Business Law Essay Example | Topics and Well Written Essays - 750 words - 16

Business Law - Essay Example This is because after the purchase of the vehicle, it developed various mechanical problems that led him to sue the seller of the vehicle. Ford Motor Company is a company that deals with motors. Denny is suing Ford Motor Company for the injuries that she sustained from the accident. The accident occurred as a result of her trying to avoid a deer that was walking directly into sport utility vehicle (SUV) path. In her case she argued that she purchased Bronco for the purpose of using it in a paved city and not for off road use. Peter and Geraldine Tabala are debtors who purchased a house and carvel ice cream business from carvel incorporation. Carvel incorporation is suing Tabala for failure to pay debt obligation of $100,000. The couple however had transferred their house to their three daughters and is claiming bankrupt forcing carvel incorporation to sue them. Top Quality is Auto sales that deal with used old cars and its inventory is financed by credit obtained from ICE. ICE is suing Alderson for recover the truck that was sold to them by Chrisman who had bought the same truck from Top Quality. On selling the truck to Alderson and Christiana, they found out that the truck had not been paid for by Top Quality to ICE. Dan miller is a professional photographer who takes series of photographs some appearing in New York Times. Miller is suing Newsweek newspapers for his photographs that were lost. Newsweek newspaper had requested 72 photographs from Miller which they were to use for their commercial. On delivery of the photographs Miller attached a delivery memo that contained various conditions for example that in each photograph that was lost, Newsweek was to pay $1500 for each of the lost or destroyed photo. Newsweek however decided that they were no longer in need of the photographs they told miller that the photos were lost, Miller demanded for payment but they declined forcing him to sue them. A&M was a small

Libya and Qatar's role in the Libyan Revolution Essay - 1

Libya and Qatar's role in the Libyan Revolution - Essay Example In the eastern city of Benghazi, there are headquarters of the opposition forces whose fighters have stronghold in the Jebel Nafusa.These rebels took over the village of Gualish that stood at a distance of about 90 km from Tripoli.This takeover was followed by a deadly battle between hundreds of fighters. The forces of Col. Muammar Gaddafi have conventionally displayed strong determination to overpower the rebels. The government troops are equipped with a broad range of weapons which keep the rebels from advancing permanently. In Gualish, battles could be seen smouldering in the houses located on the battlefield that were abandoned by the local people. Looters entered the buildings and the rebel fighters siphoned petrol from the petrol filling stations. The rebels replaced the green flag of Gaddafi’s Libya with their own red, black, and green flag in several places which imitated their attempt to free Libya. Prior to the entrance of rebels in the area, Nato had bombed some of the heaviest weapons possessed by Col Gaddafi. A rebel fighter said, â€Å"The Gaddafi forces booby-trapped some of the houses with trip wires and explosives †¦ We had to be very careful as we went through the town† (Doyle). Gualish is only at a distance of about 45 km from Gharian, that is the strategic garrison town controlled by Gaddafi’s soldiers. Rebels could not immediately reach Tripoli, but Gharian has remained a target for the uprising. The main north-south road that connects Tripoli to the Sahara desert is dominated by Gharian. According to the rebels, Col Gaddafi kept arms depots in the desert and also recruited fighters from other countries in the same desert. A young Libyan woman who was the member of the youth protest movement said, Now people are dying we’ve got nothing else to live for. What needs to happen is for the killing to stop. But that won’t happen until he [Gaddafi] is out. We just want to be able to live like human beings. N othing will happen until protests really kick off in Tripoli, the capital. It’s like a pressure cooker. People are boiling up inside. I’m not even afraid any more. Once I wouldn’t have spoken at all by phone. Now I don’t care. Now enough is enough. †¦ I’ve seen violent movies and video games that are nothing compared to this. I can hear gunshots, helicopters circling overhead, then I hear the voices screaming. I can hear the screeching of four-by-fours in the street. No one has that type of car except his [Gaddafi's] people. My brother went to get bread, he’s not back; we don’t know if he’ll get back. The family is up all night every night, keeping watch, no one can sleep. (Worthington). But such views of the public seemed to both Col Muammar Gaddafi seemed little. â€Å"I am a glory that will not be abandoned by Libya, the Arabs, the United States, and Latin America... revolution, revolution, let the attack begin,† Gaddafi cited in Ashour). Such a behavior is typical of the Dean of Arab leaders who has ruled Libya as a self-declared King for over 42 years. Gaddafi has made a large number of show-stopping appearances at various gatherings within the Arabian Peninsula and abroad (Asser). It is not only his outlandish clothing that makes him stand out, but is also his unconventional attitude and blunt speeches. Uprisings in Egypt and Tunisia resulted into immense bloodshed and became the cause of demise of Hosni Mubarak and Zine El-Abidine Ben Ali, but Colonel Gaddafi would not relinquish authority without an intensely deadly encounter. One of his sons, Khamis led the uprising’s brutal suppression in Benghazi. Khamis is â€Å"the Russian-trained commander of an elite special forces unit† (Worthington). Gaddafi has also had full support of his other sons. However, the tactics used by Gaddafi have boxed him in. It will be difficult for him to face internal exile like Hosni Mubarak or else, seek refuge abroad like Zine al-Abidine Ben Ali,

Athen vs Rome Essay Example for Free

Athen vs Rome Essay â€Å"Human behavior flows from three main sources: desire, emotion, and knowledge† (Plato). Such a great philosopher like Plato, he strives to educate the people of Athens on behalf of Socrates. With the passion of various ideas on philosophy and political science, Plato pushes through his learning to teach our people. The former philosopher Socrates, Plato had gained the knowledge of the various meanings and the strive after Socrates was sentenced to death which the Athenian Council had given him for what he believed in. Plato’s ideas of teaching weren’t so complicated for us to bestow our knowledge to further extent. Later the teaching will not stop at the cost of false individual in the democracy. Aristotle will continue to prevail in the teaching of philosophy and other subjects that will lead to be a better person with great judgment in the political system in Athens. The â€Å"Academy† was a gift from Plato to expand our knowledge of learning philosophy, mathematics, and theoretical astronomy. It will show that written dialogues are far easy to comprehend because they are in play style form instead of textbooks. The challenges in learning are tend to be hurdles yet they are not to be giving up on. Towards the Athenian council, I truly demand that politics should be controlled by well educated individuals. Our former Athenian, Socrates, had to pay the consequences on his belief because he believe that people should devote themselves to individual excellence and justice for achievements above any other concern meant that they should abandon commitment towards the moral code. Socrates had his own principle to stand by on what he believed and to speak to us Athenians to examine our unexamined assumption about individual virtue. With this in mind he was labeled as a traitor and a false philosopher to corrupt the young minds of Athenians. Is this the way we have to go with ourselves in believing that there are gods out there who help us in fights, fights in which we have fought with our own sweat, blood, and tear to acknowledge that we are getting assistant from the gods. I truly state within the teaching of the Academy it shows people to make understandable judgment before the execution on one of our own. The Athenian Council before you, even confessed they had made a terrible mistake in giving Socrates a death sentence. We as a great nation made a huge mistake and informed this tragic situation with creating this horrific democracy. Plato, a great philosopher that was once under Socrates first created this Academy for the teaching of philosophy, mathematics, and theoretical astronomy to us Athens. Creating this Academy Plato shows us that he wanted to make readers reflect thoughtfully on difficult philosophical questions. It was a challenge for us to inherit the aspect of learning and understanding the key elements towards metaphysics. As all teachers their views are critically changed over time where Plato presents a consistent set of doctrines. Plato maintained one essential idea â€Å"Moral virtues are universal and absolute, not relative. † Our people of Athens need to believe the proper goal for humans is to seek order and purity in our own souls by using reason to control their irrational desires. We have far yet to prove that we live for ourselves we don’t live under someone, not until the soul is taken away after death from our bodies. With the system of democracy justice wont prevail it will need hierarchy. Leading back to Socrates death the citizens of Athens are incapable of rising above ignorant self-interest. With the ideal society that Plato showed that high ranked men and women should live together and create healthy babies. This might not lead to become true, but the sought of teaching the people into thinking this way it leads to live justly. Within this Academy that was created by Plato it won’t stop for the future philosopher and more Academies to assemble. The prodigy of a young gifted soul that was under the famous Plato came to be recognized as Aristotle. His teaching was soon to be more advance and hence for us as Athenians. He showed much more morals to ourselves then we could imagine. Aristotle achievement towards the system showed that logic argument and scientific investigation of the natural world we stand by. Unlike Plato, Aristotle insisted on explanations based on common sense rather than metaphysics. Aristotle showed us that observing an object or a human being is best to acknowledge on how they tend to act. With patience we tend to realize slowly that we develop behaviors and not just good intentions. â€Å"Self-control did not mean denying human desires and appetites; rather, it meant striking a balance between suppressing and heedlessly indulging physical yearnings, of finding the mean† (Aristotle). The Council of Athens, we tend to realize some of our moral code is sacred, but do tend to open your horizons on us as individuals for achieving goals and valuing self-control. As we come to an end, I hope you have the same output as I have explained the teachings and most importantly the Academy that was first formed by our own, Plato. The aspect of growing is not to just have beliefs, but to believe in ourselves as Athenians that we can strive to pursue anything whether it is war, learning, teaching, or creating. The future of our children needs to be well educated to know the difference between right or wrong with some aspect towards our moral code. Our people deserves better, for which they are messengers to expand the knowledge, power, and desire for Athens. They will not have any of those values what so ever if they are not well educated through the Academy that Plato and further more Aristotle has provided. May we have hope for the future as you, the Athenian Council to accept and recognize the great Academy was a best gift that the gods have given to Athens.

Television Programs: How They Affect Society :: essays research papers

Television Programs: How It Affects Society   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"It was an accident,† proclaimed Janet Jackson after her Super Bowl fiasco, â€Å"a wardrobe malfunction.† It didn’t appear to be one to the millions of people who witnessed the exposing of one of Jackson’s breasts. Many were shocked and outraged, but this type of thing isn’t new for the infamous â€Å"boob tube†. In 1977, the miniseries â€Å"Roots†, was the first TV show to air bare breasts (Clark 1070). Even still, television programs have come a long way since that and the time of their creation.   Ã‚  Ã‚  Ã‚  Ã‚  Invented in 1923, television programs started off with airing sporting events, news hours, and cookie cutter programs (â€Å"History of TV† History). These programs usually taught morals and lessons at their closings and gave a false sense of reality. Today, you can see just about anything on TV, from someone being gunned down to wild and risk-free sex between couples (Gay couples too!). Studies have been done to see if these scenes seen by society can affect us negatively, as children have been analyzed through adulthood to see if violent and sexual behavior on TV has affected them badly. The results are children starting to deal with adult issues at an early age due to the graphic nature of television programs. Society now is more aggressive and losing it’s values. With this said, television programs have clearly evolved since 1923 and affected society negatively due to it’s violent and sexual content.   Ã‚  Ã‚  Ã‚  Ã‚  Since it’s start television has grown in availability and reached the living rooms of many. Television’s expansion started off slow due to the Depression and World War II. By the end of World War II, TV was certain to grow as fast as the radio had twenty years prior (Jost 1139). Television has also developed better technology as it is now shown in color with digital picturing. This started towards the late 1930's, when new technology was being used to show baseball games and special events (Jost 1138).   Ã‚  Ã‚  Ã‚  Ã‚  With the rise in technology companies have come up with a new system, interactive television. â€Å"With digital interactivity, consumers are in total control of the programming they bring into their homes,† declared Time Warner Chairman Gerald Levin on interactive television (qtd. in Jost 1131). I have witnessed firsthand, interactive TV as my cable company, Comcast, offers something similar called On Demand TV. With it I can choose movies or shows I want to watch.

Mongols

In various times Mongols have been equated with the Scythians, the Magog and the Turkic peoples. Based on Chinese historical texts the ancestry of the Mongol peoples can be traced back to the Donghu, a nomadic confederation occupying eastern Mongolia and Manchuria. The identity of the Xiongnu is still debated today. Although some scholars maintain that they were proto-Mongols, the fact that Chinese histories trace certain Turkic tribes from the Xiongnu complicates the issue. 10] The Donghu, however, can be much more easily labeled proto-Mongol since the Chinese histories trace only Mongolic tribes and kingdoms (Xianbei and Wuhuan peoples) from them, although some historical texts claim a mixed Xiongnu-Donghu ancestry for some tribes (e. g. the Khitan). [11] The Donghu are mentioned by Sima Qian as already existing in Inner Mongolia north of the state of Yan in 699-632 BC. Mentions in the Lost Book of Zhou (Yizhoushu) and the Shanhaijing indicate the Donghu were also active during the Shang dynasty (1600–1046 BC).The Mongolic-speaking Xianbei formed part of the Donghu confederation, but had earlier times of independence, as evidenced by a mention in the Guoyu (â€Å" † section) which states that during the reign of King Cheng of Zhou (reigned 1042–1021 BC) the Xianbei came to participate at a meeting of Zhou subject-lords at Qiyang ( ) (now Qishan County) but were only allowed to perform the fire ceremony under the supervision of Chu (? ), since they were not vassals by covenant ( ).The Xianbei chieftain was appointed joint guardian of the ritual torch along with Xiong Yi. These early Xianbei came from the nearby Zhukaigou culture (2200-1500BC) in the Ordos Desert where maternal DNA corresponds to Mongolic Daurs and Evenks (Tungusified Xianbei). The Zhukaigou Xianbei (part of the Ordos culture of Inner Mongolia and northern Shaanxi) had trade relations with the Shang dynasty (1600-1046BC). The Zhou clan lived near the Beidi (who included the Xianbei) for 14 generations before moving to the Central Plains in middle Shaanxi under Gugong Danfu).Another closely connected core Mongolic Xianbei region was the Upper Xiajiadian culture (1000-600 BC) where the Donghu confederation was centered. After the Donghu were defeated by Modu Chanyu the Xianbei and Wuhuan survived as the main remnants of the confederation. Tadun Khan of the Wuhuan (died 207 AD) was the ancestor of the proto-Mongolic Kumo Xi. [12] In 49 AD the Mongolic Xianbei ruler Bianhe (Bayan Khan? ) raided and defeated the Xiongnu, killing 2000, after having received generous gifts from Emperor Guangwu of Han.The Xianbei reached their peak under Tanshihuai Khan (reigned 156-181) who expanded the vast, but short lived, Xianbei state. Xianbei Empire under Tanshihuai (141-181) Three prominent proto-Mongol groups split from the Xianbei, as recorded by the Chinese histories: the Nirun (claimed by some to be the Avars), the Khitan and the Shiwei (a sub-tribe called the â⠂¬Å"Shiwei Menggu† is held to be the origin of the Genghisid Mongols). [13] Besides these three Xianbei groups, there were other Xianbei groups with Mongolic affiliation such as the Murong, Duan and Tuoba.Their culture was nomadic, their religion Shamanism or Buddhism and their military strength formidable. There is still no direct evidence that the Nirun spoke a Mongolic language, although most scholars agree that they were proto-Mongolic. [14] The Khitan, however, had two scripts of their own and many Mongolic words are found in their half-deciphered writings that are usually found with a parallel Chinese text (for example, nair=sun, sair=moon, tau=five, jau=hundred, m. r=horse, im. a=goat, n. q=dog, m. ng=silver, ju. un=summer, n. m. ur=autumn, u. ul=winter, heu. ur=spring, tau. l. a=rabbit, t. q. a=hen and m. g. o=snake). [15] There is no doubt regarding the Khitan being proto-Mongol. [16] Asia in 500 AD, showing the Nirun (Juan-Juan) Empire and its neighbors Geographicall y the Tuoba Xianbei ruled Inner Mongolia and northern China, the Nirun (Yujiulu Shelun was the first to use the title Khagan in 402) ruled Outer Mongolia, the Khitan were concentrated in Southern Manchuria north of Korea and the Shiwei were located to the north of the Khitan.These tribes and kingdoms were soon overshadowed by the rise of the Gok-Turks in 555, the Uyghurs in 745 and the Yenisei Kirghizs in 840. The Tuoba were eventually absorbed into China. The Rouran fled west from the Gok-Turks and either disappeared into obscurity or, as some say, invaded Europe as the Avars under their Khan Bayan I. Some Rouran under Tatar Khan migrated east founding the Tatar tribes, who became part of the Shiwei. The Khitan, who were independent after their separation from the proto-Mongol Kumo Xi (ofWuhuan origin) in 388 AD, continued as a minor power in Manchuria until one of them, Abaoji (872-926), established the Khitan Liao Dynasty (907-1125). The Khitan fled west after their defeat by the Tungusic Jurchens (later known as Manchus) and founded the Kara-Khitan or Western Liao dynasty (1125–1218) in eastern Kazakhstan. In 1218 Genghis Khan destroyed the Kara-Khitan Kingdom after which the Khitan passed into obscurity. The modern-day minority of Mongolic-speaking Daurs in China are their direct descendants based on DNA evidence. [17][18] The Shiwei included a tribe called the Shiwei Menggu. 19] Bodonchar Munkhag (Chagatai tradition dates ‘Buzanjar Munqaq' to the rebellion of Abu Muslim or 747 AD. [20]) the founder of the House of Borjigin and the ancestor of Genghis Khan is held to be descended from the Shiwei Menggu. The early Shiwei paid tribute to the Tuoba Wei (386-534) and submitted to the Khitans. After the Khitans left Mongolia the Shiwei Mongols rose to prominence, when from the 1130s there were reciprocally hostile relations between the successive khans of the Khamag Mongol confederation (Khaidu, Khabul Khan and Ambaghai Khan) and the emperors of t he Jin dynasty.With the expansion of the Mongol Empire, the Mongols settled over almost all Eurasia and carried on military campaigns from the Adriatic Sea to Java and from Japan to Palestine. Mongols simultaneously became Padishahs of Persia, Emperors of China, Great Khans of Mongolia and one Mongol even became Sultan of Egypt (Al-Adil Kitbugha). The Mongols of the Golden Horde established themselves to govern Russia by 1240. [21] By 1279, the Mongols conquered the Song Dynasty and brought all of China under control of the Mongol Yuan Dynasty. 21] With the breakup of the Empire, the dispersed Mongols quickly adopted the mostly Turkic cultures surrounding them and were assimilated, forming parts of Tatars (not confused with a tribe in ancient Mongolia), Uzbeks, Kazakhs, Yugurs and Moghuls; linguistic and cultural Persianization also began to be prominent in these territories. However, most of the Mongols returned to Mongolia, retaining their language and culture. After the fall of t he Yuan Dynasty in 1368 the Mongols established their independent regime as Northern Yuan.However, the Oirads or Western Mongols began to challenge the Eastern Mongols under the Borjigin monarchs in the late 14th century. Present-day Khalkha Mongols and Inner Mongolians are the most prominent of the remaining Eastern Mongols while the Kalmyks (formerly Oirats) in Europe are the main descendants of the Western Mongols. The Khalkha emerged during the reign of Dayan Khan (1464–1543) as one of the six tumens of the Eastern Mongols. They quickly became the dominant Mongol clan in Outer Mongolia.

Theories Methods And Application Of Business Forecasting - Free Essay Example

Sample details Pages: 13 Words: 3876 Downloads: 5 Date added: 2017/06/26 Category Business Essay Type Analytical essay Did you like this example? When a man assumes the responsibility of running a business, he automatically takes the responsibility for attempting to forecast the future and to a very large extent his success or failure would depend upon the ability to forecast successfully the future course of events. Forecasting aims at reducing the areas of uncertainty that surround management decision making with respect to costs, profit, sales, Production, pricing, capital investment and so forth. If the future were known with certainty, forecasting would be unnecessary. Don’t waste time! Our writers will create an original "Theories Methods And Application Of Business Forecasting" essay for you Create order Decisions could be made and plans formulated on a once-and-for-all basis, without the need for subsequent revision. But uncertainty does exist, future outcomes are rarely assured and therefore, organized system of forecasting is necessary rather than the establishment of predictions that are based on hunches, intuition or guesses. When estimates of future conditions are made on a systematic basis, the process is referred to as forecasting and the figures or the statement obtained is known as forecast Roles of forecasting in Business The object of business forecasting, is not to determine a curve or series of figures that will tell exactly what will happen, say, a year in advance, but it is to make analysis based on definite statistical data, which will enable and execute to take advantage of future conditions to a greater extent than he could do without them. In many respects, the future tends to move like the past. This is a good thing, since without some element of continuity between past, present and future; there would be little possibility of success prediction. While forecasting, one should note that it is impossible to forecast the future precise there always must be some range of error allowed for in the forecast. Steps in forecasting The business forecasting consists of following steps: Observation and analysis of the past behaviour is one of the most vital parts of forecasting Determine which phases of business activity must be measured Analysing the data Selecting and compiling data to be used as measuring devices Methods of forecasting The important methods of forecasting are as follows: Business Barometers Extrapolation Regression analysis Econometric Models Forecasting by the use of Time series analysis Opinion polling Causal Models Exponential Smoothing Survey Method Choice of Method of forecasting The selection of an appropriate method depends on many factors-the context of the forecast, the relevance and availability of historical data, the degree of accuracy desired, the time period for which forecasts are required, the cost benefit (or value) of the forecast of the company and the time available for making the analysis. These factors must be weighed constantly and on a variety of levels. In general, for example, the forecaster should choose a technique that makes the best use of available data. If we can readily apply one technique of acceptable accuracy, we should not try to gold plate by using a more advanced technique that offers potentially greater accuracy but requires non- existent information or information that is costly to obtain. Furthermore, where a company wishes to forecast with reference to a particular product, it must consider the stage of the products life cycle for which it is making the forecast. Theories of Business forecasting Sequence or Time-lag theory Action and Reaction Theory Economic Rhythm Theory Specific Historical Theory Cross-section analysis Cautious while using forecasting Techniques Forecasting business conditions is a complex task which cannot be accomplished with exactness. The economic, social and political forces which shape the future are many and varied; their relative importance changes almost constantly. It is obvious, therefore, that statistical methods cannot claim to be able to make the uncertain future certain- It does not follow from this disclaimer that statistical methods have nothing to contribute to business forecasting. Lack of a forecast implies a dangerous type of forecast, the mere warning of a possibility of a change is better than no wanting at all as is wisely said Forewarned is forearmed. Also is should be remembered that forecasts are not made just for the sake of forecasting ,that is, they are not ends in themselves. Forecasts are made in order to assist management determine a strategy and alternative strategies. lt may be pointed out that forecasting is much more than projecting a series mechanically. Though future is some sort o f extension of the past. But it can hardly be expected to be an exact replica. Forces responsible for economic change are numerous and complex. They are often difficult to discover and to measure. They may appear in all kinds of combinations and may be constantly changing. The fact that past can never be a perfect guide to the future warns us that forecasting should not be thought of as a routine application of some techniques or theoretical ideas to a list of unchanging variables. Successful forecasting requires expert blending of economic theory with significant statistical expertise and thorough familiarity with the relevant statistical data. Both qualitative and quantitative information must be utilized. As a final word of caution, it may be emphasized that no matter what methods of forecasting are used, it is essential that the forecasts be checked by the judgment, of individuals who are familiar with the business. While it is true that the use of statistical data is an atte mpt to substitute facts for subjective judgment it does not mean that knowledge gained through experience in a given situation should be ignored in favor of quantitative data. It is particularly important to take into consideration any specific plans of the business that might affect the pattern of sales in relation to indicators used for forecasting. More successful forecasting will result by combining with statistical forecasting the judgment and knowledge of current business trends. `Also it is important to emphasize that any forecast should be reviewed frequently and revised in the light of the most recent information. Forecasting is not a one-shot operation. To be effective, it requires continuous attention. Unanticipated developments will often change our picture of the future, or at least clarity it, In terms of any original decisions and actions that have been taken, this rule implies continuous modification wherever necessary. The techniques of flexible budgets has been developed to permit the revision of-the budget estimates and everyone dealing with forecasts should be alerted to the need for constantly checking to see if anything, has happened to change the outlook. Keeping accurately informed about the current level of business is probably the simplest insurance that can be secured against making wrong decisions regarding the fixture. Despite all advances that have been made in the techniques of forecasting, forecasting remains more an art than a science. The value of a forecast lies not merely in its accuracy, but the fact that making it requires a balanced consideration of factors influencing future developments, right or wrong. Further, forecasting should not be regarded merely as a means of peering into the fixture and then accepting what one sees: it needs to be used actively as a way of guiding the firm along the path its management feels is most desirable. Business forecasting will not only help in the short-tem control of operations, its greatest contribution probably will come when it is able to improve short and long-term corporate strategies. Literature View Corporations typically need forecasts that cover different time spans in order to achieve operational tactical and strategic intents.Firms typically use monthly data from the last one or two years to achieve operational or short-term forecasting.Tactical forecasting is generally based on quarterly data from the last five to six years or comparable annual data.strategic forecasting generally requires additional periods in order to make projections for 25 or more years into the future.Tactical and strategic forecasting is made more complex when the issue of seasonality is added to the analysis One goal of a forecasting model is to account for the largest amount of systemic variation in the behavior of time series data set as possible.Moving average,exponential smoothing, and linear regression models all attempt to account for systemic variations.However, each of these models may fail due to additional systemic variation that is not accounted for.In many business time series data s ets a major source of systemic variation comes from seasonal effectsseasonal variation is characterized by increases or decreases in the time series data at regular time intervals, namely calendar or climatic changes.for example, sales demand for beer in the United States has increased over time but tends to vary during the year and to be higher in the spring and Summer months than in the Fall and Winter months(https://www.foodandbeveragereports.com).Therefore time is not only variable that has an impact on beer sales;multiple factors play a role Multile linear regression models are commonly used technique in forecasting when multiple independent variables impact a dependent variable.Beer sales could be considered the dependent variable, while time and seasonal factor could be consiserd indepdent variables, and is represented in the following general model for multiple linear regressions Where is the time and through are seasonal indicators.The Xs denote the independent variab les while the Y donates the dependent variable.For Example the term represents the first independent variable for the time period t(e.g. , etc.).The term denotes the random variation in the time series not accounted for by the model.Since the value are assumed to vary randomly around the regression function the average or expected value of =0 Therefore, if an ordinary least square estimator is employed the best estimate of for any time period t is: Eq(2) represents the line passing through the time series that minimizes the sum of squared differences between actual values() and the estimated values().In the case, when n=1 the equation represents simple regression However if data set contains seasonal variation a standard multiple linear regression model generally does not provide very good results.With seasonal effects, the data tend to deviate from the trend lines in noticeable patterns.Forecasts for future time periods would be much more accurate if the regression model r eflected these drops and ascents in the data.saeasonal effects can be modeled using regression by including indicator variables, which are created to indicate the time period to which each observation belongs. Many publicly held companies are required to submit quterly(data occurring in cycles of three months= a common business cycles) reports regarding the status of their business.It is also very common for quarterly forecasts to be used to develop future quarterly projections.Therfore , if quarterly data were being analysed, the indicator variables for quarterly regression model could be stated as follows Table 1 summarizes the coding structure that we have defined in , and in Eqs.3 through 6.Overall, this coding structure can apply to any time frame the forecaster chooses Table 1 Table 2 Table 3 For brevity purposes, only the quarterly models is illustrated here.The coding structures for the models are contained in Tables 1,2 and 3 Import Bear Sales Example Fig. l displays three views of the partial data set for United States Import Beer sales in millions of barrels (Brls) from January l999 to December 2007 in an Excel spreadsheet. The views are displayed to illustrate the differing setups or data structure that accompanies each seasonal regression model. The data structure or setup in Excel is particularly important when using Excels regression procedure. In other words,how the data is input and in which order it is featured Forecasting is an integeral business activity that is covered to varying degrees in most business scholl curricula.One of the features often uncoverd even in practitioners in the effect of granulizing the data.That is, data occurs annually,semi-annually,quarterly,bi-monthly, and even monthly.While most modelers simply assume that more data is better and Will always chose the most granular data.Monthly data is available for sales for the period 1999-2007.In forecasting data over time, one of the most importa nt perspectives to consider is the level of detail required for the forecast. Figure 1 In this data, the first forecast estimate that should be generated is not monthly but is instead the predictable annual growth in sales as shown in figure 2 Figure 2 Depending on the management requirements, this forecast using simple linear regression may be sufficient.But, in many cases, such as managing inventory that does not have annual capacity, it is necessary to generate a forecast over similar interval.Such models are constructed below:semi annually,quarterly , and monthly Figure 3 Generally one perceives that finer focused data may produce better estimates.But as shown in figure 3, a linear forecst is constructed based upon the summary semi-annual sales actually reduces the overall explanatory power of the model because it introduces more variability.That is, not only is there variability from year-to-year, with more finer data there is also now variability within each year It should be noted that the values of the model are exactly 1/2 of the values of the annual model which would be expected. The two extensions considered next are the addition of an indicator variable for the second half of the year and an alternative definition of the annual increase as pro-rated across the semi-annual periods. We find that in either case, does that finer focus improves the estimated models value. However, the models do allow insight into the monthly characteristics of import beer sales A semi-annual indicator variable is added which has the value of 0 for the first six-month period of any year, and has the value of 1 for the second six-month period of any year. The result of this regression are shown in figure 4 Figure 4 We see that multiple regression with two independent variables Year and Semi-Annual period, does not produce a superior model with regard to .The t-statistics of the model show that the YrIndicator variable is highly statistically significant with a value of 0.672 as wellas the intercept with a value of -1334.61, but that the semi-Annual period is not statistically significant for any practical value of alpha since its t-statistics is only 0.04.Therefore , it is clear that it is not always the case that more and finer granularity to the data produces a superior estimate. One of the most common examples of granularity in time series modeling is using a time trend variables 1,2,3ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦..In the present case, the year variable that was modeled had values 1,1,2,2,3,3ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦(where 1=first year of data,1999; etc.).That is, the year variable captured the annual increase which was not pro-rated across semi-annual periods.If, instead one used not the annual increase but the semi-annual increase, along with the semiannual indicator variable, then similar results obtain as shown in figure 5 Figure 5 Of course, the R-squared of the model and the coefficient of the semi-years variable are products of the annual model.However, what has changed is the statistical sign, scale, and statistical significane of the indicator variable.previously it was positive;in the present model, it is negative.Previously it is of the order 10,000 barrels;presently it is of the order 300,000 barrels.Previously its t-statistics was a scant 0.04;presently its t0statistics is -1.26.Although the indicator variable is not statistically significant for any alpha less than 22%, the drastic change in the variable is important for us to consider Quarterly.The categorical variables for quarters are coded and the resulting multiple regression retains an of 92% and its value is All of these coefficients are highly statistically significant, with Q4 significant to the largest alpha value of 1.8%.The model suggests that the first quarter is the expected lowest sales and the highest sales are expected in the early summer (Q2), followed by slightly lower sales in the late summer (Q3), and continuing this decline to Q4 , still about 1/3 of a million barrels above first quarter sales. This model and the resulting multiple linear regression estimates are shown in figure 6 Figure 6 We have seen that the annual model provided a very good overall estimate of annual increases in sales, but the semi-annual extension did not provide additional information.However, when further granulizing the data to quarterly the estimate was improved further and did provide information that the semi-annual forecast could not.This process is continued for monthly estimates below Monthly.The categorical variables for months are coded and the resulting multiple regression containing the previously determined annual increase and quarterly changes is examined.Usually when modeling nested categorical variables , that one variable must always be left out.In our case, since variable Q2 contains the months April,may, and June, it is necessary in constructing the monthly variables to leave out one of these months.In the present model, the first variable of each quarter is left out and there are no monthly variables for January April,July, and October.The results from a monthly multiple regression are shown in table 4 Table 4 All of the remaining variables are statistically significant except for August and Novermber(shaded in table 4).A final estimation is considered after removing these two variables and the results are shown in table 5.each of the coefficients is statistically significant at leat at the 5% level.The R-squared of the model is 88.1% and standard error s 146,000 barrels Table 5 The monthly model is shown in figure 7 Figure 7 The coefficient values found in the Table 5 provide additional insight.These coefficients are used to construct the seasonal regression equation itself.Not all of the model parameter coefficients are positive for the monthly seasonal models.However, the coefficients are relative to each other within each model.For the quarterly model, it is seen that the Q4(Oct, Nov, Dec) coefficient is lower than the coefficients for Q2 and Q3.This ia also true for the sep and dec coefficients as they are actually negative compared to the other monthly coefficients each of these parameters corresponds to the time frame of the early fall into Winter seasons.In turn, it could be tentatively concluded that some type of winter effect comes from what the coefficients denote within the regression model itself.Within regression models, positive coefficients move in unison with changes in the model parameter. In our case, the coefficient of the Q4 parameter is lower and that the Sep and Dec coefficient s are negative when compared to the other coefficients in the monthly model therefore they provide a damping effect on their predictors.The lower and/or lower coefficients associated with the Q4, Sep, and Dec parameters are mostly likely attributable to the holiday lag and the temperature drop that occurs every year around Nov, Dec, and January, and Feb in the United States.It is well known that beer sales in United States lag during the colder months of each year and the holiday season due to consumers drinking other beverages, both alcoholic,non-alcholic , and consumers drinking other beverages, both alcoholic,non-alcholic and non-chilled Finally, if the annual time trend is pro-rated across the time periods(i.e.1999=1,2000=2, etc.) then the R-squared drops slightly to 88%.Whereas it is natural and very common for us to pro-rate the annual increase per month by using an indexing time variable, it is not required. Interpretations and Analysis of Outputs One advantage to employing Excels regression procedure is the case in interpreting the results of the regression analysis and understanding its statistical quality. To interpret the regression analysis we should begin by checking the values for three statistical measures: the R- Square () statistic, the F-statistic, and the t ·statistic. The value of provides an assessment of the forecast model`s accuracy. Specially, it can be interpreted as the proportion of the variance in Y attributable to the variance in the X variables. Generally, values above 0.7 provide a minimum threshold of accuracy for business models, while values above 0.8 are considered very good. Table 6 presents the values for each of the seasonal regression models, whereas Table 7 presents the F-statistics of each model. According to the analysis any of the proposed seasonal regression models are statistically significant and could be used to effectively develop forecasts for U.S. import beer sales. Howeve r, a good manager needs to know which model produces the best results. The next section illustrates how to construct the seasonal regression equation for the monthly model. Defines and describes error for each model, and discusses model efficacy via error coupled with the regression statistics. Table 6 Table 7 Construction of the Seasonal Regression Equation and Error Calculation From a mathematical perspective, the coefficient values are easily inserted into the original regression model to yield the seasonal regression forecasting equation.The monthly seasonal regression equation can be written as For seasonal regression equation, a forecast for January 2008 will be created.Since the forecasting time period is January 2008, the YrIndicator=2008.Since January falls in the first quarter and is the first month of the year there are no quarterly or monthly indicators in the model and in turn Q2=0, Q3=0, Q4=0, Feb=0,Mar=0, May=0,Jun=0,Sep=0, and Dec=0 Therefore, the seasonal regression model produces the following result The forecast U.S import beer sales for January 2008 are 2.006 million Brls.Calculating the error associated with a forecasting models is cornerstone to determining a models performance.Coupling the error measurement with the regression statistics allows a forecastor to comment on models overall efficacy.A model that performs well on a ll statistical measures and carries relatively low error can be deemed adequate.Error, also referred to as deviation, is defined as the actual less predicted value.Excel can generate error terms for a regression model when prompted Figure 8 We can instruct Excel to automatically calculate the error terms or the residuals of a regression model by checking the residual box in the Regression Dialogue Box.When the regression model is computed via the Regression dialogue Box, the residual output is generated and returned below the regression output.Figure 8 displays a partial part of the residual output for the monthly seasonal regression model within Excel. A standard measure of error in forecasting is mean absolute percentage error or MAPE and is calculated as follows: MAPE Table 8 Using the residual terminology from the Excels regression tool, the formula would resemble the following: MAD= To obtain MAPE for residual contained in figure 8, we first take the abs olute value of each residual in the residual column, divide that absolute residual by the associated actual , and then take an average of those absolute percentage errors Forecasters generally compute error for multiple forecasting models and then compare across each model where the model with the lowest error is considered superior. The MAPE for each of the seasonal models is presented in Table 8. From Table 8, the yearly regression model has the lowest MAPE of the three models. However. it does not provide detail that a manager may need to make decisions in a shorter time frame. Therefore a manager most likely will use the yearly model for long range planning purposes and may use the monthly model for shorter range planning purposes. It is readily apparent from figure 7 that the monthly seasonal regression model fits the actual data very well by accounting for the seasonal trends in import beer sales over time.The figures also visually reinforces the calculated value R-squar ed(0.88) presented earlier.Based on the regression statistics, MAPE and the predicted versus Actual graph , it can be determined that the monthly seasonal model is doing an overall good job of forecasting U.S import beer Sales

Karl Marx and His Beliefs About Society Essay - 1608 Words

Karl Marx and His Beliefs About Society In the beginning of the nineteenth century, several aspects of life were coming together for those that lived in Europe, and especially for those that lived in England. The Scientific Revolution had ended in the late seventeenth century; consequently, leaving the lingering aspects of science as a proven way to show that some ideologies of the Catholic Church were incorrect. The Enlightenment of the late eighteenth century had caused all of England and Europe to decide where to let their lives lead them in terms of faith; either towards Christianity, or towards Protestantism. The final time period that had a major impact on the English and European society was the Industrial Revolution,†¦show more content†¦However, the philosophers consisted on getting their evidence through to the Church and the rest of European society. This event in history changed the mindset of most people from believing absolutely everything that the Church said was true, to questioning the beliefs that they had been believing for many years. It allowed people to realize that human reason could be used to devise how things actually were, thus allowing these same people the opportunity to decide their own beliefs. They did not need to rely on the existence of the Church to state all facts, hence, allowing them to have the opportunity to explore new things for themselves. This lead to the realization that Europe needed to be enlightened, and that the people needed to learn values and ideas for themselves. The Enlightenment was a time when the people of Europe used human intellect to help comprehend what to believe, especially in terms of their faith. The Catholic Church did not want the outside influence of those that felt as though there were alternatives to the catechism of what the Church taught as truth. 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