Month: October 2017

Count Basie

Count Basie

The story of Count Basie is very much the story of the great jazz band that he led for close to 50 years (1935-1984), an orchestra with a distinctive sound, anchored by a subtle but propulsive beat, buoyed by crisp ensemble work and graced with legendary soloists still to date a catalogue of featured players which read like a Who’s Who of jazz. Perhaps the most impressive aspect of Count Basie band’s achievement was his steadfast perseverance in staying strong with a 50-year music run with several honorable awards to match.

He was a notable honorary member of Omega Psi Phi Fraternity, Inc. Count Basie born William James Basie, an only child was born in Red Bank, New Jersey in 1904 to two musically gifted parents. His father, who was a gardener by profession, played horn, while his mother played the piano. His mother was his 1st piano teacher. At an early age Basie knew his calling. Music. He dropped out of high school and began frequenting Harlem’s night life. He was particularly fascinated with pianists who perfected their own loose style called the Harlem stride.

Basie met Thomas “Fats” Waller, a great stride piano player. Waller informally taught Basie the intricacies of the organ and introduced him to other stride luminaries. Basie got his start performing in various vaudeville acts, touring around the country. Money was scared and he eventually went bankrupted. Basie was left stranded and broke in Kansas City but instead up quitting the biz, even with battling and overcoming spinal meningitis, Basie picked himself up.

Basie found work in the city’s movie theaters as a pianist. In late 1920s Basie joined various bands, epitomizing that Kansas City style of jazz. Along with developing his own sound, Basie’s sound was characterized by a “jumping” beat and the contrapuntal accents of his own piano. At this the time Bill Basie began to make a name for himself, he was soon dubbed but other as “Count. ” Soon Count Basie formed his own big band, The Barons of Rhythm.

The band was eventually renamed the Count Basie Orchestra, and their sound was distinct from the other big bands of the day, with a far more bluesy, less polished feel. Basie band popularity continued rise but after a decade of hits the swing era began to fade in mid 1940s. The Band disbanding briefly, Count Basie still kept going doing music through various mediums. Eventually, Count Basie Orchestra revived in 1952 and continued to flourish.

Count Basie Orchestra performed everywhere from Birdland to 1961 Presidential Inaugural ball to Great Britain for a command performance for Queen Elizabeth II along with Winning multi Grammys for Jazz for four straight decades. Basie’s health gradually deteriorated the last eight years of his life. Count Basie continued to see it through and he performed up to a month before his death in 1984. He died of pancreatic cancer on April 26, 1984 leaving behind millions of fans including myself who still play his music today.

Nirmal Rayon Ltd

Nirmal Rayon Ltd

Problem/Issue: The MD of Nirmal Rayon has to decide whether to expand the capacity to 7500 tonnes. The MD wants to get reliable volume forecast for the next ten few years to make the decision. Situation Analysis: i)Textile Industry: The volume forecast has been calculated using chain ratio method. The estimates given by consultant have taken the following assumptions which seem valid: a)Per capita consumption – Keeping the past scenario in mind, the estimate of 14. meters seems pretty reasonable b)Population growth – The population growth data is taken roughly around 2% per annum which is also reasonable enough c)Decrease in total % share of cellophane owing to new technological developments – With the anticipation of new technology development in this area, the demand for cellulose based film is bound to decrease. But still the basis for decrease in total % share of cellophane from 74% in 1972 to 64% in 1977 is not clear. Overall consultants’ estimates match Planning commission’s estimate. i)Cigarettes Industry: There are below mentioned flaws in the estimation: a)The production is greater than the installed capacity b)No cause-effect relationship between cigarette production and time c)Replacement by a cheaper paper-polyethylene laminate has been neglected d)Decrease in demand due to labor strikes cannot be forecasted through regression analysis Taking a conservative approach and taking excise duty and cheaper products in mind, it should be reasonable to take a 50% as wrapping proportion for the year 1977 instead of 55%.

Based on this the forecast for this industry would come out to be 2106 tonnes (84240 x 0. 05 x 0. 5). iii)Confectionery – The growth rate of unorganized sector is tipped to be 5% but calculation done with 6%. Figures of total cellophane not matching with formula:- (0. 8*organized + 0. 05*unorganized) * 0. 04 * . 15 which comes out to be 676. 855 tonnes. iv) Pharmaceutical – The following flaws in the estimation of demand. a)No basis for the assumption of the constant price made by the consultant. b)Errors committed by the consultant in the “estimation of the strip pack share” column. )No basis for the assumed percentage increase in the share of cellophane from 27. 6 to 40. Others. Since, there are not valid figures with us we will use the given figures by the consultant. v)New uses – The figures in the case and Exhibit A8 do not match. Choosing lower estimates for demand leads to revised figure. The new figure obtained is 835 tonnes. Conclusion: By adding up the demand for all industries, we get the new forecast to be 9389. 4 tonnes. But there are 3-4 other players in the market. There would be very huge under capacity utilization. So, it is advisable not to increase the production capacity.

Vodou-Syncretism in the Caribbean

Vodou-Syncretism in the Caribbean

ContentPage Introduction1-2 Definition of terms3-5 How the process of syncretism started in the Caribbean6 effects of syncretism in the Caribbean7 Essential beliefs of vodou8 Simple vodou ritual9 Similarities between vodou and Catholism 10 Contemporary Vodou 11 Myths and misconceptions aboutVodou 12 Notes 13 Conclusion 14 Bibliography 15 1 Introduction

People in the Caribbean follow certain Caribbean religions and are greatly influence by their teachings. These religions of the world give their followers some sort of spiritual satisfaction, social acceptance, self reflection, upliftment and meaning to life. Religion played a great role in the development in the Caribbean regions, since it embraces many cultural elements including personal creed or belief, folk medical practices, ethics and values which have been transmitted from generations to generations through various avenues such as; stories, songs, proverbs and other forms of artistic expressions.

Caribbean religions may be classified into several major categories according to Simpson 1978 as quoted in the book Understanding The Contemporary Caribbean. First we have the Neo-African religions. These developed historically within the context of the slavery and preserved a fair amount of African religions traditions, which have combined with Roman Catholic beliefs and practices. They include Vodou in Haiti; Santeria in Cuba, the Dominican Republic, and Puerto Rico; and can Domble and Macumba in Brazil.

The second category includes the ancestral religions that have preserved fewer African traditions and derive from various forms various forms of Protestantism imported to the Caribbean by Christians missionaries during the nineteenth century. These include Orisha in Trinidad and Grenada, the Kumina and convince in Jamaica, the big Drum in Grenada and Carriacon and Kele in St. Lucia. The third categories includes the reinvenlist religions that are nineteenth and twentienth century phenomena and are related to charismatic protestant movements imported from the United States.

There encompass the Pentecostal, Baptists, Seventh Day Adventists, and Revival movements throughout the Caribbean; spiritual Baptists in Trinidad and Tobago, St Vincent, Grenada, Guyana, and Venezuela; Shakers and Streams of Power in St Vincent; Tie Heads (members of the Jerusalem Apostolic spiritual Baptist church) in Barbados and St Lucia; Jordanites in Guyana; Spirit Baptists in Jamaica; and the Cohorites and Holiness movements Pentecostal- derived groups) in Haiti.

The fourth category emphasize deviation ( the intuitive reading of one’s future into an object) and folk healing through medium ship. These include Myalism in Jamaica, Revival movement in Jamaica, Espiritismo and the various spritist sects in Puerto Rico, Umbanda in Brazil, and Maria Lionza in Venezuela. The fifth category includes the religion political movements that developed during the early part of the twentieth century and that address many issues related to neocolonialism and social and economic injustice. These include the Rastafarians and dread movements that originated in Jamaica (but which have become widespread through the Caribbean), as well as the newly introduced nation of Islam from the United States. A sixth category includes the religious traditions imported to the Caribbean from Asia such as the various Hindu sects of Trinidad and Tobago, Guyana, and Suriname. These sects were brought to the Caribbean in the nineteenth century with the arrival of thousands of indentured laborers to many parts of the Caribbean. This assignment concentrates mainly on the first category and in particular Vodou as practiced in Haiti. Definition of terms (1)Fundamentalism (I). movement with strict view of doctrine: a religious or political movement based on a literal interpretation of and strict adherence to doctrine, especially as a return to former principles (II)support for literal explanation: the belief that religious or political doctrine should be implemented literally, not interpreted or adapted ( Encyclopedia Encarta 2009) Origin of the Word The word fundamentalism originally referred to fundamental beliefs that existed solely within Christianity. 1]Powerful church revivals up to the 19th century had seen countless numbers commit their lives to Christ. But by 1900, conservative church leaders started seeing erosion of church influence because of liberal German biblical criticism and the increasing acceptance of Darwin’s theory of evolution[2] In response to these attacks, many evangelical Christian leaders and churchmen who believed in the inerrancy of the Bible came together and formed the American Bible League in 1902. Between 1910 and 1915 these evangelicals published a series of 12 pamphlets called The Fundamentals: A testimony to the truth.

The pamphlets responded to, and counterattacked, the biblical critics, and reaffirmed the authority of the Bible. They were distributed to clergy and seminary students at no cost. In 1920, the Baptist editor of the conservative publication Watchman-Examiner, Curtis Lee Laws, used the term “fundamentalist” to describe those who were ready “to do battle royal for the Fundamentals. ” Laws may have borrowed the term, but as his use of the word is the first recorded, he received the credit for inventing it. www. brown. du/Departments/Anthropology/publications/. com How the meaning has changed In its original sense, fundamentalism had a positive image among many conservatives who accepted basic Christian doctrine. As time went on, the word gained more negative overtones. It came to be applied to any movement that promoted adherence to traditional beliefs. Since the 1970s, the media have used the word fundamentalist with the more sinister meaning of “violent 4 extremist”, and this is what comes to mind for most non-Christians today when they hear the. ord News reports during the Iranian Revolution of 1978, [3] and after the September 11, 2001, [4] referred to Muslim extremists as “Muslim fundamentalists” — even though Muslims say there is no concept of fundamentalism in Islam. [5] The media also began referring to hardline politico-religious sects in India and elsewhere as “radical fundamentalists”. Even zealous evolutionary scientists were called fundamentalists in the 1990s www. creationwiki. org/Fundamentalism. com (2)Syncretism Syncretism – (philosophy and religion), reconciliation of different belief systems, as in philosophy or religion. Encarta 2009) The word Syncretism is first attested in English in 1618 and is derived from modern Latin syncretismus, drawing on Greek (synkretismos), meaning “a union of communities”. Syncretism consists of the attempt to reconcile disparate or contrary beliefs, often while melding practices of various schools of thought. The term may refer to attempts to merge and analogise several originally discrete traditions, especially in the theology and mythology of religion, and thus assert an underlying unity allowing for an inclusive approach to other faiths

Religious syncretism -exhibits blending of two or more religious belief systems into a new system, or the incorporation into a religious tradition of beliefs from unrelated traditions. This can occur for many reasons, and the latter scenario happens quite commonly in areas where multiple religious traditions exist in proximity and function actively in the culture, or when a culture is conquered, and the conquerors bring their religious beliefs with them, but do not succeed in entirely eradicating the old beliefs or, especially, practices. (3)Folk Religion

Folk Religion,- popular religion that may diverge from official teachings and doctrines of the majority faith. Folk religions often combine a region’s ancient, indigenous beliefs with a religion of more recent date ( Encarta 2009) 5 Brief overview of the two religions that give rise to Haiti Vodou (1)Vodun (a. k. a. Vodoun, Voudou, Voodoo, Sevi Lwa) is commonly called Voodoo (vu’du) by the public. The name was derived from the god Vodun of the West African Yoruba people who lived in 18th and 19th century Dahomey. Its roots may go back 6,000 years in Africa.

That country occupied parts of today’s Togo, Benin and Nigeria. Slaves brought their religion with them when they were forcibly shipped to Haiti and other islands in the West Indies The pantheon of vodoun is quite large and complex. In one version, there are seven male and female twins of Mawu, interethnic and related to natural phenomena or historical or mythical individuals, and dozens of ethnic vodous, defenders of a certain clan or tribe West African Vodun has its primary emphasis on ancestors, with each family of spirits having its own specialized priest and priestess, which are often hereditary.

In many African clans, deities might include Mami Wata[7] Legba,[8] Ogoun[9]and sakpata,[10] (2)Catholics-, is the world’s largest Christian church, claiming more than a billion members. Led by the Pope, it defines its mission as spreading the gospel of Jesus Christ, administering the sacraments and exercising charity. The Church is among the oldest institutions in the world and has played a prominent role in the history of Western civilisation It teaches that its bishops are the successors of Jesus Christ’s apostles and that the Pope, as the successor of St.

Peter, possesses a universal primacy. Catholic doctrine maintains that the Church is infallible when it dogmatically teaches a doctrine of faith or morals. Catholic worship is centred on the Eucharist in which the Church teaches bread and wine are supernaturally transubstantiated into the body and blood of Christ. The Church holds the Blessed Virgin Mary in special regard. Catholic beliefs concerning Mary include her Immaculate Conception without the stain of original sin and bodily Assumption into heaven at the end of her life. How the process of syncretism started in the Caribbean The process of syncretism in the Caribbean region is often referred to as creolization. [6] The term creole is used to describe anyone, regardless of race or ethnicity, who was born and raised in the region. The shared histories of the Caribbean islands include long periods of European Imperialism (mainly by Spain, France and Britain), the importation of African slaves (primarily from Central and Western Africa), and the domination of the sugar industry across the region.

The influences of each of the above on the islands, in varying degrees were woven together producing the fabric of society that exists today in the Caribbean Vodou arises as a result traditional African religion that was practiced in the region of dahomey. Baptism and religious instruction were prescribed when the slaves were brought to work on the sugar plantation in Haiti. Religious instruction was done in the Catholic Religion. The slaves had great difficulty in understanding this new religion and hence continued to rely on their own tribal beliefs .

Naseer Mustapha in his book ‘Sociology for Caribbean students’ concludes that Catholicism and African beliefs merged to form Vodou in Haiti . The process of syncsetismwas possible because the Catholic practice of Saint veveration lent itself to cultural interpretion. The slaves were introduced to this religion in a slap dash manner and hence creolized the religion by attributing alternate personalities to the saints Through this religious syncretism Haiti was liberated from the French.

The most historically important Vodou ceremony in Haitian history was the Bwa Kayiman or Bois Caiman ceremony of August 1791 that began the Haitian Revolution, in which the spirit Ezili Dantor possessed a priestess and received a black pig as an offering, and all those present pledged themselves to the fight for freedom This ceremony ultimately resulted in the liberation of the Haitian people from French colonial rule in 1804, and the establishment of the first black people’s republic in the history of the world and the second independent nation in the Americas. 7 Effects of syncretism in the Caribbean

The Dahomean religion was very rich in it’s own culture ,beliefs and refinements. However ,much of it’s subtleties were lostor changed during the period of transition into the new folk religion. Vicious social conditions resulted as a result of the process under which the religion was evolved. The planters treated the slaves like machines and wre especially cruel to them concerning any activity that was not directly related to the function of his estate. There were numerous threats of potential rebellions and meetings among the slaves were frowned upon and treated with suspicion.

Some slaves were persecuted on the assumption that they were practicing magic This new folk religion of Vodou posed as a threat to Catholicism and many places of worship wre destroyed during the years 1896 and 1913. In 1941 operation clear up was launched to destroy places of worship. Examples of folk religions in the Caribbean (1)Orisha /Shangoism Practised mainly in Trinidad and Tobago (2)Rastafarianism Practiced mainkly in Jamaica (3)Vodun (Vodoo)Practiced mainly in Haiti (4)Kumina/Cumina/Pukkumina/Pocomania in Jamaica (5)Santeria mainly practiced in Cuba Essential Beliefs of vodou God The Voodoo religion teaches that there is one supreme being named Bondje. Beneath Bondje, are hundredsof minor gods and Loa. Loa are the spirits of departed people who led exceptional earthly lives (much like theconcept of saints in the Roman Catholic tradition). The Loa are believed to exercise control over nature, and thehealth, wealth, and happiness of humans. Jesus Christ is not a part of the ancient Voodoo tradition, but as Christian ideas were mixed into the religion, Jesus became a part of their pantheon of gods. Man

Human beings are believed to be a material expression of the universal life energy that all living thingsshare. The physical body contains a soul which consists of two parts. The “small soul” is an individual’s personalessence. This part is able to journey out of the body during sleep (in dreams), as well as when the body isbeing possessed by the Loa during Voodoo ceremonies. The “large soul” is a portion of the universal life energywhich enters an individual at conception and departs at death. Salvation In Voodoo, salvation does not relate to forgiveness or of overcoming sin.

Rather, it deals with the practicalissues of how to make it through this life. The gods are called on to help one navigate this life and to move smoothly into the next . Freddie Davis 2006 Vodou rituals Vodou rituals are part of a philosophy that ties individuals to society, their community, and the environment. Most vodou rituals entail the use of special herbs that are used to rub on the bodies of the followers,Hence they show great respect and reverence to their environment 9 The procedure for a simple Vodou rituals:

The purpose of rituals is to make contact with a spirit, to gain their favor by offering them animal sacrifices and gifts, to obtain help in the form of more abundant food, higher standard of living, and improved health. Human and Loa depend upon each other; humans provide food and other materials; the Loa provide health, protection from evil spirits and good fortune. Rituals are held to celebrate lucky events, to attempt to escape a run of bad fortune, to celebrate a seasonal day of celebration associated with a Loa, for healing, at birth, marriage and death.

Vodun priests can be male (houngan or hungan), or female (mambo). A Vodun temple is called a hounfour (or humfort). At its center is a poteau-mitan a pole where the God and spirits communicate with the people. An altar will be elaborately decorated with candles, pictures of Christian saints, symbolic items related to the Loa, etc. Rituals consist of some of the following components: A feast before the main ceremony. Creation of a veve, a pattern of flour or cornmeal on the floor which is unique to the Loa for whom the ritual is to be conducted Shaking a rattle and beating drums which have been cleansed and purified hanting Dancing by the houngan and/or mambo and the hounsis (students studying Vodun). The dancing will typically build in intensity until one of the dancers (usually a hounsis) becomes possessed by a Loa and falls. His or her ti bon ange has left their body and the spirit has taken control. The possessed dancer will behave as the Loa and is treated with respect and ceremony by the others present. Animal sacrifice; this may be a goat, sheep, chicken, or dog. They are usually humanely killed by slitting their throat; blood is collected in a vessel. The possessed dancer may drink some of the blood.

The hunger of the Loa is then believed to be satisfied. The animal is usually cooked and eaten. Animal sacrifice is a method of consecrating food for consumption by followers of Vodun, their gods and ancestors. 10 Similarities between Vodou and Catholicism There are a number of points of similarity between Roman Catholicism and Vodou: as given on the website( www. pediaview. com/openpedia/Louisiana_Voodoo ) Both believe in a supreme being. The Loa resemble Christian Saints, in that they were once people who led exceptional lives, and are usually given a single responsibility or special attribute. Both believe in an afterlife.

Both have, as the centerpiece of some of their ceremonies, a ritual sacrifice and consumption of flesh and blood. (Bread and wine) Both believe in the existence of invisible evil spirits or demons. Followers of Vodun believe that each person has a met tet (master of the head) which corresponds to a Christian’s patron saint. Gods and Saints Each Creole religion has its own names for its deities, but these names often represent the same African god and may be represented by the same saints as well. The saints and gods are identified by certain symbols. Vodou LoaSimilar to catholic saintsSymbolsOfferings

Papa LegbaSt. PeterHas a limp, walks with a crutch, often in rags, with a pipe in his mouthAny available offering Papa ogunSt. JamesColors are black and green, numbers are seven and three. Tuesday is his day. Palm wine,salt,roasted tams,Tortoises and dogs AgweSt. UlrichColours green,Boats,Metal fishTake place at seasidesor edges of lakes ChangoSt Mark and GeorgeDouble bladed Axe,sword and cup. Colours are red and whiteRam,tortoise, okra, bean ,cornmeal 11 Contemporary Vodou Today Vodou is practiced not only by Haitians but by Americans and people of many other nations who have been exposed to Haitian culture.

Many Haitians involved in the practice of Vodou have been initiated as Houngans or Mambos. In Haiti, a houngan or mambo is considered a person of possible high power and status who acquire much money; it now is a growing occupation in Haiti, attracting many an impoverished citizen to its practice, not only to gain power but to gain money as well. Some Vodou practitioners with a hunger to live a life of wealth and power became practitioners so they could exploit foreigners and Haitians who are uneducated about Vodou, bringing them into a web of deceptions to collect large incomes in exchange for poor quality work.

In January 2010, after the Haiti earthquake there was an outburst of solidarity prayers in Benin with the victims. Traditional ceremonies were organized to appease the spirits and seek the blessing of ancestors for the Haitians. Also a “purification ceremony” was planned for Haiti. At least 45 people, most of them Vodou priests, have been lynched across Haiti due to accusations they are using witchcraft to spread cholera . Vodou has impacted greatly on the political life of Haitians. “There has never been a Haitian president who hasn’t used Vodou to promote his program on the Haitian people”, says Professor Desmangles. Every president has used it to maintain power through theological language”. Former dictator Papa Doc Duvalier, president from 1957 until his death in 1971, was notorious for his use of Vodou. Loyal clergy reputedly performed rituals to protect his personal paramilitary force, the Tonton Macoutes, from retribution as they terrorized the Haitian populace. In contrast, former President Jean Bertrand Aristide was the first Haitian president to formally invite Vodou oungans and mambos to the National Palace during his 1991-95 administration, recognizing the role they play in shaping Haitian society 12 Myths and misconceptions about vodou

Vodou has come to be associated in popular culture with the lore of Satanism, zombies and “voodoo dolls”. Zombie creation has been referenced within rural Haitian culture, but it is not a part of the Vodou religion proper. Such manifestations fall under the auspices of the bokor or sorcerer rather than the priest of the Loa. The practice of sticking pins in dolls has history in folk magic, but its exact origins are unclear. How it became known as a method of cursing an individual by some followers of what has come to be called New Orleans Voodoo, but more appropriately Hoodoo (folk magic), is unknown.

This practice is not unique to Voodoo or Hoodoo, however, and has as much basis in magical devices such as the poppet and the nkisi or bocio of West and Central Africa. These are in fact power objects, what in Haiti is called pwen, rather than magical surrogates for an intended target of sorcery whether for boon or for bane. Such Voodoo dolls are not a feature of Haitian religion, although dolls intended for tourists may be found in the Iron Market in Port au Prince. The practice became closely associated with the Vodou religions in the public mind through the vehicle of horror movies and popular novels.

There is a practice in Haiti of nailing crude poppets with a discarded shoe on trees near the cemetery to act as messengers to the otherworld, which is very different in function from how poppets are portrayed as being used by Vodou worshippers in popular media and imagination, i. e. for purposes of sympathetic magic towards another person. Another use of dolls in authentic Vodou practice is the incorporation of plastic doll babies in altars and objects used to represent or honor the spirits, or in pwen, which recalls the aforementioned use of bocio and nkisi figures in Africa.

Although Vodou is often associated with Satanism, Satan is rarely incorporated in Vodou tradition. 13 Notes (1) A religion that follows the teachings of Jesus Christ (2) Charles Darwin (1809-1882), British scientist, who laid the foundation of modern evolutionary theory with his concept of the development of all forms of life through the slow-working process of natural selection (3) Islamic Revolution of Iran, widespread uprising in 1978 and 1979 in which Islamic fundamentalists and their supporters overthrew Muhammad Reza Shah Pahlavi of Iran.

The revolutionaries, led by an exiled religious leader, the Ayatollah Ruhollah Khomeini (4) September 11 Attacks coordinated terrorist strike on the United States in 2001 that killed about 3,000 people and shook the nation to its core. (5) Islam, one of the three major world religions, along with Judaism and Christianity that profess monotheism, or the belief in a single God. (6) Derived from term Creole is used to describe anyone, regardless of race or ethnicity, who was born and raised in the region. 7) Who are gods and goddesses of the waters; (8) Who in some clans is virile and young in contrast to the old man form he takes in Haiti and in many parts of Togo; (9) Ruling iron and smith craft (10) Who rules diseases; 14 Conclusion It can be seen that some Caribbean religion are results of merging of various traditional religion from several continents such as Africa, Asia and Europe these blending of the various beliefs started with the arrival of Columbus and the establishment of the first Europeans settlement in ‘1492’.

Africans were brought as slaves, the Africans who came had a variety of beliefs that cover a wide area in West Africa. Depending on the level of influence to which he Europeans exercises their cultural presence on a particular island, the island was able to maintain an exercise or have a decrease or increase in their Africans traditions. Vodou, as it is known in Haiti and the Haitian Diaspora, is the result of the pressures of many different cultures and ethnicities of people who were uprooted from Africa and imported to Hispaniola during the African slave trade.

Under slavery, African culture and religion was suppressed, lineages were fragmented, and people pooled their religious knowledge and from this fragmentation became culturally unified. In addition to combining the spirits of many different African and Amerindian nations Vodou provides, like all world religions, a profound spirituality, says Leslie Desmangles, professor of religion at Trinity College in Hartford, Conn. It is a very strong, cohesive social force within the community, and the community extends beyond the visual community to include the spiritual world.

Religion has definitely played an important role in the development of the Caribbean Religious development and social development comes hand in hand and because of the plurality of the various Caribbean Societies syncretism of religions has occurred. Borrowing and integrating from other religions have enabled old customs and traditions to stay alive 15 Bibliography Hillman Richard . S & Thomas J. D’Agostino( 2003),Understanding The Contemporary Caribbean Ian Randle Publishers,11 Cunningham Avenue, Kingston 6,Jamaica Matthews Warren (2007),World Religions 5th Edition Thompson Higher Education,10 Davis Drive ,Belmont,CA. 4002-3098, U. S. A Mustapha Naseer. ( 2007). Sociology for Caribbean Students Ian Randle Publishers,11 Cunningham Avenue, Kingston 6,Jamaica “West African Dahomean Vodoun: The world’s oldest nature religion,” at: http://www. mamiwata. com/ “W est African Dahomean Vodoun: Historical background,” at: http://www. mamiwata. com/ Microsoft ® Encarta ® 2009. © 1993-2008 Microsoft Corporation. All rights reserved. Wikipedia, the free encyclopedia on the net. . All rights reserved.

Nike.S World Shoe Project

Nike.S World Shoe Project

CASE STUDY – EXPANDING THE PLAYING FIELD: NIKE. S WORLD SHOE PROJECT “To bring inspiration and innovation to every athlete in the world” ……….. Company Mission Statement “We want to be able to shoe and clothe young athletes of the world regardless of where they live. To do it for really difficult socioeconomic situations is both challenging and rewarding” …………… Tom Hartge, Footwear Director for Emerging Markets The words “Just make me the shoe! ” echoed down the boardroom table to Tom Hartge a 17- year veteran of the running shoe company, Nike, Inc.

Tom Clarke, president of the company in 1998, had attended the meetings, seen the presentations and reviewed the numbers related to the market potential of China: a rough gem with a booming population of 1. 2 billion. He also knew that in many parts of the world, including China, people couldn’t afford Nike’s current footwear products. Clarke didn’t want to listen to any more speeches. He wanted to hold in his hand a tangible prototype – a specialized shoe that could sell in an emerging economy. Nike’s challenge was to “expand the playing field” with a range of affordable, durable, and easy-to-produce sport shoes.

So with this command, Hartge, Director of Emergine Market Footwear, teamed up with long-time shoe designer Alex Gajowskyj, and in early 1998 began the development of the World Shoe Project, a footwear line exclusively intended for emerging markets in Asia, Africa, and Latin America. In early 1999, initial indicators were positive as the World Shoe line hit retail stores in China, as well as in Thailand, Indonesia, Malaysia, the Philippines, and other Asian and Latin American markets. In China, marketing studies suggested a growing population of sports enthusiasts and over 80 million Chinese with an annual income between U. S. 10,000 and $40,000. Further, Nike faced little competition from other major international shoe companies. The World Shoe line was manufactured in China using local materials and Nike’s existing manufacturing network, which helped to decrease import duties and other costs of production. These cost reductions, combined with a design-for-manufacture process that had a relatively small environmental impact, allowed for a relatively low-cost product for the intended Chinese segment. As another benefit, the local manufacturing and sourcing plan created jobs-and thus income generation-for local residents, who typically had little purchasing power.

The $15 retail price point held the potential to capture a huge new customer base and expand the range of Nike products offered in retail stores. However, by January 2001, Hartge was faced with a dilemma: World Shoe sales were not meeting expectations. First, Nike struggled with the concept of selling low-margin products. There was no corporate flexibility with regard to profit expectations for the World Shoes. Even at $15 a pair, the shoe couldn’t compete with lower-priced, local brands. Another major problem was the company’s limited distribution 4 infrastructure in China.

As a result, the shoes weren’t widely available to consumers outside the major metropolitan areas where Nike sold its high-end footwear. Finally, no specialized marketing or advertising plan was created for the new product line. The shoes had been placed into the company’s current retail channels with little explanation or promotion. In two days, Hartge would meet with CEO Phil Knight and his senior management team to decide the fate of the fledgling product line. Hartge wondered how to get Knight to fully support the promising concept of the World Shoe Project. China: Manufacturing Partner or Marketplace?

During a tour of soccer fields and badminton courts at a university in Chengdu, China, Hartge and Gajowskyj came to the disturbing realization that among hundreds of athletes, not one was wearing any Nike product. Athletes played sports wearing mostly worn out, inexpensive canvas shoes. The two discovered that an athlete who played sports two to four times weekly would replace a pair of shoes six to eight times annually. The few pairs of more expensive, non-canvas “Western” brand shoes sat next to piles of clothing courtside, worn only for the trip to the game and then replaced with the cheaper shoes to actually play in!

Beyond simple observation, research statistics revealed the market demand for athletic shoes. According to a Nike commissioned study of the Chinese sports market, 86 percent of the interviewees participated in some kind of “sport. ” This translated to over 1 billion “exercising people” in China. Over 49 percent of those surveyed claimed to ride a bicycle, which was also a primary means of transportation. Apart from cycling and running, badminton was reported as the most played sport in China. According to this study, 35 percent of Chinese age 10 or older played badminton at least once a year.

In absolute numbers, this translated to 336 million players, a number Hartge felt couldn’t be ignored. Exhibit 4 highlights the various sports activities of the Chinese population. Hartge saw a twofold advantage of the World Shoe project. First, it made sense from a growth perspective. But equally as important for Nike’s brand image, the initiative made sense from a triple-bottom-line standpoint. For one thing, it created more income generation in the regions where the company operated manufacturing facilities.

Second, a product specially developed for the needs of the mass Chinese market offered local consumers their own affordable product line. A New Business Model To tap into this flourishing market, Nike needed a new strategy. The traditional business model of exporting and marketing footwear to wealthy top-tier markets simply would not fit successfully with this new segment. Customers’ needs and purchasing power were different, retailers didn’t operate in the same manner as in developed markets, and production and material costs would need to be seriously re-evaluated.

In 1996, before Hartge came on board full-time with the World Shoe Project, an Emerging Market Task Force was created to develop a new business plan for entry into such markets. Their strategic mission was “to enter and generate 5 revenue by penetrating markets where Nike [was] not currently making an impact. Global in concept, local in execution”. The task force was composed of individuals from footwear, manufacturing, strategic planning, and international footwear departments. They examined the company’s current manufacturing, ordering and distribution policies, and drafted a new business model for emerging economies.

The new plan included the concepts of “local-for-local” manufacturing, product development based on collaboration with local factories, and a target market classification system to determine the proper customer segment. The World Shoe: On the Fields of Play In early 1999, the World Shoe product line hit retail stores in China and other Asian and Latin American markets. The line consisted of two basic models: the Series 100, an entry-level canvas product with a simple rubber outsole, and the Series 400, which used high-quality performance materials and included midsole “foam” cushioning technology.

The Series 100’s retail price ranged from $15 to $22, and the Series 400 ranged from $40 to $45. Sports specificity was achieved in the last production step of the Series 100. Overall shape, fit, and outsole traction were slightly modified from the basic Series 100 shoe. The shoes were then given specific names for their respective sport: Hoopster (basketball), Sportster (court shoe), Roadster (running), Kickster (soccer), Trainster (cross-trainer), and Youth Training (school shoe). Exhibit 7 illustrates shows several models. Revenue and Margin Forecast

Conservative revenue and gross margin forecasts had been created by the original task force in 1997, before any shoes were actually sold in the marketplace. Gross margins for the World Shoe line were predicted to increase from fiscal year 1999 to 2001, adding $64. 3 million to Nike’s profits. Although the overall company margin decreased by 1 percent with the addition of this project in 2001, the dollars margin increased from $80. 6 million to $144. 9 million. Challenges By January 2001, Hartge and his team had sold approximately 404,520 pairs of World Shoes to Chinese customers.

Three key issues contributed to the disappointing sales. First, organizational disincentives, including rigid profit margin expectations, ran counter to the promise of emerging-economy markets: small margins but high sales volume. The World Shoe was overpriced and couldn’t compete with the local, low-priced competition. Second, reliance on Nike’s existing distribution system restricted Hartge’s access to the intended segment. Third, no formal marketing plan existed to promote the new shoe line to current or prospective retailers, or to end consumers. Could the World Shoe Project survive?

The Comparison of Irr and Npv

The Comparison of Irr and Npv

Question 1. Calculation of Payback, NPV and IRR. 3 (i) Calculation for Project 13 (ii) Calculation for Project 24 (iii) Calculation for Project 35 (iv) Calculation for Project 46 (v) Calculation for Project 57 (vi) Calculations summary8 Question 2. Assessment of the proposals9 Question 3. Other factors to be considered11 Question 4. The comparison of IRR and NPV12 References14 Bibliography15 Question 1. Calculation of Payback, NPV and IRR. (i) Calculation for Project 1: Year| Net cash flow (? ) | Cumulative net cash flow (? )| Discount factors| Present value (? )|  |  |  | 10%| 20%| 25%| 10%| 20%| 25%| 1-2| 0| 0| | | | | | | | 73,000| 73,000| 0. 751| 0. 579| 0. 512| 54,823| 42,267| 37,376| 4| 73,000| 146,000| 0. 683| 0. 482| 0. 410| 49,859| 35,186| 29,930| 5| 73,000| 219,000| 0. 621| 0. 402| 0. 328| 45,333| 29,346| 23,944| Total present value| 150,015| 106,799| 91,250| Less: Initial investment | 100,000| 100,000| 100,000| Net present value (NPV) = Total present value – Initial [email protected]% = ? 50,015| 50,015| 6,799| (8,750)| Payback period=3+ ? 100,000-? 73,000? 73,000= 3. 37 years or 0. 37 * 12 months = 3 year and 4. 4 months | Internal rate of return (IRR) =positive rate+(positive NPVpositive NPV + negative NPV* ? ange of rates)* ignore the negative sign=20%+? 6,799? 6,799 + ? 8,750 ? (25% – 20%)= 22. 2%| Conclusion: As the NPV of ? 50,015 is positive, the project 1 can be accepted. The IRR of 22. 2% which is above the minimum rate of return (10%) bring us to the same conclusion. Payback period shows that 3 years and 4. 4 months is necessary for the project to pay back initial investment of ? 100,000. (ii) Calculation for Project 2: Year| Net cash flow (? )| Discount factors| Present value (? )|  |  | 10%| 20%| 25%| 10%| 20%| 25%| Annuity for 5 years| 66,000| 3. 791| 2. 991| 2. 690|  |  |  | Initial investment| 180,000| 180,000| 180,000|

Net present value (NPV) of an annuity= Net cash flow * Discount factor – Initial investment = ? 66,000 * Discount factor – ? 180,[email protected]% = ? 70,206| 70,206| 17,406| (2,460)| Payback period of an annuity=Initial investmentNet cash flow per year=? 180,000? 66,000= 2. 7 years or 0. 7 * 12 months = 2 years and 8. 4 months| Internal rate of return (IRR) =positive rate+(positive NPVpositive NPV + negative NPV* ? range of rates)* ignore the negative sign=20%+? 17,406 ? 17,406 + ? 2,460 ? (25% – 20%)= 24. 4%| Conclusion: As the NPV of ? 70,206 is positive, the project 2 can be accepted. The IRR of 24. % which is above the minimum rate of return (10%) bring us to the same conclusion. Payback period shows that 2 years and 8. 4 months is necessary for the project to pay back initial investment of ? 180,000. (iii) Calculation for Project 3: Year| Net cash flow (? )| Cumulative net cash flow (? )| Discount factors| Present value (? )|  |  |  | 10%| 30%| 35%| 10%| 30%| 35%| 1| 145,000| 145,000| 0. 909| 0. 780| 0. 740| 131,805| 113,100| 107,300| 2| 145,000| 290,000| 0. 826| 0. 600| 0. 550| 119,770| 87,000| 79,750| 3-5| 0| 0| | | | | | | Total present value| 251,575| 200,100| 187,050|

Less: Initial investment | 200,000| 200,000| 200,000| Net present value (NPV) = Total present value – Initial [email protected]% = ? 51,575| 51,575| 100| (12,950)| Payback period=1+ ? 200,000 – ?145,000? 145,000 = 1. 4 years or 0. 4 * 12 months = 1 year and 4. 8 months| Internal rate of return (IRR) =positive rate+(positive NPVpositive NPV + negative NPV* ? range of rates)* ignore the negative sign=30%+? 100? 100 + ? 12,950 ? (35% – 30%)= 30. 0%| Conclusion: As the NPV of ? 51,575 is positive, the project 3 can be accepted. The IRR of 30% which is above the minimum rate of return (10%) bring us to the same conclusion.

Payback period shows that 1 year and 4. 8 months is necessary for the project to pay back initial investment of ? 200,000. (iv) Calculation for Project 4: Year| Net cash flow (? )| Discount factors| Present value (? )|  |  | 10%| 25%| 30%| 10%| 25%| 30%| Annuity for 5 years| 16,000| 3. 791| 2. 690| 2. 480|  |  |  | Initial investment| 40,000| 40,000| 40,000| Net present value (NPV) of an annuity= Net cash flow * Discount factor – Initial investment = ? 16,000 * Discount factor – ? 40,[email protected]% = ? 20,656| 20,656| 3,040| (320)| Payback period of an annuity=Initial investmentNet cash flow per year=? 0,000? 16,000= 2. 5 years or 0. 5 * 12 months = 2 year and 6 months| Internal rate of return (IRR)=positive rate+(positive NPVpositive NPV + negative NPV* ? range of rates)* ignore the negative sign=25%+? 3,040? 3,040 + ? 320 ? (30% – 25%)= 29. 5%| Conclusion: As the NPV of ? 20,656 is positive, the project 4 can be accepted. The IRR of 29. 5% which is above the minimum rate of return (10%) bring us to the same conclusion. Payback period shows that 2 years and 6 months is necessary for the project to pay back initial investment of ? 40,000. (v) Calculation for Project 5: Year| Net cash flow (? | Discount factors| Present value (? )|  |  | 10%| 95%| 100%| 10%| 95%| 100%| Annuity for 5 years| 70,000| 3. 791| 1. 010| 0. 970|  |  |  | Initial investment| 70,000| 70,000| 70,000| Net present value (NPV) of an annuity= Net cash flow * Discount factor – Initial investment = ? 70,000 * Discount factor – ? 70,[email protected]% = ? 195,370| 195,370| 700| (2,100)| Payback period of an annuity=Initial investmentNet cash flow per year=? 70,000? 70,000= 1 year | Internal rate of return (IRR)=positive rate+(positive NPVpositive NPV + negative NPV* ? range of rates)* ignore the negative sign=95%+? 700? 700 + ? ,100 ? (100% – 95%)= 96. 3%| Conclusion: As the NPV of ? 195,370 is positive, the project 5 can be accepted. The IRR of 96. 3% which is above the minimum rate of return (10%) bring us to the same conclusion. Payback period shows that 1 year is necessary for the project to pay back initial investment of the ? 70,000. (vi) Calculations summary: | Initial investment| Payback period| [email protected]%| IRR| Project 1| ? 100,000| 3 years and 4. 4 months| ? 50,015| 24. 2%| Project 2| ? 180,000| 2 years and 8. 4 months| ? 70,206| 24. 4%| Project 3| ? 200,000| 1 years and 4. 8 months| ? 51,575| 30. 0%| Project 4| ? 0,000| 2 years and 6 months| ? 20,656| 29. 5%| Project 5| ? 70,000| 1 year| ? 195,370| 96. 3%| Question 2. Assessment of the proposals. According to Proctor (2009), a situation in which a company has several possible projects with positive NPV and is not able to invest resources in all of them, is known as “capital rationing”. It is not possible to allocate limited funds based on NPV, IRR and Payback methods, which were calculated above. In order to maximise shareholder’s wealth project proposals should be ranked based on Profitability index (PI), as defined as follows: PI= NPVInitial investment ? 00% The PI of every project is summarized in the table below and their relative rankings are presented in column “Rank”. As it can be seen, the Project 5 carries the highest ranking while Project 3 is ranked below all other projects. | Initial investment| [email protected]%| PI| Rank| Project 1| ? 100,000| ? 50,015| 0. 50| 3| Project 2| ? 180,000| ? 70,206| 0. 39| 4| Project 3| ? 200,000| ? 51,575| 0. 26| 5| Project 4| ? 40,000| ? 20,656| 0. 52| 2| Project 5| ? 70,000| ? 195,370| 2. 79| 1| Taking into account the key figures of the proposals including limited resources of ? 00,000 and the possibility to divide the project into two phases without the requirement to implement both phases, the following projects combination is proposed to be undertaken. Allocation of the capital investment ? 300,000: 1. Project 5 (both phases): ?70,000? 230,000 NPV = ? 195,370 2. Project 4 (both phases): ?40,000? 190,000 NPV = ? 20,656 3. Project 1 (both phases): ?100,000? 90,000 NPV = ? 50,015 4. Project 2 (only first phases): (? 90,000) NPV = =? 70,260? 180,000 ? ?90,000 = ? 35,103 Aggregate NPV = ? 195,370 + ? 20,656 + ? 50,015 + ? 35,103 = ? 301,144 Conclusion: Investment of ? 00,000 in combination of projects presented above will create aggregate NVP of ? 301,144, which will maximize the shareholder’s value. Question 3. Other factors to be considered. There are other factors that the directors may consider before coming to final conclusion regarding the project proposals. Apart from financial factors, which can be assessed using quantitative techniques, it is also important to consider non-financial drivers. It is not always possible to quantitatively evaluate such components, but they can have a significant impact on the implementation of any project (Berry and Jarvis, 2007).

A brief review of the scientific literature on investment appraisals suggests that there are many different types of qualitative factors. Significant amongst these include: Political factors at micro and macro level or negative / positive political attitudes such as relevant government regulations and policies may seriously affect a project implementation (Brown and Reilly, 2009). Ungson & Wong (2008) argue that country and market specific economic factors including the likelihood of recession, market opportunities and threats, competition, customers and suppliers might also have critical influence on project success.

On the other hand, studies undertaken by Dayananda (2002) conclude that company specific factors such as cost management, internal controls, corporate reputation, brand value and the risk associated with capital financing might carry substantial importance for project future. Dayananda (2002) also emphasizes importance of human factor such as quality of management, corporate values and employee morale, recruiting and training personnel procedures, employee safety and employee turnover for successful implementation of projects.

Equally important might be environmental impact of the project including pollution control and environment protection (Ungson and Wong, 2008) as well as technological factors comprising innovations and new technology. In conclusion, it is the responsibility of the managers to consider various factors applicable to the projects including quantitative, qualitative, psychological and social factors as well as a managers’ intuition before making a final investment decision. Question 4. The comparison of IRR and NPV.

There have been many studies which have determined that amongst discounted cash flow (DCF) techniques for investment appraisals, the IRR method is most commonly used in practice. According to Pike (1996), although companies often used both techniques IRR was favoured. He found in the UK in 1992 around 81% of business enterprises used IRR as compared to 74% which used NPV (cited in Drury, 2006, p. 406). The main reasons of IRR popularity are worth being examined in detail. The key advantage of IRR is the ease of understanding by users.

It produces clear conclusion related to the return on investment in percentages rather than in absolute terms. For managers this representation is more preferable, because they can compare it with an expected return on different investments (Vance, 2002). According to Vance (2002), the IRR measures the efficiency with which the capital is employed by managers and guides them in selecting those projects that satisfy the minimum required level of return to capital. Moreover, Vance has also referred to IRR as a measure of “cushion” in making investment decision.

According to his finding if the cost of capital is 12% and project has IRR of 15%, 3% can be considered as a “cushion” against the risks related during project implementation. It should be also noticed that unlike NPV, IRR does not use estimated future rate of return. Instead, it gauges a discount rate under which NPV equals the initial investment. As a result IRR is more precise, since predicting future discount rate is difficult (Dyson, 2010). In addition, Weetman (2010) argues that by using IRR, large companies with international operations can use different rates of return in order to reflect the risk attributable to any specific country.

On the other hand, latest studies report that NPV has become recently the most widely used approach for investment appraisal. According to Arnold and Hatzopouloulos (2000), around 97% of all large firms in the UK in 2000 used NPV for the purpose of investment appraisal as compared to 84% others which used IRR (cited in Drury, 2006, p. 406). In order to achieve better understanding reasons for superiority of NPV over IRR should be further investigated. The IRR has two problems that can occur in a minority of mutually exclusive projects and cause the conflict between NPV and IRR rankings (Lucey, 2003).

First of all, the IRR assumes that cash inflows will be reinvested at the project’s rate of return, whereas the NPV assumes reinvestment at cost of capital. NPV’s assumption related to reinvestment at the cost of capital is generally better, because it is closer to real practice while assumption foreseeing reinvestment at IRR’s may cause conflict, especially when evaluating mutually exclusive projects (Horngren, et al. , 2009). Secondly, depending on the pattern of cash inflows it is possible to have more than one IRR value, while there is always only one NPV value.

Achieving more than one IRR might take place when a company has unconventional cash flows; e. g. when positive cash inflows during the first two years are followed by negative cash outflow the next year. In this case, it is not clear which IRR should be used for comparison with the cost of capital. As a result IRR may result in a misleading outcome (Horngren, et al. , 2009). Related to IRR`s serious weaknesses discussed above several other shortcomings of this method have been referred to in recent literature. One of them is the inability of IRR to take into account the scale of investment (Atrill and McLaney, 2009).

This is important when it is necessary to chose only one out of several mutually exclusive projects with different investment sizes. Under such conditions, IRR might give a preference to the project with higher IRR but with by far smaller amount of shareholder value created. The IRR can also be calculated for only one project, while the NPV can be used for quantifying performance of a portfolio of projects based on the analysis of each of them separately (Horngren, et al. , 2009). Moreover, Atrill and McLaney (2009) state that IRR cannot be used in situation with different discount rates during the life of project.

This is because it is unknown how to choose a single discount rate when several rates of return apply in different years and subsequently how to compare it with the required rate in order to make accept / reject decision. However, it is possible to apply NVP technique, because it uses different rates of return every year. In addition to this, the IRR method cannot be calculated precisely. It is derived from estimation techniques which give only an approximate rate of return (Dyson, 2010). In conclusion, both the NPV and IRR methods can be widely used for investment appraisal purposes.

They provide the same results in accept / reject decisions and in the majority of ranking investment. However, when rankings conflict in mutually exclusive projects managers should rely on the NPV ranking (Lucey, 2003). According to Atrill and McLaney (2009) in practice businesses prefer to use several techniques of capital budgeting. References 1. Atrill, P. and McLaney, E. , 2009. Management Accounting for Decision Makers. 6rd ed. Italy: Person Education Limited. 2. Berry, A. and Jarvis, R. , 2007. Accounting in a Business Context. 4rd ed. UK: Thomson Learning. 3. Brown, K. C. and Reilly, F. K. , 2009.

Analysis of Investment and Management of Portfolios. 2rd ed. Canada: South-Western Cengage Learning. 4. Dayananda, D. , Irons, R. , Harrison, S. , Herbohn, J. and Rowland, R. , 2002. Capital Budgeting: Financial Appraisal of Investment Projects. [pdf] UK: Cambridge University Press. Available at: http://assets. cambridge. org/97805218/17820/excerpt/9780521817820_excerpt. pdf [Accessed 24 May 2011]. 5. Drury, C. , 2006. Cost and Management Accounting. 6rd ed. China: Sough-Western Gengate Learning. 6. Dyson, J. R. , 2010. Accounting for Non-Accounting Students. 8rd ed. Italy: Pearson Education Limited. . Horngren, C. T. , Datar, S. M. , Foster, G. , Rajan, M. and Ither, G. , 2009. Cost Accounting: A Managerial Emphasis. 13rd ed. US: Prentice Hall. 8. Lucey, T. , 2003. Quantitative Techniques. 6rd ed. UK: Thomson Learning. 9. Proctor, R. , 2009. Management Accounting for Business Decisions. 3rd ed. UK: Pearson Education Limited. 10. Ungson, G. R. and Wong, Y. Y. , 2008. Global Strategic Management. US: M. E. Sharpe. 11. Vance, D. E. , 2002. Financial Analysis and Decision Making: Tools and Techniques to Solve Financial Problems and Make Effective Business Decisions. US: McGraw-Hill Professional. 2. Weetman, P. , 2010. Management Accounting. 2rd ed. Italy: Pearson Education Limited. Bibliography 1. Curwin, J. and Slater, R. , 2008. Quantitative Methods for Business Decisions. 6rd ed. Singapore: South-Western Cengage Learning. 2. Drury, C. , 2005. Management Accounting for Business. 3rd ed. UK: Thomson Learning. 3. Lucey, T. , 2007. Management Accounting. 5rd ed. UK: Thomson Learning. 4. McLaney, E. and Atrill, P. , 2010. Accounting: An Introduction. 5rd ed. Italy: Person Education Limited. 5. Wood, F. and Sangster, A. , 2008. Business Accounting Vol. 2. 11rd ed. US: Prentice Hall.