Social and Physical Benefits of Parks and Recreation Annotated Essay - 1

Social and Physical Benefits of Parks and Recreation Annotated Bibliography - Essay Example The article is deemed beneficial as a source of pertinent information regarding accessibility and overall improvement in physical activity of local residents, specifically those coming from the low-income level. The study was conducted to determine any significant changes in terms of use of recreational facilities or parks after being remodeled or refurbished and compared with those which were not changed. The aim was specifically noted as determining whether â€Å"higher quality recreation facilities promote physical activity and serve communities better† (Cohen, Sehgal and Williamson S248). One skate park and one senior center were used as observation avenues and compared with two other skate parks and two senior centers that were not refurbished. The methods used the System for Observing Parks and Recreation in Communities (SOPARC) and validating interviews. The findings revealed that â€Å"park use results from a complex mix of factors that includes not only higher quality recreation facilities but also programming, staffing, fees, hours of operation, marketing, outreach, and perhaps a host of other human factors† (Cohen, Sehgal and Williamson S257). The information contai ned herein are therefore useful to the current research in terms of specifically identifying factors that could contribute to increased use of these facilities and therefore are instrumental in improving the health condition of users. The authors aimed to determine the source of studies involving leisure, recreation and park use with their alleged link to active living. Other concerns pertinent to the study included presenting aspects of government recreation and park services, concepts and methods in leisure studies as well as the management of recreation and park use, urban park use, and diverse factors that were apparently contributory to increased physical activity in leisure times. The findings revealed that a deeper understanding of

Enrichment Units Assignment Example | Topics and Well Written Essays - 250 words

Enrichment Units - Assignment Example student benefit from all the units, it is fundamental to begin by teaching CCSS: MATH.CONTENT.4.OA.B.4, CCSS.MATH.CONTENT.4.OA.C.5, CCSS.MATH.CONTENT.8.EE.A.1, and CCSS.MATH.CONTENT.8.EE.A.2 in that order. CCSS: MATH.CONTENT.4.OA.B.4 is an important enrichment unit to every student. It mainly deals with operations and algebraic thinking and focuses on gain familiarity and multiples. I chose this because it deepens my understanding of factors and multiples of whole numbers. For instance in solving mathematical puzzles. The combination of math learning with movement gives me multiple ways to engage my brain for instance Howard Gardner’s Multiple Intelligences and to cement the learning. CCSS.MATH.CONTENT.4.OA.C.5 5 enables me to generate and analyze patterns. This involves generating a number or shape pattern that follows a given rule. For instance it helped me solve number sequence and series mathematical problems. I also chose CCSS.MATH.CONTENT.8.EE.A.1 because it helped me to learn how to apply the concepts of integer exponents to give equivalent numerical expressions. This will simplify my work when working out complicated mathematical problems. This rules will also help me know how to handle exponents for instance when multiplying variables with same base, the two exponents are added. CCSS.MATH.CONTENT.8.EE.A.2 is appropriate when it comes to learning root and cube roots. It also shows students that perfect squares and perfect cubes are integers that result from the squaring or cubing of another integer. It is important for students also to understand that they can find the square root of any positive number and zero. Its also crucial that students know the variation between rational and irrational numbers In conclusion, all the Common Core Standards are important in enrichment units. As seen above, students are advised to learn these units to enable them have a better understanding of the other units ahead. However, this website

Advantages and Disadvantages of the Cell Phone Essay Example for Free

Advantages and Disadvantages of the Cell Phone Essay In the world we live in today, everyone owns a cell phone. Whether it is pre-paid, contract, or a jitter bug they have it. Some are so easy to use while others might take a week or so to learn. Children as young as six or seven even own this very common form of technology. These things do almost everything. They have games, texting, GPS, MP3 players, and much more. Cell phones have many great advantages well as many disadvantages. As for me, the GPS on my cell phone is one major advantagee. By me traveling all over the place to attend many out of town church services, looking for hotels, and more my cell phone makes it so I will never get lost. Not only does the GPS on my cell phone tell me where to go, it also speaks back to me. Buying a cell phone with a GPS has saved me money by not having to by a navigation system. It is also easy and simple to use. I love the convenience of it too. Very often, I travel alone. If I have car problems my cell phone is there so I can call for help. Just last week my car broke down on a dark back road. Thank God I had my cell so I could have called for help. This awesome form of technology was put to use. Cell phones are always good to have when you leave the house or simply traveling alone. By my phone coming with a camera is also a great advantage. They save money and again I love the convenience of it. Just like a normal camera, you can print pictures out through your cell phone. Not only that, you can share them on Facebook or Twitter so everyone else could see. These cell phone cameras are not just any ole camera. Some are even better than the ones one would buy at a camera store. Sometimes we might want to search the internet and at the time we are away from a computer. Most cell phones today have internet access. We can check emails, shop, and everything else we can on the internet with a cell phone. I find this a big advance for those who love the internet. It can also cut off an internet bill at home. Like most things with many good advantages there are also disadvantages. One major disadvantage of a cell phone is texting while driving. Research proves that tons of people die every year as a result of texting while driving. I too find texting and driving very dangerous. It keeps your focus off the road. While driving, one’s focus should be on the road at all times. It is always important for anyone to keep their focus on the road. Cell phones also can take ones attention off their studies. With all the things a cell phone has to offer, it is easy to get carried away with it. There are always new games and fun apps that one can find on their cell phone. The fact that these things are hand held and can go pretty much anywhere can get many students into trouble at school. It can also become a distraction for learning. While most teachers are teaching, many students wish to use there cell phones instead of taking notes or learning. Another common disadvantage of a cell phone is that it keeps you from seeing your friends and family face to face. With the text messaging and calling you can do on a cell phone cuts back the face to face talks with family and friends. Spending time with family and friends should be very important in a person’s life. With a cell phone it is very easy to send a text messages or call them instead of seeing them in person. One should practice less texting and talking on a cell phone and more face to face conversations. Over all, cell phones have many great advantages. They have GPS, camera, and are great for traveling. Also they have many bad disadvantages such as texting and driving, distracting students from their studies, cut away face to face time with family and friends. To me cells phone are great to have and seem to get better each day. As long as you are careful and mindful of the harm a cell phone can do, you will be good.

The Global Industry Of Festivals And Events Tourism Essay

The Global Industry Of Festivals And Events Tourism Essay A global industry of festivals and events has grown and expanded since the 90s. Nowadays, festivals are recognized as one of the top growing types of leisure- and tourism related phenomena (Dimmock and Tiyce, 2001). As Mintel International Group (2006) suggests, festivals are forecasted to grow a total of 106% in the next five years period. South Australian Tourism Commission (1997, p. 2) suggests an easily understandable meaning of festival :Festivals are celebrations of something the local community wishes to share and which involves the public as participants in the experience. Festivals must have as a prime objective a maximum amount of people participation, which must be an experience that is different from, or broader than day to day living. Festivals, and more specifically, music Festival Organizations are increasing in number every year worldwide. According to Frey (1994), the provision of music festivals has developed based on a stable increase in disposable incomes, accomp anied by an increased amount of time offered for holidays. Furthermore, another feature that makes music Festivals so popular, is the fact that music Festivals form events which include a variety of activities associated with the music (Bowen and Daniels, 2005), unlike concerts which provide mainly live music performances, rather than various event attractions. One of the most popular music Festivals in Greece for the last six years is the Synch Festival. The Synch Festival was born in 2004 at Lavrio Technological Cultural Park, an ex industrial area of unique beauty, aimed at bringing the Greek and international audience, in touch with contemporary sounds and images. Music, arts and new technologies coexist in a two day festival. Keeping the pace with modernity Synch offers its audience the possibility to meet with some of the most interesting aspects of global culture. Synchs main course is music but despite its focus on the various aspects of the contemporary electronic scene Sy nch denies all kinds of borders and separations that lead to limiting or rigidifying musical expression. The musicians participating in the festival originate from different backgrounds and currents to share their ideas discouraging easy categorization creating musical hybrids that constantly evolve. An uncommonly open-minded curatorial sensibility, tapping everything from experiemental microsound to minimal house and banging techno to local outfits using rock, jazz, regional music and electronic elements. The Wire Its got the perfect balance of industrial setting, a diverse multimedia programm, cutting edge electronic acts and classic live acts. One to watch! Time Out London Falassi (1987) argues that the collective role of a festival is directly connected to values that a community looks upon as vital to its ideology, such as social identity, historical continuity, and physical survival. Additionally, according to Arcodia and Robb (2000), a festival develops around the marking of unique occasions and around the festivity of important events. Thus, according to Usyal, Gahan and Martin (1993) a festival may be considered as the cultural resources of an area that make realizable the successful hosting of festival attendees. The phenomenal growth, coupled with increased consumer awareness and choice, requires the industry to manage the sector effectively and efficiently to ensure sustained development and growth in the future (Yeoman, Robertson, Ali-knight , 2004, p. xix). Therefore, according to Arcodia and Whitford (2010) festivals are expanding worldwide as an increasing and lively sector of the tourism and leisure industry, which have major economic, so cio-cultural, and political impacts on the destination and on the host groups, if managed properly. All the way through history, festivals have taken the forms of cultural traditions or have marked religious or historical occasions linked to the community staging the festival (Arcodia Robb, 2000). According to Earls (1993) historically, the way festivals celebrated special occasions was through art, ritual, and festivity; they were seen as public meetings that make peoples joint wishes and dreams reality and offer a significant event for a unique experience in their lives. The basic origins of this type of communal celebration which has cultural importance to the host population (Pardy, 1991), can be traced back to the carnival of Europe. ( Arcodia, Whitford, 2010) The defining characteristic of a special event or festival is its transience (Gilbert and Lizotte , 1998, pp. 73). This suggests that it would be difficult to encourage and maintain the same sense of occasion and enthusiasm, if such an event was to be held more often. Goldblatt (1997) defines a festival as a special eve nt that recognizes a unique moment in time with ceremony and ritual to satisfy specific needs(Goldblatt, 1997, pp.33).According to Yeoman et al. (2004) the word festival derives from feast and means a time of celebration. Yeoman, et al. (2004) argue that the features of festivals and events are unique, thus no common model of management fits them all. These characteristics include intangibility , production, often taking place at the same time as consumption, and perishability (Yeoman et al., 2004, pp.xx). Festivals and events have diverse levels of operating costs and they fall into both the not- for -profit and profit- making categories. They can range from small-scale , locally based events, to large international festivals (Yeoman, et al, 2004). Previous studies on festival motivation(Uysal et al,1996, Nicholson and Pearce, 2001, Crompton and McKay, 1997) jointly demonstrate that the type of the festival is a significant predictor of motives. As a result, further exploration on various types of festivals should be conducted, in order to improve our understanding of the relationship between the kind of the festival and the visitor motives. A significant characteristic of a festival is the sense of community, belonging and celebration engendered by an event, which is a communal and free social meeting including a variety of media such as arts, performances and shows (Goldblatt, 1997). Cultural consumption is an intangible pleasure-seeking experience. The consumer experience in cultural products appears to have as its main elements the multisensorial, fantastic and emotional aspects of any consumer experience (Bourdeau, Paradis and Nyeck, 1997; Bourdeau, Decoster, Paradis; Hirschman and Holbrook, 1982). In other words, it can be perceived as a self-gratifying consumer experience with an experiential perspective (Hirschman and Holbrook, 1982). The intangible characteristics of attendance at a cultural festival make the event a consumer facility. According to Bourdeau et al.( ) more generally, it is a hedonistic experience in which consumers use their senses. It is only after this hedonistic experience, when they leave the festival site, that they develop feelings of satisfaction or dissatisfaction ( pp.1, in Bourdaeu, De coster Paradis,2001). Managers of a cultural scheme must supply an intangible, hedonistic experience but one that includes not only the basic service but peripheral services as well (Eiglier and Langeard, 1987). The basic service is the principal reason for attending. In the case of a music festival, it is the content of the event the live shows. Peripheral services are those surrounding the event such as festival information services. The intangible, hedonistic nature of a festival visit makes it difficult for managers to determine satisfaction levels among consumers. Swan and Combs (1976) have demonstrated empirically that when performance does not meet the consumers expectations, dissatisfaction results, and when performance does meet expectations, satisfaction results. Generally, the variance between expectations and performance correlates positively with feelings of satisfaction or dissatisfaction. Howard (1977, p. 57) defines satisf action, from an expectancy theory perspective, as the consumers mental state of being adequately or inadequately rewarded for the sacrifice he or she has undergone. The degree of adequacy results from comparing actual past experience with the reward that was expected from the brand in terms of its potential to satisfy motives served by its product class.} (Bourdeau, De Coster, Paradis, 2001) terasties allages One of the original service quality theories is that customers are satisfied when their judgment of the service they have received (perception) equals or exceeds what they expected: Customer Satisfaction (CS)= Perceptions(P) =Expectations. This is known as the gap analysis theory (Zeithalm et al., 1990) or Olivers expectancy disconfirmation(Oliver, 1997). Zeithaml et al. considered that the factors that influence customers formulation of their expectations are word of mouth , personal needs, external communications, and past experience. Johnson and Mathews (1997) noted that the expectations of a frequent user of a facility would rely more on the influence of past experiences than other sources of information(eg. Advertisements). Researchers have no way of knowing what a first-time users expectations are based upon. Dale (1994a) suggests that world class experiences are used to formulate expectations. Parasuraman et al. (1988) tried to set customer expectations in context by suggesting that they are what an organization should offer. (Williams and Buswell, , pp.63-64) (table , pp. 67) MOTIVATIONS : The success of a festival is heavily dependent on the implementation of a strategic marketing plan; an understanding of the relationship between a destination event and its visitors and the identification of target markets are critical factors in the process (Thomson and Schoefield, 2009). Festival organizers are likely to contend that their primary goal is to provide high quality, satisfying experiences that visitors perceive to be good value in order to increase the probability that the visitors will return in the future and/or recommend the festival to others in their social circle (Lee, Petrick and Crompton, 2007). Since competition among festivals and destinations is increasing, the need for information on festivals, specifically analysis of motivations for attending festivals and events (Getz, 1993), has become crucial. Actual attendance itself may be attributed to multiple motives or just a single motive. In order for the event organizers to manage to deliver a great experience, the event product definition is a vital step. The event product is a unique blend of activities, which are the tools for achieving the overall event aims and satisfying customer needs. Event design should be customer orientated , and event organizers should create a mix that satisfies the largest number of potential customers na to allaksw ( Salem, Jones, Morgan, 2004, in Yeoman). Getz in 1997 pointed out the importance of the definition of the event product , by arguing that (oxi quote na to allaksw) many events suffer from a product orientation that is , they try to sell their event with little or no regard for what potential customers need , want, and will pay for. Hall in 1992 identifies three important objectives of event marketing: (oxi quotes, na to allaksw) read their customer needs and motivations , develop products that meet these needs, and build a communication program which express the events pur pose and objectives. Individuals, participating as audience at a festival or special event wish to satisfy their curiosity about place and people. Often they want to do what locals do and hope the festival experience will give them entrà ©e to the ways of life of a particular place(Yeoman, 2004,pp.38). Participants wish to emerge from the event with experiences and stories to talk about back home. These people want to avoid unsafe situations , discomfort, doubts, worries, embarrassment, making too many complex decisions , or being treated as computer number and being made to feel a nuisance. It is a marketing truism that people do not buy products or services , they buy the expectation of benefits that satisfy a need. (oli I paragrafos Yeoman, Robertson, Ali-Knight, 2004) giauto na to allaksw) No matter what the reason is for hosting a festival or event , there is a wide range of customers , each with different expectations , and this will impact on the management processes considered for each individual festival or event. (Yeoman, et al.,2004, pp. xx) According to Grainger-Jones (1999, p.53) leisure is defined as the application of disposable time to an activity which is perceived by the individual as either beneficial or enjoyable. Motivations are a hypothetical construct to define the driving forces of human behavior (Kroeber et al, 2003) and explain why people do what they do instead of choosing an alternative option. . The personal motivational drives of individuals are filtered and redirected by the social circles of workmates, family and friends (Burch, 1969). Therefore, the motives to attend a festival could vary from entertainment, socialization or excitement, to escape , or even relaxation . Needless to say, event organizers might have misconception of their customers motivation. Wicks and Fesenmaier (1993) examined the perceptual gap on customer expectations between visitor and vendors, identifying those areas of the event that need improvement. The same analogy also has applicability to the identification of the motivation gap that may exist between attendees and festival and event providers. {As Fodness (1994) points out, the motivation represents the major driving power in explaining human behavior, although it is not the exclusive factor.}(fODNESS, 1994)na to allaksw. Lee and Lee (2001) concluded that segmenting festival markets through motivations enables event managers to identify the strengths and opportunities of each market and helps guarantee their satisfaction. In most situations where festival visitors are heterogeneous, segmenting these visitor groups and understanding their characteristics based on festival motivations will be a powerful marketing tool, that enables event managers to enhance and promote event features preferred and valued by target segments (Formica Uysal, 1996, 1998). Crompton and McKay (1997) contend that event managers should strive to better understand the motives of festival attendance in order to design better products and services for them and because motives are a precursor of satisfaction and a factor in decision making, this in turn can lead to greater attendance. Crompton and McKay (1997) studied visitor motivation within the festival content for the following reasons: (1) it allows matching the festivals program to visitors needs; (2) it helps safeguard visitor satisfaction by increasing the chance of meeting the visitors diverse needs; and (3) it warrants repeat visitation, which is essential for the viability of the festival. Oakes( 2003) further contends that information regarding motivations can also be used to lure sponsors who are key to event funding. Schoefield and Thomson (2007) also agree It is critically important to identify festival visitor motivations and to measure the performance of festivals from the consumer perspective. They suggest that from a planning and management perspective it is vital to determine visitor satisfaction and behavioral intention with respect to repeat visits and to help identify the factors which affect visitor motivation and their experiential outcomes. (apo Gelder, Robinson, 2009,) Bowen and Daniels (2005) state that understanding why people go to music festivals can help planners align their marketing efforts to emphasize the attributes that best reflect the mission and goals of each event . Nicholson and Pearce (2001) believe that these factors will become increasingly important as the growing number and diversity of events, especial ly festivals, lead to heightened competition , in particular when events are initiated or expanded to encourage tourism and thus boost local economies (Daniels, 2004). Apo Glastonbury pdf Getz (1993) also emphasized the importance of analyzing visitors motives for attending festivals and events. Identifying such motivations is a prerequisite for planning event programs effectively and marketing them to visitors (Crompton McKay, 1997). Analysis of festival motivations also helps event managers to better position their festivals (Scott, 1996). PURPOSES OF THE STUDY By understanding what drives and motivates participation, the festival management could probably gain better insight into a strategy to maintain attendees and to drew new ones to the festival (Van Zyl, 2006). The primary aim of the present research is therefore to fill the gap in previous research by determining what motivational factors push and pull visitors to attend the Synch Festival, held in Athens, Greece, and participate in it, and what are their expectations. Comparisons will also be made with the point of view of the manager of the organizing company. By understanding attendees motivations you can give the opportunity to the event organizers to tailor promotions and develop desired services. The research objectives are : To explore and review the literature relevant to the motivation and expectations of people attending leisure events, with particular emphasis on music festivals. To investigate what motivates people to attend the Synch Festival and their expectations of the event. To explore and review the ways in which the Synch Festival is managed and organized, and in particular , the degree to which (if at all) customer expectation and motivation is considered. To report the findings of my research and, where appropriate, make recommendations and suggestions to the event organizers , as well as fill the literature gap as far as the exploration of festival motivations at a national level, is concerned. To achieve this, the article is structured as follows: the literature review is followed by a description of the method of research, then a discussion of the results, a discussion of the findings and their implications and, finally, concluding remarks.

The Political Community in Guatemala Essay -- essays research papers

The Political Community The â€Å"social apartheid† that exist in Guatemala separates Guatemala into two places and does not allow the country to be united, both democratically socially. The indigenous population is separated from opportunities. Without the minimal conditions, necessary for citizens to exercise their rights in practice there is not citizenship and therefore no â€Å"true† democracy. New democratic institutions must both address the anxiety existing among Ladinos and prove to be responsive to a sizeable segment of the national community that has previously been excluded based on language and ethnicity. Authoritarian regimes which retain considerable power and the democratic transition is never fully consolidated, stable, or lasting. Dealing not only with the elimination of military control, but also addressing the country’s historical problems, including massive social inequalities. More than half of Guatemalans are descendants of indigenous Mayan peoples. Westernized Mayans and mestizos (mixed European and indigenous ancestry) are known as Ladinos. Most of Guatemala's population is rural, though urbanization is accelerating. Although the official language is Spanish, it is not universally understood among the indigenous population. According to the World Bank, Guatemala is the country with the second-greatest income disparity between rich and poor in Latin America, behind Brazil. On which sides of that divide Guatemalans sit depends largely on whether they are Indian...

Racism and Discrimination in Sports Essay -- Race Racism Athletics Ess

Introduction   Ã‚  Ã‚  Ã‚  Ã‚   Dealing with the issue of sport and ethnology, three major factors come to mind; prejudice, racism, and discrimination. These factors span across gender, ethnic, racial, religious, and cultural groups. In the following paragraphs, I will discuss how these factors have played a part in the evolution of sport in our society. The first issue tackled in this paper will be racism in sports, followed by prejudice and discrimination. Racism   Ã‚  Ã‚  Ã‚  Ã‚  ?A definition of race might rely on an outward manifestation such as color or some other physiological sign. Race and ethnicity (and to some degree nationality) also imply a shared socio-cultural heritage and belief system. Finally, race and ethnicity harbor a physiological self-identification. Indeed, this factor is perhaps the most important in defining the identity of an ?ethnic? or ?racial? individual. It implies a conscious desire on the part of a person to belong to an aggregate of people, which possesses unique cultural characteristics, rituals and manners and a unique value system.   Ã‚  Ã‚  Ã‚  Ã‚  North America is, and always has been, an ethnically diverse society. Yet this cultural diversity along religious, ethnic and national lines had been tolerated only in a limited degree, end even only on the dominant Anglo-Saxon elite?s terms.? (Eisen and Wiggins, 1994, p. xii). History books repeatedly show this in their pages. A person can not pick up a history book and read through the pages with out finding something on how a particular athlete or group of athletes were persecuted because of their race. Part of the American dream that is taught to our youth of is freedom, equality and the ability to move ahead in life if a person is motivated to do so. It is unfortunate that this isn?t the case; that is unless the person fits into the right sociological group.   Ã‚  Ã‚  Ã‚  Ã‚  For instance, ?The American Dream of unlimited possibilities was shattered for black athletes. By 1900 most of them had successfully been excluded from American sport and were forced to establish their own separate sporting organizations. The most famous of these were the black baseball leagues, a loose aggregate of teams that did not achieve much organizational structure until Rube Foster founded the National Negro Baseball League in 1920. Late nineteenth-century black athletes were often disturbed by their inability to be classified by an... ...ng treated equal. Conclusion   Ã‚  Ã‚  Ã‚  Ã‚  The concept of a perfect world where race, color, religion, political stance, and gender are all equal is a good goal to strive for. Singling out individuals or groups based on any of those characteristics is wrong. We all have room to grow, and can make a better effort to be open-minded. Sports would be a perfect place to let down the barriers. There is bias in sport today. There is racism and discrimination. Only by a conscious effort can anything be done to help move past our present state. Racism and discrimination should not be in sports, because all humans are of the same species regardless of color or origin. We all bleed and we can all die, therefore, we should all be equal. References Eisen, George, and Wiggins, David K. (1994). Ethnicity and Sport in North American History and Culture. Westport, CT: Greenwood Press. Du Bois, W.E.B, (1961). The Souls of Black Folk. New York: Fawcett. MacClancy, Jeremy, (1996). Sports, Identity and Ethnicity. United Kingdom: Oxford International Publishers. Hoffman, Frank W., PHD, and Bailey, William G., MA, (1991). Sports & Recreation Fads. New York: The Haworth Press.   Ã‚  Ã‚  Ã‚  Ã‚  

Hansson Private Label

Vent Consulting Expansion and Risk at Hansson Private Label, Inc. Evaluating Investment in the Goliath Facility HBS#4021 Vent Consulting takes pleasure in presenting our Hanson Private Label’s (HPL) capital expansion executive summary. We carefully reviewed all applicable case materials and believe we have quantified your primary risks, benefits, and most attractive course of action. 1) HPL has performed exceptionally well since inception in 1992. Financial statements show that operating revenues have increased from $503. 4M in 2003 to $680. 7M in 2007.During this time, gross operating profit increased by $24. 3M. This illustrates that the company is not sacrificing profits for top level growth. Capital replenishment matches or exceeds depreciation. Net income increased during the same time span by $9. 6M. The revenue gross margin has averaged 7. 8% growth and the gross margins have averaged 18. 6% over the last five years, while net income has averaged 5. 3%. Dividends have b een paid to stockholders. Cash flow from operations has increased steadily. The cash from investing has fluctuated from a low of $5. M in 2006 to a high of $7. 8M in 2003, indicating an overall conservative strategy of controlled expansion. HPL used more cash in financing in 2006 and 2007 than in previous years, which may contribute to future growth. To reinforce the company’s financial performance: †¢Total assets have grown over the years to a high of $380. 8M in 2007 †¢Long-term debt is at a five year low at $54. 8M †¢Net working capital is at a five year high of $102. 5M All four plants under HPL are operating at 90% capacity and a focus on conservative efficiency has led to strong financial performance.Comparatively speaking, HPL’s 9. 26% EBITDA ratio is stronger than industry competition, another indicator of strong earnings and management. 2) Vent Consulting’s analytical summary is provided in Appendix 1. Note the calculated NPV of $4,971 an d IRR of 11. 1% at tab NPV-BASLINE. Given an accepted discount rate of 9. 38%, both the positive NPV and the positive 1. 7% IRR spread on this investing type project initially indicate a rewarding proposal. Additionally, the calculated profitability index of 1. 11 suggests the project should be pursued.Note that the discounted payback period is just under 7 years, 4 years beyond the contractual commitment under consideration with HPL’s largest retail customer. 3) Sensitivity analysis reveals interesting factors, however. Note in the additional tabs: †¢Ramping up capacity utilization to 85% in 3 years instead of the projected 5 years yields a full 2% IRR increase. †¢If aggressive marketing can capture secondary demand from competitors and increase capacity utilization from 85% to 95% in years 4 through 10, IRR is increased to 14. 8%. †¢The project is very sensitive to unit selling price.If expected annual growth in sales price rises from 2% to just 3. 5%, IRR ri ses a full 6. 7% to 17. 8%. †¢The project is also very sensitive to commodity costs. A small . 5% increase in expected inflation from 1. 0% to 1. 5% annual raw material costs reduce baseline IRR calculations to 9. 5%, making the project unattractive compared to the 9. 38% discount rate. †¢Improved capital planning yields expected improved project returns. The last tab illustrates a potential improvement of 2. 5% IRR. Given this information, Vent Consulting has identified 3 courses of action (COA): 1) Accept the capital expansion proposal as written by Mr.Gates 2) Accept the retailer ‘s 3–year contract, but reduce capital risk by reducing the scale of expansion, improving the use of working capital and sub-contracting production shortfalls to other producers. 3) Maintain status quo and reject the retailer contract Despite the positive NPV, Vent Consulting recommends rejection of COA 1 due to the following uncontained risk factors: †¢Required capital expans ion and associated financing does not match the proposed customer contract, adding uncontrolled capacity utilization risk.This risk is compounded by a lack of customer diversification. †¢Difficult-to-predict sales price and raw material cost variables also add significant uncovered risk. Vent Consulting also recommends rejection of COA 3. This course of action would propagate HPL’s growing â€Å"cash cow† business model, and sacrifice an ideal opportunity to improve company performance and steal market share in cooperation with one of the largest industry retailers. We strongly recommend COA 2, which apitalizes on market opportunity while minimizing the significant risk of the original proposal. Specifically: †¢Reduce capital expansion to 40% of proposed project. †¢Improve capital management †¢Dedicate primary capacity to key/primary retail customer(s) †¢Sub-contract production shortfalls to other producers for lessor retailers/customers Vent C onsulting is eager to provide additional recommendations on how this is would be best accomplished — for a fee — once we’ve completed another few Themes.