Management and Organization Linear Programming Perspective

Question: Examine about theManagement and Organizationfor Linear Programming Perspective. Answer: Presentation The presence of long haul projections shows that a normal degrees of interest of one hundred units of a specific item An and the elective item B consistently creation limit. There are requirements which can be considered as the up and coming impediments on delivering the most extreme anticipated limit. The quantity of units that can be created can't go past 200 units and 170 units of item B regularly. The degree of utility that is required to be met so as to fulfill the delivery of these products is a sum of in any event 200 mini-computers equipped for being conveyed each day.(Samuel, 2003) contended that Linear Programming 2: Theory and Extensions in Springer Series in Operations Research and Financial Engineering. Given that every unit of the logical adding machine that was provided results to a $ 3 in misfortune made yet every unit of B created produce a $6 in benefit caused we to would then be able to decide the sum that the organization can make day by day so as to expand the benefits. X: represents the units A created while y: speaks to the units of B that were made. In this point of view the organization can't deliver a negative number of adding machines consequently there exists two imperatives, x0 and y=/0. Anyway for this situation the difficult solver can overlook the imperatives since x is spoken to by equivalent or more noteworthy than 100 and y is more noteworthy than or equivalent to 80. (Tooth, 1993)Linear Optimization and Extensions: Theory and Algorithms. This action was attempted likewise prompted a most extreme: x_ 200 and y was given by the worth not exactly or equivalent to 170. Mix that gives us the breakeven point where neither benefit nor misfortune is made is x +y200 henceforth this legitimizes the way that y-x + 200. The measure of benefit that prompts the relationship will be the worth that was streamlined in the condition: P = - 3X + 6Y. In our second situation the portrayal of the framework will be given by the condition that is improved as P= - 3x + 6y, presently subject to: 100x200, additionally consider the worth 80y170 lastly the subsequent arrangement is y-x +200. (Daniel, 1997) said that Linear Programming 1: Introduction, Springer Series in Operations Research and Financial Engineering Our attainability area of the diagram will be as per the following coming about because of the calculation is as per the following. After the corners are placed into a test there are focuses that are inferred at (100,170), (200, 170), (200, 80), (120, 80) and (100, 100). The worth that is reachable as consequence of this entirety is equivalent to P= 653 at (x, y) = (100, 170). The normal answer from the direct programming condition is 100 units of item An and 170 units of units B created. In the above calculation I have utilized the most ideal technique to accomplish the pertinent and absolute best outcome. The most reduced cost that was brought about in the creation procedure has been delineated and furthermore the most elevated level of benefit achievable. The model has fused science in the modules in getting the possibility locale. Cook, (1997) said that Combinatorial Optimization of capacities that are in direct programming. Target that is alluded to as the straight factor has been utilized in limiting and expanding the disparity imperatives. Simplex strategy couldn't be the reasonable technique since it results to disarray and modifies the proposed way of the calculations. References Cook, W. (1997). The accessible combinatorial improvement of capacities that are found in straight programming point of view. Winger man press. New York. Tooth, S. (1993). Straight Optimization and Extensions: Theory and Algorithms. Prentice press, Upper River town. Daniel, K. (1997). Straight Programming 1: Introduction, Springer Series in Operations Research and Financial Engineering, springer press. New York. Samuel, L. (2003). Straight Programming 2: Theory and Extensions in Springer Series in Operations Research and Financial Engineering, Springer press. New York.

Adderall Use in College Students

Adderall Use in College Students The pressure and request of school on understudies just is by all accounts expanding with little approaches to adapt. Some can’t adapt to it and drop out, others battle through it giving what they can, for some others however, they depend on neuro-improving medications to build the minds ability to center and perform. Adderall is a typical medication found in this utilization, alongside numerous others, and it is a legitimate physician recommended sedate bought in for ADHD. It improves the preparing pace and vitality levels of the client, the characterizing reason it is useful to undergrads. Anyway accommodating it might be thought of, there are wellbeing dangers that originate from taking adderall. Margaret Talbot, an author of The New Yorker, reports, â€Å"Drugs, for example, adderall can cause anxiety, migraines, restlessness, diminished craving, among opposite side effects.†(654) While cerebral pains and restlessness are normal, the rundown just develops with concerning issues. Talbot keeps on posting dangers, taking note of, â€Å"The name (a FDA cautioning) likewise makes reference to that grown-ups utilizing Adderall have announced genuine cardiovascular problems†¦Ã¢â‚¬ (654). So alongside even mellow wellbeing dangers, bigger ones have been accounted for and are recognized by the Food and Drug Administration. Alongside dangers follows results of utilizing Adderall, as announced in a recent report, â€Å"These outcomes incorporate self-destructive and maniacal ideation, seizure, and different heart complexities, for example, hypertension, hypotensi on, tachycardia, palpitations, and dsyrhythmias.†(Jardin, Looby, Earleywine, 1) Therefore, the abuse of Adderall broadens enormously past wellbeing dangers, to death toll outcomes. Another type of wellbeing hazard, mental as opposed to psycho-physical, is the habit side of the medication and the numbness of its wellbeing dangers. Despite the fact that clients see it to be innocuous, â€Å"a teacher at the college of Michigan’s Substance Abuse and Research Center, announced that in the earlier year 4.1 percent os American students had taken solution energizers for off-name use.†(Talbot, 654) That implies a general 4.1 percent of American students mishandled the physician endorsed sedate for purposes other than it ought to be utilized. As indicated by Talbot, some different schools revealed, â€Å"the figure was 25 percent†, a fundamentally higher rate, and â€Å" A recent report at a little school found that in excess of 35 percent of the understudies had utilized remedy energizers non therapeutically in the past year†(654). These numbers are far separated, yet at the same time numbers to be taken a gander at all together notification indications of fixation. â€Å"An FDA cautioning on Adderall’s name takes note of that â€Å"amphetamines have a high potential for manhandle and can prompt dependence†(Talbot, 654). Indeed, a wellbeing concern is FDA perceived with the utilization of Adderall, â€Å"Yet understudies will in general consider Adderall and Ritalin kind, to a limited extent since they are probably going to know peers who have consumed the medications since youth for ADHD.†(Talbot, 654) If it appears innocuous to them, how might it be unsafe to you, isn't that so? Adderall and medications like it are endorsed for the particular use to support ADHD, for impacts we still can't seem to comprehend. Notwithstanding this, the aftereffects of an online open survey distributed by Nature, revealed that, â€Å"69 percent said that gentle reactions were a worthy risk.†(Talbot, 655) Debatably, the mellow dangers might be worthy, however what is to be said about the hazardous dangers. While they are unsafe, it is not really answered to not be successful. Alex (a Harvard graduate) put it, â€Å"Productivity is a decent thing†(Talbot, 655). Adderall and medications like it are usually distinguished as neuroenhancers in view of they certainty that they should help with profitability and core interest. Alex has likewise expressed however, â€Å"it just functions as a subjective enhancer to the extent that you are devoted to achieving the assignment at hand†(Talbot, 655), so it isn't much the same as they can be taken and naturally help. Alex expounds, â€Å"The number of times I’ve taken Adderall late around evening time and concluded that, as opposed to beginning my paper, hello, I’ll compose my whole music library!†(Talbot, 655) Alex claims, â€Å"I’ve glanced back at my papers I’ve composed on Adderall, and they’re verbose† and, â€Å"with Adderall I’d produce two pages on something that could b e said in several sentences†(Talbot, 655). So while they may support efficiency, they don’t increment capacity to compose well. A â€Å"transhumanist† named Seltzer utilizes, â€Å"a tranquilize called piracetam†(Talbot, 656), which is, not endorsed for any utilization by the FDA†(Talbot, 656). Upon talk with, â€Å"I inquired as to whether he suspected he should sit tight for logical confirmation of piracetam. He giggled. â€Å" I don’t need to,† he stated, â€Å"Because it’s working†(Talbot , 659). Clients report regardless of the known and obscure dangers and structure of the medication on the human body and brain, they don’t care as long as it is profitable and working. This asks a further inquiry, is it worth prohibiting if individuals will keep on utilizing it at any rate? Despite the fact that it has such outcomes, why hasn’t it been prohibited. As per Talbot, â€Å"It looks bad to boycott the utilization of neuroenhancers. Such a large number of individuals are as of now taking them, and the user’s them to be instruct damd favored peopler who continue with simply enough alert to abstain from getting into trouble.†(659) Talbot comes to a meaningful conclusion, much the same as unlawful medication exchanges, individuals like them, and will probably keep utilizing them. Besides, Talbot’s speculation â€Å"the clients will in general be instructed and privileged†¦with simply enough alert to abstain from getting into trouble†(659) prompts another point; it is the user’s choice. Talbot claims â€Å"They can settle on their own decisions about how to change their psyches, similarly as they can settle on their own choices about forming their bodies.† It is the decision and acknowledged danger of the clien t to take neuroenhancing drugs, much the same as smoking and drinking, they need to assume all liability for the results and items. Seltzer thought utilizing neuroenhancers, â€Å" resembles modifying yourself-tweaking your brain† (Talbot, 657). In the creating society, it is viewed as essential to let people express how they feel, regardless of whether it implies changing something about them. Socially, utilizing neuroenhancers to create ones brain in a manner they need, may not be looked contrarily upon. Nonetheless, this can prompt proficient entanglements. Utilization of Adderall in a school setting raises intricacies with rivalry and grades. A few understudies on, â€Å"The BoredAt Web Sites†(Talbot, 655), present worries with, â€Å"Occasional disputes (I think there ought to be arbitrary medication testing at each exam)† Considering the exhibition and center lift neuroenhancers can give, this can give some assistance to examining. While a few understudies use neuroenhancers to excel, that leaves different understudies off guard, like competitors who dope to excel, a more current idea â€Å"brain doping†(Talbot, 659). Furthermore, much the same as sports, College is additionally serious, particularly centering at high polished skill doctorate programs, where the most elite are picked. While prohibiting the utilization of neuroenhancers may appear to be a smart thought, the client won't care about in the event that they are restricted or not, the difficult will in any case stay present.â Talbot addressed Alex once more, saying â€Å"he had returned to taking Adderall-a little portion each day. He felt that he was figuring out how to utilize the medication in a more â€Å"disciplined† manner.†(660) It seemed to yield brings about a difference in mindset and use, as Alex expressed, â€Å"it was less about keeping awake until late to complete schoolwork he ought to have done before, and more â€Å"about remaining focussed on work, which makes me need to work longer hours.† The utilization itself of adderall isn’t essentially that terrible part, as it the abuse for unseemly motivations to either excel or do what ought to have been finished. For Alex, it came down to his idea of utilization, he controlled his utilization of Adderall to imp rove his hard working attitude, as opposed to dampen it’s use for better evaluations and absence of a hard working attitude in any case. Neurohancers don’t should be restricted, yet rather individuals should be taught on the impacts and outcomes of it, so they can figure out how to control it in Alex’s â€Å"disciplined manner†(Talbot, 660). The medication itself isn't the issue, yet the abuse and absence of comprehension on it’s use. While forbidding it is inconsequential, controlling it, and how individuals morally use it ought to be the purpose of center moving on.â Works Cited Jardin, Bianca, et al. â€Å"Characteristics of College Students with Attention-Deficit Hyperactivity  â  â â â â â â â â â â Disorder Symptoms Who Misuse Their Medications.† Journal of American College Health, vol. 59, no. 5, Apr/May2011, pp. 373-377. EBSCOhost, doi:  â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â  â â â â â â â â â â 10.1080/07448481.2010.513073 McCabe, Sean Esteban, et al. Non-Medical Use of Prescription Stimulants among US College  â  â â â â â â â â â â Students: Prevalence and Correlates from a National Survey. Compulsion, vol. 100, no. 1, Jan. 2005, pp. 96-106. EBSCOhost, doi:10.1111/j.1360-0443.2005.00944.x Talbot, Margaret. â€Å"Brain Gain: The Underground World of â€Å"Neuroenhancing† Drugs.† The New  â â â â â â â â â â Yorker, web, 19 June 2017, www.newyorker.com/magazine/2009/04/27/cerebrum gain.

Infection and its prevention Essay Example

Disease and its avoidance Essay Contamination and its counteraction have been a prime worry of humanity for quite a while. Contamination is a condition that outcomes when a microorganism can attack the body, duplicate and cause harmful impact or maladies. (McCall Tankersley, 2007:71) Infection control along these lines alludes to strategies and systems used to limit the danger of spreading contaminations, particularly in emergency clinics and human or creature medicinal services offices. The reason for this is to lessen the event of irresistible illnesses. The point of this paper is to take a gander at how contamination control and the theater condition sway on a patient experiencing medical procedure. The initial segment of the paper sees disease control in the emergency clinic setting when all is said in done; addressing issues, for example, medical clinic procured contamination like Methicillin-safe Staphylococcus Aureus (MRSA) and Clostridium Difficile (CD). At that point the paper digs into the structure of the careful theater and how it impacts on patients; it further discussions about careful manners putting a lot of accentuation available washing as this is the principal protection in forestalling transmission of pathogen (Radford et al, 2004). At long last an end is drawn on all the issues raised and their effect on the patient experiencing medical procedure. We will compose a custom exposition test on Infection and its counteraction explicitly for you for just $16.38 $13.9/page Request now We will compose a custom paper test on Infection and its anticipation explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom article test on Infection and its counteraction explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer Previously, medical procedure would have been acted in an advantageous area, for example, the patients home or an emergency clinic ward with just fundamental contamination control set up (Essex-Lopresti 1999). In Phillips (2004) depicts the procedure for setting up the room as simple, adding up to minimal more than expelling furniture and unnecessary things and bubbling material, maybe fumigation if time permits. Today, most medical procedure happens in working performance centers that are extraordinarily intended for that reason. There are two kinds of disease, the endogenous and exogenous contamination. Endogenous contamination happens when microorganisms that typically exist innocuously in one piece of a person to become pathogen, while exogenous disease happens when microorganisms from other source or from other individual, item, creature or the earth (Woodhead 2005). Contamination control alludes to approaches and methods used to limit the danger of spreading disease particularly in emergency clinics. Nosocomial or clinic procured disease (HAI) happen in around 5% of all medical clinic patients. The more extended a patient remains in emergency clinic, the higher the danger of getting HAI and here and there prompting passing. There are numerous reasons why patients tainted with HAI: Firstly powerless invulnerable framework which makes them progressively helpless against disease because of patient affliction or treatment. Also, contamination specialist can be acquainted with the patient by clinical systems and thirdly, on confirmation with infectable malady operator, patient can move ailments to a patient or patient to staff or guest (Jones, 2008). HAI has, in the course of recent years overwhelmed the media with its inclusion of the superbugs, specifically MRSA and CD. A HAI or nosocomial is what is procured or creates because of treatment while the patient hospitalized for over 48 hours and who didn't have signs and indications of such contamination on confirmation. Radford et al (2004) refered to the exploration of Emmerson et al (1996) 9% of patients admitted to medical clinic obtain HAI from careful injury disease after emergency clinic release. MRSA can oppose to at least one regular anti-infection agents. Study proposes numerous individuals are bearers of MRSA however are colonized in their nose or back of their throats and on their typical verdure. Report from BBC news (2005) expressed that around 100,000 get tainted with MRSA every year when they get conceded into medical clinic. The main way medicinal services laborers can decrease this contamination is; an acceptable hand washing between patients, a great standard cleanliness in emergency clinic and patients with MRSA treated in an exceptionally secluded however much as could be expected. The working performance center is planned in understanding by national and processional rules as depicted by Woodhead et al (2005). Every division is separated into three zones, the external or grimy zone which is unlimited territory where ordinary attire can be worn; it contains the passage to changing zones and for the most part approaches expel theater squander. The clean or semi-limited zones are the staff evolving rooms, sedative and recuperation rooms and clean supplies. Access is confined and all work force and patients need to wear theater clothing. There is special case in some cases to patients that need support, for example, youngsters, mental sick patients or interpreters to the sedative room. The clean or limited zones incorporate the working theater, planning rooms and the scour zones. Careful clothing and potential veils should be worn consistently (Davey Ince 2004). Sterile regions ought to abstain from congestion by theater staff to diminish the danger of inadvertent defilement to sterile instruments and design. To lessen airborne tainting, development of staff and patient ought to be kept to a base. This assists with decreasing airborne microorganisms from entering the working theater (Woodhead 2005). Ventilation, temperature, mugginess and airborne pollution have a significant job in the plan of a decent working theater. So as to control the development of air, the working division requires particular ventilation framework. Normally the framework utilized in ventilating current working offices are laminar wind stream (LAF) innovation and positive weight (PP) frameworks; these are in principle intended to diminish careful site contaminations. The performance center is especially organized in a manner with the goal that gaseous tension is sifted moving air from clean to less perfect zones and this proceeds with when the venue room isn't being used. This is set up to diminish the airborne pollution, lessen terminated sedative gases and to control temperature and dampness, consequently decreasing and limiting bacterial development. Sufficient ventilation in theater can be accomplished by appropriately shutting theater entryways, windows are all around fixed, roof strong and the floor impermeable to launderable material without any holes or splits and secured joints where it meets the divider. Additionally racking ought to be kept to a base (Weaving P, et al 2008). In orthopedic performance center the air is ultraclean. These framework are utilized when the hazard and outcomes to creating contamination are more prominent. Ultra clean air, gave by the laminar stream frameworks, is intended to move molecule free air over the aseptic working field one way; it very well may be in vertically or on a level plane clearing ceaselessly molecule in its way. These overhangs have the ability to give up to 400 to 500 air change for each hour and can diminish the occurrences of careful site disease ,so along with great practice and the utilization of prophylactic anti-infection agents, the effect of medical procedure upon the patient ought to be good (Woodhead et al 2005) . 37㠯⠿â ½ C and high moistness is the discretionary where most microscopic organisms imitate, to keep an auditorium room liberated from microbes the temperature ought to be between 20 to 24oc and humidified air levels of 50 to60%, this assistance to stifle microorganisms development, likewise help make a decent effect upon the careful patient, as contamination rates are significantly lower (Davey and Ince 2004). Newborn children, youngsters and consumed quiet need a hotter temperature to keep away from hypothermia, accordingly each working performance center have its own controls for controlling the temperature (Mangum 2001). There are two sorts of lighting found in theater, the laminar lighting used to light the working theater and helper and the careful lighting. Both harbor microorganisms on it surfaces because of the development and exercises of staff in the working theater (Phillips 2004). This ought to be perfect consistently to lessen the danger of disease. The performance center must be soggy tidied before the primary instance of the day, and it is fundamental to clean and sanitize every single polluted territory of the venue toward the finish of each case (Mangum, 2001) Infection control as characterized before as approaches and techniques use to limit the danger of spreading contamination, staff don't generally pass by this strategies and rules. For instance strategies on air development in the office, typically entryways between the sedative room and theater are for the most part left open by staff accordingly influencing the positive weight from working adequately. Staff need steady trainings and made mindful of refreshed approaches. These measures will assist with controlling contamination. As indicated by Woodhead et al (2005), 300 million skin squames are shed every day and about 10% of this have microorganisms of which littler particles remain as airborne for certain hours. Some enormous particles may lay on work surfaces, furniture and gear. 37% of airborne microbial defilement can be decreased if in at regular intervals air is changed in the theater. Diverse sort of waste ought to be isolated and discarded in the correct manner. All waste known, or considered to cause illness in people or other living life forms is viewed as irresistible waste (DH, 2006). In the creators trust yellow is the shading coding for clinical waste which can cause a danger of contamination or can be perilous. Green packs for the materials. Every waste pack ought not be multiple quarters full (Davey Ince, 2004) and it is the obligation of the staff to guarantee that and arrange off in the suitable way to meet the prerequisite of the control of substances unsafe to wellbeing guideline (COSHH). Keeping up a sheltered and clean condition is basic for a decent effect upon careful patients, however staff themselves can be a wellspring of microbial debased (Green et al, 2003). Staffs are screened by

Hong Kong Airlines Marketing Plan for India Essay

1. Presentation The motivation behind this venture is to build up a global promoting plan for Hong Kong Airlines to extend to the India showcase. The initial segment of the venture will cover the present advertising blend and procedures of Hong Kong Airlines, just as the SWOT examination. The second part will investigate the India showcase and investigate the plausibility for Hong Kong Airlines to enter this market as an ease bearer, or ordinarily known as a spending aircraft. It will be trailed by some predictable difficulties, with the significant healing measures. 2. Current Marketing Mix This segment will delineate the present showcasing blend of Hong Kong Airlines. Item/Service Hong Kong Airlines is a full assistance bearer which gives both booked territorial flights and payload benefits inside the Asia-pacific Region. Cost The airfare for Hong Kong Airlines is moderately lower than that of its rivals, for example, Cathay Pacific and Dragonair. Spot Hong Kong Airlines is a Hong Kong-based aircraft with its primary center point and corporate administrative center at the Hong Kong International Airport. It utilizes the bauhinia blossom, the token of Hong Kong, as its logo. Individuals Hong Kong Airlines stresses that their staff are youthful and vigorous. It is normal that the size of representatives will arrive at 2,600 sooner rather than later. Physical Evidence As of February 2013, Hong Kong Airlines’ armada comprises of 25 airplanes with a normal period of 3.9 years. This is moderately new when contrasting and different carriers. Procedures Hong Kong Airlines receives both immediate and backhanded procedure †direct online deals through its corporate site and aberrant deals by means of movement organizations. Advancement Presently Hong Kong Airlines advances predominantly by means of promoting, motivating forces, client relationship the executives and advertising. Publicizing Hong Kong Airlines does both hard and delicate selling through advanced stages, including its corporate site, Facebook, Weibo and Mobile Apps. Situating as a youthful and eager aircraft, Hong Kong Airlines has contributed a significant sum on online directs so as to arrive at its potential clients. Also, Hong Kong Airlines has used TV plugs, printed ads and advertorials in magazines. Motivators Hong Kong Airlines works together with nearby travel offices, for example, China Travel Service (Hong Kong) Limited. The movement offices group air tickets with inn settlement and offer regular bundles with engaging limits. Client Relationship Management Hong Kong Airlines has a client dedication program †the Fortune Wing Club. The enrollment benefits incorporate air grant recovery, need registration and additional things stipend to its long standing customers. Advertising Hong Kong Airlines profoundly includes in good cause activities and sponsorship occasions. For instance, it has propelled the gathering pledges program, Fly and Care, which means to appropriation competitors for setting up the 2016 Brazil Paralympic Games. It has likewise gotten different help grants, for example, the Capital Weekly Service Awards in 2012. 3. Current Marketing Strategy Most of Hong Kong Airlines’ travelers are moderately aged guys, with yearly pay underneath RMB150,000. They are by and large worth cognizant clients who are searching for sensible assistance level with a moderately low airfare. Figure 3.1 sums up certain highlights of Hong Kong Airlines’ travelers. Geographic Segment| 84% from Asia-pacific district, with Hong Kong establishing 36%.| Demographic Segment| Gender * Male > 70% * Female < 30%Age * Below 30: 28% * 31 †50: 60%Annual Income Level (in RMB) * Below 60k: 12% * >60k-100K: 23.3% * >100k †150k: 31.5% * >150k †200k : 9.4% * >200k †400k: 8.9% * >400k: 14.9%| Travel Purpose| * Business travel: 71% * Vacation/others: 29%| Figure 3.1Segmentation of Hong Kong Airlines’ Passenger Contenders of Hong Kong Airlines Significant expense Low cost Low assistance quality High assistance quality Figure 3.2 Perceptual Map of Competitors The vertical and flat tomahawks of Figure 3.2 speak to cost and administration level separately. Hong Kong Airlines is situated at the base right corner since it offers sensible assistance level with serious cost. Dragonair and Tiger Airways both work on comparative routings as Hong Kong Airlines. With Dragonair situating as a top notch brand while Tiger Airways being a minimal effort transporter, they are chosen for an increasingly point by point contender investigation. Dragonair Dragonair is a universal aircraft situated in Hong Kong, which is a completely claimed auxiliary of the lead transporter of Hong Kong †Cathay Pacific. It expects to offer clients pleasant and open to flying experience by means of its full extent of administrations and quality lodge items. Its customers’ segment profile is extremely near that of Hong Kong Airlines: 85% of the travelers live in Asia-pacific and 30% of them live in Hong Kong; 66% are guys and their normal age is 41-year-old; and the normal individual month to month pay is around USD5,000. They are administration touchy and less cost cognizant. The greater part of the travelers are visit voyagers who fly for in excess of multiple times every year. Tiger Airways Tiger Airways is an ease bearer situated in Singapore. Ease transporter alludes to aircraft that furnishes constrained extent of administration with low airfares. The airfare is intended for the vehicle administration just and clients need to pay extra for things stipend, food and refreshments and so on, whenever required. For instance, Tiger Airways offers a purchase on-board program, Tiger Bites, for clients to buy food and drink. Tiger Airways works among Singapore and some provincial goals in Southeast Asia, Australia, China and India. Their travelers are cost cognizant and less help delicate. 4. SWOT Analysis Qualities Hong Kong Airlines can appreciate solid money related help from their parent organization, Hainan Airline, which is the biggest exclusive air transport organization in China. Working in a generally little scope, Hong Kong Airlines can be adaptable and receptive to the market changes. Its young armada incorporates both short/medium take airplanes (A320) and long stretch airplanes (A330-200 and A330-300), which can bolster routings between Hong Kong and Asia-pacific ports. Figure 4.1A330-200’s Coverage (from Hong Kong) Figure 4.2A330-300’s Coverage (from Hong Kong) Shortcomings Hong Kong Airlines has a frail budgetary administration. The Hong Kong Aircraft Engineering Company Limited has quit offering types of assistance to Hong Kong Airlines because of its failure to settling the bills. This powers Hong Kong Airlines to go to another airplane support specialist organization †China Aircraft Services Ltd. Hong Kong Airlines is likewise powerless in operational administration. The Hong Kong Civil Aviation Department has solidified the armada extension plans of Hong Kong Airlines since August 2012 because of wellbeing concerns, and exhorted it to combine the current tasks with current armada size. With a generally little size of tasks, Hong Kong Airlines has a fairly frail dealing power with its providers of airplanes, fuel, and airplane upkeep administrations. Openings The travel industry in Asia-pacific locale is relied upon to extend because of the quick financial development, and the execution of the intra-local arrangements in the travel industry advancement. Right now the intra-local traffic comprises around 78% of Asian the travel industry, with spending carriers represent 24.9% of Asia’s all out traveler traffic. The Hong Kong Tourism Board will put around HKD30 million in opening up new guest sources in five new markets †India, the Middle East, Russia, Vietnam and the Netherlands. These advancements in the travel industry will expand the interest for air travel. Dangers There are sharp rivalries in the avionics business, including both the market heads and minimal effort transporters. One of the significant activity costs for a carrier is the fuel cost, which greatly affects an airline’s productivity. On the off chance that the raw petroleum costs come back to the pinnacle of USD70-odd or higher, some little scope aircrafts, as Hong Kong Airlines, might be not able to endure. 5. Extension to India This segment includes an examination of the India advertise, a promoting plan for Hong Kong Airlines to grow to India and some predictable difficulties. Market Analysis To extend the matter of Hong Kong Airlines, entering the India advertise as a minimal effort transporter would be a significant choice dependent on the elements underneath: Increment in Indian outbound travel The quantity of Indian outbound travel has been expanded from 5.4 million out of 2003 to 12.5 million out of 2010. The World Tourism Organization predicts that India will represent 50 million outbound voyagers by 2020. Figure 5.1Outbound Traveler Numbers of India Devaluation of Indian rupee The Indian rupee has been devaluing and modest air tickets are getting progressively best for the worth cognizant Indian voyagers. Increment in the fame of minimal effort bearers The interest for modest air tickets has made ease bearers progressively well known in India. In 2012, 37% of the Indian relaxation explorers travel abroad by means of spending carriers. No ease bearers accessible between Hong Kong and India In spite of the wide inclusion among the Asia-pacific zones by existing ease bearers, as of now there are no non-stop trips between Hong Kong and India worked by any minimal effort transporters. Change in Indian aeronautics approach In September 2012, the Indian government has facilitated the limitation by permitting remote direct speculation up to 49% in private Indian carriers. 2013-2014 Work Plan of Hong Kong Tourism Board (HKTB) To open up new guest hotspots for Hong Kong, the HKTB has been effectively growing new markets, including India. The proposed advertising spending plan for India in 2013-2014 will be HKD13.4 million. The above components have represented a developing business sector for low-c

Effects Of Venture Capital On Innovation Finance Essay - Free Essay Example

To start a successful business activities or plan to expand a current company, an entrepreneur needs a certain amount of capital. Actually, there are several options for start-up or expanding financing, but mainly, the possible sources of funding can either be internal or external. Use of internal funds such as personal savings, family and friends is most likely for small starting business. However, for expansion stages or big projects, external financing in the form of debt or equity is more suitable. In particular nowadays, one of the most popular equity financing used for start-up companies is the venture capital (VC). VC is money invested in high risk start-ups by venture capitalists on behalf of institutional investors with the aim of making outsize returns. The origin of VC in its modern form may be traced to General Doriot, who established the American Research and Development Fund (ARD) at the Massachusetts Institute of Technology (MIT) in 1946. Respectively, the first VC companies in Germany were founded in the middle of the 60s. The current measures of VC investments are significantly low due to the financial crisis of 2007-2010: 18,3 billion USD in the US and 2,7 billion EUR in Germany for 2009, respectively, 16,7 billion USD in the US and 3,3 billion EUR in Germany till the 3rd quarter of 2010.[1]In spite of the fact that, the VC investments are very small percentage of the countries GDP, the returns from those investments are at very high level.[2] Nowadays, innovation is consistently associated to be one of the most important characteristic of success. Many high-growth small and medium sized enterprises (SMEs) that are very successful in their field are significantly connected to innovation. Moreover, those innovative-enterprises typically accomplish stronger growth or are more successful than enterprises that do not innovate. Similarly, entrepreneurs that gain market share and increasing profitability are those that innovate.[3]For this reason, many governments around the globe try to duplicate the success of the U.S. VC industry. These attempts share a common logic that VC has spurred innovation in the US, and can do so elsewhere.[4]Therefore, VC could be a catalyst for innovation that serves as an important industrys source for job growth, economic development and wealth.[5] In this seminar paper I investigate the correlation between the venture capital investments and the translation into innovation, namely, whether venture capitalists are catalysts for innovation or if they simply exploit it. The research is also focused on whether the collapse of venture capital, due to extraordinary internal or external processes e.g. investments bubbles or financial crisis, has crucial effect on innovation. 1.2 Structure of the analysis What I examine, my concerns, what I find in each of the main subtopics or paragraphs: short, clear, exact review ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ The remainder of the paper has the following structure. Chapter 2 describes how venture capital works and discusses what role it plays in financing innovative start-ups. Chapter 3 presents ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ . In Chapter 4 I build ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ . The final Chapter 5 summarises the most important findings, formulates conclusions and suggests further research topics. 2 Background and overview of venture capital industry Venture Capital is long term equity capital invested in new and rapidly expanding innovative entrepreneurs. Generally, start-up and other emerging enterprises lack the collateral, track of records, or earnings required to get a loan and thus the traditional debt financing is not always available to them. Most enterprisers seek initial seed capital from family members, friends or wealthy individual investors, also known as business angels, who are willing to take the risk associated with start-ups in return for a proportion of the company equity. Professionally managed venture capital firms provide the most notable venture capital money. An informal network of investors supplies the funding of these firms, it includes: insurance companies, bank holding companies and their affiliates, pension funds, endowment funds, foundations, corporations, wealthy individuals, foreign investors and the venture capital professionals. Venture capital professionals in this respect are the primary agents between new enterprises and capital sources. The typical process of VC fundraising consists of four steps investment, value creation and exit.[6] The enterprises in which venture capitalists invest are generally unproven and high-risk, but the main expectation is that such an investment will yield a greater return than other types of investment. Despite the fact that only a relatively small number of start-ups are financed with venture capital, they are often the fastest-growing ventures and most innovative.[7]Integral part after making the investment is the involvement of the venture capitalist in the management of the business, such as becoming members of the board of directors. Their role in the management spreads from the top level of the firm to the lowest levels. That includes: protection of intellectual property, providing guidance to entrepreneurs, monitoring the new company, influencing strategy, help in finding management and shaping boards, creating high-salaried and skilled positions, and creating company checks and balances by sharing investments with other investors.[8]The venture firms are also using the synergi es channels between the various companies they have invested in. One possible example of successful integration is when a company that has better distribution technology may help another company or its management in the venture portfolio that has a great pharmaceutics or software product, but does not have adequate distribution technology. In the formal lifecycle, venture capitalists will help companies grow, but mainly they pursue to exit the investment in three to seven years. Early investments take between seven and ten years to mature, while later stage investments only need a few years, so that the demand for investment life cycle must be congruent with the appetite of the companies limited liquidity. The investment risk is neither a short nor a liquid investment, but an investment should be done with great care, constancy and expertise. Although, high-tech investments are the largest part of the venture firms financing policy in U.S and the company receives a lot of attention for its high technology investments, venture capitalists invest in companies such as construction, industrial products, services, etc.Venture firms come in various sizes from small seed specialist firms of only a few million dollars under management to firms with over a billion dollars in invested capital around the world. Likewise a venture capital investor may be a single individual but a great part of the venture capitalists are organized as a limited partnership. According to Lerner, government efforts can also stimulate growth and bring success but they must proceed with caution. The main aspect the countries with overall performance and using governmental support is to have balanced accountability and independence for the funds in which they invest and have co-invested into funds with private investors.[9] Significant entrepreneurial activity, research universities, secure property rights that can be judicially enforced in a timely manner, an educated workforce and others are examples for key elements. In their presence is considered that venture capital can accelerate innovation and force positive outcomes. The injection of venture capital can be a catalyst that brings these elements together. In the United States, Intel, Microsoft, Apple Computer, Cisco Systems, Compaq, Sun Microsystems and many others distinct companies are instances for well-known and highly successful businesses created with venture financing.[10] 3 Venture capital and innovation 3.1 Determinants of innovation How to measure innovation is a much debated topic in a number of researches and a lot of determinants have been developed in order to solve the problem. I decided to follow a scheme in which I will discuss the first major experimental studies in detail. Then, I will argue and present the results from resent experiments, which use the same or similar analysis. In thinking about the product market dimension Hellmann and Puri draw an important differentiation among the competitive strategies of new companies. In order to study the effect of VC on innovation they build a distinction between innovator and imitator strategies. As innovators are named those entrepreneurs that introduce new services and products to the market for which no close substitute is yet offered. Imitators are late adopters also engaged in relatively new products and technologies. The main difference is that they are not the first movers in their field of activity and therefore tend to complete other aspects than innovation.[11]With this differentiation between innovator and imitator strategies, a series of observations related to venture capital financing could be made. First, whether the choice of a product market strategy has connection with the type of financing obtained by a start-up company. Second, investigating the relationship between choice of an investor and ou tcomes in the product market. There might be various interaction effects pointing in different directions and therefore an empirical analysis is debated to submit these questions.[12] Another research conducted from Kortum and Lerner examines the connection between VC and innovation. The relationship is propounded through the effects of Research and Development (RD) spending and venture capital funding on the number of patented innovations a stylized model of the relationship between VC, RD, and innovation.[13] 3.2 Empirical Researches 3.2.1 Product market strategy and outcomes In this chapter the empirical research of Hellmann and Puri for the effect of VC of product market strategy and outcomes is being presented in detail.[14]The research is based on unique collection of dataset of 173 high-technology companies in Silicon Valley, where a high incidence of entrepreneurial activity with rich setting is provided. The sample consists of surveys, interviews, commercial databases and any publicly available information. Its structure also enables to observe a timeline of events for each company. The entrepreneurs are classified into two major groups according to their best described initial strategy as an innovator strategy or an imitator strategy. As innovators are considered the companies that either introduce a radical innovation in an existing market, create a new market or develop a technology that will lead to products and services that satisfy either of the above criteria. Based on that data, the two major aspects strategy and outcomes are studied usin g the method of hypotheses. While testing for interactions, the timing structure of events is carefully observed. In particular, the model consists of ex ante strategy prior to financing, the financing itself, and the ex post product market outcome. Therefore, examined is the interrelationship of the ex ante strategy (innovator or imitator) and the type of financing (VC or other) on the one hand, and the interrelationship of the type of financing and subsequent product market outcomes (in particular time to market) on the other. The first part of the analysis examines whether the product market strategy affect the investor type. First null hypothesis (H0) is that there is no connection between the type of financing and product market strategy, meaning, the type of financing is independent from the ex ante strategy of a start-up firm. Two alternative hypotheses (H1) are suggested. The first H1 is that, venture capitalists prefer to finance innovator companies, the second H1 postulates that, venture capitalists prefer to invest in imitator businesses. Innovators are characterized with the advantage in identifying and then assisting innovator companies while imitators business concepts are easier to comprehend and communicate. In a probit model is found that innovators are more likely to be financed by venture capital than are imitators, this result is statistically significant at a 5% level. Results also represent that innovators obtain VC earlier in the life cycle than do imitators and which refuse the criticisms that VC does not support the most innovative start ups, or that venture capitalists invest in innovative companies only when they are already older and less risky. Relative to imitators, innovators are 1.96 times more likely to obtain VC in any given period of time, and the result is statistically significant at 1%. These results reject the H0 that, there is no connection between and entrepreneurial companys strategy and its tendency to obtain VC financing. Firms pursuing an innovator strategy are more likely to obtain venture capital and to obtain more quickly. Venture capitalist are not shying away from the uncertainty of innovative business concepts, it doesnt seem to be true that they only invest at a later stage when much of the uncertainty may already have been resolved. In the second part of the analysis, the dependence between VC financing and the time it takes a company to bring its product to the market is examined. The second H0 claims that the type of financing is product market neutral, meaning, the product market outcomes of a start-up company is independent form the type of financing . As most important market outcome is distinguished the time it takes to bring a product to market. The first H1 is that, venture capitalists quickly bring a product to market because of they identify promising companies and assist them. Alternatively, venture capitalists as patient investors are giving more time for the start-up through long development cycles with a higher consideration levels. It is found that the presence of VC is associated with faster time to market. According to the modified Cox proportional hazard model, the likelihood of the first product sale increases by a factor of 1.88 with the advent of a venture capitalist, statistically significant at the 1% level. This effect is particularly strong for innovators with factor of 3.37 and significant at 1%, but statistically insignificant for imitators. These results reject the second H0 that VC is product market neutral. VC is associated with faster time to market and this association is particularly strong for innovator companies. One interpretation of these results is that venture capitalists guide the companies to bring their product to market faster. Above all, this effect is more pronounced for innovators and explains the first finding that innovators are more likely to obtain VC. In particular, there are some alternative interpretations and information from the empirical study extracted. Moreover, for the venture capital-backed companies 59% (66% innovators and 50% imitators) list obtaining VC as a milestone, for the other companies (not VC-backed) only 27% list obtaining financing from some other source as a milestone. This difference is significant at the 5% level. The outcome shows that companies are more likely to consider VC as a crucial event than obtaining financing from some other source of finance. As a robustness check whether the finding of a faster time to market could be due to the fact that venture capitalists select companies with faster time to market, could be threw off using the timeline of events. The trivial understanding typically claims that the nature of the venture capital companies is to select good entrepreneurs and to add value to them but the theory and practice suggest that these may well be complementary activities.[15]Briefly, t he allegation for picking the right industries at the right time could not be proven and therefore rejected. In that experiment I find some important advantages: the independence of the form of financing, the availability of the whole timeline of the events, the usage of interviews and surveys. However, there are some problems and limitations of the research which I am taking into consideration. First of all, the research is conducted for the timeline in 1994-1998, the effect of dot-com bubble is not observed, which is followed by the changes in the investments strategy of the venture capitalists. Another consideration is that the research is conducted in USA and more specifically in the Silicon Valley, which represent only one third[16]of the invested venture capital in USA. Moreover, according to Mayer, the market in Europe[17]significantly differs from that in USA. Gompers and Lerner point that the possibility remains, more innovative firms select VC for financing, rather than VC causing firms to be more innovative.[18]Unfortunately, the narrow focus of the sample could have only limited applicability for companies under different economic base conditions. 3.2.2 Patented inventions By way of contrast, Kortum and Lerner, examine patterns that can be discerned on an aggregate industry level, rather than on the firm level.[19]slamka, the empirical research proposed from Kortum and Lerner discuss the relationship between VC, RD and number of patents as a measure of innovation.[20]The study analyzes annual data for twenty manufacturing industries between 1965 and 1992. The study used as dependent variable the number of patents issued to U.S. investors sorted by industry and date of application, and as explanatory variables are used the money spent for innovative inventions. The data are based on the measures of VC collected by Venture Economics and industrial RD expenditures collected by the U.S. National Science Foundation (NSF). There are two important problems in the research, which are taken into consideration. First, patenting in each industry can be sometimes only indirectly classified, and second, the data rarely do not allow a clear division between VC and R D investments. In order to avoid some misleading, the problems are carefully examined and some of the data is not used in the study. That measure is less likely to influence the final conclusion. This model also suggests that the reduced-form regression may overstate the effect of venture funding. This possibility may occur when venture funding and patenting positively correlate to arrival of technological opportunities as a third unobserved factor. The concerns are addressed in two ways. First, the outbreak of a major event in the VC industry. In 1979, the U.S Department of Labor freed pensions funds to invest in VC. This kind of huge changes is to determine the role of VC as it is unlikely to be associated with the arrival of entrepreneurial opportunities. On the other hand, the RD expenses are used to identify the starting or already existing technological capabilities, which are expected by economic actors, but unobserved to econometricians. One possible solution to suppress the causality problem is to estimate the impact of VC on the patent-RD ratio, rather than on patenting itself. After taking into consideration the causality concerns, the results from the study shows that VC does have a strong positive impact on innovation. The estimates based on the ratio comparison dollar to number of patents suggest that VC appears to be about three-four times more effective in stimulating patenting than a traditional corporate RD. Although VC was less than 3% of corporate RD from 1983 to 1992, it is responsible for about 8%, of U.S. industrial innovations in this decade which corresponds to much greater share. Another problem that is monitored by Kortum and Lerner is that, VC might encourage patenting, but having no impact on innovation, this effect may occur if the VC backed companies simply patent more innovation to impress potential investors or to prevent the expropriation of their ideas by these investors. This possibility is examined by comparing the quality of patents introduced from venture-backed and non-venture-backed firms, the results show that venture backed entrepreneurs does not seem to produce lower quality patents. Furthermore they are more frequent litigators of trade sector, sustaining the goodness of the patents and verifying that VC has positive effect to innovation. In short, one very important conclusion from that observation is the consistent with the results from the first empirical research, more over the data in the first one is ex ante and in the second one ex post, which make the conclusions significantly strong. 3.3 Estimate the effects of venture capital on innovation Despite the importance of VC and its ability to support the development of both individual companies and the economy as a whole the relationship between this instrument and the innovative behavior of entrepreneurs are studied only for a short time. Similarly, the causal relationship between VC and innovation is not clear. VC may spur innovation by relaxing the financial limitations that the innovative firms collide, on the contrary, when innovation opportunities arise, innovating firms may demand venture capital investments and, as a consequence, venture capital markets grow. From the empirical research of Hellmann and Puri follows that there is an interrelationship between the type of investor and product market behavior of start-up firms, it leads that the innovation entrepreneurs are more likely to obtain VC financing. The presence of VC, especially for innovators, is also associated with significant reduction in the time taken to bring a product to market. Thus, the positive effect of VC for innovation could be observed with very high significant level.[21] On the same hand, the study article of Kortum and Lerner about the impact of VC on technological innovation suggests that the effect is positive and significant. VC investment increases number of patents more strongly then industrial RD. The results are substantial to sub samples of industries and different measures of venture activity, moreover, the representations of the relationship ratio between patenting, RD, and venture capital is with very high significant level.[22] According to another research conducted from Lerner in 2010, 10 years after the research from above, he confirms that the arrival of VC to Mexico sparks innovation, furthermore, VC is not only catalyst for innovation but also active the job growth in the region. VC speeds company growth and reduces the time for research, acts as a business accelerator, assists market development and a go-to-market strategy and appears as one of the standard maintainers of the market. The Venture-backed firms in Mexico are typically younger when they IPO and produce higher quality patents than businesses financed with other resources.[23] On a research conducted from Mayer, the bridge[24]function of VC between idea and innovation is investigated. The study is built on the information from 15 Western European countries and the USA over a period between 1993 and 2006.[25]Unlike the studies of Hellmann/Puri and Kortum/Lerner, the particularly volatile period after 2001 is covered, when the previously steady upward trend in VC investments was broken for the first time. This increases the reliability and explanatory power of the results. For considerably great extent of the analysis, the model is based on: triadic patents to measure the input of ideas, and growth in total factor productivity to measure the innovation success.[26]The discovery of positive statistical correlation between VC financing and the translation of ideas into successful innovations confirms the bridging function that VC plays. This correlation is stronger in the earlier stages of financing the company, i.e. investments have a more notable effect in the seed stage than in the expansion one. The relation appears to operate in the direction from VC investment to commercialization. The results showed that the increase in venture capital investments deepens translation of ideas into innovation, in other words, a causal relationship is observed. Another conclusion points that the investment side mainly drives the positive effect of VC rather than the funds being raised. It therefore seems unlikely that VC activity may be increased only by providing the industry with more VC capital.[27] On the other hand, applying the model of Caselli, Gatti and Perrini to the Italian market, reveals some interesting features of VC and its role in financing and developing innovation. Using data from Italian venture backed and non-venture backed companies traded on the Italian Stock Exchange between 1995 and 2004, the research shows that the role of venture capital in Italy does not seem to promote innovation. It appears to be mainly concerned with the growth of sales. In detail, the tendency to innovate is a fundamental requirement to be approved in the screening phase of the VC selection process, but on the other hand, it seems that the entry of venture capital in the company does not encourage continued innovation.[28] Similarly, Engel and Keilbach investigate the connection between venture capital and innovation in Germany. They find weak evidence of relationship between venture capital and innovative behavior, which shows that innovation plays an important role before the venture capital investment and, therefore, it is only to attract sources of venture capital. After investments are made, the innovation process slows down, this suggests that patents stimulate venture capital investment but not the other way around.[29] These results are also consistent with Stuck and Weingarten, who propose an ex post analysis about the real development of already funded companies. The sample consists of more than 800 IPOs of electronic high-tech firms listed world wide after the start-up phase, they show that innovation level drops steadily, and funded companies perform as much as non-funded companies. The research shows that after the IPO, only a small group of firms analyzed were able to increase their market value.[30] In another research, Fulghieri and Sevilir develop a theory of the organization and financing of innovation activities, in which the choice of organization and financial structure of RD plays a strategic role. In particular, they show that, alone venture capital financing is more likely to occur when RD projects have high research intensity, when competition in RD run is less intense or RD cycle involves early-stage research and when research unit is financially limited.[31] 4 Implications of the collapse in venture activity for innovation In this chapter I seek to understand the implications of the collapse in venture activity for innovation. In the years after the dot-com bubble have seen a dramatic decline in VC activity. Investment activity has fallen by more than da vzema Danni ot nekade[32]and fund-raising by VC organizations has similarly undergone a sharp fall. The same effect of decreasing VC investments is also observed during and after the 2007-2010 financial crisis.[33]When taking into consideration the findings from chapter 3, the implications of this decline could be catastrophic for the technological innovation. According to Gompers and Lerner the situation may not be as serious and dangerous as it initially appears.[34]While, as I argue in chapter 3, there are many reasons for believing that on average VC has a powerful influence on innovation, that influence could be far from uniform. The overall correlation between VC and innovation is positive, but it may be quite different across the cycles of venture activity[35]. Gompers and Lerner examine first the peak periods of VC and then make implications for the collapse ones.[36]To deal with, they illustrate this unevenness with both: case-study and empirical evidence. Gompers and Lerner support the field-based evidence[37]with two examples in boom periods between the years 1990-2000. The first one presenting the peak period of biotechnology investing in early 90s, and the second, the boom of internet and telecommunication investments between 1998-2000, later become famous with the name dot-com bubble. During peak periods the venture capitalists funding firms are too similar to one another, the consequences of these overgrown investments are frequently the same: same targets, intensive negotiation for scientific and technical professionals, highly duplicative researches, costly legal proceedings for intellectual property theft and misappropriation of ideas. Most of the firms yielded very disappointing returns for their venture financiers, in many cases the firms were liquidated after further financing could not be arranged. Funds appear to be extended much less efficiently during the boom period, the reason for this may be found in the presence of misleading public signals or over optimism on the part of venture capitalists. Meanwhile, many obviously promising areas stayed unfunded as venture capitalist rushed to focus on the most visible and popular investment areas. The impact of VC investment was not as powerful in spurring innovation during these periods as in others. The statistical evidence[38]of Gompers and Lerner shows the same result that the effect of venture capital on innovation is less pronounced during boom periods. This evidence is based on the same framework as the empirical research conducted from Kortum and Lerner[39], which analyze annual data for twenty manufacturing industries between 1965 and 1992 and use patents issued as a dependent variable. As the model reports, the effect of patenting is some 15% lower during the boom periods, a difference that is strongly statistically significant, the magnitude of the effect of venture capital on innovation subsides, but remains positive and significant. My observation from those results is that the field study result corroborates the statistical evidence, suggesting that venture capitals effect on innovation is less pronounced during booms but is positive. According to Gompers and Lerner[40]the patterns from above may lead us to less worry about the short-run instability in venture financing, the expected impact on entrepreneurial activity is likely to be significant but the effects on innovation should be more moderate. VC fundraising and investment has decreased considerably after the internet boom of 2000, but the level of activity is still extremely high in respect to the period before the crisis. From historical perspective, ignoring the dot-com bubble, the VC industry shows robust growth over the past decade. Mayer[41]confirms the observations of Gompers and Lerner with data for 15 European countries and the USA between 1993 and 2006, including the period of peak and weakness of the VC investments not only in the US but also i n Europe. The research demonstrates the steady positive effect of VC in the transition of the entrepreneurs ideas in successful innovations. In the following paragraphs I will discuss the implication of the financial crisis on the venture capital backed innovation. So far, there exists only small number and limited studies that have empirically analyzed the impact of a financial crisis on VC activity. In two of the few studies on this issue, Block, Sandner and De Vries analyzed the VC investments in US Internet firms and VC activity across different industries and countries (US vs. non-US).[42] Block, Sandner and De Vries summarized that there is a decrease in VC activity due to the financial crisis, although it is not as large as one might have expected. As a whole, the VC market did not come to an immediate and complete halt. The effect differs with regard to the stage of financing: firms in later financing rounds received less funds than before crisis while for those obtaining initial financing no such result is observed. Also, the slowdown of VC activity is more notable in US than outside US.[43] Due to the external shock caused by the financial crisis, the VC market dries up. The evolution of innovative industries might be long-lasting negatively affected. Innovative entrepreneurs could run into severe liquidity problems, and the commercializations speed of technological innovations might slow down. Undoubtedly, the economic growth of the countries would be negatively affected, the exogenous impact on VC activity would lead to a severe funding gap in the financing of technological development and innovation. Unlike the last slowdown of VC activities after the collapse of the dot-com bubble in the year 2000, the current slowdown came more as an exogenous shock. In the 2007-2009 crisis, what initiated the downturn of VC activity were not unrealistic expectations but instead problems in the financial sector and that could differ the impact of VC on innovation in completely other way than the internet crisis.[44] I can conclude that all recent researches only confirm that the VC investments decrease, but the effect on innovation is not clearly reviewed. One possibility is that all investors are more careful and invest only in more stable and clear ideas and in that way the innovation could be slightly lagged. Secondly, the innovation determinants like relationship between innovators-imitators and the number of patents are not deeply investigated. Taken together, the evidence supporting the negative impact of the crisis on innovation is weak. It may take some more time for the commercialization of the new innovations, especially the less profitable, but as a whole the innovation is likely to persist even during and after the crisiss downtime. Thanks to the scientific curiosity and enthusiasm the innovation process will continue in the short and long-term. https://www.bea.gov/ https://www.destatis.de/jetspeed/portal/cms/ 5 Conclusion Although, some recent researches show the role of VC to innovation as decreasing, I can say with very high significant level that positive effect is undoubted. From the all the discussions and researches I am dividing the VC fund-raising and investment in three periods and I conclude for each one. The first period is a cycle of normal distribution of VC, according to all researches, the VC have a positive effect on innovation and spurs it. The second period is a peak one, characterized with less effectiveness of the invested capital but still with positive effect. The last one is a period of collapse, although the VC investments decline, the positive effect on innovation is still there. Many questions are left unanswered and provide good opportunities for future research. For example some of them could be directed to long-term effect of the recent finance crisis. Does the impact of financial crises on VC activity differ among industries or regions? How do the start-ups respond to the challenges posed by the financial crisis and the difficulties encountered in the search for VC funding? Does a lower success rate of VC-backed companies lead to a decline in the performance of VC funds? And ultimately, over a long time period, does VC as a financing instrument for innovative start-ups become severely harmed as an effect of the crisis? What is the effect of the crisis on the performance of VC funds?

7 Different Types of College Admissions ( Which One is Best for Your Student)

Different Types of College AdmissionsIn total, there are actually around seven types of college admissions your student may encounter, depending on when and where they apply to go to school.Usually, not every college offers all seven types of college admissions, but three or more options arent uncommon at many four-year schools.Understanding the differences between them is essential, especially if your student wants to have the best shot at getting into their first-choice school.By applying at the proper time, your student may face less competition, with could increase their odds of being able to attend the college or university of their dreams.Here are the types of college admissions:Regular AdmissionRolling AdmissionOpen AdmissionEarly DecisionEarly ActionEarly EvaluationDeferred AdmissionRegular AdmissionThe most common kind of college admission is regular admission. Schools set a specific deadline for all of the applications, typically at some point between November and January, then review them all after the closing date. This means every application is compared to the others before any acceptance or rejections letters are sent out.Many schools who have a regular admissions deadline also have early admissions options (which will be discussed below). Effectively, the deadline for regular admissions is the last date your student can apply if they want a chance at attending that college, so its a critical one to know.Rolling AdmissionRolling admission relies on a first-come, first-serve approach when it comes to reviewing applications, as well as potentially offering a prospective student the opportunity to enroll.Applications are accepted during a set timeframe but are reviewed as they are received. Acceptance letters are sent continuously as well, so those who apply later in the application window automatically have less of a chance of getting in, even if they qualify, because there may not be spots available.That means, for these types of college admission s, applying as soon as possible is a must.Open AdmissionsProbably the most laidback option, open admissions means practically any student who applies and meets the requirements will get in. It is more commonly offered by community colleges or online schools, where their enrollment numbers dont tend to create overcrowding issues.Students with low GPAs may benefit from a school that has open admissions. As long as they meet the minimum requirements, admission is almost a sure bet.Early College Admission Many parents ask about the different types of college admissions options out there.Colleges typically provide students with a few admissions options, each with its own deadline and requirements. While submitting an app at any time before the final deadline means your student will be considered, different types of college admissions options each come with their own potential benefits, as well as some possible drawbacks.Before your student assumes that the last deadline is the only one they need to worry about, its wise to review what each of the types of college admissions has to offer.We cover each admission deadline option below so you can make sure your family chooses the best one for your student.Different Types of College AdmissionsIn total, there are actually around seven types of college admissions your student may encounter, depending on when and where they apply to go to school.Usually, not every college offers all seven types of college admissions, but three or more options arent uncommon at many four-year schools.Understanding the differences between them is essential, especially if your student wants to have the best shot at getting into their first-choice school.By applying at the proper time, your student may face less competition, with could increase their odds of being able to attend the college or university of their dreams.Here are the types of college admissions:Regular AdmissionRolling AdmissionOpen AdmissionEarly DecisionEarly ActionEarly EvaluationDeferred AdmissionRegular AdmissionThe most common kind of college admission is regular admission. Schools set a specific deadline for all of the applications, typically at some point between November and January, then review them all after the closing date. This means every application is compared to the others before any acceptance or rejections letters are sent out.Many schools who have a regular admissions deadline also have early admissions options (which will be discussed below). Effectively , the deadline for regular admissions is the last date your student can apply if they want a chance at attending that college, so its a critical one to know.Rolling AdmissionRolling admission relies on a first-come, first-serve approach when it comes to reviewing applications, as well as potentially offering a prospective student the opportunity to enroll.Applications are accepted during a set timeframe but are reviewed as they are received. Acceptance letters are sent continuously as well, so those who apply later in the application window automatically have less of a chance of getting in, even if they qualify, because there may not be spots available.That means, for these types of college admissions, applying as soon as possible is a must.Open AdmissionsProbably the most laidback option, open admissions means practically any student who applies and meets the requirements will get in. It is more commonly offered by community colleges or online schools, where their enrollment number s dont tend to create overcrowding issues.Students with low GPAs may benefit from a school that has open admissions. As long as they meet the minimum requirements, admission is almost a sure bet.Early College AdmissionIf your students dream school has an early college admissions option, then it is worth their while to consider it. This allows their application to be considered before those who apply under regular admission, so it usually means there are more spots available, which could increase their odds of getting accepted.However, not all forms of early college admissions are created equal, and some come with some serious caveats.Heres a look at the three kinds of early college admissions.Early DecisionThe most restriction form of early admissions is early decision. Under this program, your student has to attend the school if accepted, and they typically cant apply anywhere else until a decision is made (or at least have to withdraw their application if accepted).This means your student cant apply for early decision at multiple schools all at once, as that would be in direct violation of the arrangement. The agreement is binding, so there can be penalties for going against it.Additionally, early decision deadlines are coming up quick. Most schools require these applications to be submitted between November 1 and November 15. This means, your student should check with their top choice school soon to find their application deadline for early decision. Otherwise, they may miss the opportunity.However, your student should only apply for early decision if they are:Completely sure that is the ideal college for themRealistic about their acceptance chances and will likely get inOpen to a backup school with an application deadline that will work if they dont get inFinancially prepared to handle the costUltimately, early decision is a serious commitment, so its wise to consider it carefully before applying. This is especially true if your student is relying on finan cial aid to help pay for college, as they might not know enough about their financial aid package to feel confident that they can even afford the school.It is important to note that early decision acceptance rates do tend to be slightly higher than the rate for regular admissions, so this can give your student an edge when it comes to getting into their top choice school. Just make sure your student is aware of the commitment required, as breaking a binding agreement can come with consequences.Early ActionEarly action is similar to early decision but much less stringent. Your student is still considered for placement before those who use the regular college admissions deadline, but they dont have to commit to the school as a default.This means your student can usually apply to multiple schools for early action without violating any binding agreement. Then, once they found out whether they have been accepted to each school, they can choose the option thats best for them and relinquis h their spot at the other colleges.However, there is an option called single-choice early action. This college admissions option isnt binding, but your student does promise to only apply to that school until a decision is made, so it limits their ability to apply to backup schools until they know whether they get in.Early action typically has a similar deadline as early decision, usually falling between November 1 and November 15. However, each school can set their own deadline, so some may even come up in October.Early EvaluationEarly evaluation doesnt necessarily lead to early admission. Instead, your student can submit their materials by the deadline, and they will be reviewed in advance. The school then lets your child know if they have a good, fair, or poor chance of getting in, giving them valuable information regarding whether they need to keep applying elsewhere.Just keep in mind that the results of an early evaluation are not binding. Even if a college says your child has a good chance of being accepted, they arent guaranteed a spot based on this college admissions information alone.Deferred College AdmissionsWith deferred college admissions, your student does find out if they were accepted by the school but opts to delay attending for a year.For example, if your student is a high school senior, set to graduate in summer 2019, they would opt out of heading to college for the 2019-2020 school year and instead would begin their college education in the 2020-2021 school year.This works well for students who want to take a gap year. Then, they can spend some time interning, traveling, or even working to help pay for college before actually heading to school.At times, colleges may offer a student deferred admission even if they didnt apply for it specifically. This can happen if your student has solid credentials but a program is particularly competitive, or the college is especially popular. Effectively, the school gives your student a chance to attend, j ust not in the upcoming school year.Accepting a deferred admission offer does typically guarantee your student a slot, but there can be conditions. For example, they may have to come in as a freshman, meaning they cant spend a year at another school and then transfer to their preferred school. Its also possible that agreeing to a deferred enrollment may be binding, which means your student is legally obligated to attend.With any deferred college admission, its important to read the fine print. Otherwise, something that your student overlooked may come back to haunt them.College Admissions Bonus TipsFirst and foremost, your student should never assume that all colleges and universities use similar application deadlines. Every school is different, and they are fully in control of their own schedules.Your child needs to check all of the application deadlines at all of the schools they might want to attend. That way, they know exactly who needs what and when, ensuring they dont miss out on a chance to go to their preferred college or university simply because they missed the deadline.Second, if financial aid is a concern, your student can contact a college admissions counselor to see if they can provide an estimate. While not all schools will, some might, and that can give your student an idea of how their financial aid package may look at that particular school.Similarly, some colleges and universities have financial aid estimate calculators on their websites, allowing your student to gain some insight into how much they could receive and what they may need to pay through either scholarships, loans, or personal savings.Finally, even if your child applies to multiple schools that accept the same application, like the Common Application, that doesnt mean each college or university wont require some unique supplements, such as additional essays. This means your student needs to factor that into the amount of time it will take to apply, ensuring they dont miss a dead line because they were surprised by an unexpected addition to the application process.Which admissions deadline is your student choosing? How did you decide? Comment below to help other families decide!If youre looking for more helpful information, here are some additional articles to explore:College Decision Time! Are Double Deposits Ethical?When Your Child Should Start Applying for ScholarshipsIf you and your student are working on the scholarship process, make sure you dont miss our free scholarship training. Its about 45 to 60 minutes long and I cover exactly where you can find more scholarships your student isactuallyeligible forand arelegitimate.Grab your spot here:6 Steps to Quickly Securing Scholarships for College.

A New Economic Reconstruction Program - 863 Words

Wal-Mart has been cautious in moving into the international markets. In 1994, Brazil under new leadership was undertaking a new economic reconstruction program that aggressively shrunk monthly inflation rates from 40% to a low of 3%. The sound decreased in inflation rates helped improve the buying power of Brazilians and stimulated many outside companies to make new investments in Brazil. Major Competitors The economy of the retail sector in Brazil is mostly concentrated in the Southeast region. The area includes Sà £o Paulo State which is very dense, mostly affluent, and vastly developed. Is very dense and is also located in that region. The retail sector accounted, in 2012, for about 5.5% of GNP, with combined sales of US$ US$122.7 billion. The number of retail stores in Brazil amounts to 83,572 employing about 986,000 employees. The total retail sales floor in 2012 was approximately 21 million square meters, and the number of check-outs was about 210,245. In terms of sales volume, the main competitors are Carrefour, Casino Pà £o-de-Aà §Ãƒ ºcar, Casas Sendas, Bompreà §o and Paes Mendonà §a. Walmart was Brazil largest retail store until Casino merged with Grupo Pao de Acucar in 2012 giving it 41.3% of market share. Carrefour is Brazil second-largest retail company(14.5 sales). In the face of its Brazil’s expansion, Wal-Mart has a competitive advantage over its competitors because of its low price aggressiveness. Walmart implemented the same unique characteristics and qualitiesShow MoreRelatedSocial Policy For Shared Societies982 Words   |  4 Pages2016) (By Krishna Prasad Subedi, COEX Program) Reflection of Presentation 11/30/2016 Summary My presentation was based on my previous work experience where I worked as Program Coordinator. The name of the organization is Public Welfare Society Nepal (PWSN) which is located in a rural part of Nepal. 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