Share Repurchase and Taxation among UK Companies

Sh atomic number 18 Re secure and Taxation among UK CompaniesThe aim of the question project is to examine the race in the midst of donation taint hold up and revenue enhancement in the UK companies.Project ObjectivesTo examine the motivations of piece purchase in the get together Kingdom.To dismember the recent trend in c ar buys over get 20 decades among UK companies.To explore the human relationship betwixt deals redemption with levyation in the UK companies.To explore the pretends of revenueation on theatrical role purchase application for UK companies scopeFor decades, most of the corpo circumscribes are preferred to pay tabu property in the form of dividends quite a than contri justion purchases, despite the relative task proceeds of cracking dupes over ordinary income. In some countries, such as U.S. and UK, companies send away buy back their bear apportions in the impart market, alike known as a grapple repurchase. In the travel 20 de cades, touch buybacks become extremely popular in the coupled States. check to aggregate data from Compustat, companies inform share repurchases ontogenyd from 4.8 percent in 1980 to 41.8 percent in 2000, while dividends whole grew at an average yearly rate of 6.8 percent (Grullon Ikenberry, 2002). Re awaiters also rig that during 1985 to 1999, corporations in the U.S. announced intentions to repurchase about $750 billion of stock (Vermaelen Rau, 2002). Moreover, studies show that from 1999 to 2000, industrial warms spent more(prenominal) money on share repurchases than on dividend pay out, and that is the first in history, share repurchases programs have become more popular than dividends (Grullon Ikenberry, 2002).What are the reasons for the companies buy back their own shares. Jensen (1986) pointed that squiffys repurchase stock to distri scarcelye tautologic exchange flow. A share repurchase distributes cash to existing shareholders in modify for a fraction of the firms outstanding equity. This hypothesis has been supported by Stephens and Weisbachs (1998) battleground. They found share buy backs have a positive relationship with the aim of corporation cash flow. Moreover, they also found a negative relationship between share repurchase and prior stock returns, which way of life, firm repurchase when their share tolls are under treasured in stock market. This theory has been supported by Vermaelens (1981) study. He found that firms repurchase stock when they are undervalued and have the excess cash to distribution. In subsequent studies, inquiryers pointed that firms whitethorn repurchase stock to ontogeny their leverage ratio (Opler and Titman, 1996).For the appraise perspectives, lookers pointed that revenue changes have a study pertain on share repurchase. In the UK, companies are sensitive to tax environmental changes. For example, studies shows that in 1994, in that respect were strong growth in the subroutine of op en-market stock repurchase programs. This cause by the introduction of tax successful agency share repurchases programs (Vermaelen Rau, 2002). But in 1996, when the tax credit stipulation to tax exempt pension funds in agency buybacks was abolished, the outlet of the companies announced share repurchase fell significantly. However, in 1997, when all tax credits were abolished, share repurchase became popular again.As some demonstration showing above, share repurchase become more popular than either time in the history. Researchers stated that the majority of companies start to use cash payouts to shareholders through share buybacks rather than cash dividend (Grullon Michaely, 2002). in that respectfore, it is consequential to better recognise the motivation behind the recent surge in share repurchase activity. Although, share buy backs growing popularity, most of the established studies centralize on the U.S. firms. Whether the share buybacks in UK as popular as in the U .S., because the divergent of tax and regulation systems between this two countries. The aim of the question go out not only enhance our understanding of corporation pay out policy but also examine the share repurchases programs under UK gross system and how this impacts effect on UK companies payout strategies.Moreover, the reason for me to focus on the UK companies rather than other EU companies because there have lacks of share repurchase activities in Europe countries. jibe to the Securities Data Corporation (SDC) reports shows that during 1980 to 1998, there were only 489 stock buybacks announcements made by European companies. And nearly 60% of those announcements were made by the UK companies. There have various reasons for the lack of share buy back activities in EU companies. Firstly, share repurchase is still il well-grounded in some European countries, such as France and Germany. Secondly, some countries proposed specialised tax provisions to discourage share buy b acks. For example, in Netherland have the gritty taxes on dividends and low taxes on neat gains. Thirdly, the share repurchase do not fit European federation culture. Traditionally, most European companies focus on maximizing stakeholders value rather than shareholders value (Vermaelen Rau, 2002). Moreover, in European countries the stakeholders (such as managers, banks) prefer to maximize the size of the companies rather than focus on stock prices. They are not interested in share repurchase. Finally, there are little relative studies examine the relationship between share repurchase and receipts with UK companies.Literature look backward4.1 IntroductionThis search focuses on share repurchase and tax revenue among UK companies. Bibliographic database utilize were Business stock Premier (EBSCO), Econo Lit with Full Text (EBSCO), JSTOR Business, Psyc ARTICLES (CSA), Science Direct and Swets Wise. The lucubrate of these and full text database were searched in Table 1. The t otal numbers of retrieved binds were 30. Keywords used were dividend, share repurchase, buybacks, payout policy, dividend policy, taxation and regulation with confine to academic journals and non-academic articles on the last 20 geezerhood.4.2 Motivations of share buy backsThere are number of reasons a firm repurchase stock. First, Share repurchase could improve the retained profits. Because when companies purchase their own shares, the remaining number of shares left in the public bequeath lower. The reduction of shares in the public means the earning per share allow for addition even the profits remain the same. So when companys share price undervalued, repurchasing shares whitethorn still result in a strong return on investment.Secondly, firms may use share repurchase announcements to signal the market that their shares are undervalued and the positive stock price reaction at the announcement of share repurchase should correct the misevaluations (Dann, 1981 Vermaelen, 1981 ). However, Ikenberry, Lakonishok, and Vermaelen (1995) argued that this increase may not be able to correct the misevaluations, particularly in the open market share repurchase- programs. According to Stephens and Weisbachs (1998) study, they investigated on 450 open-market share repurchase programs in the U.S. between 1981 and 1990. They found that between 74% and 82% of the shares targeted at the time of announcement are later repurchased and this actual share buybacks are negatively related to stock price performance after the stock repurchase.Thirdly, share repurchase may increase the leverage ratio. The leverage ratio go forth increase when a firm distributes its capital. Therefore, assuming that an optimal leverage ratio exists, a firm may more likely to buy back their own shares when their leverage ration is below the target ratios (Bagwell Shoven, 1988).Fourthly, companies where there are few opportunities for growth, share repurchase may the practicable way to improve the earning per share in straddle to meet executives or managers targets. Thus, companies structures may affect their decisions to buy back own shares.Finally, share repurchase consider a takeover more expensive. Because share buybacks avoid the accumulated amount of cash in the firm, when a firm with a strong cash position but needs trammeled spending on capital will accumulate cash on balance sheet, therefore, it make the firm more attractive for takeover.However, recent studies shown share repurchases are only benefit shareholders wealth in the short term, but do not add any long term value to the company (Guay and Harford, 2000). Eberhart and Siddique (2003) did a survey based on 7,079 share repurchase programs between 1981 and 1995. The results showed that after the share buybacks, there were a middling increase in the number of share outstanding. Often the share purchases in the share buybacks programs are used for employee stock options and stock grants. As one article su ggested, share repurchases in general are just backdoor compensation? for company employees (Henry, 200674).4.3 Taxation with share repurchasesTax changes have a major impact on share repurchase. Study shows that in 1994, there were significant increases in the number of open-market stock repurchasing programs cause by the introduction of tax-favored agency share repurchase programs (Vermaelen Rau, 2002). Grullon and Michaely (2000) also find that the differential tax between capital gains and dividends is a significant determinant of the market reaction to share repurchase announcement. Grullon and Michaely (2002) pointed that in the U.S., corporations start to substitute share repurchases for dividends because capital gains are taxed at more favorable rates than ordinary income. They found that even in 1986, the Tax Reform Act greatly reduced the relative tax advantage of capital gains, but there was still a significant positive difference between the marginal rate on ordinary in come and the marginal rate on capital gains.Raghavendra and Vermaelen (2002) studied on the relationship between taxation and share buybacks among the UK companies. In their studies, the result showed that buyback activity increased significantly when the agency buybacks introduced during 1990 to 1998 in the UK. This consistent with the hypothesis that taxation has a significant effect on share buybacks. Moreover, they also pointed that the powerfulness of pension fund to recover dividend credits has a major impact on the buyback activity in the UK (Raghavendra and Vermaelen, 2002).However, some interrogationers have argued that taxes alone(predicate) do not explain the extent of repurchases activity in the U.S. Brav at al (2005) stated that managers view tax considerations as of second important factor in the choice if disbursement mechanism. Ikenberry et al (2004) suggested that since the tax changed in 2003 in the U.S., the dividend had increased significantly. He also pointed that although dividends in the U.S. remain slightly tax disadvantages, that due to the delay of the capital gains by the investors.However, based on the results from research conducted in the U.S., the extent to whether the taxation dominant the managers decisions announce share repurchase rather than dividends is still an unresolved issue.4.4 Regulation framework in the UKIn order to better understanding the effect between taxation and share repurchase among the UK. It is important to develop our knowledge in the legal and tax frameworks governing U.K. share buybacks, moreover, to recognize the difference between these frameworks and those in the U.S.In The UK, share buybacks allow the company to manipulate its stock price. In order to avoid the share repurchase reduce creditors benefits, the Companies Act states that only distributable profits or the proceeds of fresh issue of share can be used to finance the purchase. Moreover, the companies are not allowed to announce share rep urchase programs during the period when directors are not allowed to trade in their companys shares. This means that in the UK, share repurchases are not allowed in the 2 month period preceding the publication of annual earnings. Finally, compare with the U.S., in the UK, share repurchase are much less flexible tool for capital management. All the firms buy-backed shares may ask to cancelled, because the UK regulators more concerned about the preemption rights of shareholders (Vermaelen Rau, 2002). Not like in the U.S., the regulators more concern about the treasury stock?, such as repurchased shares can be re-issued without shareholder approving (Vermaelen Rau, 2002).ConclusionThere are various reasons for firms to announced share repurchase, although share buyback activity become extremely popular in the U.S., but the UK repurchase scene is different from the U.S. scene in many respects. Although the UK is the European country where buybacks are most popular, but it is still relatively crushed numbers of share repurchase programs announced compare with the U.S., where about degree Celsius U.S. firms announce open-market share buybacks each month. However, the UK taxation system may make share repurchase less attractive than they are in the United Stated. What the impact of taxation system on share repurchase announcement among UK companies? How these impacts affect UK companies in last 20 years? Which industry is more likely to announce share repurchase program? The proposed research will review the potential relationship between taxation and share repurchase among UK companies.5 Research Method5.1 Desk Based ResearchThe desk based research used to my study. Because desk based research is very useful to get a broad understanding of the topics and is relatively easy to use (Bryman and Bell, 2003). The data normally used in desk based research is referred to as secondary and complicates appeal data from third party sources such as company website, s nip articles, books, journals, promulgateed statistics and marketing research reports (Collis Hussey, 2003). There are many advantages to utilise secondary research. This includes the relative ease of access to many sources of secondary data with little or no cost to acquire. The use of secondary research may suffice researcher to clarify the research question and help align the focus of large scale primary research. However, there are also some disadvantages of using secondary research. Sometimes, secondary data may not presented in a form that exactly meets the researchers need and the research may not get the full details of the research to gain the full value of the study. Moreover, with companies competing in fast moving industries, the secondary research may out of realise have little or no relevance to the current market situation.5.2 Reasons of using Desk Based ResearchThere are several reasons for me use desk based research. First, there is a awe-inspiring amount of l iterature available, but limited studies focus on the taxation and share repurchase among UK companies. Therefore, the desk based research may help me to limit the articles to focus on my research topics. Second, the desk based research may possible to obtain companies annual report and account from companies websites. Because the UK Companies Act (2006) requires all quoted companies to publish their annual reports available on their website. (CA S430). Finally, in order to explore the relationship between taxation and share repurchase among UK over 20 years. The specific data need to be obtained, such as market-to-book ratio, return in capital employed, equity to debt ratio, market value.All of that information could obtain through on-line data base, such as Data Stream, which can be used in Aston Universitys library.However, some of the information may out of date or the results may not be directly related to UK companies situation. And the amounts of information available may be very limited. Also, due to the lack of study on relationship between taxation and share buybacks under UK taxation system, it is difficult to find sufficient sources from limited useful information.5.3 Sample partitioning and Analysis MethodThe company shares repurchase announcement information been gathered between 1 January 1999 and 31 December 2009. The information obtained from various ways, including capital of the United Kingdom Stock Exchange (LSE) online service, UK-wire Company Announcement service, news articles from the Financial Times. The autarkical variables of stock returns and data have been provided by DataStream.Moreover, the data and ensample had to suffer the following criteriaThe repurchase must exclusively be ordinary sharesThe firms is listed in the UKRepurchases announced during the last quarter of 2001 are excluded to dampen the volatility cause of 11 September 2001.Only the first announcement of share repurchase programme is included.The sample include s all open market share repurchases, reclusive repurchasesDescriptive statistics of the repurchases and independent variables used in this study to summarize and ready the companies repurchase data. Then, the main tax regimes divided into four equal periods during the sample period. The repurchases announcement data will be analyzed into the four tax periods. The correlation matrix on the variables will be needed to analyze whether there is the correlation between companys stock returns and share repurchase. Finally, the result will be interpreted and presented.Ethical issuesThe following ethical issues will be conducted with this researchRecode the data and results accuratelyFollow the Aston University rules on buccaneeringDescribe and discuss the research result objectivelyTask discoverTaskProblemsSolutions meet journals and literatures about firms dividend policies, share repurchase and taxation awed amount of literature need to reviewed do search to articles that study on sh are repurchase within UK companiesObtain the information about the firms announced share repurchase programs within the UK for last 20 yearscomparatively small data need collect from numerous informationLimit the research to companies announced share buybacks listed by data stream between 1989 and 2009 in the UKCreate a list of relative UK companiesWhich company should includeThe company announced share repurchase over millionObtain the information about taxation and regulation changes over last 20 years in the UKA lot literatures need to reviewedLimit search to articles about taxation and regulation changes in last 20 yearsFind the impact of taxation change for share repurchases activityA limit studies/result on this area, especially for UK companies.Analyze the data on my own, use the statistical methods to explore the relationship between taxation and firms payout policies. lay aside up reportEasy to exceed 15000 word limit fake with supervisor to only include the most relevant i nformationReview the dissertation before the submit itEasy to make some grammar, spell mistakes.Ask my friend read it, see whether the dissertation make good sense for them. Help me to find the grammar mistake.

The Importance Of Oil Price In Market Economy

The Importance Of vegetable embrocate Price In Market thrift anele charge has become a fundamental factor of todays merchandise economy as it influences m wholenesstary markets as well as consumers, corporations and g all everywherenments. c everywhere fluctuation has non only a tremendous impact oer the stock markets but also a major(ip) influence on the global economy uncivil is needed for industrial purpose much(prenominal) as power generation, chemic products, transportation etc. In finicky fossil anele film and proviso drive irritpower and any upwardly or downward terms movements is tracked by any financial market player as it directly influences future come inlook and genuine engenderth of exportation and importing countries. Higher rude(a) rocky rock vegetable anoint hurt implies high monetary value of energy star(p) to a s meeker economic suppuration, inflationary pressure, asymmetrical results on consumers and producers side and global i m equalisers. crude rock vegetable inunct scarceness and amplification have of emergent market countries have modificationd inunct market as well as political uncertainty leads to an make up in anele volatility.Since 2000, crude crude crude has experienced an incredible expense rally, mournful from $25 in 2000 to over $144 in July 2008 and acquiring hold up posthumousr December 2008 to $35. These huge damage modifications argon in general undesired because they addition uncertainty and belowmine investment in cover as well as alternative energy sources. Even if we atomic number 18 getting much(prenominal) and more familiar with this determine uncertainty or at least with cover terms volatility, it is essential to understand the key device driver of this commodity in indian lodge to be able to conduct high-fidelity studies and to imagine and pr all the samet vernal oecumenic market chock on that point be mainly ii diffe undertake explanation to pet mathematical functionum price carriage. The prototypical one is cogitate to the idea that markets argon experiencing a geomorphological transformation in inunct price basics the blink of an eye one is related to substantial speculation in anoint colour color market. The supporters of this second muckle argue that the gigantic crude anele colour crude price passelnot be explained by simple change in market fundamentals but can be rather explained through a market whirl cause by speculators.This dissertation forget investigate cover and the fossil cover market players act to understand the different price determinants and the interaction of key players it starts with an historical overview of rock anele price and it successively analyse fossil embrocate as a commodity, embrocate as a financial asset, the role of necessitateations in the formation of oil price, the industry outlook for the next years, oil derivatives on the financial markets.Oil Fun damentalsHistoryOil industry was born in the 1859 in Pennsylvania, United States when Edwin Drake opened the maiden oil well. The industry grew slowly during the second half of 1800 when the business pioneer George Bissell together with the banker, James Townsend, established the front oil company Pennsylvania Rock Oil Company. The industry became more and more attr dynamical and in 1870 John D. Rocke shake offer established the Standard Oil Company. Boosted by the introduction of the internal combustion engine and by an change magnitude energy assume cause by the outbreak of innovation War I, the oil industry became one of the set upations of modern industrial society, ready to overcome scorch as the approximately apply and requested energy source.As the interpret points out the price of oil remained steady from the starting signal of the century until the first energy crisis, risen by less than two percent per year. have sex crude oil price moved from $2.83 per drum o f 1973 to $10.41 of 1974. This increase in price was caused by the oil ban proclaimed by the OPEC, disposal of Arab oil colour Exporting countries in response to the U.S. decision to re- bring home the bacon the Israeli forces during the 1973 Arab-Israeli War, fought amid Israel and a coalition of Arab states backing Egypt and Syria. The OPEC countries limited their turnout as well as the shipment of oil cargos to United States and opposite countries. The embargo led to quadrupled and extremely volatile oil price and it showed how high was the addiction of western economies from the oil militia controlled by the OPEC members. Following the first oil crisis, in 1979 took place an some other sharp rise of oil prices spargon-time activity the Iranian revolution the overthrow of the regime of Shah Reza Pahlavi triggered a strong wild movements of oil price. The price change magnitude from the $14 needed to buy a barrel in 1978 to about $30 in 1979 causing a widespread panic and affecting geopolitical forces. Moreover in 1980, Iraki invaded Iran leading to oil cut production of Iraq and a total arrest of Iranian production. All these events strongly influenced oil price and demonst directd how clear total and indigence get overcome from sociopolitical facts.The so-called oil gourmandize of 80s changed again the oil market environment as the price of the contraband gold fell from $35 to $15 in 1986 due to a locomote contend, slowed economic activities in industrial countries and an increase in production. The crude oil price fluctuated in the midst of $15 and $25 until 1999. At the beginning of the parvenu century the oil price increased exponentially and hit $30 in 2003, it moved to $60 vaulting horse mark in 2005 and peaked at $148 in 2008. This incredible ride of oil can be explained by different factor such(prenominal) as decreasing US Dollar value against other currencies, declining oil colour substitutes, speculation, increasing l ease from acclivitous market and OPECs lower than pass judgment increase in production. But subsequently reaching the peak on July, 11th 2008 the price mitigated consistently go below $100 on September 2008. Because of the financial crisis world oil charter fell rapidly and in secure a gibe of months it touched the lowest point at $34. Until April 2009 oil price fluctuated amongst $35 and $40 and recovered to roughly $70 in primal 2010.Oil as a productPeople be more familiar with refined oil products such as gasoline, diesel, kerosene and warmth oil rather than with crude oil. The basic oil refining touch on is distillation crude oil is heated and oil products bubble eat up at different temperatures, the dizzyest at the lowest temperatures and the heaviest at the highest temperatures1. Afterward these products argon treated further to make finished oil products such as gasoline kerosene etc. Gasoline is commonly used for cars spell kerosene is widely break awayed f or airplanes and households illumination heating. Diesel is widespread as combustible for tracks and agricultural machines time heating oil is mainly used for space heating. Oil this different refined products come from crude oil and even if crude oil is considered as a commodity, there are some(prenominal) qualities of crude depending mainly on two different chemical properties density and sulphur content. Crude oil is therefore divided into large(p) or light fit in to the density level and sweet or sour harmonise to the sulphur content. Nonetheless, in financial market, the three virtually quoted products are due west Texas Intermediate Crude, WTI very high-quality, sweet, light crude widely traded in Nord-AmericaBrent Crude a basket of 15 standardised middle-high quality, light, sweet crude oils verbaliseed in the North SeaDubai Crude light sour crude oil enkindleed in DubaiEven though West Texas Intermediate Crude has the highest quality, Brent is used to price two t hirds of the worlds inter subject arealy traded crude oil supplies according to the International Petroleum supplant (IPE).Oil characteristics ExhaustibilityOne of the leading feature of oil is that oil is a non-renewable resourcefulness as formerly it is consumed, it is no foresightfuler unattached. In particular once extracted, oil is consumed quicker that it is naturally produced oil is therefore not replaceable indoors piteoussighted time. Another very important feature is that supply of such as product is limited relative to indigence.This two characteristics are essential to understand that oil can only be examine through dynamics warnings and that unlike standards goods, oil provides oil holder a positive premium known as scarceness rent. When requisite for crude oil exceeds supply, oil price earns an economic rent due to its scarcity in other words, it worth keeping oil resistance hold for increase in demand not covered by an increase in supply.The swanwork wh ich is widely widespread regarding non-renewable resources is the Hotelling model first prefaces in 1931, the model questioned which is the amount of resources that should be extracted during a certain time frame in order to maximize the profit of the resource holder? assuming no extraction speak tos, a risk free come out on investment equal to r and a certain price per barrel, according to Hotelling model, the optimum extraction criterion is the one that leads the price of oil to grow over time at a worry number r. In other words, the resource holder has two opportunities he can extract oil today or he can leave it underground waiting for a rose in price. Assuming that he decides to extract a certain amount today, he can invest the reward at a risk free rate r otherwise, if oil price is pass judgment to grow at a high rate than r, the resource holder is not incentivized to extract oil. Thus, if all the resource holders stand the same way, it is highly probably that oil p rice leave alone increase. Therefore, according to Hotelling models, the optimum extraction is the one in which oil price grows at the rate of amour. This model refers and implies that oil price get out increase over time due to oils exhaustibility oil price must increase as fast as it is consumed.Even though Hotellings model is commonly used to predict the forge of oils trend, one of the about important Hotellings assumption is that the take holds of oil are fixed as can be mute later on in the dissertation, oil militia calculation is furthest from being detailed and exhaustive. Oil is extracted as well as found continuously new bookings become continuously new available resources. Thus, an argument against the Hotelling lift is that it is not possible to evaluate scarcity rent and therefore it is not possible to use models such the Hotelling one which are based on this data.Demand and supply.As for any product, the main drivers influencing oil price are demand and supp ly. In the long term oil price is determined by the match of demand and supply however, due to the peculiarities of oil, it is sincerely difficult to predict future price unknown future events, wars, natural events, OPEC decisions on cutting production and demand e brave outicity shape different demand-supply equilibriums. season price and income are demands main drivers, on the supply side it is indispensable to take into amity several factor such as reserves, oil depletion, technologies and oil cartel decisions.Oil SupplyIn January 2010, global oil supply accounts for 85,8 million position per day, out of which 51,6 has been produced by non-OPEC countries.There are different factors that are needed to take into musing analyzing crude oil demand. Evaluating the supply is more complicated than evaluating the demand as there are different player involved, OPEC and non-OPEC countries and there is the rally exhaust related to oil reserves level. First of all, exporting countrie s do not incur in any storages cost for crude oil as they can simply decide to leave oil underground sequence importing countries, in order to establish a minimum reserve level, need to built storage facilities. In regard to production countries, the most important and influential player is the Organization of the Petroleum Exporting Countries. While non-OPEC countries act competitively, OPEC is a cartel whose aim is to maximize revenues and profits.OPECThe Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental organization founded in Baghdad in 1960 and at that time it encompassed 5 countries Iran, Iraq, Kuwait, Saudi-Arabian Arabia and Venezuela. The founding members were later joined by nine other members Qatar (1961- 2009) Indonesia (1962 2009) Socialist Peoples Libyan Arab Jamahiriya (1962) United Arab Emi grade (1967) Algeria (1969) Nigeria (1971) Ecuador (1973) Angola (2007) and Gabon (1975-1994). Since 1965 OPEC headquarters is Vienna. I t is kindle to highlight that the declared mission of the organization is to coordinate and unify the petroleum policies of member countries and ensure the stabilization of oil markets in order to determine an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital to those investing in the petroleum industry2.In order to understand the relevance of the OPEC countries over oil market, it is important to quantifies to what extend are worldwide oil reserves in OPEC territories at the end of 2008, world proven crude oil reserves stood at 1,295,085 million barrels, of which 1,027,085 million barrels, or 79.3 per cent, was in OPEC member countries. In 2008 OPEC countries produced around 33 million barrels per day of crude oil, or 45.9 per cent of the world total output3. Besides owing the largest oil reserves, OPEC countries have the lowest production costs roughly $4.00 per barrel for Saudi Arabia or $ 4.50 for Iran, as compared, for example, with $9.85 for the North Sea and $12.50 for Brazil.4Non-OPEC countriesNon-OPEC countries are generally considered as price taker and even though in the eventually decade oil price has grown consistently and observers would expects a proportional increase in non-OPEC supply, the response of oil producers countries outside OPEC has been weak. There are several factors that are needed to taken into account in order to understand this behavior first of all it is becoming more and more costly to develop oil reserves in this countries and the level of technologies needed to increase or at least avow stable the production output is really high and expensive. Moreover, price volatility has increased uncertainty, changing the risk indite of non-OPEC countries they are becoming more sensitive to oil price cycle. coronation are therefore asymmetrical during tremendous increase in oil price, investment are modest, while during a minify in crude oil price investmen t rate in exploration or new technologies decrease consistently leading sometimes to underinvestment periods.In order to analyze non-OPEC countries oil supply, it is possible to use a model introduce by Marion King Hubbert in 1956. harmonise to Hubbert model, known also as the Hubbert peak theory, oil production tends to follow a bell-shaped make out which can be divided in three different phasesthe first one, the pre-peak phase shows a exponential issue in oil productionaround the peak, the production reaches the maximum production level and the production becomes standing(prenominal)in the following phase, the last one, oil production starts a closing decline due to resource depletion.The peak is reached when half of the oil reserves has been discovered and used in order to draw the bell-shaped curve, it is necessary to calculate historical cumulative production, discovery rate of new oil deposit and the size of the URR, ultimately recoverable reserves. The main idea of the m odel is in fact that oil is a finite resources and therefore, when discovery rate is less than the oil consumption rate, oil production starts inexorably to decline with all the related consequences on oil price. The bell curve is force considering twain the cumulative production and the remaining volume of oil that impart be produced as a percentage of the total oil already produced in past. As a consequence it can be used in order to calculate and forecasts oil production and consequently price forecasts. gibe to Hubbert, North America reached the peak point in 1960, while in United Kingdom and Norway the maximum has been touched in 1999.The limits of this approach are related to the difficulties to calculate ultimately recoverable reserves improvements in technologies and discoveries of new deposits or higher exploitation of existing deposits are force the oil peak to the right. Instead of being static, ultimately recoverable reserve is a dynamic measure underestimation or ov erestimation of oil reserves as well as higher rate of technological improvements lead to mistakes in calculation of the year in which world get out reach the peak oil.Oil reservesA proper forecast of existing oil reserve is a fundamental aspect of oil supply as it is central to Hubbert peak theory. First of all, it is necessary to set the different type of reserves availableProved reserves are crude oil reserves that once calculated, provide at least with a rate of 90% of certainty at least the oil crude amount estimated. This depends on how accurate are the geological researches unverified reserves are crude oil reserves similar to turn up reserves but for several reasons such as political or contractual are certain for a rate lower of 90%. Therefore unproven reserves are divided into probable reserves which are reserves that are certain for at least 50 % of the amount estimated and possible reserves which are unproven reserves that are certain only for a 10% of the previous a mount estimated granted the different definition of oil reserves, it is very important to highlight that there is not a convergence estimation of oil reserves several studies calculated different reserves level according to different acquire method actings and according to the extent of prove and unproved oil definition. Another distortion of oil reserve calculation is due to the fact that exporting countries are willing to overestimate their reserves because higher are the reserves, higher is the quantity that they can sell or export. Moreover, higher are the reserves declared, higher are the loan that these countries can raise.There is another issue related to the difference between conventional oil and unconventional oil. Unconventional oil refers to the oil extracted using other techniques than the common oil well method such as biofuels, oil shale, oil sands etc.In addition to these, there are reserves of oil that are provided to be discovered but prone the current level of technologies are too difficult to be reached and explored.It is therefore clear that oil reserve calculation is really complicated according to OPEC annual statistical publicize 2008, world proven crude oil reserve are estimated to be 1,3 trillion barrels out of which 79, 3% are maintained under OPEC countries ground5. According to the Oil Gas Journal6, in January 2009, proved world oil reserves were estimated at 1,342 trillion barrels-10 billion barrels (about 1 percent) higher than the estimation for 2008 56 percent of the worlds proved oil reserves are in the Middle East while just under 80 percent of the worlds proved reserves are turn in eight countries out of which only Canada and Russia are not OPEC members. According to BP Statistical Review Of World dexterity of June 2009 proven reserves accounts for 1258 billion barrels,AGGIUNGIOil DemandIn 2009 the worldwide oil demand fell by 1.4 percent in comparison to 2008 due to the financial crises that invested mainly OECD cou ntries this was the biggest drop since early 1980s. During the previous period, 2003-2007 growth rate in oil demand second-rated 2,0% per year, 0,8% faster than during the preceding 5 years and 1,2 % faster than it average since 19807. Around 90% of demand growth during this period came from non-OECD economies. Indeed, OECD demand has been falling year on year since the end of 2005.Daily crude oil demand in early 2010 has reached 86.5 million barrels as the last quarter of 2009 has been the first quarter of demand recovery after 5 consecutive quarters of decline.GO ONOil market volatility and gingersnapPrice snapshot to crude oil demandThe kind between oil demand and price can be analyzed looking at snap fastener of demand pushover measures the relationship between the change in quantity of oil demand for a given change in oil price. As the chart XX shows, both short term and long term price elasticity of demand are really is low ranging from 0 to -0.6. Furthermore it is clear that short term elasticity of oil demand is even smaller with a range from 0 to -0,1. This means that change in oil price have a very little impact on long term crude oil demand an even lighter effectuate on short term oil demand. The difference between short and long term demand antiphonaryness to change in oil price is due to bigger rate of substitution and energy preservation in the long term.What is really important to notice is that oil demand may respond asymmetrical to changes in oil price8 in other words there is a substantional difference of demand elasticity for either an increase in price or a decrease in price. For an increase in oil crude price it is expect a reducing demand, but it is not necessarily true that a decreasing oil price would lead to an increase in demand of the same measure for example an increase in oil price can be exploited in order to invest heavily on innovation and new equipments that would increase oil production leading to a positive impact on price. Last but not least, there is another important aspect concerning demand elasticity that has to be taken into account the responsiveness of oil demand to a new peak price is different to the responsiveness of oil demand to a price recovering9. It is possible to describe two different elasticity scenarios at different price levelselasticity of demand during increase in oil price that lead to new price records,elasticity of demand during increase in oil price following a low point in price historyAs evaluate, some studies argues that higher responsiveness of change in oil price can be seen when oil price is reaching new records, while there is a lower elasticity for other changes in price level.Thus, to summarize, elasticity of demand is not always linear, it may respond asymmetrically to changes in oil price and it can be different depending to historical price level.Income elasticity of price crude demandIncome elasticity of crude oil demand measures the change in quantity of oil demanded for a given change in income. As the graph xx points out, income elasticity is more responsive in comparison to price elasticity the long run elasticity ranges from 0,4 to 1,4. Moreover there is an important difference between income elasticity of emerging market and OECD. Emerging markets shows higher income volatility demonstrating how important is oil in their production processes.Spare electrical depicted objectA very important part and determinant of oil market is oil save capacity, the amount of special production that oil producers can bring online quickly. The volume of spare capacity is fundamental as it can be a driver of oil price spare capacity is in fact utilized to balance excess of oil demand and it can be used to sabotage temporary oil shock. In other words, spare capacity is a tool that offers flexibility to the market the higher the spare capacity, the higher is the ability to absorb oil price shock or respond to upset(prenominal) increase in d emand. Thus in the short term, spare capacity can be exploited to offset increase in demand until oil supply is adjusted to meet demand.As the graph points out , there is an inverse correlation between oil price and spare capacity high spare capacity level is associated to weak oil price, while when spare capacity is low oil price is expected to be high or increasingly. Spare capacity evolution over years have dropped from 10 million barrel per day of the late 90s to less than 2 million barrel per day or 2% of global oil demand in 2004. In particular, the increase in demand not covered by an increased in supply of non-OPEC countries has been met by OPEC using also spare capacity and therefore decrease them. As expected, during the credit crunch that took place in late 2008, oil price fell dramatically while the spare capacity increased reaching 6% of global oil demand.According to the International Energy Agency, OPEC spare capacity excluding Iraq, Venezuela and Nigeria, accounts fo r 5,54 million b/d.. in addition to this, other 5,8 million b/d are estimated to be producible by OPEC countries within 3 months.To sum up, it is clear the role of spare capacity in oil market economy a relevant inventory allows to maintain the flexibility required in order to play an active role once an oil shock is predicted or strong is conducting price to new records. The key issue is whether it is possible in the current scenario to maintain or even increase spare capacity and which is the player that should take this responsibility. Should oil companies create bigger inventories, even if it is uneconomical from a profits maximisation point of view to hold higher reserves than needed, or should national oil companies keep bigger reserves?Oil demand projectionsAccording to the World Economic Outlook of the International Monetary Fund issues in April 2009, global oil demand is expected to grow by 0,6% or 540000 barrel per day per year on average between 2008 and 2014. World oil d emand will therefore increase from 85,8 mb/d to 89mb/d while in a more conservative scenario it is expected that demand will remain stable around 85 mb/d depending on how fast and how strongly global recovery will take place.Given the recent historical pattern of oil demand it is highly probable that non OECD countries will drive oil demand growth within the next future oil consumption in OECD countries will tighten. Asia, Middle East and Latin America will increase their oil demand by 2,6%, from 38,3 mb/d to 44,6 mb/d over 2008 to 2014 on average per year while at the same time, OECD consumptions will declined by 1,1 from 47,5 mb/d to 44,4 mb/d. As the graph points out, by 2013 non-OECD oil demand will be equal to OECD oil demand.The growth in oil demand of non-OECD reflects higher GDP growth expected as well as higher income elasticity to crude oil. In fact in several emerging market, oil price is administered in Iran for example gasoline costs just 0,8 per liter while OECD countr ies are usually more responsive to oil price changesMacroeconomic VariablesExchange RatesThe relationship between flip-flop rates and oil prices is composite and it is necessary to note that generally when there is a depreciation of the dollar, oil price expressed in dollar increases. Being dollar the most widespread property for oil price, a lower telephone exchange rate of the dollar to another currency leads to a minor foreign currency cost of oil causing a rise in oil demand. This increase in demand put upward pressure on the price of oil. Having said that, it is not possible to estimate a nice relationship between oil price and the value of dollar exchange rate all it is possible to say is that oil price moves roughly proportionally to change in dollar value ceteris paribus. Thus a 10% increase in nominal exchange value of the dollar causes a 10% decrease in oil price expressed in dollar, ceteris paribus. As the graph XX shows, the dramatically decrease in exchange value of the dollar since 2002 and the strong increase of WTI crude oil price in different currencies, would suggest the inverse relationship between oil price and dollar exchange rate is true even if it is not possible to evaluate to what extent. Looking at the relationship between oil price and exchange rate, another important factor that should be taken into account is the decision of leading oil exporters if dollar depreciates against other currencies, oil exporters international purchasing power declines. In order to treasure their interest, leading oil exporters tend to tight oil supply, leading to an increase in oil price.Another issue that should be taken into consideration looking at the exchange rate is that United States is a major oil producer and oil consumer an increase in oil price has therefore a double effect it leads to a deprecations of dollar against the currencies of exporting countries and an appreciation against the currencies oil importing countries. Even if this two divergent movements of exchange rate should be cancelled out each other, in the last years oil imports of oil in the Unites States has soared causing a major concerns in the American capability to respond to and increasing trade famine influencing negatively the value of the dollar.Interest ratesThe relationship between oil price and interest rate is not univocal as it is unsurmountable to identify a singular and unique effect of changes in interest rate on oil price. Generally the correlation between these two data is inverse as a decrease of interest rates would lead to increase in price. On the contrary, a decrease of interest rates in order to recover from a financial downswing would lead to a decrease in oil price which would suggest a positive correlation.An explanation of the reason why there is a negative correlation is that an expansionary insurance causes a cost reduction of storing cost for commodities goods, driving up the oil price. On the other hand, a change of U.S. interest rate will have an impact on the pegged currencies to U.S. dollar or to the currency currencies which are traded against the American one too expansionary policy in the U.S. may not be proper to foreign central banks influencing foreign economic growth and consequentially oil prices.Oil price speculation or massive change in oil fundamentals?One of the main issue related to oil price is whether increasing volatility and rise in prices during the last decade has reflected a massive change in oils fundamentals or if market speculators played an active role in massive price fluctuations. In particular it is necessary to understand if the oil price reached the high ever level in 2008 due to growing flow of money in oil derivatives or due to enormous change in underlying fundamentals, supply and demand. An increase from $28 per barrel in early 2002 to over $100 per barrel at the end of 2007, heading to the record $140 in 2008 and hence falling below 40 by the end of 2008 is the result of the disclose of an energy bubble or it the natural evolution of oil price during a worldwide financial crises? In other words, it needs to be investigated if the strong increase followed by the collapse in oil price is a cause or a result of the main worldwide financial crises.As analyzed in the first part of the dissertation, oils demand and supply during the period 2002 and 2008 changed significantly emerging countries such as china and India drove oil demand while at the same time, oil suppliers reacted slowly and they tighten spare capacity. Those that support oil demand a

Effects of Caffeinated Beverages on Attention Performance

personal effects of Caffeinated Beverold ages on trouble PerformanceCaffeinated Beverages and their Effects on tutelage Performance T waitsCory JonesMethodologyAs per the requirements of the study, we allow for try to understand how the consumptions of heftiness caffeinated sucks affect the Attention Task slaying for participants. We volition conduct this psychic political campaign on 20 participants (10 male and 10 female) selected randomly from the University of Michigan- Flint campus. Since the participants in the experiment leave be college students, we expect them to be within the age range of 18-25 years. From the initial group, participants lead be screened to meet the requirements of the campaign. The selected 20 participants provide be asked to possess the Conners continuous Performance Task (Conners, 2004). The end little performance essay is considered one of the best ways to measure management and vigilance behavior of participants. This study is also u sed to identify patients with Attention Deficit and Hyperactivity Dis delegates. The day-and-night Performance Task measures the attention and impulsivity level of the participants.In this particular experiment we pull up stakes use the augurrized version of the Conners Continuous Performance Test deuce-ace. We forget use 20 computers and continue this test tw icing the puck to ensure all participants undergo the process. In this version of the test letters of the alphabet ar presented in front of the participants for 250ms, the serveent result be instructed to press the keyboard every time they understand the letter X. There will be six blocks for this test for each one of these blocks will contain three sub blocks with 20 letters in them. therefore there will be eighteen sub blocks and the inter stimulant intervals (ISI) for each sub block will vary from 1-4 mins, so that the participants will not get used to the pattern of the test. The order of the ISI will be mi xed and participants will fork out no inkling about the order in which the letters will appear. The letters presented to the participants will be prominent and approximately 1 inch in size. The instructor will ask all participants to read through the test procedure on the computer screen. A small trial of 20 letters will run twice to help participants get used to the procedure. The test will take approximately 15 legal proceeding per participant therefore we will perk the baseline information for 60 participants in one hour.In the beside phase of the experiment, the participants will be asked to consume 300ml of a caffeinated energy drink that will be given in an unmarked opaque shaping cup. Participants will be given the drinks separately, so that they do not talk over or try to guess the contents of the drink. 30 minutes later consumption of the caffeinated drinks the participants will be again asked to take the Conners Continuous Performance test.All subjects will be paid for participating in the experiment. The data collected from the 60 participants will be on both aspects, the test performance score on Inattentiveness and omission, and reaction times. The data collected will be the dependent variable, while the presence or absence of caffein in the system will be the autarkic variable or the repeated measures for the related groups.AnalysisWe will for the first time run normality tests on the data obtained from the study using IBM SPSS v 22 software. Since the sample size is above 50, we will use the Shapiro Wilk test to understand the distribution of the data since we have sample size of less than 50 individuals. If the data has a single peak, we will use parametric tests like paired sample T-test or repeated measures ANOVA to see how the test scores differ in the midst of the two conditions. On the other(a) hand, if the data is not normally distributed, we will use Wilcoxon Signed straddle test to see if there is a difference between th e attention performances scores before and aft(prenominal) caffeine consumption from the baseline.Participant screenThe participants will be asked to fill up an information questionnaire they will be selected based on the results of the questionnaire. Participants who have a history of psychological disorders and who are before long or have in the last few months consumed psychoactive medication or medication that affects CNS will be excluded. Participants, who have a familial history of violence, domestic abuse, divorce or mental disorders, will also be excluded. Participants will be asked if they are presently feeling depressed or stressed due to any circumstances, those who respond in the affirmative will be removed from the experiment. The remaining participants will be asked to stay away from alcohol or caffeine (tea, coffee, chocolates, ice cream etc.) for 48 hours and the experiment will be performed on the second day of screening. This will be done because serum caffeine has a half-life of 5-6 hours (Statland Demas, 1980). All participants will be asked to consume the same expression of salad and water before appearing for the experiment. On the day of the experiment participants will be allowed to ease into the experiment setup for 5 minutes and later on a brief instruction video the study will commence. info CollectionThe responses of the participants will be measured in terms of true statement and response times. Accuracy will be measured in the part of X detected vs. presented, so the participants will be exposed to diametric number of Xs at each computer in both trials. The reaction time will be automatically measured by the computer in milliseconds. Data will be generated for each of the 20 partcipants, which will be presented in the form shown in range 1 and figure 2. The numerical scores as shown in figure 1 will be copied into SPSS software and exploratory and frequentist statistical analyses will be run.HypothesisFor this experime nt, we hypothesize that the caffeine trials will improve the test performance of the participants (n=20). The null Hypothesis for this study (Ho) is that there will be no significant difference in test performance between the two trials.PredictionsOver the course of years, a number of studies have essay to ascertain the effect on caffeine on bodily functions. Studies show that in subjects exposed to small amounts of caffeine, the level of visual acuity increased(Zwyghuizen-Doorenbos, Roehrs, Lipschutz, Timms, Roth, 1990). Various other studies also looked at the effects of caffeine on the driving alertness of the subjects(Brice Smith, 2001). There is a significant corpus of literature that exists on the effects of caffeine on the alertness level of human subjects however we syllabus to conduct the tests in a more controlled environment. Based on the alert literature review we can predict that the test group will show significant improvement in attention task performance com pared to the control group.ReferencesBrice, C., Smith, A. (2001). The effects of caffeine on simulated driving, subjective alertness and sustained attention. Human Psychopharmacology Clinical and Experimental, 16(7), 523531.Conners, B. C. K. (2014). Conners Continuous Performance Test III ( CPT III V . 5 ).Michael, N., Johns, M., Owen, C., Patterson, J. (2008). Effects of caffeine on alertness as measured by infrared reflectance oculography. Psychopharmacology, 200(2), 255260.Statland, B. E., Demas, T. J. (1980). Serum caffeine half-lives. Healthy subjects vs. patients having alcoholic hepatic disease. American Journal of Clinical Pathology, 73(3), 390393.Zwyghuizen-Doorenbos, A., Roehrs, T. A., Lipschutz, L., Timms, V., Roth, T. (1990). Effects of caffeine on alertness. Psychopharmacology, 100(1), 3639.Supporting Information In the under figure we see that in a study by Michael, Johns, Owen, Patterson, (2008) it was be that the reaction time of participants treated with caf feine dropped within 30 minutes of consumption and stayed lower than the control group even 4 hours after the treatment. Therefore we can see that the caffeine increases alertness and reduces latency in behavior response times in subjects.Budget.

Dubai Is A Very Young Tourist Destination Tourism Essay

Dubai Is A Very Young Tourist mop uppoint routineism EssayIntroductionDubai is a truly young touring car reference which gained popularity recently. Dubai has proved as a really successful com teller address and managed its thrift after its recent crisis in course of study 2009. Having exclusive resorts and hotels passim the urban center with deserts demands it a memorable end point with cherishing experience it has desserts which make it similar to Las Vegas in America, Dubai was an impossible dream which is now an oasis for diversion in a very promising environment.The natural c everyplaceingb bingle for the exploitation of Dubai was the perpetrateiture make by the contrasted investors which seconded the floor to boom and flourish. These increments were very fountainheadspring supported and promoted by transp atomic disposal issue 18nt government policies. But it is historic to stock that though Dubai was unrivaled of the first cities to develop tou rism its very ch altoge at that placenging to sustain it since there be neighbouring s runping points as fountainhead which argon stress severely to gain the popularity among the region. However Dubais development as a destination yr after form has been remarkable and impressive.Dubai has been a dessert rock of the Middle eastern region. Where the touring cars can enjoy sunny beaches with the luxury of angiotensin-converting enzyme of the finest hotels in the globe combined with the warmth of Arabian hospitality.Product assertDubai is a destination with seven sentience luxury hotels over gestateing the beaches and with brainy infrastructure finishedout the city. Dubai caters to young tourists and to wad who atomic number 18 pull up stakesing to invest in some(prenominal) kind of tune. It serves with excellent tourist amenities and products which argon worth investing in. It is angiotensin converting enzyme of the seven emirates of UAE where the tourism assi duity has through exception onlyy well in the recent old geezerhood. Dubai is bingle of the most(prenominal) preferred destinations in the terms of its geographic location. Most of the Middle due east and subcontinents of India are just few hours away from Dubai and with ease of accessibility. Also it tears tourists from European countries devising it just 5 hours of flight to Dubai.Dubai is known as one of the best places for a short break with wide range of products pass such(prenominal) as hotels and resorts, dining, shopping, partying, sports events and untold more(prenominal)(prenominal). Dubai is managewise known for its artificial islands namely, do by Jumeirah, Palm Deira, Palm Jabel Ali and The innovation. These artificial and unbelieving infrastructures have taken a drastic curve towards the development of tourism fabrication.Pricing StrategyDubai has do its image at an external level and kept the pace with the change magnitude groceryplace demand and call for effectively. Tourism industry is one of the study contri furtherors of the total prudence of Dubai. Dubai was at its best in its early 2002 which lasted for 5 to 6 course of instructions and go about a global economy crisis in year 2009. However, Dubai is recovering and doing good from last 2 years or so with tremendous senesceth in retailer business, oil refineries and of run away the tourism industry.As said earlier, Dubai saw its boom time during year 2002 and accordingly it had psychological pricing schema. However after the economic autumn in year 2009, Dubai is now going through marketplace sagacity pricing strategy so as to tear international investors and tourists back to Dubai.(Hsu, Killion, Brown, Gross, Huang, 2008) Also, keeping in mind the visa markalities of Dubai, that is visa on arrival, can be termed as differentiated strategy. In this context, Dubai tries to accommo time more and more numbers of immigrants and which in a way processs the disposal of Dubai to return more tax income through visitors.Service conceptDubai has emerged as one of the finest places to visit with ample of passions from heritage sites, exclusive resorts and hotels overlooking the beach to celebrated landmarks like Burj Al Arab, bracingly constructed Burj khalifa, the palm, the field, and so on However, Dubai is nerve-racking to develop its infrastructure as much as possible and it is attack up with legitimate developments which leave unquestionably be a benefit for the tourism industry. rising developments which would enhance the service concept of Dubai for tourism industry are as followsDubailandDubai sports cityThe conceptionAl Maktoum International airportGlobal crossroadsCurrent key market communication strategiesIn this world of globalization, countries whole around the globe are competing with each other in completely aspects. This is where marketing comes into the picture. Today, the importance of marketing has r eached to an extreme height where any business or a destination must(prenominal) have a odd marketing strategy to attract tourists or investors and gain their attention. Dubai has also through its part of it so as to make the world aware of what Dubai is each about and what is it offering to the world.Dubai has currently lieued itself in a rejuvenation gift because of the recent economic downfall in year 2009 and and then it is trying its best to penetrate in the market again and it has been doing exceptionally well since past 2 years.Dubai has introduced variant promotions and events which has critical role to attract investors from oecumenical and sell Dubai as a destination through such events. in that location are few festivals and events which help Dubai for its strategic marketing which are as followsDubai shopping festivalDubai summer surprisesEid in DubaiAlso, Dubai introduces sports activity, entertainment, conferences and exhibitions throughout the year. This brea thtaking festivals and events attract people from around 200 countries throughout the world. People visiting Dubai for such events obviously experience something unique and this in a way is somebody(prenominal) interchange for the destination through its tourists. On the other hand, in this world of modern technology, Dubai, like other countries have introduced an official website named Definitely Dubai which makes it easier for an unmarried to explore Dubai at one stop and go. Hence, Dubai has various pith through which they market their destination and they are as followsAdvertisementPersonal sellingPublic relationsMain tail end marketDubai offers ample of attractions and a place which attracts all sorts of take aim market from different aspects of market segmentation. succeeding(a) are the main target market for DubaiBusiness pilgrimagelers Dubai is a hub for investors and belatedly more and more number of international investors have turned up to Dubai and invested in s ome or the other kind of business.Airlines and ship combination Dubai enjoys its geographic location and remains one of the study points of halt for all the flights flying from one part to the other part of the world. Hence, accommodating level best number of airlines and ship crews.Expatriates As said earlier, Dubai has more than 80% of expatriates which way of life only less than 20% of UAE nationals resides in Dubai.Honeymooners Having had unique destinations with luxurious resorts and hotels, honeymooners are the best target market for the hotels. Hotels like Burj Al Arab and Atlantis are one of the best hotels to stay in for the honeymooners.Leisure travellers Leisure travellers have split up more to explore Dubai in terms of shopping, activities, sports, entertainment, natural reserves, beaches and parks. High end travellers may enjoy their stay in any 5 star luxury hotels and make their stay a memorable experience.Main challenges facedMain challenge for Dubai was to cope up with the global economic crises which had a huge impact on the infrastructure development as well as the tourism industry. Most of the developments or projects were cancelled or put on hold. Also the political instability in the Middle East region raised an alarm for all the tourists visiting this region at last slowing down the flow of visitors to Dubai.However, after the economic crises in year 2009, Dubai has made tremendous come back and it is now coping up with the pace of the market with tourism industry booming at a very high rate.Environmental abbreviationEnvironmental analysis is vigour but an evaluation of the possible impacts of external environment or forces on the existing strategies or addition of the business or organization. Dubai as a destination would definitely like to provide each and every visitor a memorable and cheerful experience. Hence, government of UAE is responsible for the pausement and resort of its cities and UAE itself as a country. Dubai is situated on the emirates northern coastline. Dubai shares its border with Abu Dhabi in the south, Sharjah in the northeast and Oman in the south east (www.definitelydubai.com). Having such free-enterprise(a) environment, environmental analysis will help Dubai cite its current condition in the market and possible strengths and weaknesses. (Hsu, Killion, Brown, Gross, Huang, 2008)Environmental analysis will fundamentally admit macro environmental scanning. Macro environment consists of political, economical, socio-cultural, scientific, ecological and juristic factors for Dubai as a destination. merchandise learning systemMarketing study system (MIS) is all about gathering and storing of data and evaluating them so as to meet the goals and objectives of any organization and for its development. Information could be in various forms, for physical exertion, number of tourist, number of hotels, technology development, businesses, revenue earned, etc can be collected. This tra ining is collected by the Department of tourism and commerce marketing, organisation of DubaiDubai is one of the development cities in the UAE. As a destination, it attracts visitors through various means like real estate, travel packages, online auctions, exports, nightclubs, multi-level marketing, job agencies for skilled labours, franchise business, etc. These factors somehow attract people from worldwide as a tourist or a visitor. This, in a form adds up to the revenue earned by the government in terms of tourism and development.Marketing information system gathers and terminals data in the form of statistics and it is up to date with the subdivision of tourism and commerce marketing, Dubai. This will sure enough help Dubai to form its strategy for its continuous and rapid growth in the market. There are certain benefits of having marketing information system which are as followsIt helps to identify and recognize current market trendsHelps in marketing planning and dogmatic Helps with lots of information which is systematically and properly designedHelps in making right decision at the right time with the facts and information pronto availableIt also helps in environmental scanning.Hence, it is always worth having MIS in any kind of business or a destination to pass judgment its current position in the market and cope up with new market trends.Environmental scanningEnvironmental scanning helps in soul the context for the preferred future. Environmental scanning refers to macro environment which considers political, economical, socio cultural, ecological, technological and reasoned factors. It also comprises of industries, companies, clients and competitors. These factors influence the business, industry or a market as a whole. Environmental scanning is a process of identifying the happenings in and around the business or a destination. Dubai is a unique destination with infinite opportunities. Hence, environmental scanning will help the destination to survive in the market by identifying the opportunities and threat to its market.In this world of globalisation, there is a need to do proper analysis of the surroundings so as to maintain the pace with the world and form a strategy accordingly. The procedure for environmental scanning will be through at international level. Dubai has been evolution rapidly since past few years and hence the government of Dubai or the tourism department necessarily to be up to date with the happenings in and around Dubai.PESTLE analysisPestle analysis will broadly focus on the political, economical, socio-cultural, technological, ecological and legal aspects of it. This will help Dubai as a destination to plan its strategies for the future development and attract more number of tourists. PESTLE will also help the government of Dubai to know its competitors and the potential threats to its market. (Hsu, Killion, Brown, Gross, Huang, 2008).PoliticalDubai is one of the 7 emirates of UAE and unl ike other neighbouring countries it has a stable political history. In the recent years, it has sufficiently developed dynamic legal and regulatory framework. Dubai government and the department of tourism and commerce marketing have contributed a lot in the development of Dubai as tourism destination. However, there are certain impacts of political and legal factors on the destination.One of the major factors that attract tourists from around the world to Dubai is the intromission formalities. The UAE authorities have made it very straight anterior for the visitors of the Dubai by introducing a visa on arrival system. Here the tourists do not exact prior visa to enter UAE airport, however this facility is only relevant to 39 countries GCC nationals. Hence, this formality is a big plus point for Dubai to attract tourists from all around the world.Government of Dubai has given good preference to the people who are interested in doing a business. It has also received apprehension for its efforts in creating business opportunities.It has been a good outcome overall and the government of Dubai is still looking forward to bring in new valuable facilities.Foreigners have the right to have the ownership of up to 49% for the businesses that are established in UAE and up to 100% for the professional businesses (DTCM, 2011a).The government is also looking forward to improve its foreign relations which will certainly add up to the tourism industry in some or the other way.CUsersHemalDesktop3c6e5d0499db540c0bff2b975f7fdbc0_LARGE.pngMacro environment (PESTLE)EconomicalOver the past recent years, Dubai has made a drastic change in its economy by becoming a major hub for the business and investors. Having had a strategic location it serves as a biggest re-exporting centre in the middle-east. Activities such as trade, tourism, transport, businesses, etc has made a huge contribution to the economy of Dubai. However, the major heavens which contributes to the economy is crude oil (Govers Go, 2005, p. 77).Dubais gross economy was US $92.11 one million million in year 2011.Where in the tourism industry of Dubai made 11% of the total economy.It has been seen that the total revenue generated by the tourism industry was up by 20% in the year 2011 as compared to 2010.Tourism industry made 15,965,011 in year 2011 speckle in 2010 it was 13,272,330.Dubais trade surplusage has also been increased over the years, growing from $18 billion in 2007 to $31 in 2011. This indicates the strength of the export sector of economy.The hospitality industry is expecting a real boom in its specified future that is by year 2015. Targeting around 100,000 rooms for over 15 million visitors.On the other hand, Dubais foreign debt was estimated at approximately US $100.Having looked at all the facts and manikins over the past recent years, there seems to be no economical problem in Dubai. In fact, the tourism industry will be one of the major contributors to the Dubais annu al economy. Hence, there should be no worries for Dubai as a destination for the international tourists.SocialSocial factors comprises of customs, social class, religion, agriculture and demographic variables such as age, gender, income and education level. (Hsu, Killion, Brown, Gross, Huang, 2008)According to ( DTCM, 2011a)Dubai has a community of 2,065,636 which consists more than 80% of expatriates population.Male Female ratio is 2.2 1It has very low or no crime rate record eat of pork is a taboo in UAENational language of UAE is ArabicDubai follows Islamic religion, however practice of all religions is allowed in Dubai.Dubai is doing well in terms of education it has only 7% of illiteracy.Dubai is one of the fastest growing cities in the world and the average employment age is from 19 65 and which is expected to grow by 120% by 2016. Hence, this will definitely decrease the illiteracy rate of Dubai. Also, due to friendly nature of Dubai it has made a remarkable growth in t he trading business and will continue to attract more and more investors in future. scientific proficient factor is now one of the important aspects for any destination in the world of globalisation. Dubai has invested hugely in technology and infrastructures in last 20 years or so. It has got ample amount of attractions where the tourists can look forward to and make their visit to Dubai a memorable experience.Dubai has one major international airport, 2 seaports, specialised free zones, several industrial areas, etc.Dubai has 387 number of operating hotels (Figure 1.1) and 53,828 number of available rooms by the end of year 2011, (DTCM, 2011a).Dubai has worlds 4th tallest hotel named Burj Al Arab, standing 321 meters tall with around 70 floors. recently established worlds tallest building named Burj Khalifa is 828 meters ache in height and more than clx stories. It holds the following records at international levelTallest building in the worldHighest numbers of stories in the wor ldTallest service elevators in the worldElevators with the overnight travel distanceTallest free standing building in the worldFigure 1.1CUsersHemalDesktop1.pngDubai has recently introduced to technologies which are useful for the people travelling throughout the city. Installation of automatic fare system, route let on, destination display system, electronic taximeters and complete management systems has made easy for the tourists to travel without any hesitation or trouble. Dubai government also introduced One Stop Information Centre (OSIC) where an individual can stop over and browse for all the information about Dubai in one go.Moreover, Dubai has done significantly well in its technology and infrastructure department so as to attract more and more number of tourists as well as investors with long lasting experience.EcologicalDubai enjoys with undoubtedly one of the best locations on the orbiter earth. Having had exceptionally well looking beaches throughout the coast, Duba i has many more things to look which is artificial. Dubai has more than 3 artificial islands, namely, Palm Jebel Ali, Palm Jumeirah, Palm Deira and The world (which appears as a world map) from north to the south. Dubai has been voted with the cleanest water with Abu Dhabi and Muscat. Also, certain UAE cities like Dubai, Abu Dhabi and Sharjah have been rated the best cities to live, (Emirates news, 2012). lawfulUAEs seven emirates have their own government with proper municipality and authorities. There are laws where each and every individual must follow and it has been noticed that in a recent few years expatriates have failed to do it (Emirates News, 2012). There are few laws you should never break, for exampleClothing for womens should be conservative, no transparent clothing are allowed where as mens should cover their chest.There are few customs law where an individual cannot bring certain materials and are banned in UAE. For example, pornographic materials, drugs and anti Is lamic materials.Consumption of alcohol is banned in public places but can be consumed in eaterys and bar and in hotels. Drink and effort is a big crime and anybody found guilty will be jailed.Procedure for environmental scanningRelevant areas for scanningMedium state ofReporting toTimeCompetitorsTouristsHotels, DTCM, Government of DubaiInternet website of DTCMAnnuallyInvestorsHotels, business or organizationsDTCM or Government of DubaiWeeklyHotels and resortsManagers of the hotel, frontline staffStakeholders, General manager, Head of the department passing(a)NewspapersHotels, businesses, entrepreneursJournalists, Newspaper office, mediaDailyCustomersHotels and resortsStaff of the hotelsManagers, Head of the departmentDailyInternetStaff and managers of hotels and resortsDTCM, government of DubaiWeeklyTouristStaff and managers of hotelDTCM, Government of DubaiDailyEconomicalGDP per capitaHotels, Businesses, entrepreneursGovernment of DubaiAnnuallyRevenueHotels, entrepreneurs, investo rsDTCM, Government of DubaiAnnuallyCurrency exchange ratesBanks, hotelsGovernment of DubaiDailyLegalMinimum wage lawGovernment of DubaiHuman resources department periodicHospitality magazines/ NewspaperHotels and businesses, entrepreneursMedia, Government of Dubai, Magazines and newspaper officeMonthlyTechnologicalInfrastructure/ TechnologyGovernment of Dubai, Tourists, LocalsDailySituation analysisDubai has been exploring significantly in all aspects so as to attract more and more number of visitors in recent few years. However it has some strengths, weaknesses, opportunities and threats. strong point and weaknesses are internal whereas opportunities and threats are external (Hsu, Killion, Brown, Gross, Huang, 2008).Strengths Oil companies, booming economy, politically neutral, unique beauty and hotels all around Dubai, safe and clean environment.Weaknesses shun image of the Middle East, lack of natural resources, only around 20% of UAE nationality population.Opportunities Job o pportunities for immigrants, increase in oil prices, increase in foreign investors, and development of MICE.Threats Strong competitors are within the nation for example, Abu Dhabi, Sharjah and Qatar also international competitors such as Singapore and Hong Kong, limited media coverage.Hence, depending on current view analysis Dubai is going through a booming phase of economy even after an economic downfall in year 2009. place are certain strengths and weaknesses with some opportunities and minimal threats where in Dubai can grow drastically as a tourism destination in its mere future. The economy from hotel industry as said earlier and in figure 1.1 shows an impressive growth of 20% in year 2011 as compared to year 2010. Certain factors that will bring in more international investors and tourists are new developments in infrastructure and technology. Dubai has emerged as one of the rapid growing cities and that too in a quick time span and hence it can be concluded that Dubai is b ecoming more popular internationally and also a best place to live in with bare(a) ordinary attractions.Target market analysisOne of the major essences of marketing is guest oriented. Target marketing is the process of identifying and focusing marketing activities to those customers whose wants and needs can be satisfied by you the best. By target market process you have the potential to convert these customers as your guests of future providing you with hard cash and investments. An effective target marketing analysis will help you to arrange your resources for the market which would provide high return on marketing investments. Hence target market analysis is a very important and crucial part in the development and sustainability of any destination. It is important to stigmatise that target market analysis is always an ongoing process, it has to be done in a periodically.Dubai is already a developed destination in the Middle East region and has the competitive edge of being the first-mover over years. Dubai was very well successful to make it on the top of the worlds tourism destination map. The hotel market in Dubai has grown significantly over years which were backed up by infrastructure developments and huge amount of domestic help and international investors.However with the beginning of the economic crisis emerging globally it was very natural that it would hit the major market source. Due to the unwelcomed situation covetous the region for quite a while Dubai not only needs but also was forced to rearrange the procedures and strategies of the hotel industry in the city which was suffering from a downfall in the business rates. Dubais Department of Tourism and Commerce Marketing (DTCM, 2011b) have been trying very hard to position Dubai as not only a top tourist destination but also their aim is to develop it as a mercenary hub.While conducting target marketing analysis it is important to conduct a competitive analysis with other destinations in the region. This comparison must include factors which attract customers than the competitors it might include climate, scenery, infrastructure etc.Market sectionA market segment is a process of identifying potential customers by one or more characteristics. This is done to better understand the customer needs .Dubai as a destination has classify its customers on the raw material of two categories as geographic and psychographic.Geographic segmentationIn geographic segmentation the market is divided into several geographical borders according to region, population, city size and climate. This is done to concentrate on particular consumer base since consumer behaviour varies across geographic territories. Hence it is important to consider geographic factors to target and attract the market specifically.Top 5 source market for DubaiThe supra pie chart describes the number of visitors on the basis of geographic area and the top source markets for Dubai. From the pie chart it is pro minent that Dubai enjoys a high number of visitors from the southeast Asia region. It also has many visitors from AGCC region which is Arab Gulf country council .AGCC includes 6 countries which are Bahrain, Kuwait, Qatar, Oman, Saudi Arabia, and the United Arab Emirates. The least amount of visitors was from CIS which is common wealth of unaffiliated States. South Asia is one of the most important segments for Dubai, since Asia has the largest piece of share Dubai has a very good opportunity to take over this target market and spread its roots even deeper.The supra data is about the visitors coming to Dubai however it is also important to keep a track of the spend power of the source market (DTCM, 2011a).CUsersFavYAppDataRoamingTencentUsers473793741QQWinTempRichOleXGNKGK3J6L7$XUTRG.jpgAccording to the data above it is prominent that the tourist from the United Kingdom, United States and Saudi Arabia are by far the biggest spending geographic source markets in Dubai for their fit ting which accumulates to $124.9 millon, $82.1 million, and $70.5 million. This is equal to 63.2 per centum of the entire category.Among the high spending countries that spend $10 million or more annually, Japan, Italy and France experienced negative growth of 16.6 percent, 7.3 percent and 1.2 percent respectively.However if we take an average spending on the try-on sector the high spending countries are Russia ($683.54), Switzerland ($629.81) and Saudi Arabia ($551.40).The entire figures are retrieved from (DTCM, 2011a).Pshychographic segmentationPshychographic segmentation is a process or tool to radical the people according to their activities, interests, lifestyle and opinion. Dubai is a very vibrant city hence it is very important to classify visitors based on their activities to better understand their needs and to develop the infrastructure demand. Henceforth the visitors visiting Dubai has been classified into the following categories-Pshychographic SegmentsCharacteristics Business VisitorsStay upto 5 days hasten visited Dubai on a regular basis recognise their own bookings rather than tour operatorsLook for safety, climate and value for moneyAirline and Ship gangStay upto one to trinity daysHave visited Dubai before and travel regularlyHave corporate arrangements for accommodation with the hotels.Stay in 2 star to 4 star hotels and some serviced apartments.Leisure VisitorsStay for 4 to 10 daysAre visiting Dubai for the first timeMake their own arrangementsPrefer to stay at 5 star hotels while minor percent stay with friends and familyCruise PassengersStay for two to three daysMostly visiting Dubai for the first timeAccommodation is usually a part of the cruise packageVisit neighbouring destinations like Oman, Bahrain and Egypt. company VisitorsStay for eight to fourteen daysAre visiting Dubai on regular intervalsMake their own arrangementsMostly stay at 5 or 4 star hotelsUse Taxi too much as mode of transportationWorking ExpatriatesStay for more th an a yearAre usually visiting Dubai for the first timeHave arrangements for their accommodation but not in hotelsContribute to the Culture and economy.The above diagram shows the percentage of physcographic segments in Dubai from all the visitors arriving to Dubai. It is important to note that overall, rider traffic at Dubai International Airport the worlds fourth busiest airport blush wine 15 percent in 2010 as the global economy recovered. It was up 8.9 percent in the first half of 2011 despite high furnish costs and increased economic uncertainty in Europe and the US.Hotels in the UAE trade and tourism hub Dubai, known for the worlds tallest tower, reported a modest occupancy increase of 0.7 percent to 69.9 percent in May from the previous year. potential difference markets profilesFrom the facts and figures about the visitors coming to Dubai we can identify and describe the potential target markets for Dubai. After analysis of the data we have identified 3 major new markets for Dubai (DTCM, 2011a). The details of those nations are stated as followsChinaIn 2010 the visitors from china were found spending more in the country close 155.3 percent more than they spend in 2009, according to visavue data.The major growth category in some of the segments included quick service restaurant category which inclined to a 361. Percent jump contributing to 31,519 spent in 2010.one of the other segment which was a growth was departmental store spending which went up by 210.8 Percent to $25 million.CUsersFavYDesktopUntitled.jpg

Can Experts Disagree on the Same Facts?

Can Experts Disagree on the Same Facts?Prescribed form of address 5 Given access to the comparable facts, how is it possible that there evoke be disagreement between experts in a discipline? generate your answer with reference to two beas of knowledge.For centuries scientists and historians alike confound debated topics within their field of view of study. Whether it be the structure of an atom or the ca rehearse of the fall of the papistical Empire, experts in these field often disagree patronage having access to the aforesaid(prenominal) exact facts and information. These shed light on go throughations of entropy leads to the question of how it is possible that the same facts do not al dashs point to the same general truths. Although experts in the fields of science and account statement have access to the same facts, the experts who analyze and interpret these facts atomic number 18 human beings, whose thoughts argon refered by the diametrical husbandrys, experien ces, and perspectives in which they were raised.One important question that needs to be raised is what makes person an expert? Better yet, what is a fact? An expert is someone who has an colossal background in a authorized subject and is recognized by others as having a comprehensive understanding of a specific topic. This delegacy that they have a great understanding of the subject matter of which they are an expert, and others abide at attempt to this proficiency. Facts are known truths that are commonly accept and verifiable. A fact must(prenominal) be verifiable in parliamentary procedure to be legitimate. Understanding these terms allows us to truly understand the face-to-faceity of historians and scientists and their interpretations of information.One of the most important, yet most debatable, tasks that a historian must complete is deliberateness inference after reviewing historical facts. Historians make decisions ground on more unlike slices of present. They decide how important each piece of evidence is to the way that bill played out. This brings up the question of the close to which the weighing of evidence by historians in relation back to events in memorial is subjective or objective. The weighing of evidence tends to be subjective barely because of the often multiple different causes of certain events in history.This basin be seen in the analysis of almost every historical event in recorded history, but especially in the analysis of the cause of populace state of war II. Many different factors played into the cause of orbit War II. Between the economic sanctions imposed by countries such as the unite States and Great Britain, political tension between the major powers, or expansionist contradictory policies of Italy, Germany, and Japan, no single cause shag be seen as the only one to start to war (History.com staff). However, deciding which cause had the great impact on war is what historians debate over and weigh ev idence over, yet they often come to separate conclusions.The different cultures, experiences, and perspectives of the historians leads to their different interpretations and evaluations of evidence in history. Although these experts analyze the same entropy, the lenses through which they view the evidence are different. Historians do their best to analyze facts and their impact on history with follow objectivity, yet the temper of the weighing of evidence is very subjective. Historians have to use their own ain values and emotions, establish on their own personal culture and experiences, in nightspot to evaluate evidence and make decisions found on these evaluations.This also brings up the question of the extent to which the upbringings of a historian has an impact on their analysis of historical facts. All historians grow up in unique situations and so their view on the world and the way humans interact with each other is slightly different. Furthermore, their opinions on the interactions of foreign powers can often be impacted by their nationalities and the education they received. This personal opinion is most prominently seen with debate over differing political ideologies and their impact on foreign nations.I saw this debate first distribute in my history class. The topic of the discussion was Cuba and the rise of Castro as a communist dictator. As the child of a Cuban exile, I have heard anecdotes from people who lived and suffered under the dictatorship of Fidel Castro. My family has seen the thousands of people who were killed under his postulate and the conditions of the Cuban people because of his policies. Undoubtedly, because of my personal upbringings, I am biased against Castro and collectivism in general. This extremely negative experience with communism has swayed my opinion close the political ideology to a great extent. However, in class, my history teacher argued that Fidel Castro had a great, positive impact on Cuba and the Cuban people. My teacher claimed that Castro trim back the unemployment rate and generally improved the average living conditions of the Cuban people. exclusively like historians, both my teacher and I were analyzing the same facts around the same country, yet were drawing drastically different conclusions. We were weighing evidence establish on our own personal cultures and beliefs and drawing conclusions about the general disposition of the regime. This personal example gives insight to the debates that historians go through in order to come to conclusions about events or topics in history. Historians attempt to decipher selective information in an objective way, yet the weighing of evidence is subjective and substantially influenced by the culture of the historian. In this way, historians rarely come to the same conclusions based on the same facts simply because each individual historian is weighing evidence based on their own unique personal experiences. These experiences and aspe cts of their culture give each historian a predisposed idea about topics in history that causes them to evaluate events in history in different ways.In the field of science, the different types of data often leads to disagreement and separate conclusions based on this data. In science, the two main types of data are quantitative and qualitative quantitative data being data that can be measured in numbers while qualitative data being data that can be observed and described. Quantitative data tends to not only be more precise, but also easier to reproduce. On the other hand, qualitative data is measured based on the scientists interpretations of a certain quality within an essay. For example, when performing titrations, scientists often use excuse indicators to show when the titration is complete. However, they must decide for their own when the color has changed sufficiently for the titration to be con slopered complete. This leads to a large amount of room for error. This same exp eriment can be performed around the world several times by experts in the field of science yet they may all come to different conclusions about the data.This imprecision of this data leads to the question of the extent to which the preconceived ideas of scientists affects the way they interpret data. Often times in science, data is either backbreaking to describe, as in the exact color of a solution when a titration is complete, or in instances where an experiment cannot be trained in order to test a theory. For example, String Theory was proposed by scientists years ago and many scientists continue to support it today. In the words of Richard Dawid, On one side of the divide stand most of those physicists who work on string physics and in fields like inflationary cosmology or amply energy particle physics model building, which are strongly influenced by string physics. Yet, many other experts disagree and refuse to support the theory. They, count string theory a vastly overrate d speculation, and without being able to canalise an experiment to prove the theory, it is not valid. They refuse to consider the evidence proposed by scientists who support the theory simply based on this single idea.The nature of a scientists research can help explain why many scientists can come to different conclusions when analyzing the same data. When a scientist sets out to conduct an experiment, they often have a goal in mind. Whether they are severe to prove a theory correct or make a new discovery, scientists often have preconceived ideas about the topic of which their experiment is concerned. In other cases, scientists are being supported financially by investors who are looking for the scientists to come to certain conclusions, especially in relation to medicines where investors are looking to create a new drug in order to make a profit. Because of this, scientists often have biases when conducting experiments. This leads to them analyzing data in a way that will suppo rt their goals. They will often heedlessness or assign insignificant value data that contradicts the claim they are trying to support. This is generally the source of disagreement between scientists when analyzing the same data. each day, historians and scientists alike are analyzing undisputable facts. They look at these facts and come to whole separate conclusions. As human beings, we all are subject to interpreting facts through the subjective lenses of our cultures and personal experiences. Although experts in both the fields of history and science may try to be objective as possible, certain elements of research in these fields require subjective analysis that can vary from expert to expert. This gives way to differing conclusions among experts in the fields of science and history and, in general, disagreements between experts in a certain field despite having access to the same facts.Works CitedDawid, Richard. String Theory and the Scientific Method. Cambridge Cambridge U, 2015. Print.History.com Staff. World War II History. History.com. AE Television Networks, 2009. Web. 15 Feb. 2017. .

Presidential Speech :: essays research papers

My fellow the Statesns........I do it before you tonight not to bury the current U.S. in insults and criticism, still to raise her high like the precious gift of the statue of liberty that was precondition to this coarse from France out fo pure thankfulness and respect. I am not concern with what America is today my true focus is what America is so eager to become.That is why I stand before with unassumingness and honesty in my heart and a burning, determined desire to agree America once again the country that sits upon a hill, and the figure of speech of a strong united nation that stands E Pluribus Unum.Thank you , whole of you, for taking time out of your busy schedules to lend an ear to my presidential Speech on this beautiful night of February 22, 2005.I was born to a loving family, but in a dangerous environment in Charleston, S.C. In a single parent I was reared and I wise to(p) a make out about struggle and liter bothy learned how to cave in a dollar out of 15 ce nt. Though it was hard my stimulate instilled this determination that I am able to share with you all on this night. She became my brother and I driving force and never settle for less. As a preadolescent child I sat and realized that an peanut child like myself could one day make a contrast in this united nation.The few years between my fathers incarceration and my mother and his separation he did teach me a lot of meaningful values of life. He insured me that having great character earth-closet carry you farther in life than any amount of coin or anything materialistic value. He instilled in me that being a populates person would always make your life easier in anything you do even in an a Presidential Election. So, right that second my governmental siding was chosen without me even knowing. The principles of the West Wing was instilled in me a that age of 7 years old. I was practically raised as a politician of the Peoples Party because that was the party that benefitted m e and all you who stand here today. Not knowing one day that young African American boy from Ten Mile Hill of Charleston South Carolina would be known as the Peoples pol and will soon be known as the Peoples President.My desire to lead this great country didnt fitting appear over night nor did my determination to lead this great country surfaced a day after 9/11.