ShantanuT01/DACTYL-Pretraining huggingface dataset:
Contracts are the basis of an agreement between parties who expect services or goods from each other. They are legally binding agreements between the parties and are act as evidence for agreement between parties in courts. Failure of a party to honour the deal as per the contract initiates court battles. The contracts are categorized into lump-sum or fixed-price, cost-plus, and guaranteed maximum price contracts. Lump-sum contracts, also known as fixed-price contracts, transfer the risk of losses from the buy to the seller. Buyers and sellers agree on the total cost incurred in the process and combine it with the profits the contractor demands (Haidar 44). The losses or gains made by the contractor depending on how well they manage the work in progress. In cases where the contractor mismanages the materials, the resulting loss is excellent. On the other hand, if the contractor spends wisely on the resources, they make a higher profit than expected. The customer uses these contracts to transfer the mismanagement risks to the contractor. One of the demerits of using this type of contract is that the vendor may use poor-quality materials to increase profits, leaving a weighty burden on the owner. However, the vendor may incur extra costs that they had not budgeted for if a need arises since they cannot request additional fees from the customer. Conversely, cost-plus contracts are agreements between two parties where the contractor receives payment for the actual cost of their work. Vendors commonly use this contract in construction and development works. The contractor transfers the risks encountered likely to be experienced to the owner. The contractor must account for every cost incurred in cost-plus contracts by providing money transfer documents as evidence (Flammer 1307). Without the proper documentation, the owner may deny them payment for the expenses tabled. In cost-plus contracts, the costs consist of the costs faced directly or indirectly as long as there is evidence to prove the occurrence of a fee. Besides the customer reimbursing the costs, the contractor receives payment for their activities in a percentage share of the total costs. They, therefore, make profits in return in this form. Cost plus contracts are also referred to as cost reimbursement contracts because they are contractor reimbursement for all expenses incurred. Guaranteed maximum price contracts are agreements between the contractor and the customer to pay for the projects whose cost can be estimated quickly, and the actual amount does not deviate much from the projected amount. Customers compensate the contractor for the costs incurred directly or indirectly and the profit the contractor needs to get. The indirect overheads fees and profits are constant and should not surpass the threshold placed. In case the costs exceed the estimated threshold, the contractor takes the responsibilities and pays for them (Palihakkara & Perera p.5). Nevertheless, uncertainties are prone to these contracts because a slight change of orders from the customer may result in a different threshold amount. Therefore, both
The minimum wage was introduced as an effective strategy of achieving social justice and controlling poverty and unemployment. The first minimum wage was established in the United States more than one hundred years ago. However, economists did not support this innovation. Moreover, nowadays many scholars claim that the effectiveness of the minimum wage is doubtful. They argue that instead of decreasing the rate of unemployment and poverty the minimum wages contributes to the development of these negative economic phenomena. Thus, at present the effectiveness of minimum wage is very disputable. There are many economical, political and moral arguments for and against the minimum wage. It is necessary to add that this measure becomes less popular each year. Nevertheless, while considering the effectiveness of the minimum wage it is important to point out that it is helpful for the society especially when it is supported by other social measures since it secures the rights of workers and solves a number of social problems. The major economic argument against the minimum wage is that it contributes to the development of unemployment among the most “vulnerable” groups of workers such as low skilled, young, female workers since they cannot compete with skilled workers who are likely to get a job (Cunningham 3). Thus, many economists argue that the most vulnerable groups of workers have less job opportunities. However, the minimum wage can be a good stimulus for young people to continue their study instead of joining the “labor market”, and this is very good for the development of society since it leads to the higher rate of educated people in the “labor market” (Cunningham xiv). Another economic argument against the minimum wage is that it contributes to poverty increase. Some economists claim that the majority of workers who gain the minimum wage are young people who live with their parents and do not really support the family (Waltman 15). Thus, people who really live in poverty do not get support from this social measure and, basically, the minimum wage does not reduce the poverty but contributes to its development. However, there are still a lot of workers (especially in developing countries) who have to support themselves and their families, and thus have to rely on the minimum wage. The minimum wage is especially helpful for the developing countries since many groups of workers can be secured by the minimum wage (Cunningham 3). There is one more argument suggested by opponents of the minimum wage. They argue that the minimum wage often has “adverse longer-run effects on wages and earnings” and can lead to inflation (Neumark and Wascher 7). Thus, when higher minimum wage
Introduction Successful execution of a project is the goal of any project manager. A project manager is in charge of running a project and he must possess a myriad of skills for him or her to execute her tasks well. Practical as well as theoretical skills are required in running any project. A project manager is a leader of a project and therefore he or she should carry himself or herself as one. Depending on the type of a project being executed, different skills will be required of the project manager. It is of significant amount for a project manager to possess some know how on the type of project he or she is in charge of. In this manner the project manager will be in a better position to offer better advice in case of urgent issues which may require his or her attention. A skilled project manager in the area of the project will make it easy for communication and negotiation with the technical staff in case such a project has such a staff. It is very critical that a project manager is aware of all the divisions of project and is able to interact effectively and easily with them. A project manger must have a strong conviction that a project being executed will be successful; in such a manner he or she will be able to breathe life into the project during critical and hard moments. Interaction is very significant in ensuring that a project will be executed successfully. A project manager will therefore determine to a great extent how successful a project will be. A Project from a Project Manager Point of View Organizational Goals In the eyes of a project manager, a project is meant to accomplish to some organizational goals. In most cases, projects are carried out as solutions to problems that have been encountered by an organization. For the case of a huge company such as Airbus, there are many issues on which a project may be carried out. For instance, a project may be carried out to find out the best means of communicating with customers, or it might be more technical, for instance, developing an adva
World societies were normally structured and governed through specific systems. However, none of the administration arrangements demonstrated a sense of fairness to the societies. Egalitarianism, communism, free enterprise, and modern open-mindedness governance systems were exposed as unfair. Les Leopold, in his book The Looting of America, proposed a theory on how the 2008 financial depression occurred. Capitalism in America had lost its known definition among the citizens. More so, a recent bail out of the complete financial segment in the American economy perplexed most Americans. The capitalism governance system in the world had been transformed especially in the financial sector. Modern capitalist societies encouraged accrual of enormous wealth, provided financial guarantee to risks taken by the wealthy and evaded accountability for society wellbeing. Characteristics of the modern American capitalist system demonstrated unfair practices. Governance practices that cushioned the American economy against collapse were ignored. Profits accumulated by the wealthy were not success of businessmen. However, the proceeds gained were endowments provided by the regime. The governance trend had resulted in bitterness among American citizens. Majority of the wealth buildup activities were carried out by associates of the modern society. The wealthy had always thrived on society unresponsiveness to financial systems manipulation. Measures that established an expanded taxation bracket and included the wealthy would have generated sufficient funds for the society. Advancement in taxes might have cut wealth of the rich and provided increased resources to the public. America had existed in a situation where most of the national proceeds were handled by the few wealthy citizens. The earnings inspired a dream money club on Wall Street. Earlier in American history, President Roosevelt regulated the financial sector
Introduction The dependent variable of interest in this project is the national savings. The national savings is a vital part in macroeconomic analysis of an economy because it is an integral part of economic development. It combines both public and private savings. The total national savings of an economy has attracted a number of research studies over the years because of its importance in economic growth and development. For instance, the classical and neoclassical models emphasize on the need for higher savings for long run growth (Baltagi 2011). The neoclassical model examines whether the development between steady states, positive changes in the savings ratio may stimulate the growth rate in the economy. Also, the endogenous growth model was developed by Romer and Lucas (Arnold 2011). The authors indicate that savings, human capital, and technological change are the most significant determinants of economic growth rate. The models developed by these two groups are consistent with the economy of the UK. For instance, the foreign sector inflow in the UK has played a significant role in the investment process in the UK. This can be attributed to improvement in technology, liberation of trade, and openness of the financial sector. Also, in the UK, it is believed that the low national savings rate has been one of the major obstructions to attaining high levels of sustainable economic growth. Therefore, it will be important to evaluate the impact of the determinants of national savings in the United Kingdom. The data of gross savings will be collected for a period of 40 years that is, between 1974 and 2013. The country of interest is the United Kingdom. The data are collected from the World Bank Group Website (The World Bank Group 2016). Further, the values of gross saving are measured in current US dollar. The graph of both gross savings and annual growth shows that there has been significant fluctuations of the values the two variables (Dunn 2005). The data and trend of the dependent variable are presented in appendix 1 and 2 respectively. Model In the analysis, a multiple regression model will be used to estimate the savings for the United Kingdom. In general, a regression analysis is a statistical tool that develops and approximate linear relationships among various variables. When coming up with the model, it is necessary to separate between dependent and independent variables. Multiple regression analysis focuses on the regression between the dependent variable and several explanatory variables. As mentioned above, the dependent variable is savings. There are a number of macroeconomic factors that affects the national savings of a country. Some of these factors will be the independent variables for the regression model. The selected independent variables are inflation, exchange rate, GDP per capita, and trade openness and policy (Gautam 2006). The regression line will take the form Y = a 0 + a 1 X 1 + a 2 X 2 + a 3 X 3 + a 4 X 4 Where   * Y = Savings   * X 1 = Inflation   * X 2 = Exchange rate   * X 3 = GDP per capita   * X 4 = Trade openne
Sustainable growth and the importance of calculating and understanding this rate Sustainable growth rate in any company is the highest rate of growth it can attain while considering all its factors including profitability, debt ratios, and asset utilization among others. In simpler wording, sustainable growth is the highest attainable growth for a company without having to borrow money from external sources such as investors or lenders. Understanding sustainable growth is paramount because it provides answers to two main questions. First is that it allows investor to comprehend the optimal rates for a company’s growth with no extra funding from equity or debt (Chatterjee, 2014). Secondly, understanding sustainable growth gives a good ground upon which external capital can be raised. Overall, proper understanding of growth rate is bridge between present operations of a company and its valuation in the future years. The sustainable growth equation, its components, and how is it calculated The sustainable growth rate (SGR) equation is a mathematical expression that outlines the product of returns of a company’s equity and the ratio of the earnings that remain after paying dividends. The components of SGR equation are in two diverse formulas. The first formula starts by establishing profitability of the company as measured by Returns on Equity (ROE). The second component is percentage of a company’s earnings for every share that is paid in form of dividends. SGR is found by the product of ROE and the company’s plowback ratio that is found by the difference between 1 and the dividend ratio (Chatterjee, 2014). SGR=ROE x (1-d) The second formula for SGR is found by multiplying four major components including profit margin (P), retention rate (R=1-d), and the ratios of asset turnover (A) and asset to equity (T). SGR=PRAT If a company grows too fast, what funding alternatives are generally available? Growth for a company is no doubt the most desirable thing. However, when the growth is extremely rapid, it necessitates going an extra mile to find alternative sources of funding or else the whole process of growth could be jeopardized. Notably, the mode of financing can be the distinguishing factor between a company’s dominance and failure. The first and most important action for a fast rate of growth is to determine the parameters of the fast growth, that is, if it is bound to be short term or long term (Shimasaki, 2009). In the event that the growth is long term, the company can increase its funding by liquidating its equity, reduce its dividends and increase it fiscal controls. Another option is to merge with bigger company. On the short term measure, the company could consider trade credits and overdraft financing. Also, factoring option could go a long way in helping lift the financial strength of a company for example by selling its invoices to financial institutions such as banks. If a company grows too
Throughout human history, people tend to be corrupted by taking determinations beyond their limits. In his book “The Count of Monte Cristo,” Alexandre Dumas asserts that “…virtues are good, but some virtues tend to become crimes if taken to the extreme” (Meyer 124). The meaning of this phrase is that humans tend to be corrupted by extreme or unchecked ambition. According to Stuntz (443), the term ‘unchecked ambition’ refers to the excessive, extreme or uncontrollable desire for success, power or wealth.it is the hunger or greediness for achieving more than what someone has. According to Mahatma Gandhi, there are two kinds of power- power based on the fear of punishment and power based on love (Low and Cheng 244). The power based on an act of love is effective and permanent, while the power based on the fear of punishment is transient and ineffective (Cohn 51). Humans tend to develop unchecked ambition because they have power based on the fear of being punished. This seems to be the main theme in Shakespeare’s “Macbeth.” Throughout the play, Macbeth, a war hero, develops power based on the fear of being punished, which leads to unchecked ambition. Arguably, Macbeth’s justification of war is the desire for victory, which makes him appear a brave and dedicated soldier in the eyes of people like Duncan, but his ambition for more political power and success drives him towards destruction of the kingdom. Macbeth is a decorated war hero, a Scottish soldier in the royal army. He achieves the title of a general in the army, but he is naturally not inclined to commit evils against people. He seems to be committed to his work in the military. However, he has a strong desire for advancing his powers and achievements. It is clear that Macbeth’s desires for higher ac
It goes without saying that Beowulf may be regarded as one of the most prominent ancient European poems. Although its origin remains the subject of multiple discussions, the common version describes it as “a Danish poem in the Anglo-Saxon dialect” (Neidorf 847). The poem describes the glorious life and deeds of a hero, Beowulf, who was regarded as a person sent by heaven for people (Gummere line 13). Helping Hrothgar, king of the Danes, he kills the monster Grendel and his mother. Later, when he becomes the king of Danes by himself, he has to fight a dragon that terrorizes his lands. Although he follows the beast and finally slays it, Beowulf dies, being mortally wounded. From a personal perspective, this poem reflects several essential aspects of human life. The first one is the issue of identity – in Beowulf , people were entirely associated with the glory of their ancestors. They do not exist independently from their family lineage and kinship bonds. Thus, their desire of Beowulf to be recognizable and honored forces him to search for deeds and fame. Thus, another important theme of the poem is the maturity and responsibility that come with age. At the beginning of the poem, the main hero desires personal glory and has nothing to lose. However, after becoming a king, he realizes the importance of being a wise ruler who is responsible for his people’s lives. Finally, one more topic of the poem is the tension between personal value systems and the heroic code and between Christian and pagan values. It may be regarded as an example of the multifacetedness and complexity of human nature in comparison with fixed rules that frequently do not provide appropriate answers. Works Cited Gummere, Frances B. “Beowulf (Modern English Translation).” Poetry Foundation. Neidorf, Leonard. “Beowulf as Pre-National Epic: Ethnocentrism in the Poem and its Criticism.” ELH , vol. 85, no. 4, 2018, pp. 847-875.
The Main RiskSE Framework Purposes Risk Structure and Environment framework are to allow risk management in a structured and systematic way in order to reduce an organization’s risk profile as well as maintain a safer environment for different stakeholders through continued refined processes. The framework is meant to make certain the Organization’s strategies that are appropriate for risk reduction are in place in order to maximize opportunities. Another purpose is to put the risk management process into an organization’s planning process at operational and strategic levels so that it becomes an integral part of it which helps the organization in achieving its goals. RiskSE framework also creates a culture of risk awareness from operational, fraud, individual projects, and strategic perspectives in an organization. It is meant to give the risk management process trustworthiness so that those involved in the process can consider monitoring, treatment, reporting and review of risks, and even identification of new risks (Froot et al, 1994). The main RiskSE primary deliverable products include the risk assessment document, the project structure, and the vision document (Crouhy et al, 2000). RiskSE Benefits: RiskSE leads to improved focus on an organization’s strategic goals. It leads to outstanding thoroughness in planning and the Organization’s management activities. RiskSE promotes proactive management due to the early identification of risks and their management (Crouhy et al, 2000). It also leads to the following; enhanced responsibility and accountability levels, improved decision making (informed decisions) on new projects and new opportunities, reduced chances of taking needless opportunistic risks, a better foundation for an organization’s strategic planning, a reception for opportunity and risk changing models in a competitive environment and improved service delivery due to effective allocation of resources in appropriate areas such as high-risk areas and key services (Crouhy et al, 2000). Importance of RFRC RFRC promotes confidence in corporate reporting and governance. The council ensures the use of high corporate governance standards, sets corporate reporting and actuarial practice standards, and enforces auditing and accounting standards. It, therefore, helps mitigate risks in the audit market hence plays a very important role in risk management in the audit market (Crouhy et al