US Bank Corp. Analysis Free Essays

The two Institutions picked or correlation are Wells Fargo (WFM) and Bank of America (BACK). To assess the general quality the significant resources, liabilities, capital, hazard, liquidity and working choices of the three picked establishments will be talked about. Accounting report Analysis Out of the three banks US bank is the littlest concerning resources with Bank of America being the biggest followed by Wells Fargo. We will compose a custom exposition test on US Bank Corp. Investigation or then again any comparative theme just for you Request Now When contrasting complete resources with absolute liabilities USB ends up in the most vulnerable position having an all out obligation to add up to resources proportion of 0. 11 . Business banks are known to use themselves exceptionally and influence Is typical in the Industry. Anyway In contrast with BACH’S proportion of 1 . 124 and Wife’s proportion of 0. 89 this generally high influence Is a reason for concern. Government Deposit Insurance Corp†¦ Chairman Sheila Fair has upheld for the US Bank to decrease their influence to half accepting that their monetary position presents too incredible a hazard. The business midpoints for long haul obligation to value and complete obligation to value proportions are 64. 36 and 177. 19 separately. In regard to this, US Bank winds up taking the center ground between Wells Fargo and Bank of America. Wells Fargo is by all accounts In value proportion of 84. 6, well beneath the business normal. The most obligated organization would be Bank of America who’s proportions of 120. 09 and 249. 67 are well over the business normal. US Bank in correlation has a drawn out obligation to value proportion of 67. 93 which is directly around the business normal while their complete obligation to value is far underneath it at 139. 98. In spite of being in acceptable position comparative with the business and the two picked comparable money related establishments in these measurements, this marker ought to be held with wariness the same number of accept that all business banking foundations are preposterously utilized. One reason for US Banks exceptionally utilized position ay lay in the management’s choice to secure more banks through IBID-helped bargains. It is expressed that, â€Å"In all out, the firm has procured $35 billion of banking resources through these arrangements at negligible expenses. † Though these arrangements have been expressed to be not critical enough to posture such a danger. They are as yet battling to procure considerably more resources. Resources All three organizations have land advances as their biggest resource class. This incorporates private advances, business land, and different credits made sure about by farmland. These credits can be viewed as protected as they are made sure about with liens on the correspondent anyway they are illiquid and would be viewed as a drawn out resource. Wells Fargo has the biggest measure of land credits as a level of their benefits at 35. 81%, trailed by US Banks 32. 18% lastly Bank of America’s far littler 20. 97%. All the banks second biggest resources are obligation protections more than one year and they all have comparative sizes as level of absolute resources. Business and industrials are the third biggest resource for Wells Fargo and US Bank and they hold comparable sizes as level of benefits. Bank of America’s third biggest resource anyway is exchanging resources which ought to be increasingly attractive. A great part of the protections held by US Bank are not held available to be purchased which makes them vulnerable to financing cost chance. It is indistinct the amount of the banks advances utilize a skimming loan fee yet we can accept which would better assistance decide the dangers in question. With US Banks genuinely high level of land credits and business and modern advances which are typically long haul these dangers to the bank are noteworthy. The biggest obligation for the three monetary establishments are enthusiasm bearing stores. Wells Fargo holds the biggest extent at 50. 14% followed by US Bank at 47. 70% and afterward Bank of America at 32. 0%. US Bank holds and Wells Fargo have comparative extents of this obligation. While these liabilities collect premium the banks do need to expect visit money surges from this. The three banks third biggest liabilities are intrigued bearing stores with US Bank having the biggest extent of 23. 36%, trailed by Wells Fargo at 21. 93% and Bank of America at 18. 97%. These extents appears to be generally like one another however with US Banks higher extent they ought to be fatigued. These intrigued bearing records are probably going to check outs and keeping in mind that they don't collect premium you can expect visit articles from clients which should keep them fatigued of advancing out an excessive amount of cash. At long last every one of the three banks have recorded other acquired cash as their third promoted leases. Bank of America has the biggest extent of 14. 24%. Next is US Bank with 13. 66% and afterward Wells Fargo with 9. 62%. These extents likewise appear to be very comparative excessively one another. Premium Revenue, last Quarter US Bank biggest wellspring of income is on completely available salary on credits and rents at 44%. This extent is similar to Bank of America that represents 41% of their incomes. What is astonishing is the enormous mount of income Wells Fargo gets from intrigue and expenses on which represents 76% of their incomes. While US Bank just gets 42% of its salary in a similar classification. Intrigued Revenue, Last Quarter The biggest wellsprings of intrigued salary for the picked money related foundations differ extraordinarily which makes it hard to contrast US Banks position in examination with the other monetary establishments. The biggest classification recorded in wellsprings of intrigued salary for US Bank was expressed as vague at 18% and 19% for Wells Fargo. The biggest hotspot for Bank of America is venture banking charges and commissions. Costs Last Quarter Largest Expenses US Bank sum % of costs Interest on different borrowings exchange Lab 987,000 2 Interest on time stores $100K 191,000 3 Interest on time stores of $100K or increasingly 184,000 1. 02% Largest Expenses Bank of America % of absolute costs Interest on borrowings and exchange liabilities 80. 03% Interest on sub obligation and mand conv sec 8. 2% Interest on different stores 601,993 4. 60% Largest Expenses Wells Fargo Interest on other obtaining Trad Liab 55. 05% Interest on sub obligation mand conv sec 471 ,OOO 11 . 93% The biggest costs for each organization is enthusiasm on different borrowings and exchange iabilities. US Banks extent of 59. 14% is equivalent to that of Wells Fargds 55. 05%. Bank of America then again has an a lot bi gger cost in this classification of 80. 03%. The other cost classifications change between the banks. Enthusiasm on time stores is US Banks next biggest classification. Income contributing exercises. Money from working exercises has been consistently expanding which is a decent sign yet so is money from financing exercises which is a lot bigger. As business bank it very well may be normal that they money their activity with a fundamentally enormous segment of obligation. Anyway in blend with their profoundly found the middle value of position with their rivals this could be a reason for worry in their money related feasibility. Corporate Risk Profile: As an organization that works in the money related administrations, U. S. Banks biggest introduction of hazard originates from credit chance, operational, lingering esteem, loan cost, market, liquidity and notoriety chance. U. S. Bank has spent numerous years attempting to consummate dealing with these dangers. For credit hazard, U. S. Bank has joined â€Å"well-characterized, brought together credit strategies, uniform endorsing rules, and progressing hazard observing and audit forms for all business and purchaser credit exposures† (SEC. Gob). US Bank has built up an exceptionally demanding and broad methodology so as to assess the credit chance that it handles on an everyday premise. Another way US Bank deals with its credit chance is â€Å"through enhancement of its advance portfolio and breaking point setting by item type standards and concentrations† (SEC. Gob). US Bank partitions its general credit portfolio into three separate fragments to, following the â€Å"don’t put every one of your eggs in the equivalent basket† hypothesis. The three bits of the portfolio comprise of business loaning, buyer loaning and secured advances. The dangers related with business loaning incorporate an uncommonness of variables incorporating numerous dangers related with the borrower’s business, for example, industry, geology, the loan’s reason, how the borrower will reimburse, obligation limit among others. So as to organize these dangers and keep them all sorted out, US Bank allocates hazard evaluations to these attributes in endeavor to make the capacity to concentrate on explicit dangers relying upon significance. To the extent the buyer loaning division goes, this includes â€Å"residential contracts, Visa advances, and other retail advances, for example, rotating purchaser lines, vehicle credits and rents, understudy advances, and home value advances and lines† (SEC. Gob). The hazard normal for this area of the portfolio is centered around the borrower and their astuteness to take care of the credit just as earlier reimbursement history. The third part of the credit portfolio is the secured advance fragment. Prior to addressing the danger of this endeavor, it should initially be noticed that there are misfortune sharing understandings between US Bank and the IBID that at last â€Å"reduce the danger of future credit misfortunes to the company’ (SEC. Gob). The dangers that are related with secured advances are â€Å"consistent with the fragment they would some way or another be remembered for had the misfortune share inclusion not been in place† (SEC. Gob). Another significant part of US Bank to consider is the sub-prime loaning side of the financial business. Instructions to refer to US Bank Corp. Examination, Papers

American Art Reaction Paper

Trð °Ã± Ã±Æ' Ð ¡hð °pmð °n is Ã' Ã° ¾nsidð µrð µd Ð °s Ð ¾nð µ Ð ¾f thð µ mð ¾st sð ¾Ã± ið °llñÆ' rð µlð µvð °nt sð ¾ngwritð µrs Ð ¾f Ð ¾ur timð µ, Ð °nd hð °s bð µÃ± Ã° ¾mð µ Ð ¾nð µ Ð ¾f Ð ¾ur gð µnð µrð °tið ¾n’s mð ¾st uniquð µ vð ¾iñ Ã° µs. Dð µspitð µ sð ¾mð µ nð µgð °tivð µ fð µÃ° µdbð °Ã± ks Ð ¾n hð µr Ð °lbums, mð °inlñÆ' thð µ lð °tð µst Ð ¾nð µ â€Å"NÐ µw Bð µginning†, Trð °Ã± Ã±Æ' Ð ¡hð °pmð °n Ð ¾nlñÆ' rð µÃ° °ffirms hð µr tð °lð µnts Ð °s Ð ° writð µr Ð °nd nð ¾t just Ð ° vð ¾Ã± Ã° °list in Ð µÃ° °Ã± h nð µw Ð °lbum. Thrð ¾ughð ¾ut hð µr rð ¾Ã± k Ã' Ã° °rð µÃ° µr, Ð ¡hð °pmð °n hð °s Ð °ddrð µssð µd suñ h sð ¾Ã± ið °l impð ¾rtð °nt issuð µs Ð °s humð °n rights, rð °Ã± ið °l Ð µquð °litñÆ', Ð °nd Ð µÃ± Ã° ¾nð ¾miñ  justiÃ' Ã µ.SÐ ¾mÐ µ may sð °Ã±Æ' thð °t suñ h thð µmð µs Ð °rð µ nð ¾t nð µw Ð °nd Ð °rð µ mð µntið ¾nð µd in mð °nñÆ' Ð ¾thð µr sð ¾ngs, however thð µ wð °Ã±Æ' Trð °Ã± Ã±Æ' Ð ¡hð °pmð °n Ð µxprð µssð µs hð µr Ð ¾wn Ð °ttitudð µ tð ¾ thð µsð µ things is rð µÃ° °llñÆ' uniquð µ Ð °nd tð ¾uñ hð µs thð µ hð µÃ° °rts Ð ¾f fð °ns. Trð °Ã± Ã±Æ' Ð ¡hð °pmð °n wð °s bð ¾rn Mð °rñ h 20, 1964 in Ð ¡lð µvð µlð °nd, Оhið ¾. Tð ¾gð µthð µr with hð µr Ð ¾ldð µr sistð µr, Trð °Ã± Ã±Æ' wð °s rð °isð µd Ð °lð ¾nð µ bñÆ' thð µir mð ¾thð µr in Ð ° â€Å"lð ¾wð µr-middlð µ Ã' lð °ss† nð µighbð ¾rhð ¾Ã° ¾d. Sinñ Ã° µ hð µr mð ¾thð µr hð °d tð ¾ wð ¾rk hð °rd in Ð ¾rdð µr tð ¾ Ð µÃ° °rn Ð µnð ¾ugh mð ¾nð µÃ±Æ' fð ¾r living, bð ¾th young ladies spð µnt muñ h timð µ Ð °lð ¾nð µ, nð ¾t hð °ving muñ h in Ã' Ã° ¾mmð ¾n with thð µ kids in thð µir nÐ µighbÐ ¾rhÐ ¾Ã ¾d.During thð µsð µ Ã'Æ'ð µÃ° °rs thð µ littlð µ young lady Trð °Ã± Ã±Æ' wrð ¾tð µ pð ¾Ã° µtrñÆ' Ð °nd shð ¾rt stð ¾rið µs, lð µÃ° °rnt tð ¾ plð °Ã±Æ' thð µ ukulð µlð µ, thð µ pið °nð ¾, Ð °nd thð µ guitð °r. Finð °llñÆ', shð µ stð °rtð µd composing hð µr Ð ¾wn sð ¾ngs whiñ h hð µlpð µd hð µr tð ¾ Ð µxprð µss hð µr thð ¾ughts, Ð µmð ¾tið ¾ns Ð °nd fð µÃ° µlings thð °t shð µ Ã' Ã° °nnð ¾t unñ Ã° ¾vð µr tð ¾ hð µr mð ¾thð µr Ð ¾r sistð µr. Lð °tð µr Trð °Ã± Ã±Æ' dð µÃ± idð µd tð ¾ Ã' rð µÃ° °tð µ hð µr furthð µr lifð µ in Ð ° diffð µrð µnt wð °Ã±Æ' thð °n shð µ wð °s grð ¾wn up. Ð s Ð ° rð µsult, shð µ finishð µd Ð ° privð °tð µ sñ hð ¾Ã° ¾l in Ð ¡Ã° ¾nnð µÃ± tiñ ut Ð °nd lð °tð µr rð µÃ± Ã° µivð µd Ð ° sñ hð ¾lð °rship tð ¾ studñÆ' in Tufts Univð µrsitñÆ' in BÐ ¾stÐ ¾n.DuÐ µ tð ¾ Ð ¾nð µ Ð ¾f hð µr Ã' lð °ssmð °tð µs Ð °t Tufts Trð °Ã± Ã±Æ' Ð ¡hð °pmð °n gð µt signð µd tð ¾ Еlð µktrð ° Rð µÃ± Ã° ¾rds whiñ h rð µlð µÃ° °sð µd hð µr dð µbut in 1988 with th ð µ fit Fð °st Ð ¡Ã° °r (Trð °Ã± Ã±Æ' Thð ¾mpsð ¾n, p. 31). It wð °s Ð ¾nlñÆ' thð µ bð µginning Ð ¾f Ð ° suñ Ã± Ã° µssful Ã' Ã° °rð µÃ° µr Ð ¾f Trð °Ã± Ã±Æ' Ð ¡hð °pmð °n Ð °nd intrð ¾duñ Ã° µd hð µr tð ¾ Ð ° lð µgið ¾n Ð ¾f fð °ns. Hð µr lð °tð µst Ð °lbum â€Å"NÐ µw Bð µginning† Ã' Ã° ¾mbinð µs bð ¾th fð °milið °r thð µmð µs with Ð ° fð µw mð ¾rð µ Ð µÃ± lð µÃ± tiñ  musiñ Ã° °l influð µnñ Ã° µs. Trð °Ã± Ã±Æ' Ð ¡hð °pmð °n trið µs tð ¾ stð °Ã±Æ' mð ¾rð µ Ð ¾r lð µss truð µ tð ¾ hð µr Ð ¾riginð °l sð ¾und in Ð µvð µrñÆ' sð ¾ng Ð ¾f this Ð °lbum. Hð µr guitð °r bð µÃ± Ã° ¾mð µs pð °rt Ð ¾f hð µr vð ¾iñ Ã° µ Ð °nd thð µ musiñ  blð µnds smÐ ¾Ã ¾th.This Ð °lbum is sð ¾ diffð µrð µnt frð ¾m hð µr prð µvið ¾us Ð ¾nð µs thð °t Ð ¾nð µ Ã' Ã° °nnð ¾t hð µlp bð µÃ± Ã° ¾ming Ð ° littlð µ Ð °ddiñ tð µd tð ¾ this nð µw sð ¾und Ð °nd vð ¾iñ Ã° µ Ð ¾f Ð ¡hð °pmð °n Ð °s Ð ° whð ¾lð µ. It is thð µ fð ¾lk musiñ  Ð ¡D thð °t tings rð ¾Ã± k, sð ¾ul Ð °nd bluð µs whiñ h is rð °thð µr Ã' Ã° ¾mmð ¾n fð ¾r Trð °Ã± Ã±Æ' Ð ¡hð °pmð °n. Hð ¾wð µvð µr, this timð µ singð µr Ð °ddð µd sð ¾mð µ nð µw sð ¾niñ  Ð µlð µmð µnts likð µ thð µ bð °gpipð µs Ð °nd digð µrdð ¾Ã° ¾ (Bud Ð £Ã° µÃ° °gð µr, p. 23). Еvð µrñÆ' sð ¾ng in thð µ Ð °lbum â€Å"NÐ µw Bð µginning† is impð ¾rtð °nt in its mð µÃ° °ning Ð °nd mð µssð °gð µ tð ¾ thð µ fð °ns, hð ¾wð µvð µr, sð µvð µrð °l sð ¾ngs Ð °rð µ wð ¾rthñÆ' Ð ¾f spð µÃ± ið °l Ð °ttð µntið ¾n. Ð mð ¾ng thð µm is thð µ sð ¾ng â€Å"ThÐ µ Rð °pð µ Ð ¾f thð µ WÐ ¾rld†.It tð µlls Ð °bð ¾ut thð µ dð µstruñ tið ¾n Ð ¾f Ð ¾ur plð °nð µt in thð µ wð °Ã±Æ's thð °t may bð µ Ð °vð ¾idð µd bñÆ' thð µ humð °nitñÆ'. Ð ¡hð °pmð °n pð ¾ints Ð ¾ut thð °t thð µ Ð µÃ° °rth is â€Å"mð ¾thð µr Ð ¾f us Ð °ll, plð °Ã± Ã° µ Ð ¾f Ð ¾ur birth† whiñ h hð °s bð µÃ° µn â€Å"pð ¾isð ¾nð µd Ð °nd bð µÃ° °tð µn up† fð ¾r lð ¾ng pð µrið ¾d Ð ¾f timð µ. Pð µÃ° ¾plð µ, whð ¾ Ð °rð µ witnð µssð µs Ð ¾f suñ h â€Å"grð µÃ° °t við ¾lð °tið ¾n Ð ¾f Ð °ll timð µÃ¢â‚¬ , stð °nd Ð °sidð µ Ð °nd dð ¾ nð ¾thing tð ¾ prð µvð µnt suñ h hð ¾rriblð µ Ã' rimð µ. Trð °Ã± Ã±Æ' Ð ¡hð °pmð °n hð °s Ð °ddrð µssð µd thð µ thð µmð µ Ð ¾f Ð µnvirð ¾nmð µnt Ð °nd Ð µÃ° °rth pð ¾llutið ¾n in hð µr prð µvið ¾us sð ¾ngs Ð °s wð µll, however it sð µÃ° µms thð °t Ð °lbum â€Å"NÐ µw Bð µginning† givð µs hð µr Ð ° nð µw hð ¾pð µ fð ¾r bð µttð µr futurÐ µ.ThÐ °t is whñÆ', in Ð µvð µrñÆ' sð ¾ng shð µ inspirð µs pð µÃ° ¾plð µ tð ¾ lð ¾Ã° ¾k Ð °rð ¾und Ð °nd â€Å"stð ¾p thð µ rð °pð µ Ð ¾f thð µ wð ¾rld†; Ð ¾thð µrwisð µ, it will bð µ â€Å"thð µ bð µginni ng Ð ¾f thð µ Ð µnd† (Ð li Sinñ lð °ir, p. 9). In thð µ sð ¾ng â€Å"ThÐ µ Rð °pð µ Ð ¾f thð µ Wð ¾rld† Ð °s wð µll Ð °s Ð ¾thð µr sð ¾ngs frð ¾m Ð °lbum â€Å"NÐ µw Bð µginning† Trð °Ã± Ã±Æ' Ð ¡hð °pmð °n tð °kð µs Ð ° simplð µ musiñ Ã° °l Ð °pprð ¾Ã° °Ã± h in Ð ¾rdð µr tð ¾ fð ¾Ã± us Ð °ttð µntið ¾n Ð ¾n hð µr Ð ¾wn vð ¾iñ Ã° µ. Ð s usuð °l, lñÆ'riñ s Ã' Ã° ¾mbinð µ Ð µmð ¾tið ¾nð °l pð ¾rtrð °its Ð °nd pð ¾litiñ Ã° °l gð µnð µrð °lizð °tið ¾ns whiñ h shð ¾w Ð ¡hð °pmð °n’s fð µÃ° µlings Ð °nd pð ¾litiñ s Ð µvð µn mð ¾rð µ dð µÃ° µplñÆ' (Gð µÃ° ¾rgð µ Grð °hð °m, p. 10).ð s Еntð µrtð °inmð µnt Wð µÃ° µklñÆ' wrð ¾tð µ in 1995, â€Å"hð µr rð µsð ¾nð °nt vð ¾iñ Ã° µ imbuð µs thð µsð µ lð ¾w-kð µÃ±Æ' sð ¾ngs with wð °rmth thð °t sð µduñ Ã° µs Ã'Æ'ð ¾u†¦Ã¢â‚¬  (12/1/95, p. 74) Whilð µ Ð ¾thð µr sð ¾ngs in thð µ Ð °lbu m tð °lk mð ¾rð µ Ð °bð ¾ut lð ¾vð µ Ð °nd rð ¾mð °nñ Ã° µ, sð ¾ng â€Å"ThÐ µ Rð °pð µ Ð ¾f thð µ Wð ¾rld† is Ð ° bð µÃ° °utiful Ã'Æ'ð µt mð ¾urnful bð °llð °d Ð °bð ¾ut sð ¾Ã± ið °l injustiñ Ã° µ. Singð µr Ð µmphð °sizð µs thð °t if Ð µÃ° °rth is â€Å"mð ¾thð µr Ð ¾f us Ð °ll†, thð µn it is â€Å"thð µ dð µÃ° °dlið µst Ð ¾f sins† bð µÃ± Ã° °usð µ it givð µs birth tð ¾ Ð °ll thð µ living bð µings Ð °nd givð µs thð µm fð ¾Ã° ¾d Ð °nd shð µltð µr. Еð °rth is Ð °ssð ¾Ã± ið °tð µd with Ð ° quð µÃ° µn tð °t hð °s glð ¾rñÆ' Ð °nd pÐ ¾wÐ µr.HÐ ¾wÐ µvÐ µr, in rð µÃ° °litñÆ' situð °tið ¾n is tð ¾tð °llñÆ' diffð µrð µnt sinñ Ã° µ pð µÃ° ¾plð µ usð µ nð °turð °l rð µsð ¾urñ Ã° µs unwisð µlñÆ', dð µstrð ¾Ã±Æ' fð ¾rð µsts Ð °nd lð °kð µs, hence Ã' Ã° °usð µ Ð °ir Ð °nd wð °tð µr pð ¾llutið ¾n. Ð ¡hð °pmð °n Ã' Ã° °nnð ¾t bð µ indiffð µrð µnt tð ¾ this situð °tið ¾n Ð °nd suñ h Ð °ttitudð µ Ð ¾f humð °nitñÆ' tð ¾ thð µ plð °nð µt. Pð µÃ° ¾plð µ usð µd tð ¾ Ð µnvirð ¾nmð µntð °l Ã' Ã° °mpð °igns, in this manner, may lð ¾sð µ intð µrð µst tð ¾ thð µir truð µ mð µÃ° °ning. Trð °Ã± Ã±Æ' Ð ¡hð °pmð °n hð ¾pð µs thð °t if wð ¾rds frð ¾m hð µr sð ¾ngs tð ¾uñ h Ð °t lð µÃ° °st Ð ¾nð µ pð µrsð ¾n, Ð °ll thð µsð µ Ð °ttð µmpts Ð °rð µ nð ¾t in vð °in. Sð ¾mð µtimð µs, Ð ° wð ¾rd Ã' Ã° °n tð ¾uñ h thð µ mind Ð °nd hð µÃ° °rt Ð ¾f Ð ° pð µrsð ¾n in bð µttð µr wð °Ã±Æ' thð °n Ð °nñÆ' Ð µnvirð ¾nmð µntð °l Ã' Ã° °mpð °ign Ð ¾r Ð °dvð µrtisð µmð µnt in thð µ nð µwspð °pð µr Ð ¾r mÐ °gÐ °zinÐ µ.Thus, shð µ Ã' Ã° °lls Ð ¾thð µrs tð ¾ sð µÃ° µ Ð °ll this dð µstruñ tið ¾n with thð µir Ð ¾wn Ð µÃ±Æ'ð µs Ð °nd hð µÃ° °r thð µ Ã' rið µs Ð ¾f thð µ Ð µÃ° °rth. Thð ¾ugh, thð µ glð ¾bð °l Ã' hð °ngð µ in thð µ Ð µnv irð ¾nmð µnt shð ¾uld stð °rt frð ¾m Ð ° littlð µ Ã' hð °ngð µ inside Ð µvð µrñÆ' individuð °l. Trð °Ã± Ã±Æ' Ð ¡hð °pmð °n usð µd thð µ wð ¾rd â€Å"rð °pð µÃ¢â‚¬  Ð ¾n purpð ¾sð µ. On the off chance that shð µ mð µntið ¾nð µd wð ¾rds likð µ â€Å"ruin†, â€Å"dð µstruñ tið ¾n† Ð °nd Ð ¾thð µrs, it may nð ¾t influð µnñ Ã° µ pð µÃ° ¾plð µ sð ¾ muñ h Ð °s with thð µ wð ¾rd â€Å"rð °pð µÃ¢â‚¬ . Thð µ wð ¾rd hð °s Ð ° dð µÃ° µp mð µÃ° °ning, thð °t is, Ð µÃ° °rth is hð µlplð µss tð ¾wð °rd humð °n’s Ã' ruð µl Ð °Ã± tið ¾ns Ð °nd lð ¾sð µs its pð ¾wð µr Ð °nd pð ¾ssibilitið µs Ð °s thð µ nð µgð °tivð µ Ð °nd hð °rmful influð µnñ Ã° µ Ð ¾f humð °nitñÆ' inÃ' rÐ µÃ °sÐ µs.During mð °nñÆ' Ã'Æ'ð µÃ° °rs Ð °nd Ð µvð µn Ã' Ã° µnturið µs Ð µÃ° °rth hð °s bð µÃ° µn â€Å"ñ lð µÃ° °r-Ã' ut, dumpð µd Ð ¾n, pð ¾isð ¾nð µd Ð °nd bð µÃ° °tð µn up†, wh ilð µ pð ¾pulð °tið ¾n wð °s indiffð µrð µnt, daze Ð °nd mutð µ w

How Businesses Utilize Contract Manufacturing

How Businesses Utilize Contract Manufacturing Contract Manufacturing is not one of the most popular terms. More likely than not, you are one of the people who don’t know exactly what it is or how it works. Don’t worry, because you’re not alone.There are a lot of people who don’t know the first thing about it. Others are not even aware of what it is for. They may reach a point where they understand that it is a very important business concept, but when asked how businesses use contract manufacturing in reality, they’d be stumped for an answer. Let us try to address that lack of knowledge with this discussion on contract manufacturing, and how it is utilized by businesses.CONTRACT MANUFACTURING DEFINEDYou may have heard of another more popular term closely associated with, and often used interchangeably with “contract manufacturing”, which is “outsourcing”. As you probably know, outsourcing is the business practice of transferring portions of work to outside sources and suppliers, instead of completing the whole work within the company, resulting in lower costs and expenses. Now, are you getting a vague idea about contract manufacturing?Contract manufacturing is a form of outsourcing where a manufacturer enters into an arrangement or formal agreement with another manufacturing firm for parts, products or components, which the former will then use in its own manufacturing process, to complete its own product. This is why the term “subcontracting” also applies in this case. Incidentally, the primary party involved in this business practice is known as the “contract manufacturer” or CM.Usually, the CM is the manufacturer that creates, builds or makes the products for other companies or firms. In some cases, CM may also be used to refer to specialized firms that provide contract manufacturing services to more than one business organization. Either they come up with a product design or concept, or they use the ones created by Company A, and have Company B manufacture the product (or some of its parts or components), under the brand or label of Company A. In other words, the CM acts as the bridge that connects the two firms together.A typical contract manufacturing setup goes like this: the company procures the products or services manufactured by a third-party CM, supplier or service provider, and subsequently incorporates the procured products or services into its own products and services. Then it uses its own marketing, sales and distribution, and customer service to bring the final prod uct to the end-users or consumers.We often hear about large labels and well-known brands having their goods or products produced or manufactured by another firm. The question that goes through their mind is something along the lines of “should we make it, or should we buy it instead?” If they decide to buy it, that’s a classic example of contract manufacturing.The next issue would center on how contract manufacturing is utilized by businesses. You’ll get to understand that better once you learn about the various forms of contract manufacturing, and its advantages and benefits.WHAT ARE THE FORMS OF CONTRACT MANUFACTURING?There are several forms of contract manufacturing, and this is mainly attributed to the fact that the nature of businesses and their operations also vary. The most common forms are described below.Production of complete goods entirely by one firm for another, under the brand or label of the latter. Also referred to as “private label manufacturing,” this w as the example mentioned earlier. For example, Taiwanese company Foxconn Technology Group is the world’s largest contract manufacturing company when it comes to electronics, having manufactured products such as the iPhone for Apple, the Kindle Fire for Amazon, and the XBox One for Microsoft.Production of parts or components by one firm, to be used by the CM in the completion of products. This is a practice common among tech and electronic companies. For example, large companies that manufacture computer hardware use contract manufacturing for the smaller computer parts and components that are, in turn, manufactured by other firms. One example we can cite is Deerfield Machine Parts, a CM based in Deerfield, New Jersey, specializing in the fabrication of plastic tubing, aluminum and rubber, to name a few. Manufacturers in the automotive and marine industries enter into contract manufacturing agreements with Deerfield, so the latter will make these components, which will be incorpora ted in the final products of its clients.Hiring of service or labor force. It is also possible to subcontract for labor. If you do not have enough manpower in your own company to carry out the production process smoothly and quickly, then you can outsource labor. If you are familiar with how large companies in the United States set up factories in Asia for the manufacture of their products, and subcontracting the labor forces of Asian human resource companies, then that is an example of this form of contract manufacturing. (Of course, this has been met with largely negative reactions, particularly when the issue on “sweat shops” came about.) The issue on these sweat shops aside, one example we can cite is Flex, which provides design, manufacturing, distribution and aftermarket services to its clients. One of its most notable clients is Apple. One reason why full-scale manufacturers opt to deal with CMs is the fact that CMs are experts in their specific fields. This aspect on spe cialization requires them to continuously hone those specific skill sets to the point that even the manufacturers will not be able to match the quality of their work.Usage of a manufacturing equipment or facility. The principle is basically the same. If you do not have the equipment or even facility to manufacture your product, you can transact with a CM for the use of his facility.WHY DO BUSINESSES ADAPT CONTRACT MANUFACTURING?Make or buy decisions can be quite tough to make. Often, feasibility studies are conducted to arrive at this decision, for management to see which option will benefit them more.From the standalone definitions of outsourcing and contract manufacturing, one glaring benefit can be noticed, and that is the reduction of costs and expenditure on the part of the company. But is that the only reason why businesses choose to utilize contract manufacturing?No, it’s not.For many companies, especially those that are only starting their operations or are currently facin g shortages in resources, contract manufacturing may be the answer to their problems. Essentially, contract manufacturing is used by manufacturing companies in supply chain management, marketing or brand-building, cost minimization, and product quality improvement.Let us go over the reasons that make contract manufacturing a tempting prospect for businesses.Reduction of costs.As much as possible, businesses would like to lower costs and expenses, since this would mean higher efficiencies and also higher net income appearing on their financial statements.This cost reduction is mostly attributed to two benefits arising from contract manufacturing.Fewer resources utilized. If you have another firm manufacture the product, or some of its parts, instead of manufacturing them internally, it means that you won’t have to spend on operational and maintenance costs of manufacturing machines and equipment. In the first place, you won’t even have to purchase any of those expensive machines and equipment, since you won’t be using them anyway. This is in the same manner that you are spared from having to purchase, and maintain inventory on raw materials and supplies to be used in the manufacture of the parts, since those will be shouldered by the firm that you contracted.Lower labor costs. Since you won’t be manufacturing the product or its components, you won’t be spending on the labor needed for it. Let us say, for example, that manufacturing a certain part will require a team composed of at least 3 people. If you outsource the production of that part, you don’t have to pay for the salaries and wages and other benefits for at least 3 people. The same principle applies when you think about the number of people that the company must keep in its employ. As the full-scale manufacturer that left most of the production functions to a CM, you can maintain a lean workforce.There is another factor at play that will aid in the reduction of costs, and that has something to do with economies of scale. Since CMs have more than one or two clients they make the same product for, it is possible for them to come up with ways and means to perform mass production.Mass production will enable them to sell the products at a lower selling price, which translates to lower costs for the full scale manufacturer or company using the CM.Improved allocation of resources and greater focus on core areas.Remember the resources and labor that you were able to save? You can then allocate those resources to other aspects of the operations of the business. You can afford to spend more on advertising, for example. Maybe you can upgrade your marketing plan for your product, since you were able to free some resources when you entered into a contract manufacturing agreement.If we look at the labor portion, the 3 workers that were freed from manufacturing the part may be assigned to another phase of the production process, or given another task altogether. Again, that means tha t you can keep your production team lean, and you can better assign the resources where they are most needed.Some companies may even consider marketing and selling as their core competencies. If your company uses this model, you’d take the opportunity to focus on these core competencies by entering into a contract manufacturing agreement. Instead of hiring manufacturing workers, you can instead strengthen your sales and marketing team.Streamlined business relationships.Depending on the nature of the business and the products being manufactured, the supply chain can be anywhere from simple to complicated. One of the factors that complicate this is the number of players or links in that chain.It is possible for a company to have to deal or transact with multiple suppliers for all the raw materials used in the production process. That is not to mention the distributors, dealers, shipping and warehousing companies, and all the other agents that act as middlemen in one capacity or anot her.You can keep things sparer and simpler if you use a CM. Instead of personally having to deal with all those suppliers and middlemen, you’re basically going to leave that in the hands of the CM.Reduction of manufacturing time.If you choose contract manufacturing for a certain part of your product, you will be considerably reducing the whole production period of the product. You already have another firm working on the manufacture of that part, so all you have to do is make sure that those parts are on hand when you need them to be placed in your own process of producing the final product.Reduced manufacturing time also results to faster delivery of the final products or service to your customers. Speed to market will be increased. This is especially beneficial for companies that manufacture and sell products with very high demand.Increased innovation and improved quality of the product.When a manufacturer looks for a third party to produce a component or a whole product under i ts label or brand, it will definitely make sure that the latter provides quality output. Therefore, usually, the third party that it will outsource the job to specializes in the manufacture of that specific component.In that regard, the CM is seen as a specialist or expert in the manufacture and delivery of the product or service. This ensures that the component to be used will be of top quality, and so will the final product. In view of this, companies that want to foster innovation are more likely to resort to outsourcing.It is also generally assumed that CMs leverage the most advanced technology in their manufacturing processes, and this will make it even more possible for quality of the final product to be improved.Improved name or brand recognition and reputation.If you are able to keep up the production of high quality products, thanks to the contract manufacturing setup that you utilized, this will ensure that the market will have a favorable impression of your product and yo ur brand.WHAT ARE THE DOWNSIDES OF CONTRACT MANUFACTURING?But contract manufacturing is not without its disadvantages, especially if it is abused, and they mostly affect not just the company but also its workers and the economy as a whole.Limited to no control.If you are the CM and you are contracted by another company to manufacture a specific part or product according to their design and specifications, they pretty much call all the shots. You may make some suggestions here and there but, at the end of the day, the decision won’t be yours.On the other hand, if you are contracting a job to a CM, you will not be able to fully control the process and methods used to achieve the desired results. You only give them the specifications of the parts or products that you need, then it is mostly up to them to decide how they will go about the production.High risk of hiring the right CM.On the part of the company contracting a job with a CM, there is that risk that they might choose the wr ong company to enter into a contract with, and the quality of the product may suffer. Of course, this adverse effect will also trickle to the reputation of the company.Competition among companies over prioritization by CM.It would be naive to expect to be the sole client of a CM. More often than not, one CM will have multiple clients, probably even making the same parts or products for them. One disadvantage if this is the case is the matter of prioritization. During peak seasons, when all the companies have huge orders, there is no assurance that you will be prioritized by the CM.Potential job displacements for existing workers of the company.If you can get cheaper labor overseas, then you’d probably think that there is no point in keeping the full labor force you have on the payroll. Chances are high that this will lead to massive lay-offs, leading to the displacement of the currently employed workers.For instance, a US-based company will trim down its domestic workforce in favo r of contract manufacturing overseas. The laid-off domestic workers will then find themselves out of work. That can easily end in problems when not handled properly.Possible labor and human rights abuses.This is often seen in cases where companies make use of foreign laborers in countries overseas. Often, labor is so cheap that it is even lower than the minimum wage. Or the foreign laborers may be made to work very long hours, and in less than friendly working conditions.It doesn’t help that many of these countries do not have airtight regulations and protections in place for their workers. As a result, some companies take advantage of the slack, resulting to the abuse of labor and even human rights of the workers.Unutilized resources.Let’s assume that your company is based in the US, and you outsourced the manufacture of your products in Asia. The final goal is to import the finished goods and selling them under your brand.This means that the resources that you used to procure from US suppliers and sources will no longer be needed. The company that has been supplying the raw materials before (when you were still manufacturing the product internally) will now find itself without a buyer.Without proper planning, it is also a possibility that since you are using the resources of the CM, the resources that are already in your possession or inventory will be unutilized. As such, you’ll end up spending unnecessarily on warehousing and storage costs.WHEN SHOULD YOU USE CONTRACT MANUFACTURING?You will notice that, no matter how the advantages of contract manufacturing are lauded and proclaimed, not all businesses use it. You will also notice how, even the large companies like Apple, Google and Microsoft that can afford to manufacture on their own are still resorting to contract manufacturing.This is because they have decided to utilize contract manufacturing after very careful deliberation. The million dollar question then becomes: when should you opt to use co ntract manufacturing?Contract manufacturing is the best decision if or when:Your business is just starting its operations and startup costs are high while your resources are low. If you have barely enough working capital and you find that you can decrease the production costs if you make use of a CM, then contract manufacturing is definitely the most sensible decision. Once the company has become more established, and cash flow is healthy, then you may start considering whether to end the contract manufacturing deal and manufacture the product on your own.Your business is facing financial or working capital difficulties. If this is the case, you’d want to save as much as you can, and going for a contract manufacturing deal will help you save not only money but also time. This can be a permanent arrangement, or it may be temporary, at least until the company is back on its feet.You want to improve your product quality as fast as possible. You do not want to waste time trying to per fect your “formula” or spending a lot of time and money on “practicing” with the manufacturing. Outsourcing it gives more and better guarantees that the product will be of better or even the best possible quality given the available production technology.You want to establish your brand early on. For many brands, it’s a matter of trial and error. They may take many attempts at a product before it becomes a hit with the market. If you cannot afford to spend so much time and resources on that trial and error, you can skip past that and proceed immediately to coming up with a great product, with the help of a CM. In some cases, your company may even benefit from being associated with a trusted and reputed CM. Consumers are more likely to look with favor on your product and brand once they find out that you are in a contract manufacturing relationship with a CM that they also approve of or feel positively about.Demand for the product is uneven. There are some products that are very high in demand during certain seasons. You may opt to use contract manufacturing during these busy seasons, and not have to worry about downtime on the other, slower seasons.Again, one thing that you should keep in mind is that not all manufacturing businesses can make a success of being in a contract manufacturing relationship. That is why it is important to conduct deep and detailed study on whether your business needs to contract with a CM, or if doing so will benefit the company significantly.

M26 Pershing Tank in World War II

The M26 Pershing was a heavy tank developed for the U.S. Army during World War II. Conceived as a replacement for the iconic M4 Sherman, the M26 suffered from an extended design and development process as well as political infighting among the U.S. Armys leadership. The M26 arrived in the final months of the conflict and proved effective against the latest German tanks. Retained after the war, it was upgraded and evolved. Deployed during the Korean War, the M26 proved superior to the tanks used by Communist forces but struggled at times with the difficult terrain and suffered from various issues with its systems. The M26 was later replaced by the Patton series of tank in the U.S. Army. Development Development of the M26 began in 1942 as production was beginning on the M4 Sherman medium tank. Initially intended to be a follow-on for the M4, the project was designated T20 and was to serve as a test bed for experimenting with new types of guns, suspensions, and transmissions. T20 series prototypes employed a new torqmatic transmission, the Ford GAN V-8 engine, and the new 76 mm M1A1 gun. As testing moved forward, problems emerged with the new transmission system and a parallel program was established, designated T22, which utilized the same mechanical transmission as the M4. A third program, the T23, was also created to test a new electric transmission which had been developed by General Electric. This system quickly proved to have performance advantages in rough terrain as it could adjust to rapid changes in torque requirements. Pleased with the new transmission, the Ordnance Department pushed the design forward. Possessing a cast turret mounting the 76 mm gun, the T23 was produced in limited numbers during 1943, but did not see combat. Instead, its legacy proved to be its turret which was later utilized in 76 mm gun-equipped Shermans. Panther Tank. Bundesarchiv, Bild 101I-300-1876-02A A New Heavy Tank With the emergence of the new German Panther and Tiger tanks, efforts began within the Ordnance Department to develop a heavier tank to compete with them. This resulted in the T25 and T26 series which built upon the earlier T23. Devised in 1943, the T26 saw the addition of a 90 mm gun and substantially heavier armor. Though these greatly increased the tanks weight, the engine was not upgraded and the vehicle proved underpowered. Despite this, the Ordnance Department was pleased with the new tank and worked to move it towards production. The first production model, T26E3, possessed a cast turret mounting a 90 mm gun and required a crew of four. Powered by the Ford GAF V-8, it utilized a torsion bar suspension and torqmatic transmission. Construction of the hull consisted of a combination of castings and rolled plate. Entering service, the tank was designated M26 Pershing heavy tank. The name was selected to honor General John J. Pershing who had founded the U.S. Armys Tank Corps during World War I. M26 Pershing DimensionsLength: 28 ft. 4.5 in.Width: 11 ft. 6 in.Height: 9 ft. 1.5 in.Weight: 41.7 tonsArmor ArmamentPrimary Gun: M3 90 mmSecondary Armament: 2 Ãâ€" Browning .30-06 cal. machine guns, 1 Ãâ€" Browning .50 cal. machine gunArmor: 1-4.33 in.PerformanceEngine: Ford GAF, 8-cylinder, 450–500 hpSpeed: 25 mphRange: 100 milesSuspension: Torsion BarCrew: 5 Production Delays As design of the M26 came to completion, its production was delayed by an ongoing debate in the U.S. Army regarding the need for a heavy tank. While Lieutenant General Jacob Devers, the head of U.S. Army forces in Europe advocated for the new tank, he was opposed by Lieutenant General Lesley McNair, commander Army Ground Forces. This was further complicated by Armored Commands desire to press on the M4 and concerns that a heavy tank would not be able to use the Army Corps of Engineers bridges. With the backing of General George Marshall, the project remained alive and production moved forward in November 1944. While some claim that Lieutenant General George S. Patton played a key role in delaying the M26, these assertions are not well supported. Ten M26s were built in November 1943, with production escalating at the Fisher Tank Arsenal. Production also commenced at the Detroit Tank Arsenal in March 1945. By the end of 1945, over 2,000 M26s had been built. In January 1945, experiments began on the Super Pershing which mounted the improved T15E1 90mm gun. This variant was only produced in small numbers. Another variant was the M45 close support vehicle which mounted a 105 mm howitzer. An M26 Pershing of A Company, 14th Tank Battalion, is transported aboard a pontoon ferry across the Rhine on March 12, 1945. National Archives and Records Administration World War II Following American losses to German tanks in the Battle of the Bulge the need for the M26 became clear. The first shipment of twenty Pershings arrived in Antwerp in January 1945. These were split between the 3rd and 9th Armored Divisions and were the first of 310 M26s to reach Europe before the end of the war. Of these, around 20 saw combat. The M26s first action occurred with the 3rd Armored on February 25 near the Roer River. Four M26s were also involved in the 9th Armoreds capture of the Bridge at Remagen on March 7-8. In encounters with Tigers and Panthers, the M26 performed well. In the Pacific, a shipment of twelve M26s departed on May 31 for use in the Battle of Okinawa. Due to a variety of delays, they did not arrive until after the fighting had ended. Korea Retained after the war, the M26 was re-designated as a medium tank. Assessing the M26, it was decided to rectify the issues of its under-powered engine and problematic transmission. Beginning in January 1948, 800 M26s received new Continental AV1790-3 engines and Allison CD-850-1 cross-drive transmissions. Along with a new gun and host of other modifications, these altered M26s were redesignated as the M46 Patton. USMC M26 Pershing tank advancing in Korea, September 4, 1950. National Archives and Records Administration With the outbreak of the Korean War in 1950, the first medium tanks to reach Korea were a provisional platoon of M26s dispatched from Japan. Additional M26s reached the peninsula later that year where they fought alongside M4s and M46s. Though performing well in combat, the M26 was withdrawn from Korea in 1951 due to reliability issues associated with its systems. The type was retained by U.S. forces in Europe until the arrival of new M47 Pattons in 1952-1953. As the Pershing was phased out of American service, it was provided to NATO allies such as Belgium, France, and Italy. The Italians used the type until 1963.

Evaporation Definition and Examples

Evaporation is the process by which molecules undergo the a spontaneous transition from the liquid phase to the gas phase. Evaporation is the opposite of condensation. For evaporation to occur, molecules in a liquid must be near the surface, must be moving away from the body of the liquid, and must have enough kinetic energy to escape the interface. When molecules do escape, the average kinetic energy of the remaining molecules is lowered. This lowers the temperature of the liquid and is the basis for the phenomenon of evaporative cooling. Example The gradual drying of damp clothes is caused by the evaporation of water into water vapor. Source Silberberg, Martin A. (2006). Chemistry (4th ed.). New York: McGraw-Hill. pp. 431–434. ISBN 0-07-296439-1.

Motivation Working In Groups Education Essay Free Essays

string(100) " and the scheme adopted by the pupil is to make at the most what is required to accomplish his end\." Abstraction The planetary competitory environment is witnessing a new displacement where more and more companies are forming their activities and undertakings around groups. Bing able to work efficaciously in a group is now considered a important demand for any employee. This write up inside informations my motive behind fall ining a Masters class in direction at the Bangor Business School and how this is assisting me to smooth my accomplishments as an effectual group member and a future director. We will write a custom essay sample on Motivation Working In Groups Education Essay or any similar topic only for you Order Now This piece of work besides identifies assorted issues faced when working in groups and simple solutions that can be applied to antagonize these booby traps to maximise end products. MOTIVATION FOR JOINING A POSTGRADUATE PROGRAM IN MANAGEMENT The undergraduate plan in Commerce at Bishop Heaber College Trichy, India introduced me to a broad scope of subjects in my nucleus topic such as economic sciences, statistics and mathematics. The commercialism course of study non merely inculcated a high grade of job resolution and analytical accomplishments in the nucleus field but besides gave me a opportunity to briefly explore other practical concern spheres such as direction, finance, selling, accounting and jurisprudence. These subjects are extremely relevant in the current economic scenario and it is really interesting to look into how the interplay of assorted forces thrusts planetary growing. What fascinated me most was the fact that many of the theoretical subjects in direction have profound practical public-service corporation and when applied to assorted jobs these guarantee of import procedure and merchandise betterments. In order to carry through my dream of going a high-tech concern adviser, I decided to fall in a postgraduate plan in Management at a reputed university that would supply me with ample chances in footings of growing, personally every bit good as professionally. Harmonizing to McClelland ‘s Theory of Needs motive depends on three demands – Accomplishment, power and association ( McClelland, 1961 A ; 1975 ) . These 3 factors were instrumental in actuating me to fall in a postgraduate plan and work towards accomplishing my ends. THE BANGOR BUSINESS SCHOOL: A GLOBAL PLATFORM The following challenge that I faced was to calculate out a university that would run into my criterions and demands and would turn out cardinal to my success in future enterprises. After a thorough research, I zeroed down on the Bangor Business School at the Bangor University. Harmonizing to Clayton Alderfer ‘s ERG Theory, being, relatedness and growing are the three chief factors that motivate people for fall ining an organisation. My determination of fall ining the Bangor University was based on these three factors as this university provides personal attending to pupils, offers chances that pupils can associate to and nowadayss ample infinite to turn ( Alderfer, 1969 ) . The Bangor concern school provides a overplus of classs in direction with a extremely trained staff and coactions worldwide with the industry supplying first-class future chances. The fact that this concern school has been late rated by the Research Assessment Exercise ( RAE ) as the best in UK for accounting and finance farther strengthened my determination of fall ining this university ( Bangor, Homepage, 2010 ) . In recent yesteryear, the university staff was responsible for transporting out extremely acclaimed consultancy undertakings for authorities and non-government organisations with assorted publications in the prima diaries. The Bangor concern school provides abundant chances for heightening and developing competences in direction. Besides, in order to go a successful adviser I require custodies on experience and cognition of planetary concern, foreign markets and competition with a thorough apprehension of planetary forces and concern schemes. Bangor, through its coaction with foreign companies and universities provides sufficient exposure in the planetary domain, both practically every bit good as technically. Students AT BANGOR BUSINESS SCHOOL Another factor that attracted me towards the Bangor concern school apart from the module and installations was the pupils. As the college undertakes merely a limited figure of extremely qualified pupils who are selected after stiff competition, quality of pupils is the kernel of this university. The chief advantages offered by this layout include: Fewer figure of pupils enrolled guarantee that an first-class resonance is developed with all the members of the class. This helps in interchanging rich cognition and expertness from assorted subjects such as humanistic disciplines, commercialism, jurisprudence, scientific discipline, concern disposal, selling, etc. amongst different pupils. The familiarity, good will and contacts built during the continuance of the class prove to be really effectual and of import in the long tally when different pupils join different industries at assorted profiles. These pupils have varied positions and backgrounds and sharing this enormously helps in bettering any professional. Therefore, interacting with this creme de la creme was a large motive for fall ining the Bangor University. APPROACHES TOWARDS LEARNING Determining an appropriate and contributing attack towards larning is indispensible to the procedure of deriving cognition. Harmonizing to Biggs A ; Telfer ( 1987 ) , the chief attacks undertaken by pupils comprise of two elements – Motivation and Strategy. Based on this, he identified three chief attacks adopted by pupils. These were the Surface Approach, the Deep Approach and the Achieving Approach. Surface Approach: In the Surface Approach, positive and negative extrinsic motivations play a critical function and pupil ‘s scheme is to try the least to go through a topic. In the procedure he renders himself inefficient of understanding the significance of what he has learned and the interplay of factors because the motivation is superficial and he has no personal involvement in what he is making. Deep Approach: In the Deep Approach, motivation is an intrinsic wonder to larn things and the scheme undertaken by the pupil is one of personal committedness towards larning. In the procedure he comprehends and understands things in the best possible mode, attempts to co-relate things learned with past experiences and accomplishes the chief undertaking of analyzing. Achieving Approach: In the Achieving Approach, the motivation is to accomplish a peculiar end such as high classs and the scheme adopted by the pupil is to make at the most what is required to accomplish his end. You read "Motivation Working In Groups Education Essay" in category "Essay examples" MY Approach TOWARDS LEARNING During my full pupil life I have ever strived towards deriving a deep cognition of each topic that I studied. In the competitory universe that a professional faces one time that he comes out of the college, a strong foundation is required if he wishes to boom and turn. Hence, when I joined the Bangor University my chief motive was to construct a strong and deep apprehension of assorted topics, variables and subjects of direction. Influence OF THE BANGOR BUSINESS SCHOOL ON MY APPROACH TOWARDS LEARNING In 2001, Biggs described two chief influences that shape a pupil ‘s attack towards larning – Personal factors and Teaching. These are described below: Personal factors such as background, upbringing or personality may hold a positive or negative consequence on the pupil and may motivate him towards developing a Surface Approach or a Deep Approach. Teaching: Conventional learning methods such as everyday scrutinies, clip force per unit area, taging strategies, detainment, etc. lead pupils towards developing a Surface Approach of larning. On the other manus, newer learning methods such as instance surveies, activities, tutorials, job resolution, flexible rating systems, etc. promote pupils towards developing a Deep Approach. At Bangor, the module believes in an synergistic instruction manner where the pupil is free to inquire inquiries and is encouraged to believe out of the box. In fact the techniques employed have molded assorted pupils from being Surface attacks to Deep attacks. This procedure has been accelerated by advancing student-student interactions that result in an exchange of expertness and in bend actuating pupils to travel for an in-depth analysis of assorted jobs and issues. In short, the unique and latest learning methods employed at Bangor have helped direction pupils in developing a strong apprehension of assorted direction related subjects such as Problem Solving and Decision Making, Planning, Delegation, Internal Communications, Meeting Management, Leading, Coordinating and Controlling, Pull offing Self, Managing Stress, etc. ( McNamara, 2010 ) . These methods provide a alone environment where the pupils contribute towards the growing of each other therefore maintaining one and all motivated. Simultaneously, the university achieves the primary end of instruction by heightening the acquisition ambiance of pupils and by increasing the efficiency of the module. UNITY IN DIVERSITY As discussed earlier, Bangor demonstrates a broad scope of diverseness by uniting different people from different parts with different academic backgrounds as one large group. As a portion of the MBA course of study, many times pupils are required to be grouped harmonizing to activities, instance surveies or undertakings assigned to the category. This brings the subject of working in groups. Harmonizing to Robbins ( 2004, pp:219 ) : â€Å" A Group is defined as two or more persons, interacting and mutualist, who have come together to accomplish peculiar aims † . Working in groups can be either pleasant or hard or at times both. On the brighter side, uniting people with heterogenous backgrounds and experiences ensures best consequences in footings of value add-on to the batch. Students demonstrate a high degree of originative thought, solutions design and job work outing guaranting better end products. The kineticss achieved by this theoretical account guarantees a healthy ambiance within the campus and pupils staying positively competitory. POSITIVE ASPECTS OF WORKING IN GROUPS In Management classs, pupils are divided into groups to accomplish assorted motivations which in bend help them in deriving a competitory border when they venture out in the industry. A individual who works good in a group is in all possibility traveling to be an first-class squad worker when he joins an organisation. Assorted positive results achieved by working in groups are described below: When pupils work in groups they draw on each others knowledge and expertise to accomplish better consequences. This is due to the fact that a multiple sentiment is ever better than a individual sentiment as it shows heterogeneousness and avoids prejudice. Group working achieves best consequences for rating studies such as instance studies, reappraisals and reviews, research undertakings such as those that entail primary and secondary research and little undertakings that involve an statement such as a argument. Students working in groups besides make the best of the available strengths within the group. For e.g. in a written undertaking, one of the members who has an first-class bid on vocabulary can compose the paper whereas other who has an expertness in the linguistic communication can proofread. Working in groups makes pupils responsible as they work coherently to accomplish a common undertaking and in the procedure maintain actuating each other to execute better. While working in groups there is a least possibility for members to stall. Group working ensures that single manners ever come to the head supplying enhanced consequences. Press FACTORS ON GROUP WORKING Group working is governed by assorted pressing factors such as efficiency of members, degree of struggle, external conditions, procedures, internal communicating, etc. These factors give rise to assorted issues within the group ( Goodman, 1987 ) . Group work is seldom perfect and one is expected to meet a broad scope of issues and jobs when working in groups. For any direction pupil to be effectual it is really of import that he uses solutions design and advanced schemes for antagonizing these issues. What remains indispensable is the fact that whatever 1 does, he should non ache or pique other group members. Few issues associated with working in groups along with executable solutions will be discussed in the undermentioned paragraphs. Working IN GROUPS: ISSUES A ; SOLUTIONS I ) Disagreement Disagreement and following a collaborative working manner are the biggest issues when working in a group. Each person in the group should understand that the basic thought of the course of study behind transfusing a collaborative working manner is the fact that thoughts will be challenged to accomplish better consequences and a struggle is non ever bad ( Schellhardt, 1994 ) . There are opportunities that other members of the group might come up with thoughts that are right or more relevant and can be supported by grounds. In order to stay competitory in such a scenario one should promote dissension to measure the strength of 1s ain thoughts and to research other possible options. A collaborative working manner should be promoted in the group to antagonize dissension. Collaborative manner has assorted paradigms associated with it. These include stating non merely what to make in the group but besides activities required for carry throughing a peculiar undertaking i.e. how to accomplish desired consequences. Collaboration is most fruitful when a certain degree of formality is introduced in the group behaviour such as everyday meetings and advancement sheets and by maintaining the group ‘s involvement before personal 1s. Another step to antagonize dissension is to be ready to compromise. This means that each member of the group should be ready to listen and suit each others sentiment and forfeit or modify his ain theories in the visible radiation of cognition and grounds. Encouraging dissension, as discussed above, is really effectual but what should be understood is the fact that groups that merely differ do non stay functional. Therefore, it is really of import to equilibrate the 2 forces of dissension. As per Robbins ( 2004 ) a working group is non an unorganised crowd but should hold a construction and most significantly a leader or a captain or a go-between. Therefore, a go-between or chair individual can be assigned for each meeting who will listen to all the parties and come up with concluding indifferent recommendations. All groups have specific norms that are established early to guarantee smooth operation ( Hackman, 1992 ) . Discussion regulations such as no personal onslaughts can be decided early in the procedure. Group behavior encourages people to develop a critical attack towards inquiries which proves to be an advantage in existent universe puting where an person is confronted with assorted pressing issues and jobs. II ) DIVISION OF WORK Division of work Division of work and duties is indispensible to the success of working in groups. Undertakings should be divided in such a manner that all resources are adequately utilised without over burthening any specific person. The existent undertaking can be broken down into smaller sub-tasks and each sub-task can be assigned to one individual. Care must be taken to guarantee that sub-tasks should be divided harmonizing to single strengths. For e.g. a individual good at proofreading can be assigned for proofreading and one good at forming should be assigned to forming informations and concluding end product. Furthermore, interpersonal accomplishments are a deciding factor for high public presentation and members should show and larn these from each other to better their competences ( Stevens A ; Campion, 1994 ) . Therefore, to maximise the use of resources work should be delegated harmonizing to the strengths and expertness of group members. III ) SOCIAL Idleness Covering with Slackers is another issue in group working. This phenomenon called as Social Loafing ( Comer, 1995 ) refers to the inclination of people to work less when working in groups. Normally persons on a individual undertaking are uniformly graded hence go forthing a large room for one or more members to go dawdlers. To cover with this state of affairs, regulations should be laid down at the start itself. These can be simple penalties such as if a member does non go to a meeting without any specific ground he would purchase a Burger for everyone in the group to harsh 1s such as non including the name of the individual on the concluding study. Usually group members end up making excess work because they do non take shirkers to undertaking and do non talk their head. On the contrary, such sentiments and issues should be flagged at the earliest in the group. IV ) RESPECT FOR INDIVIDUAL Another chief issue associated with working in groups is keeping regard for persons. The image becomes hard when one or more members in the group see themselves superior and smarter than others. This is a unsafe attitude that may do clash within the group. Besides there is a opportunity where persons may believe that they would hold learnt better if they had worked separately on the subject. Researchs have demonstrated that group working is more efficient in doing better quality and speedy determinations when compared to single working ( Cooke A ; Kernaghan, 1987 ) . It is besides of import to promote members to discourse their strengths and failings at the first session itself so that they can be best utilised. Sharing of ideas by and large consequences in coherence within a group as people feel nearer to each other. Group members should be encouraged to develop and heighten their ability to LISTEN. Group works best when all members are ready to listen to each other with an unfastened head. Furthermore, in a campus environment where pupils come from different states and civilizations, something which is acceptable in one civilization might non be the same in another ( Axtell, 1991 ) . Therefore, regard for persons, their civilizations and values is indispensable to the success of any group. V ) Communication Timely communicating on all undertaking and single related affairs is paramount to the success of any group. Unable to run into at distinct clip or topographic point can take to perturbations in the smooth running of a group. Regular communicating should be maintained in the signifier of regular meetings to be held at a stipulated clip agreed amongst the group members. Here, persons can voice their findings on assorted subjects every bit good as flag their personal jobs if any. Other options such as electronic mails, telephones, confab suites, couriers, etc. may be used if in instance one-to-one treatments can non be planned at all. One of the members can be assigned to enter proceedingss of the meeting and can go around the meeting notes to everyone. This formalizes the procedure of communicating and makes certain that everyone in the group is on the same platform. Besides it is easier for the members to look back on the notes and see if they are on the mark and have achieved what w as decided as per agenda. VI ) TIME MANAGEMENT Inefficient clip direction besides causes a batch of jobs if things are non achieved as distinct. Therefore to avoid clip lags the best attack is to hold pre-agreed mileposts for the undertaking that can be converted into Gantt charts. It is a misconception that working in a group takes lesser clip. In fact, working in a group can be really clip devouring due to encephalon storming, developing understanding on a subject, collating information, alterations and proofreading, etc. Thus, group work should ne’er be considered as less work in lesser clip. It is besides of import to use meeting clip expeditiously to avoid slowdown subsequently on. To accomplish this, the docket of the following meeting can be decided in the current one itself ; all members should come prepared for the meeting ; go-between can direct a reminder through electronic mail or phone before for the approaching meeting ; go-between or chair individual should be rigorous about the timelines. Decision: MBA A ; BEYOND To sum up, prosecuting a Masters grade in Management for me is non merely a tool to accomplish position, richness and wealths but a ladder to understand and research assorted spheres of direction. The chief motive behind trailing this plan is to play with assorted direction patterns in order to understand the interplay of factors and to larn ways of using latest theories of direction to pattern. This will assist me in going an first-class director by steering my accomplishments to plan efficient and advanced concern solutions. Continuous chase for wisdom has made me look up to the cognition that I already had and has farther motivated me to hone my accomplishments. The Bangor Business School has provided me an first-class chance to carry through my dream by fall ining this class and deriving sufficient in footings of proficient accomplishments, interpersonal accomplishments and contacts. This concern school has non merely equipped me with a deep cognition of the class stuff but is determining me to be an effectual scholar and hearer. Assorted direction attacks and rules that I am larning in this class such as working in groups will fit me better to accommodate easy when I join the existent universe of concern. My love for direction patterns will do me take up challenges whole heartedly. APPLICATIONS OF THE CURRENT TOPIC This organic structure of work can be used by pupils to understand the importance and kineticss of working in groups. Furthermore, simple solutions proposed can be easy adopted and implemented by one and all to maximise end products when working in groups. How to cite Motivation Working In Groups Education Essay, Essay examples

Foundation of Taxation Law Residency and Taxpayers

Question: Describe about the Foundation of Taxation Law for Residency and Taxpayers. Answer: 1. Issue By considering the given situation and the facts regarding English resident Fred who has arrived in Australia with his wife to discharge his professional obligation, the pivotal aim is to opine on the underlying tax residency status for him by considering the relevant statutes. Rule For the determination of tax residency of individual taxpayers, TR 98/17 prescribes the following four residency tests to be used on an annual basis by the taxpayers (Nethercott, Richardson Devos, 2016) Domicile Test This is used only for residents of Australia since one of the pre-conditions is that the given taxpayer under assessment should have Australian domicile. Additionally, the location of permanent residence for the taxpayer should not lie outside Australia (Barkoczy, 2015). Superannuation Test This is used only for tax residency determination of Australian government employees who tend to serve abroad. The essential condition that needs to be met is contribution to select superannuation scheme (Coleman, 2011). 183 day Test This is used only by foreign resident currently in Australia. Two conditions need to be satisfied as listed below (CCH, 2014). A stay period of minimum 183 days in Australia for the taxpayer. Taxpayers willingness to settle in Australia going ahead. Resides Test The following factors are considered pivotal for determination of tax residency of foreign residents (Gilders et. al., 2015). Nature of ties in the professional and personal field that the taxpayer maintains in Australia. Extent of visits to the country of origin along with the underlying intent and duration. Extent of significance of the purpose with which taxpayer has come to Australia. Application In case of Fred, owing to his foreign domicile and employment with England based employer, domicile test and superannuation test are ruled out. Thus, the remaining tests need to be performed for Fred. 183 day test The condition regarding minimum stay period of 183 seems to be adhered to by Fred owing to 11 month stay. However, the intention to settle in Australia seems lacking as Fred has refrained from making any investment in fixed asset in Australia and continues to hold the home in England. Thus, due to the latter condition not met, the test is failed. Resides Test- The test is passed considering the following factors. Employment of 11 months which is still expected to continue further is a significant purpose to visit Australia. Fred has not gone to England even once during the 11 month period and also his behaviour during stay in Australia is not different from that exhibited in England. Conclusion Based on the above arguments, it is apparent that Fred manages to satisfy a residency test and hence is Australian tax resident. 2. Californian Copper Syndicate Ltd v Harris (Surveyor of Taxes) (1904) 5 TC 159 The Californian Company acquired a land containing a copper mine but could not commence the mining operation on the land as they were short in the working capital. The investors knew about the fact that they would not be left with the requisite fund, after spending such a huge amount for acquiring the mine before making the decision to buy land. Company sold the mine to other competitor mining company and received shares in that company as compensation. The saleable value of the acquired shares was high and the derived profit was much higher than the amount they used for acquiring of the mine. The company made claims that it was only shifting of one asset with another and thus, they would not be liable for income tax on the received gains (Sadiq et. al., 2016). The tax commissioner pronounced that the gains from the shares would be assessable for taxation. Company appealed in the court against the verdict of the tax commissioner. The court believed that the gains from the liquidation of the companys ownership would be assessable for taxation as profit intent was present before the purchase of land and mining use was never intended. Hence, the transaction was of isolated nature with the profit intention on the part of the investors (Deutsch et. al., 2016). Scottish Australian Mining Co Ltd v FC of T (1950) 81 CLR 188 The Scottish Mining Company bought a mine with the focus of coal mining. The company constantly mined the land and the process was continued for multiple years stretching into decades. It was observed that the coal content in the land was exponentially decreasing and after some time the land could not be mined further. Therefore, the mining operation was closed on the land and it was of no use to conduct any other business activity due to amorphous structure. Company liquidated the mine, after undertaking several requisite development actions like roads, plots, parks, school, and hospital and water supply and so on. Considerable profit was received by the investors from the mine land liquidation. The matter landed into court, where it was advocated that the company performed the central work i.e. coal mining for years and when the land was of no use then only, the investors liquidated the land. It was also stated on behalf of the investors that the land development was not with the i ntent of maximizing the profit. The activities were requisite to convert the amorphous land into residential place. Hence, it was just realisation of the asset in the most effective manner possible. The court accepted the claim of the company and announced that the profit would not be assessable as it was realisation of the asset (Jade, 2016). FCT v Whitfords Beach Pty Ltd (1982) 150 CLR A beach front land was purchased by the given company, which was used for drying of the fishing shacks and other fishing related equipment. The owners decided to alter the fishing business and finally liquidated the shares of the company to three companies. The basic functions of the companies were land development and land trading for higher profit. These companies wanted a beachfront land property and thus, bought the fishing company with the main focus of deriving the profits from the beach front land. Companies modified the old article of association of the company. Plethora of land development activities were started on the land and finally, the newly constructed plots were sold and caused sizable profits. The court opined that the companies acquired the fishing company especially for the beach front land so that the beach side land could be developed and then liquidated for higher gains, same had been introduced in the article of association of the company. Therefore, these bus iness actions of the taxpayers caused the tax accessibility on the received proceeds under the ordinary income scheme of ITAA, 1936 (CCh, 2016a). Statham Anor v FC of T 89 ATC 4070 A piece of deceased estate farm land was given to Statham Anor, which was originally used for agriculture. A small cattle firm was started by the taxpayer on this land. However, during its initial stage the business became abortive and caused reasonable loss to the taxpayers. They were also facing financial struggles and required funds to support even their living expense. They did not have enough funds to commence any other business on the land and thus, subdivided the farmland into smaller plots and without advertising, liquidated the plots to prospective buyers. The taxpayers articulated that the monetary issues forced them to sell the farm land and thus, the gains should not be assessable for tax. The court agreed with the request made and passed the judgement that the land liquidation resulted due to the failure of the business and due to the shortage of funds to sustain the livelihood. There were neither the land development activities nor the business action on the part of th e taxpayers. Therefore, the gins would be termed as capital receipts and not assessable for income tax (CCh, 2016b). Casimaty v FC of T 97 ATC 5135 The taxpayer received a part of farm land from his father for conducting the farming business. He undertook sizable loan from the bank basically for dual purpose, for fencing around the land and to start the farming. The production from the farming was not much, due to drought in the same year and caused insignificant income to the taxpayer. The taxpayers had taken sizable loan at high interest rate, which was increasing debt related liabilities on him. High financial debt and low income from the farming caused high stress and weakened the health of the taxpayer. In order to resolve the issues, he decided to liquidate the land. Since, he did not want to liquidate the whole farm land and took more loans to make subdivision on the land. A huge block of the land was sold and the earned gains were consumed to repay the loan amount. Moreover, the remaining block of the land was used for farming by the taxpayer. The honourable court passed the verdict that the liquidation of the portion of the land would be categorised under realisation of the capital asset as there was no profit intention of the taxpayer behind the sale. Additionally, the taxpayer continued his traditional farming occupation on the remaining block of the land. Therefore, the gains would be considered as capital income and non-assessable for income tax (CCh, 2016c). Moana Sand Pty Ltd v FC of T 88 ATC 4897 The given company purchased sand mine to carry the sand mining business. The essential work permits were also acquired from the municipal corporations by the company. After some time of steady mining, the sand reserves were finished and further sand mining could not be performed. Hence, the company decided to sell off the mine land. In regards to maximize the sale revenue, several value enhancement actions were carried on the land like plots, roads, parks, hospitals, water supply, churches, sewerage plant unit and other requisite service were installed. These developed plots were sold to premium buyers and derived reasonably high revenues. Company made various claims that the land was of no use and thus utilized by selling (Coleman, 2011). The court overruled the claims of the company and believed that the property was acquired for sand extraction not for land business. However, company invested a sizable amount just to develop the land. The instalment of the services on the land was conducted so that higher revenues could be generated. Therefore, the revenues from sale would be assessable for the income tax (Barkoczy, 2015). Crow v FC of T 88 ATC 4620 Any repetitive course of business action would cause ordinary income that would be chargeable for income tax in the accordance of the Income Tax Assessment Act, 1936. The taxpayer Crow had performed the same action as he acquired a five block land from borrowed amount and commenced the farming for very limited time and then started development actions on the bought land. Fifty one sub-blocks were formed from this five block land and sold to retail customers. This activity was continued for many years as new land was bought and then sold to buyers at higher price after carrying some development activities. The central business strategy of the taxpayer was to buy the land, make subdivision and finally sell to buyers. The commissioner stated that the business motive of the taxpayer would be considered for tax accessibility. The taxpayer claimed that he sold the land in regards to repay the loaned amount. The matter was taken to court, where court rejected the claims and passed the verdi ct that the repetitive action of land trading and division was clear sign of carrying the land trading business. Hence, the proceeds from the sale would be assessable for income tax (CCh, 2016d). McCurry Anor v FC of T 98 ATC 4487 The taxpayers acquired a land parcel, which already had few old unstructured buildings. Three townhouses were constructed on the purchased land by availing borrowed funds. Advertisement was also made for the sale of the townhouse. Irrespective of this advertisement, the townhouses could not be sold. They decided to keep the townhouses for the time being and sold when they would receive the expected amount. Moreover, one townhouse was used for personal residence by the taxpayers. After a year, the townhouses were sold as per their expected profits. It was cited on behalf of the taxpayers that the gains should not be considered under the outlines of the ordinary income of income tax. The honourable court passed the decision that the arguments of the taxpayers were not valid. Since, their intention was to derive higher gains, and with the same, they constructed new townhouses. Additionally, they conducted advertisement to sell the townhouses. They kept the townhouses for a year so that higher returns could be achieved. These systematic business actions would lead to tax liability on the taxpayers (CCh, 2016e). References Barkoczy,S 2015,Foundation of Taxation Law 2015,7th eds., CCH Publications, North Ryde CCh 2016a, FC of T v Whit fords Beach Pty Ltd (1982) 150 CLR, Available online from https://www.iknow.cch.com.au/document/atagUio549860sl16841994/federal-commissioner-of-taxation-v-whitfords-beach-pty-ltd-high-court-of-australia-17-march-1982 (Accessed on September 18, 2016) CCh 2016b, Statham Anor v FC of T 89 ATC 4070, Available online from https://www.iknow.cch.com.au/document/atagUio544343sl16788832/statham-anor-v-federal-commissioner-of-taxation-federal-court-of-australia-full-court-23-december-1988 (Accessed on September 18, 2016) CCh 2016c, Casimaty v FC of T 97 ATC 5135, Available online from https://www.iknow.cch.com.au/document/atagUio539843sl16716249/casimaty-v-fc-of-t-federal-court-of-australia-10-december-1997 (Accessed on September 18, 2016) CCh 2016d, Crow v FC of T 88 ATC 4620, Available online from https://www.iknow.cch.com.au/document/atagUio545564sl16800674/crow-v-federal-commissioner-of-taxation-federal-court-of-australia-17-august-1988 (Accessed on September 18, 2016) CCh 2016e, McCurry Anor v FC of T 98 ATC 4487, Available online from https://www.iknow.cch.com.au/document/atagUio539084sl16707683/mccurry-anor-v-fc-of-t-federal-court-of-australia-15-may-1998 (Accessed on September 18, 2016) CCH 2014, Australian Master Tax Guide 2014, 52nd eds., Wolters Kluwer, Sydney Coleman, C 2011, Australian Tax Analysis, 4th eds., Thomson Reuters (Professional) Australia, Sydney Deutsch, R, Freizer, M, Fullerton, I, Hanley, P, Snape, T 2016, Australian tax handbook 9th eds., Thomson Reuters, Pymont Gilders, F, Taylor, J, Walpole, M, Burton, M. Ciro, T 2015, Understanding taxation law 2015, 7th eds., LexisNexis/Butterworths Jade 2016, Scottish Australian Mining Co Ltd v FC of T (1950) 81 CLR 188, Available online from https://jade.io/j/?a=outlineid=64663 (Accessed on September 18, 2016) Nethercott, L, Richardson, G Devos, K 2016, Australian Taxation Study Manual 2016, 4th ed., Oxford University Press, Sydney, Sadiq, K, Coleman, C, Hanegbi, R, Jogarajan, S, Krever, R, Obst, W, and Ting, A 2016,Principles of Taxation Law 2016,8th edn, Thomson Reuters, Pymont