Organisational behaviour Essay Example | Topics and Well Written Essays - 1250 words

Organisational behaviour - Essay Example Apparently, an organization needs line managers that have their duties at different places in the organization. This ensures there is coordination and execution of all activities is done at the right time. Line managers have a direct impact on the performance of an organization. This is due to their management roles that are involved in production in the organization. For example, the line managers have a role to play in getting all the inputs that will be used in an organization. Collecting such inputs has direct effects on the production in the organization. In addition to this, the line managers have to ensure all these inputs are well taken care of while in the organization. If these inputs are misused, the managers will be blamed for such a mishap. Therefore, they should consider taking responsibility on the inputs that are put in the organization. Secondly, managers have to ensure the outputs in an organization are delivered to the stipulated places (Beardwell and Claydon, 2007 : 16). The outputs of an organization are steadfast in revenue collection. Therefore, when the outputs are given ultimate care, they are likely to increase the revenue of an organization. For example, when the outputs of the organization are collectively relayed to the stipulated places, the organization is not likely to lose any amount of cash. ... In many instances, profits of an organization reduce drastically due to irresponsible line managers. As such, the organization will suffer losses which are as a result of irresponsible line managers. Organizational culture is one aspect that should be given utter respect in an organization. This states the daily routine of an organization which is passed from one generation of line managers to another. The organizational culture of an organizational is an arrangement that states the values and concepts that are respected in the organization. These values explain a lot in terms of organizational performance (Parker, 2005: 21). Therefore line managers have to ensure they give the best in regard to culture. For example, the line managers have to ensure they pass the organizational culture and values to new employees. For example, john Lewis is a retailer that has been in the market for a long time. The retailer has the cultural value of giving high quality products to the market. This i s a cultural expression that should be passed in the next generation. Since its inception in the 1800’s, the retailer has continued to offer high quality products. This states that the organization has been steadfast in sprouting its organizational culture which is offering high quality products and services. Though the line managers and other employees change from time to time, the organization still savors the need to offer high quality products to the market. With such activities, the organization is likely to record a positive performance in the market. Line managers have to ensure there is effective communication in an organization. Communication is as vital aspect in any organization that wants to record a positive performance. First,

Pain management and hypnosis Term Paper Example | Topics and Well Written Essays - 2000 words

Pain management and hypnosis - Term Paper Example In such a way, the analysis will begin by attempting to define hypnotherapy and proceed to discuss the ways in which the practice of hypnotherapy is beneficial to the individual suffering from pain. As a means to accomplish such a task, a variety of medical journals and sources will be utilized so that a thorough and thoughtful analysis can be drawn as to overall efficacy of the practice within the context of medical treatment. The definition of hypnotherapy is of course itself a necessary step in seeking to understand what specifically the practice entails and what it does not. Due to the fact that a great deal of societal misconception continues to exist surround the use and application of hypnotherapy, there remains a great deal of unnecessary and ill-conceived biases with regards to its implementation. For purposes of the medical community, hypnotherapy can simply be defined as, â€Å"the use of hypnosis as a therapeutic technique†. Due to the simplistic nature of the defi nition, it leaves itself open to a broad variety of interpretations. As a means of countering this, hypnotherapy, as discussed in this brief analysis, will refer to the use and implementation of therapeutic hypnotic techniques by a licensed and trained physician. Within the more rigid construct that has been lain out above, one can understand that little room for interpretation of the means by which hypnosis will be achieved as a function of therapy exists. Such a rigid definition is itself highly necessary due to the level of misunderstanding and societal misconception surrounding the term. Though it is not the purpose of this brief analysis to engage the reader as to the incorrect societal and cultural interpretations of hypnotherapy that exist, the reader/researcher should at the very least be mindful of their existence as should the recommending/prescribing healthcare professional. When one considers the applications for hypnotherapy there are vast. Many individuals undergo hypn otherapy as a means to rid themselves of a bad habit, to face difficult or painful memories, or as a means to self enrichment or betterment. Many of these forms of meditation do not have roots in medical treatment (Patterson et al 2010). As such, this is one of the reasons that hypnosis as a therapy has had an uphill battle to achieve a degree of credibility. Whereas when one goes to an orthopedist, there is only one type of orthopedist that is offered - a medically licensed and rigorously trained medical professional. Such is not the same case for a hypnotherapist. Due to the fact that many different levels of hypnotherapists exist, it has been a common misconception that the practice itself is somehow associated with a pseudoscience that provides limited results if any. However, the fact of the matter is that if administered by a licensed professional, hypnotherapy itself can be a powerful tool in seeking to provide a level of pain management that traditional medicinal means canno t and with few if

Animals Idioms in Chinese and English Cultures

Animals Idioms in Chinese and English Cultures Idioms are by all means the crystallization of a language due to its long history and also, they telling demonstration of wisdom of a nation. Chinese and English idioms have their different cultural traits. This paper compares Chinese and English idioms of animals, discusses the influence of cultural differences on Chinese and English idioms and gives some specific approaches to the understanding of Chinese and English idioms of animals. Keywords: cultural differences; similarities and differences; English contrast; idioms of Animals; 1. The concept of idioms of Animals and the reasons for studying the idioms of Animal The English world is just like a Kaleidoscope, also we can treat it as a Labyrinth.Animals and human beingshave been friends since old times. Languages of all kinds of nations own lots of words related to animals and so do Chinese and English. In the development of our society, animal words gradually get their stable meanings in all kinds of languages, namely, people associate their feelings and emotions, even thoughts and natural phenomena with different kinds of animals which are treated to represent different characters like people, or serve as omens. So animals gradually have become a certain kind of symbol in our thoughts, then this symbol rooted in the language at last. So in this world, there is a branch which can not be ignored-the english idiom whose function is indispensable.In this essay, it will focus on one branch of the English idiom, the idiom of animals, because when people use this kind of idiom, sometimes they will feel confused of this kind of idiom, for the reason of the different culture background and emotion towards different animals, people from west and east usually holds different view towards the same animals, but they can also reach agreement sometimes (à ©Ã†â€™Ã‚ Ãƒ §Ã‚ ¦Ã‚ Ãƒ ¦Ã¢â‚¬ ¢Ã‚ 1999) .In the body part, Section 1 shows the different view towards the same animals. Section 2 talks about the same view towards the same animals. Section 3 states the  influences  of  Cultural  factor  on  idioms of animals.From the dictionary, the difinition of idiom is they are by all means the crystallization of a language due to its long history and also, they telling demonstration of wisdom of a nation. Without idioms, especially the idioms of animals.The language can became very dull and we can not express some feelings as vivid as right now. If we use a metaphor way to express, then it is just like the filtered water came from the purer water, the filtered product of a languageidioms, are of high quality. In terms of similar ity, the essay will deal with from the originating from folk life, originating from daily life and originating from custom background.The differences will be foucused on reflecting different geography, reflecting different value concepts and reflecting different religions. 2. The cultural connotation towards the animals in the English culture and Chinese culture The western history begins when the ancestors find and fight for their natural habitat by sailing in the sea, the western people have a complicated mixture of marine culture. During those tough timeof the struggle against with the sea, the western people formed a strong sense of controlness and invasion by force to enlarge their territory. Based on this thoughts, the western culture is marked by the westerners appreciation for competition and enterprise. These differences leads to so many cultural differences. For example, the geographic location, individual values, social awareness, the way of communication and expression.All these thoughts have formed the culture background which effects the idioms of animals. 2.1. An animal word has the same cultural connotation in English and Chinese In both English and Chinese, the same animal words contain the same or similar cultural connotation . All humanbeings are lives on the same planet. People have similar living atmosphere, cognitive ability and psychology;In both Chinese and English, people almost have the same information towards animals. Therefore, they have the same or similar realization and give the same cultural connotation to animal words. People sometimes also hold same views towards the same animals in both English and Chinese, Based on this emotion concept.then the influences have taken effects on the same animals.The intension of idioms of animals can connected with los of background informattion.However, the cultural reasons are difinitely ranks on the top of the list.Based on the aspect of folk life and the aspect of stereotype of thoughts., the study of the same view towards the idioms of the same animals will analyze it. 2.1.1 Discussion from the aspect of the intimacy with the human beings In this world, maybe the dog is the most loyal animal which people from both east and west would love it. But even dog is a favorite animal for most people, we still can find out that the emotion towards dog is a little different.From some popular American folk song, we can find how deep the emotion of the Americans towards the dog, people from the west often treat the dog as one of their family members. In the west, the common name of dog is Fido which extended from the latin word-fides which means faithful (Bakerà ¯Ã‚ ¼Ã…’Mona. 1992). Also lots of people of west name their dogs after their beloved family member, for instance, the ex-president of America, Bill Clinton name his dog after his uncle.So the idioms related to the dogs cames out, just as the top dog means the winner, the big dog means Mr.Big etc.But in the east, the idioms of dogs often have derogatory sense. Discussion from the aspect of religion influence People who learn English might know an idiom of elephant-the white elephant, which means an inanimate possession that is similarly unwanted and hard to get rid of, but too costly simply to throw out or abandon. Another idiom of elephant in english is as thick skinned as an elephant, which means stubborn and Obtuse. However, in the eastern country, the elephant is a symbol of strength and power, in some Buddhist countries, the elephant is also a holy symbol of their religion. 2.1.3 Discussion from the aspect of folk life Both the east and the west treat the pig as a symbol of idleness and stupid.The idioms of pig in the west and the east are all related to the bad side.For instance, Never cast ye your pearls before swine (Christine Ammer, 2005), this idiom means to waste precious words or deeds on the underserving. Another example is you cant make a silk purse from a sows ear, this means you cant turn an underserving creature or thing into one of great worth. Discussion from the aspect of stereotype of thoughts Both the Chinese and English think that the fox stands for cunning, so when English people say He is a fox, the Chinese people can easily catch the meaning of the sentence at the same atmosphere. To the English speaker and Chinese people, the first impression of pig is fat. It also represent laziness and stupidity. Thewolf is one kind of fierce wild animal in the forest. So its natural instincts are avariciousness and fierceness rooted in peoples minds. So we often hear some of the same expressions in English and in Chinese, such as a wolf in a sheeps clothing or cry wolf. In addition, when wolf is used to refer to a person, it means a man who always ready to make unsual advances to a woman. Therefore, in English, there is an idiom a wolf whistle (Christine Ammer, 2005). 2.2. An animal word has different cultural connotations in English and Chinese It can be seen that the cultural connotations of animal words in different languages in a subject to be further probe and the contrust and analysis of cultural connotations of animal words between English and Chinese. It is clear to get the conclusion that animal words is not only reflects the real animal but also get special cultural connotations of different cultures ( Bakerà ¯Ã‚ ¼Ã…’Mona. 1992) .Gnerally speaking, if people want to get a good knowledge of animal words, they must try their best to grasp the connotations of these words especially the cultural connotations, so they should have a comprehensive knowledge in order to understand the cultural differences in this task. People can be deeply acquaint with the cultural convention and living customs, then they can communicate with English speaking people naturally and easily. These idioms are given the same cultural meaning from their features, so in both English and Chinese, they can understand each other directly and easi ly no matter in cross-cultural communication or not. Meanwhile, with more and more communication, lots of new words come into both languages. We can find some idioms of animals with even the same images and the same intonations. 2.2.1 Discussion from the aspect of usage in daily life At first, doney is called ass which refer to the stupid and stubborn things and person.In the Aesops Fables, there is an ass in a lions skin, the other animals thought the lion is coming, and run away quickly.the donkey felt proud, but a fox know its not a lion, but a donkey, so the fox mocked the donkey (Nida, 1975). In English, an ass in a lions skin means to act/play the ass or to make an ass of onself. In the western culture, donkey is a symbol of foolishment, the ass wags his ears means the fool pretend smart. However, in the culture of east, people thought donkey is industrious, whats more, people dont need to look after them too much. 2.2.2 Discussion from the aspect of value concepts There is a paragraph taken from the Bible, the main ideal is when people come to this world, the God will choose the good from the bad. From this, we can get to know that the goat refers to the bad, from the time of the Bible, people realized that the value of sheep is more than the goat, so in English, the goat means the bad people or the Satyr. Let us look at the idiom of goat, for example, If beards were all, then goats would preach. This means old age does not necessarily betoken wisdom. In the east, people thought the goat is good, they take the advantages of the goats meat and skin, the goat has lots of usage (Smith, 1957). 2.2.3. Discussion from the aspect of custom background This is another good example of this essay, in the east, people think the bull is brave and industrious. Take the chinese people for instance, from the old times, people begin to use the bull to plow the fields.nowadays, the bull is still being used in the countryside, so the chinese usually use the bull to describe the industious people who work very hard and practical. Whats more, they also use the bull to describe the peole who seems very strong and healthy. In the west, people raise the bull in order to get the milk and meat, they did not use the bull in the agriculture too often. So in the west, the bull is refer to the fool, the people who are rude (Nida, 1975). For example, the bullhead means the stubborn.Irish bull means ridiculous way of saying. 2.2.4. Discussion from the aspect of geography influences From the day that can be recorded, horse is served to the human beings. No matter in the day of peace or the time of war, horse plays a very important role in every fields.Horse is an industrious animal. In the English, there are lots of idioms about horse, and the complimentary sense is basically the same.When it does not want to do something, then even you force him to do something, it still not works. In the east, people has the same way of saying. Among all the animals the horse may be the most sensible creature. She seems to understand men better than men understand them. If you are a careful observer, then you can find out that horse is always looking at its master. Knowing whatever feeling her master has. Apart from the horses sensitivity it always works without complaining. This is one of the reasons why Americans like to encourage other people to work as hard as a horse. It reminds us of the saying that we cannot force other people to do what we wish them to do without their content, of course. Without these expressions we can hardly find any means to let others know how we feel and what we think (Christine Ammer, 2005). 2.2.5 Discussion from the aspect of value concepts Fly is just like a mote in peoples eyes, they are noisy and dirty. So people use the fly in the ointmeny to express a trifling annoyance that spoils ones enjoyment. In the eyes of peole, they just treat the fly as some pests, so a fly on the wall means an unseen witness to a private situation, etc (Christine Ammer, 2005). 3. The  influences  of  Cultural  factor  on  idioms of animals They reflect the relationship between language and culture. Human beings common social activities are in many aspects similar, so English and Chinese idioms of animals have similarities. Because of the cultural differences, English and Chinese idioms have differences in their detailed contents. Now the essay will list two main cultural impacts on the idioms of animals (à ¦Ã‚ ­Ã‚ ¦Ãƒ ¤Ã‚ ¸-à ¨Ã…  Ã‚ ±, 2003). 3.1 Similarities between English and Chinese idioms In both the English and Chinese, the idioms of animals are descriptive when they are aim to convey the right meanings. A western scholar once said that between two languages, chances are against it that there is a equivalence of phrases and sentences, only a few exceptions. Idioms are just one of those reasons to this are that human beings live on the same environment, confined to the same objective restrictions.From these aspect, it can be concluded that there is a common union of the sameness of the thoughts and emotions in human being of defferent parts in the whole world. 3.1.1 Originating from daily life Idioms are the common reflection of peoples daily life and experience, whats more, they are closely related to the practice of peoples daily life and work, revealing a universal truth from details so as to enlighten people. There are many idioms refined from the folk life. These idioms are created by working people, for instance, the farmers, workmen, businessmen, hunters, Soldiers and so on. They use familiar terms that were connected with their own life experience. 3.2 Differences between English and Chinese idioms Language is a medium of the culture in each nation. Generally speaking, the differences between English and Chinese idioms are the result of different cultural reasons. The Chinese Culture stress on the part of argriculture which has cultivated from generation to generation and is what our basic condition of life is attached to. Growing up in this land-foucused notion, the chinese people have long been dedicated to their homeland, they are able to feed themselves by raise the argriculture, in result, they thought of expansion and invasion of other nations is never of their concern. 3.2.1 Reflecting different geography Geographic Position. Lots of idioms of animals share the features of its surrounding environment. Nations geographical environment is a pattern that a language and culture have been developing. The geographical characteristics of the country are reflected in the national language in general and idioms in particular. The England is an island country which located in the western seaside of Europe. English people live by seaside and their life naturally connected with the industry of sailing and fishing. So many English idioms of animals are related to the creature in the sea. 3.2.2 Reflecting different value concepts The differences between Chinese and western value concepts mainly lie in the individualism and collective.The Westerners believe that everyone share the equal rights. They adore to the freedom and equality. Many English idioms of animals show Americans advocating of this aspect. Idioms are the essence of a language. They are closely related to a nations culture and enjoy great cultural values. They reflect the relation between culture and language. Each nation has its own geography, history, religion and social attitude. Because of the cultural generalities and differences (à ¦Ã‚ Ã… ½Ãƒ ¥Ã‚ ½Ã‚ ©Ãƒ ¦Ã‚ ­Ã…’, à ¥Ã‚ ¼Ã‚  Ãƒ ¥Ã‚ Ã… ½Ãƒ ¦Ã‹Å"Ã… ½, 2002), English and Chinese Idioms have their similarities and differences. They are permeating and interfusing each other. So a comparative study of them can help us to learn a language well and understand the true meaning of others word in cross-culture communication. 3.2.3 Reflecting different religions Religion is a very important theme of culture. Different religions reflect different cultural thoughts, different cultural backgrounds and different cultural customs. Religion is a cultural phenomenon. Sometimes, the idioms of animals are closely related to theaspect of culture, just like the example of white elephant list above. So idioms can reflect the different religious background information. English and Chinese people share different religious faith. Different religions lead to the differences between English and Chinese idioms of animals. 4. The value of study on idioms of Animals in both Chinese culture and English culture The similarities and disfference between English and Chinese idioms lies deeply in the cultural background. 4.1. The importance of studying idioms of Animals Learning a foreign language, especially the idioms of animals is a long way and we need to pay a lot of attention and efforts, what we should know is that we cannot and should not learn a foreign language in a very short time, so does the idioms of animals learning. The learning and using idiomatic appropriate is very difficult for non-native speakers, especially when we learn the idioms of animals, after we have a clear view of the culture background information of these idioms, we can have a better understanding of this area, and for this reason we need to learn it gradually, only in this way, we can handle them easily and effiently. 4.2. Consideration of the eassy This article should be an enlightment to all of us that when welearning English idioms of animals, we are supposed to grasp the cultural background in mind in order to acquire better learning. Whats more, the study of both English and Chinese idioms shed lights for our studying of the thinking patteren of both languages, which is of central essence for our learning purpose. Moreover, the analysis of origins causing different idiomatic expressions and cultural differences in this article can provide a way for us to understand idioms correctly and use them in cross-cultural communication precisely and accurately.

Privacy in the Workplace Essay -- Employee Privacy Monitoring Workplac

"Privacy. There seems to be no legal issue today that cuts so wide a swath through conflicts confronting American society: from AIDS tests to wiretaps, polygraph test to computerized data bases, the common denominator has been whether the right to privacy outweighs other concerns of society†¦" This quote from Robert Ellis Smith explains, in one sentence, the absolute need to ensure privacy in the workplace. One of the most interesting, yet controversial, areas concerning public personnel is employee privacy. What limits are there to employers’ intrusions into, and control over, employees’ behaviors and personal properties? There are five major areas which trigger privacy matters in the area of public sector employment: background checks, cognizance of off duty conduct and lifestyles, drug testing, workplace searches, and monitoring of workplace activity. Of these five, the fifth area of privacy, monitoring of workplace activity, is the most controversial. The reason for this is the advance of technology. These conflicts open anew the basic questions as to what is private, what is propriety, what legal rights an employee possesses, and what an employee’s obligations and responsibilities are within the sphere of public employment. Privacy has been defined as "the claim of individuals, groups, or institutions to determine for themselves when, how, and to what extent information about them is communicated to others". The privacy claims of employees can vary in terms of the privacy interest involved and the conception of a need for privacy. In terms of background checks, the issue of autonomy is presented. Autonomy involves ones own personal and individual liberties. Autonomy embraces areas of central life choice and lifestyle that are important in terms of individual expression, but irrelevant to an employer and of no public concern. It has been associated with marital and other intimate relationships, home and family life, and association and reproductive choices. Employees have raised issues of employer intrusion into this area where the employer makes employment decisions on the basis of something in an employee’s personal history, or conditions employment on appropriate responses to inquires about per sonal activities which are not job-related. An employer may have interests which permit some limited intrusion into this area, if the behavior involves m... ...duals from fear, abuse and annoyance when it upheld the constitutionality of 47 U.S.C. 233, which makes the communication of obscene or harassive phone calls a federal crime. Employers have no less a responsibility. The responsibility is reinforced through anti-discrimination statutes like Title VII of the Civil Rights Act of 1964, which has been interpreted to prohibit direct harassment and creation of hostile environments in the workplace. The U.S. Constitution gives substantial protection to privacy in the home, but not where Americans make a living. To make up for federal inadequacy, some states have enacted their own privacy statues. Federal law takes precedence, but where state laws provide greater protection, employers are usually subject to both. Several states have banned various activities, including the paper-and-pencil honesty test, which have not been scientifically validated. No state gives strong privacy protection to workers using e-mail, voice mail or telephone, nor does any state prohibit intrusive psychological testing. Unless or until national workplace laws can be passed, state laws will continue tp provide only spotty overall support for worker privacy.

Food Security Bill

Food Security Bill: Good politics to deliver bad economics A bill duly tabled in Parliament promises to give legal right to subsided food to two- thirds of the country 1. 2 billion population. The ambitious proposal should be seen in the context of India being home to roughly one third of the world's poor; where over 70 per cent of children are malnourished and about 10 million or more people die of chronic hunger or hunger-related diseases every year.The Food Security Bill, the PUPA-l's flagship scheme, envisages the distribution of heat, rice and coarse grains at Just RSI 2, RSI 3 and Reel a kilo each to about 65 per cent of the population ? 75 per cent of them in rural areas and the rest in cities and towns. Add to that, some entitlements to ‘special groups,' like destitute or homeless persons, who will be entitled to at least one meal a day. Through this world's largest experiment of providing food grain to poor, the government plans to double its food subsidies to 2 per ce nt of the GAP.If the government machinery is able to deliver on Congress chief Sonic Sandhog's pet project, it could mean the end to country widespread malnutrition and poverty elatedly soon! â€Å"It's a most thoughtful and timely action, in the light of coming UP elections and thereafter the 2014 general elections,† said Proof B B Apothecary, eminent economist and former vice-chancellor of Charlatan Nehru University. Then what is the glamour all about?Why are some people hell-bent on opposing it? The general view is that if the government can pull it off, it can be the biggest trump card for the PUPA government, at a time when nothing seems to be working in its favor at the moment ? neither politics nor economics. Bad economics But, one very important factor worth taking notice is: the scheme can severely impact on Indian's economic growth prospects, should the populist measure be brought into force.The proposed Food Security Bill came on a day (Thursday) when the Reserve B ank of India also came out with its Financial Stability Report, which categorically states that Indian's inflation risk remains high and a slowdown in revenue collections and higher spending on subsidies may make it challenging for the government to achieve the fiscal deficit target of 4. 6 per cent of the Gross Domestic Product (GAP) this financial year (2011-12).It also said that Indian's trade deficit for this fiscal is expected to widen sharply to between $1 55 billion and $160 billion from a little above $104 billion a year ago. Should the bill be passed and implemented. But, it is the trade deficit, which will soar manifold since the government will have to resort to large scale import of food grain as our own grain output is not adequate to handle such a voluminous expenditure programmer. It will worsen the fiscal deficit situation, but more than that it is Indian's trade deficit which will be hit hard as the programmer will require 70-80 million tones of more DOD grain every year. India obviously does not produce that much and the shortfall will have to be met from imports,† said Proof Apothecary. The country produces 225-230 million tones of food grain every year barring a bumper crop year when the output surges by a few million tones more. Where will the rest come from, if not from overseas market!Economists opine, it will increase food inflation. Analysts at Kodak Maidenhair Bank said that besides skewing the food inflation to a higher side, the move will also result in rise in prices of food grain for non- beneficiaries of the programmer. There will be pressure on prices of food for those outside this scheme,† an economist of Kodak said. Procurement problem As regards the increased requirement of food grain for distribution under the Act, Union food minister K V Thomas said only 15 per cent more supplies would be needed as the Centre is already distributing 526. Lack tones through public distribution system, while the estimated demand u nder the Act will be 607. 4 Lack tones. He said government can even procure more for the purpose. Currently, government procures only 30 per cent of the total production. But, what about government's delivery mechanism? â€Å"If the government goes in for enlarging the public distribution system without revamping it, where is the guarantee that the intended food grain will reach the poor? ,† Apothecary asked.Then there is problem of storage. Currently, the state-run Food Corporation of India and the Central Warehousing Corporation have the capacity to store 87 million tones of grain. The COW has 487 warehouses with a capacity of 10. 6 million, while the FCC, with 1,500 godsons, accounts for the rest. The new measure, according to experts, will cost an additional sum of RSI 27,000 core annually to the exchequer, while the government puts it at RSI 21 ,OHO core by way of subsidies.But, the question is: can a government, burdened with whopping food, fuel and fertilizer subsidies , afford such a large expenditure programmer, especially when the Mahatma Gandhi National Rural Employment Guarantee Scheme is already drilling a large whole in the nation's kitty? Policymakers say that the government can find resources provided it cuts down or Bill. But the government is unlikely to do that, as it will not go down well among the voters in an election year. Food Security Bill Food Security Bill: Good politics to deliver bad economics A bill duly tabled in Parliament promises to give legal right to subsided food to two- thirds of the country 1. 2 billion population. The ambitious proposal should be seen in the context of India being home to roughly one third of the world's poor; where over 70 per cent of children are malnourished and about 10 million or more people die of chronic hunger or hunger-related diseases every year.The Food Security Bill, the PUPA-l's flagship scheme, envisages the distribution of heat, rice and coarse grains at Just RSI 2, RSI 3 and Reel a kilo each to about 65 per cent of the population ? 75 per cent of them in rural areas and the rest in cities and towns. Add to that, some entitlements to ‘special groups,' like destitute or homeless persons, who will be entitled to at least one meal a day. Through this world's largest experiment of providing food grain to poor, the government plans to double its food subsidies to 2 per ce nt of the GAP.If the government machinery is able to deliver on Congress chief Sonic Sandhog's pet project, it could mean the end to country widespread malnutrition and poverty elatedly soon! â€Å"It's a most thoughtful and timely action, in the light of coming UP elections and thereafter the 2014 general elections,† said Proof B B Apothecary, eminent economist and former vice-chancellor of Charlatan Nehru University. Then what is the glamour all about?Why are some people hell-bent on opposing it? The general view is that if the government can pull it off, it can be the biggest trump card for the PUPA government, at a time when nothing seems to be working in its favor at the moment ? neither politics nor economics. Bad economics But, one very important factor worth taking notice is: the scheme can severely impact on Indian's economic growth prospects, should the populist measure be brought into force.The proposed Food Security Bill came on a day (Thursday) when the Reserve B ank of India also came out with its Financial Stability Report, which categorically states that Indian's inflation risk remains high and a slowdown in revenue collections and higher spending on subsidies may make it challenging for the government to achieve the fiscal deficit target of 4. 6 per cent of the Gross Domestic Product (GAP) this financial year (2011-12).It also said that Indian's trade deficit for this fiscal is expected to widen sharply to between $1 55 billion and $160 billion from a little above $104 billion a year ago. Should the bill be passed and implemented. But, it is the trade deficit, which will soar manifold since the government will have to resort to large scale import of food grain as our own grain output is not adequate to handle such a voluminous expenditure programmer. It will worsen the fiscal deficit situation, but more than that it is Indian's trade deficit which will be hit hard as the programmer will require 70-80 million tones of more DOD grain every year. India obviously does not produce that much and the shortfall will have to be met from imports,† said Proof Apothecary. The country produces 225-230 million tones of food grain every year barring a bumper crop year when the output surges by a few million tones more. Where will the rest come from, if not from overseas market!Economists opine, it will increase food inflation. Analysts at Kodak Maidenhair Bank said that besides skewing the food inflation to a higher side, the move will also result in rise in prices of food grain for non- beneficiaries of the programmer. There will be pressure on prices of food for those outside this scheme,† an economist of Kodak said. Procurement problem As regards the increased requirement of food grain for distribution under the Act, Union food minister K V Thomas said only 15 per cent more supplies would be needed as the Centre is already distributing 526. Lack tones through public distribution system, while the estimated demand u nder the Act will be 607. 4 Lack tones. He said government can even procure more for the purpose. Currently, government procures only 30 per cent of the total production. But, what about government's delivery mechanism? â€Å"If the government goes in for enlarging the public distribution system without revamping it, where is the guarantee that the intended food grain will reach the poor? ,† Apothecary asked.Then there is problem of storage. Currently, the state-run Food Corporation of India and the Central Warehousing Corporation have the capacity to store 87 million tones of grain. The COW has 487 warehouses with a capacity of 10. 6 million, while the FCC, with 1,500 godsons, accounts for the rest. The new measure, according to experts, will cost an additional sum of RSI 27,000 core annually to the exchequer, while the government puts it at RSI 21 ,OHO core by way of subsidies.But, the question is: can a government, burdened with whopping food, fuel and fertilizer subsidies , afford such a large expenditure programmer, especially when the Mahatma Gandhi National Rural Employment Guarantee Scheme is already drilling a large whole in the nation's kitty? Policymakers say that the government can find resources provided it cuts down or Bill. But the government is unlikely to do that, as it will not go down well among the voters in an election year.

Memorandum: Net Present Value and Apex Investment Partners

MEMORANDUM To Apex Investment Partners: According to my analysis of the Accessline’s proposed term sheet, I do not believe that Apex would serve its own interests, or those of its investing partners, by investing in Accessline according to the terms proposed. By investing at the proposed valuation, according to the proposed control and incentive structure, Apex would be shouldering a disproportionate share of the risk should Accessline fail to meet its performance targets, or require fresh inflows of capital from future investment rounds.Nor can Accessline take the sort of steps necessary to protect its investment in the case of management failure. Should Apex make a counter-offer, I would suggest the following terms: Valuation: Accessline’s projected revenues in 1999 are $208m. Using the average price/revenue ratio of 3com and Boston Technologies, it seems reasonable to expect an IPO valuation at 3. 67 times revenues, producing gross proceeds of $764m with a present va lue of $116m (using our 60% discount rate).Assuming that Accessline meets this revenue target, and that no future funding is required, Apex will take a slight loss on its required rate of return, barring the voluntary distribution of the dividend from the board of directors, on which we are not offered a seat. The present price per share at such an exit would be approximately $7. 84. However, given Accessline’s historical burn rate, it seems unreasonable to expect the $16m investment produced in Series B to last Accessline until 1999.Assuming Accessline will need another $32m to reach its revenue targets by 1999, Apex takes a much more severe loss relative to its required rate of return. The present price per share at such an exit, assuming the new shares are also offered at $8 per share, would be $6. 18 per share. I therefore suggest using $6 per share as a point for a new valuation of the company, assuming the inclusion/revision of terms as described below. Rights and Prefe rences Apart from the valuation, other elements of the term sheet must be adjusted to allow Accessline to protect its interests and motivate or replace management in the case of performance failure.First and foremost, Apex must insist on the right to elect one director to the board. Series A investors already have one seat, and the current voting clauses allow Series A to effectively retain control of decision making by requiring 2/3rds majority for many key decisions. Should future funding rounds be required, those investors may insist on seats on the board. Apex must remove antidilution protection from employee shares, as this removes a significant incentive for employees and management to reduce Accessline’s burn rate.However, as Series A investors retain a veto over the deal, their shares must be allowed to retain anti-dilution protection. Additionally, we may propose a point at which additional investment rounds (above and beyond $32m of fresh capital) would cause diluti on of ESOP shares at an accelerated rate. Dividends should be made cumulative and issuable upon a liquidation event or an IPO. Such dividends may be converted, if the holder desires, to common shares. This will encourage management to seek a quicker exit. Liquidation preference must be strengthened in other ways.In my opinion, the current arrangement allows management and employees to receive unjustified returns in the case of a liquidation. I suggest a ratio of 1. 5 times the Series B purchase price, applicable to Series A shares, with the remainder to be distributed among Series A, Series B, and common shareholders/ESOP on an as-if-converted basis. In an IPO, Series B shares should auto-convert at a ratio of one-to-one at a target price of $12 until June 30th and $15 after June 30th 1996. After that, the targets must continue to ratchet upwards.The written consent of 3/4ths of Preferred shareholders could override this requirement while preserving Apex’s ability to veto aut o-conversion. This voting ratio should also be employed in the voting clause, since without it Apex lacks any ability to control future funding rounds. Series B must be allowed to redeem all of their shares upon the failure of Accessline to come within 5% of its revenue and income projections for 2 consecutive years. Alternatively, Apex could require that unvested management/ESOP shares be returned to Series A and Series B on a pari passu basis in the case of performance failure.Alternatively, Accessline could insist on a right to replace management in the case of this eventuality. Given the large number of competitors already present in the market, it is likely that if Accessline’s business fails, it will do so quickly and drastically. Negotiation considerations It is important to note that a counterproposal from Accessline that strengthens or enhances any of these provisions in Apex’ favor in exchange for a higher issue price of the Series B shares should be consider ed.However, there are limits to the premium we should pay for enhanced control, and firm limits for how far such control can be reduced. A board member and the voting rules are non-negotiable. The dividend and the autoconversion terms, however, are places in which we can demonstrate flexibility. At this price, with these changes to the term sheet, we are still exposed. Significant competitive, regulatory, or technological changes in the marketplace could quickly destroy Accessline’s profitability.This is, as it stands, a strong counterproposal that is bound to meet resistance from management and employees, but provided we preserve Series A’s valuation, I believe Series A investors will be inclined to allow us more control and latitude provided the performance requirements for management are strengthened. Since I believe our competitors will also propose lower valuations based on a view of these same numbers, we must act tactfully. Perhaps some sort of parachute can be arranged for senior management in the event of a takeover.