Choose one Essay Example | Topics and Well Written Essays - 500 words - 6

Choose one - Essay Example The motivating factor in my participation in campaign is the desire for change. Previously, there has been a low voter turnout in the United States probably due to ignorance on importance of voting. As a result, we have had poor policies on important aspects of our lives such as health and employment. When I heard that there is a leader with different policies on the same aspects, I felt the need to mobilize many people so that we could get the much-needed change. It was up to me to educate people on how viable this leader was and the need to vote for him. I expected that this leader would bring change. This was due to a critical revision of his policies in comparison to those of opponent candidates. He seemed to be able to effect change especially in the most important sectors of my life. I did not have any previous formal political training in the past. I did not worry to involve myself because of my age, culture and ignorance. In essence, I was quite young to figure out the weight of participating in politics. Ignorance played a part because I never saw the importance of voting or even participating in any political campaign. The only type of training I got was on the policies, which were clearly explained to us during the campaign meetings. The overall experience was exhilarating with me gaining more knowledge on how policies for campaigns were made. I was also able to use my gift as a leader and the overall result is that more people are now enlightened on policies put forward by some of their leaders. The challenges I faced were mainly cultural. I found it difficult to mobilize people who were not from my race and culture due to social barriers. The most important lesson I learnt was esprit de corps, meaning unity, more united people are usually stronger in all aspects (Woodward 90). Ignorance is also the mother of all problems. Resources, engagement and mobilization are some of the factors that establish whether or not people will

Stakeholder needs Essay Example for Free

Stakeholder needs Essay Excecutive Summary The department of Electrical/Electronics and Aerospace Engineering, as part of the School of Technology of Springfield College has clear notions regarding first-order stakeholders and their requirements. The position of second-order and other stakeholders may not be entirely clear to the entire team and there may be opportunities for improvements. There are harmonised quality standards in place, which meet stakeholder’s requirements but further improvements should be implemented for the benefit of all stakeholders. Continuous improvement and change are generally promoted within the department but the current culture may not support these to the highest standard possible. Introduction This assignment aims to analyse and discuss the meeting of stakeholder requirements to agreed quality standards and seeking improvements, applied to a chosen organisation, i.e. Springfield College – School of Technology (E/E, Aerospace). The report will attempt to examine three main parts, namely, identifying stakeholders and their requirements, applying and improving quality standards, and promoting continuous improvement and  change. Each of these will be presented as a task with additional sub-headings to meet the assessed learning outcomes, e.g. Task 1 – 1.1, 1.2, etc. The report will be of academic nature rather than attempting to provide a narrative. Therefore the focus will lie on critique, analysis and opinion, supported by academic theory. It will also question the processes, benefits and values of methodology adopted by the chosen organisation, underpinned by relevant theory. In part one, the report will discuss who the stakeholders are and their expectations, how the organisation meets them, how these are communicated internally, and what processes for up to date information are in place. Part two will discuss the meaning of quality in the organisation, what organisational quality policies and procedures are in place, how teams are encouraged to improve quality, and what improvements could be made. Part three, will discuss needs for continuous improvement, assess work activities and identify areas for improvement, and discuss how to teams can contribute ideas for continual improvement. Sources of information will be referenced and citations will be used in the report. Task 1 (Be able to identify stakeholders and their requirements) (1.1 Determine organisational stakeholders and their expectations) There are a number of stakeholders attached to the department of Electrical/Electronics and Aerospace, which could be divided into first-order, second order, and other stakeholders, i.e. learners, employers and the local community plus local industry being first-order stakeholders. Second-order stakeholders include teaching staff, college leadership, middle management, awarding bodies, and quality departments. Other stakeholders may include OFSTED, suppliers, admin and support departments, contractors and others. Appendix 1 (Figure 2) shows a stakeholder map of the department. Boddy (2002) divides stakeholders into levels of interest versus levels of power, which is called the power/interest matrix. This tool of analysis applied to the department discussed would suggest that learners, employers, and the local community/industry form the key players; Awarding bodies, OFSTED and QA departments should be kept satisfied, admin and other internal stakeholder should be kept informed and suppliers, contractors and others would fall into the minimal effort category. This leaves teaching staff in a special category, as they support all stakeholders without necessarily interest or  power for themselves. However, in terms of delivery, they are key players. The expectations of stakeholders vary and first and foremost are learners with the expectation of receiving education and qualifications. Employers expect trained apprentices and access to potential qualified employees with good skills, and as they have a choice of provider, they also have power. Figure 1 shows a stakeholder matrix, applied to the department. 1.2 Discuss methods of meeting stakeholder expectations or requirements The methods of meeting expectations of stakeholder requirements range from planning, preparing and communicating to assuring, supporting, and certifying. There are however external, as well as internal factors that affect the operating environment. This means that some are controllable (internal, e.g. staff training, technology updates) and some are uncontrollable (external, e.g. government, economy, unemployment, etc.). Consequentially, there a different methods of responding to stakeholder’s needs, according to the environments. For example, technology advances rapidly and learners get used to being able to access all aspects of their course online. Therefore, departments need to plan their future technology capacity. This is where an external factor influences the internal environment, and a weakness can be turned into a strenght by investing in technology. Figure 1 Stakeholder Matrix of the Electrical/Aero Department at Springfield College Therefore, conducting a stakeholder analysis should highlight and prioritise the focus needed to satisfy each stakeholder’s needs. Methods of achieving this can include direct supervision, standardizing inputs and outputs, defining hierarchies (e.g. first and second line support), setting of rules and procedures, and establishing harmonized information systems, such as central databases. 1.3 Identify methods of communicating stakeholders’ requirements with team members Regular team meetings, all staff meetings, training events, stakeholder polls and evaluations, newsletters, emails, memorandums, site visits, open forums, internal blogs and information sharing activities can all contribute to  communicating stakeholder’s needs to team members. Effective communication is key for this, as is a conducive culture, e.g. a culture that shares information willingly amongst team members, rather than keep it hidden. 1.4 Explain processes for updating information on stakeholder requirements As described in 1.3, effective communication is key and the list of methods aids the updating process of responding to changing stakeholder needs. For example, a company that has a number of apprentices in training with Springfield requires more training for multi-skilling their staff. In this case regular meeting, email communiques, and standardised channels of communication should ensure that this need be fullfilled effectively and timely. Task 2 (Be able to apply and improve quality standards) 2.1 Discuss the meaning of quality to an organisation Johnson and Scholes (2002) put forward the notion that quality is important in the improvement of profit performance – for Springfield achievements mean profit/funding. The best situation appears to be a combination of high share and high product, or service quality, but even organisations with low market shares demonstrate significantly higher profit performance (or achievement rates) if they have offerings of superior quality. In this sense, quality can be a partial substitute for market share in sustaining advantage. For many organisations in the 1990s TQM (Total Quality Management) became the number one concern in terms of productivity as it often supported team-based structures as opposed to merely work-based structures. Team-based structures attempt to combine both horizontal and vertical co-ordination through cross-functionality. Some teams would develop, design, support customers, and research new knowledge and hence build around business processes. This leads to empow erment and increased feeling of responsibility, putting staff at the centre of producing quality out of self-determination. In theory this would create a TQM culture, which would benefit the entire organisation.

Project management synopsis

Project management synopsis Project management ensures that project requirements are met by applying tools, techniques, skills, and knowledge to project activities (or tasks). The fundamental structure of project management is defined by the project stakeholders, which are project sponsor, project team, suppliers, support staff, customers, and users. Other fundamental areas of project management are project management tools and techniques, and project management knowledge areas project integration, scope, time, cost, quality, human resource, communication, procurement and risk management. However, of these knowledge areas the project integration management is most critical because it integrates all other areas of project management. Although, project management primarily ensures that a projects requirements are met by applying tools, technique, skills, and knowledge to project activities (tasks) to meet project requirements, it is also is a group of interrelated processes: initiating, planning, executing and monitoring. Of these three processes, the executing processes require more time and resources, followed by the planning processes. A broader picture of the activities involved in project management is seen in mapping the activities of the process group into the [nine] project areas. Since it is critical for project management to meet project requirements [goals], and satisfy stakeholders, it is equally critical for project managers to identify, understand, and manage relationships with all project stakeholders. Also for a project management to meet requirements, and satisfy stakeholders, project must have a project plan. This project plan must define and confirm project goals and objective, identify tasks and how goals are accomplished, quantify needed resources, determine project cost [budget] and project completion timelines. Apart from defining and confirming project goals, the project plan entails the management and implementation of the project plan, change control operations, ensuring communication of accurate and objective performance information during project life cycle (or phase), and project failure recovery mechanisms where necessary. The concept of triple constraint is very critical to the successful completion or execution of a project. For a project manager to successfully execute a project, by managing triple constraint, the project manager must be able to balance these constraints [goals] scope, time, and cost. Since [most] projects involve changes and balance between these competing goals scope, time, and cost it is very critical for project managers to have strong coping skills. Another important factor in project is quality. Since customers satisfaction invariably depends on the quality standards of a product, it is therefore important for the project manager to consider quality as an added element to the elements of the triple constraints scope, time, and cost when embarking on a project. A successful project manager must simultaneously and effectively manage these four basic interrelated elements -scope, time, cost and quality knowing that quality is an inseparable part in setting the scope, time a nd cost of a project. In order for any project to address all the tasks required to complete the project successfully, the project scope management, which is a critical part of project management, must include processes scope planning, WBS creation, scope definition, scope control and scope verification required to address and accomplish such tasks. Since one of the key reasons why project fail is scope management, it is, therefore, important for a project scope management to have a clear statement, showing project requirements; scope change management, and user involvement. Because most [information] projects do not meet their project time estimates, manage and track the way project activities (or tasks) are scheduled in order to meet project expectations. Project time management is a critical aspect of project management that involves processes activity definition, activity resource estimating, activity duration estimating, activity sequencing, schedule development, and schedule control which are critical to the management of projects in order to meet project schedule, which in turn guarantees a project would stay within the project budget. Cost management is another important and inseparable part of project management. Because cost management is to the effective cost management, project managers must take responsibility of understanding how basic cost concepts, cost control, budgeting and cost estimate are critical to a successful execution of a project (or project phase). Because the quality of a project invariably affects stakeholders satisfaction, it is very critical that project quality management, which involves quality assurance, quality control, and quality planning, is taken very seriously. However, in maintaining quality standard that would satisfy stakeholders needs, that project must conform to specified project requirements, and making sure items (deliverables) that meet such project requirements are delivered. With quality control and planning, specific project results are monitored to ensure that such results conforms to quality standards, and quality standards pertaining to the project are identified and satisfied. Since people are the most valuable assets in any project, it is very important that these assets [people] that are involved in a project are properly managed. Human resource management, which embraces all stakeholders, is a very important part of project management since it directly affects how these resources [people] perform to attain project objectives. When resources are well managed, project responsibilities, roles, and relationships are identified; the personnel needed to work on a given project are assigned to the project; individuals and groups are trained on project management skills to enhance project performance; and project team members performance is tracked, and conflicts and issues are resolved. The importance of communication cannot be undermined when managing projects. Communication is the platform on which any project runs. The failure or success of a project depends on the way all key elements of a project communicate information about that project to each other. With effective project management, which involves information distribution, stakeholder management, communication planning, and performance report, a project manager is able to manage the team members and communicate well with other key elements in a project. Also, with effective communication [interface] management, whereby reports and status updates, changes, and other project issues, that could affect the execution of a project are communicated to the appropriate personnel in a timely manner, project objectives (or goals) would be achieved. However, project managers and team members must understand the importance of creating a good working relationship as project information is communicated. Since the number of communication channels increase with increase in number of people that need to communicate, it is very critical that project managers must develop a good communication and conflict management skills. Like communication, resource, scope, time, cost, risk management is very critical to a successful execution of a project. Since risk management is a process in which what may impact a project negatively or positively, it is important that the project manager has appropriate risk plan in place. With the risk plan, approaches and plans for risk management activities for a particular project are decided. The processes involved in risk management are risk monitoring and control, risk identification, risk management planning, quantitative risk analysis, and qualitative risk analysis. Procurement, which is the aspects of project management that involves obtaining goods and services from outside source or company, includes processes planning purchases and acquisitions, requesting sellers responses, planning contracting, select sellers, administering contracts, and closing contracts that are very important to the health of any project. Plan purchases and acquisitions involves a process whereby items to purchase for a project and when needed is determined. In planning purchases and acquisition, the project manager should be involved since the project manager is practically acquainted with what would be needed for the project. However, in requesting seller responses, list of vendors to consider are identified, and information about their capabilities and prices through vendor proposals and price quotes are received. The list is further narrowed down to a list of companies that meet certain criteria. Plan contracting is another process that involves creating products and services requirements. These products and services are those that are needed for a project execution. The companies or suppliers that would supply these product and services must be identified. Select seller is the process that involves choosing the vendor that meets the criteria set by the company for a particular project. The chosen vendor would provide the product or service that is required for the project. Contract administration is the process that involves managing the relationship with the contracted company. The project manager must work with the vendor, writing and administering the contract, bearing in mind the legal consequences that could occur he does not understand the contract. Contract closure is the process that involves the completion and settlement of all contracts that existed during the project life cycle. The project manager and project team will be involved to ensure the completion of the contracted work and to gather lesson learned during the procurement process. As an IT professional, project management is very critical for IT project execution or completion. The lesson learned from this class is one that would be applied in my future work environment. Planning a project is not for a project manager alone. There are team members, like me, that would be involved in projects that would require me to show what I have learned over the course of this class. I should be able to contribute to the success of any project for which I would be a project team member. Knowing the project knowledge areas and process groups; applying the various project inputs, and adhering to the professional ethical code of conduct, would guarantee a litigation-free and successful project execution.

Considering Dysarthria: A Speech Disorder On the Margins :: Biology Essays Research Papers

Considering Dysarthria: A Speech Disorder 'On the Margins' The goal of this paper is to portray dysarthria, a language impairment, as a disorder that is "on the margins" of the category of speech disorders. The argumentation will be that since dysarthria shares common underlying neurological causes with motor diseases rather than with other language impairments, it is set apart from other language impairments and evidence for the overlap of the motor modality with the language modality. Language is arguably one if not the most complex functions produced by the human brain, and one that is all but transparent as to the underlying neurological structures and processes in that so much is going on at the same time that it is hard to tell what is what. What we do know is that there are different areas of representation for different aspects of language. An area in the left hemisphere above the perisylvian fissure in the frontal lobe anterior to the motor cortex roughly controls production and fluency of speech; another area, in the temporal lobe of the same hemisphere roughly controls comprehension and word retrieval. Other regions next to and between these areas carry related functions, and lesioning to them results in variations of the symptoms caused by lesioning one of the central regions described above(1).. These areas are known to us as the "language areas." However, they can be completely intact in a person that is suffering from severe language impairment. Are there other "language areas" then? Strictly speaking, no, loosely speaking, yes. Language is more than a mental function where structures are established, words are retrieved and sound associations are made. The final execution of language is purely a question of complex motor control. Disruption of this complex interaction of motor signals towards the formation of speech is known as dysarthria (2). It is sometimes confused with impairment resulting from injury to the "language areas" (1), illustrating the point that the process of producing language is multi-layered, and that it is often hard to tell what is what. The symptoms of dysarthria may be slurred speech, nasality of sound, or quiet and slow speech (3).. These different impairments reflect the sub-sections in the 'motor symphony' that produces speech: The lips, tongue, teeth and jaw shape specific sounds; the soft palate channels air into either the nasal or oral cavity, producing different sound qualities; the larynx (voice box) makes the air vibrate through the vocal folds to create voice; and finally, the respiratory system powers this process (3).

Customer Value Propositions in Business Markets

Customer Value Propositions in Business Markets by JAMES C. ANDERSON, JAMES A. NARUS, AND WOUTER VAN ROSSUM Under pressure to keep costs down, customers may only look at price and not listen to your sales pitch. Help them understand – and believe in – the superior value of your offerings. â€Å"CUSTOMER VALUE PROPOSITION† has become one of the most widely used terms in business markets in recent years. Yet our management-practice research reveals that there is no agreement as to what constitutes a customer value proposition – or what makes one persuasive. Moreover, we ? d that most value propositions make claims of savings and bene? ts to the customer without backing them up. An offering may actually provide superior value – but if the supplier doesn’t demonstrate and document that claim, a customer manager will likely dismiss it as marketing puffery. Customer managers, increasingly held accountable for reducing costs, don’t have the l uxury of simply believing suppliers’ assertions. PETER HOEY march 2006 91 C u s t o m e r Va l u e P ro p o s i t i o n s i n B u s i n e s s M a r ke t s Take the case of a company that makes integrated circuits (ICs).It hoped to supply 5 million units to an electronic device manufacturer for its next-generation product. In the course of negotiations, the supplier’s salesperson learned that he was competing against a company whose price was 10 cents lower per unit. The customer asked each salesperson why his company’s offering was superior. This salesperson based his value proposition on the service that he, personally, would provide. Unbeknownst to the salesperson, the customer had built a customer value model, which found that the company’s offering, though 10 cents higher in price per IC, was actually worth 15. cents more. The electronics engineer who was leading the development project had recommended that the purchasing manager buy those ICs, even a t the higher price. The service was, indeed, worth something in the model–but just 0. 2 cents! Unfortunately, the salesperson had overlooked the two elements of his company’s IC offering that were most valuable to the customer, evidently unaware how much they were worth to that customer and, objectively, how superior they made his company’s offering to that of the competitor. Not surprisingly,We conducted management-practice research over the past two years in Europe and the United States to understand what constitutes a customer value proposition and what makes one persuasive to customers. One striking discovery is that it is exceptionally dif? cult to ? nd examples of value propositions that resonate with customers. Here, drawing on the best practices of a handful of suppliers in business markets, we present a systematic approach for developing value propositions that are meaningful to target customers and that focus suppliers’ efforts on creating super ior value.Three Kinds of Value Propositions We have classi? ed the ways that suppliers use the term â€Å"value proposition†into three types: all bene? ts, favorable points of difference, and resonating focus. (See the exhibit â€Å"Which Alternative Conveys Value to Customers? †) All bene? ts. Our research indicates that most managers, when asked to construct a customer value proposition, simply list all the bene? ts they believe that their Customer managers, increasingly held accountable for reducing costs, don’t have the luxury of simply believing suppliers’ assertions. hen push came to shove, perhaps suspecting that his service was not worth the difference in price, the salesperson offered a 10-cent price concession to win the business – consequently leaving at least a half million dollars on the table. Some managers view the customer value proposition as a form of spin their marketing departments develop for advertising and promotional copy. T his shortsighted view neglects the very real contribution of value propositions to superior business performance. Properly constructed, they force companies to rigorously focus on what their offerings are really worth to their customers.Once companies become disciplined about understanding customers, they can make smarter choices about where to allocate scarce company resources in developing new offerings. offering might deliver to target customers. The more they can think of, the better. This approach requires the least knowledge about customers and competitors and, thus, the least amount of work to construct. However, its relative simplicity has a major potential drawback: bene? t assertion. Managers may claim advantages for features that actually provide no bene? to target customers. Such was the case with a company that sold highperformance gas chromatographs to R&D laboratories in large companies, universities, and government agencies in the Benelux countries. One feature of a particular chromatograph allowed R&D lab customers to maintain a high degree of sample integrity. Seeking growth, the company began to market the most basic model of this chromatograph to a new segment: commercial laboratories. In initial meetings with prospective customers, the ? rm’s James C. Anderson is the William L.Ford Distinguished Professor of Marketing and Wholesale Distribution at Northwestern’s Kellogg School of Management in Evanston, Illinois; the Irwin Gross Distinguished ISBM Research Fellow at the Institute for the Study of Business Markets in University Park, Pennsylvania; and a visiting research professor at the School of Business, Public Administration, and Technology at the University of Twente, the Netherlands. James A. Narus is a professor of business marketing at the Babcock Graduate School of Management at Wake Forest University in Charlotte, North Carolina.Wouter van Rossum is a professor of commercial and strategic management at the School of Business, Public Administration, and Technology at the University of Twente. 92 harvard business review C u s t o m e r Va l u e P ro p o s i t i o n s i n B u s i n e s s M a r ke t s Which Alternative Conveys Value to Customers? Suppliers use the term â€Å"value proposition† three different ways. Most managers simply list all the bene? ts they believe that their offering might deliver to target customers. The more they can think of, the better.Some managers do recognize that the customer has an alternative, but they often make the mistake of assuming that favorable points of difference must be valuable for the customer. Best-practice suppliers base their value proposition on the few elements that matter most to target customers, demonstrate the value of this superior performance, and communicate it in a way that conveys a sophisticated understanding of the customer’s business priorities. VALUE PROPOSITION: ALL BENEFITS FAVORABLE POINTS OF DIFFERENCE All favorable po ints of difference a market offering has relative to the next best alternativeRESONATING FOCUS Consists of: All bene? ts customers receive from a market offering The one or two points of difference (and, perhaps, a point of parity) whose improvement will deliver the greatest value to the customer for the foreseeable future Answers the customer question: â€Å"Why should our ? rm purchase your offering? † â€Å"Why should our ? rm purchase your offering instead of your competitor’s? † â€Å"What is most worthwhile for our ? rm to keep in mind about your offering? † Requires: Knowledge of own market offering Knowledge of own market offering and next best alternativeKnowledge of how own market offering delivers superior value to customers, compared with next best alternative Has the potential pitfall: Bene? t assertion Value presumption Requires customer value research salespeople touted the bene? ts of maintaining sample integrity. Their prospects scoffed a t this bene? t assertion, stating that they routinely tested soil and water samples, for which maintaining sample integrity was not a concern. The supplier was taken aback and forced to rethink its value proposition. Another pitfall of the all bene? ts value proposition is that many, even most, of the bene? s may be points of parity with those of the next best alternative, diluting the effect of the few genuine points of difference. Managers need to clearly identify in their customer value propositions which elements are points of parity and which are points of difference. (See the exhibit â€Å"The Building Blocks of a Successful Customer Value Proposition. †) For example, an international engineering consultancy was march 2006 bidding for a light-rail project. The last chart of the company’s presentation listed ten reasons why the municipality should award the roject to the ? rm. But the chart had little persuasive power because the other two ? nalists could make mos t of the same claims. Put yourself, for a moment, in the place of the prospective client. Suppose each ? rm, at the end of its presentation, gives ten reasons why you ought to award it the project, and the lists from all the ? rms are almost the same. If each ? rm is saying essentially the same thing, how do you make a choice? You ask each of the ? rms to give a ? nal, best price, and then you award the project to the ? rm that gives the largest price concession.Any distinctions that do exist have been overshadowed by the ? rms’ greater sameness. 93 C u s t o m e r Va l u e P ro p o s i t i o n s i n B u s i n e s s M a r ke t s Favorable points of difference. The second type of value proposition explicitly recognizes that the customer has an alternative. The recent experience of a leading industrial gas supplier illustrates this perspective. A customer sent the company a request for proposal stating that the two or three suppliers that could demonstrate the most persuasive v alue propositions would be invited to visit the customer to discuss and re? e their proposals. After this meeting, the customer would select a sole supplier for this business. As this example shows, â€Å"Why should our ? rm purchase your offering instead of your competitor’s? † is a more pertinent question than â€Å"Why should our ? rm purchase your offering? † The ? rst question focuses suppliers on differentiating their offerings from the next best alternative, a process that requires detailed knowledge of that alternative, whether it be buying a competitor’s offering or solving the customer’s problem in a different way.Knowing that an element of an offering is a point of difference relative to the next best alternative does not, however, convey the value of this difference to target customers. Furthermore, a product or service may have several points of difference, complicating the supplier’s understanding of which ones deliver the grea test value. Without a detailed understanding of the customer’s requirements and preferences, and what it is worth to ful? ll them, suppliers may stress points of difference that deliver relatively little value to the target customer. Each of these can lead to the pitfall of value presumption: assuming that favorable points f difference must be valuable for the customer. Our opening anecdote about the IC supplier that unnecessarily discounted its price exempli? es this pitfall. Resonating focus. Although the favorable points of difference value proposition is preferable to an all bene? ts proposition for companies crafting a consumer value proposition, the resonating focus value proposition should be the gold standard. This approach acknowledges that the managers who make purchase decisions have major, ever-increasing levels of responsibility and often are pressed for time.They want to do business with suppliers that fully grasp critical issues in their business and deliver a customer value proposition that’s simple yet powerfully captivating. Suppliers can provide such a customer value proposition by making their offerings superior on the few elements that matter most to target customers, demonstrating and documenting the value of this superior performance, and communicating it in a way that conveys a sophisticated understanding of the customer’s business priorities. This type of proposition differs from favorable points of difference in two signi? cant respects.First, more is not better. Although a supplier’s offering may possess several favorable points of difference, the resonating focus proposition steadfastly concentrates on the one or two points 94 of difference that deliver, and whose improvement will continue to deliver, the greatest value to target customers. To better leverage limited resources, a supplier might even cede to the next best alternative the favorable points of difference that customers value least, so that th e supplier can concentrate its resources on improving the one or two points of difference customers value most.Second, the resonating focus proposition may contain a point of parity. This occurs either when the point of parity is required for target customers even to consider the supplier’s offering or when a supplier wants to counter customers’ mistaken perceptions that a particular value element is a point of difference in favor of a competitor’s offering. This latter case arises when customers believe that the competitor’s offering is superior but the supplier believes its offerings are comparable–customer value research provides empirical support for the supplier’s assertion.To give practical meaning to resonating focus, consider the following example. Sonoco, a global packaging supplier headquartered in Hartsville, South Carolina, approached a large European customer, a maker of consumer packaged goods, about redesigning the packaging T he Building Blocks of a Successful Customer Value Proposition A supplier’s offering may have many technical, economic, service, or social bene? ts that deliver value to customers – but in all probability, so do competitors’ offerings. Thus, the essential question is, â€Å"How do these value elements compare with those of the next best alternative? We’ve found that it’s useful to sort value elements into three types. Points of parity are elements with essentially the same performance or functionality as those of the next best alternative. Points of difference are elements that make the supplier’s offering either superior or inferior to the next best alternative. Points of contention are elements about which the supplier and its customers disagree regarding how their performance or functionality compares with those of the next best alternative.Either the supplier regards a value element as a point of difference in its favor, while the custom er regards that element as a point of parity with the next best alternative, or the supplier regards a value element as a point of parity, while the customer regards it as a point of difference in favor of the next best alternative. harvard business review C u s t o m e r Va l u e P ro p o s i t i o n s i n B u s i n e s s M a r ke t s for one of its product lines. Sonoco believed that the customer would pro? from updated packaging, and, by proposing the initiative itself, Sonoco reinforced its reputation as an innovator. Although the redesigned packaging provided six favorable points of difference relative to the next best alternative, Sonoco chose to emphasize one point of parity and two points of difference in what it called its distinctive value proposition (DVP). The value proposition was that the redesigned packaging would deliver signi? cantly greater manufacturing ef? ciency in the customer’s ? l lines, through higher-speed closing, and provide a distinctive look that consumers would ? nd more appealing – all for the same price as the present packaging. Sonoco chose to include a point of parity in its value proposition because, in this case, the customer would not even consider a packaging redesign if the price went up. The ? rst point of difference in the value proposition (increased ef? ciency) delivered cost savings to the customer, allowing it to move from a seven-day, three-shift production schedule during peak times to a ? e-day, two-shift operation. The second point of difference delivered an advantage at the consumer level, helping the customer to grow its revenues and pro? ts incrementally. In persuading the customer to change to the redesigned packaging, Sonoco did not neglect to mention the other favorable points of difference. Rather, it chose to place much greater emphasis on the two points of difference and the one point of parity that mattered most to the customer, thereby delivering a value proposition with resonating focu s.Stressing as a point of parity what customers may mistakenly presume to be a point of difference favoring a competitor’s offering can be one of the most important parts of constructing an effective value proposition. Take the case of Intergraph, an Alabama-based provider of engineering software to engineering, procurement, and construction ? rms. One software product that Intergraph offers, SmartPlant P&ID, enables customers to de? ne ? ow processes for valves, pumps, and piping within plants they are designing and generate piping and instrumentation diagrams (P&ID).Some prospective customers wrongly presume that SmartPlant’s drafting performance would not be as good as that of the next best alternative, because the alternative is built on computer-aided design (CAD), a better-known drafting tool than the relational database platform on which SmartPlant is built. So Intergraph tackled the perception head on, gathering data from reference customers to substantiate tha t this point of contention was actually a point of parity. march 2006 Here’s how the company played it.Intergraph’s resonating focus value proposition for this software consisted of one point of parity (which the customer initially thought was a point of contention), followed by three points of difference: Point of parity: Using this software, customers can create P&ID graphics (either drawings or reports) as fast, if not faster, as they can using CAD, the next best alternative. Point of difference: This software checks all of the customer’s upstream and downstream data related to plant assets and procedures, using universally accepted engineering practices, company-speci? c rules, and project- or process-speci? rules at each stage of the design process, so that the customer avoids costly mistakes such as missing design change interdependencies or, worse, ordering the wrong equipment. Point of difference: This software is integrated with upstream and downstream tasks, such as process simulation and instrumentation design, thus requiring no reentry of data (and reducing the margin for error). Point of difference: With this software, the customer is able to link remote of? ces to execute the project and then merge the pieces into a single deliverable database to hand to its customer, the facility owner.Resonating focus value propositions are very effective, but they’re not easy to craft: Suppliers must undertake 95 C u s t o m e r Va l u e P ro p o s i t i o n s i n B u s i n e s s M a r ke t s customer value research to gain the insights to construct them. Despite all of the talk about customer value, few suppliers have actually done customer value research, which requires time, effort, persistence, and some creativity. But as the best practices we studied highlight, thinking through a resonating focus value proposition disciplines a company to research its customers’ businesses enough to help solve their problems.As the exper ience of a leading resins supplier amply illustrates, doing customer value research pays off. (See the sidebar â€Å"Case in Point: Transforming a Weak Value Proposition. †) savings from reduced power usage that a customer would gain by using a Rockwell Automation motor solution instead of a competitor’s comparable offering: Power Reduction = [kW spent number of operating hours per Cost Savings year $ per kW hour number of years system solution in operation] Competitor Solution ? [kW spent number of operating hours per year $ per kW hour number of years system solution in operation] Rockwell Automation SolutionSubstantiate Customer Value Propositions In a series of business roundtable discussions we conducted in Europe and the United States, customer managers reported that â€Å"We can save you money! † has become almost a generic value proposition from prospective suppliers. But, as one participant in Rotterdam wryly observed, most of the suppliers were telling â€Å"fairy tales. † After he heard a pitch from a prospective supplier, he would follow up with a series of questions to determine whether the supplier had the people, processes, tools, and experience to actually save his ? m money. As often as not, they could not really back up the claims. Simply put, to make customer value propositions persuasive, suppliers must be able to demonstrate and document them. Value word equations enable a supplier to show points of difference and points of contention relative to the next best alternative, so that customer managers can easily grasp them and ? nd them persuasive. A value word This value word equation uses industry-speci? c terminology that suppliers and customers in business markets rely on to communicate precisely and ef? iently about functionality and performance. Demonstrate Customer Value in Advance Prospective customers must see convincingly the cost savings or added value they can expect from using the supplier’s off ering instead of the next best alternative. Best-practice suppliers, such as Rockwell Automation and precision-engineering and manufacturing ? rm Nijdra Groep in the Netherlands, use value case histories to demonstrate this. Value case histories document the cost savings or added value that reference customers have actually received from their use of the supplier’s market offering.Another way that best-practice ? rms, such as Pennsylvania-based GE Infrastructure Water & Process Technologies (GEIW&PT) and SKF USA, show the value of their offerings to prospective customers in advance is Some best-practice suppliers are even willing to guarantee a certain amount of savings before a customer signs on. equation expresses in words and simple mathematical operators (for example, + and ? ) how to assess the differences in functionality or performance between a supplier’s offering and the next best alternative and how to convert those differences into dollars.Best-practice ? rm s like Intergraph and, in Milwaukee, Rockwell Automation use value word equations to make it clear to customers how their offerings will lower costs or add value relative to the next best alternatives. The data needed to provide the value estimates are most often collected from the customer’s business operations by supplier and customer managers working together, but, at times, data may come from outside sources, such as industry association studies.Consider a value word equation that Rockwell Automation used to calculate the cost 96 through value calculators. These customer value assessment tools typically are spreadsheet software applications that salespeople or value specialists use on laptops as part of a consultative selling approach to demonstrate the value that customers likely would receive from the suppliers’ offerings. When necessary, best-practice suppliers go to extraordinary lengths to demonstrate the value of their offerings relative to the next best alte rnatives.The polymer chemicals unit of Akzo Nobel in Chicago recently conducted an on-site two-week pilot on a production reactor at a prospective customer’s facility to gather data ? rsthand on the performance of its high-purity metal organics offering relative to the next best alternative in producing compound semiconductor wafers. Akzo Nobel paid this harvard business review C u s t o m e r Va l u e P ro p o s i t i o n s i n B u s i n e s s M a r ke t s prospective customer for these two weeks, in which each day was a trial because of daily considerations such as output and maintenance.Akzo Nobel now has data from an actual production machine to substantiate assertions about its product and anticipated cost savings, and evidence that the compound semiconductor wafers produced are as good as or better than those the customer currently grows using the next best alternative. To let its prospective clients’ customers verify this for themselves, Akzo Nobel brought them sample wafers it had produced for testing. Akzo Nobel combines this point of parity with two points of difference: signi? cantly lower energy costs for conversion and signi? antly lower maintenance costs. Document Customer Value Demonstrating superior value is necessary, but this is no longer enough for a ? rm to be considered a best-practice company. Suppliers also must document the cost savings and incremental pro? ts (from additional revenue gener- ated) their offerings deliver to the companies that have purchased them. Thus, suppliers work with their customers to de? ne how cost savings or incremental pro? ts will be tracked and then, after a suitable period of time, work with customer managers to document the results.They use value documenters to further re? ne their customer value models, create value case histories, enable customer managers to get credit for the cost savings and incremental pro? ts produced, and (because customer managers know that the supplier is willing to return later to document the value received) enhance the credibility of the offering’s value. A pioneer in substantiating value propositions over the past decade, GEIW&PT documents the results provided to customers through its value generation planning (VGP) process and tools, which enable its ? ld personnel to understand customers’ businesses and to plan, execute, and document projects that have the highest value impact for its customers. An online tracking tool allows GEIW&PT and customer managers to easily monitor the Case in Point: Transforming a Weak Value Proposition A leading supplier of specialty resins used in architectural coatings – such as paint for buildings – recognized that its customers were coming under pressure to comply with increasingly strict environmental regulations. At the same time, the supplier reasoned, no coating manufacturer would want to sacri? e performance. So the resins supplier developed a new type of highperformance resi ns that would enable its customers to comply with stricter environmental standards – albeit at a higher price but with no reduction in performance. In its initial discussions with customers who were using the product on a trial basis, the resins supplier was surprised by the tepid reaction it received, particularly from commercial managers. They were not enthusiastic about the sales prospects for higher-priced coatings with commercial painting contractors, the primary target market.They would not, they said, move to the new resin until regulation mandated it. Taken aback, the resins supplier decided to conduct customer value research to better understand the requirements and preferences of its customers’ customers and how the performance of the new resin would affect their total cost of doing business. The resins supplier went so far as to study the requirements and preferences of the commercial painting contractors’ customers – building owners. The suppl ier conducted a series of focus groups and ? eld tests with painting contractors to gather data.The performance on primary customer requirements – such as coverage, dry time, and durability – was studied, and customers were asked to make performance trade-offs and indicate their willingness to pay for coatings that delivered enhanced performance. The resins supplier also joined a commercial painting contractor industry association, enrolled managers in courses on how contractors are taught to estimate jobs, and trained the staff to work with the job-estimation software used by painting contractors. Several insights emerged from this customer value research.Most notable was the realization that only 15% of a painting contractor’s costs are the coatings; labor is by far the largest cost component. If a coating could provide greater productivity – for example, a faster drying time that allowed two coats to be applied during a single eight-hour shift – contractors would likely accept a higher price. The resins supplier retooled its value proposition from a single dimension, environmental regulation compliance, to a resonating focus value proposition where environmental compliance played a signi? cant but minor part.The new value proposition was â€Å"The new resin enables coatings producers to make architectural coatings with higher ? lm build and gives the painting contractors the ability to put on two coats within a single shift, thus increasing painter productivity while also being environmentally compliant. † Coatings customers enthusiastically accepted this value proposition, and the resins supplier was able to get a 40% price premium for its new offering over the traditional resin product. march 2006 97 C u s t o m e r Va l u e P ro p o s i t i o n s i n B u s i n e s s M a r ke t s xecution and documented results of each project the company undertakes. Since it began using VGP in 1992, GEIW&PT has documented more th an 1,000 case histories, accounting for $1. 3 billion in customer cost savings, 24 billion gallons of water conserved, 5. 5 million tons of waste eliminated, and 4. 8 million tons of air emissions removed. As suppliers gain experience documenting the value provided to customers, they become knowledgeable about how their offerings deliver superior value to customers and even how the value delivered varies across ation can submit NPI requests whenever they have an inventive idea for a customer solution that they believe would have a large value impact but that GEIW&PT presently does not offer. Industry marketing managers, who have extensive industry expertise, then perform scoping studies to understand the potential of the proposed products to deliver signi? cant value to segment customers. They create business cases for the proposed product, which are â€Å"racked and stacked† for review. The senior management team of GEIW&PT sort through aBest-practice suppliers make sure the ir people know how to identify what the next value propositions ought to be. kinds of customers. Because of this extensive and detailed knowledge, they become con? dent in predicting the cost savings and added value that prospective customers likely will receive. Some best-practice suppliers are even willing to guarantee a certain amount of savings before a customer signs on. A global automotive engine manufacturer turned to Quaker Chemical, a Pennsylvania-based specialty chemical and management services ? m, for help in signi? cantly reducing its operating costs. Quaker’s team of chemical, mechanical, and environmental engineers, which has been meticulously documenting cost savings to customers for years, identi? ed potential savings for this customer through process and productivity improvements. Then Quaker implemented its proposed solution – with a guarantee that savings would be ? ve times more than what the engine manufacturer spent annually just to purchase cool ant. In real numbers, that meant savings of $1. 4 million a year.What customer wouldn’t ? nd such a guarantee persuasive? large number of potential initiatives competing for limited resources. The team approved Panichella’s initiative, which led to the development of a new offering that provided re? nery customers with documented cost savings amounting to ? ve to ten times the price they paid for the offering, thus realizing a compelling value proposition. Sonoco, at the corporate level, has made customer value propositions fundamental to its business strategy. Since 2003, its CEO, Harris DeLoach, Jr. and the executive committee have set an ambitious growth goal for the ? rm: sustainable, double-digit, pro? table growth every year. They believe that distinctive value propositions are crucial to support the growth initiative. At Sonoco, each value proposition must be: †¢ Distinctive. It must be superior to those of Sonoco’s competition. †¢ Measurable. A ll value propositions should be based on tangible points of difference that can be quanti? ed in monetary terms. †¢ Sustainable. Sonoco must be able to execute this value proposition for a signi? ant period of time. Unit managers know how critical DVPs are to business unit performance because they are one of the ten key metrics on the managers’ performance scorecard. In senior management reviews, each unit manager presents proposed value propositions for each target market segment or key customer, or both. The managers then receive summary feedback on the value proposition metric (as well as on each of the nine other performance metrics) in terms of whether their proposals can lead to pro? table growth.In addition, Sonoco senior management tracks the relationship between business unit value propositions and business unit performance – and, year after year, has concluded that the emphasis on DVPs has made a signi? cant contribution toward sustainable, double-digit, profitable growth. harvard business review Superior Business Performance We contend that customer value propositions, properly constructed and delivered, make a signi? cant contribution to business strategy and performance. GE Infrastructure Water & Process Technologies’ recent development of a new service offering to re? ery customers illustrates how general manager John Panichella allocates limited resources to initiatives that will generate the greatest incremental value for his company and its customers. For example, a few years ago, a ? eld rep had a creative idea for a new product, based on his comprehensive understanding of re? nery processes and how re? neries make money. The ? eld rep submitted a new product introduction (NPI) request to the hydrocarbon industry marketing manager for further study. Field reps or anyone else in the organi98 C u s t o m e r Va l u e P ro p o s i t i o n s i n B u s i n e s s M a r ke t sBest-practice suppliers recognize that construct ing and substantiating resonating focus value propositions is not a onetime undertaking, so they make sure their people know how to identify what the next value propositions ought to be. Quaker Chemical, for example, conducts a value-proposition training program each year for its chemical program managers, who work on-site with customers and have responsibility for formulating and executing customer value propositions. These managers ? rst review case studies from a variety of industries Quaker serves, where their peers have executed savings projects and quanti? d the monetary savings produced. Competing in teams, the managers then participate in a simulation where they interview â€Å"customer managers† to gather information needed to devise a proposal for a customer value proposition. The team that is judged to have the best proposal earns â€Å"bragging rights,† which are highly valued in Quaker’s competitive culture. The training program, Quaker believes, he lps sharpen the skills of chemical program managers to identify savings projects when they return to the customers they are serving. As the ? al part of the training program, Quaker stages an annual real-world contest where the chemical program managers have 90 days to submit a proposal for a savings project that they plan to present to their customers. The director of chemical management judges these proposals and provides feedback. If he deems a proposed project to be viable, he awards the manager with a gift certi? cate. Implementing these projects goes toward ful? lling Quaker’s guaranteed annual savings commitments of, on average, $5 million to $6 million a year per customer.Each of these businesses has made customer value propositions a fundamental part of its business strategy. Drawing on best practices, we have presented an approach to customer value propositions that businesses can implement to communicate, with resonating focus, the superior value their offerings pr ovide to target market segments and customers. Customer value propositions can be a guiding beacon as well as the cornerstone for superior business performance. Thus, it is the responsibility of senior management and general management, not just marketing management, to ensure that their customer value propositions are just that.Reprint R0603F; HBR OnPoint 3544 To order, see page 151. P VEY . C. â€Å"What we need are some fresh new ideas. You know, like we had last year. † march 2006 99 Harvard Business Review Notice of Use Restrictions, May 2009 Harvard Business Review and Harvard Business Publishing Newsletter content on EBSCOhost is licensed for the private individual use of authorized EBSCOhost users. It is not intended for use as assigned course material in academic institutions nor as corporate learning or training materials in businesses.Academic licensees may not use this content in electronic reserves, electronic course packs, persistent linking from syllabi or by a ny other means of incorporating the content into course resources. Business licensees may not host this content on learning management systems or use persistent linking or other means to incorporate the content into learning management systems. Harvard Business Publishing will be pleased to grant permission to make this content available through such means. For rates and permission, contact [email  protected] org.

Understanding How Detergents Actually Work

Understanding How Detergents Actually Work Detergents and soaps are used for cleaning because pure water cant remove oily, organic soiling. Soap cleans by acting as an emulsifier. Basically, soap allows oil and water to mix so that oily grime can be removed during rinsing. Surfactants Detergents were developed in response to the shortage of the animal and vegetable fats used to make soap during World War I and World War II. Detergents are primarily surfactants, which could be produced easily from petrochemicals. Surfactants lower the surface tension of water, essentially making it wetter so that it is less likely to stick to itself and more likely to interact with oil and grease. Additional Ingredients Modern detergents contain more than surfactants. Cleaning products may also contain enzymes to degrade protein-based stains, bleaches to de-color stains and add power to cleaning agents, and blue dyes to counter yellowing. Like soaps, detergents have hydrophobic or water-hating molecular chains and hydrophilic or water-loving components. The hydrophobic hydrocarbons are repelled by water but are attracted to oil and grease. The hydrophilic end of the same molecule means that one end of the molecule will be attracted to water, while the other side is binding to oil. How Detergents Work Neither detergents nor soaps  accomplish anything except binding to the soil until some mechanical energy or agitation is added into the equation. Swishing the soapy water around allows the soap or detergent to pull the grime away from clothes or dishes and into the larger pool of rinse water. Rinsing washes the detergent and soil away. Warm or hot water melts fats and oils so that it is easier for the soap or detergent to dissolve the soil and pull it away into the rinse water. Detergents are similar to soap, but they are less likely to form films (soap scum) and are not as affected by the presence of minerals in the water (hard water). Modern Detergents Modern detergents may be made from petrochemicals or from oleochemicals derived from plants and animals. Alkalis and oxidizing agents are also chemicals found in detergents. Heres a look at the functions these molecules serve: Petrochemicals/Oleochemicals: These fats and oils are hydrocarbon chains which are attracted to the oily and greasy grime.Oxidizers: Sulfur trioxide, ethylene oxide, and sulfuric acid are among the molecules used to produce the hydrophilic component of surfactants. Oxidizers provide an energy source for chemical reactions. These highly reactive compounds also act as bleaches.Alkalis: Sodium and potassium hydroxide are used in detergents even as they are used in soapmaking. They provide positively charged ions to promote chemical reactions.

Crystal Science Fair Project Tips and Ideas

Crystal Science Fair Project Tips and Ideas Crystals can make interesting and fun science fair projects. The type of project depends on your educational level. Here are some examples of crystal science fair projects and ideas to help launch your own creativity in choosing your own project. Make a Collection Younger investigators may want to make a collection of crystals and work out their own method for grouping the crystals into categories.  Common crystals include salt, sugar, snowflakes, and quartz. What other crystals can you find? What are the similarities and differences between these crystals? What materials look like crystals, but really arent? (Hint: Glass doesnt have an ordered internal structure, so it isnt crystal.) Make a Model You can build models of crystal lattices. You can show how lattice subunits can grow into some of the crystal shapes taken by natural minerals. Prevent Crystal Growth Your project can involve ways you might prevent crystals from forming. For example, can you think of a way to keep crystals from forming in ice cream? Does the temperature of the ice cream matter? What happens as a result of freezing and thawing cycles? What effect do different ingredients have on the size and number of crystals that form? Grow Crystals Growing crystals is a fun way to explore your interest in chemistry and geology. In addition to growing crystals from kits, there are lots of types of crystals that can be grown from common household substances, such as sugar (sucrose), salt (sodium chloride), Epsom salts, borax, and alum. Sometimes its interesting to mix different materials to see what types of crystals result. For example, salt crystals look different when they are grown with vinegar. Can you figure out why? If you want a good science fair project, it would be better if you tested some aspect of growing crystals rather than simply growing pretty crystals and explaining the process. Here are some ideas for ways to turn a fun project into a great science fair or research project: How does the rate of evaporation of the crystal-growing medium affect the final size of the crystals? You can change the rate of evaporation by sealing the container (no evaporation at all if there is no air space) or by blowing a fan over the liquid or enclosing the jar of medium with a desiccant. Different places and seasons will have different humidities. The crystals grown in a desert may be different from those grown in a ​rainforest.You will usually heat water or another liquid to dissolve a solid to grow your crystals. Does the rate at which this liquid is cooled affect the way the crystals grow? You can compare crystals allowed to cool at room temperature to those formed from cooling the liquid in a refrigerator.What effect do additives have on the crystals? You could add food coloring, flavorings, or other impurities. How do crystals grown from non-iodized salt compare with those grown from iodized salt?What steps can you take to maximize crystal size? Developing a pr ocedure is a form of experimental science. You can affect parameters such as vibration, humidity, temperature, the rate of evaporation, purity of your growth medium, and time allowed for crystal growth. The type of container used to grow your crystals may make a difference, as could the type of string used to suspend a seed crystal (or other method used to grow a crystal). Are you changing containers when crystals start to grow that could compete with your seed crystal? There are lots of things to think about! Some may have a major effect on crystal growth and others may be negligible. Does light/dark effect growth? Probably not for a salt crystal, but it could for a substance that is degraded by visible radiation. If you are up for a challenge, you can make predictions about the shapes of crystals before you grow them, based on their molecular structures and molecular geometry.

9 consejos a turistas para comprar vivienda en EEUU

9 consejos a turistas para comprar vivienda en EEUU Si est pensando en  comprar una vivienda en Estados Unidos pero le preocupa porque tiene estatus de turista, bien porque ha ingresado con una visa de esa categorà ­a o bien sin visa, por ser ciudadano de un paà ­s incluido en el Programa de Exencià ³n de Visados,  tiene que saber que no sà ³lo es posible sino que es relativamente fcil.  Ã‚   En este artà ­culo se resuelven las dudas ms frecuentes,  desde tipo de propiedad a cà ³mo financiar la compra y cà ³mo entender correctamente las opciones migratorias reales para obtener una tarjeta de residencia permanente en Estados Unidos por inversià ³n en un bien raà ­z. 1.- ¿Quà © tipo de inmuebles  se pueden comprar en EE.UU.  con estatus de turista? Casas, fincas rà ºsticas y condominios, conocidos estos à ºltimos popularmente como condos. En cuando a los  apartamentos en rà ©gimen de  co-ops, es ms complicado adquirirlos, a menos que se trate de cooperativas que se administran siguiendo reglas de los condos. La razà ³n del problema radica en  que para comprar un co-op es necesario, como regla general, tener los ingresos y la mayorà ­a del patrimonio en Estados Unidos, requisito que no se da en la mayorà ­a de los casos de turistas extranjeros temporalmente en el paà ­s. 2.- ¿Se necesita tener todo el dinero en efectivo o asegurar financiacià ³n en el paà ­s de origen? No, ni lo uno ni lo otro. Los bancos de Estados Unidos pueden financiar siempre y cuando se adelante un porcentaje importante en concepto de pago inicial, conocido en inglà ©s como  down payment. El porcentaje puede variar de banco a banco y, tambià ©n, de estado a estado. Por ejemplo, en la ciudad de Nueva York puede ser necesario abonar el 30 por ciento, en Miami el 50 y en zonas de Texas entre el 25 y el 30 por ciento pero estas cantidades pueden variar segà ºn las circunstancias de cada caso. Adems, los bancos que financian suelen exigir garantà ­as adicionales como un depà ³sito suficiente para cubrir todos los pagos de la hipoteca de un aà ±o, ms seguros y gastos del inmueble. Tambià ©n se debe tener en cuenta que dentro de Estados Unidos hay una gran diferencia entre estados en lo que se paga como impuesto a las ventas de bienes y servicios  e incluso condados y municipalidades. Este es un dato importante ya que puede suponer un importante gasto con el que no se contaba. 3.- ¿Cul es la mejor forma de encontrar una vivienda para comprar? Contratando a un agente inmobiliario, conocido en inglà ©s como broker. La gran ventaja para el comprador es que no va a pagarle por sus servicios ya que la comisià ³n corre de cuenta del vendedor. Si à ©ste cuenta con su propio broker, en el momento de la venta los dos agentes se dividirn entre ellos las ganancias por sus servicios de intermediario. Adems, si necesitas financiacià ³n el broker puede ponerte en contacto con el banco con el que habitualmente trabajan. 4.- ¿Cunto tiempo puede demorarse la tramitacià ³n de la compra? Una vez que has encontrado el inmueble que deseas comprar, la tramitacià ³n del cierre de la operacià ³n puede hacerse en tan poco como 30 dà ­as. No es necesario estar presente en Estados Unidos durante toda la tramitacià ³n, ya que puedes otorgar un poder notarial, conocido en inglà ©s como  power of attorney,  a un representante. 5.- ¿Puede  girarse todo el dinero que quiera a EEE.UU. para comprar bienes raà ­ces? Desde el punto de vista de USA, sà ­. Si bien las autoridades estudian la procedencia y legalidad del dinero. Adems, debe cumplirse con todas las obligaciones impuestas por el paà ­s de origen del comprador  para transferencias internacionales de dinero y pago de impuestos. 6.- ¿Hay que pagar impuestos por la propiedad que se compra en Estados Unidos? Si se  vende y se gana con la operacià ³n, hay que pagar el impuesto correspondiente. En cuanto al porcentaje va a depender del tipo de acuerdo fiscal entre el paà ­s del comprador y Estados Unidos, si es que hay  alguno firmado. Tambià ©n es posible no pagar si con la venta se financia la compra de una nueva propiedad. Por el contrario, si la vivienda se dedica a alquiler, es necesario   declarar impuestos anualmente en la forma de income tax en EE.UU. Para ello, si no se tiene un Nà ºmero del Seguro Social emitido por las autoridades de Estados Unidos, debe sacarse un nà ºmero fiscal que se conoce como  un ITIN. Es conveniente informarse con un fiscalista porque si se est pagando hipoteca es posible que no exista la obligacià ³n de pagar  durante al menos los diez primeros aà ±os siguientes a la compra. En todo caso, aunque no existiera la obligacià ³n de pagar, sà ­ que hay la de hacer la declaracià ³n de impuestos y presentarla anualmente el 15 de abril o antes. 7.- ¿Por quà © es recomendable crear una sociedad que figure como propietaria del inmueble? Para evitar pagar impuesto de sucesià ³n cuando fallece el propietario de la vivienda, que puede ser muy alto. Pero si el propietario es una LLC, es decir, una  sociedad limitada,  de la que se es accionista junto con una Corporacià ³n Extranjera, en inglà ©s conocida como  Foreign Corporation, entonces despuà ©s del fallecimiento del propietario los herederos no tienen que pagar nada por recibir ese inmueble. Es muy conveniente tratar este asunto con un abogado especialista en este tipo de asuntos. 8.- ¿Puede obtenerse la  tarjeta de residencia por comprar una propiedad en EE.UU.? No, la compra de un inmueble, aunque sea muy caro, no est contemplado en la actualidad como uno de los caminos para obtener la residencia permanente, tambià ©n conocida como green card o tarjeta verde.   Sin embargo, sà ­ que es posible sacar la green card con una inversià ³n a travà ©s del programa EB-5, pero implica muchas ms cosas y no una simple compra de uno o varios inmuebles, por muy caros que estos sean. Tampoco sirve una mera inversià ³n inmobiliaria  como base para poder solicitar con à ©xito la visa E-2 de inversià ³n. Sin embargo, si se convierte en negocio a dicha inversià ³n, entonces podrà ­a servir. En todo caso, los turistas que son propietarios de una vivienda en Estados Unidos  no pueden trabajar ni permanecer continuamente en Estados Unidos y deben respetar su condicià ³n migratoria para evitar una cancelacià ³n de la visa. Por ejemplo, no se puede ser una carga pà ºblica. Eso quiere decir, entre otras cosas, que hay que pagar las facturas mà ©dicas y  no enviar a los hijos con una visa de turista a estudiar a una escuela de primaria o secundaria pà ºblica. Si desean estudiar, deben obtener una visa F-1 de estudiante. Estar en Estados Unidos con la visa incorrecta puede dar lugar a la revocacià ³n de la que se tiene e, incluso, a la cancelacià ³n de la visa de los padres que consienten una violacià ³n migratoria. 9.-Origen de los extranjeros que compran propiedades en Estados Unidos En un sà ³lo aà ±o, los turistas extranjeros invirtieron $82,5 billones (mil millones) en propiedades en Estados Unidos, comprando, principalmente,  Ã‚  en los estados de Florida, California, Nueva York, Texas y Arizona. Los extranjeros que efectuaron  ms compras fueron los canadienses, que prefieren comprar en Arizona y Texas, seguidos de los chinos, si bien los rusos son los que hacen las compras ms caras. Argentinos, colombianos, venezolanos y brasileà ±os destacan tambià ©n entre los grandes compradores, siendo Florida el estado donde ms invierten. Consejos para disfrutar Estados Unidos como turista Estados Unidos es el segundo paà ­s del mundo que recibe ms turistas, sà ³lo sobrepasado por Francia. Sin embargo, es el paà ­s donde los turistas gastan ms dinero en compras. Para los turistas que disfrutan comprando ropa y accesorios de marca,  las sample sales para comprar a precios rebajados  en Nueva York son un destino a tener en cuenta. Por el contrario, para los que quieren disfrutar de las grandes atracciones de Estados Unidos, estas son las 10 ms visitadas. De interà ©s migratorio para todos los turistas Estas  20 causas que pueden dar lugar a que la visa no se apruebe o no se renueve  e, incluso, a que al llegar al control migratorio sirven de base para que el oficial de Inmigracià ³n niegue el ingreso del turista extranjero a los Estados Unidos. Desde el punto de vista migratorio, el principal consejo es evitar problemas. Para ello se recomienda tomar este  test de respuestas mà ºltiples. Frecuentemente, los  grandes problemas migratorios y en el paso de aduanas tienen su origen en ignorancias pequeà ±as. Este es un artà ­culo informativo. No es asesorà ­a legal.

Early Animation Essay Example | Topics and Well Written Essays - 2250 words

Early Animation - Essay Example Perhaps it is the silliness, the magic, or that it brings out the Kid in all of us. Regardless of the reason animation has become part of the American popular culture, as well as, all over the world. Although there have been a number of â€Å"animation† concepts developed in the earliest years of the industrial revolution, like Emil Reynaud in France at the turn of the 19th century and Thomas Edison. (McLaughlin 1). Peter Foldes, a Hungarian animator and artist demonstrated free hand drawings that represented early animation in Britain. John Whitney, an American inventor and animator invented the idea of placing the images on 3 layers and rotating tables and photographing them as they spin. However, it is true that animation can lay gratitude for its development, at least in part, to an experiment among well-to-do gentleman. In 1872 the Governor of California, Leland Stanford, wanted to prove that when a horse is in a trot or gallop at some point, all four feet were off the ground. In order to prove that scientifically he hired a photographer named Muybridge to photograph the horse’s movement frame by frame. As can be seen below in this famous set of pictures, that Stanford was quite right, there is a point in the horse’s stride where all four feet are off the ground. Much like a flip book we can take the images and speed them up little by little and the motion of the horse is essentially animated before you dependent on how fast the images are flipped (McLaughlin 1). Just about anybody can name dozens, if not hundreds, of cartoons, both television and big screen, however, most people do not know the differences between animation techniques and the styles of the different, famous animator and animation companies. The topic of animation, its history, concepts, formats, and styles from every era is a very broad one. In order, to understand those styles and techniques better it is best to address the

Project Finance Assignment Example | Topics and Well Written Essays - 7500 words

Project Finance - Assignment Example Unlike project finance which is considered a non-recourse option, the conventional source of funding for long term investments greatly depended on cash flows. Primarily, the classic lending principally depended on the credit rating of the borrower, since the company assets were used as security for the lending. However, due to the size of the project finance operation, the balance sheets of the participating company may be overshadowed, considering the possible lack of credit history by the special purpose vehicle that acts as the borrowing entity. Additionally, project financing has increasingly been used to fund investments as a non-recourse alternative because for an individual project, the debtor’s liabilities will not be remedied using the project sponsor’s assets. Instead of relying on the creditworthiness of the project sponsor, credit assessment is based on the expected cash flows of the project. The project sponsor is therefore relieved from any interest paymen ts or liability associated with servicing of the project. Similarly, a limited recourse in project financing implies that certain responsibilities and obligations of the project sponsor are incapacitated. ... Although the US corporations recorded a lower use of project finance compared to the foreign counterparts, the $34 billion investment in 2004 surpassed the $25 billion that was invested in new businesses by venture capitalists, and was half the $73 billion raised by stock listed companies via IPOs. From the study, project financed corporation investments were only 19% of the US corporations while 53% of international firms were project financed. Therefore, project finance has a 50% chance, and growing, over traditional corporate finance. The major short-comings of project finance First, the numerous participants involved in project financing have each a specific interest in mind. The complexity of the transactions results in conflicts of interest during risk diversification; lengthy negotiations and escalating costs for compensating parties that have accepted risks. Secondly, higher prices result because of the limited channels of enhancing credit risk to acceptable levels by banks. Consequently, increases in costs for due diligence services by consultants, engineers and lawyers are impacted by the increases in cost of credit. Thirdly, the complexity of the transaction structure and the lengthy documentation causes an increase in the interest on project financings channeled to a project sponsor compared to direct loans of equal magnitude. These costs accrue from the time spent during the evaluation of the project and documentation by the technical experts, lenders and lawyers employed by the project sponsor; cost of insurance cover against country risk; costs of employing technical professionals to oversee the project and adherence to the financing agreement; and costs of compensating lenders and third parties for accepting risk. The fourth disadvantage of project

DNR Surgical Patients Essay Example | Topics and Well Written Essays - 500 words

DNR Surgical Patients - Essay Example It also discusses the legal and moral implications of anesthesia practice and how these implications eventually affect the decision-making process of both the patient and the attending medical health care team. I can apply the information in this article to my clinical practice because I can use the results revealed by this study in considering options for DNR patients. In my anesthesia practice, I can be more prudent of patient’s needs and of their choices. I would be more interested in explaining to them the different ways in which a DNR order may be carried out. I can apply this information into my practice by becoming more conscious of the options that I explain to patients. Each choice may be different for every patient, and as such, I should treat them as individuals. Even when patients share similar ailments, they may not always make the same choices. Therefore, it is important, as a medical health professional, for me to treat each patient based on his individual circumstances and on the individual choices he is making. I can also apply the information from this article to my clinical practice in the sense that I now have the opportunity to become more patient-centered and m ore evidence-based. In the current medical practice where there are so many available treatments for patients, this article will help emphasize rational and client-centered approaches to treatment. I have learned from this article that it is important for me to note that policies which automatically suspend DNR orders may not always adequately address a patient’s right to self-determination. In these instances, therefore, it is important for me to encourage preoperative review with my patients and with the other members of the health care team. By reviewing the options with the patients, it may be possible for these patients to opt for medical interventions which will make their lives comfortable. I have also learned that my viewpoint as a medical health

Lighting for households Essay Example | Topics and Well Written Essays - 500 words

Lighting for households - Essay Example Some like the roof windows act as a means of ventilation, these are relatively cheap to buy and easy to install. Electrical fittings can also be used to provide additional light at night. Instead of using bulbs with a high watt, more bulbs should be used to give an even spread of light. It would be better if the bulbs were changed from a single pendant to fitting one with multiple arms. Table and wall lights should also be installed to provide light and illuminate dark areas. Table, wall and floor should also be installed to improve the quality of light at night. The houses should have white ceilings and light or white walls as this will make the room appear brighter due to reflection of light around the room (Trade Lighting Company, 2014). Illuminating the ceiling and the top half of the room will make the room appear brighter. The fireplace can be used at night to provide additional light as well as heat. Quality of light that gets into households can be improved by doing the simplest and most inexpensive of things, therefore, it is recommended that; curtains should be secured and tied back from the windows to prevent obstruction of the sunlight (Almeida, Bertoldi, and Ricci, 87). Secondly, curtains that blocks light should be avoided since that translates to less light in the room and thus poor lighting. Net curtains should also be avoided since they block the light instead, shades should be fitted The shades and fittings used on the windows greatly influence the amount of light that goes into the house, therefore, they ought to use shades and fitting that will allow and direct light into the house. Ultimate concern should be considered to ensure that the shades do not shield light, but they prevent glare (Almeida, Bertoldi, and Ricci, 90). In addition to this, the windowsills should be white rather than using dark colors since white reflects the light unlike other darker

Fundamentals of Corporate Finance Term Paper Example | Topics and Well Written Essays - 500 words

Fundamentals of Corporate Finance - Term Paper Example According to the research findings, it can, therefore, be said that the overall return on equity of the company has experienced a mild increase such that it climbed up to 16.20% in 2008 from 13.69% in 2006. A major factor which boosted such increase in ROE is the rising financial leverage despite the fact that the net profit margin and asset turnover of the company have declined. Thus, it can be concluded that the increase in both net income and equity in all the three years have effectively contributed to the higher return equity ratio of the company. The operating performance of the company is demonstrated by net profit margin. The net profit margin of the company has decreased from 2.36% to 1.91% in the period ranging from 2008-08. Although, the net income of the company has increased considerably, however, net sales of the company, has increased more than that of net income yielding in lower net profit margin. Due to the heavy increase in the total assets of the company, the tota l asset turnover of the company remained quite low as the total assets could not generate the similar level of sales. In three years’ time, asset turnover of the company has reduced from 2.62 times to 1.55 times. Financial leverage of the company has increased significantly because of the increase in total assets and stable equity position of the company. It experienced an increase from 2.21 times to 5.44 times in these three years which is more than double, contributing significantly to the overall return on equity of the company.

Motivation and Management - Report Essay Example | Topics and Well Written Essays - 750 words

Motivation and Management - Report - Essay Example The underlying question that motivation asks is why do people do what they do? In addition, motivation is concerned with the reason people opt to take a particular course of action, over because whilst suffering difficulties and problems throughout Bruno (2002). Motivation has four common characteristics. One of them is that every person is unique and their motivations needs are different. Second characteristic is that motivation is intentional it is under the control of employee and it becomes an influential factor in their performance. The other characteristic is that motivation has two major dimensions named as active and engaged. The last characteristic is that motivation predicts the employee’s behavior. A motivated employee will work hard as they will feel fulfilled to do so. The employee will also be compelled to produce quality work with high performance rate. When an employee is de-motivated, low output and poor quality work is observed. The main aim for CBC is to provide high quality work as well as profit maximization. It then calls for self managing personnel who will work hard to achieve the set goals. For that to be realized, motivation issue must be addressed. There are three possible ways of increasing motivation. Extrinsic motivation, that is, motivation that can be enhanced through tangible rewards such as salary, promotion and conditions of work, intrinsic motivation that is related to psychological rewards including a sense of challenge or performance. In addition, motivation is increased by developing passion from work Bruno (2002). This simply provides means of collaboration, fairness, recognition, growth, and connectedness with leaders. Maslows hierarchy of needs argues there are five categories individuals undergo. Therefore, must the management to build in higher aspects of the hierarchy such as performance, advancement; recognition and responsibility to enable employees achieve the

Lighting for households Essay Example | Topics and Well Written Essays - 500 words

Lighting for households - Essay Example Some like the roof windows act as a means of ventilation, these are relatively cheap to buy and easy to install. Electrical fittings can also be used to provide additional light at night. Instead of using bulbs with a high watt, more bulbs should be used to give an even spread of light. It would be better if the bulbs were changed from a single pendant to fitting one with multiple arms. Table and wall lights should also be installed to provide light and illuminate dark areas. Table, wall and floor should also be installed to improve the quality of light at night. The houses should have white ceilings and light or white walls as this will make the room appear brighter due to reflection of light around the room (Trade Lighting Company, 2014). Illuminating the ceiling and the top half of the room will make the room appear brighter. The fireplace can be used at night to provide additional light as well as heat. Quality of light that gets into households can be improved by doing the simplest and most inexpensive of things, therefore, it is recommended that; curtains should be secured and tied back from the windows to prevent obstruction of the sunlight (Almeida, Bertoldi, and Ricci, 87). Secondly, curtains that blocks light should be avoided since that translates to less light in the room and thus poor lighting. Net curtains should also be avoided since they block the light instead, shades should be fitted The shades and fittings used on the windows greatly influence the amount of light that goes into the house, therefore, they ought to use shades and fitting that will allow and direct light into the house. Ultimate concern should be considered to ensure that the shades do not shield light, but they prevent glare (Almeida, Bertoldi, and Ricci, 90). In addition to this, the windowsills should be white rather than using dark colors since white reflects the light unlike other darker

Motivation and Management - Report Essay Example | Topics and Well Written Essays - 750 words

Motivation and Management - Report - Essay Example The underlying question that motivation asks is why do people do what they do? In addition, motivation is concerned with the reason people opt to take a particular course of action, over because whilst suffering difficulties and problems throughout Bruno (2002). Motivation has four common characteristics. One of them is that every person is unique and their motivations needs are different. Second characteristic is that motivation is intentional it is under the control of employee and it becomes an influential factor in their performance. The other characteristic is that motivation has two major dimensions named as active and engaged. The last characteristic is that motivation predicts the employee’s behavior. A motivated employee will work hard as they will feel fulfilled to do so. The employee will also be compelled to produce quality work with high performance rate. When an employee is de-motivated, low output and poor quality work is observed. The main aim for CBC is to provide high quality work as well as profit maximization. It then calls for self managing personnel who will work hard to achieve the set goals. For that to be realized, motivation issue must be addressed. There are three possible ways of increasing motivation. Extrinsic motivation, that is, motivation that can be enhanced through tangible rewards such as salary, promotion and conditions of work, intrinsic motivation that is related to psychological rewards including a sense of challenge or performance. In addition, motivation is increased by developing passion from work Bruno (2002). This simply provides means of collaboration, fairness, recognition, growth, and connectedness with leaders. Maslows hierarchy of needs argues there are five categories individuals undergo. Therefore, must the management to build in higher aspects of the hierarchy such as performance, advancement; recognition and responsibility to enable employees achieve the

The Economic Impact of the Horse Industry Essay Example for Free

The Economic Impact of the Horse Industry Essay People often view the equine industry as nothing more than simply an expensive hobby. However, in actuality it is far more than just that. The horse industry has an enormous impact on the United States economy and covers a vast horizon of different areas. From top-notch Thoroughbred racing to the simplicity of a backyard companion horse, the industry provides about 460,000 full-time equivalent jobs and has a direct economic effect on the United States of about 39 billion dollars annually. After taking into account the money multiplier effect of spending by suppliers and employees in the industry, this number grows even larger to create about 1. 4 million full-time equivalent jobs nationally with a 102 billion dollar annual impact on the United States economy (â€Å"National Economic Impact†). Studies show that the equine industry has a direct effect on gross domestic product (GDP) in the United States. Between the different areas of the horse business, including but not limited to racing, showing, and leisurely riding, about 38.8 billion dollars of goods and services are produced, leaving an impact of 101.5 billion dollars on US GDP. Taxes paid by the equine industry also affect the economy in the United States, with approximately 1.9 billion dollars total in taxes coming from this industry. Federal taxes amount to 588 million dollars, state taxes are 1,017 million dollars, and last but not least, local taxes are equal to 275 million dollars (â€Å"National Economic Impact†). Many studies have been done in different states to determine the economic impact of the horse industry, including a study from the Rutgers Equine Science Center (â€Å"New Jersey Equine†), a study from Alabama AM and Auburn Universities (McCall, Molnar, Pendergrass, and Broadway), and a study conducted by the University of Virginia Weldon Cooper Center for Public Service (â€Å"Virginia Horse Industry†). The state of Arizona even went as far as to hold an event regarding the equine economic impact. The event, titled â€Å"the Economic Impact of the Equine Industry in Arizona†, was held in February of 2012 and government officials from all over the country attended. The Arizona horse industry amounts to a 1.8 billion dollar industry and provides the opportunity to bring in many new equine-related companies into the state. There were many different topics covered at the event, including the WestWorld Equidome expansion project and ways to carry more rodeo locations into the state. There was also discussion of an equine property tax bill that was recently passed by the state. The bill relieves equine businesses from extreme property taxes by categorizing them under agricultural businesses. The great impact of the Quarter Horse, Arabian, and Thoroughbred associations was also discussed at the event, determining that their effects on the US economy are approximately 4.5 million dollars, 52 million dollars, and 134 million dollars respectively (â€Å"Arizona State Officials†). Other states have also taken measures and actions to determine the effect of the equine industry on each state. Rutgers University conducted a study in 2007 determining the economic effect of horses in the state of New Jersey. They determined that the industry had a total economic impact of 1.1 billion dollars each year, taking into account racing-related operations not including racetracks, non-racing operations, equine owners without operations, and New Jersey racetracks. The industry creates 13,000 jobs in the US, between jobs generated by racetracks and jobs not generated by racetracks. About 160 million dollars is paid annual in taxes by the New Jersey equine industry (â€Å"New Jersey Equine† 1). It is definitely evident that New Jersey racing operations have the most economic impact on the state, accounting for a total economic impact of 278.2 million dollars out of the 647 million dollar total economic impact from all equine operations and owners. Non-racing operations come in a close second with an impact of 262.4 million dollars and horse owners falls in last with an impact of 117.8 million dollars. Annually, New Jersey race tracks impact the economy of the state by 502.3 million dollars (â€Å"New Jersey Equine† 2). The expenses of horses are numerous, including but not limited to equipment purchase and depreciation, capital improvements, health, training fees, boarding fees, feed, taxes, farrier, etc. These expenses total around 376.8 million dollars a year in the state of New Jersey (â€Å"New Jersey Equine† 3). Rutgers University was not the only university to complete a study on the impact of the equine industry in a specific state. Alabama AM and Auburn Universities also partook in their own study in 1993 with the intention of pointing out the importance of the equine industry in Alabama. There are quite a few different horse-based activities in Alabama, categorized by locality (horse clubs and groups not based on breed), sport (groups generally open to any breed formed by riders with a common interest in a specific horse sport), and breed (groups open to one specific breed for many different horse sports) (McCall, Molnar, Pendergrass, and Broadway 1). To determine the economic impact of the horse industry in Alabama, the study uses the direct impact, which is the actual dollars spent, and the aggregate impact, which is the direct impact multiplied by an income multiplier (which for this study, was 2.9). In laymen’s terms, for every one dollar of direct impact, there would be 2.90 dollars of aggregate impact. An employment multiplier was also used, concluding that for every job created in the equine industry, 1.74 jobs are created through the economy. Expenses for horses are one way that the industry affects the economy. Expenses for showing horses totaled 11,005 dollars per horse, for racing horses totaled 15,390 dollars per horse, and for recreational horses totaled 3,140 dollars per horse. The expenses calculated are the chief ways that equines impact the economy (McCall, Molnar, Pendergrass, and Broadway 2). The horse industry also generates a great deal of tourism in Alabama. Owners of show horses spend approximately 1,500 dollars for every horse when travelling to shows. The direct impact of equine tourism equals 9.7 million dollars. Spectators at equine events, such as rodeos, shows, and horse races also generate money and impact the economy by about 4.2 million dollars. The race tracks in Alabama generate about 42.6 million dollars, with about one quarter of the money won from races going to horse owners and trainers in the state (McCall, Molnar, Pendergrass, and Broadway 3). According to the study, four percent of the â€Å"pari-mutuel handle† is paid in taxes (McCall, Molnar, Penderg rass, and Broadway 4). In addition to the tourism brought into Alabama, the horse industry also impacts Alabama employment, creating a great number of jobs. Racing stables, showing stables, breeding stables, and recreational horse owners all contribute available employment positions to the state. Around 2,000 to 2,800 full-time job equivalent positions are created on account of the horse industry and the aggregate employment is equal to around 3,480 to 4,872 jobs in the state. In total, the aggregate impact of the horse industry on Alabama’s economy is estimated to be 1.6 billion dollars. It is evident, as stated in this study, that the horse industry is extremely important to the economy and that it should not be disregarded when determining key parts of the economy (McCall, Molnar, Pendergrass, and Broadway 4). The University of Virginia Weldon Cooper Center for Public Service is yet another university that conducted a study on the economic impact of the horse industry. It was determined that the yearly economic impact of the horse industry in the state of Virginia was equal to 1.2 billion dollars. Economist Dr. Terance Rephann gave his opinion on the economic importance of the horse industry, stating that the industry creates â€Å"a very positive effect on jobs, recreation, tourism, retail sales and state and local taxation†. Just as in New Jersey and Alabama, the Virginia horse industry creates a great deal of employment within the state and brings in about 65.3 million dollars in state and local taxes. In 2010, over 16,000 jobs were created in Virginia due to the equine industry. Horse shows are a large part of the industry, bringing in about 25 million dollars in revenue in 2010 (â€Å"Virginia Horse Industry†). The substantial amount of revenue, tax money, employment opportunities, and the total aggregate impact of equines in the three different states mentioned above clearly show that the horse industry is quite an important par t of our country’s economy. The industry greatly affects the United States economy in so many different ways. From the 13,000 jobs created by the industry in New Jersey (â€Å"New Jersey Equine† 1), to the 9.7 million dollars generated from tourism created by the industry in Alabama (McCall, Molnar, Pendergrass, and Broadway), to the 1.2 billion dollar economic impact that the industry has on Virginia’s economy annually, it is obvious to see that though many people view equestrian sports as nothing but a hobby, it is far more than just that. In the wise words of Matthew J. Lohr, The Virginia Department of Agriculture and Consumer Services’ commissioner: â€Å"Horses add so much to our lives on a personal level, but when I look at the big picture, I see just how much they contribute to our state’s economic well-being, as well† (â€Å"Virginia Horse Industry†). Breeding is a large part of the equine industry and the rules and regulations of the breeding process vary with the price elasticity of demand for foals. Artificial insemination, which is the act of artificially placing semen into a mare to impregnate her, is a popular breeding technology that has suffered through great debate of whether or not it should be accepted in certain breeds or horses. Regulation for the use of artificial insemination technologies is an example of a breeding process that varies with the price elasticity demand for foals. In breeds with a price inelastic demand for foals, it is probable that the practice of artificial insemination will be regulated. Oftentimes, with certain circumstances, cartel agreements may arise between industry members for an intervention of government regulation in the breeding industry. The act of this government regulation raises prices and incomes in the industry (Ray 1). Breed registries are an example of cartels that limit the supply of horses. Horse owners of horses of a specific breed may choose to register their animals with that breed’s registry. These breed registries gi ve owners an economic advantage over other owners whose horses are not registered with any breed. Part of the money made from memberships is spent on promoting a specific breed and advertising the breed registry (Ray 3). Oftentimes stallion owners partake in price and non-price competition. Breeding farms are extremely big on advertising and price for studs range from hundreds to millions of dollars. Because of this, the equine breeding industry can be categorized under the monopolistically competitive industries (Ray 3). In the past, most breed associations have shunned the idea of artificial insemination. Breed registries can tend to be extremely strict on their regulation of breeding techniques, and many times registries will have rules against artificial insemination. Horses that have been artificially inseminated are often banned from competition in certain breed events, which prevents them from ever having any improvement economically. Though many breed registries do not allow the use of artificial insemination, there are a few that are far more tolerant to it (Ray 2). Generally, the breed registries that forbid the use of artificial insemination feel that the practice of it could be a thread to the quality and pureness of the breed. However, there are many economic costs and benefits that contribute to each breed registry’s decision on the regulation of artificial insemination (Ray 4). There are quite a few economic advantages to the use of artificial insemination technology for breeding. While live cover breeding methods can only impregnate one mare for every one ejaculation from a stallion, the use of artificial insemination makes it possible to impregnate fifteen to eighteen mares for every one ejaculation. This means that one stallion can be used to impregnate more mares through the use of this technology, which reduces the risk of overworking a stallion throughout the breeding season. Using artificial insemination also allows a breeder to more efficiently use semen to inseminate a mare during her ovulation period. This reduces the amount of veterinary and breeder labor required to impregnate a mare. In addition to this, naturally breeding can be a very dangerous process for the horses. Artificial insemination provides a much safer way of breeding. Finally, it is far simpler, less expensive, and much less dangerous to ship out frozen semen rather than to transport the mares to the stallions (Ray 4). In short, this all means that the use of artificial insemination technologies reduces the costs of production and transportation of breeding. From an economic standpoint, the cost of breeding decreases due to the use of artificial insemination, and so the supply of foals increases. This causes market prices to decrease and the number of horses produced and sold to increase. As a result of this, total revenue will increase, decrease, or remain the same, depending on the price elasticity of demand for new foals. If the demand for a specific breed is inelastic, artificial insemination will cause breeders’ total revenue to decrease. However, if the demand for a specific breed is elastic, artificial insemination will cause breeders’ total revenue to increase. Elasticity of a breed can be determined by the task the breed is used for. The more specific the task, the less substitutability there is for the breed, causing the breed to have a more price inelastic demand. An example of this is the Thoroughbred registry. Artificial insemination is banned by this registry because the demand for Thoroughbreds is very price inelastic, since this breed is the only one to run in races such as the Kentucky Derby (Ray 5). The decision of a breed registry to regulate or not regulate the use of artificial insemination is dependent on the costs and benefits of the use of the technology. When the costs of artificial insemination exceed the benefits, the registry will regulate the use of the technology. Regulation can be determined by the theory of cartels. This theory helps to determine supply and demand curves and indicates that the regulation of artificial insemination is dependent upon multiple different aspects of a monopolistically competitive market, including but not limited to price elasticity of demand and the number of people that will possibly benefit from regulation. Generally speaking, the size of the breed registry determines the amount of the benefits of regulation of artificial insemination. If the breed industry is large, there will be less benefits of regulating artificial insemination, which causes regulation to decrease. In summation, the regulation of artificial insemination breeding technologies is primarily determined by the price elasticity of demand for foals of the specific breed and by the costs and benefits of regulating the technology. (Ray 6). Horse race gambling greatly contributes to the United States economy. In 1997, purse awards in California totaled 136 million dollars and the total pari-mutuel handle was equal to around three billion dollars. California race tracks receive large sums of money each year as breeding incentives. This money comes from the pari-mutuel handle (Smith 1756). It is believed that both the quantity and quality of race horses affects the demand for gambling on race horses (Smith 1755). Breeding incentives given to race tracks have a huge effect on the product that comes out of the race track. Attendance at the race track and the pari-mutuel handle are the two factors that determine demand. The quality and quantity of the horses racing affect both of these factors, and so affect the demand for horse race gambling (Smith 1758). Not only does horse racing affect gambling, gambling also affects horse racing. Many race tracks are going out of business as a result of local casinos (Zengerle 20). The argument at hand now is whether or not to introduce slot machines to race tracks, creating â€Å"racinos†. It is argued that adding slot machines to the track will bring in more business because it will give customers at the track a variety. The Kentucky horse racing industry has been fighting hard for the introduction of slot machines in race tracks. The industry has lobbied legislators and spent one million dollars in support of slot machines. The lobbying and money spent has paid off. The public is now in support of slot machines being added to race tracks and, on the legislative side, a slots bill was passed for the first time (Zengerle 21). One of the main reasons that Kentucky is fighting so hard for slot machines in their race tracks is because of their 500 million dollar budget deficit. Slot machines would create 300 million dollars in tax revenue each year, which would greatly help the budget deficit being faced by the state. Introducing slot machines to the tracks would bring about many fiscal benefits; however, they may not be great for the horse industry. According to Arthur Hancock, slots will make lots of money for people in the short term, â€Å"but in the long term†¦they’ll be bad for the horse business† (Zengerle 21). However, the introduction of alternate gambling games has been proven to save race tracks. In example, Mountaineer race track was on the brink of going out of business, but the introduction of video gaming at racetracks has caused the company to rank seventh on Forbes list of the best small businesses in America (Zengerle 23). Though introducing slot machines to Kentucky’s race tracks could be bad for the horse industry in the long run, it could greatly help to rid the state of its large budget deficit. Though for many people, horse racing is simply nothing but a fun sport to watch, for Kenny A. Troutt, co-owner of WinStar Farm and Thoroughbred breeder, it is an economic investment that has helped to escalate him to a billionaire (Lee 1). Many people involved in the race horse industry do not believe that you can make much money off it and are just in it for fun and for the thrill of a day at the races. However, Troutt is a completely different case. His primary goal with WinStar Farm is to make money. He has created business plans and budget projects and holds mont hly meetings to discuss the costs of breeding and to determine any ways to lower costs and become more efficient. By using a database, Troutt determines the price returns of each and every horse by taking into account all money and time spent on the horse (Lee 2). Troutt has spent over 70 million dollars on his farm. He has set aside a select number of mares whose foals are automatically sold. One of these foals was Funny Cide, out of a stallion named Distorted Humor, who is owned by WinStar Farm. Funny Cide was a contender for the Triple Crown, and though he did not win, simply the fact that he came close was enough to double Distorted Humor’s stud fee, which was already 20,000 dollars. Though most Thoroughbred farms generate about a five to ten percent return each year after ten years, Troutt believes that he will make profits in only five years. In the past, horse racing was never about making a profit. However, in the words of Kenny A. Troutt: â€Å"I am convinced you can make a lot of money doing this†. Taking into account some simple ideas of economics and business, he may pr ove this to be true as he claims that his farm has become â€Å"cash flow positive† after only being open for two years (Lee 3). Not only does the horse industry have a great impact on the United States economy, but the economy also has a great impact on the horse industry. There has recently been a large increase in the number of unwanted horses in the United States, and one of the reasons for this problem is the current economic recession. Horses are extremely expensive to keep, averaging around 1500 to 2000 dollars a year per horse and with the economy in the poor state that it is currently in, many horse owners can no longer afford to care for their horses (Lewis). Prices of hay and fuel are extremely high and with the current recession, many horses are being succumbed to starvation and neglect. Many abandoned horses are eventually euthanized because horse rescues cannot afford to continue to feed them and medically care for them. Sick horses at the rescue are the first to be euthanized, because it comes down to a choice between feeding a healthy horse and feeding a sick horse (â€Å"More Horses Starve†). Horses are extremely expensive to keep, between the costs of feed, veterinary care, farrier and dental services. In this bad economy, it is hard to keep up with the costs of horse ownerships, and this causes the sale of horses to also be difficult (â€Å"Economy, Weather, and Law†). The Texas horse industry is such a large business that it is close to equal to the Texas cotton industry. Unfortunately, the Texas horse industry is in a severe catastrophe due to the state of the economy. Owners are finding it difficult to feed and water their horses, for â€Å"forage and even water are in short supply†, according to Dr. Dennis Sigler. Large round bales of hay are selling for over 145 dollars and in this struggling economy, horse owners are having a very hard time coming up with the money to supply food to their horses. State assistance could potentially help this problem, however state budgets have been frozen and there is a large burden for states to cut back on spending. The current economic recession has a huge effect on the horse industry and is accountable for the growing number of starving and unwanted horses in the United States (Hawkes). The equine industry in the United States clearly has a great impact on the economy, and likewise the economy on the equine industry. Breeding businesses, breeding technologies, race tracks, gambling, and unwanted horse issues all affect the economy and are affected by the economy. The industry provides so much revenue and a large number of jobs in the United States. The national horse industry has a 7 billion dollar impact on the California economy, a 5.1 billion dollar impact on the Florida economy, a 3.5 billion dollar impact on the Kentucky economy, and a 5.2 billion dollar impact on the Texas economy. The California horse industry creates 54,200 full time equivalent jobs. The Florida horse industry creates 38,300 full time equivalent jobs. The Kentucky horse industry creates 51,900 full time equivalent jobs. The Texas horse industry creates 32,200 full time equivalent jobs (â€Å"State Breakout Studies†). All in all, the horse industry has a 39 billion dollar yearly economic effect on the United States and creates 460,000 full time equivalent jobs (â€Å"National Economic Impact†). This industry is far more than just a hobby and is extremely important to the United States economy. Works Cited Arizona State Officials Join Arizona Horse Council (AzHC) at Equine Economic Impact Event PR.com. PR.com: Directory of Businesses Jobs Press Releases Products Services Articles Find Companies. N.p., n.d. Web. 22 Mar. 2012. http://www.pr.com/press-release/390430. â€Å"Economy, Weather the Law Contribute to Starving Horse Cases.† KSEE 24 News. Web. 22 Mar. 2012. http://www.ksee24.com/news/local/HorsesJWI-139755153.html. Hawkes, Logan. Texas Horse Industry Crisis Looms. Southwest Farm Press 38.23 (2011): 18. Academic Search Premier. Web. 26 Mar. 2012. Lee, Josephine. â€Å"Arriviste†. 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