Turkish Music and Folklore Poetry Research Paper

Turkish Music and Folklore Poetry - Research Paper Example The essay talks about Turkish literature, which is nearly 1500 years old. It flourished greatly under the rule of the Ottoman Empire. Turkish music and folklore poetry both form a part of the Turkish literature, and has been extremely popular amongst the Turkish people for centuries, thus ensuring that these cultural traditions remain preserved. The oldest written records of Turkey have been found to be that of the 8th century Orhon inscriptions (in the Orhon river valley situated in Mongolia). Between the 8th and 9th century there came a new wave where literary representation was in an oral form, like the Manas epic and Book of Dede Korkut. Thus, we find that Turkish literature had two forms, the oral compositions and written books, and these two traditions remain separate from each other until the fall of the Ottoman Empire in 1922. It was only in 1923, after the republic of Turkey was created, that the two forms of literature came together to from the modern literary type. My arti cle will explore the literature of Turkey, pertinent to Turkish music and folklore poetry. It will study to find the relation between Turkish music and its folklore poetry, while exploring the history of the music as it developed through the various ages. It will also explore and analyse relevant data in its endeavour to find out the importance of music and the role it plays within the realms of Turkish poetry. The paper concludes that Turkish music developed from the folklore poetry and the two terms are synonymous with each other.

The importance of investment appraisal

The importance of investment appraisal Investment appraisal helps the investors or the financial institutes to identify the attractiveness of any investment proposal among different available methods, for instance IRR (Internal Rate of Return), NPV (Net Present Value), Payback period etc. Investment Appraisal is a fundamental body of Capital Budgeting which is also applicable in the areas where the return may not be quantifiable. Investment Appraisal is important as because it shows the investors to calculate the outcome of the investment. Furthermore, with the help of Investment Appraisal the investors can easily identify the best or most profitable option among the available alternatives. (Investment Appraisal, [n.d.]). (b) What is the payback period of each project? If AP Ltd imposes a 3 year maximum payback period which of these projects should be accepted? The payback period is the time frame required to recover the invested amount. In the case of the cash flows with an annuity (same amount in each year), then payback period can be easily calculated by dividing the cost by the annual cash flow. Otherwise we subtract the cash flows from the cost until the remainder is zero. For any sort of investment firms prefer short payback period as the investment can be used somewhere else. Generally, firms maintain some maximum allowable payback period against which all investments are compared. It is a popular method as is quick and easy to calculate and importantly it gives a measure of the liquidity of the project. (Timothy R. Mayes, [n.d.]) Payback Period for Project A: Year Cash Flow Cumulative Cash Flow 1 38 38 2 42 80 3 48 128 4 50 178 5 70 248 The payback period for Project A= 2+ (115000-80000)/48000= 2+ 0.73= 2.73 years Payback Period for Project B: As this is a constant stream of cash flow, the payback period for Project B = 115000/43000= 2.67 years Both the projects can be accepted, If AP Ltd imposes a 3 year maximum payback. But between these two projects, B will be preferred over A. (c) What are the problems of the payback period? Though the payback method provides real usefulness by providing information on how long funds will be engaged in the project it suffers from two primary problems: Payback Period does not consider the time value of money: In this calculation, Cash Flows are simply added without discounting. This violates the most basic principle of financial analysis which stipulates that cash flows occurring at different points can be considered only after suitable compounding/ discounting. (V S RAMA RAO, 2008) This measure does not consider a projects profitability. It is just a measure of a projects capital recovery. Though it measures a projects liquidity, it does not indicate the liquidity position of the firm as a whole. (V S RAMA RAO, 2008) The payback period method leads to ignore projects generating substantial cash inflows in later years. (Sarma, Deepak, nd) (d) Determine the NPV for each of these projects? Should they be accepted explain why? Project A: Year Cash Flow Discount Factor Net Present Value 1 38000 0.896860987 34080.72 2 42000 0.804359629 33783.10 3 48000 0.721398771 34627.14 4 50000 0.646994413 32349.72 5 70000 0.580264048 40618.48 Total 175459.16 So, Profit = Total Inflow- Initial Investment = 175,459.16-115,000.00 = 60459.17 As the NPV of Project A seems a profitable one (Projects NPV is bigger than the Initial Investment) it can be accepted. Project B: Year Cash Flow Discount Factor Net Present Value 1 43000 0.896860987 38565.02 2 43000 0.804359629 34587.46 3 43000 0.721398771 31020.14 4 43000 0.646994413 27820.75 5 43000 0.580264048 24951.35 Total 156944.74 So, Profit = Total Inflow- Initial Investment = 156944.74- 115000 = 41944.74 As the NPV of Project B seems a profitable one (Projects NPV is bigger than the Initial Investment), it can be accepted. (e) Describe the logic behind the NPV approach. The net present value (NPV) is the difference between the present value of the cash flows (the benefit) and the cost of the investment (IO): In other words, this is the projected increase in wealth that the shareholders will receive out of any accepted project. All projects with NPV greater than or equal to zero should be accepted. A project with positive Net Present Value means the IRR is greater than the Weighted Average Cost of Capital (WACC). NPV, Net Present Value, allows you to value a companys assets at their correct current value when the accounts are prepared. The calculation of NPV takes into account the assets original cost, less all accumulated depreciation allowed against that asset in previous tax computations. The NPV method is based on a logical approach. An NPV of zero signifies that the projects cash flows are exactly sufficient to repay the invested capital and to provide the required rate of return on that capital. If NPV > 0, then the project is generating a larger amount of cash that required to service debt and to allow a return to shareholders. So if the firm takes on projects that have positive net present values (NPV) then the wealth of shareholders will increase, enticing them to increase their investment in the firm. The NPV method of capital budgeting dictates that all independent projects that have positive NPV should accepted. The rationale that is behind that assertion arises from the idea that all such projects add wealth, and that should be the overall goal of the manager in all respects. If strictly using the NPV method to evaluate two mutually exclusive projects, you would want to accept the project that adds the most value (i.e. the project with the higher NPV). Net present value is defined as a way to improve the effectiveness of project evaluations through the use of discounted cash flow techniques. To find the present value of a project, you must first find the present value of each cash flow discounted at the cost of capital. Then, sum the discounted cash flows. If the NPV is positive, accept the project. If NPV is negative, reject the project. It is important to remember that if two projects are mutually exclusive, the project that has the higher NPV should be selected. Net present value is defined as a way to improve the effectiveness of project evaluations through the use of discounted cash flow techniques. To find the present value of a project, you must first find the present value of each cash flow discounted at the cost of capital. Then, sum the discounted cash flows. If the NPV is positive, accept the project. If NPV is negative, reject the project. It is important to remember that if two projects are mutually exclusive, the project that has the higher NPV should be selected (f) Discuss the relationship between NPV and cost of capital. NPV has a direct impact on the capital budgeting decision. These two factors are directly inter-related. NPV NPV = 0 implies IRR = Cost of Capital: Provides the minimum return. Probably reject from the cash flow perspective. Others factors could be important. NPV > 0 implies IRR > Cost of Capital: Screen in for further analysis. Other investments may provide better returns and capital should be rationed, i.e., go to the most profitable projects. Others factors could be important. (g) Calculate the IRR for each project. Should they be accepted? IRR of Project A: NPV at 25% Year Cash Flow Discount Factor NPV 1 38 0.8 30.4 2 42 0.64 26.88 3 48 0.512 24.576 4 50 0.4096 20.48 5 70 0.32768 22.9376 Total 125.2736 Initial Investment 115.0000 Net Present Value at 25% 10.2736 NPV at 30% Year Cash Flow Discount Factor NPV 1 38 0.769230769 29.23077 2 42 0.591715976 24.85207 3 48 0.455166136 21.84797 4 50 0.350127797 17.50639 5 70 0.269329074 18.85304 Total 112.2902 Initial Investment 115 Net Present Value at 30% -2.70976 So, IRR For Project A = 25%+ {10.2736/(10.2736+2.7097)} x (30%-25%) =25%+3.95% =28.95% As the IRR of Project A is a positive one, it can be accepted, considering the remaining factors constant. IRR of Project B: Net Present Value at 25%: Year CashFlow Discount Factor NPV 1 43 0.8 34.4 2 43 0.64 27.52 3 43 0.512 22.016 4 43 0.4096 17.6128 5 43 0.32768 14.09024 Total 115.639 Initial Investment 115 Net Present Value at 25% 0.63904 Year CashFlow Discount Factor NPV 1 43 0.769230769 33.07692 2 43 0.591715976 25.44379 3 43 0.455166136 19.57214 4 43 0.350127797 15.0555 5 43 0.269329074 11.58115 Total 104.7295 Initial Investment 115 Net Present Value at 30% -10.2705 So, IRR For Project A = 25%+ {6390/(6390+102705)} x (30%-25%) = 25% +0.29% =25.29% As the IRR of Project B is a positive one, it can be accepted, considering the remaining factors constant. (h) How does a change in the cost of capital affect the projects IRR? The internal rate of return (IRR) is considered as the discount rate that nullify the present value of a particular projects projected cash inflows to the present value of the projects cost (interest rate) or equivalently, the IRR is the rate that forces the NPV to equal zero The  discount rate often used in capital  budgeting  that makes the net present value of all cash flows from a particular project  equal to zero. Generally speaking, the higher a projects internal rate of return, the more desirable it is to undertake the project. As such, IRR can be used to rank several prospective projects a firm is considering. Assuming all other factors are equal among the various projects, the project with the highest IRR would probably be considered the best and undertaken first. The logic behind the IRR method is: The IRR on a project is its measured rate of return. If the internal rate of return exceeds the cost of the funds used to finance the project, a surplus will remain after paying for the capital, and this surplus will accrue to the firms stockholders Therefore, taking on a project whos IRR exceeds its cost of capital increases shareholders wealth. On the other hand, if the IRR is less than the cost of capital, then taking on the project will impose a cost on current stockholders. It is this breakeven characteristic that makes the IRR useful in evaluating capital projects. (i) Discuss why the NPV method is often regarded to be superior to the IRR method? The IRR is defined as the discount rate that equates the present values of a projects expected cash inflows to the present value of the projects costs (Page 351). Additionally, when dealing with independent projects, the NPV and IRR methods will always yield the same accept/reject result. However, in the case of mutually exclusive projects, NPV and IRR can give conflicting results. One shortcoming of the internal rate of return is that it assumes that cash flows received are reinvested at the projects internal rate of return, which is not usually true A conflict exists if the cost of capital is less than the crossover rate. Two basic conditions can cause NPV profiles to cross, and thus conflicts to arise between NPV and IRR: (1) when project size (or scale) differences exist, meaning that the cost of one project is largest than that of the other, or (2) when timing differences exist, meaning that the timing of cash flows from the two projects differs such that most of the cash flows from one project come in the early years while most of the cash flows from the other project come in the later years (Page 355) The value of early cash flows depends on the return we can earn on those cash flows, that is the rate at which we can reinvest them. The NPV method implicitly assumes that the rate at which cash flows can be reinvested is the cost of capital, whereas the IRR method assumes that the firm can reinvest at the IRR (Page 355). Because of the above criteria The NPV method is considered as more reliable method than IRR. The best assumption is that the projects cash flows can be reinvested at the cost of capital (Page 355). The IRR is a popular technique primarily because it is a percentage which is easily compared to the WACC. However, it suffers from a couple of flaws: The calculation of the IRR implicitly assumes that the cash flows are reinvested at the IRR. This may not always be realistic. Percentages can be misleading (would you rather earn 100% on a $100 investment, or 10% on a $10,000 investment?) Using both measures gives better results than using either alone. IRR is also useful alone in virtually all time-value-of-money problems.

Coca-Cola Corp. Internal/External Factors Essay -- essays research pap

INTRO There are many factors, internal as well as external that impact the planning function of management within an organization, and Coca-Cola is no exception. More than a billion times every day, thirsty people around the world reach for Coca-Cola products for refreshment. Coca-Cola is the most popular and biggest-selling soft drink in history, as well as the best-known product in the world. The Coca-Cola franchise covers a population of approximately 398 million people. Coca-Cola Enterprises employs approximately 72,000 people who operate 463 facilities, 54,000 vehicles and approximately 2.4 million vending machines, beverage dispensers and coolers. RAPID CHANGE The Coca-Cola Company experienced a period of rapid change during the 1900 thru 1909 timeframe when the company experienced a period of rapid growth. This rapid growth was attributed to three pioneers sectioning off the country into territories and selling bottling rights to local entrepreneurs. Their combined efforts attributed to advancements in bottling technology which improved efficiency and product quality. â€Å"By 1909, nearly 400 Coca-Cola bottling plants were operating, most of them family-owned businesses. Some were only open during hot-weather months when demand was high† (Coca-Cola, 2004). During the 1920’s and 1930’s Coca-Cola began its international expansion led by Robert W. Woodruff, who was the Chief Executive Officer and Chairman of the Board. Coca-Cola plants were opened in France, Guatemala, Honduras, Mexico, Belgium, Italy and South Africa. â€Å"By the time World War II began, Coca-Cola was being bottled in 44 countries† (Coca-Cola, 2004). These two different periods of time were when Coca-Cola experienced its most crucial rapid change due to bottling innovation and company expansion. GLOBALIZATION   Ã‚  Ã‚  Ã‚  Ã‚  Beginning in the 1920’s building their global network, Coca-Cola is now the â€Å"world's leading manufacturer, marketer, and distributor of nonalcoholic beverage concentrates and syrups, used to produce nearly 400 beverage brands in over 200 countries† (Coca-Cola, 2004). Competing globally is a difficult task due to the unpredictability of foreign markets (Bateman &Snell, 2003). Coca-Cola not only recognized the opportunity in the global market but was able to expand successfully. Canada and Panama were the start of their global market in 1906. Since then th... ...ve the responsibility to act in every situation according to the highest standards of ethical conduct† (Coca-Cola, 2004). Coca-Cola institutes that its employees are the representation of the ethical standards behind the product. Coca-Cola has had some challenges throughout its existence as a company (i.e. â€Å"New Coke†) and has felt the need to face each and every situation with Honesty and Integrity, believing that in order to remain valid and legit in the market place, a company must retain its ethical standards at all times. CONCLUSION References Coca-Cola Company. (2005). A Global Business. Retrieved June 7, 2005, from http://www2.coca-cola/heritage/chronicle_global_business.html Coca-Cola Company. (2005).   Ã‚  Ã‚  Ã‚  Ã‚  from http://www2coca-cola.com/company/at_work.html   Ã‚  Ã‚  Ã‚  Ã‚  from http://www.2.coca-cola/com/our company/historybottling.html Bateman, T.S. & Snell, S. A. 2003. Management: The New Competitive Landscape, Sixth Edition. McGraw-Hill/Irwin, New York, NY. Source for Rapid Change http://www2.coca-cola.com/ourcompany/historybottling.html http://www2.coca-cola.com/contactus/faq/index.html

How significant is the theme of loneliness in Of Mice and Men? Essay

Loneliness is a state of detachment, separation, and isolation and a feeling of being friendless and forlorn. The book Of Mice and Men by John Steinbeck picks up this feeling as one of it’s main themes. Several characters from the novel either isolate themselves or are being isolated. The main characters George and Lennie on the other hand have a strong relationship and many others envy them for this but even those two find themselves confronted with loneliness in some way. The two protagonists George and Lennie have a special kind of relationship and this makes them stand out from the others. Many of the other characters are very lonely and even Slim, the most popular worker on the farm, how special and rare George and Lennie’s relationship is. By sharing a dream together they relieve themselves of their loneliness. Both are in some way dependant on each other and that is exactly what many others search for. Crooks comments on his own loneliness by saying that â€Å"a guy goes nuts if he ain’t got nobody†. Candy and Crooks are two characters, who are excluded because of physical features and they both admire George and Lennie’s friendship. Candy is an old man who lost a hand during his work on the farm. He feels he is excluded from the others and very much holds on too his old dog. After this dog is shot he looses an important part of his life. One could draw some kind of comparison between the relationship of Candy and his dog and George and Lennie. Both of these two have a similar kind of dependency on each other and without each other they no longer have someone or something to look out for. So after Candy has lost his dog he offers George and Lennie his money in order for them to allow him to join them in their dream. This shows how little all of his savings mean to him if he can have just someone around him. Not only Candy though shows his loneliness and has suffered from it. Crooks, the black stable-buck, shares a similar fate to the old Candy. At the time the novel takes place black people were looked down upon and excluded. Crooks clearly suffers under this and although he initially displays aggressiveness, the reader can still sympathize with him because it is rather clear that this origins from his isolation and loneliness. When Lennie enters his bunk house he at first tries to throw him out but then decides to tease Lennie by asking him what would happen when George wouldn’t return. This displays Crook’s curiosity for the type of bond that exists between George and Lennie. Even though he does not believe George’s and Lennie’s dream will ever come true and even though he at first seems rather rejective towards the other characters he decides to ask whether he can join them. Demonstrating his strong longing for companionship. One more character though experiences loneliness even though it is not for the same reasons as for Crooks and Candy. Curley’s wife is excluded for different than Candy and Crooks but experiences the same kind of injustice. As she mentions, she is not very happy with her husband Curley. Therefore she flirts with the other men one the ranch but they try to keep away from her. They are afraid of getting in trouble with Curley and therefore she very much is isolated from everyone on the ranch. In Lennie she finds someone she can tell her feelings to because he cannot care any less about it and does not understand the reasons for her being isolated. This is her downfall but in someway frees both of them from their curse. Curley’s wife dies even though she is married in loneliness. Lennie would without George have no chance in the hard life of that time. In George Lennie not only found a protector but also someone to relieve him from his doom of being lonely. The other men left on the farm are all in some way lonely. Even though they keep contact they do not have anyone to look after or to take care of. Exactly that is where George and Lennie differentiate themselves from the others. All characters in the novel, besides George and Lennie, are in some way lonely, whether it is because some physical feature, their age, their sex or simply because of the circumstances of the time. They all had lost their goals on the way and therefore the connection to the people around them. George and Lennie on the other hand have a bond that connects them on two levels first of all the dependency on each other and second of all their shared dream.

Literary analysis of “A Good Man is Hard To Find” Essay

In the short story A Good Man Is Hard to Find by Flannery O’Conner, the reader is taken on a journey and tags along with a self-centered family as they explore the sights of the rural south while en route to their destination, a family vacation in Florida. As they travel the dusty road, O’Connor (2012) takes them from heaven, â€Å"all at once, they would be on a hill, looking down over the blue tops of trees for miles around,† (p. 139) and spirals them down to hell â€Å"then the next minute, they would be in a red depression with the dust coated trees looking down on them,† (p. 139) where they meet their sudden and unexpected demise. Through it all, O’Connor spins a violent, dark and dismal tale, utilizing symbolism, allusions, irony and psychological aspects to effectively convey her theme of good versus evil, and reminds us that good does not always win. O’Connor (2012) starts us in an unnamed city, with a family of six as they discuss their upcoming vacation to Florida. The husband, Bailey, is succinct and short with his words. His wife and mother, both remain unnamed in the story but have quite contrasting personalities. Bailey’s mother, the grandmother, is self-centered and often manipulative. His wife, the children’s mother, is quiet and meek as she cares for her youngest child, the baby. His 2 older children, John Wesley and June Star, are outspoken and disrespectful, and their rude behavior goes unpunished. They travel the back roads of Georgia together as the grandmother tells tales of the past and points out uninteresting sights, which fall on the deaf ears of her family. The family stops for lunch at a roadside diner, and the reader gets a further glimpse into their everyday interaction, and for a moment, things actually seem hopeful for the dysfunctional family. After their meal, the family continues on to their destination, and the grandmother and children manipulate Baily into taking a detour to visit an old, mysterious estate that the grandmother once visited in her younger years. A sudden and  embarrassing thought of the grandmother leads to a car accident where miraculously, nobody sustains any serious injury. A moment of hope in rescue turns dismal as their rescuer turns out to an escaped killer, the Misfit, who eventually kills the family. The grandmother, who in more ways than one is responsible for the family’s untimely end, has a moment of grace in her last moment and dies with a smile on her face (p. 134-146). O’Connor’s story is filled with symbolism and allusion, in order to further convey her dark theme of death and ideas surrounding it. An example of such symbolism is when the family is passing the town of Toombsboro. O’Connor (2012) writes â€Å"outside of Toombsboro she woke up and recalled an old plantation that she had visited in this neighborhood once when she was a young lady† (p. 138). The name of the town, Toombsboro plays on the word tomb, which represents death. This alludes to the reader that death may be in the family’s future. O’Connor continues with the symbolism after the family has crashed, and their hope for rescue comes in the form of a hearse. The family sees a car slowly driving towards them, lumbering along the twists and turns of the road they had just traveled. As it appears in front of them, O’Connor (2012) writes â€Å"it was a big black battered hearse-like automobile† (p.140). Again, the image of a hearse, which is used to transport the dead, brings the idea of death to the mind of the reader, and further alludes to the death that the family is about to encounter. O’Connor (2012) furthers her death allusions and symbolism when she writes â€Å"the Misfit pointed the toe of his shoe into the ground and made a little hole and then covered it up again† (p. 142). The Misfit in this case, is digging a hole and then covering it back up, symbolizing the digging of a grave, and then filling the grave back in. O’Connor’s use of symbols of death advance her theme and add to the dark tone of the story. O’Connor also uses a number of psychological aspects to further relate her characters to her readers. As O’Connor starts the story, all members of the family appear in one way or another to be self-centered, which relates to the psychoanalysis term of the â€Å"Id,† which are the unconscious desires of the character and the gratification of those desires. In one passage, the grandmother speaks to the children of an old southern gentleman she once  knew, Mr. Teagarden. O’Connor (2012) writes â€Å"she would have done well to marry Mr. Teagarden because he†¦ had bought Coca-Cola stock when it first came out and that he had died†¦ a very wealthy man† (p.137). This comment by the grandmother hints on her unconscious materialistic desires about money, and is even shameful enough to impart this negative personal quality onto her grandchildren. Moreover, this quality is seen in the children when O’Connor writes about June Star as she speaks about the roadside diner where they have stopped. June Star says â€Å"I wouldn’t live in a broken-down place like this for a million bucks† (O’Connor, 2012, p. 137). June Star is showing her materialistic desires when she states that she has no care to live in anything but luxury, even for a large sum of money. Further in the story, the children throw a tantrum, even resorting to violent tactics, in order to get their way and visit the old estate where hidden valuables are rumored to be stashed. O’Conner (2012) writes: â€Å"The children began to yell and scream that they wanted to see the house with the secret panel. John Wesley kicked the back of the front seat and June Star hung over her mother’s shoulder and whined desperately into her ear†¦ The baby began to scream and John Wesley kicked the back of the seat so hard that his father could feel the blows in his kidney† (p.139). Again, O’Connor illustrates the Id of the children as they seek gratification of their desires, which is to get the hidden valuables. This shows the materialistic values that the young children hold. O’Connor’s use of psychoanalytic ideas helps further convey her theme and tone to the reader. O’Connor also employs a number of examples of irony in her story to better involve the reader. The grandmother states â€Å"I wouldn’t take my children in any direction with a criminal like that aloose in it. I couldn’t answer to my conscious if I did† (O’Connor, 2012, p. 134). This statement, while foreshadowing to a certain degree, turns ironic at the end of the story, as it is the grandmother that detours the family down the dirt road, where they ultimately come into contact with the Misfit, and are killed. It is also ironic in that the grandmother does have to answer to her conscious, and O’Connor (2012) describes the grandmother, after being shot by the Misfit, as having â€Å"her face smiling up at the cloudless sky† (p. 145), showing that the grandmother died at peace. Again, this is ironic in that the  grandmother was directly responsible for her children and grandchildren’s deaths, yet she died at peace with the world. O’Connor’s use of irony throughout the story is an excellent way to further her overall tone, and engage the reader deeper into the story. O’Connor’s story brings the reader into the realm of death by her use of symbolism, irony, and psychoanalysis. Her use of symbols and allusions of death, seeking gratification for personal desires, and the idea that the characters meet an ironic death, all build a solid base in which to convey her theme that living a good, pure and wholesome life may spare you from evil. The character’s may feel on top of the world as they travel down the dusty, winding road of life, but ultimately die, due to their selfish ways, in a reddened, deep ditch, at the edge of a dark woods. References O’Connor, F. (2012). A Good Man Is Hard to Find. In P. Schakel, & J. Ridl, Approaching literature: Reading, thinking, writing (3rd ed., pp. 134-146). Boston: Bedford/St. Martin’s.