Organizational Counseling Essay

Counseling is the service offered to the individual who is under going a problem and needs professional help to overcome it. The problem keeps him disturbed high strung and under tension and unless solved his development is hampered or stunted. Counseling therefore is a more specialized service requiring training in personality development and handling exceptional groups of individuals. Meaning of counseling Complex processes such as counseling are always difficult to define. In dictionary terms the word Counseling has a variety of meanings. It often implies the giving of advice or the recommendation of a particular course of action, presupposing that the one who is advising or recommending does so from a basis of superior knowledge and greater wisdom. The term also carries certain connotations which are derived from the legal use of the word ‘counsel’. In recent years, however, the word â€Å"counseling† has acquired a specific meaning as a technical term to describe a particular kind of therapeutic interaction between people. Many authors and institutions have defined counseling as follows: The steering committee of the Standing Committee for the Advancement of Counseling (UK) in 1969 offered the following definition. â€Å"Counseling is a process through which one person helps another by purposeful conversation in an understanding atmosphere. It seeks to establish a helping relationship in which the one counseled can express his/her thoughts and feelings in such a way as to clarify his/her situation, come to terms with some new experience, see his/her difficulty more objectively, and to face the problem with less anxiety and tension. Its basic purpose is to assist individuals to make their decision from among the choices available to them.† Three components which are essential if the meeting of two persons, one of whom has a problem, is to be termed â€Å"counseling† are the process, the objectives, the relationship. According to Brammer & Shostrom, â€Å"Counseling is defined as a way of relating  and responding to another person so that he/she is helped to explore his thoughts, feelings and behavior to reach a clear self-understanding. Also, the person is helped to find and use his/her strengths to be able to cope more effectively with making appropriate decisions, or taking appropriate action.† According to Makinde (1983) â€Å"Counseling is as an integrative process between a client, who is vulnerable and who needs assistance, and a counselor who is trained and educated to give this assistance. The goal of the interaction is to help the client learn to deal more effectively with him/herself and the reality of his environment.† According to Willey & Andrew, Counseling involves two individuals one seeking help and other a professionally trained person helped solved problems to orient and direct him to words a goals. Employee Counseling Counseling has been practiced in one form to other since the evolution of mankind. In every field which requires dealing with people, counseling is essential. Counseling is dyadic relationship between two persons; a manager who is offering help (counselor) and an employee whom such help is given (counselee). It may be formal or informal. Formal counseling is a planned and systematic way of offering help to subordinates by expert counselors. Informal counseling is concerned with day to day relationship between the manager and his subordinates where help is readily offered without any formal plan. Every manager has a responsibility to counsel his subordinates. When individual managers are unable to deal with specific problems, the counseling services of a professional body is required. An organization can either offer the services of a full-time in-house counselor or refer the employee to a community counseling service. Counseling occasionally is necessary for employees due to job and personal problems that subject them to excessive stress. Counseling is discussion of a problem that usually has emotional content with an employee in order to help the employee cope with  it better. Counseling seeks to improve employee’s mental health. People feel comfortable about themselves and about other people and able to meet the demands of life when they are good in mental health. The counseling need not be limited to work-related issues. Marital problems, problems with children, financial difficulties or general psychiatric problems may not be directly related to the job, however, we recognize that individuals cannot completely separate their life away from the job from their life on the job. Therefore personal problems do affect a worker’s job performance. So counseling is also necessary for personal problems along with work- related issues. Performance counseling involves helping an employee understand his own performance, find where he stands in relation to others and identify ways to improve his skills and performance. It focuses, essentially, â€Å"on the analysis of performance of the job and identification of training needs for further improvement†. An increasingly popular form of counseling involves employees who are about ready to retire. Pre-retirement counseling prepares individuals to deal with the realities of leisure, as well as ou tlining details about social security benefits and company pension provisions. Employee Counseling at Workplace It is required of every manager to help his subordinate in the free exploration of his strengths, abilities, competence, interests and other related positive features. It requires participation from both the parties in the performance review and goal-setting process. Thus, performance counseling has become an important feature not only in performance review but also in the implementation of the appraisal system in the organization. It is natural that subordinates need guidance, coaching or help of an experienced person. This role may be played by the immediate superior or the personnel manager. The managers or superiors who have to play the role of ‘counselor’ can play it successfully if they develop the skill for counseling. Such a skill would be useful in understanding subordinates, assisting them in their efforts to grow and develop, and in improving their interpersonal relations both at work and in the society at large. Counseling is a two-way process in which a coun selor provides help to the workers by  way of advice and guidance. There are many occasions in work situations when a worker feels the need for guidance and counseling. The term â€Å"counseling† refers to the help given by a superior to his subordinate in improving the latter’s performance. It is in effect a process of helping subordinates to achieve better adjustment with his work environment, to behave as a psychologically mature individual, and help in achieving a better understanding of others so that his dealings with them can be effective and purposeful. Distinction between Organizational Counseling Interventions & Organizational Development Organizational Development (OD) and Organizational Counseling Interventions (OCI) are two natural extensions of systems thinking within the larger discipline of Psychology. Given the fact that OD and OCI technologies have a common origin within Psychology as a discipline, and the development of the systems perspective in particular, it is necessary to identify the core distinctions between these two approaches to serving the organization: Both OCI and OD interventions are designed to improve overall organizational health and effectiveness, which in turn improve the working conditions of individual employees. Some of the typical areas of focus and expertise where OD and OCI differ are listed below, and these may be used as decision-making criteria. Organizational Development Organizational Counseling Leadership development Personality dysfunction (substance abuse, psychiatric symptoms, etc.) Departmental (re)organization Stress/Change Management Poor Morale Grief reaction to loss or death Group retreats Critical Incident Stress Management Skills development and technology usage Employee/patient safety issues Team – building Communication breakdown within teams Workplace climate Entrenched interpersonal conflict Promoting improved/increased organizational performance Promoting organizational wellness Who Can Counsel People who are in a position to counsel in the work place could be co-workers who would function as peer counselors, supervisors and managers who would counsel their own staff and staff members like the human resources manager and the training manager who could counsel any staff member because of the uniqueness of their positions. In addition, directors or senior managers are well placed to counsel members of the management staff. Counseling deals with personal, social, vocational, empowerment, and educational concerns. Counselors work only in areas in which they have expertise. These areas may include intra- and interpersonal concerns related to school or college adjustment, mental health, aging, marriage or family issues, employment, and rehabilitation. Counseling Quick Reference Keep this quick reference to use whenever counseling individuals, employees or team members. Counselors must demonstrate these qualities to counsel effectively: a) Respect for subordinates. b) Self and cultural awareness. c) Credibility. d) Empathy. Counselors must possess these counseling skills: 1. Active listening. 2. Responding. 3. Questioning. Effective counselors avoid common counseling mistakes. Counselors should avoid: 1. Personal bias. 2. Rash judgments. 3. Stereotyping. 4. Losing emotional control. 5. Inflexible counseling methods. 6. Improper follow-up. When to Counsel There are many situations in the workplace when counseling might be called for: Some of these problems arise outside the work place. They can be personal problems such as sexual behavior that might pose a high risk for HIV/AIDS, or addiction to drugs or alcohol. They may be related to family issues: money problems, sickness and death in the family causing grief or trauma. They may also be issues related specifically to the work place, such as matters like career development, discipline, performance, relating to customers or clients, promotion, redeployment, transfers, redundancies, retirement, etc. There might be problems individuals have in relating to others in the work place, either as individuals or as part of a team. Other problems may lie in relating to customers, to bosses or to those in authority in general. Bosses might also have problems in relating to their juniors. Need of Counseling Counseling is an integral part of an over-all program of guidance. â€Å"Counseling is a specific process of assistance extended by an expert in an individual situation to a needy person†. This means the counseling situation arises when a needy person is face to face with and expert who makes available his assistance to the needy individual to fulfill his needs. There is an urgent need of introducing and strengthening the counseling service to meet the various needs of the individuals or employees. 1. To help in the total development of the organization: Along with the intellectual development proper motivation and clarification of goals and ideas to pupils in conformity with their basic potentialities and social tendencies are important total development of the individual nauseates that individual differences among them are expected, accepted, understood and planned for and all types of experiences in an institution are to be so organized as to contribute to the total development of the organization. 2. To develop readiness for choice and changes to face new challenges. 3. To minimize the mismatching between achievement and expectation and help in the  efficient use of manpower. 4. To motivate the youth for self-employment. 5. To help fresher establish proper identity 6. To identify and motivate the counselee 7. To help the counselee in their period of turmoil and confusion. 8. To help in checking wastage and stagnation. 9. To identity and help individuals in need of special help. 10. To minimize the incidence of indiscipline. Bargadon has mentioned the following situations where counseling in required: 1. When a pupil requires not only reliable information but also an interesting introspection of those in formations which can solve his personal difficulties. 2. When a pupil needs intelligent listener who has more experience than the pupil to whom he can recite his difficulties and through which can seek suggestions for his working plan. 3. When the counselor has to assess those facilities which can help in resolving the pupil problems but the pupil doesn’t enjoy such an access to those facilities. 4. When the pupil has some problem but he is unaware of that problem and his development, he is to be made aware of that problem. 5. When the pupil is aware of the problem and difficulties created by the problem but he feels difficult to define it and to understand it that is, when the pupil is familiar with the presence of the problem and its nature but he is unable to face the problem due to this tempor ary tension and distraction. 6. When the pupil suffer the main maladjustment problem or some handicapped with is temporary and which needs careful long due diagnosis by an expert. Characteristics of Effective Counseling 1. Purpose: Clearly define the purpose of the counseling. 2. Flexibility: Fit the counseling style to the character of each subordinate and to the relationship desired. 3. Respect: View subordinates as unique, complex individuals, each with a distinct set of values, beliefs, and attitudes. 4. Communication: Establish open, two-way communication with subordinates using spoken language, nonverbal actions, gestures, and body language. Effective counselors listen more than they speak. 5. Support: Encourage subordinates through actions while guiding them through their  problems. Problems in Employee Counseling A manager has to deal with various types of problems in dealing with his subordinates, employees and particularly problem employees. Basically no employee is a problem employee, except hereditary and inborn perversions, criminal tendencies, addictions, and nervous and psychological breakdowns. Once an employee turns to be a problem employee, the employer has mainly two options viz., repair and recover, or replace. For the purpose of repairing and recovering and rehabilitating, employee counseling has an important role to play. Problems are generally associated with the causes like: 1. Inferiority and Low Self-Esteem Inferiority feeling of an employee may play great havoc in individual life and work. Though a mild form of inferiority in certain persons may help them to work hard and overcome the inferiority. But very often, inferiority complex may lead a person to utter disappointment and depression leading to withdrawal perversion, absenteeism and even psychosomatic and psychotic problems. Inferiority is a feeling of inadequacy in comparison with others, or a feeling of being inferior to others. When the inferiority feelings in a person become overwhelming and persisting, it may develop into a state which Adler called â€Å"inferiority complex†. Recently thinkers started believing that inferiority can be overcome with the help of self-esteem, and effective counseling helps in gaining self-esteem. Self-esteem is closely linked with self-image, self-worth and self-concept. Self-concept and self-image are the terms which represent the picture which we have of ourselves. Self-image and self-c oncept may include a list of character traits, physical features, attitudes, feelings, strengths, weaknesses etc. Self-esteem refers to the evaluation which an individual makes of his worth, competence, value and significance. When a person loses self-esteem, he develops inferiority in him, which grows into an inferiority complex. Such people do not feel worth of themselves. Hence, the basic task of a counselor is to improve self-esteem in such counselees. 2. Injustice or Ill-treatment Very often injustice or ill-treatment makes considerable impact in their minds resulting in behavioral problems, inferiority and low self-esteem. Depriving an employee of adequate wages, leave, or any perks, giving him an arrogant treatment, depriving a legitimate promotion, promoting somebody overlooking the legitimate candidate; may such incidents take place in organizations very often which may result in inferiority feeling or feeling of low self-esteem and low morale affecting the efficiency of the aggrieved employee. As far as possible such incidents must be avoided. Once such a situation arises and an employee is aggrieved, it is better to rectify it. However, if the aggrieved employee is counseled and rectification is promised at a later date, he or she can be brought back to the proper track. 3. Premarital Anxieties and Sexual Perversions Premarital anxieties are common in many young employees. Once the marriage is arranged and the person is engaged, his anxiety increases. Two people of different family backgrounds, different cultures, different environments, etc., are bound to have anxieties before they come together. If one happens to wait unmarried after a particular age too, one’s anxiety is bound to increase. Similarly, there are possibilities for sexual perversions in not only young employees but even in married employees. There are people with broken relationships who are tempted to be subject to sexual perversions and resulting guilty conscious. In all such cases the concerned employee needs counseling before a total breakdown and collapse of personality. Such people can be spiritually motivated, educated, kept under the close contact of an influence group, and so on. 4. Alcoholism Alcoholism is, perhaps, the largest threat to the human element of organization. In fact, alcoholism is a serious social, moral and health problem. It ruins careers, disrupts families, affects productivity and efficiency, destroys bodies, and leads to untold human misery. Many traffic accidents are caused by alcohol abuse. There are many causes which lead to alcoholism. Prominent among them are: (i) Hereditary drinking; (ii) Executive culture; (iii) Executive stresses; (iv) Physiological reasons; (v) Broken family set up; (vi) Environmental influence; (vii) Low job  satisfaction and morale; (viii) Tasks involving strenuous physical exertion; (ix) Perpetuating influences ; (x) Feelings of depression and stagnation; and (xi) Feeling of isolation and loneliness. A counselor’s job is not easy as far as an alcoholic is concerned. One or a few counseling sessions may not yield any considerable effect. However, a sincere effort on the part of an executive counselor may help an alco holic employee, at least in the long-run. Some medical intervention may also be helpful along with counseling. 5. The problem of Addictions Another important employee problem which deserves counseling is addictions. Addiction is a very dangerous problem which torments the social and work environment of today. Drug addiction has gone beyond proportions among youngsters now-a-days. Not only drug addiction, many people are addicted to alcohol, pornographic materials, television, sexual immorality, smoking, compulsive spending, overeating, gambling, and so on. There are some people who are addicted to earning money and amassing wealth by hook or by crook. There are workaholics who have addiction to work, due to which there are many broken families in the urban society. Addiction is any habit, practice, behavior or even thinking which is habitually or compulsively attached to a person, which exerts more and more control and power over him. There can be many causes for addiction; some of which are: (i) Inadequate parental care; (ii) Broken family atmosphere; (iii) Bad company; (iv) Peer or other social influence; (v) Feeling o f emptiness in life; depression or stresses; (vi) Low self-esteem and deception; & (vii) Psychological problems. Both drug addiction and alcohol abuse involve behavior change, physical deterioration, family stresses, financial problems, career destruction, increasing psychological disintegration, lawlessness and so on. Addiction affects both the victim and his family. Even the psychologists and counselors may exhaust and drain themselves out by constant pressure of dealing with addicts. Hence, it is not an easy task for executives to deal with such cases. However, very tactful approach on the part of the executives and managers may make a considerable effect in helping them if they act in time. â€Å"A stitch in time saves nine†. 6. Mental Conflict in Union Rivalries In recent times, there are many employees who lose their confidence, mental peace, job satisfaction and productivity due to union rivalries. Many right thinking and unattached employees become the victims of such rivalries. Some militant trade union leaders and their henchmen even manhandle assault and ill-treat such employees. Their legitimate promotions and claims are blocked by such trade unionists. Sometimes even management becomes helpless in doing justice to such employees due to the obstructions and resistances created by such union leaders. In such situations victims are bound to be disappointed, disgruntled and aggrieved resulting in depression and stress. Executive counselors and human resources executives have great role to play in rebuilding the personality and career through counseling and timely intervention. They can be recovered, and revitalized through counseling and timely guidance. They can then be exposed and developed through training followed by redeployment and a change in placement. 7. Breakdown in Interpersonal Relationships Breakdown in interpersonal relationships is another important problem which creates low morale and depression in work-life which deserves timely intervention and counseling. There are many stress situations in one’s work life. Organizational causes of stress are occupational demands, role conflict, role ambiguity (stress from uncertainly), stresses from overload and under load, responsibility for others, stresses from evaluation, poor working conditions, unwanted changes, and such other factors lead to personal stresses. Interpersonal stresses make more impact in work life. Strains and breakdowns in interpersonal relationships have direct relationship with individual stresses. When cordial relationships exist in the work place, impact of other stresses may get effectively tackled. But when stresses from strained interpersonal relationship in the work environment increase, the individual’s effectiveness, balance and productivity can get affected. In all such occasions, c ounseling and guidance would become necessary to help the individual to control his problem emotions and sustain himself to be effective in the group. 8. Low Job Satisfaction and Morale Another important cause which affects the human behavior in organization is low job satisfaction backed by low morale. Low job satisfaction leads to low morale and vice-versa. Morale and job satisfaction are closely tied to the basic concepts of attitudes and motivation. Wages have been found to be the basic determinant of job satisfaction. However, once the monetary needs are considerably met by the wages, other aspects like self-actualization, fulfillment, working conditions, security of employment, prestige, agreeability of the job, group cohesiveness, expertise, etc., also determine the job satisfaction. Some researchers have thrown light on the positive relationship between occupational level and job satisfaction. Job satisfaction has a considerable relation with the promotion possibility. Superior-subordinate relationship and cooperative and affectionate attitude and approach of the superior may also influence the job satisfaction level of the subordinates, though much empirica l work has not been done in this area. Low job satisfaction and low morale must be tackled at the root. Immediate supervisor or superior may first come to know about the problem in his subordinate and initiate timely and sincere counseling efforts. At times, assistance of professional counselors can be sought. Every manager must make up his mind to nip in the bud all such problems which adversely affect job satisfaction and morale with the help of skillful counseling. 9. Breakdown in Family Life Every individual, rich or poor, has to face many family problems, some of which can seriously affect the peace of mind, happiness, achievement motivation and efficiency. Those who have broken family lives and serious family problems may possibly become unsuccessful in their work life too. Very often problem which affect the family life can convert a good employee into a problem employee. Studies have already proved that some alcoholics and drug addicts are the products of broken families. In fact, breakdown in family life very often affects the work life. Hence, if such employees are provided with ways to release their tension, their efficiency can be improved. Counseling is of great importance in such cases once such employees can be brought to proper track with the help of counseling, their personality, behavior and performance can be improved with the help of exposure in training, T-group formation, etc., so that better sense of  cohesion and commitment to organization can be en sured. Solving the Problems of Employee Counseling The problems of employee counseling can be solved in various ways. The following could be simple check list to follow – 1. Deal with dignity: An individual has to be dealt with dignity. An individual is more a victim of circumstances. This should be communicated clearly to assuage feelings of the individual. 2. Give time: Give individuals time and avoid shock impact. This gives the employee time to think of alternatives in a job loss situation. Importantly, the employee might try and improve productivity. 3. Build courage and confidence: Highlight strengths of the individual and build personal confidence level. Irrespective of personal circumstances, retaining confidence and mental balance, is critical. 4. Offer help: Offer personal and corporate help. More important than offering help is to listen patiently and offer whatever help is possible. 5. Involve family, where possible: A job affects the family and hence, where the employee is receptive, involve the family in counseli ng. 6. Give positive references: Give good and positive references to employees terminated to improve their chances of sourcing an alternate employment. 7. Allow use of facilities: As far as possible, allow a usage of corporate facilities, especially where there is no direct cash outflow. Typical facilities would include transport, sports, club, library, canteen etc. 8. Offer subsidy: In large companies, employees are eligible for a variety of benefits including transport, housing and furniture. Where possible, continue to offer these facilities at a subsidized price, for a short period of three to six months. 9. Communicate: Most importantly, involve the employee and listen empathetically. Keep in touch with the employee at some frequency to sustain courage to face the crisis and instill a ray of hope to come out of the crisis successfully. Aims of Counselling Counselling and guidance aims to: enable citizens to manage and plan their learning and work pathways in accordance with their life goals, assist educational and training institutions to have well motivated pupils, students and trainees who take  responsibility for their own learning and set their own goals for achievement assist enterprises and organisations to have well motivated, employable and adaptable staff, capable of accessing and benefiting from learning opportunities both within and outside the workplace provide policymakers with an important means to achieve a wide range of public policy goals support local, regional, and national economies through workforce development and adaptation to changing economic demands and social circumstances assist in the development of societies, in which citizens actively contribute to their social and democratic development Importance of counselling aims within labour market: Within the labour market, guidance and counselling can: Improve the accuracy and accessibility of the information available to individuals about short- and long-term job opportunities. In turn this can improve individual decision making about jobs and about job training opportunities. achieve a better match between skills, interests and qualifications on the one hand and available job opportunities on the other help to improve the allocation of labour across regions, industries and occupations in the face of labour supply and demand fluctuations resulting from technological and structural change Significance of Counseling 1. Decision marking construct: The psychological problems of adolescents can be seen as decision making problems. 2. Conflict: These decisions making problems almost always involve some conflict, either because of factor emotional ambiguities or both. 3. Assertions: Behavior is a result at the assumptions, beliefs, and attitudes that one his about himself, others and the world in which her lives. 4. Disconfirmations: The effects of behavior following decisions are feed back to the individual perceived and they confirm or disconfirm ascertain to varying degrees. 5. Tension: When assertions are disconfirmed, tensions result. 6. Redundancy: Tensions inhibit the ability of an individual to reexamine his assertions and attempt to confirm them and thus they cause redundant behavior. Reception and Integration Counseling Points Reception and integration counseling should begin immediately upon arrival so new team members can quickly become integrated into the organization. Counselor must counsel new team members when they arrive at organization. This reception and integration counseling serves two purposes: First, it identifies and helps fix any problems or concerns that new members may have, especially any issues resulting from the new duty assignment. Second, it lets them know the organizational standards and how they fit into the team. It clarifies job titles and sends the message that the chain of command cares. Chain of command familiarization. Organizational standards. Security and safety issues. Noncommissioned officer (NCO) support channel (who is in it and how it is used). On- and off-duty conduct. Personnel/personal affairs/initial and special issues. Organizational history, structure, and mission. Human resource practices within the organization Off limits and danger areas. Functions and locations of support activities. On- and off-post recreational, educational, cultural, and historical opportunities. Environmental orientations both internal and external. Other areas the individual should be aware of as determined by the counselor. Approaches/Types of Employee Counseling In attempting to help an employee who has a problem, a variety of counseling  approaches are used. All of these counseling approaches, however, depend on active listening. Sometimes the mere furnishing of information or advice may be the solution to what at first appeared to be a knotty problem. More frequently, however, the problem cannot be solved easily because of frustrations or conflicts that are accompanied by strong feelings such as fear, confusion, or hostility. A manager, therefore, needs to learn to use whatever approach appears to be suitable at the time. Flexibility is a key component of the employee counseling process. There are three types/approaches to counseling which are given as follows – 1. Directive 2. Non-directive 3. Participative 1. Directive Counseling: It is full counseling. It is the process of listening to an employee’s problem, deciding with the employee what should be done and telling and motivating the employee to do it. This type of counseling mostly does the function of advice, reassurance and communication. It may also perform other functions of counseling. Advantages and disadvantages of Directive counseling Exhibit 1: Advantages and disadvantages of Directive counseling Advantages: Quickest method. Good for people who need clear, concise direction. Allows counselors to actively use their experience. Disadvantages: Doesn’t encourage subordinates to be part of the solution. Tends to treat symptoms, not problems. Tends to discourage subordinates from talking freely. Solution is the counselor’s, not the subordinate’s. 2. Non-directive Counseling: In non-directive counseling, the employee is permitted to have maximum freedom in determining the course of the interview. It is the process of skillfully listening and encouraging a counselee to explain troublesome problems, understand them and determine  appropriate solutions. Fundamentally, the approach is to listen, with understanding and without criticism or appraisal, to the problem as it is described by the employee. The employee is encouraged, through the manager’s attitude and reaction to what is said or not said, to express feelings without fear of shame, embarrassment, or reprisal. The free expression that is encouraged in the non-directive approach tends to reduce tensions and frustrations. The employee who has had an opportunity to release pent-up feelings is usually in a better position to view the problem more objectively and with a problem-solving attitude. Advantages and disadvantages of Non-directive counseling Exhibit 2: Advantages and disadvantages of Non-directive counseling Advantages: Encourages maturity. Encourages open communication. Develops personal responsibility. Disadvantages: More time-consuming Requires greatest counselor skill. 3. Participative Counseling: Both directive and non-directive methods suffer from limitations. While the former is often not accepted by independent employees, the latter needs professionals to operate and hence is costly. Hence, the counseling used in most situations is in between these two. This middle path is known as participative counseling. Participative is a counselor-counselee relationship that establishes a cooperative exchange of ideas to help solve an employee’s problems. It is neither wholly counselor-centered nor wholly counselee-centered. Counselor and counselee mutually apply their different knowledge, perceptions, skills, perspectives and values to problem into the problems and find solutions. Advantages and disadvantages of participative counseling Exhibit 3: Advantages and disadvantages of participative counseling Advantages: Moderately quick. Encourages maturity. Encourages open communication. Allows counselors to actively use their experience. Disadvantages: May take too much time for some situations. Methods of Employee Counseling Effectiveness of counseling largely depends on the methods and techniques as well as the skills used by the counselor. Methods and techniques of counseling change from person to person and from situation to situation. Normally employee counseling involves the following methods: 1. Desensitization: Once an individual is shocked in a particular situation, he gives himself no chance for the situation to recur. This method can be used to overcome avoidance reactions, so as to improve the emotional weak spots. If an employee is once shocked by the behavior, approach or action of his superior, he would continue to avoid that superior. It is difficult for such superiors to be effective counselors, unless such superiors prove otherwise through their behavior or action on the contrary. Similarly, once an employee is shocked by a particular situation, he can be brought back to that situation only if he will be convinced through desensitization that the shock will not to take place further. Counselor can make use of desensitization in such situations. 2. Catharsis: Discharge of emotional tensions can be called catharsis. Emotional tensions can be discharged by talking them out or by relieving of the painful experience which engendered them. It is an important technique as a means of reducing the tensions associated with anxiety, fear, hostility, or guilt. Catharsis helps to gain insight into the ways an emotional trauma has been affecting the behavior. 3. Insight: With the help of insight one may find that he has devalued himself unnecessarily, or his aspirations were unrealistic, or that his childish interpretation of an event was inaccurate. Then he can overcome his weakness. 4. Developing the new patterns: Developing new patterns becomes very often necessary when other methods to deal with weak spots remain ineffective. In order to develop new, more satisfying emotional reactions, the individual needs to expose himself to situations where he can experience positive feelings. The manager who deals with such individuals may motivate or instigate them to put themselves into such situations, so that their self-confidence may increase. Every counselor must concentrate his full attention on two aspects viz., using of assessment tools, and utilizing counseling methods, choice of which differs from person to person, situation to situation, and from case to case. The Counseling Process Effective counselors use the four stages of counseling process which are given as follows – A. Identify the need for counseling. B. Prepare for counseling. C. Conduct counseling. D. Follow up. A. Identify the Need for Counseling Quite often organizational policies, such as counseling associated with an evaluation or counseling required by the command, focus a counseling session. However, one may conduct developmental counseling whenever the need arises for focused, two-way communication aimed at subordinate development. Developing subordinates consists of observing the subordinate’s performance, comparing it to the standard, and then providing feedback to the subordinate in the form of counseling. B. Prepare For Counseling Successful counseling requires preparation. To prepare for counseling, do the following: 1. Select a suitable place. 2. Schedule the time. 3. Notify the subordinate well in advance. 4. Organize information. 5. Outline the counseling session components. 6. Plan your counseling strategy. 7. Establish the right atmosphere. 1. Select a Suitable Place: Schedule counseling in an environment that minimizes interruptions and is free from distracting sights and sounds. 2. Schedule the Time: When possible, counsel a subordinate during the duty day. Counseling after duty hours may be rushed or perceived as unfavorable. The length of time required for counseling depends on the complexity of the issue. Generally a counseling session should last less than an hour. If one need more time, schedule a second session. Additionally, select a time free from competition with other activities and consider what has been planned after the counseling session. Important events can distract a subordinate from concentrating on the counseling. 3. Notify the Subordinate Well in Advance: For a counseling session to be a subordinate-centered, two-person effort, the subordinate must have time to prepare for it. The subordinate should know why, where, and when the counseling will take place. Counseling following a specific event should happen as close to the event as possible. However, for performance or professional development counseling, subordinates may need a week or more to prepare or review specific products, such as support forms or counseling records. 4. Organize Information: Solid preparation is essential to effective counseling. Review all pertinent information. This includes the purpose of the counseling, facts and observations about the subordinate, identification of possible problems, main points of discussion, and the development of a plan of action. Focus on specific and objective behaviors that the subordinate must maintain or improve as well as a plan of action with clear, obtainable goals. 5. Outline the Components of the Counseling Session: Using the information obtained, determine what to discuss during the counseling session. Note what prompted the counseling, what one aims to achieve, and what one’s role as a  counselor is. Identifying possible comments or questions to help counselor to keep the counseling session subordinate-centered and to help the subordinate progress through its stages. Although counselor never knows what a subordinate will say or do during counseling, a written outline helps organize the session and enhances the chance of positive results. 6. Plan Counseling Strategy: As many approaches to counseling exist as there are leaders. The directive, nondirective, and combined approaches to counseling were addressed earlier. Use a strategy that suits your subordinates and the situation. 7. Establish the Right Atmosphere: The right atmosphere promotes two-way communication between a counselor and subordinate. To establish a relaxed atmosphere, you may offer the subordinate a seat or a cup of coffee. Counselor may want to sit in a chair facing the subordinate since a desk can act as a barrier. Some situations make an informal atmosphere inappropriate. For example, during counseling to correct substandard performance, as a counselor you may direct the subordinate to remain standing while you remain seated behind a desk. This formal atmosphere, normally used to give specific guidance, reinforces the leader’s rank, position in the chain of command, and authority. C. Conduct the Counseling Session Be flexible when conducting a counseling session. Often counseling for a specific incident occurs spontaneously as counselors encounter subordinates in their daily activities. Such counseling can occur in any suitable places wherever subordinates feel ease. Good counselors take advantage of naturally occurring events to provide subordinates with feedback. Even when counselor haven’t prepared for formal counseling, s/he should address the four basic components of a counseling session. The purpose is to guide effective counseling rather than mandate a series of rigid steps. Counseling sessions consist of: 1. Opening the session. 2. Discussing the issues. 3. Developing the plan of action. 4. Recording and closing the session. Ideally, a counseling session results in a subordinate’s commitment to a plan of action. Assessment of the plan of action (discussed below) becomes the starting point for follow-up counseling. 1. Open the Session: In the session opening, state the purpose of the session and establish a subordinate centered setting. Establish the preferred setting early in the session by inviting the subordinate to speak. The best way to open a counseling session is to clearly state its purpose. For example, an appropriate purpose statement might be: â€Å"The purpose of this counseling is to discuss your duty performance over the past month and to create a plan to enhance performance and attain performance goals.† If applicable, start the counseling session by reviewing the status of the previous plan of action. 2. Discussing the issues: The counselor and the subordinate should attempt to develop a mutual understanding of the issues. Counselor can best develop this by letting the subordinate do most of the talking. Use active listening; respond, and question without dominating the conversation. Aim to help the subordinate better understand the subject of the counseling, for example, duty performance, a problem situation and its impact, or potential areas for growth. Both counselor and subordinate should provide examples or cite specific observations to reduce the perception that either is unnecessarily biased or judgmental. However, when the issue is substandard performance, counselor should make clear how the performance didn’t meet the standard. The conversation, which should be two-way, then addresses what the subordinate needs to do to meet the standard. It’s important that he defines the issue as substandard performance and don’t allow the subordinate to define the issue as an unreasonable standard-unless he considers the standard negotiable or are willing to alter the conditions under which the subordinate must meet the standard. 3. Develop a Plan of Action: A plan of action identifies a method for achieving a desired result. It specifies what the subordinate must do to reach the goals set during the counseling session. The plan of action must  be specific: it should show the subordinate how to modify or maintain his behavior. It should avoid vague intentions such as â€Å"Next month I want you to improve your production skills.† The plan must use concrete and direct terms. A specific and achievable plan of action sets the stage for successful development. 4. Record and Close the Session: Although requirements to record counseling sessions vary, a counselor always benefits by documenting the main points of a counseling session. Documentation serves as a reference to the agreed upon plan of action and the subordinate’s accomplishments, improvements, personal preferences, or problems. A complete record of counseling aids in making recommendations for professional development, schools, promotions, and evaluation reports. To close the session, summarize its key points and ask if the subordinate understands the plan of action. Invite the subordinate to review the plan of action and what’s expected by counselor. With the subordinate, establish any follow-up measures necessary to support the successful implementation of the plan of action. These may include providing the subordinate with resources and time, periodically assessing the plan, and following through on referrals. Schedule any future meetings, at least tentatively, before dismissing the subordinate. D. Follow Up Counselor’s Responsibilities: The counseling process doesn’t end with the counseling session. It continues through implementation of the plan of action and evaluation of results. After counseling, counselor must support subordinates as they implement their plans of action. Support may include teaching, coaching, or providing time and resources. Counselor must observe and assess this process and possibly modify the plan to meet its goals. Appropriate measures after counseling include follow-up counseling, making referrals, informing the chain of command, and taking corrective measures. Assess the Plan of Action: The purpose of counseling is to develop subordinates who are better able to achieve personal, professional, and  organizational goals. During the assessment, review the plan of action with the subordinate to determine if the desired results were achieved. The counselor and the subordinate should determine the date for this assessment during the initial counseling session. The assessment of the plan of action provides useful information for future follow-up counseling sessions. Conclusion The ability to counsel is an important skill for managers and caring co-workers. Organizations that have people trained in counseling will be better able to handle their people issues than those that do not. Staffs who are feeling anxious, stressed, or unhappy will not be able to perform very well on the job despite their background and experience. If they have had an opportunity to talk through their problems with a trained counselor, they will be able to be much more productive. This will save the organization time and money. References 1. Blum, M. L., and Balinsky, B. Counseling and psychology. Egnlewood Cliffs, N.J.: Prentice-Hall, 1954. 2. Bordin, E. S. Psychological counseling. New York: Appleton, 1955. 3. Maier, N. R. R. Principle of human relations. New York: Wiley, 1952. Ch. 12 & 13. 4. Counseling-techniques-in-an-organization, Available at:

Minoan Bronze Age Civilization of Ancient Crete

The Minoan civilization is what archaeologists have named the people who lived on the island of Crete during the early part of the prehistoric Bronze Age of Greece. We dont know what the Minoans called themselves: they were named Minoan by archaeologist Arthur Evans after the legendary Cretan King Minos. Bronze Age Greek civilizations are split by tradition into the Greek mainland (or Helladic), and the Greek islands (the Cycladic). The Minoans were the first and earliest of what scholars recognize as Greeks, and the Minoans have a reputation of having had a philosophy that harmonized with the natural world. The Minoans were based on Crete, located in the center of the Mediterranean Sea, about 160 kilometers (99 miles) south of the Greek mainland. It has a climate and culture different from that of other Bronze Age Mediterranean communities that arose both before and after. Bronze Age Minoan Chronology There are two sets of Minoan chronology, one which reflects stratigraphic levels in archaeological sites, and one which attempts to plot societal changes arising from events, particularly the size and complexity of Minoan palaces. Traditionally, Minoan culture is divided into a series of events. The simplified, event-driven chronology is first elements identified by archaeologists as Minoan appeared about 3000 B.C.E. (Pre-Palatial); Knossos was founded about 1900 B.C.E. (Proto-Palatial), Santorini erupted about 1500 B.C.E. (Neo-Palatial), and Knossos fell in 1375 B.C.E. Recent investigations suggest that Santorini may have erupted about 1600 B.C.E., making event-driven categories less than secure, but clearly, these absolute dates will continue to be controversial for some time to come. The best result is to combine the two. The following timeline is from Yannis Hamilakis 2002 book, Labyrinth Revisited: Rethinking Minoan Archaeology, and most scholars use it, or something like it, today. Minoan Timeline Late Minoan IIIC 1200-1150 B.C.E.Late Minoan II through Late Minoan IIIA/B 1450-1200 B.C.E. (Kydonia) (sites: Kommos, Vathypetro)Neo-Palatial (LM IA-LM IB) 1600-1450 B.C.E. (Vathypetro, Kommos, Palaikastro)Neo-Palatial (MMIIIB) 1700-1600 B.C.E. (Ayia Triadha, Tylissos, Kommos, Akrotiri)Proto-Palatial (MM IIA-MM IIIA) 1900-1700 B.C.E. (Knossos, Phaistos, Malia)Pre-Palatial (EM III/MM IA) 2300-1900 B.C.E. (Vasilike, Myrtos, Debla, Mochlos)Early Minoan IIB 2550-2300 B.C.E.Early Minoan IIA 2900-2550 B.C.E.Early Minoan I 3300-2900 B.C.E. During the Pre-Palatial period, sites on Crete consisted of single farmsteads and dispersed farming hamlets with nearby cemeteries. The farming hamlets were fairly self-sufficient, creating their own pottery and agricultural goods as necessary. Many of the graves in the cemeteries contained grave goods, including white marble figurines of women, hinting at the future cultic assemblages. Cultic sites located on local mountain tops called peak sanctuaries came into use by 2000 B.C.E. By the Proto-Palatial period, most of the people lived in larger coastal settlements which may have  been centers for maritime trading, such as Chalandriani on Syros, Ayia Irini on Kea, and Dhaskaleio-Kavos on Keros. Administrative functions involving the marking of shipped goods using stamp seals were in place at this time. Out of these larger settlements grew the Palatial civilizations on Crete. The capital was at Knossos, founded about 1900 B.C.E.; three other major palaces were located at Phaistos, Mallia, and Zacros. Minoan Economy Pottery technology and various artifacts of the first Neolithic (pre-Minoan) settlers on Crete suggest their possible origin from Asia Minor rather than mainland Greece. About 3000 B.C.E., Crete saw an influx of new settlers, probably again from Asia Minor. Long-distance trading emerged in the Mediterranean as early as EB I, propelled by the invention of the longboat (probably at the end of the Neolithic period), and the desire across the Mediterranean for metals, pottery forms, obsidian and other goods that were not readily available locally. It has been suggested that technology drove the Cretan economy to blossom, transforming the Neolithic society into a Bronze Age existence and development. The Cretan shipping empire eventually dominated the Mediterranean Sea, including mainland Greece and Greek Islands and eastward to the Black Sea. Among the major agricultural goods traded were olives, figs, grains, wine, and saffron.  The main written language of the Minoans was the script called Linear A, which has yet to be deciphered but may represent a form of early Greek. It was used for religious and accounting purposes from about 1800–1450 B.C.E., when it abruptly disappeared to be replaced by Linear B, a tool of the Mycenaeans, and one that we can read today. Symbols and Cults A considerable amount of scholarly research has focused on the Minoan religion and the impact of the social and cultural changes that occurred during the period. Much of the recent scholarship has focused on the interpretation of some of the symbols associated with Minoan culture. Women with Upraised Arms. Among the symbols associated with Minoans is the wheel-thrown terracotta female figurine with upraised arms, including the famous faience snake goddess found at Knossos. Beginning in late Middle Minoan times, Minoan potters made figurines of females holding their arms upward; other images of such goddesses are found on seal stones and rings. Decorations of the tiaras of these goddesses vary, but birds, snakes, disks, oval palettes, horns, and poppies are among the symbols used. Some of the goddesses have snakes coiling around their arms. The figurines fell out of use by the Late Minoan III A-B (Final Palatial), but appear again in LM IIIB-C (Post-Palatial). The Double Axe. The Double Axe is a pervasive symbol by Neopalational Minoan times, appearing as a motif on pottery and seal stones, found written in scripts and scratched into ashlar blocks for palaces. Mold-made bronze axes were also a common tool, and they may have been associated with a group or class of people connected with leadership in agriculture. Important Minoan Sites Myrtos, Mochlos, Knossos, Phaistos, Malia, Kommos, Vathypetro, Akrotiri. Palaikastro End of the Minoans For some 600 years, the Bronze Age Minoan civilization thrived on the island of Crete. But in the latter part of the 15th century B.C.E., the end came rapidly, with the destruction of several of the palaces, including Knossos. Other Minoan buildings were torn down and replaced, and domestic artifacts, rituals, and even the written language changed. All of these changes are distinctly Mycenaean, suggesting a population shift on Crete, perhaps an influx of people from the mainland bringing their own architecture, writing styles and other cultic objects with them. What caused this great shift? Although scholars are not in agreement, there are in fact three major plausible theories for the collapse. Theory 1: Santorini Eruption Between about 1600 and 1627 B.C.E., the volcano on Santorini island erupted, destroying the port city of Thera and decimating the Minoan occupation there. Giant tsunamis destroyed other coastal cities such as Palaikastro, which was completely inundated. Knossos itself was destroyed by another earthquake in 1375 B.C.E. There is no doubt that Santorini erupted, and it was devastating. The loss of the port on Thera was exceptionally painful: the economy of the Minoans was based on maritime trade and Thera was its most important port. But the volcano didnt kill everyone on Crete and there is some evidence that the Minoan culture didnt immediately collapse. Theory 2: Mycenaean Invasion Another possible theory is an ongoing conflict with the Mycenaeans mainland in Greece and/or New Kingdom Egypt, over control of the extensive trade network that had developed in the Mediterranean at the time. Evidence for the takeover by Mycenaeans includes the presence of scripts written in the ancient written form of Greek known as Linear B, and Mycenaean funerary architecture and burial practices such as the Mycenaean-type warrior graves. Recent strontium analysis shows that the people buried in warrior graves are not from the mainland, but rather were born and lived their lives on Crete, suggesting that the shift to a Mycenaean-like society may not have included a large Mycenaean invasion. Theory 3: Minoan Insurrection? Archaeologists have come to believe that at least a substantial portion of the reason for the downfall of the Minoans may have been internal political conflict. The strontium analysis research looked at the dental enamel and cortical thighbone from 30 individuals previously excavated from tombs in cemeteries within two miles of the Minoan capital of Knossos. Samples were taken from contexts both before and after the destruction of Knossos in 1470/1490, and 87Sr/86Sr ratios were compared to archaeological and modern animal tissues on Crete and Mycenae in the Argolid mainland. Analysis of these materials revealed that all of the strontium values of individuals buried near Knossos, whether before or after the destruction of the palace, were born and raised on Crete. None could have been born or raised on the Argolid mainland. A Collection End What archaeologists are considering, overall, is that the eruption on Santorini destroying the ports likely caused an immediate interruption in the shipping networks, but did not in itself cause collapse. The collapse came later, perhaps as escalating costs involved with replacing the port and replacing the ships created more pressure on the people on Crete to pay for rebuilding and maintaining the network. The Late Post-Palatial period saw the addition to the ancient shrines on Crete of large wheel-thrown pottery goddess figures with their arms stretched upward. Is it possible, as Florence Gaignerot-Driessen has supposed, that these are not goddesses per se, but votaries representing a new religion replacing the old? For an excellent comprehensive discussion of Minoan culture, see the University of Dartmouths History of the Aegean. Sources Angelakis, Andreas, et al. Minoan and Etruscan Hydro-Technologies. Water 5.3 (2013): 972-87. Print.Badertscher, S., et al. Speleothems as Sensitive Recorders of Volcanic Eruptions – the Bronze Age Minoan Eruption Recorded in a Stalagmite from Turkey. Earth and Planetary Science Letters 392 (2014): 58-66. Print.Cadoux, Anita, et al. Stratospheric Ozone Destruction by the Bronze-Age Minoan Eruption (Santorini Volcano, Greece). Scientific Reports 5 (2015): 12243. Print.Day, Jo. Counting Threads. Saffron in Aegean Bronze Age Writing and Society. Oxford Journal Of Archaeology 30.4 (2011): 369-91. Print.Ferrara, Silvia, and Carol Bell. Tracing Copper in the Cypro-Minoan Script. Antiquity 90.352 (2016): 1009-21. Print.Gaignerot-Driessen, Florence. Goddesses Refusing to Appear? Reconsidering the Late Minoan III Figures with Upraised Arms. American Journal of Archaeology 118.3 (2014): 489-520. Print.Grammatikakis, Ioannis, et al. New Evidence About the Use of Serpentinite in the Minoan Architecture. A ?-Raman Based Study of the â€Å"House of the High Priest† Drain in Knossos. Journal of Archaeological Science: Reports 16 (2017): 316-21. Print.  Hamilakis, Yannis. Labyrinth Revisited: Rethinking Minoan Archaeology. Oxford, England: Oxbow Books, 2002. Print.Hatzaki, Eleni. The End of an Intermezzo at Knossos: Ceramic Wares, Deposits, and Architecture in a Social Context. Intermezzo: Intermediacy and Regeneration in Middle Minoan Iii Palatial Crete. Eds. Macdonald, Colin F. and Carl Knappett. British School at Athens. London: The British School at Athens, 2013. 37-45. Print.Haysom, Matthew The Double-Axe: A Contextual Approach to the Understanding of a Cretan Symbol in the Neopalatial Period. Oxford Journal Of Archaeology 29.1 (2010): 35-55. Print.Knappett, Carl, Ray Rivers, and Tim Evans. The Theran Eruption and Minoan Palatial Collapse: New Interpretations Gained from Modelling the Maritime Network. Antiquity 85.329 (2011): 1008-23. Print.Molloy, Barry, et al. Life and Death of a Bronze Age House: Excavation of Early Minoan I Levels at Priniatikos Pyrgos. American Journal of Archaeology 118.2 (2014): 307-58. Print.Nuttall, Chris. Friend or Foe: Mycenaeanisation at Phylakopi on Melos in the Late Bronze Age. Rosetta 16 (2014): 15-36. Print.

Margaret Atwood s The Handmaid Tale Essay - 1166 Words

It is necessary for the government to impose a certain amount of power and control of its citizens in order for a society to function properly. However, too much power and control in a society eliminates the freedom of the residents, forbidding them to live an ordinary life. In the dystopian futuristic novel, The Handmaids Tale, Margaret Atwood demonstrates the theme of power and control through an oppressive society called the Republic of Gilead. The government established power and control through the use of the wall, military control, the salvaging, the particicution, and gender. The dead bodies of those who have committed acts against the government hang on a structure called the Wall. The Wall is a method to implement fear on the citizens. Offred describes the purpose of the wall when she states, â€Å"We stop, together as of on signal and stand to loook at the bodies. It doesn’t matter if we look. Were supposed to look: this is what they are there for, hanging on the wall. Sometimes they’ll be there for days, until there’s a new batch, so as many people as possible will have a chance to see them† (Atwood 40). The wall is a symbol of sin and it creates fear and force in the Republic of Gilead. It is a warning to the citizens of the punishment for disobeying the rules. The people that hang on the Wall â€Å"have committed atrocities and must be made into examples, for the rest† (Atwood 42). Therefore, when the citizens see the punishment for violating the government’s rules, theyShow MoreRelatedThe Handmaid s Tale By Margaret Atwood1357 Words   |  6 PagesOxford definition: â€Å"the advocacy of women s rights on the ground of the equality of the sexes† (Oxford dictionary). In the novel The Handmaid’s Tale, Margaret Atwood explores feminism through the themes of women’s bodies as political tools, the dynamics of rape culture and the society of complacency. Margaret Atwood was born in 1939, at the beginning of WWII, growing up in a time of fear. In the autumn of 1984, when she began writing The Handmaid’s Tale, she was living in West Berlin. The BerlinRead MoreThe Handmaid s Tale By Margaret Atwood1249 Words   |  5 PagesDystopian Research Essay: The Handmaid’s Tale by Margaret Atwood In the words of Erika Gottlieb With control of the past comes domination of the future. A dystopia reflects and discusses major tendencies in contemporary society. The Handmaid s Tale is a dystopian novel written by Margaret Atwood in 1985. The novel follows its protagonist Offred as she lives in a society focused on physical and spiritual oppression of the female identity. Within The Handmaid s Tale it is evident that through the explorationRead MoreThe Handmaid s Tale By Margaret Atwood1060 Words   |  5 Pagesideologies that select groups of people are to be subjugated. The Handmaid’s Tale by Margaret Atwood plays on this idea dramatically: the novel describes the oppression of women in a totalitarian theocracy. 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The story is set the present tense in Gilead but frequently shifts to flashbacks in her time at the RedRead MoreThe Handmaid s Tale By Margaret Atwood1256 Words   |  6 Pageshappened to Jews in Germany, slaves during Christopher Columbus’s days, slaves in the early 1900s in America, etc. When people systematically oppress one another, it leads to internal oppression of the oppressed. This is evident in Margaret Atwood’s book, The Handmaid’s Tale. This dystopian fiction book is about a young girl, Offred, who lives in Gilead, a dystopian society. Radical feminists complained about their old lifestyles, so in Gilead laws and rules are much different. For example, men cannotRead MoreThe Handmaid s Tale By Margaret Atwood1540 Words   |  7 Pages Name: Nicole. Zeng Assignment: Summative written essay Date:11 May, 2015. Teacher: Dr. Strong. 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The Ethics of Euthanasia Essay - 1742 Words

A teacher I once had in high school would often talk about her father who lived in hospice care. Her father suffered from dementia and had been for years. She would often talk about how on his â€Å"good† days he would plead her husband to put a pillow on his head and suffocate him, to take him out of his misery. If it was legal, her husband would have willingly helped her father and put him out of his misery, however in the state of North Carolina, physician-assisted suicide is illegal. Luckily, her father passed away this year and is finally free of pain and suffering. However, if physician-assisted suicide was legal, her father would not have had to suffer as long as he did. Before we explore the sides of physician-assisted suicide,†¦show more content†¦Though these methods do end life, they are uncomfortable, painful, and do not allow the patient to end their life with dignity. Through the legalization of physician-assisted suicide, many individuals who have endured years of suffering will finally be allowed to end their life with dignity. In the United States today, there is a considerable amount of debate of whether or not physician-assisted suicide should be legalized. Many oppose physician-assisted suicide because they view it to be morally and ethically wrong. Similarly, many support the legalization of physician-assisted suicide because they believe human beings have the right to determine when and how they die. Personally, I believe human beings have the right to determine when they die and that the government should not keep individuals who are in extreme pain and only have a few months to live from ending their life with dignity. Through this paper, I am going to explore the many sides of physician-assisted suicide. As I stated earlier, many oppose physician-assisted suicide for many different moral and ethical reasons. Many people all around the world are against the legalization of physician-assisted suicide because acc ording to Nargus Ebrahimi’s article â€Å"The Ethics of Euthanasia,†Show MoreRelatedThe Philosophical Theories Of Euthanasia And Ethics1464 Words   |  6 PagesEuthanasia and Ethics The philosophical theories and ethics of two philosophers, Aristotle and Kant, offer two differing views on the morality of euthanasia. Margaret P. Battin’s â€Å"Euthanasia: The Way We Do It, the Way They Do It† offers three countries’ perspectives on and laws regarding euthanasia and/or physician assisted suicide, as well as evaluations and critiques of their policies. To determine which of these points of view has the most pertinence, all of these arguments will be outlinedRead MoreEthics of Euthanasia Essay1475 Words   |  6 Pagesto depend on someone for everything suddenly brings feelings of helplessness much like an infant feels. It is easy to see why some patients with terminal illnesses would seek any type of relief from this hardship, even if that relief is suicide. Euthanasia or assisted suicide is where a physician would give a patient an aid in dying. â€Å"Assisted suicide is a controversial medical and ethical issue based on the question of wh ether, in certain situations, Medical practioners should be allowed to helpRead MoreThe Ethics Of Non Voluntary Active Euthanasia1050 Words   |  5 PagesThe idea of non-voluntary active euthanasia is not such a disaster, as euthanasia itself. The problem that comes into consideration is when and why it should be used. When euthanasia is non-voluntary and active, such as on a patient with dementia, the ethical decision comes into play if there are episodes of clarity and the patient has or has not mentioned what they want to do at the end of life situations. Principles of deontology suggest duty and obligation. A medical professional in such situationsRead MoreEssay Moral and Ethics: Euthanasia and Physician-Assisted Suicide 1776 Words   |  8 PagesEuthanasia and physician-assisted suicide are actions that hit at the core of what it means to be human - the moral and ethical actions that make us who we are, or who we ought to be. Euthanasia, a subject that is so well known in t he twenty-first century, is subject to many discussions about ethical permissibility which date back to as far as ancient Greece and Rome , where euthanasia was practiced rather frequently. It was not until the Hippocratic School removed it from medical practice. EuthanasiaRead More Euthanasia as One of Todays Most Prevalent Ethics Issues Essay2759 Words   |  12 PagesEuthanasia as One of Todays Most Prevalent Ethics Issues   Ã‚  Ã‚  Ã‚  Ã‚  Euthanasia can be considered one of the most prevalent problems when dealing with the ethics of patient treatment. Should people have the right to end their own lives when prolonging it will only cause them more pain? Should families who love someone so much, that they don’t want to lose them, cause them more pain by keeping them alive. What makes that more ethically correct then letting them die? The more you look into this issueRead MoreEuthanasia Essay : Euthanasia And Euthanasia863 Words   |  4 PagesThis is why Euthanasia is important and summarizing the research that I found on Euthanasia. Euthanasia is important because there is a lot of arguments about Euthanasia. Some people support it and some people do not support Euthanasia (Euthanasia and assisted suicide- Arguments). Euthanasia allows people to be free from physical pain. It is the hastening of death of a patient to prevent further sufferings (Euthanasia Revisited). The religious argument states God chooses when human life ends. EuthanasiaRead MoreEuthanasi Death And Dignity Act1674 Words   |  7 PagesDeath and Dignity Act. Through our presentation, the group discussed if Euthanasia was morally and ethically right through the eyes of Thresa Christensen. Thresa Christensen was a character from the case study in which her father decided act upon voluntary active euthanasia. As group, we thought it would be best if is Theresa Christensen spoke on from the behalf of herself as a person who supports voluntary active euthanasia. The case study project has taught me a variety of skills to understandRead MoreEuthanasia Essays : Euthanasia And Euthanasia1432 Words   |  6 PagesDoes euthanasia assists patients to die with dignity? From fresh to dying, is the humanity multiplies the development natural law. Along with medicine progress and life enhancement, the people besides pay attention to eugenics, simultaneous starts to pay attention to the euthanasia. Since this century 50 ages, regarding euthanasia, many countries’ medical arenas, educational world, and ethical groups have been arguing about the euthanasia argument for many years, although many person of ideas haveRead MoreArgumentative Essay On Euthanasia1302 Words   |  6 Pagesbehind Euthanasia In an ethics class I took in high school, I have learned about many controversial topics. One that caught my attention specifically was euthanasia or the â€Å"right to die† as some call it. There are many types of Euthanasia, including active and passive. In class we debated the difference between the two and why passive euthanasia is legal and active is not. Active euthanasia is defined as â€Å"a person directly and deliberately causing the patient s death.† (Forms of euthanasia) PassiveRead MoreEuthanasia: Murder or Mercy? Essay1665 Words   |  7 Pagesa way as to reach an impasse amongst two opposing parties. Euthanasia happens to be a topic that has been debated extensively for the larger part of the twenty-first century (Larue). Even the definition of euthanasia evokes mixed emotions: the act or practice of killing or permitting the death of hopelessly sick or injured individuals in a relatively painless way for reasons of mercy (Merriam-Webster). The struggle over whether euthanasia should be accepted as a common practice is majorly stimulated

Managing Financial Resources and Decisions Free Essays

string(103) " capital from investors setting out the terms of loans, backed by its reputation but not collateral12\." Executive summary This report is to propose an appropriate capital structure for Xpresso Delight Limted’s business expansion with the minimum amount of capital as US$ 30 million. In order to achieve that goal, firstly, it is going to identify the sources of finance available for the business as debt financing which include loans, debentures and bonds; and equity financing, which includes common shares, preference shares and retained profit. It is also to discuss advantages disadvantages of each source, as well as to assess the implications of these different sources related to risk, legal, financial and dilution of control and bankruptcy. We will write a custom essay sample on Managing Financial Resources and Decisions or any similar topic only for you Order Now Based on those analyses, it is to select the appropriate sources of finance for the project including retained profit, common and preference shares and loans. What’s more, the costs involved with each source will be assessed and compared in order to form the best alternative of capital structure. There are three options of capital structure proposed: †¢ 50% debt financing; and 50% equity including 80% common share and 20% preference shares †¢ 25% debt financing; and 75% equity financing including 80% common shares and 20% preference shares †¢ 10% debt financing; and 90% equity financing including 80% common shares and 20% preference shares Besides, this report is also to mention and explain the importance of financial planning for Xpresso Limited. CONTENTS Page 1. Cover Sheet †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦ 1 2. Executive Summary †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦4 3. Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦.. 7 4. Main Body†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦ 8 4. 1 Available various sources of finance†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 8 4. 1. 1. Debt financing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 8 4. 1. 1. 1. Loans†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦8 4. 1. 1. 2. Debentures†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦8 4. 1. 1. 3. Bonds†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 9 4. 1. 2. Equity financing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦. †¦Ã¢â‚¬ ¦. 9 4. 1. 2. 1. Issued share capital†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦9 4. 1. 2. 2. Retained profit other reserves†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 10 4. 2. Assessment of the implications of sources†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦10 4. 2. 1. Debt financing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦. 10 4. 2. 1. 1. Debentures†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 11 4. 2. 1. 2. Bonds†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 12 4. 2. 2. Equity financing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦.. 12 4. 2. 2. 1. Issued shares†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦12 4. 2. 2. 1. 1. Common shares†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 12 4. 2. 2. 1. 2. Preference shares†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 13 4. 2. 2. 2. Retained profit†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦13 4. 3. Selection of appropriate sources The assessment and comparison for costs†¦. 4 4. 3. 1. Appropriate sources of finance†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦14 4. 3. 2. Costs of sources†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦14 4. 3. 2. 1. Retained profit†¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 14 4. 3. 2. 2. Issued shares†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦14 4. 3. 2. 3. Loans†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 15 4. 3. 3. Options of capital structure†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 15 4. 3. 3. 1. First structure†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 15 4. 3. 3. 2. Second structure†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦. †¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 16 4. 3. 3. 3. Third structure†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦16 4. 4. The financial planning †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦17 4. 4. 1. Definition†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦17 4. 4. 2. Importance for Xpresso Limited†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 17 4. 4. 3. Shortage surplus of capital: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 17 5. Conclusion . †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 19 6. Appendix †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 20 7. References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦21 3. INTRODUCTION: Xpresso Delight Limited is a publicly listed company in Australia Stock Exchange with the headquarter is based in Hanoi, Vietnam. Xpresso Delight Limited is majority owned (51% stake) by Chief Executive Officer (CEO), Mr. Nguyen Dong Khoa. The company has 30 cafes concentrated mainly in big cities in Vietnam like Hanoi, Ho Chi Minh City, Hai Phong, Da Nang, Can Tho and so on. With many advantages such as the growing affluence of coffee culture, the increasing expatriates population in Vietnam, and even the government’s pro-business policies; Xpresso limited believes that there is an immense market potential in the emerging Vietnam, which encourages it to embark on an ambitious plan of expanding, opening at least 20 cafes each year for the next five years in the various parts of the country. The company issues two kinds of share including ordinary shares (par value US$ 1 per share), which are currently traded at US$ 2. 50 per share; and preference shares, which are currently traded at US$ 52 per share in Australia Stock Exchange. Its corporate tax rate is 25% at present but is expected to go down. With strong earnings growth projected at a constant 15% per annum in the future, Xpresso Delight Limited is expected to pay out US$ 0. 30 per share as ordinary dividend in the next financial year while a constant preference dividend is US$ 5 per share per year. The average flotation cost for the new issue of ordinary shares and preference shares are 17% and 10% of the gross proceeds respectively. For new issue of ordinary shares and preference shares, Xpresso Delight Limited’s issue price will be set at their respective current market price as traded in the Australia Stock Exchange. Xpresso Delight Limited’s before-tax cost of debt is 15%. 4. MAIN BODY: 1. Available various sources of finance: In the case of Xpresso Limited, as a large company with stable profit growth looking for capital to expand, it is only necessary for long-term financing to be taken into account. Therefore, there are two principal sources of finance available to Xpresso Limited including debt and equity financing. 4. 1. 1. Debt financing: In regards to debt financing, the simplest meaning is borrowing money on credit with a promise to repay the amount borrowed, plus interest18. There are many types of debt financing, including borrowing from banks in terms of loans; or borrowing from investors in terms of debentures, bonds 4. 4. 1. 1. 1. Loans: A loan is a financial transaction in which one party – the lender – agrees to give another party – the borrower an amount of money which must be paid back in full16. With a good finance profile and the support of Vietnam government pro-business policies, it is easier for Xpresso Limited to borrow from commercial banks such as Vietcombank, VietinBank and so on. For example, the supportive interest rate of loans in Vietnam at present is fluctuating between 5 and 6 percent per year14, therefore if Xpresso Limited. borrows US$ 10,000, the interest it has to pay back will be between US$ 500 and US$ 600. 4. 1. 1. 2. Debentures: It is a channel for Xpresso to mobilize capital from investors setting out the terms of loans, backed by its reputation but not collateral12. You read "Managing Financial Resources and Decisions" in category "Essay examples" Investors can be individuals, Vietnam and foreign financial institutions such as VinaCapital, BankInvest and so on; and even Vietnam commercial banks are the main investors in organizational debentures. Because of its high standing in the market, investors and other creditors are willing to purchase once Xpresso Limited issues debentures. As in the Vietnam present market , the common interest rate of debentures issued by enterprises is 12. 5 percent per year11, if Xpresso issues debentures of US$ 10 million for 5 years, it has to pay investors the total interest of US$ 6. 5 million. 4. 1. 1. 3. Bonds: Bonds are large debts which are usually paid off over a period of 10 to 35 years1. Simply explaining, in bond financing, Xpresso mobilizes capital from investors instead of banks by selling bonds to them with a promise to pay back with interest, according to specified schedules8. As an example, if Xpresso issues bonds at an interest rate of 6%, the interest over 20 years would be about US$ 0. 73 for each dollar borrowed. 4. 1. 2. Equity financing: In terms of equity financing, equity capital generally is composed of funds that are raised by Xpresso in exchange for an ownership interest in the company17. Since it is owner’s equity, the company does not have to worry about any liability to repay interest or loans for other parties. There are two major sources of equity financing including issued share capital and retained profit other reserves12. 4. 1. 2. 1. Issued share capital: Issued share capital is capital that is subscribed by shareholders when they purchase shares Xpresso Limited issues, including common and preference shares4. Common shares are shares issued to the general public in the stock market, while preference shares are shares issued to some special people (for example, banks or specific institutions)2. 4. 1. 2. 2. Retained profit other reserves: Retained profit is simply profit that has been kept within Xpresso Limited rather than paid out to shareholders as dividends 2. 2. Assessment of the implications of sources of finance to Xpresso Delight Limited related to risk, legal, financial and dilution of control and bankruptcy: 4. 2. 1. Debt financing: As being categorized in debt financing, those various types including loans, debentures and bonds have some implications to Xpresso in similarity, which are going to be discussed below. There are many advantages of Xpresso Limited for using debt financing. There is no dilution of control since the creditors have no authority in running the company but just involve in the money they invest; and they usually do not participate in the superior earnings of the company either as the cost of debts is limited 13. The most important advantage is tax relief on interest as it is considered one kind of expenses3. For example, if Xpresso Limited borrows US$ 10,000 at the interest rate of 5%, it will have to pay the interest of US$ 500 but will be reduced US$ 500 in the tax-incurred income. What’s more, in time of inflation, debts may be paid back with â€Å"cheaper pesos†13 since the money becomes worth less. To the existing shareholders, one advantage is when Xpresso Limited unfortunately goes broke, they may lose their investment but other personal possessions are safe 2. However, using debt financing also has disadvantages. Obviously, debts add risk to the company12. There is a risk of not having enough money to pay by the maturity date or if the earnings of Xpresso Limited fluctuate 12; either of which easily makes the company become bankruptcy. To add more, the legal of debt financing in Vietnam is relatively complicated 2, and certain managerial prerogatives are usually given up in the bond’s indenture contract (for example, specific ratios must be kept above a certain level during the term of the loan)13. Besides, debentures and bonds also have their own characteristics. 4. 2. 1. 1. Debentures: One advantage of using debenture financing is that Xpresso Limited does not have to give collateral9. However, it also has disadvantages as it must compete with government loan stocks (gilts), what are the dominant type of debentures in Vietnam market, so the company must generally offer a higher rate of interest than the one on gilts to attract investors4. The legal issue of debentures that Xpresso Limited has to concern is that if a bond defaults, investors are entitled to the liquidation proceeds of property bought with the money they invest (by purchasing debentures)5. . 2. 1. 2. Bonds: Bonds have fixed interest and are issued for long-term1. One advantage of using bond is that substantial flexibility in the financial structure is enhanced by debt through the inclusion of call provisions in the bond indenture13. In case of financial distress, bondholders have greater claims of the issuer’s income than shareholders6. 4. 2. 2. Equity financing: 4. 2. 2. 1. Issued shares: The legal aspect involved is that shareholders are also owners of the company4. Therefore, the business ownership is diluted and it is possible to lose the control of the business for investors. However, there is also an advantage that there is large potential membership to provide capital and to share risks of loss, bankruptcy and so on. There is a part of profit of the company distributed to shareholders as dividends. One significant advantage of using issued share capital is that Xpresso may withhold the dividend if profits are insufficient. One disadvantage is that cash dividends are not tax deductible. 13) Besides, each type of shares also has its own characteristics. 4. 2. 2. 1. 1. Common shares: The advantages of using common shares are that common dividend is based on profits when so that Xpresso Limited is free from worrying about not having enough money to pay; there is no fixed maturity date for repayment of the capital; and the sale of common shares is frequently more attractive to investors than debts as its value grows with the success of the firm1 1. However, there are disadvantages as well. Shareholders ave right to vote, therefore the shareholders’ control and share in earnings are usually diluted13. If Xpresso decides to issue common shares, the stake of CEO (51% at present) will be reduced as the number of shares increases. In terms of finance, issuance of common shares requires higher underwriting costs; and the average cost of capital may increase above the optimal level when too much equity is issued13. 4. 2. 2. 1. 2. Preference shares: Legally, like common share, preference shares represent a part of ownership or equity of Xpresso Limited4. What’s more, in case of financial distress, claims of preference shareholders must be satisfied before common shareholders receive anything13. There is no default risk since non-payment of dividends does not necessarily mean bankruptcy. Preference dividend is fixed so that the company can plan to pay. Preference shareholders have no voting rights except in case of financial distress, which means there is no dilution of control. Call features and provision of sinking may be included so Xpresso may replace the issue if interest rates decline. There is one disadvantage that preference shares involve cumulative feature, which means in case Xpresso Limited does not have money to pay dividends in a particular year, the dividend keeps getting added to the next years’ dividend until the it is able to pay. (13) 4. 2. 2. 2. Retained profit: There are advantages to using retained profit as a form of finance due to the absence of brokerage costs (for example, merchant banks’ fees), its simplicity and flexibility, and all gains from investment will still ultimately belong to existing shareholders13. Besides, there are disadvantages as shareholders’ expectation of dividends may present a problem or insufficient earnings may be available4. 4. 3. Selection of appropriate sources of finance for a business project assessment and comparison for various cost involved for each sources: 4. 3. 1. Appropriate sources of finance: As discussed above, it is proposed that Xpresso Delight Limited should use equity financing in forms of retained profit, issued share capital and debt financing in forms of loans in the capital structure. The main source that should be included is retained earning since it is the solidest source and has the least risk to the firm3. Issued shares and loans are the next choices as they bring many opportunities and a relatively reasonable number of risks as well as liabilities. 4. 3. 2. Costs of sources: 4. 3. 2. 1. Retained profit: Costs of retained earnings include fixed expenses such as wages, rent, materials, electricity and so on; tax cost; dividends (dividends are a cost of retained earnings as well as a cost of share capital); certain costs if invested in the short term as not needed immediately; and also opportunity costs4. . 3. 2. 2. Issued shares: Costs of the issued share capital include flotation costs, dividends (cash dividend and scrip dividends- dividends in the form of new shares); cost of providing shareholders or owners with information about the performance of the business such as the cost of glossy financial reports, Annual General Meetings, audit fees and the adminis trative costs of company with legal and Stock Exchange requirements for disclosure of information to shareholders; and also certain costs associated with investing them if not needed immediately4. 4. 3. 2. 3. Loans: Loans have interest as the main cost. The rate of interest may either be fixed or variable but in the case of Xpresso Limited it is fixed. There are also other costs including an initial arrangement fee to cover lender’s administrative costs on setting up the loan (checking references, setting up data on a computer system and so on); factors charge commission for advancing funds; non-financial costs involved in the relationship between the company and creditors (for example, Xpresso will be required to provide the creditor with regular information about the performance of the business)4. That kind of non-financial cost may create the uncomfortable feeling of being watched for the owner. Opportunity cost is also included in this case as well. For instance, instead of paying interest of US$ 10,000 a year the business could do something else with that US$ 10,000 that might help generate income. 4. 3. 3. Options of capital structure: There are three alternative capital structures that could be taken into account. Based on the comparison between their advantages and disadvantages, the most appropriate structure would be chosen. . 3. 3. 1. First structure: For the first structure, it is to use 50% debt financing; and 50% equity including 80% common share and 20% preference shares. That means US$ 15 million of debts, and US$ 15 million of equity including US$ 12 million of common shares and US$ 3 million of preference shares. The costs of sources are: Rf = US$ 0. 167 million Rc = US$ 1. 84 million Rd = US$ 1. 69 million The total cost is: 0. 167 + 1. 84 + 1. 69 = 3. 697 (US $ million) 4. 3. 3. 2. Second structure: The second structure is to use 25% debt financing; and 75% equity financing including 80% common shares and 20% preference shares. That means US$ 7. 5 million of debts, US$ 22. 5 million of equity including US$ 18 million of common shares and US$ 4. 5 million of preference shares. The costs of sources are: Rf = US$ 0. 25 million Rc = US$ 2. 81 million Rd = US$ 0. 84 million The total cost is: 0. 25 + 2. 81 + 0. 84 = 3. 9 (US$ million) 4. 3. 3. 3. Third structure: The third structure includes 10% debt financing; and 90% equity financing including 80% common shares and 20% preference shares. That means US$ 3 million of debts, and US$ 27 million of equity including US$ 21. 6 million of common shares and US$ 5. 4 million of preference shares. The costs of sources are: Rf = US$ 0. 3 million Rc= US$ 3. 32 million Rd = US$ 0. 34 million The total cost is: 0. 3 + 3. 32 + 0. 34 = 3. 96 (US$ million) As comparing the costs and the advantages disadvantages of the three structures, it is to be said that the second structure is the best capital structure to apply for Xpresso Limited. Because although it does not has the lowest cost, the proportions of sources of finance included are the most appropriate option as the percentage of debts used (25%) is not too high for adding risks to the company but also ensures for the financial leverage (the tax relief) to be used. In addition, the cost of finance in this structure is still relatively low. 4. 4. The financial planning: 4. 4. 1. Definition: In general, financial planning is the process of developing strategies to help you manage your financial affairs so you can build wealth, enjoy life and achieve financial security5. . 4. 2. Importance for Xpresso Limited: Financial planning involves achieving a balance between the requirements to minimize the risk of not having cash to pay creditors and the requirements to maximize the earnings made by using assets4. It plays a very important role in helping Xpresso co-ordinate and organize the internal system, set up detailed plans for using resources, as well as for paying d ebts and liabilities, develop strategies, and finally prepare for any potential incidents in the future7. For Xpresso, every transaction has to be well-planned to run the business efficiently. . 4. 3. Shortage surplus of capital: Capital surplus- the amounts of directly contributed equity capital in excess of the par value13 – has a large impact on Xpresso Limited as it can be used to distribute as bonus dividends to shareholders, to reinvest as owner’s equity and it also helps to reduce the cost of capital mobilizing9. It helps gain more prestige for Xpresso but also gives more pressure on the management as they have a duty to use it effectively. Capital is one factor of production, therefore its shortage makes difficulties for Xpresso to operate and develop efficiently4. Even it can lead to bankruptcy if capital shortage is too large. 5. CONCLUSION: It can be said that each and every source of finance has both advantages and disadvantages. The aim is to make use of the advantages and also to avoid the disadvantages of all sources. The best capital structure is to combine the appropriate sources to make the best use for the company. To conclude, the capital structure proposed is to use 25% debt financing and 75% equity financing including 80% common shares and 20% preference shares in estimated US$ 30 million of capital. The cost of finance is US$ 3. 9 million. The structure has a relatively cost of finance and also ensures to make use of all advantages as well as minimizes all disadvantages of sources of finance used for expansion. As preparing a detailed and well-organized financial planning, there is a high rate of success for the expansion and other further developments of Xpresso Delight Limited Company. Appendix 1. Formula of cost debts: + Before-tax cost: Rdt = debts x 15% + After-tax cost: Rd = Rdt x (1 – t) Rd : After-tax cost Rdt : Before-tax cost t : Corporate tax rate (t = 25%) . Formula of cost of issuing shares: 1. Cost of issuing common shares: Rc = Dc / Pc (1 – ec) + g Dc : dividend per share (Dc= US$ 0. 3) Pc : value per share (Pc= US$ 1) ec : flotation cost for ordinary share (ec= 17%) g: rate of earnings growth (g= 15%) 2. Cost of issuing preference shares: Rf = Df / Pf (1 – ef) Df : dividend per share (Df = US$ 5) Pf : value per share (Pf = US$ 1) ef : flotati on cost for preference (ef= 10%) Reference: 1. City County of San Francisco (2002) Bond Financing Basics. San Francisco: Controller’s office 2. Communist party of Vietnam (2005) Procedure of borrowing from Vietnam bank for agriculture and rural development [online]. Updated 20 June 2005 [accessed 29 November 2009]. Available from: http://www. cpv. org. vn/cpv/Modules/News/NewsDetail. aspx? co_id=30592cn_id=223635 3. Edexcel HNCHND business (2004) Business environment, London: BPP professional Education 4. Edexcel HNCHND business (2004) Managing financial resources and decisions, London: BPP professional Education 5. Financial News (1996) [online]. eFinancialNews Ltd [cited 26 October 2009] . Available from Internet: http://www. efinancialnews. com/sc=TWTAM000GS 6. Financial planning defined (2005) [online] Financial Planning Association [cited 25 October 2009]. Available from Internet: http://www. fpa. asn. au/FPA_Content. aspx? Doc_id=1056 7. Hong, P. (2007) Capital surplus- to distribute or not?. Saga [online]. Accession No. 362/GP-BC, 10 October, [cited 1 December 2009]. Available from: http://www. saga. vn/Luatkinhdoanh/Luattrongnuoc/6794. saga 8. Hong, S. (2009) Organizational debentures attractive to foreign How to cite Managing Financial Resources and Decisions, Essay examples Managing Financial Resources and Decisions Free Essays P1 Identify (i.e. – list down) at least 4 sources of finance available to Blue Mountain Solutions. We will write a custom essay sample on Managing Financial Resources and Decisions or any similar topic only for you Order Now P2 Assess the implications of different sources finance (e.g. – equity financing and debt financing) for Blue Mountain Solutions including their relative advantages and disadvantages. [Guidance – example of impact category- financial, legal, dilution of control, and bankruptcy) P3https://phdessay.com/the-advantages-and-disadvantages-of-usinfg-npv-net-present-value-and-irr-internal-rate-of-return-npv-net-present-value/ Using scenario 2, evaluate sources of finance (long term loan and mortgage) for the property that Miss. Begum wishes to buy. P4 Analyse the interest costs of your chosen sources of finance for Miss Begum for her property. P5 Explain to Miss Begum the meaning of financial planning and discuss its importance using relevant examples. [Guidance note – you should make specific reference to the need to identify shortages and surpluses and implications of failure to finance adequately] P6 Identify business decision makers (e.g. – shareholder, banks, employees, suppliers) for Blue Mountain Solutions or any other organisation of your choice and discuss their information needs for effective decision making. P7 Explain the impact of finance on the financial statements (e.g. – balance sheet, profit and loss account) of Blue Mountain Solutions or any other organisation of your choice. P8 Describe various types of budgets and explain how budget analysis is useful to make appropriate decisions. P9 Using scenarios 3 calculate and explain cost per unit (CPU) P10 Using scenario 4 assess the viability of a project using an investment appraisal technique (e.g. – Net Present Value (NPV), Internal Rate of Return (IRR) P11 Discuss the main financial statements (e.g. – balance sheet, profit and loss account). P12 Compare formats of financial statements for a Sole Trader and for Public Limited Company (example – Tesco). P13 Using the scenario 5, interpret the financial performance of Tesco Plc and Sainsbury Plc. How to cite Managing Financial Resources and Decisions, Papers

Debut Albums and Integrity Matters free essay sample

Id let my guard down and possibly get caught and reported by a nosy co-worker. If that doesnt happen, I would begin to question whether anyone knows I exist; whether anyone doesnt know or Just doesnt care about me or the work I do. Id also consider that maybe Im the bosss favorite and it has been overlooked as a result. Jazzing 2. If I dont get a stern talking to the first two or three times, I would probably continue to do so, increasing frequency in lateness. Most likely, however, I would get a verbal warning, a written warning and then a loss of Job. If I never seem to meet a deadline how do I still have a Job? My clients would have long moved on to someone else who can meet their timely concerns. 4. Complaining about the boss in the lunch room is a serious risk to take, especially with coworkers. We will write a custom essay sample on Debut Albums and Integrity Matters or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page If I did that, they better be good friends, but there would still be a good chance that either the boss or someone who doesnt like me can overhear and find a way to use it against me. Complaining about it on Backbone can be an Invasion of privacy, especially if my settings are set on private. If I still publicly Insulted my boss and it was discovered, there is a good chance he wouldnt say anything to my face, but would never look at me the same. Reputation ruined with a good reference gone. 5. This Is Just bad parenting. Skipping a childs performance to watch a TV show is almost never acceptable. The lack of support would result In bad relations with the child In the long run. These kinds of actions would likely Increase In frequency and the child would begin to have behavioral problems In order to seek parental attention.