Procurement And Contract Advice For Clients Construction Essay

Procurement And Contract Advice For Clients Construction Essay This section of the report outlines both traditional and design and build forms of procurement to aid clients in understanding and selecting the appropriate method. Traditional Procurement: The most well known and widely accepted form of procurement in the construction industry. Traditional procurement caters for all types of client from individuals constructing a project for the first time too large complex projects where the function of the building is paramount. Traditional Organisation Client / Employer Contractor Subcontractors Employers Agent Quantity Surveyor Architect Civil / Structural Engineer Other Designers Contractual LinkThe traditional organisation diagram highlights how contractual links are formed within traditional procurement. As the client you are contractually bound to the design team. This is important and should be considered seriously as the contractor is at no direct contractual link to the architect. The primary procurement method in traditional procurement is the two stages tender. Initially the client must produce a brief which outlines what your requirements. This must include relevant figures such as budget and time constraints. Now a team of consultants needs to be appointed, this will comprise primarily of an architect who will guide you through the design and construction processes. Other members will need to be appointed based on the scope of the project. These include a quantity, structural engineer and a clients representative on larger projects. (Stage one) Design and tender documents can now be produced. A select number of contractors will be invited to tender on the partially completed tender documents. This will include a build up of the price of the project via a document called the bill of quantities. (Stage Two) A contractor is now selected based upon the price and having the relevant resources required to complete the project. The contractor now has involvement with the design team to negotiate a finalised price for completing the construction works. Also he can have involvement in finalising the design. This form of procurement is considered low risk as the risks to overspending, delays and failures in the design are reduced. This can only be achieved however, if the design has been thoroughly produced by the architect and completion date targets specified are unreasonable. Design and Build procurement: This procurement method differs from traditional procurement as the contractor is largely responsible for the design work. This relieves some of the contractual pressure on the client. With the contractor being involved in the project from the design stage it allows their expertise to be incorporated into the design phases. One of the largest advantages to design and build is the reduced time scale that projects can run to. Design information can be still being produced while construction work commences. This doesnt come without its risks however. Client / Employer Contractor Subcontractors Employers Agent Quantity Surveyor Architect Civil / Structural Engineer Other Designers Design and Build Organisation Tendering for design and build projects is more costly than traditional projects therefore the number of contractors tendering is reduced. This is due to the time and resources it takes for a contractor to produce the relevant design and pricing information. Cash flow within a design and build project can be more substantial in the beginning than traditional as the contractor requires money for the design as well as construction. This is also due to larger risk being imposed on the event of an issue in the design being raised by the client as the contractor is the first point of contact. This will then cover the costs of having to transfer this information. This is not required in traditional forms of procurement as the client is in direct contact with the architect. Types of Contract (The information for types of contract has been cited from deciding on the appropriate JCT contract 2008 available from the CIS published by Sweet Maxwell limited) Traditional: Lump sum contracts The agreed sum of construction is agreed based on a design and specification. A bill of quantities is produced for the contractors to price the works. Measurement contracts The end price of the construction works is not agreed until the end of the construction project. Cost reimbursement contracts Price of labour, plant and materials is calculated at the end of the project. Overheads and profit is then added onto this. Design and Build: Package deal or turnkey contract A package is selected usually from a set standard of specification from a contractor. Design and Build contracts This form of contract will cover the contractors obligations to the design and build of the project. JCT Standard building contract with quantities: This form of contract is suitable for the traditional procurement method. The client must appoint an architect, contract administrator and quantity surveyor to administer the work. Contractors will tender the works based on the drawings and a set of bill of quantities. Design and build contract: Standard form of contract for design and build works. Contractor is principally responsible for the design and construction of the project. Partnering: JCT contract also provides an outline for setting up a partnering agreement between select members of a construction project. Everyone throughout the supply chain is bound to the agreement to work collaboratively and to have everyone best interests in mind. This should be considered as a form of contract that Hotels R Us should look into in the future when they have sufficient experience in the industry. ICE This form of contract is suitable for civil engineering works such as bridges, roads and dams. The project will be designed by a team of engineers and qualified contractors will tender for the work. The engineer is the principal administrator acting on behalf of the client. NEC 3 compensation and event clauses The NEC 3 contract was derived from Ice form of contract. The principle goals of the NEC contract are to provide a contract that is flexible, simple and clear to understand. There are many different types of NEC contract which cover traditional and design and build types of procurement. This section is going to cover early warning procedures, compensation and event clauses. Early warning clauses can be found in section 16 of the NEC contract. These are basically a set of rules that the project manager and contractor must adhere to when they are aware of a cost or time issue on the project. It is there duty under contract to notify one and other and request an Early warning meeting which relevant members should be invited such as the client, architect or quantity surveyor. During these meeting the issue will be discussed and the relevant actions that need to be taken should be appointed. The advantages to this system of traditional methods of the contractor submitting a formal notice is that issues can be resolved in the most economically viable method, this offers clients more safety in terms of cash flow. Compensation events are covered in section 60 of the contract. These are claims made by the contractor requesting either more time or money for the project. The project manager can also notify the contractor if he is aware of such an issue. NEC3 outlines the methodology behind compensation events, the contract has eight weeks to notify being aware of a compensation event and must make a claim within this period. As a client entering into the construction industry for the first time it is often difficult to understand how and why construction projects can run over budget and cost more money. The compensation events detailed in the NEC3 contract try to justify how such events can occur.

Family as a Primary Group

Family as a Primary Group Social Problems Garelick August 2010 Family as a Primary Group Family plays an important role in the life of every person and society as a whole. It is no surprise that at every new stage of development in our society, with every revaluation of values, the interest in the issues of family, morality and spirituality spikes. At the present time, in the complicated environments through which we weave our lives, the family remains a unique mediator between the interests of the individual and society and is in the epicenter of a major social upheaval.The transition to current market relations and with them the related apathy, and with the impoverishment of the general population drastically came the turnaround in the view affecting the well-being of our families and their stability and potential for proper upbringing of the young. These, along with many other social instabilities, have led to a crisis of family values. The consequences of this crisis are bifurcat ions between the generations, the prevalence of reduced lifetime fertility and the growing number of single parents in the United States.If marriage, parenthood and kinship are what constitute family relations, at the present time we are witnessing a decay of this little tiny trinity. The problem is complicated by the fact that at present time, the institution of marriage is going through a transitional period. There is a certain destruction of the old traditional values of marriage, and the new have yet to be formed. Marriage and family are increasingly becoming more about individuals and their need for intimate satisfaction and informal communication, and less about structure and support of one another.Let us pinpoint and define just where the family lays its essence within the complicated world of social institutions and in which groups, as defined by our text. In a broad sense, the concept of a social group is any social association of people, anything from peer groups to a popu lation of a particular country. In sociology, this concept is used in a narrower sense as â€Å"any number of people with similar norms, values, and expectations who interact with one another on a regular basis† (Schaefer, 2009, p. 107). In general, members of a society feel like they belong to a group, and are also perceived by others as members of said group.To analyze the social structure of a society there must be items explored that appear in all elementary parts of the given society, which incorporate all of the social perspectives. For this, I have chosen what is generally accepted to be the â€Å"primary group† (Schaefer, 2009, p. 110). The most successful definition, and essentially creation of the term, was created by â€Å"Charles Horton Cooley† who â€Å"coined the term†¦ to refer to a small group characterized by intimate, face-to-face association and cooperation† (Schaefer, 2009, p. 10). In other words, primary groups are those in which individuals have personal interaction with one another. For example, classmates can be members of a primary group, and the rest of the student body would then be members of a secondary group. From a social perspective of a â€Å"functionalist† for the normal operation of the human society we must consolidate certain types of social relations so that they become mandatory for members of a particular social group (Schaefer, 2009, p. 14).This primarily refers to those social relations in which, in order to obtain entry, members of a certain group must satisfy the most vital requirements needed for the successful functioning of the given group as an integrated social unit. For example, for the production of material comforts, people tend to perpetuate and secure a level of financial cushioning; this is also done for the upbringing of children, for unstrained family relationships, as well as for education and training for everyone involved.A symbolic â€Å"interactionist† would view the family process as a consolidation of social relations and a way to establish a system of roles and statuses, prescribing certain rules of conduct in a â€Å"social network,† and in defining a system of sanctions in case of a default by any of the individuals in the process of living out and following the given rules of conduct (Schaefer, 2009, p. 16/111). Social roles, statuses and sanctions are implemented in the form of social institutions that define sustainable patterns of behavior, ideas and incentives.Social institutions â€Å"are organized patterns of beliefs and behavior centered on basic social needs, such as replacing personnel† in the family setting (Schaefer, 2009, p. 113). Social institutions dictate how ideas and goals are perceived and defined by the system of standard social values, such as patterns of public behavior and the complicated systems of various social ties, i. e. the sets of roles and statuses through which a range of behavior is carried out and kept within certain limits.So, within the concepts of â€Å"social institution† and â€Å"social group† there is a significant internal difference. While the social group, whether primary or secondary, is a collection of interacting individuals, the social institution is a system of social relationships and social norms that exist in a particular area of human activity. However, it should be noted that these concepts are inseparable from each other, because  a social institution is a set of relationships and systems of behavior, and is determined ultimately by the needs of people.In other words, although the social institution creates social relationships and norms, there are people for whom these relationships are linked and carried out; the family is the perfect example of a social group that puts the rules in to practice. People organize themselves into different groups using institutional rules. Each institution includes many social groups tha t provide the overall institutional behavior. Consequently, institutions and social groups are interrelated, and it would be completely meaningless to separate these notions and study them separately.So, based on the foregoing, I conclude that the family is a social phenomenon that combines the features of a social institution and a primary group. The idea of the modern family arises from the desire to satisfy purely personal needs and interests of individuals. According to structure-functionalists, â€Å"the patterns of reciprocal obligations among people and between structures of people and the greater society define family. The greater society has needs that must be met; in order to meet those needs, society creates subsets of people structured to help meet the needs of society.The family is one of those structures. The definition of â€Å"family† changes as the needs of the greater society change. When the greater society needs rapid population growth — after a ti me of war, for example — society's definition of family emphasizes heterosexual bonding, procreation and child rearing; but when the greater society is faced with over-population and the need to limit population growth, society's definition of family may be modified to include homosexual bonding and may be more supportive of childless couples† (Diem, 1997, P2).As a primary group, the family connects the personal needs of the public interest, adapting to social relations, norms, and values that are accepted in our society. In other words, the family's personal needs are sorted and organized on the basis of accepted societal values, norms and behavior patterns and, eventually, acquire the character of the social functions such as the regulation of sex, procreation, socialization, emotional satisfaction, status, safety, and economic security.From what I have gathered, the definition of family from a conflict perspective has been a highly discouraged and slightly controvers ial subject since family â€Å"is considered a sacred institution. As a result, support for research on conflict in the family has been discouraged† (Werner-Wilson, 1993, p. 6). And it would seem that a social institution of such prominence would not have a dark side from which can leap and bound toward freedom suppressed minorities. But for the sake of this essay, let us assume that if Karl Marx were to look at the institution of marriage, he would wave his well bearded nugget side to side disapprovingly.The idea of a traditional family has roots in male supremacy, and suppression of women’s rights. If only Karl Marx was not a man of the nineteenth century, but lived in present time. The ideal family includes: 1) a set of social values (love, for children), 2) public procedure (for the care of children, family rights and obligations), and 3) interlacing of roles and statuses (status and role of husband, wife, child, teenager, mother-in-law, brothers, etc. ), with the aid of which the family exists.Thus, the institution of family is a collection of certain bonds, rules and roles, which in practice are manifested into the activities of this individual primary group. We all know how great the importance of family is in everyday life, society and even in the political arena. After all, it is the family of each person that provides them with an inexhaustible source of love, devotion and support. The family lays foundation for morality, spirituality and tolerance. And it is the family that is recognized as the major reason for why cultural beliefs survive, are inherited and passed from generation to generation.It is a prerequisite for socialization and the lifelong study of social roles, basic education, skills, and behavior. A healthy, strong family is the basis of stability and prosperity of any society. The family is the foundation of all social institutions vis-a-vis the development of the family is ultimately the progress of society as a whole. B ut the world does not stand still, in its ever-changing atmosphere social institutions take on new meanings and the ideas of marriage and family change with the times.Marriage has ceased to be life-long and is losing its legitimacy: divorce, single parent families, broken hearts and bank accounts used to be exceptions, and are now becoming the norm. The vast majority of professionals such as philosophers, sociologists, psychologists, economists, and students of the modern school of thought, all agree that the family is going through a real crisis. The strength of family is being tested under the weight of total catastrophic failure that our society is facing; the deep nature of which is characterized by our flailing ivilization. As a primary element of society, it gives a miniature image of the same contradictions that are inherent in our cultures. One of the most remarkable properties of the family is its flexible and dynamic form of structural organization. Thanks to the universal ability to adapt to the peculiarities of the ever-changing world, the family has developed an enormous variety of types of family structures, sometimes adapting itself beyond recognition, but while keeping unchanged its essence as a social institution and a primary group.In addition, the family is created to meet any number and range of essential human needs. The family, therefore, in contrast to other social groups defines the very meaning of integrity and adaptability. Because of its multifunctional ability to ameliorate the physiological and psychological human needs, and its inclination toward self-organization and self-development the idea of family is able to combine all personal, collective and public interests into one little amiable ball with a gigantic potential for explosive cataclysm.The world is not static, it changes, and with it change its social institutions, and thus the family. Clearly, the family today, like society in general, is in deep cow dung. The strength o f the family, its charm and vitality lie in the integrity that is inherent in the family idea and in the definition of the primary social group and social institution. The present era in which we have had this great pleasure of existing is different from any other in recorded history.Today’s complex economic and social situations require a modern approach, which can often cause stress and depression, which have already become integral parts of our existence. Today is the time when the need is particularly great in having a safe retreat, a place of spiritual comfort. This safe retreat can be our family, its stability and strength can be built to withstand the widespread variability of the painful world. The family is something worth celebrating, and in celebrating ourselves we can go on further to build everything else that will try to destroy it.References Schaefer, R. T. (2009). Sociology: A Brief Introduction (8th edition). New York: McGraw-Hill Diem, G. (1997). Formulation s: The Definition of â€Å"Family† in a Free Society. Social Scientists’ definition of Family. Retrieved August 12, 2010, from http://libertariannation. org/a/f43d1. html Werner-Wilson, R. (1993) Social Conflict Theory. Retrived August 12, 2010, from www. public. iastate. edu/~hd_fs. 511/lecture/Sourcebook15. ppt

Feminism in Jane Austen’s Pride and Prejudice Essay

A feminist perspective began to exist during the time when women were not given much right to be heard. With the determination to fight for their right to be heard, women used literature as their means of exposing their true feelings and desire to be equal among men (â€Å"Feminist Perspective on Eighteenth Century Literature†, n. d. ). Jane Austen is one of the many female authors during their time that showed her feministic point of view especially in her work Pride and Prejudice. Feminism in Austen’s Pride and Prejudice showed how women at early times were repressed by the expectation of society and how women fought for their right to be respected and treated the same as their male counterparts. Austen’s feminism influence was shown in her work Pride and Prejudice by making the characters themselves stand up for women (â€Å"Pride and Prejudice — notes on education, marriage, status of women, etc. †, n. d. ). In the movie version of the novel, the dialogue between Lady Catherine and Elizabeth revealed how Elizabeth stood up for herself and her right to be respected. This is shown in Elizabeth’s line: â€Å"I will not and I certainly never shall. You have insulted me in every possible way, and can now have nothing further to say† (â€Å"Memorable Quotes from Pride and Prejudice†, 2005). Here, Austen made Elizabeth’s character stand up for her right to be respected as a person. This is what most feminists discuss, i. e. , the right of women to fight and demand respect from other people, and Austen showed that in Elizabeth’s character. Austen also revealed a sense of feministic view in her work by showing how limited options are for women (â€Å"Pride and Prejudice — notes on education, marriage, status of women, etc. â€Å", n. d. ). Austen did not only reveal this issue by using other female characters in the story. In the movie version of the novel, this issue could be clearly seen through the character of Charlotte Lucas, Elizabeth’s best friend as revealed in one of her lines: â€Å"Oh hush! Not all of us can afford to be romantic. I’ve been offered a comfortable home and protection. There’s a lot to be thankful for† (â€Å"Memorable Quotes from Pride and Prejudice†, 2005). In this line, Charlotte clearly suggests that not all women can afford to follow what their heart truly desires, meaning women at that time could not afford to choose because of what society expects from them. This could also be seen in Charlotte’s line: â€Å"I’m twenty – seven years old, I’ve no money and no prospects. I’m already a burden to my parents and I’m frightened. So don’t you dare judge me Lizzie. Don’t you dare! † (â€Å"Memorable Quotes from Pride and Prejudice†, 2005). This line clearly states how Austen made Charlotte’s character show how hard it is for women having limited options. Austen showed through Charlotte’s character how women at that time were repressed because of how society’s expectation amongst women affected them. Aside from exposing the issue about women’s rights to be equal among men, Austen also revealed in her work how women are independent individuals that can make their own decisions. In the movie adaptation of the novel, Austen made use of the character of Elizabeth to show how a woman could go against the norms on decision making. This is revealed in her lines: â€Å"Mr. Collins, I cannot accept you. Only the deepest love will persuade me into matrimony. † This line from the movie adaptation reveals how Elizabeth rejects the marriage proposal of Mr. Collins, a clergy man newly ordained by Lady Catherine. Austen revealed in the character of Elizabeth how she believes that women should be able to make decisions on their own. Feminists not only discuss issues about how women are viewed during the previous times but also how women fought to be treated equal and to have the same opportunities as the men in society. Discussing the different issues and rights of women to be heard in a society dominated by male shows the influence of feminism in Jane Austen’s work Pride and Prejudice. References Feminist Perspective on Eighteenth Century Literature (n. d. ) 123helpme. Retrieved from http://www. 123helpme. com/preview. asp? id=34762 Memorable Quotes from Pride and Prejudice (2005). Retrieved from http://www. imdb. com/title/tt0414387/quotes Pride and Prejudice — notes on education, marriage, status of women, etc. (n. d. ) The Republic of Pemberly. Retrieved from http://www. pemberley. com/janeinfo/pptopic2. html

Historical Globalization Essay - 685 Words

Assignment II Essay Historical Globalization In the period of historical globalization, a lot of horrible events had happen and many people have suffered, also lost what they had such as land, culture, languages, family, freedom, and dignity. Like the Rwanda incidents, Apartheid Law in South Africa and the incidents in Residential Schools in Canada. Although those things had happened, they still survive and right now is rebuilding and moving forward to not let it happen again with the little help of NGOs. In my opinion, Contemporary society has done enough to respond to the legacies of historical globalization. Moving forward and start making a better future is the only answer for those horrible events from repeating itself.†¦show more content†¦While the students were protesting the police were ordered to fire and almost half of the students who protested were killed. Because of the incident, the South African government started dismantling Apartheid in 1986. In 1994, the country worked to gradually introduce fairness and equity also they held the first elections in which all South Africans could vote, and Nelson Mandela was elected president. In 1995, Nelson Mandela establishes the Truth and Reconciliation Commission to help South Africans solved their country’s horrible past and also has managed to move forward. In the past, Canada’s Aboriginal people’s culture was at stake and for it to resolve. The Residential Schools were established to help aboriginal children to not forget about their language and culture in the contemporary society. In 1931, there were about 80 schools in Canada. It was a total of 130 schools in every territory and province. In 1996, Residential schools in Newfoundland, Prince Edward Island and New Brunswick closed all residential schools which led all the Aboriginals, Intuits, and Mà ©tis were forced to attend the schools. This happen because it was believed that the native children could be successful if they were trained into Contemporary Society by adopting Christianity and speaking English or French. They were discouraged from speaking their first language even practising their nativeShow MoreRelatedLegacies of Historical Globalization956 Words   |  4 PagesContemporary society has done enough to respond to the legacies of historical globalization Criteria: What acts have actually been made to respond to the legacies of historical globalization? How have these effects been made in trying to respond to historical globalization? What has changed since then? What has not changed? Position: I disagree that contemporary society has done enough to respond to the legacies of historical globalization for many reasons. 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While contemporaryRead MoreWe Have NOT Done Enough to Respond to the Legacies of Historical Globalization879 Words   |  4 Pagesso far it appears that contemporary society has responded to the legacies of historical globalization, yet it hasn’t done quite enough to satisfy the concerned and affected. I would have to disagree to this statement, there are still some problems I believe needing to be addressed. Reasoning I have chosen the position of disagree because although contemporary society has responded to legacies of historical globalization, I think we haven’t done enough yet. Although we have definitely moved awayRead MoreContemporary Society Has Done Enough to Respond to the Legacies of Historical Globalization922 Words   |  4 Pagesactually been made to respond to the legacies of historical globalization? How have these effects been made in trying to respond to historical globalization? What has changed since then? What has not changed? 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Aging in America Essay 2 - 2784 Words

We all will one day face the reality of growing older. There are many aspects of this change that will affect us in a large way. According to the Merck Manual of Health and Aging, 1.5% of Americans are 85 or older. This research states that the number of people 100 years or older could rise from 1 out of 5,578 in the year 2000, to 1 out of 472 in the year 2050. It brings out that women have a longer life expectancy than men, among people aged 65 and older in the year 2000, there were 70 men for every 100 women. For people aged 85 and older the figure was 41 men for every 100 women. The site goes on to say that approximately 11% of Americans aged 65 and older are below the poverty line. (The Merck Manual of Health and Aging:†¦show more content†¦(http://www.nia.nih.gov/) Participation in physical activity has been shown to have many health benefits for older adults; this study does not provide strong support that it protects against cognitive decline. Reports have been made that physical activity may help guard against stroke and coronary heart disease, both of which may be associated with the development of dementia. Some studies were either limited in their scope or had short follow-up times. In all they find that for older adults, physical activity alone may not protect against cognitive decline. (By Charnicia E. Huggins: http://www.nlm.nih.gov/medlineplus/exerciseforseniors.html) 7,000 strokes occur in Americans every year. For Hispanics it is the third leading cause of death. This article emphasizes the importance of knowing the symptoms of the stroke to reduce the chances of its occurrences. Prevention tips include: stop smoking, eat a healthy diet, exercise regularly, and work to control high blood pressure and manage diabetes. 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But the bottom line is whether or not America s political system is broken or not, and how it will fare in the future. Fallow (2010) argues America has been though crises and has always managed to recover. He compares America s problems relative to other countries of the world, he describes how American has the upper handRead MoreEconomic and Social Issues of North America766 Words   |  3 PagesNorth America is one of the most affluent region in the world. It has the leading and most influential economy but the country itself also contains complicated social issues. This essay will discuss the economy and social issue of North America, including the two countries Canada and the United States. First, it has to be mentioned that North America has the most desirable resources abundance. Abundance of energy, metals, forest resources create the foundation for the economy to develop. 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Comparing Utnapishtim And Noah s Ark - 1148 Words

Those living had built a structure that would carry them over days and nights. Some among many survive a great flood. Birds were sent to indicate if the flood had dissipated. These are some of the many moments that symbolize intrical points which maneuver the stories along. All of these items and ideas bear similarity with two well-known myths, the story of Utnapishtim and Noah’s Ark. In The Epic of Gilgamesh, the story of Utnapishtim and the flood that is reminiscent of the Biblical account of Noah and the flood, both utilize symbolism of the flood, the structure to survive the flood, and the birds to establish the theme that though beings are destructive, some will thrive and flourish. The flood is one of the many symbols that help the†¦show more content†¦He chose to do so once he knew that Noah was an acceptable being and through the rebirth of other humans he thought that they could achieve the same behavior that Noah and his family represented. So not all homosapiens are evil and deserve to live. The ark is another symbol that contributes to the theme that though humans are intolerable, there are people who are righteous. This is demonstrated in The Epic of Gilgamesh when the god Ea tells Utnapishtim to â€Å"‘tear down’ his ‘house and build a boat’†(108), and then proceeds to inform him of â€Å"‘the measurements of the barque as’ he ‘shall build her’†(108). The god Ea further details him to â€Å"‘take up into the boat of all living creatures’†(108). Utnapishtim listens and â€Å"loaded into her all that’ he ‘had of gold and of living things’, his ‘family’, his ‘kin, the beast of the field both wild and tame, and all the craftsmen’†(109). The ark symbolizes safety and security. The ark itself would protect themselves and ensure that there would be no danger. These living beings are the only ones who survive. If the god Ea were to choose someone righteous to live, he would choose Utnapishtim and his family, otherwise, he wouldn’t have told Utnapishtim about the upcoming flood. In the Bible, God tells Noah to â€Å"‘make’ himself ‘an ark of cypress wood’† and tells him of the content and measurements(New International Version, Genesis 6.14 -Show MoreRelated Two Great Floods - The Bible and Epic of Gilgamesh Essay776 Words   |  4 Pagesbecome evil God chooses Noah and his family to start a new beginning. In the Bible God becomes regretful of creating mankind because he sees that they are wicked and they only have evil thoughts. The Lord decides, he will destroy human beings I made on earth. And I will destroy every animal and everything that crawls on the earth. I will also destroy the birds of the air. (Genesis 6:7) After God makes his decision to create a great flood he chooses Noah to build an ark to save his family andRead More Comparing the Epic of Gilgamesh Flood Myth and Book of Genesis Biblical Flood Myth1792 Words   |  8 PagesComparing the Gilgamesh and Genesis Floods      Ã‚  Ã‚   The rendition of the historic, worldwide Flood recorded in Genesis of the Old Testament is similar to the account recorded on Tablet 11of the Sumero-Babylonian version of the epic of Gilgamesh, discovered in the 1800’s by British archaeologists in Assyria. Let us compare the two in this essay.    Alexander Heidel in his book, The Gilgamesh Epic and Old Testament Parallels, provides a background for the survivor of the Sumero-Babylonian

Comparing The Figure Company With Another â€Myassignmenthelp.Com

Question: Discuss About The Comparing The Figure Company With Another? Answer: Introduction BHP Billiton is considered one of the biggest players in the resource industry that has its operations diversified throughout the world. It is primarily dual listed and is situated in Australia with primary listing on the Australian Stock Exchange. It is the largest producer of items like coal, iron ore, etc that facilitates in the generation of higher revenues. The company has also diversified its affairs in the production of gas, oil, etc. The key priority of the company is to possess a mechanism that can lower the cost of its assets and that are divided by the market and other geographical boundaries (BHP Billiton, 2016). Moreover, the prior objective is to address the requirements of its customers and for such purpose, BHP intends to extract minerals, oil, and gas from diversified places situated in Australia. In addition to this, BHP Billiton comprise of a workforce containing more than one lakh employees that are directed towards the attainment of the companys goals and visions operations. Framework BHP Billitons efficient corporate planning process has allowed it to address major challenges prevailing in its path towards success. Further, such challenges mainly relate to the external environment and addressing the same assists in enhancing the total return. Furthermore, the planning strategy of the company is established in such a way that it facilitates in mitigating several uncertainties that prevail internationally. Nevertheless, the framework of the company also plays a key role in structuring the external concerns that incorporate technical, political, and governance factors (Albrecht et.al, 2011). Moreover, the prevalence of compliance and governance processes within the companys operations assures that all the internal control mechanisms are properly framed so that other strategies are not affected as well. On a whole, BHPs framework is designed in a way that allows it to tackle adverse circumstances and build a path for safe future (Brigham Daves, 2012). Major sources of finance The total debt of the company comprise of interest-bearing liabilities and in relation to the same, the company have also issued US$5 billion global bonds. Furthermore, in the year 2015, the net cash flow of the company increased to US$284 that enhanced from US$8.3 million in the past years. BHP does not consider the policy of commercial papers for financial purposes that are majorly assisted by credit facilities. Instead, the company utilizes a hybrid of multi-currency for financing its operations. Further, based on the new structured policy of the company, lesser dividend was paid to the shareholders. The primary objective of the Group is to possess and operate significant assets that are of high effectiveness and with low costs so that future goals can be achieved (Subramanyam Wild, 2014). With the assistance of gearing ratio, the company has financed its major businesses. Further, the groups exposure is to present to the risk of interest rates on its major borrowings that are outstanding in nature. Besides, the company is doing the sustenance of such risk of interest rate through the mechanism of portfolio risk management (Deegan, 2011). Further, the group at fixed interest rates issues debts and their exposure is also prevalent to the swapping of interest rates. Nevertheless, the financing activities of the company consists of receipts from the liabilities that possess an interest bearing nature and other gains from debt-related measures, ordinary shares, payment of dividends, buy-back, etc. Thus, these major financing activities generate cash flow for the group. Financial ratio and capital structure It can be witnessed from the computation that the companys liquidity is effective and therefore, it can easily address its obligations. Further, the companys current assets are adequate to cater to current liability requirements in the future. Besides, the increment in the liquidity ratios of the company like quick ratio and current ratio clearly proves the fact that strong importance is being given to liquidity over the years (Porter Norton, 2014). In contrast to this, the companys decline in net profit margin in the current year must be addressed as soon as possible. Capital structure In relation to BHP Billiton, it can be witnessed from the computation of various capital structure ratios that the company has relied on debt over the years and the ratios clearly support this fact. In simple words, it can be said that the capital structure of the company is comprised of debt more than any other source of finance that is a bad indicator for future aspects. As a result, massive outflow of cash will be facilitated through interest on such debts and the equity ratio being less than 0.50 is of some relief for the company. This means, higher such ratio, the more beneficial it will be for the company (Brigham Ehrhardt, 2011). ANZ Bank ANZ Group offers a wide range of financial and banking products and services to its customers. It is regarded as the fourth largest bank of Australia based on market capitalization that aims to serve more than four million customers through a network of more than 1500 ATMs and 900 branches scattered all around the globe. The major operations of the company derive from Australian business with retail banking and commercial banking dominating in nature. Additional retail banking affairs of the company are situated in the Asia-Pacific region that includes Hawaii and Indonesia (ANZ, 2016). Other services and products of the company also comprise of consumer financing, mortgage financing, wealth management, rental services, equipment and vehicle financing, corporate banking, etc. In order to cater to all these services, the company has more than $914 billion assets that make it a tougher competitor in the eyes of other banks. Trend The position of ANZ stands strong because of the prevalence of $914.9 billion assets in the year 2016. Such assets are of world class that plays a key role in serving as a strong driver of performance. Furthermore, the company has also delivered an efficient financial performance based on management of tight costs and market share gains with small and retail business franchises producing powerful outcomes. In relation to employees, the company has indemnified specific employees from and against damage, loss, penalty, expense, etc so that they can operate in good faith and in a manner that they believe to be within the companys scope. Overall, along with an emerging economy and powerful base of infrastructure, the groups long-term perspective is very strong despite encountering huge losses in the current year. This can be proved by the fact that its operating income declined to $561 million and its operating expenses enhanced to $1044 million that is eleven percent more than the past year. The primary business model of the company comprise of raising resources through wholesale debt markets, customer deposits, and lending of such resources to the ultimate consumers. Further, the Group attains major revenues from its wealth businesses through the offering of superannuation, insurance, and fund management services. In addition, the group acquires funds from market businesses from trading, sales, and risk management affairs as a whole. The company also focuses on its Corporate Sustainability Framework that allows it to deliver responsible and fair banking to its customers. Furthermore, such framework allows it to assist the delivery of its business strategy (Davies Crawford, 2012). Besides, while acknowledging the challenges in future, it is worth depicting on the contributions the bank has made. This can be proved by its community investments of $90 million that is around 85% of the public sustainability targets of the bank. The risk management framework also allows it to create value for the business and which is vital for its smooth functioning. Major sources of finance It can be witnessed from the annual report of ANZ that the year 2016 has been a transition phase for it owing to a statutory profit after tax of $5.7 billion that is down by 24%. This shows that its financial position is very weak. Furthermore, owing to derivation of income, the bank has primarily four sources of income. Net interest income that depicts the difference betwixt the interest income attained by the company on its lending affairs minus the interest paid on wholesale funding and customer deposits (Fields, 2011). Net fee and commission income that depicts fee income attained on non-lending and lending financial products and services. Net insurance income and fund management that depicts income attained from offering of insurance, investment, and superannuation outcomes (Choi Meek, 2011). Lastly, other sources which depicts revenues attained from sales, risk management, and trading activities. Capital structure and financial ratio In the case of ANZ, it can be seen that the debt proportion of the company is relatively low and less than one over the years. However, it has been increasing every year that is a major concern that must be addressed. Further, the equity ratio of ANZ is less than 0.50 over the year that is a bad indicator for future growth. Financial ratio The current ratio of ANZ is significantly above 1.5 over the years but it started declining from 2014 and it reported at 0.26 in the year 2016 that is a bad indicator in terms of liquidity. Further, in relation to net profit ratio, the same have increased over the years but it started declining from 2015 and so on. This is a very bad indicator in terms of profitability and the same must be addressed as soon as possible by the company (Brealey et. al, 2011). Corporate Governance Statement It can be seen from the annual reports of both the companies that they are committed towards maintaining an enormous standard in their respective governance frameworks. Both the companies confirm that they have adhered to the ASX Corporate Governance Principles and Recommendations and compliance of the same can be viewed in their respective websites. Furthermore, relevant details regarding the stakeholder engagement model can also be viewed in the corporate governance section of both the companies. Sustainability It can also be seen from the annual reports of both companies that sustainability is at the core of their charter values. On one hand, the framework of corporate sustainability of ANZ assists it in delivering responsible and fair banking to the customers (Shah, 2013). Similarly, on the other hand, the framework of sustainability in BHP Billiton assists it in integrating environmental, safety, health, and other socio-economic factors for relevant decision-making. Nevertheless, both the companies play an important role in economic development and enhancement of living standards of people (Horngren, 2013). Besides, as a part of making a relevant and efficient contribution as community partners, both the companies seek long-term relationships that can assist them in respecting rural culture and establish lasting benefits. Capital management When it comes to ANZ and BHP Billiton, it can be witnessed that investors in BHP Billiton were depressed because of low returns in the capital returns. However, the same can be attributed to the fact that the companys capital management is very ineffective and weak in nature. On the other hand, even though ANZ has witnessed a loss in the year 2016, yet it pursues a stronger capital management approach that assists it to safeguard the interests of shareholders, depositors, and creditors. Furthermore, for achieving such purpose, ANZ possesses an ICAAP (Internal Capital Adequacy Assessment Process) that assists it in conducting detailed capital and strategic planning over a long-term medium horizon (ANZ, 2016). Credit rating ANZ stresses on maintaining a strong credit rating of AA- that is fundamental to the ongoing stagnancy of the company. On the other hand, BHP has better credit rating of A that allows it to attain competitive advantage in the resource industry (BHP, 2016). Besides, if the credit ratings of BHP is altered, future cash flows and capability to access capital will be badly affected and if ratings of ANZ is altered, the most affected will be its risk profile, operating performance, and capital structure (ANZ, 2016). BHP relies majorly on debt to finance its operations but ANZs capital structure does not accommodate enormous debt components, as it remains lower than one. The profitability of both companies has witnessed a decline over the years because of major financing of operations and the same is required to be addressed immediately. The ability to develop can be witnessed in BHPs case because of stronger fundamentals in comparison to ANZ Recommendation It can be witnessed from the report that both companies have abilities to grow stronger in future and market fluctuations have immensely affected them in a negative way. This shows that market fluctuations play a relevant role in the development of both companies. However, on one hand, BHP relies more on debt while on the other hand, ANZs capital structure is stagnant. Such debt can prove negative for BHP and if corrective actions are not taken, it may face massive issues. References ANZ 2016, ANZ Bank Annual Report and accounts 2016, viewed 11 September 2017 https://www.anz.com/resources/d/1/d1b2cc12-3cf2-4909-a716-b03d245f9773/annual-report-2016-en.pdf?MOD=AJPERES BHP Billiton 2016, BHP Billiton Annual Report and accounts 2016, viewed 11 September 2017 https://www.bhp.com/investor-centre/annual-reporting-2016 Porter, G Norton, C 2014, Financial Accounting: The Impact on Decision Maker, Texas: Cengage Learning Shah, P 2013, Financial Accounting, London: Oxford University Press Subramanyam, K Wild, J 2014, Financial Statement Analysis, McGraw Hill Albrecht, W, Stice, E. Stice, J 2011, Financial accounting, Mason, OH: Thomson/South-Western. Brealey, R., Myers, S. and Allen, F 2011, Principles of corporate finance, New York: McGraw-Hill/Irwin. Brigham, E. Daves, P 2012, Intermediate Financial Management , USA: Cengage Brigham, E.F. Ehrhardt, M.C 2011, Financial Management: Theory and Practice, USA: Cengage Learning. Choi, R.D Meek, G.K 2011, International accounting, Pearson . Davies, T. Crawford, I 2012, Financial accounting, Harlow, England: Pearson. Deegan, C. M 2011, In Financial accounting theory, North Ryde, N.S.W: McGraw-Hill. Fields, E 2011, The essentials of finance and accounting for nonfinancial managers, New York: American Management Association. Horngren, C 2013, Financial accounting, Frenchs Forest, N.S.W: Pearson Australia Group.