Rbs Abn Merger

The Acquisition of ABM AMNRO by RBS Introduction Mergers & Acquisition have become very popular throughout the world in the recent times. This has become popular due to globalization, liberalization, technological developments & intensely competitive business environment. Mergers and acquisition are a big part of corporate finance world. This process is extensively used for restructuring the business organization. In India, the concept of mergers and acquisition was initiated by the government bodies. The Indian economic reform since 1991 has opened up a whole lot of challenges both in the domestic and international spheres. The increased competition in the global market has prompted the Indian companies to go for mergers and acquisitions as an important strategic choice. The trends of mergers and acquisitions in India have changed over the years. The immediate effects of the mergers and acquisitions have also been diverse across the various sectors of the Indian economy. Acquisition Acquisition in general sense is acquiring the ownership in the property. In the context of business combinations, an acquisition is the purchase by one company of a controlling interest in the share capital of another existing company. An acquisition may be affected by (a) agreement with the persons holding majority interest in the company management like members of the board or major shareholders commanding majority of voting power; (b) purchase of shares in open market; (c) to make takeover offer to the general body of shareholders; (d) purchase of new shares by private treaty; (e) acquisition of share capital or one company may be either all or any one of the following form of considerations viz. eans of cash, issuance of loan capital, or insurance of share capital. History On October 10,2007 Royal Bank of Scotland led consortium with RBs, Fortis of Belgium and banco Santander central Hispano SA of Spain created history by acquiring Dutch banking gaintABN AMBRO for US$ 100 billion. The consortium paid US$ 51. 55 per share of ABM AMBRO, about 13% more a s compared to the rival Barclays offer. This was one of the largest acquisition in the history of global banking industry . The consortium agreed to pay 93% of amount through cash and remaining 7% through RBS shares. Due to the 2008 financial crisis, the Dutch government nationalised the divisions owned by Fortis, while the UK government is now in effective control over the divisions allocated to RBS due to its financial bail-out of the Scottish bank. The process of integrating some of ABN AMRO's divisions into the new owners, and divesting others, continues. Since 6 February 2010 the bank has been split into one organisation owned by the Dutch government called ABN AMRO Bank N. V. and another owned by The Royal Bank of Scotland Group renamed The Royal Bank of Scotland N. V. On this date the Dutch owned businesses legally demerged from those owned by RBS. The Dutch government own the ABN AMRO brand for use with the parts of the bank they purchased while other companies within the Group will be renamed or closed down. Objective To study the acquisition of ABN AMBRO by RBS form various perspectives. We will try to answer the following questions:- What would a SWOT analysis reveal? What were the various synergies? Was the acquisition strategy sound? Events after acquisition? Various parameters of the deal. Effect of recession on the deal. Major challenges faced by the firm. On 19 January, 2009 RBS issued a statement in which it admitted that acquiring ABN AMBRO was a mistake. It also issued in the statement that ? 10 billion that it had spent on ABN ABMRO was worth nothing by then. Also RBS incurred a loss of ? 24. 1 billion on a total income of ? 26. 9 billion. So in this report we will try to study and analyse the after-effects of acquisition. Various other similar factors are attempted to be studies. Data & Research Methodology Data will be mainly sourced from secondary sources. However the management of certain firms under view will be interviewed through structured questionnaires. The data will be analysed using financial tools to access the effectiveness of the deal. An attempt will be made to evaluate the efficiency of the merged firm with the help of selected financial ratios. Analysis and expected results Through the medium of this report an attempt will be made to analyse the financial benefits of the acquisition. In addition to strategic benefits, the acquisition would deliver significant financial benefits to the shareholders. Through major cost savings and improved profitability of business lines, substantial earnings improvements for shareholders will be realised. The expectations from the deal were to strengthen all three consortium banks in their respective markets and open up new segment to accelerate their growth. The analysis includes:- Impact of mergers & acquisition on employees and working conditions Looking at the financing of the acquisition and studying the possible financing options. Major challenges of the merger and the opportunities. RBS’s current expansion plans Sensitivity analysis Synergy analysis Accounting and financing structure Risk assessment and cost of capital Leveraged buy-out Estimating merger gains and cost Of course, it is easy to criticize another firm’s management but not so easy to improve it. Some of the self-appointed scourges of poor management turn out to be less competent than those they replace. Here is how Warren Buffet, the chairman of Berkshire Hathaway summarizes the matter Many managers were apparently over-exposed in impressionable childhood years to the story in which the imprisoned, handsome prince is released from the toad’s body by a kiss from the beautiful princess. Consequently, they are certain that the managerial kiss will do wonders for the profitability of the target company. Such optimism is essential.

Agriculture in India

TYPES OF FARMING IN INDIA Primitive Subsistence Farming This type of farming is still practised in few pockets of India. Primitive subsistence agriculture is practised on small patches of land with the help of primitive tools like hoe, dao and digging sticks, and family/community labour. This type of farming depends upon monsoon, natural fertility of the soil and suitability of other environmental conditions to the crops grown. It is a ‘slash and burn’ agriculture. Farmers clear a patch of land and produce cereals and other food crops to sustain their family.When the soil fertility decreases, the farmers shift and clear a fresh patch of land for cultivation. This type of shifting allows Nature to replenish the fertility of the soil through natural processes; land productivity in this type of agriculture is low as the farmer does not use fertilisers or other modern inputs. It is known by different names in different parts of the country. It is known as jhumming in north-e astern states like Assam, Meghalaya, Mizoram and Nagaland; Pamlou in Manipur, Dipa in Bastar district of Chattishgarh, and in Andaman and Nicobar Islands.This primitive form of cultivation is called ‘Bewar’ or ‘Dahiya’ in Madhya Pradesh, ‘Podu’ or ‘Penda’ in Andhra Pradesh, ‘Pama Dabi’ or ‘Koman’ or Bringa’ in Orissa, ‘Kumari’ in Western Ghats, ‘Valre’ or ‘Waltre’ in South-eastern Rajasthan, ‘Khil’ in the Himalayan belt, ‘Kuruwa’ in Jharkhand, and ‘Jhumming’ in the North-eastern region. Intensive Subsistence Farming This type of farming is practised in areas of high population pressure on land. It is labour intensive farming, where high doses of biochemical inputs and irrigation are used for obtaining higher production.Though the ‘right of inheritance’ leading to the division of land among successive generatio ns has rendered land-holding size uneconomical, the farmers continue to take maximum output from the limited land in the absence of alternative source of livelihood. Thus, there is enormous pressure on agricultural land. Commercial Farming The main characteristic of this type of farming is the use of higher doses of modern inputs, e. g. high yielding variety (HYV) seeds, chemical fertilisers, insecticides and pesticides in order to obtain higher productivity.The degree of commercialisation of agriculture varies from one region to another. For example, rice is a commercial crop in Haryana and Punjab, but in Orissa, it is a subsistence crop. Plantation Plantation is also a type of commercial farming. In this type of farming, a single crop is grown on a large area. The plantation has an interface of agriculture and industry. Plantations cover large tracts of land, using capital intensive inputs, with the help of migrant labourers. All the produce is used as raw material in respective i ndustries. In India, tea, coffee, rubber, sugarcane, banana, etc.. are important plantation crops.Tea in Assam and North Bengal coffee in Karnataka are some of the important plantation crops grown in these states. Since the production is mainly for market, a well developed network of transport and communication connecting the plantation areas, processing industries and markets plays an important role in the development of plantations. CROPPING PATTERN India has three cropping seasons — rabi, kharif and zaid. www. excellup. com  © 2009 Send your queries and suggestions to [email  protected] com Rabi: Rabi crops are sown in winter from October to December and harvested in summer from April to June.Some of the important rabi crops are wheat, barley, peas, gram and mustard. Though, these crops are grown in large parts of India, states from the north and northwestern parts such as Punjab, Haryana, Himachal Pradesh, Jammu and Kashmir, Uttaranchal and Uttar Pradesh are important for the production of wheat and other rabi crops. Availability of precipitation during winter months due to the western temperate cyclones helps in the success of these crops. However, the success of the green revolution in Punjab, Haryana, western Uttar Pradesh and parts of Rajasthan has also been an important factor in the growth of the above mentioned rabi crops.Kharif: Kharif crops are grown with the onset of monsoon in different parts of the country and these are harvested in September-October. Important crops grown during this season are paddy, maize, jowar, bajra, tur (arhar), moong, urad, cotton, jute, groundnut and soyabean. Some of the most important rice-growing regions are Assam, West Bengal, coastal regions of Orissa, Andhra Pradesh, Tamil Nadu, Kerala and Maharashtra, particularly the (Konkan coast) along with Uttar Pradesh and Bihar. Recently, paddy has also become an important crop of Punjab and Haryana.In states like Assam, West Bengal and Orissa, three crops of pa ddy are grown in a year. These are Aus, Aman and Boro. Zaid: In between the rabi and the kharif seasons, there is a short season during the summer months known as the Zaid season. Some of the crops produced during ‘zaid’ are watermelon, muskmelon, cucumber, vegetables and fodder crops. Sugarcane takes almost a year to grow. Major Crops Rice: It is the staple food crop of a majority of the people in India. Our country is the second largest producer of rice in the world after China.It is a kharif crop which requires high temperature, (above 25 °C) and high humidity with annual rainfall above 100 cm. In the areas of less rainfall, it grows with the help of irrigation. Rice is grown in the plains of north and north-eastern India, coastal areas and the deltaic regions. Development of dense network of canal irrigation and tubewells have made it possible to grow rice in areas of less rainfall such as Punjab, Haryana and western Uttar Pradesh and parts of Rajasthan. Wheat: Th is is the second most important cereal crop. It is the main food crop, in north and north-western part of the country.This rabi crop requires a cool growing season and a bright sunshine at the time of ripening. It requires 50 to 75 cm of annual rainfall evenly distributed over the growing season. There are two important wheat-growing zones in the country – the Ganga-Satluj plains in the northwest and black soil region of the Deccan. The major wheatproducing states are Punjab, Haryana, Uttar Pradesh, Bihar, Rajasthan and parts of Madhya Pradesh. Millets: Jowar, bajra and ragi are the important millets grown in India. Though, these are known as coarse grains, they have very high nutritional value.For example, ragi is very rich in iron, calcium, other micro nutrients and roughage. Jowar is the third most important food crop with respect to area and production. It is a rain-fed crop mostly grown in the moist areas which hardly needs irrigation. Maharashtra is the largest producer of jowar followed by Karnataka, Andhra Pradesh and Madhya Pradesh. Bajra grows well on sandy soils and shallow black soil. Rajasthan is the largest producer of bajra followed by Uttar Pradesh, Maharashtra, Gujarat and Haryana. Ragi is a crop of dry regions and grows well on red, black, sandy, loamy and shallow black soils.Karnataka is the largest producer of ragi followed by Tamil Nadu. Apart from these states, www. excellup. com  © 2009 Send your queries and suggestions to [email  protected] com Himachal Pradesh, Uttaranchal, Sikkim, Jharkhand and Arunachal Pradesh are also important for the production of ragi. Maize: It is a crop which is used both as food and fodder. It is a kharif crop which requires temperature between 21 °C to 27 °C and grows well in old alluvial soil. In some states like Bihar maize is grown in rabi season also. Use of modern inputs such as HYV seeds, fertilisers and irrigation have contributed to the increasing production of maize.Major maize-produc ing states are Karnataka, Uttar Pradesh, Bihar, Andhra Pradesh and Madhya Pradesh. Pulses: India is the largest producer as well as the consumer of pulses in the world. These are the major source of protein in a vegetarian diet. Arhar, urad, moong, masur, chana and peas are major pulses of India. Pulses help in restoring soil fertility. That is why they are produce in rotation with other crops. UP, MP, Rajasthan and Karnataka are major pulse producing states in India. Sugarcane: Sugarcane grows in hot and humid climate. It requires temperature range of 21 ° to 27 ° c and rainfall of 75 cm to 100 cm.Sugar can grow on variety of soils. After Brazil, India is the second largest producer of sugarcane in the world. It is the main source of sugar, gur (jaggary), khandsari and molasses. The major sugarcane-producing states are Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu, Andhra Pradesh, Bihar, Punjab and Haryana. Oil Seeds: India is the largest producer of oilseeds in the world. Different oil seeds are grown covering approximately 12 per cent of the total cropped area of the country. Main oil-seeds produced in India are groundnut, mustard, coconut, sesamum (til), soyabean, castor seeds, cotton seeds, linseed and sunflower.Most of these are edible and used as cooking mediums. However, some of these are also used as raw material in the production of soap, cosmetics and ointments. Groundnut is a kharif crop and accounts for about half of the major oilseeds produced in the country. Andhra Pradesh is the largest producer of groundnut followed by Tamil Nadu, Karnataka, Gujarat and Maharashtra – linseed and mustard are rabi crops. Sesamum is a kharif crop in north and rabi crop in south India. Castor seed is grown both as rabi and kharif crop. Tea: Tea cultivation is an example of plantation agriculture.It is also an important beverage crop introduced in India initially by the British. Today, most of the tea plantations are owned by Indians. The tea plant g rows well in tropical and sub-tropical climates endowed with deep and fertile well-drained soil, rich in humus and organic matter. Tea bushes require warm and moist frost-free climate all through the year. Frequent showers evenly distributed over the year ensure continuous growth of tender leaves. Tea is a labourintensive industry. It requires abundant, cheap and skilled labour. Tea is processed within the tea garden to restore its freshness.Major tea producing states are Assam, hills of Darjeeling and Jalpaiguri districts, West Bengal, Tamil Nadu and Kerala. Apart from these, Himachal Pradesh, Uttaranchal, Meghalaya, Andhra Pradesh and Tripura are also tea-producing states in the country. India is the leading producer as well as exporter of tea in the world. Coffee: India produces about four per cent of the world’s coffee production. Indian coffee is known in the world for its good quality. The Arabica variety initially brought from Yemen is produced in the country. This var iety is in great demand all over the world.Intially its cultivation was introduced on the Baba Budan Hills. Others: India is a producer of tropical as well as temperate fruits. Mangoes of Maharashtra, Andhra Pradesh, Uttar Pradesh and West Bengal, oranges of Nagpur and Cherrapunjee www. excellup. com  © 2009 Send your queries and suggestions to [email  protected] com (Meghalaya), bananas of Kerala, Mizoram, Maharashtra and Tamil Nadu, lichi and guava of Uttar Pradesh and Bihar, pineapples of Meghalaya, grapes of Andhra Pradesh and Maharashtra, apples, pears, apricots and walnuts of Jammu and Kashmir and Himachal Pradesh are in great demand the world over.Horticulture Crops: India is the largest producer of fruits and vegetables in the world. India produces about 13 per cent of the world’s vegetables. It is an important producer of pea, cauliflower, onion, cabbage, tomato, brinjal and potato. Non-Food Crops Rubber: It is an equatorial crop, but under special conditions, it is also grown tropical areas. It requires moist and humid climate with rainfall of more temperature above 25 °C. Rubber is an important industrial raw material. It Kerala, Tamil Nadu, Karnataka and Andaman and Nicabar islands and Garo India ranks fifth among the world’s natural rubber producers.in tropical and subthan 200 cm. and is mainly grown in hills of Meghalaya. Cotton: India is believed to be the original home of the cotton plant. Cotton is one of the main raw materials for cotton textile industry. India is the third-largest producer of cotton in the world. Cotton grows well in drier parts of the black cotton soil of the Deccan plateau. It requires high temperature, light rainfall orirrigation, 210 frost-free days and bright sunshine for its growth. It is a kharif crop and requires 6 to 8 months to mature.Major cotton-producing states are – Maharashtra, Gujarat, Madhya Pradesh, Karnataka, Andhra Pradesh, Tamil Nadu, Punjab, Haryana and Uttar Pradesh. Jute: It is known as the golden fibre. Jute grows well on well-drained fertile soils in the flood plains where soils are renewed every year. High temperature is required during the time of growth. West Bengal, Bihar, Assam, Orissa and Meghalaya are the major jute producing states. It is used in making gunny bags, mats, ropes, yarn, carpets and other artefacts. Due to its high cost, it is losing market to synthetic fibres and packing materials, particularly the nylon.Bhoodan – Gramdan & Land Reforms Vinoba Bhave spread the awareness about donating surplus land to the landless. This was a precursor of abolition of Zamindari system. ‘Land reform’ was the main focus of our First Five Year Plan. The right of inheritance had already lead to fragmentation of land holdings necessitating consolidation of holdings. The laws of land reforms were enacted but the laws of implementation was lacking or lukewarm. The Government of India embarked upon introducing agricultural reforms to improve Indian agriculture in the 1960s and 1970s.The Green Revolution based on the use of package technology and the White Revolution (Operation Flood) were some of the strategies initiated to improve the lot of Indian agriculture. But, this too led to the concentration of development in few selected areas. In states like Punjab, UP, proper implementation fo land reform has led viable size of plot. The right size leads to scale economy and better crop management leading to optimum production. Therefore, in the 1980s and 1990s, a comprehensive land development programme was initiated, which included both institutional and technical reforms.Provision for crop insurance against drought, flood, cyclone, fire and disease, establishment of Grameen banks, cooperative societies and banks for providing loan facilities to the farmers at lower rates of interest were some important steps in this direction. Kissan Credit Card (KCC), Personal Accident Insurance Scheme (PAIS) are some other schem es introduced by the Government of India for the benefit of the farmers. Moreover, special weather bulletins and www. excellup. com  © 2009 Send your queries and suggestions to [email  protected] comagricultural programmes for farmers were introduced on the radio and television. The government also announces minimum support price, remunerative and procurement prices for important crops to check the exploitation of farmers by speculators and middlemen. Current Scenario: The growth rate in agriculture is decelerating which is an alarming situation. Today, Indian farmers are facing a big challenge from international competition and our government is going ahead with reduction in the public investment in agriculture sector particularly in irrigation, power, rural roads, market and mechanisation.Subsidy on fertilisers is decreased leading to increase in the cost of production. Moreover, reduction in import duties on agricultural products have proved detrimental to agriculture in the country. Farmers are withdrawing their investment from agriculture causing a downfall in the employment in agriculture. Agriculture has been the backbone of the Indian economy though its share in the Gross Domestic Product (GDP) has registered a declining trend from 1951 onwards; yet its share in providing employment and livelihood to the population continues to be as high as 63 per cent in 2001.The declining share of agriculture in the GDP is a matter of serious concern because any decline and stagnation in agriculture will lead to a decline in other spheres of the economy having wider implications for society. Considering the importance of agriculture in India, the Government of India made concerted efforts to modernise agriculture. Establishment of Indian Council of Agricultural Research (ICAR), agricultural universities, veterinary services and animal breeding centres, horticulture development, research and development in the field of meteorology and weather forecast, etc. were given priority for improving Indian agriculture.Apart from this, improving the rural infrastructure was also considered essential for the same. FOOD SECURITY If any segment of our population does not have this access, that segment suffers from lack of food security. The number of people who do not have food security is disproportionately large in some regions of our country, particularly in economically less developed states with higher incidence of poverty. The remote areas of the country are more prone to natural disasters and uncertain food supply. In order to ensure availability of food to all sections of society our government carefully designed a national food security system.It consists of two components (a)buffer stock and (b) public distribution system (PDS). Public Distribution System: PDS is a programme which provides food grains and other essential commodities at subsidised prices in rural and urban areas. India’s food security policy has a primary objective to en sure availability of foodgrains to the common people at an affordable price. It has enabled the poor to have access to food. The focus of the policy is on growth in agriculture production and on fixing the support price for procurement of wheat and rice, to maintain their stocks.Food Corporation of India (FCI) is responsible for procuring and stocking foodgrains, whereas distribution is ensured by public distribution system (PDS). The FCI procures foodgrains from the farmers at the government announced minimum support price (MSP). The government used to provide subsidies on agriculture inputs such as fertilizers, power and water. These subsidies have now reached unsustainable levels and have also led to large scale inefficiencies in the use of these scarce inputs. Excessive and imprudent use of fertilizers and water has led to waterlogging, salinity and depletion of essential micronutrients in www.excellup. com  © 2009 Send your queries and suggestions to [email  protected] com the soil. The high MSP, subsidies in input and committed FCI purchases have distorted the cropping pattern. Wheat and paddy crops are being grown more for the MSP they get. Punjab and Haryana are foremost examples. This has also created a serious imbalance in inter-crop parities. In PDS consumers are divided into two categories : †¢ Below poverty line(BPL) and †¢ Above poverty line (APL), with the issue price being different for each category.However, this categorisation is not perfect and a number of deserving poor have been excluded from the BPL category. Moreover, some of the so called APL slip back to BPL, because of the failure of even one crop and it is administratively difficult to accommodate such shifts. Suggestion for Future: Each district and block can be made self sufficient in foodgrain production if government provides proper agricultural infrastructure, credit linkages and also encourages the use of latest techniques.Instead of concentrating only on rice or wheat, the food crop with a better growth potential in that particular area must be encouraged. Creation of necessary infrastructure like irrigation facilities, availability of electricity etc. may also attract private investments in agriculture. The focus on increasing foodgrain production which should be on a sustainable basis and also free trade in grains will create massive employment and reduce poverty in rural areas. Shifting Agricultural Pattern: There has been a gradual shift from cultivation of food crops to cultivation of fruits, vegetables, oil-seeds and industrial crops.This has led to the reduction in net sown area under cereals and pulses. With the growing population of India, the declining food production puts a big question mark over the country’s future food security. The competition for land between non-agricultural uses such as housing etc. and agriculture has resulted in reduction in the net sown area. The productivity of land has started showing a declini ng trend. Fertilisers, pesticides and insecticides, which once showed dramatic results, are now being held responsible for degrading the soils.Periodic scarcity of water has led to reduction in area under irrigation. Inefficient water management has led to water logging and salinity. Impact of Globalisation on Agriculture Under globalisation, particularly after 1990, the farmers in India have been exposed to new challenges. Despite being an important producer of rice, cotton, rubber, tea, coffee, jute and spices our agricultural products are not able to compete with the developed countries because of the highly subsidised agriculture in those countries.Change in cropping pattern for example from cereals to high-value crops will mean that India will have to import food. During 1960’s this would have been seen as a disaster. But if India imports cereals while exporting high-value commodities, it will be following successful economies like Italy, Israel and Chile. These countrie s exports farm products (fruits, olives, speciality seeds and wine) and import cereals. www. excellup. com  © 2009 Send your queries and suggestions to [email  protected] com

Benefit Analysis in Project Management †Free Samples to Students

Allsports Sports Club is a place where many outdoor games like cricket, football and even athletics are conducted along with some indoor games like table tennis and others. The club is very much popular in the vicinity. There are many thousand members of the club who es to play these games on daily basis. A weekly newsletter is being released here on every Wednesday with articles on sports and few advertisement of outside business. The hitch is the release of this newsletter which is being supervised by Club President. The main objective of the report is to solve few technical and operational issues being faced by Club president on daily life to release the newsletter on timely basis. For which the owner has awarded us the contract to provide the solution. For the releasing of newsletter on every Wednesday, it is the duty of editor to collect and publish the articles based on the sports activities happened till last Saturday and moreover every week the editor need to change and every member need to be given equal opportunity of b ing the editor. But it remains the responsibility of Club president to see that all the members are getting equal chance. President is having only the word and spreadsheet as the software to manage the information related to many thousand members. President had to face many issues on daily basis to manage such big database. Few issues are listed below: So maintaining these information in spreadsheet needs vigorous and accurate filtering and maintain such dynamic information where every day the activities or the database need to be updated then only the next course of action can be finalised. So in such dynamic situation where daily there are ments and the whole system requirements changes accordingly the only methodology which fits in this situation is the Agile methodology of developing the system. The selected method that is Agile methodology for developing the information system of Allsports Sports Club is the best approach because it is a people centric project where every moment some ments need to be updated an again modify the system to generate the desired result (McLaughlin, 2017). So the merits of this methodology can be used with for below betterment of the system are: The sutomated system can be used to store an manage all the information related to thousands of stakeholders This methodology is the best option for this kind of changing conditions So Agile methodology option is the best approach to develop the desired system The primary required functions required to develop Allsports Sports Club System are: Unique registration ID is must for all users: so that the users who all are logging and for long they are logged in can be tracked, so that the exact work hours can be defined for the staffs to develop the publication. Verification of users: need to be done to prevent entry of any unwanted person in to the system and all the personal data shall remain intact. System must be accessible from all locations: so that members need not e to club physically for writing the articles and they can sit anywhere and write it, even after writing either they can upload in the system or e-mail to editor for further action. Proper functioning of the large database: is must to show desirable information. Window view wise access: is required to be provided depending on the person. The administrative access must be available with Club President to enable access to all folders. Generation of proper notification and follow-up system: is required for timely releasing of newsletter Always show pending tasks for the week: for developing the newsletter on time Highlight next week’s editor name from 1 week before itself: to help club president in municating with him well in advance Common format of newsletter: need to be maintained to save last minute run for the format arrangement The non-functional requirements for developing Allsports Sports Club System are: Secured enough: the system need to installed good quality firewalls to prevent from any probable attack and preserve the information related to users. Accessible from all devices: to provide flexibility to users and ease of developing the articles System must be well understandable: for proper optimum use of the software. As per (Wrike, 2017) the cost benefit analysis in the field of project management is a great tool which can provide information regarding the parison between the investment made Vs the benefits incurred due to the investment. In this technique, all the expenditures are calculated together and arranged in time phase manner, then similarly the profits or benefits are also calculated and tabulated (refer table 1). Then the difference between both the expenditures and the benefits can provide NPV (Net present value), IRR (Internal rate of Return), ROI (Return on Investment) and Pay-back period. The more NPV, IRR & ROI are positive and the less Pay-back period is good for the project and is advisable for investment. WBS or the Work Breakdown Structure is a hierarchical structure being developed to breakdown the total scope of work to a meaningful level which can be tracked and controlled easily and supervised (Gordon and McDonough, 2016). This tool is mainly useful for the senior management or the project sponsor to look at the progress of the project at a single sheet. So here the total scope of system development is divided in the project management processes, that is ‘Initiation’, ‘Planning’, ‘Execution’ and ‘Closing’. Then in next stage these levels are further divided in to work activity level. Now once the Gantt chart is developed, we can observe that there are merely 4 activities out of critical path, so the whole schedule is almost critical and all the activities need to be controlled properly to void any delay in the overall duration of the project. The total project duration is 3.5 months. The people who are anyways related to the project’s success or failure or can influence are known as the stakeholders of the project (Miller, 2017). Majorly the stakeholders can be sub divided in two parts; one is ‘Internal Stakeholders’ and the other ‘External Stakeholder’. The investigation techniques are required for proper tracking and confirming the process involved in the project life cycle are running well and the product shall be delivered well within time and budgeted cost. Audit of document and processes: this is the technique where the documents and the processes of projects are being checked thoroughly to find any lacunas; the audit is also scheduled at regular interval to check the system correctness and for further improvement too. This method is useful for the system development, as we are using Agile methodology and after some point of time Agile has a tendency to run out of budget if not checked at every step. Interview of individuals: it is the process of obtaining correct and unbiased information regarding the project progress or some issues. Here one to one interview is conducted with some pre- set questionnaires. It is useful for the system because the questionnaires are set by some expert in the same field and the collection of unbiased response can really help in finding any issue or the rrot cause. Discussion by organising a meeting: it is the organised official meeting being conducted between the subject experts to provide their point of view and then other can debate and after some pint of time the team of experts can reach to a mon and best consensus. It is very much useful if the participants have good exposure of the topic of discussion. The chosen methodology of the system development procedure is the real achievement of the report, as Agile can be the best fit for the type of project it is. Moreover, the investigation techniques are very strong so that each step can be verified well before providing further. Currently there is no constraint, but the budget can be constraints after some progress of the project, since Agile has a tendency to overshoot the budget due to continuous development and a clear budget cannot be finalised at very beginning of the project. It is to conclude that the schedule time and budget as o now seems to be achievable and the project is very much beneficial at this point. Gordon, Ann and Michele McDonough. 2016. What is a Work Breakdown Structure? [online]. [Accessed 20 August 2017]. Available from World Wide Web: McLaughlin, Mike. 2017. What Is Agile Methodology? [online]. [Accessed 20 August 2017]. Available from World Wide Web: Miller, Mike. 2017. Project Stakeholders: Definition, Role & Identification. [online]. [Accessed 20 August 2017]. Available from World Wide Web: Wrike. 2017. What is Cost Benefit Analysis in Project Management? [online]. [Accessed 20 August 2017]. 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Haven't decide it yet Essay Example | Topics and Well Written Essays - 1250 words

Haven't decide it yet - Essay Example Convergence in the world of media is about having a collusion between two or more businesses that uses the Internet as a medium in order to attract more consumers to patronize their products and services. By increasing the scope of the services a telecommunication is offering its target consumers, the company is creating competitive advantages against its competetitors. relationship into the practice of franchising within the same company. In the book of Henry Jenkins entitled â€Å"Convergence Culture: Where Old and New Media Collide†, the author discussed convergence as a cultural process that integrates the use of images, sounds, brands, and business relationship among the different media system. Considering the fact that the business relationship among the different types of media system is being integrated, this study will conduct a primary and secondary research to examine and determine how it is possible to franchise media in a telecommunication company. The total number of Internet users in the United States has reached 427,569,939 or 46.1% of America’s total population as of 2009 (Internet World Stats). Because of the continuously increasing number of Internet users all over the world, the existence of the Internet has been classified by Jenkins as an â€Å"active medium† (Jenkins, Confessions of an Aca-Fan). In the absence of integrating the telecommunication services with the access to the Internet, the presence of the mobile phones are considered a â€Å"passive medium† (ibid). Based on the recent Internet World Stats report, the total number of Internet mobile broadband subscribers in the U.S. market has reached a total of 69,902,289 as of the end of second quarter of 2009 (Internet World Stats). In line with this, the 0.92% increase in the total number of mobile broadband users signifies the need for telecommunication companies to keep on improving the mobile services they render to the public. Convergence in media is referring to the

Huamnities Essay Example | Topics and Well Written Essays - 750 words

Huamnities - Essay Example For example, he betrayed his wife by having an illicit affair with Athena, the Greek goddess of wisdom, war, the arts, industry, justice and skill. Many themes, motifs and symbols are used in the film: the power of ingenuity over strength, the drawbacks of temptations, disguises, and the wedding bed. All of these film materials subtly imply the common flow of a depiction of classical heroism: the story starts with a conflict, which is followed by a journey, with temptations along the way, and the eventual victory. The Ancient Greeks developed the idea of a hero, a star, or a protagonist. Throughout history, heroism is mostly portrayed through paradox and paradigm. Greek gods can always be observed to be standing in the middle of the beauty of the gods and the susceptibility of humans in battles. Odysseus took a very critical role in the film; he is the leader, and thus, much is expected of him. Being sacrificed to the battle and the claims of personal magnificence and fame, he is destined to although sequestered from the civilization he desires to protect. In his delicate equilibrium between devil-like belligerence and compassion for his victims, classical heroism is raised to prominence but disputed. The inconsistencies of the nature of classical heroism are inculcated in primeval notions by the valour of a woman. Ancient heroines, especially Greek goddesses, arise from the locations of the battles, taken away from the meadows of fight, but still are fully impacted in them the predicaments wherein political allegiances go against each other, and where fierce slaughtering is the lone way for a solution to be achieved. There is an overwhelming consistency in the adaptation of struggle, lost, pain, heartache, temptation, and victory into the way classical heroism is being depicted, not just in film, but in other forms of arts. In the Odyssey, Odysseus had

Operation Management Article Example | Topics and Well Written Essays - 1250 words

Operation Management - Article Example The study also aims at the provision of the implications that the study will have on educating  students in preparation for success in the service sector through having a thorough understanding of the important problems faced by the service sector. The data is enough in answering the research question because of the 54 responses with 51 responses fit for use in the study surpassing the 30 items of sample size required in the use of the Q methodology in research. The response rate at 10.3% also fits the marketing response rate acceptable norm of 10-20% depicting the usefulness and ability of the collected information to meet the requirements of the study (Wright & Mechling, 2002). The use of a wide range of service businesses and the presence of a large difference in the characteristics of businesses in terms of size, number of employees, and the management structure provides for the data to be comprehensive making them enough in meeting the needs of the research question. From the survey, the articles presents different operations problems facing service organizations including location, transportation, facility layout, simulating processes and planning, future planning, determining order quantities and inventory monitoring, a nd tangible and intangible factor use in decision making. Other problems are operation with little inventory, continuous improvement, complex project management, monitoring and management of quality provision, decision making with known probabilities, profit maximization, staffing, distribution, and competition action prediction (Wright & Mechling, 2002). The article uses the Q-methodology in the determination of the importance of these problems in service organizations according to the rank of the respondents from a sample of service organizations in the study. The article’s results show that more than one of Schmenner’s service Types

Meditations Essay Example | Topics and Well Written Essays - 1500 words

Meditations - Essay Example This is after the book was circulated for a collection of objection upon which he provided his replies. Most of the people who read the meditations did not agree with some of the philosophical theories built by Descartes. Therefore, this brings about some kind of disagreement between Descartes and one or more objectives that he raises. As such, these objections and replies will be evaluated to gauge their adequacy. Descartes wrote the meditations to show that he had previously been mistaken in relation to things that he had initially thought to be certain. He, therefore, makes a decision to sweep away all of the perception that he had built in the past by constructing his knowledge from ground upwards. In turn, the only ideas that he was to accept as true were those that had been confirmed to be absolutely certain. It is his senses that helped him to get all that he had thought previously. Although his senses can also be deceiving, it only happens for tiny objects or those that are f ar away. He ultimately realizes that he cannot cast any doubt upon his own existence (Garber, 2003). Position of Descartes in the Meditations In the Meditations Descartes provides a means for first philosophy hence the beginning of modern day philosophy. From the book, he starts by attempting to doubt everything. He also builds up from those things that are likely to be known with certainty. He bases his first mediation on skeptical doubts by defining knowledge in terms of doubt. With this, he makes a distinction between rigorous knowledge or scientia and the other lesser grades of convictions or persuasio. He makes a clear distinction between the human soul and body. In this, he demonstrates the existence of God and the immortality of the soul and questions how certain knowledge is. As such, his position is that people should establish what is likely to be known for sure. In order to make out what is claimed in the sciences and form a firm structure from them, it is important to ma ke a new foundation. This is because of the way he connects with the development of knowledge from the senses. This kind of information is what should be taken as true and certain (Garber, 2003). It is thus important to have a clear and distinct perception in order to secure knowledge. He thus develops a new state of mind conception by stating that the mental states are similar to what it represents. Therefore, the subject of the objections is that there should be no belief in things that are absolutely certain. In particular, the objection being made is that people only think about things that know the mind in a clear and distinct way. He claims that senses are not the source of knowledge but a means through which individuals practically move through the world. This makes the mind of human beings sufficient enough to know God. However, the reply to this objective is that people must work hard to understand their bodies. It is because the mind and body are extremely distinct and hav e nothing in common. With this, there must be the presence of doubt to gain more knowledge (Descartes, 1993). In my opinion, this reply is highly adequate because it appears to take a rational stance. It brings out the two truths that show the philosophical evidence on the existence of God, as opposed to the authority of scriptures. First Meditation: What can be called to doubt: the reliability of senses For the first meditation by Descartes which is about the reliability of the senses, he claims that the human is a complete form of spirituality. According to

USA Cost Accounting Essay Example | Topics and Well Written Essays - 1000 words

USA Cost Accounting - Essay Example Though Obama promised change, Government spending has continued unabated and even the risk of default on debt obligations in the beginning of August 2010 did nothing to dampen the Government’s appetite for spending. Although there was an impasse between those who supported Obama and those who didn’t, in the end common sense meant that the debt ceiling had to be increased for America to avoid default. Notwithstanding the exhortations of the public to stop Government spending, to tighten the belts and purses of the Government agencies and politicians and to stop the war on terror that has resulted in overspending with little results, the inefficiencies, the bumbling and the ineptitude of the Government prevail. Obama-care has been opposed not because it is wrong, but because it would result in just more inefficiency. The government is butting into the realm of the private sector, the same mistake that was made by giving too much responsibility to Fannie Mae and Freddie Ma c, the controllers of the home mortgage industry and the housing sector. In such a scenario, cost allocations, revenue and expense targets and continued management reporting can make a world of difference in gauging the efficiencies of Government organizations and agencies. In this assignment, we are going to look at how cost is allocated in Government departments and private agencies and discuss the need and importance of the same. Discussion Let us start with the US Army Corp of Engineers. Even though they are a branch of the US Federal Government, yet they are concerned about cost allocation. The mission of this institution is to provide important and critical public engineering services and to strengthen the security of the USA in times of both war and peace, to energize and motivate the economy, and to reduce risks posed by and as a result of natural and man-made disasters. While we often think of the US Army Corps of Engineers to be a part of the US Army and therefore subject to Government funding, the truth is that it is funded by the taxpayers. No wonder it is worried about its funding and cost allocations. Even the Federal Government has rules and regulations for cost sharing and allocations, and the US Army Corps of Engineers has to abide by them. This means that the feasibility for all proposals and activities planned by the US Army Corps of Engineers has to be discussed and the need and cost of the projects debated before permission to proceed is granted. But the primary purpose of all cost allocations is to ensure their recovery or reimbursement by the powers that be, or to arrive at a basis for sharing of common costs between different arms and agencies of the Government. Both drawdown and flow augmentation methods are considered here (www.nww.usace.army.mil). The drawdown method presupposes that there would be a depletion of natural resources during the project, while the flow augmentation presupposes that there would be an apportionment of stor age among already identified purposes. It has been a policy of the US Army Corps of Engineers not to ask for a reallocation of costs unless a major change or overhaul of present facilities is planned to be implemented. Let us now move on to how the City Government plans its cost allocations and revenues. For instance, a perusal of accounting records for the City of Seattle Government Department lists a series of costs and associated cost drivers for allocating these costs. Most of these allocations have been made on the basis of common sense and practical wisdom- although I am sure some have been uniform throughout the history of modern Government. A further look at most of

Consumer Products Report Research Paper Example | Topics and Well Written Essays - 2000 words

Consumer Products Report - Research Paper Example I hope that you are going to find this report satisfactory and up to your required standards. Sincerely yours, Name Faculty. Address Enclosures. Contents Letter of Transmittal 2 Contents 3 Introduction 4 Background to the Study 4 Research Aim 6 Significance of the Study 6 Methodology Applied 6 Findings 7 Primary Findings: Interview with a User 7 Primary Findings: Interview with a Sales Person 8 Primary Findings: Interview with a Technician 8 Secondary Findings 9 Summary of the Findings 10 Conclusion and Recommendation 10 References 11 Appendix-1: Interview Guideline for User 13 Appendix-2: Interview Guideline for Sales Person 14 Appendix-2: Interview Guideline for Technician 15 Introduction This research study is aimed at comparing a model of Sony TV with that of Samsung and Toshiba in order to facilitate the buying decisions needed to be made by the customers. For this reason, the researcher will utilize an interview guideline to conduct primary research and would take help from sec ondary sources to affirm the findings of the primary research. Background to the Study The development in technology and the globalization of resources and businesses has urged organizations to align t heir operational activities with that of pace of other businesses. This is because, to stay alive in the market place, organizations need to provide technologically driven and up to dated solutions to the requirements of customer, so that they stay loyal to the businesses. In this scenario, organizations engage themselves in business processes which ensures that every now and than, business come up with a new and innovative product idea, which outmatches the products of same product category of competitors (Herrick, 2007). In case of electronic appliance and gadget manufacturers, need for innovation and creativity increases as these manufacturers are perceived to be providing high quality technological gadgets that make customers’ life easier. Televisions were first introduced into the commercial market in late 1920s and since than, they have transformed into many forms, i.e. from simple cathode ray tube device to LCDs and than to LEDs. Televisions are undoubtedly the most purchased and utilized electronic device in the world and are used for communicating with the world through moving images (Bellis, 2012). The changing dynamics of consumer demands and preferences, along with the changing dynamics of the television manufacturing industry, has proved to be working as a catalyst in speeding up the process of introducing new and innovative television sets to the market. Additionally, the rapid changes in technological aspects of television manufacturing and industry structure makes television manufacturers face enormous challenges in the integration of their value chain activities. Moreover, the bigger challenge arises on customers’ sides that are looking for more facilitating solutions to fulfill their requirement to stay connected to the rest of th e world through television, and at the same time, looking for television that provide them real time image and provide picture quality that makes them feel if they are being a part of the scene they see on televisions (Gage & Pizzi, 2010). A number of quality television manufacturers dominate world’s television market. Among these manufacturer

Marriage Problems Essay Example for Free

Marriage Problems Essay Few of us do like to be told what to do. Hitting each other between the eyes with issues you know you know your partner is insecure about will not help you resolve the issue. The silence or fights that usually follow just perpetuate the cycling of pursuing behavior followed by distancing behavior. Help lead an obstinate partner to make some choices for him\herself. Friends, lovers, and business partners learn what your vulnerabilities and insecurities are just by spending time with you. You can avoid cycling into repetitive arguments by discussing your own fears and areas of vulnerability. Leslie could tell Jim that she worries about being a nag and knows that her request is not nagging just a request for cooperation. The conversation with Jim can continue now. Leslie could further ask what needs to happen first before they attend to chores. Leslie has given Jim room now to make a choice. He might say he wants to pay bills, work out, make love with her, before they clean the house. You want to move toward shared decision making to move away from power struggles. Good friendship, love, and business relationships are built on mutual trust, respect, cooperation and reciprocity. If you are not cooperating with each other, each person must look at themselves and come up with what each willfully says, does or does not say or do that is contributing to the problem. Next, you can discuss what each of you are willing to do to change yourself. All relationships need elasticity to grow over time. Remember that it does take two to tango. A relationship problem is always our problem. Together you create the peacock dances and together problems can be resolved. You show you care about having a healthy relationship when you are willing to rationally and calmly resolve conflicts. Know when to disengage as well as engage in a conversation. When a person is under the influence of substances or too angry to talk, wait for a clear headed time frame to talk. Some behaviors are always unacceptable. Dont fight dirty. No one drives you to drink or strike another person. When behavior is extreme, you are out of touch with yourself and control with yourself. You always have the choice to be extremely aggravated and express that long before you feel like acting out your anger by drowning your feelings or striking out. Debt If you and your spouse jointly apply for a credit card or loan, both your credit scores will be checked to approve the application. If one or both of you have bad credit, there’s a chance your application won’t be approved. Or, if the application’s approved, the interest rate and fees might be higher than if the spouse with the higher credit score applied separately. With joint accounts and accounts on which one spouse is an authorized user, the history of the account is reported on both spouses’ credit reports, even if only one spouse actually uses the account. On joint accounts, both spouses are responsible for making credit card and loan payments. Furthermore, if the account becomes delinquent, the creditor or lender will attempt to collect from both spouses. With authorized user accounts, only the primary account holder is legally responsible for paying the credit card debt.

Management Of Urban Green Spaces Environmental Sciences Essay

Management Of Urban Green Spaces Environmental Sciences Essay In recent decades there has been an increase in urbanisation and urban sprawl, which has resulted in a decline of green spaces, especially in urban areas. Urban green spaces include parks, play areas, areas specifically intended for recreational use, private gardens, and urban woodlands. More generally, they are areas of land that consist of permeable surfaces such as grass, trees and soil (Dunnett et al 2002). Increasing urbanisation contributes towards a degradation of the natural environment, as developments are overtaking rural areas at an increasingly rapid rate. Furthermore, this will have an impact on climate change, as less green space increases the effects of global warming, and other environmental issues, such as a higher risk of flooding due to lack of green space. This causes social problems as less green space creates health problems. This leads to economic problems, for instance, it is expensive to recover from disasters such as flooding. Therefore careful and sustainab le management of urban green spaces is especially important for social, environmental and economic reasons. The aim of the following essay is to discuss critically the environmental, economic and social aspects of managing urban green spaces. In order to achieve this aim the essay will be split into three main sections. Section one will look at the characteristics of the environmental problem and who is affected by them, linking this into how environmental problems create economic problems. Section two will look at what is and what could be done to address these problems, such as new forms of green spaces. It will also look at the economic aspects of these courses of action and the economic valuation of urban green spaces. It will argue that making a city greener can increase its economic performance, and lead to sustainable economic growth. However, the final part of the essay will challenge this, arguing that creating urban green spaces may not be the best solution for economic sustainability. Finally, the conclusions reached are that there needs to be a well managed balance of green and built areas in cities for sustained economic growth. Market failures in the urban land market Today we realise that we must protect networks of open space (Benedict and McMahon 2002:3). Regarding natural resource use, market forces determine the choices people make. However, resources such as urban green spaces do not have securely enforced or defined property rights which cause a lack of markets. Therefore, environmental resources cannot be directly traded in an open market, which leads to externality problems. Thus, due to market failures the full costs of urbanisation are not represented in the private costs (Panayotou 2000). The structure of the market means the private costs of using environmental resources, such green spaces, is zero (Gwartney et al 2000). Therefore producers have no incentive to protect environmental resources (Cropper and Griffiths 1994). To illustrate this problem of environmental externalities Pigou (2009) used the example of a company who builds a factory in a residential area and thus destroys some of the amenities of the neighbouring sites. The result is that the company sells its products at a lower price than the full costs felt by th e society. Consequently, as a result of these market failures there has been a rapid increase of urbanisation and urban sprawl without efficient land-use planning, and conservation of green spaces. Nationally, urban areas consist of approximately 14% green space (Comber et al 2008). However, the United Nations in 2001 estimated that in Europe the level of urbanisation will increase to almost 80% by 2015, which will result in a further loss of urban green spaces (cited in Tzoulasa et al 2007). Environmental amenities are usually ignored by urban planners, resulting in a shrinking of urban green spaces as they have gradually been taken over by urban development (Kong et al 2007). This level of urban growth presents challenges for tackling environmental issues such as climate change and biodiversity (Tzoulasa et al 2007). Less green space increases the effects of global warming, which is especially important in cities where the mean pollution levels are higher. Urbanisation replaces green spaces with impermeable built surfaces which causes negative environmental effects as green spaces provide rainwater interception and infiltration, evaporative cooling and shading functions (Gill et al 2007). Furthermore, urban areas can be up to 7 °c hotter than the surrounding countryside (Hilliam 2010). The concentration of buildings and paved surfaces creates higher temperatures, which is known as the heat island effect (Dunnett et al 2002). Furthermore, built environments restrict wind flow which in turn restricts the dispersal of pollutants, resulting in even higher air-pollution levels (Morancho 2003). It is important to tackle these issues as in 2003, during the Eur opean summer heat wave, 35,000 lives were lost (Gill et al 2007). Moreover, tackling environmental issues in urban areas is increasingly important as in 2001 nearly eight of every ten people in the United Kingdom lived in urban areas (Pointer 2005:46). Consequently, a higher population and an increase of built surfaces, means urban areas are where climate change impacts will be mostly felt (Gill et al 2007). This also has economic impacts as a lack of green space can increase the costs of public infrastructure and services such as, flood control and storm water management (Goode 2006). Furthermore, a lack of green spaces was often seen to be the main motive for people leaving the city, as they moved to the urban fringe for more green space (Van-Herzele and Wiedemann 2003). The result is economic decline as people move out of urban areas, which creates lower property values, attracting less wealthy people. This makes it hard to secure investment or attract and retain business in the area. A lack of green space also has negative impacts on tourism as fewer people will want to visit the area (Crompton 2001). Furthermore, a lack of green space creates health issues which are costly for the economy as an unhealthy society increases the costs of health care to UK tax payers (Mell 2008). There is a shortage of green space for example; in Greater Manchester the proportion of tree cover is fairly low, with an average of 12% cover, and 16% in urbanised Greater Manchester (Gill et al 2007). The next part of the essay will discuss how to tackle these environmental and economic problems. Solution to the problem Urban green spaces have many benefits which can be divided into market benefits and non-market benefits. Non-market benefits fall into three categories: use, option and existence value. Option value occurs when the future benefits are uncertain and depletion of the resource is irreversible. Existence value refers to the knowing the resource exists, and use value is from the direct use of the resource. Total value is the sum of all three. Thus, urban green spaces have existence value, and direct use value, such as recreational use. Furthermore, urban green spaces create consumer surplus, as the cost of using urban green spaces is usually free (Goodstein 2010). These benefits highlight the need to protect urban green spaces. Moreover, the issues discussed above further raise the need for protection and allocation of urban green spaces. In 2004-2005 local authorities in the UK spent an estimated  £700 million on renovating and maintaining urban green spaces (Comber et al 2008). Furthermore, Londons draft Climate Change Adaptation Strategy in 2010 (online), proposes that there is a need to increase the citys green spaces by creating small parks, which will help to absorb rain on wet days and cool the city on hot days (Bulkeley and Betsill 2003). Urban green spaces can also help to reduce pollution and act as sinks for carbon dioxide which is a major contributor to global warming (Dunnett et al 2002). In cities, gardens and parks absorb carbon dioxide (CO2) emissions, which mainly come from private vehicles (Morancho 2003). Vegetation reduces air pollution by absorbing pollutants in the air, and by intercepting particulate matter. Hence the pollution of a car driven 60 miles per day can be offset by only 20 trees. Green spaces also reduce the urban heat island effect by shading heat absorbing surfaces and through evapotranspirational (ET) cooling. Evidence has shown vegetation can lower wall surface temperatures by up to 17 °C (McPherson 1994). This will ensure economic sustainability as less money will be needed to recover from natural disasters and climate change impacts. Thus, green spaces are multifunctional, as regenerating a park may increase tourism and reduce pollution levels (Hilliam 2010, Goode 2006). In a congested environment, existence of greenery within residential zones will improve air quality. This creates social benefits from direct use such as recreation and health benefits as a higher proportion of green space and less air pollution is associated with better population health (Popham and Mitchel 2007). This results in economic sustainability as healthier communities work longer hours, take less sick days and cost less money in health benefits (Goode 2006). Bird (2004 cited in Tzoulasa et al 2007) found that if people live closer to green space then they are more likely to undertake physical activity, which would save the UKs National Health Service up to  £1.8million a year. Moreover, inactivity in children often results in inactive adults, which costs the economy approximately  £8.2billion (Tzoulasa et al 2007). Therefore, protecting and creating green spaces ensures there is economic sustainability through a healthier society (Amati and Taylor 2010). Urban green spaces can act as catalysts for wider economic benefits, such as increases in property prices, attracting and retaining businesses and attracting tourists to urban areas. This is a key part of the solution for economic growth as urban green spaces makes cities more desirable and this can result in local economic stimulation (Dunnett et al 2002). Green amenities attract the highly skilled, who pursue a higher standard of living and quality of life, Florida (2002) describes how green spaces can attract creative class workers and the businesses that hire them. Employers locate in areas where the skilled want to live and this further attracts skilled workers, high-end restaurants and retail stores. Therefore, urban green spaces can raise a citys economic growth. Cities with more skilled workers experience an increase in population, house price and wages. Additionally, people who are highly educated will also be more likely to support investments for environmental protection a nd are usually willing to pay higher prices for environmental quality. Furthermore, a greener city will also have an insurance against recessions as the city remains attractive and people still want to live there. This will pull other industries into the area over time. Therefore, it is important to protect existing urban green spaces. Londons Green Belt is an example of an attempt to reduce development in order to improve the environment by restricting housing supply (Kahn 2006). The Mayor of London has also set targets to plant 10,000 more street trees by 2012, and enhance up to 1,000 hectares of green space (Environmental Agency 2010). This will help to build a good reputation of the area, which enables the community to grow economically, without damaging the environment, and simultaneously creating a desirable place to live for present and future generations (Benedict and McMahon 2002). Additionally, new methods, such as green roofs have been developed to increase green space in urban areas. Green roofs are the roof of a building that is covered by vegetation, the most common being turf roofs. They have several purposes which are similar to urban green space in general such as cooling the heat island effect and absorbing rainwater. They also provide insulation and create habitats for wildlife. The benefits can therefore be divided into private and public benefits. Private economic benefits include saving energy cost and an increase in roof life. Public benefits include storm-water management (Dunnett and Kingsbury 2004). Green roofs are particularly useful in cities that are dense with large populations such as London or Tokyo. London now has a green roof policy and other cities and areas in the UK are developing similar approaches to developing green roofs. However, currently there is only one green roof in Manchester; therefore there is a need to create more green spaces in the form of green roofs (Carter and Fowler 2008). These trends raise the need for green space protection and allocation, which in turn requires estimation of the value of green spaces (Kong et al 2007). Due to their lack of values expressed in monetary terms, green spaces are often not considered in cost-benefit analyses of urban planning policies. Furthermore, it is the failure of the market system, as discussed above, which creates the need for economic measures to value environmental services and guide policymaking (Freeman 1993). Several methods have been developed to value non-market amenities such as the travel cost method, the contingent valuation method (CVM) and the hedonic pricing models. The hedonic pricing method uses house prices to quantify environmental amenities by how much consumers are willing to pay. The hedonic pricing model is a revealed preference method and is based actual behaviour in the market. Properties have many characteristics which reflect the selling prices such as housing structure, neighbourhood and environmental amenities. The monetary value of each characteristic is calculated by observing the differences in the market price of housing sharing the same attributes. Once all the characteristics are collected the next step is to measure the portion of the property price for each characteristic (Boyle and Kiel 2001). By using the hedonic pricing method the value of green spaces can be estimated from actual behaviour in the market (Kong et al 2007). Hedonic valuation can also be applied to retail situations as people are willing to pay about ten percent more for products in greener shopping areas (Miller and Wise 2004:90). The value of urban green spaces can also be an important factor for affecting property prices. There is evidence which suggests urban green spaces can have a positive impact on house prices. There is usually a shortage of land in urban areas, and therefore proximity to urban green spaces has a positive impact on property values, while proximity to negative impacts such as highways reduces property values, as it is desirable to live close to a park, especially in city centres where demand for land is high (Tajima 2003). The demand for a property increases which raises the price of those properties. Numerous studies have shown that property values are typically 8-20 percent more expensive if they are located near a park (Crompton 2000). Therefore, in dense urban areas the value of nearby parks and green space can be one of the key selling points and a stronger feature than lot itself (Tajima 2003). Furthermore, Morancho (2003) found in Spain that for every 100m further away from a gree n area there was a drop of approximately à ¢Ã¢â‚¬Å¡Ã‚ ¬1800 in the housing price. Therefore, to reduce the impact of urbanisation, and to ensure economic growth, allocation of new and protection of existing urban green spaces is required (Kong et al 2007). However, the value open space is contextual as it rises with increased income. Open space is considered a luxury good, as demand for open space increases as income rises. Hence, the willingness to pay for environmental quality is highly elastic with respect to income (Anderson and West 2006). Urban green spaces in isolation will not increase economic growth However, not all green spaces are equally beneficial. To ensure that urban green spaces enhance economic growth, they must be well maintained, safe and secure. In recent decades there has been a decline in the quality of urban green spaces in England. This can be linked to the declining budgets for local authorities over the past 20 to 25 years (Dunnett et al 2002). This has a negative economic effect as green spaces that are dangerous or unmanaged are likely to decrease the value of nearby homes, which would lead to economic decline (Crompton 2001). Furthermore, if green spaces are perceived to be overgrown or unmanaged this may have a negative effect on peoples well-being by increasing anxiety caused by fear of crime (Tzoulasa et al 2007). Research shows that open spaces which are most highly valued are those which enhance the qualities of urban life and offer a variety of opportunities (Burgess et al 1988). If there is a lack of facilities or the area is in poor condition then peo ple are less likely to use it. Furthermore, lower-income suburban areas usually have a larger proportion of poor-quality green space. Thus, even if green spaces are in large quantities, but are of poor quality then economic and health benefits are not felt by the population (Popham and Mitchel 2007). Additionally, if green spaces are poorly managed so that they become inaccessible, then less people will use them, especially the elderly or people with disabilities. Therefore, quality as well as quantity of green space is a key factor. Moreover, McConnell and Walls (2005) argue for the importance of distinguishing between different types of open space. The value of green spaces depends on its usage for example, whether it is a well managed park or an open field. Barker (2003) also reported that the value of open space depends strongly on its location and use, for instance, green space in the urban core was valued higher than greenbelt land. Anderson and West (2006:782) show that the v alue of open space depends on the type of open space, how far away it from the house and the neighbourhood characteristics. They found that sales price rises with proximity to the nearest golf course and falls the closer a home is to the nearest cemetery. Furthermore, the net result of restricting housing supply is that prices are driven up. This results in poverty magnets in areas with low property prices, resulting in a segregation of the poor and urban social problems. For example, Glasgow has lost population over time, and relative poverty has grown. Therefore, Londons pursuit to a greener city could further increase house prices and it could be argued that a city can become too green when economic growth is damaged. An upward pressure on house prices could have a negative impact on some residents and first time buyers as it would squeeze out the poorer renters and new immigrants (Kahn 2006). The result of this limited supply would not lead to economic sustainability as it would limit economic growth. Therefore, green spaces will not necessarily lead to a sustained economic growth nationally, but only benefits certain regions (Kahn 2006). It is often the wealthier people who benefit most, as studies have shown that vegetation and tree cover is lower in residential areas with higher levels of socioeconomic deprivation. Therefore only certain areas benefit as less wealthy areas might not be able to afford to maintain new green spaces (Pauleit et al 2005). Additionally, an increased economic wealth will also increase the values of losses; making the cost to restore damages after a disaster much greater (Shaw et al 2007). Furthermore, conserving green spaces may restrict the supply of valued goods, such as housing, shops, offices or private open space, resulting in economic decline. This results in distributional effects as those landowners who can build get an increase in their asset value, whereas those unable to develop will experience a reduction in asset values. Part of the market failure associated with urbanisation is the increase in land prices imposed on existing inhabitants by additional workers. Furthermore, policies of containment, such as greenbelts, may increase energy use as commuters move out bey ond the greenbelt which results in longer commuter journeys. Therefore, it could be argued that policy in the UK restricts urban growth which leads to higher costs and welfare losses. Hence land regulation can have adverse economic effects as it diverts resources from other growth activities. Therefore the solution maybe not regulating land markets but regulating or taxing energy markets (Cheshire 2009). Conclusion To conclude, this essay has highlighted the environmental problem of urbanisation, explaining how this is a result of market failures. It has also shown how this can lead to economic problems. This essay then goes on to argue that a solution would be preserving, maintaining and developing new green spaces in urban areas. It goes on to explain the environmental, social and economic benefits of urban green spaces. It also highlights the hedonic pricing method, which shows how urban green spaces can be valued. It also argues that green spaces create economic benefits by increasing property values. However, the latter part of the essay challenges this, arguing that not all green spaces is equally beneficial. It also argues that preserving green spaces could also have a negative impact as the cost of land increases further, resulting in large increase in house prices. Therefore, it is important to maintain urban green spaces for the many environmental, economic and social benefits. However, this cannot be in isolation as for green spaces to be beneficial they must be well maintained and managed. Furthermore if too much green space is protected then this could have negative impacts overall. Therefore, urban land policies need to ensure green space is well managed in order to achieve the maximum benefits. Furthermore, methods other than land protections could also be used, such as taxing energy use. 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