The feasibility and profitability of a wind farm, proposed to supply the island town of Lowton with electricity

The following report investigates the feasibility and profitability of a wind farm, proposed to supply the island town of Lowton with electricity. Using cost-benefit analysis techniques including spreadsheets formulated using Microsoft Excel the validity of the potential construction (15 turbines) was established. The Results (including equations formulated) are available in table format in the ‘Presentation Of Results' section (p 7). Other factors, including the difficulties involved in the environmental decision-making process are discussed, for example the difficulties surrounding applying a monetary value to natural resources, pollution levels and visual intrusion. The strengths and weaknesses of the decision making process are highlighted. Environmental concerns and the importance of developing alternative energy sources are discussed. The report concludes that the construction of the proposed wind farm should go ahead, and that it could be a profitable enterprise. Introduction This report is to investigate and appraise the environmental impact of a potential wind farm for the small island town of Lowton, while assessing the profitability and feasibility of this. The island is inhabited by 1000 residents and currently has power supplied by a conventional power plant on the mainland, which owns a 650 watt electrical power station. The wind farm in question would be small (about 15 turbines) which would be expected to service the town for 20 years each. The immediate cost of constructing and installing the turbines would be à ¯Ã‚ ¿Ã‚ ½1 million per mega watt (MW) and the potential output should be reached by the end of the second year. The cost of the fuel replaced by the wind power creates a saving of à ¯Ã‚ ¿Ã‚ ½25 per MW hour. Due to the fact wind is an uncontrollable phenomenon it is not available 100% of the time. The potential availability is estimated at 50% A spreadsheet shall be devised using Microsoft excel in order to determine the financial benefits/losses. The possible environmental impacts shall also be discussed and weighed up, using moral and financial arguments. Aims & Objectives The aims and objectives of this report are to assess the profitability and feasibility of the construction of the proposed wind farm. Economic modelling skills shall be used to create and explain a discounted cash flow model. A brief environmental impact assessment shall be created along with a discussion of environmental valuation techniques. Background To Study The town of Lowton lies on a small island in two miles into the English Channel. It is not densely populated; having only 1000 residents- therefore does not have a high demand for power. The current situation sees the electricity being supplied by a local power company on the mainland via undersea cables. The company in question have a 650 MW conventional power station. The cost of constructing and implementing the 5MW wind farm would be à ¯Ã‚ ¿Ã‚ ½1 million per MW at the start (year 1) and would be subject to later discounts due to the low maintenance costs of the turbines. The cost of the wind power would save à ¯Ã‚ ¿Ã‚ ½25 on coal per hour. Methodology The primary supplied data was entered into a Microsoft excel spreadsheet (capital cost, capacity in MW, wind efficiency levels, capital repayments, discount rate, MW per hour of turbines, compared with the cost per MW hour of turbines and conventional generators. The NPV function, found in ‘f'- financial section- was used and the appropriate formulas were input. (Supplied on spreadsheets) In addition to the above information sheets issued by the Department of Trade & Industry were studies for further information. The spreadsheet was then altered to demonstrate the way in which a variation in wind efficiency may affect the NPV, should the turbines be less effective than anticipated. Presentation Of Results Discussion & Analysis Of Results The results show the potential wind farm to be a profitable project. The discount rate is used in long term projects to reflect the fact things are worth more in the present than in the future so it is the opposite of compounding. 30% was decided to be the efficiency rate in the sensitivity analysis, as it is possible that a wind farm that operates on full speed 50% of the time to have an annual output of 30% efficiency. People are impatient and would rather be instantly rewarded for something than wait to be rewarded in the future, even when this means sacrificing potentially larger gains for smaller immediate ones. This is basically human nature as the future is uncertain. A person may die for example, or shares/projects may collapse before the maximum potential is obtained. The cost of long-term investment also means a persons financial resources are tied up so unavailable for other purposes. Discounting can also be accused of belittling future benefits and the way it asks people to make personal decisions based on their own values about public goods closes off public debate. Cost benefit analysis (CBA) should also be used for determining the worth of a project. It should not merely be a financial decision when hard to value resources/phenomenon's (e.g. habitat) are involved. This raises moral and ethical questions. It is incredibly hard to attempt to put a value on human life. One way in which economists do this is by paying wages at levels which reflect the risk of the job involved e.g. soldiers earn more than teachers due to the extremely high risks associated with being sent into battle. Rather than place a value on the individual it is considered more sensitive to see it in terms of altering the morbidity rate e.g. discovering how much a household will pay to cut pollution levels, which would save lives each year. Studies have shown that by cutting pollution levels by 26.570 GWH may reduce deaths by as many as 80. Many other factors are almost impossible to put a price on, e.g. visual intrusion, noise levels. CBA does offer the opportunity to bring the costs and benefits of potential developments into the decision-making framework (as the name would suggest) and provide a ‘precident'- a way to approach environmental problems from a solid standpoint. It also allows sensitivity analysis to be conducted to establish variations in assumptions. It is a transparent process that allows outsiders the chance to see how a decision has been made. The downsides of CBA, however, include the fact that it has to assign a cash value to a natural/environmental phenomenon. There is a possibility the process may be miss-used to promote a political decision as opposed to promoting a neutral investigative /objective standpoint, as the results of the ‘Pevensey Levels' exercise in Sussex illustrated. Cost & Value Of Wind Energy The cost of wind energy is dependant on the initial cost and productivity of the turbines. In this case it is à ¯Ã‚ ¿Ã‚ ½25 per MW hour. Installation costs may be covered relatively quickly in a successful case due to the low maintenance costs and 20-year lifespan of each turbine. The annual output of the turbines, however, is dependant on the position and mean wind speed of their erection site, which directly affects the cost of electricity per unit. Despite the fact the proposed site is expected to reach its full potential 50% of the time (meaning the annual output may be the equivalent of working on full power 25-30% of the time) the supply tends to peak with demand, e.g. in the dark windy winter months when there is more demand for heating and lighting. Although typical wind farms produce 2-3 times less power than conventional plants they are environmentally friendly, sustainable and low maintenance in comparison. The government is currently trying to encourage the switch from conventional power plants to alternatives. It established the NFFO (Non-Fossil Fuel Order) in 1991-1998 that is now being succeeded by NFFO2- the aim of which is to subsidise and popularise the use of sustainable resources until they are in a position to compete with conventional and more traditional ones. The success of this scheme depends largely on the ever-volatile energy market. THE PRICE OF PROGRESSION? Due to the fact many benefits of sustainable power sources are long term it can be hard to interest investors. It is also hard to put a monetary value on factors such as pollution reduction, human life or the loss of wilderness land/habitat. PUBLIC SAFETY: Any man made product has a risk of malfunction but the risk from a wind turbine is considerably less than that of a plane or car engine etc. Coupled with the fact they are usually situated far from housing/roads the chance of receiving physical injury from a turbine is minimal. Despite the fact it is possible for a rotary blade to become detached in high winds nobody has ever been injured by one, and it is unlikely a person would be nearby in such bad weather conditions. Environmental Impacts RISK TO WILDLIFE: There is little risk to wildlife posed by wind farms. They produce little noise, and studies do not show them to disturb wild animals. Farmers can even graze livestock up to the base of the turbines Birds may be slightly at risk of flying into the turbines, but they are no more likely to do this than they are likely to fly into conventional power pylons or be hit by aircraft/road vehicles. Local wildlife is indeed likely to benefit from the construction of a wind farm, through the cuts in pollution levels and subsequent rise in air quality. LOSS OF WILDERNESS LAND: A method known as the ‘Clawson Method' is used to assess the monetary value of a wilderness area. It is also called the ‘Travel-Cost Analysis'. Visitors to a site in question will be interviewed to establish how far they have travelled to reach the area, from five graded zones surrounding the site. Figures are then derived from each 1000 visitors and the travel cost is considered to be the cost of their visit. This method however fails to look at the land as a future resource or take account of habitat/rare species living there. All the above factors need to be addressed along with our need to cut toxic emissions and pollutants from industry, plus preserve fossil fuels. Despite the fact that developing alternative energy sources in the short term is unlikely to be immensely profitable it is another step towards a sustainable national grid. Consumer Objections: A BLOT ON THE LANDSCAPE? Some people consider wind farms to be intrusive, and complain about the sights/sounds emitted. This depends greatly on the location in question-most ‘farms' are built far from urbanised land or other developments, sights of national beauty or very popular recreational ground. There is little that can be done at present to alter the appearance of the turbines. Very little noise is produced, so little even livestock appear unconcerned. Manufacturers are nevertheless working to make them even quieter. PUBLIC BIAS? It is possible that public ignorance and bias is at the root of many complains. A lack of awareness may encourage low tolerance levels, especially amongst those who are unfamiliar with modern technology and pollution problems. NIMBY Syndrome (Not In MY Back Yard) may also contribute to peoples dissatisfaction, especially those who live downwind. Conclusion: The spreadsheet analysis of the potential wind farm indicates it would be a profitable enterprise, due to the high Net Present Value produced. This is however only deducted from a model that is only as good as the person who designed it and the assumptions it is based on. It is therefore subject to any number of unforeseen crises, and should merely be viewed as a hypothesis. The Cost-Benefit Analysis also indicates that switching to environmentally friendly sources of power would be advantageous to both present and future generations. Discounting affects future generations as the higher the discount rate, the quicker the non-sustainable resources are likely to be exhausted. The approach may backfire if the benefits are not obtainable for a prolonged period as investment will be virtually impossible to find. It is therefore hard to protect slow-replenishing resources like tropical hardwoods. Discounting can even help to accrue worse future damage-however devastating the effects-if the future damage will not be felt for several generations. There is no real alternative to CBA despite of its faults, so it should be refined rather than disregarded as a source of decision-making. Environmental decision-making is a sensitive issue. The only possible other way is to use a citizens jury. Where this has been tried however the members failed to fully understand what was expected of them , or how to place prices on abstract phenomenon. Most educated individuals recognise the benefits to society gained from switching to ‘green' (sustainable) energy sources. The development of these sources are still in the early stages and are not going to affect the conventional production of power in the short term, it is still important to develop and popularise such alternatives today. This is the only way in which they will win social and scientific approval and eventually overcome fossil fuel consuming plants as a source of power.

Cyber Games Essay

What is a Cyber Game or Video Games? This is a game in the form of computer software, run on a personal computer or games machine and played by one or more people using a keyboard, mouse, control pad, or joystick. Computer games usually combine sound and graphics and range from traditional games such as chess to fast-moving action games or complex puzzles. Video and computer games, like many popular, entertaining and addicting kid activities, are looked down upon by many parents as time-wasters, and worse, parents think that these games rot the brain. Also, violent video games are readily blamed by the media and some experts as the reason why some youth become violent or commit extreme anti-social behavior. But many scientists and psychologists find that video games actually have many benefits – the main one being making kids smart. Video games may actually teach kids high-level thinking skills that they will need in the future. Here are some of the good effects of the Cyber Games. Cyber Games give your child’s brain a real workout. In many video games, the skills required to win involve abstract and high level thinking. These skills are not even taught at school. Some of the mental skills trained by video games include: †¢Following instruction †¢Problem solving and logic †¢Hand-eye coordination, fine motor and spatial skills †¢Resource management and logistics †¢Multitasking, simultaneous tracking of many shifting variables and managing multiple objectives †¢Quick thinking, making fast analysis and decisions †¢Strategy and anticipation †¢Developing reading and math skills †¢Perseverance †¢Pattern recognition †¢Estimating skills Inductive reasoning and hypothesis testing †¢Memory †¢Reasoned judgments †¢Teamwork and cooperation when played with others. †¢Simulation, real world skill Video games introduce people to computer technology and the online world. You should recognize that we are now living in a high-tech, sophisticated world. Video games make people adapt and be comfortable with the concepts of computing. This is particularly important for girls who typically are not as interested in high technology as much as boys. Video games allow each and everyone to play together and can be a good bonding activity. Some games are attractive to kids as well as adults, and they could be something that they share in common. When a child knows more than you, he can teach you how to play and this allows you to understand a child’s skills and talents. In the contrast of the good effects, here are the bad effects saying that too much video game playing makes a person socially isolated. Also, he may spend less time in other activities such as doing homework, reading, sports, and interacting with the family and friends. Video games do not exercise a person’s imaginative thinking. Using imagination may be important in developing creativity. Some video games teach kids the wrong values. Violent behavior, vengeance and aggression are rewarded. Negotiating and other nonviolent solutions are often not options. Women are often portrayed as weaker characters that are helpless or sexually provocative. Games can confuse reality and fantasy. Academic achievement may be negatively related to over-all time spent playing video games. Video games may also have bad effects on some children’s health, including obesity, video-induced seizures and postural, muscular and skeletal disorders, such as tendonitis, nerve compression, carpal tunnel syndrome. When playing online, a child can pick up bad language and behavior from other people, and may make the child vulnerable to online dangers. A study by the Minneapolis-based National Institute for Media and the Family suggests that video games can be addictive for kids, and that the kids’ addiction to video games increases their depression and anxiety levels. Addicted kids also exhibit social phobias. Not surprisingly, kids addicted to video games see their school performance suffer. I am not saying; stop playing Cyber or Video games because it can harm you and your health rather to limit the amount of time in playing although playing video games can be a learning experience, a variety of entertaining things to learn from, so people will not be addicted to just one thing. Be sure to some read books, play sports, interact with other people, and watch good TV. Everything should be taken in moderation. The Pediatrics recommends that a person should not spend more than one to two hours per day in front of all electronic screens, including TV, DVDs, videos, video games (handheld, console, or computer), and computers (for non-academic use). This means seven to fourteen hours per week total.

Unit I Essay Example | Topics and Well Written Essays - 1500 words

Unit I - Essay Example It was formed 15 years ago and has had stable growth till the last three years when it started incurring high costs. The company feels that issues like unexpected temperature drops, outbreak of pests and rising labor costs has lead to the increase in costs in recent years. Moreover, the company intends to expand its facilities and so it must address this major issue of employee turnover. In the recent past employee turnover has increased and key personnel are leaving. This is having a broad effect on internal costs. The acts of hiring new employees, training them, enabling them to grow as professionals all incur huge costs. This is evident by the statistics presented which indicate that company growth is stable at 5% but costs have been rising at an average of 2.5-4% in the past 3 years. If this trend continues then ultimately JRT will head towards major financial losses. Such losses can be very heavy for a consumer product company which needs to invest substantially in marketing and advertising. However, losses would mean slashing advertising budgets. Moreover, JRT’s reputation in the industry will be effected which will lower the moral of the existing employees and in turn reduce their productivity. Key personnel turnover can occur if managers feel dissatisfied and do not see opportunities to grow. The most basic problem arises when senior managers feel their productivity is reaching a stage of stagnation. This could be possible if they feel their job is not challenging enough, or perhaps if they consider it monotonous and boring. For this purpose it will also be important to talk to as many people as possible to gauge the nature and extent of the issues involved. Several in depth interviews need to be conducted in order to find the main cause of dissatisfaction at work To get a better hold of the issue we also need to survey and analyze existing financial documents of JRT. This would include

Career management in business Essay Example | Topics and Well Written Essays - 2500 words

Career management in business - Essay Example Please identify ONE strength and ONE weakness only, and provide detailed supporting evidence.† 1.1 Career aspirations Short term career aspirations: -I have working skills in sales, supply chain, finance training and effective customer services. - I have certification in human resource management and I am beginning to build my successful career as professional human resource manager in banking services and activities. - I learn constantly; hence I believe that an organization that offers internal and external opportunities will contribute to effective organizational development. -I like interacting with everyone on professional issues; thus I believe that a better career in HRM will offer me this opportunity to explore my skills. Therefore, I will like to recognize all facets including pension services, recruitment process, employee relations and benefits in an organization. Medium: -I will utilize my knowledge or experience and available resources in order to find the innovati ve or creative solutions to business issues. -I will continue improving and expanding my skills in the expertise field through finding the linkages or relationships among various fields. -I will train and mentor the followers in a manner that can enable them to become productive in the organization. -I will learn and understand the cultural beliefs of other people in order to understand the way business activities and use of technology will be impacted by the cultural beliefs. Understanding organizational culture is essential because it will contribute to successful organizational performance. Long term: -I hope in the 4 years from now, I will achieve managerial position and develop a strong team to lead. Therefore, I believe that I can achieve this through hard work and continuous self development with laying a strong emphasis on improving my professional profile. -I will work with the creative and innovative team in the future in order to develop passionate on the way they handle various task in the organization. This is significant because they will enable me to develop effective skills for achieving my career objectives successfully. Singh (2010, p.34) argues that carrying out research and learning innovative or creative ideas is significant. This is because they contribute towards organizational success. - I will develop an action plan for tracking changes in the workplace environment through learning and talent development; thus creating organizational change. Management action plan is significant because it will enable the organization to create transformation and improve organizational performance in the future. 1.2 Skills required/demanded in your chosen occupation/role -Develop experience in Human resource management, training skills, financial management skills, sales management skills and logistics as well as good leadership skills. Bass, Bass and Bass (2008, p. 56) argues that successful HRM should develop effective earning skills and adopt succes sful leadership theories for management. Employing effective leadership skill is effective because it will enable the HRM to meet the organization objectives effectively; thus creating business change or value. - Developing creative strategic leadership skills is required in the organization. There have been extraordinary heave of concern in business leadership activities in the current banking industries. This is specially the effective skills that

Two-Variable Inequality Speech or Presentation Example | Topics and Well Written Essays - 500 words - 1

Two-Variable Inequality - Speech or Presentation Example Write an inequality that limits the possible number of maple rockers of each type that can be made, and graph the inequality in the first quadrant. The; is (0,200) the line slants from the left dropping to right. The line represented is solid. The pertinent segment in the graph is the 1st quadrant. The shaded region is from the line and ends at the origin of the graph. A chain furniture store faxes an order for 175 modern rocking chairs and 125 classic rocking chairs. Will Ozark Furniture be able to fill this order with the current lumber on hand? If yes, how much lumber will they have left? If no, how much more lumber would they need to fill the order? Explain your answers. A graph was obtained by drawing x axis horizontally and y axis vertically. An inequality equation was formed based on the questioned above and thereafter used to draw the graph. The shaded region was identified which then was used to obtain the solutions of the

A Day in the Sleep Clinic CS4 Case Study Example | Topics and Well Written Essays - 500 words

A Day in the Sleep Clinic CS4 - Case Study Example Clearly, perception is can be negative or positive, and the most positive it is then, the more efficiently a crisis can be averted. Dr. Williams had a negative attitude towards his clients whose children ended up not getting help. The most likely outcome is that the children will be taken back home, and their conditions will also worsen. People who view things at an optimistic angle can make sound decisions and be able to communicate with any person in a more effective way (Jones, 2012). If Dr. Williams was more positive and be patient with his clients then the children could have gotten the correct medication. Negative attitude brings negative emotions that are possible to avoid. The culture, ethnicity, race, and socioeconomic status have contributed to health illiteracy. Many individuals from these backgrounds do not can acquire process and comprehend basic health information (Hayward & Miles, 2000). Language barrier, for instance, sometimes leads to insufficient healthcare services because patients do not understand the doctors. It is easy to find that people from the minority races and ethnic groups are hospitalized due to limited literacy on healthcare. Health care disparities are making it difficult for patients to navigate and get medical attention. Ethnic and racial minorities also receive less medical care because sometimes they do not believe in any therapy provided by doctors. It is cultural beliefs that make some people use primitive measures to cure diseases affecting them. Research shows that Hispanic, African American and Asian patients have less trust in their physicians because they practice culture biomedicine that is difficult to relate wit h the practice of medicine (Kingston &Nickens, 2001). Socioeconomic status especially income and education levels affect health care system. Thus, people with low income are likely to have poor healthcare treatment. There are various

The human resource system in the accounting profession Term Paper

The human resource system in the accounting profession - Term Paper Example Working in a small organization gives a person an opportunity to share ideas and issues that might be affecting his/her performance. This reduces the need for having a human resource department. On the other hand, working in a small organization exposes an employee to exploitation because such organization does not require human resource to run the affairs of the organization. Therefore challenges that an employee goes through are not well adressed (Rothwell, Taylor, & Prescott, 2010). Working in a large organization creates harmony and togetherness due to teamwork. This reduces the need for human resource to use rewarding system in order to motivate the employees. In addition, one can be able to further his/her training due to different training programs that are suggested by human resource department (Hopper, Uddin, & Tsamenyi, 2012). As a result one is able to diversify his/her skills. On the other hand, working in a large organization reduces management concentration on a single individual. A large organization deals with many people therefore becoming hard to understand individual’s problem and challenges that might be affecting the performance (Daft,

Dispute Between Workers Union And Employer Case Study - 17

Dispute Between Workers Union And Employer - Case Study Example The Union has appealed to the NLRB to set aside the election results. If I were on NLRB, I would set aside the elections because of the provisions of Taft-Hartley labor act. While the act allows employers the right to interact with employees with the aim of influencing union activities and actions, expressions into the interactions must not pose threats of reprisal. The case, however, identifies potential threats of reprisal, from the management, which could have intimidated union members and led to restraint from participation in the elections. From the supervisor’s repeated appearance in the vicinity, the union members had all the reasons to fear intimidation and harsh treatment from the management if the union won in the elections. It was also normal for the union members to believe that the supervisor was acting in his normal capacity as an agent of the management because that is his regular position. These arguments identify implied the threat of reprisal and mean that the employer, through its supervisor, breached provisions of the Taft-Ha rtley Act.

Microeconomics Essay Example | Topics and Well Written Essays - 1500 words - 1

Microeconomics - Essay Example 4. Features of monopoly Various features of monopoly are explained with the help of diagrams in this section. The question like how monopolistic firms attain the capability to increase the prices of their product and services is explained with the help of other economic terms. 5. Conclusion The major points discussed in this paper were summarised in this section. 6. Suggested areas of further research The question; how to protect the interests of the consumers in monopolistic market should be researched further. 7. References The references used for this research were cited in MLA style in this section. Abstract Monopoly is one of the major microeconomic terms which refer to the total domination of a firm in the market. The monopolistic firms face less competition in the market and they can control the market activities more effectively than other firms. Monopoly is beneficial to the firms whereas it is against the interest of the public. Monopolistic firms can increase the prices of their product and services far more than the actual prices because of lack of competition they may face in the market. Monopoly has different forms like natural, geographic, technological, and government. This paper briefly explains various features of monopoly according to the principles of microeconomics. ... Monopoly is a good market condition for an organization; but it is not so good for the consumers. The ability to fix prices of products and services is the main advantage of a monopolistic firm. For example, Microsoft is enjoying monopoly in the operating system market in the world at present. They are charging heavily for their Windows operating system because of the absence of any other competitive products. Types of monopoly Based on the nature, monopoly can be classified into different categories like; natural, geographic, technological, governmental etc. An industry is said to be a natural monopoly if it produce a desired output at a lower cost than two or more firms. Public utilities like railways, telecommunications, water services, electricity, and mail delivery etc are examples for natural monopoly. These public utility services are mainly controlled by the government and private competition is not allowed in these sectors. A natural monopoly and monopoly are entirely differ ent concepts since natural monopoly describes a firm's cost structure whereas a monopoly explains market share and market power. It is difficult for small firms to invest in areas with natural monopoly. For example, it is not easy for small firms to invest huge amounts needed for setting up a public transporting system like railways or public utility like water supply. Because of globalization, governments now permit private investments in natural monopolistic areas. In other words, the term natural monopoly is going to lose its significance since private companies may challenge the governments in these sectors. For example, BSNL (a public company) was the only telecommunication company in India till two decades before. At present many private companies like

Alcohol in America. Should the US lower legal drinking age to 18 Term Paper

Alcohol in America. Should the US lower legal drinking age to 18 - Term Paper Example ge should be lowered to 18 like in most other countries; legally when one is 18 they are recognised as an adult and they can go to war, buy a gun serve in a jury and even be tried as an adult. Therefore according to some the individual should be allowed to drink if they so choose given that they are able to take responsibility for their own actions. Despite this, other far less novel and more compelling reasons if taken to consideration will prove that lowering the current drinking age would be a costly mistake. This include safety and health issues bearing in mind that when one is given a driving licence, and a permit to drink, their discretion in not doing both at the same time is responsible not just for theirs but the lives of other people. This paper seeks to prove that the drinking age should be maintained and this will be done through considering arguments to render an objective and critical summation of the issue. Lowering the drinking age would be medically irresponsible, scientist have proven that consumption of alcohol by young adults can interfere with the development of their frontal robes, which play an essential role in their normal functioning and emotional regulation. Consequently, when children aged 18 are allowed to access alcohol they will be put at risk of developing a vulnerability to chronic mental problem such as a propensity for addition and dangerous risk taking behaviour that could include but not limited to driving while under the influence. In relations to issues of health, binge drinking which is highly popular among college and even high school children has been found to be a leading cause of alcohol poisoning since when the underage drink they tend to overdo it. According to the Centre For Science In The Public Interest, as many as 30, 000 college student require medical attention as a result of alcohol related complications each year and between 1999 and 2005, it is e stimated that 157 college students aged between 18 and 23,

Law and Real Estate Essay Example for Free

Law and Real Estate Essay Executive Summary Pacific Grove Spice started as a small specialty grocer on the Monterey Peninsula of California in the early 1980s. Within 10 years they were the â€Å"place† to find spices in Central California and now have a widespread reach covering all 50 states. The spice industry that it is in has been growing steadily because of how important a role spices are getting in the kitchens and in cooking. The growing concern about obesity and diet has also left a positive impact because of the health conscious people that desire healthier meals that are still favorable. The demand for spices is at an all-time high and although multinational firms like McCormick Company dominate the industry, many small firms are competing successfully, Pacific Grove spice being one of them. The problem that Debra Peterson and Fletcher Hodges are having is that they have three choices to make. They have to decide whether they should accept an offer from a cable-cooking network to produce and sponsor a new program, raise new equity by selling shares of common stock, and/or acquire High Country Seasonings-a privately owned spice company. While making their decision they have to keep in mind that the bank financing their company wants them to reduce interest-bearing debt to less than 55% of total assets and the equity multiplier to less than 2.7 times by June 2012. We recommend that Introduction Debra Peterson is currently the Chief Executive Officer of the Pacific Grove Spice Company. The Chief Financial Officer, Fletcher Hodges, and she are trying to figure out what strategy to take to meet the demands of the bank that finances their company. The recent financial crisis had made the credit committee uneasy and they now want Pacific Grove Spice to reduce interest-bearing debt to less than 55% of total assets and the equity multiplier to less than 2.7 times by June 2012. They have three options they are currently considering and this case study illustrates the financial forecasts for the next few years and showcases what we feel is the best decision for them regarding their options and the banks demands. Analysis Pacific Grove Spice’s operations are not profitable enough to quickly bring  it into compliance with the bank’s requirements. It’ll take about four years with just the regular operations.

Agency Theory Accounting practices

Agency Theory Accounting practices Agency theory the contribution of agency theory to the development of current accounting practices Introduction The aim of this report is to develop a relationship between agency theory and the existing practices of accountancy. In the report, the problem of agent-principal will be described with the main consequences for business-related relationship. After identifying the problem, the accountancy practices will be linked to the issues addressed in model that will be explained. The report will look at a case study related to agency theories and its affects within accounting practices. Finally it will show the ways the accountancy practices meet the problems raised by the agent-principal relationships. The agency theory is a mixture of the relationships between principals and agents, it occurs when principal and the agents create a delegation (Donaldson, L. Davis, J.H., June 1991). Berle and Means 1932 stated that the Agency theory argues that in modern corporation, where share ownership is widely held, managerial actions depart from those required to maximise the shareholders return, this was also backed up by Pratt and Zeckhauser in 1985. According to Jensen and Meckling, 1976, In Agency theory terms, the owners are principals and the managers are agents and there is an Agency loss which is the extent to which returns to the residual claimants, the owners, fall below what they would be if the principals, and the owners, exercised direct control of the corporation (Donaldson, L. Davis, J.H., June 1991). The long term strategies for agency theory include the principle of company, business, franchise, etc providing incentives such as increasing commission, continuing to provide advertising, training and motivation to increase outlet operations. To argue this Carney and Gedajlovic stated that regarding of the exogenous factor, outlet managers have an incentive to shirk and misrepresent their abilities because the firm is hard to differentiate the managers performance behavior (Mathieu, 1997), While the short-term strategies include balancing supply with demand at the shortest turn around time. Agency theory tends to impact business decisions by focusing on establishing incentives as mentioned in the long-term strategies above. However, it may be very costly and may create moral hazards if top management tries to over maximise profits for themselves instead of for the employees. The cost to manage and monitor transactions can affect both the domestic and global financial managers due to the strategy becoming very expensive; nevertheless this strategy can have the negative impact upon the organisations survival. Conflicts of agency theory There is a conflict between principals and agents (shareholders and managers) that can potentially have a devastating business consequence. The cost of monitoring efforts, measuring results and opportunities lost can be substantial. Incentives and disincentives may not result in wanted outcome, when businesses should scan their environment constantly to seek opportunities to meet the interest of their own stakeholders. Agency theory is a small entity of financial economics that looks at conflicts of interest between people that have different interests for the same assets, this means that their will always be constant conflicts between: shareholders managers and shareholders bond holders. These are the reason why organisations make constant acquisitions that tend to be bad for the shareholder, why convertible bonds are preferably used while normal bonds are often sold with warrants and finally shows the importance of capital structures. According to Eisenhardt (1989a), agency theory is devoted to the solution of two problems that can arise from agency relationships. The first problem is goal related and arises when: i) there is a conflict between the goals of the principal and the agent; and ii) the verification of the agents behaviour is difficult or expensive to be verified by the principal. The second problem is risk-related. If the agent and the principal have different attitudes towards risk, it is likely that both will behave differently and in accordance to their risk preferences. Identifying conflicting positions between any two agents and explaining the governance mechanisms underlying these relationships (that limit the agents behaviour) is known as the Positivist agency theory (Eisenhardt, 1989a). A different position is found in the principal-agent research (as opposed to the positivistic agency theory) and relies on a more mathematical and abstract approach to the problem. Although in different perspectives, these two approaches can be complementary as it can be seen in the quotation below (Eisenhardt, 1998a: 60): â€Å"Rather, the important point is that the two streams are complementary: Positivistic theory identifies various contract alternatives, and the principal-agent theory indicates which contract is the most efficient under varying levels of outcome uncertainty, risk aversion, information, and other variables†¦Ã¢â‚¬  Problems of agency theory The major popularity of the application of the agency theory to the relationship between shareholders and the board if directors produced a vast amount of research devoted to this issue. In fact, this phenomenon relates to those cases in which ownership and management are represented by different individuals. Being each individual maximising its utility leads to the existence conflicting positions between the agent and the principal. This became the main focus of research, and justifies the need of such an agency theory. This problematic is in the basis of the role of agent theory in the accountancy practices. According to Bricker and Chandar (1998: 488-489): â€Å"Contracts between shareholders and managers are written in order to reduce agency cost, and thereby, the dead weight loss in firm value as a result of the separation of ownership from control. Accounting is considered to play an important role as an integral part of the contracts that define a firm. For example, lending arrangements between a firm and its creditors often contain several accounting based covenants. Accounting-based bonus plans are frequently a component of executive compensation plans. Accounting measures are commonly used in the performance evaluation of a firms cost and profit centers. Watts and Zimmerman argue [1986, p. 196]: if accounting is an important part of the firms contracting process and agency costs (and hence, firm value and/or managers compensation) vary with different contracts, accounting procedures have the potential to affect firm value and/or the managers compensation. This rationale has given rise to several hypotheses regarding the role of accounting information in market valuation of firms and managers use of accounting discretion.† The table presented below summarises some of the key issues associated with agency theory and relates them to several assumptions of different nature: Key idea Principal agent relationship should reflect efficient organisation of information and risk-bearing costs Unit of analysis Contract between principal and agent Human assumptions Self interest Bounded rationality Risk aversion Organisational assumptions Partial goal conflict among participants Efficiency as the effectiveness criterion Information asymmetry between principal and agent Information assumptions Information as purchasable commodity Contracting problems Agency (moral hazard and adverse selection) Risk sharing Problem domain Relationships in which the principal and agent have partially differing goals and risk preferences (e.g. compensation, regulation. Leadership, impression management, whistle-blowing, vertical integration, transfer pricing) Table 1: Agency theory overview Source: Eisenhardt (1989a) Development of agency theory Agency cost is a major problem with organisation and with constant fraud cases that are growing around the world their needed to be major development of the theory in accounting practices. A way of developing the theory is to minimise agency costs that can be accomplished through communications, sharing risks and benefits and seeking to balance the scorecards. The theory has developed by establishing performance standards, using cost effective processes, cost management tools and incentives have all helped the problem of managing agency problems. Accountancy provides information to base future decisions on historical performances. Providing accurate information about costs it is possible to predict the result of future production. This perspective is particularly important in the case of, for example, government contracts, in which an agent- principal relationship is also established. For example, Reichelstein (1992) draws upon the agency models to explain government contracts, showing how agency theory can be used to design incentive contracts, and demonstrating that the agency models have actually influenced managerial economics. A different perspective is that accounting provides an opportunity of control from the agent over the principal. In this respect, the insights about the relationship between the shareholders and management were particularly important in demonstrating the role of accountancy as key information provider. To that extent, it was suggested that accountancy reporting is a result of the separation of ownership from management phenomena. Hence, it can be argued that the reporting practice is a result of the agent problem and serves the control needed to verify the agents performance. Another perspective was the budget development based on historical accounts. Contracts usually include a price for production which has not taken place yet. The pricing of these contracts has to be based on historical costs that can only be provided by accountancy. To that extent, accountancy practice is not a result of the agent-principal problem but is originated to avoid uncertainty in principal-agent relationships. case realted study to agency theory Taking a prime example of Enron and its relationship with accounting practices clearly show the affects of agency theory within an accounting practice can affect organisations. The collapse of Enron was entirely related to the accounting practices adopted by the company. It has a number of these questionable, and in some cases straight out fraudulent, accounting practices that pertained to the most dramatic collapse of a major company in years. An analysis of some of these accounting practices brings to light the problems with the use of concepts such as mark-to-market accounting and the use of special purpose entitys (SPEs), the interrelation of agency theory suggests that the basic ideals surrounding agency theory applied to the Enron Case at some point in time, however the continuation of this principal deteriorated as time went on. The agency theory was clearly an issue in Enrons case because the managers of the firm were transferring wealth from the shareholders to themselves in the form of stock performance. Not only were there the Shareholders to Management agency problem there was also an employer to employee agency problem. With regard to the shareholder to management problem, the shareholders had placed a large amount of decision-making capability onto the management team and had not successfully monitored the agents behaviour. Given that the managers had all come to Enron with a strong reputation, it was expected that they â€Å"would act in the interest of the shareholders. [As such the shareholders] had monitored the managers performance very little† (Godfrey et al, 2008). As a shareholder, it would have been in the best interests to implement monitoring costs to â€Å"measure, observe and control† Schillings behaviour. Unfortunately this would not have been enough. The introduction of Fa stow, described as â€Å"a genius† in a number of sources, allowed for the performance of Enron to appear strong even in dire times. The use of SPEs and mark-to-market accounting allowed for the â€Å"reduction of monitoring costs by incurring bonding costs [in the form of quarterly statements]† that allowed Enron to perform better than it appeared. Another point that links is that the agency theory is the â€Å"the principal will remunerate the agent according to the principals expectations of how much the agents behaviour is likely to be contrary to the principals interests† (Godfrey et al, 2008). Given that managers of Enron were all major shareholders of the company the focus was on driving the share price up which was done by a process called â€Å"pump and dump; this process involved buying up the share price and then selling out† (Enron: The Smartest Guys in The Room) this allowed the directors to maintain high remuneration because they were achieving high share prices for the principals and also allowed them to gain from share price rises before selling out at the top. Finally, the principal-agent relationship that occurs between Skilling and Fastow (CEO of Enron) is that of an employee to employer. This relationship is important because it â€Å"emphasises the importance of the ability to monitor employees work efforts† (Akdere, Azvedo, 2004). Skilling and Ken Lay claim that they were unaware of what Fastow was doing with regards to the financial statements, however, Skilling and Lay were acting as the agents for the shareholders as well as acting as the principals for Fastow. Their involvement in such transactions as the one with LJM were â€Å"not only disclosed to the board at a meeting which took place in 1999, but the board approved of [Fastows] participation, following a recommendation to this effect from the then CEO and Chairman, Ken Lay† (Deakin, Konzelmann, 2004). From this we can clearly see that Lay, Skilling and Fastow were all part of the agency problem that occurred. conclusion This report has shown that several areas of accounting have been affected by the agency theory model. This theory has defiantly had implications in the financial accounting, management accounting and in corporate finance. Nevertheless, the strongest argument that relates to agency theory with accountancy mainly relies in the nature of both, the accounting and agency theory rely on the existence of contracts, these contracts rely at the core of the relationship between agents and the principal. Furthermore agency theorys core role is the risk associated with the relationship whereas accountancy reduces risk by providing information about the agents in action. Additionally reporting previous behaviours of the agent showing that the historical agent has kept the conditions of contract, may provide indications for the principal about the future behaviour of agents; increasing trust levels in the relationship and reducing the risk associated with relations. In conclusion, the current features (and practices) of accountancy meet the agency model problems proving the information to avoid opportunistic behaviours and ensuring that relational contracts are met. Referances Journals Davis, J.H., Schoorman, F.D., Donaldson, L. (1997), Toward a stewardship theory of management, Academy of Management Review, Vol. 22 No.1, pp.20-47. Berle, A. and G. Means, 1932, The Modern Corporation and private property (New York, Maacmillan) Jones, D. R. Butler, J.E, 1992, Managing internal corporation entrepreneurship: an agency theory perspective (Journal of Management) Bricker, R. and Chandar, N. (1998). On Applying Agency Theory in Historical Accounting Research. Business and Economic History 27(2): 486-99 Eisenhardt, K.M. (1989a). Agency Theory: An Assessment and Review, Academy of Management Review, 14 (1): 57-74. Eisenhardt, K.M. (1989b). Agency- and Institutional Theory Explanations: The Case of Retail Sales Compensation. Academy of Management Journal, 31 (3): 488-511. Kaplan, R.S. (1984). The Evolution of Management Accounting. The Accounting Review, LIX(3): 390-402. Reichelstein, S. (1992). Constructing Incentive Schemes for Government Contracts: An Application of Agency Theory. The Accounting Review, 67 (4): 712-731. References for Enron case study: Serwer, Andy. 2002, ‘Dirty Rotten Numbers: Enron has made us shine a light on the books of Americas public companies. Now, if your company carries even a hint of bad accounting, the stock will be savaged, Fortune. Vol 145, i4, p74+. Shleifer, Andrei. 2000, ‘Are Financial Markets Efficient Oxford Scholarship Online Economics and Finance. Pp 1- 5. Akdere, Mesut and Azevedo, Ross. 2004, ‘Organisational Development, Agency Theory, and efficient Contracts: A Research Agenda. Pp2-8. Deakin, Simon and Konzelmann, Suzanne. 2004, ‘Learning From Enron Corporate Governance. Vol 12, pp134-142. Haldeman, Robert G. 2006, ‘Fact, Fiction, and Fair Value Accounting at Enron The CPA Journal. Pp1-10. Thompson, Robert B. 2004, ‘Corporate Governance after Enron. HeinOnline. Pp99-117. Godfrey, Jayne. Hodgson, Allan. Holmes, Scott. Tarca, Ann. 2006. ‘Accounting Theory: Sixth edition. Wiley, Australia. ‘Enron: The Smartest Guys in The room 2005, DVD, Dendy Films. USA. ‘Encarta: Online. Copyright MSN Encarta, 2008, Accessed 15/05/08 from http://encarta.msn.com/media_701610605/the_fall_of_enron_stock.html

Shakespeare And Duffy Explore Love English Literature Essay

Shakespeare And Duffy Explore Love English Literature Essay Anne Hathaway is a love poem written by Carol Ann Duffy using the voice of Shakespeares wife, Anne Hathaway. The poem explores the loving relationship between Shakespeare and his wife on a physical as well as an emotional level. The poem uses the imagination to celebrate the power of Shakespeares work and creativity which lasts even after his death. Shakespeares sonnet 130 could arguably present the opposite. One of Shakespeares many love sonnets was written to his lover expressing his feelings to her. He mocks the way other poets compare women unrealistically to clichà ©d, beautiful things but though this might appear outrageous, his intention is to express a deep love. His approach is to use humour to make a serious point about love. Both poets use first person to bring a very personal, direct character to the poems. Duffys choice of the Shakespearean sonnet structure seems appropriate for the topic of love between Anne Hathaway and Shakespeare himself. Shakespeare, however, chooses the conventional sonnet form to make an attack on conventional expressions of love. Shakespeare also chooses the conventional sonnet form as it makes his point stronger about conventional love poetry. Shakespeare uses the first twelve lines of the sonnet form to describe how unappealing he finds his lover but his tone shifts in the final two lines as he reveals his true affection and that even with her flaws, he still appreciates his lover. This is different from Duffy because she reflects a romantic approach from the start of the sonnet and her characters passion for her husband is clear from the start. This is a contrast to Shakespeares apparent negative approach to love at the beginning of his poem. Duffys language choice is imperative in order to explore the topic of love. Duffy uses Iambic pentameter throughout the poem creating a regular rhythm and heavy stresses on important words. This, together with long sentences reflects the joyful and spontaneous process that Anne Hathaway feels during love making and it is as if she is letting all her emotions pour out in a smooth and uninterrupted manner. One example of the effects achieved by iambic pentameter is when heavy emphasis is placed on the word dive in line three. This is because dive could be seen as quite an erotic word and the image of someone diving is a smooth and beautiful and perhaps graceful one. This is used in a metaphorical way to emphasize going deeper into the fantasy of Anne Hathaways and Shakespeares love. Sentences in Shakespeares poem run over two or four lines and some contain contrasts such as black and white. Each statement supports the previous one and this makes a clear message about Shakespeares woman being incomparable to such beauties like the sun and roses. Shakespeare uses alternative line rhyming in his poem, unlike Duffy, and creates a contrast between positive and negative images by his choice of rhyming words. Sun and dun are two words with opposite meanings which suggest different things and this highlights the contrast between false imagery which conventional love poets compare women to. Shakespeares sonnet also employs iambic pentameter like Duffy, to put heavy emphasis on words such as nothing in the phrase nothing like the sun, which is a negative and definite word which isnt usually associated with love. Shakespeare does this to strengthen his argument against these love poets who write sonnets containing this commonly used simile in an insincere way. Both poems create a striking opening creating different impressions about love. Duffy chooses to start the poem with The bed we loved in which places the poem straight away in the bedroom and reflects that the lovemaking was a mutual and shared experience. The first line of Duffys poem contains the metaphor spinning world which creates a remarkable opening just as Shakespeare does when he draws attention to his idea by comparing his lovers eyes as nothing like the sun. This is a shocking surprise of negativity in a love poem and is the opposite to how Duffy chooses to start her poem as she creates an optimistic impression. Duffy refers to Shakespeare as My lover which emphasises the importance of their physical relationship and how Anne feels towards her husband. Similarly Shakespeare refers to his lover as My mistress which creates an emphatic, definite start and tells us that he sees the lady as his. Both Duffy and Shakespeare use a variety of different metaphors throughout their poems but each achieve a different effect on the subject of love. Most of the metaphors Duffy uses are compared to images from a fantasy land such as spinning world and shooting stars, both of which describe that Shakespeares lovemaking takes them to a place of fantasy as they fall uncontrollably in love with each other through this process. The idea of a shooting star is something which is unique, beautiful and rare and when Duffy compares this to their lovemaking, it reflects the appreciation of it from Anne Hathaways point of view as their love-making takes her to the heavens. Shakespeare, on the other hand, uses metaphors which are not usually associated with love and are arguably the opposite of Duffys and could be seen as making a mockery out of conventional poets. Coral is far more red than her lips red reflects that the idea of coral lips as being unnatural and Shakespeare is not going to lie lik e other poets do and compare his lovers features to such unlikely things. Black wires grow on her head is another metaphor used by Shakespeare which creates ugly impressions of the woman. Shakespeare uses metaphors to make his ideas sound more negative in order to express his love in a suspicious way whereas Duffy uses metaphors to create romantic images such as, echo is when something responds to its original sound and in this case, Anne is responding to Shakespeare. This creates the idea that both of them have connected as one and they are now close. It is also a linguistic metaphor and creates a strong link of their love. Duffy compares Shakespeares writing of poetry to their physical love-making to emphasise their love. Apart from the use of linguistic terms such as assonance and rhyme, Shakespeares occupation is present within the poem when Anne says she dreamed hed written me, the bed a page beneath his writers hands. This line suggests that Anne is being transported to another world, almost as if it was a dream and Shakespeares love-making is as creative as his writing. Romance and drama also link back to Shakespeares plays and suggests how he entices her with excitement, just how Shakespeares plays excited various audiences to carry on watching. However, the language in Sonnet 130 could be seen as unusual for someone like Shakespeare to use. The language is very conversational whereas Duffys language is more descriptive about direct love. I love to hear her speak is Shakespeares definite, final opinion of his lover. Shakespeare makes it clear that he adores his lovers voice and what she has to s ay but he gets his message across in a relaxed, informal way as opposed to Duffys language which is more descriptive about direct love. Shakespeares different approach to writing about love could be seen as more personal and focuses on his lover being a real woman. Duffy also appeals to our senses throughout her poem to enhance the readers imagination about their love. She lists by touch, by scent, by taste to reflect how powerful their love making. The list of three also makes it seem perfect and completed almost like beginning, middle, and end. The literal English meaning of the word assonance is when vowel sounds are repeated and Duffy uses it as a metaphor to create a harmonic sound. Where Duffy uses the senses to describe how passionate her love is, Shakespeare uses the senses to exaggerate the flaws in his lover. Reeks is the verb Shakespeare chose to describe his lovers breath. The term means breathed out but also has a connotation of something which is foul smelling and this appeals to our senses in the wrong way. Shakespeare chooses this adjective as it is amusing for people to use an outrageous word to gain a reaction. The poet then goes on to say how music hath a far more pleasing sound and at first glance, we could misinterpret this as another insult to his lover but he implies that he enjoys listening to what she has to say. Duffy puts emphasis on her ideas about love through her use of alliteration and repetition. My is repeated several times throughout the poem to certify that Anne Hathaway thinks Shakespeare is hers regardless of his affairs. However in Shakespeares sonnet my is only said once in regard to his possession over his woman but it is said right at the start of the poem to make a definite statement about his love. This again shows how love seems to involve a sense of ownership. The phrase Living laughing love is used to describe Anne Hathaways view of Shakespeare and draws attention to the fact that Shakespeare is very much alive in her memories. The alliteration creates echoes of joyful sounds and keeps Shakespeare prominent in our imagination. It also reflects joyful experiences when Shakespeare was alive. The phrase Goddess go is an example of alliteration used in Shakespeares sonnet. This creates a comic contrast as the word go seems much more ordinary than goddess which is usually asso ciated with women by love poets. Here, Shakespeare mocks this unrealistic link by using a humorous tone and finds it astonishing how poets try to turn women into celestial beings such as the goddess. The choice of verbs which Duffy and Shakespeare choose, reflect something meaningful about the love they share. In Duffys poem, the the other bed, the best makes the bed left in Shakespeares will to hi wife Anne Hathaway seem superior to the best bed. The verb used to describe the events going on in the best bed is dribbling which creates a completely different impression to Shooting which is the verb used to describe the image in the second best bed. Shooting is an energetic action and is a beautiful movement whereas the image of dribbling is something which leaks out slowly and doesnt create excitement. This comparison suggests that Anne Hathaway and Shakespeares love making is what makes their bed more exhilarating than the other bed. In Shakespeares sonnet, he uses exaggerated words such as reeks, nothing and in contrast uses ordinary verbs such as go to explore the subject of love. Treads is the word Shakespeare chooses to describe the way in which his lover walks on the ground. This suggests that his lover is ordinary as she treads on the ground like everyone does, compared to the word glides which love poets would probably use to compare the way their lover walks in an attempt to suggest they are angelic. Shakespeare focuses on using colours to explore his love for his mistress whereas Duffy tends to concentrate more on using romantic concepts which confirm Anne Hathaways love for her lover. Colours are significant as they are used in conventional love poems as they reflect emotion. Beauty is expressed through colour but Shakespeare seems to make a mockery of such an idea. The hypothetical statement If snow be white, why then her breasts are dun suggests that she is not pure as other poets would claim, as she is sexually experienced. The word dun in itself is very unromantic and common. The way in which both poets choose to conclude their poem reveals their final opinion about their lover. I hold him in the casket of my widows head is how Duffy ends her poem and it suggests that they are and always will be two lovers even after Shakespeares death. The term casket suggests something which holds precious memories and that is how Anne keeps her memory of her husband alive in her head. The rhyming words of bed and head round the poem off and gives a sense of completion. The strong sense of romance created in the last two lines of Duffys poem is expected as Anne has been praising her lover throughout the previous twelve lines. In Shakespeares poem, however, the sudden statement at the end and his dramatic declaration of love is surprising. And yet, by heaven, I think my love as rare is completely unexpected as the irony and mockery from the previous lines has been cancelled by this one strong statement. The expression by heaven suggests a outburst of love and feeling whi ch seems spontaneous and genuine. The rhyming words rare and compare gives a feeling that the poet has reached his conclusion about how he feels. Duffys poem ends with that next best bed which almost makes a mockery of the thought that their bed isnt the best and Anne makes it clear that it really isnt the second best and that in fact what went on sexually and romantically between husband and wife makes it the best bed. Shakespeare uses the word belied in his sonnet to describe how conventional love poets compare their women falsely. False compare suggests that others praise womens beauty in fake terms but the declaration of Shakespeares love is sincere. Duffy and Shakespeare both explore the subject of love but in different ways. Duffys poem reflects that although time brings things to an end, its the memories and love between people which keep things alive and Annes love towards her husband is kept prominent throughout the poem by the romantic terms used. Shakespeares poem focuses more on his womans real attributes rather than falsely comparing her to impossible qualities and therefore he makes a mockery of poets who do. Shakespeares love proves to be more real and personal as he loves his woman despite all of her flaws, Duffy presents a love which is, perhaps, more rare and magical as Shakespeares talents are highly praised. .Both poems come to the definite conclusion that a special love is possible although they choose a very difficult approach to explore this subject. Karishma Kapoor 10H

Phenomenology and Architecture Essay -- Environmental and Architectural

Introduction Phenomenology can be deemed to be both an unambiguous academic research field and a theoretical design current within contemporary architecture and is usually founded on one’s experience of the materials used in construction inclusive of their sensory characteristics. In this regard, architecture is the impetus towards transformation and inspiration of an individual’s daily existence. Unlike other forms of art, architecture employs the immediacy of an individual’s sensory perception. The complete architectural experience is dependent on many factors such as details, materials, texture, color phenomena, transparency and shadows, time passage, etc. There is the huge phenomenon that phenomenology does not exist in architecture but rather the problems associated with it. This theory is very debatable and this paper will aim at expounding on some of the aspects associated with phenomenology. Acoustical Intimacy Science The ear, which is the organ that the body uses to achieve acoustical intimacy, is capable of defining a space and the resultant effect is a sculptural image encrypted in the deep parts of the mind. Acoustic science dictates that sound can be softened or refracted by the surfaces of copious entities of personal life. All spaces and buildings posses individual characteristic sounds of monumentality or intimacy, hostility or hospitality and invitation or rejection. The ability to hear generates a sense of solidarity and connection contrary to the ability to see which creates a feeling of solitude. The sound of a friend approaching you behind your back definitely has a charge filled with emotion as th... ...nds: TU Delft Department of Industrial Design, 2006. Holl, Steven, Juhani Pallasma, and Alberto Perez- Gomez. Questions of Perception. Tokyo: a+u Publishing Co., 1994. Le Corbusier. Towards a new architecture. London: Architectural press, 1959. Levin, D.M. The Opening of Vision – Nihilism and the Postmodern Situation. New York and London: Routledge, 1988. Pallasmaa, Juhani. An Architecture of the Seven Senses, Questions of Perception. Tokyo: a+u Publishing Co., 1994. Pallasmaa, Juhani. The eyes of the skin – Architecture and the Senses. Great Britain: Academy Editions, 1994. Yusufzai, Zinat. â€Å"The Lucidity of Place.† Thesis of Master of Architecture in the Virginia Polytechnic Institute and State University (2001): 10-20. http://scholar.lib.vt.edu/theses/available/etd-11302001-161439/unrestricted/thesis-low-res.pdf (accessed February 19, 2014).

Actions of Goneril in Shakespeares King Lear Essay example -- Shakesp

Actions of Goneril in Shakespeare's King Lear Whenever the issue of power allocation arises, there usually emerge a few individuals who, given only a moderate amount of authority, overstep their bounds to exert more dominance than they rightfully own; such is the case with Goneril. Yet, although Goneril certainly errs in betraying the very father that bestowed a large dominion upon her, King Lear deserves much of the blame for Goneril's haughtiness. After grossly misinterpreting the reticence of his heretofore prized daughter Cordelia, Lear divides his kingdom between the mendacious Goneril and the scheming Regan, thereby leaving the fate of the land at their unskilled mercies. Naturally, Goneril relishes her newfound control, so when Lear comes to visit her with all of his knights in tow, she perceives him as encroaching upon the power that he has since relinquished. Additionally, Goneril notes (albeit in an exaggerated manner) the inconvenience that she incurs by housing these hundred men. Despite the outrage that one mig ht feel at the thought of a daughter mistreating h...

Law Schools :: essays research papers

The Beginning of Law Schools and The Study of Law   Ã‚  Ã‚  Ã‚  Ã‚   Up to the middle of the last century, the more popular method of legal instruction in America was the training of young law students in the office of a judge or practicing attorney. Even today a large number of lawyers in the United States receive their training somewhat in the same manner. In order to be admitted into the practice of law, one must pass a bar examination. This exam is conducted by a court or board acting under judicial direction. The knowledge needed to study for and pass the exam can be found wherever the candidate thinks they can find it. The oldest law school in America was of Judge Reeve in Litchfield, Connecticut, established in 1784. For several decades’ law students received their training through lectures and instruction by Judge Reeve and his assistants, whom were practicing lawyers. This oldest American law school was a private institution. After some time there was a rise in competitors, and law courses were introduced in connection with existing colleges. Among the new schools was Harvard College, whose first professorship of law dates from 1816, but the school did not attain its position of great and rapidly increasing significance for the development of legal instruction till 1830 (Gillers 20). In the beginning, the older American law schools were referred to as lecture schools. The “Blackstone’s Commentaries';, which were used for instruction earlier, formed the sole basis of work for these lecture schools. Through the lecture method a new style of teaching came about. It was called the text-book method. The main concept of this method was for the students to study and memorize the literature in the books and recite it to the instructor. In this method most of the students class time was occupied by mechanical testing of their knowledge and quizzing them during special hours (23). The two methods of instruction-lecture method and text-book method- were always present in newer schools and very effective. Even today in the United States these methods are used with a lot of improvements and added detail. During the early 1870’s a man by the name of Christopher Columbus Langdell created a new method of instruction for English law. Langdell was a New York city lawyer, he was appointed dean of Harvard law school in 1875. Langdell wanted to revise the curriculum of the school.

Carbon Trading

Carbon Trading: Future Money Making Venture for India Sarika Gupta Assistant Professor, P. M. B. Gujrati Commerce Collage, Indore Abstract Carbon Trading are generated by enterprises in the developing world that shift to cleaner technologies and thereby consumption, consequently reducing their greenhouse gas emissions. For each tone of carbon dioxide (the major GHG) emission avoided, the entity can get a carbon emission certificate which they can sell either immediately or through a futures market, just like any other commodity.The certificates are sold to entities in rich countries, like power utilities, which have targets to achieve and find it cheaper to buy ‘offsetting' certificates rather than do a clean-up in their own backyard. This trade is carried out under a mandated international convention on climate change to help rich countries reduce their emissions. Carbon dioxide, the most important greenhouse gas produced by combustion of fuels, has become a cause of global pa nic as its concentration in the Earth's atmosphere has been rising alarmingly.This devil, however, is now turning into a product that helps people, countries, consultants, traders, corporations and even farmers earn billions of rupees. This was an unimaginable trading opportunity not more than a decade ago. Introduction Carbon Trading are a part of international emission trading norms. They give incentives to companies or countries which emit less carbon. The total annual emissions are capped and the market allocates a monetary value to any shortfall through trading. Businesses can exchange, buy or sell Carbon Credit in international markets at the prevailing market price.India and China are likely to emerge as the biggest sellers and Europe is going to be the biggest buyers of Carbon Credit. India is one of the countries that have ‘credits' for emitting less carbon. India and China have surplus credit to offer to countries that have a deficit. India has generated some 30 mill ion Carbon Credits and has roughly another 140 million to push into the world market. Waste disposal units, plantation companies, chemical plants and municipal corporations can sell the Carbon Credits and make money.Carbon, like any other commodity, has begun to be traded on India’s Multi Commodity Exchange for last 3-4 years. MCX has become first exchange in Asia to trade Carbon Credits. Carbon Trading certify the removal of greenhouse gas from the air or the prevention of greenhouse gas emissions. Each carbon credit is associated with a single tone of carbon dioxide. There are many different kinds of Carbon Trading. How does Carbon Credit save the planet? As nations have progressed we have been emitting carbon, or gases which result in warming of the globe.Some decades ago a debate started on how to reduce the emission of harmful gases that contributes to the greenhouse effect that causes global warming. So, countries came together and signed an agreement named the Kyoto Pr otocol. The Kyoto Protocol has created a mechanism under which countries that have been emitting more carbon and other gases (greenhouse gases include ozone, carbon dioxide, methane, nitrous oxide and even water vapor) have voluntarily decided that they will bring down the level of carbon they are emitting to the levels of early 1990s.Developed countries, mostly European, had said that they will bring down the level in the period from 2008 to 2012. In 2008, these developed countries have decided on different norms to bring down the level of emission fixed for their companies and factories. A company has two ways to reduce emissions. (a) One, it can reduce the GHG (greenhouse gases) by adopting new technology or improving upon the existing technology to attain the new norms for emission of gases. (b) Or it can tie up with developing nations and help them set up new technology that is eco-friendly, thereby helping developing country or its companies ‘earn' credits.India, China a nd some other Asian countries have the advantage because they are developing countries. Any company, factories or farm owner in India can get linked to United Nations Framework Convention on Climate Change and know the ‘standard' level of carbon emission allowed for its outfit or activity. The extent to which I am emitting less carbon (as per standard fixed by UNFCCC) I get credited in a developing country. This is called carbon credit. These credits are bought over by the companies of developed countries mostly Europeans because the United States has not signed the Kyoto Protocol.How does it work in real life? Assume that British Petroleum is running a plant in the United Kingdom. Say, that it is emitting more gases than the accepted norms of the UNFCCC. It can tie up with its own subsidiary in, say, India or China under the Clean Development Mechanism. It can buy the ‘carbon credit' by making Indian or Chinese plant more eco-savvy with the help of technology transfer. It can tie up with any other company like Indian Oil, or anybody else, in the open market. In December 2008, an audit will be done of their efforts to reduce gases and their actual level of emission.China and India are ensuring that new technologies for energy savings are adopted so that they become entitled for more Carbon Trading. They are selling their credits to their counterparts in Europe. This is how a market for carbon credit is created. Every year European companies are required to meet certain norms, beginning 2008. By 2012, they will achieve the required standard of carbon emission. So, in the coming five years there will be a lot of carbon credit deals. Where do Carbon Trading fit in the planet saving action plan? 1. Recognize that everything we do has associated greenhouse gas emissions 2.Reduce your emissions. 3. Offset with fully certified Carbon Trading today (because the planet can't wait) Certification: the difference between carbon offsets and Carbon Trading There are many retailers offering uncertified carbon offsets. Purchasers should avoid carbon offsets that don't come with a certification as they provide no guarantees that you are getting what you are paying for. All certifications are not equal There are many different kinds of certification available globally. Before you buy, make sure that the certification comes from a trusted third party source.For larger orders Carbon Planet can source any kind of certified carbon credit you seek. However, we do recommend our standard premium stock of NGACs. Find out more about our procurement policies we enforce when sourcing Carbon Trading for you to buy. Carbon Planet currently offers 2 different kinds of certified Carbon Credit as standard stock: 1. Forestry Sequestration NGACs from Forests NSW 2. Carbon Saving NGACs from Showerhead and Light bulb replacement. Forestry Sequestration NGACs The New South Wales Greenhouse Abatement Certificate (NGAC) certification process is comprehensive.It incl udes Kyoto Protocol measures, but goes beyond these. In summary the NGAC certification process ensures the following: * That each NGAC represents one tone of carbon dioxide stored for at least 100 years. * That the trees have been planted since 1990. * That the trees weren't planted on old growth forest cleared land (the land must have been clear prior to 1990). * That should the tree from which your carbon credit came come to any harm within 100 years of your purchase e. g. fire, disease, logging; that carbon credit will be replaced immediately from another source. From NSW Government â€Å"When can a forest manager create NGACs† NSW Greenhouse Gas Abatement Scheme Fact Sheet Published: October 2004). Forests NSW's carbon pool is audited annually to ensure that every carbon credit issued corresponds to one tonne of carbon dioxide removed from the atmosphere for 100 years. Carbon Saving NGACs Carbon Planet's current stock of Carbon Saving NGACs is generated from shower head a nd light bulb replacement. This is called Demand Side Abatement. The NGAC certification ensures, with a high level of confidence, that at least one tonne of carbon dioxide equivalent has been saved per carbon credit.Thus by purchasing a monthly subscription of NGAC Carbon Trading, you can continuously erase your CO2 footprints. Procedure of trading in carbon: (i) What is Clean Development Mechanism? Under the CDM you can cut the deal for carbon credit. Under the UNFCCC, charter any company from the developed world can tie up with a company in the developing country that is a signatory to the Kyoto Protocol. These companies in developing countries must adopt newer technologies, emitting lesser gases, and save energy.Only a portion of the total earnings of Carbon Trading of the company can be transferred to the company of the developed countries under CDM. There is a fixed quota on buying of credit by companies in Europe. (ii) How does MCX trade Carbon Credits? This entire process was not understood well by many. Those who knew about the possibility of earning profits, adopted new technologies, saved credits and sold it to improve their bottom line. Many companies did not apply to get credit even though they had new technologies. Some companies used management consultancies to make their plan greener to emit less (Green House Gas) GHG.These management consultancies then scouted for buyers to sell Carbon Trading. It was a bilateral deal. However, the price to sell Carbon Trading at was not available on a public platform. The price range people were getting used to was about Euro 15 or maybe less per tone of carbon. Today, one tone of carbon credit fetches around Euro 22. It is traded on the European Climate Exchange. Therefore, you emit one tone less and you get Euro 22. â€Å"Emit less and increase/add to your profit† MCX is the futures exchange of India. People here are getting price signals for the carbon for the delivery in next five years.The exchange is only for Indians and Indian companies. Every year, in the month of December, the contract expires and at that time people who have bought or sold carbon get or take delivery. They can fulfill the deal prior to December too, but most people wait until December because that is the time to meet the norms in Europe. The MCX decides to trade Carbon Credit because they are into futures trading. Let people decide, if they want to hold on to their accumulated Carbon Credit or sell them now. If the buyer thinks that the current price is low for him, he can wait before selling his credits.The Indian government has not fixed any norms nor has it made it compulsory to reduce carbon emissions to a certain level. So, people who are ready to buy from Indians are actually financial investors. They think that if the Europeans are unable to meet their target of reducing the emission levels by 2009 or 2010 or 2012, then the demand for the carbon will increase and then they can make more money. So the investors are willing to buy now to sell later. There was a huge requirement of Carbon Trading in Europe before 2012. There are parameters set and detailed audit is done before you get the entitlement to sell the credit.In India, already 300 to 400 companies have Carbon Trading after meeting UNFCCC norms. Only those Indian companies that meet the UNFCCC norms and take up new technologies will be entitled to sell Carbon Trading. Till MCX came along, these companies were not getting best-suited price. Some were getting Euro 15 and some were getting Euro 18 through bilateral agreements. When the contract expires in December, it is expected that prices will be firm up then. On MCX we already have power, energy and metal companies who are trading. These companies are high-energy consuming companies. They need better technology to emit less carbon.These Carbon Trading are with the large manufacturing companies who are adopting UNFCCC norms. Retail investors can come in the market and buy the contract if they think the market of carbon is going to firm up. Like any other asset they can buy these too. It is kept in the form of an electronic certificate. The registry and the ownership travel from the original owner to the next buyer. In the short-term, large investors are likely to come and later banks are also expected to get into the market too. This business is a function of money, and someone will have to hold on to these big transactions to sell at the appropriate time.Price Determination Like in the case of any other asset, its price is determined by a function of demand and supply. Now, norms are known and on that basis European companies will meet the target between December 2008 and 2012. People are wondering how much credit will be available in market at that time. As December gets closer, it is possible that some government might tinker with these norms a little if the targets could not be met. If these norms are changed, prices can go through a correcti on. But, as of now, there is a very transparent mechanism in which the norms for the next five years have been fixed.Governments have become signatories to the Kyoto Protocol and they have set the norms to reduce the level of carbon emission. Already companies are on the way to meet their targets. It is a safe market because it is a matter of having more information on the extent of demand and supply of carbon credit market. Analyzing Indian Scenario India being a developing country has no emission targets to be followed. However, she can enter into CDM projects. As mentioned earlier, industries like cement, steel, power, textile, fertilizer etc. emit green houses gases as an outcome of burning fossil fuels. Companies investing in Windmill,Bio-gas, Bio-diesel, and Co-generation are the ones that will generate Carbon Credit for selling to developed nations. Polluting industries, which are trying to reduce emissions and in turn earn Carbon Credit and make money include steel, power ge neration, cement, fertilizers, waste disposal units, plantation companies, sugar companies, chemical plants and municipal corporations. Delhi Metro Rail Corporation (DMRC) A must mention project is The Delhi Metro Rail Corporation (DMRC): It has become the first rail project in the world to earn Carbon Credit because of using regenerative braking system in its rolling stock.DMRC has earned the Carbon Credit by using regenerative braking system in its trains that reduces 30% electricity consumption. Whenever a train applies regenerative braking system, the released kinetic energy starts a machine known as converter-inverter that acts as an electricity generator, which supplies electrical energy back to the Over Head Electricity (OHE) lines. This regenerated electrical energy that is supplied back to the OHE that is used by other accelerating trains in the same service line. DMRC can now claim 400,000 CERs for a 10-year crediting period beginning December 2007 when the project was reg istered by the UNFCCC.This translates to Rs 1. 2 crore per year for 10 years. India has the highest number of CDM projects registered and supplies the second highest number of Certified Emission Reduction units. Hence, India is already a strong supplier of Carbon Credit and can improve it. BENEFITS FOR INDIA By, switching to Clean Development Mechanism Projects, India has a lot to gain from Carbon Trading: a) It will gain in terms of advanced technological improvements and related foreign investments. b) It will contribute to the underlying theme of green house gas reduction by adopting alternative sources of energy. ) Indian companies can make profits by selling the CERs to the developed countries to meet their emission targets. TRADING OF CERS: †¢ As a welcome scenario, India now has two Commodity exchanges trading in Carbon Credit. This means that Indian Companies can now get a better trading platform and price for CERs generated. †¢ Multi Commodity Exchange (MCX), Indi a’s largest commodity exchange, has launched futures trading in Carbon Credit. The initiative makes it Asia's first-ever commodity exchange and among the select few along with the Chicago Climate Exchange (CCE) and the European Climate Exchange to offer trades in Carbon Credit.The Indian exchange also expects its tie-up with CCX which will enable Indian firms to get better prices for their Carbon Trading and better integrate the Indian market with the global markets to foster best practices in emissions trading. †¢ On 11th April 2008, National Commodity and Derivatives Exchange (NCDEX) also has started futures contract in Carbon Trading for delivery in December 2008. †¢ MCX is the futures exchange. People here are getting price signals for the carbon for the delivery in next five years. The exchange is only for Indians and Indian companies.Every year, in the month of December, the contract expires and at that time people who have bought or sold carbon will have to g ive or take delivery. They can fulfill the deal prior to December too, but most people will wait until December because that is the time to meet the norms in Europe. If the Indian buyer thinks that the current price is low he will wait before selling his credits. The Indian government has not fixed any norms nor has it made it compulsory to reduce carbon emissions to a certain level. So, people who are coming to buy from Indians are actually financial investors.They are thinking that if the Europeans are unable to meet their target of reducing the emission levels by 2009, 2010 or 2012, then the demand for the carbon will increase and then they may make more money. So investors are willing to buy now to sell later. There is a huge requirement of Carbon Trading in Europe before 2012. Only those Indian companies that meet the UNFCCC norms and take up new technologies will be entitled to sell Carbon Trading. There are parameters set and detailed audit is done before you get the entitlem ent to sell the credit. Financing support in India: †¢ Carbon Trading projects requires huge capital investment.Realizing the importance of Carbon Trading in India, The World Bank has entered into an agreement with Infrastructure Development Finance Company (IDFC), wherein IDFC will handle carbon finance operations in the country for various carbon finance facilities. †¢ The agreement initially earmarks a $10-million aid in World Bank-managed carbon finance to IDFC-financed projects that meet all the required eligibility and due diligence standards. †¢ IDBI has set up a dedicated Carbon Credit desk, which provides all the services in the area of Clean Development Mechanism/Carbon Credit (CDM). In order to achieve this objective, IDBI has entered into formal arrangements with multi-lateral agencies and buyers of Carbon Trading like IFC, Washington, KfW, Germany and Sumitomo Corporation, Japan and reputed domestic technical experts like MITCON. †¢ HDFC Bank has sig ned an agreement with Cantor CO2E India Pvt. Ltd and MITCON Consultancy Services Limited (MITCON) for providing carbon credit services. As part of the agreement, HDFC Bank will work with the two companies on awareness building, identifying and registering Clean Development Mechanism (CDM) and facilitating the buy or sell of Carbon Credit in the global market.International moves to promote energy self-sufficiency and cut carbon emissions will create a unique opportunity for innovative start-ups to emerge as key infrastructure players over the next few years. The transition to a low-carbon economy will spark a period of historic flux within the business community, characterized by fast-emerging companies and heightened mergers and acquisition activity across the clean tech sector.The global trade in Carbon Credits has taken off fairly well with the turnover going up from $11 billion in 2005 to $118 billion in 2008. Carbon markets investments planned have exceeded all expectations. But the resistance to the idea seems to be gathering steam with many in the developed countries pointing out procedural deficiencies and arguing that Carbon Credits will confer unfair advantages on companies in developing countries like China and India, the major sellers of carbon credit.But despite growing opposition, the concept of Carbon Credits continues to soar steadily, boosting the number of emission-reducing projects in the pipeline from 490 in end-2005 to 4,782 in November 2009, and pushing up the total Carbon Credit supply from 704 million CERs to 2,820 million CERs during the period. One reason the concept of Carbon Credits has gained popularity is its ability to create a political alliance of forces on opposing sides like Left-wing environmentalists and free market proponents.While the former believe that the polluters have no significant incentives for self-regulation and have to be curbed through government intervention, the latter believe that such command and control in tervention would wreak havoc and that the market would eventually offer an optimal solution. Carbon trading regulations helped break the impasse by providing a clear target that the environmentalists could embrace, while at the same time favoring the market mechanism over governmental regulation as advocated by the Right.An added advantage of the Carbon Credits is that it optimizes investments in emission-reduction projects by encouraging projects in countries where the cost of reducing emissions is the least, which generally goes in favor of developing countries. Countries like India have favored carbon trade, as it offers a win-win situation for both entrepreneurs and the broader society. While innovative companies that help reduce emissions are provided with Carbon Credits, which they can encase to boost viability or earn profits, the gains to society accrue in the form of a smaller destabilizing impact on the environment.Opportunities for carbon-efficient companies in India IFC and Standard ; Poor’s have launched the world’s first carbon-efficient index for emerging markets that aims to mobilize more than $1 billion for carbon-efficient companies over the next three years. The innovative S;P/IFC Carbon Efficient Index will encourage carbon-based competition among emerging-market companies, give carbon-efficient companies access to long-term investors, and should help reduce carbon emissions in developing countries. The index was developed by S;P using carbon data provided by environmental data provider Trucost.IFC provided financial support to the S;P/Trucost consortium to accelerate the carbon research on emerging-market companies, and it provided technical support to help validate and refine the methodology. The rollout of smart grid and renewable energy technologies will also usher in transformative alliances between automakers, utilities, battery makers, communications providers and renewable energy firms as they each seek to play a role in the development of integrated low-carbon infrastructure projects.Companies that identify their roles and capitalise on these new alliances earliest will establish sizable leads in nascent clean technology markets. New forms of public-private partnerships will be necessary in creating a ubiquitous, national smart grid, but these new models of collaboration must be closely managed to ensure technologies are rolled out quickly and effectively. Underpinning these clean technology transformations is increased support from the investment community Referances * Mathews, John A. 2008) â€Å"How Carbon Credits could drive the emergence of renewable energies†http://ideas. repec. org/a/eee/enepol/v36y2008i10p3633-3639. html * www. rediff. com/money/2008/feb/05inter. * www. carbontrading. com/c/ * ions Trading; Joint Implementation; Clean Development Mechanindex. php%3Fa†¦ – Cached – Similar * Carbon Tredits India. Emissism (CDM) †¦ India has generated approxim ately 30 Million Carbon Credits and approximately www. globaladvisors * Carbon Credits; by Garg A . in Chartered Secretary November , 2009. * National solid waste of India . News letter, February 2007.

Chess: Nervous System and Turkish Tribes

Chess is an old game which had been played by enemies of commanders before war began in order to they prove their intelligent against his rival centuries ago. Although chess did not become widespread among Turkish tribes in the past because of some religious and traditional reasons, finally it gained its reputation in most of school nowadays. It is well known fact that Turkish tribes are famous with epic warriors in according to varied source of history books. Chess is also epic game, with the chessboard resembles a battlefield and two sets of pieces the two contending armies and the two rival players think in terms of attack, defense, capture, threats ambushes and tactics. The chess game is full of such activities which suggest a real and live combat. It is obvious that this game is more suitable Turkish customs than other nation cultures even if chess is invented by Indian people. A player of chess is required some qualifications like he can make a decisive move in very complex situation even if under the pressure. That’s why a person who plays chess activates the central nervous system and develops positive emotional reactions. It is very good training challenging task and develop mental health in another stages for a person who plays chess. Opponents of chess have claimed that some arguments to support their arguments. Firstly, chess is objected by some people who misunderstood the Turkish religious because of it does not suitable for Turkish religious. So religious group assert that playing chess is a sin and it is banned by the god because, it was invented by the Indian people and they do not know anything about Turkish religious. But there are a lot of inventions in the Turkish society taken from other nations. Besides, god suggests that If something is useful for human there is no sin using it in the Quran. Secondly opponents of chess claim that playing chess means that spending waste of leisure. They claim that instead of playing chess, leisure can be spent more effectively with another sports. In fact that there is not any other game hobby or diversion as philosophical, intellectual, effectively and thoughtful as chess. In a word, it seems no doubt that there are many valid reasons in support of playing chess. We can understand that a person who plays chess can take a lot of benefit. There cannot be better pursuit than playing chess in leisure time. It not only keeps you busy but also gives entertainment.