 1555 when he finally get everything to settling down. It is reasonable to say that Calvin make a huge contribution in Geneva because he is not only help to reform Geneva. He also plan for it future by training students in humanist learning in preparation for the ministry and position of secular leadership. Beside that, he also carry out any pastoral duties such as preaching, doing many weddings and baptism, and providing spiritual advice to the people (Calvin). Calvin spend the majority of his lifespan in Geneva and make a tremendous impact in Geneva. Without the contribution of Calvin, Geneva would not be able to reform and recover. Calvin is not only play a spiritual role in Geneva, he also exerted his influence in variety of areas of Geneva life such sewage system, the treatment of refuges, medical care, the concerns for the poor, family pattern, entertainment activities, education, and more. He address a variety of social, educational, economic, and religious issues in Geneva. Nobody can talk about Geneva without knowing Calvin contribution to that country because he is so significant to the people of Geneva that the children in that cou ntry was being educated about his importance (Mouw).Show MoreRelatedDifferences Between Calvinism And Arminianism1298 Words   |  6 PagesThe purpose of this paper is to compare two theological positions, namely Calvinism and Arminianism. These are two positions on either side of the extreme concerning free will and predestination. There are those who believe that we have the free will to love and obey God or deny God, and there are those who believe that God, in his sovereignty, has predetermined who will be saved or who will not be saved and neither group is willing to budge. 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That is to say, based on what I believe about Calvinism, prior to doing this research, says that were such filthy rags and that God s election had to be possible in order for me to be awakened, chosen and then accepted. However, I am not convinced that God holds a spiritual lottery and I m just lucky enough to be chosen. FurthermoreRead MoreMartin Luther And His Influence On The Luther s Burned A Hole Through Europe 1998 Words   |  8 Pageson Luther, however, that’s quite boring. I was more admired by his motivation and conviction. After researching, I was right about his passion, but more so his profound effect created a movement that essentially â€Å"burned a hole through Europe†. This paper will give a brief introduction into Luther and then show the impact Luther had socially, religiously, and globally. 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Benjamin Franklins Red Jacket Defends Native American...

The use of rhetoric is important, especially depending on your audience. Rhetorical devices are known for being used by Aristotle in 384 BC and even in today’s era where it is used by political leaders, spokesmen, etc. In a document written by Benjamin Franklin â€Å"Benjamin Franklin: Remarks concerning the Savages of North America† and in Red Jacket’s speech â€Å"Red Jacket Defends Native American Religion, 1805.† Ethos, logos, and pathos, along with other rhetorical devices are used by both Red Jacket and Benjamin Franklin, which is very important and can help with informing people, and even persuading them into side with a person during their speech. In â€Å"Red Jacket Defends Native American Religion, 1805.,† Red Jacket uses several rhetorical†¦show more content†¦Red Jacket is a reliable source who has credibility on what he is stating. Benjamin Franklin is similar to Red Jacket, but not in the sense that Franklin is actually agreei ng with his fellow people. In â€Å"Benjamin Franklin: Remarks concerning the Savages of North America,† Benjamin Franklin is a credible writer. He is not being ethnocentric when viewing how life is with both the Englishmen and Native Americans. The title of Franklin’s document catches the attention of many, making it seem as if Franklin is talking about the Natives themselves. The trust and credibility Franklin has with his audience has the effect of persuading his audience that the Natives are not as bad as that make them to be and that they are just as human as the next Englishman. But perhaps that trust was taken away from Benjamin Franklin and some of his fellow comrades did not agree with him for siding with the Native Americans. His explain of what is going on can also help his audience empathize with the Native Americans. Helping his audience is not only appealing to pathos, but also to ethos. Ethos can be given to or taken away from the speaker because ethos w ill always depend on the trust the speaker has with their audience. Irony is also used by Franklin in the document. In the text of â€Å"Benjamin Franklin: Remarks concerning the Savages of Native Americans,† Benjamin

The Cherokee Removal Book Review Free Essays

The Cherokee Removal Book Review The Cherokee Removal is a brief history with documents by Theda Perdue and Michael Green. In 1838-1839 the US troops expelled the Cherokee Indians from their ancestral homeland in the Southeast and removed them to the Indian Territory in what is now Oklahoma. The removal of the Cherokees was a product of the demand for land during the growth of cotton agriculture in the Southeast, the discovery of gold on the Cherokees land, and the racial prejudice that many white southerners had toward the Indians. We will write a custom essay sample on The Cherokee Removal Book Review or any similar topic only for you Order Now The Cherokees had lived in the interior southeast, for hundreds of years in the nineteenth century. But in the early eighteenth century setters from the European ancestry started moving into the Cherokees territory. From then on the colonial governments in the area began demanding that the Cherokees give up their territory. By the end of the Revolutionary War, the Cherokees had surrendered more than half of their original territory to the state and federal government. In the late 1780’s the US began urging the Cherokees to stop hunting and their traditional ways of life and to instead learn about how to live, farm, and worship like Christian Americans. Despite everything the white people in Georgia and other southern states that abutted the Cherokee Nation refused to accept the Cherokee people as social equals and urged their political representatives to take the Cherokees land. The purchase of the Louisiana Territory from France in 1803 gave Thomas Jefferson the chance to relocate the eastern tribes beyond the Mississippi River. The War of 1812, with help from General Andrew Jackson help the United States to end what he called the â€Å"absurdity† of negotiating with the Indians tribes. From that point forward the Georgia politicians increasingly raised the pressure on the federal government to fulfill the Compact of 1802. In the agreement the federal government had to extinguish the Indian land title and remove the Cherokees from the states. The Cherokee government maintained that they constituted a sovereign nation independent of the American state and federal government. The Treaty of Hopewell in 1785 established borders between the United States and the Cherokee Nation offered the Cherokees the right to send a â€Å"deputy† to Congress, and made American settlers in Cherokee territory subject to Cherokee law. With help from John Ross they helped protect the national territory. In 1825 the Cherokees capital was established, near present day Calhoun Georgia. The Cherokee National Council advised the United States that it would refuse future cession request and enacted a law prohibiting the sale of national land upon penalty of death. In 1827 the Cherokees adopted a written constitution, an act further removed by Georgia. But between the years of 1827 and 1831 the Georgia legislature extended the state’s jurisdiction over the Cherokee territory, passed laws purporting to abolish the Cherokees’ laws and government, and set in motion a process to seize the Cherokees’ lands, divide it into parcels, and other offer some to the lottery to the white Georgians. Andrew Jackson was declared president in 1828 immediately declaring the removal of eastern tribes. In 1830 Congress passed the Indian Removal Act which authorized the president to negotiate removal treaties. In 1831 combined army, militia, and other volunteer forces began to move the tribes along one of several routes to two forts located in Indian Territory; Fort Gibson and Fort Townson. The last tribe to be moved was the Cherokees in 1838. During this move some tribes accepted bribes of money and or land; whole others didn’t and were forced under the threat of death. During the move there were several weigh states along the route, and from bad planning or lack of concern to malfeasant actions the Indians were not allowed or given access to proper food, medical supplies, warm clothing, nor were allowed to rest for any significant period of time. This resulted in death of many of the tribal members. The Native Americans began to cal the trail, the â€Å"Trail where they Weeped/ Cried† and it was later changed to â€Å"The Trail of Tears† by modern translation. There were approximately eleven trails that took different tribes to different locations. They ranged from 200 to 900 miles and went through around fourteen states. There was an estimated 4,000 to 15,000 Cherokees deaths during these trails. How to cite The Cherokee Removal Book Review, Papers

Abstractions in Power

Abstractions in Power-Writing Essay There are many abstractions in the Declaration of Independence. These abstractions such as: rights, freedom, liberty andhappiness have become the foundations of American society and have helped to shape the American Identity. Power, another abstraction that reoccurs in all the major parts of the Declaration of Independence plays an equally important role in shaping America identity. One forgets the abstraction of power, because it appears in relation to other institutions: the legislature, the King, the earth, and the military. The abstraction of power sets the tone of the Declaration, and shapes the colonists conception of government and society. Power in the Declaration of Independence flows from distinct bodies within society such as the King, the legislature, the military, and the colonists. The Oxford English Dictionary defines power as, the ability to do or effect something or anything, or to act upon a person or thing (OED 2536). Throughout the ages according to the dictionary the word power has connoted similar meanings. In 1470 the word power meant to have strength and the ability to do something, With all thair strang *poweir (OED 2536) Nearly three hundred years later in 1785 the word power carried the same meaning of control, strength, andforce, power to produce an effect, supposes power not to produce it; otherwise it is not power but necessity (OED 2536). This definition explains how the power government or social institutions rests in their ability to command people, rocks, colonies to do something they otherwise would not do. To make the people pay taxes. To make the rocks form into a fence. To make the colonists honor the King. The colonialists adopt this interpretation of power. They see power as a cruel force that has wedded them to a King who has a history of repeated injuries and usurptions. The framers of the Declaration ofIndependence also believe powers given by God to the people must not be usurped. The conflict between these spheres of power the colonists believe, justifies their rebellion. The uses of the word power set the tone of the Declaration of Independence. In the first sentence of the Declaration colonists condemn the Kings violation of powers given by god to all men. When in the Course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of natures God Entitle them (Wills 375). In this passage the writers of the Declaration of Independence are explaining their moral claim to rebel. This right finds itsfoundation on their interpretation of the abstraction of power. Colonists perceive power as bifurcated, a force the King uses tooppress them, and a force given to them by God allowing them to rebel. In the Declaration of Independence the colonists also write about power as a negative force. In the following quote power takes on a negative meaning because power rests in the hands of the King and not the people, to cause others to be elected; whereby the Legislative powers, incapable of Annihilation, have returned (Wills 376). Power when mentioned in association with the power of the people to make their own laws has a positive connotation, He has affected to render the Military independent of and superior to Civil power (Wills377). These two different uses of the word power transform the meaning and tone of the Declaration of Independence. The meaning changes f rom just a Declaration of independence from Britain because of various violations of tax laws, military expenditures, and colonists rights; to a fundamental disagreement about power. Whether the King or civil authorities have a right to power. The colonists believe in the decentralization of power. The British support a centralized monarchy. The colonists believe power should flow up from the people to the rulers. The British believe power should flow down from the King to the subjects. The two different uses of the world power also change the tone of the document. The colonists definition of power as coercive in the hands of the King and good in the hands of civil authorities identifies the King as the enemy. He takes on the role of the enemy because he clutches the power in pre-colonial society. The tone of the Declaration of Independence becomes more severe; the Declarations vilifying of the fundamental power imbalances between the colonies and the King make the break between the two unbridgeable. The break between the colonies and the King became not just a tax or policydifference anymore, but a fundamental philosophical difference. The colonists meaning of the word power changes depending on who possesses the power. In the hands of the King power corrupts in the hands of the colonists and the people it takes on divine qualities. The colonists analysis of who has power fascinates. The colonists believe power to be a force that emanates from fixed points in society. In contrast more modern thinkers such as Nietzche and Foucault believe power flows throughout all of society (Miller 15). The colonists perceive in England power emanates directly from the King. Because of this interpretation they blame the King for the manywrongs they list in the body of the Declaration of Independence. The colonists do not blame the people of England or the English legislature. This allows the tone of the Declaration of Independence to soften. Instead, of being an attack on th e institutions of English society the Declaration only attacks the King, the holder of power. Foucaults interpretation of power would differ sharply from the framers of the Declaration Of Independence. Foucault sees power as coming from the many technologies that society uses to control people: tax systems the law, patriarchy, family systems, legislatures, and even democracy. These technologies according to Foucault all represent different ways in which society controls its members (Foucault 307). The King under Foucaults interpretation of power bares little responcibilety for the grievances colonists have with England. The King in his view plays merely a role in the web of different technologies of control. Foucault would see the King as being controlled by many of the forces in society. Fulfilling his role is not so much his manifestation of his power as the power of English society and its ability to control the colonies and their inhabitants. If the colonists when writing the De claration of Independence had this conception of power in mind the, the tone of the document would have been much stronger indicting all of English society. The colonists interpretation of power has serious repercussions on the subsequent formulation of the US government. .u74ca514a80f2f264c5f1d5ec23bb0f3c , .u74ca514a80f2f264c5f1d5ec23bb0f3c .postImageUrl , .u74ca514a80f2f264c5f1d5ec23bb0f3c .centered-text-area { min-height: 80px; position: relative; } .u74ca514a80f2f264c5f1d5ec23bb0f3c , .u74ca514a80f2f264c5f1d5ec23bb0f3c:hover , .u74ca514a80f2f264c5f1d5ec23bb0f3c:visited , .u74ca514a80f2f264c5f1d5ec23bb0f3c:active { border:0!important; } .u74ca514a80f2f264c5f1d5ec23bb0f3c .clearfix:after { content: ""; display: table; clear: both; } .u74ca514a80f2f264c5f1d5ec23bb0f3c { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u74ca514a80f2f264c5f1d5ec23bb0f3c:active , .u74ca514a80f2f264c5f1d5ec23bb0f3c:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u74ca514a80f2f264c5f1d5ec23bb0f3c .centered-text-area { width: 100%; position: relative ; } .u74ca514a80f2f264c5f1d5ec23bb0f3c .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u74ca514a80f2f264c5f1d5ec23bb0f3c .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u74ca514a80f2f264c5f1d5ec23bb0f3c .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u74ca514a80f2f264c5f1d5ec23bb0f3c:hover .ctaButton { background-color: #34495E!important; } .u74ca514a80f2f264c5f1d5ec23bb0f3c .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u74ca514a80f2f264c5f1d5ec23bb0f3c .u74ca514a80f2f264c5f1d5ec23bb0f3c-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u74ca514a80f2f264c5f1d5ec23bb0f3c:after { content: ""; display: block; clear: both; } READ: National Honor Society EssayBecause the colonists philosophical break with England was over the power of the King the framers of the Declaration of Independence sought to prevent a monarchy from arising in the United States. They sought to disperse power among the states and set up a system of counterbalancing branches of government that would prevent any single branch from having too much power. The ideas of federalism and decentralization were a direct outgrowth of the colonists interpretation of power. Power, in the Declaration of Independence carries more than just grammatical significance to the document. It shapes the documents meaning making it philosophically harsh toward the institution of the King and tempered toward English society. Works CitedWills, Garry. Inventing America. New York: Random House, 1978Miller, James. The Passion of Michel Foucault. New York: Anchor Books, 1993Foucault, Michel. Discipline and Punish. New York: Vintage Books, 1975Oxford English Dictionary. London: Oxford University Press, 1994