Word Class Definition and Examples

In English grammar, a word class is a set of words that display the same formal properties, especially their inflections and distribution. The term word class is similar to the more traditional term, part of speech. It is also variously called grammatical category, lexical category, and  syntactic category (although these terms are not wholly or universally synonymous). The two major families of word classes are lexical (or open or form) classes (nouns, verbs, adjectives, adverbs) and function (or closed or structure) classes (determiners, particles, prepositions, and others). Examples and Observations When linguists began to look closely at English grammatical structure in the 1940s and 1950s, they encountered so many problems of identification and definition that the term part of speech soon fell out of favor, word class being introduced instead. Word classes are equivalent to parts of speech, but defined according to strict linguistic criteria. (David Crystal, The Cambridge Encyclopedia of the English Language, 2nd ed. Cambridge University Press, 2003)There is no single correct way of analyzing words into word classes...Grammarians disagree about the boundaries between the word classes (see gradience), and it is not always clear whether to lump subcategories together or to split them. For example, in some grammars...pronouns are classed as nouns, whereas in other frameworks...they are treated as a separate word class. (Bas Aarts, Sylvia Chalker, Edmund Weiner,  The Oxford Dictionary of English Grammar, 2nd ed. Oxford University Press, 2014) Form Classes and Structure Classes [The] distinction between lexical and grammatical meaning determines the first division in our classification: form-class words and structure-class words. In general, the form classes provide the primary lexical content; the structure classes explain the grammatical or structural relationship. Think of the form-class words as the bricks of the language and the structure words as the mortar that holds them together. The form classes also known as content words or open classes include: NounsVerbsAdjectivesAdverbs The structure classes, also known as function words or closed classes, include: DeterminersPronounsAuxiliariesConjunctionsQualifiersInterrogativesPrepositionsExpletivesParticles Probably the most striking difference between the form classes and the structure classes is characterized by their numbers. Of the half million or more words in our language, the structure words—with some notable exceptions—can be counted in the hundreds. The form classes, however, are large, open classes; new nouns and verbs and adjectives and adverbs regularly enter the language as new technology and new ideas require them. (Martha Kolln and Robert Funk, Understanding English Grammar. Allyn and Bacon, 1998) One Word, Multiple Classes Items may belong to more than one class. In most instances, we can only assign a word to a word class when we encounter it in context. Looks is a verb in It looks good, but a noun in She has good looks; that is a conjunction in I know that they are abroad, but a pronoun in I know that and a determiner in I know that man; one is a generic pronoun in One must be careful not to offend them, but a numeral in Give me one good reason. (Sidney Greenbaum, Oxford English Grammar. Oxford University Press, 1996) Suffixes as Signals We recognize the class of a word by its use in context. Some words have suffixes (endings added to words to form new words) that help to signal the class they belong to. These suffixes are not necessarily sufficient in themselves to identify the class of a word. For example, -ly is a typical suffix for adverbs (slowly, proudly), but we also find this suffix in adjectives: cowardly, homely, manly. And we can sometimes convert words from one class to another even though they have suffixes that are typical of their original class: an engineer, to engineer; a negative response, a negative. (Sidney Greenbaum and Gerald Nelson, An Introduction to English Grammar, 3rd ed. Pearson, 2009) A Matter of Degree [N]ot all the members of a class will necessarily have all the identifying properties. Membership in a particular class is really a matter of degree. In this regard, grammar is not so different from the real world. There are prototypical sports like football and not so sporty sports like darts. There are exemplary mammals like dogs and freakish ones like the platypus. Similarly, there are good examples of verbs like watch and lousy examples like beware; exemplary nouns like chair that display all the features of a typical noun and some not so good ones like Kenny. (Kersti Bà ¶rjars and Kate Burridge, Introducing English Grammar, 2nd ed. Hodder, 2010)

Mass Media Essay - 1172 Words

Moving into the 1960’s Living in Detroit in the 1960’s brings back many memories, as the city was vastly different as juxtaposed to its current status. Population was 1.5 million people and it held the position of the 5th largest city in the nation (U.S. Census). Although white flight to the suburbs resulted in over 500,000 people exiting the city in the 1950’s, there was still a substantial amount of people still residing in the city (U.S. Census). With the election of a new mayor a young democrat Jerome P. Cavanaugh, who upset the incumbent Louis Marini, who was not the most progressive when it came to race relations, Cavanaugh was elected with a platform that promised improved corporation with city government as related to the black†¦show more content†¦I personally witnessed the big four in action when I was about 5 years old as in the execution of their duties of breaking up a disturbance they proceed to almost cause a mini-riot on my street, by beating up the participants of th e fight. An infamous incident with the police when a reputed prostitute was killed by police after being shot in the back, supposedly because she was coming after a patrolman with a knife (Elkins qtd. in Stone 113). This incident elicited outrage from the black community which had numerous incidents of police brutality and killings by the police, building up an antagonistic relationship that would be one of the main precipitators of the forthcoming rebellion (Elkins qtd. in Stone 112-116). The Mini-Riot of 1966 In the summer of 1966 there was a mini-riot on the east side of Detroit on one of the main thoroughfares, Kercheval Avenue at Pennsylvania (Elkins qtd. in Stone 113-114, Fine 135-143, Horner qtd. in Stone 92). Intervention by the police in a violent arrest led to mases of people coming into the street with protest against police brutality, Businesses were vandalized and additional police were called in and eventually the disturbance was quelled (Elkins qtd. in Stone 113-114 Farley, Danziger 43, Fine 135-143). City administration felt proud that the incident did not escalate into a rebellion reminiscent of the 1965 Watts rebellion, at the time the worst inShow MoreRelatedMass Media Essay720 Words   |  3 Pages Mass Media: Development and Literacy Assignment Emily Lewis Horne University of Phoenix HUM 186 October 30, 2017 The Major Developments of the Mass Media In the textbook, Media and Culture: Mass Communication in a Digital Age, written by Richard Campbell, it talks about wat mass media is and the mass media developments. It said, â€Å"The mass media are the cultural industries—the channels of communication—that produce and distribute songs, novels, TV shows, news- papers, movies, video gamesRead MoreMass Media Essay827 Words   |  4 PagesUnderstanding the media and what media literacy entails is an important trait that everybody should learn. There were a few developments in the evolution of mass media that took place in the past century. Mass communication first started in the earliest of society which started the written and oral communication era. In this time information was passed down through oral traditions by teachers or story-tellers. As time passed and more stories were told the alphabet and written word finally were createdRead More Mass Media Essay1714 Words   |  7 PagesMass Media Have you ever had an original thought? Why do we dress the way we do, watch what we watch or even live the way we do. Through our means of entertainment, it is almost a guide in how one should live their life. With the technology we have in our world we are persuaded to believe what is right and what is wrong. Although we create our own world, our thoughts were imposed upon us since the day we are born. â€Å"What if the world is some kind of show. 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Both sites can be used to upload pictures, videos, post messages, and create a personalRead MoreEssay On Mass Media1277 Words   |  6 PagesAlston HUM/186 September 25, 2017 Allyson Wells INTRODUCTION Mass Media reaches a large part of our audiences today, whether it be from the movies, advertising, the internet, newspapers, magazines, twitter, you tube, Instagram, Facebook and so forth and because of this it can affect how we think and believe, both personally and as a society. Today, I will address three specific areas that product mass media channels have been used and has made a difference, either to me personallyRead MoreEffect of Media and Mass Communication Essay1386 Words   |  6 PagesThe media is a powerful presence within the lives of others. It can be described as the main channel of mass communication. Media is often used to deliver a message to a large audience who are diverse. It can be written, broadcast or spoken. Media is a significant force within modern culture. Culture can be defined as the norms and values of a society. In our culture, the communications media hold an influential place in disseminating information, forming attitudes, and motivating b ehaviour. TechnologicalRead MoreMass Media and Violence Essay891 Words   |  4 PagesMass Media and Violence Is it hard to believe that just forty years ago only a few privileged American families had televisions in their home? In recent years, it is estimated that a whopping ninety-eight percent of Americans have one or more television sets in their home. Motion pictures, televisions, video games, and the internet are just some forms of mass media that have emerged since the last century. With the rise of mass media, the increase of violent behavior has increased as well. MassRead MoreMass Media in America Essay730 Words   |  3 PagesMass Media in America The media is inescapable. At every checkout counter, there are ten different magazines showing us what the perfect girl looks like, who the sexiest men alive are, and Elvis is really an alien. Most people don’t think they are effected by this explosion of control the media has over us. That is because most people don’t realize that the media is actually controlling us. This is not a new idea, that people are ignorant to the fact they may not be as free as they think

Symptoms And Treatment Of Cancer Cells Essay - 996 Words

In humans, NDV has demonstrated mild flu-like symptoms, conjunctivitis, or laryngitis. Tropism (Proteins present in tumor cells) The ubiquitous nature of the NDV receptor allows for utilization of the virus against a wide variety of cancers. The specificity of the virus for cancer cells due to their defects in antiviral and apoptotic pathways ensures viral safety and may obviate the need for specific tumor targeting. NDV has been shown to replicate in cancer cells possessing various defects in antiviral and apoptotic signaling pathways. Immune response The presumed specificity of NDV for cancer cells is thought to be in part due to defective innate immune responses in some cancer cells. This allows for specificity of the attenuated and lentogenic NDV strains. 1. Cell death There are many strains of NDV, and they may be either lytic or nonlytic for human cells. Lytic strains kill the infected cell by damaging its outer membrane, while nonlytic strains kill infected cells by inhibiting the basic processes necessary for the cell to live. Lytic strains of NDV have been studied in humans because they can kill cancer cells directly. However, both lytic and nonlytic strains have been used to make vaccines to help the immune system fight cancer. Challenges/barriers NDV is an avian pathogen and therefore avoids the problem of preexisting immunity and pathogenicity of the virus in humans. Even those who have been exposed to the virus, have demonstrated mild, flu-like symptoms.Show MoreRelatedSymptoms and Treatment of Bone Cancer792 Words   |  3 PagesOverview Cancer has hundreds of different types. One of these types is bone cancer. Like most other types of cancer, if bone cancer is not found and treated, it can kill you. Bone cancer is defined as when you get cancer in your bone’s cells. There are two different types of bone cancer. 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The spreadRead MoreArticle Review On Information About Cancer Essay1073 Words   |  5 PagesInformation About Cancer By Brijesh Ghelani | Submitted On January 13, 2011 Recommend Article Article Comments Print Article Share this article on Facebook Share this article on Twitter Share this article on Google+ Share this article on Linkedin Share this article on StumbleUpon Share this article on Delicious Share this article on Digg Share this article on Reddit Share this article on Pinterest Expert Author Brijesh Ghelani Though we have all heard the term Cancer through many sourcesRead MoreLeukemia And Its Effects On Cancer Development971 Words   |  4 Pageshave a 58.5% chance of survival in the next 5 years (National Cancer Institute, 2015). Leukemia is a group of cancers that originate from bone marrow and create cancerous blood cells that overcrowd healthy blood cells within the bone marrow. (National Cancer Institute, 2014). 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Organization Culture Change. Peter Amador. Organizational

Organization culture change Peter Amador Organizational Theory and Development May 16, 2017 Organization culture change 1. ATT depends on troublesome merchants and the open source group as it attempts to change its internal culture as a key some portion of the SDN/NFV change, says one of its top innovation officials. There is the change part of this, he reveals to Light Reading in a meeting. The measurement of this that is similarly if not more vital is the social change we are discussing - this is particularly critical with a telecom administrator, for example, ourselves that has been doing business for over 100 years. Concerning the part of the open source group, ATT sees the discussions in which it is taking an†¦show more content†¦Despite the fact that this paper has investigated the link between culture and movement communication and has called attention to the reliant relationship amongst literature and campaign correspondence, Additionally, inquire about should be led to extend our comprehension of the functional interdependence of culture and communication battles. Organization cultur e is the matter that holds an organization in place. This is the thing that makes each team emerge from each other. Hierarchical culture is additionally what makes representatives need to keep work with a given manager and have a feeling of pride in the work that they do. I trust that ATT is an organization which puts a great deal into their workers. 2. Organizational Socialization is the procedure where people are taking in the ropes of an association’s culture given another or evolving part. It is the manner by which a worker figures out how to fit into his or her role with the organization. Hierarchical socialization advances change in the work environment. The idea elevates individuals to have the capacity to adjust and to be anxious to learn new thoughts and ideas. While promoting likely change, it is fascinating how authoritative socialization can likewise include security and solidarity. Yes, the organizational socialization is put into by using the formal programming process (Keith Porter, 2007). 3. ATT s different qualities and consideration administration technique linesShow MoreRelatedLego Case6045 Words   |  25 PagesTABLE OF CONTENTS Introduction 1 Strategic Analysis 2 A. Internal Core Competences 2 B. Company mission and vision 3 C. Future goals 4 D. Organizational Structure 5 E. 7-S model analysis7 6 Improvements 9 Open Innovation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.10 A. Organization of innovation.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦11 B. Matrix Innovation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦..12 Reference 14 Appendices†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...15 A. Memos†¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦15 B. Project A Log

The Military in Art Free Essays

The word propaganda has come to have sinister overtones though this was not always the case. Propaganda today evokes images of sinister lies and obfuscations told by enemies of the state to sway the minds of the citizens. Yet in a larger sense all art is propaganda to some degree and military art is propaganda on a grand scale. We will write a custom essay sample on The Military in Art or any similar topic only for you Order Now Art is designed to cause an emotional response in the viewer. Throughout history artists have served the state, willingly or not so willingly, in an effort to further the aims of the government, be it republic or clan of elders.   Those works of art that are most effective are those that hit the viewer viscerally and cause a response that is near equal to the actual event being depicted in the art work. The works mentioned here are like that. I served in the United States Air Force for six years as a military policeman. I have traveled to Saudi Arabia, Kuwait and Korea. I have seen artwork that has evoked emotion in me and I have seen art that was truly representational of the events I have seen. James Dietz’ work, I Shall Defeat Them on the Battlefield, can be found as a limited edition print from the online gallery of the artist. The image size is 36† x 21.5 â€Å". It depicts the United States Army 75th Ranger Unit on the ground. This unit remains the Army’s premier special operations force capable of conducting a full spectrum of operations to include direct action raids and forced entry operations (JamesDietz.com). Dietz depicts an action scene in a dim setting. In the background is the skyline of a city that was ancient in the days when Christ walked the lands of the Middle East. The modern warriors, carrying firearms and dressed in body armor seem incongruent beneath the palms and the domed edifices creating the negative space in the lower portion of the sky. An automobile is in the streets where camels would seem more at home, juxtaposed in contrast to the ancient city and the modern warriors, signifying a delivery system of enemy fire. First Boots on the Ground, by William Phillips, is now available as a limited edition print, measuring 31† x 19 â€Å". It is a classic scene from the Viet Nam era, featuring a sky filled with helicopters and reminiscent of Apocalypse Now. The work depicts the 1965 battle of La Drang Valley, famous for its intensity.   â€Å"At 10:48 the helicopter touches down, and Lt. Col. Moore, Sgt. Major Plumley, Capt. Metsker, Bob Ovellette, Al Bosse and Vietnamese translator Mr. Nik become the first boots on the ground at La Drang† (OzarkAirFieldsArtworks 2005). This art is compelling and personal to me for it depicts the ultimate in warfare, that time when the soldier commits and becomes a weapon aimed at the heart of the enemy. He has left the relative safety of the helicopter. He no longer is behind the line depending on artillery or mortar fire, but rather advances, putting his life on the line as he moves inexorably toward the opposing warrior. Charlene Cooper’s moving artwork, titled with the acronym B.O.M.B., signifying Blood of My Brothers, is a drawing in graphite and colored pencil. The intense blue of the flag is complimented by the red of the tear streaming down the face of the warrior. It appeals to me for reasons that would be clear to most combat veterans, as it shows the side of a soldier seldom seen or discussed openly. The man holds a folded American Flag as that single tear, executed in the red of blood, is seen to escape his eye. He shows the pent up emotion which soldiers rarely display and gives the viewer the understanding that he is a flesh and blood creature, endowed with all the sentiment and feeling of any other man. He is proud of the job he has done, but keenly aware of the price that was ultimately paid by so many of his friends and compatriots. I find Cooper’s work the most compelling of these three, for it appeals to a side of me that is most often hidden from the view of others. It touches me in a place where I am alone with my feelings and appeals to me on a spiritual level. Even her choice of title is compelling, bringing to the piece a thought-provoking message that transcends the art and gives the viewer ideas that there is more to the piece than what appears on the surface, making it multi-leveled and multi-dimensional. Works Cited Artwanted.com  Ã‚  Ã‚   2007 B.O.M.B. (Blood of My Brothers) Retrieved 10-8-2007 From: http://www.artwanted.com/imageview.cfm?id=458010  Ã‚  Ã‚   JamesDietz.com 2007 I Shall Defeat Them on the Battlefield Retrieved 10-8-2007 OzarkAirFieldArtworks.com  Ã‚   2005   First Boots on the Ground Retrieved 10-8- 2007 from: http://www.ozarkairfieldartworks.com/firstbootsontheground.html                      . How to cite The Military in Art, Essay examples

Business Recruitment Selection Policies

Question: Discuss about the Report for Business Recruitment Selection Policies. Answer: Part 1: Recruitment Selection and Induction Policies Strategic and Operational Plans to Identify Relevant Policies and Objectives: It is highly important to integrate the Human Resource strategy of the organization with the objectives and immediate goals of the organization. It is important for the HR manager to conduct daily or at least regular meetings, with the General Managers of the organization, in order to be able to comprehend the requirements of the organization. The HR must be well aware of the human resource requirements of the organization, so that he can set up interviews or tests, for recruiting new candidates in newly formed designations. Again, in case the organization is looking forward to achieve a set of immediate goals, highly important for organizational success, the HR s required to introduce the reward policies, whereby the employees will be rewarded in with financial incentives, for outstanding contribution towards the accomplishment of the goals. Again, the organization wishing to expand itself globally will require imparting communication and soft skill training to the employees. Hence, the HR will be required to select the most suitable candidates, and arrange for necessary training programs befitting the purpose (Townley 2014). Development of Recruitment, Selection and Induction Policies: The process of selection, induction and recruitment of candidates should follow predetermined policies and procedures to ensure transparent and non-discriminatory method of absorption. There should be strict policies that will ensure that each candidate will be recruited on the basis of his merit, skill and qualification and not on the grounds of personal recommendations. Once the vacancy arises, the organization should advertise openly regarding the vacant position, and the qualifications or expertise required to apply for the same, so that each candidate can get an equal opportunity to apply for the position. The skills and the knowledge of the employees, should be considered, and there should be strict rules stating that the applicants chosen should necessarily match with the relevant requirements (Cook 2016). Any kind of discrimination or bias traced in the recruitment process should be regarded as a punishable offence. Further, in order to ensure transparency in the process, the organization is required to introduce strict policies for maintaining confidentiality, so that the management authority does not gain access to the information regarding the identity of the applicants, in the pre-interview period. Technological Options to Improve Efficiency in the Recruitment Procedure: With the advent of science and technological innovation, the recruitment procedure can be carried out in an effective way. The employment of the E-Human resource system can help the organization execute its HR duties in a highly effective, systematic and organized way. Oracle or Ascentis consist of various HR specialized modules, that can be helpful in the recruitment procedure. Nowadays, internet can be exploited for conducting online tests ad online interview sessions, necessary for verifying the skills of the job-seekers. The use of online job boards is also highly beneficial in selecting the right and the deserving employee. The organization can also advertise its vacancy via job searching sites, and the talent management system, can help the organization electronically post jobs online, review and verify the credentials of the applicants, and selects the applicants online (Flamholtz 2014). Support for Policies and Procedures from senior managers: The co-operation and the assistance of the senior managers are equally important for the implementation of the plans and policies discussed above. Hence, the HR managers will require to organize regular meetings with the senior managers to understand the immediate goals and the objectives of the organization. Accordingly, the vacancies will be announced and advertised in the newspapers. The HR managers will be required to collect relevant information from the senior managers about the job roles of the vacant positions, and the skills, professional expertise and experience required for the same. The senior managers will be required to co-ordinate with the HR managers, as it will help them in assessing and forecasting the HR requirements of the organization, conducting the gap analysis, and adopting necessary means to overcome the same. For investment in the E Human Resource system, financial cooperation is required. Trial Forms and Documents Necessary for Supporting these Policies: The HR guidelines which are applicable for the employees working in the organization, as well as those who will be joining the organization, to work in future, will be laid out in the policy manuals of the organization, that will be distributed to each of the employees working in the organization. The HR manuals will be provided to each employee, and here not only the policies will be stated, but the penalties will also be stated, in case of the violation of the policies. An employee handbook will also be handed out to the employees (Greiner 2015). Communication of the Policies: While communicating the HR policies, the HR managers will be required to organize periodical discussion sessions with the employees, to make the employees aware of the significance of the policies and procedures introduced. Besides, constant reminder shall be given to each of the employees, to ensure that the instructions are being properly followed, and hence a short email message will be sent to the employees, stating the important HR policies. Recruitment and Selection of Staffs: Future Human Resource Needs: For carrying out the workforce planning, the HR managers will be required to organize meetings with the general managers, to identify and respond to the future HR needs of the organization. The data regarding present gaps, or shortage of workforce should also be collected and analyzed. The managers of the respective departments should be consulted, in order to understand the requirement of staffs; for example, the IT department may have a vacancy in the position of a risk analyst, and hence, the manager of the department should be consulted for that purpose (Armstrong and Taylor 2014). Use of Current Position Descriptors: The good job description is very important for finding the most suitable and deserving candidates for the vacant position. The HR managers will consult the departmental head and at least one senior manager, to understand the job role of the employees to be recruited against the vacant position, Accordingly, the position descriptors will be used by the HR for the advertisement purpose. Provision of Training sessions: The recruiters and the hiring managers must be trained sufficiently, as it is the recruiters who represent the brand of an organization, while recruiting the employees. Online training, onsite training as well as workshops should be organized, meant for developing and improving the soft skills of the recruiters. Besides, interpersonal communication training will be imparted to employees, to help them interact with the applicants in an effective way (Naqvi and Khan 2014). Advertisement of Vacant Positions in Accordance with the Organizations Legal Requirements: While advertising for a vacant position, the organization will necessarily comply with the legal requirements of the organization. For example, the anti-discrimination law clearly states that the advertisement should address to every qualified candidate suitable for the position, irrespective of his class, race or gender. The person specification should be first thought of, then carefully drafted before putting the content for advertisement, and the job description should be purely based on the skills and expertise of the applicants only (Fleck 2014). Utilization of Specialists: The recruitment specialists can also be employed, as they will help the organization choose the most carefully constructed interview questions befitting a particular designation, and will also help in organizing the industry specific screening test. The specialists can also help in interviewing and identifying the most suitable applicant, before sending him to the organization for the final round of interview (Certo 2015). Selection Procedure in Accordance with the Organizations legal Requirements: The organization will tend to follow a strict HR policy for ensuring transparency in the recruitment process. Hence, the hiring managers will be groomed to ensure that they do not select and employee on the basis of personal preference or reject him for personal prejudice. The organization must regularly monitor and review the employment practice followed in the organization (Gatewood 2015). Processes for Advising Applicants of Selection Outcome: The members in the selection panel are required to contact the successful and the unsuccessful applicants. While the successful candidates will be congratulated, and asked to join the job, the unsuccessful candidates will be advised to gain access to the post-selection feedback, in order to assess the areas they need to put more effort. The successful applicant should also be informed about the recruitment outcome, or else he might switch to another organization (Schippmann 2013). Prompt Execution of Job Offers and Contracts : The applicant on having successfully satisfied the entrance requirements should be sent a letter of offer. The HR must also need to check and verify the character certificate of the employee, and check if there is any kind of criminal activity he has been involved in, in which case he will be rejected. After this, the selected candidates will be issued an appointment letter stating the salary package and other benefits, ad rules and policies of the organization (Stredwick 2013). Part 3: Management of Staff Induction: Access to Training for Employees engaged in Staff Induction: The employees selected, should be trained about the nature of their job roles, and how the same can contribute the organizational success. The skills learnt by them should be continually evaluated and monitored by the higher authority. They should feel a sense of belonging, and hence their soft and communication skills should also be groomed. Checking of Induction processes: The induction training process should be regularly monitored. An induction training plan should be issued and handed over to the existent employees, and the HR manager should try to collect the feedback of the employees enrolled for training, regarding the effectiveness of the programs. A feedback form can be utilized for this purpose (Wilton 2016). Management of Probationary Employees The work, functions and activities of the probationary employees should be regularly checked. The managers or the leaders these employees are working under should be regularly consulted, for understanding the extent to which they have been capable of performing their job roles (Cao 2013). Feedback from Managers The managers should be called forth, to assess ad understand the skills and unique personal potential of the employees working in the probationary period. The employees themselves can also be interrogated, as to how far they have been able to improve their productivity through the training programs. The employees should also be asked if they are able to form rapport and friendly relation with the respective managers and leaders or not. Refinements to Induction Policies A good induction process is desirable for the organization, as it helps in staff retention. The employees working under the probationary period must be made aware of the goals, mission and vision of the organization, and hence at least two days should be spent training them not about their job roles, but how they can contribute to organizational success. Taking the employees on an office tour, so as to acquaint him with the old employees, or help him locate cafeteria or the washroom of the organization is also needed (Rao 2014). Reference List: Armstrong, M. and Taylor, S., 2014.Armstrong's handbook of human resource management practice. Kogan Page Publishers. Cao, N., Liang, H., Huang, J., Wang, J., Chen, Y., Chen, Z. and Yang, H.T., 2013. Highly efficient induction and long-term maintenance of multipotent cardiovascular progenitors from human pluripotent stem cells under defined conditions.Cell research,23(9), pp.1119-1132. Certo, S., 2015.Supervision: Concepts and skill-building. McGraw-Hill Higher Education. Cook, M., 2016.Personnel Selection: Adding Value Through People-A Changing Picture. John Wiley Sons. Flamholtz, E.G., 2012.Human resource accounting: Advances in concepts, methods and applications. Springer Science Business Media. Fleck, N., Michel, G. and Zeitoun, V., 2014. Brand personification through the use of spokespeople: An exploratory study of ordinary employees, CEOs, and celebrities featured in advertising.Psychology Marketing,31(1), pp.84-92. Gatewood, R., Feild, H.S. and Barrick, M., 2015.Human resource selection. Nelson Education. Greiner, B., 2015. Subject pool recruitment procedures: organizing experiments with ORSEE.Journal of the Economic Science Association,1(1), pp.114-125. Naqvi, S.M.H. and Khan, M.A., 2013. Employees training and organizational performance: Mediation by employees performance. Rao, T.V., 2014.HRD audit: Evaluating the human resource function for business improvement. SAGE Publications India. Schippmann, J.S., 2013.Strategic job modeling: Working at the core of integrated human resources. Psychology Press. Stredwick, J., 2013.An introduction to human resource management. Routledge. Townley, B., 2014. Selection and appraisal: reconstituting.New Perspectives on Human Resource Management (Routledge Revivals), p.92. Wilton, N., 2016.An introduction to human resource management. Sage.

Weighted Average Cost of Capital †Free Sample Assignment

Question: As a financial consultant, you have contracted with Wheel Industries to evaluate their procedures involving the evaluation of long term investment opportunities. You have agreed to provide a detailed report illustrating the use of several techniques for evaluating capital projects including the weighted average cost of capital to the firm, the anticipated cash flows for the projects, and the methods used for project selection. In addition, you have been asked to evaluate two projects, incorporating risk into the calculations? Answer: Executive Summary This report provides analysis for investment decision in Project A and investment choice between Project B and Project C. Method of analysis includes capital budgeting. Weighted average cost of capital is calculated including debt and equity form of financing. Discounting the project A with companys cost of capital gives positive NPV. But with WACC of project financing NPV of project A is negative. Investment choice between Project B and Project C depends on expected cash flow as both the project has same life and same investment required. Project C has higher expected cash flow than Project B which makes project C as better investment choice. Report includes detailed calculation of WACC, anticipated cash flows, NPV and IRR for project A, B and C. Analysis for Project A A. Equity Financing Theoretically cost of equity is return required by stock holders of company. Formula for calculating cost of equity is Recent dividend is $2.50 and dividend growth is 6%. Dividend in first year would be $2.50 * (1+0.06) = $2.65 Currently stock is trading at $50 and flotation cost is 10% Solving above formula with all inputs gives cost of equity 11.89% Advantages: Equity financing doesnt require any fixed payment obligation to equity holder. Dividend rate is not fixed and cash can be used for better opportunity in business opportunity. Equity financing doesnt require any collateral or pledge. Existing assets remain unencumbered. Assets purchase with equity financing can be used to secure long term debt. Equity share holders invest for long term horizon. Company has responsibility to give returns but not responsibility or obligation to generate immediate returns. So business which cant generate immediate return or require relative long payback period may opt for equity financing. Disadvantages: As equity investment doesnt guarantee any fixed return or dividend payment, investors expect more return than debt holders for the risk associated with equity. Equity share holders have rights pertaining to selection of board of directors and major business decisions. Capital raised by equity dilutes the controlling rights of business with equity shareholders. Investors has right to claim on cash flow after fulfillment of all disbursement when business sold out. They have right on cash flow in proportion of their investment B. Debt Financing Appropriate cost of debt is 5% for wheel industries. As tax advantage on debt financing brings down the cost of debt, cost of debt after tax will be = 5% * (1-0.35) = 3.25% Advantages: Control: Equity financing dilutes the controlling rights of business with share holders, but debt financing doesnt dilute any controlling rights of business. Simple Obligation: Debt financing has simple obligation of repayment of principal with terms and conditions. Once debt is paid, lender doesnt have any obligation with business. Tax advantage: Interest payment on debt is recorded as expense and hence it helps to save tax. As seen, debt with cost of 5% before tax has effective rate of 3.25% due to tax advantage Budgeting: As loan payment requires fixed payment, its easy to prepare budget in advance precisely. Disadvantages: Fixed Payment: For new business and startup, its difficult to manage fixed obligation initially as business takes time to generate returns. Credit rating: High debt on balance sheet is viewed as high risk. High risk rating makes additional debt (if raised) costlier Collateral: long term debt financing requires collateral as guarantee of repayment of loan. If the loan gets default assets and personal collateral may get ceased which can stops ongoing business activities. C. Weighted Average Cost of Capital Firm has decided capital structure consisting of 30% debt and 70% common stock Cost of common stock is 11.89% Cost of debt before tax is 5% Tax rate is 35% WACC = Equity Proportion * Cost of Equity + Debt Proportion * Cost of Debt * (1-tax) = 0.70 * 11.89 + 0.30 * 0.05 * (1-0.35) = 9.30% Use of WACC WACC is widely used for project evaluation in business When new project has similar risk profile like existing projects of company, WACC is used to discount such projects to decide between investment options WACC is used as discount rate to find net present value (NPV) of cash flows. WACC is used to calculate economic value added (EAV). WACC is cost of capital for project. EAC is calculated deducting cost of capital from profit of the company WACC is also used for valuation of stock or company. Cash flows are projected for future years and discounted with WACC to find out present value of business, firm or stock. D. After tax cash flow Project A Year 0 Year 1 Year 2 Year 3 Cash inflow Additional revenue after tax $780,000.00 $780,000.00 $780,000.00 Depreciation tax advantage $175,000.00 $175,000.00 $175,000.00 Cash outflow Initial investment $1,500,000.00 Additional annual cost after tax $390,000.00 $390,000.00 $390,000.00 Net cash flow -$1,500,000.00 $565,000.00 $565,000.00 $565,000.00 Initial outlay is $1,500,000 (Investment) Additional revenue after tax for 3 years is $1,200,000 * (1-0.35) = $780,000 Initial investment is depreciable on straight line method for 3 years Depreciation each year = $1,500,000/3 = $500,000 Tax advantage on depreciation = $500,000 * 0.35 = $175,000 Additional annual cost after tax for 3 years is $600,000 * (1-0.35) = $390,000 Net cash flow for year 1, year 2 and year 3 is $565,000 E. NPV Discount rate is 6% Project A Year 0 Year 1 Year 2 Year 3 Net cash flow -$1,500,000.00 $565,000.00 $565,000.00 $565,000.00 Discount factor 1 0.94339623 0.88999644 0.83961928 Discounted Cash Flow -$1,500,000.00 $533,018.87 $502,847.99 $474,384.89 NPV $10,251.75 Discount factor = 1/(1 + 6%)^Year Discounting cash flows with 6 % gives NPV of $10,251.75 As NPV is positive its financially feasible to undertake the project Positive NPV shows project is generating $10,251.75 cash in present value after covering cost of capital F. IRR IRR for project is 6.37% WACC for project is 9.30% As WACC IRR, its not financially feasible to undertake this project Its conflicting with earlier result when discount rate was taken 6% and NPV was positive for project A With cost of capital 9.30%, NPV of project A is -$228,113 Its not recommended to invest in project A with WACC of 9.30% Analysis for Project B and Project C A. Cash flows Project B Probability Cash Flow Expected Cash flow 0.25 $20,000.00 $5,000.00 0.50 $32,000.00 $16,000.00 0.25 $40,000.00 $10,000.00 Expected Annual Cash flow from Project B $31,000.00 Project C Probability Cash Flow Expected Cash flow 0.30 $22,000.00 $6,600.00 0.50 $40,000.00 $20,000.00 0.20 $50,000.00 $10,000.00 Expected Annual Cash flow from Project C $36,600.00 For project B, expected value of cash flow considering probabilities of different cash flows is $31,000 For project C, expected value of cash flow considering probabilities of different cash flows is $36,600 Project B Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Net cash flow -$120,000.00 $31,000.00 $31,000.00 $31,000.00 $31,000.00 $31,000.00 $31,000.00 Discount factor 1 0.925925926 0.85733882 0.7938322 0.7350299 0.6805832 0.6301696 Discounted Cash Flow -$120,000.00 $28,703.70 $26,577.50 $24,608.80 $22,785.93 $21,098.08 $19,535.26 NPV $23,309.27 IRR 14.17% Project C Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Net cash flow -$120,000.00 $36,600.00 $36,600.00 $36,600.00 $36,600.00 $36,600.00 $36,600.00 Discount factor 1 0.925925926 0.85733882 0.7938322 0.7350299 0.6805832 0.6301696 Discounted Cash Flow -$120,000.00 $33,888.89 $31,378.60 $29,054.26 $26,902.09 $24,909.35 $23,064.21 NPV $49,197.40 IRR 20.57% B. Conflict between IRR and NPVs Conflict between IRR and NPV occurs when project size is different and project life is different Its not correct to compare two projects with different investment requirement on NPV basis. Project with huge investment may have greater positive NPV, though IRR would marginally greater than cost of capital, than project with small investment but better IRR. For example, Project A has initial investment of $1,000,000, WACC of 8%, IRR is 9% and NPV is $50,000 Project B has initial investment of $200,000, WACC of 8%, IRR is 12% and NPV is $20,000 Though NPV of project B is smaller but its better investment as investment is much less than project A and IRR is better to cost of capital Other conflict with investment size is: Its difficult to generate higher IRR with larger project As project size increases its difficult to maintain IRR as high as smaller project has With increasing project size, efficiency of business activities goes down compare to smaller size and cost of financing also increases Problem with IRR is it doesnt give any concrete number in absolute term. IRR can be compared to other project but for standalone project it doesnt reflect value addition to company C. Investment Decision Discounting cash flow with 8% project B gives NPV of $23,309 and Project C gives NPV of $49,197 IRR of project B is 14.47% and IRR of project C is 20.57% As Project C has higher NPV and higher IRR also project C should be selected for investment Recommendation Wheel industries need to raise capital for financing of project A. Current cost of capital is 6% for ongoing projects. WACC for project A is 9.30%. Discounting project A with existing cost of capital gives positive NPV while discounting project A with WACC of financing it gives negative NPV. WACC of financing for Project A would be correct discount rate than using existing cost of capital of company. As with WACC of 9.30%, NPV is negative its not recommended to invest in Project A Project B and Project C both have same investment and life. But expected annual cash flow of project C is higher than Project B. Discount rate for both the project is same which makes NPV of project C higher than Project B. Its recommended to invest in Project C between project B and Project C. References lardbucket.org,. (2015). Weighted Average Cost of Capital (WACC). Retrieved 2 June 2015, from https://2012books.lardbucket.org/books/finance-for-managers/s12-05-weighted-average-cost-of-capit.html Chuluun, T., Prevost, A., Puthenpurackal, J. (2014). Board Ties and the Cost of Corporate Debt. Financial Management, 43(3), 533-568. doi:10.1111/fima.12047 CORDES, J., SHEFFRIN, S. (1983). Estimating the Tax Advantage of Corporate Debt. The Journal Of Finance, 38(1), 95-105. doi:10.1111/j.1540-6261.1983.tb03628.x Finance - Zacks,. (2015). Advantages Disadvantages of Equity Capital. Retrieved 2 June 2015, from https://finance.zacks.com/advantages-disadvantages-equity-capital-4270.html Folger, J. (2014). What is the formula for calculating weighted average cost of capital (WACC)?. Investopedia. Retrieved 2 June 2015, from https://www.investopedia.com/ask/answers/063014/what-formula-calculating-weighted-average-cost-capital-wacc.asp Investopedia,. (2012). Cost Of Equity - Complete Guide To Corporate Finance | Investopedia. Retrieved 2 June 2015, from https://www.investopedia.com/walkthrough/corporate-finance/5/cost-capital/cost-equity.aspx com,. (2015). Capital Structure - advantage, disadvantages, cost, Advantages and disadvantages of financing options. Retrieved 2 June 2015, from https://www.referenceforbusiness.com/small/Bo-Co/Capital-Structure.html Sharma, M. (2012). Determining Volatility, Cost of Equity, and Equity Valuation of Private Business for MA. Private Equity, 15(3), 102-105. doi:10.3905/jpe.2012.15.3.102 Velez-Pareja, I., Tham, J. A Note on the Weighted Average Cost of Capital WACC. SSRN Journal. doi:10.2139/ssrn.254587 Weber, T. (2014). On the (non-)equivalence of IRR and NPV. 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