Who is really in charge of Platos Republic Essay

Who is really in charge of Platos Republic - Essay Example entitled ‘The Philosopher Ruler’: â€Å" The society we have described can never grow into a reality or see the light of the day and there will be no end to the troubles of states,†¦ of humanity itself, till philosophers become kings in this world, or till those we now call kings and rulers really and truly become philosophers †¦Ã¢â‚¬ ¦Ã¢â‚¬  (Plato, p no. 263). Thus, Plato is convinced that the solution to the problems of the state is possible only when philosophers become rulers or rulers, philosophers. It is necessary to consider why Plato opts philosophers to be the right candidates to entrust Governmental affairs of the State. According to him, competence and good character should be the criteria for this selection. He believed that it is incorrect to select rulers either by their wealth or aristocracy; instead he emphasized on an aristocracy of talent. So he holds the view that philosophers who are of highest talent and are given the highest training should take up the responsibility of handling the affairs of the state. Thus, Plato sees all the qualities required of a good ruler in philosophers. One may wonder about the practicability of Plato’s ideal Republic and his solution to the problem- of entrusting philosophers with the task of governmental affairs. But one can never negate the goodwill, discretion and motivation behin d this

Cost Theory Essay Example for Free

Cost Theory Essay Once a plant owner spends money to manufacture goods, that money is no longer available for something else. Production facilities, machinery used in the production process and plant workers are all examples of costs. Cost theory offers an approach to understanding the costs of production that allows firms to determine the level of output that reaps the greatest level of profit at the least cost. 2. Features * Cost theory contains various measures of costs. These include a firms fixed costs and variable costs. The former do not vary with the quantity of goods produced. Rent on a facility is an example of a fixed cost. Variable costs change with the quantity produced. If increased production requires more workers, for example, those workers wages are variable costs. The sum of fixed and variable costs is a firms total costs. * Additional Measures * Cost theory derives two additional cost measures. Average total cost is the total cost divided by the number of goods produced. Marginal cost is the increase in total cost that results from increasing production by one unit of output. Marginalsincluding marginal costs and marginal revenueare key concepts in mainstream economic thought. Falling and Rising Costs * Economists often use graphs, similar to supply-and-demand charts, to illustrate cost theory and firms decisions about production. An average total cost curve is a U-shaped curve on an economic diagram. This shape illustrates how average total costs decline as output rises and then rise as marginal costs increase. Average total costs decline at first because as production rises, average costs are distributed over a larger number of units of output. Eventually, marginal costs of increasing output rise, which increases average total costs. Maximizing Profits * Economic theory holds that the goal of a firm is to maximize profit, which equals total revenue minus total cost. Determining a level of production that generates the greatest level of profit is an important consideration, one that means paying attention to marginal costs, as well as marginal revenue (the increase in revenue arising from an increase in output). Under cost theory, as long as marginal revenue exceeds marginal cost, increasing production will raise profit. Types of Cost Economics Economists factor costs in many different ways. Though you may read the cost of a soup can at $1 as it’s listed on the grocery store shelf, economists view the cost of the soup can in very different ways. For example, an economist asks what you are giving up to buy that can of soup over another item. They measure the firm’s cost of producing that soup can as it relates to their output and factors of production. Thus, the different types of economic costs are varied. 1. Sunk Cost * A sunk cost is an expense that cannot be recouped. Mark Hirschy, author of the book, â€Å"Fundamentals of Managerial Economics,† explains that sunk costs should not factor into a decision when deciding between alternatives. For example, say a person spent $50,000 on a degree in education and earns $60,000 as a teacher. She is later offered a job in marketing that pays her $80,000. Though she may be tempted to factor in her education degree as reason to stay in her current teaching job, her $50,000 degree is regarded as a sunk cost. She already spent this money, and it cannot be recouped. In this case, she should only compare the respective salaries of the positions. If all else is held equal, she should pursue the marketing job. Opportunity Cost * An opportunity cost is the value of an alternative choice. Though the word â€Å"cost† usually equates to a numerical value, like a dollar figure, this is not always the case. William Baumol and Alan Blinder, authors of the book, Economics: Principles and Policy, state that an opportunity cost calculates intangible things like time, location and job satisfaction. They explain opportunity costs are what you give up to follow one course of action. For example, a college graduate is deciding between a job as a tech consultant in Seattle or an investment broker in New York City. If the grad pursues the investment broker position, the opportunity costs of foregoing the job in Seattle could be a slower pace of life, $10,000 higher salary and lower costs of living like rent and food. * Marginal Cost * A marginal cost is the amount it takes to produce one more item. Under this view of costs, they vary along the production line and in most cases the cost to produce a good reduces over time. Intuitively, this makes sense: the more proficient you become at producing a good, the faster you can do it and less waste is produced. The savings in labor and material as you achieve â€Å"economies of scale† means the cost of production usually decreases. The way economists find the marginal cost is by taking the derivative of the total costs as it relates to the total output. How to Find Marginal Cost in Economics Deciding whether to produce more units is often based on marginal cost. The economic concept of marginal cost is the cost associated with producing one additional unit. This information is important to businesses because it allows the company to decide if the additional unit is worth producing from a financial standpoint. When a company produces a small amount of product, the cost of additional units often decrease. However, marginal costs increase when additional units are added once the production level reaches a minimum. This is based on the law of diminishing marginal returns. Instructions 1. * 1 Calculate the change in total variable cost. This is the amount that the costs increased by after additional units are produced. For example, if youd like to produce more T-shirts and the increase in output would change the costs by $100, then the total variable cost is $100. * 2 Find the change in quantity produced. This represents how many additional units you would like to produce in the given scenario. For example, the change in quantity would be 50 if youd like to produce 300 T-shirts instead of 250. * 3 Divide the change in total variable costs from Step 1 by the change in quantity from Step 2. This will give you the marginal cost (marginal cost = the change in total variable cost/the change in quantity). For this example, $100 (the change in total variable cost) / 50 (the change in quantity) = $2 in marginal costs, which is the cost of producing each additional T-shirt. What Is the Relationship Between Production ;amp; Cost? Production costs are linked to t he cost of materials and labor. The relationship between production and cost in any manufacturing process varies based on volume produced and whether any part of the manufacturing process is outsourced or performed by subcontractors. Additionally, production and cost ratios vary based on the amount of automation involved in production and the amount of human oversight and involvement required. 1. Factors of Production * The main factors of production are labor, capital and supply costs. Capital is defined as equipment, cash reserves, and physical location or production facility. Labor is defined as the amount of and cost of manpower required to bring a product to market. This includes not only the physical labor and oversight related to product production, but also the associated costs of salaries of positions such as managers, delivery drivers, warehouse supervisors, marketing directors and even administrative assistance. Supply costs are any fee associated with securing necessary materials for production. Subcontractor or outsourced work is considered a supply cost as well, as the manufacturer is essentially purchasing a product or service for use in the production process. In this example, work such as offsite creation of product packaging or assembly of minor components of a finished product are considered supply costs in the same way the purchase of raw materials are considered supply costs. Volume of Production * Volume of production figures signify the amount of products being produced. Typically, the greater the volume the lower the cost per unit as raw material suppliers often offer discounts on mass or bulk orders. Volume of production is based on a company’s anticipated product needs, past sales records and placed orders. * Volume of Business * The relationship between production and cost is frequently determined by the volume of business a company is doing. An example that illustrates this point is a multinational vitamin supplement company that produces vitamins in bulk compared to a small health food chain that produces its own vitamin line in small quantities. The cost of the product produced by the small company will typically be greater than the cost of the product offered by the bulk manufacturer because the smaller company produces its product in smaller volumes. Price Points The more it costs a company to produce a product, the greater price the company will have to charge consumers. A company’s production costs include the price of materials, the cost of manpower, the production and packaging process, advertising, and distribution. Mass producers may be able to offer more competitive pricing to end users because they have the luxury of working on a thin margin due to the large volume of production. In microeconomics, the long run is the conceptual time period in which there are no fixed factors of production as to changing the output level by changing the capital stock or by entering or leaving an industry. The long run contrasts with the short run, in which some factors are variable and others are fixed, constraining entry or exit from an industry. In macroeconomics, the long run is the period when the general price level, contractual wage rates, and expectations adjust fully to the state of the economy, in contrast to the short run when these variables may not fully adjust. [1] In the long run, firms change production levels in response to (expected) economic profits or losses, and the land, labor, capital goods and entrepreneurship vary to reach associated long-run average cost. In the simplified case of plant capacity as the only fixed factor, a generic firm can make these changes in the long run: * enter an industry in response to (expected) profits * leave an industry in response to losses * increase its plant in response to profits * decrease its plant in response to losses. Long-run average-cost curve with economies of scale to Q2 and diseconomies of scale thereafter. The long run is associated with the long-run average cost (LRAC) curve in microeconomic models along which a firm would minimize its average cost (cost per unit) for each respective long-run quantity of output. Long-run marginal cost (LRMC) is the added cost of providing an additional unit of service or commodity from changing capacity level to reach the lowest cost associated with that extra output. LRMC equalling price is efficient as to resource allocation in the long run. The concept of long-run cost is also used in determining whether the long-run expected to induce the firm to remain in the industry or shut down production there. In long-run equilibrium of an industry in which perfect competition prevails, the LRMC = Long run average LRAC at the minimum LRAC and associated output. The shape of the long-run marginal and average costs curves is determined by economies of scale. The long run is a planning and implementation stage. [2][3] Here a firm may decide that it needs to produce on a larger scale by building a new plant or adding a production line. The firm may decide that new technology should be incorporated into its production process. The firm thus considers all its long-run production options and selects the optimal combination of inputs and technology for its long-run urposes. [4] The optimal combination of inputs is the least-cost combination of inputs for desired level of output when all inputs are variable. [3] Once the decisions are made and implemented and production begins, the firm is operating in the short run with fixed and variable inputs. [3][5] Short run All production in real time occurs in the short run. The short run is the conceptual time period in which at least one factor of production is fixed in amount and others are variable in am ount. Costs that are fixed, say from existing plant size, have no impact on a firms short-run decisions, since only variable costs and revenues affect short-run profits. Such fixed costs raise the associated short-run average cost of an output long-run average cost if the amount of the fixed factor is better suited for a different output level. In the short run, a firm can raise output by increasing the amount of the variable factor(s), say labor through overtime. A generic firm already producing in an industry can make three changes in the short run as a response to reach a posited equilibrium: * increase production decrease production * shut down. In the short run, a profit-maximizing firm will: * increase production if marginal cost is less than marginal revenue (added revenue per additional unit of output); * decrease production if marginal cost is greater than marginal revenue; * continue producing if average variable cost is less than price per unit, even if average total cost is gre ater than price; * shut down if average variable cost is greater than price at each level of output. Transition from short run to long run The transition from the short run to the long run may be done by considering some short-run equilibrium that is also a long-run equilibrium as to supply and demand, then comparing that state against a new short-run and long-run equilibrium state from a change that disturbs equilibrium, say in the sales-tax rate, tracing out the short-run adjustment first, then the long-run adjustment. Each is an example of comparative statics. Alfred Marshall (1890) pioneered in comparative-static period analysis. [6] He istinguished between the temporary or market period (with output fixed), the short period, and the long period. Classic contemporary graphical and formal treatments include those of Jacob Viner (1931),[7] John Hicks (1939),[8] and Paul Samuelson (1947). [9] The law of diminishing marginal returns The law of diminishing marginal returns to a variable factor applies to the short run. [10] It posits an effect of decreased added or marginal product of from variable factors, which increas es the supply price of added output. [11] The law is related to a positive slope of the short-run marginal-cost curve. 12] Macroeconomic usages The usage of long run and short run in macroeconomics differs somewhat from the above microeconomic usage. J. M. Keynes (1936) emphasized fundamental factors of a market economy that might result in prolonged periods away from full-employment. [13] In later macro usage, the long run is the period in which the price level for the economy is completely flexible as to shifts in aggregate demand and aggregate supply. In addition there is full mobility of labor and capital between sectors of the economy and full capital mobility between nations. In the short run none of these conditions need fully hold. The price is sticky or fixed as to changes in aggregate demand or supply, capital is not fully mobile between sectors, and capital is not fully mobile to interest rate differences among countries amp; fixed exchange rates. [14] A famous critique of neglecting short-run analysis was by John Maynard Keynes, who wrote that In the long run, we are all dead, referring to the long-run proposition of the quantity theory of, for example, a doubling of the money supply doubling the price level. 15] Marginal  Analysis Thinking at the  Margin From Mike Moffatt, former About. com Guide From an economists perspective, making choices involves making decisions at the margin that is, making decisions based on small changes in resources: * How should I spend the next hour? * How should I spend the next dollar? On the surface, this seems like a strange way of considering the choices made by people and firms. It is rare that someone would consciously ask themselves How will I spend dollar number 24,387? , How will I spend dollar number 24,388? . Treating the problem in this matter does have some distinct advantages: * Doing so leads to the optimal decisions being made, subject to preferences, resources and informational constraints. * It makes the problem less messy from an analytic point of view, as we are not trying to analyze a million decisions at once. * While this does not exactly mimic conscious decision making processes, it does provide results similar to the decisions people actually make. That is, people may not think using this method, but the decisions they make are as if they do. Marginal Analysis An Example Consider the decision on how many hours to work, as given by the following chart: Hour Hourly Wage Value of Time Hour 1 $10 $2 Hour 2 $10 $2 Hour 3 $10 $3 Hour 4 $10 $3 Hour 5 $10 $4 Hour 6 $10 $5 Hour 7 $10 $6 Hour 8 $10 $8 Hour 9 $15 $9 Hour 10 $15 $12 Hour 11 $15 $18 Hour 12 $15 $20 The hourly wage represents what I earn for working an extra hour it is the marginal gain or the marginal benefit. The value of time is essentially an opportunity cost it is how much I value having that hour off. In this example it represents a marginal cost what it costs me by working an additional hour. The increase in marginal costs is a common phenomenon; I do not mind working a few hours since there are 24 hours in a day. I still have plenty of time to do other things. However, as I start to work more hours it reduces the number of hours I have for other activities. I have to start giving up more and more valuable opportunities to work those extra hours. It is clear that I should work the first hour, as I gain $10 in marginal benefits and lose only $2 in marginal costs, for a net gain of $8. By the same logic I should work the second and third hours as well. I will want to work until which time the marginal cost exceeds the marginal benefit. I will want to work the 10th hour as I receive a net benefit of #3 (marginal benefit of $15, marginal cost of $12). However, I will not want to work the 11th hour, as the marginal cost ($18) exceeds the marginal benefit ($15) by three dollars. Thus marginal analysis suggests that rational maximizing behavior is to work for 10 hours. Next Lesson: Market Distortions: Altering the Supply and Demand Equilibrium. Marginal Analysis * Marginal Revenue Glossary Dictionary Definition of Marginal Revenue * Marginal Significance Value Glossary Dictionary Definition of Marginal Si * Marginal Revenue and Marginal Cost Practice Question Related Articles * Running a Private Practice Working with Animals * Work Stress Long Work Hours Are Not the Culprit * Open for Business: Scheduling Your Week Being a Personal Trainer * Three Union Work Rules That Increase the Cost of Operating Transit * Hold On to Your Sanity Start Your Own Business AN INTRODUCTION TO COST BENEFIT ANALYSIS| * Background * Cost-Benefit Analysis (CBA) estimates and totals up the equivalent money value of the benefits and costs to the community of projects to establish whether they are worthwhile. These projects may be dams and highways or can be training programs and health care systems. * The idea of this economic accounting originated with Jules Dupuit, a French engineer whose 1848 article is still worth reading. The British economist, Alfred Marshall, formulated some of the formal concepts that are at the foundation of CBA. But the practical development of CBA came as a result of the impetus provided by the Federal Navigation Act of 1936. This act required that the U. S. Corps of Engineers carry out projects for the improvement of the waterway system when the total benefits of a project to whomsoever they accrue exceed the costs of that project. Thus, the Corps of Engineers had created systematic methods for measuring such benefits and costs. The engineers of the Corps did this without much, if any, assistance from the economics profession. It wasnt until about twenty years later in the 1950s that economists tried to provide a rigorous, consistent set of methods for measuring benefits and costs and deciding whether a project is worthwhile. Some technical issues of CBA have not been wholly resolved even now but the fundamental presented in the following are well established. * Principles of Cost Benefit Analysis * One of the problems of CBA is that the computation of many components of benefits and costs is intuitively obvious but that there are others for which intuition fails to suggest methods of measurement. Therefore some basic principles are needed as a guide. There Must Be a Common Unit of Measurement * In order to reach a conclusion as to the desirability of a project all aspects of the project, positive and negative, must be expressed in terms of a common unit; i. e. , there must be a bottom line. The most convenient common unit is money. This means that all benefits and costs of a project should be measured in terms of their equivalent money value. A program may provide benefits which are not directly expressed in terms of dollars but there is some amount of money the recipients of the benefits would consider just as good as the projects benefits. For example, a project may provide for the elderly in an area a free monthly visit to a doctor. The value of that benefit to an elderly recipient is the minimum amount of money that that recipient would take instead of the medical care. This could be less than the market value of the medical care provided. It is assumed that more esoteric benefits such as from preserving open space or historic sites have a finite equivalent money value to the public. * Not only do the benefits and costs of a project have to be expressed in terms of equivalent money value, but they have to be expressed in terms of dollars of a particular time. This is not just due to the differences in the value of dollars at different times because of inflation. A dollar available five years from now is not as good as a dollar available now. This is because a dollar available now can be invested and earn interest for five years and would be worth more than a dollar in five years. If the interest rate is r then a dollar invested for t years will grow to be (1+r)t. Therefore the amount of money that would have to be deposited now so that it would grow to be one dollar t years in the future is (1+r)-t. This called the discounted value or present value of a dollar available t years in the future. * When the dollar value of benefits at some time in the future is multiplied by the discounted value of one dollar at that time in the future the result is discounted present value of that benefit of the project. The same thing applies to costs. The net benefit of the projects is just the sum of the present value of the benefits less the present value of the costs. * The choice of the appropriate interest rate to use for the discounting is a separate issue that will be treated later in this paper. CBA Valuations Should Represent Consumers or Producers Valuations As Revealed by Their Actual Behavior * The valuation of benefits and costs should reflect preferences revealed by choices which have been made. For example, improvements in transportation frequently involve saving time. The question is how to measure the money value of that time saved. The value should not be merely what transportat ion planners think time should be worth or even what people say their time is worth. The value of time should be that which the public reveals their time is worth through choices involving tradeoffs between time and money. If people have a choice of parking close to their destination for a fee of 50 cents or parking farther away and spending 5 minutes more walking and they always choose to spend the money and save the time and effort then they have revealed that their time is more valuable to them than 10 cents per minute. If they were indifferent between the two choices they would have revealed that the value of their time to them was exactly 10 cents per minute. * The most challenging part of CBA is finding past choices which reveal the tradeoffs and equivalencies in preferences. For example, the valuation of the benefit of cleaner air could be established by finding how much less people paid for housing in more polluted areas which otherwise was identical in characteristics and location to housing in less polluted areas. Generally the value of cleaner air to people as revealed by the hard market choices seems to be less than their rhetorical valuation of clean air. * Benefits Are Usually Measured by Market Choices * When consumers make purchases at market prices they reveal that the things they buy are at least as beneficial to them as the money they relinquish. Consumers will increase their consumption of any commodity up to the point where the benefit of an additional unit (marginal benefit) is equal to the marginal cost to them of that unit, the market price. Therefore for any consumer buying some of a commodity, the marginal benefit is equal to the market price. The marginal benefit will decline with the amount consumed just as the market price has to decline to get consumers to consume a greater quantity of the commodity. The relationship between the market price and the quantity consumed is called the demand schedule. Thus the demand schedule provides the information about marginal benefit that is needed to place a money value on an increase in consumption. * Gross Benefits of an Increase in Consumption is an Area Under the Demand Curve * The increase in benefits resulting from an increase in consumption is the sum of the marginal benefit times each incremental increase in consumption. As the incremental increases considered are taken as smaller and smaller the sum goes to the area under the marginal benefit curve. But the marginal benefit curve is the same as the demand curve so the increase in benefits is the area under the demand curve. As shown in Figure 1 the area is over the range from the lower limit of consumption before the increase to consumption after the increase. * Figure 1 * When the increase in consumption is small compared to the total consumption the gross benefit is adequately approximated, as is shown in a welfare analysis, by the market value of the increased consumption; i. e. , market price times the increase in consumption. * Some Measurements of Benefits Require the Valuation of Human Life * It is sometimes necessary in CBA to evaluate the benefit of saving human lives. There is considerable antipathy in the general public to the idea of placing a dollar value on human life. Economists recognize that it is impossible to fund every project which promises to save a human life and that some rational basis is needed to select which projects are approved and which are turned down. The controversy is defused when it is recognized that the benefit of such projects is in reducing the risk of death. There are many cases in which people voluntarily accept increased risks in return for higher pay, such as in the oil fields or mining, or for time savings in higher speed in automobile travel. These choices can be used to estimate the personal cost people place on increased risk and thus the value to them of reduced risk. This computation is equivalent to placing an economic value on the expected number of lives saved. * The Analysis of a Project Should Involve a With Versus Without Comparison * The impact of a project is the difference between what the situation in the study area would be with and without the project. This that when a project is being evaluated the analysis must estimate not only what the situation would be with the project but also what it would be without the project. For example, in determining the impact of a fixed guideway rapid transit system such as the Bay Area Rapid Transit (BART) in the San Francisco Bay Area the number of rides that would have been taken on an expansion of the bus system should be deducted from the rides provided by BART and likewise the additional costs of such an expanded bus system would be deducted from the costs of BART. In other words, the alternative to the project must be explicitly specified and considered in the evaluation of the project. Note that the with-and-without comparison is not the same as a before-and-after comparison. Another example shows the importance of considering the impacts of a project and a with-and-without comparison. Suppose an irrigation project proposes to increase cotton production in Arizona. If the United States Department of Agriculture limits the cotton production in the U. S. by a system of quotas then expanded cotton production in Arizona might be offset by a reduction in the cotto n production quota for Mississippi. Thus the impact of the project on cotton production in the U. S. might be zero rather than being the amount of cotton produced by the project. * Cost Benefit Analysis Involves a Particular Study Area The impacts of a project are defined for a particular study area, be it a city, region, state, nation or the world. In the above example concerning cotton the impact of the project might be zero for the nation but still be a positive amount for Arizona. * The nature of the study area is usually specified by the organization sponsoring the analysis. Many effects of a project may net out over one study area but not over a smaller one. The specification of the study area may be arbitrary but it may significantly affect the conclusions of the analysis. * Double Counting of Benefits or Costs Must be Avoided Sometimes an impact of a project can be measured in two or more ways. For example, when an improved highway reduces travel time and the risk of injury the value of property in areas served by the highway will be enhanced. The increase in property values due to the project is a very good way, at least in principle, to measure the benefits of a project. But if the increased property values are included then it is unnecessary to include the value of the time and lives saved by the improvement in the highway. The property value went up because of the benefits of the time saving and the reduced risks. To include both the increase in property values and the time saving and risk reduction would involve double counting. * Decision Criteria for Projects * If the discounted present value of the benefits exceeds the discounted present value of the costs then the project is worthwhile. This is equivalent to the condition that the net benefit must be positive. Another equivalent condition is that the ratio of the present value of the benefits to the present value of the costs must be greater than one. * If there are more than one mutually exclusive project that have positive net present value then there has to be further analysis. From the set of mutually exclusive projects the one that should be selected is the one with the highest net present value. * If the funds required for carrying out all of the projects with positive net present value are less than the funds available this means the discount rate used in computing the present values is too low and does not reflect the true cost of capital. The present values must be recomputed using a higher discount rate. It may take some trial and error to find a discount rate such that the funds required for the projects with a positive net present value is no more than the funds available. Sometimes as an alternative to this procedure people try to select the best projects on the basis of some measure of goodness such as the internal rate of return or the benefit/cost ratio. This is not valid for several reasons. * The magnitude of the ratio of benefits to costs is to a degree arbitrary because some costs such as operating costs may be deducted from benefits and thus not be included in the cost figure. This is called netting out of operating costs. This netting out may be done for some projects and not for others. This manipulation of the benefits and costs will not affect the net benefits but it may change the benefit/cost ratio. However it will not raise the benefit cost ratio which is less than one to above one. For more on this topic see Benefit/ cost Ratio Magnitude. * An Example * To illustrate how CBA might be applied to a project, let us consider a highway improvement such as the extension of Highway 101 into San Jose. The local four-lane highway which carried the freeway and commuter traffic into San Jose did not have a median divider and its inordinate number of fatal head-on collisions led to the name Blood Alley. The improvement of the highway would lead to more capacity which produces time saving and lowers the risk. But inevitably there will be more traffic than was carried by the old highway. * The following is a highly abbreviated analysis using hypothetical data. TRIP DATA| No Extension, Blood Alley Only| 101 Extension and Blood Alley| Rush Hours|   |   | Passenger Trips ( per hour)| 3,000| 4,000| Trip Time (minutes)| 50| 30| Value of Time ($/minute)| $0. 10| $0. 10| Nonrush Hours|   |   | Passenger Trips (per hour)| 500| 555. 55| Trip Time (minutes)| 35| 25| Value of Time ($/minute)| $0. 08| $0. 08| Traffic Fatalities per year)| 12| 6| * The data indicates that for rush-hour trips the time cost of a trip is $5 without the project and $3 with it. It is assumed that the operating cost for a vehicle is unaffected by the project and is $4. * The project lowers the cost of a trip and the public responds by increasing the number of trips taken. There is an increase in consumer surplus both for the trips which would have been taken without the project and for the trips which are stimulated by the project. * For trips which would have been taken anyway the benefit of the project equals the value of the time saved times the number of trips. For the rush-hour trip the project saves $2 and for the nonrush-hour trip it saves $0. 80. For the trips generated by the project the benefit is equal to one half of the value of the time saved times the increase in the number of trips. * The benefits per hour are: TYPE| Trips Which Would Be Taken Anyway| Trips Generated By the Project| Total| Rush Hour| 6,000. 00| 1,000. 00| 7,000. 00| Nonrush Hour| 400. 00| 22. 22| 422. 22| * To convert the benefits to an annual basis one multiplies the hourly benefits of each type of trip times the number of hours per year for that type of trip. There are 260 week days per year and at six rush hours per weekday there are 1560 rush hours per year. This leaves 7200 nonrush hours per year. With these figures the annual benefits are: TYPE| Trips Which Would Be Taken Anyway| Trips Generated By the Project| Total| Rush Hour| $9,360,000| $1,560,000| $10,020,000| Nonrush Hour| $2,880,000| $160,000| $3,040,000| Total| $12,240,000| $1,720,000| $13,960,000| * The value of the reduced fatalities may be computed in terms of the equivalent economic value people place upon their lives when making choices concerning risk and money. If the labor market has wages for occupations of different risks such that people accept an increase in the risk of death of 1/1,000 per year in return for an increase in income of $400 per year then a project that reduces the risk of death in a year by 1/1000 gives a benefit to each person affected by it of $400 per year. The implicit valuation of a life in this case is $400,000. Thus benefit of the reduced risk project is the expected number of lives saved times the implicit value of a life. For the highway project this is 6x$400,000= $2,400,000 annually. * The annual benefits of the project are thus: TYPE OF BENEFIT| VALUE OF BENEFITS PER YEAR| Time Saving| $13,960,000| Reduced Risk| $2,400,000| * Let us assume that this level of benefits continues at a constant rate over a thirty-year lifetime of the project. * The cost of the highway consists of the costs for its right-of-way, its construction and its maintenance. The cost of the right-of-way is the cost of the land and any structures upon it which must be purchased before the construction of the highway can begin. For purposes of this example the cost of right-of-way is taken to be $100 million and it must be paid before any construction can begin. At least part of the right-of- way cost for a highway can be recovered at the end of the lifetime of the highway if it is not rebuilt. For the example it is assumed that all of the right-of-way cost is recoverable at the end of the thirty-year lifetime of the project. The construction cost is $200 million spread evenly over a four-year period. Maintenance cost is $1 million per year once the highway is completed. * The schedule of benefits and costs for the project are as follows: TIME (year)| BENEFITS ($millions)| RIGHT-OF -WAY ($millions)| CONSTRUCTION COSTS $millions)| MAINTENANCE ($millions)| 0| 0| 100| 0| 0| 1-4| 0| 0| 50| 0| 5-29| 16. 36| 0| 0| 1| 30| 16. 36| -100| 0| 1| * The benefits and costs are in constant value dollars; i. e. , there was no price increase included in the analysis. Therefore the discount rate used must be the real interest rate. If the interest rate on long term bonds is 8 percent and the rate of inflation is 6 percent then the real rate of interest is 2 p ercent. Present value of the streams of benefits and costs discounted at a 2 percent back to time zero are as follows:   | PRESENT VALUE $ millions)| Benefits| 304. 11| Costs|   | Right-of-Way| 44. 79| Construction| 190. 39| Maintenance| 18. 59| Total Costs| 253. 77| |   | | Net Benefits| 50. 35| | *independent rounding| * The positive net present value of $50. 35 million and benefit/cost ratio of 1. 2 indicate that the project is worthwhile if the cost of capital is 2 percent. When a discount rate of 3 percent is the benefit/cost ratio is slightly under 1. 0. This means that the internal rate of return is just under 3 percent. When the cost of capital is 3 percent the project is not worthwhile. It should be noted that the market value of the right-of-way understates the opportunity cost of having the land devoted to the highway. The land has a value of $100 million because of its income after property taxes. The economy is paying more for its alternate use but some of the pay ment is diverted for taxes. The discounted presented value of the payments for the alternate use might be more like $150 million instead of $100 million. Another way of making this point is that one of the costs of the highway is that the local governments lose the property tax on the land used. * Summary By reducing the positive and negative impacts of a project to their equivalent money value Cost-Benefit Analysis determines whether on balance the project is worthwhile. The equivalent money value are based upon information derived from consumer and producer market choices; i. e. , the demand and supply schedules for the goods and services affected by the project. Care must be taken to properly allow for such things as inflation. When all this has been considered a worthwhile project is one for which the discounted value of the benefits exceeds the discounted value of the costs; i. . , the net benefits are positive. This is equivalent to the benefit/cost ratio being greater than on e and the internal rate of return being greater than the cost of capital. * History of Cost-Benefit Analysis * CBA has its origins in the water development projects of the U. S. Army Corps of Engineers. The Corps of Engineers had its origins in the French engineers hired by George Washington in the American Revolution. For years the only school of engineering in the United States was the Military Academy at West Point, New York. In 1879, Congress created the Mississippi River Commission to prevent destructive floods. The Commission included civilians but the president had to be an Army engineer and the Corps of Engineers always had veto power over any decision by the Commission. * In 1936 Congress passed the Flood Control Act which contained the wording, the Federal Government should improve or participate in the improvement of navigable waters or their tributaries, including watersheds thereof, for flood-control purposes if the benefits to whomsoever they may accrue are in excess of the estimated costs. The phrase if the benefits to whomsoever they may accrue are in excess of the estimated costs established cost-benefit analysis. Initially the Corps of Engineers developed ad hoc methods for estimating benefits and costs. It wasnt until the 1950s that academic economists discovered that the Corps had developed a system for the economic analysis of public investments. Economists have influenced and improved the Corps methods since then and cost-benefit analysis has been adapted to most areas of public decision-making.

Edgar Allen Poe :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  The gothic short stories and poems of Edgar Allan Poe are so outstanding that they are still being read today. He only lived for forty years yet made such a huge impact on literature. Poe tells Thomas W. Fredrick in a letter, why he became a writer. â€Å" Depend upon it, after all, Thomas, Literature is the most noble of professions. In fact, it is about the only one fit for a man. For my own part, there is no seducing me from the path.†(Edgar Allan Poe’s Life, intro page) The word that best describes the life and works of Edgar Allan Poe would have to be mystery. Not only is it seen in his literary works, but in his life as well.   Ã‚  Ã‚  Ã‚  Ã‚  Edgar Allan Poe was born in Boston on January 19, 1809 to Elizabeth Arnold Poe and David Poe Jr. His parents were both actors who hardly made enough money to live on. Edgar had two siblings, an older brother named William Henry, who lived with relatives in Baltimore, and a baby sister named Rosalie. When Edgar was about two years old, his father died, or disappeared (no one knows for sure). Shortly after, his mother died of tuberculosis, the two children were all alone. In 1811,a t the age of two, Poe was taken in by John and Frances Allan. Mr. Allan Refused to adopt Edgar but said he could stay with them. Rosalie was taken by another family.   Ã‚  Ã‚  Ã‚  Ã‚  Poe lived in Richmond until he was six years old, then the Allans and Poe moved to Scotland. Poe attended school at Irvine Grammar School and for several years at Manor House School in Stoke Newington. (The Manor may have been reproduced in some of the darkly romantic houses in Poe’s stories). When Edgar was eleven the Allan’s returned to Richmond. There he went to school at an English and Classical School attended by the more wealthy children. At this time, Edgar began to notice how diffrent he was and began to feel bitterness towards his mother and Mr. Allan. He expressed his feelings at age sixteen, when he began to write poems and short stories. He became very arrogant and didn’t get along with anyone.

Art versus Pornography Essay -- Argumentative Persuasive Topics

Art versus Pornography   Ã‚  Ã‚  Ã‚  Ã‚   Her head rests on her left knee, with her hands clasped on her ankle.   Locks of hair are thrown about in an auburn blaze.   Her tight rosy lips are as red as her cheeks.   Her dark-blue eyes reveal a half-seductive, half-submissive look.   Her legs are in a subdued spread-eagle formation, leaving her crotch area quite visible.   Her white panties leave little to the imagination. The sexual overtones are more than just a coincidence.   Ã‚  Ã‚  Ã‚  Ã‚   Suspend your imagination for a minute and ask yourself if the description formed in your mind a work of art or, instead, a photograph of softcore pornography, found in such magazines as Hustler or Playboy?   Where this description is taken from will be disclosed later, but let us concern ourselves with a problem that this... ...ed them.   A person at the time looking at his works would recognize them as prostitutes, a fact that is less distinct today.   His display of the "product" in some cases, could be seen as propaganda against prostitution.   Hence, he had an intellectual, not a pornographic intent.  Ã‚   This debate will continue, and perhaps no end may come of it until viewers have understanding of the artist's intent.

Understanding Leadership as a Theory

Understanding Leadership as a Theory 06 June 2012 word count: 250 By: Author The purpose of this essay is to discuss what I have learned by reading this weeks assigned chapter in regards to understanding leadership as a theory. I will discuss the building blocks of â€Å"theory', as well as take a look at the organization in which I work in to take a look at variables that may be used to evaluate the performance of the President of my company.Leadership as a theory in chapter 3 mentions a great Tory of the Janitor at NASA working late because the president had instilled in him a sense of pride that made him want to work late without getting paid. However, when looking at the Anatomy of Theory we find that it can be broken down into specific units, â€Å"namely, the theory itself, followed by subordinate constructs, variables, and personalized measures† (Ludlow, G. R. & Copula, M. N. , 2011).I found my looking at these specific units; it became clearer on how leadership as a t heory can be utilized to learn how to become a better leader. I would have to agree that this chapter was o pedantic, In that it seemed to break down things too deep. Within my organization the senior leadership Is measured based upon his ability to lead and make tough decisions. Because we are non-profit organization, research, and academic that Includes clinics, we must have a leader that understands the many facets of the business.The variables that must be used Include knowledge, ability, and skill at a CEO level In order to understand how the college operates. â€Å"Given that leadership knowledge comes from several disciplines, It Is Important to use social science-based methods to provide clarity to the study of leadership† ( Ludlow, G. R. & Copula, M. N. , 2011). I believe that If you look Into each aspect of the business, you will find that all these variables mentioned can be placed Into each part of the operations. References Ludlow, G.R. & Copula, M. N. (2011). Le adership for Healthcare Professionals: Theory, Skills, and Applications. Sturdy, Maine: Jones and Bartlett Learning. Understanding Leadership as a Theory By mike floors WIDE : Understanding Leadership as a Theory too pedantic, in that it seemed to break down things too deep. Within my organization the senior leadership is measured based upon his ability to lead and academic that includes clinics, we must have a leader that understands the many facets of the business.

Answers to Questions About Hyphens

Answers to Questions About Hyphens Answers to Questions About Hyphens Answers to Questions About Hyphens By Mark Nichol Here are several questions from DailyWritingTips.com readers about hyphenation, followed by my responses. 1. Please help settle an ongoing debate in my office. We often use the phrase â€Å"City of Los Angeles-owned property.† Of the following examples, which, if any, is correct? a) City of Los Angeles-owned property b) City of Los Angeles -owned property c) City of Los Angeles owned property Of course we could change the wording to something like â€Å"property owned by the City of Los Angeles† but that would take the fun out of the debate! The correct answer is d), â€Å"none of the above.† If the reference were generic, â€Å"city-owned property† would be correct, but when a phrase that represents a single concept (such as â€Å"City of Los Angeles†) is attached to a one-word adjective to form a phrasal adjective that precedes a noun, an en dash is used in place of a hyphen to signal that the entire phrase, not just the final word in it, is being attached to the adjective: â€Å"City of Los Angeles–owned property† (not â€Å"City of Los Angeles-owned property,† which appears to suggest â€Å"Angeles-owned property having to do with the City of Los†). (Many readers will miss the subtlety of this convention, which is also little known among writers, even those in the journalism and publishing realms if you see an en dash, thank an editor! but it observes a useful distinction.) Even correctly rendered, however, the phrase is cumbersome. Now that the debate has been settled, relax the wording to â€Å"property owned by the City of Los Angeles.† 2. I recently wrote a hyphenated word, and the spell-checking program underlined it and took out the hyphen. So I replaced the hyphenated word and made it unhyphenated. To my great surprise, when I did that, the spell-checking program highlighted it again and put the hyphen back in! You say look it up? A very good idea, but if a spell checker can’t make up its mind, can we rely on different dictionaries having the same spellings as each other? That’s puzzling! But take solace in the fact that spell-checking programs will never prompt you to misspell a word; they just might prompt a variant spelling. And, no, dictionaries don’t always agree on the best variant, but they never lead one astray. Just use a single dictionary (and, if you write for a client or a company, find out which dictionary it prefers). 3. â€Å"The less-traveled road† is correct. Is a hyphen required for â€Å"the road less traveled†? No. As is usually the case, the hyphen is omitted when the phrasal adjective follows the noun. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Spelling category, check our popular posts, or choose a related post below:Arrive To vs. Arrive At"Certified" and "Certificated"8 Great Podcasts for Writers and Book Authors

Being blind essays

Being blind essays The twenty minute experiment that was done in English class allowed me to see the world clearer. In class we were blind folded and asked to negotiate ourselves, with the help of a classmate, around school. The simplest task were turned into complex events due to the poor experience my other senses had.. With all the hassle of doing such simple tasks, there were many learning opportunities and experiences to gain. Things that were overlooked on previous days were now used to negotiate obstacles. The experience I gained only helped me to realize how valuable sight is. The smallest tasks that were once done without thinking twice, were turned into nearly impossible missions for my untrained secondary skills. Smell, touch and hearing were set aside for my more dominant seeing ability. Tasks, such as walking down the hall or trying to negotiate the stairs were turned uncertainties. Besides my senses, I had my classmate to make sure I didnt get into too much trouble. Although, I had confidence in my classmate it was still very difficult to trust someone with your life. I had relied mainly on my vision for nineteen years my secondary senses were weak and incapable of guiding me through the hour. I am a very self-reliant person who likes to know exactly what is going on. I normally need to know where everything is and how to avoid problems. When I lose my main information gatherer, my vision, I feel insecure because I dont full know what is giong on around me. It is hard for me to gain and it is very hard to trust someone who I just recently met. The only thing that kept me a little sane was my other senses. Even though they were not as sharp as I would like them to be they allowed me to negotiate the campus mayhem. During the activity there were many small, inconspicuous events that I had not picked up on prior to being blindfolded. These little things which once were overlooked now bec...

10 Interesting Fluorine Facts

10 Interesting Fluorine Facts Fluorine (F) is an element you encounter daily, most often as fluoride in water and toothpaste. Here are 10 interesting facts about this important element. You can get more detailed information about chemical and physical properties on the fluorine facts page. Fast Facts: Fluorine Element Name: FluorineElement Symbol: FAtomic Number: 9Atomic Weight: 18.9984Group: Group 17 (Halogens)Category: NonmetalElectron Configuration: [He]2s2sp5 Fluorine is the most reactive and most electronegative of all the chemical elements. The only elements it doesnt vigorously react with are oxygen, helium, neon, and argon. It is one of the few elements that will form compounds with noble gases xenon, krypton, and radon.Fluorine is the lightest halogen, with atomic number 9. Its standard atomic weight is 18.9984 and is based on its single natural isotope, fluorine-19.George Gore managed to isolate fluorine using an  electrolytic process in 1869, but the experiment ended in disaster when fluorine reacted explosively with hydrogen gas.  Henri Moisson was awarded the 1906 Nobel Memorial Prize in Chemistry for isolating fluorine in 1886. He also used electrolysis to obtain the element but kept the fluorine gas separate from the hydrogen gas.  Although he was the first to successfully obtain pure fluorine, Moissons work was interrupted multiple times when he was poisoned by the reactive element. Moisson was also the first person to m ake artificial diamonds, by compressing charcoal. The 13th most abundant element in the Earths crust is fluorine. It is so reactive that it is not found naturally in pure form but only in compounds. The element is found in minerals, including fluorite, topaz, and feldspar.Fluorine has many uses. It is found as fluoride in toothpaste and drinking water, in Teflon (polytetrafluoroethylene), drugs including the chemotherapeutic drug  5-fluorouracil, and etchant hydrofluoric acid. It is used in refrigerants (chlorofluorocarbons or CFCs), propellants, and for the enrichment of uranium by UF6 gas. Fluorine is not an essential element in human or animal nutrition. Topical fluoride application, as from toothpaste or mouthwash, was once believed to be effective for a conversion of tooth enamel hydroxyapatite into stronger fluorapatite, but more recent studies indicate fluoride aids enamel regrowth. Trace dietary fluorine levels may impact bone strength. While fluorine compounds are not found in animals, there are natural organofluorines in plants, which typically act as defenses against herbivores. Because it is so reactive, fluorine is difficult to store. Hydrofluoric acid (HF), for example, is so corrosive it will dissolve glass. Even so, HF is safer and easier to transport and handle than pure fluorine. Hydrogen fluoride is considered to be a weak acid at low concentrations, but it acts as a strong acid at high concentrations.Although fluorine is relatively common on Earth, it is rare in the universe, believed to be found at concentrations of about 400 parts per billion. While fluorine forms in stars,  nuclear fusion with hydrogen produces helium and oxygen, or fusion with helium makes neon and hydrogen.Fluorine is one of the few elements that can attack diamond.The pure non-metallic element is a gas at room temperature and pressure. Fluorine changes from an extremely pale yellow diatomic gas (F2) into a bright yellow liquid at -188 C (-307 F). Fluorine resembles another halogen, chlorine. The solid has two allotropes. The alpha form is soft and transparent, while the beta form is hard and opaque. Fluorine has a characteristic pungent odor that can be smelled at a concentration as low as 20 parts per billion. There is only one stable isotope of fluorine, F-19. Fluorine-19 is highly sensitive to magnetic fields, so it is used in magnetic resonance imaging. Another 17 radioisotopes of fluorine have been synthesized, ranging in mass number from 14 to 31. The most stable is fluorine-17, which has a half-life just of under 110 minutes. Two metastable isomers are also known.  The isomer 18mF has a half-life of about 1600 nanoseconds, while 26mF has a half-life of 2.2 milliseconds. Sources Banks, R. E. (1986). Isolation of Fluorine by Moissan: Setting the Scene.  Journal of Fluorine Chemistry.  33  (1–4): 3–26.Bà ©guà ©, Jean-Pierre; Bonnet-Delpon, Danià ¨le (2008). Bioorganic and Medicinal Chemistry of Fluorine. Hoboken: John Wiley Sons. ISBN 978-0-470-27830-7.Lide, David R. (2004). Handbook of Chemistry and Physics (84th ed.). Boca Raton: CRC Press. ISBN 0-8493-0566-7.

Trade Union Density Assignment Example | Topics and Well Written Essays - 2500 words

Trade Union Density - Assignment Example The main factors such as economic, social and political are examined in detail in relation to their effects on the trade union in UK. One of the underlying aspect of the trade union movement in UK has been the economic bargaining power of the combined unit of employees against the perceived unjust behavior of the capitalist class, which has been a key contentious issues within the labor union movement. This essay also examines issues of the future of the trade union, and the ways in which the future trade unions will behave and formulate their strategic direction in a global economy. One of the key conclusions of this research is that the although new technologies will present a threat to the trade union movement in UK, however the need for a fair system of checks and balances will be needed, and the role of the trade union in the industrial relations systems in UK will be increased. ... However, the industrial relations in UK have not always been highly regulated, as the owners of factories and business used their influence to exploit the working class (Karnes, 2009, Fishman, 2005). The industrial revolution in UK has a huge effect on the working class, as the population was then required to work on the shop floors and factories, rather than on farms (Williams, 1997, Williams and Adam-Smith, 2009). Within this new environment, there was a rapid rise in the number of employees who has to proceed from medieval guilds of Europe to the modern trade union system, and saw the rise of the modern trade union in UK (Rose, 2008) 2 Factors Influencing Changes in Union Member Ship The first formation of the trade Union in UK was in 1987, by the royal commission, which was based on the notion of giving employees and employers equal benefits from this structure (Williams and Adam-Smith, 2009). The trade unions worked as employee committees, which worked to improve the socio-econo mic conditions of the employees, and formed the basis of the Labor party (Williams and Adam-Smith, 2009). The era of Margret Thatcher saw the powers of these trade unions being decreased, as the then prime minister worked to make strikes illegal. It was in this era that the trade union suffered, and number of members in the trade union started to fall in 1980 and 1990s, as employees saw other routes to get their grievances solved by the employer (Fishman, 2005, Laybourne, 1997, Wallis et al., 2005, Williams and Adam-Smith, 2009). This rise and fall in the last 40 years has been due to a number of factors, which have been characterized as economic, political

Strategic Leadership - Case Study Example | Topics and Well Written Essays - 1000 words

Strategic Leadership - - Case Study Example It will not be correct to say that Wal-Mart chose a particularly attractive industry because firstly it is evident that throughout Wal-Mart’s lifespan, the retail industry has been having intense internal rivalry among several major players. Secondly, in all areas of retail that Wal-Mart ventured into it began as an underdog for example to Price Club in Warehouse Clubs; to Meijer and Fred Meyer in Supercentres; and to King’s, Korvette’s et al in discount chains. The fact is that Wal-Mart developed unique competitive advantages to propel itself to industry leadership. Some of the key drivers to its competitive advantage are as follows. Putting good-sized stores into little one-horse towns which everybody else was ignoring (Bradley & Ghemawat 3), heavy investment in Information Technology (IT), the pushing-from-the-inside-out pattern of expansion and its human resource management – characterized by empowering its employees at all levels. How have Wal-Mart' s strategy and source of competitive advantage changed over time? How do Wal-Mart's costs compare to those of the industry? Please be specific. Wal-Mart’s strategy at inception was to set up stores in those small towns that were being ignored by the other big retailers. To encourage the residents of these towns to shop locally instead of travelling to the big towns Wal-Mart provided goods at attractive prices. This strategy ensured that by mid-80s one-third of Wal-Mart stores were located in areas that were not served by its competitors (Bradley & Ghemawat 3). The organization then moved to a strategy that involved investing heavily in information systems (IS) and empowering its store managers with freedom to set prices to meet local market conditions (Bradley & Ghemawat 4). The IS increased the efficiency and effectiveness of its supply chain management system which enabled the company to reduce operational costs, increase efficiency and maintain their low price competit ive advantage. As the Wal-Mart grew in size and market share it began using its huge buying power to influence the behavior of its suppliers. For example it set up vendor-managed inventory systems with key suppliers to replenish stocks at its stores and warehouses. When other competitors began catching up with the use of information systems, Wal-Mart implemented a diversification strategy which involved investing in the development of supercenters and international expansion. Wal-Mart’s prices were typically 2 – 4% lower than their competitors in most markets. How sustainable is Wal-Mart's source of competitive advantage at the time of the case? Identify the main threats to Wal-Mart's competitive position. Put yourself in the role of CEO of one of Wal-Mart’s rivals: How would you attack Wal-Mart? Wal-Mart’s has been exploiting the low pricing strategy for a long time such that it has an effective organization design that ensures that it operates like a we ll-oiled machine. As lastname (118) states, Wal-Mart has coherent and logical strategies in place to maximize on its

The impact that the 2012 Olympic Games could have on Bedford City Assignment

The impact that the 2012 Olympic Games could have on Bedford City Council and what the Council will need to do in preparation for the Games - Assignment Example Hosting the Olympic Games is considered as a great opportunity for cities worldwide. Usually, the specific event results to significant benefits for the city involved – referring to the city that hosts the Games. However, Olympic Games have been also related to certain drawbacks – for instance the Vancouver Winter Olympic Games which were characterized by the damages caused by riots or the Atlanta Olympic Games during which the explosion of a bomb caused the death of 2 people and the injuring of hundreds, as analysed below. For London, the 2012 Olympic Games are considered as a major challenge. The city has to face the significant social turbulences as reflected in the damages caused by riots across Britain the last 5 days. Moreover, the City has to resolve the following problem: will the benefits of the Games be above their drawbacks/ disadvantages? Moreover, will these benefits disadvantages be equally distributed among the regions surrounding London – where ce rtain of these Games’ events will take place? Current paper focuses on the impact of 2012 Olympic Games on Bedford City Council; the benefits and the disadvantages of the Games for the specific area are estimated – using relevant literature and findings from primary research (statistics and figures related to past Olympic Games). Also, another issue is explored: which would be the preparation that Bedford City Council would have to do for hosting the Olympic Games? ... Moreover, the City has to resolve the following problem: will the benefits of the Games be above their drawbacks/ disadvantages? Moreover, will these benefits disadvantages be equally distributed among the regions surrounding London – where certain of these Games’ events will take place? Current paper focuses on the impact of 2012 Olympic Games on Bedford City Council; the benefits and the disadvantages of the Games for the specific area are estimated – using relevant literature and findings from primary research (statistics and figures related to past Olympic Games). Also, another issue is explored: which would be the preparation that Bedford City Council would have to do for hosting the Olympic Games? Emphasis is given on the following three sectors, as they are influenced by the Olympic Games: business environment, human resources and marketing. The practices used in cities that hosted the Olympic Games in the past are used as the basis for developing a framew ork of activities/ plans which would be appropriate for Bedford City Council so that the above city to be appropriately prepared for the particular event. The literature published in the particular field has been combined with the statistics released in regard to past Olympic Games but also in regard to London as a host city for the 2012 Olympic Games. It is revealed that Bedford City Council is partially prepared for participating in the Olympic Games 2012 – as a city hosting one or more activities of the specific event. 2. Background Olympic Games have been traditionally considered as a major cultural event, leading to the improvement of relationships among nations. Because of this fact, the Games

HS2- cost vs benefits Dissertation Example | Topics and Well Written Essays - 2750 words

HS2- cost vs benefits - Dissertation Example TABLE 1: Report of HSR Documents in the UK YEAR REPORT AUTHOR KEY NOTES February, 2004 High Speed Rail: International comparisons Commission for Integrated Transport (CfIT) Geographical and demographic factors created differences in international markets. The current railway network in Britain’s network was in order. The rail network capacity was good. 2005 High Speed Line Study WS Atkins A forecast made on overcrowding of lines. There was need for investment in HSR with a check on economic case. 2016 proposed as the opening date for the project. December, 2006 The Eddington Transport Study Sir Rod Eddington The long distance connections never provided better connectivity in relation to the local connections that are short distanced. Doubts on real benefits of HSR considered. HSR could not reduce carbon emission. Other viable options for transport in long distances considered of lower costs than HSR. June, 2007 HS2 Proposition, the WCRL corridor Greengauge21 Due to capacity sh ortfall, HS2 proposed as the best option to solve the crisis. The costs earlier predicted about HSR seen as not logical. HSR network offered a continuation for HS1. A growth predicted on demand for WCML which will boost connection in the corridor and boost economic growth. January, 2009 High Speed Two Department for Transport The new government to consider construction of HS2. HS2 Company to be created so that it deals with network planning. HSR to address the problem of overcrowding. September, 2009 The case for new lines Network Rail A network configuration and service pattern proposal created. London was considered to be the main area in focus. WCML was the first HST alignment to be built. September, 2009 A step forward Greengauge21... This research will begin with the background knowledge on high speed rail. The high speed rail entered the UK in 2007 following the completion of Channel Tunnel to London. It was called Channel Tunnel Rail Link, currently referred to as High-Speed 1 or HS1. A political consensus on the construction of HSR network in UK for trains running with a maximum speed of 350 kmph is currently preferred. The next project is the construction of High Speed 2 that will connect London and the northern parts of UK. According to UK transport policy, HS2 is viewed as the most appropriate mode of transport for the region in relation to the increased demand for rail network and transport. An extensive study on the program in the year 2004 by different countries in the world revealed that UK had not implemented the High-Speed rail. Other countries like Germany, Japan, France and Spain had already adopted it. The study revealed that UK had not seen the need for High-Speed rail because of demand in the tra nsport sector. The available modes of transport were in a position to hold the capacity. Several reports drawn from the table show that a growing demand for rail transport cannot be met with the current network and therefore a viable solution should be sought to hold the situation. A further forecast for the future has enhanced its implementation. The reason backing HS2 was lack of capacity in UK rail network. The proposal for HS2 by Rail Network was after careful consideration on possible alternatives using WCML alignment.

Product Comparisons among three Separate Retailers Assignment

Product Comparisons among three Separate Retailers - Assignment Example The second shop is located at the bus terminal. The business targets people who are about to travel or those embarking from their journeys. The owner deals with home theatre systems in addition to phones. This is an advantage when compared to the first shop due to a variety of goods for sale. The shop has services such as educating the consumer on how to utilize the product. The strategy aims at the achievement of customer loyalty with the store. The customers who buy more than one phone get discounts and rewards, as a strategy, to encourage more purchases. The third shop is located at the airport. The target market consists of tourists and domestic professionals. The consumers buy such goods before boarding the flight or due to local network compatibility issues. After sell services provided, such as internet configuration, enables the owner be competitive in the market. The other advantage is the availability of product variation of the electronics. The other strategy that the retailer employs is the ability of the business to stay operational for longer hours. This is because the airport is in operation all the

HS2- cost vs benefits Dissertation Example | Topics and Well Written Essays - 2750 words

HS2- cost vs benefits - Dissertation Example TABLE 1: Report of HSR Documents in the UK YEAR REPORT AUTHOR KEY NOTES February, 2004 High Speed Rail: International comparisons Commission for Integrated Transport (CfIT) Geographical and demographic factors created differences in international markets. The current railway network in Britain’s network was in order. The rail network capacity was good. 2005 High Speed Line Study WS Atkins A forecast made on overcrowding of lines. There was need for investment in HSR with a check on economic case. 2016 proposed as the opening date for the project. December, 2006 The Eddington Transport Study Sir Rod Eddington The long distance connections never provided better connectivity in relation to the local connections that are short distanced. Doubts on real benefits of HSR considered. HSR could not reduce carbon emission. Other viable options for transport in long distances considered of lower costs than HSR. June, 2007 HS2 Proposition, the WCRL corridor Greengauge21 Due to capacity sh ortfall, HS2 proposed as the best option to solve the crisis. The costs earlier predicted about HSR seen as not logical. HSR network offered a continuation for HS1. A growth predicted on demand for WCML which will boost connection in the corridor and boost economic growth. January, 2009 High Speed Two Department for Transport The new government to consider construction of HS2. HS2 Company to be created so that it deals with network planning. HSR to address the problem of overcrowding. September, 2009 The case for new lines Network Rail A network configuration and service pattern proposal created. London was considered to be the main area in focus. WCML was the first HST alignment to be built. September, 2009 A step forward Greengauge21... This research will begin with the background knowledge on high speed rail. The high speed rail entered the UK in 2007 following the completion of Channel Tunnel to London. It was called Channel Tunnel Rail Link, currently referred to as High-Speed 1 or HS1. A political consensus on the construction of HSR network in UK for trains running with a maximum speed of 350 kmph is currently preferred. The next project is the construction of High Speed 2 that will connect London and the northern parts of UK. According to UK transport policy, HS2 is viewed as the most appropriate mode of transport for the region in relation to the increased demand for rail network and transport. An extensive study on the program in the year 2004 by different countries in the world revealed that UK had not implemented the High-Speed rail. Other countries like Germany, Japan, France and Spain had already adopted it. The study revealed that UK had not seen the need for High-Speed rail because of demand in the tra nsport sector. The available modes of transport were in a position to hold the capacity. Several reports drawn from the table show that a growing demand for rail transport cannot be met with the current network and therefore a viable solution should be sought to hold the situation. A further forecast for the future has enhanced its implementation. The reason backing HS2 was lack of capacity in UK rail network. The proposal for HS2 by Rail Network was after careful consideration on possible alternatives using WCML alignment.

Case Analysis Study Example | Topics and Well Written Essays - 250 words

Analysis - Case Study Example With industry analysis we have estimated few companies ROE who are performing significantly for long time. For example: In scale of ROE (Return on Equity) GSK (GlaxoSmithKline) presents .46, .45, NOVARTIS presents .151, .140 and Abbott presents .203, .198 for the consecutive year 2010 and 2011. In this comparative positioning among the competitor’s Abbott can sustain with ROE, which will eventually protect asset and efficiency improvement in the long run. With the global recession this ROE ratio appears a slowdown in recent years, which is accurate in compare to other ratio like ROA, which came across the result as the recent years are higher than previous, this present’s short term affect of business operation than long term picture of existing activities. For a manufacturing company the model we can get most viable to implement is â€Å"Reduce operating expenses and staff salaries†. In recent competition, price of the products are increasing due to different raw materials and fuel price increases, besides these when operating and staff salaries become good amount product price gets uncontrollable and business may lose its market for high price. Under these conditions implementing commission based model would be a bigger save for the manufacturing companies for the long term sustenance, in terms of price control. Commission based activities and fulltime urgent functionalities have to be separated to identify the weight of the assignment or the internal task. There are some sorts of activities which can be best performed upon task performance commission basis, instead of continuous salary whether there are sufficient need of particular skill or not. For example machine operator of the core item needs to be employed in salary bas is, but the market seller as well as product design and development research activities has to be commission based on specific amount to complete the task

Key Factors of Consumer Behaviour Essay Example for Free

Key Factors of Consumer Behaviour Essay 1. Discuss and explain the key factors influencing consumer behaviour. Why must organisations understand consumer behaviour in order to optimise sales? Marketing is the activity, set of institutions and processes for creating communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (AMA, 2007). Consumer behaviour is the judgment of final consumers individuals and households who buy goods and services for personal consumption (Kotler et al., 1999) There are four key factors influencing consumer behaviour. They are social, cultural, personal and psychological factors. Consumer may tends to change their buying behaviour according to these factors. Cultural factors are described as people who react particular way regard to religion reason. Different culture response differently, how people behave with their buying decision. for instance in Myanmar, majority of people do not have a habit of doing sport or using supplement for diet purposes. In United Kingdom, on the other hand, groups of men and women tend to emphasis on sport and taking supplement. As a supplement business prospective, they should not supply their product or sell in Myanmar. Social factors are mainly influenced by family, close friend and personal attitude. They are also known as reference group. Reference group are important as the product are satisfied for their needs, the message with forward to another person which is also known as word of mouth. The communication is powerful because we trust our friends and colleagues opinions. For example, majority of wealthy people do not buy a Primark product, simple because of their status, they should be buying much more expensive product such as Gucci and Chanel. If they do consumer Primark product their friend may talk behind their back which affect the status. After taking cultural and social factors into consideration, the next things people naturally put things into account is personal factors. personal factors can be defined as a belief in which a person think the particular brand is valued to them. Personal factors consists of buyers age, occupation, economic situation and lifestyle. Depending on human life cycle, buyers decision making is changing in different stages. Therefore, marketer often segment the market and target the consumer life stages. As an example, it is an inappropriate for the marketer to sell Samsung latest smart phone to senior citizen, they may only want to use simple keypad phone. In term of occupation, people are concerning about their status and image in their society. The products that they consume are crucial to his or her status. Psychological factors include belief, interest and motivation. Everyone has their own belief in different way. Often majority of people are bias when buying a particular brand. There is no right or wrong answer, in fact, people learnt from past experience whether the brand had met their needs or how they perceived the brand . For example, Iphone 5, more and more people are getting the new Iphone 5, not because it is very special. In fact Samsung s3, has better functionality than Iphone but still people buys it. This shows people value the brand of Apple and how they perceived the brand. Motivation factors are another factor that consumer think before they buy. According to Maslow theory, different people has different needs. So, marketer should know how to segment the market and target the right person to maximise sales. In summary, organisation should consider how consumer behave for certain product by looking at these four factors. furthermore, communicating with consumer are crucial to the market as they sent the message the consumer about the products feature. Therefore, marketer has to be segment the market and target the right consumer to deliver the message across.

Five Point Environmental Strategy Of Marriott International Tourism Essay

Five Point Environmental Strategy Of Marriott International Tourism Essay Introduction Since 1987, when the concept of sustainability was mentioned on a coordinated international platform, the movement towards sustainability had expanded across the globe. The governmental and non-governmental organizations, corporations and consumers those focusing on the need to exist in harmony with their surroundings and environmental footprints are increasingly. The hospitality industry also not exception, therefore the concept of sustainability has begun to gain momentum in this industry. (Ernst and Young, 2008) http://www.hotelnewsresource.com/pdf8/e_y120408.pdf Alison Sperry (2010) defined that Going Green means: à ¢Ã¢â€š ¬Ã‚ ¦Going Green is making the daily decisions with responsible that benefits to the environment and also can reduce waste and pollution. This concept also encourages a lifestyle of recycling, using chemical-free products, using alternative energy sources such as wind and solar and reducing the dependency on fossil fuels for energy. Hotel businesses developed and operated by the consumption of significant amounts of natural resources which are affected the sustainability of the natural environment. The field of corporate social responsibility (CSR) therefore, has grown considerably over the last decade due to an increasing number of companies formally recognising the impacts they have on the environment, on society and on the economy (Jones et.al, 2006). Going greens concept is a concept of people learns how to make the environmentally friendly choices. Going green also is a concept that supporters make some changes to encourage healthier and environmentally friendly living. http://www.ehow.com/about_6681447_concept-going-green.html Ernst and Young (2008) defined that green: not a black and white issue. The travelers that concerned about the environment were increasingly and they always make their own determination as to what constitutes greenness in the lodging industry. http://www.ehow.com/about_6681447_concept-going-green.html According to Deloitte Survey (2008) showed that, consumers, employees and individual travellers start to concerned more about the hospitality industrys sustainability. Most of the individuals also start to changes their lifestyles and accepting higher green standards for themselves and also to the companies that they cooperate with. http://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/us_cb_sustainability_190608(1).pdf Marriott International has more than twenty-year commitment to start the environmental preservation. The Marriott International is working toward a greener, healthier planet and their operating units are employ methods to protect the surroundings of natural and resources (Marriott, 1996 2010). Every year, the Marriott International and its owners had spent around 10 billion just for buy the products and services for its 3,300 hotels around the world. Marriott International also expanding its green hotels and buildings portfolios. Besides that, approximately 275 of Marriotts hotels have received the ENERGY STAR ® label from the U.S. Environmental Protection Agency (Marriott, 1996 2010). http://www.marriott.com/marriott.mi?page=green_buildings Last but not least, Marriott International also was ranked 42nd out of 100 in The Greenest Big Companies on Newsweeks first-ever list. Moreover, Marriott International also gets the 2009 Tourism for Tomorrow Award for Sustainability in the categories of the Global Tourism Business by the World Travel and Tourism Council (WTTC) (Marriott, 1996 2010). The Problem Statement The problem of this topic is about how Marriott International. Inc. practices their going green programs in their properties. Marriott International Corporation is a leading worldwide hospitality company (Marriott, 2010). Currently, Marriott has more than 3100 of lodging properties is in the United States and 65 is in other countries and territories across 17 lodging and vacation resort ownership brands (Marriott, 2009). Marriott has more than twenty-year commitment to environmental preservation (Marriott, 2010). In 2007, Marriott formed a Global Green Council, a cross-functional team of senior executives that collaborated with Conservation International, a global environmental organization, to evaluate its practices, set long-term goals, develop an environmental strategic plan and catalyze its progress (Marriott, 2010). Five-point Environmental Strategy of Marriott International was developed in collaboration with Conservation International which are includes (Marriott, 2009): Reduce Consumption of Water, Waste and Energy Greener Buildings, expansion of LEED-certified hotels Greening Supply Chain Protecting the Rainforest with Carbon Offsets Employee Guest Engagement Over the last decade, for, the Marriott International corporate organized the Going Green programs which involved in energy conservation by changed 450,000 of the light bulbs with fluorescent lighting, installed around 400,000 low-flow of showerheads and toilets and also introduced the linens reuse programs in their hotels worldwide (Marriott, 2009). Besides that, the Marriotts Retro-Commissioning (MRCx) program, planning process and a comprehensive evaluation that helps their properties become as energy efficient as possible, was conducted at more than 30 of its largest properties (Marriott, 2009). Through projects completed over the last few years and those currently under way, Marriott anticipate saving 12 million kilowatts of power (Marriott, 2009). In general, properties find that after it implement all the recommendations that evolved from an MRCx assessment, it energy costs decrease 5 to 25 per cent and they are achieving, on average, a payback on their investment in just 1.4 years (Marriott, 2009). In the Americas, Marriott achieved a 2.2 per cent reduction per available room (Marriott, 2009). In late 2009, through a partnership with a U.S.-based landscaping company, Marriott adopted a climate-specific approach to landscaping, using native plants and restricted colour palettes to reduce irrigation demands and cut the amount of fertilizer required to keep plants healthy (Marriott, 2009). In 2009, Marriotts landfill waste in the USA totalled 726,993 tons which reflects a 17 per cent reduction from 2007(Marriott, 2009). Additionally, its recycling rate also was increased to 69 per cent and all the header quarters waste also was diverted from the landfill to the waste-to-energy plant (Marriott, 2009). Also, Marriott expanding its existing of Reduce, Reuse and Recycle programs that already in place of 90 per cent of hotels which included guest room and meeting rooms (Marriott, 2009). Forty Marriott International hotels are expected to receive the LEED certification from the USGBC (USGBC, 2010). In addition, Marriott internationals global Headquarters in Bethesda was received the LEED-Existing Building Gold status (USGBC, 2010). Moreover, the U.S. Environmental Protection Agency also had awarded Marriott International for three following years with its Sustained Excellence Award and more than 275 of its hotels also placed the ENERGY STAR ® label (Marriott, 2010). Marriott International has greening its supply chain by introduce the greener solutions at no extra cost (Marriott, 2009). For instance, Marriott has purchased 24 million of Greener key cards which consists 50 per cent of recycled material, which had save around 66 tons of plastics from dumped into the landfill (Marriott, 2009). Moreover, Marriotts will begin replacing the 100,000 synthetic pillows with those Eco-pillows that filled with material made from recycled bottles. In addition, one million of Earth-friendly towels that Marriott purchases in North America are no need to be pre-washed, which had save six million gallons of water (Marriott, 2009). Marriott hotels in Central Europe were used a laundry detergent that already cuts approximately 100,000 kg amount of phosphates released into waste water (Marriott, 2009). Marriott has teamed up with many Corporation or organizations to help them support their efforts to preserve and protect the environment (Marriott, 2009). For instance, Amazonas Sustainable Foundation (FAS), Conservation International, ENERGY STAR ®, International Tourism Partnership (ITP), and U.S. Green Building Council (USGBC). The Marriotts protecting the rainforest strategy is help to protect 1.4 million of acres in endangered rainforest for the Juma Sustainable Development Reserve which partnership with the state of Amazonas in Brazil (Marriott, 2009). Research Questions The followings are some key questions addressed by his research: Is the Marriott International had practiced the going green? How the Marriott International practiced the going green in this industry? Why the Marriott international will practiced the going green? What level of going green programs of Marriott International? What differences between Marriott Internationals going green program with other companies? Does the going green program increase the income of Marriott International? Research Objectives To answer the above research questions, this study seek to accomplish the following objectives: To investigate going green practiced among all Marriott Internationals properties. To determine how the Marriott International practiced the going green. To determine the reasons of Marriott International practiced the going green. To examine the level of going green practiced among all Marriott Internationals properties. To compare the level of going green with other companies. To determine the advantages and disadvantages of going green in Marriott International. To determine the effect of going green programs to Marriott International. Hypothesis Statement Theoretical/ Conceptual Framework Conceptual Framework Marriott International. Inc. Going Greens Programs The strategies and programs of going green in Marriott International. Inc. The programs or strategies of going green in hospitality industry. The Actions that practices by Marriott International corporate. Theoretical Framework This research mostly searches on the Marriott International Corporate practising the level of going green in most of their properties. The reason why Marriott International become famous in going green program because their organized a lot of events or activities to greening their companies. In the internet or newspaper, we can see that Marriott International corporate organized a lot of activities in greening and get a lot of award internationally in greening program. Besides that, their also is one of the famous go green corporate in the world. Moreover, the going green is not easy to practices in the companies because it need a lot of resources to make it really work. Scope and Limitation This study was carried out among all Marriott International in going green program. The Marriott International, Inc.s operations are grouped into the five business segments which are North American Full-Service Lodging, North American Limited-Service Lodging, International Lodging, Luxury Lodging and Timeshare. Significance of the study The significance of this research is to evaluate the level of going green activities that practices or organized by Marriott International Corporate. According to The New York Times (2009), the Marriott International announced that they would no longer deliver newspapers to every guestroom in the morning. They only will deliver to which guest rooms had requested a newspaper or can pick one up in the lobby. Although that change is arguably as much about saving money more than saving trees. Marriott had assessed that it would reduce the newspaper distribution at its hotels to about 18 million only annually. http://zoominlocal.com/santa-rosa-press-democrat/2009/10/25/#?article=621947 Furthermore, this research is for acknowledge people around the world to know how important and advantages of going green in hospitality industries now a days. Now, most of the knowledge people are targeting the greening companies to cooperate with than normal companies. This is why more and more companies going to practising greening in their company because followed by the trend of all around the world. Chapter Two Literature Review 2.1 Introduction The literature review will begin with an essential understanding of the key points needed in order to accomplish the aim of the project. The research will be analysed in the literature to help construct an academic structure on the definition and concept of Corporate Social Responsibility (CSR). The literature will also evaluate the purpose of sustainable development in the hospitality industry and its advantages and limitations. One area which has been particularly analysed is the going green programmes that practice by the hospitality industry as it contains most of the key areas. Furthermore, the literature reviews also analysing the views, theories arguments and perspectives of previous authors for assessment. The literature reviews also will finally perform as a source with which to analyse the differing perspectives on these key points identify gaps for argument and highlight key issues associated with going green programme in hospitality. 2.2 Corporate Social Responsibility Definitions and Concepts The field of corporate social responsibility (CSR) has grown considerably over the last decade due to an increasing number of companies formally recognising the impacts they have on the environment, on society and on the economy (Jones et.al, 2006). CSR issues are now being integrated into all aspects of business operations and explicit commitment to CSR is made in the visions, missions and value statements of an increasing number of companies all over the world (Ofori and Hinson, 2007). Definitions of corporate social responsibility (CSR) have, however, remained an area of deliberation from the concepts very beginnings. A variety of definitions have been framed. The Commission of the European Communities (2001, p.6 ) defines CSR as: à ¢Ã¢â€š ¬Ã‚ ¦a concept whereby companies integrate social and environmental concerns in the business operations and in their interactions with their stakeholders on a voluntary basis. CSR therefore, is not just fulfilling legal responsibilities but may also go beyond compliance to embrace wider social, environmental and economic goals (Commission of the European Communities, 2001). The concept of CSR is one which has emerged over the last 50 years to occupy a significant role in certain aspects of organisational theory and has only been in wide use since the 1960s (Meehan et al., 2006). CSR was eventually recognised as businesses that are part of society and have the potential to make a positive contribution to social goals (Jones et al., 2006). CSR therefore seems to be synonymous with charitable and voluntary acts by business organisations designed to improve social skills. Conversely, Donaldson and Preston (1995) believe that businesses are not responsible to society but responsible to their stakeholders and view CSR from this perspective. One of the more cited definitions of CSR is proposed by the World Bank (2003), which defines CSR as the responsibility of businesses to contribute to sustainable economic development-working with internal stakeholders, the local community, and society to improve the quality of life which is positive for business and development. The similarity among these different definitions of CSR is that companies should engage in CSR behaviour as part of their organisational strategy. Bevan et al. (2004) list nine potential benefits of CSR which include reduced operating costs; improved profitability and financial performance; enhanced capability to innovate; better risk and crisis management; long-term sustainability for companies and the workforce; improved staff commitment and involvement; good relations with government and society; enhanced reputation and brand value; and enhanced customer relationships and increased awareness of customer needs. 2.3 The Sustainability Development of the Hotel Industry International Tourism Partnership (2010) defines the term green in business as originally related to environmental issues; it has evolved to embrace all aspects of sustainability and corporate social responsibility (CSR). Sloan et al. (2009) define a sustainable hospitality operation as one which manages its resources in such a way that economic, social and environmental benefits are maximised in order to meet the need of the present generation while protecting and enhancing opportunities for future generations. Green Hotels Association (2010, p.2) provides a more resource-oriented definition of the Green Hotel: Green Hotels are environmentally-friendly properties whose managers are eager to institute programmes that save water, save energy and reduce solid waste, while saving money to help protect the earth. According to Green Hotels Association (2010), Green Hotels have gained a foothold in lodging operators contribution to societys concern for the environment which focuses on programmes which are designed to save water, save energy and reduce solid waste. Programme components such as towel rack hangers and sheet-changing cards have achieved positive responses by hotel management staff as well as guests for over ten years (Green Hotels Association, 2010). The UK hotel sector would appear to accept that it does have an impact on the environment (Brown, 1996). This is not only confirmed by exploratory research but also through the formation of the International Tourism Partnership (ITP). The ITP has published an environmental magazine, the Green Hotelier, whose readership cares about environmentally and socially responsible hotel behaviour as focused on positive sustainable travel and tourism development (International Tourism Partnership, 2010). According to research by the Carbon Trust (Green hotelier, 2010), rising energy prices and taxes are the biggest worries facing the British hospitality industry in 2010. This view is supported by Alexander and Kennedy (2002) who find that the most costly and wasteful use of resources in hotels are usually in the consumption of non-renewable energy, excessive water use, and the generation of waste Brown (1996) argues that however the general manger of a hotel would appear to be restricted in introducing environmental improvements in the hotel unless a cost saving or other tangible benefit is identified. This view is supported by Butler (2008) who finds that the hospitality industry has been waiting for increased consumer demand and lower costs before it fully embraced green operation. In part, the slow adoption of green building standards has followed the approach that most hotel guests did not think that being green was that important, particularly if recycling or other green activities increased room rates or was inconvenient (Butler, 2008). Without consumers demanding green hotels, the perception of greater cost for green hotel development was an obstacle to the industrys adoption. 2.3 Case study of Accor and Hilton Based on their total room number and location of their hotels, the tho hotel groups selected for case study were Accor Hotel Group (Europe) and Hyatt Corporation (USA), being in 2009 the top 10 hotel groups in UK (Caterersearch, 2010). Marriott International Corporate also is one of the top 10 hotel groups in UK. Company Number of hotels Number of rooms Number of hotels worldwide 1 Whitbread Hotel Company 577+ 40,000+ 580 2 InterContinental Hotels Group 248 34,955 4,200   3 Travelodge (Dubai  International Capital) 372 23,150 380+   4 Accor Hotels   138   19,996   4,000 5 Hilton Hotels Corporation 78   16,566 3,200   6 Best  Western   285   15,305   4,035   7 Wyndham Worldwide 122 12,274   7,000 8   Marriott Hotels   58   12,015   3,200   9 Carlson  Hotels Worldwide     50   9,718 1,030   10   The  Rezidor Hotel Group  Ã‚     42   7.759   380 Table 1: Top 10 Hotel Groups in the UK, 2009 by number of bedrooms. (Caterersearch, 2010) 2.3.1 Accor Group Hotels Accor currently manages 4,100 hotels under 13 different brands worldwide (Accor, 2010). Accors philosophy is based on hospitality and respect for diverse cultures, incorporating environmental best practices in all its operations (Accor, 2010). The goals of their Earth Guest programme, launched in 2006, are to reduce water and energy consumption, promote balanced nutrition and to double, in three years, the number of hotels that offer fair-trade products (Accor, 2010). The programme is divided into two parts which are a social responsibility development area (EGO) and an environmental responsibility development area (ECO) (Accor, 2010). EGO is includes programmes for local development, the protection of children, combating of epidemics and the promotion of healthy eating; and ECO is includes the reduction of water and energy consumption, and the improvement of waste sorting and recycling, as well as the preservation of biodiversity (Accor, 2008 and 2009). The Hoteliers Environmental Charter is Accors internal benchmarking tool and provides the local hotel managers with guidelines for environmentally sustainable business practices. According to the World Travel and Tourism Council (2010), the Hoteliers Environmental Charter has been adopted by 88% of Accors 4,000 properties. The Charter gives hotel managers and employees clear instructions on how resources can be saved in the areas of energy, water and waste (Accor, 2008). The first and second point of Hoteliers Environmental Charter considers is energy and water (Accor, 2010). Compact fluorescent light bulbs are used in 82% hotels for areas that remain light 24 hours a day (Accor, 2010). Accor also continued to promote the use of renewable energy sources, installing solar-powered hot water systems in 32 hotels in 2009, with a total of 99 hotels now equipped worldwide (Accor, 2009). Accor is actively involved in water conservation measures and water consumption per occupied room was reduced by 4% between 2006 and 2009 (Accor, 2009). Moreover, flow-regulators have now been installed in showers and faucets in 89% of hotels (Accor, 2009). Accor actively promotes waste sorting and recycling as well as eco-designed products for instance, 51% of hotels recover paper, cardboard and glass (Accor, 2008). Accor has improved its performance in waste management by manage with a dedicated waste management module that monitor the amount of waste produced per room, the recovery rate and the cost of waste disposal (Accor, 2009). Waste Traceability mainly concerns the separation of waste, where the company already achieves a high score in France owing to its proactive information policy (Accor, 2008). According to Accor (2010), their hotel prefers eco-labelled suppliers. In 2002, Accor dispatched an environmental purchasing charter to its purchasing organisations as well as to over 2,000 preferred suppliers (Sloan et al., 2009). 2.3.2 Hilton Hotels Currently, Hilton Hotels Corporation has more than 3,200 hotels and 525,000 rooms in 77 countries. In 2009, Hilton is new global headquarters in McLean, Virginia which meets the highest environmental standard for his design, operation and construction. (Environmental Leader, 2009) http://www.environmentalleader.com/2009/08/11/hilton-kimpton-hotel-chains-go-for-the-green/ Besides that, the sustainability target that aims in coming 2014 by Hilton Hotels was announced. Those include: 20 per cent: Reducing energy consumption from direct operations; 20 per cent: Reducing CO2 emissions; 20 per cent: Reducing output of waste; 10 per cent: Reducing water consumption. Hilton has already begun to green its hotel operations. Through the introduction of carbon-free electricity at its facilities in the U.K. and Ireland, Hilton says it reduced CO2 emissions in participating Hilton hotels by more than 64,000 tons, or 56 percent of its carbon footprint. The company says it has also reduced its energy and water consumption 10 percent over the last two years. Hilton Hotels reported in May that it has delivered energy savings of more than 10 percent last year across more than 80 hotels in Europe. A 2007 survey conducted by the Association of Corporate Travel Executives and KDS revealed that only one-third of corporate travel policies promote sustainable tourism. While many travelers said they would prefer a green hotel, other factors such as price win out when theyre booking. 2.3.3 Summary Most major chains are looking for ways to integrate green into their hotels, and water and energy conservation are popular routes. Marriott International has set the goal of lowering GHG emissions 2.2 million pounds by 2010, says Ed Fuller, president and managing director of the company. Wolfgang Neuman of Hilton Hotels sees near-term moves toward eco-friendly air-conditioning, solar heating, and heat recovery systems to extract waste water from one system and use it in another. And by 2010, 200 of Accors hotels in France will have solar panels. Chapter 3 Methodology 3.1 Introduction In this dissertation, in order to obtain broad knowledge about environmental operating practise in the hotel industry, a wide range of secondary sources will be reviewed. In addition, research strategy adopted was to conduct multiple case studies in three top hotel companies in Europe and the USA. The main data collection techniques used in this research study was documentation analysis and content analysis. This chapter is divided into three sections. In the first, the interpretive stance in the field of information system is examined. The next section is about the construction of the secondary research design which deals with the research design and covers the reasons for selecting resources. Finally, section three describes the research approach followed in case study research. 3.2 Research Design Currently, secondary literatures have increase rapidly, particularly as new resources which are developed or ready through the internet (Saunders et al., 2009). In this research project, secondary research will allow the research to incorporate suitable and reliable data of green operation initiative in hospitality, so that all the gathered data can respond to the research questions relating to the green behaviour of hotel in Europe and the USA. Secondary research differs from primary research in the collection of the information is not the responsibility of the analyst. Stewart and Kamins (1993) point out that the analyst enters the picture after the data collection effort is over in secondary research. On the other hand, in primary research, the analyst is responsible for the design of the research, the collection of the data, and the analysis and summary of the information (Stewart and Kamins, 1993). Secondary data although, has lack of direct control of the date, type, and proced ure for collecting and recording of the data (Sauder et al, 2009), however, secondary data is more financial and time saving. For instance, secondary data particularly not necessary to wait for or pay to marketing researchers for a research project to collect primary data. By using secondary data, author can has more time and effort in analysing and interpreting the data, as it has already been collected. Secondary research moreover may increase the quality of the research by targeting the real dilemma and mistakes. Consultation on secondary resources increases the efficiency of the research by targeting real gaps and oversights in knowledge. Primary research therefore has not been used in this project due to the wide variety of secondary data has been found. Primary research methods such as, questionnaires or interviews will not provide relevant information for this topic. On this basis, it can be concluded that secondary research is the main source of information provided in this study including information from academic journals, books, corporate reports and internet. Nevertheless, author should analyse cautiously the information gathered to determine its validity and reliability. This is because the research only uses one kind of research models and the argument generated about research topic. 3.3 Sources of Data 3.3.1 Primary 3.3.2 Secondary Secondary research is the key resource of information incorporate in this dissertation; however, different secondary resources might have different type of information. A guideline for obtain valid and reliable information from different resources therefore, has been designed which can found in Table 4. Table 4 Type of information Resources that might have that information Established facts and figures Reference books; official publications; government web sites General information on a topic Books of collected articles; text books; web sites of relevant organisations Reviews of the literature on a topic Journal articles; books of collected articles Publications of recent research results Journal articles; proceedings of conferences Professional and academic debates Journal articles; web sites of relevant organisations; newspapers Table 4: The types of resources that provide different information. In order to justify the authors arguments and offer a range of information about the research topic, secondary resources such as academic journals, books, corporate report and the internet have been used. Academic journals have offered different views and theories of Corporate Social Responsible (CSR) concept and environmental operating practise in hospitality. Journals such as Cornell Hospitality Quarterly, International Journal of Contemporary Hospitality Management and Journal of Culture, Tourism and Hospitality Research illustrate some research studies that have been conducted concerning the green operation initiative in hotel industry. All the relevant information gathered from these journals will be analysed and used to evaluate the level of green behaviour of top hotel company. Journals however often assembled to research aims that differ from the current research; therefore, data and complex arguments has to be carefully evaluated, as well as understood and interpreted. The information in books is normally written in more well-organized and accessible way which will help to clarify the research questions and objectives. In this research, text book is rarely used due to insufficient related books in library about sustainability in hospitality. Sustainability