Philosophy of managing people in higher educational settings Essay

Capability to manage a team effectively is one of the main qualities which any professional seeking success needs to possess. However, the position of a leader requires many outstanding skills, and it may be very challenging at times. According to Sun Tzu, Chinese General who lived in the 5th century B. C. , â€Å"when one has all 5 virtues together: intelligence, trustworthiness, humanness, courage, sternness, each appropriate to its function, then one can be a leader† (Deal, Kennedy, 1988). Leadership means the ability to influence other people and guide them to the success. During many centuries it has been believed that the key to success in a team lies in the skills of the manager. No company can remain on top unless it has an outstanding manager who guides it into the right direction. Management of people in higher educational settings is a very challenging task due to the complexity of the field of education. Some of the general principles of management can be applied efficiently, but at the same time additional attention needs to be devoted to characteristic features which are common only for educational sphere. The task of the leader in higher educational settings is to manage the staff in such a way that all the skills which the members of the staff possess turn out applied at their maximum. This task is very complicated because â€Å"building the winning team requires more than just hiring a bunch of talented people. It means hiring people who will work well together. It means developing a shared vision and commitment. It means physically bringing people together in formal group meetings for open discussion of broad-based issues. It means encouraging positive, informal interactions between group members. It means instilling a â€Å"winning† attitude throughout the organization. It means watching for and quickly trying to reverse team-building problems such as jealousy, cynicism, and defensive behavior. † (Building a winning team. Retrieved on November 14, from source: www. businesstown. com). The most important issue in managing the team in higher educational settings is choosing the right form of motivation for them. Since all people in the staff are different, all of them need different forms of motivation. For some staff members, only money works, and they do not get motivated by any other benefits. For others, there is nothing more important than social recognition of their efforts. Other staff members will care about the possibilities of future promotion in case of their successful performance. Therefore, in order to manage the staff effectively, the first task to do is to define where the needs of employees fall in Maslow’s hierarchy of needs. After some communication with the members of the team it is easy to discover what staff members are very ambitious. They have a very high need of esteem. They need to be praised for the work they do, get recognition from senior-level management, be aware about the possibilities of their future promotion, and fulfill tasks which require lots of responsibility. These staff members are very experienced, they have already made large contributions into the university’s success, and therefore they can be motivated only through getting more and more complicated tasks to fulfill. Other staff members will not be as success-oriented, and not as experienced. They can be rather knowledgeable in the field of education but they do not seek promotion because they are quite happy with their present work. Therefore, they can be motivated by money awards and praise for their work because their needs fall into the category of belonginess and love. The next step of successful staff management in higher education setting is defining relationships between staff members, and making a sociogram which identifies the types of interactions within the social network. Without the knowledge of interactions between the staff members, there is no way to manage the team effectively. In order to manage the members of the team, it is useful at times to apply the approach of influencing some members of the team through other members. It is necessary to identify the member of the team who has the strongest influence on other members because teams are usually aligned to such staff members. It is also necessary to keep up â€Å"healthy culture† in the educational setting. â€Å"A healthy culture can promote identification (who we are), legitimation (why we need to do) communication (with whom we talk), coordination (with whom we work) and development (what are the dominant perspectives and tasks)†. (Davies, 1997, p. 135). The last step of managing the team is choosing the leadership style. Such styles include â€Å"considerate, structuring, autocratic, democratic, laissez-faire and the like† (Bjerke, 1999, p. 57). Some authors determine supporting, directive, coercive, transformational leadership styles. The most efficient styles in the majority of establishments of higher education are democratic and supportive styles, but for some types of situations autocratic and directive styles might be appropriate. For example, when the faculty leader wants to set direct goals for the staff members and make them increase their performance, it can be appropriate to use directive style. The choice of the style mainly depends on the environment in the organization and the goals which it needs to achieve. Autocratic and directive styles can sometimes represent some danger of faculty leaders becoming power-oriented. When managers care only about their own power, they tend to choose those 2 styles of leadership. It is well-known that leadership styles can be oriented on the performance of the team or on the concern about staff members. The analysis of these theories is particularly important for managing staff members in educational settings. Blake and Mouton (1964) have introduced a grid in which they identified the main styles of leadership according to those 2 characteristics. Orientation on the performance of the team means that the manager is very concerned about the results which they are going to have in the end of the period, the extent to which goals will be met. Orientation on people means that the leader will pay lots of attention to maintaining trust in the company, establishing warm relations with all the employees, giving them only appropriate tasks and motivating them. Blake and Mouton have come up with several types of managers based in their grid. â€Å"Under the style referred to as ‘impoverished management’, managers concern themselves very little with either people or results and have minimum involvement in their jobs. † (Bjerke, 1999, p. 59). Such managers usually do not achieve good results because they show minimum concern about the activity of the company. â€Å"Team leaders†, on the contrary, manage to combine both concern about people and achieve great performance of the company. This type of managers cannot be accepted in education settings because it prevents the faculty staff from making large contributions to the development of the educational establishment. â€Å"Another style is management called country club management, in which managers have little or no concern for results but are concerned only for people. † (Bjerke, 1999, p. 59). Such companies might not have great results because employees will not be working to the fullest. â€Å"Autocratic task managers are concerned only with developing an efficient operation, who have little or no concern for people and who are quite autocratic in their style of leadership. † (Bjerke, 1999, p. 59). This type of manager is more favorable than the previous one, but it is also inefficient in the educational setting. In order to make the staff work efficiently, the faculty leader needs to choose the style combining both concern about staff members and concern about the performance of the team. It is very difficult to make the faculty function effectively, but this task can be achieved through the right choices of staff members’ motivation and leadership style. The field of education requires a leader with good communication skills, able to provide success-oriented policy, capable of solving all the possible problems which may arise in the team. Bibliography. 1. Alison, H. Managing people Managing Universities and Colleges Guides to Good Pratice Open University Press McGraw Hill. 2003. 2. Bjerke Bjorn. Business Leadership and Culture: National Management Styles in the Global Economy. Edward Elgar. 1999. 3. Blake, R. R. and J. S. Mouton. The Managerial Grid, Houston, TX: Gulf Publishing Company. 1964. 4. Building a winning team. Retrieved on November 14, from source: www. businesstown. com. 5. Davies, J. The evolution of university responses to financial reduction. Higher Education Management, 9(1), 127-140. 1997. 6. Deal, T. and A. Kennedy. Corporate Cultures, London: Penguin Books. 1988. 7. Garvin, David A. What makes for an authentic learning organization? Management Update: Newsletter from Harvard Business School 2, no. 6 (July 1): 7-9. 1993.

Lbo Model

Leveraged Buyout Model (LBO) Copyright 2009 Investment Banking Institute www. ibtraining. com Table of Contents I. Uses for An LBO Model on Sell-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance Sheet into Financial Model Income Statement, Balance Sheet and Cash Flow Projections Integration III. IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 2 Uses for an LBO Model on the Buy-SideA Leveraged Buyout Model (â€Å"LBO Model†) is a key analysis used by private equity firms / financial sponsors to evaluate a potential acquisition The goal of an LBO is to acquire a company by financing the purchase with as much debt as the cash flows of the business and the debt markets will support The more debt a financial sponsor is able to obtain to finance an acquisition, the less of an equity investment the financial sponsor has to make The higher the leverage levels, the higher the expected Internal Rate of Return (â€Å"IRR†) is for the financial sponsor / private equity firm The goal of an LBO model is to establish expected internal rates of return (â€Å"IRR†) for the acquisition using a financial model that reflects the following: Purchase price assumptions and the necessary cash needed to finance the acquisition (uses of cash) Capitalization assumptions: leverage (amount of debt), different debt tranches, equity investment amounts (sources of cash) Base case financial projections for the income statement, balance sheet and cash flow based upon the purchase price and capitalization assumptions The LBO model should be built with the ability to run sensitivities for a range of purchase prices, capitalization structures, operating assumptions, etc. 3 Uses for an LBO Model on the Buy-Side Private Equity Firms / Financial Sponsors usually have a requ ired rate of return hurdle f the expected IRR range for a potential acquisition does not meet or exceed the hurdle rate, often the PE firm / financial sponsor does not move forward with the acquisition PE firms required rates of return usually range from 15% on the low-side to 30% on the high-side, with the typical range targeted at 18% – 25% The IRR analysis is strongly driven by the amount of leverage With higher leverage levels, the financial sponsor has to invest less equity, and therefore has a higher IRR Therefore, often the goal is to leverage up the Company as much as the cash flow of the business and the debt markets will permit More leverage makes the business inherently riskier, as more of the cash flows generated by the business will be used to pay interest expense and debt serviceThe amount of leverage is largely determined by the state of the debt markets 4 Uses for an LBO Model on the Buy-Side The amount of leverage is largely determined by the state of the deb t markets For the last several years, the debt markets have been experiencing excess liquidity Because of the excess liquidity, lenders have been allowing higher leverage levels Depending on the industry and business, transactions over the last several years have been leveraged at between 4. 0x – 6. 0x recent EBITDA These higher leverage levels allow the financial sponsor to pay more for the company and still attain its required IRR The leverage level of 4. 0x – 6. x recent EBITDA is comprised of some combination of senior secured loans and junior loans (second lien, third lien, unsecured loan, hybrid debt / equity securities) Lenders may require the financial sponsor to have a minimum equity investment as % of total capitalization Minimum equity contribution is typically around 20% – 25%, depending on industry and purchase price 5 Uses for an LBO Model on the Buy-Side The LBO Model is also used for the Lenders’ perspectives Lenders like to see expected l everage and coverage ratios based upon the Company’s projected income statement, balance sheet, cash flow, and capitalization Typical ratios that lenders like to see are: Leverage RatiosTotal Debt / EBITDA Net Debt / EBITDA Secured Debt / EBITDA EBITDA / Net Interest Expense EBITDA / Cash Interest Expense Interest Coverage Statistics EBITDA / Net Interest Expense EBITDA / Cash Interest EBITDA – Capex / Net Interest Expense EBITDA – Capex / Cash Interest Expense EBITDA – Capex – ? W/C / Net Interest Expense EBITDA – Capex – ? W/C / Cash Interest Expense EBITDA – Capex – ? W/C – Taxes/ Net Interest Expense EBITDA – Capex – ? W/C – Taxes/ Cash Interest Expense 6 Uses for an LBO Model on the Sell-Side Investment Bankers often construct LBO models to: Provide this service to a financial sponsor client that is interested in pursuing an acquisitionProvide this service to a Company client where the co mpany is being sold – Illustrates the range of purchase prices financial buyers could pay and still attain their required IRR – Uses the current debt markets conditions as assumptions for the capitalization As a â€Å"gut-check† for other valuation methodologies (DCF, Public comparable company multiples, acquisition multiples) 7 Table of Contents I. Uses for An LBO Model on Sell-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance Sheet into Financial ModelIncome Statement, Balance Sheet and Cash Flow Projections Integration III. IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 8 Construction of LBO Model Structure and Assumptions Worksheet Build upon the Financial Model template, and modify accordingly Add a worksheet for the LBO Model Structure and Assumptio ns The LBO Assumptions tab will have drivers for Purchase price assumptions Uses: Cash required to acquire the company and pay associated fees Sources: Cash available to acquire the company (debt, equity) USES = SOURCES Capitalization assumptions IRR Analyses 9 Purchase Price Calculation and ConsiderationsThe determination of the purchase price is complicated and typically involves a full-scale valuation (DCF, public company multiples and transaction multiples) as well as extensive due diligence on Company’s operations, financial condition, management team, customers, suppliers, assets, etc. If the Company has publicly traded equity, then typically a purchase price would be calculated much as TEV is calculated: (Offer price per share * fully diluted shares) + debt + minority interest + preferred interest – cash For the purposes of this model, we are assuming the LBO of a private company, and therefore using the most recent 12 month EBITDA and EBITDA multiple as the dri vers of purchase price Purchase price = EBITDA * EBITDA multiple We are assuming the transaction closes on December 31, 2008 LBO of Company A ($ in millions) TRANSACTION ASSUMPTIONS Closing Date 31-Dec-08 2008 EBITDA $60. 0 EBITDA Multiple 6. 0xTransaction (Enterprise) Value $360. 0 Less: Existing Debt ($190. 8) Plus: Cash $0. 0 Implied Equity Purchase Price $169. 2 10 Sources and Uses Total Uses is the amount of cash necessary to complete the transaction Usually equals the purchase price plus transaction fees and any other cash payment required as part of the transaction – For the LBO of a publicly traded company, purchase price is calculated as (offer price per share * shares outstanding ) + debt + minority interest + preferred equity – cash, and cash on target’s balance sheet is used as a source Other required cash payments could be payments to certain parties that kick-in with a change of control (e. g. anagement payments, premiums to outstanding notes, etc. ) Total Sources illustrates the sources of capital to complete the transaction Usually equals debt + equity + any other cash available Total Uses = Total Sources LBO of Company A ($ in millions) TRANSACTION ASSUMPTIONS Closing Date 31-Dec-08 2008 EBITDA $60. 0 EBITDA Multiple 6. 0x Transaction (Enterprise) Value $360. 0 Less: Existing Debt ($190. 8) Plus: Cash $0. 0 Implied Equity Purchase Price $169. 2 TOTAL USES Uses Equity Purchase Price Paydown Existing Debt Financing Fees Investment Banking Fees Legal Fees Other Fees and Expenses $169. 2 $190. 8 8. 0 4. 0 1. 0 1. 0 Total Uses $374. 0 TOTAL SOURCES Amount EBITDA of Funded Multiple Capitalization $0. 0 0. 0x 0. 0% 0. 0 0. 0x 0. 0% 120. 0 2. 0x 32. 1% 90. 0 1. 5x 24. 1% 60. 0 1. 0x 16. 0% 270. 0 4. 5x 72. 2% 104. 0 27. 8% $374. 0 100. 0% Capitalization Cash Revolver Term Loan Senior Bonds Unsecured Notes with Warrants Total Debt Sponsor Equity Total Sources 11 Interest Rate Cash Pay PIK 7. 0% 7. 5% 9. 5% 0. 0% 0. 0% 0. 0% 0. 0% 1 0. 0% % of Fully Diluted Equity na na na 5. 0% Capital Structure Alternatives The Total Sources Side is comprised of the capitalization assumptions The financial sponsor typically wants to leverage the transaction as much as the business’s cash flow and the lenders will allowDepending on the conditions of the debt markets and lenders’ requirements, financial sponsors would typically provide approximately 20% – 30% of the capitalization as an equity investment The debt is comprised of different securities usually provided by different lenders Revolver / Term loan (senior secured loans) are usually provided by typical commercial banks such as Citigroup, JPMorganChase, GE Commercial Finance, etc. , and have lower interest rates Junior loans such as second and third lien pieces and unsecured loans can be provided by public markets (high yield issue) and private placements (hedge funds, junior loan providers, investment bank providing balance sheet financing, etc. )O ften, the most junior piece on the capital structure will have equity warrants attached; the most junior lender will require a much higher rate of return than the more senior lenders The financial sponsors want to attain as much of the lower-priced debt as possible; in this example, we have assumed that total senior leverage (revolver + term loan) = 2. 0x EBITDA The example shows a 4. 5x EBITDA leverage ratio, and 1. 7x EBITDA equity ratio (LTM EBITDA is $60 million in this case) Capitalization Cash Revolver Term Loan Senior Bonds Unsecured Notes with Warrants Total Debt Sponsor Equity Total Sources TOTAL SOURCES Amount EBITDA % of Funded Multiple Capitalization $0. 0 0. 0x 0. 0% 0. 0 0. 0x 0. 0% 120. 0 2. 0x 32. 1% 90. 0 1. 5x 24. 1% 60. 0 1. 0x 16. 0% 70. 0 4. 5x 72. 2% 104. 0 27. 8% $374. 0 100. 0% 12 Interest Rate Cash Pay PIK 7. 0% 7. 5% 9. 5% 0. 0% 0. 0% 0. 0% 0. 0% 10. 0% % of Fully Diluted Equity na na na 5. 0% Creation of Proforma Balance Sheet Proforma Balance Sheet ($ in millions) Balance Sheet Assets Cash Accounts Receivable Inventory Other Current Assets Total Current Assets Historical Dec. 31 2008 $0. 0 $16. 0 $10. 0 $1. 0 $27. 0 Financing/ Transaction Adjustments $0. 0 0. 0 0. 0 0. 0 $0. 0 Proforma Dec. 31 2008 $0. 0 16. 0 10. 0 1. 0 $27. 0 Gross PP&E Cumulative Depreciation Net PP&E $323. 2 $45. 0 $278. 2 $0. 0 0. 0 $0. 0 $323. 2 45. 0 $278. 2 Amortizable Intangibles GoodwillTotal Assets $0. 0 5. 0 $310. 2 $8. 0 65. 2 $73. 2 $8. 0 70. 2 $383. 4 Liabilities Accounts Payable Accrued Liabilities Other Current Liabilities Total Current Liabilities $11. 0 $2. 4 $0. 0 $13. 4 $0. 0 0. 0 0. 0 $0. 0 $11. 0 $2. 4 0. 0 $13. 4 Existing Debt Revolving Credit Facility Term Loan Unsecured Debt $40. 8 $100. 0 $50. 0 New Debt Revolving Credit Facility Term Loan Second Lien Unsecured Debt $0. 0 0. 0 0. 0 0. 0 $0. 0 $120. 0 $90. 0 $60. 0 $0. 0 $120. 0 $90. 0 $60. 0 Other Liabilities Total Liabilities $2. 0 $206. 2 $0. 0 $79. 2 $2. 0 $285. 4 Shareholders Equity Re tained Earnings Common Stock Total Shareholders Equity $94. 0 10. 0 $104. ($100. 0) $94. 0 ($6. 0) Total Liabilities and Equity Check $310. 2 $0. 0 $73. 2 $0. 0 ($40. 8) ($100. 0) ($50. 0) $0. 0 $0. 0 $0. 0 ($6. 0) 104. 0 $98. 0 $383. 4 $0. 0 13 Creating a proforma balance sheet on a new worksheet allows for the integration of the new capital structure / sources into the existing financial model In the purchase of a private company, the seller typically sweeps all of the cash on the balance sheet at closing In the LBO of a publicly traded company, cash would not typically be swept as it is part of the offer price per share There may be a writeup or writedown of the value of the AR, Inventory and PP&E; this has an mpact on the tax basis All financing fees incurred in the transaction can still be capitalized and amortized The Goodwill is Purchase Price + M&A Fees – New Debt – Old Book Value of Equity; this amount can no longer be amortized In the purchase of a public com pany, goodwill is calculated as equity value of purchase – book value of equity The buyer typically assumes all of the normalcourse short term liabilities The â€Å"old debt† is eliminated (as the seller typically uses proceeds from the sale to pay all existing debt) In the purchase of a public company, often the existing debt of the acquired company remains outstanding, and is â€Å"assumed† by the acquirerThe â€Å"new debt† is fed from the Total Sources cells Shareholders’ Equity may require a plug to allow for the Total Assets to equal Total Liabilities + Shareholders’ Equity Creation of Proforma Balance Sheet ($ in millions) PROJECTED FINANCIAL STATEMENTS Fiscal Year Ending December 31, 2009P 2010P 2011P 2012P 2013P 2008A Pro Forma 2008P Balance Sheet Assets Cash Accounts Receivable Inventory Other Current Assets Total Current Assets $0. 0 $16. 0 $10. 0 $1. 0 $27. 0 $0. 0 $16. 0 $10. 0 $1. 0 $27. 0 $0. 0 $17. 5 $10. 5 $1. 0 $29. 0 $0. 0 $18. 4 $11. 0 $1. 0 $30. 4 $1. 9 $19. 3 $11. 6 $1. 0 $33. 8 $7. 5 $20. 3 $12. 2 $1. 0 $40. 9 $0. 0 $21. 3 $12. 8 $1. 0 $35. 0 Gross PP&ECumulative Depreciation Net PP&E $323. 2 $45. 0 $278. 2 $323. 2 $45. 0 $278. 2 $337. 9 $51. 8 $286. 1 $353. 3 $58. 8 $294. 5 $369. 5 $66. 2 $303. 3 $386. 6 $73. 9 $312. 6 $404. 4 $82. 0 $322. 4 Amortizable Intangibles Goodwill Total Assets $0. 0 $5. 0 $310. 2 $8. 0 $70. 2 $383. 4 $6. 4 $70. 2 $391. 7 $4. 8 $70. 2 $399. 9 $3. 2 $70. 2 $410. 5 $1. 6 $70. 2 $425. 4 $0. 0 $70. 2 $427. 6 Liabilities Accounts Payable Accrued Liabilities Other Current Liabilities Total Current Liabilities $11. 0 $2. 4 $0. 0 $13. 4 $11. 0 $2. 4 $0. 0 $13. 4 $11. 7 $2. 5 $1. 0 $15. 2 $12. 3 $2. 6 $1. 0 $15. 9 $12. 9 $2. 8 $1. 0 $16. 6 $13. 5 $2. 9 $1. 0 $17. 4 $14. 2 $3. 1 1. 0 $18. 2 Existing Debt: Revolving Credit Facility Term Loan Unsecured Debt $40. 8 $100. 0 $50. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0 . 0 New Debt Revolving Credit Facility Term Loan Senior Bonds Unsecured Debt $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $120. 0 $90. 0 $60. 0 $1. 5 $100. 0 $90. 0 $66. 0 $1. 0 $80. 0 $90. 0 $72. 6 $0. 0 $60. 0 $90. 0 $79. 9 $0. 0 $40. 0 $90. 0 $87. 8 $3. 8 $0. 0 $90. 0 $96. 6 Other Liabilities Total Liabilities $2. 0 $206. 2 $2. 0 $285. 4 $2. 0 $274. 7 $2. 0 $261. 5 $2. 0 $248. 5 $2. 0 $237. 3 $2. 0 $210. 7 Shareholders Equity Retained Earnings Common StockTotal Shareholders Equity $94. 0 $10. 0 $104. 0 ($6. 0) $104. 0 $98. 0 $13. 1 $104. 0 $117. 1 $34. 4 $104. 0 $138. 4 $58. 0 $104. 0 $162. 0 $84. 1 $104. 0 $188. 1 $112. 9 $104. 0 $216. 9 Total Liabilities and Equity Check $310. 2 $0. 0 $383. 4 $0. 0 $391. 7 $0. 0 $399. 9 $0. 0 $410. 5 $0. 0 $425. 4 $0. 0 $427. 6 $0. 0 14 The Proforma Balance Sheet is then fed into the existing model’s balance sheet, and integrated appropriately into the cash flow and income statement We are assuming the transaction occurs on Dec. 31, 2008 Be careful whe n you are integrating to NOT CHANGE the income statement, balance sheet and cash flow statement for the period right efore the transaction date The income statement and cash flows for 2008 will not change because of the acquisition (as it occurs on Dec. 31, 2008, after the 2008 period has ended) Only the 2009 and onward income statement and cash flows will reflect the impact of the new capital structure / balance sheet Income Statement, Balance Sheet and Cash Flow Projections Integration The remainder of the projection model is completed as we discussed in the last class Construction of a debt and interest schedule and revolver model allows the integration of the income statement, balance sheet and cash flow projections Be careful to make sure that the cash flow for the period irectly following the transaction closing is being calculated as the changes in the proforma balance sheet and that period directly following the transaction 15 Table of Contents I. Uses for An LBO Model on Se ll-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance Sheet into Financial Model Income Statement, Balance Sheet and Cash Flow Projections Integration III. IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 16 IRR Analysis for Financial SponsorsThe financial sponsor’s IRR analysis accounts for all cash flows coming from the financial sponsor for or to the Company, as well as all cash flows from the Company to the financial sponsor during the period from closing the acquisition to the sale of the company (other than management fees) Often, the company pays the financial sponsor â€Å"management fees† in exchange for the financial sponsor’s ongoing support, management and advice provided to the management team as well as covering the financial sponsor’s d irect expenses and overhead allocation Management fees are expensed as an SG&A expense on the company’s income statement and range greatly, depending on company’s sizeTypically financial sponsors do not include the payment of management fees in the IRR analysis 17 IRR Analysis for Financial Sponsors Amounts that the financial sponsor pays for or to the company are counted as cash outflows; examples include Initial equity investment Any additional equity investments made into the company during the holding period Any amount received by the financial sponsor from or by the company are counted as cash inflows (other than management fees); examples include: Proceeds from sale of the company Common or preferred dividends paid to financial sponsor Proceeds from a recapitalization 18 IRR Analysis for Financial SponsorsCalculate the sale of the business, assuming it is sold on December 31, 2013 Use the 2013 projected EBITDA, and the same EBITDA multiple assumption used for the purchase of the Company in 2008 Calculate the proceeds to the financial sponsor, taking into account any equity dilution that may result from warrants, management stock plan, transaction fees, etc. SALE OF COMPANY A IN 2013 Closing Date 31-Dec-13 2012 EBITDA EBITDA Multiple Transaction Value Less: Total Debt Plus: Cash Balance $76. 6 6. 0x $459. 5 (190. 5) 0. 0 Less: Transaction Fees (1) Equity Value % Equity to Sponsor Equity to Sponsor (6. 6) $262. 4 95. 0% $249. 3 % Equity to Unsecured Lender Equity to Unsecured Lender 5. 0% 13. 1 (1) Assumes 1% of Purchase Price for Investment Banking Fees, plus $2 million in legal and other expenses. 19 IRR Analysis for Financial Sponsors The following table illustrates the categories to calculate the IRR to the financial sponsor Any cash flow from the financial sponsor for or to the company is negative Any cash flow from or for the company to the financial sponsor is positive In general there is no closed-form solution for IRR, particularly w ith variable cash flows for each year; however, excel can easily calculate the IRR using the following formula: = IRR (total cash flows over period, estimated IRR) From Total Sources tableSALE OF COMPANY A IN 2013 Closing Date 31-Dec-13 2012 EBITDA EBITDA Multiple Transaction Value Less: Total Debt Plus: Cash Balance Less: Transaction Fees Equity Value % Equity to Sponsor Equity to Sponsor $76. 6 6. 0x $459. 5 (190. 5) 0. 0 (1) % Equity to Unsecured Lender Equity to Unsecured Lender IRR to Financial Sponsor Initial Equity Investment Dividends Proceeds at Sale Total Cash Flows to Sponsor IRR Calculation 12/31/08 ($104. 0) 0. 0 0. 0 ($104. 0) 19. 1% 12/31/09 $0. 0 0. 0 0. 0 $0. 0 12/31/10 $0. 0 0. 0 0. 0 $0. 0 12/31/11 $0. 0 0. 0 0. 0 $0. 0 12/31/12 $0. 0 0. 0 0. 0 $0. 0 12/31/13 $0. 0 0. 0 249. 3 $249. 3 (6. 6) $262. 4 95. 0% $249. 3 5. 0% $13. 1IRR = IRR (Total Cash flows to sponsor 2009 – 2013, estimated IRR) 20 IRR for Hybrid Securities Holder The following table illustrate s the categories to calculate the IRR to the Unsecured Lender Recall from the sources and uses, that the unsecured lender loaned an amount of $60 million at a 10% PIK interest rate, with equity warrants equal to 5% of the fully-diluted equity of the company upon a sale Any cash flow from the lender to the company is negative (initial loan) Any cash flow from the company to the lender is positive (includes any cash interest received during the period, the payment of the principal balance plus any accrued interest at maturity, and equity to the unsecured lender at a sale)In certain cases, the exercise of the warrants would require the payment by the warrant holders to the Company of an exercise price; the proceeds from the warrant exercise would be a source of cash for the seller This is very transaction-specific and would be extensively negotiated in the agreement between the company and the lenders From Total Sources table IRR to Unsecured Lender Initial Loan Cash Interest Received Principal Repayment at Sale Equity from Warrants at Sale Total Cash Flows to Lender IRR Calculation From Debt and Interest Schedule – Cash Interest only 12/31/08 ($60. 0) 0. 0 0. 0 0. 0 ($60. 0) 12. 8% 12/31/09 $0. 0 0. 0 0. 0 0. 0 $0. 0 12/31/10 $0. 0 0. 0 0. 0 0. 0 $0. 0 12/31/11 $0. 0 0. 0 0. 0 0. 0 $0. 0 12/31/12 0. 0 0. 0 0. 0 0. 0 $0. 0 12/31/13 $0. 0 0. 0 96. 6 13. 1 $109. 8 From Balance Sheet IRR = IRR (Total Cash flows to lender 2006 – 2010, estimated IRR) 21 Table of Contents I. Uses for An LBO Model on Sell-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance Sheet into Financial Model Income Statement, Balance Sheet and Cash Flow Projections Integration III. IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 22 Sensitivities on Financial ModelRunning sensit ivities on your LBO assumptions is a good check to make sure the model is running properly as well as being able to show how a change in one variable will impact the whole model Sensitivity tables illustrate the impact on the model for a range of variable changes, and this LBO model has the flexibility to run sensitivities on the LBO assumptions (purchase price, capital structure, etc. ) and the business’s operations (growth rates, margins, etc) to see the impact on the expected IRRs of the financial sponsor and unsecured lender Setting up a sensitivity table: Input a range of variables on the x-axis of the chart Input a second range of variables on the y-axis of the chart link the intersection cell on the left hand corner of the chart to the cell that has the proper formula Highlight the data sensitivity tableGo to â€Å"Data† toolbar, select â€Å"Table†; a box pops up that has Row Input Cell and Column Input Cell – – For Row Input Cell, click on the cell that has the driver / assumption input for the x axis variable For the Column Input Cell, click on the cell that has the driver / assumption input for the y axis variable 23 Table of Contents I. Uses for An LBO Model on Sell-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance Sheet into Financial Model Income Statement, Balance Sheet and Cash Flow Projections Integration III.IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 24 Credit Ratios In determining how much money to lend to companies / financial sponsors for an acquisition, lenders analyze the amount of coverage they will have on their loans Lenders typically look at the following projected credit ratios, based on the base case scenarios, and then will run stress tests on the model to look at the impact on these r atios in the event the company takes a turn for the worse Leverage Ratios Total Debt / EBITDA Net Debt / EBITDA Secured Debt / EBITDA EBITDA / Net Interest Expense EBITDA / Cash Interest Expense 4. 1x 4. 1x 3. 0x 2. 8x 3. 7x 3. 7x 3. 7x 2. 6x 3. 0x 4. 3x 3. x 3. 3x 2. 2x 3. 3x 5. 0x 3. 0x 2. 9x 1. 8x 3. 6x 5. 9x 2. 5x 2. 5x 1. 2x 4. 1x 7. 5x Interest Coverage Statistics EBITDA / Net Interest Expense EBITDA / Cash Interest EBITDA – Capex / Net Interest Expense EBITDA – Capex / Cash Interest Expense EBITDA – Capex – ? W/C / Net Interest Expense EBITDA – Capex – ? W/C / Cash Interest Expense EBITDA – Capex – ? W/C – Taxes/ Net Interest Expense EBITDA – Capex – ? W/C – Taxes/ Cash Interest Expense 2. 8x 3. 7x 2. 1x 2. 9x 2. 1x 2. 9x 1. 6x 2. 1x 3. 0x 4. 3x 2. 3x 3. 3x 2. 3x 3. 3x 1. 7x 2. 4x 3. 3x 5. 0x 2. 5x 3. 8x 2. 6x 3. 9x 1. 8x 2. 8x 3. 6x 5. 9x 2. 8x 4. 5x 2. 8x 4. 6x 2. 0x 3. 2x 4. 1x 7. 5x 3. x 5 . 8x 3. 2x 5. 8x 2. 1x 4. 0x 25 Build an LBO Model from Scratch Build an LBO Model for Company B, using the historic financial statements (available electronically) Use the assumptions you feel are appropriate for projecting the Income Statement, balance sheet, and cash flow Use the following assumptions for the acquisition and financing: Acquisition – Closing date is December 31, 2008 – Purchase price is 7. 0x 2008 EBITDA Multiple Uses – Financing Fees are equal to 3% of purchase price – Investment banking fees are equal to 1% of purchase price – Legal fees are equal to $1 million – Other fees and expenses are equal to $1 million Sources Equity must equal 20% of total uses / sources – Revolver availability is $20 million, with total amount funded equal to 75% of Inventory and 65% of Accounts Receivable at a 5% cash pay interest rate – Term Loan is equal to 2. 5x 2008 EBITDA, to be amortized over 7 years, at a 5% cash pay inter est rate – Second Lien debt is equal to 1. 5x 2008 EBITDA, with a 10% cash pay interest rate – Unsecured Notes with Warrants fill the balance of the capital structure; 10% PIK rate with warrants equal to 15% of fully diluted equity upon sale of company Annual management fees to financial sponsor of $1 mm starting in 2007 Amortize fees over 5 year periodSale of Business in 2012 – Sold at 7. 0x 2012 multiple – Transaction fee equal to 1% of purchase price for investment banking fees plus $2 million in legal and other expenses Calculate the IRR to the financial sponsor Calculate the IRR to the unsecured lender with warrants Calculate sensitivity tables for the following: – IRR to financial sponsor for range of multiples paid and equity investment as % of total capital – IRR to unsecured lender for range of multiples paid and equity investment as % of total capital – Maximum revolver drawn for range of multiples paid and equity investment as % of total capital Add summary and credit ratios tables 26

Benefit and Disadvantagers of Internet

For them, it can enormously help their studies. According to Allen B. Ury (2011), for doing high school or college research, Internet is an essential tool. We can find valuable material on practically any subject within minutes if not seconds by skillfully using Internet search engines and subject directories. By knowing how to effectively search for and cite reputable Web sites can be an essential part of their academic success for those students who taking courses online. As mentioned by Rahul Pandita (2011), Internet has proved to be one of the most innovative inventions for us. It has made its presence felt in every sphere of our life, be it economy, society, health care, spirituality, etc. Prominent among its benefits is the impact it has had on the education sector. Rahul Pandita (2011) also said that students can now gain access to innumerable research papers, apart from getting latest updates in the field of science, technology and almost everything in conjuction of education. But as they say, â€Å"With great power comes great responsibility†, Internet has created new challenges for the society and most threatening among these is the impact it has had on student and children. Young people love to use computers rather than read a book. Web pages  are much more up-to-date than old text books that were previously used for studying, so not only is the information accurate, but it is also designed to engage  students  in a way that they find entertaining. The Internet also allows  students  to research and learn about topics that would previously be unknown to them due to lack of resources. Some schools do not  provide  every single book on a specific subject, but with the Internet, the learning possibilities are limitless, everything is just in their finger tips. The purpose of this task is to discuss about â€Å"The benefits and detrimental effects of Internet on students†. The benefits of internet to student There a few of benefits of internet toward the student : i. A tool to gain information. These days, student’s life without internet is very difficult. They do a lot of work by using the internet especially in searching for information. This is because, gaining information from internet is much more easier than those old books, it can shorten our time. Get online information is the freest way in the world. Nowadays, people need to understand more and more. They want to know the newest news. According to Jayashree Parhare (2011), any kind of information is available on the internet as long as on it is any topic under the sun is. It can be done by using the search engines such as Google, Yahoo are at your service on the internet. There is huge amount of information available on the Internet for just about every subject known to man, ranging from government law and services, trade fair and conference, market information, new ideas and technical support, the list is simply endless. According to Ashwini Ambekar (2008), students can use this wealth of information to learn new things about the subjects they are interested in and for their school projects or research and it is particularly relevant. In addition, this internet is a blessing for many schools and universities that are now able to accede projects and work to the students and follow their progress which is can be easily posted on the school or university websites So, since internet provides almost everything, students can use it to help them or to make their work easier on doing research or looking for any information. i. Communication. Communication is very important to a student, and internet one of the way that make student’s communication easier and faster. As a student, they need to see their lecturers, send or submit their task and assignment by hand, call someone by using cellphone which is wasting their money, time and energy. With internet has opened up new avenues for communication, acc ording to Ashwini Ambekar (2008), email facility let people to communicate with somebody with minimum wastage of time. As Matt Remley (2010) said in his article, It is now possible to send an instant message and also voice messaging to any part of the world through a simple email address and the message is delivered in a matter of seconds. According to Stephen Cook (2008), by using the Internet, there are many type of ways that people can get connected with one another. For examples, email, chat, forums, social networking sites, and real-time  video chat websites. Stephen Cook (2008) also mentioned that the Internet is truly spectacular in how it allows us to get in touch with one another which is you can easily talk to anybody on the other side of the world. With this kind of facilities, students will have more time to do other works rather than finish their time on something that can waste their time. iii. Online services. Online service is one of the greatest benefit of internet towards the student. It can make student’s life easier. There are many types of online services, for example online shopping, online banking and others. Online banking is very useful, according to Edward James (2010), you can access your account within 5 minutes, make a payment, request a cheque book. It is not only for those who doing businesses only, but also to anybody who has an account saving. Furthermore, we can set up direct debits and standing orders, cancel direct debits and standing orders, view historic statements. The list is endless. The best part of it is according to Cody Hodge (2010), when you do your banking online, you are going to skip the drive and just get a phone call after submitting a query to the bank. What sounds easier to you is we don’t have to wasting our lunch hour to go to the bank. Next, according to Ram Gupta (2012) in his article, when online shopping was introduced, shoppers feel that involving themselves in it is a risky affair and uncomfortable to reveal their personal information such as credit cards details. But today, things have change and shoppers became confident to use it and get anything under the sun after realize the benefit of it especially to students. There are a few advantages of online shopping according to Mansi Chitranshi  (2009), online services give you variety of choice and also offers us an extensive range of selection. Not only that, but it also available for 24 hours a day which lets you shop anytime, this is very meaningful to student since time is very precious to them. Last but not lease, Mansi Chitranshi (2009) also said that you can find radically lower prices and cheapest deals with online purchasing. iv. Entertainment According to Kaiz Karen (2009), on internet we can search all types of entertainment from watching films to playing games online. Almost anyone can find the right kind of entertainment for themselves according to their taste. When people surf the internet, there are numerous things that can be found on it. Start from music, hobbies, news and more can be found and shared on the Internet. The best part of it which is love by the students is there are numerous games that can be downloaded from the Internet for free without any charge at any time. As Vibhuti Arora (2006) said we can read those funny e-mails from friends or that have been provided by the internet. Not only that, but you can make all your friends around the world laugh. Even if you are not good at cracking jokes, you can simply download them from the internet and forward them to your friends. This kind of entertainment is important to a student. The detrimental effects of the Internet on students i. Web Addiction. Many students find that internet help them a lot in conjunction of helping them to make their learning easier or use it as a tool to find some information. But without noticing, they are actually wasting their time. According to Joanna, Melinda smith and Lawrence Robinson (2012) in their article, people who in unpleasant feelings such as stress, loneliness, depression, and anxiety, they will turn to the internet just to make them feel better. Joanna, et al. 2012) also stated that the Internet can be an easily accessible outlet when you have a bad day and or to quickly relieve stress or self-soothe or are looking for a way to escape your problems. Losing yourself online can temporarily make feelings such as loneliness, stress, anxiety, depression, and boredom evaporate into thin air and it will definitely drag your time. Lately, internet has provided many social networks such as Facebook, Myspace, Twitter, Blogs and others. This kind of social networks can drag student’s time a lot because when we sign-in into it, they will get stuck on it. According to Jane Demerica (2009), many people that sign up for the internet find themselves spending endless hours chatting, surfing or â€Å"pimping out† their social networks page. This is an unhealthy addiction and you should probably force yourself to get out of the chair and walk away for a few hours. According to Abhijit Naik (2011) in his article about Facebook addiction, facebook provide new friends, games, event plans and many more. While all these activities are enjoyable, you will forget that you have an actual life to live at times you get so used to them. The time you forget about the fact and start spending your precious time on online, then neglecting yourself as well as people around you, and that mean you are now suffering from this addiction disorder without you notice it. Jane Demerica (2009) also said that, This kind of behavior will disorganize student’s life especially on their schedule. This can lead to unhealthy life for example they will late for their meals which is very important to them, they will be fibrous or not-well taken care because they are too busy with the internet. Last but not lease, as mentioned by Deepa Kartha (2010), student are going ignore their study and it can lead to poor performance at university. ii. Pornography. Jayashree Pakhare said in his article that â€Å"pornography is perhaps the biggest disadvantage of internet. It allows you to access and download millions of pornography photos, videos and other X-rated stuff. Such unrestricted access to porn can be detrimental for children and teenagers. It can even play a havoc in marital and social lives of adults especially to students† (2011). Studies have shown that almost every men and most women have been exposed to pornography as told by Lifesitenew. com (2002). According to Elisbeth Deffner (n. d. ), there were plenty of opportunities for people to view pornographic images or read pornographic material before the Internet became so prevalent which from videos, magazines, and books. But as for now, people can easily access pornographic Web sites in the privacy of their own homes. It’s part of a larger issue called â€Å"sexual addiction,† which is â€Å"any kind of sexual behavior that a person continues to engage in despite negative consequences† says Dr. Omar Minwalla, the clinical supervisor at the Sexual Recovery Institute in Los Angeles. Pornography is like drugs, once we get use to it, we will definitely get addicted by it and for sure will give many disadvantages toward the students. According to Joanna, et al. (2012), students can adversely affect real-life relationships, career, and emotional health by compulsively spending hours on the Internet viewing pornography or engaging in other cybersex activities. It could increase the percentage of misbehavior and these leads to adultery, free sex, and even worst child abandonment. As mention by Rahul Pandita (2011), it can cause them to became either sexually-deviant or sexually-addictive, these phenomenon also course the increase of prevalence sexually transmitted diseases among teenagers especially to a student. He also mentioned that the pornography that is present on the Internet promotes irresponsible sex and creates false notions in the minds of students. According to Stephen Rampur (n. d. ), Individuals who are addicted to this type are mostly teenagers and youngsters. It can have an adverse effect on a child’s attitude towards relationships. People who are addicted to online pornography spend hours watching or downloading porn. iii. Reduced Physical Activity According to Rahul Pandita (2011), since internet provides a lot of games and available to play, it has made most student to shut all outdoor activity. If students are lack of physical activity, they can easily fall prey to a lot of lifestyle related diseases for example obesity, apart from failing to develop interpersonal skills. Rahul Pandita (2011) also mentioned that by sitting continuously in front of a computer screen fot couple of hours can seriously and put a strain on our neck and shoulders and damage our eyes. These factors can create life-long problems for them. As Leena Palande (2011) said, when students are busy with the internet, they will definitely lack of exercise and it is the main morbid obesity causes. student spend most of their time in front of the the computer playing video games or computer games and chat day and night, surfing on the Internet which can lead to possibility of gaining weight. Leena Palande (2011) also mentioned, not only student, Even adults also have to spend most of their time in front of a computer, since computers have become an invariable part of every profession, business, organization and education. Use of machines in every field has reduced physical activity significantly. According to Vinci rufus (n. d. ), students are tent to spend a couple of hours in front of the monitor non-stop and not going out could also cause social problems, the most bad part of it,it will make us shy and introvert. Those who stuck to their machines all day aren’t getting any exercise. As such their bodies start to be fail, especially when they opt for quick-fix meals that aren’t terribly nutritious. This extends to personal hygiene, as well, as we tend not to notice our own stink, said by Matt Bird (2009). v. Cyber-crime Cyber or internet crime can affect students’ life. There has never been a set in stone definition of cybercrime. According to Charlotte Raynor Piiggush (2008), the easiest way to difine cybercrime is any illegal activity done through or by using the internet or on the computer. Uttara Manohar (2011) also defined in his article that internet crime is a recently es calating form of crime that started with the rise of the Internet era. Any criminal activities, which is carried out through the Internet or by means of the Internet, is generally termed as Internet crime. According to Uttara Manohar (2011), there are a few types of internet crime. Here is the example of the criminal activity that indirectly can make students life chaotic. First is hacking, hacking is a process where someone attempts to exploit the security settings of a computer system is known as hacking. The hackers can hack into several websites or personal accounts and threaten the security on the Internet. Every day, students are expose to it, email to a student is a must. Sometimes, by using email is one of the way of hacking. According to M. J. Joachim (2010), Hackers use email addresses to change computer codes, often sending out messages with attachments that read and detect personal information, this always happen to students when are transferring things like bank account numbers, passwords and all sorts of personal information that they use for their own purposes. It is not uncommon for hackers to change passwords of their victim’s private Internet accountssuch as facebook account, email and others, making it impossible for victims to access their own information, simply by obtaining an email address from their prey. Another cyber crime is viruses. As mentioned by Shashank Nakate (2012), These are computer programs which have the potential to harm and give damage to a computer system. According to M. J. Joachim (2010) also said viruses cause millions of dollars in damage, lost data and computer contamination each year. A simple email address is all it takes for savvy cyber criminals to implant dangerous viruses and spread them throughout the Internet. Suggestion Eventhough internet gives us a lot of pleasure and make our life easier, but there will always the side effect of it. If we did not monitor it properly and carefully, it will definitely make us suffer one day and then give damages to our life especially to a student. Since students is one of the biggest user of internet, they are the person who easily receive the impact. Thus, it is very important to them to know how to cope and avoid these problem. Here is some suggestion on how to combat it. i. Internet addiction One of the biggest problem of internet is web addiction. Internet can drag our time unnoticeable. As mentioned by Elizabeth Hartney (2011), one of the way is by knowing the symptoms of Internet addiction. Knowledge is the greatest thing, and knowing all the symptoms of internet addiction will make you to evaluate your own online behavior and be aware of any symptoms that might be dragging your time. Elizabeth Hartney (2011) also emphasize to monitor your own internet usage and behavior. keep track of your internet behavior with my internet tracking form. Use the guidelines that come with it to evaluate your own internet behavior, not what you see or believe other students are doing. Drea Christopher (2010) propose to learn to limit your time carefully by keeping a timer by the computer and only allow yourself a limited amount of hours to spend on the Internet each day or week. ii. Pornography Since porn becoming more easily available through the Internet, some people may struggle with an addiction to it. So, it is very important to student to avoid it because if they continue with it, it will ruin their physical and also health. According to Katy Linsao, et al (2012) there are a few step on how to avoid it. First, make sure that you know that you are an addict. Then, find something else to do to occupy your time and mind, it is because you will not think about porn. You can manage it by going somewhere or spend time with friends. Katy et. Al. (2012) also mentioned, the best part of it is by find a support group or get qualified therapist who can provide guidance. According to Abdul Malik (2011), make sure that you are surfing web when others are around. iii. Reduced Physical Activity Since students relay so much on internet, they are tent to spend a lot of time with. Without noticing that they are actually wasting their time. But, the bad part of it is it can affect student physical problems or health. So it is very important to them to avoid it so because prevent is better that cure. There are many ways to overcome it. First, get yourself busy with other activties rather than finish your time on the internet, such as going for a movie with your friend, sports and others. Socializing is very important. The most important of it is, get some exercise to make yourself fit or get sweet. You also can have a hobby such as playing football, badminton, swimming and others. With it, it will divert your attraction from internet. Because if we spend continuously on the internet, we might get obesity. iv. Cyber crime Many students involve in internet crime and it affect them very much. They can take measures to decrease their risk of becoming the victim of cybercrime by adhering to a few simple Internet usage ways of rules. First, you must always remember to log off and shut down your computers when they are not being used. Cyber criminals often scan networks searching for â€Å"always on† computers, which they consider readily accessible and unattended targets. By minimizing the amount of time computers are powered on and connected to the Internet, people can reduce their vulnerability to hacking attacks. (Scot Huntsberry 2012) Next, Scot Huntsberry (2012) mentioned that users have to install and maintain both antivirus and firewall programs. These applications serve as a first line of defence against viruses and other malicious computer programs designed to circumvent security features within computers’ operating systems. Additionally, operating system developers regularly release updates or â€Å"patches. To increase your computer’s security, you should install these updates as soon as they become available in order to avoid cyber crime. users should never open or download email attachments from unknown senders because cyber criminals frequently disguise malicious software as images or documents attached to email messages. ( 3327 words ) Reference 1. Abhijit Naik, (2011). Facebook Addiction. [Online]. Available: http://www. buzzle. com/articles/facebook-addiction. html 2. Abdul Malik Mujahid (2011). 29 Tips for teen on how to handle Pornography. [Online]. Available: http://www. oundvision. com/info/life/porn/15tips. asp 3. Allen B. Ury, (2009). How To Do Research On The Internet. [Online]. Available: http://news. everestonline. edu/post/2009/07/research-on-the-internet 4. Ashwini Ambekar, (2008). Advantages and Disadvantages of the Internet. [Online]. Available: http://www. articleswave. com/computer-articles/advantages-and-disadvantages-of-the-internet. html 5. Charlotte Raynor Piiggush, (2008). What is cyber crime. [Online]. Available: http://www. helium. com/items/1179046-cybercrime-internet-internet-crime-computer-crime-computer 6. Cody Hodge, (2010). Advantages Of internet Banking. [Online]. Available: http://www. helium. com/items/1926616-advantages-of-internet-banking 7. Deepa Kartha, (2010). Computer Addiction. [Online]. Available: http://www. buzzle. com/articles/computer-addiction. html 8. Edward James, (2010). The Advantages Of The Internet. [Online]. Available: http://www. helium. com/items/1860355-the-advantages-of-the-internet 9. Kaiz Kairen, (2009). 10 Most Comman Uses Of Internet. [Online]. Available: http://www. sooperarticles. com/internet-articles/10-most-common-uses-internet-19405. html 10. Jayashree pakhare, (2011). Advantages and Disadvantages of the Internet. [Online]. Available: http://www. buzzle. com/articles/advantages-disadvantages-internet. html 11. Jane Demerica, (2009). Negative Effects of the Internet. [Online]. Available: http://www. helium. com/items/1357121-negative-effects-of-the-internet 12. Joanna Saisan, et al. (2012). Internet and Computer Addiction. [Online]. Available: http://www. helpguide. org/mental/internet_cybersex_addiction. htm 13. Katy Linsao et. Al. (2012). How to deal with porn addiction. [Online]. Available: http://www. wikihow. com/Deal-With-Porn-Addiction 14. Leena Palande, (2011). Morbid Obesity Causes. [Online]. Available: http://www. buzzle. com/articles/morbid-obesity-causes. html 15. Elisabeth Deffner (n. d. ). The Pornography Problem. [Online]. Available: http://www. listenmagazine. org/article/37/archive/the-pornography-problem 16. Lifesitenews. com, (2002). Study Proves â€Å"Pornography Is Harmful†. [Online]. Available: http://www. lifesitenews. com/news/archive//ldn/2002/mar/02031203 17. Matt Bird, (2009). Negative effect of the Internet. [Online]. Available: http://www. helium. com/items/1494952-negative-effects-of-the-internet 18. Mansi Chitranshi, (2009). Benefits of Shopping Online. [Online]. Available: http://www. articleswave. com/shopping-articles/benefits-of-shopping-online. html 19. Matt Remley, (2010). The Advantages Of The Internet. [Online]. Available: http://www. helium. com/items/1938399-advantages-of-the-internet 20. M. J. Joanchim, (2010). Internet email crime and security information. [Online]. Available: http://www. helium. com/items/1952123-cyberstalking-email-crime-internet-crime-fraud-identity-theft-internet-crime-prevention 21. Rahul Pandita, (2011). Negative Effects of Internet on Children. [Online]. Available: http://www. buzzle. om/articles/negative-effects-of-the-internet-on-children. html 22. Ram Gupta, (2012). Real Benefits Of Online Shopping. [Online]. Available: http://article-niche. com/launch/Real-Benefits-Of-Online-Shopping. htm 23. Scot Huntsberry, (2012). Avoid Becoming a Victim of Cybercrime. [Online]. Available: http://www. freedomfromfearmagazine. org/index. php? option=com_content;view=article;id=310:avoid-becoming-a-victim-of-cybercrime;catid=50:issue-7;Itemid=187 24. Stephen Cook, (2010). The Advantages Of The Internet. [Online]. Available: http://www. helium. com/items/1941715-the-advantages-of-the-internet 5. Shashank Nakate, (2012). Advantages and Disadvantages of email. [Online]. Available: http://www. buzzle. com/articles/advantages-and-disadvantages-of-email. html 26. Uttara Manohar, (2011). Internet Crime. [Online]. Available: http://www. buzzle. com/articles/internet-crime. html 27. Vinci Rufus, (n. d. ). Computer And Video Games: The Pros and Cons. [Online]. Available: http://www. buzzle. com/editorials/2-27-2004-51038. asp 28. Vibhuti Arora (2006). 10 Good things about the internet. [Online]. Available: http://gulfnews. com/life-style/people/10-good-things-about-the-internet-1. 24548 . . Benefit and Disadvantagers of Internet For them, it can enormously help their studies. According to Allen B. Ury (2011), for doing high school or college research, Internet is an essential tool. We can find valuable material on practically any subject within minutes if not seconds by skillfully using Internet search engines and subject directories. By knowing how to effectively search for and cite reputable Web sites can be an essential part of their academic success for those students who taking courses online. As mentioned by Rahul Pandita (2011), Internet has proved to be one of the most innovative inventions for us. It has made its presence felt in every sphere of our life, be it economy, society, health care, spirituality, etc. Prominent among its benefits is the impact it has had on the education sector. Rahul Pandita (2011) also said that students can now gain access to innumerable research papers, apart from getting latest updates in the field of science, technology and almost everything in conjuction of education. But as they say, â€Å"With great power comes great responsibility†, Internet has created new challenges for the society and most threatening among these is the impact it has had on student and children. Young people love to use computers rather than read a book. Web pages  are much more up-to-date than old text books that were previously used for studying, so not only is the information accurate, but it is also designed to engage  students  in a way that they find entertaining. The Internet also allows  students  to research and learn about topics that would previously be unknown to them due to lack of resources. Some schools do not  provide  every single book on a specific subject, but with the Internet, the learning possibilities are limitless, everything is just in their finger tips. The purpose of this task is to discuss about â€Å"The benefits and detrimental effects of Internet on students†. The benefits of internet to student There a few of benefits of internet toward the student : i. A tool to gain information. These days, student’s life without internet is very difficult. They do a lot of work by using the internet especially in searching for information. This is because, gaining information from internet is much more easier than those old books, it can shorten our time. Get online information is the freest way in the world. Nowadays, people need to understand more and more. They want to know the newest news. According to Jayashree Parhare (2011), any kind of information is available on the internet as long as on it is any topic under the sun is. It can be done by using the search engines such as Google, Yahoo are at your service on the internet. There is huge amount of information available on the Internet for just about every subject known to man, ranging from government law and services, trade fair and conference, market information, new ideas and technical support, the list is simply endless. According to Ashwini Ambekar (2008), students can use this wealth of information to learn new things about the subjects they are interested in and for their school projects or research and it is particularly relevant. In addition, this internet is a blessing for many schools and universities that are now able to accede projects and work to the students and follow their progress which is can be easily posted on the school or university websites So, since internet provides almost everything, students can use it to help them or to make their work easier on doing research or looking for any information. i. Communication. Communication is very important to a student, and internet one of the way that make student’s communication easier and faster. As a student, they need to see their lecturers, send or submit their task and assignment by hand, call someone by using cellphone which is wasting their money, time and energy. With internet has opened up new avenues for communication, acc ording to Ashwini Ambekar (2008), email facility let people to communicate with somebody with minimum wastage of time. As Matt Remley (2010) said in his article, It is now possible to send an instant message and also voice messaging to any part of the world through a simple email address and the message is delivered in a matter of seconds. According to Stephen Cook (2008), by using the Internet, there are many type of ways that people can get connected with one another. For examples, email, chat, forums, social networking sites, and real-time  video chat websites. Stephen Cook (2008) also mentioned that the Internet is truly spectacular in how it allows us to get in touch with one another which is you can easily talk to anybody on the other side of the world. With this kind of facilities, students will have more time to do other works rather than finish their time on something that can waste their time. iii. Online services. Online service is one of the greatest benefit of internet towards the student. It can make student’s life easier. There are many types of online services, for example online shopping, online banking and others. Online banking is very useful, according to Edward James (2010), you can access your account within 5 minutes, make a payment, request a cheque book. It is not only for those who doing businesses only, but also to anybody who has an account saving. Furthermore, we can set up direct debits and standing orders, cancel direct debits and standing orders, view historic statements. The list is endless. The best part of it is according to Cody Hodge (2010), when you do your banking online, you are going to skip the drive and just get a phone call after submitting a query to the bank. What sounds easier to you is we don’t have to wasting our lunch hour to go to the bank. Next, according to Ram Gupta (2012) in his article, when online shopping was introduced, shoppers feel that involving themselves in it is a risky affair and uncomfortable to reveal their personal information such as credit cards details. But today, things have change and shoppers became confident to use it and get anything under the sun after realize the benefit of it especially to students. There are a few advantages of online shopping according to Mansi Chitranshi  (2009), online services give you variety of choice and also offers us an extensive range of selection. Not only that, but it also available for 24 hours a day which lets you shop anytime, this is very meaningful to student since time is very precious to them. Last but not lease, Mansi Chitranshi (2009) also said that you can find radically lower prices and cheapest deals with online purchasing. iv. Entertainment According to Kaiz Karen (2009), on internet we can search all types of entertainment from watching films to playing games online. Almost anyone can find the right kind of entertainment for themselves according to their taste. When people surf the internet, there are numerous things that can be found on it. Start from music, hobbies, news and more can be found and shared on the Internet. The best part of it which is love by the students is there are numerous games that can be downloaded from the Internet for free without any charge at any time. As Vibhuti Arora (2006) said we can read those funny e-mails from friends or that have been provided by the internet. Not only that, but you can make all your friends around the world laugh. Even if you are not good at cracking jokes, you can simply download them from the internet and forward them to your friends. This kind of entertainment is important to a student. The detrimental effects of the Internet on students i. Web Addiction. Many students find that internet help them a lot in conjunction of helping them to make their learning easier or use it as a tool to find some information. But without noticing, they are actually wasting their time. According to Joanna, Melinda smith and Lawrence Robinson (2012) in their article, people who in unpleasant feelings such as stress, loneliness, depression, and anxiety, they will turn to the internet just to make them feel better. Joanna, et al. 2012) also stated that the Internet can be an easily accessible outlet when you have a bad day and or to quickly relieve stress or self-soothe or are looking for a way to escape your problems. Losing yourself online can temporarily make feelings such as loneliness, stress, anxiety, depression, and boredom evaporate into thin air and it will definitely drag your time. Lately, internet has provided many social networks such as Facebook, Myspace, Twitter, Blogs and others. This kind of social networks can drag student’s time a lot because when we sign-in into it, they will get stuck on it. According to Jane Demerica (2009), many people that sign up for the internet find themselves spending endless hours chatting, surfing or â€Å"pimping out† their social networks page. This is an unhealthy addiction and you should probably force yourself to get out of the chair and walk away for a few hours. According to Abhijit Naik (2011) in his article about Facebook addiction, facebook provide new friends, games, event plans and many more. While all these activities are enjoyable, you will forget that you have an actual life to live at times you get so used to them. The time you forget about the fact and start spending your precious time on online, then neglecting yourself as well as people around you, and that mean you are now suffering from this addiction disorder without you notice it. Jane Demerica (2009) also said that, This kind of behavior will disorganize student’s life especially on their schedule. This can lead to unhealthy life for example they will late for their meals which is very important to them, they will be fibrous or not-well taken care because they are too busy with the internet. Last but not lease, as mentioned by Deepa Kartha (2010), student are going ignore their study and it can lead to poor performance at university. ii. Pornography. Jayashree Pakhare said in his article that â€Å"pornography is perhaps the biggest disadvantage of internet. It allows you to access and download millions of pornography photos, videos and other X-rated stuff. Such unrestricted access to porn can be detrimental for children and teenagers. It can even play a havoc in marital and social lives of adults especially to students† (2011). Studies have shown that almost every men and most women have been exposed to pornography as told by Lifesitenew. com (2002). According to Elisbeth Deffner (n. d. ), there were plenty of opportunities for people to view pornographic images or read pornographic material before the Internet became so prevalent which from videos, magazines, and books. But as for now, people can easily access pornographic Web sites in the privacy of their own homes. It’s part of a larger issue called â€Å"sexual addiction,† which is â€Å"any kind of sexual behavior that a person continues to engage in despite negative consequences† says Dr. Omar Minwalla, the clinical supervisor at the Sexual Recovery Institute in Los Angeles. Pornography is like drugs, once we get use to it, we will definitely get addicted by it and for sure will give many disadvantages toward the students. According to Joanna, et al. (2012), students can adversely affect real-life relationships, career, and emotional health by compulsively spending hours on the Internet viewing pornography or engaging in other cybersex activities. It could increase the percentage of misbehavior and these leads to adultery, free sex, and even worst child abandonment. As mention by Rahul Pandita (2011), it can cause them to became either sexually-deviant or sexually-addictive, these phenomenon also course the increase of prevalence sexually transmitted diseases among teenagers especially to a student. He also mentioned that the pornography that is present on the Internet promotes irresponsible sex and creates false notions in the minds of students. According to Stephen Rampur (n. d. ), Individuals who are addicted to this type are mostly teenagers and youngsters. It can have an adverse effect on a child’s attitude towards relationships. People who are addicted to online pornography spend hours watching or downloading porn. iii. Reduced Physical Activity According to Rahul Pandita (2011), since internet provides a lot of games and available to play, it has made most student to shut all outdoor activity. If students are lack of physical activity, they can easily fall prey to a lot of lifestyle related diseases for example obesity, apart from failing to develop interpersonal skills. Rahul Pandita (2011) also mentioned that by sitting continuously in front of a computer screen fot couple of hours can seriously and put a strain on our neck and shoulders and damage our eyes. These factors can create life-long problems for them. As Leena Palande (2011) said, when students are busy with the internet, they will definitely lack of exercise and it is the main morbid obesity causes. student spend most of their time in front of the the computer playing video games or computer games and chat day and night, surfing on the Internet which can lead to possibility of gaining weight. Leena Palande (2011) also mentioned, not only student, Even adults also have to spend most of their time in front of a computer, since computers have become an invariable part of every profession, business, organization and education. Use of machines in every field has reduced physical activity significantly. According to Vinci rufus (n. d. ), students are tent to spend a couple of hours in front of the monitor non-stop and not going out could also cause social problems, the most bad part of it,it will make us shy and introvert. Those who stuck to their machines all day aren’t getting any exercise. As such their bodies start to be fail, especially when they opt for quick-fix meals that aren’t terribly nutritious. This extends to personal hygiene, as well, as we tend not to notice our own stink, said by Matt Bird (2009). v. Cyber-crime Cyber or internet crime can affect students’ life. There has never been a set in stone definition of cybercrime. According to Charlotte Raynor Piiggush (2008), the easiest way to difine cybercrime is any illegal activity done through or by using the internet or on the computer. Uttara Manohar (2011) also defined in his article that internet crime is a recently es calating form of crime that started with the rise of the Internet era. Any criminal activities, which is carried out through the Internet or by means of the Internet, is generally termed as Internet crime. According to Uttara Manohar (2011), there are a few types of internet crime. Here is the example of the criminal activity that indirectly can make students life chaotic. First is hacking, hacking is a process where someone attempts to exploit the security settings of a computer system is known as hacking. The hackers can hack into several websites or personal accounts and threaten the security on the Internet. Every day, students are expose to it, email to a student is a must. Sometimes, by using email is one of the way of hacking. According to M. J. Joachim (2010), Hackers use email addresses to change computer codes, often sending out messages with attachments that read and detect personal information, this always happen to students when are transferring things like bank account numbers, passwords and all sorts of personal information that they use for their own purposes. It is not uncommon for hackers to change passwords of their victim’s private Internet accountssuch as facebook account, email and others, making it impossible for victims to access their own information, simply by obtaining an email address from their prey. Another cyber crime is viruses. As mentioned by Shashank Nakate (2012), These are computer programs which have the potential to harm and give damage to a computer system. According to M. J. Joachim (2010) also said viruses cause millions of dollars in damage, lost data and computer contamination each year. A simple email address is all it takes for savvy cyber criminals to implant dangerous viruses and spread them throughout the Internet. Suggestion Eventhough internet gives us a lot of pleasure and make our life easier, but there will always the side effect of it. If we did not monitor it properly and carefully, it will definitely make us suffer one day and then give damages to our life especially to a student. Since students is one of the biggest user of internet, they are the person who easily receive the impact. Thus, it is very important to them to know how to cope and avoid these problem. Here is some suggestion on how to combat it. i. Internet addiction One of the biggest problem of internet is web addiction. Internet can drag our time unnoticeable. As mentioned by Elizabeth Hartney (2011), one of the way is by knowing the symptoms of Internet addiction. Knowledge is the greatest thing, and knowing all the symptoms of internet addiction will make you to evaluate your own online behavior and be aware of any symptoms that might be dragging your time. Elizabeth Hartney (2011) also emphasize to monitor your own internet usage and behavior. keep track of your internet behavior with my internet tracking form. Use the guidelines that come with it to evaluate your own internet behavior, not what you see or believe other students are doing. Drea Christopher (2010) propose to learn to limit your time carefully by keeping a timer by the computer and only allow yourself a limited amount of hours to spend on the Internet each day or week. ii. Pornography Since porn becoming more easily available through the Internet, some people may struggle with an addiction to it. So, it is very important to student to avoid it because if they continue with it, it will ruin their physical and also health. According to Katy Linsao, et al (2012) there are a few step on how to avoid it. First, make sure that you know that you are an addict. Then, find something else to do to occupy your time and mind, it is because you will not think about porn. You can manage it by going somewhere or spend time with friends. Katy et. Al. (2012) also mentioned, the best part of it is by find a support group or get qualified therapist who can provide guidance. According to Abdul Malik (2011), make sure that you are surfing web when others are around. iii. Reduced Physical Activity Since students relay so much on internet, they are tent to spend a lot of time with. Without noticing that they are actually wasting their time. But, the bad part of it is it can affect student physical problems or health. So it is very important to them to avoid it so because prevent is better that cure. There are many ways to overcome it. First, get yourself busy with other activties rather than finish your time on the internet, such as going for a movie with your friend, sports and others. Socializing is very important. The most important of it is, get some exercise to make yourself fit or get sweet. You also can have a hobby such as playing football, badminton, swimming and others. With it, it will divert your attraction from internet. Because if we spend continuously on the internet, we might get obesity. iv. Cyber crime Many students involve in internet crime and it affect them very much. They can take measures to decrease their risk of becoming the victim of cybercrime by adhering to a few simple Internet usage ways of rules. First, you must always remember to log off and shut down your computers when they are not being used. Cyber criminals often scan networks searching for â€Å"always on† computers, which they consider readily accessible and unattended targets. By minimizing the amount of time computers are powered on and connected to the Internet, people can reduce their vulnerability to hacking attacks. (Scot Huntsberry 2012) Next, Scot Huntsberry (2012) mentioned that users have to install and maintain both antivirus and firewall programs. These applications serve as a first line of defence against viruses and other malicious computer programs designed to circumvent security features within computers’ operating systems. Additionally, operating system developers regularly release updates or â€Å"patches. To increase your computer’s security, you should install these updates as soon as they become available in order to avoid cyber crime. users should never open or download email attachments from unknown senders because cyber criminals frequently disguise malicious software as images or documents attached to email messages. ( 3327 words ) Reference 1. Abhijit Naik, (2011). Facebook Addiction. [Online]. 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Hospice A Nurses Role - Essay Example Hospice care originated in England in 1973 and was filtered in to the United States through the knowledge of an over whelming need for services that could provide more extensive, and compassionate nursing care for terminal patients (The Hastings Report 2003). According to The Hastings Report (2003), hospice care was originally designed to bring more comforting and specialized regimens to patients who were diagnosed with aggressive forms of cancer. However, through time, the program transformed and adapted to the many changes in the medical care system. Its berth widened and recognized the fact that there were patients suffering from other terminal illnesses that could benefit from the hospice care program as well. Hospice services actually have an extensive range and the program includes specialties in professional nursing care, personal assistance with activities of daily living (ADL's), various forms of rehabilitation therapy, dietary counseling, psychological and spiritual counseling for both patient and family, volunteer services, respite care, provision of medical drugs and devices necessary for palliative care, and family bereavement services following the patients death (The Hastings Report 2003). ... As was briefly mentioned, this is a program that can be found in many areas of the medical world. One of the more vast areas where hospice care is utilized the most is in elderly care facilities, and communities. Age brings disease and hospice care nurses are trained to meet a large variety of the needs of patients who suffer with a myriad of deteriorative illnesses, such as can be found in the elderly community (Trail-Ross 1998). There are quantifiable factors found that point to a stronger need for hospice care in the elderly population, as well as other medical facilities that are outside of a direct hospital environment. One of the key issues that are evaluated when attempting to determine a need for hospice care focuses on how well a person can function on their own. Hospice care nurses carefully asses the functional states of every potential patient they might acquire (Trail-Ross 1998). ADL's are essential in understanding if the needs of a specific patient are going to be appropriately met with hospice care. The World Health Organization draws their own conclusions as to what extent hospice care might be needed, but it is the hospice care nurses themselves who know the exact percentile of need since they have direct contact with the patients and are aware of where their patients ADL levels are at (Trail-Ross 1998). Another area that is analyzed is the ability a patient has with their IADL's, which are m ore complex than basic ADL's. Within this realm, a hospice nurse might find he or she is of more benefit to the patient by offering help with tasks such as cooking, shopping, cleaning house, and even managing the patients'

Grammar check Essay Example | Topics and Well Written Essays - 750 words

Grammar check - Essay Example Therefore, to be successful in the market place, the challenges for all businesses regardless of the size is to invest and strategically manage their human resources. This paper presents a study on the human resource management practices at the Al Rajhi bank in Saudi Arabia. The study was conducted using both the secondary and primary research methods. Qualitative analysis of the information collected leads to the inference that the bank has excellent human resource practices, which is guided by a deliberate overlapping of the business initiatives with the employee training needs for the organizations. The study has stated certain recommendations based on the findings of this study. These are aimed at improving the bank’s performance in the future. Table of Contents Chapter One 4 1.1 Introduction 4 1.2 Background of the study 5 1.3 The Al Rajhi Bank Company outline 6 Divisions of operations 7 1.4 HRM practices of Al Rajhi bank 9 1.5 Objective and scope of study 9 Primary objec tive: 9 1.6 Limitation of the study 10 Chapter Two 11 2.0 Literature Review 11 2.1 Saudi Arabia banking sectors: 12 Saudi Arabia experiences one of the fastest growths in the global banking industry. Even in the time of global financial turmoil, Saudi Arabia banking industry had shown impressive year-on-year growth results. The Saudi Arabia banking has strong credit growth, averaging 14.4% in 2012, and deposit grew 7.9% YoY, customer lending grew at 18.3% yoy, while corporate lending has growth of 10.6% at the same period. The Saudi Arabia banking sector has middle-sized financial sectors according to the IMF. The Saudi Arabia banks have a trend of adequate capitalization, and a good loan-to-deposit ratios and low exposure to foreign debt and toxic loans. All these positive results related to gaining astounding benefits from relatively high oil prices. 12 Figures: Saudi economic & banking sector growth 12 Saudi Arabia has a modern banking industry with 13 commercial banks that provi de retail and corporate banking, investment services, derivative transactions, credit cards, ATMs and point-of-sale transaction. There are also non-Islamic banking that provides Islamic banking services that are consistent with the principles of Islamic law, which prohibit the collection of interest on deposits and trading in financial risk. 13 2.2 Human Resource Management (HRM) 13 2.3 Employees Training and Development at Alrajhi bank 14 2.1.1 Employee Training 14 Leadership and management skills 15 Personal effectiveness 15 Phases of Training at Al Rajhi bank 15 Trainings at Al Rjhi conducted an internal and external session. Internal training involves when training organized in-house training through human resource department or training department using a senior staff or talented staff in a particular department. The external training normally arranged outside the firm and mostly organized by training institution and consultant. Whichever training, attendant is mandatory for al l employees. 15 Orientation program 16 Training issues and problems 17 2.4 HR planning 18 HR Planning refers to the procedure that comprises of setting of aims and objectives, budgeting, conducting planning that is strategic in nature and execution as well as assessment of programs (Durai 109). One of the main tasks of HR managers is to forecast the

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The dangers of smoking - Assignment Example These are some of the reasons as to why smoking among teenagers has increased. There are many dangers arising from smoking. Some of the dangers of smoking are short while others are long-term. These dangers may include health risk, addiction, economic aspect, side effects, financial burden and psychological effects. This paper seeks to focus on the dangers of smoking. Smoking cigarettes have devastating consequences in pregnant women. The number of women engaging in smoking continues to rise in not only United States but also the rest of the world. Smoking in women affects the development of child in their body especially in their body composition and development. Cigarettes have been shown to contain chemicals that are detrimental to the human body. For example, nicotine and tar found in cigarettes may lead to reduced development of the limbs in children born of pregnant mothers. In addition, such chemicals may lead to stillbirth or premature birth. Such consequence may lead to incr eased spending as some of the corrective measures are undertaken on such children. Furthermore, women who engage in smoking find it difficult in getting pregnant. They are also likely to have ectopic pregnancies, vaginal problems, and challenges on their placenta. On the other hand, there is a clear association of significant heart disease and smoking in pregnant women. Women who engage in smoking are also most likely to give birth to small and unhealthy children. Secondly, cigarettes smoking leads to addiction. This occurs due to the presence of nicotine in c cigarette. Once it circulates within the body, it is difficult for the individuals involved disengaging from smoking. Those individual that regularly engage in smoking are faced with challenges of addiction. Moreover, addiction leads to individual engaging to unnecessary expenses. Such individual finds it difficult in controlling their resources. Addicted individuals are also likely to involve themselves in illegal activities such as stealing, and drug peddling. This may occur as they try to find necessary coin to purchase a packet of cigarette and other smoking substances. The generation of addicted individuals is to increase in the future due to the accessibility of cigarettes by teenagers. These teenagers will grow to become addicted adult. However, those teenagers that take part in smoking do not believe that once in the future they will become addicted individuals. In addition, smoking leads to health problems. Those who take part in smoking mostly are faced with health challenges. These individuals are prone to lung cancer. In fact, this has been leading in causing death in various places around the world. On the other hand, those who engage in smoking cough most in their lifetime. Once the cough perpetuates in the body it leads to severe form of lung cancer. Lung cancer has been shown to be because of tar present in the tobacco smoke. In fact, the number of mortalities because of health problem re sulting from smoking has been on the increase. Likewise, smoking leads to depression and anxiety. In fact, this affects individual who wants to disengage from smoking. In addition, smoking makes it difficult for individual to breath. Such individuals are unable to engage in recreational activities such as swimming and running. Consequently, these individuals remain dormant in the rest of their lives. Additionally,

The British involvement in the trade of slaves Essay

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Introduction to Quality Assurance Essay Example | Topics and Well Written Essays - 750 words

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