Pizza Hut strategic plan Essay

Executive Summary This proposal describes Pizza Hut and the introduction of a new product called â€Å"The Extreme.† A brief history of Pizza Hut is provided at the beginning of this proposal along with an analysis of the fast food industry. Current trends in demographics and eating habits are included. A SWOT analysis has been done to identify Pizza Hut’s strengths, weaknesses, opportunities, and threats so that these factors can be taken into consideration in deciding whether or not to launch the new â€Å"Extreme Pizza.† Some of the key elements of our marketing plan first describe the â€Å"Extreme Pizza.† It will be the largest pizza on the market, with double the cheese and double the toppings. We will target the X and Y Generations, which is the fastest growing segment in America. This segment has been successfully targeted before using the â€Å"extreme† angle. This segment is has been a segment that hasn’t been targeted to the level that they should in this industry and we plan on changing that. We have used past financial data to establish reasonable goals for the product and have set limits on promotional spending. We will be using a high/low pricing strategy, pricing this new pizza at $9.99. Our main sales promotions will be offering the Extreme Pizza bundled with Mountain Dew to target Generation X and Generation Y. We will be using direct channel distribution as well. This pizza will be available through dine-in, carry-out, delivery, and ordering on the Internet. 1)Introduction Pizza Hut was started in 1958, by two brothers in Wichita, Kansas. Frank and Dan Carney had the idea to open a pizza parlor. They borrowed $600 from their mother, and opened the very first Pizza Hut. In 1959, the first franchise unit opened in Topeka, Kansas. Almost ten years later, Pizza Hut would be serving one million customers a week in their 310 locations. In 1970, Pizza Hut was put on the New York Stock Exchange under the ticker symbol PIZ. In 1986, Pizza Hut introduced delivery service, something no other restaurant was doing. By the 1990’s Pizza Hut sales had reached $4 billion worldwide. In 1998, Pizza Hut celebrated their 40th anniversary, and launched their famous campaign â€Å"The Best Pizzas Under One Roof.† In 1996, Pizza Hut sales in the United States were over $5 million. Out of all the existing pizza chains, Pizza Hut had the largest market share, 46.4%. However, Pizza Hut’s market share has slowly eroded because of intense competition from their rivals Domino’s, Little Caesar’s and newcomer Papa John’s. Home delivery was a driving force for success, especially for Pizza Hut and Domino’s. However, this forced competitors to look for new methods of increasing their customer bases. Many pizza chains decided to diversify and offer new non-pizza items such as buffalo wings, and Italian cheese bread. The current trend in pizza chains today is the same. They all try to come up with some newer, bigger, better, pizza for a low price. Offering special promotions, and new pizza variations are popular today as well. For example, chicken is now a common topping found on pizzas. In the past, Pizza Hut has always had the first mover advantage. Their marketing strategy in the past has always been to be first. One of their main strategies, that they still follow today is the diversification of the products they offer. Pizza Hut is always adding something new to their menu, trying to reach new markets. For example, in 1992 the famous buffet was launched in Pizza Hut restaurants worldwide. They were trying to offer many different food items for customers who didn’t necessarily want pizza. Another strategy they used in the past and are still using is the diversification of their pizzas. Pizza Hut is always trying to come up with some innovative way to make a pizza into something slightly different – different enough that customers will think its a whole new product. For example, let’s look at some of the pizzas Pizza Hut has marketed in the past. In 1983, Pizza Hut introduced their Pan Pizza, which had a guarantee of being ready to eat in 5 minutes when dining at Pizza Hut restaurants. In 1993, they introduced the â€Å"BigFoot,† which was two square feet of into 21 slices. In 1995, they introduced â€Å"Stuffed Crust Pizza,† where the crust would be filled with cheese. In 1997, they marketed â€Å"The Edge,† which had cheese and toppings all the way to the edge of the pizza. Currently, they are marketing â€Å"The Big NewYorker,† trying to bring the famous New York style pizza to the whole country. Lastly, Pizza Hut has always valued customer service and satisfaction. In 1995, Pizza Hut began two customer satisfaction programs: a 1-800 number customer hotline, and a customer call-back program. These were implemented to make sure their customers were happy, and always wanted to return. In our plan, we will first give a situation analysis of current and relevant environmental conditions that affect our plan. Next, we will give a brief analysis of the current fast food industry, and any trends or changes that might occur in the future. Also, a SWOT analysis of Pizza Hut will be included. Identification of current and potential competitors will be discussed in the SWOT analysis as well. Next, we will list our marketing objectives for this plan and our rationale for the selection of these objectives. 2) Situational Analysis A number of demographic and societal trends in the United States contributed to increased demand for food prepared outside the home. The divorce rate is almost 50%, and there is a growing trend showing that people are choosing to get married later in life. Because of these factors and many others, the single-person household represented about 25% of all U.S. households in 1998, up from 16% in the 1970’s. There has also been a trend in the 1990’s showing that individuals are choosing to eat out more often than eat at home. Another factor to consider is the increased number of women working outside the home. In 1998, 59% of all married women had careers. As a result of more women in the workforce, household incomes are now combined and are much higher than previously. According to Restaurants and Institutions magazine, more than one-third of all households had incomes of over $50,000 in 1996. The combination of higher incomes and dual-career families result  in less time! in the home, therefore less time to cook food at home. Also due to higher incomes, consumers have more disposable income, allowing them to eat out more often. However, in the early 1990’s, the growth of traditional fast food restaurants slowed down because the U.S. market had become saturated. The slowdown in growth intensified competition for market share and lead to consolidation. Many chains found that their market share could be increased by buying an existing company rather than building new units. Mergers and acquisitions had a powerful effect on the fast food industry. The top ten fast food restaurant chains controlled over 60% of fast food sales in the U.S. 3)Industry Analysis’ According to the National Restaurant Association, food service sales were $320 billion for the 500,000 restaurants in the U.S. in 1997. The U.S. restaurant industry grew 5.2 percent in 1997. Six major segments make up the fast food segment of the food service industry. Sandwich chains, like McDonald’s and Wendy’s are the number one segment, followed by dinner houses, such as Applebee’s and Red Lobster. Pizza chains are ranked third. Out of all the pizza chains, Pizza Hut has the largest market share, 46%, followed by Domino’s with 21.7%. International sales have become more and more important to the fast food industry. In 1998, Pizza Hut was the number one global chain with units in 88 different countries. In 1990, Pizza Hut opened two restaurants in Moscow where 20,000 customers were served a week, about the amount serviced by 10 American Pizza Huts. As profitable as the fast food industry is, there has always been one problem that many fast food companies cannot seem to overcome. Because of America’s large aging population, greater awareness and interest in health issues have resulted. Nutritional value of fast food is a huge problem. For many people, fast food automatically means low nutritional value. As a result of this, many chains have introduced items that are â€Å"low calorie† and â€Å"low fat.† Despite their efforts, many critics and consumers feel that their efforts were not satisfactory in providing a healthy meal. 4)SWOT Analysis Pizza Hut has many different strengths. Name recognition is an obvious strength for Pizza Hut. Pizza Hut has been around for a long time, and consumers know the name well. Another big strength and even a competitive advantage is the fact that they have a full service restaurant as well as delivery services. Most of Pizza Hut’s competitors do not have restaurants. Because of the restaurant, Pizza Hut can market to many different segments that other pizza chains cannot. For example, Pizza Hut can market to families much easier than Domino’s or Little Caesar’s. Pizza Hut offers a sit-down, conversational type restaurant where families can take their children for birthday parties for example. Pizza Hut’s broad selection of products also makes it easier for them to market to different market segments. However, the fact that Pizza Hut does have a restaurant to run is also a weakness. Pizza Hut has higher overhead costs, due to the restaurant that other competitors don’t have to deal with. Another result of higher overhead costs is higher prices Pizza Hut must charge. Obviously, Pizza Hut is not the low cost producer. They rely on their quality pizza and good service to account for their higher prices. An indirect weakness that Pizza Hut has is that they have lost a lot of their customers and market share due to such intense competition with competitors. Pizza Hut’s opportunities are almost endless. They can increase revenue with their new innovative pizzas, and increase brand loyalty with good customer service. Another opportunity that Pizza Hut has is their new ordering online system. Anyone with Internet access can order whatever they wish and get it delivered to their house without even speaking to someone. This program has just been started, so we do not have any numbers to support whether or not it will be a success. Pizza Hut’s number one threats are from their competitors. Currently, their closest competitor is Domino’s Pizza. Domino’s main competitive advantage  over Pizza Hut is their price. It is generally lower than Pizza Hut. Also, Domino’s was very profitable when they ran the promotional deal of delivering a pizza within 30 minutes. However, many lawsuits have been filed against Domino’s in the past for reckless driving by their drivers, so Domino’s withdrew the promotion. Little Caesar’s is another one of Pizza Hut’s competitors, right behind Domino’s in market share. Little Caesar’s is famous for offering large quantities of pizza for less money. Other competitors include Papa John’s, Sbarro, and Pizza Inn. A problem facing all of the pizza chains is that each of their individual competitive advantages are pretty much everyone’s competitive advantages. Most if not all the top pizza chains offer free delivery, and always have some sort of promotional deal offering large ! pizzas at reduced prices. Other competitors to take into consideration are frozen pizzas and make-it-yourself pizzas that are purchased in grocery stores. Some examples of these are Tombstone Pizzas, Boboli, and Di’Gornio pizzas. 5)Marketing Objectives Being that Pizza Hut holds the most market share in the pizza industry, the perceived quality and service of the company will help to ensure a better than average chance at a successful introduction of a new product. The pizza industry firms are famous for introducing new products to spark short-term sales. Pizza Hut as stated earlier has been very successful at accomplishing this. The introduction of a product that keeps with today’s trends is also important to reduce the risk of failure. In recent years there has been an increase in the marketing of products with an extreme twist to them. Mountain Dew, which is a brand name owned by Pizza Huts parent company, Pepsico, has been very successful at repositioning itself to this segment of the market, which has sparked new interest in the soft drink. Many other imitators have followed in there footsteps and have been successful as well. Pizza Hut has the resources available to research and implement a new product with great succe ss. Pizza Hut is the leader in innovative products and this new product that we  are proposing will surely be a success, given Pizza Huts track record. With high competition from the other top firms in the industry, the introduction of a new product is necessary to keep one step ahead of the competition. We propose that Pizza Hut introduce the Extreme Pizza. This pizza will be larger than the competitors at twenty-inches and have twice the toppings that the competitors have. Pizza Hut will market this product along side other extreme products such as Mountain Dew, to help Pizza Hut capture part of this new segment of the market. The selection of pizza’s offered by the competition have been significantly less creative than that of Pizza Hut in the past and Pizza Huts reputation of offering high quality, new products will allow this new product to move into the market as other new offerings have in the past. With the introduction of a new product, one of our main objectives is to create recognition for our product. Our goal is to reach 85% recognition of the new product in our target market. As with all businesses, the most important goal of a company is to increase revenue and profits. With the introduction of this new product we hope to increase the overall sales of the company by 7%. If we can in fact reach our goal of 85% recognition of the product, through a successful promotions mix, then the increase in sales should be easily acquired. 6)Target Markets With the introduction of the Extreme Pizza from Pizza Hut, the name itself is an indication of the target market sought. In today’s world of adrenaline junkies and extreme sports, a products affiliation with the world of the extreme has grabbed the attention of the younger generations. These generations range from the age of 12 to 30. These generations are affectionately referred to as the Y and X generations. For many years marketers ignored this segment and simply stereotyped them as slackers or losers. However, this has not been the case in recent years. With extreme sports making an entrance into pop culture in the early 90’s, many companies have realized the potential for high returns by targeting this highly diverse segment of the market. In America today, there are 71 million Americans that fall between the ages of 12 and 30, making generations X and  Y the two fastest growing segments of society. The overall spending power of this segment is 300 billion dollars a year, with a large percentage of that money spent on non-essential items. The reason for the high amount of spending in this segment has been associated to the times that they have grown up in. Unlike the baby-boomers, there has been no times of risk or economic depression in their lives. This is a generation with a â€Å"spend now, pay later† attitude, which has made for high spending averages on a per person basis. In 1997, The National Longitudinal Survey of Youth, found that the median amount of cash that children receive from their parents for auxiliary spending is $50 dollars a week. This kind of spending money that children are given is what Pizza Hut wants to target with the Extreme Pizza. However, children living at home are not the only o! nes to have extra money to burn. A study on the spending habits of college freshmen also indicates a high percentage of money being spent on non-essential items. The results showed that an average of $56 is spent monthly on eating out. This information on this segment of the market, gives Pizza Hut a window to offer a product that will attract these customers who not only have the money to spend on such things as pizza, but who have done so in the past. In the past Pizza Hut has not specifically targeted the younger generations with products. They have created a more generic marketing plan, to attract a wide variety of customers. In order for this marketing strategy to work, Pizza Hut needs to target this one segment of the market. The advertising and promotion needs to be very specific to their needs, in order for the money spent on advertising to be worthwhile. Many products have failed in this segment because they have tried to treat the segment as one group. This segment is made up of many groups and many individuals. This is part of the reason for society labeling generation X and Y members as loser’s and slackers. So with this in mind our advertising campaign must follow the same ideas by realizing that even within this segment there are many other segments. One characteristic of these two generations, that makes them a prime target for our new Extreme pizza, is the amount of time that these age groups spend with friends in groups. With the lack of responsibilities that teenagers have, and the lack of home cooked meals while away at college, pizza is a  quick alternative for dinner, and a fun way for friends to eat together. Pizza has long been targeted to families, because of the convenience that is present when serving pizza to a group. Teenagers and young adults spend quite a bit of time with friends in groups, whether it be in a dorm room or at parties. This gives Pizza Hut an outlet to sell a pizza that will fulfill the needs of this younger generation with a product that is designed just for them. With the total number of Generation X and Y members being so high and the money they spend on non-essential items being as much as it is, this segment could make this product a huge success. However, this is a hard market to target since everyone is so different, but they all have one thing in common, there love for pizza. The most important factor in making this a success will be to design advertising that is able to attract all of the individual segments of these generations. 7)Marketing Mix A)Product Pizza Hut should offer a new product called â€Å"The Extreme† pizza. â€Å"The Extreme† is a twenty-inch pizza with twice as much cheese and toppings as Pizza Hut’s other pizzas. This new pizza will have many different competitive advantages. The first competitive advantage of â€Å"The Extreme† is that it is the largest pizza on the market. No other pizza restaurant offers a twenty-inch pizza. The second competitive advantage is that it has more cheese and toppings than any other pizza on the market. Another competitive advantage is the Pizza Hut brand name. Pizza Hut has built a brand name that means quality products and services. Since Pizza Hut will be introducing â€Å"The Extreme,† customers will automatically think this is a high quality product. The final competitive advantage is that this product will be the first pizza to target America’s youth. â€Å"The Extreme† pizza will target Generation X and Generation Y or people between the ages of 12 and 30. This market purchases a lot of pizza each year, but very few pizza restaurants actually target them. â€Å"The Extreme† will be introduced on Super Bowl Sunday, 2001. During the introduction stage of the product life cycle, Pizza Hut will try to establish a market for the product and persuade early adopters to buy. During the growth stage, Pizza Hut will try to build sales and develop a preference for the product. Pizza Hut will try to seek  differentiation during the maturity stage. â€Å"The Extreme† is expected to begin to decline after one year on the market. B)Price In the past, Pizza Hut has successfully used the high/low pricing strategy when setting the retail price of its products. The high/low retail pricing strategy allows Pizza Hut to charge a price that is above the competition, but also promote frequent sales to lower the price below them. The retail price of â€Å"The Extreme† pizza should be set at $9.99, which is higher than Pizza Hut’s competitors. Several sales promotions and coupons will be used to lower the price below those competitors. Since both Pizza Hut and the beverage Mountain Dew are Pepsi subsidiaries, bundle pricing will be used. Customers can purchase â€Å"The Extreme† for $9.99 and receive a two-liter bottle of Mountain Dew for free. Pizza Hut will be able to sell two products together at a single price to suggest a good value. The high/low pricing strategy has several advantages. First, this pricing strategy will help segment the market. Different groups of customers are willing to pay different prices for the same product. Pizza Hut can sell â€Å"The Extreme† to the customers who will pay the higher price to be the first to buy and also to the bargain hunters. The high/low pricing strategy will also create excitement. Customers will be able to try something new when they purchase â€Å"The Extreme† and this exciting experience may bring those customers back to purchase other products. Finally, this strategy will emphasize product and service quality. Pizza Hut sets a high initial price for its products to send a signal to customers that its products are quality and the service is excellent. C)Promotion The main theme that will be used to promote â€Å"The Extreme† is youth. Fun, excitement, danger, and even the term â€Å"extreme† all appeal to our target market. Mountain Dew, which has already successfully appealed to this target market, will be included in â€Å"The Extreme† promotions. The main promotion will be a coupon to purchase â€Å"The Extreme† for $9.99 and receive a free two-liter bottle of Mountain Dew. The objectives of this promotion are to introduce a new product, stimulate demand, change the short-term behavior of the customers, and encourage repeat or greater usage by current customers. This promotion will be distributed mainly by mail, but also by  fliers on college campuses around the country in order to reach the target market. â€Å"The Extreme† will be introduced on Super Bowl Sunday, 2001, in a television commercial. Although Super Bowl television ads are expensive, Pizza Hut has enough financial resources for one. This commercial will be similar to the current Mountain Dew advertising campaign. Several young people will be performing exciting, high-risk activities such as snowboarding, rock climbing, and bungee jumping. The young people will then eat â€Å"The Extreme† and drink Mountain Dew. There will also be similar ads in magazines that are popular with the target market such as Surfer, Snowboarding, YM, and Maxim. This advertising campaign will create awareness of the new product in our target markets. D)Distribution The type of distribution channel used by Pizza Hut is the direct channel. The direct channel is successful when there is an extremely large market that is geographically dispersed. The direct channel is also useful when there are a large number of buyers, but a small amount purchased by each. Pizza Hut uses three different methods of selling its products directly to the market. The first method of distribution used by Pizza Hut is delivery. Customers can call Pizza Hut ahead of time, place an order, and the order is delivered to the customer’s home. Another method of distribution is for customers to dine-in. Customers can go to the nearest Pizza Hut, place an order, and either leave with the order or eat at the restaurant. One of Pizza Hut’s largest competitive advantages is its restaurant style facility. Pizza Hut offers a clean place to sit down and enjoy the variety of pizzas, salads, and sandwiches in a fun, family atmosphere. The third method of dist ribution is! online ordering. Customers can now go on the Internet and place an order. This method is useful because it allows customers to view the entire menu, download any special coupons, and order without having to disclose any credit card numbers. The market coverage for â€Å"The Extreme† will be nationwide. Customers all over the country will be able to order â€Å"The Extreme† by one of the three distribution methods. 8)Control Stage First, we will address who will be responsible for the control measures we plan to take. The Marketing Vice President in the Corporate Headquarters, the local/regional Marketing Vice Presidents and the Pizza Hut restaurant managers will all play a role in being responsible for the control. Our success or failure will be determined in a couple of ways. One main way is to compare results to our objectives. If our objectives are not met, steps to meet them will be taken in the future. We will also look at profits, sales revenue, unit volume of the â€Å"Extreme Pizza† promotions used. If our budget allows, perhaps we could give a survey to our customers and get some direct feedback about our new pizza. Ongoing research is essential for our success. Since our plan is for one year, we feel that every 3 months we should do some type of evaluation and control to see how we are doing. Also, during the maturity state of the product life cycle, we will improve the quality and distinguis h ourselves well from competitors. Hopefully, this process of control will be monitored on a monthly basis. 9)Summary and Conclusion Pizza Hut has a successful history of introducing new products to increase sales and reach new customers. This introduction of new products to the market on a regular basis is what makes Pizza Hut the leader in their industry. The level of success that the â€Å"Extreme Pizza† will bring Pizza Hut depends heavily on the correct promotions mix. As we had stated earlier, the segment of the market that we have targeted is a very diverse group. This means that the promotion of the product must be done in a diverse fashion. This will result in a more expensive advertising campaign than in past campaigns, but the potential for a successful product will cover the costs and bring in substantial profit. The advertising campaign is going to be budgeted to use 8% of projected sales. We are forecasting that the introduction of the Extreme Pizza will increase sales by 7%. This forecast is based upon other new products that Pizza Hut has introduced and the impact that they have had on Pizza Huts revenues. A 7% increase in sales for Pizza Hut will bring a total of $547 million dollars in revenue, making the advertising budget $43.76 million.  This kind of advertising budget will allow for a mass media blitz of promotions featuring our new â€Å"Extreme Pizza†. Our target market spends many hours a day in front of the TV and computer, so the constant messages being played will allow our product to generate a high level of awareness. The advertising of the product is very important but the promotion of this product along side Mountain Dew will help to put our product in a more specific category. Mountain Dew has targeted our target market for several years and is by far one of the leaders in this market. With this in mind promotions with Mountain Dew will be crucial to the success of the â€Å"Extreme Pizza†. With competition being so strong in this industry the threat of imitation products will surely be a problem to be dealt with. Pizza Hut will however have the first mover advantage with this product. With the entry of imitation products into the market, Pizza Hut will have to adjust its mixes to accommodate change. The promotions may have to be bigger and better than the competition, or the product may need to be altered to give it that little bit of an edge over the competition. For example stuffing the crust with cheese or giving a free topping with the purchase would help give Pizza Hut an edge over the competition. Basically, Pizza Hut will need to remain flexible in the maturity stages of the product life cycle in an attempt to continue to be the market leader. Overall, this is a product that is not much unlike any of the other new pizza’s that Pizza Hut has introduced. What makes this new product so exciting is the marketing plan that is directing the product at a new segment. We are taking a large pizza with a lot of toppings and marketing it as an â€Å"Extreme Pizza† to a generation of younger adults that are consumed by this marketing tool. This is what will make this a success. The mix of promotion and advertising we will be using will target a very profitable, sometimes overlooked market segment known as generations X and Y.

Calaveras Vineyards

To: Dr. Lynna Martinez Subject: Calaveras Vineyards Valuation As per your request, my associates and I have calculated a valuation for Calaveras Vineyards using the present value of cash flows. We used the valuation of future cash flows method in order to value to value the company. We have come to the conclusion, based on a number of future projections, that the best valuation of the vineyards is $4,356,000 in assets and $1,104,000 in equity. The process at determining this valuation was as follows: 1.First, using the projected EBIT forecasted income statement; we took out the 37% tax, change in working capital, and CAPEX for 1994-1998 and added back the depreciation and amortization expenses to arrive at free cash flows. We assumed that 1996-1998 would need an extra 100k in CAPEX in order to project the reinvestment necessities for the company. 2. In order to discount those free cash flows, we had to find the discount rate of the company using a weighted average unlevered Beta, and the risk free rate vs. the market risk premium: a.Beta: This was determined by using the three comparable companies and their unlevered betas as a percentage of what product lines they relate to. b. The risk free rate was taken from the standard 30 year T-bonds rate of 5. 85%. c. The risk premium used was the expected return of small companies less the return of long term government bonds, which was 7. 4% historically from 1926 to 1992. All of these values were used to calculate a discount rate of 14. 5% for Calaveras which was used to discount the cash flows. The total discounted cash flows equal $1,585,000 for 1994-1998. 3.Next, the tax shield for Calaveras was calculated by using the interest payments for each year and multiplying each value by the company’s tax rate of 37%. It was assumed that we used the 9. 5% interest rate, per your suggestion, instead of the average interest expense provided in the projected income statement. These future values were then discounted u sing the interest rate. The total PV of tax shield for 1994-1998 valued at $383,000. 4. For the terminal value calculation, we chose to use a range of growth rates. The range that we chose to use for growth rates was 1%, 1. 5%, 2%, and 2. %. We believe that Calaveras will continue to produce a high quality wine upholding a strong brand name and position in the market. Along with this, we believe that the wine industry as a whole will be growing into the future because of a growing economy. These rates represent indefinite growth; therefore, we are positioning your company to be growing slightly above the industry average. The free cash flow that we used to calculate the terminal value was from the year 1997. We did this because we felt that the cash flow in 1998 was not a true representation of future cash flows.In 1998, there was a large drop in current liabilities due to the drop in current loans; this caused the change in working capital to be unusually high. We believe, Calavera s will return to normal levels of working capital. This will be after the new marketing push and establishment of more revolving line of credit for planned future growth in sales. 5. We discounted the terminal values of free cash flows at the same discount rate that we discounted the free cash flows. We then averaged the range of present value terminal values to get an average present terminal value of free cash flows. This value was $1,820,000.We then calculated the terminal values of the interest tax shields by taking the 1998 interest tax shield and using the terminal value equation, with a discount rate of 9. 5% because we discount interest tax shield using the interest rate. This then gave us a range of terminal values of the interest tax shield. The average was $568,000. In conclusion, the PV of FCF (1585k), the PV of TS benefits (383k), PV of TV of CF (1820k), and PV of TV of TS (568k) all total to a current asset value of $4,356,000 for Calaveras Vineyards. Please feel free to let us know if you have any further questions or requests per the Calaveras’ valuation.

AP American History Essay Essay

The British North American colonies grew considerably between 1600 and 1763. Imports and exports across the Atlantic caused a constant demand for labor in the colonies. The British colonies supplied raw goods as well as some manufactured goods for countries around the world especially in Europe. As the demand for cash crops and raw materials from the Americas grew, the demand for labor also increased. Trans-Atlantic interactions fostered continuity in the demand for labor in the British North American colonies from 1600 to 1763 but also fostered changes in the sources of labor. The harsh conditions for indentured servitude remained during this period. Indentured servants were treated basically as slaves and many, when freed, were unable to make a decent living for themselves with the small amount of land they were given. The government and society still viewed former indentured servants as inferior to the middle class colonial citizens. Indentured servants were the main source of labor, especially in the north, until Bacon’s rebellion. Nathanial Bacon in Jamestown led Bacon’s rebellion; this rebellion was brought about against the rule of Governor William Berkley. The immediate cause was Berkley’s refusal to retaliate against a number of recent Native American attacks on the frontier settlements, most of which were inhabited by former indentured servants. The long-term cause was the inequality in society between former indentured servants, the lower class, and the middle class. After this rebellion, landowners began to prefer permanent African slaves to indentured servants who only worked unpaid for about seven years. African slaves soon proved a better source for labor because they did not rebel like the indentured servants, and they proved far more healthy and durable than Native Americans. The south especially began to rely on this source of labor because of their cash crops and their plantation society. Farming of cash crops such as tobacco, indigo, rice, and cotton provided for a continued demand in labor throughout the colonies. The south especially had a strong, constant, demand for laborers because their cash crop, rice, required a lot of time and expertise. The southern colonies also required more labor because of their vast amount of land compared to the northern colonies. Slaves from West Africa proved to be very valuable to plantation owners in the south as these slaves had knowledge in the growth and care of rice. As demand for these crops rose in Europe, so did the demand for labor both forced and voluntary. British colonists began to shift from farming varied cash crops to monoculture crops such as tobacco and cotton, which impacted labor systems. This  shift created a plantation labor system, particularly in the southern colonies. The plantation labor system relied heavily on African slaves rather than indentured servants. In the north, family farm labor characterized the majority of the labor during this time; consequently the north did not require as much demand for alternate labor. The South, however had a predominantly plantation based society with a strong demand for cheap labor. The families in the South did not grow fast enough to be able to sustain such large amounts of land on their own. When the American colonies broke from England this difference in dependency of slaves between the north and south proved to be an issue in the creation of the government. The Northwest Land Ordinance created by the Articles of Confederation prohibited any slavery from the old western territories. This began the slow removal of slavery that eventually led to the civil war. The trans-Atlantic slave trade rose during the period of 1600-1763. This allowed for employers to acquire African slaves much easier. New England would trade rum with the Africans for slaves, which they would then use to trade with the southern Americans for sugar, which was then returned to New England. European imperial systems correspondingly shifted from mercantilism to capitalism. The private owners in colonial America began to have more control over the trade and profit of the community rather than the state.  America also began to become much more self-sufficient even though they were still under England’s control. England’s policy of salutary neglect allowed for the colonies to expand and become more independent from the British and the other colonies. This independence and increased demand by other countries for goods from the American colonies caused an increase demand for labor. Trans-Atlantic trade and other interactions caused an increase demand for labor in the British North American colonies from 1600-1763 but also created a change in the sources of labor. The demand for changes in labor sources were due to Bacon’s rebellion, the shift from farming varied cash crops to monoculture crops such as cotton and tobacco, the shift from mercantilism to capitalism in Europe, and the formation of a plantation system predominantly in the South. Slave labor in the south helped direct the nation to the Civil War. The Developments between 1600 and 1763 led to little slave labor in the North and slave dependency in the South. This labor development aided in sectional division and political issues that led to the Civil War.

Fitness Exercise Training Essay Example | Topics and Well Written Essays - 250 words

Fitness Exercise Training - Essay Example This is the case considering that videos and animations may contain rich forms and extraneous details which present information in a way that is more complex compared to an animation. In this respect, a video is more likely to overburden the working memory of learners to the extent that they may not be able to store whatever they have learnt in their long-term memory (Mayer & Clark, p. 316). Furthermore, videos may provide information that may distract the learners from focusing on the main message being passed to the. On the other hand, still diagrams may be less motivating to the learners. Using still diagrams as the preferred option is consistent with the results of different studies that show that they are more effective than videos and animations (Mayer & Clark, p. 316). As the instructor uses still diagrams to teach about exercising, it is best for them to accompany the diagrams with audio narration. This is consistent with several findings from research (such as those done by Moreno (2006); Sweller 2005; and Ginns (2005)) that show audio narration to be more effective than printed text when it comes to learning (Mayer & Clark, p. 317).

Who Benefits In Recession Essay Example | Topics and Well Written Essays - 3750 words

Who Benefits In Recession - Essay Example That would take care of the other factors in the economy and that would help to define the recession. (Brainard & Perry, 2001, Pp. 176-177). The recession has a severe effect on the economy as seen by the events during the recession. As the GDP decreases the country attracts less investment. There is a dearth of investment during the recession. There is decreased demand in the economy and the companies find it hard to make a commendable business. As a result, there is stock of unused goods and machinery. The consumption function of the economy decreases and this has a multiplier effect in the economy. As there is not a proper utilization of resources, there is a relatively higher production costs. As the production costs are high, therefore, it has an effect on the consumption. Though there is a rise in the production costs, the change in the wages is not uniform. In some cases the workers are thrown out of their jobs and the in the other5 cases there is a decrease in the wages of th e labor. In the case of the productivity, the volume of the production decreases. Therefore, the production of the companies decrease and the companies are on the verge of the extinction. From the typical recession scenario seen from the history of the world, it has been noted that the conditions of the economy needs some time to change. The economic conditions of the country are severe and the companies get closed. This effects the employment in the economy and the production. Most of the employees loose their jobs and experience a pay cut. This makes it hard for the survival of the people in the economy. The conditions are improved in the economy by the intervention strategies of the Government. The condition of the economy during the recession needs some thoughts put in by the Government and the economy needs financial support. In the modern world, most of the countries have minimum intervention strategies by the Government. But during the

Change Management and Maslows Hierarchy of Needs Case Study

Change Management and Maslows Hierarchy of Needs - Case Study Example As we see upon examination, something as small and as large as language or time expectations can lead to tremendous difficulties in motivation, and ultimately market demand and revenues. A fascinating insight into the world of work and human resource management, the GE Medical CGR case serves as a foundation for further inquiry into change management and equity incentive strategies. In consideration of organizational leadership and human resource management practices, the essay also infers the importance of a rather old, yet 'universal' paradigm from Psychology, Maslow's 'Hierarchy of Needs;' premise to fulfillment of the state of human nature as a means to consensus building and the inculcation of 'desire' in work. At the time that GE entered into the French market with its take-over acquisition of Companie Generale Radiology (CGR), an existing high level of specialization, low change professional environment was resilient to U.S. business protocol. The business practices at the Parisian based CGR reflected France's Scurit Sociale system. Like other medical suppliers, most of CGR's customer basis was drawn from a clientele state relationship that had held a low competition as an expectation of a 'civil service model.' Indeed from everyday aspects of employee motivation and performance on the job to standards of regulatory adherence, and attendant rules of conduct in response to those public partnerships, CGR was run on a model of a low participatory, low change management model that was experienced by most employees as stasis. No change meant that little challenge to normative modes of low productivity and national expectations of leave of absence, whether it be maternity, vacation, or merely a 'mental health break' all contributed to what GE found in a confrontation with U.S. models of high productivity, and low absence employee relations. CGR employees were nothing short of shocked by GE's protocols which reinforced high change, aggressive capitalist market practice. CGR employees also complained about communicative practices, arguing that the English introduction to GE's new management oversight meant that it was not they, who were being addressed. CGR employees were met characteristic literalism (i.e., plain talk 'means' what is said, not inferred) by North American managers, who were equally shocked at what they thought to be unmotivated and unproductive long-term workers who had been working under the former system at the Paris based firm. In short, globalization of the corporation really required localization of GE in the preliminary stage, in order for the corporation to assess its human resources accurately and adequately, and to foster good faith ground in order to effectively translate the company's corporate culture and standardized expectations in a fertile context that would be receptive towards company centered ideas such as capital growth.  

Sexual Relations Essay Example | Topics and Well Written Essays - 3000 words

Sexual Relations - Essay Example The mention of virtue is ridiculed, and even the word itself has fallen out of favor" (1928). Most of what we are seeing these days is a loss of virtue, of family values and religious beliefs. These are the exact same things ignorance to which is leading us into social disarray. So realizing the limitation and strength of faith of people in general in taking initiative towards self redemption, I believe that they need to be comprehensively informed in the subject of sexual education, primarily to equip them to make better decisions and safe guard their health. No matter how much help we take from religion to propagate abstinence, although if we would have adhered to our respective religions and be good practitioners, things wouldn't be in such dire straits, but publics' general tendency is to turn a deaf year to such sermons. Preventing access to sexual health information has been counterproductive, and trying to force feed abstinence through misinformation breeds frustration, mistrust and rebelliousness (Abstinence-only programs, 2006). My focus would be the student lot, specifically the ones undergoing graduate or undergraduate programs. The reason to this is that students younger than this age group are generally not aware of their sexuality, and are mostly devoid of sexual temptation which leads to intercourse. Age group elder then this is generally more aware, although not much can be expected out of them in moral issues, but they would definitely act more responsibly and carefully. So the students in graduate and under graduate level are a group in limbo, since these students are now aware of their sexuality and are tempted to experiment, they are prone to make mistakes and regret later since they are less aware of ECPs and STDs. Literature Review Abstinence-only sexuality programs Abstinence is a virtue which cannot be practiced individually, it is an evident truth seen throughout history, this is ever so evident in teen students, until and less abstinence is inculcated in children by stick. Conducting programs which preach teen students to abstain from intercourse has little effect, as it is only helpful in delaying the inevitable for just an iota more. In fact, whenever these teens succumb to the worldly desires, they are ever more vulnerable in contracting sexually transmitted diseases because they are dangerously ill informed in the use of contraceptives and sexually transmitted diseases. Students who promise to refrain exhibit a higher inclination towards unsafe sex as compared to students who don't challenge their will power to subdue their covetousness (Bearman and Brueckner, 2001; Walters, 2005). The proof to failure to desist became evermore apparent in a latest study held countrywide where sophomores underwent abstinence regimen and some did not, and the reports indicated that there was no proportional difference in the endeavors taken towards sexual experiences ("Study:Abstinence," 2007; Trenholm et al., 2007). Comprehensive

Prevention of diseases Assignment Example | Topics and Well Written Essays - 2250 words

Prevention of diseases - Assignment Example Children may suffer from various diseases such as asthma and mold at a very tender age due to pollution (Miller, 1976: p.23). Environmental pollution may take various forms such as water or air bore diseases depending on the mode of waste disposal. Poor disposal of highly toxic liquid materials pollutes the environment. This is common to industries that discharge toxic chemicals into water bodies or streams. This will affect individuals who use this water for domestic purposes like cooking or drinking. Mercury consumption may lead to cancer which is an incurable disease that has claimed the lives of many people. New methods should be employed to help in proper disposal of waste materials (Pellow, 2006: p.103-124). Moving vehicles also pollute the environment. The gases emitted from locomotives such as carbon monoxide is very dangerous and poisonous gas to human health. Such gases may lead to death within a short period of time if inhaled. This is so because if the gas is inhaled, it causes complications to the breathing system of human beings and can cause death instantly. Inventing new sources of energy will help to curb this menace or using (Vrijheid, 2000: p.101). However, Scientists have tried modifying and inventing new sources of fuel that are used in the industries and locomotives. The use of electricity has replaced coal that was used earlier in running heavy machinery in most factories. Treating of waste materials from industries has also helped a lot in curbing the menace of water pollution.

Recent changes in local laws in various countries set requirements for Essay

Recent changes in local laws in various countries set requirements for National Oil Companies (NOCs) participation in oil and ga - Essay Example Joint ventures are common among the operators within the oil and gas industry in order to tray and minimize operation risks as well as technical challenges often faced while in the normal operations in the industry. Companies involved in exploration of oil and gas, general exploitation of the same as well as appraisal and production activities are in recent times being not executed by single companies but through collaboration by many companies. These joint ventures therefore share in towards contributing for expenditures and other costs incurred and share the proceeds realized in the exploration and exploitation of the commodity according to individual company’s contributions. Joint ventures operate on the platform of sharing on capital investments as well as skills and expertise, which necessitates one company, which would lack such to benefit from the partner(s) in the venture. Joint ventures within the oil and gas industry enjoy such privileges as being unincorporated and hence they are not taxed and cannot sue or are sued for the reason of not having distinct legal personality. The terms of licensure of operations by joint ventures imposes some liabilities on them as stipulated by the governing authority, which the joint operating agreement purposely addresses. The JOA therefore have particular roles in regulating the obligations, relationships as well as the rights that govern the parties in a joint venture. Normally, the agreement is binding over lifetime or until the joint operations ceases because of completion of a task or otherwise as would be determined in termination of a contract. It stipulates the funding procedures as well as the voting procedures and has other stipulations on mechanisms to address corrective measures instituted in the event that a partner fails to act in accordance to the agreement. Therefore, the general infrastructure of the legal framework guiding the joint operating agreements is binding and well laid out. The partie s therefore undertake a critical outlook into the structure of the JOA regarding any unforeseen eventualities, which would occur in the future. However, it is worth noting that the formulation and adoption of a JOA framework must be based on an existing legal structure such as the English law, which then stipulates the institutional framework that would govern the running of the agreement between the parties engaged in the joint venture (Jensen and Failat, 2013, p. 1-13). National governments as well as foreign companies interact in the industry of oil and gas through consent through negotiated contracts. NOC (National oil companies) normally gets involved in the exploitation of and exploration for oil through signing into contracts such as concession agreements, service contracts, joint venture contracts as well as production sharing agreements, which involves collaborating with other external companies in the oil and gas deals. Nevertheless, the operations of such contracts involv ing the national oil companies as well as other external companies necessitates the operation-ization of a structure that would be instrumental in outlining the operations of the agreement and this is formalized through the JOAs. The evolution of legal structures that govern the

Home Mortgage Loan Essay Example for Free

Home Mortgage Loan Essay Shopping around for the best mortgage is a process similar to the acquisition of any other product. A borrower should first shop around for the best loan, then compare the terms, rates and costs being offered. Finally, the borrower should negotiate for the most advantageous deal. The first step is to obtain information from various lenders. It is important to be aware of the different types of lenders, such as banks, mortgage companies and credit unions. The terms of the mortgage may vary with the type of lending institution. As such it is advisable to consider several institutions. It is also important to determine whether or not the person or institution being dealt with is acting as a lender or a broker, and the nature of compensation paid to the person or institution. This is because brokers are often paid fees other than those paid to the lender. The borrower should consider both the interest rate and the additional fees being charged. If the additional cost of paying points is too high, the lower interest rate will not necessarily result in a better financial deal. The second step is to compare the important cost information from the various lending institutions. The borrower should always keep in mind the desired amount of a down payment, and should use this as a basis to research the costs that will be involved in the loan. The loan amount, loan term and type of loan should be clarified in order to enable the borrower to compare the information. The borrower should also consider the nature of the rates offered, and whether it is an adjustable-rate loan. Another point to deliberate is the annual percentage rate of the loan. This is in order to better consider the yearly rate of the points, fees and other credit charges. Other factors to compare include the lender’s requirements for a down payment, and any special programs offered by the lender. Next, the borrower should negotiate for the best deal. Lenders and brokers often offer different consumers with the same qualifications different prices for the same loan terms. These differences can often be attributed to the amount of compensation kept by the loan officers and brokers. One negotiation tactic is to ask the lender or broker to reduce or waive certain fees or to lower the number of points for the loan. Borrowers should be wary of lenders or brokers who appear to lower or waive one fee while raising another fee or increasing points. Finally, when the borrower is satisfied with the negotiated terms, it is often advisable for the borrower to obtain a lock-in from the lender or broker. This lock-in should include the agreed rate, period and number of points to be paid. When obtaining a mortgage, a borrower should first educate himself as to the terms, rates and costs offered by a variety of lending institutions. He or she should then compare the important costs for the transaction. The borrower should then negotiate for the best deal. By taking the time to follow this process, a person will not only be more educated as to the nature of their mortgage, but they may also save a considerable amount of money.

Sexual Selection and Human Evolution Theories

Sexual Selection and Human Evolution Theories Miller, G.F. A review of sexual selection and human evolution: How mate choice shaped human nature Natural selection shapes species to adapt to their environments and arises from individual differences in survival ability- cannot favour ornamental traits that decrease survivorship. However, it is not sufficient to account for male traits such as peacocks tail that do not enhance survivorship but rather jeopardize it. Darwin argued that in species with sexual reproduction traits that improved ones chances in mate competition were selected for regardless of their negative effects for survival. Furthermore, Darwin emphasized the importance of female choice and male competition within the sexual selection because the former evokes the latter. However, Darwin does not investigate the origins of female preference (Ridley, M). Sexual selection was neglected for a long time because it implied the major evolutionary importance of female choice and it was not well accepted by the contemporaries of Darwin. Darwin: evolution is differential reproduction rather than differential reproduction. Novel concept. Hard to do mathematical analysis. Alfred Russell Wallace who wrote about natural selection at the same time with Darwin believed that exaggerated male ornaments and traits did not have an adaptive purpose and did not result from female choice but from good health and genes that allowed males to spend resources on display. He suggested that females are under stronger natural selection to have less ornamentation to avoid attention from predators because they spend lot of time near their offspring (Miller, 2000). Fisher (1930) believed that mate selection criteria were biological and thus, under natural selection. He suggested that male sexual ornaments served as indicators of high fitness and good genetic quality and would be selected by females (Miller, 2000). Furthermore, he coined the term runaway sexual selection, which suggests an evolutionary feedback mechanism where female preferences reinforce and perpetuate the traits selected for in males. In the case of runaway selection females choose to mate with males who display a certain trait, subsequently, it will be passed on to the offspring who will then have the trait that makes them more attractive mates. This ultimately leads to phenomenon such as peacocks tail. In Fishers model the male trait was not deleterious at the start but with females preferring a particular characteristic it passed its optimum cost-benefit ratio, and ultimately, costly traits arise as the outcome of runaway sexual selection (Ridley). Zahavi. Trivers (1972) was the first to explain the different intensity of sexual selection in males and females through unequal amount of parental investment. The production of gametes is more costly and time-consuming than that of sperm. Also, females invest more resources into offspring, therefore, they must be choosy and by mating with high-quality male they enhance the quality of their offspring. Since the number of available females limits male reproduction success males have to court and compete for the females. Trivers suggested that the level of competition among males is correlated with the imbalance of parental investment. For example, there is a great difference in body size between male and female elephant seals where one male can guard 40 females, resulting in strong male-male competition. (Le Boeuf, 1974). Trivers theory can be applied to bird species like pharalorpes and wading birds where it is the females who are bigger, more colourful and aggressive compete with each other for males and males take care of the offspring (Jenni, 1974). Importance of sexual selection theory: it was disregarded for the most part of 20th century and many science and humanities subjects were advanced without taking sexual selection into account, thus, many theories may need to be revised. Ridley, M., 1993, Evolution, Ch12 Adaptations in sexual reproduction Traits that reduce survivorship are deleterious and are mainly present in males as secondary sexual characteristics that are not actually necessary for reproduction; however, they may give an advantage in mate competition with other males. The most famous example of secondary sexual characteristics is peacocks tail but also colourful plumage of birds, big antlers in elks etc. Although these traits are costly they have not been eliminated by natural selection. Darwins sexual selection theory suggests that the disadvantages in having elaborate secondary sexual characteristics are evened out because they convey a benefit in gaining access to females and increasing reproductive success. Darwin distributes sexual selection into two categories: male competition and female choice. Darwin argued that secondary sexual characteristics would be more developed in polygamous species where typically one male mates with several females because the selection for male traits that enhance reproduction will be greater. He provided evidence for sexual selection by comparing polygamous and monogamous species and showed that in the former males tend to have brighter colouring, ornaments and larger bodies whereas in the latter males and females differ less. Another theory that tries to explain mate choice criteria is Zahavis handicap theory (Zahavi, 1975). According to this, only males with good genes can survive with a handicapping trait, such as peacocks tail and females will prefer to mate with them. Selection will favour males with handicap traits if their good genes outweigh the cost of the trait. The high cost of handicapping character makes it an honest indicator of males quality. In his model the preferred male trait was costly to begin with and the expense did not change as the trait became more desired in females. Archer,J, Lloyd, B, 2002, Sex and gender, Ch 3 Origins Sexual selection entails female choice and females should choose mates according to their ability to provide the female and her offspring with resources and protection. Buss (1989) studied human mate preferences in 37 cultures and concluded that there is a strong trend for females valuing mates with greater financial capacity, ambition and sense of entrepreneurship. Archer and Lloyd suggest that this is consistent with Triverss theory where females are interested in finding a partner who would be able to invest more parental care into offspring by providing resources. Males preferred physical attractiveness and youth, which are traits correlated with reproductive capacity (Buss, 1989). Miller, G.F., 2000, The mating mind: How sexual choice shaped the evolution of human nature Darwin became interested in different animal ornamentation that he encountered on his around-the-world-trip on the board of the Beagle. In 1871 he published The decent of man, and selection in relation to sex where amongst other topics he wrote about sexual selection. Sexual selection shapes each sex in relation to the other sex. Many of Darwins ideas were attacked but after a century it was rediscovered. Dawkins, R., 1989, The selfish gene, Battle of the sexes One of the main female strategies of reproduction is that instead of expecting help from the male to raise the offspring the female prefers good genes instead. If a female can detect good quality males by using visual cues than her offspring will receive on better genetic material. By doing so the likelihood of her genes to survive increases too. Emlen, S.T., Oring, L.W., 1977, Ecology, sexual selection and the evolution of mating systems Environmental factors affect the development of mating systems and ultimately the intensity of sexual selection. Fitness is a measure for individuals reproductive success in relation to that of other individuals. Male reproductive success is limited by the access to females, whereas female reproductive success is determined by the available resources. Subsequently, if females limit the reproduction of males then the competition and sexual selection will intensify in males. The ability of a male to protect territory or other resources attracts more females and causes differences in the mating success of other males. The presence of polygamous and monogamous mating systems depends on environmental factors such as the availability of receptive mates and the distribution of resources in time and space, which affects their defensibility. Polygamy is more common in species where one sex is does not invest parental care, and thus, can spend time and energy on defending resources and competi ng for mates. Emlen and Oring (1977) suggest that sexual selection is stronger in polygamous species than in monogamous species. They point out that the more one sex manages to monopolize resources the stronger becomes sexual selection and the more likely is the development of polygamous mating system. Moreover, the mating system can differ between populations of the same species due to variations in environmental setting, population structure and density, amount and distribution of resources that all change the potential of monopolization. Andersson, M., Iwasa, Y., 1996, Sexual selection Sexual selection occurs through competition over mates, which is also the underlying factor of different mechanisms of sexual selection. Andersson and Iwasa (1996) list these different mechanisms: firstly, female and male choice of mate that has been demonstrated in numerous studies acts to favour traits that attract mates from the opposite sex; secondly, contests that can take the form of direct fighting and favour traits such as large body size, physical stamina, weaponry and other characteristics that enhance fighting ability in the competing sex; thirdly, endurance rivalry that promotes traits to retain reproductive activeness for longer to increase the possibility of mating. Furthermore, they also suggest scramble competition that promotes traits that help in finding the mate before others, such as earlier maturation or better locomotion skills. In addition, other mechanisms are infanticide, coercion and sperm competition. As Andersson and Iwasa (1996) point out, the majority of research has concerned mate choice and mate competition, whereas other mechanisms of sexual selection remain poorly examined. Owens and Thompson (1994) suggest that optimal mate choice is a trade-off between the number of mates and their quality. They argue that both males and females can be picky; however, the selection will be greater in the sex with higher reproductive rate. Batemans gradient explains the differential intensity of sexual selection in males and females. In his studies with Drosophila, Bateman showed that sexual selection is typically stronger in males because the number of offspring fathered by a male increases proportionally with the number of males, whereas the number of offspring remains the same for the female regardless of the amount of males she mates. Male secondary sexual characteristics may become more pronounced if they increase their reproductive success, although if it reduces the overall viability. The costs of these characteristics include higher threat of predation; large bodies pose higher energetic demands and increase the likelihood of starvation during the growth period; competition may lead to injuries and death. Thus, the extent of secondary sexual characteristics is limited by their costliness and by sexual selection itself if one favoured trait starts to compromise another selected trait. Sexual selection affects the genetic make-up of the offspring and thus, is an important factor in evolution. It is currently very difficult to discriminate between the different mechanisms of sexual selection and their importance.

Overview Of Benchmarking Theory Management Essay

Overview Of Benchmarking Theory Management Essay Benchmarking theory is established upon the performance comparison, gap, and changes in the management process (Watson, 1993). A literature review also shows that majority of benchmarking methodologies perform the same function as performance gap analysis (e.g. Camp, 1989; Karlof and Ostblom, 1993; Watson, 1993). In a context of waste, first rule of benchmarking is to determine the performance gaps with respect to generation and utilization within a management system and to develop method to close them. The gap between internal and external practices reveals the changes and at the same time differentiates benchmarking theory from comparison research and competitive analysis. The author explained further that competitive analysis focus on product or service comparisons but benchmarking examine the operating and management skills that is use to produce goods and services. More also, competitive analysis looks at the characteristic of competitors in the same geographical location whilst benchmarking seeks to find the best practices regardless of location. (Walleck et al., 1991). Benchmarking has been defined by many authors due to its positive and negative result affecting the success of performance improvement within the organization. The literature review of Kozak, 2004, original sources: Camp, 1989; Zairi, 1992; Smith et al., 1993; Rogers et al., 1995, explained that benchmarking: Enable organization to ascertain the position they have more strength and weaknesses depending upon charges in supply, demand and market condition. Enables to set new standard and objectives to enhance customer satisfaction in term of quality, cost, product and services. It gives employees new standard knowledge to work on and also motivate them to always strive for more improvement. Enable organization to determine the possible level of performance they could attain by looking at others and to what extent they could achieved such performance Help organization to stimulate continuous performance which will give them competitive edge over others and enables it maintain world class standard. Despite the above benefit, a successful benchmarking researcher Bendell (1993) stated that time constraints, competitive barriers, cost, lack of both management commitment and professional human resources, resistance to change, poor planning and short-term expectations are regarded as barriers. The author further noted that poor execution of benchmarking exercise can lead to waste of time, finance and human resources. Elmuti and Kathawala( 1997) illustrate that there is no single best practice of benchmarking because peoples ideology varies and organization concept and system differs from one another. On a contrary, there is a risk involved in benchmarking others and adopting their new standards into ones own company. However, the best practice which is producing outstanding performance with good examples should be perceived and adopted. According to research, benchmarking has been defined by many authors and organization even though each definition aims to reach same conclusion. Nevertheless, benchmarking was basically stems from Demings quality management theory, which aims to enhance quality and check its sustainability by following several stages in order( Kozak 2004, p5). Websters Dictionary defines benchmark as a standard by which something can be measured or judged (Kozak, 2004 p. 5). Xerox and Robert C. Camp at the end of the 1980s gave most widely accepted and referenced text on the subject of benchmarking as the continuous process of measuring our products, services and practices against the toughest competitors or those companies recognized as industry leaders (Camp, 1989). On a simply note, benchmarking is the process of finding the best practice in an organization and forecasting what performance should yield in the future. The three principles of benchmarking are maintaining quality, customer satisfacti on and continuous improvement. (Kozak 2004, p.5, original source: Watson, 1993). Some author sees benchmarking as a continuous process or measurement while others defined it as finding and looking significance things to enhance an organization performance. For example, Vaziri (1992) defined benchmarking as a continuous process of comparing organizations performance with that rated as the best within the industry considering consumers needs and determining what needed to be improved in order to have competitive edge in the future. Similarly, Watson (1993) also emphasizes benchmarking in term of continuity feature referring to the continuous input of information acquired from benchmarked organization into the organization. Geber (1990, p. 36) based his definition at significance focus on the best practice of benchmarking as follow: a process of finding the world-class examples of a product, service or operational system and then adjusting your products, services or systems to meet or beat those standards. Approaches to definitions of benchmarking Adopted from (Kozak, 2004. Destination Benchmarking) In practice by many organizations, benchmarking process usually encompasses the following: Regularly analyzing and comparing aspect of performance with high ranked organization Identifying the performance gaps Establishing fresh method to improve on such performances Continuous tracking the implementation improvement; and By continuous monitoring progress stages and assessing the benefit Types of benchmarking Due to many relevant literature reviews, it could be seen that there are many classification of benchmarking, the main categorization are internal, competitive and functional benchmarking (Kozak 2004, p.10 original authors: Camp, 1989; Zairi, 1992). Kozak (2004,p.10) further classified benchmarking into two parts: internal and external benchmarking, in same context, competitive and functional benchmarking was classified under external benchmarking. INTERNAL BENCHMARKING Internal benchmarking is regarded as two ways communication and sharing information between departments within the same organization or between organizations operating as a branch in different countries (Cross and Leonard, 1994; Breiter and Kline, 1995). This kind of system can be found in a franchising company whereby an outstanding performance by any part of the organization will be learnt by the other. Internal benchmarking is an added advantage to an organization or partner who shares a common language, culture and systems, having easy access to data, and giving a baseline for future comparisons (Breiter and Kline, 1995). EXTERNAL BENCHMARKING It is an opposite or reverse case of internal benchmarking as it was read in many relative literatures. External benchmarking requires comparison of activities with external organization in order to acquire method, new ideas and knowledge using by the organization to attain such an outstanding performance in the production of goods and services. Kozak (2004, p11) noted the objective of external benchmarking as the persistence in improvement of ones performance by measuring and comparing with that of others and determine how others achieve their performance levels. This type of benchmarking provides opportunities for an organization to learn from the best practices and experiences of the others who have the competitive edge in the industry. The consistent review of benchmarking by Kozak (2004, p.11) has brought up another three subcategories of benchmarking which are: competitive, generic and relationship benchmarking. Competitive benchmarking: this type of benchmarking occurs only among the direct competitors. According to Kozak (2004) explains that competitive benchmarking is regarded as the most sensitive type of benchmarking activities because of it difficulties in achieving an applaudable collaboration and cooperation with direct competitors and reach primary sources of information. For example Xeroxs market shares starts to diminish because of the entrance of new competitors. Therefore the management decided to benchmark its performance with competitors within the same industry. The results of this enhance its financial position, stabilized its market shares and increase its customers satisfaction. (Cook, 1995). Functional benchmarking: Functional benchmarking refers to comparative research and attempts to seek world-class excellence by comparing business performance not only against competitors but also against the best businesses operating in similar fields and performing similar activities or having similar problems, but in a different industry (Kozak, 2004, original sources: Davies, 1990; Breiter and Kline, 1995). For instance British Rail Network South East benchmarked British airways in order to improve the standard of cleanliness of trains. They were able to achieve such aim by the survey that was conducted on British airways mode of cleanliness. (Cook, 2005). Moreover, this type of benchmarking makes it easier for best in class organizations to share new ideas, best practice and experience together and it is as well regarded as non- competitive benchmarking (Kozak 2004, p.12). Relationship benchmarking: This type of benchmarking occurs between organizations that have mutual relationship together before the agreement of benchmarking is sealed (Anderson, 1995). This method potentially may provide some benefits to organizations since less time is required and the trust established between the two parties will help break down confidentiality barriers. Cox et al. (1997) call this collaborative benchmarking. Benchmarking best practice Historically, benchmarking is seen as an essential tools for continuous improvement of goods and services in an organization ( Dattakumar and Jagadeesh 2003). For example Xerox Corporation in the united state was the first company to be credited with a successful benchmarking project in 1979. Nowadays, organizations have realized that in order for them to survive in the nearest future, they have to initiate major changes within their organization that will make them more productive and reduce costs. benchmarking goes beyond just competitive analyses, rather than analyzing organizational processes and method to assess how the competitive edge is achieved. Benchmarking against Best practice requires seeking out the undisputed leader in the process that is critical to business success regardless of sector or locations. I.e using the most effective methods of achieving optimal performance leading to superior performance is the process of benchmarking for Best Practices identifying, sharing, and imparting knowledge, innovative ideas, and highly effective operating procedures related to best business practices, inside and outside your organization (Julian L. Aston and Jonathan A. Goldhill). In a nutshell, the achievement of any organization is to successfully identify and appl ying best practices in its operations which will result to reduction in business expenses and improve its organizational efficiency. In order for benchmarking process to be achieved in an organization, the follow steps need to be initiated and implemented (Julian L. Aston and Jonathan A. Goldhill): Step 1: The management needs to establish a lead Best Practices team that will be engaged with overall development and company-wide implementation of this important new activity. In addition, creates departmental benchmarking teams charged with development and implementation of Best Practices within their individual department. Step 2: Each team determines the types of Best Practices their department must uphold. Step 3: Teams identify benchmarking resources applicable to their Best Practice needs. Step 4: The teams collect and analyze information. Step 5: Each team determines the value of each Best Practice relative to attaining departmental and overall corporate objectives. Step 6: Team members take the time to understand and analyze the point gap between an existing standard or practice and the desired best practice standard. Step 7: Each team brainstorms how they can close the point gap, and develops an action plan in support of upholding each Best Practice. Step 8: The teams take action under the leadership and guidance of the Lead Best Practices Team, reporting to Senior Management. Finally in order for the implementation of a Best Practices Program to be successful, establishment of departmental Best Practices teams must be initiated and charged with the task of managing the process on a continuous basis. Best Practices Example A vivid example of a best practice is demonstrated by SRC in Springfield, Missouri. Convinced that everyone is responsible for the companys success, SRCs management team trained every employee in cash flow management, a tool that has enabled the company to generate double-digit growth every year since its founding 12 years ago. SRC has grown in 12 years from one company of 100 employees to 12 employee-owned companies in 16 sites with 750 people. SRC has been named the Entrepreneurial Company of the Year by Inc. magazine for the last three years. The current turnover rate is less than 1 percent. http://www.qualitydigest.com/feb/bench.html DIFFERENCE BETWEEN BENCHMARKING AND BEST PRACTICES Are benchmarking and best practices the same? According to many literature reviews, it could be understood that benchmarking is totally differ from best practices. Benchmarking is the process that gives one the opportunities to ascertain potential best practices, i.e. identifying best ranked performer; one to locate a specific practices within an organization that could enhance own performance. However, there are different categories of benchmarking which organization might practice and it was understood that some organization benchmarked for the purpose of setting performance target for their own organization rather to ascertain practices that contributed to the success of other organization and to emulate it. What distinguishes best practices from benchmarking? A best practice is never a new idea, perhaps is what meets the seven following criteria: Successful over Time: A best practice must be documented. Quantifiable results: The achievement must be quantifiable. Innovative: Must have a distinctive program and process from its peer Recognized positive outcome: Best practice should generate different positive result and indicators Repeatable: A best practice should be adopted with modifications. Should establish different strategies and be able forecast benefits that are likely to be accrue to others. Has local importance: Best practice is seen as an outstanding performance to those who seek for it. Therefore, it should not be a duplicate strategy; i.e organizations should adopt it with modification. Not linked to unique demographics: A best practice may have evolved as a result of unique demographics, but organization from other demographics should be able to transfer with modification. http://www.scribd.com/doc/83467243/14/DIFFERENCE-BETWEEN-BENCHMARKING-AND-BEST-PRACTICES. In conclusion, although different authors views benchmarking from their different perspectives as it is demonstrated in the figure () . All these definitions portray same aim and objectives: the continuous measurement and improvement of an organizations performance against the best in the industry to obtain information about new working methods or practices (Kozak 2004, p.7). However, best practices and methods that are seen as the success key to an organization may not necessarily be the best to those adopting it. Therefore benchmarking requires full scale modification and extensive innovation in order for justifiable achievement to be attain.

Business Cycle Theory :: essays research papers

The Sticky-Wage Model In this model, economists pursue the sluggish adjustment of nominal wages path to explain why it is that the short-run aggregate supply curve is upward sloping. For sticky nominal wages, an increase in the price level lowers the real wage therefore making labor cheaper for firms. Cheaper labor means that firms will hire more labor, and the increased labor will in turn produce more output. The time period where the nominal wage cannot adjust to the changes in price level and output signifies the positive sloping aggregate supply curve. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The nominal wage is set by the workers and the firms based on the target real wage, which may or may not be the labor supply & demand equilibrium, and on price level expectation. W =   Ã‚  Ã‚  Ã‚  Ã‚  Ãƒ ¹   Ã‚  Ã‚  Ã‚  Ã‚   *   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Pe Nominal Wage = Target Real Wage * Expected Price Level After the nominal wage has been set but before any hiring, firms learn the actual price level (P). From this the real wage is derived W/P = à ¹ * Pe/P Real Wage = Target Real Wage * Expected Price Level/Actual Price Level From the equation, real wage = target real wage when expected price level = actual price level real wage > target real wage when expected price level < actual price level real wage < target real wage when expected price level > actual price level The bargaining between workers and firms determine the nominal wage rate but not the actual level of employment. This is determined by the firms’ hiring decisions and the labor demand function L = Ld(W/P) Output is determined by the production function, Y = F(L). The aggregate supply curve, under the sticky-wage model, summarizes the two functions and the relationship between the price level and output. Any unexpected changes in the price level cause a deviation in the real wage, which in turn, affects the amount of labor and output. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The major weakness of the sticky-wage model however, is that in any model with an unchanging labor demand curve, unemployment falls when the real wage falls. Under this model the opposite happens, which means that the real wage should be countercyclical. Economic data over the past decades in the U.S. shows that the real wage in fact tends to rise along with output. This is evidence contrary to Keynes predictions in the General Theory. The Imperfect-Information Model Characteristics: †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Assumes that the market is clear – all wages and prices are free to adjust in order to balance supply and demand – and that differences in the short-run and long-run aggregate supply curves are from misperceptions about prices

How to make Paper :: essays research papers

Paper is a thin, flat material produced by the compression of fibres. The fibers used are usually natural and based upon cellulose. The most common material is wood pulp from pulpwood (largely softwood) trees such as spruces, but other vegetable fiber materials including cotton, linen, and hemp may be used. A stack of 500 sheets of paper is called a ream. The edges of paper sheets can act as very sharp razors, leading to paper cuts. Manufacture Whether done by hand or with a Fourdrinier Machine, the paper making process has four simple steps: Preparation of the fibres The material to be used for making paper is first converted into pulp, a concentrated mixture of fibers suspended in liquid. As many of these fibres are derived from natural sources, this process often requires many stages of separation and washing. Once the fibers have been extracted, they may also be bleached or dyed to alter the appearance of the final product. Forming into sheets The pulp mixture is then further diluted with water resulting in a very thin slurry. This dilute slurry is drained through a fine-mesh moving screen to form a fibrous web. A watermark may be impressed into the paper at this stage of the process. This moving web is pressed and dried into a continuous sheet of paper. In the case of the mould process, a quantity of the pulp is placed into a form, with a wire-mesh base (or other draining device), so that the fibres are left coated on the mesh and excess water can drain away. At this time, pressure may be applied to remove more water through a squeezing action. The paper may then be removed from the mould, wet or dry, and go on to further processing. Most mass-produced paper is made using a continuous (Fourdrinier) process to form a reel or web. When dried, this continuous web may be cut into rectangular sheets by slitting the web vertically and then cutting it horizontally to the desired length. Standard sheet sizes are prescribed by governing bodies such as the International Organization for Standardization (ISO). Further additives Raw paper that contains only pressed and dried pulp is very absorbent (for example, blotting paper), and does not provide a good surface upon which to write or print. Thus, a huge variety of additives are employed to add desired properties to the paper. These are applied in a coating called the size. Sizing agents are often polymers designed to provide a better printing surface.

Happiness Levels and Income Levels

Ariella Dayan (326883881) Quantitative Research Methods- Shani Greenspan November 25, 2012 The Correlation of Income Level and Happiness Level This study will investigate the relationship between income and happiness. A very popular question in today’s society is whether money can buy happiness. Happiness has been shown to be related to many things. It is found to be related to social class, success, power, health, valued belongings, religious beliefs, companionship, being employed in a secure job, having a full social life, and more or less accumulation of money.Research shows that money does not buy happiness but it comes indirectly from the higher rank in society that money brings. â€Å"The rank-income hypothesis† was tested and found that the ranked position of an individual’s income predicts general life satisfaction. Once someone has a large amount of money they may become part of a different social group which brings more confidence and satisfaction. A pe rsons’ satisfaction and self-esteem will increase if his social rank increases or if those who once had the same social rank him decreases.People naturally feel better and more satisfied if they are better than others. (Boyce, C. et al. 2010) People dedicate so much energy in trying to make more money, when having more money does not make them that much happier. People may be happy with their current level of wealth and stop trying to accumulate more if not for the urge humans have to compare themselves with others in every way possible: attractiveness, intelligence, height, weight, and crucially, financial success. The writer H. L. Mencken said, â€Å"A wealthy man is one who earns $100 a year more than his wife's sister's husband. This frustration of seeing someone â€Å"better† than you becomes a huge motivator when it comes to making more money. People are very concerned with the phenomenon of â€Å"Keeping up with the Joneses. † Hollywood made a movie abou t a wealthy and good looking American family and the affects they have on the people living in their neighborhood. The movie presents us with â€Å"conspicuous consumption† and comparing each other’s expensive possessions and social rank. People will always to try to move ahead of as many of their friends as possible in order to† improve† themselves.People try to enhance their social hierarchy by making unnecessary investments in order to satisfy their preoccupation with their relative social standing which the socio- economic class isn’t Ariella Dayan (326883881) Quantitative Research Methods- Shani Greenspan November 25, 2012 able to do, although we can see this form of competitiveness in the socio-economic class as well. A recent study shows that a group of people in the US who are most opposed to an increase in the minimum wage are those who make just above the minimum wage.Because if the minimum wage increases, these people will now be in  "last place†, along with all the people whom they used to feel superior to. (Norton, M. 2012) Another reason why money translated to happiness often is because money has a property that many other things that matter in life do not. Money is something that can be counted. When people reflect on whether they are better off this year than last, they cannot always give an exact answer. A person cannot say that their life is 32 per cent more meaningful. This is not a calculation we are accustomed to making. Salary, on the other hand, is measurable.If a person is making a better salary they will think that they are doing better in their life. This also may explain why people are always buying larger houses and larger televisions. As people become richer, they quickly grow accustomed to bigger houses, flashier cars, and designer garments, but their possessions don't actually make them much happier. (Norton, M. 2012) Studies show that even lottery winners, after an initial period of a djustment, don't become much happier. The reason for this is because the faster people try to get ahead, the quicker they end up back where they started.Another research conducted in the University of British Columbia in Vancouver, asked people to predict how happy they would be if their annual income was anywhere from $5000 up to $1 million. After this, the people were asked how much money they really earned and how happy they were with their lives. It was found that people generally overestimated the impact of money on happiness. Those who earned $25,000 a year predicted that their happiness would double if they made $55,000. But when we measured the happiness of people at these two levels of income by having them rate their satisfaction with life on a cale from 1 to 10, it was found that the wealthier group was only 9 per cent happier. On the other hand, people who make very little money do become significantly happier when they earn more. But a large survey of people in the US s howed that the impact of additional income on happiness Ariella Dayan (326883881) Quantitative Research Methods- Shani Greenspan November 25, 2012 tends to fade around an annual salary of $75,000. There is no data suggesting that making more money makes people less happy but it does stop making them much happier. (Cassidy, J. 008) What people can do in order to gain happiness in a better manner is by doing something unusual with it or â€Å"giving it away†. It turns out that spending money on yourself does not make you any happier, but spending on others does. Donating to charity or buying coffee for a friend is an efficient way of turning cash into happiness. (Cassidy, J. 2008) A worldwide survey was created in 2006 by Gallup. He asked people to imagine themselves on a ladder with steps numbered from zero to 10, with the bottom of the ladder representing â€Å"the worst possible life for you† and the top representing â€Å"the best possible life for you. The responde nts were then asked to say which step they were standing on. If you instruct people to think about the best possible and worst possible lives they could be living, you are surely inviting them to compare their living standards with those of people elsewhere. This methodological quirk alone could easily explain why residents of poor countries report low scores and residents of rich countries report high ones, and it wouldn't have anything to do with money making people happier. ( Buchanan, M. 2009) The conclusion is that happiness and money do correlate but only to a certain extent.People are more concerned with their social class, â€Å"getting ahead† and where money can get them in life than the actual amount of money. This topic should continue to be researched in order to find if in today generation a person can actually be happy with what he or she has without comparing themselves to their peers and surroundings. Ariella Dayan (326883881) Quantitative Research Methods- Sh ani Greenspan November 25, 2012 References Boyce, C. Christopher J. 1 Brown, Gordon D. A. 2 Moore, Simon C. (2010). Money and Happiness: Rank of Income, Not Income, Affects Life Satisfaction.Psychological Science, Vol. 21 Issue 4, p471-475, 5p http://web. ebscohost. com. ezprimo1. idc. ac. il/ehost/detail? sid=daeaee80-c08b-433b-84c3-094cde8b9e7c%40sessionmgr10;vid=1;hid=13;bdata=JnNpdGU9ZWhvc3QtbGl2ZSZzY29wZT1zaXRl#db=a9h;AN=62587809 Norton, M. I. (2012). The more money, the merrier? New Scientist, 215, 40-41. http://web. ebscohost. com. ezprimo1. idc. ac. il/ehost/detail? sid=86a4832c-2e11-4055-a8c7-ba24949afac4%40sessionmgr11;vid=1;hid=13;bdata=JnNpdGU9ZWhvc3QtbGl2ZSZzY29wZT1zaXRl#db=a9h;AN=78189804 Cassidy,J. 2008) Happinness is†¦. Conde Nast Portfolio; Vol. 2 Issue 7, p36-36, 1p http://web. ebscohost. com. ezprimo1. idc. ac. il/ehost/detail? sid=ab06d568-bb15-434e-b357-a6330d98f4a5%40sessionmgr4;vid=1;hid=13;bdata=JnNpdGU9ZWhvc3QtbGl2ZSZzY29wZT1zaXRl#db=bth;AN=38013329 Buc hanan, M. (2009) Money in Mind. New Scientist Vol. 201 p26-30, 5p http://web. ebscohost. com. ezprimo1. idc. ac. il/ehost/detail? sid=81a76105-82e3-428d-8827-47f8203d01bc%40sessionmgr111;vid=1;hid=126;bdata=JnNpdGU9ZWhvc3QtbGl2ZSZzY29wZT1zaXRl#db=a9h;AN=37249111

Artificial Intelligence for Speech Recognition Essay

ABSTRACT: When you dial the telephone number of a big company, you are likely to hear the sonorous voice of a cultured lady who responds to your call with great courtesy saying â€Å"welcome to company X. Please give me the extension number you want† .You pronounces the extension number, your name, and the name of the person you want to contact. If the called person accepts the call, the connection is given quickly. This is artificial intelligence where an automatic call-handling system is used without employing any telephone operator. Artificial Intelligence (AI) involves two basic ideas. First, it involves studying the thought processes of human beings. Second, it deals with representing those processes via machines (computers, robots, etc).AI is the behavior of a machine, which, if performed by a human being, would be called intelligent. It makes machines smarter and more useful, is less expensive than natural intelligence. Natural Language Processing (NLP) refers to Artificial Intelligence methods of Communicating with a computer in a natural language like English. The main objective of a NLP program is to understand input and initiate action. The input words are scanned and matched against internally stored known words. Identification of a keyword causes some action to be taken. In this way, one can communicate with computer in one’s language. One of the main application of AI is speech recognition system is that it lets user do other works simultaneously. The speech recognition process is performed by a software component known as the speech recognition engine. A speech recognition system is a type of software that allows the user to have their spoken words converted into written text in a computer application such as a word processor or spreadsheet. The computer can also be controlled by the use of spoken commands. As we can’t design electronic device which recognizes everyone’s voice, based on that it is divided into speaker dependency and speaker independency. The working of the system involves ADC, comparison of this binary version with the stored words. The limitations for this are: must be completely trained by the user, most successful for those competent in the art of dictation. It is applicable in blue eyes technology, telephone applications like travel booking, financial account information, in military for controlling of weapons. By considering all the above factors it differs from other technologies as it produce written text from the user’s dictation, without using, or with only minimal use of, a traditional keyboard and mouse. This is an obvious benefit to many people who, for any number of reasons, do not find it easy to use a keyboard, or whose spelling and literacy skills would benefit from seeing occur. Speech recognition will revolutionize the way people conduct business over the Web and will, ultimately, differentiate world-class ebusinesses the Web, decreases fatigue and created its own path across various fields. INTRODUCTION: Evidence of Artificial Intelligence folklore can be traced back to ancient Egypt, but with the development of the electronic computer in 1941, the technology finally became available to create machine intelligence. The term artificial intelligence was first coined in 1956, at the Dartmouth conference, and since then Artificial Intelligence has expanded because of the theories and principles developed by its dedicated researchers. Artificial intelligence, also known as machine intelligence, is defined as intelligence exhibited by anything manufactured (i.e. artificial) by humans or other sentient beings or systems (should such things ever exist on Earth or elsewhere). With the popularity of the AI computer growing, the interest of the public has also grown. Applications for the Apple Macintosh and IBM compatible computer, such as voice and character recognition have become available. Also AI technology has made steadying camcorders simple using fuzzy logic. With a greater demand for A I-related technology, new advancements are becoming available. Inevitably Artificial Intelligence has, and will continue to affecting our lives. Artificial Intelligence (AI) Effort to develop computer-based systems: that behave like humans: learn languages ï‚ § accomplish physical tasks use a perceptual apparatus With the development of practical techniques based on AI research, advocates of AI have argued that opponents of AI have repeatedly changed their position on tasks such as computer chess or speech recognition that were previously regarded as â€Å"intelligent† in order to deny the accomplishments of AI. They point out that this moving of the goalposts effectively defines â€Å"intelligence† as â€Å"whatever humans can do that machines cannot†. A speech recognition system is a type of software that allows the user to have their spoken words converted into written text in a computer application such as a word processor or spreadsheet. The computer can also be controlled by the use of spoken commands. Speech recognition software can be installed on a personal computer of appropriate specification. The user speaks into a microphone (a headphone microphone is usually supplied with the product). The software generally requires an initial training and enrolment process in order to teach the software to recognize the voice of the user. A voice profile is then produced that is unique to that individual. This procedure also helps the user to learn how to speak to a computer. WORKING: The user speaks to the computer through a microphone, which in turn, identifies the meaning of the words and sends it to NLP device for further processing. Once recognized, the words can be used in a variety of applications like display, robotics, Commands to computers, and dictation .The word recognizer is a speech recognition system that identifies individual words. Following are a few of the basic terms and concepts that are fundamental to speech recognition. Utterances Pronunciations Grammar Accuracy The speech quality varies from person to person. The grammar used by the speaker and accepted by the system, noise level, noise type, position of the microphone, and speed and manner of the user ¶s speech are some factors that may affect the quality of the speech recognition. The computer must be trained to the voice of that particular individual. Such a system is called Speaker-dependent system. Speaker-independent system can be used by anybody, and can recognize any voice, even though the characteristics vary widely from one speaker to another. SPEECH DEPENDENT WORD RECOGNIER: The normal speech has a frequency range of 200 Hz to 7KHz. Recognizing a telephone call is more difficult as it has bandwidth limitations of 300Hz to 3.3KHz.As explained earlier the spoken words are processed by the filters and ADCs. The binary representation of each of these words becomes a template or standard against which the future words are compared. These templates are stored in the memory. Once the storing process is completed, the system can go into its active mode and is capable of identifying the spoken words. As each word is spoken, it is converted into binary equivalent and stored in RAM. The computer then starts searching and compares the binary input pattern with the templates. It is to be noted that even if the same speaker talks the same text, there are always slight variations in amplitude or loudness of the signal, pitch, frequency difference, time gap etc.Due to this reason there is never a perfect match between the template and the binary input word. The pattern matching process therefore uses statistical techniques and is designed to look for the best fit. The values of binary input words are subtracted from the corresponding values in the templates. If both the values are same, the difference is zero and there is perfect match. If not the subtraction produces some difference or error. the smaller the error the better the match. SPEECH INDEPENDENT WORD RECOGNIZER: The search process takes a considerable amount of time, as the CPU has to make many comparisons before recognition occurs. This necessitates use of very high-speed processors. A Large RAM is also required as even though a spoken word may last only a few hundred milliseconds, but the same is translated into many thousands of digital words. It is important to note that alignment of words and speeds as well as elongate different parts of the same word. This is important for the speaker- independent recognizers. APPLICATIONS: HEALTH CARE: Speech recognition is used to enable deaf people to understand the spoken word via speech to text conversion, which is very helpful. Speech recognition is especially useful for people who have difficulty using their hands, ranging from mild repetitive stress injuries to involved disabilities that preclude using conventional computer input devices. (HAND FREE COMPUTING). MILITARY: speech recognizers have been operated successfully in fighter aircraft with applications including: setting radio frequencies, commanding an autopilot system, setting steer-point coordinates and weapons release parameters, and controlling flight displays. TRAINING AIR TRAFFIC CONTROLLERS: Training for military (or civilian) air traffic controllers (ATC) represents an excellent application for speech recognition systems. TELEPHONY: Speech is used mostly as a part of User Interface, for creating pre-defined or custom speech commands. LIMITATIONS:   It needs to be completely tailored to the user and trained by the user. It is often set up on one machine, and so can create difficulties for a user who Works from many locations, for example from school and home. It depends on the user having the desire to produce text and be able to invest the Time, training and perseverance necessary to achieve it. It is most successful for those competent in the art of dictation CONCLUSION: Speech recognition had prevailed and achieved tremendous results in different field’s .I t made our interactions with the computer easier than earlier. This technology had reduced the difference between human-to-human and human-to-machine interaction. FUTURE TRENDS: It would yield better results: When it was made noise resistant. Understand our emotions User friendly as accent of a machine differs from human’s It must be portable to use irrespective of the device. REFERENCES: www.seminoron .com www.edu.org www.ibm .com www.dragonsys.com