I Think Educators Should Be Teaching Literacy - 3097 Words

Introduction: Dr. Seuss once said, â€Å"The more you read, the more you know. The more you know, the more places you’ll go!† (Reading Rockets, 2013). This is a perfect quote to describe how important and powerful literacy development is for students. Reading gives children an abundance of knowledge and teaches them new things that they will take with them out into the world. It allows students to gather useful knowledge and escape into something enjoyable and relatable all at the same time. This paper is going to explain my beliefs on how I think educators should be teaching literacy in their classrooms based on my personal beliefs of the balanced teaching approach. I am a progressivist and an existentialist and believe in a balanced†¦show more content†¦Letting them make text to self-connections will give them confidence in their learning and a better understanding of the material. The more confident students are, the more they will enjoy reading and want to learn (Parkay Stanford, 2010). Existentialism stresses the experiences of individual students, giving them a way to think about their own life and what has meaning and truth to them. The use of creative thinking is commonly applied during this teaching approach. Existentialist educators allow students to ask questions, draw inquiries, and find conclusions independently. I connect with this approach because I believe that children should be thinking creatively while putting themselves in personal situations that will connect them back to what they are learning. The benefit to this approach lets students pick experiences that they have had and apply them to their learning to provide them with meaning. This philosophy approach provides teachers with ways to implement hands on experience learning of their students (Parkay Stanford, 2010). A balanced teaching approach allows students to receive all styles of teaching. According to Pressley and Allington, â€Å"Our best understanding of the research currently available suggests there are valid aspects of both skills-emphasis and meaning-emphasis approaches when beginning reading† (2015, p. 53). Both approaches are

Different Types Of Law That Affect Their Business Essay

1. Introduction Adams (2008) defines law as a body of rules created by the state. Weatherguard Tiling Solutions Ltd is a tiling manufacturer. There are lots of different types of law that affect their business. This includes Employment law, Contract law, Tort law and EU laws. Keen and Riches (2002) explain that law affects every aspect of our lives; from the laws that govern employment to criminal activity. With the current changes at Weatherguard, they need to apply certain laws to their situations. This essay will examine the different types of law that affects Weatherguard and the implications when this is not followed. 2. Contract Law When a company employs staff, they must create a contact. This is a binding agreement between employee and employer, included within the contract will be the employee’s job role, holiday entitlement and leaving procedure. Abbott et al (2007) argues that in the eyes of the law, a contract is only legally binding if it is made in return for a promise or act. Weatherguard offers a wage and holiday entitlements, in return for the employee’s skills and labour. Furthermore, a contract would have been created between suppliers. Sands Ltd and Weatherguard will have a legally binding contract which means it cannot be terminated until it is fulfilled, breached, discharged by frustration or discharged by agreement. Sands Ltd has threatened James to stop supplying Weatherguard because of the falling value of the pound. To prevent this James couldShow MoreRelatedThe Importance of Ethics in Business Essay1475 Words   |  6 Pageseffect in regards to a decision they need to achieve. Without ethics directing the choice an individual makes, moral preferences of what should or should not be done becomes irrelevant. While ethical decisions are made every day there are two different regions in which these choices are made. 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Compare and contrast libraries and the internet as the two major sources of information for use in academic written work free essay sample

Everybody knows that academic written work is one of the â€Å"must† in educational system of every country. In this interact, communicate and technology era, when around 40 % of people a whole world are use the internet (A Day in the Life of the Internet, 2013), it is probably one of the greatest inventions in the century. But the presence of conventional libraries will still be one of the choices for students to get their knowledge, information and ideas for their academic written work. This essay will compare and contrast libraries and the internet as the two major sources of information for use in academic written work, and argue that both of them are a useful search tools assistance to acquire information and knowledge. This essay will examine libraries and the internet in two features: veracity and efficiency. The veracity of resource is a major priority for academic written work. The information, which we seek online, sometimes might be the fake or false facts. We will write a custom essay sample on Compare and contrast libraries and the internet as the two major sources of information for use in academic written work or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The reliability and verifiability of the source of information is important for guarantee the quality of academic written work. The truth is out there, but so is the lie. We should be able to check the content and materials, also we should find multiple sources of evidence which are credible or cited. Conversely, the bulk of library involves books, newspapers, journals, documents, theses or even rare book and other special collections with the origin of information which is clear and documented. Most of the libraries materials are written by well-known authors, who come out with a certain theories or the professionals who are experts in knowledge in that particular field. The efficiency is a second aspect of the comparing and contrasting of libraries and the Internet for academic written work. The speed of information access between libraries and internet are uniquely different. Exploring information on the web gives many different types of opinions from research data. It is beneficial to use the internet how the way to faster find and to get enormous research resource and to find many available examples and information. Also, the fast accessibility of internet gives an opportunity to question findings and discuss concerns. However, we could still look for the resources in the library with help of indexes or catalogue label of books, newspapers and journals. There are librarians references, which also may help to find the right information. In my opinion, we always must use libraries and the internet together for academic written work and nowadaysin every library have free access to the internet. Because some information like statistic, academic research and thesis which we can find via the internet, but information in special subjects only in books. Consequently, both of them are a useful search tools assistance to acquire information and knowledge.

Investment Decisions Implications Capital Budgeting

Question: Discuss about the Investment Decisions Implications for Capital Budgeting. Answer: Introduction Sensitive analysis and scenario analysis both are performed for decision making regarding the investments. In a sensitivity analysis, many factors which influence decision is tested for seeing their sensitivity in decision making. Capital budgeting techniques are also used for investment decisions. Scenario analysis related to budgeting regarding the future cash inflow and outflow. This report is going to put light on the way in which sensitive analysis and scenario analysis used in capital budgeting technique. The capital asset pricing model is a most celebrated model of finance for asset pricing. This model has some assumptions and some theories which will be discussed in this report. The capital market line is also derived from capital asset pricing model. This line indicates the extra return by including risky stocks in the portfolio. This report puts light on both capital market line and capital asset pricing model. What is capital budgeting Capital budgeting is a technique which helps in decision making regarding the investment decisions. In capital budgeting, one estimates regarding the investment and revenue from any project (Myers, 1512). Sensitivity analysis in capital budgeting Sensitivity analysis gives some addition regarding the business decision using capital budgeting. There are many things which effect the decision making regarding any project like outflow involved in that project, duration for which project exist, inflow from the project and rate of expected return from the project etc (Chan, Saltelli, and Tarantola, 2000). Which factor is most sensitive for the project is measured by this analysis. The most sensitive factor can affect the investing decisions at most hence; this factor is required to be focused. This focuse is also required for ensuring that the most sensitive factor will fluctuate within the tolerable range, so that project must be profitable. Moreover, in this analysis two approaches are used by the decision makers one is the shock approach and another one is the margin of safety approach (Lenhart et al., 2002). In the shock approach each risk factor shocked at unfavorable direction at a specified percentage then percentage fall in net present value is estimated. For which risk factor percentage fall, in net present value is the highest will termed as a most sensitive risk factor. In the margin of safety approach, the net present value set as zero, and break-even value of each risk factor is calculated. Risk factor, whose margin of safety becomes lowest will term as a most sensitive risk factor. Additionally, this approach is having an assumption that all factors are independent (Helton et al., 2006). However in real world factors can be independent and can be not independent in some cases, like fixed cost and quantity are independent factors but price and quantity factor cannot be independent of each other. Scenario analysis in capital budgeting Scenario analysis is performed for evaluating outcomes of any internal and external phenomena on the project, like inflation is external phenomena but it effects the project investment decision, hence this analysis measures the effect of inflation on the profitability of the project. Scenario analysis shows the probable future of a project that can be different for reality hence it should not assumes an as accurate picture of future (Boundless, 2016). Most of the scenario analysis consists three scenarios first is the base case which is a most likely picture of future, second is the worst case it is the outcome from the pessimistic approach, and the last one is the best case it is the outcome of optimistic approach. In the scenario, analysis budgets play a most important role because scenario can only be seen by the budgets. In scenario analysis, through the help of budgets, one can make capital budgeting decisions like, where to invest, duration of investment, the amount of spending etc (Postma and Liebl, 2005). It is always recommended by the advisers that before any investment one should read every outcome from that investment. It can be concluded from this paragraph that scenario analysis is making a budget of future investment any make a study regarding each aspect of that investment. Moreover, there are so many advantages of scenario analysis. First one is it helps in escaping from non-profitable investments. This analysis helps in assessing the future situation of the project, which indicates all circumstances regarding the investment. It minimizes the risk factor through all projections regarding the future of the upcoming project (Clemons, 1995). It also forecasts regarding the return of investments. Additionally, scenario analysis is the result of many sensitivity analyses, the budget required for scenario analysis can derive only after performing sensitivity analysis. For making the budget as tends to the future one should know regarding the sensitivity of each factor and change in profitability on any change in specified factor and this information are the conclusion of sensitivity analysis. Capital asset pricing model The capital asset pricing model is a most used model in financial decision making. As per this model price of any asset is the present value of future cash flow which is discounted at a rate which is the addition of return from risk-free investments and risk premium. This model risk is an only systematic risk; this model does not consider unsystematic risk. As per this model, Expected return= Risk free return + (Return from market portfolio - Risk free return) * Beta of stock This model has some assumptions like, investors are rational, the market is perfectly competitive, all investors having homogenous expectations, there is the unlimited opportunity for selling and purchasing risk-free stocks and market is in equilibrium (Merton, 1973). Capital asset pricing model gives a concept of security market line; this line is derived from the capital asset pricing model. In security market line beta represents x-axis and expected return represented by y-axis. All truly priced stock lies on security market line. Capital Market line The capital market line is the extension of capital asset pricing theory, capital market line shows the additional return more over risk-free rate of return from a change in risk level. This line starts from the point where risk is zero i.e. return from risk-free stock and standard deviation represents x-axis and expected return represented by y-axis. This line shows the increase in risk and return by increasing risky stocks in the portfolio and compromising risk-free stocks from the portfolio (Sharpe, 1964) and provides a theoretical efficient market portfolio from which efficient frontier is drowned. This analysis helps the investors in investing decisions for achieving expected return for fair risk amount. The concept of capital allocation line also includes one more concept i.e. separation theorem, it is the process of allocating funds between risky and non-risky portfolios. Similarities between Capital asset pricing model and Capital Market line Capital asset pricing model and capital market line both models are used as the measure of risk and return. These both concepts establish a direct relationship between risk and return. Both models are used for making investing decision regarding the securities. In both model risk-free stocks play a significant role. Both models are used for calculating the market return. Differences between Capital asset pricing model and Capital Market line As per capital asset pricing model, there is an only systematic risk because this model assumes the investor is investing in market portfolio i.e. a most diversified portfolio of the market hence unsystematic risk of each stock canceled off. Capital market line considers both types of risk. Hence Capital market line uses sigma i.e. standard deviation as a measure of risk on the other hand capital asset pricing model uses beta as a measure of risk. Additionally, capital asset pricing model gives the estimate regarding the risk and return of the stock on the other hand capital market line gives the estimate regarding the risk and return of from the portfolio. Hence, capital asset pricing model used in decision making when an investor wants to invest in signal stock on the other hand capital market lines concept used by the investor when he is going to invest in the market portfolio. Moreover, capital asset pricing model gives the graph representation in way of security market line and capital market line gives its representation in for of capital market line itself. The capital market line is a representation of portfolio, on the other hand, security market line is a representation of a stock only. Furthermore, capital asset pricing model only considers market stocks but capital market line considers all risky and nonrisky assets. Although there are so many differences and similarity between two concepts but still, these are interconnected concepts of finance which help in security markets investing decision making. These models are one of most used models in the finance world. Conclusion This report concludes that in capital budgeting decision both scenario analysis and sensitivity analysis plays an important role, for appropriate results from capital budgeting one must perform these analysis. Through the use of many empirical supports, this report provides facts regarding the theories of capital asset pricing model and capital market line and similarities and differences in between these concepts. These concepts are used in decision making for investment in the security market. References Myers, S.C. (1512) Capital Asset Prices: A Theory Of Market Equilibrium Under Conditions Of Risk,The Journal of Finance, 29(1), pp. 125. doi: 10.1111/j.1540-6261.1974.tb00021.x. Chan, K., Saltelli, A. and Tarantola, S. (2000)Statistics and Computing, 10(3), pp. 187196. doi: 10.1023/a:1008950625967. Lenhart, T., Eckhardt, K., Fohrer, N. and Frede, H.. (2002) Comparison of two different approaches of sensitivity analysis,Physics and Chemistry of the Earth, Parts A/B/C, 27(9-10), pp. 645654. doi: 10.1016/s1474-7065(02)00049-9. Boundless (2016)Scenario analysis. Available at: https://www.boundless.com/finance/textbooks/boundless-finance-textbook/the-role-of-risk-in-capital-budgeting-12/scenario-and-simulation-assessments-99/scenario-analysis-427-7232/ (Accessed: 21 January 2017). Helton, J.C., Johnson, J.D., Sallaberry, C.J. and Storlie, C.B. (2006) Survey of sampling-based methods for uncertainty and sensitivity analysis,Reliability Engineering System Safety, 91(10-11), pp. 11751209. doi: 10.1016/j.ress.2005.11.017. Postma, T.J.B.M. and Liebl, F. (2005) How to improve scenario analysis as a strategic management tool?,Technological Forecasting and Social Change, 72(2), pp. 161173. doi: 10.1016/j.techfore.2003.11.005. Clemons, E.K. (1995) Using scenario analysis to manage the strategic risks of reengineering,Long Range Planning, 28(6), p. 123. doi: 10.1016/0024-6301(95)99966-4. Merton, R.C. (1973) An Intertemporal capital asset pricing model,Econometrica, 41(5), p. 867. doi: 10.2307/1913811. Sharpe, W.F. (1964) CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*,The Journal of Finance, 19(3), pp. 425442. doi: 10.1111/j.1540-6261.1964.tb02865.x. Sharpe, W.F., Alexander, G.J. and Bailey, J.V., 1999.Investments(Vol. 6). Upper Saddle River, NJ: Prentice-Hall.

THE INVASION OF NORMANDY Essay Example For Students

THE INVASION OF NORMANDY Essay D-Day, June 6, 1944 was the focal point of the greatest and most planned out invasion of all time. The Allied invasion of France was long awaited and tactfully thought out. Formonths the Allied forces of millions of soldiers trained in Britain waiting for the Supreme Commander of the Allied Expeditionary Forces, General Eisenhower to set a date. June 5, 1944 was to be the day with the H-hour at 06:30. The vast power of an Allied Army 2.5 million strong lay coiled in England, ready to spring across the channel into German occupied France. Some of the more than 5000 strong armada of ships and small craft of the invasion fleet had already put to sea. On that June morning screaming winds and a downpour of rain threatened to cancel the invasion. General Eisenhower had to make a decision and make it soon. He postponed the attack 24 hours and waited for the weather to clear. If he was to cancel it one more time it would be another month before the tide and moonlight conditions would be once again favorable for both a Seaborne and Airborne attack. Predictions by the staff meteorologist cautiously predicted clearing skies for the next day, 6 June. General Eisenhower conferred with his generals and admirals. He then thought for a minute, then stood up Okl he said lets go.Aircraft bombed German installations and helped prepare the ground attack. The ground forces landed and made their push inland. Soon Operation Overlord was in full affect as the Allied Forces pushed the Germans back towards the Russian forces coming in from the east. D-Day was the beginning and the key to the fight to take back Europe. The thesis of this paper is that the Allied Invasion of Normandy was the beginning Operation Overlord was in no way a last minute operation thrown together. Whenthe plan was finalized in the spring of 1944 the world started work on preparing thehundreds of thousands of men for the greatest battle in history. By June of 1944 the landing forces were training hard, awaiting D -Day, 1,700,000 British, 1,500,000 Americans, 175,000 from Dominions (mostly Canada), and another 44,000 from other countries were going to take part. Not only did men have to be recruited and trained but also equipment had to be built to transport and fight with the soldiers. More than 1,300 warships, 1,600 merchant ships, 4,000 landing craft and 13,000 aircraft including bombers, fighters and gliders were built. Several new types of tanks and Armored vehicles were built. Two examples are the Sherman Crab flail tank and the Churchill Crocodile. On the ground, Britain assembled three Armored Divisions, eight Infantry Divisions, two Airborne Divisions and ten independent fighting Brigades. The United States had six Armored Divisions, thirteen Infantry and two Airborne Divisions. With one Armored Division and two Infantry Divisions, Canada also contributed greatly with the war effort especially when you look at the size of the country at the time. In the air Britains one hundred RAF s quadrons (1,200 aircraft) paled in comparison to the one hundred and sixty-five USAAF squadrons (2,000 aircraft). The entire Operation Overlord was supposed to go according to Montgomerys Master Plan which was created by General Sir Bernard L. Montgomery. His plan was initiated by a command system which connected the U.S. and Britain and helped them jointly run the operation. This plan was to have five Divisions act as a first wave, landing on the sixty-one mile long beach front. Four more Divisions, as well as some Airborne landings, would support the first wave. The beaches of Normandy would be separated into five beaches, codenamed, from west to east Utah, Omaha, Gold, Juno and Sword. The Americans would invade the two westernmost beaches, being Utah and Omaha and the British and its Dominions would take Gold, Juno and Sword. The Canadians were nearly the entire force to land on Juno beach. The operation was also coordinated with various French resistance groups called the Secret Army. The naval plans were to transport the Allied expeditionary forces, help secure and defend a beachhead, and to help setup a method of constant resupplying of Allied forces. Operation Overlord, in short, was as follows: The Airforce would be used to knock out German defenses and immobilize their forces. Blowup tanks and other misinformation was used to fool Germans into thinking the invasion was coming at Pas de Calais. The navy would transport the troops while doing whatever it could to help them gain ground, and enough of France would be liberated and held by the Allied forces so that they would not fail by being pushed back into the sea.Utah beach was a stretch of beachfront approximately five miles long and located in the dunes of Varreville. Like most beach attacks that day, the planned attack time was 06:30 or H hour. As early as 02:00 (H-4:30) the preparations for attack was being made as minesweepers started working at creating a safe path for Allied battleships, frigat es, and corvettes. At about 02:30 the flagship for Utah beach was in place and the order was given for the landing crafts to be loaded and placed into the water. The four waves of troops were ready to go and the German radar had not spotted any buildup of ships. The first gunfire occurred at daybreak when some ships were spotted and fired upon by coastal guns. A group of 276 planes, all B-26 Marauders flew in to drop their payload of 4400 bombs on the targets. Almost all missed and nearly a third fell short onto the beaches and into the sea, far away from their targets. Although some guns were silenced the poor accuracy of the aircraft was costly and would turn out to be only one of the many errors made by the Allied forces. At 06:30 the first of the troops landed, the 4th Infantry Division and the 8th Infantry Regiment missed the correct beach and landed 2,000 yards away on what turned out to luckily be a less heavily defended beach. This mix up was blamed on tides, smoke and rough seas. These first troops were all part of the twenty landing craft, each carrying thirty men that made up the first wave. After the first wave came the 32 amphibious tanks. The second wave of troops consisted of 32 craft carrying Combat Engineers and Naval Demolition Teams. Dozer tanks would make up the third wave. Shortly after the securing of the beach 2 Engineer Battalions arrived. This may sound like all the Divisions made it easily to shore but that is not true. Many of the amphibious tanks were unable to swim through the rough surf and sank. Two out of the three control vessels for the beach hit sea mines and sank and countless landing craft were shelled by German coastal guns. There were also numerous drownings involving troops that were so weighed down by the equipment that they wore that they were drowned in water only six feet deep. If the soldiers managed to make it to shore they were still faced with devastating German machine gun fire. Fortunately, the beach and much o f its surroundings had become the victim of a large sea launched rocket attack clearing some of the German defenses. Once the Division had made it on the beach and secured it they had to start moving inland on their pre-planned missions. The units that landed on the wrong beach decided to start the war from right here. Most of the landed troops were supposed to secure the areas and push inland, eventually meeting up with the 82nd and 101st Airborne Divisions that had dropped behind the enemy on the western flank by St. Mere Eglise in order to work their way to the beach and secure the major crossroads and so that they could be attacked from two angles. The 4th Infantry Division and 8th Infantry Regiment that landed on the wrong beaches still continued on with their missions. The 4th, which was originally supposed to land on the islands of St. Marcouf to destroy coastal guns thought to be there ended up moving inland and linking up with the 101st Airborne Division. The other Unit tha t unfortunately landed in the wrong location was the 8th Infantry. Their mission was to reduce beach fortifications and to move inland. The last two Infantry Regiments were the 12th and 22nd. Both units were to work together to secure the northern region of the beach. The 22nd was to move northwest clearing beaches and the high ground overlooking them while the 12th moved inland on their left flank. Unfortunately the 22nd was unable to make its deep swing into the Northwest. By the end of the day, the only Infantry unit that was able to achieve its objective was the 8th Infantry, and they landed on the wrong beach. Most of the area was secure except for a pocket of Germans that controlled a small area shaped like a two mile finger on the ridges north of Les Forges. The experimental idea of having two Airborne Divisions drop farther inland had helped make the Utah Beach attack a near success. We will write a custom essay on THE INVASION OF NORMANDY specifically for you for only $16.38 $13.9/page .ueaabcaf03c8d463deff5628e0a001927 , .ueaabcaf03c8d463deff5628e0a001927 .postImageUrl , .ueaabcaf03c8d463deff5628e0a001927 .centered-text-area { min-height: 80px; position: relative; } .ueaabcaf03c8d463deff5628e0a001927 , .ueaabcaf03c8d463deff5628e0a001927:hover , .ueaabcaf03c8d463deff5628e0a001927:visited , .ueaabcaf03c8d463deff5628e0a001927:active { border:0!important; } .ueaabcaf03c8d463deff5628e0a001927 .clearfix:after { content: ""; display: table; clear: both; } .ueaabcaf03c8d463deff5628e0a001927 { 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; } .ueaabcaf03c8d463deff5628e0a001927:active , .ueaabcaf03c8d463deff5628e0a001927:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ueaabcaf03c8d463deff5628e0a001927 .centered-text-area { width: 100%; position: relative ; } .ueaabcaf03c8d463deff5628e0a001927 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ueaabcaf03c8d463deff5628e0a001927 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ueaabcaf03c8d463deff5628e0a001927 .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; } .ueaabcaf03c8d463deff5628e0a001927:hover .ctaButton { background-color: #34495E!important; } .ueaabcaf03c8d463deff5628e0a001927 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ueaabcaf03c8d463deff5628e0a001927 .ueaabcaf03c8d463deff5628e0a001927-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ueaabcaf03c8d463deff5628e0a001927:after { content: ""; display: block; clear: both; } READ: Biotechnology Essay Order now The Omaha beach area was the largest of all the Normandy beaches at approximately 34,500 yards in length. The beach itself had only five passable ways off, creating a challenge for the landing troops and vehicles. Behind the beach were heavily defended bluffs and high cliffs. In order to invade the area, which was defended by twelve German strongpoints, over 34,000 troops and 3,300 vehicles would be involved in the Omaha Beach invasion. The large number was partly because of the fact that beginning in April, of the same year, German military had started to fortify the area in hopes of deterring any invasion from the area. The sandy beaches themselves were free of mines but three bands of obstacles were put into place in order to create impassable obstacles for landing sea craft. First, large gate-like structures called Belgian Gates were built, simply to get in the way of landing craft. The second band of obstacles were large posts and logs dug into the beach at an angle towards the sea and topped off with a waterproofed landmine also creating a deadly obstacle. The third and final obstacle was farther up the beach, they were large hedgehogs which were mined steel I beams shaped in an X to impede the movement of armored vehicles .Like the rest of the beaches, the planned attack time (H hour) was 06:30. Many would think that this would be when the death toll would first start to rise but this just wasnt so. Many men died far from the beach. Two companies of amphibious DD tanks sank because of heavy seas. Included with the 27 tanks that sunk were 11 landing craft that tipped over by rough seas. Most soldiers on these transports drowned because of the weight of the equipment they were carrying held them under the water, and their inflatable lifesavers failed to inflate. Other craft hit mines, losing valuable troops, supplies and weapons. Most of the landing craft hitting the beach were being fired upon by deadly accurate German machine gun fire even when the craft were still over 1,000 yards away from the beach. Some even ran aground while still 100 feet from shore. Attempts to improve the situation were made by groups such as the 29th Division who decided to bring their tanks in on the landing craft. Only 8 of the 16 tanks made it to the beach. Other landing craft either missed their landing area or arrived too late. The lateral current dragged some Infantry units hundreds of yards from their objectives and a few battalions, like the 2nd Ranger Battalion, arrived 40 minutes after they were scheduled to land. Once most of the craft had managed to make it to the beach the soldiers still faced many problems. Air strikes that were planned to knock out enemy machine gunners were not successful enough. Most of the troops were pinned behind the sea wall and other obstacles by machine gun fire ahead of them and the raising tides behind them. Tides rose four feet per hour, shrinking the beach by eighty feet in the same time period. Those soldiers wh o were too injured to walk or crawl drowned as the tide sped up on them. With soldiers pinned down and not enough vehicles being able to get off the beach other craft were unable to land due to the lack of room.For the first few hours at Omaha Beach things looked grim. No major advances were being made. The real turnaround that day was when a few destroyers actually came in as close as four hundred yards in order to fire at enemy strongpoints. The risk of grounding the destroyers took and the arrival of tanks, lead to the eventual fall of the German beach defenses. Once the units could move inland their individual missions were put into place. One of the most important missions put upon any division was the destruction of five French-made 155mm naval guns at Pointe du Hoc. This responsibility was given to the 116th Brigade and its two combat teams: The 5th Ranger and 2nd Ranger teams. The 5th met the fate of many Battalions as the landed on the wrong beach. Luckily, the remaining tw o teams did manage to destroy the naval guns that were capable of attacking ships as far out as 25,000 yards (22km) as well as soldiers on both Utah and Omaha beaches. These guns were not in the concrete bunkers, as aerial reconvenes had observed, but were actually located inland several hundred yards. This would prove to be one of the few missions that the Rangers completed that day. Because of the great break downs in planned assaults, the day started to look like a chaotic day with the only missions being that of individual survival. Most divisions managed to stay organized and plan their survival and attack plans. Col. George H. Taylor of the 16th Regiment said, Two kinds of people are staying on this beach, the dead and those about to die. These sort of speeches sparked other soldiers to continue with their slightly revised missions. Originally it was planned for the areas above the beaches to be taken by an advance up the heavily defended bluffs but the plan was changed to a l ess organized direct assault on the German gunners in the high cliffs. Other such companies that decided on newly created missions included the 16th Infantry and the 29th Division. These two units decided on a joint mission to save their buddies who were pinned on the beach. Also involved on the Omaha Beach invasion were the 1st Infantry Division, and the 18th and 115th Brigades. By the end of D-Day on Omaha Beach the advance had gone barely one and a half miles inland. Several of the enemy strongpoints were intact and the beachhead was still under fire. Although this hectic day sounds like a disaster, the major exits from the area were held, three villages were under Allied control and a hole in the German line about two and half kilometers long was made and the coastal guns were destroyed. The landing had been made, all the troops could do was secure the area and organize the beach for the introduction of Gold Beach was the second largest of the beaches of Normandy and was also th e middle beach: Utah and Omaha to the west and Juno and Sword to the east. Gold beach was like most of the other beaches invaded on D-Day except it had one characteristic which was disadvantageous to the allies. Coral reefs, ranging from twenty to a hundred yards out could ground landing craft at low tide. Because of this factor the Gold Beach was postponed almost an hour after most of the other attacks that day. H hour on this beach was to be 07:25. It turned out the this adverse condition would soon show to have its pros and cons. The largest pro being that this left more time for bombardment of German defenses by RAF bombers and naval guns. The cons were of course the fact that with the rising tides men landing on the beach would end up facing the fate of many soldiers on Omaha beach, being pinned behind a sea wall and being drowned by the advancing waves. It would also turn out that, along with beach obstacles, the rising tide would make it even harder for landing craft to make their transport runs. Not soon after the arrival of the first wave of landing crafts the problems started to mount. Also, regiments decided to bring their DD Sherman tanks on their LCD 38transports instead of floating them in. This was mainly because of the weather, which created high seas. Unfortunately, this sort of tactic left the tanks as sitting ducks and all but one of the tanks were disabled or destroyed. Soon one problem lead to another as those soldiers that landed on the beach were unable to advance and were without any tanks to bail them out of their predicament. Eventually with the help of the one tank that survived the landing, the troops at Gold Beach were able to press forward. Not unlike any of the other beaches, Gold had a complicated battle plan including many Divisions, Regiments and even a commando group. The overall goal was to take the key points of the German defenses and secure the area. One such key point was Port-en-Bessin which was to be invaded by the Bri tish 47th Royal Marine Commando who would later meet up with an America Regiment from Omaha. The problem was that not everything went according to plan and they were unable to take the city. The Americans who were supposed to help in the fight inland by moving through the North-west flank of the area never showed up.Another such joining of teams did go according to plans as the 50th Division met up with a Division of Canadians from Juno beach after coming within a mile of their D-day objective of the taking of Bayeux. The only two groups to succeed in their D-day objectives as Gold Beach were the 69th and 231st Regiments. The 231st successfully took the city of Arromanches while the 69th took la Riviere even after they were forced to originally bypass the stronghold and return and destroy it later on. Other groups involved included the British 8th, 151st and 56th Regiments who aided in the push inland and the clearing of the beaches of mines and obstacles. By the end of the day ,mos t of the D-day objectives had failed but three brigades were ready to push farther inland at sunlight. The beach was secured and ready for reinforcements. Unfortunately, Bayeux was not taken but most of the areas hidden bunkers and trenches were. Some in fact were found to be manned by unwilling Asiatic conscripts from the southern Soviet republics who were put there by Germans. Juno beach was Canadas beach with over 21,000 Canadians landing there. Not unlike other beaches, Junos H-hour was delayed until 07:45. The reason was that air reconnaissance had spotted some underwater shoals (rocks/reefs) and the Canadians wanted to wait until the tide had gone in to make it safer for the landing craft. (Later on the shoals turned out to be masses of floating seaweed). The beach itself was wide enough to land two Brigades side by side, the Canadian 7th at Courseulles and the 8th at Bernieres. The decision to wait until 07:45 caused more problems than it solved. The rising tide hid most of t he beach obstacles meaning two things: it was dangerous for the landing craft to come ashore and the demolition crews couldnt get at the obstacles to make room for the landing craft. Thirty percent of all the landing craft at Juno beach on D-day were disabled in beach obstacle related incidents. One such example was when one craft started to disembark troops, a wave threw the craft onto a mined beach obstacle. Like at most of the beaches that day, Armored Divisions started to bring their tanks in on the landing craft but like on all the other beaches this caused problems. The Regina Rifles, one of the first groups to land, had to wait twenty minutes on the beach without the aid of any tanks or heavy artillery. Due to heavy seas and tanks coming in on the landing craft it meant that people who should have been in front were behind.The Canadians were smarter than most in the setup of their landing. They chose a position at sea which was only seven or eight miles out instead of the dis tance most other beach operations were using of about eleven miles. This greatly increased the speed and accuracy of the landings and the first Canadian wave was on the beach by 08:15. Once on the beach the amount of German defenses surprised the Allied forces, once again the air assault on the German gunneries was not 46as successful as planned. However, like at Gold beach, the Canadians did find out that the firepower of their tanks was the difference between being able to push inland and being pinned down at the beach. After the main beach defenses of the Germans were taken the inland push became slower and slower the farther south they got. A few of the main objectives were successful. The 3rd Division reach the Caen-Bayeux road and a lot of French towns were liberated. The one strongpoint that would become a problem for troops at Juno, as well as Sword, would be Caen. The Canadians found increased resistance the closer they got and in that aspect their D-day mission did not suc ceed. As night fell the Canadians were still well short of a lot of objectives. They did get their tanks on the Caen-Bayeux road but that was about it. The British 3rd Division from Sword beach was planned to meet up with the Canadians in order to close the gap between Juno and Sword beaches but they never showed. This left a two mile gap in the beaches and would be the area of the only German counterattack of the day. The other linkup between beaches was successful as Canadians met the 50th Division from Gold beach. Overall the Canadians didnt get all that far but were in a good position to move inland. .udfc972a84b213ecba1d661651050fae0 , .udfc972a84b213ecba1d661651050fae0 .postImageUrl , .udfc972a84b213ecba1d661651050fae0 .centered-text-area { min-height: 80px; position: relative; } .udfc972a84b213ecba1d661651050fae0 , .udfc972a84b213ecba1d661651050fae0:hover , .udfc972a84b213ecba1d661651050fae0:visited , .udfc972a84b213ecba1d661651050fae0:active { border:0!important; } .udfc972a84b213ecba1d661651050fae0 .clearfix:after { content: ""; display: table; clear: both; } .udfc972a84b213ecba1d661651050fae0 { 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; } .udfc972a84b213ecba1d661651050fae0:active , .udfc972a84b213ecba1d661651050fae0:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .udfc972a84b213ecba1d661651050fae0 .centered-text-area { width: 100%; position: relative ; } .udfc972a84b213ecba1d661651050fae0 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .udfc972a84b213ecba1d661651050fae0 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .udfc972a84b213ecba1d661651050fae0 .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; } .udfc972a84b213ecba1d661651050fae0:hover .ctaButton { background-color: #34495E!important; } .udfc972a84b213ecba1d661651050fae0 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .udfc972a84b213ecba1d661651050fae0 .udfc972a84b213ecba1d661651050fae0-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .udfc972a84b213ecba1d661651050fae0:after { content: ""; display: block; clear: both; } READ: John Adams, Who Became The Second President Of The United States, Has EssaySword beach was the easternmost beach in Normandy. Like at Juno Beach H-hour was again postponed because of shoals until 07:25. The main objective at Sword beach was to advance and invade the German strongpoint of Caen. Four whole brigades of the 3rd Division were sent to Caen. There were also Airborne Divisions that dropped behind lines using large gliders which could carry troops as well as other Armored vehicles. Those groups not supposed to head toward Caen were planned to reach the Airborne Divisions and secure the areas bridges from counterattack. Even as the Canadians moved inland, trouble wa s developing back at the beach. Although all the DD tanks made it to the beach the tide was turning the already small beach into one with only ten yards from the seafront to the waters edge. With only one road off the beach the overcrowding caused delays in most objectives for that day. Some of the Armored Divisions like the 27th Armored Brigade abandoned their objectives in order to bail out 52Infantry pinned down on the crowded beaches. Those who did make it off the beach in time were quite successful in reaching their D-day objectives. By late afternoon the leading troops of the Brigades heading for Caen had reached and liberated the towns of Beuville and Bieville which were only two or so miles short of Caen. Strongpoints, like the one at La Breche, were taken as early as 10:00. Those troops that didnt make it off the beach in time, like the 185th Brigade, had to leave all their heavy equipment behind in order to catch up with the forces already nearing Caen. The move inland was really looking quite promising until the Germans launched the only counterattack of the day. The 21st Panzer Division was sent out from Caen, half to take on the southward allies and the other half to head right up between Juno and Sword beach where that two mile of beach was unoccupied by Allied forces. Fifty German tanks faced the Brigades heading for Caen. Luckily the British were ready with artillery, fighter-bombers and a special Firefly Sherman tank that was fitted with a seventeen pound anti-tank gun instead of the normal 75mm gun. Soon, thirteen of the German tanks were destroyed with only one M- 5510 tank destroyer damaged. This just went to show that the British were slow in advance but almost unbreakable in defense. Still the Germans pressed forward until about 21:00 when the last wave of gliders of the 6th Airborne Divisions came in. The Germans 56looked up and saw about 250 gliders fly in and land behind them. The allies now were attacking from two directions and the o nly German counterattack ended quickly. By the end of the day the German resistance at Sword beach was almost obliterated other than that at Caen. A lot of the success was because of the joint effort of Airborne Divisions and Divisions landing on the beach. Of the 6,250 troops of the 6th Airborne that landed there were only 650 casualties. Unfortunately Caen was not taken but its liberation was By the end of June 6, 1944 one of the most complicated and the most coordinatedinvasions the world would ever witness had started. On Utah Beach, the American 1st Army held a firm beachhead with several Divisions already receiving the supplies they needed and would soon be ready to move inland. On Omaha Beach, the troops there had recovered from what had looked like an impending disaster in the first hours and started to break through the stiff German defenses. At the British run beaches of Juno, Gold and Sword the forces had managed to push inland an average of six miles. Even with the amoun t of soldiers numbering about seventy-five thousand, the casualties between the three U.S. beaches were only approximately three thousand. Overlooking the Omaha beach landing site is the Normandy American Cemetery. Under headstones of white Italian marble lie 9386 American soldiers, airmen and sailors. Of these men whom are buried here are 307 whose names are known but to God. Their valiant soldiers unselfishly gave their lives in landing operations, the establishment of the beachheads and the drive inland towards Paris. The remains of 14,000 others had originally been buried here but had been returned home at the request of their next of kin. This was the price paid for a foothold on Europe.D-Day was the beginning of the end for the Germans in Europe and the end of the beginning for the fight for Europe. Bibliography:SOURCES USEDAmbrose, Stephen E. D-Day June 6, 1944: The Climatic Battle of World War II, ( New York New York, Simon and Schuster 1994)Golstein, Donald M. Katherine V. Dillon, and Michael Wenger, D-DAY NORMANDY: The Story and The Photographs, ( Washington, New York, London, Basseys 1994) Young, Brigadeir Peter D-DAY, ( London England, Bison Books Limited, 1981)The American Battle Monuments Commission, Normandy American Cemetary and Memorial, ( A Handout; The American Battle Monuments Commission 1987)

Traditional Massages essays

Traditional Massages essays Ancient Massage or Thai Massage is an extraordinary method of aligning the energies of the body, and originates from the time of the Buddha. Nuad Phaen Boran as is it called in Thailand, correctly translates only as Ancient Massage or Traditional Massage. More widely known today as Thai Massage, it is also often called Traditional Thai Massage, Ancient Thai Massage and occasionally Yoga Massage or Thai Yoga Massage. In our web pages, we wanted to use only Ancient Massage to be faithful to the original appellation but had to change our mind and also use Thai Massage to be referenced correctly by the search engines. If we did not use the words "Thai Massage", who would have found us and the information we wanted to share with students, researchers and practitioners of this art. The Healing Hands Center offers training not only in Ancient Massage or Thai Massage but also in Yoga, Tai Chi, Reiki, and other healing arts by masters in these various disciplines. At the time of the Buddha, among the lay physicians, the most renowned was Jivaka Komarabhacca, who is described as providing free medical care to the Buddha and other monks and donating his mango grove at Rajagaha for use as a monastic community, named Jivakarama. Jivaka's fame as a healer was widely known and tales about his life and medical feats can be found in almost all versions of Buddhist scriptures. Concerning his interest in medicine and his medical education, in the Pali account, Jivaka, as he approached the age at which he must seek his own livelihood, decided to learn the medical craft. Hearing about a world-famous physician in Taxila, he traveled to that city, famous for education, to apprentice with the eminent doctor. After seven years of medical study, he took a practical examination that tested his knowledge of medical herbs, passed with extraordinary success, and, with the blessings of mentor, went off to practice medicine. In the Sanskrit-Tibetan version,...

Gambling From a Utilitarian and Deontology Point of View Essay

Gambling From a Utilitarian and Deontology Point of View - Essay Example According to the study deontological and Utilitarian theories do not essentially forbid the involvement of gambling as a moral wrong but they show a moral basis which one should consider when deciding whether to dive into gambling or not. The moral status of actions relies on the character of God i.e. what is right and wrong in the eyes of God contrary to Utilitarianism that reflects the will and desires of man. Deontology may adjudicate gambling as honorably wrong. This is the case even in occurrences where nobody is hurt as a result of the act and actually successful results were achieved. Deontology submits that being honest is always right and mainly checks the action. Utilitarian school of thought on the other hand is seen as a hunt of one’s interests where one avoids pain and runs after that which makes them happy. Sometimes Utilitarian thinking cannot be avoided, but there are instances where consideration for other people should be taken up as a boundary so as to avoid purposely stepping on other’s toes to obtain one’s pleasure. Happiness is always a good thing and people consider it before they partake in an action or make the decision on whether to act or not. If there is something wrong in doing a certain act such as gambling, then this cannot be the purpose of pleasure as it should result into happiness. Therefore, gambling cannot be viewed as moral on the mere ground that people enjoy it. This is in accordance to Utilitarian views but there is the aftermath of gambling where a gambler becomes addicted. The Utilitarian proponent pursues the experience of the moment when the act is being done as it brings pleasure but they do not take into account what the gambler shall go through especially if they become hooked to gambling. Petrenko and McArthur in their work, High Stakes Gambling with Unknown Outcomes: Justifying the Precautionary Principle submit that, when actions done by people may lead to moral danger that should not be ac cepted, actions must be taken to avoid such harm. Gambling affects people of all walks of life, be they old or young, and this is irrespective of what their gambling is about. The problem is not the act of gambling that brings pleasure at the time but mainly its consequences afterwards. Gambling is tied with addiction and even violent scenarios that rarely end well. In the game of gambling, there is also trickery involved and this goes against deontological values that view for truth pointing out that one should keep their promise. The case of gambling is one against honesty and morality on one hand and pleasure on the other hand. As a common weakness of human nature, many people tend to go more for pleasure and towards the easy way out as opposed to that which is moral. Deontology propagates an array of competing theories on what decides the moral status of an action, whether the action is right or wrong.

Architecture and History Essay Example | Topics and Well Written Essays - 1000 words

Architecture and History - Essay Example Thus, the San Francisco Public Library remains to be one of the best examples of modern day architecture, which is characteristic of the most artistic era, the Renaissanceperiod, through its basic features such as the columns, the arches, the symmetry etc. The San Francisco Public Library is basically a civic building, which means it was mainly built with the public in mind. Thus, rather than merely providing a place with â€Å"a stack, a counter and a table† that define ‘library’ for some people, Kelham went the extra mile and turned the area of above 375000 square feet into an architectural bliss (Allen â€Å"photo_2_12_†). The hard work that went behind its engineering are proven from the sheer beauty of the library both in terms of its exterior as well as interior design. The library is built in the civic center, which is located at the heart of the San Francisco City, and is thus easily accessible to the general public. As the building finds its roots in the Italian Renaissance, it becomes clear that it takes inspiration from ancient Roman and Greek architecture. Although much of the architecture and design of ancient civilizations was lost due to the perils of time, their ruins retained the basic features of designing and this is what shaped the renaissance architecture. The main features of buildings belonging to that period include symmetry, use of columns as well as arches and domes. These features can be primarily traced back to the Roman Coliseum, which was a theatre as well as a stadium all in one.It was a civic building, which mainly aimed at the entertainment of the ruler but at the same time, the public too. Thus, it may be also perceived as a commercial building too as the profit generated from the entry fees mainly goes to the ruler. However, as time passed by the public’s worship shifted from the ruler tothat of the gods and religious beliefs. It can be seen that the usage of the civic buildings changed from t hat of entertainment to religious purposes. Thus, later on these attributes became to be increasingly used in the construction of religious monuments. Through this transition in the usage of the buildings, it actually made the ancient architectural citation more significant as during that time it was religion that ruled the public. Therefore, the aforementioned characteristicswere seen to be widely present in the churches constructed in the Italian Renaissance period.These churches had arches representative through a centralized door as well as rows of windows. This same attribute is intrinsic to the San Francisco Public Library with its arched doorways and windows. However, the library has its own style in the sense that it also contains rectangular windows on the top floor. On the other hand, these features were also present in ancient Greek ruins of temples, which were needless to say, built for religious purposes. For example, the temples built in Athens and other such areas bas ically involved the use of columns and entablature that consisted of architrave, frieze and cornice. Additionally, columns, which were an important part of these religious buildings, were mainly of three types, namely, the Doric, Ionic and Tuscan. On analysis of the columns of the San Francisco Public Library, it becomes clear that the columns are of the Tuscan order as the columns are not fluted and are basically plain, and also due to the fact that they are built on a circular base rather than a rectangular one. Symmetry that was an important characteristic

Managing across Cultures Essay Example | Topics and Well Written Essays - 2250 words

Managing across Cultures - Essay Example There are significant differences which are caused by cultural outlook when it comes to working in an organization. Values in the work place are significantly affected by culture. . A study of US multinational corporations found out that poor intercultural management skills still constitute a major management problem. (Deresky) Theories and Models of culture Different researchers and sociologists have proposed different theories about cultural dimensions. Notable amongst these are the Geert Hofstede's theory of cultural dimensions and the 7d model developed by Fons Trompenaars and Hampden-Turner. There is a growing body of research that focuses on how cultures vary. This research ranges from the pioneering efforts of Kluckhohn and Strodtbeck (1961) to the widely referenced approach of Hofstede (1980), to the recent work of Hampden-Turner and Trompenaar (1993). The Kluckhohn and Strodtbeck (Kluckhohn, 1961) model has identified six basic dimensions which cover the cultural orientation in societies. These include people's view of nature, humanity and interpersonal relationships. These also include how people view of activity and achievement; time and space. Hofstede (Hofstede G. , 1980) cultural dimensions provide a more comprehensive analysis of cultural dimensions amongst different nations and countries. He focused on 160000 managers and employers of IBM in 60 different countries and found four dimensions of cultural differences which set these countries apart from each other. These dimensions are individualism vs. collectivism, power distance, uncertainty avoidance, and masculinity vs. femininity and form the basis for work related attitudes. The most recent cultural model is that of Hampden-Turner and Trompenaar released in 1993. 15000 international managers were administered questionnaires and value differences of practitioners of capitalism were identified. These values include: universalism vs. particularism, analyzing vs. integrating, individualism vs. co mmunitarianism, inner-directed vs. outer-directed orientation, time as sequence vs. time as synchronization, achieved status vs. ascribed status, and equality vs. hierarchy. Limitations of the Hofstede model Though these models are very useful in analyzing the culture of different countries but they have certain limitations. First and the foremost the fact that the averages of that certain country do not relate to the individuals of that country and extreme variations may be possible. Thus the Hofstede model can be used as a guide to understand different cultures but is not an absolute dictation. Secondly, the data collected by all these sociologists was collected by different questionnaires and therefore limitations could also be applied to the data that was collected. And lastly since it has been considerable amount of time since that research, it is very much possible that the country's culture has changed either by external or internal influences. (Geert Hofstede cultural dimens ions) Analysis of different countries and their cross cultural differences affecting work. The two different cultures selected to analyze are the American and the Mexican culture and the problems which may arise as a result of the differences in cultural values which effect work value and habits. Remarkable differences cause problems at work when

Currency Risk Management in Indian Banks

Currency Risk Management in Indian Banks EXECUTIVE SUMMARY The objective of the project is to study the attitude of Indian corporates towards currency risk management and the problems faced by the companies dealing with their currency exposure which occur as a result of exports or imports or both. The study has also included the problems faced by the banks, the authorised dealers of foreign exchange in India, in managing their forex (foreign exchange) market operation as it has large implication on the corporate currency exposure. Indian corporates have an attitude of staying away from the currency market. Companies consider hedging as unwanted cost centres. Periods of exchange rate stability bred complacency. Importers are confident that the Central banks shall intervene to halt any rupee decline where a exporters are of the view that rupee has always been over rated and that there is no way that it shall appreciate from the present value. These reason keep them away from hedging their exposures. Companies which are involved in hedging, go the conservative and orthodox way to hedge their exposure. Not a single company surveyed, take financial derivatives other than forward contracts as tool for hedging their exposure. This is mainly because of lack of awareness and experience. Many of the companies feel that the importance of currency risk management will increase, in coming years but very few of them are making themselves ready to face the situation. Banks that act as facilitators are also suffering from acute problems. Public sector banks, which control 75% of Indian forex market, have always been under staffed and governed by bureaucratic rules. The market for derivatives other than forward contracts is very shallow. Many of the banks reason it out to be as a result of corporate reluctance and lack of information and technology. Most of the banks in public sector do not merge the forex and money operation and they do not treat their forex operation as a separate profit centre. This bred inefficiency in their working which has affected the corporate sector. The corporates have been recommended to look strategically into their exposure and take prudent decision in hedging. This decision should be backed by professional treasurers, an efficient back office and good forecasting techniques. They have been asked to go in for various other derivatives that are flexible and cost effective. The banking sector has been recommended to recruit specialised personnel for the job with latest technology to deal in the market. They should start providing variety of other derivatives to the industry. They should also merge their money market and forex operation and treat is as a separate profit centre. These all measures will definitely make the forex market deep and vibrant, which will make the work easier for corporates in dealing with the currency exposure. 1. INTRODUCTION â€Å"We have to sleep with one eye open† Managing director of an Indian company with investments in Indonesia. This was in reference to the Indonesian rupiah crash which followed the nearly 100 percent, Thai currency plunge after the bahts free float last July with the Indonesian currency in downward spiral and interest rates shooting northwards, Indian companies with investment in South-east Asia are in the midst of the maelstrom and are desperately scrambling to get a grip of this unprecedented situation even as they wonder: what next? If only they could have got the wind of the disaster things would have been bit different for them. The spate of Southeast Asian currency plunge has sent warning signals to the developing economies to set their level in order to face crisis. Companies have to set their house in order and give a micro as well as macro look at the currency exposure which they are facing. With increase in volume of business in external sector, companies should make themselves tuned to the dynamics of foreign exchange (currency) market. 1.1 Currency RISK MANAGEMENT An asset or a liability or an expected future cash flow stream (whether certain or not) is said to be afflicted with currency risk when currency movement changes (for better or for worse) the home currency value. There is always a possibility of the exchange rate changing between the home and foreign currencies, interest rate differentials widening and inflationary effects amounting, to an adverse reaction for the expected cash flows . The concept of currency risk also emanates when an investor is planning to diversity his portfolio internationally to improve the risk- return trade off by taking advantage of the relative correlation among risks on assets of different countries. This involves investing in a variety of currencies whose relative values may fluctuate , it involves taking currency risks. The foreign exchange market is psychological in nature. A large number of transactions are speculative in nature which depends upon expectations of a large number of participants. People tend to hitch their expectations to one fundamental. For example, they might look at the money supply in the USA. The logic is that an increase in money supply will result in : Þ An increase in inflation Þ FED squeezing money Þ Interest rate rising Þ Dollar becoming more attractive for holding. But this event of money supply could also lead to a different series of outcomes an shown by the following logic. According to fisherman equation, Nominal rate = Real rate + Inflation rate. An increase in inflation would mean the interest rates would be higher. Higher interest rates on bond and equity prices would make them less lucrative and thus lead to a bearish effect. There would be a selling pressure on the dollar and hence the exchange rates would tend to move against the dollar. Dealings in foreign exchange market is said to be around $ 1000 billion each day. Out of this sizeable chunk of more than 75% is on speculative basis. And this speculation has been pointed out as major cause of the south Asian turmoil. Since the mid 1970s a potent mix of fast-interlocking market and a revolution in information technology has increased the speed, frequency and magnitude of price changes in the financial markets, which, in turn have multiplied both opportunity and risk for the CFO. Not, surprisingly, in the developed markets, much innovative energy has been devoted to devising instruments and mechanisms that enable CFO to survive this turbulence. While creative financial engineering has opened the floodgates for a deluge of products, two broad classes of risk management have evolved. The first deploys a natural hedge to manage exposure to risk. Typically, this means explicitly factoring in risk perceptions when choosing the components of the financing mix. Or, to neutralise exposures in a particular market, a natural hedge could involve taking a counter position in another market. The second class of tools however creates a synthetic hedge by utilising specific financial instruments. Notably, derivatives. 1.2 Problems in Indian foreign exchange market Our foreign exchange market suffers from several constraints. i) There are a lot of ceilings on open positions and gaps and hence there is a virtual absence of market making and position trading. ii) There is prohibition of initiating transactions in the cross currency in the overseas market. iii) Besides the forward contracts, there is no free access to the other products like futures, swaps, etc. The market lacks the required liquidity and depth for the derivatives to be economically viable. 2. Literature review 2.1 THE NATURE OF EXPOSURE AND RISK The value of a firms assets, liabilities and operating income vary continually in response to changes in economic and financial variables such as exchange rates, interest rates, inflation rates, relative prices and so forth. The impact of every financial decision on the value of the firm is uncertain and various options can be evaluated in terms of their risk return characteristics. The nature of uncertainty can be illustrated by a number of commonly encountered situations. An appreciation of the value of a foreign currency (or equivalently, a depreciation of the domestic currency)., increases the domestic currency value of a firms assets and liabilities denominated in the foreign currency receivable and payables, bank deposits and loans etc. It will also change domestic currency cash flows from exports and imports. An increase in interest rates reduces the market value of a portfolio of fixed rate bonds and may increase the cash outflow on account of interest payments. Acceleration in the rate of inflation may increase the value of unsold stocks, the revenue from future sales as well as the future costs of production. Thus the firm is â€Å"exposed† to uncertain changes in a number of variables in its environment. Let us begin with the definition of foreign exchange exposure. Foreign exchange (Currency) exposure is the sensitivity of the real value of a firms assets, liabilities or operating income, expressed in its functional currency, to unanticipated changes in exchange rates. Note the following important points about this definition. Values of assets, liabilities or operating income are to be denominated in the functional currency of the firm. This is the primary currency of the firm and in which its financial statements are published. For most firms it is the domestic currency of their country. Exposure is defined with respect to the real values i.e. values adjusted for inflation. While theoretically this is the correct way of assessing exposure, in practice due to the difficulty of dealing with an uncertain inflation rate this adjustment is often ignored i.e. exposure is estimated with reference to changes in nominal values. The definition stresses that only unanticipated changes in exchange rates are to be considered. The reason is that markets will have already made an allowance for anticipated changes in exchange rates. For instance, an exporter invoicing a foreign buyer in the buyer currency into the price. A lender will adjust the rate of interest charged on the loan to incorporate an allowance for the expected depreciation. From an operational point of view, the question is how do we separate a given change in exchange rate into its anticipated and unanticipated components since only the actual change is observable? One possible answer is to use the forward exchange rate as the exchange rate expected by the â€Å"market† to rule at the time the forward contract matures. Thus suppose that the price of a pound sterling in terms of rupees for immediate delivery (the called spot rate) is Rs. 60.000 while the one months forward rate is Rs. 60.20. We can say that the anticipated depreciation of th e rupee is 20 paise per pound in one month. If a month later, the spot rate turns out to be Rs. 60.30 there has been an unanticipated depreciation of 10 paise per pound. In contrast to exposure which is a measure of the response of value to exchange rate changes, foreign exchange risk is defined as. The variance of the real domestic currency value of assets, liabilities or operating income attribute to unanticipated changes in exchange rates. In other words, risk is a measure of the extent of variability in the values of assets etc. due to unanticipated changes in exchanges rates. 2.2 Classification of Foreign Exchange Exposure and Risk Three types of foreign exchange exposure and risk can be distinguished depending upon the nature of the exposed item and the purpose of exposure estimation. These are as follows. Transaction Exposure: This is a measure of the sensitivity of the home currency value of assets and liabilities which are denominated in foreign currency, to unanticipated changes in exchange rates, when the assets or liabilities are liquidated. Transaction exposure can arise in three ways: * A currency has to be converted in order to make or received payment for good s and services. * A currency has to be converted to repay a loan or make an interest payment (or, conversely, receive a repayment or an interest payments) or. * A currency has to be converted to make a dividend payment. Suppose a firm receives an export order. It fixes a price, manufactures the product, makes the shipment and gives 90 days credit to the buyer who will pay in his currency. A company has acquired a foreign currency receivable, which will be liquidated before the next balance sheet date. The exposure affects cash flows during the current accounting period. If the foreign currency has appreciated between the day the receivable was booked on the day the payment was received, the company makes exchange gain which may have tax implications. In a similar fashion, interest payments and principal repayments due during the accounting period create transaction exposure. Transaction risk can be defined as a measure of uncertainty y in the value of assets and liabilities when they are liquidated. Translation Exposure: Also called accounting Exposure is the exposure on assets and liabilities appearing in the balance sheet but yet to be liquidated. Translation risk is the related measure of variability. The key difference between transaction and translation exposure is that the former involves actual movement of cash while the latter has no direct effect on cash flows. (This is true only if there are no tax effects arising out of translation gains and losses). Translation exposure arises when a parent multinational company is required to consolidate a foreign subsidiarys statements from its functional currency into the parents home currency. Thus suppose an Indian company has a U.K subsidiary. At the beginning of the parents financial year the subsidiary has real estate, inventories and cash valued at pound 1,000,000, pound 200,000 pound 150,000 respectively. The spot rate is Rs. 60 per pound sterling. By the close of the financial year, these have changed to pound 1,200,000, pound 205000 and pound 160,000 respectively. However during the year, there has been a drastic depreciation of the pound to Rs. 56. If the parent is required to translate the subsidiarys balance sheet from pound sterling into rupees at the current exchange rate, it has â€Å"suffered† a translation loss. Note that no cash movement is involved since the subsidiary is not to be liquidated. Also note that there must have been a translation gain on the subsidiarys liabilities. There is broad agreement among theorists that translation losses and gains are only notional accounting losses and gains. The actual numbers will differ according to the accounting practices followed and depending upon the tax laws, there may or may not be tax implications and therefore real gains or losses. Accountants and corporate treasurers however do not fully accept this view. They argue that even though no cash losses or gains are involved, translation does affect the published financial statements and hence may affect market valuation of the parent companys stock. Whether investors indeed suffer from â€Å"translation illusion† is an empirical question. Some evidence from studies of the valuation of American multinationals seems to indicate that investors are quite aware of the notional character of these losses and gains and discount them in valuing the stock. for Indian multinational, translation exposure is a relatively less important consideration since the law doe s not require translation and consolidation of foreign subsidiaries financial statement s with those of the parent companies. Operating Exposure: Unanticipated exchange rate changes not only affect assets and liabilities but also have significant impact on future cash flows from operations. Operating Exposure is a measure of the sensitivity of future cash flow and profits of a firm to unanticipated exchange rate changes. Consider a firm that is involved in producing goods for export and or import substitutes. It may also import a part of its raw materials, components etc. A change in exchange rate (s) gives rise to a number of concerns for such a firm. 1. What will be the effect on sales volume if prices are maintained? If prices are changed? Should prices be changed? For instance, a firm exporting to a foreign market might benefit from reducing its foreign currency price to the foreign customers following an appreciation of the foreign currency. A firm that produces import substitutes may contemplate an increase in it domestic currency price to its domestic customers without hurting its sales. 2. Since a part of the inputs are imported, material costs will increase following a depreciation of the home currency. 3. Labour costs may also increase if cost of living increases and wages have to be raised. 4. Interest costs on working capital may rise if in response to depreciation the authorities resort to monetary tightening. In general, an exchange rate change will affect both future revenues as well as operating costs and hence the operating income. As we will see later, the net effect depends upon the complex interaction of exchange rate changes, relative inflation rates at home and abroad, price elasticities of export and import demand and supply and so forth. Operating exposure and the related risk are extremely difficult to analyse, estimate and hedge against. 2.3 THE INDIAN FOREX MARKET Indian foreign exchange market as compared with their American and European counterparts is till in its infants. The post liberalisation period has witnessed many exchange controls been lifted and introduction of few â€Å"hedging† tools like cross currency option, Range forwards, currency swaps etc. which provide a degree of flexibility to corporates in using the forex markets effectively. The Rupee has been made fully convertible on current account accepting the article VIII status laid down by IMF. This step has seen increased volume of trade in the Indian forex market. Tarapore committee has put the proposal for capital account convertibility. It proposes to deregulate the foreign exchange by year 2002 in three phases. 2.4 PRESENT STATUS Exchange control in India is administered by the Reserve Bank of India, which is empowered by the Foreign exchange regulation Act. The figure shows the players involved in the foreign exchange market from administrative point of view. Foreign Exchange Regulation Act, 1973 Govt. of India Reserve Bank of India Foreign Exchange Dealers Association of India Authorised Dealers Authorised Money Changers Full Fledged Restricted Administration of Foreign Exchange in India. The foreign exchange market in India functions with a three-tier structure which includes (1) Reserve Bank of India, at the apex level, (ii) authorised dealers/money changers conducting foreign exchange trading activities, and (iii) customers which include exporters/importer, corporates and other foreign exchange earners like NRIs etc. The market is highly influenced by State Bank of India and Reserve Bank of India because of their Sheer Size. The RBI constantly intervenes to keep the rupee from appreciating and is responsible for highly liquid spot market as it is a last resort buyer of dollars. The forward market in India is fairly liquid and quotes are easily available up to six months. The RBI prohibits any international speculative access to rupee. 2.5 SIZE AND DEPTH OF THE MARKET The daily turnover in the Indian Foreign exchange market is over US $400 million that is dominated by dealings in dollars. The foreign exchange reserve of $30 million provides the market with enough liquidity. 2.6 INDIAN EXCHANGE CONTROLS Exchange Controls refer to the regulation, restrictions, guidelines that a country issues with respect to foreign exchange transactions. In the absence of any exchange control one would expect to do anything with the foreign exchange reserves that the company has-convert to any other currency, speculate, buy or sell option, freely export foreign exchange etc. etc. In India, forward contract is the single largest product which the companies employ as a tool to manage their foreign exchange risks, though the cost has changed over the period of time. Before LERMS (liberalised exchange rate management system) importers rushed to book forward contracts expecting a devaluation of Re against US$. The cost was as high as 18% in Feb.92. The cost of the forward premium came down sharply reflecting a more stable foreign exchange markets. The Indian exchange market do not provide frequent quotations for ore than 6 months so for any long term forward cover rollover of the contract after every 6 months is needed. Rollover means cancellation of the old contract and re-booking of 6-month forward contract. Under this, care should be taken to cancel the old contract and re-book the next at the time when the cost of rebooking is least i.e. forward dollar is relatively cheap. Further, in December 1994, RBI has allowed the corporates to bet on the third currency movement even if one does not have an underlying transaction exposure in the â€Å"third currency†. This means that a corporate with an underlying exposure in Dollar-Re can bet on the Dm-Dollar rate and book a forward contract for Dm against Re and on the maturity may change Dm to Dollar at the spot rate. This has been allowed as Indian Re has been pegged with US$ and there has not been many fluctuations on which the companies could speculate. There can be other ways to take advantage of this RBI circular. Consider an importer with $ payable after 6 months. He may buy $ forward against Yen (third currency) and after 6 months may buy Yen against Rupee at the spot rate. This position may be taken if the company expects Yen to depreciate against the Dollar within these 6 months. Nevertheless the speculative attempts to earn profits may also backfire to give losses if the exchange rate moves in the opposite direction. RBI has also made it obligatory upon the banks, which extend the third currency cover, to maintain â€Å"initial† and â€Å"variation† margins before offering such a facility. This has been done to avoid any default risk. Another peculiar feature of ‘The Indian Exchange Control is that the â€Å"hedging† can be put through in case of transaction and translation exposures only. Economic exposures cannot be hedged. Cross Currency option was introduced on 1st Jan. 1994, under which companies could enter option contract for hedging non-dollar exposure against dollar. As for now Rupee option does not exist in India. Essar Gujarat has been one of the innovative corporates who discovered this new concept and has benefited considerably by writing option in Dm- Dollar in Jan 1994. Indian Exchange controls do not allow cancellation of cross currency options in parts and once the option is cancelled it cannot be re-booked, unlike forwards. In the overseas markets minimum lot traded is $ 3m whereas Indian corporate by for lesser amount, this increases the premium paid by them for the option. Recently, ANZ Grindlay has offered to arrange a loan of $ 50m to Ranbaxy by making effective use of call and put options to defend both the parties against unfavourable movements in exchange rates. Cross currency forward cover for importers who have taken $ loan for their imports but receive goods invoiced in say a Dm. They can enter forward cover for the delivery of Dm against the currency of loan i.e. -$. This is the cross currency forward cover. Some of the foreign Exchange controls are that export of foreign currency is not permitted, unless it has special RBI permission. â€Å"Exchange controls also they list the permitted currencyâ€Å" and a method of payment as approved by RBI for translation across the countries. It also contains guidelines relating to â€Å" Foreign currency assets† covering permission as for repatriation of capital profits dividends etc. Exchange controls also allow FC to be retained up 50% (in case of EOU EPZ units) and 25% (in case of ordinary exporters with banks in Indian and also abroad under EEFC a/c and FCA a/c. Exchange controls also state under-invoicing and over-invoicing of exports as a crime attracting penal provisions. Further, all sale proceeds in FC should come into the country within 180 days. RBI permission is required for any extension beyond 180 days. In case of failure to get RBIs nod, the tax and other export incentives are not provided to the exporters. Further, exchange controls give details and guidelines for different accounts for NRI and foreign investors such as Ordinary Non- Resident Rupee a/c, Non-Resident External; Rupee a/c FCNR (B) a/c etc. Introduction of complex hedging tools like futures, options is still a long way to go, Recently, the government lifted the ban on futures, option trading in equity (stocks) after 40 years, This could be regarded as a step ahead to come closer to introduction of more complex tools in the currency markets in India. In the near future Standard Chartered plans to introduce rupee-based derivatives in India subject to the clearance and approval by exchange controls, with many companies now making use of different tools effectively, the Indian foreign exchange markets are moving ahead towards more relaxations and towards making the foreign exchange markets more vibrant and versatile, IDBI is one of the most active user of financial derivatives in Indian market. It made considerable savings over the last two year by using the entire range of products available in Indian forex markets. 2.7 FINANCIAL DERIVATIVES USED IN INDIAN MARKET A derivative instrument is commonly defined as one whose price is derived from an underlying quantity that could be an interest or an exchange rate (in this case exchange rate) we refer to derivatives of money and foreign exchange market prices as â€Å"financial derivatives†. The history of using financial derivatives to hedge foreign exchange exposures by corporates in India is fairly recent. Early 90s witnessed few foreign currency call options written by some Indian corporates. The limited use and general lack of interest in the available instruments can be explained by the fact that dependence on external sources of funding was very limited and the external sector wasnt really developed. But after liberalisation and current account convertibility, the whole scenario has changed. Risk management has under gone a paradigm shift, new financial derivatives have been allowed in the market to provide for exposures arising out of increased business activity in the external sector. We shall discuss the various hedging tools is operative. 2.7.1 FORWARD CONTRACTS The Definition: A forward contract is simply an agreement to buy or sell foreign exchange at a stipulated rate at a specified time in the future. It is a contract calling for settlement beyond the spot date. The time frame can vary from a few days to many years. Instrument: A forward contract locks you to a particular exchange rate, thereby insulating the CFO from exchange rate fluctuations. In India, the forward contract has been the most popular instrument employed by corporates to cover their exposures, and thereby, offset a known future cash outflow. Forward contracts are usually available only for periods up to 12 months. Forward premiums are governed purely by demand and supply, which provide corporates with arbitrage opportunities. The premiums in this market are quoted till the last working day of the month. Internationally, the forward premiums or discounts reflect the prevailing interest rate differentials. Arbitrage opportunities are therefore limited. As a rule, a currency with a higher interest rate trades at a discount to a currency with a lower interest state. Since there is a forward market available for longer periods, the forward cover for foreign exchange exposures can stretch up to five years. The premiums or discounts are quoted on a month-to-month basis. That is, from the spot date to exactly one month, or two months, or even a year. AN EXAMPLE.A corporate has to make a payment of US $I million on March 31, 1998. They can book a forward contract today, and fix the exchange rate at which he will make the payment. Assuming that the dollar-rupee spot rate is Rs 36.40, and the forward premium on the dollar for delivery on March31. 1998, is Rs 0.30 the effective exchange rate for the remittance becomes Rs 36.70 (36,40+30). The Regulations: In March 1992, in order to provide operational freedom to corporates, the unrestricted booking and cancellation of forward contracts, for all genuine exposures, whether trade-related or not, was permitted. In January 1997, the RBI allowed the banks to quote rupee forward premiums for more than six months. This has resulted in the development of a local forward market for up to one year. However, as the link between the local money market and the foreign exchange markets is not strong, and as prices and determined by demand and supply, activity in the long -term forward market has been limited. 2.7.2 FORWARD TO FORWARD CONTRACTS The Definition: A forward -to-forward contract is a swap transaction that involves the simultaneous sale and purchase of one currency for another, where both transactions are forward contracts. It allows the company to take advantage of the forward premium without locking on to the spot rate. The Instrument: A forward-to-forward contract is a perfect tool for corporates that want to take advantage of the opposite movements in the spot and the forward markets. By locking in the forward premium at a high or low level now, CFOs can defer locking on to the spot rate to the future when they consider the spot rate to be moving in their favour. However, a forward-to forward contract can have serious cash-flow implications for a corporate. Before booking a forward-to forward contract a CFO should carefully examine his cash flow position bearing in mind the immediate loss that he would make if the spot rate did not move in his favour. The Example. An exporter believes that forward premiums are high, and will move down before the end of December 1997. Also he expects the spot rate to depreciate in the next few months. Then, the optimal strategy would be to lock in the high forward premium now, and defer the spot rate to a future date. So, he opts for a forward-to forward contract for end December. 1997, to end March of 1998. Paying a premium of say a Rs 0.64 By entering into such a contract the exporter has the opportunity to lock on to the spot rate any time till December 31, 1997. Alternatively, if the three-month premium between end-December and end-March moves below the Rs 0.64 level he can cancel the contract and book his profits. Forward -to-forward contracts The SCenario Company A is due to receive the payment for goods exported three months earlier. Currently, three-month forward premiums are high, but Company A expects the sport rate to depreciate further. The Instrument The forward-to-forward pay-off matrix DS>EF DS>EF Lack in the Current Premium By Purchasing A Forward-To-Forward Contact EF>SF Better Than Simple Forward, But Worse Than Uncovered Strategy Optimal Strategy Choose The Spot Rate Within A Stipulated Time-Period, Thus Determining Effective Forward Rate SF>EF Worst Strategy Better than Uncovered Strategy, At the end of the months, Convert Export Proceeds to Rupee at the Effective Forward Rate SF : Simple Forward Rate EF: Forward-to-Forwar

Michael Jordan :: essays papers

Michael Jordan Critical Essay On A CNN Article At: http://cnn.com/CNN/bureaus/chicago/special/9806/bulls/mj.htm CNN resource reports the Michael Jordan effect on the economy. Michael Jordan is as CNN states "golden marking tool ". Michael Jordan makes much less that he is worth. With the impact he put on the economy Michael Jordan should be able to receive any amount of payment he ask for. Michael Jordan is Mr. Indorse. Michael is an advertising icon. Today Michael Jordan indorses for some of the major companies in the field today. Michael Jordan indorses for the top name brand shoe in the word Nike. He also peddles products for McDonalds, Oakley, Hanes, long distance company WorldCom, and Gatorade. Michael Jordan also have his own clothing line. Michael Jordan also have his on fragrance. Michael owns his own restaurant in Chicago . where he often attend twice a week to evaluate the service. Michael Jordan recently Open up his on golf company which is name after him. This newest venture Attracts millions of golfers. Michael Jordan also has his own line of golf clothing. As you can see Michael Jordan is a very busy man. He is as active off the court as he is on the court. On the court Michael Jordan is the same type of man. He takes care of his busy first then after it time for fun. Michael Jordan is as the CNN states the greatest athlete ever to play the game, he is best there is, the best there was the best there every will be. Michael Jordan is basketball; basketball would completely drop a level when or if he leave. The NBA doesn't have a player that has the skills, accomplishments, or character of a Michael Jordan. Everything he brings to the game is unique. Michael Jordan is 35 years of age. Jordan ranked 1st in the NBA in points per game averaging (28.7), ranked 16th in the NBA in steals per game averaging (1.72), ranked 17th in the NBA in minutes per game averaging (38.8). These are just the 1997-1998 season statistics. With this short introduction of Michael Jordan one would ask himself why would one consider him as over paid. Why won't I give him what he deserves as a busy man and an athlete. Jordan is the greatest of the game. The NBA deprive not only themselves but also the fans of seeing the phenomenal, the dominant, the supreme, and the optimum of