Five Phases of the Project Lifecycle Essay

Abstract The project lifecycle describes the tasks that must be completed to produce a product or service (NYS Project Management Guidebook, 2003). The Project Lifecycle has been divided into five phases. The first phase of the Project Lifecycle is the Define Phase in which the project concept is evaluated, selected and defined as the solution to a specific need or set of needs. In the second Plan phase, the concept is developed into a practical plan for implementation. The Launch phase of project lifecycle constitutes the third phase. This is a phase in which management activities are carried out to establish clear terms of reference and a clear management structure. The Manage phase of project lifecycle is the penultimate phase in which the implementation plan is executed. The final phase is termed the Close phase in which the project is completed and documented. The deliverables are then handed over to the care and control of the owner. The Five Phases Each phase of the project lifecycle is associated with a number of activities. The number of activities in a project depends on the class of the project and also on the judgment of the project manager. The different activities associated with each phase of the project lifecycle are described below: Define Phase The Define or Initiation Phase is the first phase in the Project Life Cycle and essentially involves starting up the project. A project is initiated by defining its purpose and scope, the justification for initiating it and the solution to be implemented. (MPMM, 2007) Project Request Approval: Approval of the project request formalizes and institutionalizes the project. This activity ensures that only projects that deserve the kind of investment that is envisaged are selected for implementation and executed. It helps in managing the workload of individual departments. In the ideal situation, anyone can make a project request on a prescribed project request form signed by the operating unit head. The project approver evaluates the report on the basis of pre-specified criteria. The output of this activity is in the form of either an approved or a denied project. If the project is approved, a project manager is assigned. Project Overview Statement: The Project Overview Statement (POS) provides the essence of the project. It is a short document that establishes the purpose of the project and its relevance to the organization in terms of the business value that it will provide. The Project Overview Statement identifies the problem which the project addresses and determines the goals and objectives of the project. The effort that would be required in completing the project is estimated, and the assumptions, risks and obstacles are identified. The primary objective of the POS is top impress the importance of the project upon the senior management and to secure its support for the project. Once the management is convinced, the project manager gains the authority to use organizational resources for the project. During the course of the project lifecycle, the POS becomes the point of reference for the project. Business Case: This activity helps to build a case for the project by justifying it as a business need. All the costs and benefits of the project are weighed before taking the decision to investment in the project. Dependencies, fund requirements and risks are identified. A cost-benefit analysis is undertaken. Project Governance: In this activity the roles and the activities of the different team members and stakeholders are identified and fixed. The decision making hierarchy and structure of the project are defined. Escalation procedures are also drawn up. Management Approval for next phase: This activity concentrates on acquiring the approval of the management to move to the next planning phase of the project. Each phase of the project lifecycle constitutes of a transition activity to move into the next phase. In this activity, the senior management analyzes status report and feedbacks from customers. The senior management together with the project manager then takes a decision whether the project should move into the next phase or not. This activity ensures that projects that are found unworthy or not feasible are rejected early in the lifecycle. Plan Phase The focal point of this phase is developing the project scope into a stable project plan, which will be later used to guide the project through the project life cycle and fulfill the business requirements (Hinds IT Management). Start-off meeting: This is the kick-off meeting in which the project manager sets guidelines for project execution, reviews the Project Overview Statement and lays down the expectations from the project team. Timelines, approach, assumptions and constraints are discussed in this meeting. There is a conscious effort to dispel any doubts that team members may harbor. The minutes of this meeting is documented. Project Approach: The objective of this activity is to define a solution for the project and to identify the method to deliver the solution. An implementation approach to meet the project goals is developed. Policies and standards are laid down. This activity also validates the planning activities required. Various methods in which the project objectives can be achieved are evaluated and the best adopted. Components from other projects that can be applied in the project under consideration are identified. A rationale is provided for the adoption of the particular project approach. The project approach is documented. Quality Strategy: The quality strategy to be adopted for the project is determined. The project manager and his team decide which Quality Assurance and Quality Control activities will be carried out during the course of the project lifecycle. A list of Quality Assurance and Quality Control activities is developed. Work Breakdown Structure: The project is broken down and decomposed into smaller components of activity units, sub tasks and work packages. This enables the manager to estimate the duration of the project more objectively, determine the resources that would be required and also work out a schedule for project execution. It provides the management with enhanced control. A work break down structure evolves out of this activity. This activity is an element of the work plan. Time and Cost Estimate: The time and cost for each task is estimated depending upon the resources available and capability. The time and cost estimate that is drawn up becomes an input for the work plan. Schedule Development: This activity documents the various tasks that need to be executed during the course of the project lifecycle and then assigns responsibilities and establishes timelines for the tasks. Dependencies between various tasks are highlighted. Resources are assigned to the tasks, quality reviews and testing are planned. This activity ensures that the project is completed on time and that the business aspect of the overview statement is addressed. Once the overall schedule is available, the project manager is responsible for monitoring the progress closely. The deliverable of this activity is the work plan. Risk Management Strategy Plan: This activity develops a complete plan for handling risks pertaining to the project. It defines how risks will be identified, who will do so and at what frequency risks will be identified. It adopts a risk monitoring toll, sets the risk escalation matrix and defines how to handle issues with high risk probability. The roles and responsibilities for the risk management process are accorded. Communications Management Plan: This plan is developed to ensure flow of required information to all team members. Access methodologies are worked out, information is categorized according to target groups and overall communication systems defined. Issue Management Plan: An issue management process is defined in this activity. The objective of the activity is to ensure that issues are identified, evaluated and assigned for resolution. An issue log is documented and tracked. Quality Assurance Plan: This plan is implemented to validate that the major activities and processes are completed with an acceptable level of quality. Acceptance criteria for deliverables, quality assurance activities, in-process control plans, and quality-related responsibilities are defined. Frequency of project plan reviews, frequency of receiving and sending status reports, and frequency of checking for process improvements are determined. Resource Plan: This plan is developed to determine the resources that will be required during the various phases of the Project Lifecycle. It also takes into consideration the need training programs or other value-addition processes. The type and amount of resources needed are determined. The estimated output, availability, and cost of the resources are determined. Procurement Plan: This plan draws up the procurement strategy. The scope and type of products and services that are to be procured are outlined. Procurement responsibilities are fixed and assigned. Vendor evaluation criteria and approval procedures are set. Operational Transfer Plan: This activity ensures the smooth activation of the project. Installation processes and related roles and responsibilities are identified. Pre-requisites for smooth rollout of processes are tracked and planned for. Stephenson et. al. (2000) in the Mars Climate Orbiter Mishap Investigation Board puts high importance on this activity. Referring to NASA operations it states that â€Å"close attention should be paid from project outset to the plan for transition between development and operations. Adequate systems engineering staffing, particularly a mission systems engineer, should be in place to provide a bridge during the transition between development and operations, and also to support risk management trade studies.† Integrated Project Plan: This activity enables proper co-ordination of the project. Roles and responsibilities are identified. Reviews are planned; all aspects of the project are examined to ensure that all relevant factors are taken into consideration. Team Assignment: Team assignment is done to ensure that individuals with appropriate skills are assigned to the relevant group and area of work. The Project Manager balances resource availability with the Work Plan. Work packages are defined and assigned and any questions and conflicts regarding work packages are resolved. Management Approval for next Phase: Management approval is given for the next phase based on analyses of status reports and feedbacks. Planning takes a lot of patience. A traditional mistake is to leap before one is ready. When there is pressure to deliver, the temptation is to ‘get the ball rolling’ (Jenkins, 2006). Launch Phase Initial Meeting: The project manager informs the team members of the ground rules of the project, the working style, the communication plan and the escalation process for conflict resolution. The minutes of the meeting is documented for reference. Initial Risk Identification: Risks are identified and categorized during the course of this activity. For each risk identified, the risk event is assessed in terms of likelihood of occurrence and its effect on project objectives if it were to occur. The objective is to ensure that the entire team is involved in the identification of risks for the project. This ensures that all perspectives are taken into account while planning for risks. Team Readiness: This activity consists of preparing each member of the team to handle the roles and responsibilities that has been assigned to the person. Training programs, workshops and seminars are organized for skill and knowledge updating. Key goals are identified for each team member. Within the team, each role is accountable for the activities necessary to achieve its own quality goal (Microsoft, 2002). Manage Phase The project plan is executed in the Manage Phase. The primary purpose of project management during this phase is to monitor, evaluate and communicate project progress and to define and implement corrective measures if progress does not meet the expectations defined in the Project Plan (Heinsights, 2003). This phase comprises the following activities: Performance Tracking and Reporting: The overall objective is to track the progress of the project and to ensure that the project is progressing at a satisfactory rate. Cost, time, scope and quality are tracked along with actual accomplishments and results. All persons associated with the project are provided access to the progress records. Team meetings are held to exchange information. The status of the project is reported to the relevant stakeholders. Weekly status reports and tracked project schedules are the outcomes of this activity. Schedule Control: The objective of this activity is to ensure that tasks are executed as per the Work Plan so that the deadline for the project can be met. If there is any possibility of delays, the relevant stakeholders are informed.   The project manager tracks the various tasks in a project by exchanging task status information with team members and then incorporating the latest status information into the project Work Plan. If the any task, schedule or resource information changes, the Project Manager communicates the revised Work Plan to the project team. The outcome of this activity is the tracked work plan. Change Control: However meticulous the planning may have been, all projects need to accommodate changes. The objective of this activity is to ensure that all changes to scope are documented and authorized by the relevant stakeholders.   Any change to the scope is communicated to the project manager. Change requests are put up to the project manager who approves or denies the request in consultation with the management. Cost Control: This activity ensures that the project cost adheres as closely as possible to the budgeted cost. Since costs are agreed upon at the beginning by the sponsors, the project manager has to monitor the costs and report any deviation of project cost from the budget cost to the sponsor or customer. A status report documents project costs in the various phases of the project. Quality Assurance and Control: This process comprises project reviews, product reviews, code reviews, testing, and any other process that the Project Manager might think necessary. Defects are identified, and categorized. Root causes are analyzed. This activity is carried out with the objective of ensuring that the project team meets the project requirements in terms of all requisite quality criteria. Monitoring and Controlling consists of those processes performed to observe project execution so that potential problems can be identified in a timely manner and corrective action can be taken, when necessary, to control the execution of the project (Wikipedia, 2008). Procurement Management: The objective is to ensure adherence to the procurement plan and procedures so that the selection procedure is fair and the quality of supplies and services are acceptable. Risk Management: Risk management follows the Risk Management Plan that was adopted in the Plan Phase. The management monitors all risks with a risk exposure over the threshold limit. Risk mitigation strategies are planned and contingency plans are developed. The Risk Matrix is revisited at an appropriate frequency. Information Distribution: This activity ensures that all parties concerned have easy access to relevant information in accordance with the information sharing plan. All relevant information needs to be communicated to the appropriate parties at the right time and in the appropriate format. Time Tracking and Management: This activity is concerned with the logging of all time spent on the project. Time spent is tracked at a project level, and analyzed at an organizational level. The output is in the form of time sheets and variance reports. Management Approval for next phase: Management approval is given for the next phase based on analyses of status reports and feedbacks. Close Phase This consists of bringing the project to an orderly end: formalizing and communicating the acceptance or conclusion of a project, handing over to the ongoing accountable area, completing an Activity Completion Report and, for major projects, holding a post implementation review (QUT, 2008) Transition to Production: The Operational Transfer Plan is carried out after the required checks are done. This activity ensures that all planned testing is carried out, all customer requirements are met and that the product is fully operational. Customer acceptance of the product is ensured before commencing production. Wrap-up Meeting: This final meeting is again called by the project manager to take stock of everything that has happened in the course of the project. Lessons Learned: Lessons learned during the project are documented and incorporated in the knowledge base for future use. The ‘lessons learned’ document is developed and deposited in the knowledge base. Administrative Closure: The Project Manager ensures that the project is approved and accepted by the relevant stakeholders. All documentation and records are reviewed, organized and archived. Backups are taken. Resources are released and the project is closed. This activity marks the final closure of the project. References -01 Heinsights, 2003, Project Management Lifecycle, Development Standard. Hinds IT Management, Project Management Life Cycl, Lilla Nyby; Valmerdalen, Sweden. Jenkins, N., 2006, A Project Management Primer, Creative Commons, California, USA. Microsoft Solutions Framework, 2002, White Paper, MSF Project Management Discipline. MPMM, 2007, Project Management Life Cycle, [Online] Available http://www.mpmm.com/project-management-methodology.php [March 1, 2008] NYS Project Management Guidebook, 2003, Project Management Lifecycle, [Online] Available. http://www.oft.state.ny.us/pmmp/guidebook2/Origination.pdf [March 1, 2008]    QUT, 2008, Project Phases, [Online] Available. http://www.its.qut.edu.au/pp/framework/pmfphases/   [March 1, 2008] Stephenson, A., G., Mulville, D., R., Bauer, F., H., Dukeman, G., A., Norvig, P., LaPiana, L., S., Rutledge, P., J., Folta, D., Sackheim, R., 2000, Report on Project Management in NASA, Mars Climate Orbiter Mishap Investigation Board Wikipedia, 2008, Project Management, [Online] Available http://en.wikipedia.org/wiki/Project_management   [March 1, 2008]   

International Business and Global Strategy Essay

In-Depth Market Analysis of two target markets: China and Argentina China is a great world exporter receiving large amounts of foreign investment and is a member of the World Trade Organization (WTO). Entering the market therefore will be easier than when China was not part of the WTO. According to The World Fact Book (2010) by 2009, China had a population of 1. 34 billion. Although its population growth is not very high at 0. 49, the population is the highest in the world and provides for ample market for Body Shop International Plc (BSI plc. ). China has an income distribution of 51. 10. This indicates that the distribution of purchasing power is standardized. BSI plc does not have to specialize in its clientele and can anticipate a wide market for its products. China’s mean age stands at 35. 2. In the age demographics, China’s largest age bracket is the 15-64 yeas age category. This makes up for 71. 9% of the population as in 2008 where men were estimated at 491,513,378 and women at 465,020,030 (The World Fact Book. 2010). For BSI plc this creates a large market since beauty products are usually consumed by this age group. In terms of education, China population is educated with a literacy rate of 92% (The World Fact Book. 010) . The overall enrollment for elementary, secondary and higher education is at 69. 1. This is a good indicator that beauty products would be well received and are a part of the population that can appreciate its use. China’s growth of the Gross Domestic Product (GDP) was at 8. 70 in 2009. This GDP has been on a rising trajectory and is expected to continue as China continues to rise as an economic power. This provides for a secure market with good financial indicators that investment would respond favorably and quickly. The per capita gross income at 6600. 0 is also high making it easier for BSI plc to invest widely. The disposable income at 2. 60 represents a China’s purchasing power. BSI plc would be able to promote its products and the conditions are favorable for household spending. The continued rise in GDP growth will increase the spending habits of the population as the disposable income becomes more elastic. Inflation would negatively affect BSI plc and that is why the low inflation rate in China provides for market security against rising of prices. In china the population has continued to increase its cosmetics buying. At 46. 80 the population indicates a sizable spending on cosmetics. This creates a potential for BSI plc to garner a market share. China presents some difficulties in terms of ease of conducting business and economic freedom. However, foreign investment is still welcome and the government has opened the doors for foreign investment. Argentina is one of the countries in South America that have been experiencing economic growth. It therefore presents itself as a great target market. Its population of in 2009 was 40. 1 Million. The population growth is not very high at 1. 17 but the country has a viable market population. Argentina has an income distribution of 51. 90. This indicates that the distribution of purchasing power is high and standardized. BSI plc therefore can anticipate a wide market for its products without having to cater for a specialize clientele. Argentina’s mean age stands at 30. In the age demographics, Argentina’s largest age bracket is the 15-64 years at 63. 5% with the men standing at 12,961,725 while the women stand at 13,029,265 (The World Fact Book. 2010). For BSI plc this creates a large market since beauty products are usually consumed by this age group. According to The World Fact Book (2010) Argentina population is educated with a literacy rate of 97. %. This is a good indicator that beauty products would be well received and are a part of the population that can appreciate its use. Argentina’s growth of the Gross Domestic Product (GDP) was at 0. 20 in 2009. This GDP is low. This provides for a less secure market whereby BSI plc’s investment may take longer to respond favorably and quickly. Despite the global economic crisis Argentina and most of the Latin America were not acutely affected. The per capita gross income at 10200. 0 is also high making it easier for BSI plc to invest widely. The disposable income at 1. 0 represents a moderate purchasing power for Argentina. BSI plc would be able to promote its products as the conditions give room for moderate household spending. Inflation would which would negatively affect BSI plc stands at 4. 20. In Argentina spending on cosmetics has also increased although it is at 25. 40. This means BSI plc still has potential to make an investment in Argentina’s existing market. At 127. 0 Argentina represents favorable ease with which BSI plc can do business in Argentina. It also has good economic freedom. Foreign investment is welcome. Contacts and Competitive Analysis  Contacts are important in that they would allow BSI plc to gather information that is relevant to its venture. That is why the chamber of commerce assists foreign companies conducting business their country. It also offers its members relevant business contacts and information about Argentina. Through events and opportunities the Chamber also enables businesses to meet with government officials and key players thus facilitating relations. Contact with the ministry of foreign affairs is also important to BSI plc. The ministry is responsible for trade agreements and policies. By having the Ministry’s contacts, BSI plc can make necessary plans to attend and benefit from the ministry’s consular and diplomatic activities. As the ministry seeks businesses and companies that would increase investment in their country, BSI plc would have an opportunity to market itself to the target countries. Contacts of possible suppliers, importers and buyers are helpful so that a company can establish business relations within the industry. The choice of Alibaba Company is ideal in that it is a recognizable global distributor with very strong financial and corporate growth according to Alibaba. om. (1999-2010). China Target Market potential The market potential in China is quite high at 2530500000. This is calculated from number of potential consumers, the frequency with which the consumers buy in a year and the price of the product. This represents the potential of the cosmetic industry in China which BSI plc targets. Company Sales Potential BSI plc sales potential is dependent on the market share it will capture out of the potential market. If BSI plc secures a market share of 13. 5 %, it will estimate whether it can meet the demand of its target. Competitors Analysis  Lush Company provides competition for BSI plc. According to Lush (19950-2010) its main product is body butter. The location of its headquarters is in China providing it with advantages of proximity. BSI plc is localized and thus there are policies that favor it against foreign companies. This helps it keep its prices affordable. Lush has been in business for the past 32 years giving it long experience in the industry. Lush Company caters to the local market in China and has specialized in the product demands of the local population and tailored the product to suit the particular needs of the Chinese target market. Its employees number 1200 giving it good human resource. Lush has also invested in e-commerce offering customers its products even where it does not have retails and wholesaler stores. They vary their prices in response to the market. In their promotion strategy Lush aims to protect its reputation and maintain its image. Their products they have chosen to use to promote the quality of their product is care butter, Tuca &Tuca perfume, Tuca& Tuca massage oil, and Black stocking. Regulatory Environment for the industry In China, the regulatory environment would regulate cosmetic products. This is because although a company would use the Automatic import licensing granting its cosmetics products freedom from import controls, the importation of materials like plastic need monitoring. FDI regulations and implications for BSI plc China is becoming the greatest receipient of FDI and as such it is poised for economic growth and increased capital that places BSI plc in a great position for growth if it makes investment. The government regulates foreign investment according to WTO regulations and its economic goals where China is now quite open to and is keen to attract foreign investors. Argentina Target Market potential The market potential in Argentina is high at 41250000. This is calculated from number of potential consumers, the frequency with which the consumers buy in a year and the price of the product. This represents the potential of the cosmetic industry in Argentina. Company Sales Potential BSI plc sales potential is dependent on the market share it will capture out of the potential market. If BSI plc secures a market share of 3. 5 %, it will estimate whether it can meet the demand of its target. Competitors Analysis L’ Occitane Company provides competition for BSI plc. Its main product is mini shea butter/L’ Occitane body toner. According to The body Shop (2009) BSI plc deals with sweet almond oil in its moisturizers. The location of its headquarters is in Argentina providing it with advantages of proximity. BSI plc is localized and thus there are policies that favor it against foreign companies. This helps it keep its prices affordable. L’ Occitane has been in business for the past 34 years giving it long experience in the industry. L’ Occitane Company caters to the local market in Argentina and has specialized in the product demands of the local population and tailored the product to suit the particular needs of the Argentinean target market. Its employees number 2000 giving it great human resource. L’ Occitane has also invested in e-commerce offering customers its products even where it does not have retails and wholesaler stores. They vary their prices in response to the market. L’ Occitane uses advertising, personal sale and product promotions as its promotional strategy. The products it uses include shea cocoa butter, Almont body care, verbena liquid soup honey and lemon scented and summer Travil Hair care. Its target market is 14 years and above both male and female. Regulatory Environment for the industry In Argentina, one of the key regulations would be in business conduct and tradition. Companies have to publish their Technical barriers to trade (TBT) measures. It contains duty and obligations related to the business and operation of TBT investigation Points. Companies have to confirm their recognition of the Code of Good Practice. Argentina the Bureau of Customs is the governmental agency is strict in the enforcement of the tariff and Customs laws and regulations. Importation of goods is governed by a numerous of import policy. FDI regulations and implications for BSI plc Argentina is currently not attracting much foreign investment due to its slow economic development and inflation rate. Although the government is using the WTO regulations and working hard to increase investment, there is difficulty for foreign companies because of high interest rates.

Case Studies in Finance Company G & H Essay Example for Free

Case Studies in Finance Company G & H Essay Company G deals mostly in selling books in a large retail setting, however they implement a concept that is more community-based. Company H deals in a variety of media, including books, music, and video along with electronics and other varieties of merchandise. Not only does Company H differ in merchandise variety, but it also differs from Company G in that it is internet-based only and is highly interested in further corporate acquisitions—very different from Company G’s â€Å"community store concept†. Bruner, Eades, & Schill, 2010, pp. 96-97). Since Company H has a variety of merchandise to sell, along with its interest in acquisitions; it has a significantly higher level of net fixed assets than that of Company G. Acquisitions will always increase the level of net fixed assets. Since Company G tends to implement a strategy that does not favor large acquisitions, its level is lower at a level of 7. 6 versus 24. 4 in Company H. Company H also exceeds Company G in most of the liabilities section, which automatically gives Company H a leg up in being able to take on more liabilities such as credits and loans. However, Company G comes out winning in terms of income and expenses, with a net income of 8. 5%. Company H’s net income ended at 2. 9%. This also relates to lowered percentage of SG&A expenses on Company G’s side, higher interest income, special items income, and its lower percentage of income taxes. Company G is also considered to be more liquid than Company G, with a current ratio of 1. 57 versus Company H’s 1. 49. This indicates that while Company G has more liabilities, it is better-able to pay its short-term liabilities than Company H. It is understandable why Company H keeps its liabilities slightly lower so that they do not become overwhelmed with short-terms loans and notes that it will not be able to pay back on time. Case Studies in Finance Company G & H. (2016, Nov 19). We have essays on the following topics that may be of interest to you

Role of Financialization in the Financial Crisis Assignment

Role of Financialization in the Financial Crisis - Assignment Example The severe turbulence that followed the financial crisis of 2007-2010 has raised concerns regarding the level at which the global financial system is ready to face critical failures. Moreover, the question of whether the financialization process, which has been promoted worldwide more than a decade, has been related to the above crisis has not been avoided. In fact, there are many indications that the specific process had a major role in the financial crisis of 2007-2010. Its potential involvement in a new crisis of such kind cannot be rejected. The current paper examines the role of the financialization process in the banking crisis of 2007-2010. Moreover, the potential relationship of the pursuit of shareholder value and the ‘new economy boom’ with the process of financialization is also explored. The examination of the literature published on the specific field has led to the assumption that the relationship between the above-mentioned events and frameworks is strong. At the next level, another issue is also discussed: the level at which investor behavior can influence corporate strategy and performance. It is proved that the involvement of shareholder value in corporate strategy and performance can be significantly influencing the corporate decisions on critical issues, as for example the strategies that the firm will follow for facing the expansion of financialization, as a global economic trend. Financialization, as a sociological and economic trend, is not a recent phenomenon. In fact, in accordance with Orhangazi (2008), three phases can be identified in the development of financialization: the first one represents the pre-1980 period during which financialization was based on a ‘long waves approach’ (Arrighi 1994 in Orhangazi 2008, p.41). In the years that followed in 1980, the financialization was related to the concept of neoliberalism (Orhangazi 2008). Recently, financialization has been related to the global financial mark ets (Orhangazi 2008). The view of Lucarelli (2011) that â€Å"financialization is related to the capitalism’ (Lucarelli, 2011, p.111) seems to be the most effective description of financialization, as a trend influencing the performance of the global financial system. On the other hand, Krippner (2011) refers to financialization as the ‘growing importance of financial activities as a source of profits in the economy’ (Krippner 2011, p.27). 2.2 The relationship between financialization, the banking crisis, the pursuit of shareholder value and the ‘new economy’ boom. As noted above, the financialization focused on the use of financial activities as the main source of profit. At the next level, financialization is an economic trend accepted and promoted globally, which means that it can affect the global financial system. The role of the financialization in the structure and the development of financial transactions worldwide has been revealed through the banking crisis of 2007-2010 (Foster, 2007). It was because of that crisis that the role of financialization for financial systems internationally has been set under consideration (United Nations, 2009). Financialization should be considered as a key cause of the appearance and the expansion of the 2007-2010 crisis, because of the following reasons: a) in the context of financialization the accumulation of profit worldwide has been related to financial activities; the exchange of money in its various forms has become a key method for achieving profit. In this way, the traditional method for gaining money, the work as physical activity has lost its value.

The Search for Success Essay Example | Topics and Well Written Essays - 250 words

The Search for Success - Essay Example There are diverse notions of how success is realized. To a family man, it is being able to provide well for his family and seeing his children accomplish their goals in life. To a hardworking man, it is reaching the top of the business ladder and being able to tell himself that he has been an integral part of the industry that he has devoted himself to. To an advocate, it is completing what he has set out to do and knowing that he has made a difference in the lives of people through his passion. To an artist, it is being able to produce a piece or body of work which immortalizes his name in the eyes of the world. To most people, to be able to affirm their success is to have the amalgamation of all these and more.â€Å"The height of my goals will not hold me in awe though I may stumble often before they are reached. If I stumble I will rise and my falls will not concern me for all men must stumble often to reach the hearth† (Mandino, p.93). More than anything, it is man’ s perseverance to achieve his success which determines a person’s character. His persistence to reach his goals even if there are hindrances along the way is the primary indication of who he truly is. There may be things that pull one away from getting closer to success and his perceived happiness but the determination to keep on going is what determines success from  failure.

External and Competitive Environment for tourism Industry Essay

External and Competitive Environment for tourism Industry - Essay Example Tourism Industry Total receipts from tourism are 9% of the world GDP and the tourist industry employs 2.8% of the total world population (Quick Facts, 2010). The Tenerife economy is greatly reliant on the tourism industry. The service sector of the economy contributes 79.4% to the GDP where hostelry comprises of 14.29% of the total of the tourism industry of the Canary Islands (Economic Sector, 2005). It is approximated that 10 million tourists visit the Canary Islands which includes 5 million tourists every year in Tenerife alone (Osborne). It was once viewed that more tourists meant more money in the industry but now a new concept have revealed (Osborne). The Tenerife Industry is focusing more upon quality of the services provided rather than increasing their sales (Osborne). This is mainly due to the realization that tourists enjoy quality vacation and are ready to pay higher amounts to stay in â€Å"good quality† four and five star hotels (Osborne). The volcanic eruption i n Iceland in 2010 carved a caricature of the Tourism Industry in Europe. Initially, the volcano eruption rose excitement among the tourists and they went on to Iceland to have a look at the natural catastrophic eruption. However, later the danger aggravated and not only the tourism industry of Iceland but of the whole Europe was messed up. ... nge and Europe might not experience summer which would then result in the loss of tourism revenues from countries like Switzerland, France and Italy (Gupta, 2010). Thus, the tourism industry all over the Europe seems to face the trickle down effects of the volcanic eruption in the region. Objectives The video demonstrated a situation of the tourism industry in Tenerife and the effects after the volcanic eruption. The tourist Nigel experienced the whole situation in a hotel and came up to the conclusion that he liked the hotel whereas, he was unsatisfied with the services if Ryan Airways through which he was flying. This was utterly due to the different behavior adopted by both the organizations. The hotel was hospitable and accommodating whereas, he faced the opposite reaction from the Airways and was in a complete dismal. Thus, the focus of the report is to investigate the reasons for the two distinguished reactions of the organizations that were going through the same natural circu mstances. Both the organizations are an integral part of the tourism industry, yet they resulted in different attitudes. Therefore, further analysis would seek to clarify. Spain PEST Analysis Since the Canary Islands are a province of Spain the PEST analysis would enhance the analysis. Political Analysis Spain has a mixed capitalist economy and ranks as the 12th largest in the world. The political conditions are somewhat stable and hence, the economy has been successful until 2007 when the effects of recession began to be felt in 2007 (World Factbook, 2010). Economic Analysis Real GDP growth decreased in 2007 in the wake of recession by 3.9% and later in 2010 by 0.2%. Per capita income also saw a declining trend and the public debt increased from 53.2% of GDP in 2009 to 63.4% in 2010 (World

Cloning Essay Example | Topics and Well Written Essays - 500 words - 2

Cloning - Essay Example According to Sir Johns, cloning humans will be the same as making an identical twin which is just like copying what nature has already produced (Collins). This can be used to relieve suffering among people who have lost their loved kids. Research has shown that about 60 % of the people asked to express their views towards cloning are in favour of it. However, cloning has been criticised as a result of various reasons. For instance, the Stanford Encyclopaedia of Philosophy argues that cloning raises a wide range of moral and ethical issues. For instance, embryos are destroyed for stem cells and this is seen as a serious moral wrong. An embryo should be treated as a human being. Cloning is also labour intensive and it is very expensive to carryout and this is one of the main reasons why it is criticised by many people. It is feared that the rate of still births can increase if cloning is done on human beings since this reproductive process would be different from the natural way of foetus development in the womb. Critics of cloning also argue that identity and personality of cloned individuals will be compromised and this can affect their social growth and development. There is a general feeling that cloning undermines human dignity which is enshrined in different international conventions about human rights. In my own opinion, I think cloning should be banned since the off springs produced are not original in nature. For instance, research has shown that the off springs are not 100 % perfect so there are likely chances that they will be affected by different health complications. I also feel that cloning undermines the dignity of people in different societies. This contravenes the law of natural life where it can be argued that it is only God who can create human beings. Cloned species would not be original and this is the reason why I am also against the idea of cloning human beings

Taxi Driver by Julia Phillips and Michael Phillips Essay

Taxi Driver by Julia Phillips and Michael Phillips - Essay Example However, mise-en-scene techniques and slow moving camera shots soon reveal Travis’s point of view, positioning a subjective view of Travis’s world. The film uses camera movement and cinematography together with mise-en-scene at the outset to establish the tensions that build up to the violence. The film opens with the credits in the foreground of a taxi coming out of the steam of a street at night. A montage reveals rain beating against the taxi’s windshield. In the meantime, the yellow taxi is accented by rain and neon lights that bring it into sharp focus. Travis’s eyes can be seen moving from one image outside of the taxi to another as he travels Times Square and 42nd Street. The viewer sees what Travis sees: prostitutes, couples, and pornographic theatres visited by men. The camera alternates from the inside of the Taxi where Travis’s watchful eyes are moving and observing, to outside of the taxi to show the audience what Travis sees. These scen es are juxtaposed against a more tranquil, ordinary and inescapably artificial world. The camera takes the viewers to a campaign headquarters with red and white colours and signs and slogans that appear to be inconsistent with the world that Travis observes from his taxi. Travis sees the world as inherently diseased and is on a mission to root out violence, disease and decadence. He becomes infatuated with Betsy, a campaign worker played by Cybill Shepherd. Point of view via mise-en-scene is displayed through scenes in which Travis’s point of view and his disconnect and social isolation comes across. For example, in an attempt to connect with Betsy, Travis gets it right the first time when he has coffee with her. On his next date with Betsy, he takes her to a seedy, sexual film. Betsy is no doubt offended by this effort at connection. By taking this approach, the viewer is drawn into and observes the distorted mind of Travis at work. Camera movements and mise-en-scene functio n to highlight Travis’s distorted mind and subjective point of view. For example, the camera picks up views of New York City that demonstrate just how Travis sees the world around him. A camera shot from inside Travis’s taxi picks up drug addicts and prostitutes. This is the world that Travis sees and is distracted by. He does not see beyond these images and forms his opinion of the outside world accordingly. The camera, by showing a view outside the taxi that selects drug addicts and prostitutes takes the viewer into the disturbed mind of Travis. This is world that Travis sees and is fixated on. A world diseased and decaying and in need of cleansing. Mise-en-scene is also used to demonstrate contradictions. The camera depicts a seemingly ordinary man, dressed neatly and appearing to be respectful and naive. Yet, the camera follows and depicts Travis visiting seedy theatres and writing letters to his parents that reveal that Travis would like to live an ordinary life, but is trapped by his perceptions of a diseased world. In his letters to his parents, Travis unrealistically himself as a working man on the verge of marrying a respectable woman (Betsy) when it is well known by the time of writing, that Travis has been rejected by Betsy. Therefore, the underlying message is that there are contradictions between that which occurs in Travis’s mind and the world in which he actually lives. The contradictions are reaching a fever pitch and this is

Organizational behaviour of Oman Air Essay Example | Topics and Well Written Essays - 2250 words

Organizational behaviour of Oman Air - Essay Example This paper presents Oman Air Company. The SWOT analysis of the firm has been performed to find the internal and the external environmental situation of the company. The international carrier of the Sultanate of Oman is Oman Air and the company is based in Muscat. 33.8% stake of the company is held by the government and the key operation of the company is in providing international and domestic passenger services. It also offers charter work and local air taxi. Oman Air was founded during 1993 and it has a strong business presence in the Sultanate of Oman. Airlines industry is highly susceptible to political changes as the political environment plays a major role in determining the travelling frequency of travelers especially international. Unstable political environment markedly reduced the international traffic inflow. Since Oman Air is the national carrier for the Sultanate of Oman the business is largely monopolistic in nature. According to the official report of Oman Air during t he year 2008 the company faced net loss of 42.775 million RO due to economic downturn. Though in Oman the economic downturn did not have a huge impact and the passenger traffic rose by 19% the company faced losses due to economic slowdown in the international market. The internal environment of a company can be assessed using McKinsey’s 7-S framework. The seven variables of the McKinsey framework offer the needed structure to analyze the operations of an organization and the interdependency of the variables is useful while analyzing complex organizations (Waterman et al, 1980). Strategy – Oman Air is the leading carried in Oman and their strategy is to maintain a positive work culture and thus promote customer friendly operations. Providing a reliable, safe and seamless flying experience which is further enhanced by friendly and warm customer services. Support in bound local tourism and become the first choice airline. Structure – The organizational structure of Oman Air is large and handling such a large structure is difficult. In order to become more efficient in its operations the communications from the corporate to the employees has to be made clearer by making changes in their organizational structure. Systems – The cargo operations management system is completely automated thus enabling automated end to end cargo operations, processing efficiency, accurate tracking, flight capacity that is optimized and e-freight capabilities (press release, 2011). Skills – The prominent skill of the employees at Oman Air rests in offering customer friendly services. Managers are responsible for monitoring and assessing the skill of each crew member. This gives the needed framework to enable inclusion of its corporate strategy into the employees work practices. Staff – Recruitment and selection of new staff is based on their field experience and educational qualification. To maintain high levels of performance the staff are trai ned on a continuous basis. Style – The staff are lead in an effective manner by the managers. The managers are kept updated by higher level of the board of directors. Shared values – The main value of Oman Air lies in its staff members. A value of importance is instilled in all staff members. The well being of the company directs all individuals and the culture of the company is imbibed in its work

Determination of Interest Rates Essay Example for Free

Determination of Interest Rates Essay Interest rates are the payments one makes to another as the cost of borrowing funds. Interest rates should be equal to different borrowers under the same prevailing economic conditions. Various factors come into play to determine the interest rate to be paid by a borrower. This paper explores the factors used in determining the prevailing interest rates. Among the factors used to determine interest rates are credit quality, local and world economic and political conditions (Lando 143). In addition, the demand and supply of funds also determine the interest rates set on borrowings. The borrower always has a feeling that the interests charged are the best deal and that better returns will accrue from the funds borrowed. In the same manner, the lender should also feel the interest charged would have the best returns. Credit quality refers to the capability of investors to pay under a given economic situation. Interest rates are charged in direct proportionality to credit quality (Singleton et al 56). Big businesses and government can easily pay for the loans borrowed plus the interests charged. An investor may also compare the opportunity cost of money over a given period. The economic condition may be in a state of either inflation or deflation, forcing the lender to consider the opportunity cost of funds over a given period. An increase in inflation rate results in an increased rate since the expected inflation rate is also accounted for in the rates set (Sullivan et al 505-506). For instance, if in a situation without inflation, the interest rate is 4%, then this becomes 7% if the inflation rate is 3%. The declining value of collateral due to inflation may affect a borrower’s ability to pay. This will increase the risks associated with the repayment ability of the borrower. The higher risks are therefore included in the interest rate charged. Political subsidies by governments also influence interest rates. Governments can lower the interest rates on borrowers by subsidizing certain loans such as college student loans, public housing loans, and other public work program loans. Conclusion Interest rates, the excess on a borrowed money paid to the lender by the borrower, is determined by many factors. The main factor is the prevailing economic conditions. These could be inflation or deflation. The government may also subsidize certain type of borrowers to motivate them to borrow. The ability of the borrower to pay, the credit quality, is also a vital determinant of interest rates.

The Transatlantic Tunnel Of Transport Systems Information Technology Essay

The Transatlantic Tunnel Of Transport Systems Information Technology Essay For quite some time since the Industrial Revolution, sustainable transport has almost been synonymous with train form of transport. Several modifications have taken place on the first steam engine design to more energy and speed efficient models. With advancement in technology in this information and technology age, even more fascinating models are likely to be designed to keep up with the pace of lifestyle change. Critical limitations that hinder train transport systems will be addressed such as the geographical intricacies [1]. The Transatlantic Tunnel proposal dares to defy the ocean waters and the huge distance from America to Europe by bringing these two world business centers closer via a train. Top speed underwater tunnel across the Atlantic Ocean could be nearer to reality than many people would have thought. Engineering designers initially estimated that by the turn of the 21st Century, trains moving at around 5000 miles per hour could make the journey from America to Europe in less than an hour. Even though this future engineering project seems interesting, several issues need to be taken into consideration like the design that will pass the test of time across the treacherous ocean to the huge funding demand. Regardless of the factors standing in the way of the project, it remains a brilliant engineering project of this age. On the other hand, resilience could be propelled by the invaluable benefits that the project is likely to present to the world such that the project sees the light of the century. According to the documentary video Extreme Engineering, the possibility of this unbelievable project is not out of reach of reality amid modern technology. Challenged by t he success of the English Channel linking England with France, such ideas of completing the project cannot be unimaginable in this technological age. These are among the issues that this study explores, in an attempt to unravel this massive project. 1.2 The Main Text 1.2.1 Background Information. Nowadays, improvement of transport takes on a commercial perspective. Business had to be facilitated across nations in an efficient manner before using finer railway networks. In a more advanced version of the same networking, railway transport will now be explored for possibilities of connecting continents that are hundreds of miles apart. Building on past experience of connecting countries separated by seas and oceans, it is increasingly becoming a debate topic in engineering scenes on how continents can be linked by train for efficient transport. Similar ideas were illustrated in art and plays to demonstrate the relevance of the creation of such work [2]. 1.2.2 History and Theory. Jules Verne is the first visionary to suggest the Transatlantic Tunnel idea in 1895. The initial design could probably have been prompted by Vernes long and unpleasant sailing experiences [3]. Since there are several art works that used a fictional model of the Transatlantic Tunnel, its actualization was not taken seriously until real engineering work was brought on board. Suggestions have been made on several areas where the train and the tunnel system would need to overcome the most pressing missing links. Theories and ideas of a tunnel linking the said continents have been persistent and the best postulations were demonstrated in a film by the name Transatlantic Tunnel which was made in 1935 [4]. In the movie, a problematic development of the project featured an illustration of the difficulties that the project faces at the current stage. Most of the early positions held on the same topic were based on a fictional tunnel that was operational, perhaps to illustrate the applicability of the project. An earlier version of the same proposal had been developed and captured in the year 1933, in the German movie Der Tunnel [5]. By 1945, trains that used the vacuum principle to achieve speeds of over 1000 meters per hour were already in place, thanks to pioneers of real engineering studies. One of the major engineering pioneers of such designs was Robert Goddad who devoted much of his energy to similar engineering research. Three decades later, engineering articles that widely advocated for adoption of the technology were circulating. Vacuum train attention changed in the 80s after discovery of the Japanese Maglev research [6]. Transatlantic Tunnel theory bases its postulates on the past engineering works where transport lines have been suspended in water. According to the Discovery Channel, the English Channel links England to France in an almost similar way that popular transatlantic models envision [7]. Current top speed train formats are designed on magnetism and vacuum principles to enhance efficiency in terms of speed and resistance. Such trains models came into existence in the year 2004 when Shanghai. Famous progress towards the realization of the project was made through the contribution made by Frak Davidson, who carried out similar research on the applicability of such a project. Assisted by another prominent engineering designer by the name Earnst Frankel, Davidson had made some of the most promising contributions to the project. In his earlier engineering projects, Davidson had participated in the study operations of a fact-finding group of the possibility of setting up a tunnel underneath the English Channel; the English Channel Tunnel. The school of thought that has been propagated for a possible Transatlantic Tunnel design mainly relies on the work of Davidson. He proposed a system that would apply a suspended tunnel that is about 300 feet into the ocean. Another postulate of his design is the anchorage in deep sea where tethering is used to connect the tunnel to the anchor. Besides, he had also postulated that a vacuum would be necessary in his design, to facilitate top speed for the train. Finally, he also envisioned a magnetic train system being introduced into the same system for stability and speed enhancement [8]. 1.2.3 Design Approach Vacuum trains have been used in many high speed models that have been able to achieve extraordinary efficiency. To achieve the fastest speed that suits the model of train inside the tube-like tunnel, evacuation of the air that is inside the tube is usually necessary. This leads to the creation of an air free column which is capable of achieving speed similar to that achieved by a falling object in air. Bearing in mind that the project traverses across the entire Atlantic Ocean, time would be a significant aspect for any useful and efficient transport system. The best solutions so far generated by the engineering fraternity have largely relied on the vacuum train model which delivers results for top speed [9]. Magnetic Levitation system of transportation that uses magnetic force to propel locomotives has also been added into the design. Also referred to as maglev trains, the trains so propelled using magnetic field rely on three important components namely; source of electric energy, metal coils and large magnets. There are several advantages that the Maglev system presents to the design, including speed and stability. In this model, trains are lifted from ground level and are functioned on the principle of electromagnetism. According to Sirohiwala, Tandon and Vysetty, two main principles of engineering are exploited by the system, namely; Electromagnetic Suspension which relies on attraction forces as well as Electrodynamic Suspension which uses repulsion forces [10]. A combination of the vacuum and magnetic levitation systems have also been explored and found out to give better results. The benefits of a magnetic system coupled to the vacuum system will deliver not only top speed but also stability in the tunnel transport. According to the research conducted by the Massachusetts Institute of Technology, non contact bearings that magnetic levitation trains apply facilitate the realization of very high speeds and in conditions such as those present in vacuum train designs [11]. Also, utilization of both systems in a high speed train system facilitates the elimination of frictional force which generally causes wear and tear. This implies that a hybrid system of the two systems could offer more benefits in cost reduction than most other systems. Currently, the design that could be applied for the project heavily borrows from the engineers who postulated a similar design called Channel Tunnel that could run under the English Channel [12]. Suspension design is preferred by engineers, where surface turbulence and the underground uncertainties are handled. Joining of pontoons will be carried out at a distance of about 50 meters below the water surface. To hold the huge pontoons in place, heavy sea anchors will be dipped to the floor of the sea and tethers used to connect the two. By so doing, several challenges will be overcome, including deep sea pressure, surface collision with ships as well as heavy waves. This distance is safe also for possible rescue operation, in case there is an emergency in the tunnel. A cylindrical design has been adopted by the design since cylinders have inherent strength against wave forces, by reducing reactive resistance. The heavy pontoons that house the train are postulated to have a thick casing that is cylindrical in shape. A special vessel will transport the pontoons to the sea and facilitate their submersion as well as connection to the extended tunnel using special fastening screws and adjoining. Tethering will then be done onto an immersed anchor that sits deep into the sea floor. A continued extension of the tube will facilitate the completion of the tunnel from America to Europe. 1.2.4 Alternative Designs Besides the suspension design that is currently advocated for by many engineers, there were two other designs that were postulated for the same. The first postulated tunnel type was in the form of a seabed drilling process that characterized traditional tunnel construction. On an account of the involved difficulties, this proposal was later rejected. These difficulties included the huge depths of the Atlantic Ocean at some points as well as the presence of submarine mountains. In addition, major earthquake prone regions posed a threat to the successful traversing of the tunnel. In earlier versions of the tunnel design, a different approach was envisioned by constructing the transatlantic tunnel on the surface and eventually submerging it into the bottom of the ocean. This design was likewise rejected on intricacies that revolve around hydrodynamics in a huge water body such as the Atlantic Ocean. Pressure of the huge water column possessed by the Atlantic Ocean was identified as a threat to the form of structure to be submerged. It is alleged that the materials proposed for use by the tunnel cannot withstand the huge pressure exerted at the bottom of the sea. Besides, human beings cannot perform the construction functions at the bottom of the sea due to the high pressure. Any rescue operation in case of an emergency would almost certainly be in futility since the destructive nature of the pressure could be hazardous even to the rescue teams. 1.2.5 The Project Several issues are involved in the design of an appropriate system that is able to overcome the challenges expected in the Atlantic Ocean. By making some of the most difficult decisions regarding the safety risks and costs incurred, engineers are determined to deliver a suitable Transatlantic Tunnel. The most disturbing questions that the engineers have had to solve regarding the project touch on the route, source of money, resistance, risks as well as the benefits. This section of the report discusses some of these underlying intricacies that designers have been compelled to solve. 1.2.5.1 Route Several routes were considered for various reasons, but one route is particularly preferred for the same. In order to ensure that the tunnel traverses the huge distance form America to Europe in less than hour, several factors are considered to arrive at the preferred route. Cost and safety are among the most important considerations made by designers. Whereas a straight and direct route could be shorter and economical for the project, safety considerations could prop up due to the earthquake activity along the straight route. The risks involved in the project must be closely quantified to ensure that the massive investment made does not get compromised deep into the actualization [13]. According to Sirohiwala, Tandon and Vysetty, the most applicable route that the project will consider is the route that avoids some challenging geographical conditions in the Atlantic Ocean. Following well researched calculations of distance and appropriate route, engineers have been able to find out the route that passes through Iceland and some parts in south Greenland from London then reach New York from the North Eastern side to be suitable [14]. Despite extra costs being incurred for the drilling of the land sections in the connecting regions in the north, this route design has been able to overcome adverse results likely to be encountered in the deep ocean regions with earthquake activity. Besides, extreme weather conditions found in the northern hemisphere around Iceland and Greenland pose a challenge to the continuity of the project in the regions. However threatening this proposed route appears in terms of extreme temperatures to the north as well as drilling necessity, the corresponding challenges of the alternative route are also considered. In view of the challenges encountered by avoiding this route, earthquakes are much more of a risk when taken in comparison. Unexpected destruction to the system poses as a more serious and potent threat to the project than the former mentioned risks. In addition to destruction, deep ocean pressure factors also cause a huge setback to the implementation of the project. When considered in comparison, drilling and harsh weather factors encountered in the preferred route are less potent costs than what would be needed to counter the high pressure in deep sea. It is projected that the pressure exerted by the water column at deep sea could cause serious trouble to the integrity of the system. The cost likely to be incurred for such materials that can withstand the huge pressure as well as carry out the construction works that deep is very high. Maintenance could consequently be expected to carry a very huge cost element and risk when compared to the drilling procedure. 1.2.5.2 Air Resistance Train transport faces some resistance from the air, just like several other forms of transport. In top speed models, a streamlined front end has been adopted in design to overcome the resistance. The introduction of the vacuum considerably reduces the drag. The design of the tunnel must also be responsive to avoid natural drag designs. Aerodynamic drag is particularly common inside a tunnel than it is outside a tunnel. Aerodynamic drag is experienced accompanied by pressure waves that travel as fast as sound and gets altered as the train gets introduced into the tunnel, changes its velocity as well as when cross-sectional aspects of the tunnel get changed too. Fluctuations in pressure penetrate the train where aural discomfort is experienced by the passengers. Generally, confinement of the environment around the train causes changes in the aerodynamic system of the tunnel. At the thin end of the tunnel, the amount of pressure changes is determined by how long the tunnel and the train are as well as by the entry time taken before a second train enters the tunnel. To determine the amplitudes of the aerodynamic pressure variations involved, speed, nose geometry as well as blockage ratio are used. Bearing in mind that the Transatlantic Tunnel is a very long Tunnel, it is predictable that a maglev system will contribute very large amounts of pressure variations and possible discomfort. Aerodynamic drag is also characterized by the directly proportional relationship it has with power consumption. Air resistance is usually reduced by about eight times with a reduction of velocity by half. This means that the power consumption varies with proportion to speeds cube. In view of the other factors involved in resistance, size and shape of the head with regard to the degree of streamlined nature also determine power consumed. It is therefore a common design across train models proposed for the Transatlantic Tunnel having a streamlined shape. There is a general challenge posed by aerodynamics of a top speed train that uses a tunnel. The flow of the air at the exit of the tunnel is usually at a very high velocity that is about ten times more than the ordinary requirement of a smooth ride [15]. 1.2.5.3 Investment (Funding Parties) Apparently, the issue of funding and the most important partners has not been at a critical and determinative stage. Project enhancement proposals have only been circulating without a mention of how the funds could be secured: However, by the look of the benefits that the two main continents and the entire world stand to gain in case of a successful implementation, funding should be forthcoming. Perhaps what is needed is a strongly convincing organized lobby platform to ensure that stakeholders are brought on board. States incidental to the project are however expected to play a key role in the overall funding requirements of the project. This implies that the US, Canada and Britain have a more direct funding role to make for the project than any other state. Direct benefits expected from the use of the tunnel are likely to compel these states to make the investment in anticipation of the same. However, their willingness and therefore the prospects of the realization of the project will depend on the level of their satisfaction that the engineering work done delivers. It is expected that the investment opportunity that the project avails could attract attention of a regional funding due to the creation of the trading blocks that have characterized continents such as the EU. The EU is largely an economic block that taps into unexplored opportunities on behalf of the member states and such a lucrative project could have direct funding from the block. However, just as individual states would demand the ascertaining of certain project reliability score, the EU could also work on assessments to ensure sustainability of the project. The ball goes back to the engineering field to carry out as much research and development studies as would constitute an irresistible offer for funding during lobbying for funds. Alternatively, private sector investment and funding for the project cannot be left out. With evidence of some major investments being solely undertaken by the private sector, the possibility of contributions into this project cannot be ruled out. Commercial activities that the private sector will anticipate to achieve upon completion of the project will spur interest which is consequently likely to avail funding. Development partners of the involved states are likewise in the list of likely funding source based on commercial benefits that they would obtain from the project. 1.2.5.4 Challenges and Dangers Ocean currents are one of the challenges that the tunnel would have to be prepared to withstand. Across the Atlantic Ocean, very strong current waves exist for instance the Gulf Stream. Structural oscillation design will need to be very strong such that the tethering system adopted will take care of the swaying motion of the storm. Relating the suspended tunnel to suspension bridges, motion occasioned by wind and water has been found out to be catastrophic. Major suspension bridges such as the Tacoma Narrows Bridge have been brought down by strong winds and a similar phenomenon can be expected from strong ocean currents for a suspension tunnel. Suspending the tunnel in water will necessitate the use of deep sea anchors that will ensure firm tethering. Bearing in mind the depth of the ocean occasionally goes to nearly five miles, the possibility of achieving firm tethering into the sea appears evasive or a cumbersome design. Besides the technical requirements that the project will need to facilitate anchorage to such depths, the materials quantity and quality that can facilitate this project are almost unimaginable. In view of the distance and possible design consumption, it is estimated that around one billion metric tons of steel will be needed. In addition, the ocean floor where the tunnel will traverse is almost certain to encounter some region of earthquake vulnerability. In view of the hazardous effects of earthquakes to engineering projects, the inevitable encounter with such factors make the project one of those marred with uncertainty and challenging circumstances. In addition to exposure to earthquake challenges, the geography of the ocean floor through which the tunnel will traverse presents daunting route choice technicalities. Despite there being several options of possible routes that the tunnel can pass, each of the options has its unique set of challenges such as the most economical distance. About 3,000 miles of distance across the ocean stand in the way of the projects success. The long distance from North America to Europe will require consideration of the most applicable route and what point of initiation or termination to design the project. Besides the issue of the route, the project demands a massive construction material that requires the world supply. For instance, from the beginning to the end of the project, available world steel production capacity will be highly beleaguered. Whether the needed materials demand will be estimated and stored in such reserves as would be capable of sustaining the project remains a strategic oper ation challenge. The continuity of the project will face several challenges among which weather will appear to impact heavily. In the recent weather patterns, severe winters have been experienced in Europe and North America and across the Atlantic Ocean. Temperatures way below the freezing point will certainly affect the rate of project progress during winters. Together with the distance complexities, other factors such time will therefore act as an impediment to the projects desire to be expeditious. Estimates of the duration of time needed to complete this project stand at a staggering one century or more. High speed trains designated for the tunnel transport require very high levels of stability. To achieve very high stability as required could pose as a threat since very little breaches could severely damage the system. Most faults in an engineering project depend on the level of stability flaws. Besides the anchor and tether system that the tunnel design adopts, speed inside the tunnel needs to be enhanced for better stability. One of the proposed ways to achieve top speed for the train is through the creation of a vacuum. To achieve a vacuum over a relatively shorter distance has proven to be an uphill task for engineers; how to achieve this over a large distance such as from America to Europe is even unimaginable. How to achieve top speed for stability purposes appears to pose the most potent challenge. 1.2.5.5 Advantages a) Energy Tunnels Maglev systems are environment friendly and highly save on energy due to electrical energy consumption .The system appears to be shielded from the controversial oil energy sources of energy. Usage of nuclear energy will not only save money but spaces utilized for fuel carriage. b) Maintenance Ordinary railway and road transport particularly experience heavy wear and tear costs which are not encountered in maglev systems. Basing maintenance costs on wear and tear occasioned by contact, it will be less expensive to maintain a system where no contact is experienced. c) Speed Among the most striking features of the proposed train model, speed is by far the best. These train models can achieve speeds of up to 500 kilometers per hour. Business will be enhanced between Europe and America to supplement to the sea and air transport systems. d) Weather While compared to several other modes of transport, tunnel train transport tackles unfavorable weather in a dramatic way. Inside the tunnel, weather based hindrances to operations of the train are not expected. Poor weather conditions such as visibility and snow cannot affect the flow of the train at its top speed. e) Cost of Operation Since train transport is generally cheaper when compared to some other modes of transportation, costs of operation are considerably expected to reduce from America to Europe. This is so despite the capital initialization of the project which might be higher than any other project done before. f) Capacity Trains have a higher load capacity than many other modes of transport, including air transport. Achieving a supersonic train model would by far outdo major huge aircraft models such as the Concorde, which is not operational today due to several factors [16]. 1.2.5.6 Disadvantages a) Time. Proposals might be very appealing to the eye but the amount of time required for the completion of the project act as a major hindrance. It is estimated that over at least a century lies between the proposal and the actual implementation of the project. b) Distance To construct and transport materials from the mainland to the construction site may prove to be an onerous task for the engineers. Distance for movement of labor and materials will act in hindrance to the projects implementation. c) Cost Despite the relatively lower cost of production, there is a high certainty that the project will be the highest in history of engineering works. It is estimated that labor, materials and other logistic costs will need more than one financier for the project. According to a similar project study carried out by the Norwegians, cost was the only hindrance [17]. d) Construction Conditions Construction across the large Atlantic Ocean will have to face serious weather challenges including freezing temperatures as well as strong winds and currents. The most appropriate route will have to be chosen to overcome this challenge, which may appear to be expensive. Deep sea construction of the tunnel will be faced with high pressure that demands for specialized machinery instead of human beings. e) Geography As mentioned before, geographic issues will be encountered by the construction of the tunnel, demanding drilling to supplement to the suspended model. Drilling will be necessitated by over-land sections encountered in the cheapest route choice. This will not only affect the pace of construction but also change the design of the train. f) Emergency and Rescue In case of adverse hitches in the operation of the top speed train, it will be impossible to perform a rescue operation. Other transport systems are easily accessible for rescue operations than in sea transport, worst scenario being a submerged system such as a suspension tunnel. g) Risk Uncertainty As it is currently with major civil engineering works, measurement of risk involves several issues, with some having collapsed more than once. Collapsing of such a massive construction could not be ruled out completely, bearing in mind the existence of several hindrances to the system. h) Passenger Comfort Sudden acceleration and deceleration leaves an unpleasant feeling in the body of the passengers. Since the Transatlantic Tunnel is designed on a very high speed platform, sudden acceleration changes will be expected to be an unpleasant experience for the customers, unless more time is allowed to facilitate adaptation of the body. 1.2.6 Project Feasibility Checking is likely to feature the feasibility aspects of the project, technology, economics, law, operation and schedule. Whereas relevant technology is likely to be within reach for such a project, clearly outlined requirements of the project are yet to be prepared. Maybe by the time the project reaches critical stages of implementation, such details will be availed. In the current information and technology age, anything is virtually possible since all the relevant information is within reach [18]. In terms of economics, it can be said that the possibility of the project reaching a successful end is quite remote. Legal frameworks are not a major hindrance since similar projects have taken place but at a lower magnitude. Operational feasibility is likewise uncertain, having several loopholes in the coordination of the research as well as funding intricacies involved. With regard to schedule, the project is unfeasible as it is, since time expected for completion is over a century. Within the span of such duration of time, several options would have propped up making the project obliterated and unnecessary. Efficiency of the project is also uncertain due to the challenges expected ahead. Whether there is a need for such a project is a question that could be argued favorably or not. However, as it currently stands, it is needless to embark on the project. Conclusion Transatlantic Tunnel will remain to be one of the greatest civil engineering ideas of the human history. Despite the challenges that the project presents to engineering designers, it can be done, but at a very high cost. The speed of the train could challenge investors to quicken implementation since the benefits of the project will proportionately flow speedily. No matter how interesting the project seems, time factor and cost act as the major hindrances to its implementation.