Five Reasons Why Torture Should not be Used in Prisons Free Essay Example, 1250 words

Torturing is a use of force by inflicting pain on an individual, mainly convicts to retrieve information from them. It is a procedure that has existed in prisons and other relevant institutions for quite long time. Law enforcement agencies such as CIA, FBI, and DEA have been on record for the use of torturing to gather information from the perceived convicts. Torture has been, therefore, a contentious issue in prisons as various people often are opposed to it while others would justify its effectiveness in gathering data from inmates. Torture should be abolished in prisons since it may establish false information, derails human dignity, uses the human body as a means of achieving the end goal, destroys the autonomy of a person, and violates human rights. The first reason why torture should not be used in the prisons is that it may lead to giving of false information from the victim. Correctional facilities and law enforcement institutions have been using torture for centuries to get the information they need from the convicts. However, there is no doubt that such methods inflict much pain on a person and as a result, an individual may be obliged to concur with exactly what the subjects may need. We will write a custom essay sample on Five Reasons Why Torture Should not be Used in Prisons or any topic specifically for you Only $17.96 $11.86/page

The Debate On Animal Rights - 910 Words

There are two major schools of thought on animal protection. First, is the tenet that animals should have rights and the second, more radical view, is that animals should be liberated. Many of the rights that are promoted for animals are similar to the rights of human democratic societies. The basic rights, which are recommended by a number of advocates, are that animals should be free from suffering, be in possession of their own life, and their basic interests should be given the same consideration as humans (Taylor, 2009). The more extreme view, is that animals should be considered as people and not property (Francione, 2008). There are a number of leading philosophers that have published opinions on the legitimacy of animal rights. The debate on animal rights has been discussed since close to the beginning of historical time. The reference in the Bible of Adam having dominion over the fish, birds, and animals that inhabit the earth implies ownership or some form of property righ ts to the animals (Francione, 1995). The implication was that man was superior to animals because he was created in the image of God. The Greek philosopher Aristotle based his opinions on the idea that animals did not have the ability to reason and so they were below humans (Taylor, 2009). Rene Descartes, a French philosopher who is known as the father of modern philosophy, had a tremendous influence on the animal rights debate and his opinions are still being quoted today in papers andShow MoreRelatedThe Animal Rights Debate1244 Words   |  5 Pagesexample of how some animals are treated and it’s not just happening at that trash house on everyone’s block. Since the beginning of time animals have had rights to do as they pleased in their own habitat. As time went on, these rights slowly faded with the increase of using animals as entertainment. Animals do not belong in a zoo for personal visual enjoyment, or left in a cage at some ones house for days. Almost every child has taken a trip to the zoo. At the zoo we see different animals in created habitatsRead MoreAnimal Testing: the Animal Rights Debate. New York: the Rosen Publishing1992 Words   |  8 PagesLiterature Review: Annotations Books: Hayhurst, Chris. Animal Testing: The Animal Rights Debate. New York: The Rosen Publishing Group, Inc. 2000. Print. Summary/Description: This book discusses the pros and cons of animal testing. It gives a brief history of the animal right movement, and It also address the legal and ethical issues involved around this cruel testing. The Animal Act was rejected by Congress in the United States and animal testing became a part of scientific and medical life. Read MoreShould Animals Be Used For Scientific Experiments?1189 Words   |  5 Pagesjustifying the use of animals for scientific research to benefit man, to giving them the right to live life alongside man? This brings up the debate: should animals be used in scientific experiments (â€Å"†¦procedures performed on living animals for purposes of research into basic biology and diseases, assessing the effectiveness of..† Humane Society International)? This debate has been going on for centuries, and still very prevalent in today’s society. Especially with the rise of animal activist groups suchRead MoreThe Lives Of Animals ( 1 999 )1060 Words   |  5 PagesIn The Lives of Animals (1999), a metafictional novella about animal right by the South African novelist J.M. Coetzee, the author posits through his character representative, Elizabeth Costello, that â€Å"animals are not believers in ecology† (Coetzee 151). We are told to believe based on the previous ruminations of Costello, who outlines early in part I â€Å"The Philosophers and the Animals† section that animals do not possess reason, and as a result, animals cannot hope to comprehend the way in which theRead MoreAnimal Experimentation And Animal Testing1261 Words   |  6 Pagesand against animal experimentation. The report begins with an introduction briefly outlining what animal experimentation refers to, introducing the three perspectives and highlighting the intention behind this investigation. The report then explores the positive and negative medical aspect of animal experimentation stating that it has resulted in vital vaccines benefitting both humans and animals, but also accepting it is not always reliable. The advantages and disadvantages of animal testing onRead MoreAnimal Rights And Human Rights1627 Words   |  7 Pages Animal rights is a very controversial topic in today’s world. This controversy began back in 1975 when Peter Singer’s novel Animal Liberation was published. In the book, Singer explains the issues we still face at the top of animal protectionism today. Although Singer and his theories enlightened a lot of people of animal protectionism, he actually did not start the animal rights debate. People started questioning the status of animals all the way back to ancient Greece. Some people in these timesRead More The Benefits of Xenotransplantation Essay1535 Words   |  7 PagesThe Benefits of Xenotransplantation New technology has opened many doors of opportunity for advancements in medical science. Not even in our wildest dreams would we have imagined a world where animal organs could be safely transplanted into humans. A few years ago, this process called xenotransplantation, was completed for the very first time. The only dilemma critics had with the process involved the chances of infection and organ rejection from the patient. Through experimentation and advancesRead MoreThe Animal Of Human Animals1424 Words   |  6 Pagesone of the words that governs the way in which animal welfare has been scrutinised in the past years. This mainly happens due to â€Å"the role humans sentiments (moral and otherwise) play in justifying the judgements that we make about our moral community.† Consequently, the purpose of this essay is to analyse if the moral judgements humans make in respect to other animal species are legitimate and if so, to demonstrate that exploiting non-human animals is entirely natural excepting one case. As thisRead MoreRight For Hunt Vs. Animal Rights955 Words   |  4 PagesRight to Hunt vs. Animal Rights On the topic of Animal Rights, subjects such as hunting can be addressed clearly as an unnecessary sport by many animal rights groups, however Jim Amrhein of The Daily Reckoning has brought to light many valuable points on the right to hunt. According to the Daily Reckoning website, the publication is a daily stock market observation stressing the economy, world politics, and travel. Mr. Amrhein reveals various statistics not only for the right to hunt, but also factsRead MoreEssay about Animal Dilemma927 Words   |  4 Pagesmillions of animals like rats, dogs, birds, and farm animals that are killed to discover new information on medical discoveries, product testing, and for educational purposes. Many believe animal testing is inhumane because just like humans, animals feel pain as well, but others believe we should not treat animals as moral equals. However, in the recent years there have been new products introduced to decrease the use of animal testing or even possibly complet ely stopping it. Using animals for medical

Capital Budgeting Decision Process Free Essays

string(37) " process shall include seven stages\." Capital Budgeting Decision Process 1. Introduction The maximization of shareholder wealth can be achieved through dividend policy and increasing share price of the mark value. In order to derive more profits, our company shall invest potential investments which always cover a number of years. We will write a custom essay sample on Capital Budgeting Decision Process or any similar topic only for you Order Now Those investments involve substantial initial outlay at the outset and the process. The management is responsible to participate in the process of planning, analyzing, evaluating, selecting and making decisions to allocate the limited resource to those investments. This is called capital budgeting decision process. Budgeting acts as an important managerial tool in practice. It is budget for the major capital investment such as purchase of land and building, plant and machine, investing new product or market. In modern competing environment, the company shall go ahead to make those investments in order to survive and profitability. A good evidence is Apple which globally introduced iPhone and acted as a leading market position. Denzil Antony (2007) stated that â€Å"Those decisions shall take account of the amount, timing and associated risk of expected company cash flow†. Therefore, Capital budgeting decision process is within the prospective of financial management. 2. The Aims of Financial Management Finance management generally embraces financial decision, investment decision and dividend decision. Its aims can be varied from different company, the main aims are expanding a new market, budgeting control, maximizing profit and maximizing shareholder wealth. Keown, et all stated that â€Å"The fundamental goal of a business is o create value for the company’s owners (this is, its shareholders)†. However, the management may focus on profit maximization that will benefit him because he is the agent on behalf of the shareholder resulting in devoicing ownership and management from the company. It leads to conflict with the shareholder’s interest and may detriment the shareholder’s wealth. In order to balance those conflicts, the management shall efficiently allocate limited resource and must consider its investment strategies with its financing policies at the best interest of the shareholder. The present value of future cash flows is a better measure of the wealth of shareholder value. Cash inflows are derived from financing activities such as debt and/or equity. If those funds are used for investment decision, it implies that there will be less contribution to shareholders as a mean of dividends. Efficient and effective allocations of the funds are principle responsibility of the management. This can be achieved through making an optimal capital budgeting decision process so as to create value for shareholders. 3. Academic literature on models of the investment process The company may face many potential investments in which it has to make choices to invest. It is necessary to evaluate potential investments in order to make better decisions. Every new investment is subject to risk and uncertainty. It always takes a long period of time to report future benefit. It will severely affect the cash flow of the company. The company therefore must manage the cash flow efficiently and effectively. Some techniques are introduced to decide whether to invest potential investment. John Graham Harvey (2000) conducted a survey of 392 CFOs found that CFOs always use Net Present Value (NPV) and Internal Rate of Return (IRR), percentage respectively is 74. and 75. 7; Payback period (PB) is also popular 56. 7 percent while Profitability Index (PI) seldom use only 11. 9 percent . Alkaraan Northcott (2006) also obtained a similar result from survey that UK manufacturing companies applied appraisal techniques. Accounting rate of return (ARR) and PB are commonly used techniques. It is important to be aware of their merits and drawbacks. ARR is an accounting ratio which is also known as Return on investment. It is accepted for potential investment (usually less than one year assessment) if ARR is more than or equal to hurdle rate. It is easy to understand and calculate, but it ignores cash. PB measures the number of years required so that the estimated returns can cover the initial outlay. It is also easy and simple to use, but it takes no account of cash flow after payback period. Both methods take no consideration of time value of money. To overcome those problems resulted from ARR and PB so as to make optimal decisions, the project appraisal process needs to consider the time value of money. Expected future cash flow of potential investments shall be discounted and added together to derive a lump sum of the present value sing a given discount rate. Three types of discounted cash flow are NPV, IRR and PI. NPV is the difference between sum of present value and initial outlay for the proposed investment. A positive NPV indicates that the proposed investment is accepted and vice versa. NPV takes account of the time value of money and all relevant cash flows over the life of the project. However, it is difficult to understand and rely on to provide an available appropriate discount rate. IRR is the discount rate at which NPV is zero. If IRR is greater than the cost of capital, then the potential investment is recommendable. IRR is easy to understand and it excludes the drawbacks of ARR and PB that both ignore the time value of money. However, IRR often gives an unrealistic rate of return unless the calculated IRR is a reasonable rate for reinvestment of future cash flows. PI is the sum of the NPV and the original investment divided by the initial outlay. PI is useful under capital rationing since it demonstrates that the best return can be achieved from the available funds. NPV and IRR are commonly used to measure potential investment today. Michael (2004) suggested that â€Å"Theory would suggest that the DCF methods are superior to the traditional techniques and that NPV is superior to IRR†. Therefore, potential investments can be best chosen to add value to the company. 4. A best practice design for the decision process Dayanada, Don. (2002) showed that â€Å"capital budgeting is a multi-faceted activity†. A best design for the decision process shall include seven stages. You read "Capital Budgeting Decision Process" in category "Essay examples" Arnold, G. (2008) specified that â€Å"There is a great deal more to successful investment programme than simply project appraisal†. Firstly, the company must has clear objectives and identify profitable investments project to sustain long term development of the company. Baker, H. Kent, et al. (2011) also suggested that the first stage is identification. The company has a motivation to achieve those objectives. The management translates them to specific directions and policies by using strategic planning after the company establishes objectives. Secondly, the company can develop and classify potential investments according to strategic planning. Thirdly, there are many potential investments in any company. It needs to be screened at this stage because potential investments are without being examined in depth in the previous stages. It can eliminate unsound and less profitable investments before the next step to evaluate the potential investments. Fourthly, it is the project appraisal stage that evaluates whether those potential investments contribute additional value to the company or not. Fifthly, it requires to present various reports and sets up a level of authorization for proposed projects. Sixthly, it conducts on the implementing stage to control capital expenditure, when to implement and who to be responsible. Finally, it is the monitoring and evaluating stage that is called the post-completion audit. It compares between the actual cash flows and other forecasted cost and benefit to improve the proposed investment or inducement for further investment. 5. Key stage of the decision process The key stage is project appraisal at the fourth stage from the above decision process. Dayanada, Don. (2002) pointed out that â€Å"project analysis is critically important for the firm†. Potential investments will be considered the initial outlay and expected future cash flow associated with risk and uncertainty. At this stage, it involves the application of many techniques, such as forecast, risk analysis, time value of money, discount rate and inflation, etc. Facing many problems of potential investments, the management should be familiar with those techniques. What is the relevant cash flow for the potential investment? Karanovic, et al (2010) pointed out that â€Å"In capital budgeting process one of most important things is discount rate determination†. It will affect the decision-making using different discount rate. Shall the company choose the highest NPV or the highest IRR when the mutually exclusive potential investments? James John (2008) stated that â€Å"different investment projects often have different degrees of risk†. If the proposed investment is more risky, the higher return is required. However, is higher return reasonable? If undertaking it, what will happen? Clive Emmanuel, et al (2010) stated that â€Å"Once taken, capital investments are largely irreversible and significant financial sums are at risk†. Hence, it may require using different appraisal techniques for the same investment, for example, using PB and/or PI technique to assist the analysis of NPV. When making decision to select potential investment, the management shall consider how to allocate the available funds to those investments efficiently at the same time. Therefore, the fund is a key issue to determine how many potential investments are undertaken. The management must concern about the liquidity of the company immediately after accepting potential investments. Improper acceptance or rejection of any proposed investment may significantly affect the long-term success of the company. 6. Conclusion The capital budgeting decision process is one of the investment decisions which form the fundamental part of financial management. Inappropriate investment decisions can endanger the survival of the company and cause difficulties in obtaining additional financing from stakeholders. To make optimal capital budgeting decision process, investment proposals shall be analyzed under risk, uncertainty and inflation. After making decisions, the company shall separately consider how the funds generate in the best way. A sound capital budgeting decision process is beneficial to achieve the aims of financial management. The efficiency of financial management is a good-measurement to achieve the objective of the company. 7. Recommendations Since our company has a clear objective to maximize the shareholder wealth, it can be achieved through making potential investments to invest. Identifying potential investments is crucial to the prospect of the company. It requires expertise and management to execute the capital budgeting decision process. An independent capital budgeting committee shall be assigned to monitor the capital budgeting decision process. Since capital budgeting decision process is more dynamic, after implementing it, Cotter, et al (2003) suggested that â€Å"real options should be included in a capital budgeting analysis†. A good capital development system and management information system will be well on the way to achieve the objective of financial management successfully. Reference List Alkaraan, F. , Northcott, D. (2006). Strategic capital investment decision-making: A role for emergent analysis tools? : A study of practice in large UK manufacturing companies. The British Accounting Review, 38(2), 149-173. Available through: ABI/INFORM Complete database [Accessed 31 March 2012]. Arnold, G. (2008). Corporate Financial Management. 4th edition. FT/Prentice Hall. Baker, H. Kent, et al. (2011). Capital budgeting valuation : financial analysis for today’s investment projects. Hoboken, N. J. : John Wiley Sons. Clive Emmanuel, Elaine Harris, Samuel Komakech. (2010). Towards a better understanding of capital investment decisions. Journal of Accounting Organizational Change, Vol. 6 Iss: 4 pp. 477 – 504. Available through: EMERALD database [Accessed 31 March 2012]. Cotter, J. F. , Marcum, B. Martin, D. R. (2003). A cure for outdated capital budgeting techniques. The Journal of Corporate Accounting Finance, 14(3), 71-80. Available through: ABI/INFORM Complete database [Accessed 25 March 2012]. Denzil Watson and Antony Head. (2007). Corporate Finance Principles Practice. 4th edition. FT/Prentice Hall. Don Dayanada, et al. (2002), Capital budgeting : financial appraisal of investm ent projects. Cambridge University Press. Graham, John Robert, Harvey, C. R. (2000). The theory and practice of corporate finance: Evidence from the field. Rochester, Rochester: doi:10. 139/ssrn. 220251. Available through: ABI/INFORM Complete database [Accessed 20 March 2012] James C. Van Horne John M. Wachowicz, Jr. (2008). Fundamentals of Financial Management. 13th edition. FT/Prentice Hall. Karanovic, G. , Baresa, S. , Bogdan, S. (2010). Techniques for managing projects risk in capital budgeting process. UTMS Journal of Economics, 1(2), 55-66. Available through: ABI/INFORM Complete database [Accessed 22 March 2012] Keown, John D. , Martin, J. , William Petty. (2011). Foundations of Finance : the logic and practice of financial management. 7th edition. Prentice Hall. How to cite Capital Budgeting Decision Process, Essay examples

Independence Day of India free essay sample

India Independence Day In India, Independence Day is observed on the 15th August every year, because on the said day of 1947, India won her freedom from the British rule after about 200 years. It is a red-lettered day, on which the schools and govern ­ment and private offices remain closed. Early in the morning, the young students sing in chorus the national anthem in accompaniment of flute and drum marching together in processions in the streets. National flags are hoisted in the houses, schools, colleges, and offices. Teachers and leaders assemble in a public place to give their patriotic speeches to the people, promising to save the sovereignty and integrity of our vast country. The great sac ­rifice of great Indian leaders who dedicated their valuable lives for the cause-of the countrys freedom in the past, is reverently remembered. It is a great day for India. In Delhi Red Fort Parade Ground, millions of Indians from different parts of the coun ­try gather to listen to the annual speech of the Prime Minister. We will write a custom essay sample on Independence Day of India or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Many dignitaries at home and also from abroad attend the function. The tri-colour flag is unfurled by the Prime Minister with the national anthem sung vocally or played on musical instruments. A salute of 31 guns is fired, and from the sky, petals of red roses are showered from the army helicopters in the city streets. Large and coloured processions composed by the peo ­ple from different Indian States pass by the Red Fort in a dis ­ciplined manner. The charming march of the army personnels and also that of the school boys and girls who sing and dance as they march forward, are special attractions. It is, no doubt, a wonderful sight of true national spirit. Every Indian must take an oath on the Independence Day to remain loyal and patriotic and to save his beloved motherland from any outside attack or humiliation, even at the cost of his life. And we must also feel at heart that all the Indians are our brothers and sisters, and accordingly, we must love and respect them.