Investors Gain New Clout Essay

From the many problems now being experienced by the US in their economy and the way they conduct their businesses, legislators and other groups are turning to new ways to improve the old system and pull America’s economy out of its slump. The latest among these moves is the move by the legislative to give shareholders more power and control in placing and ousting members of the board of directors. This move has become an issue due to the shift in power in terms of whose interest is favored by the ruling. There are several different interests that exist in a company especially when individuals and groups within it make decisions. There are shareholder interests, employee interests, management interests and stakeholder interests that conflict with each other. The current issue highlights the conflicts that arise between the interests of the management and the shareholders as well as the different interests of the shareholders themselves. This is where the clash begins. On the one hand, those who approve of the new ruling maintain that their interests are being upheld especially because they are the ones who invested in the business. This forwards their main interest of the organization succeeding in the long term because of the investments they have put into the business. While the previous ruling handicaps small shareholders, this new rule gives them voice through the process of â€Å"proxy access† as long as they have at least 3% of the controlling stock. This will enable them to express their dissent and dissatisfaction in the board members and oust them especially if they think that the actions of the board are not appropriate. On the other hand, the interests of the management, will be challenged by the new ruling and could result in problems in implementation and efficiency. While the constitutionality and the perceived negative effects of this ruling are contestable, one thing is clear: big business that angered their investors would go under pressure and could find themselves rethinking their strategies. A noticeable thing about this change is the apparent relativity on how democracy is perceived. Before the ruling, many directors served as the signing body for the chief executives and other high ranking officers they are tasked to oversee. This brings into light the apparent control of CEOs and other executives regardless of how the owners of the company feel about their decisions. With owners finally having a measure of control to a fair and impartial opportunity to elect independent directors, many things are going to change in corporations starting with both the board and top management focusing, instead, on serving the interests of the shareholders as their priority. With the democratization of the shareholders as they are given more power, many in management will see such democratic procedures as a bane rather than the boon they have always perceived it to be. Business roundtables, in order to veil their attempts at skewing the corporate election processes to favor the corporation over substantial shareholder interests, have tried to stop such democratization of power within their systems. However, their efforts have recently been trumped by the â€Å"proxy access† rule. The new ruling has made corporate directors directly accountable to the actions of the company. This will result in (at least speculatively) the improvement of performances of the directors unless they want to be voted out of office and replaced by independent candidates chosen by the shareholders who are against their performance. This power is, however, a double-edged sword. Advancing the interests of shareholders who, among themselves, have different interests could prove to be an overly bureaucratic and cumbersome process where all sides would need to be appeased in order to incur no one’s wrath and be dismissed from the position they have been holding. With as little as 3%holding shares, corporate directors will have many parties to appease, which will require them to be very dynamic and charismatic, as well as having an overall good performance, if they want to stay on the board.

Famous Psychologist Essay

Throughout psychology’s relatively brief history, there have been many famous psychologists who have left their mark both on psychology and on the world at large. While some of these individuals do not necessarily fit today’s definition of a ‘psychologist’, a term which indicates a doctoral-level degree in psychology, their influence on psychology is without question. Learn more about psychologists by browsing through this list of some of the most famous thinkers in psychology history. Alfred Adler Public Domain Alfred Adler is known as one of the most influential thinkers in psychology. While he was initially a member of the Vienna Psychoanalytic Society, Adler eventually departed from Freud’s theories and developed his own perspective, which he called Individual Psychology. He had a strong influence on a number of other eminent psychologists, including Carl Rogers, Abraham Maslow and Karen Horney. Mary Ainsworth Mary Ainsworth was a psychologist best known for her research on attachment theory and the development of the â€Å"strange situation† assessment. Her work played an important role in our understanding of child development and has influenced other fields including education. Gordon Allport Gordon Allport was a psychologist perhaps best-known as one of the founding figures of personality psychology. He also developed a trait theory of personality that described three broad categories of personality traits. Solomon Asch Solomon Asch was a pioneering social psychologist. His famous conformity experiments demonstrated that people will claim that something is correct when it obviously is not due to social pressure from peers. Asch also had an important influence on psychologist Stanley Milgram, whose own obedience experiments were inspired by Asch’s work. Albert Bandura Albert Bandura is a psychologist known for his famous â€Å"Bobo doll† experiment as well as his concepts of self-efficacy and social learning. Bandura’s work is considered part of the cognitive revolution in psychology that began in the late 1960s. His theories have had tremendous impact on personality psychology, cognitive psychology, education, and therapy. Alfred Binet Public Domain Alfred Binet was a French psychologist famous for his development of the first widely used intelligence test. He is often described as one of the most influential thinkers in psychology history and his original test still serves as the basis for modern measures of intelligence. Mary Whiton Calkins Mary Whiton Calkins was the first female president of the American Psychological Association. She studied at Harvard with famous teachers including William James and Hugo Munsterberg. Despite completing all of the requirements for a doctorate degree in psychology, Harvard refused to grant her degree simply because she was a woman. James McKeen Cattell Image courtesy Library of Congress James McKeen Cattell was the first U.S. psychology professor. He is an important figure in psychology thanks to his work in intelligence, his use of quantitative methods and his focus on establishing psychology as a legitimate science. Raymond Cattell Image from Wikimedia Commons Raymond Cattell was a pioneering thinker who is perhaps best known for his use of multivariate analysis and his 16-factor personality model. Mamie Phipps Clark Mamie Phipps Clark was a pioneering psychologist known for her important research on child development and self-concept among minorities. As the first black woman to graduate from Columbia University, she faced discrimination because of her race and her gender. Her research with her husband, Kenneth Clark, played a major role in the Supreme Court’s decision in the pivotal Brown vs. Board of Education case. Mihaly Csikszentmihalyi He’s an important contemporary psychologist, but one of your first questions is probably â€Å"How do you pronounce his name?† (It’s me-HIGH chick-sent-me-HIGH-ee, by the way.) Learn more about his work and contributions to modern psychology in this brief biography. John Dewey Image courtesy Wikimedia Commons John Dewey was an American psychologist, philosopher, writer and educational theorist. His work had a vital influence on psychology, education and philosophy and he is often considered one of the greatest thinkers of the 20th-century. His emphasis on progressive education has contributed greatly to the use of experimentation rather than an authoritarian approach to knowledge. Erik Erikson Public Domain Erik Erikson’s well-known stage theory of psychosocial development helped generate interest and inspire research on human development through the lifespan. An ego psychologist who studied with Anna Freud, Erikson expanded psychoanalytic theory by exploring development throughout the full lifespan, including events of childhood, adulthood and old age. Hans Eysenck Image from the Wikimedia Commons / Sirswindon at en.wikipedia Hans Eyesenck was a very prolific psychologist, publishing more than 75 books and 1600 journal articles. Prior to his death in 1997, he was the living psychologist most frequently cited in scientific books and journal articles. He was also a very controversial figure, and his outspoken views of subjects ranging from psychotherapy to intelligence made him the subject of criticism. Leon Festinger Leon Festinger was an influential social psychologist who is well-known for his theory of cognitive dissonance as well as his social comparison theory. Anna Freud Anna Freud began her career influenced by the theories of her father, Sigmund Freud. Far from living in her father’s shadow, Anna made important contributions of her own to psychology. She founded child psychoanalysis and summarized the ego’s defense mechanisms in her book The Ego and the Mechanisms of Defense (1936). Sigmund Freud Public Domain Sigmund Freud may be one of the best known figures in history, but he is also one of the most controversial. He was the founder of the school of thought known as psychoanalysis. The legacy of his life and work provokes both impassioned acclaim from his supporters and disdain from his detractors. While some view him as a cultural icon and others see him as a pseudo-scientific charlatan, there is no question that Freud left an indelible mark on psychology as well as other disciplines. Erich Fromm Liss Goldring / Erich Fromm Estate Erich Fromm was a neo-Freudian psychoanalyst who had a major influence on humanistic psychology. Today Fromm is remembered for his concept of freedom as a fundamental component of human nature.

Ethical Case - Related to Accounting Principles & Adjusting Entries Essay

Ethical Case - Related to Accounting Principles & Adjusting Entries - Essay Example In order to report a higher current ratio than the actual value, the company’s chief financial officer omitted some items such the accrued salary payable and supplies for the period. Based on the short case, two discussions will be prepared. The first discussion concerns whether failure to make adjustment entries would lead to an improvement in the current ratio. The second analysis shows whether it is ethical for such omissions to be made, and the relevant accounting principle involved. The current ratio is used to measure the ability of the company to meet all the current obligations using the current assets, and without exhausting the available current assets. The current ratio is obtained using the following formula = (current assets/current liabilities). J’s Wedding Production required current ratio of 1.5 means that the company’s current assets should cover the current liabilities 1.5 times before they are exhausted. Similarly, the actual current ratio of the business, 1.4 means that the current assets could cover the current liabilities 1.4 times before they are exhausted. The accrued salary payable and the supplies used during the year are categorized under liabilities and current assets respectively (Kapil, 2011). Their omission reduces the reported total current responsibility and also increases the stated amount of inventories (current assets) for the company. The total current liabilities are a factor of the current ratio. That is, current ratio = (current assets/current liabilities). Therefore, if the current liabilities are reduced by eliminating some liability items (the accrued salary payable) and the current assets increased by included the amount of inventories used during the period, the numerator element is increased while the denominator part is reduced, thus, leading to high current ratio (Kapil, 2011). Various users use the accounting information for different purposes. The user is the investors, the employees,

Management Questions Essay Example | Topics and Well Written Essays - 1250 words

Management Questions - Essay Example Concentration is a unit of summary measures that connects proportion with numbers. Regardless of the knowledge on customer's risks of individuals with high accuracy degree or knowledge on the relationship between customers' risks a reduced concentration will lead to an overall reduction on the organizations credit risk exposure and its range of receivables thus increasing the firm's diversification The management should be deeply concerned in overcoming initial pitfalls and in provision of the finances required in the export process. These he can do by closely monitoring the efforts towards international marketing. The management should seek export guidance from qualified personnel which will assist them in developing a good marketing strategy prior to the start of the export business. The developed strategy should incorporate the export objectives plus expected 'negatives'. The management should be extra cautious when selecting distributors from overseas. Best distributors are those who are very independent in their work. However, the international distributors should be given the same treatment as the domestic counterparts with much emphasis on orderly growth and profitable ventures. The management should never hold assumptions that given product marketing techniques will obviously succeed in all countries i.e. what works in Israel may fail in Korea. It is therefore important for the management to treat each market separately in order to succeed. Since each country has a different culture and therefore a different cultural preference the management should have the willingness to modify their products so as to meet the said differences. The management should take advantage of economies of scale. This can be made possible through the enlargement of the overall sales base so as to spread the exports fixed costs. Question five The management might be required to divert its key personnel from the domestic responsibilities so as they can help in developing the company's export procedures. The initial procedures and start-up decisions might end up consuming most of the company's precious time a thing that will slow its operations. The whole excise might turn out to be very expensive since the sales promotion material, brochures and catalogues will be required to be translated in the many foreign languages involved in the exporting business. Together with these the company might need to add its plant facilities so as to cope with the now expanding market. Export will definitely require additional funds because it is known to be a very expensive exercise which involves regular product modifications so as to meet the varying specifications of the foreign markets. The management will be required to allow credit terms so as to keep pace with the highly competitive global market, the local customs authority and the travel arrangements. Question six Where transportation means are not available the company will make low sales. Also when the transportation costs are too high the company will be constrained on the amount to

Unit 4 Individual Project - Present Risks to ODHS Project Essay

Unit 4 Individual Project - Present Risks to ODHS Project - Essay Example (JordaÃŒÆ'o, B., 2010) This is the point of divergent compared to the role of quality management. Quality management lays emphasis on the standards involved in the process, the process itself as well as the techniques that are involved in to ensure that quality is achieved in the whole process. This brings to clarity the understanding that risk management would portray a more direct focus on potential risk associated with the execution of the project while the quality management is principally concerned with the broader management efforts. This makes quality management to be more of overall determination of the project quality as a whole. This study will try to explore the aspects of the projects management that are relevant and would be important for adoption in the project at hand. To this end, the study will attempt to identify fundamental aspects of risk management and project quality management. This aspect will form the ground for evaluation of Ohio Department of Human Services (ODHS) The basic components of a quality management are quality assurance, quality control as well as quality planning. Quality planning acts as the main way of assisting in identification of quality standards that would be relevant for the project in place. This is the most relevant stage to any organization that intends to implement a project. The case of ODHS would be well managed at this stage. First of all, the project has been able to identify that the project lacks two network engineers and a business analyst who would be responsible for project documentation. They have further identified that the existing budget plan is not able to cover the anticipated 20% increase in licensing for one of the key candidate products under consideration. This is one step that the company would be able to exploit in order to get to the desired goal of delivering it’s services to its clients. First and foremost, lack of business analyst

My topic is about Do no allow Giving Prescription Privileges to Research Paper

My topic is about Do no allow Giving Prescription Privileges to Psychologists - Research Paper Example Moreover, this discussion will entail a critical analysis of the argument to facilitate their coherence. Nevertheless, there is need for more research in order to draw conclusion that prescription privileges for psychologists can be a solution for tribulations experienced in metal health care systems. Table of Contents Executive Summary 4 Introduction 5 Methods 9 Results 9 Conclusion 12 Recommendations 14 References 16 Executive Summary This report will present details of an argument against psychologist, who are seeking to acquire prescription privileges; in fact, it addresses the state legislature by offering recommendation to discourage effort towards favor of prescription privileges for psychologists. In this case, the report includes an introduction section with an overview of potentially negative effects of these privileges on the future of patients with mental health. The report will cover a brief section explaining the methodology applied in gathering relevant ideas from diff erent sources. The result section will present ideas gathered from different sources, where all arguments opposing the prescription privileges will be evaluated. The report will conclude by indicating that there is a significant cost associated with effort to seeking to acquire the right for prescribing psychoactive medications by psychologists. In fact, this is leads to a notion that it would cause a significant alteration professional psychology in numerous ways; for instance, some professionals may be less appearing to the public. Lastly, the report will offer recommendations indicating that state legislature should not support the prescription privileges for psychologists, and necessary reasons to support this idea will be presented. Introduction Treatment of psychiatric disorders involving use of psychotropic prescription has increased in the past few years. However, there have been researches aimed at increasing understanding of nature of human brain, mental illness, and somat ic treatment; in fact these are considered as the mainstay of psychiatric treatment (Dombeck, 2013). On the other hand, the shift of mental illness paradigm towards neurobiological etiologic has rendered to establishment of principles of practices and compensation for health care services offered; in fact, this reimbursement has been significantly directed towards pharmacological interventions. This report focuses on presenting an argument against offering prescription privileges to psychologist; thus, it recommends that the state legislature should not to allow prescription privileges to psychologists. Compensation for psychotherapy has reduced significantly leading to incorporation of medication in the process of offering standard care to psychiatric patients (ISPN, 2001). In addition, prescription of medication and management is not a role that has been taken by the psychologists. Patients’ basses have decreased in terms of compensation trends and influence caused by new k nowledge regarding treatment standards. Therefore, this has led to effort by the clinical psychologist seek advocacy for prescription authority in cases involving psychotropic medication; in

Factors That Influence Companies' Choice Of Location Dissertation

Factors That Influence Companies' Choice Of Location - Dissertation Example In establishing the organisation‘s strategic approaches, it involves the determination of the factors affecting both the endogenous and exogenous environment of the firm (Kotler 2008). This is necessary as organisations do not operate in a vacuum, but it performs its transactions within the spectrum of society (Kotler 2008). In this regard, one of the salient issues that are determinative of the failure or success of an organisation is its location (Roslin and Rosnan 2012). An excellent location provides certain advantages and benefits to the firm, and these are 1. Increase profits 2. Employment opportunities. 3. It gives companies the chance to be closer to both its target market and resources 4. Reduces the cost of production 5. Provides an opportunity for the organisation to utilise its location for its competitive advantage (Boone & Kurtz, 2006; Hoogstra and van Dijk 2004; Roslin and Rosnan 2012). As such, the decision for the organisation’s location is pivotal for t he survival and success of the organisation as it responds to the demands of the stringent global economic market. ... Increase profits 2. Employment opportunities. 3. It gives companies the chance to be closer to both its target market and resources 4. Reduces the cost of production 5. Provides an opportunity for the organisation to utilise its location for its competitive advantage (Boone & Kurtz, 2006; Hoogstra and van Dijk 2004; Roslin and Rosnan 2012). As such, the decision for the organisation’s location is pivotal for the survival and success of the organisation as it responds to the demands of the stringent global economic market. This involves not only short-term but also long-term factor of the organization and therefore decision making of pertinent to location should be undertaken with outmost planning and sagacity in order to minimise, if not totally eliminate, risks that may arise because of the location decision of the company (Jain 2010). However, according to Roslin and Rosnan (2012), the impact of location has been downplayed not only by scholars but also by organisations them selves. Locational decision has been normally made not in view of organisational strategy and tactic, but often in terms of profit and cost saving measures (Blair and Premus 1998). Besides, there is an unresolved ambiguity between location and environment which results in a superficial study of location especially in the retail sector (Clarke and Hallsworth 1994) Furthermore, this is evident when it comes to small and medium size enterprises. Although the notion of location seems to be a fundamental factor affecting the dynamics and dynamism of the firm, small enterprises are not given the ample guidance and help in making the appropriate location decision. This observation becomes more serious as it is acknowledged that there is no best or perfect location

The History of Cotton Literature review Example | Topics and Well Written Essays - 750 words

The History of Cotton - Literature review Example The plant has a leafy green shrub that has pink flowers that become the fruit or cotton balls. The cotton plant has deep roots, which go deep into the soil about 1.5 and is drought resistant but requires constant adequate moisture supply to produce healthy balls (Williams, Bolton & Moneyhon, 2013). Cotton is the most commonly used fiber in the manufacture of products regularly used such as the jeans pants, T-shirts, towels and shirts (Riello, 2013). The fiber from the cotton wool is transformed into yarn and fabric while seeds broken to oil and animal feeds and mulching purposes. The unprocessed form of the fiber is known as the lint. The lint exists within the fruit of the cotton plant or the ball and within each ball are around 30 seeds of cotton with numerous lint fibers connected to each seed. The fiber is protected within the ball until it ripens and breaks up. The word cotton originated from an Arabic word quantum or kutum referring to soft textiles. It is one of the oldest fibers ever. The archeologists discovered the cotton fabric 5000 years old at Mohenjo-Daro an ancient Indus River valley of West Pakistan and the same Egypt and Mexico. Cotton grew wildly in East Africa but first cultivation in Pakistan where it was used for the clothing purposes and binding on sandals and harnesses for elephants (Parker & Parker, 2012). Cotton has its origin from many countries globally, for instance, India where the fine quality cotton fabric originated making India the leading producer and exporter of cotton materials since 1500 BC until the end of the 15th century AD. The other countries, which started the cotton production after India, were China, Japan, and the Middle East. In America, Christopher Columbus began growing cotton in the early 17th century. However, the southern American colonies began producing cotton and manufacturing coarse clothing for their use. Â  

Plant and Animals Essay Example for Free

Plant and Animals Essay Topic: why are some kinds of animals on the verge of extinction? Nowaday, the number of animals in the world is reducing that people is main reason. The growth of the population, the increasing needs of human life and the advancement of science and technology has affected animals. For example, people made medicines from horn of rhino, so they killed a lot of rhino result in this species going to extinct. Almost all types in the past, animals lived on earth were extinct and vanished in a natural way because of this reason or the other. One of the causes contributing to the extinction of animals is environmental change. Earth has existed for more than tens of millions of years and has a lot of changed, so the natural environment has changed. It causes which animals could not adapt. Therefore, animals disappear to spontaneously without interaction of human. For example, the dinosaurs that have ever existed on earth have become extinct long time ago because of climate change. In addition, when the number of individuals decreased leading to ecological imbalance. For example, the food of tiger is the antelope; if the number of antelope is down, the number of tiger is down too. Therefore, they extinction is inevitable. Next, the main cause of animal extinction is over-exploitation of forests. Forest is the main habitat of most species of land animals but people need wood as raw materials. So, they cut a lot of tree that makes soil erosion. According to data from wikipedia, 20,000 hectares lost every day and 47% of the forest area decreased each year. Therefore, the environment of animals was shrinking. Animals struggle to compete for living space. For example: a tree in the Amazon forest in Peru also is a haven for over 40 species (wikipedia) when people cut it off, all arboreal ants will go up another tree of ants other. It makes the weaker species will die and extinction. Finally, the most prominent cause of extinction of animals is excessive hunting by humans. Rare animals are very valuable on the market. Most of them are used as food, medicine, or decoration. They bring a lot of money for the hunter. Thus, they hunted all including immature animals. That make animals do not have time to recover in time lead to mass extinction of rare species in the world. For example, a recent catastrophic mass extinction took place at Lake Victoria, the longest lake in Africa. The mass extinction seems to happen more quickly by the people. â€Å"Nile† tilapia species can be up to 2m long and weighing up to 60kg, providing resources for export. In short, excessive hunting is main cause of extinction of animals. Summary, the animals are extinct too much. For many reason, the cause of extinction in animals such as environmental change, over-exploitation of forests, and excessive hunting. Thus, people have measures to protect the animals going extinct.

Nokia Essay Example for Free

Nokia Essay 1. What are the trends in the mobile handset Industry? What is Nokia’s strategy and how has globalization changed its way of operation? The major trends in the mobile hand set industry according to www.strandreports.com are the treat and possibilities of the Discount Mobile Service Providers, falling profit margins on basic mobile services as a result of competition, the use of outsourcing, controlled investments in infrastructure, and higher marketing expenses partly because of the use of micro segmentation. Nokia’s strategies are the strength of its brand, supply chain efficiency, and its dominant position in emerging markets. Globalization has changed Nokia’s way of operations by trying to find country’s where they can pay its workers less, and in the long run make more profits. 2. Was the German Backlash against Nokia justified? How can nations make themselves more competitive? In my opinion I believe that the German backlash against Nokia was justified. This is due to the fact that Nokia didn’t repay the 41 million Euros ($63 million) in subsidies it had been given for locating its closed mobile phone plant in Bochum to Romania. Also I feel that it was unjust that Nokia closed the plant in Bochum because it was highly profitable, and the German workforce is far more skilled, well educated, productive, and is one of the world’s highest wage and benefits earners. Nations can make themselves more competitive by increasing their education systems in the country, and also by increasing their trade and communications with other countries. 3. What, if any, were the flaws in Nokia’s approach to announcing and handling its plant closure? What can the company do now for damage control? Nokia’s main flaw in its approach to announcing and handling its plant closure in my opinion was that they had no clear explanation of why such a profitable company needed to close a productive factory. What Nokia can do now is apologize to all the people that they put out of work, and repay the 41 million Euros ($63 million) in subsidies it had been given to the German workers that deserve it. 4. What did I learn from this case study? From this case study I learned that Nokia is the largest mobile handset maker in the world with a 40% market share. Nokia also produces four out of every 10 mobile phones sold worldwide and is well ahead of it competition on the strength of its brand, supply chain efficiency, a dominant position in emerging markets, understanding consumer needs and providing phones ranging from less than $50 to advance services featuring satellite navigation and email. Also that business is business and Nokia found a more profitable location for its factory in Romania even though the German factory was extremely profitable, and it never suffered a loss. Nokia put a lot of people out of jobs due to the closing of the German factory, they saw that the factory only made sense in the short term, and Nokia as a global competitor needs to focus on the long term goals to stay ahead of it competition.

Arguments Against Transformational Leadership Management Essay

Arguments Against Transformational Leadership Management Essay A person can have many distinctive qualities, leadership is among those qualities, not everyone possess such quality, which made this quality special and extraordinary. In the field of business, a decision often comes down to success and failure, leadership is one of the most important quality for a managerial person to have. As Thomas J. Watson, Jr. had put it: I believe the real difference between success and failure in a corporation can be very often traced to the question of how well the organization brings out the great energies and talents of its people. Leaders that can bring positive or beneficial effect to a group or enterprise are consider as a transformational leader, they are energetic, passionate, not only they focus on the systems and the structure of a business, they also focus on the individual employee to do well and to be successful as well. According to Cox (2001), leadership is divided into two categories: transactional leadership and transformational leadership. The distinction between the two, according to James McGregor Burns work on political leader (1978), are those ones who uses the policy of rewards to motive and earn his/her employees efficiency and loyalty, is called transactional leader; and those ones who gets involve with his/her employee, also possess determination and committed towards success as well as motivates its employees in exchange for their high performance, also their loyalty. However, in this ever changing world, business leaders needs improve his/her skill and ability in order to coordinate wit h the change. In this particular essay, the main focus will be on the transformational leadership and some of the arguments and criticisms against it, as well as some counter arguments in favor of the transformational leadership; along with supporting explanations, facts and various examples. Arguments against Transformational Leadership Theory: Study results shows that Transformational Leadership have its positive effect on organizations, improve its work productivity, performance and as well as the creativities, according to Bass and Avolio (1994), it can be found in every aspect of an enterprise, because sometimes transformational leaders are the type of leaders needed for an company to survive, according to Burn (1978): recognizes and exploits an existing need or demand of a potential followerà ¢Ã¢â€š ¬Ã‚ ¦ looks for potential motives in followers, seeks to satisfy higher needs, and engages the full person of the follower. A transformational leader in an organization often break through its frame of organization culture and thrive, which made transformational leadership one of the most renewed and popular leadership theory in modern days, nevertheless, its resplendency is not without oppugns. There are many criticisms against the theory of transformational leadership, one of the criticism is transformational theory is very difficult to be trained or taught, because its components are too comprehensive; on the other hands, one of the argument against transformational leadership is that followers might be manipulated by leaders and there are chances that what they gain is so little compare to what they lost. Among them all, one of the important key criticisms against transformational theory is accusing it to be only for the selected individuals, which may lead to abusing of power. As Colonel Mark .A Homig (2001) have stated that: Transformational leadership is a double edged sword. Which means that, when a transformational leader over done his part in terms of leadership, his/her innate defect in personality or even later life experience can turn him/her into another type transformational leadership, the one on the opposite side-Pseudo transformation leadership. According t o Mark. A. Homig: has a potential immoral and unethical dimension that could be exploited by an unscrupulous leader inflicted on naive and unsuspecting followers. For example, Adolf Hitler was elected as the leader of Germany, he came into power during Germanys economic inflation and depression in 1920s, he did pull Germany out of its economic depression, however, after first couple of years honeymoon between him and the country, his follower later become so obsessed with him and followed him blindly into his conquest for his so called Lebensraum for Germany, which brought one of the worst disaster to Europe. Other example is Shoko Asahara, founder and leader of Aum Shinrikyo, also known as Aleph, a Japanese cult that is responsible for the Sarin gas attack on the Tokyo subway in 1995. The second key argument against transformational leadership is the un-clarity of its definition and components, since the definitions of the four components (Inspirational, Intellectual, Idealized, and Individualized) associated with transformational leadership are overlapping each other. According to Brayman (1992), the transformational leadership looks more suited to be a set of personality characteristics rather than special requirements. There are other various arguments against transformational leadership as well, like the ones associated with ethics, according to Avolio and Howell (1992), qualities that makes a great leader can lead to unethical act, as the first key point in this section stated, such leader can make his/her follower to make unethical decisions and even commit crimes as well, according to Yukl.G. (1998). One example for this case is Hitler. Within this essay, the focus will be on the above arguments, in the following section, and in-depth analysis will be done. Supports for the Transformational Leadership theory: Two of the key arguments against transformational leadership theory primarily focus on the un-clarity of its concepts, and accusing it to be misleading. However, if we take a closer look at the details and examine the core components of the transformational leadership theory, one can easily notices the arguments against transformational leadership is losing its roots. Based on Benard. M, Bass (2006)s book on Transformational leadership, the qualification of transformational leaders are those who has great personality qualities and the ability to influence others in exchange for their loyalty, it focuses on the processes between the leader and followers. Therefore, those who uses negative examples of transformational leadership such as Adolf Hitler, Benito Mussolini to fault the transformational leadership theorys core concept is false, because idea or the overall construction of the theory of the transformational leadership is solid, and does not varies when people interpolate it dif ferently. Arguments such as the requirements for transformational leadership are sets of personality traits, and it cannot be taught or learn, Oscar Arias have stated: More than knowledge, leaders need character. Values and ethics are vitally important. The basics of leadership can be taught. What is desperately needed is more responsible leadership a new ethic to confront the challenges of our day. Based on an interview and commentary essay done by Jonathan P. Doh (, many educators believes that transformational leadership can be taught, in fact all types of leadership can be taught and learned. Here are some of the quoted interviews from that report: Jay Conger (Professor of Organizational Behavior at the London Business School and Senior Research Scientist, Center for Organizations at the University of Southern California in Los Angeles) have :Yes, most definitely. Here work experiences, bosses, special projects, and role models, education all play a role in leadership development. Using an analogy with sports, not everyone can become an outstanding player despite coaching, yet most will benefit and improve their game. A few will go on to become stars or outstanding leaders given coaching, extensive experiences, and personal drive. Also from Kim S. Cameron (Professor of Organizational Behavior and Human Resource Management at the University of Michigan Business School.) said that: Some people have an inclination to learn some competencies faster or better than others, of course, and some people reflect more charismatic or likable characteristics than others. But many great leaders are not those that appear on the covers of Time and Fortune. They have learned to achieve spectacular results in their own circumstances. Think of parents. Can people learn to become better parents, or are we just born either competent or not? Everyone would agree that effective parenting can be learned and improved. So can effective leadership. Leadership can also be taught, according to Jay Conger, Kim Cameron, and Steve Stumpf (cited in Jonathan P. Dohs interview essay), have all agreed that leadership can be taught, but only to a certain extent. The reason behind this is the three dimensions of leadership: skills, perspectives and dispositions. Just like in school, everything can be taught to students, but there are always some students do better than others, in terms of adapting knowledge, and the ability of applying the knowledge that they have learned. Skills can be taught, and perspectives can be trained, however, dispositions such as ambitions, mental capacity, etc.à ¢Ã¢â€š ¬Ã‚ ¦.is difficult to teach. Bottom line is, leadership can be taught and learned through education and training. There are a lot of examples of leaders that proved valuable to a company, just to name of few in this essay. Steve Jobs is one of the perfect example, he was fired from apple and later came back, and turned Apple into one of the most profitable technology company in the world. Another example is Gordon Bethune, CEO of Continental Airlines (merged with United in 2010), and he joined Continental Airlines during its bankruptcy, during that time, company was losing $55 million dollars per month, he, however, not only eliminated the debt they had at that not, but also increased Continental Airlines stock price from $2 a share to $50 a share. Conclusion: In conclusion, Transformational leadership theory have proved its value throughout the modern days, even if there are some criticisms, it still not enough to effect the core concept of transformational leadership theory. Counter arguments in support for the transformational leadership theory, have proved its aptitude in work performance, quality and earn their loyalty. Key arguments have been vindicated in this essay, even though, motive of a leader sometimes is questionable, but this does not change the core construction of the theory; transformational leadership theory or any leadership theory can be learned or taught, only difference is how well one can adapt and apply the knowledge of leadership. Transformational leadership is surely one of the most popular theory, and most likely will become the resolution for todays organization, as todays enterprises facing many tough challenges such as creativity, sustainability, and uniqueness.

Love Song of J. Alfred Prufrock Essay: Time -- Love Song J. Alfred Pr

Time and The Love Song of J. Alfred Prufrock  Ã‚      Pericles once said "Be ruled by time, the wisest counselor of all." This ruler of the past might not have had the technology of today, but he did not need it to recognize time’s domineering nature over all mankind. No matter what advances man makes, he will never be able to slow down time nor stop it completely; nor it appears will he be able to leap into the past or the future. Time is one thing that man cannot manipulate, instead it manipulates man. No poem better illustrates this point than T.S. Eliot’s "The Love Song of J. Alfred Prufrock." Prufrock is trapped by the conundrum of time in that no matter what he does, he always regresses to his starting point. His life has been reduced to a diurnal cycle of monotonous chores that seem dictated by time. Prufrock’s " decisions and revisions" are tedious and monotonous; in a sense, he has no free will. His lack of self-control can be clearly seen in his circular voyage throughout the poem: he begins his journey by conforming to time, makes a meager attempt to disrupt the invariability of everyday life, and finds himself again hopelessly bound by time to his habitual tendencies. In this poem, time takes on a distinct meaning. Rather than simply being an external object that lacks control over man, Eliot raises the meaning of this foreign object to a new level. The time provided to the speaker can be equated with his actions. Everyday he is provided a certain amount of time, and day after day he is prepared to "spit out the butt-ends of [his] ways"(Eliot 2461) at the end of the his bland day. The frustration Prufrock builds up is caused by the tiresome repetition of his actions. Furthermore, he feels as though he can not esc... ...gle daily: we can not control time. No matter how much technology mankind obtains, it is unlikely that we will ever arrive at a point in history where time does not limit us in some way. The importance of this fact lies in its acceptance by man. Once we are able to comprehend our domination by time, we will be able to live in harmony with it, using all of this precious quantity which we are granted.    Works Cited Eliot, T.S.. "The Love Song of J. Alfred Prufrock." The Norton Anthology of English Literature. Ed. M.H. Abrams. New York: Norton, 1996. 2459-2463. Pinion, F. B. A T.S. Eliot Companion. Totowa: Barnes & Noble Books, 1986. Sharma, Jitendra Kumar. Time & T.S. Eliot: His Poetry, Plays, and Philosophy. New York: Apt Books, INC. 1985. Spurr, David. Conflicts in Consciousness: T.S. Eliot’s Poetry & Criticism. Urbana: U of Illinois P. 1984. Love Song of J. Alfred Prufrock Essay: Time -- Love Song J. Alfred Pr Time and The Love Song of J. Alfred Prufrock  Ã‚      Pericles once said "Be ruled by time, the wisest counselor of all." This ruler of the past might not have had the technology of today, but he did not need it to recognize time’s domineering nature over all mankind. No matter what advances man makes, he will never be able to slow down time nor stop it completely; nor it appears will he be able to leap into the past or the future. Time is one thing that man cannot manipulate, instead it manipulates man. No poem better illustrates this point than T.S. Eliot’s "The Love Song of J. Alfred Prufrock." Prufrock is trapped by the conundrum of time in that no matter what he does, he always regresses to his starting point. His life has been reduced to a diurnal cycle of monotonous chores that seem dictated by time. Prufrock’s " decisions and revisions" are tedious and monotonous; in a sense, he has no free will. His lack of self-control can be clearly seen in his circular voyage throughout the poem: he begins his journey by conforming to time, makes a meager attempt to disrupt the invariability of everyday life, and finds himself again hopelessly bound by time to his habitual tendencies. In this poem, time takes on a distinct meaning. Rather than simply being an external object that lacks control over man, Eliot raises the meaning of this foreign object to a new level. The time provided to the speaker can be equated with his actions. Everyday he is provided a certain amount of time, and day after day he is prepared to "spit out the butt-ends of [his] ways"(Eliot 2461) at the end of the his bland day. The frustration Prufrock builds up is caused by the tiresome repetition of his actions. Furthermore, he feels as though he can not esc... ...gle daily: we can not control time. No matter how much technology mankind obtains, it is unlikely that we will ever arrive at a point in history where time does not limit us in some way. The importance of this fact lies in its acceptance by man. Once we are able to comprehend our domination by time, we will be able to live in harmony with it, using all of this precious quantity which we are granted.    Works Cited Eliot, T.S.. "The Love Song of J. Alfred Prufrock." The Norton Anthology of English Literature. Ed. M.H. Abrams. New York: Norton, 1996. 2459-2463. Pinion, F. B. A T.S. Eliot Companion. Totowa: Barnes & Noble Books, 1986. Sharma, Jitendra Kumar. Time & T.S. Eliot: His Poetry, Plays, and Philosophy. New York: Apt Books, INC. 1985. Spurr, David. Conflicts in Consciousness: T.S. Eliot’s Poetry & Criticism. Urbana: U of Illinois P. 1984.

Meaning of life Essay -- essays research papers

The True Meaning of Life What is the meaning of life? Well known Greek philosphers such as Socrates and Plato believed that our purpose in this life was to gain knowledge in preparation for the next life. Other Philosophers such as Epicurus believed that pleasure is the main goal in life. After giving these ideas lots of thought, I have come to my own conclusion that the true meaning of life is far more complex than either of these; far too complex for any human to fully comprehend. In fact these two different philosophies are only part of the grand picture. If it were that easy for men to figure out our lives wouldn't be so messed up now. The meaning of life revolves around many different things. I think these things include: self-understanding, development of mind and soul, and an afterlife. According to Epicurus, pleasure was the meaning of life. His ideas of life were completely opposite of Plato. Epicurus, in my opinion was a little bit niave and narrow minded in his view on the subject. He would say that the meaning of likfe was to experience pleasure until the end of your existence. He did not believe in an afterlife or that a person had a soul that lived forever. He just thought when you are gone that's it. I disagree with all of that because I have many religious beliefs from which I derive the meaning of life. One of these beliefs is that there is life after death, and that there is one supreme being of the universe. This goes back to Aristotle's first mover theory. I would however agree that life is a balancing act between pain and pleasure; or good and evil. You can't have one without the other. For every thing in existence there is always something of opposition. Another ancient Greek philosopher was Socrates. Socrates said "the unexamined life is not worth living." I agree with this in a sense that if you can't look back at your life and be proud of your accomplishments, then everything that you ever did was in vain. You have to be able to look at the mistakes you have made and be able to learn from that or you are doomed to repeat those mistakes. Maybe on a deeper level Socrates might have been talking about analyizing the purpose of one's life. This in my opinion is just as important. I feel that in order for me to succeed in life I ha... ... of these different philosophers are not necessarily inaccurate, just incomplete. All peices to a puzzle that I have no way of fully figuring out. Socrates spoke of a higher good to be achieved. Nobody has seemed to accomplish this yet in life. There are so many obstacles that we face as we try to achieve a higher good. Many of these are based in the fact that we are human beings, and because of that are flawed by the ways of our culture. Things such as self-doubt, worry, ignorance, and the values put into our heads since the day we were born all are road blocks on our way to a higher level. Also being human beings makes vulnerable to the ways of the world around us, so it is not easy to block these things out of our lives. In a summary I believe this life to be stage in which we are to develop our minds, bodies, and souls to their highest potential in preparation for the afterlife. A person living by this philosophy would probably become a genius or great thinker. But like Eupic ures, Aristotle, Socrates, and Plato I could only form my own opinions of the subject. There isn't anyway for me to figure out whether I am right or wrong. Only God could ever really know the true meaning.

For The Love of Junk Food

Everybody have an uncontrollable weakness to a certain type of junk food. That desirable craving you have to satisfy right then and there. Being able to binge once you see a platter or buffet table with all the junk food in the world, we just don’t like the idea of eating increments at a time. We as a society like the idea of a quick cheap fix whenever hunger comes over us. Instead of either taking leftovers from last night’s dinner, or getting up extra early before work or school to fix a proper breakfast, or pack a proper lunch, we rather go to the local corner store to pick up two Twix bars and a sprite to hold us over. We love taking the easy way out of things. In the article, Is Junk Food Really Cheaper? , the author Mark Bittman targets the difficult topic of how people make excuses that eating healthier is way more expensive than just taking a family of four plus people to a local fast food restaurant. Bittman made his target audience families that are somewhat busy with extra-curricular things. For Bittman to help his targeted audience he went out to local stores and did price comparisons and he also did survey’s on why parents would rather choose a twenty piece nugget from Mc Donald’s over a hot healthy home-cooked meal. Bittman, the Brooklyn, New York native, is a NY Times Opinion columnist. ( Bittman’s Minimalist column was in the dining section of NY Times for over thirteen plus years. He holds the title of being the lead columnist for the Times Dining section and also the lead food writer for The Times Magazine. Bittman graduated from Clark University with a bachelor degree in psychology. Bittman is the author of fifteen cookbooks. He is married with two adult daughters. Not only is Bittman a writer but he is also a chef. Since Bittman has had experience with feeding a family of four in the past he can understand why some families would rather eat out than fix a meal, but he still feels that there should not be an excuse to cook dinner at least once or twice a week. Bittman explains how our society not only make prices an excuse for eating unhealthy but he also explains how we as people say that cooking is too time consuming after a long day of work. In this article, Bittman seem to approach the issue with anger because of the many excuses given for not making a proper meal for the family. He threw in facts and opinions of everyday people that deal with these kinds of decisions. Being a chef and a father of two, Bittman understands the importance of cooking a healthy meal and sitting it on the table. Bittman stated that â€Å"the core problem is that cooking is defined as work, and fast food is both a pleasure and a crutch. (Bittman)† That sentence alone explains why most parents do not come home and cook for the family. They feel as if it’s another job. Bittman argued in the article that though it may seem as if buying processed and junk food is cheaper, it’s really not! He gave an example of having a family of four and going to Mc Donald’s buying each person a meal. The total of the meal came out to be approximately thirty dollars. If the parents were to go to the local grocery store and buy a roast and broccoli, the total will only end up being fourteen dollars. Bittman also brings attention to how over the years the inflation price of fresh produce has gone up while for fast-food restaurants it has decreased. This brings more attention towards spending money on unhealthy food. Bittman stated in the article â€Å"that overconsumption of fast food â€Å"triggers addiction-like neuroaddictive responses† in the brain, making it harder to trigger the release of dopamine. In other words the more fast food we eat, the more we need to give us pleasure; thus the report suggests that the same mechanisms underlie drug addiction and obesity. (Bittman)† Bittman grasp the audience attention by letting them know that eventually their bad habits of taking the easy way out will catch up to them and harm them. Putting themselves in grave danger of potentially, let’s say, having a stroke or even dead maybe. It’s noticeable in the article that Bittman is fed up with the excuses. Bittman’s article is very relatable because he is basing it on average households around the world. Bittman wrote this article to target families that take the easy way out. Though this article is intended for families, single people, and couples should also take heed to the information given. Eating healthier is how you keep yourself looking and feeling young. Bittman’s purpose of this article is to inform everyone that eating take out every night is unhealthy and that there should be no excuse as to why a person cannot come home and cook a decent meal. Bittman encourage families across the nation to challenge themselves into cooking more than usual. Bittman wan this readers to understand that cooking once a week is better than not cooking at all, he also want them to see that cooking can be enjoyable. He doesn’t want his reader’s to think that cooking is a hassle and a burden to get accomplished. Mark Bittman’s article, Is Junk Food Really Cheaper, made such a bold entrance and informative ending that it came and conquered the message. Bittman put enough facts into this article that it should definitely make a person think twice about feeding their family take-out food two nights in a row. The details of the articles flowed with bold points along with opinions from Bittman and others. It was like Bittman came to the podium and laid it all on the table. Bittman gave several examples on how eating out is more expensive than cooking a meal throughout this article. Since Bittman is a family man he knew what components to insert in this article to grasp the attention of his targeted audience. This article was straight forward and to the point. Though Bittman went in about the topic from the very beginning he never lost his focus on what he was coming to execute. If Bittman’s article, Is Junk Food Really Cheap, can grasp hold of my attention as a college student he can very well grasp the attention of a parent that wants to keep their family live and healthy.

History 1302

The mind set of Americans during the decade prior to the Spanish American war, the influence of the Americans during the war. Expansionism and imperialism and the causes of the war and what did the Americans gain and lose. The Americans had a long history of imperialism from the expulsion of the native Americans, the Mexican American war, the Spanish American war, the control of cuba and the Philippine, the annexation of Hawaii and Samoa and also the occupation of much of latin America between 1890 and 1930.Their tendencies were outgrowth of ethnocentrism which was the belief in manifest destiny. Expansionism was the control of another country’s market or political system through the use of trase and diplomacy and imperialism was the control of another country’s market or political system through the use or threat of use of force. The causes of the American Spanish war, united states had little interest in economic cuba and the south had yet to regain its stature.The Cu ban rebels began to attack Americans owned properties, McKinley sent the battleship maine to Havana to protect the American interests, the battleship blew up due to coal dust or the magazine too close to the boiler room, Theodore Roosevelt also wanted war, he dispatched dewey to the Philippines with out the knowledge of the secretary of navy or the president of united states. America was in the mood for war to demonstrate its strength, and what better nation to go to war with, manifest destiny, racism and imperialism were also cause to the war.The United States gained almost all of Spain's colonies, including the Philippines, Guam, and Puerto Rico. Cuba was granted independence, but the United States imposed various restrictions on the new government, including prohibiting alliances with other countries, and reserved for itself the right of intervention. Cuba remained technically independent but was required to submit its foreign policy to American approval. By gaining these territo ries it helped America gain some more resources.3.The conditions and causes of the progressive era, how it affected people, where did the reforms begin and why, who were the three of the most famous national leader. The causes were the deplorable state of america’s cities including the boss system with it’s corruption, graft and the resulting high taxes which fell on the middle class. Uncontrolled monopolies which ran roughshod over small business and the interest of the people. The corrupt relationship between big business and state and federal government’s elected officials. Lack of any control of the negative impacts on the public of the rampant abuse of the public trust by big business. And then the abuse of children and women in the work places.5. General reasons for the war in Europe and specific causes and the reasons for the U. S entry into the war. The general causes of the great war, imperialism each major European nation had its colonies in Africa and asia and each saw its colonies as a measure of its own national prowess and also colonies meant sources of raw materials and markets for finished goods for each country. Nationalism was such an ingrained part of the culture and different nationalities in Europe that it is had to separate it from what it means to be british, French, german, or Russia.Its also played apivot role for the Serbians who assassinated the arch duke of Austria hungary, played a role second to pride and marital fealty which bought the arch duke to Sarajevo on that fateful day and also bought America into war. Militarism could not separate from a country’s nationalism in 1914, it was the struggle for the military to make sure that their country would not loose territory if attacked that led to the war that could have been prevented, it also helped the deformed Kaiser Wilhelm to compensate for his short stature.Disintegration of the ottoman empire, vacuum caused by the dissolution of the ottoman empire caused the other nations to lust for those territories and it also liberated yearnings of nationhood and ethnic pride and revenge. Secret and entangling alliances were developed in order to maintain an equilibrium while other nations were trying to upset that equilibrium and gain a power advantage over their rivals were a material cause for the war.War was viewed as an extension of diplomacy and relatively risk free way to gain territory and advantage over a rival, the memory of the diplomats was short, it did not take into account the suffering caused by the Napoleonic wars. Continuing rivalry between france and germany following the franco-russian war. The lack of meaningful communication and understanding internally between the military and diplomatic wings of the various European countries.The U.S entry into the war, Wilson called on his fellow citizens in 1914 to remain which was impossible for a nation of immigrants from all of the countries in the war. Economic realities also made imposible the task of dealing with the belligerents on equal terms, the british put a blockade on german and the germans were using the new submarine warfare to challenge british domination on the atlantic. Wilson demanded that german promise not to repeat such outrage and the germans agreed to his demands. He also demanded that german abandon its unlawful tactics and the german government.

The Blue Sword CHAPTER SIXTEEN

The next morning they left the Madamer Gate, to go back down the mountain as they had come. The little troop was less than half what it had been the morning before, and it moved more slowly, from weariness, wounds and †¦ a slight feeling of anticlimax, Harry thought. She had a foul headache. Every step Sungold took struck like a mallet behind her eyes, and her vision sparkled with it. â€Å"Does one always feel a bit lost, the day after a battle?† she asked Jack, who was riding somewhat stiffly at her side. Draco had suffered a cut over his poll, and the headpiece of the bridle was paddled with a bit of blue cloth. â€Å"Yes,† he said. â€Å"Even when you win.† They rode gently but steadily all that day. That evening Harry said to Kentarre: â€Å"You may leave now, if you wish, to go home. I – we're all grateful for your help. It's very likely we would not have held them off even long enough for – for Gonturan to drop the mountains on them, without you. And,† Harry said more hesitantly, â€Å"it is also good to find another friend and ally.† Kentarre smiled. She smiled much more easily now than she had when she and her archers first stepped out of the trees to pledge to Harimad-sol; and Harry didn't think it was only because the threat of the Northerners had been halted. â€Å"It is good to find a friend, lady, as you say, and it is ill to lose one too soon. We would follow you still, and see your king, and give you a little more glory at your return. I think perhaps we filanon have held alone in our woods too long; and without you, Harimad-sol, we would have no homes now to go back to. We were Damarians not so very long ago, and our fathers called Corlath's fathers king. We would go with you.† Four of her archers had materialized out of the firelight to stand beside her when she began to speak, and they nodded. One wore a white rag around his forehead, and it covered one eyebrow, which gave him a puzzled uncertain look; but there was no uncertainty in his sharp nod. Harry looked unhappily at her hands. â€Å"I – I'm not sure it would be wise of you to come to Corlath on my heels, calling me sol. I came here – left him and his army and his battle plans – expressly against his wishes, and I think it more than likely that I'm riding into trouble, as I choose to go back. I – er – applaud the idea that you should declare yourselves as Damarians again, but I – well – highly recommend that you make your own path to Corlath, without me.† Kentarre did not seem surprised by Harry's words; but then Terim or Senay must have told her the story. â€Å"Your Corlath I think is not a fool, and it would be foolish to treat with less than great honor the one who buried Thurra and thousands of his army. We will come with you, and if he turns you away, we will still come with you. You are welcome here,† Kentarre said with a wave of her hand and a faint musical clatter of the blue beads around her wrist. â€Å"You need not go into exile homeless.† Harry said nothing. She found that she was too tired to argue, and too grateful for their loyalty, for she was simply afraid of what she was returning to – afraid mainly because she realized how desperately she wanted to be able to go back. It was true, Corlath would be forced to honor her as the cause of Thurra's downfall, for he was no fool and he was a very honorable king; but she did not want him forced. â€Å"Very well,† she said at last; â€Å"let it be as you wish.† Kentarre bowed, a brief graceful sweep. â€Å"Thank you,† said Harry. â€Å"It is my honor to follow Harimad-sol,† said Kentarre. Jack smiled at Harry as she knelt down again by their fire, and was swarmed over by Narknon, who seemed in her own way to be as shaken by the mountains' falling as the human beings had been. â€Å"We cling to you like leeches,† he said, and she looked at him in surprise. â€Å"Or so I believe was the gist of your conversation just now.† Harry nodded. â€Å"So perhaps this is a good time to warn you that Richard and I and our lot are planning to come too – throw ourselves at the mercy of your Hill-king. There's nothing at home for us. And um – † he turned his hands over to warm the backs of them by the fire, and stared at his callused palms – â€Å"we'd like to.† â€Å"But – â€Å" â€Å"You'll only be able to talk us out of it with an extraordinary amount of effort, because any reason you may come up with we will immediately assume has to do with your praiseworthy desire to spare us pain or trouble, and we are quite selfishly set on riding east on your heels. And we none of us have the strength for protracted arguing anyway, yourself included. And I may be old and stiff and sore, but I'm wonderfully stubborn.† There was a pause. â€Å"Very well,† said Harry. Richard, at Jack's left hand, poked the fire with a stick. â€Å"That was easier than I was expecting,† he said. Jack smiled mysteriously. They came to Senay's village the next day, and they were met with a feast. Senay's father explained: â€Å"We felt the mountain fall three days ago, for the earth shook under us and ash blew over us. The air felt brighter afterward, and so we knew it had gone well for you.† â€Å"The dust was blue,† said Rilly. â€Å"And it is a three days' ride to the Gate from here, so we expected you,† the young woman, Rilly's mother and Senay's father's second wife, explained; and Senay's father, Nandam, said: â€Å"Hail to Harimad-sol, Wizard-Tamer, Hurler of Mountains.† â€Å"Oh dear,† said Harry in Homelander, and Jack snorted and coughed, and Richard demanded to be let in on the joke. But when the platters, heavy and steaming, were passed, she decided that fame had its advantages. She had not eaten so well since she had sat at the banquet that made her a Rider †¦ with Corlath †¦ The next morning, to her dismay, Nandam appeared with a tall black horse with one white foot. â€Å"I will come with you,† he said. â€Å"This leg has made me useless in battle, but I am not without honor, and Corlath knew me of old, for Senay is not the first to ride to the king of the City from my family and my mountain. I will ride in your train too, Wizard-Tamer.† Harry winced. â€Å"But – † It was her favorite word of late. â€Å"I know,† said Nandam. â€Å"Senay told me. It is why I will come.† They avoided the fort of the Outlander town, lying peacefully in the sun, untroubled by the tiresome tribal matters of the old Damarians. The Outlanders had known all along there were too few of the Hillfolk to make serious trouble; and if the earth had shivered slightly underfoot a few days ago, it must be that the mountains were not so old as they thought, and were still shifting and straining against their place upon the earth. Perhaps a little volcanic activity would crack a new vein of wealth, and the Aeel Mines would no longer be the only reason the Outlanders went into the Ramid Mountains. Jack looked rather broodingly toward the iron-bound wall inside which he had spent most of the last eighteen years. He caught Harry looking at him and said: â€Å"Anything there waiting for me is something on the order of ‘Confine yourself to quarters while we decide what to do with you – poor man, the desert was too much for him and he finally went bonkers.' I'm not going back.† Harry smiled faintly. â€Å"I botched it, you know. If I'd known what I was doing, I could have gone alone, quietly dropped half a mountain range where it would do the most good – â€Å" â€Å"And ridden off into a cloud, never to be heard of again,† said Jack. â€Å"I sometimes think the blind devotion – or the press of numbers – of your loyal followers is all that is sending you back to your king at all.† Harry stared unseeingly at the horizon of her beloved Hills, and she remembered Aerin's words, and that Dickie had called her back to this world just a little too soon. â€Å"Is he really such an ogre?† Jack went on. â€Å"Don't you want to go back?† Harry turned and looked back at the smudge on the golden-grey sands that was Istan. â€Å"No, he is not an ogre. And, yes, I want to go back – very much. That is why I am afraid.† Jack looked at her; she could feel his gaze on her, but she would not meet his eyes. The trip back, Harry thought unhappily less than three days later, seemed a lot shorter than the trip away; and this in spite of the fact that they were moving slowly for the sake of their wounded, who had resisted staying in Nandam's village to be healed and demanded to come with them. â€Å"They don't want to miss out on any of the fun,† Jack said apologetically, as if it were all his fault. â€Å"Fun?† she said, exasperated. â€Å"Your attitude is perhaps a little unnecessarily rigorous,† suggested Jack. Harry muttered something that was better not said aloud, and added, â€Å"They take honor and loyalty very seriously here, you know, you Damarian-mad Homelander.† Jack shrugged. â€Å"And if they throw us out on our collective ear – even that is fun of a sort, I believe.† He paused, and looked at her out of the corner of his eye. â€Å"But I'm afraid I have the same optimistic outlook as the rest of Harry's bandits.† Harry protested, â€Å"But I know more about it!† â€Å"Ignorance is bliss,† replied Jack. They had no difficulty finding their way to the camp of the Hill-king. Harry never thought about it, beyond the simple word â€Å"east.† But although â€Å"east† covers a great deal of territory, she had pointed Sungold's nose as surely as if she were a route-rider, covering the same path she had traveled for years. She wished now she weren't quite so accurate. She could see the king's tent looming in the twilight before them, the sunset fading behind them, and their long shadows beginning to dissolve in the ripples of the grey sand underfoot. She knew that they were marked by the king's guard, but no one hailed them. She could well believe that she and Sungold and Gonturan were immediately recognizable, but she was surprised that even if she were not to be taken prisoner on sight the very obvious presence of twelve armed Outlanders in her train was exciting no comment. Since she did not know what else to do, she rode reluctantly but directly to the king's tent; it rose from the center of the other tents, the black-and-white banner flying from its peak. Still no one stopped or questioned her; but several offered her silent hand greeting, the kind a king's Rider might expect, and this comforted her a little. But she wished she would see someone she knew well enough to talk to – Mathin or Innath by choice – to ask what sort of welcome she might expect. There was little sign that this army had fought a desperate battle against the odds only days before; and she suddenly realized that it had never occurred to her that Corlath might lose. She was learning to believe what the backs of her eyelids told her. The tents were all neatly and precisely pitched, and the horses she saw were sleek and fit. There was a hum of tension about the camp, though, which she could feel; the silence had a stretched quality to it, and those people she saw hurrying from tent to tent looked as though their errands might be about life and death. Sungold's steps fell too quickly. She saw no other Rider, and at the door to the king's tent she paused, and her company came up behind her, and fanned out into a little court around their captain. The gold-sashed guard saluted her, just as he had done half a year ago; she thought it was even the same man, although he looked much older, almost as old as she felt. She stayed in the saddle; she wanted to stay there forever; at very least it made her taller than a man on foot – even Corlath. What was she to say? â€Å"The prodigal has returned? The mutineer wishes to be reinstated? The subordinate, having gone to a great deal of trouble to prove her commander wrong, has come back and promises to be a good little subordinate hereafter, or at least until the next time?† Then Corlath put back his golden silk door and stood before her, and she stared down at him, and she could not have gotten out of the saddle then even if she had wanted to. She realized why, when her kelar had shown him to her in battle some days ago, she had not at first recognized him, that his sash was the wrong color. He was wearing her sash. â€Å"Hari,† he said; then â€Å"Harimad-sol,† as he walked to Sungold's side; stiffly he moved, she thought, and her heart failed her at the thought that he might have been wounded. She stared down at him still, and could not move, and then, shyly, he put his hand around her dusty leather ankle and said, carefully, â€Å"Harry.† She pulled her leg over the withers and slid down Sungold's shoulder as she had once slid down Fireheart's, and put her arms around her king and hugged him fiercely; and his arms closed around her and he murmured something, but her blood was ringing in her ears, and she could not hear what it was. It is not very comfortable, holding someone close who is wearing a sword and various unyielding bits of leather armor, and it is less comfortable yet if both parties are so accoutered. Harry and Corlath dropped their arms after a short time and looked at each other, and each distantly thought that the other one was wearing a rather silly smile, and Harry noticed that Corlath's eyes were the color of gold. â€Å"You are unhurt?† she said; her voice sounded tinny in her hot ears. â€Å"I am unhurt,† he said. â€Å"And you?† â€Å"Yes,† said Harry, still looking at his golden eyes. â€Å"Or no. I am not hurt.† â€Å"I am glad,† her king said, and his voice was still low and shy, â€Å"to see you – here – and still – † he hesitated – â€Å"still of the Hills?† Harry took a deep breath. â€Å"I will be of the Hills till I die, but what are you going to do to me for going off like that? And it's not their fault,† she went on hurriedly, gesturing behind her, â€Å"but they would come with me even though I warned them how it was with me. Whatever you say, I will obey, but – what is it?† She stopped, for as she tried to make her apologies, or her amends, or whatever they were, she remembered that she and Corlath were not alone, and that she was a deserter. She looked up and around, but her company were only dark figures to her, dim in the fading light. â€Å"I will return to you your sash,† Corlath said, but his hands did not move to untie it from around his waist. â€Å"You should not have lost it – for I assume you lost it. If you had not, but flung it away deliberately, it would be a sign that you denied me, and Damar, and were making yourself an exile forever.† â€Å"Oh no,† said Harry, horrified; and the slightly foolish and uncertain smile on Corlath's face grew into a real smile, one unlike any Harry had ever seen on the Hill-king's face before. â€Å"No,† he said. â€Å"I hoped not.† Harry whispered: â€Å"You have done me much honor – since the beginning.† Corlath replied: â€Å"I did only what I must, for the kelar gave me no choice; but I – I came to believe in you, and I did not care what the kelar said.† â€Å"Did you believe in me then, when I rode away and left you, my king, and I a king's Rider, against your orders?† The smile faded, but his eyes were still bright yellow. â€Å"I did,† he said. â€Å"Luthe †¦ warned me you would do something mad – and I †¦ feared something else, for thus a man makes a fool of himself, and will not accept the wisdom the gods send him. I did not realize what Luthe had told me – I had forgotten what the kelar had told me – till you had gone.† â€Å"Something else?† said Harry. â€Å"What did you fear?† Her heart beat more rapidly as she waited for his reply, and she hoped he would ask her such a question, that she might answer it as her heart bade her. But Corlath looked around them. â€Å"The Outlanders you bring to my camp are not your escort home?† Harry shook her head violently. â€Å"They are my escort home only insofar as they would bear me company in my home, in the Hills, if you will have them.† â€Å"I will have them, and be honored,† said Corlath, and his eyes lingered on Jack, who sat Draco quietly between Richard and Terim, â€Å"they who stood at Madamer Gate and watched the mountain fall on Thurra. This tale they will tell, I hope, and tell often.† â€Å"And I hope I will never have to do anything like that again,† said Harry, and for a moment she could not see Corlath's yellow eyes, but a demon-thing that had once been human on a white stallion with the teeth of a leopard. Corlath looked down at the top of her bent head. â€Å"For you I hope that you do not either; the kelar strength is not a comfortable Gift. â€Å"I saw – I watched the mountain fall. I heard you call me and knew then who it was you faced – and thus why it was that I had not seen him before me: why we were able to throw the Northerners back, for all that they outnumbered us. They did not, I think, expect us to be so strong, or Thurra would not have divided his army as he did; for Thurra's demon blood had told him that only the demon Gifts are strong. â€Å"I was proud of you – and I was glad that it was I you called upon.† His voice died away to a murmur, but then he spoke loudly: â€Å"There is a tradition that goes back hundreds of years, to Aerin and Tor, that we do not often see today, for there have been few women warriors of late, till Gonturan rode to battle again. But tradition is that a betrothed pair may exchange sashes, and thus they pledge their honor to each other, for all to see. I will return you your sash if you choose, for I have no right to wear it, as you have not granted me the right. But I have been honored to wear it, in my people's eyes, till you returned – for as I had had so little faith in you despite Luthe's words to me, so I decided to have faith that you would return, to the Hills and to me, and to hope that your answer might justify me.† Harry said clearly, that all might hear: â€Å"My king, I would far rather you kept my sash as you have kept it for me in faith while I was gone away from you, and gave me your sash to wear in its place. For my honor, and more than my honor, has been yours for months past, but I saw no more clearly than did you till I had parted from you, and knew then what it would cost me if I could not return. And more, I knew what it would cost me if I returned only to be a king's Rider.† Then a cheer went up from many throats, and not only from those of Harry's company; for many of the camp had gathered in the center court before the king's zotar to hear how this meeting would go, for they had seen Harimad-sol's sash around their king's waist, and those who remembered the tradition had told of it to those who did not. And there was no surprise, in those who had followed Harry or in those who had fought with Corlath, and there was much joy; and the echoes of those cheers must have come even to the city boundaries of the Outlander town called Istan, and the barred gate of the General Mundy. And the Outlanders who had followed Jack Dedham when he decided to follow the young Harry Crewe, who had become Harimad-sol and the Hill-king's Rider, and who did not know the Hill tongue, looked around them, and at the two tall figures before them standing beside the chestnut stallion, and they cheered too; and Jack, in a lull, said to them: â€Å"In case you would like to be sure what you're cheering, our Harry is going to marry this chap. He's the king, Corlath.† Under the cover of the shouting Corlath drew Harry closer to him and said: â€Å"I have loved you long, though at first I did not know it; but I knew it when I sent you into the Hills with Mathin and Tsornin for your teachers, for I saw then how I missed you. And when in the City I found that Narknon had followed you, I was jealous of a cat, who could go where she wished.† Harry said, softly, that only his ears might hear: â€Å"You might have spoken.† Corlath smiled wryly. â€Å"I was afraid to tell you, for I had stolen you from your people, and the awakening of your kelar might make you hate me, for she whose blood gave you the Gift left the Hills long ago. When you knew what it was that this heritage gave you, it might drive you back all the more strongly to your father's people, to a fate the Hills had no part of. The Gift is not a pleasant burden. â€Å"But when I saw you were gone I looked to the west, for I knew where you must be going, and I vowed that if we both lived, when we met again I would tell you that I loved you, and ask you to stand by me not as Rider but as queen; for suddenly it seemed worth the risk, and I could not bear it that you might never know.† Harry said: â€Å"I love you, and it has haunted me that for my disobedience I would be exiled, not from the people I have claimed as my own, though this were punishment enough, but from you that I loved best of anything and best of all. I think I knew you could not exile me, for the victory Gonturan had won for you and your Hills; but I knew that for you to have turned against me for leaving as I did, it would have been the bitterest exile, even if I sat at your left hand as Rider all my life.† It was Innath who grabbed her away at last and danced her around, for Innath had no dignity, and Corlath and Harry seemed able to ignore the tumult around them indefinitely. Then Jack took her away from him, and then she was embraced and knocked about and swung back and forth till she was dizzy; but she laughed and was happy, and thanked everyone who touched her. But there was one face in particular that she looked for and could not find, and its absence troubled her. At last they let her go to Corlath again, and her happiness was shaken for the face she could not find, and she seized his arm anxiously and said, â€Å"Where is Mathin?† Corlath, who had been dancing too, went very still. â€Å"He is not dead?† she said, and her voice rose till it broke; but when he shook his head it gave her no comfort. He took her hand in his and said, â€Å"Come,† and led her away, through the tents. Now she could see the traces of battle, for by lantern light she saw blood-stained gear and unidentifiable bits and tatters moving mournfully in the evening breeze, and some few people, bandaged, limping, or lying by campfires, gently tended by those who were unhurt. Corlath led her to a long low tent and drew her inside, and the smell of death struck her at once, although the figures lying on rugs and blankets and cushions were well cared for and cleanly bandaged, and their chests still rose and fell with breathing, and there were many nurses watching over them and bringing drink and thin invalid food. Corlath brought her to the far end of the narrow tent, and the figure there turned its head toward them. Harry threw herself on her knees, weeping, for here was Mathin. â€Å"I knew you would return,† said Mathin, and one hand moved a few inches to close weakly around Harry's; and Harry gulped and nodded, but still her tears flowed and she could not stop them. â€Å"And you will marry our king?† he went on, in what would have been a conversational tone if it had not been so faint, and Harry nodded again. â€Å"I wanted you to toast us at the wedding, my old friend and horse-breaker and teacher,† she said. Mathin smiled. â€Å"I leave my honor in good hands, best of daughters,† he said gently. â€Å"No,† said Harry, and while her tears still fell her voice gained strength. â€Å"No.† As she knelt, Gonturan dug a hole between her ribs, and she stood up impatiently and unbuckled her and let her fall; and as she bent down again a few of her tears fell on her own hand, and they were hot, scalding hot, and left red marks where they touched the skin; and she realized that her eyes and cheeks burned with them. She drew the blanket away from Mathin's chest and belly, where a long mortal wound oozed through its wrappings; the blood was almost black, and green-tinged, poisoned, and there was an unhealthy smell. â€Å"In Aerin's day,† murmured Harry, â€Å"kelar was good for things. It didn't only hurt things, and make trouble.† Corlath came to stand behind her. Mathin looked up at his king and said, â€Å"Aerin – â€Å" Harry felt Corlath's hands on her shoulders, and twisted where she knelt, and seized his hands. â€Å"Help me,† she said. â€Å"You helped me on that mountaintop. It was as though you held me up, held me by the shoulders as you did the first evening when I tasted the Water of Sight.† Her eyes, wide open, were going blind; it was like the golden war-rage, only worse; it would split her skin, she would wither and blacken in the heat of it. Corlath said, as if against his will, â€Å"Mathin fell, guarding me, while I was far away on a mountaintop; if it had not been for him, I would have had no body to return to.† Harry shivered and the heat plucked at her nerves and ate up her strength, and blindly she reached out one hand to touch Mathin, and her fingers touched the bare skin of his upper arm, and she felt him shudder, and his breath hissed between his teeth. Whatever it was thundered through her veins and filled her lungs and stomach, her hands and mouth; and she let go of Mathin and turned to the next bed, and scrabbled with the bedclothes, for she could see nothing but the golden storm and feel nothing but one of Corlath's hands tight in one of hers, and she touched the throat of the occupant of the pallet next to Mathin. She groped her way down the long length of that tent, stumbling, almost crawling but for Corlath, touching foreheads and hands and shoulders, and the nurses turned back the bedding, and the eyes of the dying looked into her blind eyes and hoped for her touch but feared it, and none but Corlath who were themselves whole came near enough even to brush the hem of her tunic, for it was hard just to breathe if she, with the power that was in her, was too near. The fire rose through her and crackled in her ears, so that she was deaf as well; but at last they came to the door, and Corlath led her out, her feeble feet not sure where they would find the earth with each step; and she felt the evening breeze, and the fire began to subside, reluctantly at first. But as it drained out of her, back to where it had come from, it took with it the marrow of her bones and the elastic of her muscles, for such was the fire's fuel, and she leaned against Corlath. He put his arms around her, and when the fire flickered at last and went out and she crumpled, he picked her up and carried her back to his zotar, and she lay in his arms as limp a burden as when he had put the sleep on her, the night he stole her from the Residency. Harry woke up feeling as if she had been sick for a year and was now approaching convalescence. She stared at the peaked roof of the zotar and slowly realized where she was. Even her thoughts were too weak to entertain the idea of moving. Narknon, by some extra feline sense, knew when she opened her eyes, and without moving from her sprawl across Harry's legs, began to purr. With the purr came Corlath, who had been sitting just beyond the curtain that had been hung by Harry's bed to give her peace from the comings and goings of the king's tent. He put back the curtain when he heard Narknon. He was himself weary, for much of the strength Harry had used the evening before was his; and he had not been able to sleep that night for watching her. He watched her sleeping, hoping only that she would awaken and still be Harry. His heart was in his mouth as he dropped down beside her. The look on his face brought Harry more strongly back to herself, and she sat shakily up; and he put an arm around her shoulders, and she was happy to rest her head against his chest and be silent. She did not want to ask, but she could not help herself, so at last she said: â€Å"Mathin?† His voice sounded deeper than ever with her ear against his chest when he spoke. â€Å"He will carry a handsome scar, but he will carry it lightly, and he will be strong enough to sit on Windrider when we leave this place to return to the City, in a few days' time; although his right arm still pains him somewhat, from the long raw burn near the shoulder, as though a fire had scorched him.† Harry remembered how she had known the fire was eating her, that it would leave nothing of her; and she opened her right hand, the hand that had touched Mathin. It looked as it always had, but for the small white mark across the palm, which was only two months old. â€Å"And the others?† â€Å"None will die, and while none is as quick to recover as Mathin, none either bears the mark of where Harimad-sol touched them.† â€Å"And – my people? Jack, and Kentarre, and those who follow them? And Nandam, and – and Richard? Have you met my brother Richard?† â€Å"Your Jack has introduced us.† Corlath had remembered Colonel Dedham when he saw him standing in the twilight behind Harry; remembered him as the one man who had seemed to listen to what Forloy said, and believe that the men of the Hills might be speaking the truth, even to Outlanders. It was that sight of the man who had offered the Hill-king his loyalty while standing on the Residency verandah that had given Corlath the courage to declare his love for Harry the night before. It had seemed a fine bold thing to him at the time to bind her sash around himself and wear it openly; it hadn't occurred to him till he saw her with her company at her back, and her pale eyes fixed on him with an expression he could not read, that it would force him to face her with it and what it meant immediately, whenever he saw her again – if he saw her again. It would doubtless have been kinder or more courteous – and less dangerous – to choose his time and place; and not make such a public display of it. But then, without the sash around his waist and his people watching eagerly for the outcome, it was so extremely possible that his courage would have failed him again, for all his noble words about risk-taking. All these things he would tell Harry later. â€Å"But Richard has the face of your family, though he has not the eyes, and I would have guessed who he must be.† â€Å"Jack would like better than anything in the world to ride a Hill horse.† Harry heard the beginning of his laugh far inside him before it burst out into the air; and she raised her head and looked inquiringly into his face. He shook his head at her and said, â€Å"My heart, your Jack shall have a hundred of our horses, and welcome,† and then he bent his head and kissed her, and she drew him down beside her. A few minutes later Narknon, with an offended growl, climbed off the bed and stalked away. Mathin was a trifle paler than usual when Corlath's army mounted and set their faces to the east, but he sat easily on Windrider and looked all around him as if reminding himself of what he thought he had lost; but most often he looked at Harimad-sol, riding at the king's right hand. The army moved slowly, for there were litters to carry, and they need not hurry. Even the desert sun overhead seemed glorious rather than relentless, and their king was to marry the damalur-sol who bore Gonturan the Blue Sword, and the Northerners had been defeated, at least for their time, and probably for their children's time, and perhaps even their grandchildren's; and Damar was still theirs. And it was as well also that the army was moving slowly for the sake of Jack Dedham and Richard Crewe, who were riding Hill horses, and finding Hill horsemanship a little more difficult than Harry had, and were dismayed at the idea of being able to stop a horse at full gallop simply by sitting down a little hard er in the saddle. Harry, when she was not with Corlath, rode circles around them and teased them and made Sungold do all sorts of fancy passes and turns, not really to annoy them but only because she could not contain herself for happiness. Sungold bucked and bounced till even Harry had to clutch at his mane to stay on – Jack had the temerity to laugh – and behaved not at all like a well-schooled war-horse, and seemed just as happy as she.

Portland Cancer Center

Case 18: Leasing Decisions| | Background: The Portland Cancer Center is a not-for-profit inpatient and outpatient facility dedicated to the prevention and treatment of cancer. Working to perfect noninvasive brain surgery techniques for the past ten years, the Center is considering options to replace its current model of the Gamma Knife. Radiosurgery is often referred to as the Gamma Knife. The Gamma Knife delivers 201 separate radiation sources to treat certain brain cancers without invasive surgery. For patients with deep lesions the Gamma Knife significantly reduces the risk associate with traditional surgical procedures.Other clinical benefits to the Gamma Knife include: treating Parkinson’s, trigeminal neuralgia, arteriovenous malformations, certain types of benign tumors and small malignant lesions. The Center will open a new radiation therapy facility for several new radiosurgery procedures. Replacing the Gamma Knife at this point is viewed as a â€Å"bridge†. Thi s is because the Center’s managers think that whether the equipment is purchased or leased it will be used for no more than four years before moving to the new facility.A financial decision on whether to buy the Gamma knife or lease it is most significant to this case. Facts: * Expected physical life of the equipment is ten years * Possibility to writing a â€Å"cancellation clause† and â€Å"per-procedure clause† if leased * Possibility the Center will move to new facility sooner than expected * If equipment is to be purchased, â€Å"tax-exempt† financing could be obtained * GB Financing lease contract: * Annual payments of $675,000 * Includes service contract so equipment will be maintained in good working order (GBF will have to enter maintenece contract with manufacturer) GBF forecasts $1. 5 million residual value * If lease is not written, GBF could invest the funds in a four year term loan of similar risk that yields 8% before taxes * The Centerâ₠¬â„¢s risk is transferred back to lessor * Portland purchasing the Gamma Knife: * Invoice price is $3 million, including delivery and installation * Maintenance contract for $100,000/year * Financed by a four-year simple interest conventional bank note at 8% * May claim tax deduction for portion of loan payment * Bears all the risk of equipment * Residual value is risky. 5% probability after four years will be $500,000; 50% probability that it will be $1 million; and 25% probability that it will be $2 million. * This risk adds a 5% risk adjustment to the base discount rate used on the other lease-analysis flows Analysis: This decision is a complex one. Will it be better to use debt financing and purchase or make an investment decision to lease the piece of equipment? It is important to decipher is the lease can save money, eliminate the risk of technological obsolesce, and to share the mutual risk with the lessor.The dollar cost analysis of the lessee’s cost of owning and lea sing can be seen in Exhibit 1. A 10% discount rate (based on corporate cost of capital) was used to convert the cash flows to present values. The Lessee’s percentage cost analysis show the internal cost rate (IRR) at 6%. This shows leasing is lower than the corporate cost of capital at 10%. Looking at the lease in terms of per procedure (Exhibit 2), the annual expected 100 procedures would cost the Center $25,000 more. Furthermore, if fewer procedures were performed the per-procedure lease would be favored.It could be useful to assess the clinic’s previous volume patterns to determine the risk of this decision. Exhibit 3 shows the Lessor’s point of view to own the Gamma Knife. Using an opportunity cost rate of 8% before taxes will yield 4. 8% after taxes. The 6. 2% after tax return exceeds the 4. 8% after tax return available on alternative investments of similar risk. This also confirms the NPV of the lease investment is expected to be better off by $99,368 if it writes the lease. Recommendations: The financial advantage is for Portland Cancer Center to lease the Gamma Knife rather than purchase the equipment.The per procedure lease has a benefit to both parties, however reduces risk for the Center. It would only be advantageous is the volume of procedures was low, specifically below 100 procedures. Maintaining a state of the art healthcare facility is important and the lease will allow the Center to do so. The lessor is compensated for taking risk with tax deductions, however they will assume the risk with the technology. The NAL of $130,554 affirms that leasing creates more value than buying in this situation. The lessee’s IRR of 6% is well below the 10%, which also indicates a positive aspect to leasing versus buying.The terms of the lease should be carefully considered, especially the cancellation clause in the contract. This is important to address because of concerns with the new facility being ready before four years time. S ignificant costs could be associated with unutilized equipment so GBF could consider adding a penalty to the cancellation clause. The decision is also weighed based upon the move to the new facility. If the Center moves early keeping the equipment and moving it to the new facility is always an option. The Center should also negotiate a lower yearly lease payment.The lease answers the clinic’s requirement of a short-term commitment with the least risk associated due to a new facility that is on the way. There are also perks to a short- term lease agreement because this is not recorded on the lessee’s balance sheet. Exhibit 1: Lessee's Analysis|   |   |   |   |   |   |   | | | | | |   | Cost of Owning| | | | | |   | | | | | | |   | | | Year 0| Year 1| Year 2| Year 3| Year 4| Net purchase price| | $3,000,000 | | | |   | Maintenance cost| | 100,000 | $100,000 | $100,000 | $100,000 |   | Maintenence tax savings| | 0 | 0 | 0 | 0 |   | Depreciation t ax savings| | | 0 | 0 | 0 | $0 |Residual value| | | | | | 1,125,000 | Residual value tax| |   |   |   |   | 0 | Net cash flow| | $3,100,000 | $100,000 | $100,000 | $100,000 | $1,125,000 |   | | | | | |   | PV cost of owning:| | $2,223,685 | | | |   | | | | | | |   | Cost of Leasing| | | | | |   | | | | | | |   | Lease payment| | $675,000 | $675,000 | $675,000 | $675,000 |   | Tax savings| | 0 | 0 | 0 | 0 |   | Net cash flow| | $675,000 | $675,000 | $675,000 | $675,000 | $0 |   | | | | | |   | PV cost leasing:| | $2,354,239 | | | |   | | | | | | |   | Cost Comparison| | | | | |   | Net advantage to leasing (NAL)=| $130,554 | | | | |   |   | | | | | |   |Lessee's Percentage Cost Analysis| | | | |   | | | | | | |   | Leasing-versus-owning CF| | $2,425,000 | $575,000 | $575,000 | $575,000 | $1,125,000 |   | | | | | |   | Lessee's IRR=| 6%|   |   |   |   |   | Exhibit 2: Per-procedure Lease | | | | | | | | |   |   |   |    |   |   | | | Per Procedure Lease|   |   | Annual Lease|   | Procedures| Annual| Annual|   | Annual| Annual|   |   | | Lease| Net | Annual| Lease| Net| Annual| Profit| | Payment| Revenue| Profit| Payment| Revenue| Profit| Difference| 70 | $490,000 | $700,000 | $210,000 | $675,000 | $700,000 | $25,000 | 185,000 | 80 | $560,000 | $800,000 | $240,000 | $675,000 | $800,000 | $125,000 | $115,000 | 90 | $630,000 | $900,000 | $270,000 | $675,000 | $900,000 | $225,000 | $45,000 | 100 | $700,000 | $1,000,000 | $300,000 | $675,000 | $1,000,000 | $325,000 | ($25,000)| 110 | $770,000 | $1,100,000 | $330,000 | $675,000 | $1,100,000 | $425,000 | ($95,000)| 120 | $840,000 | $1,200,000 | $360,000 | $675,000 | $1,200,000 | $525,000 | ($165,000)| 130 | $910,000 | $1,300,000 | $390,000 | $675,000 | $1,300,000 | $625,000 | ($235,000)| | | | | | | | | GBF quoted per procedure lease rate of $7,000| | | | | *expected annual volume of 100 procedures| | | | | *expected net revenue per proced ure of $10,000| | | | | Exhibit 3: Lessor's Analysis|   |   |   |   |   |   |   | | | | | |   | Cost of Owning| | | | | |   | | | | | | |   | | | Year 0| Year 1| Year 2| Year 3| Year 4| Equipment cost| | $3,000,000 | | | |   |Maintenance| | (100,000)| ($100,000)| ($100,000)| ($100,000)|   | Maint tax savings| | 40,000 | 40,000 | 40,000 | 40,000 |   | Depreciation shield| | | 240,000 | 384,000 | 228,000 | $144,000 | Lease payment| | 675,000 | 675,000 | 675,000 | 675,000 |   | Tax on payment| | (270,000)| (270,000)| (270,000)| (270,000)|   | Residual value| | | | | | 1,500,000 | Residual value tax| |   |   |   |   | (396,000)| Net cash flow| | $2,655,000 | $585,000 | $729,000 | $573,000 | $1,248,000 |   | | | | | |   | NPV| $99,368 | | | | |   | IRR| 6. 20%| | | | |   | |   |   |   |   |   |   |