New Step by Step Roadmap for Writing a Research Proposal

New Step by Step Roadmap for Writing a Research Proposal To critically evaluate your own paper ways to understand its limitations and implications for additional work and research in the area, and you ought to make it obvious which you're realistic in the way you see your undertaking. The proposal should have enough info to convince your readers that you have a significant research idea, that you've got a great grasp of the appropriate literature and the key problems, and your methodology is sound. Typically, a research proposal should contain all the crucial elements involved with the research procedure and include sufficient information for those readers to rate the proposed study. So if you're struggling with methodology research proposal writing or even defining the ideal methodology you understand now exactly where you have to come for expert experienced assistance. The Awful Side of Writing a Research Proposal Writing a great research paper demands good planning and pre paration to make certain that you map out carefully what it is that you're going to do and how you will do it. Writing a research proposal engages quite a few skills. Authors should consider whether the title is readily understood and in the event the significance of what they're attempting to accomplish clear. They must remember that the proposal is not the final thesis. Identify what type of research work you need to conduct. You need to put out your research questions as clearly as possible, explain issues that you wish to explore and say why it's important to achieve that. When you have defined your research questions, you need to place out broadly what you intend to do in order to answer them, and why. With this much research available on any certain topic, research questions must be as clear as possible in order to work in helping the writer direct her or his research. The Foolproof Writing a Research Proposal Strategy The target of a proposal is to demonstrate the s ignificance of study a chosen issue and to present the practical ways where the research ought to be conducted. Authors should not underestimate how getting other people to review their proposal can improve it. Your proposal isn't just something which has to be approved to find permission to continue it also forms the outline of how you are going to conduct that research so it's important to receive it right from the beginning. There are several research proposal writing service in UK and assignments that exist in the united kingdom, which assist you in writing the very best. You should care for the proposal as a chance to prove that you have started to explore an important region of study and that you own a question, or questions, that challenge and produce that area. The following thing is that you must be scientific with your methodology. One of the absolute most important things to keep in mind while drafting a proposal is the simple fact that authors need to tailor it to suit the audience. It is very important to be certain that the purpose and the significance is pertinent to the target audience. Writing a Research Proposal: No Longer a Mystery There are lots of firms specialising in writing PhD thesis that are ready to provide you their support which will just assist you in writing a prosperous PhD research proposal which is going to be a unique thesis and creates a valid and productive contribution to your field of study. Thesis proposal has an important part in expounding on the way the intended research will end into new knowledge within the discipline of study. Essentially, thesis statement should cover why the research was done or to put it differently the goal of the research. Bear in mind, it's critical in the social sciences your hypothesis is testable and falsifiable. Just make certain to know what you're speaking about and be prepared to demonstrate your ideas. Writing prior to going to bed is a great habit which isn't simple t o keep. Your thoughts will get a lot more open to impressive ideas, unique ideas and innovative techniques of working with problems. The research ought to be done around the core ideas and writing ought to be made accordingly. How to Choose Writing a Research Proposal Make a list of all of the sections that you know your proposal must cover. Sure, it doesn't stick to the outline in the specific order there isn't any single formula for writing after all, but you will locate all the elements there. The outline should clearly depict different topics and subtopics through the usage of headings and subheadings. This outline covers the main elements of a research proposal. If you're not a writer then taking somebody's help or by making appropriate investigating to compose the paper you can stay away from the deadly mistakes which can destroy your paper. You can't just borrow a notion from an author as though he's just lending you a mug or a jar. If you're not able to write down an excellent research proposal, get the aid of online writing service available online. You can rely on the very best essay help online. Writing a Research Proposal: No Longer a Mystery Sometimes research proposal is written as part of an upcoming dissertation, sometimes as a distinct work preceding it, there are times when you might not be asked to write it in any way. A research proposal is the initial step in writing your project, which means that it's the most crucial portion of your research. It is part of a formal research process, so take it seriously. Before you commence writing your research proposal, have a look at our online guidelines, which will help provide you with a crystal clear comprehension of that which we search for in a research proposal. The main purpose of your research proposal would be to establish what the reach of your topic is and make a very good case on why you must pursue it. Before selecting a research topic ask yourself these questions. A research proposal is basically a plan for work in order to check a hypothesis or set of hypotheses as a way to answer a research question. It serves the following functions. A research proposal is not merely a statement of interest in a particular topic area. A brief explanation of why it is necessary to deal with the issue is going to be provided also. Specify the question your research will answer, establish why it's a considerable question, show how you're likely to answer the question, and indicate what you expect we'll learn. Again, a narrow question that you are able to research in detail is much better than a broad one which you won't have the ability to cover in full. How to Get Started with Writing a Research Proposal? The conclusion is the part at which you will seal the offer. If you believe it to purchase research proposal you need to pay plenty of money, you're right. The majority of the moment, the best plan of action is to cut your losses and continue on to the next thing.

Mastering the World of Psychology Essay - 790 Words

Within the book Mastering the World of Psychology chapter five covers a basis surrounding the process of learning and how it relatively has permanent changes on behavior, knowledge, capability, or attitude (â€Å"Book†). These affects are acquired through everyday experiences such as actions that take place, enhancing our understanding of everything encompassed around us. As we continue to observe and apply associative learning we continue enhance our understanding of the world we live. The first question pertains to someone who was just counseled to avoid people and places from their previous drug days. The drug the patient has probably taken is highly addictive and within just one use the patient could return to old habits. Now by allowing†¦show more content†¦My mother would punish me by removing foods such as candy or sweet beverages in order to weaken what was causing me to not eat my vegetables. She could have also reinforced whenever I tried to eat my vegetabl es such as a rewarding me with sweet treats. Negative reinforcement is process of removing an undesirable consequence that strengthens the likely hood of a particular response. For example my mom told me that if I continue to eat my vegetables I won’t have problems with my body in the long run. No punishment contains positive and negative stimulus either adding or removing something that would stop a response from happening. Adding a stimulus could be spanking a child for doing something bad or removing someone’s video games for bad behavior all result in a response to stop an action from reoccurring. In question three psychologists approve child hood television in order to enforce and broaden the horizon of a child’s mind. Through the process of observing children are able to perceive what they take in and apply it to everyday life. Barney is a show that teaches children on manners, love and family relationships. One important factor Barney has to offer in his show is imagination which is good for a child to have though there life. He applies singing to subject so children have a fun time learning and praises children for having good ideas while broadening their imagination. Sesame Street use of colorful puppets as learning tools is perfect for capturing aShow MoreRelatedEarly Childhood Course At Savannah Technical College Essay1662 Words   |  7 Pageswork of Lev Vygotsky greatly influenced the field of early education. This paper will include a brief summary of Vygotsky’s life, a description of his major ideas, and how those ideas impact early education today. Vygotsky’s Life According to New World Encyclopedia (2014), â€Å"Lev Vygotsky was born was born in Orsha, Belarus (then Russian empire), into a well-to-do family of Jewish ancestry, on November 17 (November 5 in the Old Style), 1896. 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Athletes are always looking for the next way to win, even if it is by the smallest of margins, however, competition may be fierce and very competitiveRead MoreDifference Between Freud vs. Erikson Essay1023 Words   |  5 PagesFreud and Erickson have similarities and differences in the things that do or explore within their theories and the way they do things. Freud was the most well known person to be called The Father of Psychology. He is the one who had introduced his theory of psychoanalysis that gave psychology a new name for the future or the new era. Freud used psychoanalysis as the method to understand how our minds work, as well as the way they grow and develop throughout the stages of development. PsychoanalysisRead MoreEssay about Psychology: Classical Conditioning1146 Words   |  5 Pagescontributions to the psychological field from several different doctors and their experiments. The first we are going to visit is Ivan Pavlov. His discoveries were accidental. Initially Pavlov was always conducting experiments that were related to the psychology of digestion. While doing this he noticed that saliva was collecting in dogs mouths when they heard their food trays making noise. When this would happen, he noticed that the dogs had unconditioned reflexes which were their responses to the soundsRead MoreApplying Memory Strategies Essays949 Words   |  4 Pagesis most important is how we register, how we retain, and how we retrieve it. Memory is fundamental to everybody in their everyday living. Reference Works Cited D. W. (2004). Mastering the World of Psychology. Pearson Education, Inc. Wiley, J. (2000-2010). Visualizing Psychology. Wiley Plus.

Network System Design

Question: Write an essay on Network System Design? Answer: Analysis of Business Requirements Alfa Travel is a very well-known name in the field of tourism management in the United Kingdom. Alfa Travel mainly organized their tour packages by using their dedicated bus service. All tourism information system is maintained and managed by Manchester based head office. Alfa Travels office that is locating in the Manchester that department is entirely responsible for scheduling of any tour packages (Windeck, 2013). All the staff of Alfa travel is directly reported to Manchester office through company network over the Internet. Now Alfa travel picked up another tourism organization for more growth in their entire organization. The new organization that is incorporated with Alfa travel is providing air service based tourism packages. The newly incorporated organization need to connect with Alfa travels Manchester office. But due to some circumstance connection of both organization are become more complex (A and M, 2012). The main reason behind this situation is both organizations is located in different geographic location. For the making of a connection between both systems, a new network design is needed. According to their business purpose both of the system is are identical but they some minor differences. Like Alfa travel organized bus service base travel and tourism packages whereas new adopt organization is providing travel and tourism services by helicopters (Akram and Sheikh, 2012). For their connection, a new centralized server and network are needed which can feed both networks by synchronization of both organization servers. For doing a new server is needed connect over internet based hosting sites or their hosting over the internet. For their hosting services, they need to install a new server in Manchester or Edinburgh. But for more specialty in Manchester office end new server needed to place in the Manchester office location. And if this service is provided by another third party inte rnet base server hosting organization then selection of network is not necessary (Boche, Naik, and Alpcan, 2012). For third party server hosting service provider provide cloud-based infrastructure so any resource can be pulled from any location of a globe. New server needed to connect with both organization server. Their two-way connection approach is required to maintain network scalability. Bilateral means a connection between two different organizations server over internet and connection through a dedicated network that will provide significant functionality among both servers due to network transactions (Bonwetsch, 2012). Alfa Travels new server can keep track of both networks and updated simultaneously to provide the report in real time manner. Newly installed server can merge both results that are collected from these two servers and make the same report. Alfa travels need to migrate their web services like web portal, online booking onto a new server. Migration of web server is very necessary for synchronizing both organization data and information. Otherwise, a website cannot provide the practical result and create an anomaly in a physical server database. But after migration of web server with a new central server is very use ful for their business perspective (Chaki, Meghanathan, and Nagamalai, 2013). Now tourist can book any service related with Alfa tours by browsing its single website. But before the redesign of the net network system Alfa tours needed to concern about other concern like security constraints, storage area, etc. Network solution The Alfa Travel is an organization that has been conducting tours and travels package in the United Kingdom. The organization acquired new small business or organization that was also a one type of travel organization. The organization based in the Manchester and the new organization is based on the Edinburg (Eira, Pedro, and Pires, 2012). The primary organization wants a new network system that will connect these two organization servers, and they can do their job accordingly. A new cloud server is the one of the best solutions for this situation. Two mainframe central server are located in two different places. Therefore, the cloud is the best solution for this organization. One centralized cloud server will connect these two separate servers so that the staffs of this organization can access their server from any one of their branch (Garcia-Dorado et al., 2012). The main centralized cloud server will connect with the two others server; those are the file server, and another one is the web server. One main website also stores in the web server that can be accessible from the two different location. This network solution will allow the staffs to make a connection with both servers. The organization has ten workers, twenty-five drivers and eight pilots, five administrative and human resource employee (https://www.eng.tau.ac.il, 2016). They also have few marketing employee and management employee. This network solution will provide the computer system to all the employee that are connected to the data server for their purpose. The printers are connected to the server. Both branches have two separate printers, those are linked to the mainframe computer of the respective office. A system is created for the workers for ordering the parts for the business and the helicopters (https://www.scte.org, 2016). The driver can view their log and the schedule and route information. The new network solution helps the admin and the human resource department to consider the employee and manage the employee. Marketing employee can manage the marketing activity. Store files and backup resources Two main servers or the mainframe computer is connected to one centralized cloud server. The cloud server has two separate servers; one is the file server, and another one is the web server. All servers are connected to each other. So the employ can view data from any office. One of the primary facility is the centralized cloud server (Kavian and Leeson, 2012). The employees can store a file indirectly in the cloud, and the other employees can access this file if they are authorized. The primary facility of this system is the file can accessible from anywhere in the world. If the bus driver needs to store a file or Shearer a file with the office, then it is the very easier process to save and share the file (Lammle, 2011). The file is backed up on the cloud server if the local office server will be corrupted and crashed then it is not a big problem in this situation. Because all the server is connected to the cloud system and all the files are backed in the cloud (Lim et al., 2011). Use of required application Alfa travels are tours management based company, so they need to monitor their travel troops location in real time manner. For making this applicable Alfa travels network need to connect with the GPS based relocation service provider (Ren, Cai, and Su, 2012). After connecting GPS device on board of their travel medium like bus or helicopter GPS transponder will send their location coordinates to their company server address. After getting and identifying GPS device and its location GPS server will send automatic updated continually towards alpha travels central server (Luo et al., 2012). Alfa also travels need to implement Intrusion detection system and firewall to protect their data from intruders attacks. Alfa travels also need to improvise an automated SMS service system for sending reminder or alert. Automatic SMS system will create the message for their tourist phone number as a reminder (Maheshwari et al., 2012). Share the network resource or Printer In the first layer of the system, the virtual switch will be the organic communication medium among all gadgets that are utilized as a part of Alfa Travel Manchester office. Every one of the gadgets furthermore printers is expected to interface with the main switch. Association of a printer with the system switch can make an asset pool of serving printing administrations (Malekzadeh ., Ghani and Subramaniam, 2011). Every one of the gadgets can share a particular system based printer for their printing arrangement. The provided network is the better solution for the employee to use the printer. Checking and sending electronic mail internally and externally Alfa travels customized their network in some level of application. Different level of implementation is authorized to do the different task. Alfa also travels configure their email system as per their specific requirements. They structured their mail services in two broad category one is internal email and external email. Internal email is also classified in two general category, and they are in-house internal mail and in-organization mail services (Michalski and Wyant, 2012). For in-house services Alfa Travels office employee can send the email to their office premises. An employee can send their local mail by using a local mail server. For a case of in organization based email service provide same infrastructure services, but there are some changes present. For in team based mail services employee of both office can send their email under the navigation of Alfa travels centralized server. In this system, all the operator can send mail through entire centralized mail server (Park, Hong, and Kang, 2012). Apart from internal email services, external mail services can be used as globally for sending mail among employee or customer. Secure internet access The internet is secure in the organization because a firewall system is used in a primary network system. All the server is connected to the firewall. Firewall protect the unauthorized access in the primary system. Also, a virtual private network is created for the overall organization security purpose (Pop, 2012). Utilizing the most formal evaluation encryptions available, Private Internet Access will secure your association for you. Using encryption calculations fabricated by specialists in cryptography, it is to a significant degree troublesome, and conceivably inconceivable, to break our encryption advances (Popescu et al., 2013). Also, we give grade server firewalls, and IP was shrouding with each record. The main issue: you will have solidified security so you might appreciate the web. . . Internet Protocol address structure Manchester office Device Port number IP address Subnet musk Router1 Serial 3 / 0 222.240.10.2 255.255.255.252 Alfa Travels server Fa 0/0 192.168.10.1 255.255.255.0 Computer1 Fa 0/0 192.168.10.2 255.255.255.0 Computer2 Fa 0/0 192.168.10.3 255.255.255.0 Computer3 Fa 0/0 192.168.10.4 255.255.255.0 Printer1 Gigabyte Ethernet 7/1 192.168.10.5 255.255.255.0 Printer 2 Gigabyte Ethernet 8/1 192.168.10.6 255.255.255.0 Edinburg office Device Port Number IP address Subnet Musk Router 2 Serial 3 / 0 222.240.10.2 255.255.255.252 Alfa Travels server Fa 0/0 192.168.10.7 255.255.255.0 Computer1 Fa 0/0 192.168.10.8 255.255.255.0 Printer1 Gigabyte Ethernet 7/1 192.168.10.9 255.255.255.0 Printer2 Gigabyte Ethernet 8/1 192.168.10.10 255.255.255.0 Computer1 Fa 0/0 192.168.10.11 255.255.255. Cost break down structure Work Break Down COST Network Structure 1 PC workstations 1.1 Setup workstation $1,000 1.2 install windows $12,000 1.3 Install office $10,000 1.4 Test workstation $0 1.5 Deploy workstations $1,250 2 Server 2.1 Server Structure $0 2.1.1 Design Server Structure $12,000 2.1.2 Implement Server Structure $10,000 2.2 Setup server $11,339 2.3 Install Server OS $14,540 . . 2.4 Test Structure $0 3 Network 3.1 Design Network Structure $7,500 3.2 Implement Network Structure $354,900 3.2.1 Implement internet access $15,000 3.2.2 Implement Email/Fax $1,000 3.2.3 Implement Printer $5,000 3.3 test network $0 4 Database 4.1 design database $10,000 4.1.1 DB structure $5,000 4.1.2 DB web front $1,250 4.2 Implement database $4,500 4.3 Test database $0 5 website 5.1 website design $45,000 5.2 implement website $12,500 5.3 test website $1,230 6 security 6.1 security design and features $5,000 6.2 implement security $3,500 6.3 test security $1,250 7 training 7.1 development training schedule $0 7.2 train employee $15,000 Network system Implementation The proposed network of Alfa travel organization is connect three different servers and a web server. So the design of the entire system must be done with some security measurement and network constant for providing a better scalable and effect network management. For doing this task the Alfa travels Manchester based office and Edinburg office need to redesign their entire network structure to communicate between newly installed centralized servers (QIAN et al., 2012). In the first phase of development Manchester, based office system is redesigned with an installation of new high-performance router and switches. In the first layer of a network, the functional switch will be the primary communication medium among all devices which are used in Alfa travel Manchester office (Ren, Cai, and Su, 2012). All the devices and also printer are needed to connect to the primary switch. The connection of printer with network switch can create a resource pool of serving printing services. All the d evices have the ability to share a single network based printer for their printing solution (Scc.spokane.edu, 2016). Manchester based office server is connected to a router where the primary function of the router is to create a service enabled platform among the network switch; Manchester based office server and internet service provider. Router is also protected by a thread party firewall service to identify the security threat and elements them (Tang, Zhang, and Liu, 2012). All the information of Manchester office computing devices is routed through three primary router and office server. The Edinburg office will have the same configuration like the Manchester office with some minor changes. Because the main functionality and maintainability are authorized under the Manchester based office (Windeck, 2013). The Edinburg office network based system will serve all the information as requested on the side of Manchester based office. For accessing information from Manchester based office will require some verification that will be made by the management authority of Manchester office. Now the major part is connecting the both network through a single centralized server. For connecting to a new centralized server needed to reconfigure both routers of the Alfa travels organization (Boche, Naik, and Alpcan, 2012). They need to configure their network address according to central server hosting provider network information. Due to security reason Alfa travels organization needs to customize their service by enabling the network firewall and ICT or information communication technology based on intrusion detection system devices. So they can do analysis their system and make some implement towards its security improvement (Chaki, Meghanathan, and Nagamalai, 2013). In this network information communication technology based on intrusion detection system devices or IDS is needed to configure for analyzing all inbound network packet. There is no necessity to filter inbounds network packet. The reason of disabling outbound network IDS system is there is no threat in its cont ent or network packet (Eira, Pedro, and Pires, 2012). In previous day, Alfa travels web server is connected along with the Manchester based office server. But for the new situation Alfa travels need to migrate it to a new centralized cloud server. So another office that is situated in Edinburg can also access the web content (Garcia - Dorado et al., 2012). Now all the information of two servers (Edinburg office server and Manchester office server) can simonteneuslly update create or delete web content for their user. On the user end, they also have the flexibility to book both tours package tickets by browsing a single website. Alfa travels mail server is needed to connect with the centralized server to serve both office central server (HTTP : // www. Eng .tau .ac .il .org, 2016). Network design implementation and critical appraisal For configuring of new centralized server needs to meet some particular condition. In the first phase of network configuration all the end devices like computers, network printers, need to configure their network domain, subnet mask and the network gateway. So they can access the entire network without any network anomaly (Kavian and Leeson, 2012). All the end devices the IP address must follow the fundamental rule of public IP addressing. For adding more security they can be configured with the IPv6 network addressing but it is not necessary due to internal network activity (Lim et al., 2011). All the end computing devices of the office needed to configure their subnet musk as the router subnet musk to accessing individual devices information. Alfa travels used the manageable switch for them each office so the switch can cause automatically manage the network bandwidth. Using a controllable switch is the very functional organization like Alfa travels because it has capability of scheduling the network resource in priority based (Luo et al., 2012). So any user who has maximum priority needed not to wait for bandwidth allocation. Cat 5 cable connects all the end devices with network switch (Maheshwari et al., 2012). Cat5 cable connected both the switch and end devices by their RJ45 ports. On every switch utilize the accompanying diagram to finish the ideal switch setups. Additionally, make certain to design tending to and hostnames. The main IP for each subnet ought to be allotted to the switch interface. The interfaces should be configured as specified in the IP tending to segment above; utilize a clock Rate of 64000on the R1-ISPS0/0/0 interface (Malekzadeh, Abdul Ghani, and Subramaniam, 2011). The static course onR1-ISP ought to indicate the Existing Student LAN subnet using R2-Central's serial interface IP address; the static route on R2-Central ought to be a static default course that focuses on R1-ISP's serial interface IP address (Michalski and Wyant, 2012). At whatever point you design a Cisco IOS gadget, make sure to spare your setup. The switch is connected to the router is configured with the Internet service provider Internet Protocol address. Both the offices have one switch and one router for the network purpose. Central office server is connected to the router. This server is content all the office data files and the all the relevant information. The router is connected to the one centralized server (Park, Hong, and Kang, 2012). That is cloud network. Manchester based office server is joined to a switch where the necessary capacity of the switch is to make an administration empowered stage among the system switch, Manchester based office server, and web access supplier. The switch is additionally ensured by a string party firewall administration to recognize the security risk and components them (Popescu et al., 2013). All the data of Manchester office processing gadgets are steered through three primary switches and office server. A website is also included for booking facility. The site is very simple, and basic HTML code is used. The user of this website can view this website by visiting the URL of the Alfa travels organization. In Cisco packet tracer, the network designer makes this website and include in it. The website can be viewed on any computer. All the end devices the IP address must follow the fundamental rule of public IP addressing. For adding more security they can be configured with the IPv6 network addressing but it is not necessary due to internal network activity (Lim et al., 2011). All the end computing devices of the office needed to configure their subnet musk as the router subnet musk to accessing individual devices information. Alfa travels used the manageable switch for them each office so the switch can cause automatically manage the network bandwidth. Using a controllable switch is the very functional organization like Alfa travels because it has capability of scheduling the network resource in priority based (Luo et al., 2012). So any user who has maximum priority needed not to wait for bandwidth allocation. Cat 5 cable connects all the end devices with network switch (Maheshwari et al., 2012). Cat5 cable connected both the switch and end devices by their RJ45 ports. On every switch utilize the accompanying diagram to finish the ideal switch setups. Additionally, make certain to design tending to and hostnames. The main IP for each subnet ought to be allotted to the switch interface. The interfaces should be configured as specified in the IP tending to segment above; utilize a clock Rate of 64000on the R1-ISPS0/0/0 interface (Malekzadeh, Abdul Ghani, and Subramaniam, 2011). The static course onR1-ISP ought to indicate the Existing Student LAN subnet using R2-Central's serial interface IP address; the static route on R2-Central ought to be a static default course that focuses on R1-ISP's serial interface IP address (Michalski and Wyant, 2012). At whatever point you design a Cisco IOS gadget, make sure to spare your setup. The switch is connected to the router is configured with the Internet service provider Internet Protocol address. Both the offices have one switch and one router for the network purpose. Central office server is connected to the router. This server is content all the office data files and the all the relevant information. The router is connected to the one centralized server (Park, Hong, and Kang, 2012). That is cloud network. Manchester based office server is joined to a switch where the necessary capacity of the switch is to make an administration empowered stage among the system switch, Manchester based office server, and web access supplier. The switch is additionally ensured by a string party firewall administration to recognize the security risk and components them (Popescu et al., 2013). All the data of Manchester office processing gadgets are steered through three primary switches and office server. A website is also included for booking facility. The site is very simple, and basic HTML code is used. The user of this website can view this website by visiting the URL of the Alfa travels organization. In Cisco packet tracer, the network designer makes this website and include in it. The website can be viewed on any computer.

Star Appliance Company Essay Example

Star Appliance Company Essay This paper will discuss how Star Appliance Company managed its cost of capital and plan for future investments. The paper will reveal corporate problems and present relevant management theories to lead the company into a solution. The underlying problems consist of choosing a new and more efficient financing strategy, and designing more accurate method of evaluating investment projects. Previously, the company was having positive sales performances which indirectly cause the problem to be hard to identify. However, as the company needed to expand their business, the new financial officer discovered several inefficiencies in managing corporate financing strategies and evaluating future investment. The condition was described by the WACC method.   The paper will present alternatives of solutions for the problem and in the end choose the most beneficial one for the case. The company must adopt a new financing strategy which incorporates a balanced proportion between debt and equity financing instruments. The company must also design a new evaluation strategy for the new investment projects which incorporate risks premiums, additional cost of investments and a margin of error in forecasting future cash flow. The financial department has obtained increasing roles in the corporate management concept. In previous times, marketing department projects sales, production department determined the necessary amount of assets required in order to meet the projections, and the financial department’s function was only to provide funds for providing other department with their requirements. However, this model of management is obsolete and replaced by more coordinated types of decision making, where financial managers are responsible for planning as well as controlling activities. This reflects the increasing importance of good financial considerations in each decision of the corporation. We will write a custom essay sample on Star Appliance Company specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Star Appliance Company specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Star Appliance Company specifically for you FOR ONLY $16.38 $13.9/page Hire Writer According to Weston and Brigham (1996), there are several detailed activities related to financial management. One of them is the activity of making investment and financing decisions. In line with corporate long term strategy, financial managers must provide funds to support growth. Successful companies usually have high rate of sales, which required additional factory investment, equipment and current assets to produce goods and services. In the more coordinated decision making activities, financial managers must help determining the optimum sales level and make decisions on specific investment that will be performed. Within those activities, there are also questions of whether to use internal or external financing, debt or equity financing, and short or long term debts. These are important aspects of corporate management that could determine whether the company is heading to success or financial failure. Within this paper, I am discussing the importance of considering cost of assets in corporate financial management. The case study will be the Star Appliance Company in 1977. In this paper, I will describe the problems within Star Appliance Company financial management and offer recommendation to solve existing problems within the company. II.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Problems Within the Star Company II.1  Ã‚  Ã‚  Ã‚  Ã‚   Corporate Background The Star Appliance Company is a successful business of manufacturing home appliances, especially electric stoves and ovens. Soon after the company was established in 1922, it receives a warm welcome from the growing market for home appliances. The company focuses on providing its customers with premium types of home appliances with a slightly higher margin than its competitors. In a short time, the company managed to gather significant market share due to its reputation of providing high quality appliances. Corporate financial strategy –to use equities instead of debts- has seemed to be working splendidly as The Company was able to survive the great depression and maintain its existence with smaller-based operations but strong financial structure within the company. However, management has become aware that there are problems in maintaining profitable operations with existing lines. The company plans to enrich its product lines, but there are some concerns regarding how the company managed its cost of capital. Without strong financial management capabilities, investments in new product lines could destroy corporate profitability instead of developing it. Therefore, these problems must be addressed first. II.2  Ã‚  Ã‚  Ã‚  Ã‚   Hurdle Rates In simple understanding, hurdle rate means the minimum acceptable rate of return on a capital investment project. It is required to measure the limitation of when an investment is no longer considered profitable. The calculation has the basic logic of requiring returns to be higher than the cost of investment. However it also incorporate several factors such as the cost of risk, inflation, etc. It is a comprehensive look on how an investment will increase the wealth of the shareholders. Mathematically, the hurdle rate consists of the cost of the capital plus the project’s risk premium (‘The Hurdle Rate, 2006). II.2.1  Ã‚   Corporate Hurdle Rates The company seemed lacked logical reasoning to determine its hurdle rate. Corporate hurdle rate is based only by an experience on previous return of equity. According to the elaboration above, this policy is vulnerable to risks and provides low assurance for profit. The company must determine a new and more reasonable hurdle rate by incorporating factors such as cost of capital and risk premium (‘The Hurdle Rate’, 2006) II.2.2  Ã‚   Cost of Capital The cost of capital must be included within an investment calculation simply because we do not want to invest where we it provides us with no profit what so ever. Nevertheless, because obtaining money results additional costs, the concept cost of capital must include two things: the project cost and the financing cost. To be acceptable, a project must have a rate of return that exceeds the project cost plus the financing cost (‘The Hurdle Rate’, 2006) II.2.3  Ã‚   Risk Premium Nevertheless, cost of capital itself still does not provide a logical measurement toward a good financing decision. This is because every return from different sets of investment has a different degree of assurance. If the investment has less than 100% assurance for the return, then a risk premium must be included in the calculation of financing decision. However, the rate of risk premium must be set very in a very careful manner. Inadequate amount of risk premium will put our investment if jeopardy, on the other hand, over assuming the amount of risk premium will eliminate some profitable projects from consideration (‘The Hurdle Rate, 2006). II.3  Ã‚  Ã‚  Ã‚  Ã‚   Financing Alternatives and Inflation II.3.1  Ã‚   Corporate Financing Strategy As mentioned in the case study, the company ha a unique strategy of financing. The company depends on equity financing methods a lot more than debt financing methods. On other words, the company survived through its years mostly by selling corporate equities. According to the case study, this is possible because the company has a remarkable reputation as a premium producer of household appliances and able to maintain good relationship with its affiliates. Nevertheless, Arthur Foster, the financial president of the company seemed confuse about corporate unwillingness to use debt instruments. Debt instruments have a considerably lower cost than equity, especially after incorporating tax into the calculation. The company might want to reconsider its policies of financing instruments. Furthermore, he argues that a proper additional margin must also be incorporated into the calculation to offset the effect of inflation. II.3.2  Ã‚   Debt and Equity Instruments The company prefers the equity financing because it has lower cost and smaller legal risk. However, due to corporate policy of increasing dividend rate, the alternative is no longer providing more efficiency compare to debt instruments. Generally, debt instruments will result a slightly higher capital cost and they would require monthly payment, nevertheless, they do not have the risk of loosing corporate control to shareholders. Moreover, if the company is able to maintain the good credibility toward creditors, after some time they would be more than happy to facilitate the company with debt extensions. On the other hand, the equity instruments are a tool of obtaining additional funds through affiliates or partners. These means management will loose more of the corporate control as the equity instruments build sups inside the company. Generally, the best option is to keep the proper balance between debt and equity financing instruments. Because the good balance differs among industry, the Star Appliance Company must put some effort in finding its own financing balance (‘Financing’, 2006). II.3.3  Ã‚   Inflation As stated by many economists in the late 1970’s, inflation was a significant factor influencing the cost of capital. A study by Cohen (1997) however, revealed that until today, inflation is still a significant influence for cost of capital. Inflation, even at its low rates, increases the user cost of capital significantly. If the rate of inflation decreases, the marginal gain in investment is greater compare to the rate of the decrease. This reflects the stronger effect of inflation toward cost of capital. Therefore, inflation should be incorporated in every investment analysis. II.4.  Ã‚  Ã‚  Ã‚   Risk, Legal Fees and margin of Error The last of Foster’s concerns is about how the company accounts for investment risks that are significantly larger than the others. There are opinions that riskier information should be evaluated using higher hurdle rates. Furthermore, Foster believed that there should be a margin to account for the existence of legal fees such as safety, and environmental costs. This margin is required to prevent the additional costs to eat away corporate profit from the investment. Finally, the investments must also calculate a margin of error, in order to account for unexpected disturbance in the forecasting process. In case of using different hurdle rates for different projects, management theories favor the opposite. According to several management theories, investment and financing consideration has different factors that must not be brought together. Investment decisions are based on the consideration of which project are the most profitable, while financing decisions should focus on supporting investment decision and not altering it. III.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Star Company Cost of Equity Cost of Equity is measured by various indicators. However, one of the most utilized is the Weighted Average Cost of Capital ratio. A firm’s WACC is the overall required return on the firm as a whole. In simple terms, the ratio accounts for every possibility of financing a corporation. According to the WACC concept, a corporation can either be financed by debt, preferen stock or common stock. The WACC put all of these factors into equation that resulted the average interest the company must pay for every dollar it finances. The calculation is as follows: WACC = w1k1(1-T) + w2k2 + w3k3 W1   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = percentage of debt K1  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = the rate of interest W2  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = percentage of preferen stock K2  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = cost of preferen stock W3  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = percentage of common equity K3  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = cost of common equity (Weston Brigham, 1996) According to existing data, the company financed most of its investments using retained earnings. The company did not have any long-term debt, which means that the w1 and k1 equals to 0. The case study also reveals that the company did not have any preferred stock within corporate balances sheet, which mean that the w2 and k2 equals to 0. Thus, the only variable exist within Star Appliance Company’s WACC is the common stock variable. Without the presence of debt and preferred stock, If we calculate the number of dividend paid and divide the result with total common stock of the company, then we will obtain a very high number of WACC. nbsp; Calculation : WACC (1978)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = percentage of common stock * (dividend paid/ total value of common stock) WACC (1978)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = 100% * [(dividend/share * total shares common stock)/total value of common stock] WACC (1978)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = 100% * [(1.52 * 13,414,268)/ 27,835,000] WACC (1978)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = 73% nbsp; The number means that on the period that ended December 31, 1978, the company paid as much as 73% for equity financing instruments. This is due to corporate operation to increase the rate of dividend paid, in order to satisfy shareholders. Despite corporate ability to sustain corporate operations and investment activities, the number is extremely high. Observing corporate financial structure, the company could easily obtain additional funding from debt instruments. Debts would have a much lower capital cost compare to the ‘sky-reaching’ dividend rate. nbsp; IV.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Recommendation From the case study, we are able to capture two main problems of the Star Appliance Company. The first point is the problem of choosing from alternatives financing instrument. Arthur Foster believed that despite the acceptable state of corporate financial performance at the time, the company could be a lot more efficient by altering its financing strategy. The second issue is that of choosing between different methods of evaluating alternative investments. There are several alternatives of solution forth both problems. nbsp; IV.1   Ã‚  Ã‚   Choosing Financing Instruments The first choice is to maintain corporate policy of using retained earnings and equity instruments in financing. This alternative will not create a problem for the company in the short-run. However, in the long-run, the company would need to expand its business by performing investment activities that require large amount of funds. This condition has been described in the case study as the company is trying to finance three projects with existing resource. In order to move forward with this project, the company needs to increase the efficiency of its financial structure. Maintaining current financing strategy will deny the company from further profitable investments using the projects. The second choice is to use debt instruments to cover the needs for investment. This alternative could provide the company with large amount of funds, considering the company did not yet have a balance of long-term debt. However, debt instruments are known for its slightly higher cost compare to standard equity instrument’s cost. It also requires a monthly payment that could be a burden if occurred in large proportions. Furthermore, companies overburdened with debts generally less favored by shareholders and future investors. The third alternative is to maintain a balance between debt and equity financing. This can be achieved by observing the debt-to-equity ratio and maintaining it within the proper balance. Some companies believe that a good company would not have a debt-to-equity ratio of more than 3 to 1. However, a good balance for debt-to-equity financing differs within each industry and the company must benchmark to other sin the industry to find the right balance. nbsp; IV.2  Ã‚  Ã‚   Methods of Choosing Investment Projects Within this issue, foster emphasizes several important points: methods of determining the proper hurdle rate, incorporating inflation, incorporating legal cost and a margin of error. The first alternative is to remain practicing existing investment evaluation method: using 10% hurdle rate, with little consideration of inflation cost, legal cost and a margin of error. This method will result all three projects to be acceptable alternatives. The company might be able to successfully financed all three projects if it apply for further external financing instruments, however,   the level of accuracy within the calculation will be low and there will be no certainty of the real cash flow that will be received in following years. The second alternative would be to incorporate financing costs, risk premium, inflation, legal cost and a margin of error. There is no sufficient data to perform these types of calculation within this paper. However, it can be estimated that the second alternative will not be acceptable according to the new hurdle rate and the new evaluation standard. The third alternative is to incorporate financing costs, risk premium, inflation, legal cost, margin of error and additional margin for riskier investments that require additional asset. This alternative will present a more accurate calculation of existing projects, but it will influence investment decisions with consideration of financing, something that will reduce investment activities considerably. nbsp; V.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Solution In choosing financing alternatives, the best solution for Star Appliance Company is to start using considerable debt instrument. The target is to balance the proportion between debt and equity. The company should have no difficulties in obtaining additional funds from debt instruments because of its good reputation and zero balance of long term debt. The balanced proportion between debt and equity instruments will lead to efficient financial management and resulted optimum capacity for further investment activities. In designing methods of evaluating investment projects, the company should choose to incorporate inflation, legal fees and margin of error, but should not choose to make additional margins for relatively riskier projects. Each project should be calculated using similar percentage of hurdle rate plus additional costs mentioned previously. nbsp; VI.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Conclusion Unlike most companies, the company seemed to have no problem in marketing and selling its premium product. However, the premium profits caused management to neglect efficiency concerns in managing its operations and investment decisions. The problem became visible as the company appointed new financial officer and tried to plan for further investment. Despite previous success, company’s WACC displayed that corporate cost of capital is significantly higher than average. The new financial officer mentioned problems such as the lack consideration of inflation, legal fees and margin of error in evaluating new projects. These factors are important in providing managers with accurate investment decisions and accurate predictions of cash flow. For example, according to a study by Cohen (1997) inflation has a significant effect in cost of capital. Furthermore, not incorporating legal fees and margin of error will eat away the profit of the investment. The solution presented for the company is to redesign its financing strategy into a balanced proportion between debt and equity. In terms of evaluating investment activities, the company should incorporate additional fees and a margin of error.