Assignment Questions On Mentoring And Coaching - 2389 Words

Table of Contents Assignment 2 0 Task 1 2 a) Define what is meant by each term: 3 i. Coaching - Definition 3 ii. Mentoring - Definition 3 b) Clearly explain the differences between coaching and mentoring. 3 Mentoring - Definition 5 Task 2 6 Task 3 11 Bibliography 12 INSTRUCTIONS Complete the three tasks below. Task 1 Mentoring and coaching are important development techniques used when training and developing individuals and teams (half a page). a) Define what is meant by each term: i) coaching ii) mentoring b) Clearly explain the differences between coaching and mentoring. c) Reflect on the training and development plan you developed in Assessment 1. Identify an area where a mentoring opportunity exists. Explain how you would†¦show more content†¦Coaching gives the employee an opportunity to hear about aspects of his or her performance in real time and to play a role in figuring out how to best adopt or modify their behavior for success. Studies also reveal that there are six values that are crucial if the coaching relationship is to thrive and succeed: †¢ responsibility †¢ honesty †¢ belief that others want to learn and develop †¢ interest and respect for others †¢ showing trust †¢ pursuit of excellence. Coaching is considered a short term activity that lasts for as long as it is required (which may be only one or two sessions) until the person is considered competent to complete the task(s) for which the coaching was initiated. It is used to enhance current skill sets or to assist the coachee acquire new skills. Coaching can be ad hoc for an individual or have a more formal design for a group session. Mentoring Mentoring is a mutually beneficial relationship which involves a more experienced person helping a less experienced person to achieve their goals. A successful mentoring program is used within an organisation to: †¢ enhancing strategic business initiatives †¢ encouraging retention through succession planning †¢ reducing turnover costs and improve productivity by using own employees with the necessary expertise as internal experts for professional development †¢ enhancing professional development †¢Show MoreRelated5dcm Essay1561 Words   |  7 PagesDeveloping Coaching and Mentoring within Organisations CIPD Membership Number 23141918 Introduction This report has been written to aid the development of coaching and mentoring within a leading banking and financial service company. 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Focus on workingRead MoreLife Coaching Essay1292 Words   |  6 Pages------------------------------------------------- LIFC 302 Marriage Coaching Course Description An examination and analysis of professional coaching applications that serve marital relationship concerns. The course covers marital issues from a Christian worldview with special attention given to a biblical foundation of marriage coaching and differences between coaching and counseling models. Rationale As a basis for their work, marriage coaches should have a thorough understanding of coaching models, theory, and applicationRead MoreMy Opinions On Professional Development840 Words   |  4 Pageswould say that this type of online course assignments should not really constitute as professional development, and do not offer real-world application or provide strategies to improve instruction. Another type of professional development I’ve seen flop is study groups, or book study groups. I believe the main reason for this flop is not allowing the teachers to have choice on their topic of study. In the article â€Å"7 Profound Professional Development Questions for Administrators† one of the first statementsRead MoreTeaching New Skills And Methods Essay1356 Words   |  6 Pagestrainee to teach a set of skills that have been specified in advance. On the –job –training includes mentoring and coaching, learning by doing, shadowing and job rotation, e-learning, and apprenticeship. Mentoring and coaching: mentoring is when an experienced employee takes charge of the training and development of a new employee. The mentor acts as an adviser and protector to the trainee. Coaching in another hand is when a manager takes an active role in guiding another manager. The coach gives guidanceRead MoreEssay on Coaching Versus Mentoring2856 Words   |  12 PagesCritical Comparison of Coaching ‘v Mentoring The scope of this assignment is to critically compare and contrast the two approaches, reflecting on the relevance and value of each, to apply this to my organisation where possible and to offer recommendations where appropriate. Introduction Coaching Coaching can take many forms, life coaching, business coaching, performance coaching etc. As with mentoring and counselling it is about helping the individual to gain self awareness, but itRead MoreCoaching and Mentoring2123 Words   |  9 PagesSolutions to coaching and mentoring a large UK-based customer facing organisation over a two year period and beyond Introduction The chartered Institute of Personnel and Development in the UK (CIPD 2009) reports that 79% of survey respondents are using coaching within their organisation and that 77% say coaching has been increasing in recent years. It is therefore no surprise that the large UK-based customer facing organisation, where I am hypothetically working as a human resources managerRead MoreMentoring at Coca Cola2299 Words   |  10 PagesMBA 509 Human Resources Management Case Study on Mentoring at Coca-Cola Food Introduction Mentoring is one of those programs adopted by the companies to assist the employees in developing their leadership capabilities. â€Å"Mentoring is an attempt to transfer experience and expertise from experienced individuals in an organization to the less experienced† (Gregson, 1993, p. 19). Most of the cases it has been used for fast catching the work environmentRead MoreCoach vs Mentor7953 Words   |  32 PagesMentoring and Coaching: The Roles and Practices Dr. Norhasni Zainal Abiddin, Universiti Putra Malaysia, Malaysia ABSTRACT Mentoring and coaching are all part of educational training to develop people in the professions. There are several similarities and differences in the main issues involved in mentoring and coaching. They are related to the selfdevelopment, professional growth and career development of the mentee/coachee. In establishing the approaches to be used, care must be taken to ensureRead MoreGlobal Leadership : The Next Generation Of Global Leaders1333 Words   |  6 Pageswe must ask ourselves, â€Å"how will we actively shape the future and create the desired reality by our present actions and choices?† Moreover, â€Å"what are the driving forces that will propel or derail our efforts.† In order to answer these and other questions, we must determine the factors we can or cannot influence including the environment, suppliers, government regulations, competitors, the economy, and yes, human capita. Today, we will focus on human capital; specifically, the fastest growing generation

Responsibility for the Downfall of Macbeth Essay - 783 Words

The tragic downfall of Macbeth can be contributed to several key factors. Macbeth’s downfall can be attributed to his blind ambition, the influence of Lady Macbeth and Macbeth’s own insecurities and misgivings. Blind ambition combined with immoral goals, with Lady Macbeth’s influence and Macbeth’s personal doubts all lead to his inevitable downfall. The greatest factor to Macbeth’s downfall should be attributed to his blind, uncontrollable ambition. This factor is first seen with the second appearance of the witches, upon which they meet Macbeth. Macbeth’s first thought to the prophecy â€Å"All hail, Macbeth, thou shalt be king hereafter!† (1.3.63) is he must murder the king. This thought provides the groundwork in which Macbeth can seed his†¦show more content†¦Macbeth needed Lady Macbeth to do this, for without her, he would have continued to see the horrible act as something he shouldn’t do. In this regard, Lady Macbeth does this very well, she makes Macbeth see things in a different light, tells him how he is erroneous in his thinking and gets him to think how she wants him to. The following quote shows these domineering and manipulating qualities of hers quite well: â€Å"Art thou afeard/To be the same in thine own act and valor/As thou art in desire? Wouldst thou have that†¦/And live a coward in thine own esteem,/Letting ‘I dare not’ wait upon ‘I would’/Like the poor cat I’ the adage?† (1.7.43-49) This passage of Lady Macbeth also sums up her thoughts quite nicely: â€Å"What beast was’t it then/†¦ made you break this enterprise†¦/when you durst do it, then you were a man,/†¦to be more than what you were, you would/Be so much more the man.† (1.7.53-57) Both of these quotations display Lady Macbeth’s thoughts about Macbeth: he is weak, and he must be a man, while she is strong and would do the murder without a thought. These thoughts clearly show how ambitious she is, and how determined she wants to influence Macbeth’s actions. The third, most contributing factor that leads to Macbeth’s downfall is his own insecurities, including his active imagination and his experiences with the supernatural. Macbeth’s first meeting with the witches, and theShow MoreRelatedWitches, Lady Macbeth and Macbeths Responsibility for Macbeth’s Downfall1490 Words   |  6 PagesWitches, Lady Macbeth and Macbeths Responsibility for Macbeth’s Downfall Shakespeare’s tragedy, Macbeth shows the downfall of a wrongfully crowned king. But his downfall is not solely due to himself. There are other characters in the play that are part of his downfall. If it weren’t for them, the play would not work. They are part of a chain, one leading to another. The play would not have ended in the same manner, even if one of these characters hadn’t played their partRead MoreMacbeth and His Downfall1613 Words   |  7 PagesShakespeare’s Macbeth, there are two factors that contributed to Macbeths ruin. One of them being more to blame: The influential character of Lady Macbeth displaying temptation towards Macbeth, or Macbeths own ambitious and insecure nature. There are questions whether Macbeths downfall might have displayed more for his own blame. In closer examination, it will be come apparent that Macbeth is more to blame for his downfall. By first examining the influential acts of Lady Macbeth that made Macbeth commitRead More powmac Macbeth’s Obsession with Power Essay991 Words   |  4 Pagesintense emotion.   Although the diction of Macbeths words are from the Elizabethan Age, its message rings true and clear.   Macbeth clearly will oppose anything standing in the way of his passion.   Critics often debate over the what tragic flaw of Macbeth lead to his downfall.   Was it ambition or Lady Macbeths influence?   Hardly so.   It was an obsession of power that Macbeth desired so much that led to his compulsive fixation and preoccupation of obtaining his desire by any and all means necessaryRead MoreLady Macbeth, By William Shakespeare Essay1674 Words   |  7 PagesThe obvious reading of this passage would be of Lady Macbeth as domineering and manipulative in pursuit of her own goals. But that reading discounts the loyalty and dedication she has shown to Macbeth and his success. By encouraging violence through questioning his manhood, masculinity and violence become inextricably linked. This connection essentially defines masculinity as violence within the world of Macbeth. The relationship between power, violence, and masculinity alienate women and power andRead MoreResponsibility to Others versus Individual Selfishness1745 Words   |  7 PagesHolocaust, considers our ethical responsibility to other humans as foll ows: â€Å"The Ego loses its sovereign coincidence with self, its identification where consciousness comes back triumphantly to itself to reside in itself†¦The challenge to self is precisely reception of the absolutely other†¦[T]he Other hails me and signifies to me†¦by its destitution, an order. Its presence is the summons to respond†¦To be Me/Ego thenceforth signifies being unable to escape from responsibility.† (â€Å"Signification and Sense†Read More Shakespeares Macbeth - Renaissance Humanism Essay1494 Words   |  6 PagesShakespeare’s tragedy Macbeth assume the role of supernatural beings, it was not Shakespeare’s intent to portray a classic case of fatalism. On the contrary, Shakespeare used Macbeth as a way to display the idea of Renaissance humanism. Although the witches did in fact possess uncanny powers, they were in reality not controlling Macbeth, but rather they were tempting Macbeth to act in particular ways. The witch es, as well as other significant characters, may have encouraged Macbeth to act in a certainRead MoreMacbeth : A Victim Of Choice Not Fate1327 Words   |  6 PagesWorld Literature 2 November 2016 Macbeth a Victim of Choice not Fate Humans have their own free wills and they behave based on their ambitions. Everyday, they make choices; others do not decide what one should do. In Macbeth, brave and loyal Macbeth hears a prophecy about his fate from three witches; they refer to Macbeth as thane of Glamis, thane of Cawdor, and the future king. When he realizes that these prophecies are true, ambition and greed overcome Macbeth. Boosted by the prophecy and his wife’sRead More MacBeth is Responsible for His Downfall Essay690 Words   |  3 PagesMacBeth is Responsible for His Downfall    There were many wrongs committed in MacBeth. But who should bear the major responsibility for these actions? The witches prophesising? Lady MacBeths scheming and persuasion? Or should MacBeth himself be held responsible? No doubt the witches and lady MacBeth influenced MacBeth in the course of action he took in his rise to power, but ultimately he must bear the major responsibility for his fate.    The witches played an undoubtedlyRead MoreMacbeth and Lady Macbeths Consciousness in Macbeth by Shakespeare841 Words   |  4 PagesMacbeth and Lady Macbeths Consciousness in Macbeth by Shakespeare Humans have free will, and this free will give us the right to choose between good and evil. In the play Macbeth by Shakespeare, Macbeth and his wife plot the murder of King Duncan, so that they can become rulers over Scotland. We realize that having the power to make conscience descions results in a responsibility for our descions. These responsibilities may manifest as guilt or happiness. Macbeth is at first a man with aRead MoreMacbeth As A Tyrant Essay1281 Words   |  6 PagesThe Downfall of a Tyrant Shakespeare wrote Macbeth in 1606, during the reign of James I, who was James IV of Scotland before he became the King of England. James I, was a sponsor of Shakespeare’s theatre, so it is clear that Shakespeare’s work was affected by James I’s sensitivities. Murder and intrigue was a part of the Scottish Reign when James was growing, and in fact, James’s father was murdered when he was just a baby. Macbeth tells the story of a Scottish general who, through prophecies received

Evil has always been in everyones lives Essay Example For Students

Evil has always been in everyones lives Essay Evil has always been in everyones lives. Some people have it more than others. There are places in the world where evil almost takes over. It crops up in all kinds of places, all over the world. In these texts, Macbeth, Frankenstein and The Strange Case of Dr. Jekyll and Mr. Hyde there is a definite theme of evil throughout. In this essay I will write about what evil there is specifically in each of these texts. I will start with Macbeth because it has the most overriding evil out of the three. In the play Macbeth, by William Shakespeare, the leading character is Macbeth. He is a good, loyal nobleman in Scotland. At the beginning he has the title of Thane of Glamis. He has just fought a battle and is on his way back to the king. The first time we come across evil in this film is while he is walking across a heath. Three witches appear to Macbeth and his friend Banquo. Witches have always been considered as evil beings; later in the play we find this to be true. The first witch says, All hail Macbeth, hail to thee, Thane of Glamis, the second witch continues All hail Macbeth, hail to thee, Thane of Cawdor and the third witch then says All hail Macbeth, that shalt be king hereafter. Basically the witches are telling Macbeth that he will become the Thane of Cawdor and then king. Telling the future has been considered as an evil thing to do, by some. They then go on to tell Banquo that his descendants will be kings. A messenger then comes to the heath and tells Macbeth he has been appointed Thane of Cawdor. Macbeth then goes off to see the king where he promptly announces that the successor to him will be his son, Malcolm. This troubles Macbeth as the witches just told him that he would become king. Macbeths evil thoughts now begin, he says in my way it lies. This is referring to Malcolm; he lies in Macbeths way to becoming king of Scotland. The king says that he will be going to Macbeths castle to celebrate the victory in the recent battle. Macbeth had written a letter to his wife, Lady Macbeth, about what had happened with the witches. She is also an evil person in the play. Some say just as much as Macbeth. She has planned a way to kill off King Duncan by the time the kings party arrive at their castle. She does this because she knows that Macbeth is too full o the milk of human kindness to do it himself. When Macbeth arrives home, his wife informs him of her plan to kill the king. He grudgingly agrees. Lady Macbeth tells him he must look like the innocent flower but be the serpent under it. This means he must act like everything is okay, but know underneath that he is going to kill the king. This of course in an evil thing to do, murder is one of the most evil things a person can commit. When the play was written people considered royalty to be Gods representative on earth, so killing the king was like killing God, unforgivable. The killing of Duncan went as follows: The chamberlains were drugged through their wine, and Lady Macbeth rung the bell twice as a sign to Macbeth that all was ready. While this was happening Macbeth saw, or thought he saw, a dagger in front of him, pointing toward Duncans room. This is thought to be a sign from the witches who are evil to make him go towards, and kill, Duncan. As Lady Macbeth rings the bell twice, Macbeth says that the bell is one that summons thee to heaven or to hell, referring to Duncan either going to hell or heaven. The plan was for him to use the chamberlains daggers to kill the guards, and then plant them back on them. In the mad rush to escape after he murders Duncan he forgets to plant the daggers. When Lady Macbeth sees this she immediately takes the daggers from him and does it herself. This act shows that Lady Macbeth is doing evil, or at least being an apprentice to murder. She goes and puts them back and also smothers the grooms faces with blood. At this point Macbeth is regretting the fact that he has committed regicide, killing a monarch. The next day, after Duncans sons, Malcolm and Donaldbain, find out about their father being killed, they decide to run away. They said, theres daggers in mens smiles. This basically means people could be pretending to be good, but underneath they arent. Because Malcolm and Donaldbain ran away, Macbeth was declared the new king of Scotland the third of the witches prophecies comes true. Macduff is very suspicious of Macbeth and chooses not attend Macbeths coronation at scone. After the coronation Macbeth is very insecure about his position. This is because the witches prophecies came true about him, and his is worried the same will happen with Banquo. He says to be thus is nothing, but to be safely thus he is basically saying that being king is nothing, if his descendants wont be. At this point he starts to think about killing Banquo and his son, Fleance. Essay About Romeo And Juliet TragedyThis is a physically disgusting creature to all who observe it. In creating this body he needed to get parts for the body. To get these parts he went into graveyards at night and dug up dead bodies and cut off limbs organs. This is one more example of wrongdoing in this book. It disrespects the dead immensely. When the monster is brought to life, Frankenstein neglects his duty as a parent and runs away from the Monster. Because of Victor running away the Monster it does not learn anything, and when it goes out in public it is shunned, and gets stones thrown at it and is generally treated very badly. The Monster goes into a forest and finds a house with an blind man and his family living in it. The Monster decides to live in a hidden part of the house, and while he is there, he picks up how to communicate. The Monster plucks up the courage to go and see the blind man, when he does; the man is not bothered by him as he cannot see how disfigured the Monster is. But when his family comes back they see the Monster and the family beat it off and send it away. The Monster is very angry with this and goes back to the forest later in the book to try and get revenge; the family are not there. The Monster then goes in search of Victor Frankenstein, his creator. While he is looking for Frankenstein, the Monster comes across Frankensteins younger brother, William, and kills him. This is, of course a very evil thing to do, perhaps more than any other thing someone can do. The Monster takes Williams locket and puts it in his mums pocket to frame her. She is hung for murder. When has a mental breakdown, one of his friends, Cleval helps him through this rough time. He is almost completely recovered when he finds out about William being killed. Frankenstein knows that it was the Monster that did it. The Monster is still seeking revenge; he goes off and kills Cleval. Victor sees the Monster, later in the book, on top of a mountain, but he does not mention it because he feels guilty because he knows that what he has done is evil and wrong. When Frankenstein goes on a walk he crosses paths with the Monster. The monster tells Victor his story, that all he wants is to be loved, and that if Frankenstein makes him a mate, he will go away to the north pole and never come back. Frankenstein moves to Scotland to create this second creature. This is more evil than it was the first time, because he knows the consequences of making another monster. He has the second monster all ready to be brought to life, but he decides to destroy it instead. The Monster sees this happen and is extremely angry about it. The Monster says to Victor, I can make you so wretched that the light of day will be hateful to you. You are my creator, but I am your master à ¢Ã¢â€š ¬Ã¢â‚¬Å"obey! The Monster kills Elizabeth Frankensteins friend fiancÃÆ' © on their wedding night. He then goes to the North Pole to commit suicide. Frankenstein then dies on a boat. In The Strange Case of Dr. Jekyll and Mr. Hyde there is many examples of evil and wrongdoing. The story is basically about a man who creates a potion to separate the evil and good into separate people. This is a wrong thing to do, as it is taking the place of God, and creating a being by himself. When Dr. Jekyll takes this potion he made, he splits into himself, and Mr. Hyde Mr. Hyde is the evil in Dr. Jekyll. Mr Hyde is pure evil, all he does is evil actions, he pushes over a small girl in the street, kills a man for no reason and kills himself killing yourself is evil as it is taking the responsibility away from God to kill you off when he sees fit. By using his potion that he created, he has created a character of complete evil, this is, of course a wrong thing to do. In conclusion I would like to say that in most stories, not all, but most, the good comes off as the winner. In real life this is not always the case. Readers like to read about evil, and what it would be like if all the novels, and plays containing evil were real. Evil is a very overriding theme in some peoples lives. It is the same in these three texts, although, in all of them the evil is eradicated in the end, not always the case in everyday life.

American Grace How Religion Divides and Unites Us

Maximum Likelihood Estimation Examples

Maximum Likelihood Estimation Examples Suppose that we have a random sample from a population of interest.  We may have a theoretical model for the way that the population is distributed.  However, there may be several population parameters of which we do not know the values.  Maximum likelihood estimation is one way to determine these unknown parameters.   The basic idea behind maximum likelihood estimation is that we determine the values of these unknown parameters.  We do this in such a way to maximize an associated joint probability density function or probability mass function.  We will see this in more detail in what follows.  Then we will calculate some examples of maximum likelihood estimation. Steps for Maximum Likelihood Estimation The above discussion can be summarized by the following steps: Start with a sample of independent random variables X1, X2, . . . Xn from a common distribution each with probability density function f(x;ÃŽ ¸1, . . .ÃŽ ¸k).  The thetas are unknown parameters.Since our sample is independent, the probability of obtaining the specific sample that we observe is found by multiplying our probabilities together.  This gives us a likelihood function L(ÃŽ ¸1, . . .ÃŽ ¸k)   f( x1 ;ÃŽ ¸1, . . .ÃŽ ¸k) f( x2 ;ÃŽ ¸1, . . .ÃŽ ¸k) . . .  f( xn ;ÃŽ ¸1, . . .ÃŽ ¸k) ÃŽ   f( xi ;ÃŽ ¸1, . . .ÃŽ ¸k).Next, we use Calculus to find the values of theta that maximize our likelihood function L.  More specifically, we differentiate the likelihood function L with respect to ÃŽ ¸ if there is a single parameter.  If there are multiple parameters we calculate partial derivatives of L with respect to each of the theta parameters.To continue the process of maximization, set the derivative of L (or partial derivatives) equal to zero and solve for theta.We can then use o ther techniques (such as a second derivative test) to verify that we have found a maximum for our likelihood function. Example Suppose we have a package of seeds, each of which has a constant probability p of success of germination.  We plant n of these and count the number of those that sprout.  Assume that each seed sprouts independently of the others.  How do we determine the maximum likelihood estimator of the parameter p? We begin by noting that each seed is modeled by a Bernoulli distribution with a success of p. We let X be either 0 or 1, and the probability mass function for a single seed is f( x ; p ) px (1 - p)1 - x.   Our sample consists of n  Ã‚  different Xi, each of with has a Bernoulli distribution.  The  seeds that sprout have Xi 1 and the seeds that fail to sprout have Xi 0.   The likelihood function is given by: L ( p ) ÃŽ   pxi (1 - p)1 - xi We see that it is possible to rewrite the likelihood function by using the laws of exponents.   L ( p )   pÃŽ £ xi (1 - p)n - ÃŽ £ xi Next we differentiate this function with respect to p.  We assume that the values for all of the Xi are known, and hence are constant.  To differentiate the likelihood function we need to use the product rule along with the power rule: L ( p )   ÃŽ £ xip-1 ÃŽ £ xi (1 - p)n - ÃŽ £ xi - (n - ÃŽ £ xi )pÃŽ £ xi (1 - p)n-1 - ÃŽ £ xi We rewrite some of the negative exponents and have: L ( p ) (1/p) ÃŽ £ xipÃŽ £ xi (1 - p)n - ÃŽ £ xi - 1/(1 - p) (n - ÃŽ £ xi )pÃŽ £ xi (1 - p)n - ÃŽ £ xi [(1/p) ÃŽ £ xi  - 1/(1 - p) (n - ÃŽ £ xi)]ipÃŽ £ xi (1 - p)n - ÃŽ £ xi Now, in order to continue the process of maximization, we set this derivative equal to zero and solve for p: 0 [(1/p) ÃŽ £ xi  - 1/(1 - p) (n - ÃŽ £ xi)]ipÃŽ £ xi (1 - p)n - ÃŽ £ xi Since p and (1- p) are nonzero we have that 0 (1/p) ÃŽ £ xi  - 1/(1 - p) (n - ÃŽ £ xi). Multiplying both sides of the equation by p(1- p) gives us: 0 (1 - p) ÃŽ £ xi  - p (n - ÃŽ £ xi). We expand the right hand side and see: 0   ÃŽ £ xi  - p ÃŽ £ xi  - p n pÃŽ £ xi   ÃŽ £ xi - p n. Thus ÃŽ £ xi p n and (1/n)ÃŽ £ xi   p.  This means that the maximum likelihood estimator of p is a sample mean.  More specifically this is the sample proportion of the seeds that germinated.  This is perfectly in line with what intuition would tell us.  In order to determine the proportion of seeds that will germinate, first consider a sample from the population of interest. Modifications to the Steps There are some modifications to the above list of steps.  For example, as we have seen above, is typically worthwhile to spend some time using some algebra to simplify the expression of the likelihood function.  The reason for this is to make the differentiation easier to carry out. Another change to the above list of steps is to consider natural logarithms. The maximum for the function L will occur at the same point as it will for the natural logarithm of L.  Thus maximizing ln L is equivalent to maximizing the function L. Many times, due to the presence of exponential functions in L, taking the natural logarithm of L will greatly simplify some of our work. Example We see how to use the natural logarithm by revisiting the example from above.  We begin with the likelihood function: L ( p )   pÃŽ £ xi (1 - p)n - ÃŽ £ xi . We then use our logarithm laws and see that: R( p ) ln L( p ) ÃŽ £ xi ln p (n - ÃŽ £ xi) ln(1 - p). We already see that the derivative is much easier to calculate: R( p ) (1/p)ÃŽ £ xi - 1/(1 - p)(n - ÃŽ £ xi) . Now, as before, we set this derivative equal to zero and multiply both sides by p (1 - p): 0 (1- p ) ÃŽ £ xi -  p(n - ÃŽ £ xi) . We solve for p and find the same result as before. The use of the natural logarithm of L(p) is helpful in another way.  It is much easier to calculate a second derivative of R(p) to verify that we truly do have a maximum at the point (1/n)ÃŽ £ xi   p. Example For another example, suppose that we have a random sample X1, X2, . . . Xn from a population that we are modelling with an exponential distribution.  The probability density function for one random variable is of the form f( x ) ÃŽ ¸-1 e -x/ÃŽ ¸ The likelihood function is given by the joint probability density function. This is a product of several of these density functions: L(ÃŽ ¸) ÃŽ   ÃŽ ¸-1 e -xi/ÃŽ ¸   ÃŽ ¸-n e -ÃŽ £ xi/ÃŽ ¸    Once again it is helpful to consider the natural logarithm of the likelihood function.  Differentiating this will require less work than differentiating the likelihood function: R(ÃŽ ¸) ln L(ÃŽ ¸) ln [ÃŽ ¸-n e -ÃŽ £ xi/ÃŽ ¸] We use our laws of logarithms and obtain: R(ÃŽ ¸) ln L(ÃŽ ¸) - n ln ÃŽ ¸Ã‚   -ÃŽ £xi/ÃŽ ¸ We differentiate with respect to ÃŽ ¸ and have: R(ÃŽ ¸)   - n / ÃŽ ¸Ã‚   ÃŽ £xi/ÃŽ ¸2 Set this derivative equal to zero and we see that: 0 - n / ÃŽ ¸Ã‚   ÃŽ £xi/ÃŽ ¸2. Multiply both sides by ÃŽ ¸2 and the result is: 0 - n ÃŽ ¸Ã‚   ÃŽ £xi. Now use algebra to solve for ÃŽ ¸: ÃŽ ¸ (1/n)ÃŽ £xi. We see from this that the sample mean is what maximizes the likelihood function.  The parameter ÃŽ ¸ to fit our model should simply be the mean of all of our observations. Connections There are other types of estimators.  One alternate type of estimation is called an unbiased estimator.  For this type, we must calculate the expected value of our statistic and determine if it matches a corresponding parameter.

Merits of raising capital through the issuance of Bonds or through Essay

Merits of raising capital through the issuance of Bonds or through issuance of Stocks - Essay Example Merits of raising capital through the issuance of Bonds or through issuance of Stocks Marvin Appel emphasized that â€Å"corporate bonds are debt instruments issued by organizations. And, unlike government which is very least likely to default, there is always risk that a corporate business may not be able to pay its obligations to the bondholders† (10). Matt Evans discussed few advantages of issuing bonds to raise capital for a company’s operations. Some of these advantages are: 1. Interest payments made to bond holders are tax deductible as reflected on the issuing corporation’s income statement; 2. Bond issuances do not dilute earnings per share or decrease control within the company; 3. Usually, cost of bonds issued is fixed; interest and principal do not change within the life of the bond; and 4. Expected return of investment to investors is usually lower than ROI on stocks. For tax purposes, legitimate interest expense payments to banks, financial institutions, and other investors are deductible from income before tax. This will include interest or coupon payments to bondholders of the corporation which issued bonds. This is part of the benefits of using funds from debt financing to augment business performance and the same time paying less tax with respect to the company’s income for a covered period. By issuing bonds, it does not change the control structure of a corporation. Equity holdings of stockholders will remain the same; also the same base for earnings-per-share consideration. On the other hand, Evans also pointed out advantages for a company raising capital through the issuance of stocks. These include: a. Stocks have no fixed payments required to investors; investors will receive return of investment based on profits; b. There is no maturity date on the stocks certificate and invested capital does not have to be repaid within a fixed period; and c. Issuing stocks will improve the credit worthiness of the company. At the company’s standpoint, issuance of stocks to raise capital is the cheapest way to finance business operations contrary to bonds. Unlike bonds, there are no scheduled payments for coupon and bulk of funds upon maturity. Shareholders will get income from their investments through dividends if they opt to hold their stocks for a longer period. By issuing stocks, the generated funds will improve ratios like current ratio, acid-test ratio, and debt equity ratio that are of significant considerations for financial statement users. Moreover, if a company continues to have negative results of operations, the invested capital by the stockholders may be absorbed by the loss. That is why it is regarded as the cheapest way to finance business operations. By its nature, stock holdings are not guaranteed in terms of return of investments. B. Risks of raising capital through the issuance of Bonds or through issuance of Stocks Bonds are debt instruments and usually they are huge fund obligations to pay in the future. Ian Giddy had stated that when a corporation borrows up to its capacity, it loses its flexibility of financing some more future projects through debt financing. â€Å"The corporation that is issuing bonds should continue to perform well in business to make profit enough to pay back its obligations on bonds† (Appel 29). If an issuing corporation will default in paying obligations on bonds, it has a negative impact to the organization in different aspects in the bond market and in the industry. It can be regarded that in the company’s perspective, debt financing through bonds is an expensive way of raising capital

Consumption and Consumer Behaviour Essay Example | Topics and Well Written Essays - 4000 words

Consumption and Consumer Behaviour - Essay Example (Perner n.d.) Researchers in sociology argue that consumption is both a cultural as well as an economic phenomenon; therefore participation in consumer culture is not restricted to those with financial resources to actually purchase goods. The new middle classes, gender, race and youth influence the development of consumer culture. In her seminal work Consumer Culture, Celia Lury argues that consumer culture should be considered as a subset of material culture; that in its current form consumer culture is characterised by 'stylization', following notions of the 'aestheticisation' of everyday life; the ability of subordinate social groups to influence development of consumer culture. This in turn suggests their relative autonomy form dominant structures of economic and social power and to an extent breaks down the distinction between high and low culture, thus levelling or augmenting social change (cited in Bowlby 1997 and Horrocks 1997). The implications of Lury's theses to marketers are obvious. Aesthetics in product presentation are as important as contents. Children, youth and other subordinate groups, which do not form dominant structures of economic and social power, determine or influence consumption. Marketers have data, analytical ability, practical tools and experience to understand consumer behaviour and presumably have the ability to influence it. Yet marketers influencing consumer behaviour on such a scale as to make their company's gigantic successes are an exception rather than the rule, the honourable exceptions being companies like Tesco, Dove, Innocent and iPod. Professor Andrew Ehrenberg observed "that keeping things the same would represent a reasonable success for most promotional campaigns." (Marketing theory2007). On the other hand from a consumer's viewpoint is buying a simple process Is it just that people recognise the need for a product, locate a place to buy it, buy it and consume it According to the post-modern approach, there are a lot of influences that affect the 'simple process'. The experience of Wal-Mart's Latin America operations have important lesson for marketers. The retail chain designed its stores the way they are in the US, with narrow aisles broad parking areas and red, white and blue banners. Latin Americans like wide aisles because they visit super markets with their large families; large parking lots do not appeal to them, as many do not own cars and the banners appeared to them as 'Yankee imperialism'. Consumer's buying behaviour is influenced by cultural, social, personal and psychological factors but in this mix cultural factors dominate. (Kotler 2003, p.183). The following diagram depicts the stimulus-organism-response model of buying behaviour: Model of buyer behaviour- Adapted from Kotler 2003, p. 184 According to Kotler, culture, subculture and social class largely determine the consumer's buying behaviour. (Kotler 2003, p. 183). Culture or civilisation is an individual's highest form of identification with the society. Each culture has within itself - sub-cultures - smaller