Self Confidence Essay free essay sample

What is self- confidence? The dictionary defines self- confidence as freedom of doubt; belief in yourself and your abilities. My definition of self- confidence Is believing In yourself. Many people lack the self-confidence and self-esteem needed to live a happy and healthy life. Self-confidence Is satisfaction In oneself. This must be present in peoples daily lives in order for them to believe that they have the ability to do anything. At this point In my life I am trying to gain the esteem I need to truly be happy. Self-confidence Is something that cannot be taught.It Is up to someone to decide how much belief that they possess Inside of themselves. I am at the point where I realize that I must first believe In myself before others will believe In me. Nobody teaches us to be happy or sad. They are natural feelings that come along as we develop mentally, physically, emotionally and psychologically. We will write a custom essay sample on Self Confidence Essay or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Self- confidence can vary In different aspects such as: fake, temporary, or true confidence. False self- confidence is when someone talk big and acts like a big shot, but in reality they have zero self- confidence.It can be both negative, for people who take it overboard, or positive, for people who try to build their self- confidence. The quote fake it till you make it, is also relevant to false self- confidence in a positive manner basically saying they are going to build up their confidence no matter what. False self- confidence can also show that you are over- confident. Some people fake self- confidence to not look weak or scared to others. By faking your self- confidence, you can also gain your true confidence, which is the positive effect. Another aspect of self- confidence is emperors self- confidence.Temporary self- confidence happens when you get some sort of achievement and get excited while believing in yourself. When you achieve an award, opportunity, etc. , you start taking the confidence you have then, too far and then take a risk. Taking a risk in this temporary emotion can lead to many negative and/or positive solutions. Temporary self- confidence can help you achieve or lose an accomplishment(s). Also another aspect of self- confidence is true self- confidence. True self- confidence is confidence that does not count on recent achievements or exults.It has to do with a strong sense of inner trust. True self- confidence has a person doing the right thing, no matter the outcome of their actions. People with this type of confidence act in their best interest and trust and understand that doing the right thing, has positive results. Self- confidence Is a belief you have In yourself and your abilities. There are three aspects of self- confidence: false, temporary, and true self- confidence. False is self- confidence when you talk big, but do nothing when Its time for action. Temporary self- confidence Is when an event or achievement gives you a boost and that boost can makes you take a risk. True self- confidence Is when you actually believe In your capableness, trusts yourself, and makes you do the right thing. All these aspects of self- confidence come back to the mall definition. These aspects also have a positive and/or negative effect on the person and their confidence. Self- confidence Is the ability for you to believe In yourself, so do It while you can. Self Confidence Essay By Johanna-Khan belief in yourself and your abilities.My definition of self- confidence is believing in happy and healthy life. Self-confidence is satisfaction in oneself. This must be do anything. At this point in my life I am trying to gain the esteem I need to truly be happy. Self-confidence is something that cannot be taught. It is up to someone to decide how much belief that they possess inside of themselves. I am at the point where I realize that I must first believe in myself before others will believe in me. Vary in different aspects such as: fake, temporary, or true confidence. False self- right thing, has positive results.Self- confidence is a belief you have in yourself and self- confidence. False is self- confidence when you talk big, but do nothing when its time for action. Temporary self- confidence is when an event or achievement gives you a boost and that boost can makes you take a risk. True self- confidence is when you actually believe in your capabilities, trusts yourself, and makes you do the right thing. All these aspects of self- confidence come back to the main definition. These confidence. Self- confidence is the ability for you to believe in yourself,

50 Free Social Media Marketing Templates To Get More Done

50 Free Social Media Marketing Templates To Get More Done Social media can be a time suck, but it doesn’t have to be. With the right tools and templates, social media can be a powerful platform to connect with your audience. At , we’ve published tons of content helping marketers execute social media marketing more easily. Most of those posts include some useful templates and other resources. And in this post, we’ve gathered 50 of our best social media templates, all in one handy ZIP file you can download. These templates will walk you through everything you need to plan, execute, and measure a complete social media marketing strategy. Grab your templates now, then read through this post to learn how to use em all. in oneplace. Save 20 hrs this week alone and every weekafter. If youve ever kicked the tires on , nows the time to see what its reallylike. Schedule Your Demo Success! Your download should start shortly. Clean up the chaos with your editorial calendar! With , youll Save time with blogging, social, and email think HOURS every week Schedule your social posts in batches and increase your posting frequency super easily Get your sht together and hold yourself accountable to publishing like the boss you are! Now’s the perfect time to start your 14-day free trial to see for yourself! Start Your Free Trial

Bald Soprano Research Paper

Now these people with no concrete definition to their being are to live in this gigantic world to the best of their ability. Their lives aren’t normal ones. Ionesco brings out the absurdity in his characters by excluding any solid foundation or motivation for living on earth. One very important form of guidance on life’s journey is Time. If there was no concept of time then all chaos would ensue and no one would know when anything is to be done. It is also a key factor to know how to live and work alongside time: to work with it, not against it. Will they be able to live in some sense of normality or will they be off on their own supernova to be absurd for evermore. Through the use of symbolism, irony and dialogue, Eugene Ionesco’s, The Bald Soprano conveys the idea that life is a never-ending cycle to express the absurdity of the human condition. The cycle of life is symbolized through the clock to reveal that the characters are stuck in an endless loop of time. The clock seems to take on a life all its own. It seems to decide when it wants to ring and how many times. The clock rings in a way that is quite shocking to the audience. This is because in the real world a clock does not normally ring 17 times. Nor is it normal for it to shoot out random times that don’t even go in order. In only one moment â€Å" The clock strikes seven times. Silence. The clock strikes three times. Silence† (The Bald Soprano 2). There seems to be no set regimen for time to follow. Time in the play is unorganized and almost absent in its common purpose. In no possible way could these characters even have the smallest possible chance of some normal routine when they have no constant to guide them through. Yes, Time is present but it is not the way in which we calculate it. There is no repeating pattern in this aspect and yet it still proceeds on which causes an endless loop of lunacy from which they cannot escape. The peculiar thing about it is the characters are not even finding it odd, as this is their notion of normalcy. In the play â€Å"the abnormal is treated as if it were thoroughly normal† (knowlson). And its funny because they don’t even realize that it never rings the same way or goes in a repeating pattern. The clock is random. It intrudes illogically. There is no logic in the Smith’s lives. The concept of reality is being distorted and no ounce of sense remains. The characters are flat, broad and general, which clearly emphasizes the absurdity of the human condition: trying to find a meaning and purpose to life. Even the primary characters last name, which is Smith, is so plain and typical. The plays cyclical structure accentuates repetition of the illogical happenings in the incompatible world in which the Smiths, Martins, the Maid and the Fire Chief live in. The play includes a â€Å"circular trajectory that ends where it began† (Kraus), thus causing the whole disordered cycle to start over and where the characters are involuntarily perplexed for all eternity. The characters live in a world of irony. They are lost in a continuum of memory loss without even realizing that they are losing their minds. Considering they don’t realize, they have no recollection of what has been going on around them and therefore not knowing what their purpose is in being where they are. This constant back and forth concept is for one, ironic because they have no memory of no longer having memory, but it is also mind-boggling. Mrs. Smith says, â€Å"We were expecting them. And we were hungry. Since they didn’t put in an appearance, we were going to start dinner without them. We’ve had nothing to eat all day† (The Bald Soprano 4). Mrs. Smith said she and Mr. Smith were going to eat but they didn’t. The characters can’t even remember what decisions they made and can’t remember to follow them. There is no stable element to guide them along a steady path. In the real world our memories our like our personal book of stories that hold the events that have happened in our lives. It defines us as a person of who we are in the past as well as who we are now. We as humans also interpret things we experience differently and remember things in different ways. Though we rely on our memory and mind quite heavily, who says it is a reliable resource to begin with? Ionesco is pointing towards the idea that our minds can’t possibly do everything for us as well as remember anything and everything we want it to. Unreliability of the memory is a concept that Ionesco wants us to take a look at, and that is a natural human failure that is part of our absurdity. As seen in The Bald Soprano the mind isn’t always a dependable tool that is conducive to everyday living. Our experiences make up our life’s journey and define our being. Ionesco’s characters do not know who they are and their purpose for living. At the end of the play the two couples switch places. The Smiths become the Martins and the Martins the Smiths. This results â€Å"in a da capo conclusion [with] the words that had been spoken by the Smiths at the beginning of the play [are now being spoken by the Martins]† (Knowlson). It’s ironic how they repeat the story but as different people but with the same name, because what is the purpose of having a name and being somebody if anyone can be anyone? Ionesco brings out inconsistency, which is a major factor in the play and possibly a factor in our lives. Without consistency the lives in which we lead would lack substance and meaning. Ionesco suggests the idea of a normal daily schedule in which a human being can follow and keep order is a necessity. The human condition may seem absurd at times because what really is the point in doing the same thing everyday for as long as we live? The answer is, the consistency in the constant never ending cycle is life, which is why we are living. There may be nonsense in the play but somehow it leads to sense. The ironic statements due to memory loss show the absurdity in which humans possess. Mr. Smith is one who can be categorized as so. Without his memory he puts out ironic phrases without even putting thought to it and this leads to a lack of sentence structure. The play is made up of dialogue that sometimes seems to lack a sense of logic. The language in the play decreases in substance as the play progresses. The â€Å"language flows independently from meaning† (Feal). The words are not communicating what they seem to say but rather the underlying meaning, which is found in the way the language is used or how really how it is informally used. Language and meaning march to the beat of a different drum. The words are separate entities that work independently yet together to convey Ionesco’s view on language, which is that it is made out to be more than what it is really worth. Language is used as a communicator and the order, or lack of it, in which words are placed, conveys a message of pure insanity. The characters â€Å"actions contradict words, and [their] words contradict [their] actions. Even the title is misleading, since there is no bald soprano in the play† (Esteban). Ionesco writes where there is meaning in no meaning, so he probably intended on writing with meaning all along. The characters talk just to talk and they really have nothing of importance to say. As the play drags on while the structure becomes less and less until dialogue has lost all value and â€Å"made into mere exchange† (Knowlson). The words on the page are out of content and have become particles of matter that are floating in the air. The more they talk, the less they are actually communicating and this is causing the precious tool of language to no longer articulate. Like when Mr. Smith states â€Å"The pope elopes! The pope’s got no horoscope. The horoscope’s bespoke† (The Bald Soprano 17). The play starts out with sentences that make no sense at all then it breaks down to just words without meaning until finally all that is left is a bunch of frenzied sounds. The characters have gotten quite angry that they lost all ability to communicate that their chatter swells up into mushy sound. They live in a never-ending cycle of insignificant discourse. This is Ionesco pointing out the absurdity of how humans converse. The Bald Soprano is a piece under the genre of the Absurd. It is very easy to see why. In this genre a common aspect is that the characters are rapt in an endlessly repeating cycle. This cycle usually leads nowhere as it is a cycle with no beginning and no end. Ionesco uses this cycle to emulate life. Life is filled with a bunch of meaningless things that fill our everyday lives. Banana. When something is of meaning we know because we have experienced the everyday typical life of a human. Broadway. Dreams. Goals. That’s what we are. Well that’s what we should be. Life is pretty much repeating. Repeating. Repeating. Repeating. We have a set way of doing things and we follow it. We repeat these actions to fill up our lives with substance so that there is at least something there to start with and so that we have the ability to move forward and continue. Think of it as muscles. Muscles give our body substance to stand up and it is what allows us to move as well as other necessary functions. In our world we use a clock to stay in touch with time. Time. Timing. Bad timing. Time is a fundamental concept that guides humans through life, gives structure, as well as ages and heals. We also say funny things sometimes and we do use a language to communicate. It is how we use all these things that matters. Bald Soprano Research Paper Now these people with no concrete definition to their being are to live in this gigantic world to the best of their ability. Their lives aren’t normal ones. Ionesco brings out the absurdity in his characters by excluding any solid foundation or motivation for living on earth. One very important form of guidance on life’s journey is Time. If there was no concept of time then all chaos would ensue and no one would know when anything is to be done. It is also a key factor to know how to live and work alongside time: to work with it, not against it. Will they be able to live in some sense of normality or will they be off on their own supernova to be absurd for evermore. Through the use of symbolism, irony and dialogue, Eugene Ionesco’s, The Bald Soprano conveys the idea that life is a never-ending cycle to express the absurdity of the human condition. The cycle of life is symbolized through the clock to reveal that the characters are stuck in an endless loop of time. The clock seems to take on a life all its own. It seems to decide when it wants to ring and how many times. The clock rings in a way that is quite shocking to the audience. This is because in the real world a clock does not normally ring 17 times. Nor is it normal for it to shoot out random times that don’t even go in order. In only one moment â€Å" The clock strikes seven times. Silence. The clock strikes three times. Silence† (The Bald Soprano 2). There seems to be no set regimen for time to follow. Time in the play is unorganized and almost absent in its common purpose. In no possible way could these characters even have the smallest possible chance of some normal routine when they have no constant to guide them through. Yes, Time is present but it is not the way in which we calculate it. There is no repeating pattern in this aspect and yet it still proceeds on which causes an endless loop of lunacy from which they cannot escape. The peculiar thing about it is the characters are not even finding it odd, as this is their notion of normalcy. In the play â€Å"the abnormal is treated as if it were thoroughly normal† (knowlson). And its funny because they don’t even realize that it never rings the same way or goes in a repeating pattern. The clock is random. It intrudes illogically. There is no logic in the Smith’s lives. The concept of reality is being distorted and no ounce of sense remains. The characters are flat, broad and general, which clearly emphasizes the absurdity of the human condition: trying to find a meaning and purpose to life. Even the primary characters last name, which is Smith, is so plain and typical. The plays cyclical structure accentuates repetition of the illogical happenings in the incompatible world in which the Smiths, Martins, the Maid and the Fire Chief live in. The play includes a â€Å"circular trajectory that ends where it began† (Kraus), thus causing the whole disordered cycle to start over and where the characters are involuntarily perplexed for all eternity. The characters live in a world of irony. They are lost in a continuum of memory loss without even realizing that they are losing their minds. Considering they don’t realize, they have no recollection of what has been going on around them and therefore not knowing what their purpose is in being where they are. This constant back and forth concept is for one, ironic because they have no memory of no longer having memory, but it is also mind-boggling. Mrs. Smith says, â€Å"We were expecting them. And we were hungry. Since they didn’t put in an appearance, we were going to start dinner without them. We’ve had nothing to eat all day† (The Bald Soprano 4). Mrs. Smith said she and Mr. Smith were going to eat but they didn’t. The characters can’t even remember what decisions they made and can’t remember to follow them. There is no stable element to guide them along a steady path. In the real world our memories our like our personal book of stories that hold the events that have happened in our lives. It defines us as a person of who we are in the past as well as who we are now. We as humans also interpret things we experience differently and remember things in different ways. Though we rely on our memory and mind quite heavily, who says it is a reliable resource to begin with? Ionesco is pointing towards the idea that our minds can’t possibly do everything for us as well as remember anything and everything we want it to. Unreliability of the memory is a concept that Ionesco wants us to take a look at, and that is a natural human failure that is part of our absurdity. As seen in The Bald Soprano the mind isn’t always a dependable tool that is conducive to everyday living. Our experiences make up our life’s journey and define our being. Ionesco’s characters do not know who they are and their purpose for living. At the end of the play the two couples switch places. The Smiths become the Martins and the Martins the Smiths. This results â€Å"in a da capo conclusion [with] the words that had been spoken by the Smiths at the beginning of the play [are now being spoken by the Martins]† (Knowlson). It’s ironic how they repeat the story but as different people but with the same name, because what is the purpose of having a name and being somebody if anyone can be anyone? Ionesco brings out inconsistency, which is a major factor in the play and possibly a factor in our lives. Without consistency the lives in which we lead would lack substance and meaning. Ionesco suggests the idea of a normal daily schedule in which a human being can follow and keep order is a necessity. The human condition may seem absurd at times because what really is the point in doing the same thing everyday for as long as we live? The answer is, the consistency in the constant never ending cycle is life, which is why we are living. There may be nonsense in the play but somehow it leads to sense. The ironic statements due to memory loss show the absurdity in which humans possess. Mr. Smith is one who can be categorized as so. Without his memory he puts out ironic phrases without even putting thought to it and this leads to a lack of sentence structure. The play is made up of dialogue that sometimes seems to lack a sense of logic. The language in the play decreases in substance as the play progresses. The â€Å"language flows independently from meaning† (Feal). The words are not communicating what they seem to say but rather the underlying meaning, which is found in the way the language is used or how really how it is informally used. Language and meaning march to the beat of a different drum. The words are separate entities that work independently yet together to convey Ionesco’s view on language, which is that it is made out to be more than what it is really worth. Language is used as a communicator and the order, or lack of it, in which words are placed, conveys a message of pure insanity. The characters â€Å"actions contradict words, and [their] words contradict [their] actions. Even the title is misleading, since there is no bald soprano in the play† (Esteban). Ionesco writes where there is meaning in no meaning, so he probably intended on writing with meaning all along. The characters talk just to talk and they really have nothing of importance to say. As the play drags on while the structure becomes less and less until dialogue has lost all value and â€Å"made into mere exchange† (Knowlson). The words on the page are out of content and have become particles of matter that are floating in the air. The more they talk, the less they are actually communicating and this is causing the precious tool of language to no longer articulate. Like when Mr. Smith states â€Å"The pope elopes! The pope’s got no horoscope. The horoscope’s bespoke† (The Bald Soprano 17). The play starts out with sentences that make no sense at all then it breaks down to just words without meaning until finally all that is left is a bunch of frenzied sounds. The characters have gotten quite angry that they lost all ability to communicate that their chatter swells up into mushy sound. They live in a never-ending cycle of insignificant discourse. This is Ionesco pointing out the absurdity of how humans converse. The Bald Soprano is a piece under the genre of the Absurd. It is very easy to see why. In this genre a common aspect is that the characters are rapt in an endlessly repeating cycle. This cycle usually leads nowhere as it is a cycle with no beginning and no end. Ionesco uses this cycle to emulate life. Life is filled with a bunch of meaningless things that fill our everyday lives. Banana. When something is of meaning we know because we have experienced the everyday typical life of a human. Broadway. Dreams. Goals. That’s what we are. Well that’s what we should be. Life is pretty much repeating. Repeating. Repeating. Repeating. We have a set way of doing things and we follow it. We repeat these actions to fill up our lives with substance so that there is at least something there to start with and so that we have the ability to move forward and continue. Think of it as muscles. Muscles give our body substance to stand up and it is what allows us to move as well as other necessary functions. In our world we use a clock to stay in touch with time. Time. Timing. Bad timing. Time is a fundamental concept that guides humans through life, gives structure, as well as ages and heals. We also say funny things sometimes and we do use a language to communicate. It is how we use all these things that matters.

Primal Leadership The Hidden Driver of Great Performance Essay

Primal Leadership The Hidden Driver of Great Performance - Essay Example These two factors has a great impact on the overall of a company. For example, a reckless boss would create a toxic organization that had underachievers who did not take opportunities presented before them. The eventual result will be a profit or loss. On how emotional intelligence affected performance, data from Hay Group data was availed. The authors discovered that emotional intelligence was carried thorough an organization similar to electricity through wires. The mood of the executive was contagious and it spread quickly thorugh out the business. It is imperative to note that the mood of a leader and his accompanying behaviors are directly linked to the success of the business. So, his primal task is emotional leadership. A leader should ascertain that not only is he regularly in an optimistic mood so that his followers may feel the same way.Even though some days may be difficult, he should know that primal leadership demands more that putting face, it requires him to determine, through reflective analysis how emotional leadership will determine the moods and the actions of the

Unconventional Warfare in the Southern Philippines Essay

Unconventional Warfare in the Southern Philippines - Essay Example Any effort to defeat terrorism must look at the underlying causes to be effective. This paper gives a brief background discussion on several causes which impel people to resort to terrorist methods in order to fully understand how some counter-terror operations are successful while others are not, despite massive logistical support given to these operations. It also gives an astounding example of tentative successes against terror groups such as the ones operating in the southern regions of the Philippines which is located in Southeast Asia. There are obvious lessons to be learned there which can hopefully be replicated elsewhere. Presently, there is no accepted international legal definition of terrorism. Countries may have their own laws against terrorism but a common feature of all these laws is that terrorism is considered as a criminal act. As such, it is punishable by the harshest sentence possible that can range from long prison terms, a life sentence or even capital punishmen t. The layman's definition of terrorism is that of an act or a series of acts designed to sow extreme fear in the population. It is actually a form of coercion backed up by the threat of physical violence. Discussion Most terror groups today belong to network-type of organization. This kind of set-up allows for each tiny group (a terror cell) composed of just a few people to operate in a manner independent of the main organization which makes it difficult to track down other terror cells. There are varied reasons why people resort to terrorism and among them are the following: a feeling or perception of being marginalized within the larger society, to fight against injustice, for political autonomy, religious freedom or ethnic recognition. With this list in mind, it is too easy to see that military means alone cannot defeat terrorism if the underlying causes that had caused it to rise in the first place are not adequately addressed by the government. This paper is a reflective essay on a military assessment article written by Sgt. Major William Eckert, an American military service member of the Joint Special Operations Task Force (JSOTF) in the Philippines. His article described how the US military in cooperation with the security forces of the Philippines (the Philippine military and the police forces) have achieved a good measure of success in the fight against terrorism which could be used as the model for other forces operating elsewhere in the world's global hot spots. In his own words, the battle against terrorism in this Asian country is a war for peace and prosperity. It has also gained the attention of senior military leaders impressed by its decent gains (Eckert 1). In essence, Sgt. Major Eckert's position paper is a claim that the battle against these terrorists is a battle of ideas. In other words, the only effective way to defeat terrorism is fight its idea (which serves as its recruiting tool by exploiting real or imagined grievances) with a much better idea – that the way to prosperity is to maintain peace by addressing the perceived inequalities felt by the minority Muslim populace within much larger predominantly Catholic Philippine population. The most-telling result or achievement of

Evaluating the Historical Capital Budgeting Method Essay Example for Free

Evaluating the Historical Capital Budgeting Method Essay Currently AES employs Project Finance Framework. Project finance tends to be used in projects with tangible assets with predictable cash flows in which construction and operating targets can be easily established through explicit contract. The key to AES projects financing lies with the precise forecasting of cash flows. In effect, the possibility of estimating cash flows with an acceptable level of uncertainty allows for allocation of risks among various interested parties. The ensuing certainty in cash flows allows for high level of leverage and enables project assets to be separated from the parent company. Let us now take a closer look at the pros and cons of the Capital Budgeting System currently in place. Principal Advantages Non-Recourse The separation of the parent company is structured through the creation of a Special Purpose Vehicle (SPV). This SPV is the formal borrower under all loan documents so that in event of default or bankruptcy AES is not directly responsible before financial creditors. Instead, their legal claims are against the SPV assets. Maximize Leverage Currently AES seeks to finance the cost of development and construction of the project on highly leveraged basis. High leveraged in non-recourse project financing permits AES to put less in capital to put at risk permits AES to finance the project without diluting its equity investment in the project. Off-Balance Sheet Treatment AES may not be required to report any of the project debt on its balance sheet because such debt is non-recourse. Off balance sheet treatment can have the added practical benefit of helping the AES comply with covenants and restriction relating to borrowing funds contained in loan agreements to which AES is also a party. Agency Cost The agency costs of free cash flow are reduced. Management incentives are to project performance. Most importantly close monitoring by investors is facilitated. Multilateral Financial Institutions One of the four constituents that have contractual arrangement with the SPV in a typical project are the banks (an integral part group of financiers that include share holders, insurers, equipment manufacturers, export credit agencies and funds). Among these banks there are multilateral financial institutions (like IFC, CAF and etc). Presence of these institutions as financiers helps in raising capital from these institutes at lower cost and secondly it is also read as a positive sign by commercial banks. Drawbacks Projects V/S Division The company is not only expanding its geographical boundaries, but it is also diversifying its business through backward and forward integration. The current financial model does not provide the AES with the big picture, which now constitutes more number of variables that are being influenced by multiple factors due to the increase in depth and breadth of the organization. Complexity Financing of projects requires involvement of a number of parties. They can be quite complex and can be expensive to arrange. Secondly it demands greater amount of management time. Macroeconomic Risk The current methodology employed by AES for capital budgeting does not take into account the exchange rate risk. This risk will be of higher magnitude in the developing countries because of their unstable monetary and fiscal policies[2]. As we have seen that fluctuation in exchange rate has greatly hurt the AES business and they were unable to mitigate this risk as they haven’t anticipated it. This risk becomes important when the exchange rate fluctuation affects balance sheet items unequally. Thus keeping check on the foreign exchange rate requires timely adjustment of both the items of revenue and expenditure, and those of assets and liabilities in different currencies. Political Risk: This is another important factor which the current financial management system does not take into account. This will be of significant importance when it comes to investing in developing countries where frequent changes in government policies occur. Does this system make sense? The financial strategy employed by AES was historically based on project finance. This approach solely took into account those factors that minimized AES exposure to the project and achieved the most beneficial regulatory treatment thus ensuring availability of financial resources to complete the project. The model worked well for the domestic market as well as for the international operations, provided the opportunities undertook by AES were either in the sector of building and running a power plant or simply buying an existing facility and upgrading it and then operating. The underlying assumption over here was that the symmetrical and asymmetrical risks faced by the project were more or less same irrespective of its geographical location (Refer to Exhibit 3). However when AES started diversifying the breadth of its operations by incorporating other offshoots of energy related business and transforming from a cogeneration to a more utility organization with majority of expansion occurring in developing economies. This diversification of business increased the symmetrical risks like business risk, a classic example of which we see in Brazil where AES experience shortfall in demand /sales volume due to Energy Conservation Policy of Brazilian government and this had a chain effect on debt servicing capacity of the SPV as well the stock price of the parent company. Other factor that current model was not able to include was the risk of devaluation of currency in developing economies which resulted in significant losses due to the inability of the company to survive its international debt obligations. Expansion in developing economies also exposed the business to political risk where the policies change erratically with changes in government. Hence we see that the geographical diversification of business causes asymmetrical risk to increase causing bimodal behavior in the result. Project financing becomes less recommendable as a symmetrical risk becomes more manifest. This constitutes a problem for emerging countries where these risks tends to be at the forefront. Lal Pir Project Valuation Scenario 1: Pakistan In order to calculate the value of project for the Lal Pir project in Pakistan, we first need to calculate the Weighted Average Cost of Capital (WACC) using the new proposed methodology. For this we have followed the approach given in exhibit 8 of the case. The first step is to calculate the value of levered ? using the formula and information given in the case[3]. The value of the levered ? comes out to be 0. 3852 or 38. 52%, which essentially means that our project is not very highly correlated to the market return. Using this value of ? we now calculate the cost of Equity (refer Exhibit 4A). We have used the return on U. S. Treasury Bond (i. e. 4. 5%) as the risk free return in calculating the cost of equity. The cost of equity comes out to be 0. 072 and similarly, using the risk free return and the default spread (given in exhibit 7a of case) we calculate the cost of debt which comes out to be 0. 0807. It is important to note that the cost of debt and the cost of equity also need to be adjusted for the sovereign spread (0. 0990 for Pakistan). Once we have the adjusted costs of equity and capital we can now calculate the WACC for the project using the formula given in case where we essentially multiply equity and debt ratio with the adjusted costs of equity and debt respectively[4]. The WACC in this scenario comes out to be 0. 1595 or 15. 95%. However, now we need to adjust this WACC for the risks associated with doing the project in Pakistan and we do this by using Table A given in the case. We know that the total Risk Score for Pakistan is 1. 425 and since there is a linear relationship between business specific risk scores and cost of capital[5] we need to adjust our WACC by 7. 125% thus making our final WACC 23. 075%, using which we calculate our NPV (refer to Exhibit 6) from the year 2004 to 2023, and it comes out to be negative $234. 34 million. Scenario 2: USA For USA similar calculations are made to calculate the WACC (Exhibit 4B). However there are two things that are different. First we see the sovereign spread is equal to zero. Secondly, in this case we would need to calculate the business risk using the information given in exhibit 7a of the case (refer to Exhibit 5). This score comes out to be 0. 64 and using this score, our business risk comes out to be 3. 23% and adding it to our calculated value of WACC, we get our final WACC of 9. 64%. Using this we calculate our NPV for USA which comes out to be negative $ 35. 92 million (refer to Exhibit 7). Adjusted Cost of Capital and Probabilities of Real Events in Pakistan In calculating the adjusted cost of capital for Pakistan the WACC is adjusted for six common types of risks: Operational, Counterparty, Regulatory, Construction, Commodity, Currency and Legal. We can clearly see from table A given in the case that besides construction there is a probability of all these risks actually effecting the project in Pakistan. In these, the highest probability is that of currency risk and the legal risk. The adjusted cost that we have calculated is adjusted by the total risk score for Pakistan. There is a linear relationship between the total risk score and adjustment to the cost of capital, i. e. a score of 1 leads to an adjustment of 500 basis points in the WACC. When we calculate the WACC for Pakistan through traditional formula it comes out to be 15. 95%, however in order to incorporate the risk factor associated with Pakistan we need to adjust it for the Total Risk Score, which in this case is 1. 425. So we simply multiply this by 500 and we find out that we need to adjust our WACC 23. 075%. Since this 23. 075% is adjusted using the total risk score we can safely assume that it incorporates for the probability of the afro-mentioned six types of risks in WACC with respect to Pakistan. Discount Rate Adjustment: USA v/s Pakistan As mentioned earlier the discount rate is adjusted based on the total risk score of the country. This total risk score is compiled from 6 main types of risks, the probability of which varies from country to country. If we simply compare the risk scores for USA and Pakistan[6], we can see that there is a major difference between the risk profiles of both the countries. For instance, while currency, regulatory and legal risks are significantly high in Pakistan, they do not exist in the USA at all. Also we see that operational, counterparty and commodity risks are higher in USA as compared to Pakistan. Similarly when the respective WACCs of the two countries are adjusted for their risk we see that the adjusted WACC for Pakistan (23. 075%) is much higher as opposed to that of USA (9. 64%), which essentially implies that Pakistan is inherently a riskier country to invest in as opposed to the USA and any investments made in this region would have to cross a higher hurdle rate than if they were made in the US region.

Carl Friedrich Gauss Essay -- essays research papers

Carl Friedrich Gauss   Ã‚  Ã‚  Ã‚  Ã‚  This report is on Carl Friedrich Gauss. Gauss was a German scientist and mathematician. People call him the founder of modern mathematics. He also worked in astronomy and physics. His work in astronomy and physics is nearly as significant as that in mathematics. Gauss also worked in crystallography, optics, biostatistics, and Making mechanics.   Ã‚  Ã‚  Ã‚  Ã‚  Gauss was born on April 30, 1777 in Brunswick. Brunswick is what is now called West Germany. He was born to a peasant couple. Gauss's father didn't want Gauss to go to a University. In elementary school he soon impressed his teacher, who is said to have convinced Gauss's father that his son should be permitted to study with a view toward entering a university. In secondary school nobody recognize his is talent for math and science because he rapidly distinguished himself in ancient languages. When Gauss was 14 he impressed the duke of Brunswick with his computing skill. The duke was so impressed that he generously supported Gauss until his death in 1806.   Ã‚  Ã‚  Ã‚  Ã‚  Gauss conceived almost all his basic mathematical discoveries between the ages of 14 and 17. In 1791 he began to do totally new and innovative work in mathematics. In 1793-94 he did intensive research in number theory, especially on prime numbers. He made this his life's passion and is regarded as its modern founder.   Ã‚  Ã‚  Ã‚  Ã‚  Gaus...