Walmart joint venture with Big C Thailand Essay

Walmart joint venture with Big C Thailand - Essay Example These evidences are gathered with the help of strategic tools such as PESTLE analysis of Thailand which would be helpful in providing an inside into the fundamental human resources requirement and the potential candidates from within Thailand to fill the new job places. The human resource practices of Wal-Mart will also be evaluated with respect to the impact of the business environment on the global horizon. To support the evidences presented in the report, the author will provide theoretical background pertaining to international human resource management and see if Wal-Mart’s human resource function are in accordance with the international standards or are there any changes required in the strategic human resource management of the retail giant. The author would conclude this report by demonstrating the skill set and personality traits. These traits are required to achieve organizational goals and objectives successfully. It is possible with the help of strengthening the re lationship with the colleagues. International Human Resource Strategy Overview of Thai Retail Sector The net worth of Thai retail sector stands at Baht 1.4 trillion as of 2011 and is considered an important pillar of country’s economy. The sector reported a sector growth of 5% by the end of 2011 with the Retail Sale Index of 186.5 for the same period. Due to the economic reforms introduced by the government in post-political crisis scenario has helped the sector gain strength, the major contributor being the export sector within the retail industry (Thailand Retail, Food & Hospitality Services, 2011). PESTEL Analysis of Thailand Political Environment After the political crisis stretching from 2008 to 2011, Thailand is on the road to recovery and brings stability in its infrastructure to invite tourists to the country, which has always remained the focal industry of Thailand, and open new doors for business. The positive political outlook and the development of infrastructure along with the security provided to the individuals (Henry, 2008), Thailand is considered as shoppers’ heaven and both nationals and foreigners spend enormous amounts on the purchase of items available at retail stores. Economic Environment Majority of Thailand’s economy depends upon the gross domestic product of the manufacturing sector which accounts for about two third of Thailand’s exports. Whereas, exports are the area which generates most of revenue for Thailand’s government and the country is considered as one of the biggest exporters of manufactured goods in the world. The reforms introduced by the New Government in Thailand have helped the economy to stabilize. Since coming out of the recent political disturbance, Thailand has invested $ 57 billion on the development of infrastructure for local and international businesses (Naranlala School of Industrial Management and Computer Science, 2013; Trueba, Esteban, 2011). Society/Culture of Thailand Ye ars of political and economic crisis within the country had produced the urge to achieve national goals and objectives amongst the Thai society. For this reason, Thai businessmen and working class is considered as hard workers so that they can achieve what they want. Merit regarded as being essential for qualifying for fields in the life. Huge number of foreigners, some of them residing within the country and the majority of them coming into Thailand as tourists, has

Design Essay Example | Topics and Well Written Essays - 3000 words

Design - Essay Example ; the contribution of the research to the field and to the society; the value of the research to the researcher; and how the research will be perceived. In carrying out the design project, design methods have been sought that can be relevant throughout the design process. This implies gathering the necessary design literatures. When it comes to online search for design literatures, the key word for the search will be ‘design method’ even though this is expected to generate general results, some not related with the design subject being handled. Both secondary and primary sources will be used in the process so as to develop a concrete project that fully satisfies the vision and mission of the project. Given the magnitude of the project, stakeholder involvement in the setting the mission and vision is very critical (Clarke, 2008). As such, a meeting with key stakeholders will be necessary. Additionally, a diverse team will be assembled which will be instrumental in implementing the vision and mission of the project. Further, scenarios of user experience will be explored; the target group defined in terms of gender, age an d income range, where they live, their culture and their general preferences. Even as the project will be ongoing, more literatures will be assessed to further enhance creativity and expand the scope of ideas in terms of design. Given the nature of the project, strategic thinking will be of critical importance in ensuring that critical business assumptions are not missed (Gordon et al., 1998). It will also enable better conception of ways of managing the project. Establishing a strategic story would add value to the project and create a measure of uniqueness that will distinguish the project from the rest. Reading the book â€Å"The Business Model Canvas†, some vital questions regarding the personal project have emerged. Using the building blocks mentioned above, systematic strategic plan that is highly likely to result in the successful

Postcolonial Criticism Has Embraced Cultural Studies Essay

Postcolonial Criticism Has Embraced Cultural Studies Essay After the end of World War II, there occurred a large-scale process of decolonization of the territories subjugated by most of the imperial powers (Britain, France, the Netherlands, Belgium). Postcolonial literature and criticism arose both during and after the struggles of many nations in Africa, Asia, Latin America, and elsewhere for independence from colonial rule. The 1950s and 1960s saw the publication of seminal texts of postcolonialism: Aimà © Cà ©saires Discours sur le colonialisme, and Frantz Fanons Black Skin, White Masks. In 1958, Chinua Achebe published his novel Things Fall Apart. George Lammings The Pleasures of Exile appeared in 1960 and Fanons The Wretched of the Earth followed in 1961. In his book Postclonialism: A Very Short Introduction, Robert Young regarded that the founding moment of postcolonial theory was the journal the Tricontinental, which initiated the first global alliance of the peoples of the three continents against imperialism (Young 16-17). E. ii. Main aims of the theory Postcolonial criticism has embraced a number of aims: most fundamentally, to re-examine the history of colonialism from the perspective of the colonized; to determine the economic, political, and cultural impact of colonialism on both the colonized peoples and the colonizing powers; to analyze the process of decolonization; and above all, the contestation of forms of hegemony, and the articulation of political and cultural identities (Young, White Mythologies, 11). Early voices of anti-imperialism stressed the need to develop or return to indigenous literary traditions so as to restore their cultural heritage eclipsed by the imperial domination  [1]  . Other prominent voices, such as Said and Spivak, have advocated a deconstructive critique of Western discursive formation of knowledge in order to attain their own political and Acultural ends. However, recent voices, led by Homi Bhabha, have embraced the notion of hybridity as a space of cultural articulation and negotiation. E. iii. Scope and projects The scope of postcolonial discourse extends over the domains of gender, race, ethnicity, and class. Indeed, it might be an oversimplification to treat either the colonizer or the colonized as homogeneous entities, which can somehow be mutually opposed. Such a rigid division undermines the fact that both class exploitation and gender oppression function in both the West and in colonized nations (Young 8-9). Hence, postcolonial discourse has been associated with ethnic studies of various minorities in Western societies such as African-American, Native American, Latin American, and womens studies. All of these discourses have challenged the main streams of Western philosophy, literature, and ideology. In this respect, it has become a common project to question and revaluate the literary and cultural canon in Western institutions. The 1960s saw left-wing uprisings against the elements of liberal humanism: Western democracy, the Enlightenment rationalism, objectivity, and individual auton omy. This reaction against the Western mainstream tradition was fostered largely by the emergence of French literary theory, which insisted that the text was an indirect expression and often a justification of the prevailing power structure. This structure was inevitably a hierarchy in which the voices of minorities, women, and the working classes were suppressed. In fact, the appeal to timeless truths in the Western literature, which is presumably claimed as universal in its scope and purpose, has always transcended historical, economic, and political contexts. Such claim reveals the extent to which Eurocentric representations of the Self, resting on the Enlightenment project of rationality, progress, civilization, and moral agency, were constructed on a binary opposition to various forms of Otherness, which are founded on polarized images such as superstition, backwardness, barbarism, and moral incapacity. E. iv. Recent developments in the postcolonial theory Saids landmark work Orientalism appeared in 1978. More recent works include The Empire Writes Back (1989) by Bill Ashcroft, Gareth Griffiths, and Helen Tiffin and Gayatri Spivaks The Post-Colonial Critic (1990), as well as work by Abdul JanMohamed, Benita Parry and most importantly Homi Bhabhas The Location of Culture (1994). In his book White Mythologies, Robert Young sees postcolonialism as continuing to derive its inspiration from the anti-colonial struggles of the colonial era. Anti-colonialism had many of the characteristics commonly associated with postcolonialism such as diaspora, transnational migration and transcultural identities. Ashcroft, Griffiths, and Tiffin also use the term postcolonialism in a comprehensive sense to cover all the history impacted by imperialism from the moment of colonization to the present day, which is a form of continuity between the colonial and postcolonial periods. Most of the exponents of postcolonialism have regarded the trio: Said, Spivak and Bhabha, as the most influential theorists of what has become known as postcolonialism  [2]  . Their works have largely been at the center of various contemporary postcolonial debates. Saids Orientalism is generally regarded as having inaugurated the field of explicitly postcolonial criticism in the West. He argues that the Western representation of the Orient was produced by the imaginative geography of Western scholarship and has been instrumental in the colonization and domination of non-Western societies. Postcolonial theory reverses the historical center/margin direction of cultural studies. Critiques of the metropolis and capital now emanate from the former colonies. Moreover, Homi K. Bhabha has questioned the binary thought that produces the dichotomies-center/margin, white/black, and colonizer/colonized-by which colonial practices are justified. The work of Gayatri C. Spivak has focused atten tion on the question of who speaks for the colonial Other and the relation of the ownership of discourse and representation to the development of the postcolonial subjectivity. Nowadays, postcolonialism offers a fundamental critique of the ideology of colonial domination and at the same time seeks to subvert the essentialist thought that produced conceptual as well as economic divides between West and East, civilized and uncivilized, First and Third Worlds. In this respect, postcolonial theory has brought fresh perspectives to the role of colonized peoples- their wealth, labor, and culture- in the development of modern European nation states. While postcolonial criticism emerged in the historical moment following the collapse of the modern colonial empires, the increasing globalization of culture, including the imperialism of multinational capitalism, suggests a continued relevance for this field of study. E. v. Delimitation of postcolonial theory Postcolonial theory, as any other theoretical approach, has conceptual boundaries and limitations. Although it offers a theoretical approach that highlights the importance of examining the present colonial legacies, most of the early literature in postcolonial theory has emerged from the decolonized world of the twentieth century that theorizes mostly from the British imperial discourse. Thus, for the most part, it has not only overlooked the (post)colonial texts written in native languages, but also created a kind of postcolonial canon that has so far reinforced and maintained the supremacy of the colonizers language that has served as a tool for colonialism and imperialism. According to Wail Hassan and Rebecca Saunders, Anglophone postcolonial studies have sustained British literature as a frame of reference (18). Therefore, only Commonwealth Anglophone writers are introduced to English departments, while writers who write in their native languages are neglected. As a result, Anglo phone postcolonial literature is a highly selective field [] [that consolidates] the argument that Anglophone postcolonialism has become a mimic canon that functions effectively to reinforce neocolonial hegemony (Hassan and Saunders 18). Nevertheless, the use of english  [3]  as the language of expression makes the postcolonial works available to a wider audience and, thus, gives voice to ex-colonial subjects (Subaltern/Other) to speak for themselves and restitute the agency of self-representation. According to Ashcroft, through using E/english, colonized people have subverted the tropes by which they have habitually been marginalized, and, ultimately, have permanently influenced even the educational disciplines by which those tropes were perpetuated (Ashcroft, On Postcolonial Futures, 2).

Acupressure and Shiatsu :: Health Therapy Asia Papers

Acupressure and Shiatsu Massage Therapy/ Oriental methods/ Acupressure and Shiatsu The Purpose of Acupressure/ How Acupressure Works/ Claims of Acupressure/ Support of Claims/ The Purpose of Shiatsu/ How Shiatsu Works/ Claims of Shiatsu/ Support of the Claims/ Conclusion/ Tests ans Studies Massage Therapy Massage therapy is a procedure that affects all systems of the body; digestive, respiratory, lymphatic, circulatory, endocrine and the nervous system. Massage can change the blood by increasing the oxygen capacity, affect the muscles, increase the body's secretions and excretions, affect the nervous system, enhance skin condition and it affects internal organs. Massages benefit you physically, emotionally, spiritually and mentally. Examples of such benefits are stress relief, a relaxed state, quicker recovery time and a bigger sense of self awareness. Massage aids in the circulation of blood, the movement of the lymphatic fluid, the release of toxins, the release of tension, mind/body integration, reduction of stress, energy and enhancement of all bodily systems. It was found in a study of University of Miami students that " a month's worth of massages heightened brain wave activities, decreased anxiety and helped students complete math problems in half the time and with f ewer errors." ( http://www.latimes.com:80/CNS_DAYS/980831/t000079147.html) There are many different methods of massage therapy such as traditional European massages, Contemporary western massages, Structual/Movement/Functional/Integration massages, oriental methods and energetic methods. Oriental Methods " The goal of oriental medicine is to diagnose the nature of imbalance- to discern the 'pattern of disharmony', not to diagnose the name of the disease. There is a saying ' illness is goodness'. Health is balance- illness is a signal of imbalance, and of the body's action to regain that balance." (http://www.shiatsucanada.com/shiatsu/oriental.htm) Oriental methods are taken from the fundamentals of Chinese medicine which are based on flow of energy or chi through the meridians. The oriental way of thinking is the yin and yang. Therefore, the oriental view of good health is when there is a balance between the yin and the yang. The yin is cold, dark and interior while the yang is warm, light and exterior. Despite the fact that they are complete opposites, the Orientals view them as one. " They create each other, define each other, control each other and transform into each other." ( http://www.shiatsucanada.com/shiatsu/oriental.htm) Health includes one's physical, spiritual and emotional roles.

Hotel Repositioning

{draw:frame} University of Derby/Buxton Hospitality Management MA Hotel Renovation A Tool For Repositioning In the Hotel Industry Submission Date: 7th May 2009 Business Analysis and Decision Making Student: Nana Yaa Addo Module Leader: Norman Dindsdale Introduction The hospitality industry has grown phenomenally since 2001 and has been driven by both leisure and business demand (kloppers 2005). The needs of the consumer have now become dynamic rather than static. Consumers today have a strong desire for luxury in every sense of the word be it travel, goods or even a night stay in a hotel, thereby creating a competitive environment among business owners and organisations to come up with innovative ways to increase and also retain their business. Altstiel and Grow (2005 p. 28) similarly states that â€Å"people do not buy things but rather a satisfaction of their wants and needs. Therefore the hospitality industry being a service sector is not an exception as the industry must also meet challenges by formulating and implementing strategies that will meet today’s economic conditions and also satisfy customer needs. This report focuses on how hotel renovation can be used as a tool for repositioning in hotel operations. It will explore the theory behind repositioning and test the theory by looking at some case studies within the industry, it will also try to identify its challenges and successes and see how it could be undertaken in the fu ture. Main body The term repositioning has been used side by side with positioning, branding or new product development and has a wide range of definition, as a result it has no exclusive accepted definition. For example, the work of Hassien and Baum (2002p146) give the following definitions of the term which perceives a greater understanding. (Lovelock,1996;Lewis et al;1995) define the term as the changing of the existing position without referring to its implementation (Hart and Stapleton, 1987; Collin, 1989; Jefkins, 1987; Ries and Trout,1986) define it as an advertising trategy by which the company can change the image of its product and the perception of people about it. Booz, Allen and Hamilton (1982) define the term as one of the six categories of new products in terms of their newness to the company and to the marketplace, as being the process of targeting the existing products to new markets or market segment. In addition the business dictionary also defines it as changing a brands status i n comparison to that of the competing brands. Furthermore Hassien and Baum go on to say that â€Å"an in-depth review of its literature identifies that there is a general agreement in most of these definitions, that repositioning involves a change to the image of a product in the market through changing the perception of the customer†(p. 146) and finally define the term as â€Å"the marketing management process of changing, partially or totally, the perception of the public about a firm through any modification or addition to one or more of its controllable variables (eg. Customer, competition, technology, coporate, etc. ) in order to retain, expand or change its target markets†(p. 147) From the above definitions it is obvious that repositioning involves the modification of a product to make it more appealing in order to attract existing customers or new market segments The Concept Of Repositioning. Due to intensifying global competition, a constantly changing environment, current consumer trends and modern technology, repositioning like any other marketing tool adopts a strategy in order to be successful. For instance Macmillan (2000, p45) states that ‘conditions in the global business environment demands that established firms adopt entrepreneurial strategies’. Johnson and Scholes(2002 p10) have defined strategy as â€Å" the direction and scope of an organisation over the long term which achieves advantage for the organisation through its configuration of resources within a changing environment and to fulfil stakeholder expectations. † Bowie and Butler (2004 p. 06) state the following reasons as to why a company may be forced to reposition; Falling sales (often a symptom of customer dissatisfaction) An opportunity to service an emerging market segment The threat of competing for market share. As a result Jobber in the book of Enew and Waite (2007 p. 165), identifies four basic repositioning strategies and they are listed as follows Image repositioning- This means keeping the product and target market the same but changing the image of the product. Product repositioning –This means that the product has been modified to meet more fully the expectations of the target group. Intangible repositioning-An organisation targets a new market segment with existing products but places the emphasis on a different ,less tangible aspect of the product. Tangible repositioning-In some market sectors there is the need to change both product and target market moving upmarket or downmarket through the introduction of a new range of products often demands a comprehensive repositioning strategy. Similarly a study by Kotler et al 1993 cited in Crompton 2000 pp70-72) offers three strategies that can also be used to achieve repositioning and they are as follows; Real repositiong: which means that an agency changes what it does so that desired community priority needs are met through its offerings Competitive repositioning which means altering stakeholders’ beliefs about what an agency’s competitors do. Psychogical repositioning which means altering stakeholders beliefs about what an agency currently does From the above, it can be deduced that; Repositioning is used to alter perceptions of the consumer It is used by organisations to ensure they exceed the expectations of the consumer in order to retain themselves in the business environment It is used to identify growth and opportunities. It must however be noted that whatever strategy that is employed ,must be realistic, achievable, results focused and must also take into account which strategy best fits the needs of the business as well as that of the consumer. However for the purpose of this report the attention is on renovation as a tool for repositioning in the hotel industry in other words the focus is on the use of renovation to develop or improve existing and new product lines. Renovation Definition According to Hassien and Baum (2001p. 148), renovation may be defined as â€Å"the process of retaining or improving the hotel image by modifying the tangible product, due to a variety of reasons, through any changes in the hotel layout (e. g. Property structure-new extension) and/or any additions or replacement of materials and furniture, fixture and equipment†. It may also be defined as â€Å"a facility for which a substantial amount of the equipment, structure or other components is replaced or modified and which may expand capacity and/improve the process of the facility† (CII 2006, P1) From the above it can be noted that renovation as a process involves a lot of activity which can either be upgrading of the design, decor etc of the property layout or the development of an entirely new product. Types of renovation Renovations may be classed as major or minor depending on the amount of work involved in each type. For instance a renovation that involves the renewal or replacement of all equipment, furnishings and finishes in order to improve or change the image of the physical layout of the hotel may be termed as a major renovation, whiles a renovation that involves the upgrading or replacement of soft goods such as carpets, drapes, beddings etc without changing the physical layout of the property. The property must be in a market not sustaining the desired level of operation There must be an alternate market not being served Change in the market they serve Furthermore Hassien and Baum (2002p. 148) cite these reasons; To keep up with the competition To maintain or increase market share by satisfying current or potential customers To improve the operational efficiency of the hotel that will lead to an increase in both productivity and long term savings in operational expenses To maintain corporate image and standards To upgrade the hotel to a higher category (eg. From 4 to 5) To comply with the new trends and technology in the market The process of renovation while its clear a renovation or brand conversion is intended as an improvement on your investment, managing a long list of decisions will make for a shortfall in revenue without the right plan in place†(sansone et al 2009 p. 20). It must be noted that renovation is constantly an ongoing process in hotels and it employs certain decision making factors to ensure its success. These decisions if undermined can cost hoteliers a great deal of money and if taken seriously can reap re wards in other words renovation can either pose a financial challenge if not planned well or reflect profitability if planned well. There is nothing worse than being in a hotel when these processes are on going, the noise, the uncertainty and the feeling that you are experiencing ‘second best’. The following decisions have been identified through research that renovation undergoes the following processes. Planning In the planning process, elements such as team, budget, timing and marketing are taken into consideration. Team: It has been argued that the very first step when the decision on renovation has been taken is the selection of a team usually comprising experts and project managers. Rowe and Megan1995,Hassien and Baum 2002). These people are usually charged with the responsibility of providing expertise in the accomplishment of budgets, contingencies and scheduling from the start till finish of the project and can be a complete waste of time and money if they are not involved in the renovation project(Sansone et al 2009 ). Budget: This usually involves taking into consideration a realistic amou nt of money that is believed to be enough to finance the project. It is also the most important and critical aspect pertaining to the project. It is usually based on criteria such as the time value of money, wealth maximisation and risk accommodation. Timing: Recognising when to undertake a renovation is also very important in the decision making process. This is because hoteliers must carry out such projects when occupancy is low so that renovation can be carried out with less disruptions and minimise risk in terms of safety Bowe and Megan 1995 ) It is also interesting to note that there aside the above decisions taken during the renovation process, key areas of long term decision making is that of investment. The decision to carry out these important changes must, of course, involve a much more complex set of criteria. The key concept of finance being the first that is reviewed and factored in terms of risk. It is assumed that the objective of any financial investment is to maximise economic benefits. Hence â€Å"projects which pass through the preliminary screening phase become candidates for rigorous financial appraisal to ascertain if they would add value to the firm (Dayananda et al 2002 p. 7). Four investment appraisal techniques namely, ARR(average rate of return, Payback, NPV(Net present value)and IRR(Internal rate of return)are usually considered in the decision making process in large companies with Payback and NPV proving to be the most popular(Lamminmaki et al cited in Guilding 2005 p. 205) To touch briefly on the above; ARR- measures the incremental operating income that will be generated per dollar of investment in other words it measures profitability by comparing the required investment to future annual earnings(Oliver& Amacom 1999p. 11, Dayananda et al 2002 p43) Payback-It attempts to forecast how long it will take for the expected net cash inflows to payback the investment outlays (Glautier and Underdown 2001 p. 448) NPV- The excess of the present value (PV) of cash inflows generated by the project over the amount of the initial investment (Shim&Siegel 2007 p. 209) IRR- It represents the true interest rate earned on an investment over the course of its economic life (Colin Drury 2004 p. 501. For the following the NPV and IRR are used as being the most important in the individual case studies. This does not mean the others would not work, simply these were the most appropriate. Informed assumptions are made within the case studies as only outline information was available from the companies Case study 1 January 18-24, 2004 Crown Plaza Owners of the hotel invested 7 million dollars to renovate the crown plaza in Philadelphia to restore the hotels reputation which owners believed have suffered as a place for corporate meetings and stays as well as well as to target the SMERF market(social, military, educational, religious, fraternal bookings). Hotel owners updated rooms ,with a redone lobby, restaurant, common areas and meeting rooms. The hotel is located on city avenue and is a walking distance from the new target store, that brought with it a host of smaller retailers including chipotle grill, sandwich works and California pizza. â€Å"I’m not sure how it affects business, but guests like to walk to a restaurant which is definitely a convenience for guests†. Calculating IRR IRR=A+(Na/Na-Nb)*(B-A) Where A =Lower DF (10%), B = Higher DF (20%), Na=NPV at 10% Nb= NPV at 20%. Therefore; IRR= 10+ (0. 662/0. 662-1. 02) * (20-10) IRR= 10+ (-O. 2) *(10) IRR=9. 98 Case study 2 The Grand Hyatt (New York) July 15, 2004 To reaffirm the brand as a leader in the multi purpose hotels, the Grand Hyatt under took a 55million dollar renovation project. The project touched every area of the hotel with more emphasis on guest room and meeting spaces. The guest rooms were designed to give them a more international look with desig n elements including a colour palette of golds and taupe with blue accents. Roman shades dug in into the window wells to replace traditional draperies, an all new cabling and wired smoke detection and emergency communication system. Work and play amenities include a 27- inch flat screen T. V, a standard workstation with ergonomic chair, CD- clock radio. Bathrooms were upgraded with porcelain tiles, black granite pedestal sinks, stone flooring and curved shower rods. An entire floor was upgraded into a high tech conference centre targeting financial companies that needed the latest technology as well as privacy to do their business. Therefore calculating the NPV for case study 1 is illustrated below In evaluating both studies it is obvious that the main reasons for undertaking these renovation projects was to: Compete against other hotels Satisfy their customers Increase profitability by attracting customers. The basic rule underlying NPV is that if the present value of the returns exceed the present value of costs then the project should go ahead since it will increase profits. (Atkinson and Miller p. 315). In other words the project should be carried out if the NPV is positive. In case study 1 an initial investment of 7million dollars in year 0 is assumed to give rise to inflows of 2million dollars for each of years 1 to 5 So in this case an NPV of 0. 662 and 1. 02 respectively are both positive figures and hence the project will be profitable. However this same projects could be risky because of it’s IRR. For instance Finnerty(2005 p. 157) is of the view that ifthe IRR exceeds the project’s cost of capital then the projects should be undertaken but in this case an IRR of 9. 98 is less than both the lower and higher discount factors of 10% and 20% respectively and therefore will be in the interest of decision makers to forgo the project. In case study 2 an initial investment of 55million dollars in year 0 is assumed to give rise to inflows of 12million dollars for each of years 1 to 5. In this case an NPV of 9. 52 also indicates a positive figure hence a profitable project. This suggest that higher is better for both NPV and IRR in other words investments with higher rates of return are more profitable than investments with lower rates of return but it can be argued that â€Å"since the economic environment is dynamic the cost of capital can be influenced by such changes,(Watson &Head 2007) rather it will be better if business owners sought to maximise shareholders wealth through considering their investment value in monetary terms rather than focusing so much on it’s immediate return. Moreover both the NPV and IRR have its merits as well as its demerits. Atkinson and Miller(1998 p. 18)give the following merits for the NPV; Gives a clear quantitative result Emphasises the time value of money and makes it superior to methods which do not involve discounting. Involves maximisation of present values of future cash flows thereby maximising shareholder wealth. Despite its merits ,Siddiqui (2005 p. 325,Rashid, Raj & Walters 2008p. 194) of the view tha t ; It is not helpful in comparing two projects with different cash flows It may be misleading in comparing projects of unequal lives It is complicated to estimate the values of cash inflows and outflows over the life of a project. Alternatively, (Capon& Disbury 2004 p. 224) state that the IRR has the following merits; It results in a clear percentage return required on investment since emphasis is placed on liquidity in calculation. It’s the measure of the intensity of capital use and also gives a return for risks Takes into consideration the time value of money and deals with discount cash flows. Several authors strongly oppose and cite reasons as to why the IRR may not be the best financial appraisal. For example ( Dyson 2004, Mclaney& Atrill 2007) give the following reasons It does not maximise shareholders’ wealth There is difficulty in handling projects with unconventional cash flows It gives only an approximate rate of return It can be misleading especially where there are negative net cash flows in subsequent years and when one project has to be opted for in favour of another i. e. mutually exclusive project. Conclusion Hotel renovation is an inevitable process especially if hoteliers wish to secure their positions in the marketplace and also keep up with the constantly changing needs of the consumer. The two investment appraisal methods i. e the NPV and IRR usually used by decision makers Moreover the customer be it a business traveller or holiday maker is the most important element to the hospitality industry, to such a customer, the most important criteria are an appealing image, safety and security, standard of service and most of all value for money. Leaders in the industry must in no uncertain terms ensure that they meet expectations. So regardless of the financial appraisal techniques considered in the decision making process, hotel renovations are a must unless hoteliers are looking to reposition further down the market for instance choosing to go two star(2) or three(3) then they could be justified if they chose not to renovate otherwise they should be aware that they stand the chance of loosing market share if they do not renovate when required. Reccommendations Although investment decisions are carried out in the hope of generating future returns, the most important question hoteliers should be concerned with is whether they will be in business if they compromised their standards and quality of service by not repositioning as a result of lack of funds. The following suggestions have been given to serve as a guide to hoteliers wishing to renovate in the near future. Due to the costly nature of renovation, hoteliers could consider alternative sources of capital such as loans that offer low interest rates and low down payments that are unlikely to change during the period of the loan. Also hoteliers must endeavour to give priority to areas that need immediate attention, they can achieve this by segmenting the market in order to identify the needs of the market that way they are able to know what to accomplish in the shortest possible time without breaking the bank. Again in the present downturn, hoteliers must find ways to cut down on renovation expenses. For example if there is a choice of choosing between minor renovations such as the changing of bedding, drapes, curtains etc to major renovations that deal with heavy equipments, hoteliers will be better off going for minor renovations. Moreover they could also seek advice (in terms of selecting contractors and experts that are willing to offer reasonable rates) from hoteliers that may have undertaken a similar project. In addition, Harris & Joanne (2003) advice that the best time to undertaken renovations should be less busy periods. Executive Summary The concept of repositioning was looked at in terms of two hotels. It looked at the repositioning and renovation concept. It was realised that the main reasons for carrying out these renovations was to satisfy the customer in order to ensure repeat business, differentiate form other competitors to maintain a leading position, open new markets, and also increase profitability. In order to achieve this certain decisions had to be carried out, emphasis was placed on two investment appraisal methods i. e the NPV (Net present value) and IRR (Internal rate of return) since hotel renovation involved a great deal of budgeting. It was realised that regardless of the investment appraisal methods, hotel renovations was inevitable. The conclusion was hoteliers had to renovate if they wanted secure the business in the constantly changing environment and also if they wanted to meet the changing needs of the consumer. It may be that they repositioned by default? Journals Ahmed Hassien, Tom Baum(2002) Hotel repositioning through property renovation. Tourism and hospitality research Vol. 4 p. 144 Beirne, Mike(2004) Crown plaza’s bed time story Brand week Vol. 45 ,pp. 12-12 Brennan, Kate(2001) Lodging hospitality Vol. 57, p. 36 Construction industry institute(2006), ‘definition for renovation’. Available from: http://www. Construction institute . org/ script content/cfm. Assessed [April 1 2009] Crompton, John L. (2009) Strategies for implementing repositioning of leisure services Vol. 14, pp. 87-111 Foong, Keat(2009) Multi- housing news Vol. 44 pp. 14-15 Harris ,Joanne (2003) Motel management Vol. 218 p. 36 Hermann, Daniel (2008) Repositioning for the future. Long term living for the continuing care. Vol 57 p. 3 John W. O’Neill, Anna S. Mattila (2006) Strategic hotel development and positioning: The effects of revenue drivers on profitability. Cornell hotel and restaurant administration quarterly pp. 7; 146 Jonathan C. Nehmer, Donald A. Noveau(2005) Renovate or Reposition know the difference. Us international journal pp1-3 Patel, Ashwen ‘Ash’(2008)Credit crunch may disrupt renovation plans. Hotel and motel management, Vol. 223 p10-10 Rowe, Megan. (1995)Renovation has it’s risk. Lodging hospitality. Vol 51 p. 40 Watkins, Ed(2004) New York dresses up. Lodging hospitality Vol. 60 p. 36 Books Bowie D. & Butler F. (2004) Hospitality marketing. Butterworth-Heinemann Capon C. & Disbury A. (2004) Understanding organisational context. 2 nd edition. Pearson education. p. 224 Enew C. Waite N. (2007) Financial services marketing: an international guide to principles and practice. Butterworth-Heinemann Drury C. (Management cost accounting). 6 th edition. Engage learning Glautier M. W. E & Underdown B. (2001) Accounting theory and practice. 7 th edition. Pearson education. Gruen R. & Howarth A. (2005) Financial management in health services. Mcgraw- Hill international Guilding C. (2002) Financial management for hospitality. Butterworth-Heinemann Jain P. K. &Khan M. Y. (2005) Basic financial management. 2 nd edition. Tata Mcgraw pp. 61-63 Mclaney E. J. & Atrill P. 2007) Accounting: An introduction. 4 th edition. Pearson education. Schim J. & Siegel J. G. (2007) Schaum’s outline of financial management. 3 rd edition. Mcgraw-Hill Stevens R. E et al Marketing opp ortunity analysis. Harworth press p. 105 Watson D. & Head A. (2007) Corporate finance: Principles and practice. {text:change} {text:change} {text:change} {text:change} {text:change} {text:change} {text:change} {text:change} {text:change} {text:change} {text:change} {text:change} {text:change} {text:change} {text:change} {text:change} {text:change} {text:change} {text:change} {text:change} {text:change}

Case Study of Lipids

Lipid Panels Case Study Subject #1 This fifty year old man that has no apparent health problems has a low ‘HDL’ of 30mg/dl. That’s not a good thing because he’ll be more likely to develop heart disease or have a heart attack/stroke. Anything over 60mg/dl is considered to be optimal. He is border line high for LDL’s of 160mg/dl, the ideal number is 100mg/dl or lower. That number tells me he is at greater risk to heart disease and/or heart attack. Better diet and exercise would help him tremendously. He is also in the high range for triglycerides at 300mg/dl, considering anything under 150mg/dl is normal. He is at risk for high blood pressure and diabetes to name a couple things. Staying away from cigarettes, eating the right foods, and exercise would be ideal. After 150-199mg/dl it just goes to borderline, then high levels 200-499mg/dl, and then very high levels 500mg/dl or higher. Subject #2 Is a forty five year-old sedentary women who is 5’9† tall and weighs 170 pounds, with a history of hypertension. She has a ‘HDL’ level of 40mg/dl which is not very good it should be at or above 60mg/dl. She has a ‘LDL’ of 140mg/dl that is borderline high and her triglyceride level is at 250mg/dl which is high. She is high risk for heart disease, heart attack, stroke, obesity, and is at risk for metabolic syndrome. These can be greatly reduced by exercising 30 min a day for 4 days, eating healthier foods such as oily fish, fruits, and veggies. Subject #3 Is a sixty year-old sedentary who stands 5’9† tall and his weight is 230lbs. He has an ‘HDL’ level of 25mg/dl and that is low, it should be 60mg/dl or higher. Unfortunately a low (High-Density Lipoprotein) or ‘LDL’ puts you at risk of a heart attack, heart disease, or stroke. Eating less animal and partially hydrogenated fats along with exercise can help. This man has a (Low-Density Lipoprotein) or ‘LDL’ at 250mg/dl which is extremely high. He needs to try and eat more healthy foods like oily fish, veggies, fruits, whole-grains, high-fiber foods, and exercise as much as he can to try and bring that number down. Otherwise he will be more likely to develop heart diseases, stroke or a number of the bad things. And his Triglyceride level was at 115mg/dl, which is pretty good or normal I should say. High triglyceride levels could increase the risk of heart disease and might be a sign of metabolic syndrome. Resources http://circ. ahajournals. org/cgi/content/full/114/1/82 http://americanheart. org/