Theories of Philosophy - 2533 Words

When we view the philosophy of mind we encounter many problems, the main being that although there are many theories on this topic it is impossible to prove any of them and thus this problem is still unresolved. How is it that we can understand more about the universe and science than ever before but do not understand what it is that enables us to understand, that is the mind? To answer this rather complicated problem there are many solutions, or theories, each with their good points but none which are totally convincing, though some seem more though than others. These theories are Dualism, the belief that mind and matter are different substances, behaviourism, the belief that for every mental state you can observe a behaviour,†¦show more content†¦Strong behaviourists on the other hand claim there is no such thing as mental sensations or consciousness. The argument behaviourists use to support their theory is the fact that it is virtually impossible to describe a mental lif e to someone without mentioning behaviours, how can you describe happiness without describing what makes you happy? In connection to this is the principle of verification, which says something is only meaningful if it can be verified by a logical relation to other words or concepts. And as the only way to talk of the mental that makes sense is in terms of behaviour then surely it is correct to say that the mental is simply behaviour. As behaviourism has its attractions its easy to see why it may have supporters but it also has some powerful counter-arguments. Those opposed to behaviourism believes it fails because it leaves out a defining feature of mind, qualia, the way things feel or appear to us. Once against the weak behaviourists are against denying this, but they do claim that it has no part in the meaning of mind. But how can the defining feature of something have nothing to do with what it means? Perhaps it is a more compelling argument to ask what the behavioural manifestations of imagining a square or day dreaming are? As there are none behaviourists would behaviourists would tell us that it is impossible to imagine a square. Yet theyd have to have some pretty to strong arguments to convince usShow MoreRelatedThe Theory Of The Philosophy1354 Words   |  6 PagesKantian is regarded as one of the perfect theories ever as far as an issue of morality is concerned. The theory is based on the concept of what is morally permissible by many. This means that the theory defines whether an action is morally right or wrong by evaluating h ow it is permissible by many in the society. Kant, a German philosopher argued that what is accepted in the society is what makes people’s lives good and that is what is moral. The theory states that even the simple things should notRead MoreThe Theory Of Life Philosophy1299 Words   |  6 PagesPeople will develop and shape their own personal philosophy during their lifetime. Some circumstances may drastically change the way they view things, depending on age, social status and personal qualities. As for myself, at this stage in my life I can’t say that my personal philosophy is complete or well-shaped but is developing daily. I want to express my views on the many sides of human life. I will bring attention to such concepts as: life and happiness, good versus evil, morality and faithRead MoreThe Ethical Theories Of Philosophy Essay2014 Words   |  9 Pages9 Name: Instructor s name: Course: 13 April 2016 ETHICAL THEORIES IN PHILOSOPHY Section one: Introduction Part of being human is the ability to distinguish good from bad and vice versa (Rachels 9). Human nature is a ground for practical and moral norms that is; morality directs us to real human fulfilment. 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Behaviorism is a psychological theory and educational philosophy thatRead More theories of philosop hy Essay2498 Words   |  10 Pages When we view the philosophy of mind we encounter many problems, the main being that although there are many theories on this topic it is impossible to prove any of them and thus this problem is still unresolved. How is it that we can understand more about the universe and science than ever before but do not understand what it is that enables us to understand, that is the mind? To answer this rather complicated problem there are many solutions, or theories, each with their good points but none whichRead MoreThe Theory Of The Philosophy Of Education Essay1538 Words   |  7 PagesTeaching Philosophy Emily E. Blackwell Athens State University Abstract Idealism, thought to be the creation of Greek philosopher, Plato, is the approach that teachers use to get students to ask and answer questions in order to reach the next level of education. 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Today’s organizations face ever-increasing change, which includes increased patient demands and work needs, which requires a more adaptive flexible leadership that is becoming increasingly important in the 21st century. Leadership theory and philosophy can be divided into several well-known styles. Within this paper, we will discuss the basis of autocratic, democratic, laissez faire, servant, charismaticRead More Leadership Theories, Approaches, And Philosophies1172 Words   |  5 Pages Leadership Theory Assessment Maxx Godfrey ALED 440 Dr. Bobbit June 18th, 2015 Leadership Theory: Trait Approach to Leadership After reading and sitting through class discussion, I have learned a lot of leadership theories, approaches, and philosophies. The one that stuck out most to me was the, Trait Approach, because it is a great place to being your leadership journey, it can be developed or honed, and it has worked well in my life. The Trait Approach is a leader-focused approach.

Corporate Health Case Study - 1454 Words

Health in employee is important depending on the circumstance. If the employee is physically and mentally able to perform the required tasks they should not be discriminated against or barred from a specific job. Corporate health is the new trendy expression. It isnt another idea, yet one that has moved into the bleeding edge in the psyches of numerous organizations today. Since medicinal services costs keep on sky rocketing and the economy stays testing, entrepreneurs and directors are being compelled to take a gander no matter what identified with their main resource their workers! The advantages of fit workers are various for both the business and the representative. There are many advantages from a money related†¦show more content†¦Contingent upon the kind of the job, those exams might incorporate pill and mental tests. Doctors alternately interview medicinal organizations, taking care of your examination. They would not be permitted to reveal clinical data with your manager without your consent. However, laws might urge them to follow the rules for the wellbeing of your co-workers alternately general population wellbeing purposes. Discovering work is winding up progressively troublesome for smokers. Twenty-nine U.S. states have passed enactment precluding managers from declining to enlist work applicants since they smoke, yet 21 states have no such confinements. Numerous human services associations, for example, the Cleveland Clinic and Baylor Health Care System, and some vast nonsocial insurance managers, including Scotts Miracle-Gro, Union Pa cific Railroad, and Alaska Airlines, now have an approach of not employing smokers — a training restricted by 65% of Americans, as indicated by a 2012 survey by Harris International. We concur with those surveyed, trusting that completely declining to employ smokers is untrustworthy: it brings about an inability to nurture individuals, puts an extra weight on officially distraught populaces, and appropriates intercessions that all the more adequately advance smoking end. One defense for not utilizing smokers, utilized basically by human services associations, is representative. At the point when the World HealthShow MoreRelatedDeloitte And Touche Case Study1571 Words   |  7 PagesTouche Case Study: In this analysis/essay, I will critically evaluate a given case study based on organisational wellness. First I will highlight four critical success factors of a wellness program and thereafter I will link those success factors to employees suffering from burnout and exhaustion in the South African retail industry and how they can be adopted to improve both burnout and exhaustion. 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Financial Analysis Newmont Mining Corporation

Question: Discuss about the Case Study for Financial Analysis of Newmont Mining Corporation. Answer: Chapter 1: Accounting function of Newmont Mining Corporation William Boyce Thompson is the founder of the Newton Mining Corporation. Newton Mining Corporation (NMC) is the largest gold producers in the world. Consequently, the company has active mines in Nevada, Australia, Indonesia, New Zealand, Ghana, and Peru. Along with this, NMC is the leader in safety and sustainability in the mining industry. The company has been included in SP 500 Index and Fortune 500 (Newmont, 2016). However, high standard and performances of the firm create the value for their shareholders. In this way, the company creates value through portfolio optimization and effective cost optimization for the firm. In current scenario over 28,000 employees are working in the organization. At the same time, the company has delivered the sustainability value for their shareholders and communities, which helps them to make the strong strategy of the firm (Sagebien and Lindsay, 2011). Though, company has an objective to create the value through sustainable mining. Furthermore, Com pany has created the safe environment by focusing on four keys aspects i.e. safety leadership, injury prevention, fatality prevention and health that helps to achieve zero harm workplace (Henisz, 2014). Additionally, Newmont acquired the California empire star mine for increasing their gold production. On the other hand, the company has merged with American gold producers firm Santa Fe Pacific Gold Corporation and Battle Mountain Gold Company. However, Newmont was operating 12 mines in the North America. Earlier company has invested in various resources such as gold, copper, silver, lead, zinc, lithium, uranium, coal, and nickel as well as oil and gas also. Along with this company maintains the strong relationship with the stockholder that helps in economic development (Kotler and Maon, 2016). Nevertheless, the company traded since 1940 on New York stock exchange. Apart from this, key resources of the organization i.e. better workforce, effective technology, physical resources like machinery, financial resource, etc, are helpful in providing a competitive edge (Ennew, et al., 2013). Whereas, the organization has many stakeholders like employees, shareholders, banks, regulatory bodies, tax authority, etc that is helpful in the growth of the business. In this way, the company protects the interest of their shareholder. As a result, an objective of the shareholder is to provide the all legal right in the company decision making, which helps to grow the organization. In addition, the company has followed the corporate governance rules and regulation, which helps them to control the internal activity of the company. Hence, the company increases its productivity. On the other hand, Newmont has achieved their objective effectively with the help of corporate governance. Along with this, effective corporate governance policy also helps to ensure sustainability for the company (Dignam and Galanis, 2013). The Role of accounting is very important for Newmont. It is because it identifies the business activity, financial information, etc. Thus, it is helpful to take effective decision making. Whereas, financial and management accounting play an important role in Newmont business activities, while, financial accounting identifies the financial statements that provide the financial information for the third parties such as stockholders, financial analyst, lenders, etc. Along with this, financial accounting is helpful for Newmonts audit process (Bazley, et al., 2014). Simultaneously, financial accounting is more precise, which follows the Newmont for their effective work. As a result, managers run the business effectively through financial accounting. On the other hand, management accounting provides the Newmont information related to policies, plan, and strategies for effective running the business. As well as, management account is helpful for the company to take a current and future deci sion. However, Newmont managers are provided the financial information of budget, sales, cost, and profit. Therefore, both accounting methods are separated it is because management accounting provides the information and financial accounting prepares the financial statement through financial data. As per above analysis accounting role is more effective for Newmont Mining Corporation. It is because accounting provides the accurate data of companys financial statement. Though, Newmont accounting system is well organized in mining. Consequently, it can be improved through feasibility in company financial data. Newmont has used Ellipse accounting software, which was quite helpful to provide the visible data, global financial reporting, etc. along with this, this software delivers the services like budgeting for distribution, manufacturing, facilities management, which is relatively effective for organization accounting. This software fulfills the unique needs of the organization. At the same time, this software supports the regulatory compliance with the help of SOX, IFRS, and GAAP (Rodgers and Lucas, 2011). Along with this, it is also helpful in corporate, mining and operation communication. Thus, this software is effective for the organization. On the other hand, AMT software determines the precise cost and management capabilities, which is helpful to reduce the risk of the organization. Simultaneously, this software is allocating the resources in different activities for efficient utilization of resources. Moreover, in future AMT software should provide the relevant information regarding strategic management that is helpful to achieve the objectives of the firm. Apart from this, accountants interact with a manager in the annual general meeting of the company. Thus, in meeting an accountant interacts with the manager and third parties, where he discusses the company financial statement and their goals. Similarly, an accountant also interacts with managers at the end of month or year. Apart from this, external accounting increases the feasibility of the organization (Chapman, et al., 2011). It is because external accounting provides the accurate financial statement without any misstatements. Thus, Newmont increases their corporate images through external accounting advice. Similarly, the company also get take the advice through many external accountants for increasing the fairness in financial reports. Chapter 2: A financial accounting analysis of the organisation NMC operates on a global scale and is also listed on New York stock exchange. Hence, to perform well to meet its shareholders expectations is one of its prerequisites. On the basis of financial statements the business is growing as well as performing well as compare to previous year. While a close look into its financial data states that even though the companys net income has decreased to $220 million from $508 million in 2014, it earned good revenue in the year 2015. While balance sheet states that the companys performance has slightly improved as the total assets increased to $25,136 million from $24,916 and total liabilities decreased to $13,786.00 from $14,642.00. This indicates an improvement in companys liquidity performance. Similarly net cash flows of the company decreased to $379 million from $848 million. Companys operating and financing activities is slightly improve and Investing activities has declined. Overall company performance is not good (Google Finance, 2016). The company finances itself through its reserves, cash inflows from operations, loans and issue of shares (AFM, 2016). Capital gearing ratio of NMC declined in 2015 to 53.22% from 63.07%in 2014 as a result of repayment of debt amounting to $454 million. It seems that the companys structure and financial analysis is good and maintaining good level of dividends for stockholders even in times of low profits (Accounting Tools, 2016). Additionally, the company follows an efficient working capital management policy for sound operations. Working capital is the difference between the current assets and current liabilities. As per the financial statements, the working capital management of company is good. The current assets amounting to $4,983,000 and current liabilities of $1,416,000 in the year 2015 indicates that the company has enough assets to pay off its liabilities at the time of risk. Trends in liquidity ratios reveal that the liquidity position of company is better as compared to pr evious year and company is capable enough to pay off its short term debts. And profitability ratio is good as company has earned good profits as compare to previous year (Nasdaq, 2016). Recent profitability trends suggests that the company is earning gross margin of 44% and operating margin of 15% indicating that the financial health of the company is normal and company is paying enough to all its expenses and debts. On the basis of gross margin ratio company can make pricing strategy in future. Similarly profit margin of the company seems less it shows that the company is not derived good net profits from total sales. Pretax margin is normal as company needs to generate more profits before tax. Return on equity seems not so good which shows that the company is not using their investments well to generate greater earnings (Newmont, 2016). Other key ratios calculation below: Hereby, above liquidity ratio of the company indicates that it is increased as compare to previous year like company has a good liquidity and it is capable to pay off its liability. Liquidity position of company has increased as compare to previous year. Gross profit margin of the company is increased as compare to previous year it means that the company is going to earn more profits and its manufacturing and distribution process is improved. Return on total assets indicates decrease as compare to previous it means that the company has not generating more returns on assets this it will lead to the financial loss and affect to the growth of the company. Similarly gearing ratio is low in this year it shows that the financial condition of the company is stable and it will give the good returns to its investors (Google Finance, 2016). If the companys performance is compared to its competitor AngloGold Ashanti Ltd., it can be seen that market capitalization of company is 18.78 billion. It has good market value of its equity compared to its competitor but compared to industry average is 54.67M it is much higher. In terms of revenue, NMC generates higher revenues as compared to its competitor. But overall industry average it is very low. Similarly, net income of the company is higher than its rival indicating that companys financial growth is good and it will give adequate returns to its shareholders (Yahoo Finance, 2016). The company seeks to maintain transparency in its operations and as a result also uses non-GAAP measures to access its performance. It uses All-in sustainable costs evaluate operating performance and also adjustments in net income (loss), free cash flow to analyse the position of company to its competitors. Financial statements are required by the many people for information like directors require statements for making strategies and decisions in management. Shareholders or investors required for the profits and dividends. Auditors requires for the reconciliation of the data for transparency. So, there is no misleading or fraud can be generating in the company. Financial institutions requires for granting loans and credit on the basis of company financial position. Government requires statements to check the authenticity of tax returns whether it is correct or not (Accounting-Simplified, 2016). Additionally, the company gets its accounts audited by Ernst Young LLP and Pricewaterhouse Coopers LLP to assess the accounting principles used and check the authenticity of financial information provided to various decision makes. As per the auditors opinion, the financial information disclosed by the company is fair and conforms to U.S. GAAP (Annual Report, 2015). Not only financial measur4es but qualitative factors like safety of employees, environment safety, etc. also require NMC to invest its time and money. Qualitative factors like cost is associated with sales like extracting of metal and convert into ore. It should be consider on statements. Project exploration cost should be including like expenses related to explore the resources for production of gold it should be included. General expenses like, as a public company to support the structure of the corporate and treatment and refining cost for produce the metal. Yes it affects on resources like land is use for mining which is affected similarly air and water is polluted due to whole operations. Also NMC is dedicated to CSR towards environmental policies. They are taking care into water management like they recycle the most of the water, waste management, Bio diversity, and cyanide management and reduce the impact on air quality and climate. They also work on ethical and governance norms and follows code of conduct (Newmont, 2016). Chapter 3: A management accounting analysis of the organisation For any organization to function properly, it is necessary to manage its accounts to generate reliable and usable information for different stakeholders like managers, suppliers, shareholders, employees, etc. This further generates a need to have a structured accounting system in place to meet the information requirements. At Newmont Mining Corporation, there exists a structured accounting system consisting enterprise resource planning (ERP) software that links the corporations financial, accounting, human resource and asset management functions. Additionally, it is also helpful in reducing the transaction costs of the firm and improving its productivity, and profitability (Beheshti and Beheshti, 2010). Newmont Mining Corporation uses SAP ERP in its organizational structure to carry out a structured and effective management of its financial and other related data. The NMC replaced Ellipse in the year 2011-12 with SAP to integrate AMT software as a value added offering to complement SAP that provides specialized budgeting and decision support asset management functions that was not provided by their earlier ERP, Ellipse (iSolution, 2011). Budgets at NMC are prepared regularly for overlooking the maintenance of the fixed assets of the firm, life of mine, project feasibility and planning for acquisition of new mining sites and firms. The company uses ATM Focus: Maintenance Budgeting along with its ERP to assist in achieving time and money bound targets. The budgeting helps NMC to review its maintenance, finance and operations to optimize cash flow, identify cost saving opportunities, highlight its potential risks and cost centers, forecast future expenses and improve profit generation opportunities for the firm (iSolutions, 2013). To ensure accuracy and quality in its budgeting process, NMC uses participative approach to budgeting to streamline all the objectives of all the functional areas of the organisation by using updated information from the enterprise accounting system. Additionally, the firm uses dynamic life cycle costing to create sophisticated zero-based maintenance budgets from ERP maintenance plans that are fed all the relevant data pertaining to the organisation. Thus, aligning the budgeting process with SAP ERP enables NMC to produce up-to date budgets that are both effective and efficient. Being in the mining industry, it is difficult for the company to exactly estimate the total budgeted production as the extraction of the exact quantity of metal is subject to many constraints. Thus, the company uses three-dimensional Resource models that represent the mineral deposits form in the mines and are also used to support exploration decisions, project evaluation and business plan development. However, the data so generated may be subject to errors due to uncertainties. To reduce these risks and uncertainties, Newmont has developed a systematic process of identifying, analyzing and addressing resource risk which is now embedded into their business planning cycle. The process allows the company to narrow the gap between the estimated and actual tonnages, grades, metallurgical recoveries, costs and productivity. Moreover, the management with the help of financial information so generated plays a crucial role in bringing projects online, on time, on budget and meeting project e xpectations thereby providing a major competitive advantage for the company (Newmont, 2016) Newmont uses a mix of GAAP and Non-GAAP measures for identifying and reporting its financial data. The historical data forms the basis for various accounting based assumptions and estimates (Annual Report, 2015). Additionally, the organisation uses a Non-GAAP metric of All-in sustaining cost framework as suggested by The World Gold Council (WGC) to bring transparency into the costs associate with gold production. The presently used framework expands on the GAAP measures like cost of goods sold and non-GAAP measure like costs applicable to sales per ounce, to provide better understanding of the mining operations and costs, profitability and cashflows related to it (Annual Report, 2015). Thus, the new framework is helpful not only from accounting perspective by also for providing adequate and relevant information to stakeholders like investors, government, local communities, etc. in understanding the economics related to mining operations (Whelan, 2013). In addition to using budgeting and costing practices, the company also uses break-even analysis to identify the production scale at which its total expenditures are equal to its revenues obtained from the sale of its extracted metal. The production costs consists of fixed costs that are assumed to be constant per ton on metal extracted and variable costs that varies in direct proportion to the volume of metal extracted. Additionally, to determine the break-even point, the cost data taken from the accounts are subject to sorting and processing to clearly demarcate different types of costs into direct costs, fixed cost of production, fixed cost of administration, etc. Once the costs and revenues are clearly identified, the break-even point can be calculated using arithmetic or graphical method during the planning stage. Additionally, the breakeven can be calculated at the level of mining operation, the place of expenditure or cost centre-production sector, at product group level or for each product (Briciu, Capusneanu, Boca, and Topor, 2014). Earlier, the companies operating in the mining industry segment have had business to business mentality around communications but this attitude is shifting as the world is becoming more transparent and driven by digital age. The company recognizes the need to establish a two-way dialog with its stakeholder including shareholders, government, local community, etc. Thus, the company in addition to publishing its annual reports and quarterly information for financial results has also setup communication teams to serve as nerve centers to coordinate and integrate information along with disseminating information to its stakeholders through investor road shows, mine site tours, analyst days, annual meeting and websites and mailings. These teams also manage the companys business to customer relationships. Additionally, NMC also invites its stakeholders to a mining boot camp where people are engaged and made to work on site for week. This helps in disseminating information of not just financ ial relevance, but also informs them about the work ethics and culture followed at NMC (IFC, 2014). Along with this, the employees at different levels of the organisation are well equipped with the information that is required for their day-to-day activities through a proper chain of command followed by the organisation. Additionally, they have an access to a company specific internal communication platform for timely sharing of required information. Overall the management accounting system used in NMC is very effective in generating and disseminating the required information to its important stakeholders. It seeks to effectively collect data and produce reliable results that can be further used for decision making process. As NMC has recently adopted SAP ERP, it seems rather distant thought to bring about any changes in its systems. However, the company can improve its systems by continuously identifying the gaps in its processes, especially resource mapping, so as to eliminate waste in terms of time, material and efforts. This will help in improving the efficiency of its operations and effectiveness of its management accounting systems (Needles, Powers and Crosson, 2010). Chapter 4: A financial management analysis of the organisation Being a global company, NMC aims to create shareholder value by improving its underlying business and delivering profitable growth. One of the aspects of achieving this aim is strengthening its portfolio of assets. NMC engages in exploration and acquisition of gold and copper properties to replenish its depleting reserves. It also ventures with other well-established companies to diversify its area of work (Annual Report, 2015). NMC has a strong pipeline of projects that consists of recently acquired Cripple Creek Victor (or CCV) mine while Merian, Long Canyon Phase 1, and Tanami Expansion, are in their execution phase. There are additional projects, such as the Ahafo mill expansion, Subika Underground, and NW Exodus, which are in their feasibility stage and could be approved by later half of 2016 based on their feasibility results (Gilroy, 2015). To successfully and profitably undertake these acquisitions and diversification strategies, NMC needs to effectively manage its financial strategies. Financial management is an approach that links financial tools to strategic decision making to ensure profitable growth and sustenance of the company. The companys financial management strategies relate to its investment decisions and working capital management decisions. Additionally, its financial management is also aimed towards maintaining a balance between its cost and capital structure, accelerate debt repayment to reduce the cost of capital and pay higher dividends in line with its shareholders value creation policy (Gilroy, 2015). As a part of its financial management policy and owing to the latest revisions in its credit rating by Standard Poors Rating Services or Moodys Investors Service, NMC has successfully reduced its financial leverage by 35% by repaying $330 million of debt out of a target of $750 million for 2015. This has helped in increasing the amount of free cash flow and to maintain a comfortable liquidity profile (Gilroy, 2015). Capital budgeting forms a crucial part in taking investment related decisions for the company. The company uses financial tools like net present value (NPV), internal rate of return (IRR), payback period, cost-benefit analysis, real option, etc. to assess the value and identify the feasibility of its investment projects. The rationale behind using these methods is that NPV takes into account the time value of money, while IRR is helpful in ranking the projects based on the cashflows that will be generated throughout the life of the project and payback period is used owing to the fact that it is simple to understand and calculate (Maroyi and van de r Poll, 2012). Additionally, the Company has an independent third-party appraiser to assist in the valuation. In valuing acquired assets and assumed liabilities, fair values were based on market prices, expected future cash flows; current replacement cost for similar capacity for certain fixed assets; market rate assumptions for contractual obligations; and appropriate discount rates (Annual Report, 2015). As a part of exercise to strengthen its portfolio, the company timely examines investment opportunities for acquisitions. The success of any acquisition depends of factors like identifying suitable candidates, negotiating terms and conditions, obtaining an approval from regulatory authorities and shareholders, implementing the control, procedures and policies in the acquired firm, etc. in addition to financial profits and synergies expected from them (Annual Report, 2015). On the risk side, the management assesses the social and economic risk, political and geopolitical risk, and technical risk associated with the projects to determine their attractiveness (Gilroy, 2015). The company funds its projects through various resources available at its disposal including cash generated from its core activities, issue of shares, companys reserves and cash proceeds from divestments like Waihi, Midas, Jundee and Penmont (Gilroy, 2015). The management of the company aims to allocate its funding to the projects with highest returns, reducing its debt and shareholders dividend. This will provide the company with the advantages associated with using internal sources of fund like reduce cost and obligations (Atrill and McLaney, 2012). Additionally, the company was able to increase its operating cash flows by practicing all-in sustainable costs and other productivity improvement (Annual Report, 2015). NMC being a large company has many options available that are suitable for investment purposes. It selects projects that have positive NPV and return of capital employed. However, it faces problem where the company has insufficient funds available to undertake all those options that possess a positive NPV. Under such conditions, the company follows capital rationing wherein a budget ceiling or market constraint is imposed on the amount of funds that can be invested during a particular period of time (Drury, 2011). While accounting for capital rationing, the company has to take care of the costs not only for investing in the project but also that is being incurred during its normal course of operations and from its financing activities. The company has to ensure that it invests its profits in a fruitful manner. In such a case, the company evaluates and ranks its projects of the basis of its NPV, IRR and profitability index. It then selects the project in descending order of their prof itability till the capital budget exhausts. Finally, the results of each technique are compared with total NPV and the best project out of the available options is selected. The unfunded projects are considered later when funds are available (Warren, Reeve and Duchac, 2013). Thus, the financial management system of NMC is very efficient in meeting the goals of the company by managing its portfolio and assets. Its system employs the industry best practices for determining the feasibility of proposed investments and is effectively integrated with its cost and profit centers to ensure that the investment decisions do not interfere with the day-to-day operating needs of the company. Additionally, it also implements risk minimizing strategies that acts as a cushion for NMC from financial shock and surprises. Chapter 5: Conclusions and SWOT analysis Thus, it can be concluded that the company has in place a strong structure to manage its accounting and financial data. This helps the company in effective decision making taking into considerations the financial risks, costs and benefits. The company uses ERP software like SAP, AMT Focus, etc. to manage its data. Also, the company makes sure that the data so generated is disseminated to the relevant stakeholders for decision making. However, the company can still improve its system structure by identifying the gaps and working to reduce it for efficient and effective decision making. In addition to its accounting and financial management system, NMC has in place a strong corporate structure with best in industry corporate social responsibility practices. The company very well understands the social and environmental impact of its operations on its immediate surroundings and hence aims to achieve sustainability in all its endeavors. This is also reflected in its purpose, mission and vision. The company aims to minimize and mitigate environmental impacts by better water management, reducing energy consumption and managing the discharge of waste and effluents in the environment. Its corporate governance structure address six key areas that include health and safety, operations and resource development, asset value protection, business integrity, people and sustainability and stakeholder engagement (Newmont, 2016). Additionally, as a part of its corporate governance, environmental stewardship and community engagement initiative, NMC participates in organizations like International Council on Mining and Metals (ICMM) Sustainable Development Framework, United Nations Global Compact, Carbon Disclosure Project (CDP), International Cyanide Management Code (ICMC), Global Reporting Initiative (GRI), etc. to inform its sustainability programs and improve its performance (NMC, 2014). These practices on the part of the company exercise a strong influence on its stakeholders by positioning the company as ethically and socially responsible business unit. However, the scope of the companys CSR practices will keep of increasing with increase in its assets and resources. Thus the company will need to maintain a vigilant stance on the impact areas and keep improving for effective operation of its corporate governance structure. From the discussions, it can be concluded that Newmont Mining Corporation is one the worlds leading gold and copper producer. The scale of its production provides it with economies of scale advantages, while its reserves amounting to 73.7 million ounces of gold places it in a strong position to take advantage of rising demand. The following is the NMCs SWOT analysis: Strengths NMC has competitive advantage in terms of its high quality assets viz. resources, machinery, technology and employees. Its operations span over major continents including America, Australia/New Zealand, Africa, and Indonesia allowing it to expand its operations and develop its business. Additionally, its strong and well structured financial and accounting systems provide efficiency in its operations and taking well planned decisions at right time considering the risks. Also, its strong hold on its corporate governance and CSR practices positions it as sustainable and responsible company. Weaknesses NMCs weakness stems from its heavy dependence on contractors undertaking its operations and construction projects. This exposes the company to the third party risks that arise from its contractors actions and negligence. Additionally, the loss of control on operations may also land NMC in trouble. Along with this, different credit rating agencies have downgraded NMCs credit ratings that can adversely affect the availability of new financing and increase their future borrowing costs. Opportunities NMCs goal of strengthening its portfolio is backed by a strong strategic project pipeline. This will help the company to not only replenish its depleting metal reserves but will also help to maintain flexibility in the operations to increase its productivity and address the development risks associated with the projects. Over all these projects will help in increasing the production and enhance the companys market position on a global scale. Moreover, the companys expansion projects will help it to leverage the growing demand for gold and increase its revenues. Also, the reduced fuel price is beneficial in reducing the companys cost thereby increasing its cashflows. Threats NMCs mining and operations are regulated in all the countries of its operations under various federal, state and local laws. These laws related to protection of environment and local people. Any delay in obtaining permission from the government bodies poses an adverse impact on its operations. Additionally, stringent regulations negatively impact the companys profitability. Moreover, security risks impact companys operations while currency risks impact the companys cost of operations. References Accounting-Simplified (2016) Purpose of Financial Statements. [Online]. Available at: https://accounting-simplified.com/purpose-of-financial-statements.html (Accessed: 4 June 2016). AccountingTools (2016) Gearing Ratio. [Online]. 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(2014) Cost Analysis and Reporting the Performances of Companies in the Mining Industry. In Proceedings of the 6th International Conference on Applied Economics, Business and Development, pp. 51-56. [Online]. Available at: https://www.wseas.us/e-library/conferences/2014/Lisbon/AEBD/AEBD-07.pdf (Accessed: 2 June 2016). Chapman, C.S., Hopwood, A.G. and Shields, M.D. (2011) Handbook of Management Accounting Research. UK: Elsevier. Dignam, A. and Galanis, M. (2013) The Globalization of Corporate Governance. UK: Ashgate Publishing, Ltd. Drury, C. (2011) Management and Cost Accounting, 7th edn. USA: Cengage Learning. Ennew, C., Waite, N. and Waite, R. (2013) Financial Services Marketing: An International Guide to Principles and Practice. 2nd edn. UK: Routledge. Gilroy, A. (2015) How is Newmont Positioning in the face of volatile gold prices?, Market Realist. [Online]. Available at: https://marketrealist.com/2015/12/newmont-positioning-face-volatile-gold-prices/ (Accessed: 3 June 2016). Gilroy, A. (2015) How is Newmonts project pipeline looking?, Market Realist. [Online]. Available at: https://marketrealist.com/2015/01/newmonts-project-pipeline-looking/ (Accessed: 3 June 2016). Gilroy, A. (2015) Is Newmonts Financial Leverage Expected to Fall Further?, Market Realist. [Online]. Available at: https://marketrealist.com/2015/12/newmonts-financial-leverage-expected-continue-declining/ (Accessed: 3 June 2016). Gilroy, A. (2015) Is the Value over Volume Strategy Working Well for Newmont?, Market Realist. [Online]. Available at: https://marketrealist.com/2015/12/value-volume-strategy-working-well-newmont/ (Accessed: 3 June 2016). Google Finance (2016) Newmont Mining Corp. [Online]. Available at: https://www.google.com/finance?q=NYSE%3ANEMfstype=iiei=iWdOV-GMG4KsuATI1ry4BQ (Accessed: 1 June 2016). Henisz, W.J. (2014) Corporate Diplomacy: Building Reputations and Relationships with External Stakeholders. UK: Greenleaf Publishing. 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The Road free essay sample

Story Living in a post-apocalyptic world would leave one feeling terrified, alone, and on the brink of going mad, but it is hard to imagine these feelings to the actual extent. In the book The Road, McCarthy is able to draw the readers in for them to experience the real emotions of living in a post-apocalyptic world. The readers are able to feel this fear and realness because McCarthy impersonalizes the two main characters and clearly depicts the differences of life before and after the traumatic experience. When speaking about the two main characters in the book, McCarthy uses no names. The small boy is referred to as â€Å"the boy† and the father of the small boy is referred to as â€Å"the man. † The author described these characters in such a vague way in order to make the readers stray away from thinking that this experience is unique only for the man and the boy. We will write a custom essay sample on The Road or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The reader can now understand that this could happen to anybody. Now the reader can put himself/herself into this role and experience every emotion and experiences to the fullest extent. Also, by giving little description of the characters, the reader can now focus on the relationship of the man and boy as a whole rather than on each separate character. The relationship intensifies the feeling for the readers and allows them to be a part of the bond between the boy and the man. The unknown details about the main characters, ironically, draw the reader in and allow him/her to experience the setting and relationships more thoroughly. Often in the story, there are anecdotes or objects found that make the characters think about the pre-apocalyptic world. The man and the boy visit the house they once lived in. The familiarity of the house sparks memories of their old life. The reader can now compare their house to the man’s house and realize how scary it would be to see their house in such a negative way. Also, the man and the boy find a coke in the beginning of the story. The man explains how that soda is probably the last soda they will ever see. The rarity of a soda puts things in perspective. In normal society, having a soda is a normal occurrence. The readers can now imagine that other regular occurrences in their life that they enjoy would also become an infrequent happening. The comparison that McCarthy makes between the pre-apocalyptic world and the post-apocalyptic world gives the reader the ability to vividly imagine this drastic change of lifestyle. McCarthy is able to paint out, not only, a story, but a dramatic experience. The reader is able to actually live through and feel the emotions of this strange world. They understand how alone and terrified the boy and the man felt throughout their journey. The emotional connection with the story that the readers have is reached with the unique way the author writes and tells this story.