Case Study Analysis Ryanair The Low Fares Airline Management Essay

Case Study Analysis Ryanair The Low Fares Airline Management Essay The key objective of this report is to critically evaluate the strategy of Ryanair against the backdrop of the European air line industry and the bludgeoning Budget sector, in response to the challenges facing the Industry as a whole and Ryan air in particular also has evaluated the Ryan airs bid for fellow Irish carrier, Aer Lingus. This evaluation is done by using a strategic analysis of environment and the industry as well as the company, present strategic choices recommended new strategic initiatives and areas for improving strategy implementation using Macro-environment analysis, Industry analysis and Internal analysis. The analysis has been done by using significant theories such as PESTEL analysis, Porters five forces, Strategic group model, key success factors and value chain etc. knowledge on Ryanair. Through the Ryanair environmental analysis unproductive strategic decisions have been identified and finally suggest the recommendations to develop Ryanairs competitive gain in the future. (2.0) Introduction This document is based on the case provided; Ryanair the low-fairs Airline which was written by Eleanor OHiggins, University College Dublin, Republic of Ireland in 2007. Ryanair is Europes first and largest law fares airline which started 1985 by Ryan family. (Ryanair website) Its an Irish airline with head office in Dublin and its biggest operational base at London Stansted Airport in the UK (Ryanair Europes greenest airline n.d).Ryanairs has grown steadily to now in the most environmentally friendly way by investing in the latest aircraft and engine technologies which have reduced fuel burn and CO2 emissions and the implementation of certain operational and commercial decisions. According to the case the report has critically evaluated the strategy of Ryanair against the backdrop of the European air line industry and the bludgeoning Budget sector, in response to the challenges facing the Industry as a whole and Ryan air in particular also has evaluated the Ryan airs bid for fellow Irish carrier, Aer Lingus. For this evaluation as a member of the management consulting firm I have provided a strategic analysis of environment and the industry as well as the company, present strategic choices recommended new strategic initiatives and areas for improving strategy implementation using Macro-environment analysis, Industry analysis and Internal analysis from this document to the senior management team of Ryanair. The analysis of this report was done with the support of the provided case information, Ryanair website, industry related information from academic books, journals, websites, and other publicly available secondary data sources. (3.0) Overview of Ryanair Ryanair is a global airline which provides scheduled passenger airline services between Ireland and the United Kingdom. Starting in 1985 Ryanair followed the example of Southwest Airlines. It was set up with a share capital of just  £1 and a new staff base of 25. Since 1985 to now it has grown massively into one of the Europes largest low fare carrier. In 1990 the company suffered a  £20 million loss and was forced to completely restructure and a new management team was brought in headed by Michael OLeary who made major changes to the airline. Ryanair restructured itself and became a low-fares, no -frills carrier. After the next few years Ryan air significantly slashed its fares further and managed to open up many new routes. Today, Ryan Air has destinations in 26 countries with 950 routes. Also the headquartered in Dublin, employs about 4,200 people, operates with a fleet size of 120 Boeing 737-800, carries approximately 35 Mio passengers a year and had a turnover of 1,692.5 Mio in 2006 with a net profitability of about 10% (Mayor, 2007). Furthermore revenue has risen from à ¢Ã¢â‚¬Å¡Ã‚ ¬231 million in 1998 to à ¢Ã¢â‚¬Å¡Ã‚ ¬2,714 million in 2008 and net profits have increased from à ¢Ã¢â‚¬Å¡Ã‚ ¬48 million to à ¢Ã¢â‚¬Å¡Ã‚ ¬480 million, over the same period despite the worldwide recession and the high oil prices. (3.1) Vision Ryanairs CEO, Michael OLeary, has a vision of a world where the fare could drop to nothing as local communities would subsidize the airline to bring a steady traffic of business people and tourists to their region. (Ryanair Report, 1997) Mission Statement Ryanair will become Europeà ¢Ã¢â€š ¬Ã‚ ²s most profitable lowest cost airline by rolling out our proven `low-fare-no-frillsà ¢Ã¢â€š ¬Ã‚ ² service in all markets in which we operate, to the benefit of our passengers, people, and shareholders. (Mayor, 2007) Ryanair aims to offer low fares that generate increased passenger traffic with a continuous focus on cost-containment and operating efficiencies. Moreover Ryanair has main objective and other objectives to stay as the favorable and low cost airline in Europe. (Please Refer Appendix 01). Also refer Appendix 02 for financial analysis. (3.3) Critical Issues Though Ryanair has gone quite well all the way to now I have identified below critical problems through out the case. Major critical issues are; Negative public image due to aggressive CEO and unfriendly staff. Immature handling of sensitive issues such as criticizing politicians, disabled passengers Misleading advertisements and messy website. Unreasonable ancillary charges for example wheelchair charges, check in baggage charges, refund handling charges etc. Leadership issues (4.0) Environmental Analysis Environment has a great impact on functioning of any business. Environmental analysis is the process of monitoring the organizational environment to identify both present and future threats and opportunities that may influence the firms ability to reach its goals. (Certo Peter 1991). Its important to a business to adapt to the environment to be successful hence it needs to be analysis both internal and external environment. (4.1) External Environment Analysis Purpose of an external environment analysis is to identify or develop a finite list of opportunities that could benefit a firm and threats that could be avoided. Firms should be able to respond either offensively or defensively to the factors by formulating strategies that take advantage of external opportunities or that minimize the impact of potential threats. The external analysis can be divided into macro environment and industry analyses. (4.1.1) Macro Environment Analysis There are several influences of macro-environment on Ryanair within their operating countries. Political, Economical, Social, Technological, Environmental and Legal factors had created a considerable impact in macro environment on the performance in a company. This is known as PESTEL Analysis. Please Refer Appendix 03 (4.1.2) Industry Analysis Industry can be defined as a group of organization or business unit producing close substitutes (Fletcher 2003). The aim of this analysis is to assess the industry environment and answer the following questions. Whatre the forces within the industry which are determining the profitability of the industry? Howre the forces changing and expected to change overtime? How will those changes affect future profitability? For the analysis of Ryanair industry environment have used porters five forces model and Strategic group. Please refer the Appendix 04 05 (4.2) Internal Environment Analysis An internal analysis should be conducted in-order to identify the strengths and weaknesses of an organization. It also assist the firm to find-out its resources and capabilities in-order to utilize those resources to the best potential. The main objective of internal analysis for this case is to measure the Ryanairs resources in terms of other major competitors such as Easy jet and South West air lines. For the internal analysis have used value chain model and key successes factors. Please Refer Appendix 06. (4.2.1) Key successful Factors Key successful factors are some of the important factors which are necessary in business. It brings a comparative advantage to the business. It is highlighted that low-cost companies concentrate on offering the lowest prices as the first critical success factor. Although Ryanair had encountered different problems especially in line with its cost structures, the company had been able to survive and grow in the marketplace. They have implemented different marketing strategy to make the company survive in the competition and to gain a competitive position in the airline market.   Ryanair has recognised recently as the most punctual airline between Dublin and London and also recognised as the second largest airline in United Kingdom and Europes largest low-fares airline because of the strategy of it. Technology related Expertise in given industry technology Scientific technology expertise in airline industry Making Internet the primary base of distribution and marketing Distribution related Accurate filling of customers orders A strong network of communication via internet Low distribution cost Marketing related Fast, accurate technical assistance Courteous customer service Clever advertising Manufacturing related Access to adequate supplies of skilled labor A strong brand identity among the buyers Low cost marketing and distribution methods Skills related Superior work power talent Ability to develop new products and product improvements. Expertise in technology Organizational capability Superior information system Experiential top management SWOT Analysis The SWOT analysis given below is to help Ryanair to achieve their mission and objectives by capitalizing on opportunities using their strengths and reducing their weaknesses and threats. Strengths Ryanair is the 1st to launch low cost flights in Europe and has continuously maintained the low fare policy. They have a strong brand image and strong bargaining power in airport deals. Aggressive and Innovative leadership (CEO- Mr. Michael OLeary). Larger market share New fleets results in maximum aircraft utilization. Weaknesses Earn publicity through negative press reporting which affect brand image. Very poor customer relations which is damaging to the success. Low level of understanding for employees Misleading advertisements about ticket fares and destinations. In-flight mobile phones and gambling can deter some customers Opportunities Withdrawal of traditional companies from most of the less traffic intense point to point routes using regional airports. Industry growth in European air travel industry Being an fine choice of most of the market due to recession Threats Upper middle class economy travelers may seek greater value proposition than just low fares. Increasing Prices of Oil Markets and fluctuating currency issues Terrorism Impending legislations for environment protection. Recommendation. The whole analysis has summarized both pluses and minuses in the company. Through examining the Treats and weaknesses the following recommendation could be illustrates. Following strategies can be used to decrease the weaknesses and avoid threats of the company and improve its competitive upgrading. Total Quality Management The low cost strategy has hided the quality of the service. To attract and retain the customers Ryanair has to follow an effective total quality management process. Efficient total quality management values could make a great difference in the service quality. It will not only enhance the quality but also it will increase the productivity. Thus effective quality management will make the brand identity stronger and make a more brand loyalty with in customer base. Competitors Competitors like easyJet, Air Berlin, Basic Air are catering to the value market division and have established slots at some main airports and providing basic cost effective services. Later acquiring the Aer Lingus would increase Ryanairs showings in stock market and faster growth in to the value oriented market segments. Therefore Ryanair need to be more concern about the low price strategy. Customer Relationship Management In the service sector what is important is the satisfaction of the customers. Due to poor facilities and ancillary services Ryanair has lost their customer relationship. Therefore, a strong CRM strategy should be implemented to minimize the weaknesses of the company. Apart from the CRM strategies Ryanair could move on to CSR projects to draw the corporate position to the organization. (7.0) Conclusion Ryanair is the most favorable low fare airline in the Europe and with this they have been successful all the way so far. But now I can conclude from the above analysis that Ryanair have to develop a successful strategy not for only winning the low fare strategy but gaining a stable position in the value segment and in new non-European markets. References Barrett, S., (2000), Journal of air transportation of Transport Management Vol.6, pp. 13-27 (Butterworth-Heinemann; Oxford) David, F. R. (2005). Strategic Management (10th Ed.). NJ:Prentice hall Fletcher, J. (2003). Strategic Management à Ã‚ ¨ study guide and plan. Edith Cowan University. Lynch, R. (2003), Corporate Strategy, 3rd ed., Prentice Hall Financial Times Mayer, S. (2007). Ryanair and its low cost flights in Europe. University of the Sunshine Coast Queensland (Business Faculty). Retrieved April 23, 2010, from http://www.grin.com/e-book/87815/ryanair-and-its-low-cost-flights-in-europe Paul, V. (2007). French Accent Ryanair Slow on Emotion, Retrieved from April 27, 2010, from http://www.brandchannel.com/brand_speak.asp?bs_id=72 Ryanair case study analysis (2009), Retrieved from April 27, 2010, from http://ivythesis.typepad.com/term_paper_topics/2009/04/case-study-analysis-ryanair.html Ryanair and its low cost flights in Europe (2007), Retrieved from April 28, 2010, from http://www.grin.com/e-book/87815/ryanair-and-its-low-cost-flights-in-europe Ryanair Europes greenest airline. (2006). Retrieved from April 28, 2010, from http://www.ryanair.com/en/about/ryanair-and-the-environment (9.0) APPENDIX Appendix 01 Ryanair main objective is to: Offer the lowest fares at all time on all routes: Ryanair main objective is to establish itself as Europes leading low-fares scheduled passenger airline through continued improvements and expanding offerings of its low-fares service. Ryanair other objectives are to; Continue to find ways of reducing costs Though Ryanair has the lowest cost base of any of its competitors Ryanair can continue to lower its cost base as it grows even if at a slower pace. Ryanair 100% online Ryanair expect continuing to use the internet as its primary point of sale and over the next 5 years the aim is to have 100% of bookings via the internet so as to reduce the costly call centers. Increase the Frequency of Existing Routes On the moment Ryanair have an average of 3.88 flights per day per route. This figure, compared to Easyjet and traditional carriers, is very low. It means that Ryanair is losing out on business passengers who need more flexible timetables. If Ryanair can enhance the frequency on some of their routes they possibly will effectively steal some of the passengers from the traditional carriers thus increasing market share. Open New Routes in Europe There are many possible routes still un-served by low-cost carriers. Ryanair can also open routes where the competition is a more expensive for traditional carrier while attracting customers with the cheaper, no-frills option. Develop Its Smaller Continental Operating Bases Ryanair must look to other operating bases to expand their network. Although there is not the same demand outside there is still sufficient demand to make a considerable profit. Source: http://webcache.googleusercontent.com/search?q=cache:FfQQcO538yAJ:solvay.ulb.ac.be/cours/alle/BuspPresRyanair04.pdf+http://solvay.ulb.ac.be/cours/alle/BuspPresRyanair04.pdfHYPERLINK http://webcache.googleusercontent.com/search?q=cache:FfQQcO538yAJ:solvay.ulb.ac.be/cours/alle/BuspPresRyanair04.pdf+http://solvay.ulb.ac.be/cours/alle/BuspPresRyanair04.pdfcd=1hl=enct=clnkgl=lkHYPERLINK http://webcache.googleusercontent.com/search?q=cache:FfQQcO538yAJ:solvay.ulb.ac.be/cours/alle/BuspPresRyanair04.pdf+http://solvay.ulb.ac.be/cours/alle/BuspPresRyanair04.pdfcd=1hl=enct=clnkgl=lkcd=1HYPERLINK http://webcache.googleusercontent.com/search?q=cache:FfQQcO538yAJ:solvay.ulb.ac.be/cours/alle/BuspPresRyanair04.pdf+http://solvay.ulb.ac.be/cours/alle/BuspPresRyanair04.pdfcd=1hl=enct=clnkgl=lkHYPERLINK http://webcache.googleusercontent.com/search?q=cache:FfQQcO538yAJ:solvay.ulb.ac.be/cours/alle/BuspPresRyanair04.pdf+http://solvay.ulb.ac.be/cours/alle/BuspPresRyanair04.pdfcd=1hl=enct=clnkgl=lkhl =enHYPERLINK http://webcache.googleusercontent.com/search?q=cache:FfQQcO538yAJ:solvay.ulb.ac.be/cours/alle/BuspPresRyanair04.pdf+http://solvay.ulb.ac.be/cours/alle/BuspPresRyanair04.pdfcd=1hl=enct=clnkgl=lkHYPERLINK http://webcache.googleusercontent.com/search?q=cache:FfQQcO538yAJ:solvay.ulb.ac.be/cours/alle/BuspPresRyanair04.pdf+http://solvay.ulb.ac.be/cours/alle/BuspPresRyanair04.pdfcd=1hl=enct=clnkgl=lkct=clnkHYPERLINK http://webcache.googleusercontent.com/search?q=cache:FfQQcO538yAJ:solvay.ulb.ac.be/cours/alle/BuspPresRyanair04.pdf+http://solvay.ulb.ac.be/cours/alle/BuspPresRyanair04.pdfcd=1hl=enct=clnkgl=lkHYPERLINK http://webcache.googleusercontent.com/search?q=cache:FfQQcO538yAJ:solvay.ulb.ac.be/cours/alle/BuspPresRyanair04.pdf+http://solvay.ulb.ac.be/cours/alle/BuspPresRyanair04.pdfcd=1hl=enct=clnkgl=lkgl=lk) Appendix 02 Financial Analysis Appendix 03 PESTEL ANALYSIS Political In political factor focused on Government stability, Taxation policy, foreign trade regulations and Social welfare policies but in the Ryanair case according to the provided information affected to; Increase of route charge by the government In 2006, airport and handling charges increased by 21%, slower than the growth in passenger numbers, reflecting a net reduction in costs from deals at new airports and bases despite increased costs at certain existing airports such as Stansted. Increase in trade union pressure Some of the countries in Europe have formed a trade-union among each others and due to this it gives the pressure for Ryanair to do business in these countries. Furthermore the Europe Union (EU) has expanded in the past few years and it is a big factor that affects the direction and strategy planning for Ryanair. Government passed The law for carbon emission to aviation industry to compensate further taxes Ryanair replaced its fleet of old aircraft with new more environmental friendly aircraft. The newer aircraft produced 50% less emissions, 45%less fuel burn and 45% lower noise emissions per seat. UK government put on compulsory security measures and restrictions due to terrorism attacks on airlines in August 2006, UK authorities imposed severe security measures at all airports in the face of an alleged imminent terrorist plot to attack up to 10 aircraft on transatlantic routes. Economical According to the Fletcher, 2003; The health of a nations economy affects the performance of individual firms and industries. The economic environment refers to the nature and direction of the economy in which a firm competes or may compete (Fletcher, 2003, M.3, P. 4) Economical Analysis consists of GDP, Price fluctuations, unemployment trends, depreciation of U.S dollars, interest rates and economies of scale etc. In Ryanair case they have affected by; High price ceiling of petroleum products and fuels From 2005 fuel prices are increased and Ryanairs fuel costs represented 35% of operating costs in 2006 compared with 27% the year before. Energy and fuel costs are cause of uncertainty Also jet fuel cost fluctuations are unpredictable and not controllable. Social The socio-cultural environment represents the set of values, ideals and other characteristics that distinguish members of one group from those of another according to the Fletcher, 2003, M. 3, P. 3). Organizations need to be aware of these factors because they can straightly affect the way the organizations manage the operations, more importantly human resources and marketing. Change in the mode of travelling due to the terrorist attacks Because of the terrorists attacks there was a treat that passengers would choose other forms of transport such as trains rather than facing to the inconvenience and expense of checking in luggage and extra time spent in airport security queues. Increase in travelling life style and flying patterns. Technology Many new advances in technologies can affect the way businesses are competing. Technological developments represent a real opportunity for the skillful people who can understand and apply them appropriately. It also helpful to reduce its costs effectively and furthermore can maintain good relationship with customers. Technological analysis consists of new communication technologies, product innovations, new product development and application of knowledge etc. Related to the Ryanair occurred; Technological expansion Ryanair has introduced new technological environmental friendly airlines in order to make profits High fuel efficiency, less noise pollution and lessening of carbon pollution using Boeing 737 planes Ryanair tries to reduce pollution. Web sales/services Ryanair tries completely to do online check-in in the future. Environment This consists of changes in environment that can impact on industries such as tourism and farming etc. nowadays more and more people are concerned about global warming and green house gas effects. According to the case Ryanair affect environment by; Contributing Global warming though Ryanair contribute to the global warming up to some certain they have introduced new aircrafts that reduce fuel burn in 45%. Noise level controls Also they have lower the noise emission in 45% in their new aircrafts. Legal Legal analysis consists of competition law, health and safety, employment law and product safety. As in the case Ryanair affected by; Allegations of misleading advertisement Ryanair accused it of misleading passengers on its website by exaggerating the prices of its competitors in making comparisons. Safety measures; pilots and passengers In July 2006 the Irish high court found out that Ryanair had bullied pilots and forced them to agree to a new contract, pilots had to pay à ¢Ã¢â‚¬Å¡Ã‚ ¬ 15000 for retraining on a new aircraft if they left the airline. In 2006 pilots of Ryanair lodged a pay claim stating that there is significant difference in take home pay between Ryanair and Aer Lingus pilots it also claimed that training pilots were working for nothing. Also the case says Ryanair has charged more money for the insurance than its actual amount. Appendix 04 Porters Five Forces Model. This five forces model is developed by Michael Porter and it described five forces which are Bargaining power of Suppliers, Bargaining power of customers, New entrants, Threat of Substitutes and Competitive Rivalry. These forces have analyzed below according to the Ryanair. Source: http://notesdesk.com/wp-content/uploads/2009/04/porters-five-forces-model.jpg Bargaining Power of Suppliers Aircraft Suppliers Boeing is Ryanairs main supplier. There are only 2 possible suppliers of planes. They are Boeing and Airbus. Fuel Suppliers Price of aviation fuel is straightly related to the cost of oil (Ryanair controls these through hedging Regional and Bigger Airports Regional Airports have little bargaining power as they are heavily dependent on one Airline. Bigger airports, where Ryanairs competitors operate, have greater bargaining power. Ryanairs policy is to try and avoid these airports. Bargaining Power of Customers Low price Customers are price sensitive and they know about the low cost of supplying the service from Ryanair. Distribution power of travel agents was decreasing as prospects used to book tickets from internet or through direct booking. So it was a threat to travel agents, so they employed to offer complete travel solutions to customers. Direct bookings on the Ryanair website has meant that there have been savings in the region of 42.6% in marketing and distribution costs. New Entrants Some barriers to entry there are some regulations when entering to the European countries. High capital investment at the beginning of the new airlines need big financials otherwise there is a threat of losing money. Restricted slot availability makes it more difficult to find suitable airports European countries have many landing slots that were reserved or used by national carriers. Also for new entrants have a need for low cost bases. Threat of Substitutes Other modes of transport the treat of substitutes to the airline industry comes in three main forms. These are road, rail and boat service. Of these, rail would seem to suggest the maximum threat because, certainly around Europe, it offers a brilliant continental service around the main cities that Ryanair fly to. No switching costs for the customer there is no switching cost when changing the traveling mode and there is no close relationship between customers. Competitive Rivalry Most cost advantages can be copied immediately However if any company does choose to race on the same basis as Ryanair there will be heavy pressure on prices, margins and hence on profitability Low frills and low price Ryanair has a benefit over other airlines because their policy of bundling low frills and low prices together means that they are competing for the more price responsive customer. Appendix 05 Strategic Group Model Strategic group is a group of firms in an industry following the same or a similar strategy along the same strategic dimensions. (Fletcher 2003) It consists of competitors competes with similar strategic dimensions such as product, quality, target market, geographical area. Firms are competing directly with the aligned strategic groups as they hold same strategic scope. (Porter 1980) The below graph represent the strategic group analysis for the airline industry. The grouping has been done accordance to the dimensions of quality and price. 1st strategic group This is the basic strategic dimensions of this strategic group and Ryanair provides low cost fares with no frills. Ryanairs major competitor in this strategic group is Easy jet as they contain a similar resource promise in the industry. 2nd strategic group These companies targets the middle class hence they offer fares for a moderate cost and the service contain reasonable quality. The major players in this strategic group are Ethihad, Thai, Qatar and Kuwait air ways. 3rd strategic group: Emirates, British airways and Singapore airways generally targets the high end people. They provide a luxuries service with a high pricing system. According to the Strategic group Model Identifying Strategic group layers would enhance the understanding about the direct competitors, Different bases of competitive rivalry within the strategic group and also the threats and opportunities could be examined very clearly as it narrow downs the major players in the same category.

The Botany of Desire

America. He also explains how human manipulation of the plant has weakened it, so that â€Å"modern apples require more pesticide than any other food crop. † I think the most standing out argument in this chapter is John Chapman insisted planting the apples from seeds although the fruit will taste bitter rather than sweet. He wanted to preserve the apple's wildness. This phenomenon led to the apple wine is permeated in the most American families.However, some apple trees were planted by grafting buds onto young tree stalk to satisfy people's desire for sweetness. The intended audience of the book is people who study in biology and environmental, or anyone wish to learn about how to view the world by using a plant's eye and what is the role of plants in our lives. The author's purpose Is to inform the domestication of the apple and entertain people by using a plant's eye to view the world.In addition, the author persuade grower don't plant the apple only to satisfy the people's desire of sweetness because stripped of the genetic diversity plants rely on to survive disease, the relatively few popular apple varieties grown in monoculture have become increasingly vulnerable to Insects, bacteria and viruses. Furthermore, according to this chapter, â€Å"The next best world, though, Is the one that preserves the quality of wildness itself, It only because It Is upon wildness-of all This opinion Indicates the author don't support the artificial modify.However, he changes his tone. He thinks If there Is no civilization without wildness. He considers the complex relationships between human and natural. The author combines literary, historical, and scientific references to attract audience to ponder, Is the human domesticate nature or contrary. In Pollen's writing, he supports that man and nature will use of each other. The Botany of Desire By Laughing of plants in our lives. The author's purpose is to inform the domestication of the increasingly vulnerable to in sects, bacteria and viruses.Furthermore, according to this chapter, â€Å"The next best world, though, is the one that preserves the quality of wildness itself, it only because it is upon wildness-of all things†(Pollen). This opinion indicates the author don't support the artificial modify. However, he changes his tone. He thinks if there is no civilization without wildness. He considers the complex and scientific references to attract audience to ponder, is the human domesticate

Candide by Voltaire and Essay on Man by Alexander Pope

In the book Candide, by Voltaire and in the â€Å"Essay On Man† by Alexander Pope, both authors write about similar ideas. However, they also have some drastic differences, such as Voltaires sarcastic over exaggeration of ideas that oppose his to make a point. Both Voltaire and Pope make conflicting arguments for a general ideology but Voltaire depicts in opinion much stronger. In the Essay on Man, Pope brings up many theories about the universe, Earth, and The Great Chain of Being. One of the most significant ideas he brings up is the idea that â€Å"All partial evil, (is) universal good†(293). What Pope is trying to say here is that perhaps the suffering of a few benefits everyone in the long run. However, the true meaning of this quote isnt extremely clear to the eye from the reading, and leaves the readers mind open. Another one of Popes ideas is the great chain of being, and everythings position on it. He believes it is a law of the world and that breaking it would be nearly impossible. He states that: â€Å"Men would be angels, angels would be gods. Aspiring to be gods, if angels fell, Aspiring to be angels, men rebel: And who but wishes to invert the laws Of order, sins against the Eternal Cause†(125-130). Pope is essentially saying that if anyone breaks, or tries to break the great chain of being, they are committing a sin against the â€Å"Eternal Cause†, or the cause of God. Also, he is saying that all parts of the chain are necessary. If angels didn’t exist, men would try toShow MoreRelatedAn Essay on Man vs. Candide795 Words   |  4 Pagesï » ¿An Essay on Man vs. Candide During the period of Enlightenment, many philosophers began a new way of thinking. For philosopher Alexander Pope in An Essay on Man, Pope believed that, â€Å"Whatever is, is right† (L. 294), in that God is in control and every human being is a part of a greater design of God. Voltaire later challenged that belief in Candide with the idea that God does not produce order, but instead, we must produce it ourselves and use reason to give our lives meaning. Pope’s positionRead MoreCompare and Contrast Happines in Candide, Rasselas, Essay on Man1496 Words   |  6 Pagesand put in their two cents of their views on the matter of happiness. Alexander Pope talks about the relationship and purpose man has to the universe in An Essay on Man, Voltaire wrote about living in blind optimism with a false notion of happiness in Candide, and Samuel Johnson wrote The History of Rasselas, Prince of Abyssinia, in which the main characters are on a quest to find happiness. Alexander Pope’s, An Essay on Man, tries to answer the question many have had about happiness and how toRead MoreDifferent Viewpoints on Human Nature Essay520 Words   |  3 Pagesgreater detail than Candide, The Prince, and Essay on Man. Voltaire, Niccolo Machiavelli, and Alexander Pope, who wrote these three works respectively, concur with each other on many view points. But it is their differences that make the works unique. Voltaire wrote Candide in 1759 during the period known as the Enlightenment. It is a story that has a deeper symbolic meaning about life and human nature. At face value it seems to be an optimistic tale that speaks highly of man. But when looked atRead Morecompare and contrast aphra Bhens Oroonoko the royal slave and candide, or optimism1618 Words   |  7 PagesWRITE AN ESSAY OF 1,500 WORDS IN WHICH YOU COMPARE AND CONTRAST THE TWO PASSAGES BELOW, TAKEN FROM BEHNS _OROONOKO_ OR THE ROYAL SLAVE AND VOLTAIRES _CANDIDE_, OR OPTIMISM. IN YOUR DISCUSSION PAY PARTICULAR ATTENTION TO THE WAYS IN WHICH THE CONTEXTS OF EUROPEAN COLONISATION AND EXPLORATION INFORM THE TWO PASSAGES. Aphra Bhen was a prolific female playwright and author during the restoration period of English history. Bhen herself stood by the power of the monarchy. Her book _Oroonoko_Read MoreVoltaires Criticism of Leibniz Essay4061 Words   |  17 Pages(Johnson was discussing rationalism at the time). Voltaires response to Leibniz is similar to Johnsons: Go out and look at the world, Voltaire tells us over and over in Candide. Candide, often considered to be Voltaires masterpiece, tells the story of a naà ¯ve (or candid, from which he gets his name) young man who grows up in the German province of Westphalia. Candide grows to be, in his own opinion, wise under the tutelage of the learned and traveled Doctor Pangloss. Pangloss may be intended as aRead MoreCompare Candide and Tartuffe5528 Words   |  23 Pagescharacters, which satirized the Neo-Classic belief system.     Ã‚   In  Candide, Voltaires approach is called black comedy. Many devastating factors play into the characters lives that causes the reader to be amused in a cynical way in order to guard their inner feelings. He challenges society as a whole by the way he implements real life occurrences into his writing and makes them come alive. This becomes evident when Dr. Pangloss told Candide what came of Cunegonde at the castle of Westphalia after he left

Hw1 Solution Essay - 1317 Words

Econ3101 - Section 006 Intermediate Microeconomics Xavier Vinyals-Mirabent Due: Wednesday, February 1st, 2012. Solutions to Homework 1. 1 1. A consumer has preferences for two goods. Her preferences satisfy Axioms 1 through 4 as discussed in class. A v D v 10 E v 5 C v B v 0 0 5 (a) Plot and label the following bundles: A (2,10) B (6,2) C (0,4) D (8,10) E (4,6) (b) Assume A is indiï ¬â‚¬erent to B (A ∠¼ B). On a single line, list all the bundles in descending order of preference using ( ) to denote strict preference and (∠¼) to denote indiï ¬â‚¬erence between adjacent pairs. In other words, use the form: A B C D E Answer: D E A∠¼B C, or D E B∠¼A C. 10 2 2. Consider an economic agent who has preferences that are represented†¦show more content†¦Figure 1: Jeremy Bentham 100  ¨  ¨Ã‚ ¨  ¨ 75 50 25 0  ¨  ¨Ã‚ ¨ s d  ¨  ¨Ã‚ ¨ d  ¨  ¨Ã‚ ¨ d ¨  ¨  ¨Ã‚ ¨  ¨ d  ¨  ¨Ã‚ ¨  ¨Ã‚ ¨ d  ¨Ã‚ ¨  ¨  ¨  ¨Ã‚ ¨  ¨d  ¨  ¨Ã‚ ¨ d  ¨Ã‚ ¨  ¨Ã‚ ¨  ¨ d ¨  ¨  ¨Ã‚ ¨  ¨Ã‚ ¨  ¨Ã‚ ¨ d  ¨Ã‚ ¨  ¨Ã‚ ¨  ¨ d  ¨  ¨  ¨  ¨Ã‚ ¨ d  ¨  ¨Ã‚ ¨ d  ¨  ¨  ¨  ¨  ¨Ã‚ ¨  ¨  ¨Ã‚ ¨  ¨Ã‚ ¨  ¨Ã‚ ¨  ¨  ¨  ¨Ã‚ ¨ 0 25 50 75 100 Figure 2: John Stuart Mill 100 r r r 75 50 25 0 rr r rr r r rr rr rr r rr rr r r rr r rr r rr r rr rr r rr rr r r rr r r r r rr  © r rr r rr r r rr r rr rr rr rr rr r rr r 0 25 50 75 100 8 6. I’ve been told I have odd tastes. I thought about this and realized that: †¢ If I have more Y than X, then I always trade 5 Y for one X. †¢ If I have more X than Y, then every time I give up one Y, I require 5 X to remain indiï ¬â‚¬erent after the exchange. (a) Plot and label the following bundles and then graph my indiï ¬â‚¬erence curves through each of these points. A = (10,50) B = (50,50) C = (65,5) (b) Please tell me the value of my: Marginal Rate of Substitution at point A =5 Marginal Rate of Substitution at point C =1/5 100 h hh h h h h hh h h hh h hh h hh h hh h hh h hh h hh h hh h hh h h hr A B r hÂâ€"Ââ€" Ââ€"Ââ€"Ââ€" hh Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" hh Ââ€"Ââ€"Ââ€" Ââ€" hh hh hh hh hh hh hh hÂâ€" Ââ€" hÂâ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" C r Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€" Ââ€" Ââ€" 75 50 25 0 0 25 50 75 100 9 7. Britney S. has a divided mind. Her preferences change drastically according to how much X andShow MoreRelatedComp3511 Hw1 Solution1136 Words   |  5 PagesFall 2011 COMP 3511 Homework Assignment #1 Solution Handout Date: Sept. 22, 2011 Due Date: Oct. 6, 2011 Name: ______________ ID: ___________________ E-Mail: _____________ COMP 3511 L __ Please read the following instructions carefully before answering the questions: ï  ¬ You should finish the homework assignment individually. ï  ¬ There are a total of 4 questions. ï  ¬ When you write your answers, please try to be precise and concise. ï  ¬ Fill in your name, student ID, email and Section number at the topRead MoreSP15 SCM 305 Syllabus1256 Words   |  6 Pageshomework is assigned. Copies of homework solutions will be placed in the Help Room (103E SUM) and on Blackboard. No late homework submission will be accepted after the solutions are made available. All homework assignments shall be submitted in class. Do not submit your homework on blackboard! Grading for each homework assignment will be based on 3 points for procedure (as indicated above), 2 points for clarity, and 15 points for the analysis and solutions. If you have questions concerning your homeworkRead MoreQuestions On Advanced Discrete Math And Algorithms1916 Words   |  8 PagesFall 2016 Homework 1 Solutions Author: Aditeya Pandey, Collaborators: Micha Schwab,Supraja Krishnan †¢ Problems 1-3 are meant as a review of undergraduate discrete math and algorithms. They shouldn’t take you too long, but I recommend starting these right away to make sure that you have the appropriate background for this course. †¢ You must type your solutions using L A TEX. Please submit both the source and PDF files using the naming conventions lastname hw1.tex and lastname hw1.pdf. †¢ Strive for clarityRead MoreInvestment Analysis Course4863 Words   |  20 Pagesand Review Exam 1 Risk and Return Risk and Return Efficient diversification Efficient diversification CAPM and APT 1, 2, 3, 4, 9 5 5 6 6 7 HW 4 due Excel case 1 due 4 HW 3 due Chapter Homework and Excel cases (required) 1 2 2 3 3 9 9 9 4 HW2 due HW1 due 11/10/11 11/15/11 11/17/11 11/22/11 11/24/11 11/29/11 12/01/11 12/06/11 12/08/11 12/13/11 12/15/10 CAPM and APT Efficient markets Wrap up and Review Exam 2 Thanksgiving (no class) Equity valuation Equity valuation Macroeconomics and industry

Bob Marley’s Spiritual Rhetoric, the Spread of Jamaican...

Bob Marley’s Spiritual Rhetoric, the Spread of Jamaican Culture and Rastafarianism By Mark Haner Senior Seminar: Hst 499 Professor John L. Rector Western Oregon University June 16, 2007 Readers Professor John L. Rector Professor Kimberly Jensen Copyright  © Mark Haner, 2007 The spread of Jamaican culture and Rastafarianism can be accredited to many events and technical advances in communication. Bob Marley is one of the main influences the spread of Jamaican culture and Rastafarianism due to the lyrical rhetoric used in his popular music. Growing up as an impoverished youth, Marley struggled to create a music career where his voice as well as others could be heard globally. Bob Marley’s lyrics contributed to the†¦show more content†¦Gilroy defines Marley calling him the greatest man in reggae music and the greatest leader and proponent of the spread of the Rasta religion. This article poses Marley â€Å"as an icon for the struggle for justice, peace and human rights† 5 not just another musician or pop icon. Although opposed to many established governmental policies, Marley was not an anti-establishment advocate. He was an individual that believed governments and everyday people, such as those who may not be involved in politics, needed to look out for their fellow humans and treat all people equally regardless of ethnicity and income. Marley used his music to bring many social issues to the forefront that had previously been suppressed. Many of these issues were not suppressed because of their nature, but because of the lack of influence Jamaica had on the world. The country of Jamaica is highly dependant on tourism and agricultural exports such as raw sugar. By-products of the raw sugar production are molasses and rum. Due to these limited industries, most citizens of Jamaica are of the working class and this 4 Gilroy, Paul. â€Å"Could You Be Loved? Bob Marley, Anti-Politics and Universal Sufferation.† Critical Quarterly 47.1/(Spring 2005): 226-245. 5 Gilroy, 232. 5 creates a service and now, product-based economy typical of the developing world. Marley focuses on the situations he experienced both in hisShow MoreRelated Discontent Expressed through Blues, Jazz, Reggae, and Hip-hop5489 Words   |  22 PagesDiscontent Expressed through Blues, Jazz, Reggae, and Hip-hop In cultures all over the world, music can be seen encompassing many aspects of life for many individuals. It is a form of mass communication thatspeaks directly to society as a cultural form, and often reflects a collection and pattern of personal experiences (King 19). Music is so influential because it communicates on three different levels: the physical, emotional, and cognitive. Not only does it operate in a nondiscursive way, byRead MoreRastafarian79520 Words   |  319 PagesRastafari This page intentionally left blank Rastafari From Outcasts to Culture Bearers Ennis Barrington Edmonds 2003 198 Madison Avenue, New York, New York 10016 Oxford University Press is a department of the University of Oxford It furthers the Universitys objective of excellence in research, scholarship, and education by publishing worldwide in Oxford New York Auckland Bangkok Buenos Aires Cape Town Chennai Dar es Salaam Delhi Hong Kong Istanbul Karachi Kolkata Kuala

Discuss the Disruption of Biological Rhythms Free Essays

Discuss the disruption of biological rhythms 24m One example of disruption of biological rhythms is due to shift work and shift lag. This disrupts your sleeping pattern because it means you are required to be alert at night, so need to sleep during the day. This reverses and disrupts your circadian rhythm, becoming desynchronised where it is no longer entrained by EZ’s. We will write a custom essay sample on Discuss the Disruption of Biological Rhythms or any similar topic only for you Order Now There are many consequences of desynchronisation such as sleep deprivation. Shift workers find it hard to sleep during the day because of the EZ’s such as light and sound disturbances that keep you awake. This means shift workers find it even more difficult to stay awake at night time because they have had a poor quality daytime sleep. This then affects their alertness. Night workers often experience a circadian ‘trough’ of decreased alertness during their shifts. For example Boivin found that cortisol levels are at their lowest between 12 and 4am, which is the primetime a night worker, would be working. This means they have low alertness and decreases the efficiency of their job. There are also many effects on health due to shift work. A significant relationship has been found between shift work and organ disease. For example, Knutsson found that people who worked shift work for more than 15 years were likely to develop heart disease than a non-shift worker. This may be due to the direct effect of desynchronisation in the circadian rhythm. Jet lag is another example of how biological rhythms can be adjusted, but their effects are found to temporary, as travelling happens once in a while, whereas shift work may be somebody’s job which they have to be doing constantly every day. However, our biological rhythms are not equipped to cope with sudden and large changes in our rhythms. It has been found that they need approx. 1 day to adjust as each time zone is crossed. This is because the dorsal portion of the SCN needs several cycles to fully resynchronise, as it is less sensitive to light. When the dorsal portion of the SCN is adjusting we experience disruption in the form of jet lag. It has been found that it is easier to fly from east to west, as you need to stay up later, so your biological rhythms can adjust by you getting more sleep in the morning, whereas west to east you must wake up earlier so is harder to adjust. This can be demonstrated in a study where an American baseball team who travelled west to east saw their wins drop 37% due to phase advance where they have to get up earlier in the morning, causing a reduction in their overall performance. There are many real world applications that have derived from the effects of shift work and jet lag, enabling people to live alongside these disruptions in their biological rhythms. These are mainly targeted at shift work. It has been found that lorry drivers are prone to falling asleep at the wheel on night shifts. Legislation has been put in place to prevent this from happening. They now have a monitor in the cars that produce a sound telling the driver when they should have a nap to ensure they are not sleep deprived and avoid accidents from occurring. It has also been found that people should have bright lights at their work on a night shift to act as an EZ overriding the endogenous pacemakers. This could be supported by Gronfier’s study which found circadian rhythms were able to be entrained longer than 24 hours by using bright light pulses known as modulated light exposure. However, Boivin found that artificial lighting is only moderately effective in overriding the rhythm. Dim lighting which is mainly used in places such as hospitals failed to keep participants awake. This may be because the pineal gland is detecting an absence of light meaning melatonin is being produced which induces sleep. Therefore, in response to this research nurses who work in hospitals should have bright lights around the workplace to keep them awake. Melatonin has been found to be a ‘miracle cure’ for shift lag and jet lag. This is the hormone that induces sleep. This means that people experiencing sleep disruption can take melatonin tablets in order to sleep during the day or when they have finished their shift. This is supported by Herxheimer and Petrie who found when melatonin was taken near to bed time it was very effective. However, if melatonin was taken at the wrong time of day it could delay their adaptation to changing sleep patterns. However, these two explanations and examples of sleep disruption may be reductionist as it fails to ignore other factors that may disrupt the person’s sleep patterns. The lack of sleep may be associated with them having to go to bed at unusual times. This may lead to the person experiencing social disruption as they find it difficult to meet with their friends or spend time with their family. This may lead to high cortisol levels as they are stressed with the lack of social interaction. High cortisol levels may be intervening with their sleep quality making them sleep deprived. Therefore, there are other intervening factors other than going to bed in the daytime. This can also be displayed in jet lag, where social customs are involved in entraining the biological rhythms. When you are travelling you are encouraged to eat and sleep at the same time as the country you are in. This could also help reduce symptoms of jet lag such as nausea. Timing of meals can re set the biological clock in the liver. Eating at the same increases enzyme production at the right time for digestion and avoids stomach upset leading the nausea. Therefore, social customs are an important factor to consider in the effects of sleep disruption and how they play a major role. The effects of disruption of circadian rhythms can vary considerably between different individuals. Some people may have circadian rhythms that try to adjust and change in response to shift work or jet lag, or other people’s circadian rhythms which don’t change at all. Reinberg found that people who gave up shift work because they couldn’t cope had constantly changing rhythms, whereas ‘happy shift workers’ had rhythms that didn’t change at all. This suggests that it may not be the shift work itself that is causing the sleep deprivation; it may be due to individual’s circadian rhythm and its ability to adjust or cope in different rhythms. Therefore, people’s who’s rhythms changed constantly may have experienced imbalance in neurotransmitters or raised cortisol levels from stress, meaning they experienced sleep deprivation. It would have to be asked whether shift work and jet lap is a disruption in biological rhythms for every individual, or whether some people are able to cope without the rhythm trying to adapt at all. How to cite Discuss the Disruption of Biological Rhythms, Papers

Capital Budgeting Techniques Outlook Italy â€Myassignmenthelp.Com

Question: Discuss About The Capital Budgeting Techniques Outlook Italy? Answer: Introduction Capital budgeting practice is considered to be one of the important inputs in investment process of making decision getting onto the investment projects management. A precise good analysis, evaluating, scrutiny, monitoring, and implementation of such investments or project could produce the expected outcomes for the shareholders. According to Ghahremani, Aghaie, and Abedzadeh (2012), the capital budgeting practice aspects are used to make the decision for investment in order to increase the value of the shareholders. Capital budgeting is mainly concerned with substantial investment in long-term assets because these particular assets may be tangible like plants, properties, and equipment or can also be intangible like research and development, design, new technology, trademark and patent rights. This assignment attempts to explain how management could use sensitivity, scenario, breakeven and simulation techniques in relation to the aspect of capital budgeting. Capital budgeting basically comprises of diverse techniques utilized by company executives such as; This is a capital budgeting that refers to a length of time that it takes for an investor to recover back the initial amount invested in a project or a property (Ahmed, 2013). Since payback period is considered to be a traditional method of budgeting, managers usually employ this particular method when determining the length of time that an investment will pay back the capital invested. This is the rate of interest at which the NPV of the cash flows that is either negative or positive from a project or venture equals to zero. Internal Rate of Return (IRR) is utilized to assess the project effectiveness because if the IRR of a new investment surpasses a firm needed rate of return, then the project is appropriate (Maroyi, and Poll, 2012). The company should reject any project that its Internal Rate of Return (IRR) falls below the rate of return that is required company. According to Internal Rate of Return (IRR) concept, management usually employs this particular method so as to determine the effectiveness of the project because basically, IRR should be in excess of the return rate that is required for an invested project. The Net Present Value (NPV) is a financial accounting method that involves the discounting of all the cash flows and computing the present cash flows value at a given discounting rate usually called the cost of capital or the required rate of return. The initial cash outlay is then deducted present value so as to obtain the Net Present Value. (NPV = P.V Io). In case the project has a salvage value, the present cost of the salvage value should be added to the cost of the present value of the given cash flow (Daunfeldt, and Hartwig, 2014). This technique is important for managers because it considered the time value of money and is basically consistent with the aims of maximizing revenues for the owners. Profitability index is considered to be the proportion of the present cost of future cash flows of an investment to its initial project that is needed for the investment. This particular technique is usually used by the managers in determining the ratio of the future cash flow of a project at hand (Rossi, 2014). Basically, profitability index measures the present value of returns that is derived from per amount invested that will show the basic relationship between the cost and the benefits of the project. How all of those management decision making can be related to capital budgeting techniques Sensitivity Analysis is basically reffered to as the technique that is utilized to determine how different values of an independent variable might impact a specific dependent variable in a provided set of estimates (Ahmed, 2013). It is usually used in specific limits that will rely on more or one input variables like the impact that varies in rates of interest will contain on a price of a bond. Sensitivity Analysis helps in measuring the sensitivity of a decision to the changes in the variables of one or more parameters. This particular analysis is considered to be a way of examining changes in the projects Net Present Value for a provided variation in one of the variables. Sensitivity Analysis basically shows how profound the projects IRR or NPV are to the changes in a particular variable. The more sensitive is the Net Present Value, the more acute is the variable (Brunzell, Liljeblom, and Vaihekoski, 2013). Steps encompassed in Sensitivity Analysis usage Identify all the variables that have an impact on the investments NPV or IRR Define the fundamental correlation in the variables. Analyze the impact of the changes in each of the resultant variables on the investments Internal Rate of Return or Net Present Value. The maker of the decision while executing the aspect of Sensitivity Analysis considers the investments Internal Rate of Return or Net Present Value for each projection in three assumptions; optimistic, expected or pessimistic (Cooper, Cornick, and Redmon, 2011). Basically, sensitivity analysis allows asking what if questions. For instance, what is the Internal Rate of Return or Net Present Value if the volume decreases or increases? What is the IRR or NPV if the price decreases or increases? The technique has been proved to be static since it only analyzes one factor at a particular time that basically makes the managers rely on their personal judgment. Even though the technique is considered to be good, it may need managers to have more skills on how to carry out break-even analysis and correlation that may make it complex to be used in small and medium companies especially in the developing countries, and this hence makes the technique less applicable in less developed or developing nations (Rossi, 2014). Sensitivity Analysis helps an organization approximate what will occur to the projects if the estimates and assumptions turns out to be unpredictable since it often encompasses changing the estimates or the assumptions in a calculation in case the investments does not produce projected outcomes, so they can better analyze the venture before contemplating for investment. This aspect is useful to managers because they will have a clear perspective of a project before moving on to invest in the project. Scenario Analysis While sensitivity analysis is considered to be the most commonly utilized tool for accessing the risk of the project, the managers are usually interested in knowing how the project will behave if diverse variables change at the same time. Basically, scenario analysis is considered to be a tool that overcomes the limitation of the sensitivity analysis. It often measures the change in Net Present Value of the project under different scenarios, changing diverse variables at a time because of the interrelationship of variables among themselves. Scenario Analysis is the technique of analyzing probable future activities by considering possible different results (Burns, and Walker, 2015). Numerous scenarios are established in a scenario analysis to demonstrate probable future results, and it is basically used to produce a combination of an optimistic, pessimistic, and most probable scenarios. Scenario analysis commonly emphasizes on estimating the value of the portfolio that could decrease to, if an unfavorable activity of the worst case was realized. The first step in utilizing this particular technique is to determine the Internal Rate of Return or Net Present Value then identify all the possible errors of these particular cash flows and the investigate the major effect or impact of diverse assumptions on the Internal Rate of Return or Net Present Value. In reality, scenario analysis cannot be used to determine the project alone; it can also be utilized to supplement other evaluation techniques by identifying the factors that affect the cash flows of the project such that company managers or directors can consider them (Baker, and English, 2011). Scenario Analysis offers a means to evaluate the potential variability in a capital budgeting projects Net Present Value for managers. By carrying out a scenario analysis, an investor can basically produce a risk profile for a forecasted investment and build a basis for comparing prospective projects or investments that can enhance production. Break-Even Analysis Break Even Analysis focuses on the determination of minimum volume per revenue that would result in recovery of all expenses. As long as revenue results, the profit variation is considered an issue by the management because the main aim of the management is not to make any loss. Under Break Even Analysis, managers can make an assessment that regards probability of not attaining the Break Even level of sales. The lower the Break Even or further the expected level of operation from the Break Even point, the safer the projected anticipated. This particular aspect is referred to as the margin of safety (Hasan, 2013). Though a simplistic perspective of risk, it basically serves the objective of risk assessment. Break Even Analysis requires a minimum amount of data as nor other input are needed besides those already prepared for evaluation of information. Each method has its own demerits and merits and the ability of the shareholders in the project. If a particular method is inferior or superior depends on the situation. For instance, it would be purely fruitless and impractical to run a simulation activity for a paltry investment. Similarly, financial institutions while offering financial assistance to a project, they depend heavily on sensitivity analysis because simulation or scenario analyses are too big for them. However several managers who have to take a number of critical decisions are considered to be more concerned with Scenario Analysis that the Sensitivity Analysis during capital budgeting. Break Even Analysis works like sensitivity analysis in capital budgeting because it basically analyses price, cost and sales volume and how they impact of the organization revenues or profits. The techniques are useful to managers during capital budgeting because it shows if the project Break Even in the accounting terms (Chai, 2011). Break Even Analysis is also vital for managers when performing capital budgeting because it often facilitates the managers to have a clear perspective of the project or investment he or she plans to undertake in that projects or investments that break even early is considered to be viable investments that should be invested on. Simulation Analysis Simulation Analysis technique is considered to be a technique that combines both the scenario and sensitivity analysis in analyzing risks in a particular risks project cash flows. It basically identifies the main factors that affect their interrelationship and the profits. These cash flows are embedded to demonstrate the main factors that influence the payment and the cash receipt and their interrelationships (Bierman and Smidt, 2012(. Even though according to the capital budgeting perspective, Simulation Analysis technique theoretically looks good but in practice, it may be complex and expensive to be utilized especially for small and medium business and also in the developing nations since it requires the use of computer software. Simulation Analysis technique is also referred to as a computer-based exercise that generates a large number of situations and computes Net Present Value of each of them so as to find out the distribution of Net Present Value, its projected standard deviation and the value as a measure of risks. Simulation Analysis or Monte Carlo Simulation technique considers the interaction among variables and the probabilities of the change in the variables. It basically computes the probability distribution of the Net Present Value. Basically, the Simulation Analysis encompasses the following steps; Identification of exogenous variables that impact cash outflows and inflows of the project and its Net Present Value such as selling price, demand, size of the market and variable costs (Hise, and Strawser, 2013). Understanding the relationship between the Net Present Value and the variables such as profits depends on sales prices and volume, the volume of sales basically depends on the size of the market and market share. Specification of the probability distribution for each of the exogenous variable. Finally, developing a computer program that randomly selects one value from the probability distribution of each variable and utilizes this value so as to calculate the projects NPV. Simulation Analysis basically overcomes the limitations of scenario and sensitivity analysis by basically analyzing all the effects of all the possible combinations of the variables and their realization (Rossi, 2015). Even though there is no difference with the inputs like in scenario analysis, this technique treats the estimates as a triangular distribution with the possibility of worst case and best case working capital being close to zero and also increases linearly up to the most likely case. Conclusion Because, resources are often limited in its accessibility, capital investments are evaluated exclusively using both qualitative and quantitative data as most capital budgeting examination uses cash outflows and inflows instead of net income evaluated through the accrual basis. Capital budgeting techniques are vital tools that enhances the company management to determine the most viable investments to undertake that have high returns. References Ahmed, I.E., 2013. Factors determining the selection of capital budgeting techniques.Journal of Finance and Investment Analysis,2(2), pp.77-88. Baker, H.K. and English, P., 2011.Capital budgeting valuation: Financial analysis for today's investment projects(Vol. 13). John Wiley Sons. Bierman Jr, H. and Smidt, S., 2012.The capital budgeting decision: economic analysis of investment projects. Routledge. Burns, R. and Walker, J., 2015. Capital budgeting surveys: the future is now. Brunzell, T., Liljeblom, E. and Vaihekoski, M., 2013. Determinants of capital budgeting methods and hurdle rates in Nordic firms.Accounting Finance,53(1), pp.85-110. Cooper, W.D., Cornick, M.F. and Redmon, A., 2011. Capital budgeting: A 1990 study of Fortune 500 company practices.Journal of Applied Business Research,8(3), pp.20-23. Chai, T.J., 2011. The impact of capital budgeting techniques on the financial performance of courier companies in Kenya.Research Project University of Nairobi. Daunfeldt, S.O. and Hartwig, F., 2014. What determines the use of capital budgeting methods? Evidence from Swedish listed companies.Journal of Finance and Economics,2(4), pp.101-112. Ghahremani, M., Aghaie, A. and Abedzadeh, M., 2012. Capital budgeting technique selection through four decades: with a great focus on real option.International Journal of Business and Management,7(17), p.98. Hasan, M., 2013. Capital budgeting techniques used by small manufacturing companies.Journal of Service Science and Management,6(01), p.38. Hise, R.T. and Strawser, R.H., 2013. Application of Capital Budgeting Techniques to Marketing Operations.Readings in Managerial Economics: Pergamon International Library of Science, Technology, Engineering and Social Studies, p.419. Maroyi, V. and van de r Poll, H.M., 2012. A survey of capital budgeting techniques used by listed mining companies in South Africa.African Journal of Business Management,6(32), p.9279. Rossi, M., 2014. 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