Standford Prison Experiment

bob February 5, 2013 Research Methods Stanford Prison Experiment 1. Prisoners were put under a great deal of stress. The prisoners were physiologically and physically harmed. Prisoners were stripped naked, chained, and was forced to wear bags over their heads. 2. Yes there was voluntary participation in the experiment, because all of the participants signed up for the experiment. But the acts committed in the experiment most likely weren’t voluntary, meaning that the prisoners did not volunteer to be treated how they were treated.They didn’t know that they would be involved in unethical acts and be treated unfairly. 3. Yes participants were deceived; an example would be that their consent forms were not complete and did not properly address all that would take place in the experiment. There was a huge invasion of privacy, not to mention the surprise arrests. The prison was supposed to be a â€Å"safe environment† to study imprisonment, but Zimbardo did not take i nto consideration that peer pressure would make it difficult to withdraw. 4.Yes I believed the participants were harmed mentally because of the physiological abuse they were taking. I found no benefits out of the harm either way. 5. Researchers try to overcome the ethical issues by saying that the prisoners were treated how real prisoners would be treated. ACJS The ACJS would apply to the prison experiment by letting the guards know that in their professional activities as guards, members of the ACJS are committed to enhancing the general well-being of society and of the individuals and groups within it.Members of the Academy are especially careful to avoid incompetent, unethical or unscrupulous use of criminal justice knowledge. They recognize the great potential for harm that is associated with the study of criminal justice, and they do not knowingly place the well-being of themselves or other people in jeopardy in their professional work. Members of the Academy respect the rights , dignity and worth of all people.

Accounting Essay

Contents 1. Introduction2 2. Main Body2 2. 1 Ratio Analysis2 2. 1. 1 Profitability3 2. 1. 2 Efficiency4 2. 1. 3 Liquidity6 2. 1. 4 Risk7 2. 2 Evaluation of Mulberry’s shares as a potential investment7 2. 2. 1 Revenue and Share price8 2. 2. 2 Return10 2. 2. 3 Risk14 2. 3 Funding and capital analysis15 2. 3. 1 Funding analysis15 2. 3. 2 Working capital18 2. 4 Risk management and governance20 2. 4. 1 Corporate governance of Mulberry20 2. 4. 1 Risk & control management22 2. 4. 3 Information and Communication24 2. 4. 4 Monitoring24 3. Conclusion25 Reference26 1. IntroductionThe company that we chose is Mulberry Group. PLC. This is a company that produces and sells bags and purses, as well as designs them for both individuals and other companies. We have chosen the annual report of Mulberry Group. PLC that gives us an in-depth view of the company’s finance performance, investment potential, capital structure and manage operating during the period of time which from financial year 2010 to 2011. With this annual report, we will try to analyze and critically appraise the company’s accounting information, market report and management control system.The following content will be included in this paper: Ratio analysis, investment return, debt and capital analysis, governance and risk management. 2. Main Body 2. 1 Ratio Analysis Ratio analysis is frequently used in evaluating a company’s financial condition. The financial ratios are able to provide us significant information to analyse the company’s financial performance. Depends on these ratios, we can examine the condition of the company’s finance and check whether the results of the company’s operating meet its targets (Atrill and Mclaney, 2008).Normally, we will use cash flow, income statement and finance position to calculate ratios. In the ratio analysis parts, we will calculate and analyse the core ratios of Mulberry plc, these ratios will also be the base of the follo wing parts of this article. According to Mulberry’s annual report, during the financial year 2010 to 2011, the company has experienced a successful year. Mulberry Group’s business mainly focused on the UK market, and the revenues of this company comprised retail and income of design, as the demand of its products increased strongly during the past financial year, the sales raise rapidly.In this part, we will try to analyze the core ratios of the company and simply analyze the probable reason for the changes of these ratios. 2. 1. 1 Profitability To analyse a company’s profitability, there are three ratios concerned: gross margin, net margin and return on capital employed (Collier, 2009). Firstly, we will look into gross margin. This margin mainly shows the relations between the costs and the price of finished goods. Gross margin (2011: 65. 35%; 2010:58. 97%) Gross margin is: (Sales – cost of sales)/sales * 100% The gross margin in 2011: 79501 / 121645*100 %=65. 35 % The gross margin in 2010:42487 /72052*100%=58. 7 % From the ratio, we can see that the gross margin of Mulberry increased to 65. 35% in 2011 from 58. 97% in 2010. The reasons that can cause changes in gross margin is the changes in prices and costs. In Mulberry’s case, the higher gross margin results from the dramatic improvement in revenue as well as cost of sales. According to Note 5, apart from the growth in sale of goods which caused by the impressive performance in new oversea stores and online stores, the 900,000 income, which disclosed in other income, received on the exit of the New Bond Street lease also contributes to the increase in revenue.Net margin (2011:18. 92%; 2010:6. 74%) Net margin is an important ratio to examine a company’s profitability. The formula is: Net margin=Operating profit / sales * 100%, and the ratio for Mulberry is: The net margin in 2011: 23010/121645*100%=18. 92 % The net margin in 2010: 4856/72052*100%=6. 74% Net margin is closely connected with gross margin. From the information above, we can see that during the last year, the gross margin of this company has increased. But the extant of the increase of net margin is higher than it of the gross margin.The most crucial factor result in the increase of operating profit is the operating profit before exceptional items. Details about those exceptional items can be found in Note 7 that a deferred consideration of ? 1,000,000 has been paid to Challice Limited in terms of the growth in the USA operations. Return on capital employed (2011:55. 54%; 2010:19. 26%) Return on capital employed shows the ability of the company to get rewards which can be added into its equity through company’s operating behaviors (Atrill and Mclaney, 2008)Return on capital employed: Operating profit / assets- current liabilities) * 100% Return on capital employed in 2011: 23010/ (76587-34555)*100%=55. 54 % Return on capital employed in 2010: 4856/ (40284-13819)*100%=19. 26% From the ratio above, it is easy to find that the return on capital has raised rapidly in last year, from 19. 26% to 55. 54%. ROCE increased not only because the growth in operating profit and raised asset which mainly contributed by increased inventories as a result of the demand of growing sales and trade receivables.The trade creditors as well as accruals and deferred income have been included in current liabilities since all of them could be paid within 12 months. Moreover, there are ? 1,000,000 provision for the USA deferred consideration, ? 3,900,000 relating to payroll and bonus payments made post year end cut off and ? 1,537,000 accruals for fixed assets happened in 2011 while there were all nil in 2010. 2. 1. 2 Efficiency Based on Collier’s study (2009), there are three core ratios that are usually used to analyse a company’s efficiency, they are asset turnover, stock turnover and sales per employee.The first two ratios are used to measure the efficiency of t he company’s operating of turning its property to generate marketing behaviors and sales, the sales per employee is try to evaluate the employees’ performance. Asset turnover (2011:5. 90x; 2010:6. 70x) Asset turnover: Sales / non-current assets, from it we can calculate: Asset turnover in 2011: 121645/20620=5. 90x Asset turnover in 2010: 72052/10760=6. 70x The asset turnover has slightly fallen, from 6. 70 to 5. 90. The drop of asset turnover indicates a less efficiency use of shareholders’ assets in terms of sales, although the revenue has increased dramatically.However, according to Note 16, it might because the investment in software of ? 615,000 which cost nil in 2010. It also can be interpreted that the return of investment can be effective and huge if invest on new stores or flagship, however, it could also be inefficient but significant return on investment if invest on software, such as ERP system, which might be expensive and need much more time to gain benefit from them. Stock turn (2011: 1. 9x; 2010:3. 3x) The main business of Mulberry is design and retail, according to Collier’s work (2009), stock turn is one of the most important ratio to evaluate the company’s management of its stock.Stock turn: Cost of sale / stock Stock turn in 2011: 42144/22408=1. 9x Stock turn in 2010: 29565/9090=3. 3x The stock turn in 2011 is lower than it in 2010. That means the stock of Mulberry turns 1. 9 times each year now. The considerably increase in inventories which related to the growing demand of sales of goods has contributed to the decline of stock turn. This ratio should be one of the most important ratios of it (Atrill and Mclaney, 2008). Stock turn stands for how many times the stock will turn in a year.Generally, it is important because some businesses treat too much stock as a waste of sources and a high stock turnover rate will usually be regarded as a sign of good management. Although in 2011, there is a decrease from 3 . 3 to 1. 9, it didn’t necessarily mean the company’s management of stock had some problems because the inventories of the company has increased rapidly as we discussed before. As a retailer, the inventories are very important to ensure its market position and the increase of inventories as a result of preparation for market exploring is reasonable. 2. . 3 Liquidity Atrill and Mclaney (2008) stated that the liquidity stands for the short-term finance ability of the company. The ratios that generally used to analyse liquidity are current ratio, and acid test. Current ratio (2011:1. 62x; 2010:2. 14x) First of all, current ratio stands for the proportion between current assets and current liabilities. It is used to analyse the company’s ability to repay its short-term liabilities. High current ratio means the company has enough property to cover its debt, if the current ratio was below 1, the company could be in danger.However, a too high current ratio might mean t he company doesn’t make full use of its property. Current ratio: Current assets / current liabilities Current ratio in 2011: 55967/34555=1. 62x Current ratio in 2010: 29524/13819=2. 14x According to Note 24, the decrease of current ratio mainly because of the current liabilities has increased more than current assets because of those trade payables in current liabilities that not exist in 2010. Acid test (2011:0. 97x; 2010:1. 48x) Acid test is a ratio which trying to evaluate the company’s monetary asset.Different from current ratio, acid test is focusing on whether the company can repay its short-term liabilities with its monetary assets. Acid test: Monetary current assets / current liabilities Acid test in 2011: 33519/34555=0. 97x Acid test in 2011: 20453/13819=1. 48x Because there is high level of inventory in 2011 in order to support the adequate amount of goods to be sale, it is not unacceptable that the monetary current assets without inventory are less than curr ent liabilities for this year. Furthermore, there are several trade payables occurred in 2011 while nil in 2010 in terms of Note 24. . 1. 4 Risk Interest cover (2011:531. 57x; 2010: 197. 00x) The interest cover has increased as a result of much higher profit since it can be seen in Note 22 that there is no changes in borrowings these two years. Therefore, it can be a good thing to shareholders that interest cover increased healthily. The confusing things we found in the annual report were that there is no debt within these two years, only borrowings can be taken into consideration the risk. The details about borrowings can be found in Note 22 that seems all the borrowings are repayable on demand.So, we can’t analyze the risk of this company through these ratios. The reasons why the company didn’t borrow long-term loans from banks and the advantages as well as disadvantages will be discussed in risk management analysis and funding analysis part. The investor part will b e analysed in next part, in the form of buying shares. 2. 2 Evaluation of Mulberry’s shares as a potential investment Mulberry has experienced a significant growth in revenue from 2010 to 2011 and the basic earnings per share increased by 473% to 29. 8p while it was 5. 2p in 2010, both of which are shareholders would like to appreciate.Moreover, it might be out of question that those figures would attract a good deal of investment. However, it is always necessary to assess whether it is an appropriate timing to invest a company in terms of several financial indicators, such as, market value of equity, the P/E ratio (price earnings ratio), dividend yield as well as gearing (Fonseka and Tian, 2011). This part is going to critically interpret these indicators respectively after an overview on the fundamental financial circumstances and provide a suggestion for investment in the end. . 2. 1 Revenue and Share price |? ’m |2011 |2010 |2009 |2008 |2007 | |Revenue |121,645 |72 ,052 |58,585 |51,174 |45,078 | |Share price (p) |1,333. 33 |183. 33 |64. 52 |133. 33 |187. 5 | (Table 1) Before conducting a thorough analysis of return and risk, it is worth reviewing Mulberry’s revenue for last five years.It can be seen from Table 1 that Mulberry has kept a sustainable growth in revenue since 2007, which indicates the optimistic picture of their financial condition. Furthermore, it is remarkable that Mulberry group performed satisfyingly as usual even when other organisation experienced a depressing year result from the financial crisis happened in 2009. [pic](Figure 1) However, comparing the FTSE All-Share, which is a market-capitalisation weighted index of all shares traded listed on the London Stock Exchange’s main market (Ince and Porter, 2006), Mulberry group’s share price has changed significantly since May 2011.As can be seen from Figure 1, the share price has increased dramatically after May in 2010 while the FTSE All-Share index has g one up slightly with fluctuation. [pic] (Figure 2) Furthermore, according to Figure 2, which clearly shows Mulberry’s share price combined with FTSE All-Share index from 2007 to May 2010, the performance of Mulberry basically enable the share price to track market all the time. Although the price touched bottom in 2009 due to the financial crisis, when there has been an uptrend in market between April in 2009 and April in 2010, Mulberry seemed to catch that opportunity and in April 2010, he price went up to the price peaked point in 2007. It is crucial to mention that the marketing strategy as well as the performance of Mulberry group has contributed most to the significant increase since the second half year of 2009. According to Mulberry’s annual report and financial statement for the year ended 31 March 2010, they have continuously invested their business both in the UK and internationally, using retained profit and cash flow.For example, the showrooms opened in New York and Paris could be successful attempts, both of which have played an important role in the growth of profit. In terms of the strategy has made an initial success, it can be assumed that there might be an unpredictable potential market share for Mulberry to explore. Actually, the assumption has been approved with the significant increase in revenue and share price for the next half year in 2010 and continued in 2011. [pic] (Figure 3) Figure 3 shows Mulberry’s one-year share price associated with FTSE All-Share index comparison starting with June in 2010.As can be seen from this chart, the price of Mulberry increased too enormously to see the change of FTSE All-Share index, which means Mulberry performed outstanding when the general financial background was not optimistic. Although it is rare to see the share price recover and grow in such a short time after the financial crisis, the increase of Mulberry’s might had already been predicted and both managers and shar eholders are confident enough to take more market share. Consequently, the ambitious attempts of opening 9 new stores and on-line shop during the next half year of 2010 have been achieved successfully.Fortunately, the dramatic revenue increase harvested by those new stores and flagship indicates the significant demand of Mulberry’s products and services existing in market. In addition, the remarkable performance attracts more investors. However, it is crucial for them to weigh if it is a good timing to invest even though the performance of Mulberry after the financial crisis is extraordinary brilliant. Thus a depth analysis in terms of both return and risk will be conducted in the following sections. 2. 2. 2 ReturnPrice / earnings ratio (P/E Ratio) Price earnings ratio indicates that the common stock of a company is priced in terms of the ability to generate earnings of this company. Meanwhile, it also can be used to examine whether a stock is cheap or expensive (Muresan and Wolitzer, 2001). |? ’m |2011 |2010 |2009 |2008 |2007 | |P/E Ratio (adjusted)|45. 20 |27. 60 |14. 30 |22. 20 |23. 00 | (Table 2)Table 2 shows the adjusted P/E ratio of Mulberry between 2007 and 2011. Comparing with the persistence increase in revenue, the P/E ratio, which related to shareholders as well as potential investors, still has declined since 2008. However, the decrease is completely reasonable because the share price was influenced by the unpleasant economic circumstances. In addition, to some extent, it is the financial crisis that reminds Mulberry to consider expand their business internationally rather than focus on UK local market in order to distract risk.According to Mulberry’s five-year P/E ratio, the expansion strategy enables the company not only to recover from the financial crisis but also to double their share price. However, it is also indispensible to take the probability of continuous earnings growth into account, regardless of the appealing dou bled return indicated by the P/E ratio. In terms of Mulberry’s following strategy will concentrate on production capacity expansion to meet the growing demand, the considerable ability of generating earnings may be guaranteed and remained, even though it seems impossible to gain the similar incredible increase in revenue next year.Consequently, although Mulberry is a company worth investing since it has extraordinary performance in reacting to crisis, as well as the considerable demand for their products in the market, the best timing of investment in Mulberry has already lost. Market capitalisation (value of equity) The market value of equity is a measurement of present value of all future cash flows to shareholders from both assets and future investment opportunities (Adam and Goyal, 2008). It can be calculated by P/E ratio time earnings which is the profits after tax. |? m |2011 |2010 |2009 |2008 |2007 | |Share price (p) |1,333. 33 |183. 33 |64. 52 |133. 33 |187. 5 | |Mark et value of equity |771. 11 |81. 97 |36. 89 |76. 37 |91. 54 | |P/E Ratio (adjusted) |45. 20 |27. 60 |14. 30 |22. 20 |23. 00 | |Profits after tax |17. 06 |2. 7 |2. 58 |3. 44 |3. 98 | |Equity |42. 03 |26. 47 |24. 38 |22. 52 |16. 87 | (Table 3) According to table 3, the market value of equity changed with share price instead of the number of equity. However, it is remarkable that even when the market value of equity decreased by half in 2009, it still surpassed the equity in that year. Additionally, with the dramatic growth in revenue, the market value of equity has increased by nearly 95% to 771. 1 million between 2010 and 2011, which gives the confidence not only to shareholders but also some potential investors. Nevertheless, if investors decided to invest Mulberry now, it is possible to have two results in terms of return. Firstly, investing for short-term, investors would buy shares with an extremely higher price than two years ago whereas the return would be incredibly smaller. S econdly, investors may harvest a steady return in a long-term investment and there might be another significant increase when Mulberry conducts some other expansion strategies.Dividend yield Dividend yield can be calculated by taking the dividend per share and divide by the share price. To analysis the investment opportunity with dividend yield, this part applies Burberry as a competitive objective. Even though Mulberry’s share price overweighed Burberry’s slightly in 2011, Burberry has a much longer history with high share price as in a same industry. Table 4 provides the share price, dividends per share as well as dividend yield for Mulberry and Table 5 shows Burberry’s. Mulberry group plc: |? m |2011 |2010 |2009 |2008 |2007 | |Share price (p) |1,333. 33 |183. 33 |64. 52 |133. 33 |187. 5 | |Dividends per share |4. 00 |2. 20 |2. 00 |2. 00 |1. 50 | |(p) | | | | | | |Dividend yield |0. 30% |1. 20% |3. 10% |1. 50% |0. 0% | (Table 4) Burberry group plc: |? ’ m |2011 |2010 |2009 |2008 |2007 | |Share price (p) |1,176. 47 |700 |279. 07 |444. 44 |656. 25 | |Dividends per share |20. 00 |14. 00 |12. 00 |12. 00 |10. 50 | |(p) | | | | | | |Dividend yield |1. 70% |2. 00% |4. 0% |2. 70% |1. 60% | (Table 5) With comparing Table 4 and Table 5, it is obviously that Mulberry has not adjusted their dividends instantly when the share price increased significantly, which results in the unpleasant dividend yield this year. In this circumstance, Burberry seems a wiser investing choice since the 5 times dividends per share of Mulberry’s, which will generate more returns for investors. However, Kothari and Shanken (1997) argues that a considerable increase in share price is possible to result in not only the large positive returns but a downward in yield as well.In addition, according to Akhigbe and Madura (1996), managers’ expectation to alter performance strategy would be a factor contributed to the dividend adjustment. Consequently, Mulberr y needs more time to balance share price and dividend. Burberry has been mature in its global marketing expansion, while Mulberry has just started to occupy its international market share, and therefore there are more potential opportunities for Mulberry’s global development. Thus, Mulberry could be the company suitable and profitable to be selected as a long-term investment. 2. 2. 3 Risk Gearing Gearing (%) |2011 |2010 |2009 |2008 |2007 | |Mulberry |n/a |n/a |0. 54 |0. 14 |23. 05 | |Burberry |n/a |n/a |n/a |n/a |n/a | |ASOS |n/a |n/a |n/a |n/a |n/a | (Table 6) It seems strange that Mulberry does not have debt which results in the incalculable gearing.However, it is a common phenomenon in rag and accessories trade industry in terms of the gearings of the other two companies presented in Table 6 are unavailable. As a result, the risk of investment on Mulberry would be limited. However, considering the high share price this time, it would be a better decision to invest Mulberry for a long time instead of short time. 2. 3 Funding and capital analysis In this part, we are going to identify the sources of funds, analyse the capital structure of Mulberry Group PLC and try to evaluate its suitability.It is easy to witness from its balance sheet in 2011, the company did not have any non-current liabilities. This situation can be triggered by a wide range of reasons, we will try to figure them out in this essay. 2. 3. 1 Funding analysis To begin with, it is necessary to draw on the annual report of Mulberry Group PLC in 2007, and to compare the different data in the two years. According to Mulberry’s annual report, in 2007, the quantity of total non-current liabilities was ? 3. 99 million, composed by borrowings (? 1. 25 million), preference shares (? . 564 million), deferred tax liabilities (? 149 thousand), and obligations under finance leases (? 27 thousand). Therefore, the gearing in 2007 is 19%, which was quite low. So, the relevantly large proportio n of funds, used for maintaining the enterprise’s operation, was from internal financial resources. Besides, it also lowered the financial cost, which is used to pay the interest to the financial institutions. In terms of the cash flow in 2007, it was clearly stated in the balance sheet, the cash generated from operation was ? ,926 thousand and, after the corporation taxes, interest and preference dividends were paid, the net cash from operating activities was ? 5700 thousand. Afterwards, the primary use of cash lied in the investing activity, with ? 3,518 thousand. Finally, the cash and cash equivalents at the end of 2007 was ? 10,271 thousand, with a big increase of ? 2,989 thousand. This absolutely intensified the repayment ability and liquidity, when we compare this data with the number of non-current liabilities. Apart from that, the retained profit in this year surged from ? 4,562 thousand to ? ,186 thousand, acting as a significant role in the sources of funds (annual report 2008). By contrast, in 2011, the company had no non-current liabilities. So we use the current liabilities to calculate the gearing of this year, which is 45%. The cash generated from operation was ? 26,264 thousand and the net cash from operating activities was ? 22,724 thousand. At the end of 2011, the cash and cash equivalents fairly increased from ? 12,171 thousand to ? 21,373 thousand. The increase in raw materials (? 13,318 thousand) and purchases of property, plant and equipment (? 1,176 thousand) were the important components of cash outflow in this year. When it comes to retained earnings, the data increased by ? 16,080 thousand to ? 30,696 thousand. | |Gearing |Non-current liabilities |Net increase in cash and cash|Cash and cash equivalents at the end|Retained profits | | | | |equivalents |of the year | | |2007 |19% |? 3,990 thousand |? 2,989 thousand |? 0,271 thousand |? 8,186 thousand | |2011 |0 |0 |? 9,202 thousand |? 21,373 thousand |? 30,696 thousand | It is ob viously displayed in the table above that Mulberry’s sources of funds and the capital structure are greatly distinct from each other. The gearing of Mulberry in 2007 was 19% due to the existence of Non-current liabilities. By contrast, since there were no non-current liabilities at all in 2011, the gearing of Mulberry this year was 0.This definitely lowered the financial expenses which were incurred by bank loans, and the company did not need to face the financial risk triggered by bank loans as well. Furthermore, the operating profit in 2007 was ? 6,672 thousand and the interest payable of that year was ? 298 thousand, the interest cover ratio in 2007 was 22. 4 times. By contrast, due to the dramatic increase in operating profits (? 23,110 thousand) and the large drop in interest payables (? 44 thousand), the interest cover rate in 2011 became as high as 525. times. As Gillespie et al(2000) stated that high operating profits could be seen as the company has abilities to cont rol its costs effectively, or the volume of sales are increasing faster than operating cost. Currently, Mulberry has got a much better capacity in paying the interests to the financial institutions, those financial institutions may become more willing to lend money to Mulberry now. Although the retained profits in 2007 played an greatly important role as the major internal funds, but taking the non-current liabilities (? ,990 thousand) into consideration, the level of its significance is partly weakened when we compare it with the situation in 2011, because Mulberry currently just use retained profits as the primary source of their funds for operation. It is worthwhile to mention that, one of the Non-Executive Directors, Melissa Ong, who was appointed on 7 September 2010, her parents held about 57% voting rights of the company. Although it is not clarified in the annual report, we can easily deduct that her parents input a large amount of investment for Mulberry, which is also a mai n source of funding.Inventories acted as another source of funding in Mulberry. The stock turn of Mulberry in 2011 was 1. 88x, so the stock turn period was 194 days. The period was relatively long when we compare it with the one (130 days) in 2007, this was partly due to the striking increase in the quantities of inventories, from ? 6,688 thousand to ? 22,408 thousand. However, as mentioned in the annual report, the demand of the market surged in recent years, so the high level of stock is beneficial for Mulberry. When the company suffers from the shortage of cash, they can simply turn their large amount of stocks in to the form of cash.Apart from that, a relatively large proportion of inventories were occupied by the finished goods with ? 20,069 thousand. For Mulberry, which used internal funds as the major source of funding, the high level of inventories is reasonable. However, the reason why Mulberry stopped acquiring long-term funds from banks can be quite complex. As we all kne w, the overwhelming Subprime Crisis happened in the year of 2007,forcing a wide range of banks to close down, simultaneously the interest for applying for long-term loans from financial institutions rocketed since then. The telegraph 2007) This big trend of the economic environment might lead to Mulberry Group’s cease of issuing new loans from the bank. Also, there may be some other reasons. It is fairly clear in the table above, the net increase in cash and cash equivalents in 2011 is about 8 times more than 2007, the balance of cash and cash equivalents in 2011 is approximately 3 times more than the previous and the similar situation also happens in the retained profits and inventories of these two years.Therefore, it seems quite normal for Mulberry to cease the long-term creditors and use its retained profits, inventories and the short-term loans as their source of funds, which can also lower the financial expenses for the enterprise. 2. 3. 2 Working capital In order to fi gure out the suitability of the current financial structure, it is necessary to calculate the number of the working capital and the working capital cycle. Broadly speaking, working capital is a measure of capability for the company which can pay its debt in the short-term liability.It is certainly important to distinguish between positive and negative working capital (Dyson, 2011). The amount of the working capital is equal to the total amount of receivables, payables, stock of raw materials, work-in-progress and finished goods. As what we mentioned above, we can calculate the working capital of Mulberry in 2011. Receivables: ? 12,186 thousand Payables: ? 11,949 thousand Stock of raw materials: ? 1,684 thousand Work-in-progress: ? 655 thousand Finished goods: ? 20,069 thousandIn 2011, the total working capital of Mulberry was ? 22,645 thousand. From the composition of the working capital, it is apparent that a comparably large amount was occupied by the form of inventories (? 22,408 thousand). As the manufacturer, designer and the seller of their own products, it is normal for Mulberry to hold such a proportion of working capital in the form of inventories, thereby meeting the needs of customers and quickly reacting against the sudden change of market’s demand, like the big increase in seasonal demand.When we compare the amount of working capital (? 22,645 thousand) and the retained profits (? 30,696 thousand), it seems that there are not any problems for Mulberry to cover the working capital with their retained earnings, due to the considerable gap between them. Taking the cash and cash equivalents (? 21,373), this indicates that the cash in Mulberry was allocated in operating activities appropriately and there was no idle cash existing in the company, which would lead to an opportunity cost to Mulberry.In terms of the working capital cycle, we need to draw on some other data from the income statement and the cash flow statement. Sales of goods: ? 121, 645 thousand Cost of sales: ? 42,144 thousand Material cost: ? 13,318 thousand Bought-in service: ? 11,176 thousand So the working capital cycle of Mulberry in 2011 was 85 days. The credit given cycle was 37 days, comparatively a short period when we compare it with the data of credit taken cycle (178 days). This means that Mulberry just spent 37 days getting the cash back for the portion of which was sold to customers on credit.Also, it could guarantee that Mulberry got enough time to enhance the balance of cash, in order to cover the following trade payables and avoid the running out of cash at the mean time. In another aspect, the liquidity of Mulberry was intensified at the same time as well. However, if we take the company’s long-term strategy into consideration, keeping more cash is not the bad thing for Mulberry, as stated in the annual report, they are planning to continually expand the international market and opening more and more retailing and flagship stores throu ghout the world. Expansion at such a fast rate may call for a large amount of cash.So, even though there are no problems at all currently for Mulberry to utilize retained profits and short-term creditors as the only source of their funds, issuing some long-term funds, like bank loans, will not bring any disadvantages, although this may incur some charges on financial expenses. From the long-term perspective, it will be beneficial for the company to get some long-term and stable external funds, thereby avoiding the shortage of cash and funds during the process of expansion. 2. 4 Risk management and governance 2. 4. 1 Corporate governance of MulberryAt the beginning of the corporate governance part, the company states itself as an AIM (Alternative Investment Market) member and complying with the Corporate Governance Code is not required (Mulberry, 2011). AIM is a second board enables smaller  companies  to  float  shares with more flexible stipulations (Tricker, 2009). Still, Mulberry follows the fundamental principles of the code (Mulberry, 2011), and importantly, they fit the code contents with their individual situations. Based on this state, our analysis still follows the UK Corporate Governance Code primarily and detects any issues contrary to the code.Besides, comments and debates are connected with the company’s own factors. In the board of Mulberry, the chairman and CEO is the same person. This person, named Godfrey Davis, has been in charge of this company for nearly ten years from November 2002. This setting goes against the UK Combined Code which states, â€Å"The role of chairman and chief executive should not be exercised by the same individual† (the UK Corporate Governance Code, 2010:13). In this case, we doubt that if Godfrey’s power is over-concentrated, which makes him have too strong influence on decision making process in the board (Goyal and Park, 2002).Consequently, strategies may be generated subjectively. Howev er, a specific explanation is not given in the report. Instead, they only point out several criteria of director selection should be carefully assessed, as a way of reduce the possibility of the problems addressed above. But actually, this state explains nothing about the problem, which conversely doubles our doubts. Next, the numbers of Executive Directors and Non-executive Directors are unbalanced, with five Non-executive Directors and only two Executive Directors.The five Non-executive Directors are not entitled to govern company routine affairs and the specific running plans while these two Executive Directors actually do (Mallin, 2004). Hence it is doubtful that if these two people really execute independently or just execute generally. Moreover, combining the fact of Godfrey Davis’s acting as both chairman and CEO, it especially intensifies our thought on the existence of subjective decision making process (Mallin, 2004), or even the over-centralized management in the c ompany.On the other hand, these outside directors, instead of actually contributing to the company’s strategy and policy making relating to its performance, they are actually â€Å"pushed into a conformance and compliance mode† (Tricker, 2009) and do not take much positive effect. Conversely, McKinsey (2002) debates that a sensible structure is combined with a majority of Non-executive directors because they are indeed independent and can result in an effective evaluation. On the other hand, it is found in the profile of directors that, both the executives have the FCA background.Obviously, it enables them to detect and control the financial risk better, by using their financial knowledge (Dionne and Triki, 2005). Conversely, we may also suspect they are fully capable to use professional financial tricks to disguise the poorer performance areas, and at the same time, make their stewardship looks proper. On the other side, according to the UK corporate governance code ( 2010), audit committee is required to monitor the financial performance and check the company’s risk assessment.Chris Robert, the chairman of the Audit Committee, as another financially educated director, suits the requirement of responsibilities stated in the code. Considering the independence of Non-executives, several problems which may raise suspicions are found referring to the code. Firstly, all the Non-executives except Melissa Ong, have been appointed for more than 6 years. Especially Robin Gibson, this person has been in this position for more than 14 years since 1996. These facts raise some questions about the independence of the board and no explanations are given by Mulberry.Additionally, both Steven Grapstein and Bernard Lam Kong Heng are presently serving in Como Holding Group, though in different subsidiary company. This relationship particularly could pose a negative impact on the independent base (Mallin, 2004). Thirdly, Melissa Ong, who is quite young at 37, was newly appointed in 2010. This lady does not directly hold any shares for Mulberry, however, her parents are â€Å"beneficially interested approximately 57% of the Company’s total voting rights† (Mulberry, 2010:14). In other words, Melissa though not own the huge amount of share, she’s actually represent a significant shareholder indirectly.In contrast, according to the code (UK corporate governance code, 2010), some aspects are shown to enhance independence of the Non-executives. For example, no bonus was paid for these Non-executives during the year and none of them was included in the company’s pension contributions (Mulberry, 2011). The company’s internal ‘watchdogs’, three recommended sub-committees (Audit, Remuneration and Nomination) (Pierce, Personal Communication, 2011) are established by Mulberry, with a combination of Remuneration and Nomination body.Additionally, both committees are chaired by Non-executives and effects of the committees are related to the independence of these Non-executives (Mallin, 2004) which has been discussed above. Moreover, the responsibility appointing is reasonably complying with the code (2010). In specific, the Audit Committee is entitled to check issues regarding to the company’s financial affairs, while Nominations and Remuneration is responsible for employment terms and conditions and the remuneration (Mulberry, 2011).However, the numbers and identities of other committee members are not mentioned in the report, which interfere our assessment of Mulberry sub-committee structure and quality. 2. 4. 1 Risk & control management In this part, COSO Internal Control – Integrated Framework (COSO, 1994) is sited as the principal structure to consider Mulberry’s risk control and management. Control Environment A formal system is required make sure the risks are appropriately evaluated and controlled in board level (Tricker, 2009). It is manifested in the report that the Board is fully responsible for Mulberry’s internal risk (Mulberry, 2011).Specifically, Directors pay great attentions to the control throughout the comprehensive aspects of the company’s business running and make it available in practice. These states, though quite simple with only few sentences, clarify the Board’s serious attitude to risk control. Additionally, increasing literature viewpoints in recent years call for â€Å"a formal system to ensure that risk is properly assessed board to give assurances that systems are in place to handle corporate risk in their regular corporate governance reports to shareholders† (Tricker, 2009:328).For Mulberry, the control system was established and the report model well fit the requested as mentioned. Specifically, the control system mainly consists of subsystems including budgeting, actual running results comparison, forecast and review (Mulberry, 2011). Also, the information is reported to shareh olders twice a year (Mulberry, 2011). Risk assessment and control activity First of all, as a result of continuous recession in the UK economy which leads to sales reduce in domestic market, Mulberry considers relieving from the decrease risk by international expansion (Mulberry, 2011).It is reasonable that they concern about the negative impact of recession in the UK (OECD, 2010). However, it seems lack considered by their merely switching to international market because the international market is much more complex with various risks involved (Hollensen, 2006), for example, local regulation limitations, economic environment in foreign market, competitors, customer preference diversity and so on (Kotler, 1994). Also, failure of the global risk transfer may occur that leads to even serious financial crisis for Mulberry. Secondly, terrorist attack, as regarded a principle risk by Mulberry, is related to warehouse disruption.The company tries to prevent it by developing â€Å"a busin ess continuity plan† (Mulberry, 2010). However, it is illogical to take terrorist attack as a major risk, which is a rarely happened incident. Moreover, there is no any further explanation about the so called ‘business continuity plan’ solution. Conversely, an improved warehouse control and management system accompanying an emergency program may be a better approach to prevent the risk. Besides, the risk may be more sensible to be associated with stock disruption or supply chain failure (Aon, 2007) rather than terrorist attack as is stated.On the other hand, key personnel loss is mentioned in the report with simple solutions of remuneration review and succession preparation. However, either the reasons or the details are not revealed. So it is uncertain that if the methods are valid or not. For example, if the loss was caused by unreasonable decision making caused by the arbitrary executive as we mentioned above, then either these ways can hardly solve the problem . As to the online system establishment and accomplishment, Mulberry involves more senior managers for supervising and impose carefully test to reduce the risk of system implement failure which is quite reasonable.With increased attention paid by senior managers, staffs in relative department will do the task more carefully. Also, comprehensive test further guarantees the system implemented successfully. Finally, it is mentioned in the report that the company intends to solve the risk by building a ‘natural hedge of Euro and US Dollar denominated sales and purchases’ (Mulberry, 2011:12). This sector involves professional knowledge about the currency policies and financial operating. Unfortunately, we are lack of knowledge in this area. Hence we would not analyse this issue in depth. . 4. 3 Information and Communication The company includes an information and reporting subsystem in the integrated internal control procedure (Mulberry, 2011), which obviously, is used for c ollecting and conveying relative information. Furthermore, since the internal control is taken charge by the Board at the top of the company’s management layer, it is essential to ensure the effectiveness of information collecting and communication in time according to COSO framework (1994). However, relative details are not mentioned for the assessment and herefore, the facts for the effectiveness are unsure. 2. 4. 4 Monitoring According to COSO Framework (1994), there are two approached for monitoring, one is undertaking it along with the ongoing activities, the other is put it into a separate process. Mulberry adopts the later approach by putting the monitoring process separately. However, a combination of both approaches is recommended in COSO framework (1994), in order to ensure the effect of internal control. In other words, it can be more sensible for Mulberry to develop monitoring affairs in the whole business running procedure.Moreover, the internal audit is function ed by the Board (Mulberry, 2011), for which the details are not given in the report. For example, factors like how the deficiencies been detected and conveyed upstream to the Board are not revealed. Thus the monitoring effect of Mulberry internal control can not be evaluated comprehensively through the report itself. 3. Conclusion From the information above, we can see Mulberry made efforts for market place on the Uk market during the year of 2010 to 2011 and managed each aspect of overseas development.In 2010, Mulberry has become aggressive in invest oversea markets and online stores. As a result, the income of Mulberry has created its new page for share price. However, as other companies, Mulberry has its flaws and drawbacks. Firstly, there is no debt existed in Mulberry; therefore, the investment could be limited. The main funding of Mulberry is internal funding. Mulberry has experienced extraordinary successful times since 2009, which contributed to the significant increase in s hare price. However, the higher share price can be a double-edge sword which might attract many investors as well as scare them.After analyzing the probability of return and the extent of risk, Mulberry is a company worth investing. Nevertheless, it is necessary to mention that it would be much better to choose a long-term investment than a short one. And Mulberry has a series of solutions to solve the risks that existing in its operating process and markets. Reference Anderson, R. 2004. Risk Management and Corporate Governance: The Importance of Independence and Financial Knowledge for the Board and the Audit Committee Anonymous. 2007. The body shop design: An evolving retail brand identity†, Strategic Direction, 23(11), p9-11. Aon (2007), â€Å"Enterprice Risk Mangement-Aon Insurance Bookers† [Online]. Available  from: www. aon. com/us/busi/risk_management/risk_consulting/ent_risk_mgmt/default. jsp [Accessed  on:  4/12/2011]. Adam, T. & Goyal, V. K. 2008. Ã¢â‚¬Ë œThe Investment of Opportunity Set and Its Proxy Variables’. The Journal of Financial Research. 31, 1, 41-63. Akhigbe, A. and Madura, J. ,1996. ‘Dividend Policy and Corporate Performance’. Journal of Business Finance & Accounting. 23, 9&10, 1267-1287.COSO Framework 1994 Collier, P. M 2009, Accounting For Managers. Interpreting Accounting Information for Decision-Making. Third Edition. Dyson, J. R. (2001). Accounting for non-accounting students, Essex: Pearon education Limited. Fonseka, M. M. and Tian G. L. , 2011. ‘What factors motivate the analysts stock recommendation in a small emerging market? Evidence from Sri Lanka’. African Journal of Business Management. 5, 26, 10908-10920. Gillespie, I. & Lewis, R. &Hamilton, K. 2000. Principles of financial accounting, Essex: Pearon education Limited. Goyal and Park,2002.Board leadership structure and CEO turnover, Journal of corporate finance, 8, p49–66. Governance Code 2010, The UK Corporate Govern ance Code, Financial Reporting Council, London. Hollensen, S. 2006. Marketing Planning: a global perspective, Maidenhead: McGraw-Hill Education. Ince, O. S. and Porter, R. B. , 2006. ‘Individual Equity Return Data from Thomson Data Stream: Handle with Care! ’. The Journal of Financial Research. 29, 4, 463-479. Kotler, P. 1994. Marketing Management: Analysis, Planning, Implementation, and Control (8th Ed. ). New Jersey: Prentice-Hall, Inc. Kothari, S.P. and Shanken, J. 2003. ‘Book-to-market, dividend yield, and expected market returns: A time-series analysis’. Journal of Financial Economics. 44, 169-203. Mallin, C. A. 2004. Corporate governance, New York: Oxford University Press Inc. Tricker, B. 2009. Corporate Governance: Principles, Policies, and Practices, New York: Oxford University Press Inc McKinsey, C. 2002. Investor opinion survey on corporate governance. London: McKinsey &CO. Muresan, E. R. and Wolitzer, P. Organize your Financial Ratios Analysis wi th PALMS (September 20, 2004). EMuresan Working Paper No. 2-01. Available at SSRN: http://ssrn. com/abstract=375880 or doi:10. 2139/ssrn. 375880 OECD (2011), OECD Economic Surveys United Kingdom MARCH 2011 Pierce, B. 2011. Personal Communication, Course Lecture 1 Nov 2011. Sheffield: The University of Sheffied. The telegraph,2007, Crisis may make 1929 look a ‘walk in the park'. [Online]. Available  from:http://www. telegraph. co. uk/finance/newsbysector/banksandfinance/2821629/Crisis-may-make-1929-look-a-walk-in-the-park. html [Accessed  on:  01/12/2011]. Annual report of Mulberry plc. 2011 Annual report of Mulberry plc. 2007

Coming of Age in New Jersey by Michael Moffatt:

One learns real education in the college of self-education, where one’s mind is one’s Principal; one’s initiative, one’s Professors. One’s hard work, one’s tutors!   It provides you the correct decision making power. It makes you act. You are able to start a thing; you are also able to finish that thing and achieve your goal. The real education tells you, there is no victory or defeat in life –there is only permanent effort. What are theory text-books after all? They are the storehouse of experiences. True college education must stand the test of its practical application. According to Moffatt it should provide awareness, proper direction and destination to the student, in life. As a new and revealing perspective on the much-studied American college student, the observations contained in the book are highly authentic and path-breaking! Breaking through the facade of higher learning and discovering the actuality of college life (pertaining to the students, professors, and the institution as a whole). The book describes the plight of the American college student, who carries encyclopedia within his brain. He goes on accumulating knowledge, and doesn’t know much about its application—meaning thereby failure to perform to right things at the right time. Students don’t enter college just to study the prescribed textbooks relating to their syllabus—they are spending the very precious part, of the formative years of their life in the portals of college.   Every student has the problem, peculiar to his circumstances and the level of his progression in life. They learn what is individualism, what is friendship, the community feelings, color and race, ethnic problems, intellectual achievements, work and play and above all sex and gender related problems. The student is exposed to new situations all through his years in the college. The author is a faculty member in the Anthropology department at Rutgers University. He did his college studies twice. The objectives of his two attempts were different. On the first occasion, perhaps it was pure study—own career-oriented approach. At the second attempt, he was studying the students. Not what they study, but how they study, what they study! The old-guard was a fresher again, as a very senior student. He lived in the dorm, with the students. Could there by ay better method, for gathering authentic notes for his intended study? This he did, 20 years after his graduation. Moffatt realized that the young college student was a growing human plant. In the heart, he revolted against the prevailing educational system in America, severed from Nature and stifling all individuality. Moffatt had practical ideals to mold the education system. He advocated for new types of training and fearless experiments. Educational innovations for the college students need to become more numerous and more courageous, he advocated. When his second term as a student was over, Moffatt, offered his preliminary results for further scrutiny and comments by the students. The feedback obtained from the undergraduates, provided valuable data to refine his initial observations. He got more information from their perspective, and unique interpretations, that provided more creditability to the book. The book, in a way is jointly authored by the Professor and the students. The student’s actions, feelings, and thoughts about college (them giving more importance to the social world than the academic); Moffatt( as a student for the second time) makes an interesting observation, how the various officials, employees, professors etc. only knew the partial truth about the functioning of the college, not the whole truth. He writes, â€Å"The College was a very complicated place, made more complicated by its inclusion in a bigger and even more confusing university. Very few administrators understood all of it–even its formal organization—let alone how it actually worked. Most campus adults did not even try; they simply did their best to grasp those small parts of the college and the university that they needed to understand.†(Moffat, 1989, p. xv (preface) â€Å"I no longer understood my students†Ã¢â‚¬â„¢ says Prof. Moffatt. There was no feeling of solidarity and responsibility. Exercise of self-reliance and individuality was not encouraged. Stern regard for duty, action without motivated desires, sacrifice and self-respect as well respect for others, were absent. The student was willing to be influenced by the impact of materialistic civilization totally, and the internet revolution did leave deep impact on him. Academic dignity and the great purpose of nobility of human life were sadly lacking. The distant and uncommunicative relationship between the students and professors and how that plays a part in the student’s actions and beliefs in/about college (affects the development of the students.) The study revealed many interesting factors. It brought to light the limited knowledge the students had about the structure/hierarchy of the teaching staff and their duties and responsibilities. The students never knew how Professors spent their time after the actual study hours, and about their research, thinking and the department politics. He writes, â€Å"Most students were not sure of the relation between the two most immediate authorities in their lives, the dean of students and the dean of Rutgers College. And very few of them could name any of the higher-level university officials between these two deans at the bottom of the administration and the president of Rutgers University at the top.†(Moffat, 1989, p.25) As for the Professors, they were not aware of what the students need to do every semester—how to budget their time against the time and space demands. Conclusion: What is the true purpose of education? Rabindranath Tagore, the Nobel-prize winning poet from India puts it beautifully: â€Å"Where the mind is without fear and the head is held high, Where knowledge is free, Where the word has not been broken up into fragments by narrow domestic walls, Where words come from the depth of truth, †¦Ã¢â‚¬ ¦into that heaven of freedom, my Father, let my country awake!—education must lead an individual, a student to such height level of evolution. References Cited: Moffatt, Michael: Book: Coming of Age in New Jersey. Paperback: 376 pages Publisher: Rutgers University Press (March 1, 1989) Language: English ISBN-10: 0813513596 ISBN-13: 978-0813513591 Editorial Reviews      

Political science Term Paper Example | Topics and Well Written Essays - 750 words

Political science - Term Paper Example Already, the resources of this earth are dwindling and climate change is a reality that is descending upon us. However, I would like to expand the author’s statement of risks and say that the problem is not only environmental – it is also about poverty and exploitation. The whole range of social problems should be addressed as well, to ensure that globalization can lead to truly humane outcomes. I would like to focus on the assumption in the second essay stating that and I quote, â€Å"the most beneficial aspect of a globalized world economy is the reluctance to wage war among participating nations†. On the contrary, there is still the likelihood and potentiality for war, as in cases wherein a state wants to obtain the resources of another because it is beneficial to its economy: for example, waging war against Iraq for oil. Also, even assuming that world wars are prevented, civil wars and domestic insurgencies still present a threat. Because globalization worsens poverty in developing regions and poverty breeds insurgency and unrest, violence is still not abated. Indeed, it might be more invisible – but nevertheless real – forms of violence. I disagree with the third essay and the logic it advances that globalization is a medium and facilitator of global warming, terrorism, and the like, and because it is so, it is the infrastructure with which solutions and strategies to combat this can be implemented. This paints a picture of globalization as a field of equal players, were asymmetries in relationships are unheard of. In truth, globalization is about powerful players and weak players, where powerful players extract concessions from the weak players, to the detriment of the latter. Moreover, it is interesting that the author compared the US and Germany – both wealthy countries. Comparative advantage should be studied against the template of a rich country-poor country

The Iran-Iraq War of the 1980s Essay Example | Topics and Well Written Essays - 750 words

The Iran-Iraq War of the 1980s - Essay Example The war, however, was frustrating for both parties, with a victory that was decisive eluding them both. Various factors relating to the regime changes in both countries led to a full-blown war between Iraq and Iran, and a proxy war between Iran & the US. The premise of this paper is to analyze this war and the role the US had to play in it. 2. Iraqi army and Iran troops In 1979, Saddam Hussein, a Sunni Muslim, took over power in Iraq, and set out to make Iraq the leading state in the Middle East (Kilborn 79). While Saddam and most of his supporters were Sunnis, the majority of Iraqi’s were Shia’s. Saddam did not trust them. Iran a neighbour to the east was predominantly Shia. In 1979, the Iranians, led by Ayatollah Khomeini, also overthrew their government, which had been under the Shah, a treasured ally of the US and Israel, and this led to an enmity brewing between these two entities. The revolution in Iran also marked the first time that clerics of Islam had harnesse d the authority of religion to overthrow a modern and secular state with a theocracy (Jacek 39). 3. Saddam Hussein’s personality The most potent catalyst for the Iraq-Iran war was Saddam Hussein’s personality. Repeatedly, he aggressed against the Iranians, and it was only a matter of time before war broke out. A number of reasons were to nudge Saddam into starting a war. These were longstanding issues like access to the gulf of Persia by the Iraqi’s, & a few recent ones like the mistrust that the Iraqi’s felt towards the Iranians and their new government (Phythian 71). The Iraqi has historically claimed the oil rich province of Khuzestan, which had a large Arab population of non-Persian population, with historical ties to Iraq. A few small islands in the gulf of Persia, which were militarily occupied by Iran, were also laid claim to by Iraq. There was also the Shatt al-Arab waterway, which was disputed by both countries. 4. Diplomatic ties between Iraq an d Iran Tensions between Tehran and Baghdad heightened in 1980. A group sponsored by the Iranians attempted to assassinate the foreign minister of Iraq, while Iraq captured and hanged Muhammad Baqir al-Sadr, the grand Ayatollah, and a staunch, public defender of the Islamic Revolution (Phythian 79). Diplomatic ties were cut, with minor skirmishes along the border. Iraq, in September, declared Shatt al-Arab waterway as their territory, before invading Iran on the 22nd. The invading Iraqi’s were remarkably successful at first, managing to gain large swathes of territory, including Khuzestan. However, their march began to lose steam, due in large part to the ferocity with which the Iranian public responded, and the bravery of the Air Force of Iran. In January of 1981, the Iranians mounted a counteroffensive, which was unsuccessful & led to a stalemate period (Kilborn 91). 5. United States’ Contributions During the war, both countries attacked oil tankers bound for each oth er’s nation, in an attempt to cripple their foreign exchange sources. As the stalemate dragged on, neutral vessels were attacked with increasing regularity in the middle 1980s. This was especially a paramount concern for Western oil importing countries. After Iranians attacked Kuwait’s vessels, the United States’ president, Ronald Regan, gave the green light for Kuwaiti vessels to fly under the US flag, placing them under the patronage of the US, and giving the US the right to strike back if these ships were attacked

Critically discuss the historical-cultural context of human rights Essay

Critically discuss the historical-cultural context of human rights. Does their context differ across cultural boundaries and if - Essay Example In academic literature, the school of thought that who argued against universality in relation to human rights are today establishing new perspectives regarding human rights. This school of thought, now incorporates cultural elements within a universal concept related to human rights, instead of directly criticizing the idea of universality (Hey 2000, p.17). This approach taken in regard to human rights paves way for a focus on various issues affecting the society and the implications in terms of establishing human rights that are recognized internationally. Further, there is a likelihood of a new universalism being born as a result of globalization. This new universalism related to significant developments that have occurred globally in terms of theories and politics related to human rights. In practice, various rights that exist within the society are now viewed as being interdependent. However, there is also an increasing recognition of cultural diversity thus resulting in varying concepts related to rights in regard to a new universalism. For example, the establishment of the internationally recognized criminal tribunals in countries such as the Netherlands or Tanzania, reflect on a consensus for international responsibility, and also accountability in regard to serious crimes that are against humanity. In essence, this paper explores the historical-cultural context related to universality of human rights. (Hey 2000, p.19). Universality is an important characteristic related to human rights and by definition, human rights denotes the rights available to every human being and hence, considered universal. Each human being is considered a holder of human rights that are independent of their origin, their daily activities, where they reside and their citizenship or community. Universality in regard to human rights is often influenced by other factors associated with human rights, and human rights are categorical, egalitarian and indivisible (Onuma 2001, p.33). In essence, a review of universalism and relativism reveals a build-up of two different terminologies, however; the counterpart of the former term is particularism and for the latter term is absolutism. The main reason for the misconception revolves around an assumption identifying universalism as being only legitimate through absolute justification. As a result, a relative means of legitimization can establish only a justification considered relative. The result in this sense related to the proponents advocating for human rights tends to establish an absolute justification in terms of the set human rights. This assumption is influenced by the view that relative justification is not appropriate to establish universality related to human rights (Onuma 2001, p.42). On the other hand, it could be argued that this two terms lack direct association, which creates consequences in regarding to developing an understanding of the universality related to human rights, and also attempt to esta blish a justification. Human rights often struggles as a result of particular interests among states that place priority for sovereignty over universality related to human rights. In addition, the private sector also impacts on human rights as a result of focusing on self-regulating approaches and capitalizes to establish their influence relative to certain limits. Further, this challenge forms part of

Analyzing Black Historical Sites Essay Example | Topics and Well Written Essays - 1250 words

Analyzing Black Historical Sites - Essay Example The aftermath of the end of slavery raised the need for various reforms. Racial discriminations still went on in the US, and minor cases of slavery were still prevalent. The African American society held talks and rallies to empower each other and fight for their rights. The bay area in California was a place where radical changes within the African American society that revolutionized the fight against racism. The freeing of prisoners through the underground railroads was prevalent in the bay area. Economic development amongst the African American took root in the bay area leading to the establishment of estates by both men and women. Perhaps the most influential woman of this era was Mary Ellen Pleasant who raked a total sum of US $30,000,000 in the stock market that she used in the fight for equality. She has been christened â€Å"the mother of human and civil rights in California†. Her contribution to black history remains phenomenal as she had a massive amount of wealth t hat she did not hesitate to contribute to the struggle for equality. The Mary Ellen Pleasant Memorial at 1661 Octavia, San Francisco, California, was setup in memory of her dedication to the liberation of the black people in California. Her incessant effort to aid the African American society has ranked among the outspoken women of her era of slavery, segregation and violation of numerous civil and human rights of African Americans. Mary Ellen Pleasant Memorial Park and its Background The Mary Ellen Memorial Park is the smallest park within San Francisco preserved in honor of the abolitionist Mary Ellen Pleasant and her work in the era. The park is adorned with six gigantic eucalyptus blue gum trees that run down along Octavia Street. The six trees the only surviving ones out of the 20 that Ms. Pleasant herself had planted along the street. The City of San Francisco landmarked these trees to protect them from human interference. This street was once filled with the property of Mary Ellen Pleasant along its full length from Bush to Sutter. Her house once occupied this street, boasting 30 rooms and an entertainment avenue for several people back in the day. It was famous for cards, liquor and beautiful women. To others, this boarding house provided jobs for the African Americans. However, this house burnt down in 1925, and in its place Green Eye’s hospital built the Healing Arts Building1. A plaque adorns the front of her former 30-room home in her honor at the intersection of Bush and Octavia Streets. The disc-shaped plaque within the southwest corner of this intersection has a brief history of life and works of Mary Ellen Pleasant written on its cement structure2. The park remains a historical site for African Americans as it stands for the appreciation of the work of Mary Ellen Pleasant, whose philanthropy led to the efficacy of the black struggle in the freeing of slaves and the Civil War. Mary Ellen Pleasant was born at around 1814 as a slave in the East Coast, but she fled by boat in 1852 to San Francisco to establish herself in the bay area. She legally identified herself as white in the society to avoid being bound to slavery again and to empower herself financially. The Fugitive Slave Act would have led to her recapture in California so she developed a new identity with freedom papers, Mrs. Ellen Smith. She mixed with the top crop of the society

Animal Behavior on their Natal Territory Assignment

Animal Behavior on their Natal Territory - Assignment Example The reproductive success of a female mammal depends on a few factors such as safe territory, brood feeding area, and resources such as food availability (Stockley & Bro-Jorgenson, 2011, pg344). The male members of the mammalian species, on the other hand, wander far away from the nest in search of possible female mates who defend their own territories. Thus, we can say that the reproductive success among mammals depends largely on its female members. However, males of avian species are the ones that remain on or near the natal territory since in case of birds it is the quality of the† habitat that the male defends that determines the reproductive success† (Hill,1988,p379). Reproductive success among avian species depends on the male members and on the provisions available for the brood and attraction of female birds in the territory defended by the males. Therefore, remaining within or near the natal territorial range in case of male birds is more beneficial since they are able to attract females while in case of mammal males, remaining near natal territory is not beneficial since the reproductive success depends solely on the female members of mammalian species. 2.In  their  classic  paper  on  mating  systems,  Steve  Emlen  and  Lew  Oring  suggested  that  two  ecological  factors  could  promote  the  evolution  of  monogamy:  a  high  degree  of  synchrony  in  reproductive  cycling  within  a  population  and  a  highly  dispersed  distribution  of  receptive  females.  Try  to  reconstruct  the  logic  of  these  predictions  and  then  make  counterarguments  to  the  effect  that  synchronized  breeding  could  facilitate  the acquisition  of  multiple  mates  while  a  relatively  dense  population  of  receptive  females  might  actually  promote  monogamy.  

Organizational Behavior in Axle Color Studio Essay - 3

Organizational Behavior in Axle Color Studio - Essay Example The employees are categorized based on the roles performed in the salon. Therefore, the Axle Color Studio workforce consists of two owners namely Jackie Williams and Alex Williams, 1 manager, 1 assistant manager, 5 stylists, and 3 assistants. Further, the team also found out that the workforce was homogenous consisting of 10 women and 2 men from different backgrounds. In addition, the age limit of all the employees was between 19 and 35 years old. Secondly, our team was able to point out several issues regarding how the organization motivates the workforce in the organization. The owners of Axle Color Studio motivate the employees through various methods that include setting and monitoring goals where employees are motivated to know that they can achieve specific goals that are set in the organization, setting performance standards associated with the career path and pay rise of employees and establishment of effective communication channels. The effective communication channels motivate the employees since they can freely communicate to the management in addition to providing a platform for effective conflict resolution in the workplace. Lastly, our team found out that the organization also faces different types of conflicts like other big organization. Through the interview contacted in the organization, Alex and Jackie informed our team that the most common form of conflict in the organization is the relationship conflict. However, the owners of Axle Color Studio were quick to point out that the conflict emanated mostly from personal relationships outside the business. The other type of conflict identified was task conflict where the content of work overlaps with each other. In this case, Alex and Jackie pointed out that there were low levels of task conflict within their organization.

Bristish Petroleum's Macondo Well accident BOP failure Research Paper

Bristish Petroleum's Macondo Well accident BOP failure - Research Paper Example The investigation team of BP revealed that requisite tests were not conducted properly by the engineering personnel because of which this disaster spread quite largely. Due to this devastating incident, the US federal government imposed a huge amount of fine upon BP. After the ocuurence of this incident, BOEMRE and Mineral Management Services (MMS) took strict initiatives and implemented various rules and regulations along with restructuring the working procedure so that this type of devastating incident might not occur in future. Table of Contents Abstract 2 Introduction 4 Thesis Statement 5 5 An Overview of Macondo Well Accident 5 Root Causes of the Macondo Well Disaster 9 Investigation Report about Macondo Well Accident 10 BOP Failure 12 Steps Taken By BP after BOP Failure 13 Conclusion 15 Works Cited 16 Appendix 1 17 Petroleum Industry Terms 17 Appendix 2 18 Introduction BP plc is regarded as one of the leading oil and gas multinational companies in the world. It operates in more than 80 nations all over the world. However, over the years, in its operations the company has faced certain obstacles especially related to oil spill incidents which have created a significant impact on the overall sustainability and reputation of the organisation. In this context, Deepwater Horizon oil spill incident was one of the infamous chapters in the history of BP. The oil spill incident took place in Gulf of Mexico in the year 2010. It is considered as one of the biggest accidents in the history of petroleum industry. Deepwater Horizon (DH) was an oil rig which was built by the ‘Hyundai Heavy Industries’ shipyard in South Korea and was delivered to BP in the year 2001. The rig was valued to be of multi-million dollars and it was considered as a 5th generation advanced technological ‘semi-submersible’ drilling rig. This rig comprised automatic drilling systems by which oil was generated into the wellbore of Macondo Prospect. This fully automatic dr illing machine consisted of 15,000 ‘PSI-rated BOP system’ and operated below the sea level at about 9000 ft. The rig had drilled well up to 35,055 feet, which took almost nine years. This entire drilling system was owned as well as operated by the Transocean Company under a mutual agreement with BP (Deepwater Horizon Study Group, â€Å"Final Report on the Investigation of the Macondo Well Blowout†). Thesis Statement The paper intends to investigate and analyze the Macondo well accident of BP Plc at Gulf of Mexico which caused continued oil spill for several days resulting in widespread damage to marine habitats as well as wildlife. An Overview of Macondo Well Accident Deepwater Horizon’s ‘Blowout Preventer (BOP)’ was one of the main factors regarding the Macondo disaster. The incidents surrounding Macondo disaster have been more visible to the society through reports prepared by BP and the National Commission of the United States. The US feder al government imposed a huge fine amounting to around 4.5 billion USD against BP to settle illicit charges brought against the company regarding the Deepwater Horizon disaster (Capaldo, â€Å"US Government Fines BP $4.5bn Over Deepwater Horizon Disaster†). This incident occurred on the evening of 20th April 2010 due to the release of hydrocarbon gas on Macondo well

Effect of Online Gaming to the Students Essay Example for Free

Effect of Online Gaming to the Students Essay * An online game is a video game played over some form of computer network, using a personal computer or video game console. * Online gaming is a technology rather than a genre, a mechanism for connecting players together rather than a particular pattern of gameplay. Online games are played over some form of computer network, typically on the Internet. One advantage of online games is the ability to connect to multiplayer games, although single-player online games are quite common as well. A second advantage of online games is that a great percentage of games don’t require payment. Also third that is worth noting is the availability of wide variety of games for all type of game players. Can video games make you smarter begins with asking what youre looking to gain by playing them. Did you know that: * Point: Video games are fun, but theyre not very productive or useful. * Counterpoint: One of the biggest benefits of video games and other interactive training techniques is that they offer a type of engaging and interesting activity that can help build and practice new skills * Point: Video games only train you in specific skills, which doesnt impart any greater ability to approach new challenges or obstacles. * Counterpoint: The key here is in the design and goals of the game in question. Whatever the game aims to train is what youll learn. Games that take the problem solving puzzles and critical thinking exercises that most of us remember as schoolchildren and update them with an interactive and adult-targeted medium can still impart those skills to older players. The issue with many brain training video games is that they want you to believe that youre getting smarter by increasing your cognitive ability, or somehow protecting your brain from decay or the effects of aging by playing them. That may not be true, but games carefully designed to build problem solving, critical thinking, and reading comprehension skills will help you build those skills. * Point: If games in general can help you learn specific skills, theres no need for video games specifically. You can just pick up a crossword, textbook, or mystery novel and hone those same skills. * Counterpoint: The big difference between picking up the New York Timescrossword and playing the iPhone version, or playing Scrabble at a table versus with other people in an internet-connected game like Words with Friends, is really in the person who plays the game. Strictly, interactive media are an artifact of our time, and appeal to people who would otherwise reject those older mediums in favor of newer ones. In addition to catering to our desire to be constantly connected and our need for immediate feedback and rapid-fire puzzles and challenges, video games resonate with us in a way that other media doesnt. That isnt to say theres no place for an old-fashioned mystery novel to challenge a reader to decipher an authors carefully laid clues before they get to the last page, but theres certainly room for both. There Are Psychological, Physical, and Therapeutic Benefits to Video Games, Too * In addition to the benefits of learning new things and developing new skills, video games—when properly applied—can have therapeutic and mental health benefits. If you play video games as a hobby or for relaxation, you likely already know that they can help you relieve stress and anxiety and help you relax. Negative effects of online gaming: * Since the advent of coin operated arcade games, video games have come a long way and spread to the homes of many children and teenagers, in both developed and developing countries (Bryant Vorderer, 2006). On one hand, the fierce competitions among the gaming giants such as Nintendo, Sony, and Microsoft can be blamed for this phenomenon; while on the other hand, the internet alone is responsible for placing a universe full of games at arms reach of anyone with a computer and a decent internet connection. However, many games are not suitable for certain age groups. These include games which contain material that is explicit in either the lyrics of its songs, its bloody and gory action scenes, or even scenes that are considered borderline pornographic (in the game Grand Theft Auto: Vice City, the main character can enter strip clubs and receive lap dances) (Allofgta, 2008). Usually, many of the games containing significant amounts of violence are designed for mature audiences; nevertheless, their popularity among teenagers and children, who ironically constitute the largest contributors to the profits reaped from these games, is always on the rise. In Lebanon and many other countries in the middle east, no video game rating system or law exists, which allows children and teenagers to buy any game they want. Consequently, as Vorderer and Bryant explain (2006), young video game players may be exposed to substantially more violent content than ever before * Excessive violence in video games has many significant negative effects on children and teenagers. The nature of todays gaming market doesnt seem to help the situation at all. Every year, hundreds of new games are released into stores, adding to an already abundant library of blood and gore, which leads to a decrease in the price of previous years games. In addition, since the price of CDs and game related hardware is on the decline, it is becoming easier and more economical for children and teenagers to play these games in the comfort of their own home, instead of paying hourly fees at Local area network gaming centers * Other pro-violent video game activists take on a whole different approach in their defense strategy. * Three major negative effects are manifested in the majority of gamers who play violent video games. To begin with, gamers show a weakening in their pro social behavior, which include poorerrelationships and drug related problems. Secondly, users start to exhibit violent behavior which can manifest itself in their thoughts or physically. Finally, desensitization, the loss of proper response to violent images, also lurks behind these games. * Video games are the subject of so many studies, not to mention findings. Some suggest cognitive benefits, others behavioral issues that may or may not persist over time. Importance of the studies * The researcher also believes that not only the students will be benefited from the findings of the study but the instructors and the faculties as well. For they will be advised what to do to give more emphasis to the studies and the learning of the students. They will have an idea on how to get the attention of the students through their studies. Students most specially who has lower grades or failing grades. Definition of Terms There are terms of this study the student researchers defined to help the reader understand well the terms used. * Age. stage of life: a stage or phase in the lifetime of somebody or something length of somebodys or somethings existence | * Dropped. lessen: to decrease to a lower level, rate, or number, or make something do this * Effects of on line games   * Failed. unsuccessful: unsuccessful, or not having done what is expected or needed * Gender. Gender is a range of characteristics of femininity and masculinity.[1] Depending on the context, the term may refer to the sex * Passed. be successful, or declare somebody successful: to be successful in a test or examination, or officially decide that somebody has been successful in a test or examination

Deontological ethics Essay Example for Free

Deontological ethics Essay Attempting to explain the differences and similarities of virtue theory, utilitarianism and deontological is basically from my own understanding of each. I am having much difficulty reading the materials as well as sitting at this computer for any length of time. I believe my reading visual is deteriorating at a rapid pace because of the straining to my eyes. Virtue ethics focuses on a person’s character and morals. This person will always try to do what is right because he was taught at an early age and by someone he loves and wants to always please by doing the right thing, regardless of the consequences. Utilitarianism focuses on the consequences of your actions. What I mean by that is that if you steal something and not get caught, there are no consequences. No one knows that you stole and therefore you do not have to answer to anyone but yourself. Deontology focuses on the outcome of the act whether right or wrong. The person steals food from a grocery store because his children are hungry and he does not have the money to buy food. Although it is his responsibility to feed his children, stealing is clearly wrong. The consequences did not matter at that particular time; he did what he felt he had to do. Recently there was an incident on my route where a woman called in to my job and conveyed to my superior that I was talking about Jesus on the bus and she was offended. I was called in and reprimanded and told not to speak about religion on the bus. My response to her was, is that right? Quite a few of my regular passengers know that I am a minister and talk to me regularly about the Bible, Jesus and the Christian faith. Based on the virtue ethics, I was taught to speak the word of God in season and out of season, when it is time or easy and when it is not a good time or hard. This is my first and most important job and regardless of the consequences, I will continue to preach the word and pray for anyone who desires to hear it. I will always try to please Jesus in whatever I do.

Manage Sex Offenders Effectively Psychology Essay

Manage Sex Offenders Effectively Psychology Essay The aim of this essay is to provide a historical overview of the developments on the risk assessment of sex offenders literature, focusing specifically on the advances in this area of research. Firstly, a definition of risk will be provided, followed by the aims of risk assessment and an example of the practical implications of inaccurate risk assessment. Subsequently, this essay will outline four generations of risk assessment for sex offenders, which were inspired on Bontas (1996) three generations of risk assessment. Particular regard will be given to the third and fourth generations, since these are the ones that reflect the recent advances in risk assessment. Due to the heterogeneity inherent to the concept of sexual offenders, and because most of the risk assessment tools have been developed and validated on adult male sexual offenders (Craig Beech, 2010), only instruments used with this sub-group will be discussed in this essay. As stated by Hart, Laws and Kropp (2003), the definition of risk is not straightforward. For the scope of this essay, risk will be conceptualised as the probability of an offender being reconvicted for a sexual or violent offence. Risk assessment has two main aims. The first one is predicting the likelihood of reoffending of an individual, and the second one is guiding risk management, including the identification of risk factors associated with the offending behaviour and the selection of appropriate treatment programmes. Inaccurate prediction of risk can have serious consequences such as prolonged incarceration, in case of overestimation, or the release of dangerous offenders, in case of underestimation of risk (A. R. Beech, Craig, Browne, 2009). Clinical Judgement The first generation of risk assessment procedures will be called Clinical Judgement. This is an ideographic approach, according to which the practitioner relies on his/her professional experience to evaluate the individuals characteristics and make a decision regarding the risk he poses. However, the processes through which a practitioner reaches a decision are rarely easily observable and are not easy to replicate (A. R. Beech, 2001). Structured assessment tools The subjectivity inherent to clinical judgement led to the development of more structured assessment tools. Actuarial measures are the most widely used structured instruments for risk assessment of sexual offenders. The most commonly used risk tools with adult male sexual offenders are the RRASOR (Rapid Risk Assessment for Sexual Offense Recidivism; Hanson, 1997); SACJ (Structured Anchored Clinical Judgement; Grubin, 1998; Hanson Thornton, 2000); Static-99 (Hanson Thornton, 2000); RM 2000 (Risk Matrix 2000; Thornton et al., 2003); and the SORAG (Sex Offender Risk Appraisal Guide; Quinsey et al., 1998). For the purpose of this essay, only some particularities of each tool will be discussed. The RRASOR is simple and easy to use. The fact that it was designed using data from seven different follow-up studies makes it more comprehensive than other tools. It was designed to screen offenders into levels of risk. The SACJ can be used with missing data, is brief and easy to use. However, it has been stated that it works better as a predictor of non-sexual offences (Craig, Browne, Beech, 2008). Static-99 is a combination of RRASOR and SACJ. It is the most commonly used risk tool with adult sex offenders (Hanson Morton-Bourgon, 2009) and it is intended to measure long-term risk potential. The RM 2000 has two counterparts: sexual and violent. It is widely used in British Prison and Probation Services (Hanson Morton-Bourgon, 2009). The SORAG was designed to predict at least one reconviction of a sexual offence. It measures both violent and sexual recidivism. Although the predictive accuracy of these tools commonly outperforms clinical judgement (Grove, Zald, Lebow, Snitz, Nelson, 2000), several limitations have also been pointed. Is has been argued that the static nature of actuarial measures makes it impossible to identify the psychological factors underlying risk and hence provides no guidance for treatment and case management (Craig, Browne, Beech, 2008). Furthermore, because actuarial tools are derived from base rates which are officially recorded as reconviction, the probabilities will underestimate true offence rates. The reason for this being, for instance, the high number of underreporting of sexual offences (Janus Meehl, 1997) and the fact that some sexually motivated offences are recorded as violent offences (Corbett, Patel, Erikson, Friendship, 2003). In addition, sub-groups of sexual offenders, like sexual offenders with learning disabilities, should not be assessed with the use of actuarial tools that have not been devel oped specifically for these populations, since different sub-groups will have different base rates (Craig Beech, 2010). Also, we should take into account what is called the statistical fallacy, according to which group data are used to make decisions on a single individual. This practice has its dangers since the practitioner might disregard unusual factors that are relevant to a particular case (A. R. Beech, Fisher, Thornton, 2003) . Finally, actuarial instruments do not estimate long-term risk since they are based on unchangeable, historical static factors, taking no account of changeable, dynamic risk factors that might indicate imminent risk (A. R. Beech, Fisher, Thornton, 2003). Dynamic approaches to risk assessment The statement presented by Hart, Laws and Kropp (2003) is illustrative of the contention around the utility of actuarial tool. The main reason for this being that these tools represent probabilities of recidivism, not a certainty (A. R. Beech, Fisher, Thornton, 2003), which are based solely on historical factors. This debate encouraged researchers to developed instruments which additionally integrate factors that account for the context in which offences occur, and that are amenable to change. These factors have been named dynamic risk factors or criminogenic needs (Andrews Bonta, 2003). A significant landmark in the research of dynamic risk factors was the development of a deviancy construct (A. R. Beech, 1998) which led to the creation of a system named STEP (Sex Offender Treatment Evaluation Project; Beech, 1998). This framework is used by Probation Services to categorise child molesters into high or low deviancy groups (A. R. Beech, Fisher, Thornton, 2003; A. R. Beech, 1998) . Evidence for significant differences between these two groups has been found by Fisher, Beech and Brown (1999) and by Beech and Ford (2006). Moreover, a six years follow-up study suggested that deviancy contributes independently to prediction of reconviction once static risk factors had been considered (A. R. Beech, Erikson, Friendship, Hanson, 2002). It can then be suggested, that categorisation of sexual offenders into high and low deviancy groups not only informs treatment options, but it also adds to the predictive value of static risk factors. Another marker in risk assessment literature was the differentiation between two types of dynamic risk factors: stable and acute risk factors (Hanson Harris, 2001; Hanson Harris, 2000). Stable dynamic risk factors are those which represent relatively persistent characteristics of the individual that can be changed through therapy (Craig Beech, 2010). Acute dynamic risk factors are rapidly changing factors that are useful in predicting imminent risk (Craig, Browne, Beech, 2008). From this research, the authors created the SONAR (Sex Offender Need Assessment Ratings) which has been developed into the STABLE and ACUTE scales (Hanson Harris, 2000). These scales, as the names suggest, rate stable and acute dynamic factors. The ACUTE scale has the particularity of including a unique factor at the end, which can be any factor that might trigger offending behaviour. It might be, for instance, contact with a specific person that elicits a strong emotional response in the offender. This f actor illustrates the changeable, contextual nature of these scales, emphasising the importance of addressing individual differences and idiographic characteristics. Thornton (2002) reported a further innovation in risk prediction with sexual offenders. He suggested that dynamic risk factors fall within four domains: sexual interest, distorted attitudes, socio-affective functioning, and self-management (Thornton, 2002). This categorisation has been standardised in a measure called SRA (Structured Risk Assessment; Thornton, 2002) which is a risk/need instrument. It can be operationalised through structured clinical ratings, leaving open the question of how to best score needs. The IDA (Initial Deviance Assessment) has been routinely used in HMP services as part of SARN (Structured Assessment of Risk and Need, Thornton, 2002), which is a version of the SRA. In order to score the dimensions mentioned above, the practitioner usually gathers information from several sources such as psychometric tests, clinical interview and self-report scales. Sexual interests in specific, have been commonly measured by physiological measures such as the plethysmograph (PPG), response-time based measures, and the polygraph (A. R. Beech, Craig, Browne, 2009). However, these measures have been criticised on several grounds. It has been suggested that they are intrusive, lacking construct validity and standardisation (Williams, 2003). It has also been suggested that individuals can use countermeasures to suppress arousal (Laws, 2003). In order to tackle these limitations, some authors have suggested the use of the Multiphasic Sexual Inventory (MSI; Nichols Molinder, 1984) as a reliable way of measuring psychosexual characteristics (Craig, Browne, Beech, Stringer, 2006; Grady, Brodersen, Abramson, 2011). The use of MSI to measure sexual interests might be considered an advance in risk assessment research. It seems to add objectivity and standardisation to physiological measures, and it is ethically more appropriate. Thornton (2002) tested the last three aspects of the model (distorted attitudes, socio-affective functioning, self-management) with a sample of child molesters and also replicated the results with rapists, showing that the dynamic risk factors tested in the model were predictive of sexual offending independent of static factors (Craig, Browne, Beech, 2008). One again, this provides evidence for the importance of including dynamic factors is risk assessment tools. At this point in the history, the static and dynamic approaches to risk assessment have never been clearly integrated into a single tool (A. R. Beech Ward, 2004; Olver, Wong, Nicholaichuk, Gordon, 2007). The development of a tool named VRS-SO (Violence Risk Scale Sexual Offender version; Wong, Olver, Nicholaichuk, Gordon, 2003) does this integration, representing an important advance in risk assessment of sex offenders. This tool incorporates static and dynamic risk factors, also comprising treatment planning and the measurement of treatment change, within a single tool for assessing risk in sexual offenders. It has been suggested that this tool has good inter-rater reliability, concurrent validity, and that total scores were predictive of sexual recidivism. It has also been suggested that the dynamic scale made significant contributions to the predictive value of the tool after controlling for static risk (Beggs Grace, 2010). We now move to a point where the importance of integrating, static and dynamic risk factors, alongside information for case management is recognised. However, risk assessment tools have been constructed through statistical analysis and the application of meta-analysis to identify which risk factors are mostly correlated to future recidivism. It has been suggested that this work is atheoretical and reductionist in the extent that it lacks a strong theoretical background and focuses too much on specific factors of risk (Beech, A. Ward, T., 2007). Multi-factorial approaches Efforts to integrate risk within a theoretical framework mark the fourth generation of risk assessment. One of the most promising multi-factorial approaches to risk assessment of sexual offenders has been presented by Beech and Ward (2007) as the Etiological Model of Risk. The main aim of this model is to incorporate the conceptualisation of risk within an etiological and developmental framework based on current theories of sexual offending (A. R. Beech Ward, 2004). The model starts by including developmental factors such as rejection and attachment problems, which can increase vulnerability to sexually abuse. This first step of the model is theoretically based on Marshall and Barbarees Integrated theory of sex offending (Marshall Barbaree, 1990). It is then proposed that developmental factors might impact on vulnerability trait factors. These are composed by static factors and stable dynamic risk factors. In this model static factors are seen as historical markers for psychological dispositions (stable dynamic risk factors). As follows, triggering/contextual risk factors such as vic tim access behaviour, non-cooperation with supervision and hostility (previously described by Hanson and Harris (2001) as acute factors) impact on the vulnerability factors. These vulnerability factors are then expressed into transient states of high-risk, since they are reflective of an individuals psychological state (eg. physiological arousal and affective states). This chain of events, moving gradually from distal factors to more imminent, contextual factors, places individuals at an overall level of risk (Beech, A. Ward, T., 2007). This approach to risk assessment has several practical implications. As a starting point, it encourages practitioners to consider a wider range of risk factors, enabling objective case formulation, which will link closely to each domain of risk (Beech, A. Ward, T., 2007) . Additionally, the reformulation of acute and stable dynamic factors into more psychologically meaningful terms enables the practitioner to contextualise risk into theoretical frameworks that explain the process of offending as a gradual sequence of events (A. R. Beech Ward, 2004). Also, this model addresses individual differences to a greater extent than other models of risk assessment. This approach perceives the offender as a changeable organism, who is shaped by early developmental experiences, psychological traits and more transient states; and will respond to environmental stimuli accordingly. Moreover, this approach also has heuristic value, proposing ways in which research could be conducted to develop this model further. However, for the purpose of this essay, these suggestions will not be explored (see (Beech, A. Ward, T., 2007) for more details). The MARA model (Multiaxial Risk Appraisal; Craig, Browne, Hogue, Stringer, 2004) was developed taking into account a number of developments in the risk assessment literature, also representing a considerable advance in the area. This model structures risk-related information into three main domains: risk scales, psychopathology and empirically guided clinical assessment, from which an overall estimate of risk can be made. It provides a more global assessment of risk by considering both idiographic (the uniqueness of individuals) and nomothetic (general traits of personality) properties. The MARA encourages the use of actuarial methods as a way of providing estimates of risk within specified time-periods, considers the use of psychometrics to assess psychological constructs and suggests the use of empirically guided clinical assessment (functional analysis) as a method of monitoring acute changes. Furthermore, this approach encourages an efficient management of risk, taking into acco unt all the factors cited above (Craig, Browne, Beech, 2008) . Such as the etiological model, this approach aims to investigate risk of recidivism from different trajectories, allowing a more global assessment. However, it is not yet known whether adding idiographic factors actually enhances or undermines predictive accuracy (A. R. Beech, Craig, Browne, 2009) . Hence, until further testing, this model of risk assessment must be used with caution. Nevertheless, both the etiological model of risk and MARA can be described as comprehensive approaches to risk assessment, which offer a broad range of topics which are relevant for an accurate assessment of risk. Regarding the practical utility of these approaches, this essay argues that even though it might not be possible to address all the areas of risk in intervention due to effective management of resources, practitioners using these models would have a wide conceptualisation of the risk posed by individuals, and which areas would be more relevant to address at a specific point in time. As a final remark in the advances in risk assessment, this essay would like to highlight the utility of the Risk-Needs-Responsivity (RNR) model (Andrews Bonta, 2003) . This model emphasises the importance of accurate risk assessment, in order to provide the right degree of intervention; suggests a focus on the changeable risk factors presented by individuals and encourages practitioners to consider factors that may affect or impede an individuals response to treatment. As means of conclusion, and referring back to the statement in discussion (Hart, Laws, Kropp, 2003) it can be stated that throughout time risk assessment has moved to being a more understood and certain process than it when the assessment of risk was based on intuition. In an attempt to confer objectivity to this procedure, several researchers developed statistical-based, standardised approached such as actuarial tools. Thereafter, the limitations of these tools, and mainly their static nature led researchers to explore the dynamic, changeable factors related to risk and developing several useful tools. At this point it was also felt necessary to construct tools that informed case management. As proposed by Harkins and Beech (2007), it was crucial to account for risk level to an extent that it could also influence success of treatment. The most recent advances employed multi-factorial, broad models of risk which perceive risk assessment as an ongoing process, which needs to consider idiographic, historical and contextual factors. Furthermore, the RNR model provided useful guidelines for risk assessment of sexual offenders. Applying the principles of this model to exiting assessment tools has the potential of not only conferring more certainty to thi s process, but also to influence treatment outcomes. This essay suggests that multi-factorial models, together with RNR principles, represent a step forward in moving risk assessment from a probability to a more certain science. This could potentially lead to a decrease in inaccurate prediction of risk, further decreasing the consequences that it involves, such as putting society at risk or unnecessary monetary expenses. It also goes without saying, that enhancing risk assessment tools is an everlasting effort, which is far from being finished.