Definition Of Business Economics Commerce Essay

Definition Of Business Economics Commerce Essay Business economics, also called Managerial Economics as a field in applied economics uses economic theory and quantitative methods to analyze business enterprises and the factors contributing to the diversity of organizational structures and the relationships of organizations with labour, Capital ,land ,taxes international trade and product markets. Managerial Economics consists of that part of economic theory which helps the business manager to take decisions. Business involves decision-making. Decision making means the process of selecting one out of two or more alternative courses of action. Economic theories help to analyze the practical problems faced by business organizations. Business economics integrates economic theory with business practice. It is a special branch of economics that bridges the gap between economic theory and business management. It deals with the use of economic concepts and principles for decision making in a business unit. It is called Business Economics or Economics of the organizations. Every business is operated by some resources and these are limited . Business economics tells the techniques about how to utilize resources for maximum satisfaction . Both micro and macro economics tools are used in business economics . But micro economics are so related to business economics because for effective operating of business , micro economics helps to optimize demand , production and price and factor price theories. DEFINITION OF BUSINESS ECONOMICS In simple words, business economics is the discipline which helps a business manager in decision making for achieving the desired results. In other words, it deals with the application of economic theory to business management. According to Spencer and Siegelman, Business economics is the integration of economic theory with business practice for the purpose of facilitating decision-making and forward planning by management. According to Mc Nair and Meriam, Business economics deals with the use of economic modes of thought to analyses business situation. From the above said definitions, we conclude the following objectives of business economics: 1) Explanation of nature and form of economic analysis 2) To apply economic concepts: and principles to solve business problems 3) Spell out the relationship between Managerial Economics and other disciplines outline the methodology of managerial economics. 4) To make overall development of a firm. 5) To minimize risk and uncertainty 6) To help in demand and sales forecasting. 7) To help in operation of firm by helping in planning, organizing, controlling etc. 8) To help in formulating business policies. 9) To help in profit maximization. NATURE OF BUSINESS ECONOMICS Managerial Economics and Business economics are the two terms, which, at times have been used interchangeably. However, the term Managerial Economics has become more popular and seems to displace progressively the term Business Economics. Business economic seeks to establish rules which help business organizations attain their goals, which indeed is also the essence of the word normative. However, if the firms are to establish valid decision rules, they must thoroughly understand their environment. This requires the study of positive or descriptive theory. SCOPE OF BUSINESS ECONOMICS : As regards the scope of business economics, no uniformity of views exists among various authors. However, the following aspects are said to generally fall under business economics. 1. Demand Analysis and Forecasting 2. Cost and production Analysis. 3. Pricing Decisions, policies and practices. 4. Profit Management. 5. Capital Management. 6. Inventory management 7. Linear programming and theory of games 8. Environmental issues 9. Business cycles These various aspects are also considered to be comprising the subject matter of business economic. Thus, managerial economics comprises both micro and macro-economic theories. The subject matter of managerial economics consists of all those economic concepts, theories and tools of analysis which can be used to analyze the business environment and to find out solution to practical business problems. CHARACTERISTICS OF BUSINESS ECONOMICS The following characteristics of business economics are: 1. Micro economics: Managerial economics is micro economic in character. This is so because it deals with the problems of an individual business unit. It does not study the problems of the entire economy. 2. Normative science: Managerial economics is a normative science. It is concerned with what management should do under particular circumstances. It determines the goals of the enterprise. Then it develops the ways to achieve these goals. 3. Pragmatic: Managerial economics is pragmatic. It concentrates on making economic theory more application oriented. It tries to solve the managerial problems in their day-today functioning. 4. Prescriptive: Managerial economics is prescriptive rather than descriptive. It describes solutions to various business problems. 5. Uses macro economics: Marco economics is also useful to business economics. Macro-economics provides an intelligent understanding of the environment in which the business operates. Managerial economics takes the help of macro-economics to understand the external conditions such as business cycle, national income, economic policies of Government etc. 6. Uses theory of firm: Managerial economics largely uses the body of economic concepts and principles towards solving the business problems. Managerial economics is a special branch of economics to bridge the gap between economic theory and managerial practice. 7. Management oriented: The main aim of managerial economics is to help the management in taking correct decisions and preparing plans and policies for future. Managerial economics analyses the problems and give solutions just as doctor tries to give relief to the patient. 8. Multi disciplinary: Managerial economics makes use of most modern tools of mathematics, statistics and operation research. In decision making and planning principles such accounting, finance, marketing, production and personnel etc. 9. Art and science.-Managerial economics is both a science and an art. As a science, it establishes relationship between cause and effect by collecting, classifying and analyzing the facts on the basis of certain principles. It points out to the objectives and also shows the way to attain the said objectives. SIGNIFICANCE OF BUSINESS ECONOMICS 1. Business economic is concerned with those aspects of traditional economics which are helpful for business decision making in real life. These are adapted or modified with a view to enable the manager take better decisions. 2. It also incorporates useful ideas from other disciplines such as Psychology, Sociology, Accounting. Statistics and Mathematics can be used to solve or at least throw some light upon the problems of business management. Business economics takes the help of other disciplines having a bearing on the business decisions in relation various explicit and implicit constraints subject to which resource allocation is to be optimized. 3. Business economics helps in reaching a variety of business decisions in a complicated environment. 4. Business economics makes a manager a more competent model builder. It helps him appreciate the essential relationship Characterizing a given situation. 5. At the level of the firm. Where its operations are conducted though known focus functional areas, such as finance, marketing, personnel and production, business economics serves as an integrating agent by coordinating the activities in these different areas. 6. Business economics takes cognizance of the interaction between the firm and society, and accomplishes the key role of an agent in achieving the its social and economic welfare goals. It has come to be realized that a business, apart from its obligations to shareholders, has certain social obligations. Business economics focuses attention on these social obligations as constraints subject to which business decisions are taken. It serves as an instrument in furthering the economic welfare of the society through socially oriented business decisions. USES OF BUSINESS ECONOMICS Business economics is useful because: 1) It provides tools and techniques for managerial decisions 2) It gives answers to the basic problems of business management. 3) It supplies data for analysis and forecasting. 4) It provides tools for demand forecasting and profit planning. 5) It guides the managerial economist. 6) It provides optimal Solution to Business Problems. 7) Business economics study is very helpful for effective utilization of business resources. It determines every factors price on supply and demand of such factor so, that the price becomes optimize by this supply and demand analysis. 8) Keynesian s general theory of employment tells us that full employment depends on investment and effective demand if both will increase after this employment can increase . Govt. takes steps for increasing investment in self employment schemes and try to help to sell the products after this full employment generated. Thus, Business economics offers a number of benefits to business managers. It is also useful to individuals, society and government. APPLICATIONS OF BUSINESS ECONOMICS IN MANAGEMENT The basic function of a management executive in a business organization is decision making and forward planning. Decision Making means the process of selecting one action from two or more alternative courses of action whereas forward planning means making plans for the future. The question of choice arises because resources such as capital, land, labor and management are limited and can be employed in alternative uses. The application of economics to business management or the integration of economic theory with business practice, as Spencer and Siegelman presents, the following aspects :- Reconciling traditional theoretical concepts of economics in relation to the actual business behavior and conditions. In economic theory, the technique of analysis is one of model building whereby certain assumptions are made and on that basis, conclusions as to the behavior of the firms are drowned. The assumptions, however, make the theory of the firm unrealistic since it fails to provide a satisfactory explanation of that what the firms actually do. Hence the need to reconcile the theoretical principles based on simplified assumptions with actual business practice and develops appropriate extensions and reformulation of economic theory, if necessary. Estimating economic relationships, viz., measurement of various types of elasticities of demand such as price elasticity, income elasticity, cross-elasticity, promotional elasticity, cost-output relationships, etc. The estimates of these economic relationships are to be used for purposes of forecasting. Predicting relevant economic quantities, eg., profit, demand, production, costs, pricing, capital, etc., in numerical terms together with their probabilities. As the business manager has to work in an environment of uncertainty, future is to be predicted so that in the light of the predicted estimates, decision making and forward planning may be possible. Using economic quantities in decision making and forward planning, that is, formulating business policies and, on that basis, establishing business plans for the future pertaining to profit, prices, costs, capital, etc. The nature of economic forecasting is such that it indicates the degree of probability of various possible outcomes, i.e. losses or gains as a result of following each one of the strategies available. Hence, before a business manager there exists a quantified picture indicating the number of courses open, their possible outcomes and the quantified probability of each outcome. Keeping this picture in view, he decides about the strategy to be chosen. Understanding significant external forces constituting the environment in which the business is operating and to which it must adjust, e.g., business cycles, fluctuations in national income and government policies pertaining to public finance, fiscal policy and taxation, international economics and foreign trade, monetary economics, labor relations, anti-monopoly measures, industrial licensing, price controls, etc. The business manager has to appraise the relevance and impact of these external forces in relation to the particular business unit and its business policies. CONCLUSION In business organizations and firms business economics plays a very important role .The usefulness of business economics lies in adopting the tools from economic theory, incorporating relevant ideas from other fields to take better business decisions. business economics serve as a catalytic agent in the process of decision making by different functional departments at the firmà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s level. For the organizations appropriate direction one should follow the rules of business economics. which will be helpful in organizations success.

Plato’s and Aristotle’s Views on Knowledge

Plato and Aristotle view knowledge and the process whereby it is obtained. They both point out that many epistemological concepts which they believe where knowledge comes from and what it is actually. Most of them have been astonished me in certain ways, but I found that rationalism and â€Å"wisdom consists in knowing the cause which made a material thing to be what it is† make the most sense to me regarding the nature of knowledge. As the following, we will discuss about why these two philosophical viewpoints are superior and the others are inferior. Aristotle believes that sensory perception of material objects is knowledge and he says, â€Å"Our senses begin the process of finding the answer, because they are physically close to our minds. † However, sensations and feelings are very subjective, and the results of sensation vary from person to person and even within the same person, depending on the circumstances. What to one person is cold might be warm to another, one person may be more fatigued in the afternoon than in the morning, so that his or her perceptions may temporarily less accurate. Therefore one cannot claim that sensations provide sure knowledge for human beings. | On the other hand, Aristotle sustains that the perceptions of the senses form the foundation which leads to true knowledge. The senses â€Å"give the most authoritative knowledge of particulars† (individual material objects). The senses, especially sight, â€Å"make us know and bring to light many differences between things. † The senses thus provide a foundation that will ensure that human knowledge is true or accurate. Back and forth, we have already discussed that sensations cannot provide true knowledge for humans because of subjectivity, as in this case, this is not necessarily that perceptions of senses form the foundation which leads to true knowledge for humans. Plato believes that innate knowledge of eternal Forms that exist separately from material objects is true knowledge because innate knowledge does not require that the mind interact with the external world in order to be apprehended. It is present in the mind at birth, for it is God given, and has always been resident in the mind. Nevertheless, how does one know there is a God? For all we know, the existence of god cannot be proven by scientific methods, and this is for certain. In this case, how can humans get knowledge from god or gods? Therefore, innate knowledge should not be viewed as the origin of knowledge nor to help one to obtain true knowledge. For Aristotle's substance, it states that when one knows the substance (matter and form) or essential nature of a material object, one knows the first cause that made it to be what it is. This knowledge is true wisdom and is therefore true knowledge. I felt this philosophical viewpoint when I first saw it; however, this knowledge begins in sensory perception. Stated in premise, sensations and feelings cannot assist individuals to acquire true knowledge. For this reason, I do not fall in this epistemological concept afterwards. Moreover, a syllogism also cannot help one to acquire human knowledge. To Aristotle, these universal ideas are self-evident. The mind, having received appropriate sensory input, immediately sees that they are true. Although premises are formed as the result of inductive reasoning, it is based on sensory perception. Consequently, human beings cannot acquire knowledge by a syllogism. I personally fall with rationalism and wisdom lead us to attain knowledge. Plato and Aristotle both believe that thinking, defined as true opinion supported by rational explanation is true knowledge; however, Plato is a rationalist but Aristotle is not. Plato thinks that the external world can be obtained proceeding from the inside out. Thus, the foundation of true knowledge for the rationalists is that it originates in the faculty of reason. Furthermore, reason has the capacity to discover ideas or beliefs independently of the senses. These ideas or beliefs are self-validating and therefore have the status of knowledge because the rational faculty, which has discovered them, is the most accurate of the means by which human beings obtain knowledge. In Plato's Theaetetus, he says, â€Å"Any one forms the true opinion of anything without rational explanation, you may say that his mind is truly exercised, but has no knowledge. † This is quite true that when one can state a true opinion supported by a rational explanation, one's opinion constitutes knowledge, since perceptions of senses are excluding in this case. Moreover, a rational explanation does not contain any subjectivity, it is an objective entity for humans to understand true knowledge. For this reason, I fall with rationalism and believe it is a superior philosophical viewpoint about the nature of knowledge. Aristotle sustains that wisdom consists in knowing the cause which made a material thing to be what it is. For Aristotle, wise people know more than just what something is; they also know why it is what it is, or what causes it to be what it is. People with wisdom, for instance, a master worker understand not only that fire is hot, but also know why it is hot. Those with experience only, who do not know why something works in a certain manner, cannot teach. Say physicians understand that there is a relationship between the medical condition of this class of patients and the ingredients in this particular drug. They are then motivated to learn why the drug works on these people, or what causes it to be more effective with this group of patients than with others. In achieving this knowledge, one achieves wisdom. Once the physicians found out what causes the drug works, it will increase the confidence of other physicians to use it with similar patients of their own. If they just used it because it â€Å"works,† they might be more hesitant. Knowing why it works makes them feel more certain that it will be helpful. Moreover, by understanding how the ingredients work, another researcher might find another use for the drug on a related but different medical infirmity. Thus, the ability to teach something is important to one because it implies that the person who teaches has knowledge. In these cases, I believe wisdom is the ability to teach something to someone and it also contains a path for one to acquire true knowledge, therefore, it is also a superior philosophical viewpoint for individual to understand true knowledge. In my own life, I believe that one's knowledge is taught by parents, teachers, peers, and culture, and this is the reason for humans to have education. Our knowledge is received from the earlier generation to the next generation and so on. When I was a kid, I did not know why I had acne at that time. Now I am a teen, I know that during adolescence, hormones called androgens become active and stimulate oil glands in one's skin, increasing oil production. This, in turn, clogs pores, causing pimples and blackheads. I am educated in school and I understand the causes of acne now. In this case, I have true knowledge about what acne is and the causes of it because I have the ability to teach someone about acne, and it constitutes wisdom. This example fits in Aristotle's thought which wisdom consists in knowing the cause which made a material thing to be what it is, and therefore, the origin of knowledge. On the other hand, a study states that sunlight can prevent some types of cancer because vitamin D is manufactured in the skin when it is exposed to sunlight and it is this vitamin that may have a protective effect against certain cancers by preventing the overproduction of cells. In this case, a true opinion is supported by a rational explanation, and this study can help one to acquire knowledge because the study itself is knowledge. In this essay, we have examined different epistemological concepts of Plato and Aristotle about what knowledge is and the process whereby it is obtained. Since sensations are subjective, many of their philosophical viewpoints have been objected. Rationalism and â€Å"wisdom consists in knowing the cause which made a material thing to be what it is† make the most sense to me because they are not perceived by sensations, and they can be observed in our daily lives. Those are the reasons that I found these two concepts are superior to others.

Up in Arms About Essay Topics on What Is Derivative?

Up in Arms About Essay Topics on What Is Derivative? All About Essay Topics on What Is Derivative Thus, there are various ways an essay can be written. Think about the kind of essay you're predicted to produce. English essay topics can draw on a great analogy so that readers discover that it's simple to understand a complicated subject. The subject of your essay is vital. It is intriguing to remember that Leibniz was very conscious of the value of excellent notation and place a lot of thought into the symbols he used. If you have to persuade, be certain you are moderately passionate about the matter. This are a few of the similarities which we are able to see from the equations. In these instances, it's of terrific benefit that the true formula of the Ideal PID algorithm is straightforward. Logarithmic and exponential functions are extremely helpful for many circumstances in actual life. The formulas above are essential to bear in mind. It's possible to easily understand this very straightforward notion. The process for calculating a derivative is called differentiation. Short essays are important when one is attempting to present an important topic without needing to compose lots of words or using numerous pages. If you're hunting for genuine essay writing help assistance, you have arrived at a correct location. Very good connections between arguments are many times a pitfall to writers, and by making sure very good connections are created, you can definitely strengthen your essay! Also that the functions form an extremely significant part life because they are beneficial in various scenarios. When it can seem like plenty of work to create rigorous justifications of computations that seemed to work fine in the very first location, this is a significant improvement. Also, keeping your outline around throughout the entire process will help you stay organized and assist you in making certain you don't forget anything. Commonly, the indication of a function changes after the very first derivative. Now if the purchase price of fuel falls beneath the contract level, the loss of derivatives is composed by the decrease cost of fuel they buy in a traditional way. Thus, there's the danger that their use could result in losses for which the investor wouldn't be able compensate. Instead, the new procedure's balance favouring management may be a symptom that the sum of derivative claim cases will continue being low. For instance, a learner working at a lowly level may choose to make a newsletter and a learner working at a greater level may opted to use a PowerPoint slide show. It's effectively set in the speech since it further underlines his information of the circumstance. There are many writing service companies who throw endless promises at their clients, but cannot fulfill them. Now you are aware that proposal essay has to be done employing the prescribed form. Conduct a research before you are able to even start to offer you an answer here. The Derivative Calculator has to track down these cases and place the multiplication sign. Logarithmic functions are also helpful to figure out the interests you gain in a financial institution. They are also useful to calculate the interests in a bank. Exponential functions are utilised to estimate and graph topics which have do with growth or any kind of information that deals with an increase.

An Analysis Of Whitman s The Grass Essay - 975 Words

Without individuals the concept of a community would not exist. Communities are all made up of individuals who are different in shape or form, but all have an internal force that binds them together to conform into a single homogeneous assemblage that remains able to sustain itself more suitably than the individuals alone. â€Å"Or I guess the grass is itself a child, the produced babe of the vegetation† (Page 1028). Whitman uses the term vegetation as an allusion to the community and the grass as an allusion to the individual. That is to say, Whitman states that the individual is a product, and above all, a child of the community and, by being born from the community the individual is part of it. Being born from a community the individual thinks of it as a parent and a parent’s job is to protect, raise and nurture the child. Without the parent’s guidance and protection the child becomes astray and will not survive in the world. Born, raised and shaped within a community, the individual and the said community become intertwined and almost inseparable. When this relationship is threatened the individual will have a difficult time parting with a community that has been with them for the greater part of their life. When the individual is able to become a functioning part of a community they will try to stay within the safety of it. Being a part of a community brings with it security and well-being. This, however, is not entirely the case for Goodman Brown. Nathaniel HawthorneShow MoreRelatedAnalysis Of Walt Whitman s Leaves Of Grass 945 Words   |  4 PagesTyler Petry Walt Whitman Mar 20 2017 Walt Whitman was one of the greatest poets of the eighteen hundreds. Most of his poems can be found in his short book Leaves of Grass. He is one of the best known America s poets and set the standard for intellectual patriotic poems. Walt was born on May 31, 1819 in Long Island, New York. 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The Beauty of Shakespeares Sonnets - 1350 Words

In todays society, not many books or songs describe the true value of human relationships. Most popular songs and books are all about partying and doing things that make us forget about morals. However, if you were to read some of Shakespeares sonnets, you would find that human relationships are very much valued. By showing that friendship can mend a persons sorrows, that love could and should be immortalized, and that marriage between two individuals can be strong and true, Shakespeares sonnets 55, 30, and 116 truly explain the real value of human relationships. In most of Shakespeares sonnets, he appears to write about his insecurities in relationships, or his own self-worth. However, in sonnet 55, Shakespeare expresses†¦show more content†¦Shakespeare sees himself as a non emotional person, when he states in his poem, â€Å"Then I can drown my eye unused to flow†(Shakespeare 30). In sonnet 30, Shakespeare talks about conjuring up his past that contain sad memories, but when he thinks of his loved ones, his sadness goes away. This is an emotional connection to how Shakespeare shares his value of human relationships. It shows that when you and another person share a strong connection, you both can help each other through anything. Thats one way Shakespeare shows the value of human relationships in sonnet 30. Shakespeare not only expresses the good in human relationships, but also the hard and sad times as well. Though love is a beautiful thing, with it, comes struggle and sadness over time. At some point, everyone is going to leave this world, and unfortunately, lovers cannot leave together. Shakespeare shows his readers this when he says, â€Å" For precious friends hid in deaths dateless night, and weep afresh loves long cancelled woe, and moan th expense on many a vanished sight† (Shakespeare 30). Grieving is and will always be apart of a relationship, because in order to move on, we as humans need to go through this process. Shakespeare expresses this in a sensitive way which shows how strongly he feels about love and relationships. When people are in there deepest depression, sometimes just thinking of someone you love can help ease your mind. We see this inShow MoreRelatedThe Beauty Of Love In Shakespeares Sonnet 1161112 Words   |  5 Pagesfamous sonnets in its entire sequence of its time and modern day, are â€Å"Sonnet 130† and â€Å"Sonnet 116†. Both poems, written by William Shakespeare, revolve around the theme of love. â€Å"Sonnet 130†, compares the imperfect physical attributes of the speaker’s mistress in essence of hi s extraordinary love for her. â€Å"Sonnet 116†, expresses the speaker’s idea of infinite and genuine love through defining what love is and is not. 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In Shakespeare’s â€Å"Sonnet 18† and Spenser’s â€Å"Sonnet 75†, both poets speak of love in terms of feelings and actions by using different expressive views, allowing the similar topics to contain clear distinctions. Although Edmund Spenser’s â€Å"Sonnet 75† and William Shakespeare’s â€Å"Sonnet 18† relate in the sense that love is genuine and everlasting, Spenser suggests love more optimistically, whereas Shakespeare focuses on expressing the beauty and stability of love. WhileRead MoreWilliam Shakespeare s Sonnets 1610 Words   |  7 PagesShakespeare glorified the beauty of his love with the beauty of seasons and nature, while strongly opposing the passage of time with its destructive nature. In his 154 sonnets, there are clear examples of passage of time that highlight both his stylistic techniques as well as key personal events in his life. Early poems discuss his thoughts about love and birth, while later works typify his romantic nature with vivid imagery that highlight beauty. Although Shakespeare’s poems center on the subjectRead More Shakespeare?s Sonnets: The Theme Of Love Essay1228 Words   |  5 Pages Shakespeare’s poems are the monument of a remarkable genius but they are also the monuments of a remarkable age. The greatness of Shakespeare’s achievement was largely made possible by the work of his immediate predecessors, Sidney and Spenser. Shakespeare’s sonnets are intensely personal and are records of his hopes and fears, love and friendships, infatuations and disillusions that in turn acquire a universal quality through their intensity. The vogue of the sonnet in the Elizabethan age wasRead MoreWilliam Shakespeare s Sonnet 601250 Words   |  5 PagesShakespeare’s sonnet 60 expresses the inevitable end that comes with time and uses this dark truth to express his hopefulness that his poetry will carry his beloved’s beauty and worth into the future in some way so that it may never die. This love poem is, as all sonnets are, fourteen lines. Three quatrains form these fourteen lines, and each quatrain consists of two lines. Furthermore, the last two lines that follow these quatrains are known as the couplet. This sonnet has the rhyme scheme of ABABRead MoreDicussion of the Purpose of Shakespeares Sonnet 181129 Words   |  5 Pages Shakespeares collection of sonnets is heralded as one of the greatest, most ambitious sonnet collections in English literature. Of these154 sonnets, the first 126 of them are addressed to a fair youth, a beatiful young man, with whom Shakespeare has developed an intimate friendship. The overarching theme of devotion in antimony to mortality denotes that â€Å"Sonnet 18† is predominantly a love poem. Accordingly the purpose of the poem seems initially to be to compare his beloved friends handsomnessRead MoreA Very Brief Biography of William Shakespeare1609 Words   |  6 Pagesplays and poems that are still highly valued in the present literary world. Shakespeare’s conventional themes for most of his plays and poems are about universal matters such as love, jealousy, and beauty which were common focus during the Renaissance era. During this period, Shakespeare’s poems, Sonnet 29 and Sonnet 130, demonstrates his views and morals regarding love to convey the them e of triumph of true love over beauty and wealth. William Shakespeare born and raised in â€Å"provincial town of

My Role Model Free Essays

MY ROLE MODEL Almost everyone has a role model in their life. They could be a parent, a friend, a teacher, or a sports hero. They could be the D. We will write a custom essay sample on My Role Model or any similar topic only for you Order Now A. R. E officer who works in your school. He could be someone you read about in a book. A role model is hard to define, because it can be different for everyone. Who your role model is depends as much on you as it does on the person you admire. Often, it is someone you would like to be like when you get older, or someone who does something you find hard to do. They might be somebody who performs outstanding volunteer work. They might be a community leader. They might be your mentor. Maybe they are generous and kind. Maybe they performed an extraordinary feat or accomplishment. They might be someone in your neighborhood, or someone in another country. Typically, a role model is brave, smart, strong, kind, thoughtful and fun. Not that every role model is perfect. Unless it is someone out of a storybook, role models are people who might be outstanding in only one or two areas. Or maybe it is someone who is far less than perfect, but is working to improve himself or herself. I personally believe that a good role model should have certain qualities, and he should†¦ * Have a good personality * Be humble * Be respectable * Be ambitious When we had to choose a role model, one name appeared clearly in my head. I didn’t see, and couldn’t see, anyone else but Gandhi. Indeed, in my opinion, it’s this man who gives meaning to the expression, â€Å"role model. † I don’t think there’s a more charismatic role model in history. Indeed, he accomplished such important and brave things that he must be one of the most well-known heroes in the world. Gandhi was born in India in 1869 during the period of colonies. He lived under the English occupation and, as a consequence, suffered from oppression and the authority of colonists. However, what disturbed him the most was the fact that his country, or rather his nation, couldn’t make decisions by itself anymore and hope to evolve and grow. Gandhi, who was lucky to have been educated, was the first man in this painful period who dared to refuse the British authority using pacifist methods. Indeed, boycotts and other peaceful ways like hunger strikes enabled India to get its independence from the United Kingdom. As far as I am concerned, Gandhi is really an exemplary man. I feel that Gandhi was a positive role model in society because he enabled India to get its independence, but his influence didn’t stop at this moment. his ideas of independence kept on living beyond the borders and reached all the other colonized countries. His influence was such that many nations took their independence just after India did. Thanks to him, all of those people were able to hope again and, in my opinion, it’s one of the qualities that the definition of a role model requires. If we followed his example in life, we would stop killing each other and, instead, discuss and resolve problems together without useless violence. It may take a long time, but I think it’s worth trying. All of this shows that Gandhi is actually someone who can be considered as a role model. He was both brave and intelligent. Indeed, not only was he courageous because he defied the authorities, but he was also talented because he didn’t use physical strength to get what he wished. All in all, for my part, Gandhi must be considered as one of the most important personalities history has ever known. I think he deserves to have this status How to cite My Role Model, Essay examples

Risk Analysis in Pharmaceutical and Biotech Industry

Question: Discuss about theRisk Analysis in Pharmaceutical and Biotech Industry. Answer: Introduction The company undertaken for review us Benitec Limited. This is the company that is engaged in the development of the novel, proprietary therapeutic technology platform which helps in combing the various genes silencing and gene therapy and has the goal of providing a sustained and a long lasting silence of the disease that causes the genes from a single administration. This technology is believed to have the potential of one shot cure for a majority of the diseases and they have been addressed by following the stricter ongoing treatment regimes and also has an effective treatment of all the care options. The company uses the technology referred to as the DNA directed RNA interface. This is used for the development of the pipeline products of the candidates for a variety of the treatments which involves several chronic and life threatening human diseases such as hepatitis B, age related muscular degeneration etc. these are the diseases that have a large patient population and has an exception of the OPMD which is considered to be very rare disease (Benitec, 2016). Foreign Currency Risk: As per the annual report of the company, the company is exposed to the foreign currency risk. And for this the company has many of the transactional currency exposures. Such an exposure gives rise to the licensing fees along with an increased amount of royalty. Further, the company also incurred an expenditure in the currencies which are other than the currency measurement of the unit. This goes with the expenditure of the group that are denominated in the other currencies as well other than the currency in which the same has been measured. Without taking into account the unrealised movements in the loans entered into between the various parent and the subsidiary companies, the income denominated in the foreign currency and the expenditure contributes to about less than 15% of the total of the transactions of the group and hence, the management would have an access to the various movements in the foreign exchange that would affect the financial statements. Credit Risk: The company is also exposed to the credit risk which arises from the investment that have been made in the various assets of the group. This contributes to the cash and cash equivalents and in the trade and the trade receivables. The group is also exposed to the credit risk from the various potential counter party payments and this has an exposure of the maximum amount which is somewhat equal to its carrying amount. There are various exposures each as on the date of reporting in respect there is an assessment and the same has bene disclosed in the financial statements. Liquidity Risk: Liquidity risk is another risk that the company is exposed to and the main objective of the company is to obtain the revenue from commercialisation and also contribute to the access to the funding markets. The company has a number of different programs that undertakes the research and development and also this originates form the licensing transactions with many of the pharmaceutical companies. Also, the trade payables along with the other financial liabilities takes place from the various financing activities of the research that was under progress and also there were many of the development programs that were in addition to the operations of the business in general. Inherent Risk: The next risk is the interest risk which generates the income form the interest on the various surplus funds (Benitec, 2016). The pharmaceutical and the biotechnology industry of the country is somewhat exposed to many of the changes that takes place in the global operating environment of these companies. These are the changes that challenges the sustainability of the various global and the Australian pharmaceutical industry along with the various companies and the individuals to which they are composed of. These are some of the changes that have come into existence during the global financial crisis and that has a significant impact over the industry of the pharmaceuticals. The global financial crisis pressurises these companies and has also led to the loss of jobs in this local industry and has also reduced the research and the development activities of the industry along with the manufacturing and the commercialisation activity. There is a difficulty in the sourcing for the biotechnology companies since they pursue the various drug development activities. These companies have a lower amount of cash reserves and hence it often becomes to raise the capital that they require to survive as the independent companies. In the nutshell, it is quite not likely that there is a reduction in the growth of the expenditure on this industry on the activity of research and development along with a further reduction in the employment. There is a negative predictions in the short term in which the companies remain firm in the view that they have the long term prognosis for the positive Australian pharmaceutical industry (Sai global, 2016). The industry has the world class research and medical based and this ensures a very strong research sector. There is a maturing biotechnology sector and also an expertise in the specialised manufacturing that helps in driving the string export performances for these companies. In this, the government plays a vital role since the government of the country plays a very important role when it comes to the creation of the right to the operating environment for a more successful and viable pharmaceutical industry for its emergence. These companies are of the view that the country is very competitive in nature since there is an involvement of research and development, clinical trials and the manufacturing sectors helps in ensuring a positive and an increase in the economic and a social contribution to the country. There is a viable and a sustainable pharmaceutical industry (Industry, 2016). Technological Risks: This industry is also exposed to the technological risks since there are rapid changes in the technology that have been taking place on a regular basis. And hence, the risks in this technology is immense. And due to the stiff competition in the country in this sector, there are many of the companies that are working on the similar lines and that causes an increased competition amongst these companies which makes them highly competitive. Legal and Regulatory Risks: There is also legal and regulatory risk that this company is exposed to since there are number of laws, rules and regulations that govern the manufacture of the various medicines etc. of the company (Invest in Australia, 2016). There are a number of trends that the industry is exposed to. First is the ageing population which has been ageing faster and hence, there are new diseases taking place which means more extensive medical treatments. The second are the demographic trends. There is an increase in the demand for the curative treatments along with an increase in the demand for the various preventive treatments. There is also an increase in the demand for the various elective surgeries and the treatments that renders the demand for the safe and less invasive medical technologies (The Australian, 2016). All the techniques of valuation of these risks are undertaken through an aggressive risk assessment of the various factors such as the management, market, science and technology, financial and funding phase (Venture evaluation, 2016). The following are the various risk valuation methods: Discounted cash flow: this is the method through which the future free cash flows could be computed and the way of discounting, they are used for the purposes of driving these to their present value. These method helps in the estimation of the values for the various potential investments. This method helps in the production of the various values that are somewhat higher than their initial investment which helps in indicating the investment that could be worthwhile and also must be taken into account. Risk adjusted net present value: this is the method that employs the use principles as the method that has been stated as above. But there is only one exception which is the fact that each one of the future cash flow is adjusted with the rate of the risk and then multiplied with the probability at which the same has been taking place. The probability in this case would be the probability of the success rate of any particular product or the drug that has been estimated by the way of comparing the drug with its different phases of development. Venture capital method: this method is for the investors that are looking for an exit within the period of 3 to 7 years. This method is used when it comes to the determination of the return of the investors that is expected from that investment Market comparable method: this method helps in the estimation of the valuation which is based in the market capitalisation of the many comparable companies. Comparable transaction method: this method helps this is the method that helps in valuing the company by the way of comparing the similar sized private company which is somewhat similar in the stated field. Decision tree analysis: this is the method which helps in the forecasting all the future outcomes by the way of assigning the certain probability in each of the decision (Mayer brown, 2016). There are mainly 2 types of options, one is put and call. The call option gives the holder the right to buy the underlying asset at an exercise price at a predetermined rate. In this, the buyer would have the right but not the obligation to buy some of the assets. On the other hand, the seller has been obliged to buy the same asset at an agreed terms. The buyer of the option refers to the case wherein there is a price of the financial instrument that he has bene growing. The seller of the call option in turn gets the price of the various financial instruments. Put option on the other hand refers to an agreement between the two sides of the exchange of an underlying asset at some of a specified price which is also the strike price and is by a predetermined rate as on the date of maturity or expiry. There is another option of the European options in which the Black Scholes option is considered to be the best option while there are many of the American options that are valued with the use of the binomial trees. This model is somewhat based on the financial call option which comprises of the new product development after the way of considering all of the relevant factors in these biotech companies (Ljumovi?, 2012). These real options when considered to be from the view of the value enhancement strategy helps in the maximisation of the various variables that are correlated with the value of the firm. There are many of the ways for such of the variables. This is due to the accounting variables such as the earnings or the return on investment. There is a marketing variable such as the share in the market. There is a cash flow variable which is the return on the cash flows on investment. There is a cash flow variable which has been risk adjusted, such as the Economic Value Added. There are various advantages when it comes to using these variable that they are. There are many of the simpler and a easier way of using the discounted cash flow system. But these have the disadvantage of the fact that the simplicity is always at a cost. These are the variables that are related with the value of the discounted cash flows. The method of economic value added helps in the measurement of the surplus of the va lue which has been created on an investment. The value of the firm would never go for a change when there is just a different metric for the value. All of these approaches uses the discounted cash flows that must yield the same value for the business. And this is what makes the use of the assumptions that are constant in nature. In case, there is a different in the value from the various different approaches, then the same would be attributable to the variety of the differences in the assumptions. These would be explicit or implicit behind each of the valuation (HBR, 2016) (Damodaran, 2012). The main key for the purposes of avoiding the mismatch in the various cash flows and the discount rates would be the discounting of these cash flows to the equity at the weighted average cost of capital that would lead to the upward biased estimation of the value of the equity. Whereas on the other hand, there would be discounting of these cash flows to the firm at the cost of equity that would yield in the downward biased estimate of the value of the firm (Stern, 2016). There have been many of the studies that have shown that there is a revolution of the real options for the purposes of valuing the various tasks in the pharmaceutical companies. Also, these real options are not considered to be obsolete in this industry and hence, these could be used. Another method that could be applies is the concept of return on assets which is considered to be the concept which is all about gaining the favour since it provides the project analysis which is holistic in nature. This also does not take into account the change in the various methods of the current valuation. This is the knowledge of the various theoretical foundations that helps in the analysis of the real options in the pharmaceutical section which seems better when it comes to the analysis of the various financial service companies. Hence the adoption of these real options would be advisable for this company and industry in which it operates. References: Annual report 2014. (2016).www.benitec.com. [online] Available at: https://www.benitec.com/documents/investor-centre/reports/BLT_Annual_Report_2014.pdf [Accessed 11 Oct. 2016]. Benitec.com. (2016).Read our story | Benitec. [online] Available at: https://www.benitec.com/about/our-story [Accessed 11 Oct. 2016]. Harvard Business Review. (1998).Strategy as a Portfolio of Real Options. [online] Available at: https://hbr.org/1998/09/strategy-as-a-portfolio-of-real-options [Accessed 11 Oct. 2016]. Industry.gov.au. (2016).Pharmaceuticals Industry. [online] Available at: https://www.industry.gov.au/industry/IndustrySectors/PharmaceuticalsandHealthTechnologies/Pharmaceuticals/Pages/default.aspx [Accessed 11 Oct. 2016]. Investinaustralia.com. (2016).Australia - Biotech Sector | Invest in Australia. [online] Available at: https://www.investinaustralia.com/industry/biotechnology/australia-biotech-sector [Accessed 11 Oct. 2016]. Ljumovi?, I. (2011).Valuation of Biotechnology Companies: Real Options Apporach Under Uncertainity. [online] ageconsearch.umn.edu. Available at: https://ageconsearch.umn.edu/bitstream/123958/2/4%20-%20Ljumovic,%20Cvijanovic,%20Lazic.pdf [Accessed 11 Oct. 2016]. people.stern.nyu.edu. (2012).Valuation: Packet 3 Real Options, Acquisition Valuation and Value Enhancement. [online] Available at: https://people.stern.nyu.edu/adamodar/pdfiles/eqnotes/packet3a.pdf [Accessed 11 Oct. 2016]. people.stern.nyu.edu. (2016).Basics of Discounted Cash Flow Valuation. [online] Available at: https://people.stern.nyu.edu/adamodar/pdfiles/basics.pdf [Accessed 11 Oct. 2016]. SAIGlobal. (2016).Pharmaceutical Biotechnology Industry Risk - SAI Global - SAI Global. [online] Available at: https://www.saiglobal.com/en-au/pharmaceutical_and_biotechnology/ [Accessed 11 Oct. 2016]. Tasker, S. and Tasker, S. (2016).Australia risks biotech RD. [online] Theaustralian.com.au. Available at: https://www.theaustralian.com.au/business/australia-risks-biotech-rd-spend/news-story/d204fdd445748efa674018d0d4fffa5a [Accessed 11 Oct. 2016]. Venturevaluation.com. (2016).Valuation methods | Venture Valuation. [online] Available at: https://www.venturevaluation.com/en/methodology/valuation-methods [Accessed 11 Oct. 2016]. www.mayerbrown.com. (2016).Pharma Biotech. [online] Available at: https://www.mayerbrown.com/files/Publication/53189dc5-d8f8-45aa-9d4d-62646b17c2e8/Presentation/PublicationAttachment/c7199cda-f73d-4377-a09d-cc26afc93408/0728ten_Valuation_Report.pdf [Accessed 11 Oct. 2016].