Administrative Progressivism in Relation to Online Learning

Conceptual Administrative progressivism as the instructive way of thinking might be applied in web based contemplating. This end is drawn out of various variables which point at the comparable objectives and want to arrive at achievement in educating understudies. In any case, because of contrasts in the perspectives to control of students’ information, the blend of the learning style and instructive way of thinking viable may prompt more terrible learning results for students.Advertising We will compose a custom paper test on Administrative Progressivism in Relation to Online Learning explicitly for you for just $16.05 $11/page Learn More Introduction Education is fundamental in human life as individuals have comprehended its worth. There are many ways to deal with training and perspective on its turn of events. A few methods of reasoning of training are new, others are more seasoned however their utilization in the cutting edge arrangement of instruction focuses that their i nclination is to make a meriting individual from the general public who has figured out how to get great information, is educated, law based, fair, and others conscious. Alongside various ways to deal with the instruction, there are a great deal of specific types of realizing which might be picked relying upon understudies needs. The primary thought of the conversation is to consider web based gaining from the point of view of authoritative progressivism with distinguishing the focal points and detriments of utilizing the referenced methodology alongside the picked technique for study. Web based Learning Online learning is a specific method of realizing when understudies don't need to leave their places on the off chance that they need to get information. Web based learning permits understudies utilize the data from everywhere throughout the world. Having got the entrance to various global databases, understudies should understand books and study logical works which might be accessi ble just in different nations. At the point when understudies allude to web based learning as the method of getting information, they feel significance in correspondence and imparting their observations to one another. It has been demonstrated that the accomplishment of understudy learning relies upon the structure of the course alongside the kind of the appraisal (Armstrong, 2011). Understudies give a lot of consideration to online evaluation as they accept that the absence of need to sit in class under the immediate oversight of an instructor causes them to feel better. Furthermore, those understudies who apply to web based learning have a chance to proceed with their regular exercises and being understudies at very much the same time. Considering the fundamental need of web based learning the likelihood to get to classes from any spot of the world is to be referenced. One ought not decline from anything, it is only critical to have an impediment. Understudies can structure their investigation time as per their longing, anyway they are not to overlook that being day in and day out class accessibility doesn't mean a similar degree of accessibility of instructors and different understudies. Furthermore, to participate in this kind of learning, understudies are to know about the mechanical developments and other explicit projects fundamental for getting through this class (Nagel, Maniam, Leavell, 2011).Advertising Looking for paper on instruction? How about we check whether we can support you! Get your first paper with 15% OFF Learn More Administrative Progressivism is the specific instructive way of thinking which fundamental thought is canvassed in the accompanying. Progressivism is where directions and educational program depend on the students’ needs, interests and the degree of information. Understudies are aimed at learning stills which will be vital for them while learning the subjects as opposed to coordinating understudies at contemplating the s ubject. Understudies are effectively connected with that advances revelation and imagination while contemplating. Social applicable subjects are raised while concentrating to ensure that this specific way of thinking of training advances â€Å"values of network, participation, resilience, equity and popularity based equality† (Labaree, 2005, p. 277). The principle focal points of the regulatory progressivism are that this way of thinking of instruction bolstered the severe structure and overseeing of training alongside center around the board of the degree of information understudies get (Labaree, 2005). Contentions possibly in support of Using Administrative Progressivism in Relation to Online Learning Having considered the favorable circumstances and hindrances of the web based learning and the eccentricities of the regulatory dynamic instructive way of thinking, it might be presumed that authoritative progressivism in a perfect world fits the internet learning. Supporting the organized learning and exacting overseeing of students’ achievement, internet learning surmises consistent and standard appraisal as there is no another likelihood to check what students’ have accomplished. Documentation of the outcomes is significant as just based on these outcomes understudies have a chance to survey by and by the degree of information and to build them if conceivable. Furthermore, authoritative progressivism is focused on innovativeness is examining and improving abilities which may help think about the subject. This is actually what web based considering does as educators can't show understudies the subject, they can just to assist understudies with getting the right stuff understudies are to have to learn subjects themselves. The inventiveness is significant while web based examining promotions there is no comparable wellspring of data and each time understudies discover something new they are to consider the utilization of data themselves, th ere are no instructors who are going to help them. In any case, regulatory progressivism assumes direct oversight of educators over understudies which is unthinkable because of the way that internet learning is increasingly singular kind of contemplating. Taking everything into account, it ought to be expressed that internet learning as the method of instructing might be utilized with the authoritative progressivism because of the likenesses in ways to deal with training. The likenesses in the thought of the style of instructing, utilization of innovativeness and bearing as showing aptitudes how to become familiar with the subject instead of training the subject are the primary preferences. Be that as it may, authoritative progressivism underpins solid management over understudies which is difficult to do online aside from expanding the quantity of tests and different appraisals. Be that as it may, this may prompt an excess of stress associated with consistent evaluation and which i s considered as inappropriate.Advertising We will compose a custom exposition test on Administrative Progressivism in Relation to Online Learning explicitly for you for just $16.05 $11/page Learn More Reference List Armstrong, D. A. (2011). Students’ view of web based learning and instructional apparatuses: A subjective investigation of college understudies utilization of online devices. Turkish Online Journal of Educational Technology †TOJET, 10(3), 222-226. Labaree, D. F. (2005). Progressivism, schools and schools of instruction: An American Romance. Paedagogica Historica, 41(12), 275â€288. Nagel, S., Maniam, B., Leavell, H. (2011). Upsides and downsides of online instruction for teachers and understudies. Universal Journal of Business Research, 11(6), 136-142. This paper on Administrative Progressivism in Relation to Online Learning was composed and put together by client Lana Hernandez to help you with your own examinations. You are allowed to utilize it for research and reference purposes so as to compose your own paper; nonetheless, you should refer to it in like manner. You can give your paper here.

The defence of self-defence Essay Example | Topics and Well Written Essays - 1250 words

The guard of self-preservation - Essay Example An individual is permitted according to the legal safeguard to utilize sensible power trying to abstain from carrying out a wrongdoing in such circumstances wherein the individual can't utilize the precedent-based law to profit himself. It is for the jury to choose as common individuals from the network what precisely can be qualified as sensible power in a specific case thinking about its individualistic realities. Ross is truly an extremely tough man, and he expected to secure himself not just against the primary endeavor of Samantha to harm or slaughter him yet in addition her resulting endeavors. He expected to use at any rate as much power that would assist him with accomplishing that. His utilization of power didn't right away reason the passing of Samantha. In this manner, Ross is guiltless on account of Samantha’s demise. The safeguard of self-protection For the situation viable, in spite of the fact that Ross might be accused for slaughtering David, yet the accuse tha t has been set for him for executing Samantha isn't right since what he did was an endeavor to shield himself from the damage that Samantha was going to motivation him with her golf club. Self-protection makes a significant piece of the English law’s tenet of private barrier. Ross ought not be seen as liable of the homicide of Samantha and the protection of self-preservation ought to have been put to the jury. ... English law has self-preservation as a total guard of defense regardless that incorporates any sort of ambush. This makes self-protection not at all like the loss of control that applies only for the alleviation of what might be delegated murder to homicide in any case. In contrast to loss of control, self-preservation is a finished guard. Due to this culmination, the translation of self-protection is done in a relatively preservationist way so as to stay away from the advancement of a legitimization standard that is excessively liberal. Progressively sympathetic resistances give the skeptical respondents more prominent motivating forces of the defence’s misuse in their arranging of the utilization of savagery just as when they need to make a clarification of the issues following the episode. Jury in the cases including self-protection are qualified for consider the defendant’s physical attributes, however such proof doesn't have a lot of probative incentive in arriving at the choice if over the top power was inferred. As per the guideline of general customary law, â€Å"A litigant is qualified for utilize sensible power to ensure himself, others for whom he is capable and his property. It must be reasonable† (Beckford v R (1988) 1 AC 130 refered to in Smart Self Defense, 2011). For the situation viable, Ross is an overwhelming man who is in excess of six feet in stature while Samantha is modest with a complete tallness of just five feet and three inches. Ross’ better than expected physical structure and exorbitant quality in contrast with Samantha alongside Samantha’s underneath normal tallness may give Ross some bit of leeway according to law since Ross was excessively incredible, yet in addition Samantha was excessively modest in

You can create this Research Proposal Example | Topics and Well Written Essays - 500 words

You can make this - Research Proposal Example Inviting universal exchange, the nation is growing its business relations with Spain (its nearest neighbor), the US, and African nations. Much of the time products delivered to Portugal don't show up there legitimately, yet go to some other nation of the EU, and at exactly that point travel to Portugal †so as to utilize the upside of lower esteem included expense paces of the other nation. Organizations entering the Portuguese market are free to contact the nearest US Export Assistance Center which bolsters exporters. U.S. and Foreign Commercial Service (100) suggests entering the market with a help of a neighborhood accomplice. In addition, finding a gathering or an ideal individual to get helpful exhortation and contacts is viewed as extremely gainful in light of the fact that individual contacts are significant for directing an effective business in the nation. So as to build up an office in Portugal, one ought to make a Portuguese organization as per the country’s law. For generally tenders and merchandise cost is a higher priority than quality. Along these lines, all together for an item to be serious, the cost must not be higher than that of the adversaries. Portuguese merchants currently want to get C.I.F. or on the other hand F.O.B. citations that incorporate an item portrayal, dispatching weight, volume and time of shipment and conveyance. Despite the fact that such solicitations (with all the referenced above data) are not compulsory, they are entirely attractive. The biggest piece of the organizations of the nation is moved in Lisbon, a capital of Portugal. Present day procedures of leading business are generally spread in the nation. Be that as it may, customary qualities are still in an extraordinary regard: individual contact and a handshake are as yet considered by numerous Portuguese agents to be more significant than a marked agreement. Simultaneously, a solicitation for a proper agreement won't insult them. Simultaneously, individual relations are esteemed and regarded more than any lawful

A Critique on “The Salman Rushdie Case An Islamic View” by Dr. Khalid Zaheer - 1925 Words

A Critique on â€Å"The Salman Rushdie Case: An Islamic View† by Dr. Khalid Zaheer (Other (Not Listed) Sample) Content: Muhammad Mumtaz 2018-10-0281 Aamna Khalid SS-100 (Sec-11) 25 November 2015 A Critique on "The Salman Rushdie Case: An Islamic View" by Dr. Khalid Zaheer Dr. Khalid Zaheer, an Islamic scholar and liberal and religious extremism critic, believes that Islam clearly provides the remedy for this plague by preaching, and ideology of pluralistic society that is neither Liberal nor it is extremist. An article, "The Salman Rushdie Case: An Islamic view" was published on his official website in 2007 regarding Salman Rushdie's controversial book. "The Satanic Verses" for Muslims Community accused Salman of blasphemy against their holy prophet and apostasy and his head was demanded. Dr. Khalid claimed on credible religious evidence and made arguments that Muslim Community demand for Rushdie's execution was un-Islamic, and it had no accordance with Islamic law. He made a claim that Islamic law never suggests death punishment in case of blasphemy and apostasy (irtidad). The effective use of credible Islamic sources and logical sequence along with rhetorical devices efficiently develops his argument and persuades his readers. However, the reliabili ty of his assertion is questioned by the reader because of occasional fallacious reasoning and overlooking of significant details. Dr. denies that offences like apostasy and blasphemy beg execution of the convict and make an appeal to the religious sentiments of the reader to strengthen his claim and logically proves that Muslim Community demand for Rushdie's head is conclusively contrary to Quran and Sunnah of the Holy Prophet Hazrat Muhammad (PBUH) as the punishment for blasphemy and apostasy in nowhere mentioned in Quran and Sunnah. Dr. Khalid inculcates reliability and credibility in his claim and his personality as well by the assertion of allusion from reliable Islamic texts. As Muslins Community is a firm believer of the everlastingness of God and His Word, "The Holy Quran", building clever arguments, Dr. Khalid makes an argument on these sources to assert his message in a more effective way to an extent that is possible. He is citing instances from the Holy Quran such as, "Believers, be steadfast for the sake of Allah in pursuing justice and let not the enmity of a nation dissuade you from being fair; be fair, that is the closest to piety. And fear Allah; indeed Allah knows what you do" and "When the people of the book, the Jews and the Christians, criminally denied the prophet's message, they too became eligible for the divine punishment. However, in their case the punishment was relaxed not to necessitate death for them. Instead they were forced to live the life of second-rate citizens in the Muslim socie ty on paying Jizya, the non-Muslim tax", persuading his readers, that fair trail is a fundamental right to everyone by the Holy Quran and death punishment has never been mentioned or suggested in divine book, "The Holy Quran" for blasphemers of the Holy Prophet Muhammad (PBUH).Even in the age of the Holy Prophet (PBUH), the execution has never been a penalty for blasphemers. Conclusively, the execution of death penalty of Rushdie without any kind judicial procedures is a digression from Islamic Educations and Islamic Law. In a similar way. In a similar way, the use of epithets by Dr. Khalid like "our" and "Alai his salam" as in "Blaspheming against the prophet, Alai his salaam, did not amount to creating mischief on earth because the latter crime has been described by the Almighty Himself in these words: "Those who fight against Allah and His messenger and create mischief on earth." (Qur'an; 5:33)" and in "The very reputation of our faith and the sincerity of our attachment to it ar e also under strict scrutiny" clearly shows that he is trying his best to pretend himself to be a reliable and Islamic personality and is not about to leave any room for his readers to doubt his fairness and sincerity in presenting and Islamic View of à ¢Ã¢â€š ¬Ã‹Å"The Salman Rushdie Case'. Islamic context and references to Islamic text, used to gain the confidence of his readers, is basic technique according to author and his point of view. Along with articulated procedures, Dr. Zaheer attempts to make his argument more compelling with a sequence of logical statements and periodical structure of ideas and grabs his reader's interest. Firstly, he acknowledges the argument of opposition and mitigates their strength by reprehending their presume validity. After his stage set up, he goes to Islamic history and Islamic sources to refute fundamental premises of his argumentative sequence by a linkage of his articulations to the Holy Quran and Sunnah. After that, he concludes by a linkage of rebuttal to his stance and apprises those demanding head of Salman Rushdie of the "barbaric" consequence of such demands. An organized statement followed by a smooth flow of argumentative statements have a central role in coaxing his readers. Furthermore, Zaheer is repeatedly using rhetorical appeal to invoke the religious sentiments of his readers, and dramatic insertion of rhetorical questions have an effect on his stance and force his readers to think and make a decision. Having a look at protests and recurring demand of Rushdie's execution by Muslims, Dr. says it is not that "It is not that the life of an individual is at stake. The very reputation of our faith and its sincerity of our attachment to it is also under strict scrutiny", and in this way, he has an immediate question on the reader by evoking his religious sentiments. At another point, the smart assertion of rhetorical point, "by so demanding the head of Rushdie, Muslims are creating an impression in the minds of people that Islam was a barbaric religion. The Muslim demand for Rushdie's head by hook or by crook is a far cry from the approach of the prophet of peace (Islam)" followed by an incident to the life of the prophet warns those who demanded capital punishment for Salman Rushdie as demands like this assert a negative and barbaric image of Islam, such a religion that is fundamentally based upon peace, love, equity, egalitarianism and bilateralism. This kind of emotional appeal used intentionally has an adverse impact on the mind of readers that make readers question the validity and reliability of author's stance. However, these types of appeals have an important and pivotal role helping the author achieve his purposes and prove his positions to be valid. Author's espousal of rhetorical strategies to fortify his claim have an important and central role in portraying his arguments and making the audience affirm his stance. Nevertheless, Dr. Kahlid's occasional fallacious arguments deteriorate the strength of his case and make the reader question the credibility of his assertion. In the defense of Rushdie, he says, "In fact, Rushdie has not even come anywhere close to what some of the other modern writers have done against Islam and the Prophet Muhammad. Should all of them -- all thousands (if not hundreds and thousands) of them -- be declared equally guilty of such crims punishable by an immediate, extra-judicial execution no matter wherever all of them were living? He is arguing that since the execution of all of the blasphemers is realistically impossible, Salman must also not be punished with capital punishment for his alleged offence. This argument contain fallacy since it is the illogical conclusion if a court cannot execute many people, it must refrain from killing a single accused eve he falls under jurisdiction. Defining "Fasaad fil earth"(mischief in the earth), Dr. Khalid narrows down the sco pe of the vague phrase by statement, "a crime in which the perpetrators of it were causing the life, property, or honor of the ordinary people to be at the stake of their nefarious designs" and eventually concludes from this self-definition that Salman Rushdie cannot be accused of mischief because his offence neither of these (Killing someone and mischief in the earth). But, Muslim Community is proud of their Holy Text, "The Holy Quran" and firmly believes in the innocence of their Holy Prophet Muhammad. Therefore, if the person who blasphemes against Prophet Muhammad or dishonor Holy Quran, it is considered own disgraceful in countries with Muslim majority. Fallacies like this render a critical reader question the viability of this case. In addition to fallacious reasoning, the writers have used some citations from the Holy Quran out of context. "Believers, be steadfast for the sake of Allah in pursuing justice and let not the enmity of a nation dissuade you from being fair; be fair, that is the closest to piety. And fear Allah; indeed Allah knows what you do" (Qur'an; 5:...

The Meaning Of Family, Free Essay Sample

The Meaning Of Family There are various definitions of a family depending on the context. A family sometimes is beyond just parents and children or having common ancestry. The definition of a family can be based on the structure, functionality, interactional features or symbolic elements (Cecil R. Andrew Taitte W Lawson, 2007). The family is an important part of human life. It nurtures lives of individuals and enables social interaction through a variety of factors. Sometimes the family is a title associated with individuals who are related in some ways and have special shared bonds. The different meanings of a family can be seen in different available theories. The Structural Meaning of a Family The structural features help to define a family. According to this theory, a family has a varied number of people related in certain ways like fathers, mothers, and children. Such definition of a family extends to include grandparents, step-relations, in-laws and sometimes former relatives. The membership composition makes the central point when defining a family structurally. The family members may be associated with each other due to blood relations, marriage or as a result of legal bonds like adoption. Besides, members who share a household may form a family by the structure. The structural definition of a family focuses on differentiating social groups that are in a certain family and those that do not qualify to be a family (George P. Robert Elshtain Jean, 2017). The kind of relationships that exists among members to make the social bonds form an important part of the structural definition of a family. Crucial bonds among family members are established by regular communication, affection and daily duties. Families use varied principles to organize activities of each member. The principles may be based on gender, age, and connection to the society beyond family setting. Such structures are crucial to separate a family from other forms of social organizations (George P. Robert Elshtain Jean, 2017). The structural definition implies that some theorists limit their understanding of a family to only married individuals and children. Such a definition overlooks the existence of other crucial social organizations that may not be related to each other by blood but still qualify to be families. Besides, some theorists tend to compare the various family structures. For instance, one may study the parent-child relations by comparing a family with two parents to one with single or no parent. Functional Meaning of a Family Functional elements form another way to define a family. The functional meaning sometimes tries to define reasons for family existence. The central idea of the functional definition is that every human being lives under a family which serves a certainly recognized duty. The functional definition of a family majorly focuses on the significance of reproduction in human beings. Besides, the emphasis is also on the necessity to nurture dependent children over a certain period of time (George P. Robert Elshtain Jean, 2017). The functional definition of a family discusses the effectiveness of a certain family structure in comparison with others. The structure results in a dysfunctional family if it does not accomplish some specific functions. Meaning of a Family based on Interactional Features The definition of a family based on interactional features takes into account the continuous social interaction processes in a family. The social interactions can be in structured or patterned manner. However, an emphasis is on the activities carried out in the family which can be done either jointly or individually. The social interactions in a family include concepts about activities of each member, the influence of members towards one another, and also the quality and significance of the existing relationships. Therefore, this perspective takes into consideration any social group that interacts with family to be indeed a family; not necessarily having a certain structure (Cecil R Andrew Taitte W Lawson, 2007). Meaning of a Family based on Symbolic Elements The main elements of defining a family include perceptions, interactions, and meanings that individuals have about certain experiences of a family. Some scientists understand the meaning of a family by watching how members apply dialogue to develop, challenge or alter meanings in social life. The symbolic elements that people apply in modeling and recreating a family mostly go beyond words spoken by mouth. Some of the nonverbal symbols include intonations, statements in writing form, and gestures of the body, dressing and grooming practices, photographs and also a state of possessions in a home. Emphasis is on languages or modes of communication and other artifacts having symbolic meaning. All the above meanings of a family are sometimes combined. For instance, the structural and functional meanings can be combined to form the structure-functional perspective of a family. A combination of symbolic and interactional perspective results in the perspective of symbolic interaction meaning of a family (Cecil R Andrew Taitte W Lawson, 2007). Significance of a Family The discussion about different meanings of family illustrates a very significant part of life for every individual. Families stand out to be the foundation of crucial support, teachers, role models, counselors and other vital necessities of life. Individuals find maximum comfort, especially in the stable families. The parents in stable families always take care of children, ensure they grow up with upright morals and prepare them to interact with a diverse society. Sometimes families can consist of those whom we trust to tell our secrets even if they are personal. Such people are always ready to offer emotional support and give guidance. Special people who are always ready to offer their support may not necessarily have blood relations. Best friends can sometimes fall into the category of a family. The friends might have a lot of information about us but are always learning something new through close interaction. The family is all about love and care even if it turns out to be weird. Any individual who falls into the category of a family has the virtue of acceptance and understanding others. A family does not fade away just because of disagreements. It sticks together through all times regardless of the prevailing conditions (Loofbourrow Kaylee, 2016). However, sometimes a family can be the source of misery when it becomes dysfunctional. The unfaithful individual can cause great pain to the other especially for married couples. Besides, an absentee parent can affect the normal development of children in the society. Many families around the world are broken due to various factors that develop either from within or outside the family structure. All these negative influences in a family can be solved if every individual takes the responsibility (Loofbourrow Kaylee, 2016). The meaning of a family might have many meanings but its objective should be to make life peaceful and comfortable. Any person who belongs to a family setup whether through blood relations or by other social bonds should feel the positive impact of its existence. The existence of families is a crucial part of life that every individual should nurture. References Cecil R Andrew Taitte W Lawson (2007). The meaning of the family in a free society. Dallas: University of Texas at Dallas. Print. George P. Robert Elshtain Jean (2017). The Meaning of Marriage: Family, State, Market and Morals. Washington DC: Sceptor Publishers. Loofbourrow Kaylee (2016). The True Meaning of Family. University of Toledo: University Press. Net Industries (2017). Family Theory – Meaning of Family. Retrieved from: http://family.jrank.org/pages/602/Family-Theory-Meaning-Family.html

My Career As A Athlete - 1149 Words

Before racing shells, coxswains, and 5:00 am rowing practices, it was always sports that represented a measure of success for me. From a young age I dreamed of joining the ranks of Division 1 collegiate athletes all over the country and knew my success would be the direct result of my commitment to training. Fast forward twenty years and the athletic career I have experienced has been nothing short of successful. Rowing demanded more from me than I had ever demanded of myself and taught me the power of perseverance. It instilled in me that my capabilities have no boundaries and laid the groundwork for my success in business. The sport of rowing is relentless in its power to expose the mental strength of athletes. Since the completion of my experience as a collegiate athlete, I have been driven by a passion to further my career as a professional in sport. With the achievement of obtaining a graduate degree, I know as I create new career goals, I will have the skills necessary to succe ed in a new chapter of life. While I have a strong background in collegiate sports, coaching, and sports entertainment, I believe a Master’s in Sport Management from the University of San Francisco will provide me with the professional networks, specialized training, and management skills necessary to reach my goals of transitioning into Sport Marketing and Event Management. I hope to explore the opportunities of the sports marketplace and gain enough knowledge from the core curriculum andShow MoreRelatedDo You Have A Love For Sports?1130 Words   |  5 Pageslove sports and my job won’t even feel like work because of how much i m around sports. This career I have chose is to be a coach.I have took career cluster surveys and my top career cluster is Education and training. 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There are actually two types of Athletic Trainers. The first type is a personal trainer who is hired to help you train for an athletic event and get you in shape. That is not what I want to. I want to do something totally different than that.Read MoreApplying Sociological Theory Into Everyday Life1224 Words   |  5 PagesAthletic Department, and was involved in student-athlete academic welfare.   When it was time to write my final research paper, I settled upon the topic of women in sports.   I wanted to analyze women’s meaningful contributions and accomplishments within sports, their leadership roles in sports, and what the future of sports could potentially hold for them. I worked with female athletes and what I saw this semester inspired me to write about this topic. My goal is to not only analyze sociological theory

Finance the future of the energy sector - Free Essay Example

Sample details Pages: 9 Words: 2790 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Question A A major problem for decision makers in enterprises is the evaluation of potential investment projects that can absorb capital assets. This evaluation, also known as investment appraisal, is really crucial for the future of any firm, since it determines the financial sources of the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s budget and ultimately defines the level of the shareholders wealth. In theoretical finance, several methods of investment appraisal are developed in order to help financial managers or accountants to evaluate with increased certainty cash flows, viability and profitability of any investment project. However, many empirical studies have shown that financial decision makers do not always adhere to the investment appraisal methods that theory provides[1]. Business experience has shown that contrary to theory, the appraisal of some investment projects is far more difficult because even the implementation of a specific appraisal method is ambiguous and subject to factors beyond financial theory. This essay will discuss the problems associated with the implementation of different appraisal methods using a case study to illustrate the exact nature of these problems. The potential source of capital that will be used to finance the specific investment project might influence the long-term financial state of the firm, and of course the shareholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ wealth. Thus, the financial decision makers, who ultimately aim at the maximisation of the shareholders wealth, face an additional question to investment appraisal. This question will also be examined in this essay. Don’t waste time! Our writers will create an original "Finance: the future of the energy sector" essay for you Create order The most fundamental investment evaluation method takes only into account the time period that is necessary for the invested capital to be paid back. This method is known as the payback period method. The primary advantage of this evaluation method is its simplicity, since a basic concern of financial managers is how soon the invested capital will be available for re-investing. Payback method is particularly useful to small firms that are in shortage of available cash, thus they want to track easily the time limits of their capital flows. However, a main drawback of payback is that it may lead to short-eyed decisions, since it ignores returns that might appear right after the end of the payback period. If an investment project yields high returns right after the end of the requested payback period, this method will evidently reject it. Another significant weakness of this method is that it ignores the broadly accepted fact that the value of money today is not the same as the value of money tomorrow. Essentially, between two investment opportunities with the same payback period, the one that yields more returns sooner should be clearly preferred. Thus payback method entirely fails to comprise different patterns of cash flows within the payback period. Another common method of investment appraisal is the accounted rate of return (also called Return On Investment or Return On Capital Employed). This method simply constitutes of a percentile average profitability-on-investment ratio and is popular due to its easy deduction from any given balance sheet. In this technique, as also in payback, no account is taken for the difference in the value of subsequent cashflows. Furthermore, since profitability is not certain at the beginning of the project, the ARR method is likely to be misleading in the process of investment appraisal. A more common use of this method is to measure the overall profitability after an investment project is over or the ability of a financial manager to evaluate and decide on the most profitable and less risky investments. The basic drawback of the two previous investment appraisal methods is that they fail to include the fact that the nominal value of a cashflow today is different from the real value of a cashflow with the same nominal value in the future[2]. Thus, if a technique can discount the future value of a cashflow into todayà ¢Ã¢â€š ¬Ã¢â€ž ¢s real terms, it could provide a better criterion on which investment project is more profitable. A technique that incorporates this discounting principle is the Net Present Value (NPV) method. In this method, all future cashflows can be interpreted in real present values, and so if inward cashflows are greater than outward cashflows the investment project can be selected. The discounting rate used for the decision is substantially the cost of capital, which of course has to be less than the rate of return. Under this principle, decision makers can chose between alternative and mutually exclusive projects, based on which NPV is highest. The aforementioned rate of return can be used alternatively in another investment appraisal technique, which also incorporates the discounting principle. Instead of discounting future values into present terms, one can compare directly the rate of return with the cost of capital. This technique is known as the Internal Rate of Return (IRR) method. This rate of return is the same one used to calculate NPV in the previous method. In practice, IRR can be difficult to calculate and its usefulness might be unclear to some decision makers. This is due to the fact that if the proposed investment requires more than a one-off outward cashflow, the rate of return might change in the duration of the project. Clearly, in an investment project that requires only one outward cashflow and regular inward cashflows both NPV and IRR methods will produce the same results. However, mutually exclusive investment projects are not easily compared since the discounting principle applies on the whole initial outward cashflow of each investment, allowing for some of the inward cashflows to be re-invested. An example of a real UK investment follows to show illustratively the problems in the selection of an appropriate investment appraisal method. The increased environmental sensitivity that has arisen in the last 25 years due to energy sources depletion issues and atmospheric pollution, provided motivation for research and evolution of renewable energy sources. In the UK, several renewable energy technologies have been put under consideration from the authorities. Renewable energy production technologies are very ambiguous investment proposals for several reasons: firstly, their research and application is still in very primary stages and their implementation requires extremely high costs; secondly, none of these technologies is adequate by itself to provide substantial energy capacity whereas several technologies have to be simultaneously developed (at least some of them) in order to provide a significant substitution to environmentally unfriendly technologies; finally, since none of these have been previously implemented, it is very hard to examine to which extent they will be accepted and whether they will be financially viable or not. Under these particularly unclear assumptions none of the technologies would ever be promoted, at least from a financial managerà ¢Ã¢â€š ¬Ã¢â€ž ¢s point of view since they all involve a large amount of financial risk. However, renewable energy is the future of the energy sector and several economic motivations have been created from the UK government in order to attract the interest of individual and corporate investors. The Non Fossil Fuel Obligation (NFFO) and the Kyoto Protocol force UK governments to ensure investors for high amounts of risk, so that renewable technology can proceed. In this case, the government pays a risk premium added to the price for each renewable energy unit produced. It is estimated that more than  £1bn capital value will be invested in the UK before 2010. Some of the first UK initiatives for renewable energy were The Wind Fund plc (that secured long-term capacity contracts under NFFO) and Baywind Energy Cooperative that firstly launched wind farms and small hydro plants in Cumbria. Other initiatives come from Fenland Green Power Investments and Eastern Generation. As an attempt to support these investment projects, local authorities have been invited to contribu te to the investment projects by contributing to the equity capital through local community funds. But how the investors will chose which investment opportunity is more profitable? Clearly, in this case the payback and ARR method cannot be of any use since a payback period is not acknowledged (it is uncertain if some technologies will ever be implemented at all) and accounting data are not yet available for most of them. Table 1 Discount rates, risk rating and economic estimates for the implementation of renewable energy production IRRe % Risk rating Estimated Output (MW) Capital Value ( £m) p/kWh Biomass-Biofuel 24.8 0.71 1 4 5.10 Municipal Waste Incineration 14.5 0.63 12 47.3 3.23 Small wind (600kW) 6.2 0.61 0.6 0.42 4.57 Large wind (20MW) 16.7 0.51 20 13 3.53 Small hydro (1MW) 10.5 0.48 0.89 1.3 4.25 Large hydro (5MW) 24.8 0.42 4.35 4.3 4.25 CCGT 14.0 0.46 475 142 2.50 Landfill gas 17.1 0.39 1 0.78 3.01 (source: Ernst Young, ref.K/FR/00090/REP) Obviously, the most appropriate techniques to be used in this case are the ones incorporating Discount Cashflow. The NPV approach, although sound for this kind of question, needs to put down specific values and also define time expectancy. On the other hand the IRR budgeting approach provides rates of return that are easy to interpret and for that reason this approach is generally preferred in industry level investments. Given the rate of return, a financial manager only has to know the interest rate (cost of capital) at which he can borrow in order to know instantly if the investment project is viable. Table 1 gives an idea of the discount rates calculated for each renewable technology. Notably these investment projects are not excluding each other, which means that evaluation with NPV would be very complicated. Hereby, this essay does not assume that IRR method is better or more preferred than the rest of the methods discussed above. On the contrary, this essay disputes that à ¢Ã¢ ‚ ¬Ã…“ à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦there may be a place for all the techniques of investment appraisal in the management accountantà ¢Ã¢â€š ¬Ã¢â€ž ¢s armoury. However, a thorough understanding of their theoretical nuances is importantà ¢Ã¢â€š ¬Ã‚ . Question B Once an investment project has been evaluated and approved, financial decision makers should decide how and from where they will acquire the necessary capital to fund the project. Firms can finance their investment projects using several capital sources: quoted shares, quoted long term loans, government subsidiaries (like in the case above for NFFO) or internal finance. All these different sources of capital create different sets of obligations to the firm and also are rated differently in terms of risk. The capital that is drawn from shareholders takes the form of equities. When a firm sells a share, it agrees to pay back the buyer a dividend at the end of each year. Thus the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ obligation to the shareholders lasts to perpetuity. That is the main difference between the equity and the loan. A loan represents an investment of an individual or institution for a contractual fixed period that yields subsequent contractual returns, and also an obligation to the borrower to repay the whole capital and its cost in the contractual time periods. When a firm finances its investments with loans, an outward cashflow is created until the loans are redeemed. Obviously, the investment is supposed to create inward cashflows that can repay the loan (nominal capital plus interest). In case the firm is liquidated, all loans have to be repaid, by law, before any dividends can be paid back to the shareholders. In that sense equity providers face a higher risk than lenders. A firm acquires a long-term loan by issuing bonds, or otherwise notes that certify the nominal value of the bond, its cost to the lender (the coupon rate) and the specific repayment dates. The cost of the debt capital as expressed by the coupon rate is actually the rate of return for the creditors, but in the same time it is the opportunity cost for the firm. However, the important issue for financial managers is to acquire debt, at a specific level of risk, that can be repaid but also that gives the maximum expected rate of return. A firm has the ability to change its financial structure according to the prices of bonds and shares in the market. If bond prices are high, the firm can issue more bonds or if share prices are high the firm can issue more stocks. Of course, the extent of this decision lies entirely to the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s predictability of profits. If an investment evaluation was accurate and the firm can guarantee repayments, then it can issue more bonds. If the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s inward cashflows are volatile, creditors impose greater interest on loans and thus the firm will issue shares in order to acquire cheaper capital. In other words, debt capital should only be invested in projects that yield the highest possible returns for the same risk levels, especially if financial managers wish to maximise shareholders wealth. Thus, a company that issues more long-term bonds should make sure that the investing of this debt capital should be done in the highest possible rate of return. Otherwise, the shareholders face unnecessary increased debt capital risks and the firm should limit its borrowing to avoid bankruptcy. Since debt capital is less risky to creditors that equity capital to shareholders, the firm should be expecting a higher rate of return from investments financed from equity capital than investments financed from loans. However, this is not always possible because there is a limit to the number of shares that a company can issue. For this reason, firms issue preferred stock or different kinds of bonds in an attempt to acquire capital in the best possible terms but also to reduce the possibility of default. In conclusion, this essay examined the different techniques used in investment appraisal and their potential use from firms to evaluate investment opportunities. The payback method, based on a simple rational, is particularly useful to firms that do not have broad access to finance and need to invest with increased certainty. Otherwise, payback method can be very misleading. The Accounting Rate of Return method can be an easy median to evaluate investment decisions, especially after their fulfilment, but does not take into account the time devaluation property of money. Thus it can be also misleading when ARR is directly compared with the cost of capital. For this important reason, methods that incorporate the discounting principle can be more useful to decision makers. The Net Present Value method accounts for the time value of money and is more appropriate if the cost of capital needs to be re-invested or if the investment decision has to be made from mutually exclusive projects. O n the other hand, the Internal Rate of Return method, similar to the NPV method, provides a direct realistic comparison with the cost of capital and also can be very helpful when the investment decision can be made on two or more simultaneous projects. The usefulness of the four methods is examined on real investment opportunities that arise in the UK within the renewable energy upcoming industry. For the specific high-risk sector, the IRR method might be more appropriate although this result is by no means a generalisation of the usefulness of the different investment appraisal techniques. Furthermore, the discussion extents to the capital sources that firms use to finance their investments. It is argued that a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s decision to increase debt capital in its capital structure should be accompanied by the ability to cover the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ obligations to creditors. If a firm wishes to maximise the shareholders wealth, then the expected rate of return from investments that are financed with debt capital should not exceed the rate of return expected from investments financed with equity capital, otherwise the firm might face liquidation. References Arnold, G., (2002), Corporate Financial Management, (2nd edit.), Pitman Publishing Arnold, G., and Hatzopoulos, P., (2000), The Theory-Practice Gap in Capital Budgeting: evidence from the United Kingdom, Journal of Business Finance Accounting, 27(5) (6) June/July, p.603-624 Bratton, W., (2003), Corporate Finance: cases and material, (5th edit.), West Group publishing Brealey, R., and Myers, S., (1991), Principles of Corporate Finance, (7th edit.), Higher Education Publishers Dugdale, D., (1991), Is there a à ¢Ã¢â€š ¬Ã…“correctà ¢Ã¢â€š ¬Ã‚  method of investment appraisal, Management Accounting (UK), May, p.46-50 Dugdale, D and Jones, C., (1991), Discordant voices: accountantsà ¢Ã¢â€š ¬Ã¢â€ž ¢ views of investment appraisal, Management Accounting (UK), (November), p.46-50 Lefley, F., (1997), The sometimes overlooked discounted payback method, Management Accounting, vol.75, iss.10, (November), p.36 Lumby, S., and Jones, C., (2003), Corporate Finance: theory and practice, Thomson Publishers NIFES OPET (2000), Local community funds for sustainable energy investment projects: a technical briefing, (retrieved from www.cne-siar.gov.uk on 15/04/2005) Pike, R., (1996), A longitudinal survey on Capital Budgeting, Journal of Business Finance and Accounting, 23(1), (January), p. 79-91 Sangster, A., (1993), Capital Investment Appraisal Techniques: A survey of current usage, Journal of Business Finance and Accounting, vol.20, iss.3, (April), p. 307-333 Watson, D., and Head, A., (2003), Corporate Finance: principles and practice, (3rd edit.), Pitman Publishing 1 Deveraux Deloitte Footnotes [1] This is evident from a number of previous survey studies on what and for what reason firms select their investment appraisal methods. See Arnold Hatzopoulos (2000), Pike (1996) and Sangster (1993) [2] However, a discounted payback method is also available, see Lefley (1997), the analysis of which goes beyond the scope of this essay since this method is not broadly used.