Paddy Clarke (1181 words) Essay Example For Students

Paddy Clarke (1181 words) Essay Paddy ClarkeThe epic Paddy Clarke Ha has no authorial nearness by any stretch of the imagination, yet the readergains a more extravagant comprehension of the circumstance than Paddy ? or then again any other10-year old ? would ever have. With respect to the guardians separate, howdoes Doyle accomplish this? There are numerous components which recommend how Doyle hassucceeded in making a triangular connection between himself the peruser andthe storyteller ? Paddy Clarke ? with the goal that the peruser has a more noteworthy mindfulness ofthe bind that Paddy is in. Doyles accomplishment is the way he substitutes thepoetic and reasonable without once slipping by into stream-of-hesitance; theonly route we as should be obvious its composed by a grown-up, is by the spelling. We see the savagery in Paddys life incidentally; Doyle reveals to us nothing morethan what the youngster sees and grasps. One reason for Roddy Doylessuccess lies in making a practical and persuading character for a 10-year oldchild. He does this by his sharp utilization of language, and furthermore by they way he arrangeshis sentences to pass on profound feeling and feeling than any emotive languagecould: Hed hit her. Over the face; smack. I attempted to envision it. Itdidnt bode well. Id heard it; hed hit her. Shed come out of thekitchen, straight up to their room. Over the face. ? P190 In thisinstance, Doyle has utilized short and obvious sentences, to conjure a sentiment of aweand disarray. The short sentences speak to how Paddy is dumbstruck and lostfor words, stunned by what hes heard ? this is additionally featured when hesays here; I attempted to envision it. It didnt bode well. Here, he alsoemphatically utilizes sound to word imitation ? smack, ? which adds to the sense offea rful regard and furthermore Paddys youngster like translation of occasions. Reiteration is utilized here ? Over the face ? heading his oft-repeatedamazement. Another case of how Doyle utilizes redundancy can be seen on pages 153and 154: I sat tight for them to state something else, needing it Only now, everything I could do was tune in and wish. I didnt supplicate; there wereno petitions for this. In any case, I shook a similar route as I did when I was sayingprayers.I shaken stop ? . Doyle utilizes redundancy to showPaddys tension, when he rehashes ?stop. Here, Paddy is mentallycommanding his folks to stop in franticness, as he suspected he had done on page42: Stop. There was a hole. It had worked; Id constrained them to stop. Hebelieves that he has the ability to make his folks quit contending, as demonstrated onpage 42, however acknowledgment first lights when he more than once instructs them to stop on page154, and it doesnt work. This thinks about the way that Paddy Clarke is achild, and his failure to control his feelings is an aspect of his youthshowi ng through. Another whimsical viewpoint all through the book is the means by which Paddy ?like other youngsters at that age would ? rambles spur of the moment superfluous knowledgethats hes got from class or somewhere else: Snails and slugs weregastropods; they had stomach feet. The genuine name for soccer was associationfootball. Affiliation football was played with a round ball on a rectangularpitch by different sides of eleven individuals Geronimo was the remainder of the renegadeApaches I took in this by heart. I loved it. Perusers can relate tothis, as we would all be able to recall when marry mastered something that marry foundparticularly entrancing at school or the library, and presented it all the time,thinking we were sharp. Another motivation behind why the peruser of Paddy Clarke Ha Hahas a higher comprehension than is essentially on the grounds that the grown-up crowd has moreexperience in family issues ? from our own encounters. We can see theviolence in his life curso rily; we are told simply what the childsees and grasps. A genuine case of this can be found on page 95: Ma saidsomething to Da. I didnt hear it. I took a gander at mama once more. She was stilllooking at Da. Catherine had one of Mas fingers in her mouth and she wasbiting genuine hard ? she had a couple of teeth ? be that as it may, Ma didnt do anything aboutit. Here, Paddy has given us a knowledge to the passionate disturbance that existsin the family, however Doyle ? again ? has not utilized any enthusiastic descriptive words toshow this. We can decipher what's going on from his folks activities, whichjustifiably express stronger than words. Paddys mother is gazing at Da, waitingfrom him to reply, and the infant is gnawing into her finger, hard as Paddy says. .u3e839ee77504ea9fd072faa7f5c83eb3 , .u3e839ee77504ea9fd072faa7f5c83eb3 .postImageUrl , .u3e839ee77504ea9fd072faa7f5c83eb3 .focused content zone { min-stature: 80px; position: relative; } .u3e839ee77504ea9fd072faa7f5c83eb3 , .u3e839ee77504ea9fd072faa7f5c83eb3:hover , .u3e839ee77504ea9fd072faa7f5c83eb3:visited , .u3e839ee77504ea9fd072faa7f5c83eb3:active { border:0!important; } .u3e839ee77504ea9fd072faa7f5c83eb3 .clearfix:after { content: ; show: table; clear: both; } .u3e839ee77504ea9fd072faa7f5c83eb3 { show: square; change: foundation shading 250ms; webkit-progress: foundation shading 250ms; width: 100%; murkiness: 1; progress: obscurity 250ms; webkit-change: darkness 250ms; foundation shading: #95A5A6; } .u3e839ee77504ea9fd072faa7f5c83eb3:active , .u3e839ee77504ea9fd072faa7f5c83eb3:hover { mistiness: 1; change: haziness 250ms; webkit-change: mistiness 250ms; foundation shading: #2C3E50; } .u3e839ee77504ea9fd072faa7f5c83eb3 .focused content territory { width: 100%; position: relative ; } .u3e839ee77504ea9fd072faa7f5c83eb3 .ctaText { outskirt base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: intense; edge: 0; cushioning: 0; text-design: underline; } .u3e839ee77504ea9fd072faa7f5c83eb3 .postTitle { shading: #FFFFFF; text dimension: 16px; textual style weight: 600; edge: 0; cushioning: 0; width: 100%; } .u3e839ee77504ea9fd072faa7f5c83eb3 .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; fringe: none; fringe range: 3px; box-shadow: none; text dimension: 14px; text style weight: striking; line-tallness: 26px; moz-outskirt span: 3px; text-adjust: focus; text-enhancement: none; text-shadow: none; width: 80px; min-tallness: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/basic arrow.png)no-rehash; position: supreme; right: 0; top: 0; } .u3e839ee77504ea9fd072faa7f5c83eb3:hover .ctaButton { foundation shading: #34495E!important; } .u3e839ee77504ea9fd072faa7f5c83e b3 .focused content { show: table; stature: 80px; cushioning left: 18px; top: 0; } .u3e839ee77504ea9fd072faa7f5c83eb3-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .u3e839ee77504ea9fd072faa7f5c83eb3:after { content: ; show: square; clear: both; } READ: Essay Watching Video Food, Inc. EssayWe can tell that Ma is irate as her significant other isn't addressing her, not by Doyledescribing her annoyance however by the way that she pays no regard to the agony that thebaby is calling her ? such is the ill will that exists between the couple. Paddy can't see this, and is wracked by disarray. This is indicated a fewparagraphs later: Ma was escaping the vehicle. It was off-kilter in light of the fact that ofCatherine. I thought we were all getting out, that it had quit coming down. Butit hadnt. It was lashing. We can see that Ma persistence has been tried and,in her fury, she leaves the vehicle. Adaptation that Paddy doesn't comprehend issealed when he asks ? Has she gone for 99s? His dad doesnt reply,the quiet filling the void among him and Ma ? unbeknown to Paddy, whoseinnocent question stays unanswered. We can figure out the real story, andby doing this we can distinguish the quiet disturbance, dissimilar to Paddy whom is thestorys storyteller. Paddy Clarke Ha is written in the primary individual, and istherefore without the authorial omniscience and rudeness that would allowDoyle to identify with the peruser. The way that the story is set in a first-personnarrative with a befuddled 10-year old as the storyteller permits us to fillthe holes in Paddys psyche, and we can interface with Doyles creative mind andin doing this he has adequately prevailing with regards to making a sensible world throughthe eyes of a fanciful kid. When perusing, the peruser and Paddy create asymbiotic presence, where Paddy is important to permit us to see, and hear andact as a perspective into his reality, and our boss appreciation can observethe basic pressure that eventually finishes in the guardians separate. Roddy Doyle composes strong books, established in average workers experience. His firstthree books, known as the Barrytown set of three, concentrated on the Rabbittes, a familyof eight whose lives are a blend of high parody, discouraging neediness anddomestic confusion. The tale Paddy Clarke Ha investigates with remarkablesubtlety the advancement of a little young men sympathy, as he at the same time masterslanguage and finds another comprehension of torment. Composed essentially indialogue, his books are loaded with slang, sayings, and vulgarisms. In thepast, Doyles crude depiction of average workers Ireland has gotten as muchcensure as commendation in his local nation. Ive been condemned for the badlanguage in my booksthat Ive given an awful picture of the nation, saidDoyle. The creators own view is that his activity is essentially to portray things andpeople as they truly seem to be. In Doyles world, the lives are intense, and thelanguage is harsh, yet magnificence and delicacy ge t by in the midst of the void of hopelessness. All statements are taken straightforwardly from the Minerva distribution of Paddy Clarke Ha HaHa.

Leadership and Management Essay Free Essays

INTROUCTION In this task I will characterize administration and the executives, and afterward I will talk about a portion of the initiative speculations i.e Contingency Theory, Path-objective Theory, Great man hypothesis, Management hypotheses, Transformational hypothesis/pioneer. After that I did a hierarchical setting where I talking about the authority style of Steve occupations in Apple. We will compose a custom exposition test on Initiative and Management Essay or then again any comparable theme just for you Request Now At that point I will talk about my qualities and shortcomings based on my friend criticism. Finally I compose end and suggestion. Authority Administration have various definitions given by various creators and specialists, however by and large it is relationship in which the conduct or activities of individuals are affected by one individual. ‘’Leadership is the way toward affecting a gathering inside an association towards accomplishing a point or goal’’ (Johnson, Scholes Whittington, 20011:471). As per Yukl initiative is:- ‘’The procedure of impacting others to comprehend and concur about what should be done and how to do it Also, the way toward encouraging individual and aggregate endeavors to achieve shared objectives.’’ (Yukl, 2010:26) People and associations execution is affected by the administration since it is a two-way process. To empower their supporters to work successfully pioneer propel their devotees and structure hierarchical settings. In the event that the gathering is impacted or persuaded by the pioneer and give their full exertion to arrive at the ideal objective then the exhibition of the organization consequently improved. The executives As Mullins said Management is ‘’Getting work done through the endeavors of other people.’’ (Mullins, 2010:434) Director is the individual who plays out the capacity of the board by utilizing the accessible assets proficiently and adequately to achieve wanted objectives and goals. Distinction among Leadership and Management Initiative versus The board Chiefs do things right; pioneers do the correct things. Relationship of Managing is a power; driving relationship is influensive. Solidness is made by the board; change comes as a result of driving. Administration THEORIES Possibility Theory of administration is identified with the business condition that figures out which authority style is best for the diverse circumstance. As per this hypothesis there is no single style of initiative is suitable for all circumstances. Way objective Theoryis the third possibility model of initiative spotlights on the pioneer to inspire subordinate. It proposes that the pioneer should expel obstacles, explain the ways and expanding the award for the adherents to arrive at the objectives by utilizing any of the four administration conduct for example Order initiative, Supportive administration, Participative authority and Achievement-situated authority. (House and Dessler, 2010:387-388) Incredible man hypothesis proposes that authority ability is inborn and the extraordinary pioneers are brought into the world not made. As per this hypothesis you are either a characteristic conceived pioneer or you are most certainly not. The board hypotheses are otherwise called value-based speculations. This authority hypothesis depends on arrangement of remuneration and discipline. Suppositions of Management hypotheses In the event that the individuals get order from one prevalent or the hierarchy of leadership is clear, at that point they play out their best. The board use prize and discipline to inspire laborers. Devotees must comply with the directions and orders of the pioneer. Transformational hypothesis/pioneer productively and viably propel its group by utilizing hierarchy of leadership to take care of business. Transformational pioneer envisions the 10,000 foot view of the association and accompany another thought that moves an association to arrive at that level. Expansive system of administration styleis the administrative authority towards subordinate staff and the focal point of intensity inside the three headings- Despotic style-In this style the executives has the focal point of capacity to take any choice. Popularity based style-In this style the focal point of intensity is more in a gathering. The authority should impart its capacity to gathering. Free enterprise (certified) style-In this style the gathering individuals have opportunity to do anything they desire since director realizes that individuals from bunch are doing well thing. (Mullins, L.J. 2010:381) Authoritative SETTING I read a contextual investigation of an Apple established by Steve Jobs in1976. In the wake of perusing the contextual investigation I secured that Steve positions is a transformational pioneer since he generally accompanies another thought and viably spurs his subordinates to arrive at his arrangement or objective. He has confidence in change that’s why he generally found an open door in buyers taste and need. Mac is established in 1976 and accompanies Apple I a PC pack. He presents Apple II in 1977 with shading illustrations and floppy plate. At that point apple propelled Macintosh in 1984 it is the key advance in the improvement of today’s pc. In 1996 apple purchased NeXT. In 2001 he propelled iPod music player for music sweethearts. By this he set of another vital alternative in music and diversion. At that point he accompanied the iPhone in 2007 and the MacBook As a result of all these development I secured that Steve positions persistently changing there items and making another arrangement for the clients. Companion FEEDBACK Correspondence Correspondence is the procedure of trade and stream of data starting with one individual then onto the next. Successful correspondence is a two path correspondence, where the beneficiary gets the specific data that the sender transmitted. Correspondence is the basic factor of pioneer in light of the fact that without great correspondence aptitude pioneer can’t pass on his recommendations and choices to the devotees or he can’t lead them. Correspondence is of two sorts verbal and nonverbal. As per Mehrabian ‘’in eye to eye correspondence others comprehends us just 7% by words we use, 38% from our voice and staying 55% from non-verbal communication and facial expressions.’’ (Mullins, L.J. 2010:230) Friend criticism In my gathering work my gathering mate and I examined about the relational abilities and the significance of correspondence in administration. After that conversation we offered criticism to one another, wherein I got normal remark. As indicated by my gathering individuals I have a capacity to communicate the thing yet I can’t expand plainly in light of the fact that I talk in a moderate voice and the audience can’t get me unmistakably. Inspiration Inspiration is the way toward invigorating somebody to utilize his ability for satisfying the ideal objective. A pioneer propels their adherents by applauding them or by giving them reward like reward, impetus, advancement and so on. In Maslow’s Hierarchy Needs Theory he characterizes five needs of the individuals. He masterminded these requirements in a progressive system request for example physiological requirements, security needs, love needs, regard needs, self-actualisation needs. (Mullins, L.J. 2010:261) A decent pioneer is a decent inspiration he generally moves the person by various speculations of inspiration. Friend criticism During bunch conversation my gathering individuals gave me the positive criticism since they realized that in our fund task I helped one of my gathering part who discover some issue in relating the proportions of the organization with the monetary variables, as I have a trade foundation I helped him by giving hypothesis and the best possible connection. Self-assurance Initiative develops from fearlessness, it is the key premise of authority. Initiative is tied in with having certainty to decide. The gathering individuals or the adherents can step forward towards the ideal objective just when the pioneer is certain. So the pioneers certainty is legitimately proportionate to the devotees. It acts like an extension among individual and its objective. Friend criticism My gathering mate imagines that I am fair in self-assurance since when I am giving my technique introduction I am not utilizing my non-verbal communication unquestionably and I am faltering to give introduction. I’ll accept that remark as a blessing and attempt to expand my degree of certainty. Assignment Assignment is the abilities or information on the individual and giving them an undertaking, it likewise incorporates three ideas for example authority, obligation and responsibility. Assignment empowers a pioneer to build up the exhibition of the supporters to arrive at the ideal objective by utilizing time. Friend input In my gathering movement I offered recommendations to my gathering and they watch it. Whenever I find the opportunity I gave my recommendations to sensitive the work. They discovered my recommendation a normal since some time I didn’t discover the quality of not many colleagues in various errands. So now and again I am not ready to dole out an errand to the perfect individual. End A pioneer is an individual who impacts others to achieve the ideal objective, pioneer acknowledge demands faces challenge to expel obstacles for his subordinates, he had an alternate styles for various circumstances. A pioneer is a good example for the association. With the assistance of the criticism given by my gathering individuals I comprehend what are my qualities and shortcomings, in view of them I recognize what are the impediments for me to be a decent pioneer. REFERENCES (Yukl, G. (2010:26), Leadership in Organizations: Global Edition, seventh Edition, Pearson Higher Education) Mullins, L.J. (2010), Management and Organizational Behavior, ninth Edition, Pearson Higher Education Mullins, L.J. (2010), Management and Organizational Behavior, ninth Edition, Pearson Higher Education http://psychology.about.com/od/initiative/p/leadtheories.htm, (22 may 2011 ) Step by step instructions to refer to Leadership and Management Essay, Essays

Leadership in Health Care Organizations Practicum Coursework - 15

Administration in Health Care Organizations Practicum - Coursework Example of helping the association to satisfy its goals and furthermore by improving patient social insurance results by treating them when they go to the emergency clinic to look for medicinal services consideration. Furthermore, I attest nurture by giving them various obligations as per their capabilities, experience and ability. Giving them these duties and believing them to satisfy them is a significant part of how I confirm them. Giving them my trust causes them create trust in work and encourages them satisfy these obligations with most extreme consideration and polished methodology. I additionally insist them by inspiring them and recognizing them when they accomplish something effectively. For instance, I have built up a framework that remunerates the most dedicated medical attendants. This shows I certify difficult work in them and that when they buckle down, they will be valued. Another significant way that I use to assert medical caretakers is through addressing singular attendants straightforwardly when they commit errors or don't pay attention to their obligations in the clinic. By doing this, they comprehend that bad behavior isn't endured in the emergency clinic and that duty is vital to incredible attendant help and the nursing calling (Trastek, Hamilton and Niles, 2014). At the point when my collaborators talk about me, they state that I am an expert, exacting yet getting individual and pioneer. They state that I am exacting in light of the fact that I don't endure unacceptable work and I am explicit with regards to checking the work accomplished for flawlessness. They state that I don't have two different ways about accomplishing work in legitimate manners and that I generally guarantee that the set down standards are followed busy working definitely. They likewise express that I don't let individual issues impact my choices at work. They likewise express that notwithstanding the way that I am exacting, I am a getting individual. This is the situation in such a case that something occurs and there are appropriate explanations behind that incident, at that point we work to correct the issue as opposed to taking part in accuse games that don't

Analysing the various Numerical Methods for Real Options - Free Essay Example

According to Mun(2006), Real Options(RO) is a systematic and comprehensive method used to value real tangible assets. The term RO, first used by Myers(1977), refers to the application of financial options theory to investment decisions made by firms (Krychowski and Que ´lin, 2010). RO has been of growing interest to the academic community as a promising approach to supporting investment decisions under uncertainty. Pioneering scholars such as Trigeorgis(1996) and Copeland(2001), have contributed valuable work to topics on real option such as the RO value in resource allocation and capital budgeting. At the same time on the empirical side, RO analysis has been applied widely in a range of industries such as pharmaceutical drug development, oil and gas exploration and production, and the like. A survey of 4,000 CFOs published in 2001 by John Graham and Campbell Harvey found that 27% of the respondents claimed they always or most always used some sort of options approach to evaluating and deciding upon growth opportunities (Copeland Tufano, 2004). Compared with the traditional discounted cash flow methods which assumed that the future cash flows can be discounted by a single fixed rate, Real option analysis enjoys the merit of being highly flexible. Real option analysis incorporates the managers ability to actively respond to the unfolded uncertainties. It is noted by Hall (2005) that approximate ly 30 percent of the value of high-growth, high volatility firms can be attributed to the value of embedded options. Generally speaking, there are three main methods which are used as the tools to value the embedded RO. They are the Black-Scholes Model, the Binomial Model and Monte Carlo Simulation. Each of the method requires certain assumptions and can be best applied under specific situations. Primarily motivated by the usefulness of RO, after doing a general research on its background, I did further reading on approaches employed to value the embedded options. In this paper, my work can be divided into three parts. In the first section, a background on the real option analysis is presented. This includes an overview of typical categories of RO, the classical methods employed to value the RO and also the industrial practices of applying the RO Analysis. Additionally, a brief comparison between the traditional methods and RO is also presented. In the second section, I demonstra te the three methods in detail with elaboration on their assumptions and steps of analysis, as well as examples of application. In the final section, I conclude with a discussion of these numerical methods, including their merits and limitations as well as responses to some of the critics that RO analysis has incurred. I hope that this paper could serve as a motivator for further research. Literature Review Managers nowadays are facing a rather volatile environment because of the mixed effects of globalization, deregulation and technology break through (Krychowski and Que ´lin, 2010). RO helps them to make use the advantages of uncertainty and their flexibility. It has been crucial in the way that it helps the firm to identify, understand, value, prioritize, select, time, optimize and manage strategic investment and capital budgeting decisions (Mun, 2006). Similar to the financial option models, RO is useful both to evaluate an investment project and to determine the optimal investment timing (Krychowski and Que ´lin, 2010). The most common forms of RO, based on the division given by Copeland and Antikarov(2001) and Mun (2006), are : option to abandon, option to expand, option to switch, option to defer and sequential compound options. In detail, for example, an option to expand enables the management to expand into different markets, products, and strategies or to ex pand its current operations under the right conditions (Mun, 2006, p19). Multiple methodologies and approaches are used in RO to calculate the embedded options value. These range from using closed-form equations like the Black-Scholes model and its modifications, Binomial Models (for example, binomial lattices and binomial trees) and Monte Carlo simulations and other numerical techniques. Since this will be the main part of this paper, it will be illustrated in detail in the next section. Primarily used as a tool for strategic decision making in natural resource companies, in the recent decade, RO has been applied in a broader ranges of industries, including pharmaceutical drug development, oil and gas exploration and production, manufacturing, IT infrastructure, e-commerce and e-business, technology development, private equity, and the like ( Mun,2005). The following are some of the industry examples of applying RO. Equity According to Berger, Ofek and Swary (1996), a cons iderable proportion of equity value should be attributed to the equity holders abandonment option. They prove a median 11.5 percent difference between equity market value and the present value of cash flows for 7102 firm over a 6-year period horizon. By running a series of regressions the authors find an interaction between the market value/present value premium and variables which should be linked to higher values for the abandonment option. Natural resource When evaluating the investment projects for natural resource, Brennan and Schwartz (1985) isolate the disadvantages and inadequacies of the traditional DCF approach. Particularly, they point out that obvious deficiencies are due to the neglect of the stochastic nature of output prices and of possible managerial reactions to price changes. Price uncertainty is of central importance in many natural resource industries where price swings around 30 percent per year are usual. Under such circumstances the evaluation results obtai ned through replacing distributions of future prices by their expected values is likely to be misleading. Oil By extending the financial option theory, Paddock, Siegel and Smith (1988) develop a new method for the valuation of claims on a real asset, an offshore petroleum lease. The authors show us how to utilize an explicit model of equilibrium in the market for the underlying real asset, i.e. the developed petroleum reserves, with option-pricing technique to derive the value of a real option. At the same time, they specify a valuation problem in sufficient detail by using the oil leases as an example. This allows close reviewing of the many theoretical and practical issues involved in applying financial option valuation theory to RO. Gold In 1998, Kelly adopts an eight period binomial option approach to determine the value of a discovered but not yet developed gold mine, Lihir Gold Limited. In particular, she compares the value derived from the option model to what was obtai ned from the traditional method. The option approach appears to provide a more useful and reasonably accurate technique to assess the value of the gold mine. In 2002, Moel and Tufano conduct a research on the opening and closing events of 285 gold mines in North America from the year of 1988 to 1997. Strong evidence is found to support the conclusion that, compared with other methods, real (switching) options provide better explanations for the decisions on openings and closings of the gold mines. Manufacturing Newbhard, Shi and Park (2000) use a case-study to motivate the theoretical and applied research needed to support a real option framework for system changes in four major manufacturing transitions which are launch of new product, commercialization of RD product, site selection of new plant and restarting production of existing commodities. By presenting a framework, they quantify manufacturing changes, develop a real option model for these activities, value the options, identify the best scenarios and integrate these elements in order to monitor and manage the overall process. They also propose a general model for optimizing real option valuation based on typical RO models such as the Black-Scholes Option Model, the Binomial Option Model. They conclude that a model that incorporates flexibility and economic factors could effectively enhance companies manufacturing strategy. Unlike the traditional valuation approaches, such as the discounted cash flow (DCF) method which bases itself on a static environment, real option analysis takes into account the potential for possible future gains and incorporates active decision making. Thus it tackles uncertainty in a better way. Specifically, deterministic models such as DCF method bases itself on some rather flawed assumptions. It assumes that all the future outcomes are fixed and can be evaluated as individual cash flows. Even more unreasonable, it seems to give a Once for All solution which assumes on ce initiated, all projects are passively managed. RO, on the contrary, accepts the facts that projects are correlated and can be actively managed through its life path. By taking the fluid environment and managerial flexibility into account, RO provides value-added insights to decision making (Mun, 2006). Numerical Methods As I have mentioned in the previous section, multiple approaches have been employed by researchers and practitioners in RO. This part will introduce the readers to three common types of methods in RO, namely, the Binomial methods, the Black-Scholes Model and Monte Carlo Simulation, from the origins of them to present application examples. More specifically, a step-by-step binomial approach is used to analyzing a compound option problem in the case study with two different techniques, so as to offer a deeper understanding for the readers. As for the Black-Scholes and Monte Carlo Simulation, due to the word limit and time constraint, I used two simplified examples from Newbhard et al (2000) and Damodaran( 2005) in the hope that the readers could have a general sense of how the two methods work. Binomial approach Work by John Cox, Steve Ross, and Mark Rubinstein has led to the creation of binomial, or lattice, models that are built around decision trees and are ideally suited to real-option valuation. As it noted by Copeland and Tufano (2004), RO dont have to be a black box. Binomial methods, with its advantage of easy math and apparent illustration has make Real option analysis a more practical tool for manager in the new era. According to Brandao et al (2005), a binomial lattice may be viewed as a probability tree with binary chance branches, with the unique feature that the outcome resulting from moving up(u) and then down (d) in value is the same as the outcome from moving down and then up. This probability tree, also referred as decision tree, can be used in modeling managerial flexibility by incorporating the decision nodes which represent decisions the managers can make to optimize the value of the project. A three-step binomial tree is illustrated below in figure1. Before enterin g details about how to use the binomial method, it is worthwhile to make certain clarifications on the assumptions behind this approach. In their book RO, Copeland and Antikarov (2001) made the marketed asset disclaimer assumption (henceforth MAD) that the market value of a project is best estimated by the present value of the project without options. Additionally, if the movements in the value of the project without options are then assumed to change over time according to a geometric Brownian motion (GBM), then the value of options can be obtained through traditional option pricing methods. Generally, there are three essential steps that need to be gone through when a binomial approach is adopted. Step1 Calculating the expected present value of the project at Time0 Step2 Obtaining estimates of the standard deviation of returns (or volatility of the project) by using a Monte Carlo simulation. Step3 Constructing a binomial tree to model the dynamics of the project value using the estimated parameters of the second step and add the decision nodes to model the projects RO. No matter what real option model is of interest, the basic structure almost always exists, taking the form: Inputs: S, X,, T, rf, b u= and d== P= Source: Mun, 2006 The basic inputs are the present value of the underlying asset(S), present value of implementation cost of the option( X), volatility of the natural logarithm of the underlying free cash flow returns in percent(,time to expiration in years(T), risk-free rate or the rate of return on a riskless asset(rf), and continuous dividend outflows in percent(b). In addition, the binomial lattice approach requires two additional sets of calculations, the up and down factors ( u and d). The up factor is simply the exponential function of the cash flow returns volatility multiplied by the square root of time-steps or stepping time (.The volatility measure is an annualized value; multiplying it by the square root o f time steps breaks it down into the time steps equivalent volatility. The down factor is simply the reciprocal of the up factor. In addition the higher the volatility measure, the higher the up and down factors. This reciprocal magnitude ensures that the lattices are recombining signs. The second required calculation is that of the risk-neutral probability, defined simply as the ratio of the exponential function of the difference between risk-free rate and dividend, multiplied by the stepping time less the down factor, to the difference between the up and down factors. In order to give the readers a more clear understanding on this, below is a case study of a sequential compound option problem. It represents a simplification of the real-world decision-making and its purpose is to illustrate the process by which a RO valuation is conducted using a binomial approach. Case Study A chemical company is considering a phased investment in a plant. There are three periods. In the beginning of year one, an initial outlay of $50 million is required to cover the cost of permits and preparation. At the end of that year, the firm has the choice to pay a commitment of $200 million to enter into the design phase. Once the design is finished one year later, the firm is believed to have a two year window during which to make the final investment in constructing the plant for $400 million. If the firm chooses not to make any investments during these two years, it can no longer to build the plant. For managers who think from the real-options perspective, this phased investment opportunity is a sequential compound option, for the execution and value of future strategic options depend on previous options. Clearly, the initial payment of $50 million allows the firm to have the option to go on with the project for one year. At the end of year one, it again faces the choice of whether or not enter the stage of design by investing an additional $200 million. As the result, the execution of the design phase gives the firm the option to construct the plant at the end of year three or at the end of year four for $400 million.The firm estimates that if the plant existed today it would be worth $550 million by using non-option valuation techniques such as the DCF. In applying Binomial method, basically there are two techniques. The one is the decision tree approach the other is the replicating portfolio technique. I will use both of them to analyze the above case and give some comments on these two techniques. Decision Tree Analysis Prior to analyzing this problem, we must make some assumptions concerning the uncertainty in the future value of the project. A common assumption regarding stock prices is that current prices already incorporate all relevant information available at this point in time, known as part of the efficient market theory. At the same time, future changes are the result of random and unpredictable shocks, which are modeled as a random walk. This assumption and other arguments facilitate the use of a Geometric Brownian Motion (GBM) to model the dynamic uncertainty associated with stock prices (Hull, 2003). The key parameters required to model the GBM are the initial value, $550 million in this example, the risk-free interest rate r, assumed to be 6% per year, and the volatility, denoted as, which is the annualized percentage standard deviation of the returns and is given as 18.23% here. The idea behind the calculation of the parameters used in the binomial approximation of the stochast ic process is relatively simple. If the value of the project is assumed to follow a GBM, then the estimate of its value at any point in time has a lognormal distribution. By equating the first and second moments of a binomial and a lognormal distribution, we can calculate the corresponding values of u and d, and thus Vu=Vu and Vd=Vd, for each branch of the binomial approximation to ensure that the discrete distribution approximates its continuous counterpart in the limit as t becomes small. Adding the convenient specification that u = 1/d to the equations for matching he mean and variance of the GBM yields u=. We then obtain the risk-neutral probability p ==. In this example, we model three periods and choose t = 1. Therefore, u = 1.2, d =0.83, and p =0.673. We emphasize again that only three parameters are needed to specify this discrete approximation to the GBM estimate of the evolution of the uncertain project value over time: the estimate of the current value of this project, th e volatility of the returns from the project, and the risk-free rate. For details associated with this binomial approximation, see Hull (2003). The same parameters can be used in a decision tree with binary chance nodes to yield an equivalent binomial tree for the project value, as shown in Figure 2 below. The value of the project is calculated via Vi,j =V0ui-jdj.For example in the right top scenario, the value of the project is $798 million which equates $550 million multiplied by 1.23. (Note: Values shown at each node in the tree are discounted Year 3 values, instead of the actual values at each point.) After approximate the project value according to the GBM, now we are going to value the Value of the Option to invest in this project. As you can see from the Figure3 below, we use the decision tree to model the option value in different time periods. Decision tree analysis works in the way that it models managerial flexibility in discrete time by constructing a tree with decision nodes. These nodes represent choices the manager can make to optimize the value of the project as uncertainties are resolved over the projects life. Note: represents a chance node in which the project can either move up or down with the probabilities of up=0.673, down=0.327 represents a decision node in which the firm can chose to invest or not denotes the termination of one possible case the line in bold shows the optimal investment strategy in different cases Lets suppose that at the end of year3, we arrive at the best scenario in which the project value is $798 million (See Figure2). If we choose to invest the extra $400 million, we will have an income of $223 million. Otherwise we will lose what we have paid for the preparation and design, say, $239 million. Rational managers will of course choose to invest. The same calculation applies in the scenario with the increase in first two years and a decline in year3. By multiplying the values obtained from the decision nodes with their up and down probabilities, we arrive at the option value in year2. Using this rollback method, finally we obtain the value of option at year0, which is $31million. Replicating portfolio technique Using the binomial model which adopts replicating portfolio technique also requires two main steps. First, we need to figure out the full range of possible values for the underlying asset, in other words, draw the event tree, as shown in figure4. Figure4 (It has to be noted that, unlike the numbers for the binomial tree which have been discounted to present value, the numbers I used here are the value in that specific period.) Secondly, our task is to calculate the possible values of the project as an option at each stage. It is a backward working process and we have to begin from the end. If we abandon the project, its value is zero. Otherwise, the value at the end of that year, year three, for example, is the difference between the value of the plant at the end of year three and the expense of building it. As you can see from the figure5, we have got three potential scenarios in which the projects incremental value at the end of year three is positive and one in which the costs of the project exceed the plants value, so the project value is zero. We now work back from the end of year three to determine the projects potential values at the end of year two. The decision rule is that in each scenario, the value will be the lar ger of the value of exercising the option by building the plant at that point for a cost of $550 million and the value of keeping the option window open-deferring the decision until the next period. The steps can be summarized in the followings and Figure5 serves as an illustration of the results. Step1: Calculate the potential final project values by subtracting the $400 million cost (from the event tree of Figure5). For the $314 million scenario at the bottom right of the event tree, the projects value is zero due to the cost is greater than the plant value. Step2: Obtain the potential end-of-year-two project values by comparing two calculation results. One is the value by exercising the project immediately, the other is the value if the project is kept alive by applying the replicating portfolio technique. Step3 ¼Ãƒâ€¦Ã‚ ¡Similar to step2, yet the number used to be compared with the value derived from replicating portfolio technique is $200 million, since immed iate exercise of the project is not possible. Step4: Calculate the starting project value of $81million. Since the initial required investment is $50 million, the project is profitable. The option value is the same as what is derived by the decision tree method, which is $31 million. Figure5 Some comments: As we can see from the above, the results obtained from Binomial Decision Tree and Replicating portfolios Techniques are largely similar. It is worthwhile to compare them briefly. The binomial approach is suggested by Copeland and Antikarov(2001), they emphasize the use of binomial lattices and replicating portfolios while Brandao et al( 2005) believe that the use of binomial trees is more intuitive appealing. The replicating approach bases itself on traditional option pricing methods, requiring that markets be complete. An important advantage of this approach to valuation is that the value of option can be calculated from market data. This eliminates the necessity of trying to estimate the probability q of an up move in the stock price. However, this approach is complicated by the fact that, for most projects involving real assets, no such replicating portfolio of securities exists, so markets are incomplete. Additionally, it is criticized for its computational cumbersomenes s especially in a multi-stage project. Black Scholes model With their article from 1973, Fisher Black, Myron Scholes, and Robert Merton were the first to give a closed form solution for the equilibrium price for a European call option, the Black Scholes Model (BS model). It has since been the basis for numerous studies and papers about the pricing of options and empirical testing hereof. In essence, the model is a special case of the binomial model where the underlying asset is assumed to follow a continuous stochastic process instead of a discrete. Otherwise, it is based on the same underlying assumptions of no arbitrage and market replicating portfolio and that the movement of the underlying asset follows a lognormal distribution ( Copeland Antikarov, 2001) It has to be noted that variants of the BS model have been made, which relaxes some of these assumptions. BS models are based on calculus of stochastic differential equation which is highly complex. So unless one can find a modified BS model that fits one own specific situation, t he process of deriving a BS model that does is very cumbersome and complex. Benaroch and Kauffman(1999) provides a formal theoretical grounding for the validity of the Black-Scholes option pricing model in the context of the spectrum of capital budgeting methods that might be employed to assess IT investments. They also demonstrate why the assumptions of both the Black-Scholes and the binomial option pricing models place constraints on the range of IT investment situations that one can evaluate that are similar to those implied by traditional capital budgeting methods such as discounted cash flow analysis. Most importantly, they present the first application of the Black-Scholes model that uses a real world business situation involving IT as its test bed. In Yankee 24s case, Benaroch and Kauffman chose to use a procedural model called Blacks approximation because using the standard Black-Scholes model is not possible since Yankee possessed an American option on a dividend paying asset. Blacks approximation assumes the existence of an American call option that matures at time T, where the underlying asset pays a dividend D at time t, 0tT. To analyze the investment decision Yankee faced in 1987, they used interview data from senior managers to obtain specific the parameters needed by the Black-Scholes model such as the range of potential revenues, the distribution of revenues and the perceived variance or volatility of potential revenues. Their results of analysis are supportive of the decision Yankees senior executive made at the time-deferring the entry for three years. With option pricing as an analytical tool to evaluate the project, for the first time, the result of the quantitative analysis paralleled the actual decision made by Yankee. The Black Scholes model is a so called closed form solution, meaning that a value can be found with an equation using a set of inputs. The inputs in the BS model are the same as the binomial model, with dividend as t he one exception. The value of a call option( C) is calculated as: Source: Copeland Antikarov, 2001,p.106 Where and is the cumulative normal probability of unit normal variable and respectively. They are calculated as: ; Source: Copeland Antikarov, 2001, p.106 Other than the assumptions also applying to the binomial model mentioned above, the BS model has several other restrictive assumptions embedded (Copeland Antikarov, 2001 and Mun, 2002) which are: The option can only be exercised at maturity-it is a European option There is only one source of uncertainty It can only be used on a single underlying risky asset; ruling out compound options No dividends on the underlying asset The current market price and stochastic process of the underlying asset I known (observable) The variance of the underlying asset is constant over time The exercise price is known and constant over time No transaction costs To illustrate more clearly, below I used a simplified version of the example presented in Brennan and Schwartz(1985), applying option pricing theory to value a gold mine. Option to delay for a Gold Mine Consider a gold mine with an estimated reserve of 1 million ounces and a capacity output rate of 50,000 ounces annually. The price of gold is expected to grow 3% a year. The firm owns the rights to this mine for the next 20 years. It will costs $100 million to open the mine and the average variable cost is $250 per ounce; once initiated, the variable cost is expected to grow 5% a year. The standard deviation in gold prices is 20%, and the current price of gold is $375 per ounce. The riskless rate is 6%. The inputs to the model are as follows: Value of the underlying asset = Present Value of expected gold sales = $ 47.24 million Exercise price = Cost of opening mine = $100 million Variance in ln(gold price) = 0.04 Time to expiration on the option = 20 years Riskless interest rate = 6% Dividend Yield = Loss in production for each year of delay = 1 / 20 = 5% Based upon these inputs, the Black-Scholes model provides the following value for the call: d1 = -0.1676 N(d1) = 0.4334 d2 = -1.0621 N(d2) = 0.1441 Call Value = $ 3.19 million The value of the mine as an option is $ 3.19 million which is recognized as the mines embedded option. Monte Carlo Simulation : Because of the difficulty in obtaining the needed parameters for analytical models such as the Black-Scholes model, researchers find an alternative way to value RO by using an approximate numerical method such as Monte Carlo simulation. Monte Carlo simulation, named for the famous gambling capital of Monaco, is a very powerful methodology. For the practitioner, simulation opens the door for solving difficult and complex but practical problems with great ease. Monte Carlo creates artificial futures by generating thousands and even millions of sample paths of outcomes and looks at their prevalent characteristics. When modeled correctly, Monte Carlo simulation provides similar answers to the more mathematically elegant methods. Monte Carlo, in its simplest form, is a random number generator that is useful for forecasting, estimation, and risk analysis. A simulation calculates numerous scenarios of a model by repeatedly picking values form a user-predefined probability distribution, su ch as the normal, uniform and lognormal distributions, for the uncertain variables and using those values for the model (Mun,2005,p317-318). Boyle (1977) was among the first to propose using Monte Carlo simulation to study option valuation. Since then many researchers have employed Monte Carlo simulation for analyzing options markets (Figlewski (1989), Hull and White (1987),Johnson and Shanno (1987), Scott (1987), and Fu and Hu (1995)).What distinguishes this approach is its generality in being able to model imperfect market conditions which are difficult to be captured in other models. The Monte Carlo method proves to be most effective in situations where it is difficult to proceed using a more accurate approach (Boyle, 1977). Researchers share a common emphasis on the need for investigating practical issues related to efficiently approximating various option models via Monte Carlo simulation and including sensitivity analysis and Quasi-Monte Carlo simulation approaches (Boyle,1 977; Fu and Hu,1995; Birge 1994; Newbhard, Shi and Park ,2000 ). Example: For a manufacturing company A, market research revealed a demand for a new product. This new product will be sold for $100 each. The initial monthly demand for this product is 1,000 units with a standard deviation of ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢ = 0.33. The product will be introduced over a four month period (T = 4). The monthly interest rate is constant at 1%. Suppose we let S= X = $100*1,000 = $100,000. To simulate the path followed by the state Variable S, we divide the life of the variable into four intervals If ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‚ t is the length of one interval, then the relation between the S values is given by Source: Newbhard, Shi and Park , 2000 Conducting 1,000 Monte Carlo runs of this equation gives an option value of $8,203, which is quite similar compared to the value of $8,155 obtained using the Black-Scholes method. Discussion The use of algebra distinguishes binomial models and enables the models to be built using standard spreadsheet software such as EXCEL. Binomial models can also be easily customized to reflect changing volatility, early decision points, as well as multiple decisions (Copeland, 2004). Another practical advantage is that because the transparency of the model, it could be understood and used by managers without very strong mathematical background. Binomial lattices, compared with close-form solutions, are easy to implement and easy to explain. Lattice can solve all types of options. They are also highly flexible but require significant computing power and lattice steps to obtain good approximation. It is important to note, however, that in the limit, results obtained through the use of binomial lattices tend to approach those derived from closed-form solutions. Managers might be skeptical about this method since the approximation to the value of project over time is based on GBM ass umption and the volatility was just among one of the parameters for this problem. It is reasonable to cast doubt on the derivation of the volatility in practice. As the BS model is a closed form solution and was developed for valuing financial option, many of the underlying assumptions I bound to be violated when dealing with RO. RO are more specific than financial options and need individual specifications. This is one of the binomial models most distinguished advantages and is therefore easier done using binomial model. Closed-form solutions are models like the Black-Scholes, where there exist equations that can be solved given a set of input assumptions. They are exact, quick, and easy to implement with the assistance of some basic programming knowledge but are difficult to explain because they tend to apply highly technical stochastic calculus mathematics. They are also very specific in nature, with limited modeling flexibility. Closed-form solutions are mathematically elegan t but very difficult to derive and are highly specific in nature. Although managers today are facing a more volatile environment, most of them still rest their decisions on deterministic methods such as the discounted cash flow method, which is static in nature (Krychowski and Que ´lin, 2010). In the end, RO are different from financial options. RO have problems in the implementation sector and empirical evidence shows that it is little used in practice. Whereas about 75% to 85% of firms use NPV for their investment decisions, only about 6% to 27% of them use RO1 analysis. Empirical studies on the implementation of RO are still rare, and research remains relatively silent on how to concretely apply RO theory (Krychowski and Que ´lin, 2010). More recently, the literature has warned about the limits of RO. These include three main shortcomings: Firstly, the framework does not apply to all investment decisions because not all investment decisions can be framed as op tions. Four main conditions have to be fulfilled in order for a decision to be appropriate for real option logic: irreversibility, uncertainty, flexibility, and information revelation. Secondly, it raises serious implementation issues. The identification and the valuation of RO both raise difficulties. The option theory has developed a vast variety of option valuation models, which rely on a number of implicit hypotheses and can lead to different results (Borison, 2005). Thirdly, it does not take into account behavioral and organizational biases. RO rests on the assumption that managers will follow a strict optional discipline, from the project inception to its implementation or abandonment. Identify and Define RO (1) Quantify Activities Related to Changes Related to Changes (2, 3) Choose Solution Method Binomial Model Underlying change is a binomial (discrete) process Black-Scholes Model Underlying change is a lognormal (continuous) process Monte Carlo Simulation When parameter Estimation is needed REAL OPTION ANALYSIS Source: Newbhard H. B., Shi. L, Park .C (2000) Conclusion

Management Control Systems Management Systems Essay

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Questions: 1. Other than the criteria identified in the problem, what other considerations should be considered in assessing a word processing package for an organization?2. What role do updates to the version of the word processing package play in making a choice?3. Use Excel to construct a line graph of the various packages on the x axis and the ease of use and facilities available on the y axis. Label each of the lines on the chart and provide a title. Copy and paste the chart into the Word document.4. Suppose that you judge that a switch from a package with the least facilities available to one with the most facilities is only 60% as attractive as a switch from a package which is the least easy to use to one which is the most easy to use. Assuming that mutual preference independence exists between the two attributes, which package would you choose? Why?5. After some reflection you realize that the extra facilities available on a package will be of little value to you if they are going to di fficult to use. What does this imply about your method of analysis for Question #4? Answers: 1. Consideration in assessing a word processing package for an organisation In the word processing package of an organisation, do not need to add any extra spaces between the two or more words in both cases including heading and body text. In order to check the line spacing under the current format of the word processing packages have to be set 0 for all options. For line spacing, inch line spacing is better rather than the double line spacing. Apart from that, need to use the tab button to start a new paragraph in word processing (Abdalgader Skabar, 2012). For introduction in word documents of an organisation, no need to make the introduction as a heading because people who are reading the word processing files assumed the first part as introduction of that particular word processor. After mitigating the formatting issues, the writers of the word documents for the organisation have to conduct a their statement in order to provide synthesized information to the readers with the capability of advancing point of view (BOONE, 2012). Through the statement, rea ders are able to understand the whole information that presented in the body of the word processing file. For example, of the management of the organisation tries to write a business letter in word processing package, they have to write a letterhead at the top of the word file. After that, they have to put the information about their organisation with details address (Brysbaert, Keuleers New, 2011). Then, need to write a subject that helps in clear understanding about the purpose of the business letter. At the end of word file needs to put the date and name to the recipients. 2. Role of update version of the word processing package plays in making a choice Recently, the corporate sector both public and private sector goes for digital. Word processing package is one of the useful and most important tools that help in doing work digitally. However, use of updates version of word processing packages plays the major role in making choice regarding business. The updates version of word processing package has better user interface rather than the old one. Apart from that, updates version of word processing package provides more security in protecting word file. Word processing package 2013 allows the user in setting password for individual word processor (Chanceaux et al., 2011). It can help in locked the file and allows the reader only view of the documents and protect the readers to edit the documents according to their needs and demands. The new updates version of word processing package helps in creating a link during setting of account with their address book. It helps in accessing details information about a particular word-processing file easily that is much required for business. Moreover, updates features of word processing package also allowed in accessing calendar resources of the office. Regarding business, word processing package bring a new revolution. For example, ot the budget of the company is tight then company is able to use free solutions such as online word processor like Google Docs, Zoho Writer, etc (Delhomme et al., 2012). Apart from that, the biggest word processing service providers Microsoft allows their account holders in accessing or using service of free online word process. This type of alternatives allows the company in saving documents in the rich text format that can access from any place regarding reading and writing (Eckerth and Tavakoli, 2012). 3. Construction of Line graph of various packages in excel Value of Word processing Package Package Ease of Use Facilities Available Super Quill 100 30 Easy Write 90 70 Word Write 50 20 Lexico 0 40 Ultra word 20 100 Key write 40 0 Fast write 85 55 4. Selection of packege according to judgement and justification Accrding to the above line graph regarding facilities ad easy of use of different word prcessor package, here Easy Write word processor package is selected. It is choosen by the analyst because, Easy Write is a multiple word document process with wide range of standard function such as spell checkers, automatic world replacement without retyping, customer the dictionary, use of different language according to the contry, different font size, alingment according to requirement, etc (Holland, 2013). Thee software has least facilities and least easy to use beacse wothin the word processing package, developer uses many complex functions that might create trouble for the user. On the other hand, Easy Write is also consider as the least faciluties because it is not allowee the user in setting up individual password in each documents file for data protecton (HIKI, BERTRAM HYN, 2011). However, analyst selected this word processor due to its wide raneg of faclities and easy to use. These are Word Wrap: This functions allows the user wrapping the word into a new line when it do not fit in the same line automatically. Thus, user can make the document more attractive regardung user interface. Find and Replace: This function in more attractable and useful of Easy Write word process. Within the document, this function allows the user in identifying the appropriate word quickly and easily (Liu et al., 2011). Spell and Grammer Checker: Easy Write word processor has more than 250000 word spell checker and custom dictionary functions that automatically detect the error in grammer and highligheted it in green or blue color (Lowe, 2014). Apart from that, this functions also allowed the user in avoiding the chance of wrong spelling. Standard Paragraphs and Mailmarge: In order to make the business letter, using Easy Write word processor can able to make a stadard format. Apart from that mail marge functions helps in inserting different fields into docuements from that database. Insert Image: This is an excellent function of Easy Wirte word processor in terms of making document. In order to enhanace the document, Easy Write allows in inserting images from other sources. It may helps in making the word document uniqueness (Mangalassary, 2012). For example, business organisation using Easy Write worrd processor is able send document with their unique logo in the word doucment file. Rich Text Format: use of Easy Write word procesor, it is one of the key aspects of sending documents to other in a separate format (ZOTOS, 2011). Easy Write word processor allows the user in saving the document in rich text format that helps in ensuring the avoidance of word puncutation for other user. Print Preview: The other word processor like microsoft word allows the user in preview before printing. Like other word processor, Eay Write also allows the user in print preview before printing the document. The unique fucntion of Easy Write raegrdaing print preview is that it allows the user a WYSIWYG print preview functon that atomaticaly setup the page for printig according to the print paper size such as A4, Large, etc (Parise et al., 2011). 5. Extra faciities that available in the package of Easy Write If the organisation or any firm in corporate sector uses Easy Write word processor in terms of making documents regarding their business, they can get several extra facilities such as Adjustment: Easy Write allows the user in realignment of text to tab setting and new margin. Deletion: Easy Write provides a function during deletion of text to user. When the user used Easy Write in making document and ned to delete word, deletion function ensure to delete the one word or the related word from whole documents (Sderstrm, Roll and Horne, 2012). This is also an extra facilities of using Easy Write word processor. Pagination: It is also an unioque feature of Easy Write word prpocessor. Pagination finction allows the user n automatic devision in pages according yo the specifued numbers of line. Reference List Abdalgader, K. Skabar, A. (2012). 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