Characterization Of A Glycerol Based Polymer Environmental Sciences Essay

In oleochemical industry, glycerin ( 1,2,3-propanetriol ) is ever produced as a byproduct in the fabrication of acids, soaps, methyl esters, intoxicants or nitrogen-containing derived functions. It can besides be made from propene via epichlorohydrin ( 1-chloro-2,3-epoxypropane ) . However, the petrochemical supply path is less of import due to the increasing supply of glycerin from oleochemical industry, the high monetary value of propylene and the demand for epichlorohydrin for other intents ( Gunstone & A ; Henning, 2004 ) . Figure 1.1 Glycerol Glycerol possesses a alone combination of physical and chemical belongingss which are utilized in many commercial merchandises. It is hygroscopic, colourless, odorless, syrupy, sweet-tasting, low boiling point, non-toxic, demulcent, a good dissolver, and H2O soluble. Besides, it is easy biodegradable ( Gunstone & A ; Henning, 2004 ) . Furthermore, it is really stable under normal storage conditions, compatible with many other chemical stuffs, non-irritating in its assorted utilizations, and does non hold negative effects on the environment ( Pagliaro & A ; Rossi, 2008 ) . The glycerin market is presently undergoing extremist alterations, driven by really big supplies of glycerin originating from biodiesel production. The attempt to cut down the dependance on foreign oil has increased the production of biodiesel and glycerin is the major co-product from the transesterification procedure used to bring forth biodiesel. Hence, there is a demand to happen new utilizations for glycerin. Polymerization is one of the methods which big sum of glycerin can be used ( Wyatt et al. , 2006 ) . There two types of polymerisations. First, soluble merchandises are obtained irrespective of the extent to which the reaction is carried toward completion. The merchandises formed are chiefly additive polymers. The 2nd type of polymerisation is those that lead to gelled or indissoluble merchandises, provided that the reaction is carried far plenty. The reactants are capable of bring forthing big three dimensional molecules ( Flory, 1941 ) . Harmonizing to Flory ( 1941 ) , gelation occurs merely when there is the possibility of limitless growing in three dimensions. It is a important feature of polymerising systems to hold a aggressively defined gel point at a certain critical extent of reaction which is independent of temperature, sum of accelerator and so on. Through polymerisation of glycerin, the pre-polymers synthesized could be farther reacted to bring forth longer ironss of hyperbranched polymers. Hyperbranched polymers belong to the household of supermolecules known as dendrimers. Dendrimers are extremely branched monodispersed molecules produced by multistep syntheses. Preparation of dendrimers requires a high grade of pureness of the get downing stuff and high outputs of the single man-made measure. On the other manus, hyperbranched polymers are indiscriminately branched molecules prepared by a simple one-step reaction ( Wyatt et al. , 2006 ) via polyaddition, polycondensation, extremist polymerization, and so forth, of an ABn monomer ( Vogtle et al. , 2009 ) . Due to their alone combination of low viscousness, first-class solubility, and facile synthesis, hyperbranched polymers have received important attending ( Lin, Q & A ; Long, T.E. , 2003 ) . Chemical reaction of the functional A groups with the functional B ( matching ) groups of a 2nd monomer molecule gives rise to randomly branched molecule. Since the C groups are present in surplus ( n a†°? 2 ) , crosslinking are avoided from the beginning. Chemical reaction can be brought to a standstill by addtion of stopper constituents. Since the synthesis of hyperbranched polymers does non affect matching to core molecule, but merely ABn monomers react with one another. Both bifurcate molecules and additive sequences possibly formed ( Vogtle et al. , 2009 ) . Hyperbranched polymers produced from diacids ( A2 ) and glycerin ( B3 ) are an illustration of the AB2 system. AB2 monomers are non readily available and kinetic computations show that the first condensation reaction, which produces an AB2 species, is faster than the subsequent polymer extension. Therefore, the balance of the reaction progresses as polycondensation between AB2-type species prior to the gel point. Several methods have been used to avoid gelation in A2+B3 systems, including executing the reactions in dilute solutions or responding them in the absence of dissolvers while monitoring. This glycerol-based polymer is expected to demo similar belongingss and features as polyalkylene ethanediol ( PAG ) . A polyalkylene ethanediol holding the general expression: HO- [ R-O- ] n H in which N has a value of at least 2 and R is an alkylene extremist containing at least 10 C atoms. PAG liquid are used as man-made lubricators in many diverse applications. Therefore, glycerol-based polymers could besides hold the possible to be use every bit high public presentation lubricator, coolant or as a lubricant additive ( such as viscousness qualifier ) . Materials with polymeric constructions can be used in lubricator to heighten its belongingss, such as viscousness, pour point and so on. It can be used as get downing stuff for certain types of additives. These polymeric additives can be viscosity modifier, pour point sedatives, emulsifiers and demulsifiers, and foam inhibitor in lubricators ( Totten, G.E. et al. , 2003 ) . Oils can be effectual lubricators at low temperature. However, at higher temperature, they become less effectual. To get the better of this job, viscousness qualifiers are utile in minimising viscousness fluctuations with temperature. Viscosity qualifier is a polymer with mean molecular weights of 10000 to 150000. At all temperatures, viscousness qualifier is able to increase oil ‘s viscousness. The thickener of oil at lower temperature is less than that at higher temperature. At low temperatures, the polymer molecules busying a little volume have a minimal association with the majority oil. The state of affairs is reversed at high temperatures as the polymer ironss expand due to the increased thermic energy. Besides, at higher temperatures, polymers are more soluble and hence do the viscousness to increase ( Totten, G.E. et al. , 2003 ) . There are two types of viscousness qualifiers available commercially: olefin-based polymers and ester polymers. Polyisobutylenes ( PIBs ) , olefin copolymers ( OCPs ) , and hydrogenated styrene-diene ( STDs ) polymers. Ester polymers include polymethacrylates ( PMAs ) and styrene ester polymers ( SEs ) ( Totten, G.E. et al. , 2003 ) . Literature Review In a research done by Wyatt and his colleagues ( 2006 ) , fresh oligomeric prepolymers were synthesized by acid-catalyzed condensation of glycerin with iminodiacetic. The prepolymers were obtained after purification by chromatography in an mean output of 62 % . The compounds were characterized by utilizing 13C NMR, 1H NMR, matrix assisted laser desorption ionization-time of flight-mass spectroscopy, and gel pervasion chromatography. It was discovered that additive merchandises bearing cyclic urethane constructions were obtained in the reaction between iminodiacetic acid and glycerin. Qi Lin and Timothy E. Long ( 2003 ) studied the polymerisation of A2 with B3 monomers to bring forth hyperbranched poly ( aryl estrer ) s. A dilute bisphenol A ( A2 ) solution was added easy to a dilute 1,3,5-benzene tricarbonyl trichloride ( B3 ) solution at 25A °C to fix hyperbranched poly ( aryl ester ) s in the absence of gelation. The molar ratio of A2: B3 was maintained at 1:1. The maximal concluding monomer concentration was ~0.08 M. The phenol functionalities were quantitatively consumed during the polycondensation. This was showed in 1H NMR spectrometry and derivitization of terminal groups. Two theoretical account compounds were synthesized to place 1H NMR resonances for additive, dentritic, and terminal units. The concluding grade of ramification was determined to be ~50 % . The hyperbranched polymers exhibited lower glass passage temperatures compared to their parallels. J.F. Stumbe and Bernd Bruchmann ( 2003 ) besides used the A2+B3 attack to fix hyperbranched polyesters with controlled molecular weights and belongingss. The procedure was carried out by responding glycerin and adipic acid without any dissolvers. Tin accelerators was used. The merchandises were evaluated by size exclusion chromatography ( SEC ) analysis and NMR spectrometry to find molecular weights and grades of ramification. A survey was besides carried out on the glycerin esters from reaction of glycerin with dicarboxylic esters. The glycerin esters were synthesized by the base catalyzed reaction of glycerin with aliphatic dicarboxylic acid esters ( such as dimethyl oxalate, dimethyl glutarate, dimethyl adipate, etc ) . Assorted parametric quantities that may impact the transesterification were studied in order to optimise the output of merchandises. The reactions were carried out by changing the glycerol/ester molar ratios. The optimal ratio was 4:1, whereby the measure of the monoester was 60 % after 8 h. The transition decreased somewhat when the grinder ratio exceeded 4:1. At higher temperatures, the sum of monoester in the reaction mixtures increased and it reached a maximal degree after 6 H when the reaction was carried out at 100 A °C to 120 A °C. It took 8 H at a lower temperature. However, the overall output at the terminal of the reaction was non affected by the temperature. The formation of both monoester and diester were produced in an overall output of 80 % after 15 H of reaction clip ( Cho et al. , 2006 ) . Sunder et. Al. ( 1999 ) carried out a controlled synthesis of hyperbranched polyglycerols by pealing opening multibranching polymerisation. Hyperbranched aliphatic polyethers with controlled molecular weights and narrow molecular weight distribution were prepared via anionic polymerisation of glycidol with rapid cation-exchange equilibrium. Glycidol which represents a cyclic AB2 monomer was polymerized in a ring-opening multibranching ( ROMBP ) . The anionic polymerisation was carried out under slow add-on conditions with partly deprotonated ( 10 % ) 1,1,1-tris ( hydroxymethyl ) propane ( TMP ) as the instigator. 13C NMR, MALDI-TOF spectroscopy, vapor force per unit area osmometry ( VPO ) , and GPC were used to qualify molecular weights and polydispersities of the polyols formed. The 13C NMR spectra used to measure the grade of ramification ( DB ) ranged from 0.53-0.59. A complete fond regard of hyperbranched polymers to TMP instigator and the absence of macrocyclics were showed in M ALDI-TOF spectra. There was no macrocyclics or hyperbranched supermolecule obtained, due to decelerate addtion. T.J. Mulkern and N.C. Beck Tan ( 2000 ) studied a series of blends of hyperbranched polyester with high molecular weight polystyrenes. The processability and compatibility in the blends were investigated as a map of volume fraction of hyperbranched polyols ( HBP ) added and responsiveness of the matrix stage. Due to its low viscousness and high responsiveness, HBP polymers are suited for reactive polymer blending. Through processing and rheological surveies, it was found that HBPs are effectual processing AIDSs. A important bead in the blend viscousness occurs instantly on add-on of HBP, even at degrees every bit low as 2 vol. % . In 1934, Herman Bruson discovered a man-made oil additive when he was researching the synthesis and possible applications of longer alkyl side concatenation methacrylates. Bruson ‘s innovation, polymethacrylates ( PMAs ) was found to hold the possible to work as thickening or viscousness index humanitarian for mineral oils. It increases viscousness at higher temperature more than at lower temperatures ( Kinker, B.G. , 2009 ) . The alkly group in the ester part of the polymer can be altered to obtain merchandises with better oil solubility and viscosity-improving belongingss. It besides have good compatibility with a big figure of refined and man-made basestocks. In a survey by Duncan and Turner ( 1997 ) , blends of lubricant basestocks with high viscousness complex intoxicant esters were produced. The blend comprises of a polyhydroxyl compound R ( OH ) N, a polybasic acid and a monohydric intoxicant. The complex intoxicant ester showed a pour point of less than or equal to -20A °C and a viscousness in the scope about 100-700 Central Time at 40A °C. The lubricating oil harmonizing to Duncan and Turner ‘s innovation has first-class prurience as determined by engine public presentation, vane pump trial, Yamaha Tightening Test, and reduced valve lodging. Besides, it has good stableness as evidenced by the consequences of RBOT and Cincinnati Milacron trials. The lubricator has besides unexpected biodegradability as measured by Sturm trial ( Duncan et al. , 1997 ) . Hunt et Al. ( 1993 ) carried out supercritical fluid extraction to analyze liquid poly ( alklene ethanediol ) ( PAG ) lubricators and sorbitan ester preparations. The PAG matrix was adsorbed onto silicon oxide and the selectivity obtained by this method was compared with that obtained by the direct extraction of adsorbed and unadsorbed PAG. Extraction was besides done for unadsorbed PAG through the in-line column and it was successful in dividing additives from all but the lowest molecular mass PAG oligomers. This extraction process enabled fractional process of the merchandise and could be used as a sample readying technique for farther spectroscopic analysis. It is hard to bring forth polymers with narrow molecular weight distributions by traditional methods. Supercritical fluid engineering is applied to get the better of the conventional methods. The solubilty parametric quantity of supercritical fluid can be tailored. Selective extraction and fractional process are possible from multi-component mixtures. The key to doing high quality polymers is to guarantee precise control of molecular weight and polydispersity at high output while maintaining residuary contaminations below acceptable tolerance degrees. Hernandez et. Al. ( 2005 ) tested the turn overing weariness of three polyglycols ( PAG-9, PAG-12 and BREOX-B-135X ) . Polyglycols ( besides called PAG or polyalkylene ethanediols ) are widely used in the lubrication industry. These compounds have really high viscousness indexes, really low pour points, a high thermic conduction with regard to mineral oils, hydrolytic stableness, etc. Rolling fatigue trials were carried out utilizing IP-300 criterion in order to obtain the word picture of the fluids. A four ball trial machine was used and 10 % life ( L10 ) and 50 % life ( L50 ) were obtained. The stress-time curves for L10 and L50 were besides determined. All polyglycols were tested under boundary lubrication government ( I » & lt ; 1 ) where in turn overing contacts the surface manner of failures prevails. In oils of the same household, the pressure-viscosity coefficient is comparatively changeless. An addition in viscousness improved the minimal movie thickness with the attendant addition of the I » ratio. Fatigue life is mostly a map of the ratio of lubricating movie thickness to composite surface raggedness ( I » ratio ) . Differences in I » ratio for the three polyglycols resulted in different grimness interactions and turn overing contact weariness lives. With respect to turn overing contact weariness, the pick of viscousness category should avoid grimness interaction, so that the lone manner of failure will be subsurface failure. Although mean force per unit area in the contact was the same, increase in viscousness from PAG-9 to BREOX-B135X improved the I » ratio from 0.18 to 0.34. At less I » & lt ; 1, operation is in the boundary lubrication government where turn overing contact fatigue life is short, but an addition of I » ratio cut down the grimness interactions a nd hence rolled contact weariness improved. An probe was so carried put by Garcia and colleagues on PC-SAFT volumetric and stage behaviour of C dioxide + PAG or POE lubricant systems. The densenesss of man-made PAG oil was measured from 283.15 K to 333.15 K while the solubilities of CO2 in this oil was measured from 253 K to 333.15 K. Molecular weight of the lubricator was estimated utilizing fast atom barrage ( FAB ) . Molecular weight and experimental densenesss were used to cipher characteristic parametric quantities of PC-SAFT theoretical account for several commercial PAG oils. Movable characteristic parametric quantities were used for POEs. The thermophysical belongingss and phase behavior of CO2-lubricant oil mixtures is of import for the design of infrigidation and air-conditioning. The go arounding fluid comes into contact with the lubricator used in compressors and a part of the oil is transported into the infrigidation circuit with assorted effects in footings of public presentation. If the oil is non-miscible with the refrigerant, the compressor may be damaged due to hapless oil return to the compressor. Oil may roll up inside the heat money changer tubings cut downing heat transportation capablenesss, enthalpy alteration and ensuing in an overall decrease of the infrigidation capacity and rhythm public presentation. In add-on, high solubility of the refrigerant in the lubricator may cut down the viscousness of the oil-rich stage and consequences in lower lubrication belongingss which gives rise to dislocation of the compressor mechanical parts. Hauk & A ; Weidner ( 2000 ) studied the thermodynamic and fluid-dynamic belongingss of C dioxide with different lubricators in chilling circuits for car application. The information of the binary mixture were measured at temperatures between 5 and 100 A °C under force per unit area of up to 150 saloon. The stage behaviour was observed qualitatively in a hugh-pressure position cell and was determined in an sterilizer based on a static-analytical method. The viscousness of the lubricator saturated with C dioxide was measured with an integrated vitreous silica viscometer. The pertinence of lubricators in car-climatization systems can be evaluated with the cognition of stage behaviour and the resulting viscousness of gas-saturated lubricantsThe stage behaviour of oils with C dioxide can be divided into three different types which are binary systems with closed miscibility spreads, systems with unfastened miscibility spreads, and systems that show barotropic phenomena. Oils that show barotropic behaviour in contact with tight C dioxide are non recommended as lubricators. Oils with complete or limited miscibility with C dioxide may be used. Firdovsi & A ; Yagoub ( 2006 ) investigated the man-made heat bearer oil composings based on polyalklene ethanediols. Thermal stableness, mass loss on vaporization at 250 A °C, 350 A °C and altering the specifications after heating at 300 A °C for 10 Hs were besides studied. The prepared PAGs have been taken as basic constituents for heat bearer oil composings. It was discovered that the specifications of PAGs such as viscousness indices, pour points, acerb figure and brassy points changed dramatically upon heat handling. In order to better the thermic stableness and viscousness indices, anti-oxidant and anti-foaming additives were added to the base stuff to make optimal composings. The obtained heat bearer oils showed comparable improved belongingss in comparing with commercially available heat bearers. Methodology This undertaking will be divided into 2 phases as listed below. Poly ( glycerol-diacid ) polymer will be prepared by utilizing different hydrocarbon concatenation length of diacids ( such as azelaic, succinic and adipic acid ) . The merchandises will be analysed in order to analyze their chemical and physical belongingss. Phase 1: Chemical reactions of glycerin with different hydrocarbon concatenation length of diacid compounds ( e.g. azelaic, succinic or adipic acid ) at different mole ratios, are carried out under N2. The mixtures were charged to a reaction vas equipped with distillment setup. The reaction merchandise is allowed to respond at the coveted temperature and clip. Acid value ( AV ) , hydroxyl value ( OHV ) and glycerin content will be measured to keep the reaction advancement. Optimization of the reaction parametric quantities will be studied by changing different reaction parametric quantities such as type and sum of diacid, reaction clip, temperature and force per unit area. The concluding merchandise will be washed, dried and characterised. Phase 2: The merchandises obtained will be analysed by utilizing both High Performance Liquid Chromatography ( HPLC ) and Gas Chromatography-Mass Spectrometry ( GC-MS ) . Other instrumentality such as Fourier Transform Infrared Spectroscopy ( FT-IR ) , Nuclear Magnetic Resonance ( NMR ) and Gel Permeation Chromatography ( GPC ) will besides be utilised to further corroborate their molecular construction. Physical belongingss of the merchandises obtained such as viscousness, solubility, brassy point, fire point, denseness, specific gravitation, biodegradability, and oxidative stableness will be performed. Expected consequence: Polymers ensuing from the copolymerisation of glycerin with diacids of changing C concatenation length, molecular construction, and composing will be obtained. Structures holding more than two free acid functionalities at the end-terminals can happen merely after ramifying. As the clip of reaction returns, the viscousness increases which limits the interaction between the reactants and the turning polymers. The H2O solubilty of the oligomers decreases with increasing concatenation length of the diacid monomers of the diacid monomers used in fixing the oligomers. This glycerin based polymers are expected to possess broad scope of applications such as cosmetics and lubricators.

European Tour Operators Essay

Introduction: The macro-environment looks at broad trends shaping the national and international environment. An analysis of the macro environment is crucial in determining the factors which have a direct impact and/or might influence the strategic direction of an organisation. The macro-environment is difficult for organisations to influence and changes can be far-reaching. The media is usually rich source of both information and speculation and as such cannot be a reliable source of reference. There are available tools for analysing the macro-environment in an attempt to identify those factors, which might have an impact upon the organisation, both in terms of being a threat or an opportunity and these include: * The PESTEL framework * Key drivers * Scenarios The PESTEL framework: categorises environmental influences into six main types: * Political * Economic * Social * Technological * Environmental * Legal The PESTEL analysis evaluates the broad societal trends that affect many industries. It identifies current and future developments that will shape the micro-environments of each industry sector. Key drivers for change: are environmental factors that are likely to have a high impact on the success or failure of a business strategy. Scenarios: are detailed and plausible views of how the business environment of an organisation might develop in the future based on key drivers for change about which there is a high level of uncertainty. Question 1: Key drivers of change Using the PESTEL framework, which helps us understand the key drivers of change and external influences on the organization, we can identify the underlying forces in the macro-environment driving the competitive forces as follows; 1.1) POLITICAL: Terrorist attacks that resulted in tight security measures and strict immigration laws. Following these attacks many countries put some destination off-limits, travel insurers would refuse to cover tourists if they went there despite the government ban or warnings against such travels. Tourism also suffered when prolonged tourist abductions began to affect tourist perceptions. 1.2) ECONOMICAL: the economic crisis can positively and negatively impact tourism industry. Economic crisis became the major threat which results in the collapse of some major players in the industry, for example the closing down of ‘XL Leisure Group’. Given that the UNWTO’s Tourism 2020 Vision had forecast that international arrivals are expected to reach nearly 1.6 billion by the year 2020; this implied that more opportunities and more competition was to be expected in the coming years. Hence the assertion that recession can have positive impacts. It therefore was an opportunity for the survivors as they get more market space and more consumers to absorb in. Moreover, a post-recession boom could be expected and taking into consideration that tourism contributes 10.6% of world GDP they always get their stake from the disposable income. 1.3) TECHNOLOGICAL: Customers relying on internet and online sales were increasing. Statistics show a mere 72% of UK households had access to internet in 2008 and is increasing compared to previous years. Even though online sales make it easier for customers and cut costs by reducing staff and intermediaries, it also possesses a threat to companies. Internet has a low barrier for entry (Porter, 2001) and newcomers can easily pop into the competition. Question 2: Porter’s analysis structure: Michael Porter (HBR, 1989) says awareness of the five forces â€Å"can help a company understand the structure of its industry and stake out a position that is more profitable and less vulnerable to attack†. Five force framework helps identifies the sources of competition in the industry (Johnson et al., 2005). Five forces which are not independent of  each other, draws a connection between competitive forces and the key drivers in the macro-environment. The forces reveal the most significant aspects of the competitive environment. They also provide a baseline for sizing up a company’s strengths and weaknesses: Where does the company stand versus buyers, suppliers, entrants, rivals, and substitutes? Most importantly, an understanding of industry structure guides managers toward fruitful possibilities for strategic action, which may include any or all of the following: positioning the company to better cope with the current competitive forces; anticipating and exploiting shifts in the forces; and shaping the balance of forces to create a new industry structure that is more favourable to the company. The best strategies exploit more than one of these possibilities. 2.1Competitive rivalry: There is a moderate competitive rivalry in the industry. High fixed cost largely favours the incumbents. And there is a significant 5% difference in market share between the top two market leaders (TUI 18.6% and Thomas Cook 13.9% in 2008). These huge variations of market shares of incumbents lessen the competition in the industry. 2.2The threats of substitutes: Even though TV, games or other social activities can act as substitutes, they will never be same as travelling. Moreover, there is a low differentiation of products and together there is low threat of substitutes. 2.3 The bargaining power of buyers: There is a low switching cost to buyers with the emergence of internet and online sales. But the low differentiation of products and lesser number of substitutes limits the bargaining power of buyers to low. 2.4The bargaining power of suppliers: Suppliers have high negotiation powers against the companies having a low share in the market. But in a market where the top 5 market leaders covering more than 43.1% of market and possessing a threat of backward integration, there will be a power balance.  This implies only a moderate bargaining power for the suppliers. 2.5The threats of new entrants: High Capital Requirement creates a high barrier of entry for newcomers. And more than 70 % of market share is controlled by the top leaders and this reduces the price retaliation and keeps the economies of scale high. Brand Recognition also acts as a barrier to new entrants. Hence, the threat of new entrants is low. 3. Five forces and the future Porter (1987) said a company can maintain its leadership in the market only by establishing a difference that it can preserve and by keeping its structure attractive. TUI is the leading company in the concentrated market of tour operators in Europe with a staggering 21% of the market share. TUI operates in over 180 countries worldwide serving more than 30 million customers offering a wide range of leisure travel experiences. They also operate around 240 hotels of which majority are in the 4- or 5- star category. The strengths of TUI will help them to maintain their leadership in the tourism industry. Backward Vertical Integration of TUI helped them to spread out through the value chain. This made them deliver a higher value when compared to their competitors at a cheaper price. Being their own suppliers (Airlines, Hotels etc.) helped them to attain cost leadership. Their investments on direct distribution channels act as a key driver reducing the distribution cost and increasing the margin. Their multi-channel distribution focusing on online sales made them capable of retaining their customers and gaining new customers. Stable and management friendly shareholders supported them to incorporate better customer service along with their excellent operating service, and thus extend their presence in the value chain. Moreover, TUI had better liquidity and financial situation following the sale of Hapag-Lloyd. The acquisition of companies varying from tourism, airlines, hotels, cruises etc. all over the world help them attains differentiation. They claim their differentiated products are integral part of their customer retention, brand building and uniqueness and thus gained them the competitive advantage in the market (Annual Report, 2008).TUI always seek to create value for their customers, investors and employees. As the number of short-haul travels increases, TUI will gain from concentrating a bit more on supporting this (can enter in road transportation facilities). Alike other leaders in tourism industry, TUI will also have to tackle their consolidated fixed assets. The level of success achieved by TUI holds some important lessons and some much needed inspiration to a business world; that could use a little of both. However; according to the World Market Travel Industry Report (2010) the travel and tourism industry fear the long-term impact the global downturn will have on the industry, believing it will struggle to return to pre-downturn demand levels and profitability until 2016. More than half of the industry (52%) believes the global downturn’s impact on tourism demand is one of biggest issues facing the industry over the next five years. Furthermore, 49% felt the downturn’s impact on price, profit and margins is a big issue over the next five years – the two biggest percentage responses to the question: What is the biggest single issue facing your business over the next five years? When asked what is the single biggest issue facing their business over the next five years the global downturn’s impact on demand for tourism is cited by more than three out of ten people (31%), while the downturn’s impact on price, profit and margins is cited by a quarter – again the two biggest percentage responses to the question. REFERENCES: 1. Annual Report. (2008). TUI Annual Report. TUI AG. 2. Johnson G and Scholes K (2010) Exploring Corporate Strategy (9th ed). London: Prentice Hall. World 3. Porter, M. E. (1980). How Competitive Forces Shape Strategy. The McKinsey Quarterly ,34-50. 4. Porter, M. E. (2001). Strategy and the Internet. Harvard Business Review, 63-79. 5. Porter, M. (1987). From Competitive Advantage to Corporate Strategy. Harvard Business Review, 43-59 6. TUI website. (n.d.).Retrieved November 6, 2009, from http://www.tui-group.comTUI Case Study UNWTO. (2005). Tourism 2020 vision. Retrieved October 31, 2009, from World Tourism Organisation: http://www.unwto.org/facts/eng/vision.htm

In the Eyes of the Common Filipino Essay

In what ways does Campus Journalism become a good ground for developing Nationalistic Ideals? Maria Blandina Pamaong fondly known by her friends as ‘Inday’ wakes up at four in the morning to prepare her goods and products for her eighteen year old small business. She lives in Capitol Valley just a trek away from BIT Dao. In a 4 kilometer drive with her husband Marito in a tricycle, they carry all their goods all the way to the Tagbilaran Rizal Park and reach there by 6:00am. They stack and arrange thee products neatly for the benefit of passers by. She’s now 47 years old and has been this woman whom I buy the sweetest popcorns and snack from, every time I go to the church across the road. And I’ve been buying from her ever since I could remember. At the same time, she had been a witness of different stories in Rizal Park as far as she could recall when she started. She has four children. All of whom are boys. The eldest, Marito, Jr. , just graduated at BISU MC with the course of something Automotive Mechanic and is now in Cebu. Following him, Marc Anthony is now in Cebu Philippine State College of Aeronautics. And the other two, Matthew and Vincent are studying high school at Dr. Cecilio Putong National High School (DCPNHS). You didn’t think she was some kind of low profile nothing, right? As far as I can tell she was able to send them to school with a 500Php daily income from her small business and their tricycle. To add, ‘Inday’ has worked her way to graduate of Bachelor of Science in Commerce at Holy Name University (HNU). You see, I find her the best person to answer my question above. And it is because she is part of the common ‘pinoy’. She is the witness, the spectator of unwavering events that does seem to shape our ideals today. And she is also the testimony to the positive nationalistic ideals that is either preserved or annihilated. Similarly, her experiences speak of the ideals that she has cultivated and the dreams that were forgotten. For instance, she has encountered many young Filipinos dating in their vulgar exhibit of Public Display of affection (PDA). Many of these students are in their school uniforms. They go frolicking as if they’re proud that they’re doing it while they’re from a catholic school. She has also bared the irresponsible littering done by many. They cast trash as if it was nothing harmful. In other occasions, she finds joy among volunteers who are very cooperative especially towards keeping the park clean. They have also blessed them with gifts and packed lunches especially during Christmas season. She is glad that thee people are compelled to share what they have gained. And when I reached to that question, she was assured of her answers. First, she shared the nationalistic ideals she adheres. She enumerated hard work, respect, self-discipline and self respect as the ideals she yearns for everyone who has neglected them. Afterwards, she said that the affectivity of journalism as a ground for developing these ideals will depend upon the people. Will they do something after they’ve read an article like this? Will they respond for the greater good? She even said that when those who see the signs like â€Å"keep off the grass†, they will have different reactions. The other one would probably follow it and another wont. Likewise, she agrees that campus journalism is a good ground for the development of nationalistic ideals. â€Å"Maayo na lang ng nay naningkamot†, she affirms. We both agreed that it does become an excellent ground by reminding and guiding us into noticing the ideals that we should regain. People will always respond to these guides in different ways. Just like her children, they answer differently to her concerns. She says that with higher technology among the new generation, it is indeed great. It is absolutely immense to have journalists’ and campus journalism to wake and endorse the ideals that we’ve grown to and may have been lost. It is amazing too that this came from her. All this is from a persistent vendor, under a coke tent in Rizal Park just across the St. Joseph Cathedral. And that this lady, whose hobby was reading romantic and horror books, looks forward. She positively looks forward for journalists who will write for the betterment of the Filipino nationalistic ideals engraved to every Filipinos mind and heart.

Behavioral Finance Heuristic and Judgment, a literature review Essay

Behavioral Finance Heuristic and Judgment, a literature review - Essay Example In subsequent studies, Fama (1998; with French 1992/1993/1996) and Malkiel (1995) showed empirical evidence proving these conclusions and the observation that in efficient markets, only those that arrive first can earn above average returns. This logic that consistently beating the market is impossible (returns are so low that most will go to trading fees and commissions) led to the creation of index funds that mimic market performance. On the other side are the behavioral finance academics who claim that capital markets are inefficient, citing observable market anomalies showing that stock price behavior is predictable, that investors are irrational, and that many can earn above average returns or beat the market (Shiller 1981/1990/2000). Barberis, Shleifer and Vishny (1998) claim that in the ongoing battle between rational and irrational traders in the market the irrational ones are dominating. The systematic errors that irrational investors make when they use public information to form expectations of future cash flows overwhelm the efforts of rational traders to undo the former's market dislocating effects. Daniel, Hirshleifer, and Subrahmanyam (1998) state that irrational traders' overconfidence in interpreting private information pushes up prices above rational fundamentals and increases market inefficiency. Behavioural finance studies are backed by empirical evidence showing market inefficiency caused by limits to arbitrage (Shleifer and Vishny 1997) and behavioral psychology, both individual (Shleifer 2000) and collective (Hirshleifer and Teoh 2003), as factors that explain inefficient market behaviour. One stock anomaly cited as proof of market inefficiency is the so-called January effect that can be stated simply as "stock prices tend to go up in January" (Gultekin and Gultekin 1983). Thaler (1987) and Shiller (1997) attributed this to psychological factors as investors are influenced by their own mental compartments. Fama (1998) claims that conclusions based on market anomalies discovered by behavioral finance are due to poorly done statistical work and amateurish techniques. He cited above average returns as the result of chance, that behavioral finance models are loaded with judgmental biases making it predictably easy to justify any hypothesis proposed, and that the efficient market hypothesis can explain all forms of market behaviour to date. Nevertheless, despite the voluminous literature on the topic, both efficient markets and behavioral finance proponents agree that their models have not managed to fully explain capital markets behavior. Sharpe, a 1990 Nobel Prize winner who supports both theories said that "as a practical matter it is prudent to assume the market is pretty close to efficient in terms of pricing and risk and return On the other hand, we have learned from cognitive psychology that ordinary human beings needalternatives

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