Investment Appraisal Report to Purchase a New Super Cruise Ship - Free Essay Example

Sample details Pages: 8 Words: 2459 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Business Finance Contents Don’t waste time! Our writers will create an original "Investment Appraisal Report to Purchase a New Super Cruise Ship" essay for you Create order Introduction Task-1 Investment Appraisal Report to Purchase a New Super Cruise Ship Task 2 (a) Sales, Purchases, Production and Cash flow Budget (b) Forecasted Income Statement and Balance Sheet Task-3 Guidance to the directors of Utopia on managing business finance Conclusion Reference Introduction Business is combination of the human activities directed for earning profit and giving service to the society. The activity of the business makes the product and service ready for consumer by the help of industry and commerce. Industry collects the consumable goods from the nature and processes it to make consumable goods. Again, commerce makes the goods and service available for the customers. But in all type of activities executed by industry and commerce needs capital and loan able funds. From where the finance will be collected, how much cost has to be sacrificed as cost of capital and other different things can be learned from business finance. Business finance helps stakeholder and business to understand how finance can be successfully used to derive most benefit from the finance. A successful business man can take necessary steps such as investment appraisal methods; understand the financial environment of the company to take investment decision. In that report, there is a dis cussion of investment appraisal report, different budget such as cash budget, production budget, guidelines on managing business finance are discussed in detail. Task-1 Investment Appraisal Report to Purchase a New Super Cruise Ship Investment Appraisal report Carnival, A Quality Cruises. I. Introduction Carnival Cruise is one of the renowned cruises and largest vacation company in the world. Their portfolio of cruise has branded cruises. It wants to expand its business by purchasing a new super cruise ship for $900 million. Thatà ¢Ã¢â€š ¬Ã¢â€ž ¢s why they go for different investment appraisal technique to know whether it is better purchase the cruise or not. This report will describe the financial viability of that company. Carnival Cruise has initial investment, sales and costs data. These data will help determine the suitability of purchasing the ship. In fine the report will make a recommendation by evaluating the results, strength and weakness of investment appraisal technique. In that report four investment appraisal methods are used. These are Accounting rate of return (ARP), Net present value (NPV), Payback period and internal rate of return. The result of these four methods may not be same because of their approaches and calculation. But it will help evaluate the results with different technique and make final decision. II. Investment appraisal methods Four appraisal methods can be categorized into two methods- discounting methods and non-discounting methods. The APP and Payback period are non-discounting and NPV and IRR are discounting methods. ARR can be found by dividing Average income by Average investment (Hansen and Mowen, 2007, p. 568). That method doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t consider the time value of money. It is considered as the drawback for ARR. To identify the recovery period of initial investment, payback period is commonly used (Brigham and Houston, 2007, p. 373). Result which provide shorter payback period is preferable rather than longer payback period. It ignores cash flow after payback period and time value of money (Kinney Raiborn, 2011, p. 655). In case of NPV method, we can find net value of the project by discounting cash flow at a specific rate. The major advantage of NPV is the discount of the future cash flow and it is preferable than any other methods. The disadvantage is that it supposes constant gearing for cost of capital (Delaney, 2008, p. 37). It is difficult to calculate cost of capital that is used for discounting cash flows (Howe, 1992, p. 34). Unlike NPV, IRR is used to discount the future cash flows. It tells about the margin of safety in term of decline of rate of return (Brigham and Daves, 2009, p. 421). III. Results of investment analysis Accounting Rate of Return (ARR): Particulars 2012($) 2011($) 2010($) Revenue 7688024 7537263 6752504 (-):Expenses 6899470 6605635 5949871 Operating profit 788,554 931,628 802,633 Net profit 788,554* 931,628* 802,633* *Tax effects should be ignored. Thatà ¢Ã¢â€š ¬Ã¢â€ž ¢s why net profit is same as operating profit. Average profit= ($788554+$931628+$802633)/3=$840,938 Average investment= ($900,000,000+0)/2= $450,000,000 ARR = Average profit / Average investment = $840,938/ $450,000,000 = 0.19% Payback Period: Initial Investment is $900,000,000 Year Cash flow $ Cumulative cash flow $ 2008-Year-1 300,000,000 300,000,000 2009-Year-2 230,000,000 530,000,000 2010-Year-3 130,000,000 660,000,000 2011-Year-4 400,000,000 1060,000,000 2012-Year-5 70,000,000 1130,000,000 Payback period = 3 + ($240,000,000/$400,000,000) = 3.6 years. Net Present Value (NPV): The incremental cash flows are: Year Cash flow $ 2008-Year-1 300,000,000 2009-Year-2 230,000,000 2010-Year-3 130,000,000 2011-Year-4 400,000,000 2012-Year-5 70,000,000 As, interest rate is 6% or, 0.06, The PV =$(300,000,000/1.06) + (230,000,000/1.06^2) + (130,000,000/1.06^3) + (400,000,000/1.06^4) + (70,000,000/1.06^5) =$966,014,093 So, NPV = PV à ¢Ã¢â€š ¬Ã¢â‚¬Å" Initial investment =$966,014,093-$900,000,000 =$66,014,093 Here, all the data are assumed. Internal Rate of Return (IRR): Internal rate of return is the interest rate that results in the net present value to zero. In that case, à ¢Ã¢â€š ¬Ã…“guess and checkà ¢Ã¢â€š ¬Ã‚  is the most popular to find it out. Assume, cost of capital is 8%. Here, initial investment $900,000,000 Year Cash flow $ 2008-Year-1 300,000,000 2009-Year-2 230,000,000 2010-Year-3 130,000,000 2011-Year-4 400,000,000 2012-Year-5 70,000,000 Letà ¢Ã¢â€š ¬Ã¢â€ž ¢s try 10% interest rate: Now: PV= -$900,000,000 Year-1: PV=$300,000,000/1.10=$272,727,272 Year-2: PV=$230,000,000/1.10^2=$190,082,645 Year-3: PV=$130,000,000/1.10^3=$97,670,924 Year-4: PV=$400,000,000/1.10^4=$273,205,382 Year-5: PV=$70,000,000/1.10^5=$43,464,493 Adding those up gets: NPV = -$900,000,000+$272,727,272+$190,082,645+$97,670,924+$273,205,382+$43,464,493 = -$110,849,284 I will take a better guess now, and try an 11% interest rate: Continued at 11% interest rate Now: PV= -$900,000,000 Year-1: PV=$300,000,000/1.11=$270,720,270 Year-2: PV=$230,000,000/1.11^2=$186,673,159 Year-3: PV=$130,000,000/1.11^3=$95,054,879 Year-4: PV=$400,000,000/1.11^4=$263,492,389 Year-5: PV=$70,000,000/1.11^5=$41,541,593 Adding those up gets: NPV = -$900,000,000+$270,720,270+$186,673,159+$95,054,879+$263,492,389+$41,541,593 = -42,517,710 I will take a better guess now, and try a 13% interest rate: Continued at 13% interest rate Now: PV= -$900,000,000 Year-1: PV=$300,000,000/1.13=$265,486,726 Year-2: PV=$230,000,000/1.13^2=$180,123,737 Year-3: PV=$130,000,000/1.13^3=$90,096,521 Year-4: PV=$400,000,000/1.13^4=$245,327,491 Year-5: PV=$70,000,000/1.13^5=$37,993,196 Adding those up gets: NPV = -$900,000,000+$265,486,726+$180,123,737+$90,096,521+$245,327,491+$37,993,196 = 80,972,329 I will take a better guess now, and try a 10.3% interest rate: Continued at 10.3% interest rate Now: PV= -$900,000,000 Year-1: PV=$300,000,000/1.103=$271,985,494 Year-2: PV=$230,000,000/1.103^2=$189,050,056 Year-3: PV=$130,000,000/1.103^3=$96,876,138 Year-4: PV=$400,000,000/1.103^4=$270,245,171 Year-5: PV=$70,000,000/1.103^5=$42,876,614 Adding those up gets: NPV= -$900,000,000 +$271,985,494+$189,050,056+$96,876,138+$270,245,171+$42,876,614 = -28,966,527 10.3% interest rate is good enough because using that interest rate we find the result close to zero. So, internal rate of return is 10.3% We can say investment will yield to 10.3% (if all goes as per plan). IV. Analysis of results IRR of 10.3% is also higher than the cost of capital of 8% which again approves the purchase. The ARR 0.16% which is substantially lower than the cost of capital of 8% and hence the ARR method does not approve the investment. The NPV is positive $66,014,093. Investment in cruise is also approved under the NPV method. Payback period is better when it is lower. V. Conclusions The results of the four different appraisal methods- Payback period, NPV, IRR and ARR may not provide same or unanimous result. In that report there has been a description about NPP, Payback period, ARR, IRR and these results may be compared with other project to find the suitability of the purchase of the cruise. Here, we compare our result with cost of the capital but will be more informative if we can make a comparison among or between companies. VI. Recommendations When we will compare the result between or among the projects, in that case we can recommend the suitable approach for the company. For an example, when one companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s payback period is less than other. In that case the first company is better to choose. Task 2 (a) Sales, Purchases, Production and Cash flow Budget Information given, Capital =  £70,000 Cutting machine =  £45,000 Delivery van =  £18,000 Estimated life of the machine = 10 years Estimated life of the van = 5 years Predicted cost for each toy, for wood =  £5.00 For varnish coating =  £1.00 Sales price per toy =  £12 Ending inventory at each month = 80% of sales Wages =  £5,000 Electricity costs per quarter =  £2,000 Rent for 12 months =  £12,000 Insurance =  £9,000 The forecasted sales in units are as follows: Month Sales Ending inventory (80%) Beginning inventory June 4,000, 3,200 0 July 5,000, 4,000 3,200 August 5,000, 4,000 4,000 September 8,000 6,400 4,000 October 9,000 7,200 6,400 November 9,000 7,200 7,200 December 11,000 8,800 7,200 January 6,000 4,800 8,800 Production Budget: Production Budget (units) = sales Budget (units) + Target ending finished goods inventory (units) à ¢Ã¢â€š ¬Ã¢â‚¬Å" Beginning finished goods inventory (units) Month Calculation Output Sales budget Ending finished goods inventory Beginning finished goods inventory Budgeted production June 4,000 4,000 0 = 8,000 July 5,000 4,000 4,000 = 5,000 August 5,000 6,400 4,000 = 7,400 September 8,000 7,200 6,400 = 8,800 October 9,000 7,200 7,200 = 9,000 November 9,000 8,800 7,200 = 10,600 December 11,000 4,800 8,800 = 7,000 Sales budget: Sales budget = (Forecasted units sale * Price per unit) à ¢Ã¢â€š ¬Ã¢â‚¬Å" Sales discount and allowances Month Calculation Output Forecasted sale Price per unit Discount allowances Budgeted sales June 4,000 12 0 48,000 July 5,000 12 0 60,000 August 5,000 12 0 60,000 September 8,000 12 0 96,000 October 9,000 12 0 1,08,000 November 9,000 12 0 1,08,000 December 11,000 12 0 1,32,000 Purchases Budget: Particulars June July August September October November December Production Budget 8000 5000 7400 8800 9000 10600 7000 (+)Ending Inventory 3200 4000 4000 6400 7200 7200 8800 Total Requirement 11,200 9,000 11,400 15,200 16,200 17,800 15,800 (-) Beginning Inventory 0 3200 4000 4000 6400 7200 7200 Purchased(In Unit) To be made 11,200 5,800 7,400 11,200 9,800 10,600 8,600 Purchased Budget(W-1) 67,200 34,800 44,400 67,200 58,800 63,600 51,600 Cash budget: Cash disbursements: June July August September October November December Production 8,000 5,000 7,400 8,800 9,000 10,600 7,000 Direct material: Wood ( £5) 40,000 25,000 37,000 44,000 45,000 53,000 35,000 Varnish coating ( £1) 8,000 5,000 7,400 8,800 9,000 10,600 7,000 Total 48,000 30,000 44,400 52,800 54,000 63,600 42,000 Cash budget: Particulars June July August September October November December Collections from customers 0 48,000 60,000 60,000 96,000 1,08,000 1,08,000 Disbursements: Manufacturing cost: Direct material (0) (48,000) (30,000) (44,400) (52,800) (54,000) (63,600) Wages (5,000) (5,000) (5,000) (5,000) (5,000) (5,000) (5,000) Non-manufacturing costs: Rent (7,000) Machinery van purchase (45,000) (18,000) Insurance (9,000) Ending balance (84,000) (5,000) 25,000 10,600 38,200 49,000 39,400 (b) Forecasted Income Statement and Balance Sheet Forecasted Income Statement Neptune Toys For the year ending December 31, 2015 Particulars Amount Amount Revenues 6,12,000 Cost of goods sold (W-2) (3,65,000) Gross margin 2,47,000 Operating cost Depreciation(W-3) 4,050 Wages (5000 * 7) 35,000 Electricity(2000*2+670) 4,670 Rent(12000/12*7) 7,000 Insurance (9000/12*7) 5,250 (60,100) Operating income 1,91,030 Forecasted Balance Sheet Neptune Toys As at December 31, 2015 Particulars Amount Amount Amount Assets: Current assets: Cash Ending Inventory(N-5) Prepaid electricity cost Cutting Machinery (-)Depreciation Delivery Van (-)Depreciation 45,000 (2250) 18,000 (1800) 73,200 271800 4,670 42,750 16,200 Total asset 408,620 Liability Equity: Current liabilities: Accrued Wage(5000*7) Rent Payable Insurance payable Account Payable Equity: Ownerà ¢Ã¢â€š ¬Ã¢â€ž ¢s Capital Retained earnings(Operating income) 35,000 7,000 5,250 100,340 70,000 1,91,030 Total Liability Equity 408,620 Notes to the financial statement- Notes-1: Purchase cost for toy: In June=11,200*(5+1) =67,200 In July =5,800*(5+1) =34,800 In August =7,400*(5+1) =44,400 In September =11,200*(5+1) =67,200 In October=9,800*(5+1) =58,800 In November =10,600*(5+1) =63,600 In December: Purchase cost for toy=8,600*(5+1) =51,600 Notes-2: Cost of goods sold: Particulars Amount Amount Total Beginning finished goods inventory, June 1, 2015 0 Direct materials used 3, 34,800 Direct manufacturing labor 0 Manufacturing overhead: Wages (5,000 * 7) 35,000 Cost of goods manufactured 3,69,800 Cost of goods available for sale 3,69,800 Ending finished goods inventory, Dec. 31, 2015 (4,800) Cost of goods sold 3,65,000 Notes-3: Depreciation calculation: Cutting Machine= (45000/10) =4500/2=2250 Delivery van= (18000/5) =3600/2=1800 Total Depreciation=2250+1800=4050 *Depreciation is calculated following Straight line Method. **Calculated half year depreciation. Note-4: Ending Inventory Calculation: Total Production unit= 55,800 Total production cost: Manufacturing cost 369,800 Electricity Bill 2,000 Total cost 371,800 Assume insurance and rent expenses are for office. Production cost per unit= (371,800/55,800) =6.663 (approx.) Ending Inventory= 40,800 Ending Inventory cost= (40,800*6.663) =271,800 (approx.) Task-3 Guidance to the directors of Utopia on managing business finance Utopia resort is one of the well-known company operates its exclusive holiday resort around the world. This holiday resort company charge  £4,000 for each of the person who enjoys their entertainment. Again there are lots of holiday Resort Company existing in the world that are competitor of Utopia company. So, it needs to manage its financial resources to strength its position in that type of business. A business may be benefited if they prudently and strategically manage its finance and it may help that company unlock additional financing and avoid uncertain cash flow problem (Cinnamon, Helweg-Larsen and Cinnamon, 2010). Managing Business Cash: The aim of the business is to ensure its sufficient cash facilities to keep that business going. It means it will get full on time payment for the respectable customers and successfully pay to its creditors and suppliers. Here Utopia is listed to London Stock Exchange to become a levered firm (Connolly, 2007). Managing Business Credit: How to successfully obtain credit is mainly focused in the business. Businesses must have to manage actively the business credit by credit payment and identifying and issues related with finance. Utopia needs to manage its credit by taking loan from the bank or from the stock market. Some important steps that need to follow to maintain better relationship with the bank includes: To inform bank about the business performance that it is doing well or not. To present current and accurate financial information. To invite bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s relationship office to monitor how it operated. To be stick to the term of lending agreement. They should follow the above criteria to satisfy the Bank office to get financial support in time of need (Eiteman et al., 2001). Managing Business Credit policy: Getting paid in time is very important for any business to survive. That is also applicable for Utopia Resort Company. To minimize the credit loss, there is a need of clear and comprehensive credit policies, management and proper systems (Crowther, 2004). Financial Planning: To understand business financial position, to persuade lender to the business, there a necessity of good, proper and accurate financial planning. Utopia needs to structure a good financial planning to make them competitor for the other company in the holiday business (Groppelli and Nikbakht, 2000). Here some suggestion for the Utopia for their future financial plans: As there is a stiff competition from the other global competitor like USA companies etc in the market, the need to be careful in case of setting service charges. They should highlight some features of their business that are insufficient in other company. Such as, Utopia can take the advantage from media coverage of ship sinking, fire, virus in ship. And say the customer that they are free from these problems and there is a sufficient life saving boats in the mother ship. They can take help from bank and make them listed in the Stock exchange to make their business stronger and acceptable. They need to set most challenging financial strategies to keep control of the profitability in the expansion phase of the company (Myddelton, 2000). Conclusion Business and finance are interrelated with each other. Any business can be successfully operated if there is sufficient capital and effectively manage finance in the business. Here, in the assignment we discuss how a quality cruise plc uses investment appraisal techniques to find out how effective it will be if he/she invests his/her capital to buy a super cruise ship. We also use different accounting information to make that report knowledgeable. Here different budget like sales budget, purchase budget are calculated and forecasted income statement and balance sheet is given. There is a guideline of the director of Utopia about how to manage business successfully in time of expansion of the business. For that reason they have to maintain a good relation with the bank and they can go for stock exchange borrowing for their future finance needs. Reference Arya, A., Fellingham, J.C., and Glover, J.C., 1988. Capital budgeting: Some exceptions to the net present value rule. Issues in accounting education, Vol. 13, No. 3, pp. 499-508. Brigham, E.F., and Daves, P.R., 2009. Intermediate Financial Management. 10 edn. South-Western Cengage Learning. Brigham, E.F., and Houston, J.F., 2007. Fundamentals of financial management. 11 edn, Thomson Higher Education. Delaney, C.J., Rich, S.P., and Rose, J.T., 2008. Financing costs and NPV analysis in finance and real estate. Journal of Real Estate Portfolio Management, Vol. 14, Issue 1, pp. 35-40. Hansen, D.R., and Mowen, M.M., 2007. Managerial accounting, 8 edn. Thomson South-Western. Howe, K.M., 1992. Capital Budgeting Discount Rates Under Inflation: A Caveat. Financial Practice Education, Vol. 2, Issue 1, pp. 31-35. Kinney, M.R., Raiborn, C.A., 2011. Cost Accounting à ¢Ã¢â€š ¬Ã¢â‚¬Å" Foundations and Evolutions. 8 edn, South-Western Cengage Learning, Mason. Cinnamon, R., Helweg-Larsen, B. and Cinnamon, P. (2010). How to understand business finance. 1st ed. London: Kogan Page. Connolly, M. (2007). International business finance. 1st ed. New York: Routledge. Crowther, D. (2004). Managing finance. 1st ed. Amsterdam: Elsevier Butterworth-Heinmann. Eiteman, D., Stonehill, A., Moffett, M. and Kwok, C. (2001). Multinational business finance. 1st ed. Reading, MA: Addison-Wesley Longman. Groppelli, A. and Nikbakht, E. (2000). Finance. 1st ed. Hauppauge, N.Y.: Barrons. Myddelton, D. (2000). Managing business finance. 1st ed. Harlow, England: Financial Times/Prentice Hall. 1 | Page

Why College Tuition in America Should Be Lowered - 1496 Words

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The Castle of Otranto †a Gothic Novel Free Essays

string(116) " of King Richard the Third† Apart from the above-listed works, Walpole is known for his extensive correspondence\." The Castle of Otranto – A Gothic Novel Picture of the Title Page of the Second Edition A Dossier by Luisa Hiller, Johannes Klein, Benjamin Priebst, and Claudia Haack Table of Contents: 1. Introduction – The Gothic Novel 2. Horace Walpole 2. We will write a custom essay sample on The Castle of Otranto – a Gothic Novel or any similar topic only for you Order Now 1. The Life of Horace Walpole 2. 2. The Works of Horace Walpole 3. â€Å"The Castle of Otranto – A Gothic Novelâ€Å" 3. 1. Introduction 3. 2. Index of Characters 3. 3. Summary of the Plot 3. 4. The Characters’ Appearance 3. 5. The Character Constellation 3. 6. Gothic Elements in The Castle of Otranto . Bibliography 1. Introduction – The Gothic Novel In the first half of the 18th century the word â€Å"Gothic† was mainly related to the Nordic invaders, the Goths, who were disliked because of their barbarous behaviour and their brutal invasion. Therefore â€Å"gothic† had a pejorative connotation, which, nevertheless, changed in the middle of the 18th century into a word being related to supernatural and fantastic events. The first gothic novel appeared in 1764, when Horace Walpole? s â€Å"The Castle of Otranto† was published. From this time on to approximately 1820 there was an explosion of gothic writings, which almost turned into addiction, especially for the female readership, who were craving for popular entertainment. This form of writing dominated British literature during this period and can be described as a hybrid between novel and romance, also encompassing drama and poetry. Though the gothic novel had many critics, it became unexpectedly successful due to the fact that it signified morality, beauty, a lack of reason and feudal beliefs which formed, at that time, a sharp contrast to the actual values of the Age of Enlightenment. Consequently, the gothic novel functioned as a mirror of 18th century conventions and values. The emergence of this new development in literature implied the assumption that there was a need for sacred and transcendent forces due to the denial of the existence of supernatural forces by the modern enlightened society. So the gothic novel provoked a rebellion against the predominant ideal of order and unity, which caused a lot of annoyance and was a socially subversive force for many critics. Finally, the author? intention was to evoke fear and terror, but also grandeur, and to make people be reverential. Writers of that period wanted, moreover, to wind up the reader? s feelings. This aim could be achieved by the usage of particular elements, which appeared in almost every gothic novel. Some of these elements are mentioned below. setting The action usually takes place in some ruined castle or abbey in a remote and dark time, like the Middle Ages. Furthermore, the buildings are in many cases full of crypts, catacombs, dungeons, trap doors and secret underground passages. atmosphere The atmosphere of the whole story seems threatening and mysterious due to some inexplicable events as ancient prophecies and curses coming true, visions or other supernatural occurrences which sometimes can be elucidated. There are, furthermore, extreme landscapes as thick forests and rugged mountains often containing caves. Additionally a terrifying atmosphere is created by the apparent gloom, shadows, moonlight or a flickering candle. emotions A gothic novel always contains powerful emotions like pride, anger, sadness, surprise, and especially, terror. Romantic elements like love and its often tragical implications (uncertainty of reciprocation, rival lovers, †¦ ) are also part of many gothic novels. Characteristics for the partly overwrought emotions are crying and melodramatic speeches, as well as panic and fainting. distressed women Frequently women are oppressed and threatened, either by male relatives or other powerful men, for instance kings or lords which are mostly tyrannical. These women are often the main characters, demanded to do something unbearable as marrying someone they do not love. After the outstanding success of the gothic novel in the 1790? s, it began to fade in 1820. One reason for this was the frequent imitation, so that people became bored and the gothic novels stereotypes. Moreover, critics have been slow to accept the gothic novel as a valuable genre, for which reason it has almost vanished from European literature. The most important representatives: Horace WalpoleThe Castle of Otranto (1764) Ann RadcliffeThe Italian; or the Confessional of the Black Penitents (1797) Mary ShelleyFrankenstein (1818) Charles MaturinMelmoth the Wanderer (1820) 2. Horace Walpole 2. 1. The Life of Horace Walpole Horace Walpole was born on September 24 in London, the forth son of later Prime Minister Robert Walpole. Rumour has it that the eight-year-old boy met Alexander Pope during a summer holiday spent at Cambridge House, Twickenham, in 1725. Stages of his education include such famous names as Eton (1727-1734) and King? s College, Cambridge (1735-39). The following two years of his life were spent on the obligatory â€Å"Grand Tour†. Walpole was accompanied by his schoolfriend, the poet Thomas Gray, and the two of them toured France and Italy. When he returned to England in 1741, Walpole could immediately take up office, having been elected Member of Parliament for the family borough Callington in Cornwell while he was still abroad. For the following quarter of a century Walpole served as an MP in varying constituencies, before he finally retired in 1767. 1747 marked the beginning of a lifelong â€Å"obsession†. In this year, Walpole took up residence at Strawberry Hill, Twickenham, and began transforming his domicile into â€Å"the most celebrated Gothic House in England†. In 1757, a private printing press was set up at Strawberry Hill and Walpole brought out some of his own works by means of it. After the death of his nephew in 1791, Horace Walpole succeeded him as fourth Earl of Orford. He died five years later, on March 2, 1797. 2. 2. The Works of Horace Walpole –1747First book, â€Å"Aedes Walpolianae†, a description of the paintings at Houghton (the family seat in Norfolk), published –1751Walpole starts writing his â€Å"Memoirs†, a process continuing until 1791 –1758â€Å"Catalogue of Royal and Noble Authors†, 2 vols. 1762â€Å"Anecdotes of Painting in England†, 5 vols. (-1780) –1764December 24, â€Å"The Castle of Otranto† published –1768â€Å"The Mysterious Mother† (a tragedy) â€Å"Historic Doubts on the Life and Reign of King Richard the Third† Apart from the above-listed works, Walpole is known for his extensive correspondence. You read "The Castle of Otranto – a Gothic Novel" in category "Papers" 4000 of his letters have been preserved. 3. â€Å"The Castle of Otranto – A Gothic Novel† 3. 1. Introduction On December 24, 1764, the English readership was presented with â€Å"The Castle of Otrantoâ€Å", a novel which gave rise to a new literary genre: the Gothic Novel. Its author – Horace Walpole – obviously had not reckoned with the immediate success of his work. Why else would he have published the first edition of it anonymously? In fact, Walpole concealed his authorship by a rather complex story of the origin and discovery of â€Å"The Castle of Otrantoâ€Å". His anxiety about the reception of his novel was basically founded on the â€Å"novelty of the attemptâ€Å" (Otranto 7). Two aspects shall be mentioned to explain what he meant. Firstly, one of Wal-pole? s major intentions in writing the book was â€Å"[†¦ to blend the two kinds of romance, the ancient and the modernâ€Å" (Otranto 7), the former distinguished by imagination and improbability, the latter by a more realistic presentation of life (Walpole himself used the term â€Å"natureâ€Å" rather than â€Å"realisticâ€Å"). His object was to reconcile the two different approaches by showing people acting in a natural way while being exposed to the most u nnatural situations. The second motive that originally prevented Walpole from revealing his authorship were the super-natural elements contained in the story; ironically enough the very reason for its later fame. But by the time of its publication Walpole could not be sure that the mysterious events around â€Å"The Castle of Otrantoâ€Å" would meet with the approval of mid-18th century readers. After all, this was the Age of Enlightenment, the period of â€Å"cold reasonâ€Å" (Letter to Mme du Deffand, 13 March 1767, quoted from Otranto x) in which there was no place for ghosts, spectres, visions, prophecies and the like supernatural phenomena. With his fears not being confirmed and the positive reception of the novel, Walpole finally revealed his authorship with the appearance of the second edition in April 1765. The second edition brought another innovation: the subtitle â€Å"A Gothic Novelâ€Å" was added to the book, thereby providing the term for a whole literary branch which became very popular with readers in the following decades. Beside the above-mentioned supernatural elements which can be applied to any Gothic story there are several elements which are peculiar to â€Å"The Castle of Otrantoâ€Å". One of them can be perceived whenever servants and aristocratic characters meet. In writing these scenes Walpole was inspired by and imitated another prominent figure of English literary history, and he freely admits: â€Å"That great master of nature, Shakespeare, was the model I copiedâ€Å" (Otranto 8). And in another passage from the second edition Walpole describes the function of the domestics in the following way: â€Å"The simplicity of their behaviour, almost tending to excite smiles, [†¦ ] appeared to me not only not improper, but was marked designedly in that manner. My rule was nature. [†¦ In my humble opinion, the contrast between the sublime of the one [the noble characters] and the naivete of the other, sets the pathetic of the former in a stronger lightâ€Å" (Otranto 8). Finally, the last aspect to be mentioned is one that is not missing from any description of Walpole? s life and works. At the end of the preface to the first edition Walpole writes: I will detain the reader not longer than to make one short remark. Though the machin e- ry is invention, and the names of the actors imaginary, I cannot but believe that the groundwork of the story is founded on truth. The scene is undoubtedly laid in some real castle. The author seems frequently, without design, to describe particular parts. â€Å"The chamberâ€Å", says he, â€Å"on the right hand: the door on the left hand; the distance from the chapel to Conrad? s apartmentâ€Å": these and other passages are strong presumptions that the author had some certain building in his eye (Otranto 5-6). This extract could well be seen as a proof for Walpole? s sense of humour. In fact, the author – Walpole himself – did have a certain building in mind, namely his own domicile, Strawberry Hill. . 2. Index of Characters Manfred, Prince of Otranto†¢Hippolita, Princess of Otranto Conrad, their son and heir†¢Matilda, their daughter Isabella, engaged to Conrad, daughter of †¢Frederic, Marquis of Vicenza Bianca, the princesses’ chambermaid †¢Jaquez and Diego, the prince’s servants Theodore (heir to Alfonso the Good,)son of†¢Jerome (Count of Falconara,) friar of the church of St. NicholasTwo knights, Frederic? s escort†¢A herald A giant knight, Ghost of Alfonso the Good†¢A phantom, ghost of a wise hermit Manfred? s servants, soldiers, people of the nearby village 3. 3. Summary of the Plot The story takes place in the old castle of Otranto, south Italy, in the Late Middle Ages. Because of an inscrutable prophecy, Manfred, Lord of Otranto, fears the downfall of his dynasty. After his only son Conrad’s sudden and mysterious death on his wedding day, Manfred intends to merry Conrad’s fiancee Isabella, which results in her flight from the castle. Theodore, a suspicious stranger, seems to be involved in her escape. Later, Frederic, Father of Isabella, who was reckoned to be lost in the last crusade, arrives to claim the authority over the Castle. He pretends to be the successor of Alfonso, the former legitimate Lord of Otranto, who died during the crusade. By offering his beautiful daughter Matilda to the challenger, Manfred tries to come to an arrangement with Frederic. Frederic should merry Matilda and Manfred should become husband to Isabella. Manfred’s wife Hippolita does not offer much resistance. However, because of increasing cryptic occurrences that remind Frederic of a prophecy he had been told, he rejects Manfred’s offer. Meanwhile, Manfred is becoming more and more jealous of Theodore, suspecting him to be Isabella? lover. His jealousy leads to the sad climax of the drama: Manfred, taking his daughter for Isabella, kills her accidentally when he discovers her secretly meeting Theodore. Manfred slays his only heir. Completing the prophecy, the giant ghost of Alfonso appears and Manfred resigns his dominion. Theodore? s identity as the true heir of Alfonso is revealed and he becomes the legitimate Lord of Otranto. 3. 4. The Characters? Appearance Throughout the Chapters (Only characters significant to the plot have been indexed. ) Man-fredHippo- litaCon- radMatil- aIsabel- laTheo- doreJeromeFrede-ricBian- caJaquez + DiegoGiantPhan- tom 1. XXXXXX—XX- 2. XX-X- XX-X— 3. X–XXXXX—- 4. XX-XXXXX—- 5. XX-XXXXXX-XX 3. 5. The Character Constellation 3. 6. Hippolita Frederic Jerome Manfred Isabella Theodore Matilda Bianca Manfred + Hippolitamarried; he wants to divorce her; she obeys him in everything (exception: authority of the church) Manfred + JeromeM. respects the friar, but suspects and scorns the man; J. exercises the authority of his position and his knowledge of the prophecy Manfred + TheodoreM. suspicion, anger, jealousy, aversion, but respect; T. obedience, ‘superiority of manners’ Manfred + Frederic business-like relationship, trying to come to an arrangement Manfred + IsabellaM. she is the object of his desire I. repulsiveness, fear Isabella + Fredericfather and daughter; I. dutiful child; F. considers ‘exchanging’ her for Matilda Isabella + TheodoreT. a friend in need, chivalrous helper I. thankful for the assistance of the ‘peasant’ T. , later falls in love with the ‘ true heir’ T. Isabella + Matildamutual affection and confidence (like sisters); for some time rivals ( Theodore) Matilda + Theodoretragic lovestory Jerome + Theodorefather and son; J. fatherly love and concern; T. less emotional, retains some distance Jerome + Hippolitathe friar as confidant and advisor; H. devoted and obedient Christian Matilda + Biancamistress and maid-servant 3. 6. Gothic Elements in â€Å"The Castle of Otrantoâ€Å" Not before the second edition did Horace Walpole admit that he himself wrote the book, which in its initial edition had the title: The Castle of Otranto, A Story. Translated by William Marshal, Gent. From the Original Italian of Onuphrio Muralto, Canon of the Church of St. Nicholas at Otranto (Otranto 1). But it was not before the work had been such a success that he admitted that â€Å"The Castle of Otranto† was in fact a work of fiction and not, as he had claimed in the preface of the first edition, which was published in 1764, â€Å"[†¦ ]found in the library of an ancient Catholic family in the north of England† (First Edition 3) and had only been translated. To further strengthen the point that the original story was based on reality, he adds that â€Å"Though the machinery is invention, and the names of the actors imaginary, I cannot but believe that the groundwork of the story is founded on truth† (First Preface 5) and proves his conviction by giving the reader examples of where he thinks that the original author must have unconsciously been referring to a specific place: â€Å" ‘The chamber,’ says he, ‘on the right hand; the door on the left hand; the distance from the chapel to Conrad’s apartment’ [†¦ †(Second Preface 6). Through the preface to the first edition Horace Walpole sets the setting and describes the scene to have happened â€Å"[†¦ ] between 1095, the era of the first crusade, and 1243, the date of the last, or not long afterwards† (First Preface 3). Main themes of a gothic novel include ancient prophecies that are almost forgotten. In this case there are two which are both linked to the true heir of Alfonso and thus the rightful lord of Otranto. The reader hears the first one already in the second paragraph where it says, â€Å"[t]hat the castle and lordship of Otranto should pass from the present family, whenever the real owner should be grown too large to inhabit it† (Otranto 15). The next one is more in the sense of a classical prophecy: â€Å"Where? er a casque that suits this sword is found, [w]ith perils is thy daughtercompass’d round: Alfonso? s blood alone can save the maid, [a]nd quiet a long-restless prince’s shade† (Otranto79). It is in rhyme and not, as the first one, passed on oraly, but written on a giant sabre which was found far far away from the castle of Otranto. Another defining characteristic of a gothic novel are inexplicable sounds: â€Å"At that instant the portrait of his grandfather, which hung over the bench where they had been sitting, uttered a deep sigh, and heaved its breast† (Otranto 23). Furthermore, there are visions of things that can not possibly exist: â€Å"[I]t is a giant, I believe; he is all clad in armour, for I saw his foot and part of his leg, and they are as large as the helmet below in the court† (Otranto 33). And, most importantly, the one that sets the whole story in motion: â€Å"He beheld his child dashed to pieces, and almost buried under an enormous helmet, an hundred times more large than any casque ever made for human being, and shaded with a proportionable quantity of black feathers† (Otranto 17). Further characteristics include women in distress. Since Hippolita, Manfred’s lawfully wedded wife, can not concieve any more children, and Conrad has been squashed by the gigantic helmet, Manfred needs a male heir and thus decides to divorce Hippolita and to marry Isabella:â€Å"Isabella, since I cannot give you my son, I offer you myself (Otranto 23). In the end, every hint that has been given throughout the story is packed together in a great vision for all the protagonists to see: A clap of thunder at that instant shook the castle to its foundations; the earth rocked and the clank of more than mortal armours was heard behind. [†¦ ] The moment Theo- dore appeared, the walls of the castle behind Manfred were thrown down with a migh- ty force, and form of Alfonso, dilated to an immense magnitude, appeared in the centre of the ruins. Behold in Theodore, the true heir of Alfonso! â€Å" said the vision: and having pronounced those words, accompanied by a clap of thunder, it ascended solemnly to- wards heaven, where the clouds parting asunder, he form of saint Nicholas was seen; and receiving Alfonso? s shade, they were soon wrapt from mortal eyes in a blaze of glory. The beholders fell prostrate on their faces, acknowledging the divine will (Otran- to 108). 4. Bibliography Walpole, Horace. The Castle of Otranto. 1764. Oxford: O xford University Press, 1964. How to cite The Castle of Otranto – a Gothic Novel, Papers

Contract Dispute Case Study

Question: Write aboout theContract Dispute Case Study. Answer: Introduction The primary purpose of the law of contract is to oversee that people keep the promises that they make to each other. The law recognizes that when two persons enter into an agreement, the have an implied duty to act in good faith. The failure of one party to perform its obligation will resort to damages on the side of the other party. And since neither the court nor the law forces people to create agreements, the law must come when any of the parties invites it for two reasons. It either comes to force the breaching party to fulfill its promises or to make the other party compensate the innocent party the losses it underwent due to the breach. This paper will be an examination of the application of contract law using a case between of Hopwood Investments Ltd and GastroFood Ltd. Case Study: Hopwood Investments Ltd and GastroFood Ltd In the first place, this paper would To start, the law of contract requires that a valid agreement to have an offer to coming from the offeror. From that point, it also requires that the offeree respond with acceptance. An offer establishes three components. The common law directs that the offeror should confirm its full intention to making an agreement. Additionally, the offeror must communicate the offer to the offeree, plus the offer should maintain lawful consideration.[1] In simple, the offeror has to exert a degree of earnest and sensible purpose to a legitimate offer. The main method of determining the intention to whether the offeror had the intention to create an offer is basing the situation in a reasonable man's perspective, given all the ground that the offeror would have. For this reason, the offeror would create an invalid offer when acting on his/her anger, excitement or duress while creating the offer.[2] For example, the alleged offer "I'll pay them a $1 million" was not an offer but a statement of excitement that the defendant said.[3] In this case, the defendant was an attorney in a capital murder trial. In a heated interview, the defendant (lawyer) stated that he would give $1 million to anyone who can challenge him by providing the facts that his client accused was the one who had committed the murder. The plaintiff took the challenge and decided to claim the $1 million from the defendant. Another rule for an offer is that it should have a lawful consideration. Consideration was explained as; Some right, interest, profit, or benefit accruing to the one party, or some forbearance, detriment, loss, or responsibility, given, suffered or undertaken by the other. "[4] Another explanation of consideration is the "price that one to a contract pays for the promise or the performance of the other party."[5] In analyzing the case for Hopwood Investments Ltd and GastroFood Ltd, its well clear that the statement "Can offer latest 'Speedy Rice Cookers' at $100 each" was a valid offer with both intention and consideration. After an offeror presents its offer to the offeree, the offeree should reply with an acceptance to create a valid agreement. Like an offer, a valid acceptance requires some elements. These are the willingness to accept, and it should be unconditional.[6] In addition, the law of contract states that acceptance must be definite or unequivocal. Plus, the offeree needs to communicate its assent to the offeror. If the offeree replies with a condition, the condition terminates the offer through a counter-offer. The effects of a counter-offer were explained as; At common law, the mirror image rule requires that the offerees acceptance match the offerors offer exactly. In other words, the terms of the acceptance must mirror those of the offer. If the acceptance materially changes or adds to the terms of the original offer, it will be considered not an acceptance but a counteroffer which, of course, need not be accepted. The original offeror can, however, accept the terms of the counteroffer and create a valid contract.[7] Following this explanation, Hopwood Investments Ltd terminated the offer through a counter offer by stating that, "Will have fifty. Need delivery by November 1, 2015." On the other hand, this came back to GastroFood Ltd as an offer which it could choose to accept or reject. Like explained above, the reply form GastroFood saying "thank you for your email which is receiving our attention" was a reply from Hopwood Investments Ltd terminated the offer counter offer "Will have fifty. Need delivery by November 1, 2015." This construes that GastroFood accepted the offer, and this resulted to a conclusion of their agreement. Now, it was upon each party to perform its obligation in good faith. GastroFood was to deliver by the stated date, and Hopwood was to pay $50 on delivery. However, before the date of delivery, Hopwood decided to forfeit its obligation. Its a good point to know that parties are not allowed to back from the deal after making a contract. In simple terms, the execution expected of the parties acting under contract os sales involves the obligations that each party owes under their terms as asserted in the contract.[8] This means that both companies were supposed to carry out their obligation. However, Hopwood called GastroFoods and clearly communicated that it was not willing to perform its part. When one party backs from the sale of goods deal, it leads to an anticipatory breach of repudiation. An anticipatory repudiation is the cancellation of one party's performance just sometimes before the actual performance occurs. It may occur expressly when that party communicates of the annulment to the innocent party informing it that it's impossible to perform as per the agreement. If this anticipatory repudiation causes the innocent party some d amages, that party can elect the following actions. For one, it can choose to wait and hope that the breaching party may change its mind and execute the performance. Secondly, it may opt to end the contract and claim for damages.[9] This explanation clarifies the fact that GastroFood can end the contract and Sue for anticipatory damages. To clarify, a mirror case to GastroFoods situation was ruled in Hochster v De la Tour.[10] In this case, the defendant had an agreement with the claimant for a service of a courierThe claimant was to begin work on June 1st, 1852. After the contract, the respondent wrote to the plaintiff on May 11th asserting that he didn't require the assistance of the plaintiff. Also, he refused to repay the compensation. Subsequently, the claimant obtained another contract, but he could not start working until the July 4th of that year. Appropriately, the plaintiff filed a suit against the defendant on May 22nd for a breach of their contract. On the other hand, the defendant refused breach claiming that it was just 22nd May and yet the contract was commencing June 1st. However, the court ruled that the claimant need not wait since the defendant had already communicated that he wouldn't perform . Similarly, Gastrofood can decide to take action against Hopwood for a breach of contract. Notably, Gastro cannot ask the court to force Hopwood to accept the rice cooker. That would be an equitable remedy for specific performance. This remedy is not available when damages are an adequate remedy.[11] Conclusion The law of contract enforceable peoples agreement to make sure that they perform as they had agreed. When one party fails, the law will always come in either to enforce the agreement, or to issue damages for the breach. Therefore, it is paramount that people should enter into the agreements that they are sure they would perform. This paper was a study for formation of agreement and their breach. Biography Goldman, Arnold J, and William D Sigismond. 2013. Business Law. 9th ed. Mason, OH: South-Western Cengage Learning. Pg 140 Roger LeRoy Miller.,2013. Essentials Of The Legal Environment, 4th ed. [. Mason, Ohio [u.a:]:Cengage Learning Mann, Richard A., and Barry S. Roberts. 2015. Essentials Of Business Law And The Legal Environment. 11th ed. Cengage Learning. Miller, R. and Jentz, G. 2010. Business law today. 9th ed. Mason, Ohio [u.a.]: South-Western Cengage Learning. Meiners, R.E., Ringleb A.H., Frances L., Edwards F.E.,2016. Legal environment of business. 13th ed. [. Mason, Ohio [u.a.]: Cengage Learning. Cases Currie v Misa(1875) LR 10 Ex 153 Dunlop Pneumatic Tyre Co Ltd v Selfridge Co Ltd[1915] UKHL 1 Hochster v De la Tour (1853) 2 E B 678 Kolodziej v. Mason, 774 F.3d 736 (11th Cir. 2014).

Economic Consequences of Immigration

Top Five Tips on Revising Essays

Top Five Tips on Revising Essays Top Five Tips on Revising Essays Since it is important to rewrite and revise your work, there are several stages required to work your way toward perfection. Below are suggestions and techniques to use when rewriting and revising your work. #1 The Whole Paper Examine the entire essay to determine if it has made its point to the audience and has conveyed the desired message. Try to look at your paper from the reader’s point of view. A few quick checks: Make sure your paper is spaced according to instructions Share the essay with someone who unfamiliar with the topic and get feedback Do additional, needed research If necessary, save the strong paragraphs in a separate file and start over #2 Paragraph Revisions After that first stage, ensure your essay is well organized and each paragraph communicates its intended message. Make the essay cohesive and each paragraph consistent with its topic or subheading. #3 Sentence Construction Double-check sentence constructions. Before handing in an essay, an author must check spelling and correct grammatical errors: Sentences should remind the reader of the essay’s theme Sentences vary in length Edit too-long or run-on sentences Correct any language (grammatical) errors Run a spell check on your essay and check for missing words Capitalization and correct citation are also priorities If you need assistance with essay writing, professional knowledge and expertise can come in handy. At , we deliver custom well-researched essays and help with what you’ve already written. Contact us with your questions at 1-800-573-0840 or email: sales@masterwriter.ca.

Chinatown (1974) - dir. Roman Polanski Movie Review - 1

Chinatown (1974) - dir. Roman Polanski - Movie Review Example Gittes follows Hollis moves, takes pictures of him with a young woman, and hears him oppose the development of new reservoir that makes the headline of the following newspaper. A beautiful woman confronts Gittes in his office; she claims to be the real Evelyn Mulwray and he can anticipate a lawsuit. He notices it is a set up and Gittes wants to establish the person behind it and his investigations guides him to Mulwray’s drowned body. Gittes suspects murder, he investigates and realizes that every night, huge quantities of water are released from the reservoir, and the land is almost dry. Gittes realizes that Hollis was once a business partner of John Huston (Noah Cross) his father. Noah Cross promises to give Gittes a huge amount if he succeeds in looking for Hollis missing girlfriend. As Gittes investigates the missing of Hollis girlfriend, he discovers that many orange groves have transformed their ownership in San Fernando. When Gittes visits San Fernando Valley, he is confronted and beaten by angry landowners who thought that he was from the water department who had been destroying and poisoning their water reservoirs to force them out of their land. Gittes finds out that Mulwray was killed when he knew that the new water tank would be used to irrigate newly bought properties. Gittes unravels a murder drama, which looks to be linked to the water reservoirs in San Fernando Valley. The conspiracy that Gittes unravels does not fit a real noir crime film because there is the absence of high-speed loot, no gems, and jewels. Instead, Huston, and other people are planning to dry up the San Fernando Valley by moving water to another direction in order to purchase the land cheaply, and then re-divert water back into the land so that the land becomes fertile, and sell it at a higher price. The central question is how Evelyn Mulwray fits in all this activities and who is this mysterious woman associated with

Building Personal and Professional Competency Essay

Building Personal and Professional Competency - Essay Example The researcher states that he has applied the Concept Mapping (CM) and the combination of CM and Stimulated Recall to help him detect the degree of his personal and professional development and subsequently adjust through vocational educations based on the comparison between CM and SR benchmarked against three elements of adequacy; content, richness and coherence that aids in determining the best personal professional theory to be applied in personal and professional development. As noted by the Maslow’s theory of needs, self-actualization is key to an individual’s life. The researcher has consequently realized that for him to develop a sound personal and professional proficiency, he must recognize and appreciate the need to self-actualize. Besides, the author has developed an insight into creative and critical thinking based on his realization the importance of a rational thinker in society. The researcher’s realization of individualization and individualism has subsequently shaped his ability to work with people and subsequently recognize to appreciate one’s viewpoint. Through his life, the author has been inspired to help people realize the impact of their thoughts, action as well as feeling to the society as a whole. The researcher has stressed to societal individuals within my reach that our actions should be well thought and 3-dimensionally driven. In so doing, the author has realized the persona in him based on the outstanding feature of the problem-solving individual. Professionalism involves working with people inter-dependently, and therefore, building a team through proactively empowering people to know what kind of objectives, values, goals, and policies is an inevitability for personal and professional competency buildup. The researcher has further showcased the outstanding of personal development and communicated such benefits as increased personal control, stress reduction, realistic and creation of system balance.

Pinnacle Pictures Case Study Example | Topics and Well Written Essays - 3500 words

Pinnacle Pictures - Case Study Example Pinnacle Pictures has been able to dominate the regional market on the basis of its job quality and 'value for money' services. With a staff of about fifty people, the company has been able to break even and earn profits with a respectable turnover of 5,000,000. Now that the digital photography, personal computer printing, instant photography and transmission picture/ video transmission on the net has taken over the traditional photography, Pinnacle Pictures also feels the need for going digital and an upgrade in technology to retain its customer base as well as to gain more customers. Though there are still patrons of the traditional rolling film type photography and the technique is still very much in use, digital photography is steadily been gaining more ground and acceptability. Increasing use of smaller versions of digital cameras with personal computers and advanced ways of printing technology has almost necessitated the requisite changes in the marketing strategies of the comp any. In this paper an effort is being made to suggest appropriate strategies and steps that Pinnacle can adopt to take on the competitors and increase its market share. A marketing plan for Pinnacle forms an integral part of its broader business plan implying in words and numbers how, where and to whom Pinnacle proposes to roll the film and photography, outlining the company's approach in attracting potential customers to its printing and development. 2.0 Situation Analysis 2.1 Macro environment: Film photography appears to be fighting for survival amongst the range of digital technologies that are available as a formidable alternative. So far the company has been able to maintain its profitability with its customer oriented 'value for money' approach. To venture into the digital field with field in such a manner that Pinnacle can take the course gradually without totally abandoning its existing operations. To analyze the factors influencing this decision, PEST analysis proves to be a very helpful tool. PEST analysis: This type of analysis is done analyze the new venture, new location, new country or new business. It gives a fair idea about the favorable and unfavorable factors of the business venture that the company intends to go into. Accordingly the company can plan out strategies, take a review of its decision or may prepare itself vigorously to jump into the fray. PEST analysis involves four main factors. Political: Under the globalization and liberalization scheme of things, the political factors in general have been quite supportive of business ventures. Governments are opening up newer avenues for growth within the country. Therefore the political environment on the macro level appears very much conducive towards growth in the photographic market. Since the management and top bosses of the company too appear to convinced about the change in attitude and business strategies, therefore the inner politics too is favorable towards the business. Economic: Since the economic prosperity of a nation or state is one the prime concerns of the respective governments. These governments prefer more business activities, so that governments can get more taxes for development of infrastructure and other social welfare schemes. The import duties, customs duties, excise and other forms of taxes are being put at bare minimum for the latest digital age gadgets and

The Key Characteristics Of An Erp System Information Technology Essay

The Key Characteristics Of An Erp System Information Technology Essay Enterprise Resource Planning solutions became the replacement for disparate legacy systems for many companies of the dimension of Fortune 500 during the 1990s. The main providers were SAP, Oracle Applications, PeopleSoft, J D Edwards and Baan. The Editors provided assistance initially, and then gradually there was a tendency for larger Consulting companies as partners to take over part or all of the integration. As ERP is a new phenomenon within the software industry, its implementation methodologies are still developing. The implementation of an ERP software package involves a mix of business process change and software configuration to align the software with the business processes (Al-Mashariet al.2000). Many companies are radically changing their information technology strategies to gain a competitive edge, become more responsive to change markets, and deliver better service at lower cost by purchasing off-the-shelf integrated ERP software instead of developing IT systems internally(Al-Mashariet al.2000). ERP systems offer a one size fits all solution which provides a company-wide view ofcorporate information. The central notion underpinning ERP systems is that theyencapsulate best business practice for a particular industry, integrating manufacturing,and financial and human resource operations into a single framework. Adapting processes to the ERP may impose some rigidity on the processes which is notreflected in how work is carried out. In any eventuality an ERP package will usually notmeet all of the business goals, so it is vital that plans are put in place to ensure that the otherrequirements are also satisfied. 2.1.1-ERP Key Characteristics The key characteristics of an ERP System are discussed below. Integration: ERP vendors promise complete integration of the entire organisations information. This integration, however, requires some effort. In order to achieve integration, the system needs to be set up to match the organisations products, customers, accounts and business processes. Packages: ERP software is usually a commercial package and not a solution developed in-house from scratch. Because modifying the package may result in losing key benefits from using the ERP, organisations try to fit the package, with the help of configuration tools and options, rather than the other way around. Best practices: Through the study of businesses and academic theory, ERP vendors claim to have embedded best business practices in their solutions. This is also a solid argument against modifying their packages. Evolving: ERP is not a constant solution; it changes over time in terms of services and architecture like any other information technology. 2.2-ERP Implementation An ERP system is a process and not an end in itself. Perfunctory Implementing of ERP system will not boost efficiency. Reasons for failure of an ERP project such as lack of commitment from management and employees, lack of communication, knowledgeable employees not available for the project, are mostly organizational issues and have nothing to do with technical matter. Hence, to alleviate the risk of failure due to organizational issues, adoption of proper change and risk management process, plays a crucial role. Implementing an ERP software system not only involves a great deal of expenditure, efforts and time, it also involves change in some of the complex business processes. Such changes are often disliked by the employees and are a big risk. In order to ensure success, everyone in the company, from the leadership to back-office workers should cooperate. 2.2.1-ERP Implementation Phases The main phases in ERP implementation are discussed below Planning and Requirements Analysis This is the initial phase where the company takes a decision on implementing ERP. The decision could based on their need to comply with legal requirements, replace their legacy applications, for benefits of integration, reduction of inventory, reduction of operational costs, risk management, additional functionality or speeding up processes. The team chooses an ERP system. Typically a niche player in resource planning software development is chosen instead of developing from scratch. Some of the leading vendors are: SAP, PeopleSoft, Oracle,Sage Group, MS Business Solutions, SSA Global, Lawson and Intentia. Design This is the phase where the ERP team re-engineers the business processes around the Best Practices wherever feasible and identifies the processes that will result in customizing the ERP software application. The IT infrastructure requirements based on ERP system architecture and vendor are prepared. Implementation This phase involves installation of the ERP software, migration of data from the old applications to the ERP system, configuring the ERP system for reporting, implementing security, interfaces etc. The end users are involved at this stage to test the system after being trained. The implementation consultants seek feedback, identify software bugs/corrections, performance bottlenecks and apply the fixes. A decision on switching to the new ERP system is taken. Maintenance This is an ongoing phase which involves patching/upgrading the software, enhancing the functionality of the applications, changes in reports etc. This is either taken care of by in-house IT department or outsourced to consulting firms. 2.2.2-ERP Life Cycle The three main phases of an ERP Implementation are discussed below. Figure 1 depicts the amount of resources required at each stage (Aloiniet al. 2007) Concept refers to the activities of ERP introduction from strategic planning of requirements top software package selection. Implementation includes activities from softwaredeployment or installation to parameterization,integration, testing, and stabilization. Post-implementation includes maintenance activities: upgrading, new-release management, and evolution maintenance. Figure -ERP Life cycle Source: (Aloini et al. 2007) As shown in the diagram above, the resources to be deployed during the implementation and post-implementation phases are higher than at the strategic planning phase. Various risk management strategies have to be put in place at each stage. However, there is a higher risk of failure during the implementation and post implementation phase. 2.3-ERP Risk Factors ERP projects raise new questions because they represent a new type of management challenge. The management approaches for these projects may be altogether different from the managerial approaches for traditional IT projects. ERP projects may represent new challenges and present new risk factors that have to be handled differently. Anenterprise-wide projectis of large-scale and commercial with unique challenges and is a risky exercise for any size of enterprise. 2.3.1-General Risk Factors Business Risks The identification of risks in information systems projects has been the subject of much research (Jiang et al., 1996; Zmud, 1980). A portfolio approach for managing software development risk was discussed by McFarlan (1981). Prior research has looked at risk from a technological perspective (Anderson and Narasumhan, 1979) or from a software development perspective (Barki, et al. 1993). Jiang and Klein (1999) examined risk as it related to a multidimensional concept of information success that included satisfaction with the development process, satisfaction with system use, satisfaction with system quality, and their impact of the information system on the organization. 2.3.2-Lack of alignment between strategy and business processes The lack of alignment between the organization strategy, structure, and processes and the chosen ERP application is one risk that is repeatedly identified in the literature is(Davenport, 1998; 2000)). Both the business process reengineering literature (Hammer, 1990; Hammer and Champy, 1993)and the ERP literature suggests that an ERP system alone cannot improve the company performance unless an organization restructures its operational processes (Bingi et al., 1999; Davenport, 1998; Davenport, 2000). Further, theERP implementation project must be a business initiative. This requires the organization to gain strategic clarity (i.e., know the business, how it delivers value, etc.) and a constancy of purpose. Finally, an outcomes orientation is required to achieve these goals. 2.3.10-Inadequate Business Process Reengineering (BPR) Often, packaged software is incompatible with theorganizations needs and business processes. Theconsequence is software modification, which isexpensive and costs heavily in maintenance, or restructuring of the organizations business processes to fit the software. According to IBM, its Method Blue, a deep analysis of process business value and performances is necessary to prioritize activities to be supported by ERP. To neglect business processes redesign is a risk in ERP project; ERP implementation and BPR activities. ERP packages offer many business practices that might be included as part of a BPR, but there is still likely to be a need for continuous process improvement. 2.3.11- Ineffective project management techniques The inadequate use of project management techniques significantly affects ERP project success. Project management activities span the first four stagesof the ERP life cycle from initiating the project to its closing. Project planning and control are a function of the project characteristics, including its size, experience with the technology, and the stability and experience of the IT development group. Risk management in particular is a vital procedure of advanced (goal directed) project management. Some ERP vendors, such as SAP and Baan, provide methodologies and applications to help conduct successful risk management. These tools can be used to drive change management; the system calculates the risks and provides mitigation strategies for the project manager. 2.3.12-Data Migration The problem of data migration begins when organisations overlook the challenge of populating it with legacy data and the data migration activity is left to the last minute and end up dropping data from the legacy system straight into the new system.   A lot of planning has to go into it even before you actually start preparing the Migration scripts.Lot of organizations complain that they have migrated the data which probably would not go along with the new ERP they have implemented. This happens when Data Mapping is not done with the new ERP and the other sources.  Another problem which pulls down the Data Migration Project is Lack of Methodology. The Organizations do not have the concrete Methodology like they do have for the ERP Implementation. 2.3.9. Low key user involvement User involvement is important in meeting expectations. Key users should be convinced of the system utility; moreover they must be confident and expert so that they can aid future users in training sessions. Usercommitment and a project champion (who has the vision to get the project going and pushes for the project to be accepted where there are competing priorities) are useful in the early stages of the project and during the implementation phase. 2.3.3-Project Complexity/System Design Another major risk is project complexity (see, for example, Barki, et al. 1993). An ERP system implementation involves relatively large expenditures for the acquisition of the hardware, software, implementation costs, consulting fees and training costs (Davenport, 2000; Mckie, 1998), and can last for an extended period of time. Also, an ERP system implementation project has a wider scope compared to most other information system implementations, and may cause a significant number of changes within an organization (Davenport, 2000). The scope and the complexity of the project are a source of significant business risk 2.3.13-Planning and Requirements Analysis Top management involvement is critical, while only top managers are equipped to act as the mediator between the imperative of the technology and the imperative of the organization. One of the tasks of top management is to assist in project review meetings. According to the purpose of project review meetings is to assess progress and identify areas of deviations from the plan so that corrective action can be taken. The author also states that project review meetings provide visibility to plans and progress and create opportunities for obtaining and enforcing commitments from the participants. ERP solutions, when implemented properly, take a long time to get off the ground. ERP has to be properly selected, evaluated and tested, implemented and then used for a period of time before any clear positive results may be seen. It can become a very risky situation if the company isnt fully committed to seeing the entire process through. 2.3.15 -Security Risks The continued integration of enterprise resource planning software only increases the risk of both hackers who break through perimeter security and insiders who abuse system privileges to misappropriate assets namely cash through acts of fraud. Security in the e-business, integrated enterprise resource planning (ERP) world requires a new way of thinking about security not just about the bits and bytes of network traffic, but about business transactions that inflict financial losses from systems-based fraud, abuse and errors. The ERP market has matured to a point where heightened competition has brought declining sales. As a result, ERP vendors are committed to bundling new functionality, such as CRM and Web services-based architecture, to provide more value to their customers. Unfortunately, security remains an afterthought. 2.4-Critical Success Factors in ERP Implementation (CSF) There are various issues that need to be catered for during the pre-implementation, implementation and post-implementation phase of an ERP system. The idea of critical success factors is one that is well established in the field of enterprise systems for many aspects of development and management. 2.4.1-Top Management Support It is important that there is clear, executive level support for the project, and that this support continues throughout the project. Top management is expected to provide support in the areas of committing to the ERP project, sufficient financial and human resource and the resolution of the political problems if necessary. Limited support in terms of financing can contribute to a rushed ERP implementation process, project team members being overloaded and a high staff turnover. Insufficient commitment could lead to political problems which can hinder the implementation progress, thus causing poor Business Process Re-engineering. 2.4.2-Project Management ERP implementation is challenging, costly, and risky. Consequently, to achieve the desired benefits, the ERP system implementation must be carefully managed and monitored. It is in this respect that project management becomes crucial for success. Project management deals with various aspects of the project, such as planning, organization, information system acquisition, personnel selection, and management and monitoring of software implementation suggested that the project management is a practiced system necessary to govern a project and to deliver quality products. 2.4.3-Change Management Change management is a critical success factor, in terms of adopting an ERP system, as activities, processes, and methodologies that support employee understanding and organisational shifts during the implementation of ERP systems and reengineering initiatives. Many ERP implementation failures have been caused by the lack of focus on the soft issues, pointed out that almost half of ERP projects fail to achieve expected benefits because managers underestimate the efforts involved in change management. The management of change has become an increasingly urgent issue in all organisations due to the impact of new technology. 2.4.4-Education and Training ERP systems are extremely complex systems and demand rigorous training. Installing an ERP software package without adequate end-user preparation could yield to drastic consequences. Inadequate or lack of training has been one of the most significant reasons of many ERP systems failure (Kelley, et al., 1999; Gupta, 2000). In ERP implementation process many projects fail in the end despite of millions of dollars and hundreds of hours due to lack of proper training. Usually the end-user can get used to the ERP system within one year. One of the earlier researchers, Ang, et al. (1994) found that lack of training led to difficulties in MRP systems implementation. A thorough training program is necessary to make the user comfortable with the system. This factor is too often ignored. It is a challenge for a company implementing such a system to find an appropriate plan for the training and education of the end-user. In most cases, consultants are included during implementation process, and while all the aspects of the system should be explained and transferred the end-users, the main goal of ERP training is that the users understand the various business processes behind the ERP application (Majed Al-Mashari, et al 2003). 2.4.5-User Involvement User involvement refers to the participation of the user during the process of an ERPimplementation. The functions of the ERP system rely on the user to use the systemafter going live, but the user is also a significant factor in the implementation. (Zhang, et al. 2002) Resistance to new ERP system may be involving the user early on while the project isstill being defined, since the user has then also contributed to this decision. Byparticipating in the ERP implementation, the user can understand the new system soonerand give feedback from his or her own point of view. This method can shorten the gapbetween the old and new systems and make easier for the user to cope with the newsystem. Since the user understands some of the ideas sooner, the training is more easilyaccepted. The experienced users who take part in implementation can also communicatewith the newcomers. Another benefit of involving some users early on is that itfacilitates in-house expert training. In the long-run the company may not be willing orable to rely on consultants or vendors because of the expensive consulting cost. Earlyusers are a good resource if it becomes necessary to train experts in the future. 2.5- Risk Management in ERP Implementation To minimize the risk of the ERP project, the application of a risk management plan at different ERP implementation project stages, selection, implementation, and usage is crucial. A planned and systematically adopted risk management procedure throughout the ERP project reduces the possibility to risks occurring. 2.5.2-Enterprise Risk Management Enterprise risk management (ERM) in business includes the methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives. ERM provides a framework for risk management, which typically involves identifying particular events or circumstances relevant to the organizations objectives (risks and opportunities), assessing them in terms of likelihood and magnitude of impact, determining a response strategy, and monitoring progress. Enterprise risk management enables management to effectively deal with uncertainty and associated risk and opportunity, enhancing the capacity to build value. ERM encompasses the below elements: Aligning risk appetite and strategy Management considers the entitys risk appetitein evaluating strategic alternatives, setting related objectives, and developingmechanisms to manage related risks. Enhancing risk response decisions Enterprise risk management provides the rigor toidentify and select among alternative risk responses risk avoidance, reduction, sharing, and acceptance. Reducing operational surprises and losses Entities gain enhanced capability to identify potential events and establish responses, reducing surprises and associated costs or losses. Identifying and managing multiple and cross-enterprise risks Every enterprise faces a myriad of risks affecting different parts of the organization, and enterprise risk management facilitates effective response to the interrelated impacts, and integrated responses to multiple risks. Seizing opportunities By considering a full range of potential events, management ispositioned to identify and proactively realize opportunities. Improving deployment of capital Obtaining robust risk information allows management to effectively assess overall capital needs and enhance capital allocation.

Biography of Aristotle (384 -322 BC) :: essays research papers

Aristotle (384 -322 BC) ARISTOTLE'S LIFE Aristotle, Greek philosopher and scientist, is one of the most famous of ancient philosophers. He was born in Stagira, Greece to a physician to the royal court. When he became eighteen, Aristotle entered Plato's School in Athens and remained at this academy for twenty years, as a student and then as a teacher. He was recognized as the Academy's brightest and was given the title of "The Intelligence of the School". When Plato died in 347 BC, Aristotle left Athens and joined a group of disciples of Plato, with his friend Hermias. Hermias became ruler of a city called Assos, a city in Asia Minor. Aristotle married Hermias' adopted daughter, Pythias. In 343 or 342 BC, Philip II, king of Macedonia, told Aristotle to supervise the education of his son, Alexander (later known as "Alexander the Great"). He taught him until 336 BC, when Alexander became the ruler of Macedonia. Alexander the Great later became the ruler of all Greece, and over threw the Persian Empire. In 334 BC, Aristotle returned to Athens and started his own school, the Lyceum. Because he taught while walking around, his students were called the Peripatetic students, meaning "walking" or "strolling". When Alexander died in 323 BC, Aristotle was charged with impiety (lack of reverence to the gods) by the Athenians. The Athenians probably did this because they resented Lu-2 Aristotle's friendship with Alexander, the man who conquered them. Aristotle fled to Euboea. He died there the next year. ETHICS Aristotle believed that there was no way to make an accurate resolution of human

Amy Lowell by Marcia Dinneen Essay

Amy Lowell’s Life and Career Marcia B. Dinneen (http://www. english. illinois. edu/maps/poets/g_l/amylowell/life. htm) Amy Lowell was born in Brookline, Massachusetts, the daughter of Augustus Lowell and Katherine Bigelow Lawrence. Both sides of the family were New England aristocrats, wealthy and prominent members of society. Augustus Lowell was a businessman, civic leader, and horticulturalist, Katherine Lowell an accomplished musician and linguist. Although considered as â€Å"almost disreputable,† poets were part of the Lowell family, including James Russell Lowell, a first cousin, and later Robert Lowell. As the daughter of a wealthy family, Lowell was first educated at the family home, â€Å"Sevenels† (named by her father as a reference to the seven Lowells living there), by an English governess who left her with a lifelong inability to spell. Her first poem, â€Å"Chacago,† written at age nine, is testament to this problem. In the fall of 1883 Lowell began attending a series of private schools in Brookline and Boston. At school she was â€Å"the terror of the faculty† (Gould, p. 32). Even at Mrs.  Cabot’s school, founded by a Lowell cousin to educate her own children and the children of friends and relations, Lowell was â€Å"totally indifferent to classroom decorum. Noisy, opinionated, and spoiled, she terrorized the other students and spoke back to her teachers† (Heymann, p. 164). During school vacations Lowell traveled with her family. She went to Europe and to New Mexico and California. On the latter trip she kept a travel journal. Lowell enjoyed writing, and two stories she wrote during this time were printed in Dream Drops; or, Stories from Fairyland (1887), by a â€Å"Dreamer. The volume was published privately by her mother, who also contributed material, and the proceeds were donated to the Perkins Institute for the Blind. Lowell’s schooling included the usual classes in English, history, French, literature, and a little Italian. As Lowell later noted, â€Å"My family did not consider that it was necessary for girls to learn either Greek or Latin† (Damon, p. 87). She would also describe her formal education as not amounting to â€Å"a hill of beans† (Benvenuto, p. 6). School ended in 1891, and Lowell made her debut. Described as the â€Å"most popular debutante of the season,† she went to sixty dinners given in her honor. Her popularity was attributed to her skills in dancing and in the art of conversation, but her debut did not produce the expected marriage proposal. Although Lowell had finished formal schooling, she continued to educate herself. Unfortunately, higher education was not an option for Lowell women. She put herself through a â€Å"rigorous† reading program, using her father’s 7,000-volume library and the resources of the Boston Athenaeum (her great-grandfather was one of the founders). Later Lowell would successfully speak out against the proposed relocation of the Athenaeum; this would also become the subject of a poem. Lowell’s love of books themselves began with her first â€Å"Rollo† book, Rollo Learning to Read, which her mother gave her when she was six. This gift marked the beginning of an enthusiasm for book collecting that would last throughout her life. In 1891 she made her first major purchase of a set of the complete works of Sir Walter Scott with money she had received as a Christmas gift. It was, however, her collection of Keatsiana, including a rare first edition of Lamia inscribed to F. B. from J. K. (Fanny Brawne from John Keats), that put her in the forefront of international book collectors. Following her debut, Lowell led the life of a prominent socialite, visiting, going to parties and the theater, and traveling. Her mother, who had been an invalid for years, died in 1895. A disappointment in love prompted a winter trip to Egypt in 1897-1898. Lowell had accepted the proposal of a Bostonian whom she loved, but before the engagement was formally announced he â€Å"became entangled elsewhere† (Damon, p. 120). â€Å"The family could do nothing to protect her except guard tenaciously the name of the errant suitor† (Gould, p. 65). The trip was also for â€Å"health† reasons. Doctors felt Lowell’s obesity could be cured by the Egyptian heat and a diet of nothing but tomatoes and asparagus. The regimen almost killed her and resulted in a â€Å"prolonged nervous collapse. † In 1900 Lowell’s father died, and she bought Sevenels. She also bought a summer home in Dublin, New Hampshire, that she named â€Å"Broomley Lacey. † The area was home to the MacDowell Artists’ Colony as well as to other notable painters and sculptors. In Brookline Lowell assumed her father’s civic responsibilities. Early in 1902 she spoke against the reappointment of the elderly superintendent of the Brookline public school system. She was the â€Å"first woman in the Lowell family to make a speech in public† (Gould, p. 77). Initially booed, Lowell continued to speak with her usual forthrightness and, at the end, won applause as well as her point. Lowell became a member of the executive committee of the Brookline Education Society and chair of its Library Board. In October 1902 Lowell became a poet. Her interest in verse had been growing beyond her childhood enthusiasm, fueled by her reading Leigh Hunt’s Imagination and Fancy; or, Selections from the English Poets,which she had found â€Å"near the ceiling† in her father’s library. The volume was a revelation to her, opening a â€Å"door that might otherwise have remained shut,† Lowell remarked (Gould, p. 51). She had become enamored of poetry and the poets Hunt discussed, particularly Keats. After she saw Eleanora Duse perform one October night she wrote her first adult poem, â€Å"Eleanora Duse. † Although some critics say that she was being too hard on herself, Lowell described the 71-line poem as having â€Å"every cliche and every technical error which a poem can have. † Yet she also said, â€Å"It loosed a bolt in my brain and I found out where my true function lay† (Damon, p. 148). At age twenty-eight she had discovered her calling: to be a poet. In 1910 four of Lowell’s sonnets were accepted for publication by the Atlantic Monthly. â€Å"A Fixed Idea,† published first, appeared in August of that year. By 1912 she had published her first book of poetry, A Dome of Many-Colored Glass; the title came from Percy Bysshe Shelley’s Adonais, his elegy for Keats. It was not well received by either the public or the critics. Louis Untermeyer wrote that the book â€Å"to be brief, in spite of its lifeless classicism, can never rouse one’s anger. But, to be briefer still, it cannot rouse one at all† (Damon, p. 92). Yet 1912 was also the year that Lowell met actress Ada Dwyer Russell. The friendship between the two women has been described as platonic by some, as lesbian by others; it was, in fact, a â€Å"Boston marriage. â€Å" They lived together and were committed to each other until Lowell’s death. Russell was Lowell’s companion, providing love and emotional support, as well as the practical skill of organizing Lowell’s busy life. Biographer Richard Benvenuto observed that Lowell’s â€Å"great creative output between 1914 and 1925 would not have been possible without her friend’s steadying, supporting presence† (p. 0). The following year Lowell discovered some poems in Poetry by Hilda Doolittle, signed â€Å"H. D. Imagiste. † Lowell felt an identification with the style of H. D. ‘s poetry and determined to discover more about it. Armed with a letter of introduction from Poetry editor Harriet Monroe, Lowell traveled to London to meet Ezra Pound, head of the imagist movement. In London Lowell not only learned about imagism and free verse from Pound, but she also met many poets, several of whom became lifelong friends. Over the years Lowell would develop many literary friendships that resulted in an enormous volume of literary correspondence, requiring Lowell to employ two full-time secretaries. Lowell not only supported and encouraged other poets with her writing, such as her favorable review of Robert Frost’s North of Boston in the New Republic (20 Feb. 1915), but also with money and gifts. Lowell’s poems began to appear in increasing numbers in journals, and she was becoming a prolific writer of essays and reviews. Pound had requested the inclusion of her poem â€Å"In a Garden† in his anthology Des Imagistes(1914). Later Lowell and Pound would have a falling out over the direction of the imagist movement, and Pound would call the movement, as adapted by Lowell, â€Å"Amygism. † Lowell became the spokesperson of imagism, leading the fight for the â€Å"renewal of poetry in her homeland† (Francis, p. 510), and her efforts were tireless. She traveled throughout the country, â€Å"selling† the new poetry. Her own volume Sword Blades and Poppy Seed (1914), written in free verse and polyphonic prose, a Lowell invention, â€Å"brought her an instantaneous phenomenal rise to fame† (Gould, p. 139). Lowell’s first book of criticism, Six French Poets (1915), based on a series of her lectures, was also well received. Lowell was publishing a book a year, alternating between volumes of short verse and longer poems. Men, Women and Ghosts (1916) was highly regarded and contained â€Å"Patterns† one of her most famous poems. In it an eighteenth-century woman, walking in her garden, contemplates a future that has suddenly become empty because of the loss of her fiance in battle; she mourns the fact that the â€Å"Patterns† of her role required her to remain chaste before marriage. The next year she published another critical volume, Tendencies in Modern American Poetry, which included essays on six contemporary poets: Edwin Arlington Robinson, Robert Frost, Edgar Lee Masters, Carl Sandburg, H. D. , and John Gould Fletcher. Lowell also published anthologies of imagist poets in 1915, 1916, and 1917. Her next volume of poetry, Can Grande’s Castle (1918), included four long poems; the title was taken from the name of the refuge where Dante, the Florentine exile, wrote portions of his Divine Comedy. Inspired by her lifelong interest in the Orient, Pictures of a Floating World (1919) is a translation of the Japanese word ukiyo-e, a term commonly associated with a form of eighteenth-century Japanese painting. It includes 174 short, free verse lyrics, considered by some as â€Å"overtly erotic. † For example, â€Å"A Decade† and â€Å"The Weathercock Points South† are described as a celebration of lesbian devotion. Legends (1921) contains eleven longer poems, and Fir-Flower Tablets (1921) is a collection of poems based on translations of ancient Chinese verse. Since Lowell did not read Chinese, she was dependent on English translations by Florence Wheelock Ayscough, which Lowell then turned back into poetry. A Critical Fable (1922) is a long, humorous poem, evaluating the state of contemporary poetry. Originally published anonymously, the poem pokes fun at fellow poets and at Lowell herself in lines of rhymed couplets. The poem was modeled on James Russell Lowell’s A Fable for Critics (1848). Her last publication was the momentous biography , John Keats (1925). In 1921 Lowell had given an address at Yale honoring Keats on the one-hundredth anniversary of his birth. The lecture stimulated her to write the book, which minutely examines Keats’s life and corrects some long-standing misconceptions about him. Lowell was also the first biographer to see Fanny Brawne in a favorable light. The book was well received in the United States but not in Britain, where she was accused of writing â€Å"a psychological thriller† rather than a literary biography. Lowell was angry and heartbroken but in typical fashion determined to confront the critics on their own turf.