Small Business Environment in Kenya

Small Business Environment in Kenya Introduction Geographically, Kenya lies to the East of Uganda, to the Northern Part of Tanzania and to the West of Somalia. The country enjoys access to the Indian Ocean which it majorly uses for its imports and exports although comprehensively it covers an area of 592,909 square kilometers (Exports Processing Zones Authority 2005, 33).Advertising We will write a custom report sample on Small Business Environment in Kenya specifically for you for only $16.05 $11/page Learn More The country has a total population of approximately 38.6 million according to recent 2010 statistics (World Bank 2010, 46). Predominantly, the country is agricultural, with its major exports being Tea and horticultural produce (like flowers) which it majorly exports to Europe. Kenya has experienced a relatively peaceful political environment since its independence in 1963 with its major democratic hallmark being the peaceful transition of power from its longtime serving president Dani el Moi to Mwai Kibaki in 2002 (Exports Processing Zones Authority 2005, 68). However, in the eve of the elections of 2007/2008, the country experienced both political and social tensions which also spilled over to the economic progress and backtracked on the country’s gains in economic development which stood at nearly 7% per annum (Business Daily Africa 2008, 52). The country later adopted a political settlement that now sees the Sub Saharan nation under the leadership of a Prime minister and a President. This situation has led to a rejuvenation of economic and infrastructural changes that have especially been boosted by the country’s adoption of a new constitution in August 2010 (World Bank 2010, 50). At present, prudent economic policies have been effected and the country now experiences tremendous infrastructural changes and a decrease in unemployment levels. The country also has most of its organizations and businesses centralized at the nation’s headquarte rs, Nairobi (Exports Processing Zones Authority 2005, 97). The country’s leadership has in the past laid proper groundwork for creating an investment friendly atmosphere with economists projecting that the country could achieve economic growths at the rate of 8% per annum by the year 2025 (African Development Bank 2010, 74).Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The Central Bank of Kenya is currently undertaking stable fiscal and monetary policies that have ensured a stable monetary policy in the past few years. Kenya being strategically located in the wider East African region because of its seaport (Mombasa); it has a strategic economic importance in the region (Exports Processing Zones Authority 2005, 54). This study seeks to evaluate the small business environment in the region with a careful analysis of the pros and cons the country faces with regards to Sma ll businesses. This study will also provide recommendations on how the country can improve its cons and take advantage of its pros to boost the growth of Small businesses Infrastructure The government of Kenya is currently involved in improving the country’s infrastructure to ensure current facilities in the country are working in an efficient manner. Such efforts are currently aimed at rehabilitating, improving, maintaining, and upgrading existing roads, airports, seaports and other infrastructural facilities. Airports Kenya currently has a well developed international and domestic air transport network that at least covers the entire strategic locations of the country. International airports are located in three cities while domestic airports (for small aircrafts) are located in two cities: Nairobi’s Wilson Airport and Kisumu’s airport (Exports Processing Zones Authority 2005, 52). For areas that are inaccessible by road, the country has more than 150 airstrip s scattered all over the country to provide access to remote locations (Exports Processing Zones Authority 2005). These airports and airstrips are strategically located to provide goods and services to most businesses in the country. Seaports Kenya majorly has one seaport in Mombasa which serves a major economic role for both micro and macro economic business entities. This seaport is termed as one of the most modern in Africa with its strategic importance extended to serving other landlocked countries like Uganda, Rwanda, and Burundi (Exports Processing Zones Authority 2005, 45). The seaport serves a major strategic role in small businesses because most goods and raw materials dock at the port, after which they are transported countrywide.Advertising We will write a custom report sample on Small Business Environment in Kenya specifically for you for only $16.05 $11/page Learn More Roads Kenya has a relatively good road network serving most of its major tow ns. However, the country’s road networks in remote locations where many small businesses thrive are relatively poor with a huge majority of them being murram. Nonetheless, the country’s major highways are known to account for more than 70% of the total freight transported in the country. The cost of transporting freight is advantageously negotiable and most often cheap (Exports Processing Zones Authority 2005). In this regard, small business owners are able to transport their goods and raw materials in virtually all corners of the country. Notably, the country’s infrastructure is used to transport large freight including oil and other goods to the country’s neighbors. This carriageway is known as the Northern Corridor (Exports Processing Zones Authority 2005). Railway Kenya’s railway network is not as advanced as it should be because the rail infrastructure at present is the same rail network used during the colonial period. However, most of the co untry’s rail network covers major commercial centers. On a positive light, the country’s rail network seeks to gain from reforms aimed at modernizing the country’s infrastructure in the coming few years due to massive transport reforms to be undertaken by the Ministry of Transport. Telecommunication Most small businesses in Kenya thrive from a good telecommunication network. Currently, Kenya is served by four GSM service providers with a relatively strong coverage across the country. In addition, more than 80 internet service providers are currently operating in the country through cut throat competition that has tremendously reduced the costs of telecommunication (Exports Processing Zones Authority 2005).. Electricity Electricity in Kenya is majorly created through hydropower and distributed in 250 volts 50 cycles single phase (Exports Processing Zones Authority 2005). The government is currently engaged in encouraging the private sector to involve itself in th e production of more electricity because virtually all small business and large business entities rely on power for most of their operations.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Power is however generated through the country’s main electric generating parastatal, Kenya Electricity Generating Company (KENGEN) but it is distributed through another State parastatal, Kenya Power and Lightning Company (KPLC) (Exports Processing Zones Authority 2005). Water And Sanitation Water is majorly supplied by authorized water agents and local authorities (such as municipals and councils). Most councils and municipalities in major commercial centers are engaged in the provision of basic sewage and sanitation services for business entities. However, due to the proliferation of small business entities and indeed the population, most of Kenya’s councils and municipalities are currently seeking to increase their water supply and expand their sewage services to meet the demand. Investments Policies, Laws And Regulations For Small Businesses The Kenyan government is currently aiming at increasing the confidence of both local and foreign investors to increase their investments in the country. A great part of this effort has been through a revision of existing laws and procedures of setting up small businesses in Kenya. Currently, the private sector contributes a greater part of the country’s Gross Domestic Product (GDP). One of the government’s main strategies to induce both local and foreign investors is to sell most of its stakes to them. In this manner, the government has initiated a diversification from public sector investments to private sector investments. The kinds of investments earmarked for privatization include some of the largest to the smallest state corporations (Kenya Investments Authority 2010, 232). This trend is projected to create more business opportunities for investors. In addition, laws, policies and regulations are quickly being explained and eased through the investment promotion centre (www.investmentkenya.com) which assists both local and foreign investors in setting up businesses in the country. The s ervice has of late been upgraded to meet the modern needs of businesspersons in the country (Kenya High Commission 2010, 17). Application procedures and approvals are currently being facilitated through the medium as well. Kenyan laws currently allow for the setting up of small businesses in form of partnerships, private companies, joint ventures and public companies. This provides many local and foreign investors with a wide selection of alternatives on the type of businesses the may wish to undertake. The Kenyan Foreign investment act currently governs and safeguards all types of legal investments by Foreigners and undergoes periodic reviews which keep existing laws relevant with the changing business environment. For instance, there was a previous requirement that if foreign investors wished to set up business in the country, they had to apply for a Certificate of Approval so that they may be able to repatriate capital and profits (Exports Processing Zones Authority 2005). This p rovision is no longer there; which means that investors do not have a limit to foreign participation in local businesses, in terms of equity input or otherwise. The government currently wishes to adopt more business friendly rules and policies. These new regulations are expected to further streamline licensing and other application procedures while also increasing the degree of transparency and accountability in providing the same business provisions (Claasen 2010, 2). Information is therefore expected to be easily available to investors, including the procedures and legislation governing small businesses in the country. Investment Opportunities For Small Businesses There are currently many investment opportunities for small businesses as outlined by the Kenyan government. These opportunities are outlines as follows: Information Communication Technology (ICT) ICT is a fast growing sector in the Kenyan economy and many small business owners are bound to gain from the increased ICT ad option in the country. Such opportunities present themselves in form of software development, telecommunication services, E marketing and the likes (Sudan 2010, 67). Such opportunities are complimented by the huge human resource pool of skilled, English speaking, human resource experts who graduate from Kenyan universities each year. Commercial Dairy Farming Currently, the government is undertaking preliminary studies to asses the feasibility of privatizing most of its Artificial Insemination (AI) services. The same opportunity still exists in dipping services as a major dairy subsector (which has in the past been undertaken by the government). Clinical services are also being privatized by the government and this also presents an opportunity for more private sector participation. Tourism Since the government has extensively undertaken major strides in marketing the country as a topnotch tourist destination in Africa, increased tourist figures are expected to boost small businesses that make local artifacts for sale to tourists. Other kinds of businesses expected to grow in this sector include tour agencies, tourist cafeterias, hotels, catering industries and the likes. Other Other small business opportunities exist in the agricultural sector, textile industry, food industry, education sectors, agribusiness, manufacturing sectors and transport sectors (Kinyanjui 2000, 15) Technological Environment Many countries with regard to small and medium enterprises (SMEs) have gained from technological changes that set off in the 1990s (Hill 1987, 5). However, in Kenya, technological changes have not impacted small businesses very positively. Many local investors are not well versed with new technologies and this has led to a lot of confusion regarding the incorporation of technology in day to day business operations. In fact, most businessmen and investors who are strategically positioned to gain from technological changes are interestingly unaware of it, whereas inves tors who are aware of it, lack adequate access to technology but in some cases it is too expensive (King 2002, 67). Foreign investors have therefore in the past been better placed to gain from technological changes. Kenya and most Sub-Saharan countries have often found immense difficulty in using technology to integrate the activities of small businesses with potential investors, both locally and internationally (Wanjohi 2008, 5). The situation is further worsened by the wide technological rift between business men in rural areas and those in urban centers. Technological development in rural Kenya is also hampered because there is limited access to electricity among other social amenities that make internet connectivity available. Access to information is therefore hampered in this sense and small businesses in rural Kenya are isolated from existing networks that can provide the break through most small businesses in rural Kenya need for growth and prosperity. Technological changes in Kenya therefore do not seem to help entrepreneurs in rural Kenya at all. Credit Availability Small businesses the world over, have been identified to suffer from limited access to capital. In turn the alternatives in technology are greatly limited due to a lack or insufficient credit. For example, many small businesses have been observed to use inappropriate technology because they cannot afford the cost of using the right technology (IFC 2009, 65). Sometimes, even when credit is readily available, some investors may be forced to compromise their freedom in choosing the right purchasing equipments because of stringent regulations in lending. The constraining nature of the Kenyan credit market has therefore forced many small investors to seek alternative ways of financing like self funding and seeking funds from friends and relatives. In addition, the limited access to long term financing methods has forced many businesses to contend with short term methods of financing which are often expensive (Muteti 2005, 27). Other types of financial challenges many small businesses in Kenya face include high banking costs, high interest rates and exorbitant fees in borrowing funds. The year 2008, brought this issue to fore because most of the country’s small business investors were hoodwinked into joining pyramid schemes that never bore fruit. However, from the whole scam, it was evidently cleat that many people were desperate for a lending mechanism that enabled them to pay back borrowed money in small interest rates. Investment Protection Agreements The government has made specific legislations in its constitution to safeguard both local and foreign investors against unforeseen business calamities. One such guarantee is the protection against expropriation of businesses or private properties which is often undertaken by governments for public interest. In case such an eventuality occurs, the law guarantees investors compensation. Another such guarantee is the repatriation of profits and interests under the Foreign Investment Protection Act which allows foreign investors to repatriate their profits after tax (including retained moneys which have not been capitalized) (Kenya Investments Authority 2010, 112). In the same regard, they can also repatriate any interest payments associated with borrowed loans. Also, Kenya is a member of the World Bank Multilateral investments Guarantee Agency which safeguards businessmen from risks of a non commercial nature (Kenya Investments Authority 2010, 16). Investment Promotion Centre Investment promotion centre was established through an act of parliament to assist micro and macro businesses to operate in the country. This body helps small businesses facilitate their licensing requirements before they commence business and also support the promotion of local investments in both local and international stages (Kenya Investments Authority 2010). The body works closely with relevant government ministries a nd most notably the Ministry for local government in establishment of local businesses to assist investors procure licenses and required permits for business. Currently, the body assists small business investors in obtaining licenses within six months or less. Small businesses are not governed by any equity ceiling, although foreign investors are required to partner with local investors when undertaking small businesses in the country (Kenya Investments Authority 2010). With regards to business opportunities created from government privatization of its departments, the Investment promotion centre can assist small businesses acquire businesses within four weeks upon availability of the necessary documentations (Kenya Investments Authority 2010). Recommendation Kenya has a favorably good business environment for small businesses to thrive. However, since small businesses thrive majorly in remote commercial areas, it is important that the government expand the infrastructure in the rur al areas to support the growth of small businesses. Such developments can be facilitated through private-public partnerships which are expected to hasten such developments. Also, a great deal of the country’s small businesses is concentrated in major commercial centers of the country, thereby disproportionately growing small businesses. The government should therefore provide more incentives for growth of small businesses in rural areas which account for a greater majority of the country’s population. This can be achieved through a reduction of taxes or a reduction of land rates as a factor of production. Licensing has also notably been more bureaucratic than it should be. Considering most nations have achieved fast and more efficient ways of licensing, it is important that the country also follow the same precedent (Organization for Economic Cooperation 2010, 3). Some licensing requirements are noted to take more than six months before being processes, meaning that th e system needs to be automated to increase the speed of such processes. Some of the country’s laws regarding foreign investments also backtrack on the country’s quest to improve foreign investments in the country. For example, the legal requirement that foreign investors ought to partner with local investors in owning agricultural land or setting up small business is retrogressive. Such laws are therefore redundant and should be changed through increased pressures by the business community in improving the business landscape of the country. Conclusion Kenya is a major economic hub of the wider East African region. Its business environment is supported by the government’s commitment to change existing and archaic policies that have previously stunted the economic growth. When compared to other countries of its peers, Kenya is firmly on the path to growth prosperity especially boosted by small business development. The growth of small business is especially expect ed to thrive from the government’s review of existing policies, growth of the ICT and tourism sectors plus an improvement in the country’s infrastructure. The country is therefore expected to substantially grow from increased investor confidence and an upsurge of business opportunities across major economic sectors. That said, Kenya provides a good business environment for the growth of small businesses. Reference List African Development Bank. 2010. African economic outlook, volume 1. New York: OECD Publishing. Business Daily Africa. 2008. Kenya loses Grip on Business reforms, March 4, www.businessdailyafrica.com/-/539552/655052/-/584plu/-/index.html . Claasen, Mario. 2010. Social Accountability in Africa. Practioners Experiences and  Lessons. Johannesburg: African Books Collective. Exports Processing Zones Authority. 2005. Doing Business in Kenya. Nairobi: International Research Network. Hill, Thomas. 1987. Small Business Production/Operations Management. Nairobi: Macmillan Education Ltd. IFC. 2009. Press Releases and Features: Doing business in Kenya, September 9, www.ifc.org/ifcext/media.nsf//DB2010_Kenya_Sep09 . Kenya High Commission. 2010. Doing Business in Kenya, June 10, www.kenyahighcommission.net//doing-business-in-kenya.html . Kenya Investments Authority. 2010. Kenya Investments Authority: Home, March 10, www.investmentkenya.com/. King, McGrath. 2002. Globalization, Enterprise and Knowledge. Oxford: Symposium. Kinyanjui, Maina. 2000. Tapping Opportunities In Enterprise Clusters In Kenya: The  Case Of Enterprises In Ziwani And Kigandaini. Nairobi: Institute for Development Studies, University of Nairobi. Muteti, James. 2005. SMEs in Kenya. Nairobi: The Catholic University of Eastern Africa (CUEA). Organization for Economic Cooperation. 2010. Perspectives on Global  Development 2010: Shifting Wealth. New York: OECD Publishing. Sudan, Randeep. 2010. The Global Opportunity in IT-Based Services: Assessing and  Enhancing Country Comp etitiveness. London: World Bank Publications. Wanjohi, Mugure. 2008. Factors Affecting The Growth Of Mses In Rural Areas Of  Kenya: A Case Of ICT Firms In Kiserian Township, Kajiado District of Kenya. Nairobi: Longhorn Publishers. World Bank. 2010. Doing Business in Kenya 2010, January 20,  psdblog.worldbank.org//doing-business-in-kenya-2010.html .

The Bell X-1 and Breaking the Sound Barrier

The Bell X-1 and Breaking the Sound Barrier Bell X-1E Specifications: General Length: 31 ft. Wingspan: 22 ft. 10 in. Height: 10 ft. 10 in. Wing Area: 115 sq. ft. Empty Weight: 6,850 lbs. Loaded Weight: 14,750 lbs. Crew: 1 Performance Power Plant: 1 Ãâ€" Reaction Motors RMI LR-8-RM-5 rocket, 6,000 lbf Range: 4 minutes, 45 seconds Max Speed: 1,450 mph Ceiling: 90,000 ft. Bell X-1 Design Development: Development of the Bell X-1 began in the waning days of World War II as the interest in transonic flight increased. Initially contacted by the US Army Air Force and the National Advisory Committee for Aeronautics (NACA - now NASA) on March 16, 1945, Bell Aircraft began designing an experimental aircraft dubbed the XS-1 (Experimental, Supersonic). In seeking inspiration for their new aircraft, the engineers at Bell elected use a shape similar to a Browning .50-caliber bullet. This was done as it was known that this round was stable in supersonic flight. Pressing forward, they added short, highly-reinforced wings as well as a movable horizontal tailplane. This latter feature was included to give the pilot increased control at high speeds and later became a standard feature on American aircraft capable of transonic speeds. In the interest of retaining the sleek, bullet shape, Bells designers elected to use a sloped windscreen in lieu of a more traditional canopy. As a result, the pilot entered and exited the aircraft through a hatch in the side. To power the aircraft, Bell selected an XLR-11 rocket engine capable of around 4-5 minutes of powered flight. Bell X-1 Program: Never intended for production, Bell constructed three X-1s for the USAAF and NACA. The first began glide flights over Pinecastle Army Airfield on January 25, 1946. Flown by Bells chief test pilot, Jack Woolams, the aircraft made nine glide flights before being returned to Bell for modifications. Following Woolams death during practice for the National Air Races, the X-1 moved to Muroc Army Air Field (Edwards Air Force Base) to begin powered test flights. As the X-1 was not capable of taking off on its own, it was carried aloft by a modified B-29 Superfortress. With Bell test pilot Chalmers Slick Goodlin at the controls, the X-1 made 26 flights between September 1946 and June 1947. During these tests, Bell took a very conservative approach, only increasing speed by 0.02 Mach per flight. Dismayed by Bells slow progress towards breaking the sound barrier, the USAAF took over the program on June 24, 1947, after Goodlin demanded a $150,000 bonus for achieving Mach 1 and hazard pay for every second spent over 0.85 Mach. Removing Goodlin, the Army Air Force Flight Test Division assigned Captain Charles Chuck Yeager to the project. Familiarizing himself with the aircraft Yeager made several test flights in the X-1 and steadily pushed the aircraft towards the sound barrier. On October 14, 1947, less than a month after the US Air Force became a separate service, Yeager broke the sound barrier while flying X-1-1 (serial #46-062). Dubbing his plane Glamorous Glennis in honor of his wife, Yeager achieved a speed of Mach 1.06 (807.2 mph) at 43,000 feet. A publicity boon for the new service, Yeager, Larry Bell (Bell Aircraft), and John Stack (NACA) were awarded with the 1947 Collier Trophy by the National Aeronautics Association. Yeager continued with the program and made 28 more flights in Glamorous Glennis. The most notable of these was on March 26, 1948, when he reached a speed of Mach 1.45 (957 mph). With the success of the X-1 program, the USAF worked with Bell to build modified versions of the aircraft. The first of these, the X-1A, was intended to test aerodynamic phenomena at speeds above Mach 2. First flying in 1953, Yeager piloted one to a new record speed of Mach 2.44 (1,620 mph) on December 12 of that year. This flight broke the mark (Mach 2.005) set by Scott Crossfield in the Douglas Skyrocket on November 20. In 1954, the X-1B began flight testing. Similar to the X-1A, the B variant possessed a modified wing and was used for high speed testing until it was turned over to NACA. In this new role, it was used until 1958. Among the technology tested on the X-1B was a directional rocket system that was later incorporated into the X-15. Designs were created for the X-1C and X-1D, however the former was never built and the latter, meant for use in heat transfer research, only made one flight. The first radical change to the X-1 design came with the creation of the X-1E. Constructed from one of the original X-1s, the X-1E featured a knife-edge windscreen, new fuel system, a re-profiled wing, and enhanced data collection equipment. First flying in 1955, with USAF test pilot Joe Walker at the controls, the aircraft flew until 1958. During its final five flights it was piloted by NACA research pilot John B. McKay who was attempting to break Mach 3. The grounding of the X-1E in November 1958, brought the X-1 program to a close. In its thirteen-year history, the X-1 program developed the procedures that would be used in subsequent X-craft projects as well as the new US space program. Selected Sources NASA: Bell X-1 National Air Space Museum: Bell X-1

Covering the measurement and calculation of Real GDP Assignment

Covering the measurement and calculation of Real GDP - Assignment Example The goods as well as the services produced in a certain country and brought to the market have some price. Some experts regard GDP as the price of the total output. The GDP can be calculated in the following ways. Cumulative figure of all income within an economy or the total spending made by all the participating agents within the same economy is referred to as GDP. Both the spending and the income will roughly be the same. It should be kept in king that Gross Domestic product and Gross National product is not the same thing. The market value of the goods as well as services produced within a particular time period by the residents of a particular country is regarded as the GNP. It allocates the production based on the ownership. Three approaches can be used in order to determine the GDP. They are- the income approach, the expenditure approach and the product approach. The product also called as the output approach sums the total produced within the economy in order to attain the va lue of GDP. The expenditure approach assumes that the products produced must be bought by someone and so the total value of the product must be matched by the total expenditure of the people in purchasing things. The last approach takes into consideration that the value of the products must be equal to the incomes of the factors of production. It determines the value of GDP by calculating the sum of the income of the producers. The expenditure method: Where, C= Consumption, I=investment, G=government expenditure, X=exports, M=imports. The reciprocal circulation of income between the producers as well as the consumers is referred as the circular flow of income. From the circular flow of income the following equation is derived: Leakages=Injections (Tucker, 2010, p.429). i.e. S+T+M=I+G+X where, S= net savings, T=net taxes, M= import expenditure, I=Investment, G=government expenditure, X=export expenditure. It following equation can also be derived from the above: (S-I) + (T-G) = (X-M) . If the value of the left hand side of the equation is negative, then it must have been financed from somewhere. The right hand side of the equation denotes the current account balance. Therefore, (S-I) + (T-G) = (X-M) + foreign savings The production method consists of three stages. In the first step the gross value of the output produced domestically is estimated. The second step involves determination of the value of intermediate consumption while in the third step the value of the intermediate consumption is subtracted from the gross value in order to arrive at the net value. The total of the gross added value in various activities related to the economy is referred to as GDP at factor cost. The sum of the indirect taxes and GDP at factor cost subtracted from subsidies will give GDP at producers’ price. There are two methods to determine the gross output of any sector. The gross output can be determined by multiplying the products of each sector with the respective price s prevailing in the market and add them up. It can also be determined by manipulating data on sales as well as inventories from companies records and again add them up. According to the income approach, GDP is calculated by summing up the incomes that firms are required to pay to the households for providing the production factors namely wages, interest, rents as well as profits.

Introduction to Psychology Essay Example | Topics and Well Written Essays - 2000 words - 2

Introduction to Psychology - Essay Example This paper shall use various criteria or psychological affectations in order to thoroughly assess the subject matter at hand and to comprehensively evaluate the workings of the human mind and of human behavior. According to some experts, the biological and behavioral theories can be closely linked with each other. In analyzing human behavior, some authors and researchers look to the biological make-up of a person – in other words, his internal environment which would involve his brain processes, as well as the interaction of his hormones. His genetic predisposition is also considered in this theory as part of the factors influencing his behavior (Cichetti & Cohen, 2006). In further explaining human behavior, authors go one step further and consider the external environment of a person where the behavioral and sociological theories are often used to understand specific patterns of human interaction (Cichetti & Cohen, 2006). These authors then consider the relationship between these theories – the internal and the external environment in order to explain and understand human behavior. In other words, these two theories, as explained by some authors can, at some point during hum an development, interact and overlap with each other. However, inasmuch as they seem to be essentially related to each other in terms of continuity, they still are still basically different theories. One of the major differences between these two theories is the fact that the biological theory of psychology emphasizes that human behavior is shaped by biological and physiological processes (Bernstein, Penner, Clark-Stewart, & Roy, 2008). As was previously mentioned, psychologists explain that this theory evaluates the â€Å"psychological effects of hormones, genes, and the activity of the nervous system, especially the brain† (Bernstein, Penner, Clark-Stewart, & Roy, 2008, p. 18). So for instance,

Tinkerball hotdogs & Ice-cream Essay Example for Free

Tinkerball hotdogs Ice-cream Essay The purpose of this paper is to perform a case study analysis and provide a solution to the review questions pertaining to different aspects of projection evaluation and, thereby, concluding with recommendations. Mr. Terry Bell is planning to sell ice-cream and hotdogs by acquiring Mr. Jonathan van and other equipment from Mr. Luigi. Mr. Jonathan wishes to sell off his van and has asked Mr. Terry’s services to sell it off. There is a resale price for this van. Mr. Luigi had been in the same business of mobile vending van for almost 10 years and had an accident recently. He wishes to sell off his equipment and supplies at a price to Mr. Terry. Mr. Luigi was selling ice-cream under a franchise agreement with a company Mr. Whippy which will be no longer applicable after completion of 10 years and Mr. Terry shall not be entitled to terms under this franchise agreement. Mr. Terry has been provided with financial data by Mr. Luigi for last 10 years and has been able to draw the cash flows from the operating activities of the business. We will now look at the review questions and provide answers for them: If it is assumed that no cones are wasted the average price per icecream is $8.33 Term 1 2 3 4 5 6 7 8 9 10 Icecream Sales 55,660 37,660 49,880 54,350 57,560 44,350 56,430 57,990 55,320 58,010 Cones 2,783 1,883 2,494 2,718 2,878 2,218 2,822 2,900 2,766 2,901 Icecream 3,340 2,260 2,993 3,261 3,454 2,661 3,386 3,479 3,319 3,481 Franchise Fees 557 377 499 544 576 444 564 580 553 580 Total Payments 6,680 4,520 5,986 6,523 6,908 5,323 6,772 6,959 6,638 6,962 Price : Sales/Payments 8.33 8.33 8.33 8.33 8.33 8.33 8.33 8.33 8.33 8.33 Figures are stated in U.S. Dollars terms Table 1: Average Selling Price of Icecream As we can see from Table 2, the sales of icecream are more revenue generating and the return on investment / cost is higher compared to the sales of hotdogs, therefore, icecream is more profitable. Term 1 2 3 4 5 6 7 8 9 10 Icecream Sales 55,660 37660 49880 54350 57560 44350 56430 57990 55320 58010 Total Payments 6,680 4,520 5,986 6,523 6,908 5,323 6,772 6,959 6,638 6,962 Net Cash Flow 48,980 33,140 43,894 47,827 50,652 39,027 49,658 51,031 48,682 51,048 ROI % 733.23 733.19 733.28 733.21 733.24 733.18 733.28 733.31 733.38 733.24 Hot dogs Sales 21,210 33,320 23,240 22,210 19,990 24,380 20,890 21,990 21,210 24,300 Total Payments 4,772 7,497 5,229 4,997 4,498 5,486 4,700 4,948 4,772 5,468 Net Cash Flow 16,438 25,823 18,011 17,213 15,492 18,894 16,190 17,042 16,438 18,832 ROI % 344.47 344.44 344.44 344.47 344.42 344.40 344.47 344.42 344.47 344.40 Figures are stated in U.S. Dollars terms Table 2: Products Profitability From table 3, it is apparent that the sales of hotdogs are riskier. The rationing is based on the net cash flow from two products. The net cash flow from sales of ice cream are more consistent in terms of increasing trend, however, that from sales of hotdogs has a variant trend and is therefore considered to be riskier. Term 1 2 3 4 5 6 7 8 9 10 Icecream Net Cash Flow 48,980 33,140 43,894 47,827 50,652 39,027 49,658 51,031 48,682 51,048 Change% (32.34) 32.45 8.96 5.91 (22.95) 27.24 2.76 (4.60) 4.86 Hot dogs Net Cash Flow 16,438 25,823 18,011 17,213 15,492 18,894 16,190 17,042 16,438 18,832 Change% 57.09 (30.25) (4.43) (10.00) 21.96 (14.31) 5.26 (3.54) 14.56 Figures are stated in U.S. Dollars terms. Negative figures are in bold parenthesis. Table 3: Risk Evaluation Diversification Diversification is a risk management technique. From table 3 above we can conclude that by diversifying into two products it allowed Mr. Luigi to cater different customers. By doing this it is also noted that if one is product does not perform well in a year then the other product which may be doing comparatively well can reduce the negative impact on the cash flows. For projecting the remaining 3 weekends’ estimates (A) we assume that a constant average growth in figures based on 47 working weekends. This is performed by apportioning 47 working weekends result to total 50 working weekends. Another prudent approach can be adopted (B) where the YoY% change is adjusted for remaining 3 weekends. It is also assumed that franchise fees and license fees are paid at the start of the financial year and will remain the same. Year / Item 9 10 (47 weekends)    Actual Figures x 50/47 (A) Growth Rate   Ã‚  x 50/47 (B) Icecream sales 55,320 58,010 61,713 58,182 Hotdog Sales 21,210 24,300 25,851 24,497 Total Sales 76,530 82,310 87,564 82,679 Cones 2,766 2,901 3,086 2,910 Icecream 3,319 3,481 3,703 3,491 Buns 2,651 3,038 3,232 3,063 Hotdogs 2,121 2,430 2,585 2,450 Vehicle-related payments 2,880 2,660 2,830 2,646 Franchise fees 553 580 580 580 License fees 150 150 150 150 Total payments 14,441 15,239 16,166 15,289 Net cash flow 62,089 67,071 71,398    67,390    Figures are stated in U.S. Dollars terms Table 4: Estimates for remaining 3 working weekends For calculating the average annual rates for both products we assume figures from Table 4 Col B as the cash flow for the last year. Average Annual Growth Rate (AAGR) is ‘the average increase in the value of an individual investment or portfolio over the period of a year’ (Investopedia n.d.). Average annual rate is calculated by taking the arithmetic mean for 2 years. We also assume that cash flows are generated at the end of the financial year. In the first year it is assumed to have 100% growth. All other aspects of investment and setting up business expenses are ignored for the first year. Term 1 2 3 4 5 6 7 8 9 10 Given 10 New Icecream Net Cash Flow 48,980 33,140 43,894 47,827 50,652 39,027 49,658 51,031 48,682 51,048 51,201 Change% 100 (32.34) 32.45 8.96 5.91 (22.95) 27.24 2.76 (4.60) 4.86 5.17 AAGR % 33.83 0.06 20.71 7.43 (8.52) 2.14 15.00 (0.92) 0.13 0.29 Hot Dogs Net Cash Flow 16,438 25,823 18,011 17,213 15,492 18,894 16,190 17,042 16,438 18,832 24,497 Change% 100 57.09 (30.25) (4.43) (10.00) 21.96 (14.31) 5.26 (3.54) 14.56 15.49 AAGR % 78.55 13.42 (17.34) (7.21) 5.98 3.82 (4.52) 0.86 5.51 5.97 Figures are stated in U.S. Dollars terms. Negative figures are in bold parenthesis. Table 5: Average Annual Growth Rates Assumptions: Terry pays Mr. Jonathan the resale value of the van as prescribed by Mr. Joe. Terry pays for repairing of the van to Mr. Joe. Terry pays for van equipment and supplies to Mr. Luigi. Franchise agreement with Mr. Whippy is cancelled. Goodwill from Mr. Luigi business is ignored. Taxes are ignored. License fee is applicable at the same rate for next 10 years. There will be no new competition. There will be no new food regulations. There is no wastage. The demand for ice cream and hot dogs will be stable or growing at steady pace. Sickness or weekends off are ignored. An allowance of Mr. Terry time of 860 hours per year costing at $40 will be considered as cash outflow. Vehicle related expenses are considered to be $2,601, a constant figure, when indicated to be declining in previous years. However, they are extrapolated in the years when increasing based on respective years’ growth rate in these expenses. In the year 4th, 6th and 8th, they are assumed to increase by 22%, 12% and 9% respectively. The figures from Table 4 Col B are considered as base figures. The number of working weekends remains the same i.e. 50. The AAGR for both products are used for estimating future projections. Year / Item 0 1 2 3 4 5 6 7 8 9 10 Purchase Van (2,000) Equipment (1,200) Supplies (50) Repairing Van (2,500) Icecream sales 77,865 77,908 94,039 101,029 92,419 94,401 108,564 107,566 107,704 108,017 Hotdog Sales 43,739 49,609 41,006 38,048 40,323 41,865 39,971 40,315 42,536 45,075 Total Sales 121,604 127,517 135,045 139,077 132,743 136,267 148,535 147,881 150,240 153,092 Cones 3,894 3,896 4,703 5,052 4,622 4,721 5,429 5,379 5,386 5,402 Icecream 4,672 4,675 5,643 6,062 5,546 5,665 6,515 6,455 6,463 6,482 Buns 5,468 6,202 5,127 4,757 5,041 5,234 4,997 5,040 5,318 5,635 Hotdogs 4,374 4,961 4,101 3,805 4,032 4,187 3,997 4,031 4,254 4,508 Vehicle-related payments 2,601 2,601 2,601 3,165 2,601 2,913 2,601 2,835 2,601 2,601 License fees 150 150 150 150 150 150 150 150 150 150 Allowance 34,400 34,400 34,400 34,400 34,400 34,400 34,400 34,400 34,400 34,400 Total payments 55,560 56,885 56,724 57,391 56,392 57,270 58,089 58,291 58,572 59,178 Net cash flow (5,750) 66,044 70,631 78,320 81,685 76,350 78,997 90,446 89,590 91,668 93,914 Figures are stated in U.S. Dollars terms Table 6: Average Annual Growth Rates Net present value is the total value of cash flows from a project discounted at a suitable interest rate. This is a measurement tool used for predicting whether a project will be successful or not. Time Net Cash flow Discount Factor Present Value Net Present Value 0 (5,750) (5,750) 1 66,044 0.952381 62,898.71 2 70,631 0.822702 58,108.64 3 78,320 0.746215 58,443.92 4 81,685 0.676839 55,287.79 5 76,350 0.613913 46,872.49 6 78,997 0.556837 43,988.60 7 90,446 0.505068 45,681.23 8 89,590 0.458112 41,042.16 9 91,668 0.415521 38,090.12 10 93,914 0.376889 35,395.34 480,059 Figures are stated in U.S. Dollars terms Table 7: Net Present Value Conclusion: The NPV of future cash flow projections is positive which implies that the project may be accepted. They are other factors which Mr. Terry should consider before undertaking this business. Mr. Luigi has been in the business for almost 10 years. There is not much regarding his prior business history but he has done well in icecream and hotdogs selling business as well. Expectation to produce the same result by a teacher is somewhat subjective. Mr. Terry is a retired teacher ad has no prior experience of this business and it is assumed that he is in good health which would surely be an important factor for such business. We have assumed that despite of cancellation of Mr. Whippy franchise, Mr. Terry would be able to create good business for icecream and he would be able to purchase his supplies from a reliable source offering competitive prices. Other assumptions made for the above project evaluation can change hence altering the outcome of the project. Additional item which could be added to the above cash flow projections is tax liability and any financing activity which Mr. Terry may require to finance his initial investments.   We have also ignored the goodwill of business which Mr. Luigi has developed over the years. In accounting terms, a value for goodwill is an asset for business and should therefore be paid for to Mr. Luigi as commented by Mrs. Anita. This will be considered as part of initial investment. However, some may argue that Mr. Terry is not using the same name for his business and assumingly will not using Mr. Luigi goodwill for promoting his own business. It is however, likely f or Mr. Terry to enter this business with small investment and try to serve his customers with the same enthusiasm and strength as Mr. Luigi did for last 10 years. A more accurate projection can be made with further detailed information regarding the market and other issues. Finally, these projections will be adjusted once Mr. Terry actually enters this business. List of References Investopedia- A Forbes Digital Company (n. d.) Average Annual Growth Rate (AAGR). [online] available from www.investopedia.com/terms/a/aagr.asp [30 July 2008]   Ã‚  Ã‚  Ã‚  Ã‚   Tinkerbell hotdogs icecreams – Case Study. Financial Analysis Decision Making

Reverend Hale Essay -- essays research papers

Reverend Hale The Crucible written by Arthur Miller is a play that takes place in the sixteen nineties during the famous but tragic witch trials. Reverend Hale who is a minister and an expert of the demonic arts and witchcraft is sent from East Hanover to Salem where there is a spreading fear of witchcraft. When Hale arrives in Salem he finds the entire town in total chaos. At the beginning Hale is adamant in believing that they’re where witches and that nothing but good could come of his being there. Near the end when the truth has been exposed, Hale with so much blood on his head pleads : ‘‘ I come to do the Devil’s work. I come to counsel Christians they should belie themselves. There is blood on my head! Can you not see the blood on my head!’’ (Miller,131). For Reverend Hale the witch hunt in Salem is the scene of a moral journey as he eventually makes a complete turn around in thoughts and beliefs as he is forced to see certain realities. At the start of Reverend Hale’s metamorphosis he is so sure of himself and of his belief, in witches, that he even inadvertently eases their lying. At this point when he meets Parris and the girls who have been ‘‘ bewitched’’ he encourages them to talk about their being bewitched, and puts some words into their mouths, but he only does this because he really believes in witches, and believes the girls’ stories. This back fires however, and helps the girls with their lies. Soon after the trials begin Hale begins to have doubts in the...

Business Vocabulary Mix Essay

1. Instant messaging- a form of communication in which typed text is sent from one person to another over the internet. 2. Spam- unsolicited electronic junk mail or advertisements, sent as an e-mail 3. Emoticon- an expression composed of ordinary characters on a phone or computer that represent the writer’s mood or facial expressions. 4. Signature- a block of text automatically appended at the bottom of e-mails. The text may include the sender’s name, title, etc. 5. Tagline- a slogan or memorable phrase attached to the end of an email that conveys a message from the sender 6. Threads- a series of newsgroup messages dealing with the same subject. 7. Social Networking- the use of a wav space to connect with people who share personal or professional interests 8. E-mail- a message sent electronically from one person to another via links between computers or terminals 9. Blog- a type of web site that displays in chronological order the postings by one or more individuals and usually has links to comments on specific postings 10. Search Engine Optimization- the process of improving the traffic to a web site from search engines 11. Social Norms- the rules that a society uses for appropriate and inappropriate values, beliefs, attitudes and behaviors 12. Sexting- the act of sending sexually explicit and/or suggestive content via text messaging. 13. Inflection- Modulation of the voice; change in pitch or tone of voice to help convey meaning. 14. Cyber Bullying- when a child or teen is threatened, harassed or otherwise targeted by another child or teen using a form of technology 15. Flaming- a virtual term for venting emotion or sending inflammatory e-mails. 16. Attachments- Computer files sent along with an e-mail message which can be accessed by the recipient of the e-mail. 17. Snail mail- a term used to refer to letters carried by traditional postal delivery services. 18. Texting- sending brief written messages from one person to another via cellular phones.

Potbelly Sandwich Works

â€Å"Potbelly Sandwich Works† Summary: Potbelly Sandwich Works is a privately held restaurant chain that sells submarine sandwiches in the United States. Potbelly Sandwich Works began in 1977 founded by Peter Hastings. The original store is located in Chicago, in a retail space that was previously an antique store, Hindsight, also owned by Hastings. Many of the items that decorate the store were taken from the former business. Despite the fast-paced, never-a-dull-moment world of antique dealing, the couple decided to bolster their business by making sandwiches for their customers. What began as a lark, turned out to be a stroke of genius. Soon, people who couldn't care less about vintage glass doorknobs were stopping by to enjoy special sandwiches and homemade desserts in this unusual atmosphere. Its name is derived from potbelly stoves common in the late 19th century. In 1998, Bryant L. Keil purchased the original store and expanded Potbelly to over 200 stores in Illinois, Indiana Michigan, Minnesota, Ohio, Texas, Maryland, Virginia, Pennsylvania, New Jersey, Washington D. C. , Kentucky, and Wisconsin. When Bryant Keil paid $1. 7 million for Potbelly Sandwich Works in 1996, people thought he was crazy. Convinced he could take the unique sandwich joint to the next level; Keil acquired Potbelly and has since grown the concept into a 10-state chain that posted 2006 revenue of $140 million. Although Potbelly has many sandwich shop rivals and competition in the fierce quick-serve segment of the restaurant industry, Potbelly has more than held its own. Billed as â€Å"a unique and quirky sandwich joint,† it has a unique appeal. Potbelly’s core strategy elements include the 4P’s- Product, Place, Promotion, and Price. As the years passed, the lines grew. Booths were added, along with ovens for toasting sandwiches to perfection, vista-coolers, napkin dispensers, hand-dipped ice cream – even live music. The little antique shop had become the full-fledged, totally unique sandwich joint that you enjoy today. Potbelly’s core strategy elements include the 4P’s- Product, Place, Promotion, and Price. First is the Product. Anyone can sell a sandwich; you need to be able to sell an experience. Industry observers point to several aspects of the Potbelly experience that make it the first choice for young professionals on a quick lunch break. Friendly service and an unbeat atmosphere, live music, antique fixtures, real books for customers to read or borrow create a homey environment for customers. Then there is the Place. Geographic locations are selected carefully. Bryant Keil looks for cities that are not saturated with sandwich chains and have an urban/suburban density of core customers-young professionals less than 35 years old. Locations must be convient for them since Potbelly stores rely on high repeat business. Then there goes Promotion. Promotions are keyed to events like store openings and National Sandwich Day. For example, on National Sandwich Day, Potbelly hosts a â€Å"Belly Buster† sandwich eating contest at Potbelly stores. Prizes are awarded to winners and runners-up. Other event promotions raise money for local charities such as food banks, and community- based reading and music appreciatin programs. Then goes the last P which is Price. Potbelly sandwiches sell for $3. 79. Pricing is an integral part of the value Potbelly offers customers and can be summed up as, â€Å"Just good food at good prices. Considered separately, any one of Potbelly’s marketing strategy elements may not seem overly powerful as a competitive weapon, but combined and implemented with zeal, they are a significant competitive threat to national, regional, and local competitors. The idea behind Potbelly is simple: superior value, fun-filled atmosphere, warm, comfy decor, and quick friendly service.

The Assassination of Archduke Franz Ferdinand 1914

The Assassination of Archduke Franz Ferdinand 1914 The assassination of an Austrian Archduke was the trigger for World War I, yet things were so nearly different. His death set off a chain reaction, as  mutual defense alliances  mobilized a list of countries, including Russia, Serbia, France, Austria-Hungary, and Germany, to declare war.   An Unpopular Archduke and an Unpopular Day In 1914 Archduke Franz Ferdinand was heir to both the Habsburg throne and the Austro-Hungarian Empire. He was not a popular man, having married a woman who – while a Countess – was deemed far below his station, and their children had been barred from the succession. Nevertheless, he was the heir and had both interests in the state and state commitments, and in 1913 he was asked to visit newly annexed Bosnia-Herzegovina and inspect their troops. Franz Ferdinand accepted this engagement, as it meant his usually sidelined and insulted wife would officially be with him. Ceremonies were planned for June 28th, 1914 in Sarajevo, the couple’s wedding anniversary. Unfortunately, this was also the anniversary of the First Battle of Kosovo, the struggle in 1389 which Serbia had convinced itself saw Serbian independence crushed by their defeat to the Ottoman Empire. This was a problem, because many in the newly independent Serbia claimed Bosnia-Herzegovina for themselves, and fumed at Austria-Hungary’s recent annexation. Terrorism One man in particular who took particular umbrage at this event was Gavrilo Princip, a Bosnian Serb had devoted his life to protecting Serbia, no matter the consequences. Assassinations and other politically charged murders were not out of the question for Princip. Despite being more bookish than charismatic, he managed to enlist the support of a small group of friends, who he convinced to kill Franz Ferdinand and his wife on June 28th. It was to be a suicide mission, so they wouldn’t be around to see the result. Princip claimed to have originated the plot himself but he did not have trouble finding allies for the mission: friends to train. The most important group of allies was the Black Hand, a secret society in the Serb army, who provided Princep and his co-conspirators with pistols, bombs,  and poison. Despite the complexity of the operation, they managed to keep it under wraps.  There were rumors of a vague threat that reached all the way up to the Serbian Prime Minister, but they quickly dismissed.   The Assassination of Archduke Franz Ferdinand On Sunday June 28th, 1914, Franz Ferdinand and his wife Sophie traveled in a motorcade through Sarajevo; their car was open topped and there was little security. The would-be assassins positioned themselves at intervals along the route. Initially, one assassin threw a bomb, but it rolled off the convertible roof and exploded against the wheel of a passing car, causing only minor injuries. Another assassin couldn’t get the bomb out of his pocket because of the crowd’s density, a third felt too close to a policeman to try, a fourth had an attack of conscience over Sophie and a fifth ran off. Princip, away from this scene, thought he’d missed his chance. The royal couple continued with their day as normal, but after the display at the Town Hall Franz Ferdinand insisted he visit the mildly injured members of his party in the hospital. However, confusion led to the driver heading to their original destination: a museum. As the vehicles stopped in the road to decide which route to take, Princip found himself next to the car. He drew his pistol and shot the Archduke and his wife at point-blank range. He then tried to shoot himself, but the crowd stopped him. He then took poison, but it was old and simply caused him to vomit; the police then arrested him before he was lynched. Within half an hour, both targets were dead. The Aftermath No one in Austria-Hungary’s government was particularly upset by Franz Ferdinand’s death; indeed, they were more relieved he was not going to cause any more constitutional problems. Across the capitals of Europe, few other people were overly upset, except the Kaiser in Germany, who had tried to cultivate Franz Ferdinand as a friend and ally. As such, the assassination didn’t seem to be a major, world-changing event. But Austria-Hungary had been looking for an excuse to attack Serbia, and this provided them with the cause they needed. Their actions would soon trigger World War I, leading to years of bloody slaughter on a largely static Western Front, and repeated failures by the Austrian army on the Eastern and Italian Fronts. At the end of the war the Austro-Hungarian Empire had collapsed, and Serbia found itself the core of a new Kingdom of the ​Serbs, Croats and Slovenes.    Test your knowledge of the origins of WWI.

History of the 1976 Olympics in Montreal

History of the 1976 Olympics in Montreal The 1976 Olympic Games were marred by boycotts and drug allegations. Before the Olympic Games, New Zealands rugby team toured South Africa (still mired in apartheid) and played against them. Because of this, much of the rest of Africa threatened the IOC to ban New Zealand from the Olympic Games or they would boycott the Games. Since the IOC had no control over the playing of rugby, the IOC tried to persuade the Africans not to use the Olympics as retaliation. In the end, 26 African countries boycotted the Games. Also, Taiwan was excluded from the Games when Canada would not recognize them as the Republic of China. Drug Allegations The drug allegations were rampant at these Olympics. Though most of the allegations were not proven, many athletes, especially the East German women swimmers, were accused of using anabolic steroids. When Shirley Babashoff (United States) accused her rivals of using anabolic steroids because of their big muscles and deep voices, an official from the East German team responded: They came to swim, not to sing. Financial Implications The Games were also a financial disaster for Quebec. Since Quebec built, and built, and built for the Games, they spent the enormous figure of $2 billion, placing them in debt for decades. On a more positive note, these Olympic Games saw the rise of the Romanian gymnast Nadia Comaneci who won three gold medals. Approximately 6,000 athletes participated, representing 88 countries. Source Allen Guttmann, The Olympics: A History of the Modern Games. (Chicago: University of Illinois Press, 1992) 146.

Violence and Its Impact Upon Adolescents Research Paper - 1

Violence and Its Impact Upon Adolescents - Research Paper Example , this can potentially have some very dire effects on them it is critically important to â€Å"establish exactly what is violence, the different forms that adolescent violence can potentially take, and the varied effects of violence on adolescents.† According to The term violence first appeared in French at around the beginning of the thirteenth century and was essentially used to characterize a brutal and quick-tempered person. It was also used to describe to indicate a power relationship that is aimed at constraining or subjecting another person. Over the centuries that followed, violence was given a fundamental role by western civilizations where on one had it was seen to quite fiercely denounce the excesses of violence and openly declared it to be illegitimate, However, on the other hand, Western civilization was also seen to give violence a rather elevated position where it was legitimized so as to validate the actions of knights who were forced to shed blood in the noble defense of the orphans and widows as well as defend the just causes of the Christian kings against the Infidels, and trouble makers (Muchembled 7-9). The brutality of all human relations was accepted as being a universal social language in addition to its being considered to be absolutely normal and quite necessary in most western societies up until the seventeenth century. While cultural ideals might have gradually evolved over time, violence is seen to still play a prominent role in modern society and equally affects people of all ages hailing from the different walks of life. The violence perpetrated against the young people is found to be particularly worrying as it can significantly affect their future development and negatively impact the future human society. The Transactional Model of Development: This development model is seen to greatly emphasize the importance of the roles that are seen to be played by both the environment and the child in the determination of the child’s