Sample Compare Contrast Essay For Middle School

Sample Compare Contrast Essay For Middle SchoolSample Compare Contrast Essay for Middle School will help middle school students who are struggling with their essays. Although they are typically not as good as high school students, many middle school students will find that they can still be a good writer when given this help and support. This guide will explain how to write a good middle school compare contrast essay and a few tips on what to avoid.One thing that middle school students generally struggle with is their essays. They tend to make them too long and tend to skip several key steps in the writing process. To help you avoid these mistakes, here are a few helpful tips:Use only two or three paragraphs per paragraph. With your first paragraph, start with a few sentences to get your reader's attention. It's better to give them enough information to get excited about your ideas rather than just dumping them all at once.Always be honest about what you know and how you know it. You do not want to get too detailed or too specific in your details. The point of an essay like this is to get your reader interested in your ideas, so don't try to get too specific too fast.Always begin your sample compare contrast essay with a couple paragraphs that are general. Make sure that you lay out some key points about the topic first. Then, offer some specific ideas in the next paragraph.As an example, say you were writing an essay about 'What Makes You Irresistible' then you might include one or two key points that would be irresistible to anyone. In addition, you could mention how popular some of the books you are mentioned in are.Another important pointis to think about how you are going to tie in your topic and how you are going to talk about your idea. Once you have decided what topic you are going to cover, then you should start writing. If you are unsure of where to begin, there are several sources for sample essays available on the internet that will give you some gr eat examples to follow.Although sample essays for middle school students tend to be short, they are also very effective. You can use a sample compare contrast essay to help you work through your homework problems and even help you learn what is and isn't working for other writers. Hopefully this article has helped you create a sample essay that is effective for you.

Corporate finance and Volatility

Table of Contents Introduction Importance of WACC Calculating the cost of capital Cost of debt Cost of preference capital Conclusion Reference List Introduction Stocks’ beta expresses how much the stock prices may change as a result of changes in the financial market prices. A stock’s beta of 1.06 indicates that for a 1% change in general market prices, the price of the particular stock will change by 1.06%. Such a stock price is considered to be less volatile.Advertising We will write a custom assessment sample on Corporate finance and Volatility specifically for you for only $16.05 $11/page Learn More Assets’ beta is the average of the different sources of finance that a firm chooses. The assets’ beta for a company that has been financed without debts is equal to equity’s beta. Weighted cost of capital represents the least amount of return that an investment can offer stakeholders. When the expected rate of return from a project is lower than WACC, it is considered unviable. Managers may consider those that break-even because of the economic level of returns. However, a project must have a higher rate of return than WACC before wealth is created for holders of securities. A majority of firms uses debts to finance growth rather than wait for the profits. Fabozzi et al. (2008, p. 507) discuss that when a firm has no debt, â€Å"the beta of its equity is the same as its assets’ beta.† They also note that it is very rare for a company to operate without incurring some debts. Using debts makes a company’s equity riskier. Fabozzi et al. (2008, p. 507) explain that financial leverage causes â€Å"the market risk of a company’s stock to be higher than its asset’s risk.† In that case, equity’s beta exceeds assets’ beta. When the firms choose to fund assets by a combination of equity and debts, the risk involved is shared between the two groups o f stakeholders. Fabozzi et al. (2008, p. 508) discuss that the â€Å"asset market risk is the weighted average of the company’s debt beta and equity beta because the asset’s risk is shared between creditors and owners.† In simple terms, the asset beta = debts beta (fraction of assets from debts) + equity beta (fraction of assets from equity). The equation of assets’ beta average is true because the variations from equity’s and stocks’ betas are correlated. The effect on one source of capital influences the chance of the other sources volatility.  Corporate taxable income is generated after deductions of interest paid on loans. The effect reduces what a firm pays as tax which makes their burden less. On the other hand, interest received by creditors is taxed after it is paid to them.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More As a result of interest on debt being deductible, debts beta in most cases is assumed to be negligible.  WACC is used to â€Å"evaluate the impact of debt-financing on risk and returns to investments† (Geltner et al. 2010, p. 307). Leverage is a term used to describe the common practice used by firms to fund their projects from debts, and equity. The WACC is derived from the formula of basic holding period return (HPR). The formula expresses assets as a sum of debts and equities. It also equates property cash flow to the sum of debt cash flow and equity cash flow. The returns received are shared by holders, and creditors. It is derived from the returns to capital generated by the firm. WACC represents the least rate of return on a project that evaluators consider before allowing a business plan to be implemented. The formula for WACC as presented by Hawawini Viallet (2011, p. 410) is shown below. In this case, kE represents cost of equity and kD is the cost of debt before taxation. B ierman (p. 195) discusses that WACC can be interpreted as â€Å"the cost of both current capital and an additional dollar of new capital if the existing capital structure is maintained†. The existing capital structure refers to the percentage of debt and securities that have been used to finance a project. Debts tend to reduce WACC because of tax deductions. As it can be seen in the formula â€Å"1 – tax rate† has a lesser effect on WACC compared to equity when the cost of capital is considered equal for both equities.  WACC includes returns to creditors and shareholders. Baker and Martin discuss that WACC is the â€Å"cost of raising funds to the firm† (2011, p. 192). On the other hand, it is the rate of return that investors consider before lending a firm. Creditors receive interest on money owed to them. Shareholders expect dividends, and gains in market value. The gains in market value are only possible if the firm chooses growth opportunities with higher rates of return than WACC. A firm can only add value to its capital after exceeding the rate of return owed to investors. The investors evaluate the firm’s strategy, opportunities of growth, and risk.Advertising We will write a custom assessment sample on Corporate finance and Volatility specifically for you for only $16.05 $11/page Learn More When a business opportunity promises slow growth, investors consider it as a high risk investment. Slow growth reduces a firm’s ability to repay its debts. For this reason, investors may require higher interest rates which may make a project unviable. The rate of return expected by investors also depends on what other financial assets receive as returns. Firms choose to finance their assets with a mixture of debt, preference shares and common equity. They choose a mixture that optimizes the price of their stock. Besley and Brigham (2009, p. 485) discuss that WACC â€Å"represents the minimum return the firm must earn on its investments to maintain its current level of wealth†. Besley and Brigham (2009) provide the formula below for calculating WACC. The WACC of most companies represents the average cost of its capital. Lumby and Jones discuss that the WACC of most companies may not be used to rate individual projects because most companies have their investments diversified (2003, p. 427). The WACC in most cases reflects the â€Å"average level of systematic risk throughout all its operations† (Lumby and Jones 2003, p. 427). Companies consider diversification as a means of reducing risk. The volatility of an individual project carried out by a company is unlikely to be represented by WACC because most companies calculate the overall value. The returns expected from different securities vary. Different capital sources carry different weights. Lumby and Jones (2003, p. 748) explain that â€Å"changing a firm’s capital structure changes its WACC†. Debts are an obligation. They are considered before financial assets. Dividends and other benefits are paid to preference shares before common shares.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Importance of WACC A higher WACC will require that the performance must be higher before generating wealth for stakeholders. Megginson Smart discuss that firms use WACC to value the amount of effort needed before the firm can actually generate returns for shareholders (2010, p. 420). The firm’s market value declines if its WACC increases as a result of factors that the firm cannot control. Megginson Smart discuss that when a firm’s WACC is increased by an event it cannot address â€Å"its existing assets and its prospective investment opportunities become less valuable† (2010, p. 420). Such an effect can be expressed through a drop its market value. Such investments may go for a long period without dividends. Calculating the cost of capital Cost of capital involves what investors are willing to receive regularly as a result offering finances. Benninga Czaczkles discuss that the present value of stock can be obtained from the discounted annuity values using an ticipated growth in dividend streams (2000, p. 28). They give an example in which the expected growth of dividends is 10%. The following year, the dividend received on each share is $3. The present value of each share (Po) can be expressed as shown below. In this case, rE is the cost of equity/discount rate. D1 is used to represent the expected dividend, and g to represent the expected dividend growth rate. According to Benninga Czaczkes (2000, p. 29), the formula is summarized as shown below. This formula holds only for firms with normal growth. This is the Leonhard Euler derivation. For supernormal growth where g rE, the Gordon Model is applied. The formula for the Gordon Model which has been discounted over five years can be expressed as shown below. According to Benninga Czaczkes (2000, p. 31), the cost of equity under Gordon Model is expressed as shown below. Considering that anticipated dividends can be expressed in terms of the dividends received in the current year (Do ). The formula for the cost of equity is expressed as shown below. In the classic SML (Security Market Line) model, the formula for calculating the cost of equity is expressed as shown below (Benninga Czaczkes 2000, p. 35). In this case, rf represents the rate at which investment is considered safe, and E(rM) represents the interest rates that the financial market are expected to generate. The risk-free rate of return is reflected in financial assets with the least amount of risk such as interest rates on securities issued by government (Bennninga Czaczkes 2000). Treasury bills are considered risk-free indicators because governments are unlikely to default. When the expression is adjusted to integrate corporate tax, the expression becomes as shown below (Benninga Czackles 2000, p. 36). TC is the corporate tax rate. The cost of newly issued stock is expressed as shown below (Calculating the Cost of Capital n.d., p. 3). The cost of retained earnings is expressed below using ris k-free rate, market expected rate, and stocks beta (Calculating Cost of Capital n.d, p. 2). using the discounted cash flow approach. Cost of debt The cost of debt has different approaches. Benninga Czaczkes (2000) discuss that the cost of debt can be estimated using a firm’s existing average cost of debt even though it is not an accurate measure. The cost of debt is expressed as shown below (Calculating Cost of Capital n.d., P. 1). rd is the rate of return expected by investors to be paid on debts. Cost of preference capital Preference capital is associated with preference shares. Debts reduce the amount of corporate tax that a firm is entitled to pay. Khan Jain (2007) discuss that preference share differs from debts because payments on preference shares are made after tax deductions. Some preference shares are redeemable at maturity while others do not have a fixed maturity date. Both types receive annual fixed rates of return. Khan Jain (2007, p. 11.10) express the co st of irredeemable shares in two expressions as shown below. In this case, kp represents cost of preference capital, Dp is the fixed dividend, Po is the expected preference share price, f is the floatation costs expressed as a percentage of share price, and Dt is the tax rate on preference shares dividend. Preference shares that have a maturity date and a stream of earnings are discounted to a present value. Khan Jain (2007, p. 11.10) express that the cost of preference shares with a maturity date â€Å"is the discount rate that equates the net proceeds of sale of preference shares with the NPV of future dividends and principal repayments†. This means that capital gains that an individual obtains today from sales are compared to the gains of holding the preference shares to maturity. The cost of preference shares with a maturity date is expressed as shown below. Po represents share price, f is the flotation cost expressed as a percentage of share price, Dp is for dividend, and Pn is the amount paid at maturity. Kumar (2010) gives a more simplified formula for the cost of redeemable share capital as shown below. D represents dividends, M.V is the value on maturity, N.P is the net streams gains received on preference shares, n is the number of years. Using the average cost of 25% tax, the asset beta can be calculated using the formula below. The asset beta is expressed as: asset beta= Equity beta/ (1 + (1 – tax) D/E) (Asset Beta n.d.). D is the percentage of financing received from debts, and E from Equity. Asset beta = 1.06/ (1+ (1 – 0.25) 0.35/0.65)) = 0.755 However, since the tax rate is still unknown, the cost of equity can be estimated using stocks’ beta and market rate of return. The WACC is then used to express the volatility of expected returns. From this formula equity beta can be generated as follows: cost of equity = risk free rate of return + beta (market rate of return – risk free rate) Cost of equity = 0.0395 + 1.06 (0.0601 – 0.0395) = 0.061336 KE is the cost of equity and KD is the cost of debt before taxation The value of Equity/ total capital can be expressed as: Equity = 45/60 * 100% = 0.75 The value of debt as a fraction of the total capital is represented as: Debt = 15/60 * 100% = 0.25 WACC = (0.75 * 0.061336) + (0.25 * 0.0485) = 0.046002 + 0.012125 = 0.058127 This is approximately 0.058. The WACC estimates the least returns expected from investments. It influences the volatility of stock prices. From the expression in the question: This indicates that the assets’ beta can be calculated from the sum of the product various sources of capital and their beta. Asset beta = (0.75 * 1.06) + (0.25 * 0.058) = 0.795 + 0.0145 = 0.8095 Asset beta = 0.8095 The volatility of the stock market is derived from the asset beta. A value of less than 1 indicates that the assets are less volatile. b) The same formula is applied to calculate the asset value of Coral Gambles’ Asse t beta by first calculating the WACC. This is used as an estimate of the debt beta. From, the explanations above, the debt beta is always close to zero. WACC = (0.65 * 0.061336) + (0.35 * 0.0545) = 0.0398684 + 0.019075 = 0.0589434 WACC value of 5.9% (0.0589) indicates that an additional unit of capital may cost the firm 5.9% interest. The firm must invest in projects that generate above the 6% rate of return for shareholders to get capital gains. Asset beta = (0.65 * 1.06) + (0.35 * 0.059) = 0.689 + 0.02065 = 0.691 According to Bragg (2012, p. 142), the cost of common stock is â€Å"risk-free return rate + beta (average stock return – risk free return†. From this formula, it can be derived that stock beta = (cost of stock – risk-free rate) / (expected market return – risk-free rate) Cost of stock = 0.0395 + 0.691 (0.0601 – 0.0395) = 0.054 Coral Gambles’ Stocks beta = (0.054 – 0.0395) / (0.0601 – 0.0395) = 0.0145/ 0.0206 = 0.703 9 The common stock’s beta indicates the value by which the firm’s stock price changes as a result of variations in the general stock prices. A value of 0.7039 indicates that when the market value changes by 1%, the stock price of Coral Gambles varies by 0.7%. This shows that Coral Gamble stock price is less volatile that the overall market prices. WACC = (0.65 * 0.0601) + (0.35 * 0.0545 (1 – 0.25)) = 0.039065 + 0.0143 = 0.053365 From this calculation, it can be interpreted that investments must generate above the 5% rate of return for the project to add value to shareholders. The least acceptable cost of capital is 5%. This is the point where the firm operates at break-even. Conclusion The market stock’s beta of the similar company is more volatile than Coral Gamble stocks or the general market price. Coral Gamble stock price is less volatile than the average market prices. The WACC for both companies indicate that the CFO needs to search for growth oppo rtunities that generate more than 6% rate of return. Investors may consider interest rates that are close to 5%. The price (Po) generated in the calculation of share price is the discounted value of the current share price, and expected income streams. The income streams are paid to shareholders as yield per share or dividends. The assets’ beta indicates less volatility than stocks’ beta. However, the stock’s beta generates its volatility from assets’ beta. The Coral Gamble assets’ beta indicates that the firm’s assets are more stable than shifts in market prices, and interest rates. The asset beta has been calculated as a sum of the impact caused by the volatilities of different sources of capital. It can also be calculated from the equity beta, ratio of debts to equity, and tax rate. Equity beta is the beta quoted by financial reports as stock price volatility. Assets’ beta is equal to equity in situations where a firm has not used debts to finance its assets. The impact of debts’ beta on asset beta is reduced by the fact that it reduces corporate tax. Reference List Asset Beta n.d. Web. Baker, H, Martin, G 2011, Capital Structure and Corporate Financing Decisions: Theory, Evidence, and Practice, John Wiley Sons, Hoboken. Benninga, S, Czaczkes, B 2000, Financial Modeling, Massachusetts Institute of Technology, Cambridge. Besley, S, Brigham, E 2009, Principles of Finance, South-Western Cengage Learning, Mason. Bierman, H 2010, An Introduction to Accounting and Mangerial Finance: A Merger of Equals, World Scientific Publishing, London. Bragg, S 2012, Business Ratios and Formulas: A Comprehensive Guide, John Wiley Sons, Hoboken. Calculating the Cost of Capital n.d. Web. Fabozzi, J. F, Drake, P. P, Polimeni, S. R 2008, The Complete CFO Handbook: From Accounting to Accountability, John Wiley Sons, Hoboken. Geltner, D, Miller, N, Clayton, J Eichholtz, P 2010, Commercial Real Estate Analysis Investmen ts, Cengage Learning, Mason. Hawawini G, Viallet, C 2011, Finance for Executives: Managing for Value Creation, South-Western Cengage Learning, Mason. Khan, M, Jain, P 2007, Financial management, Tata McGraw-Hill, New Delhi. Kumar, V 2010, Cost of Preference Share Capital. Web. Lumby, S, Jones, C 2003, Corporate Finance: Theory and Practice, South-Western Cengage Learning, Mason. Megginson, W, Smart, S 2010, Introduction to Corporate Finance, South-Western Cengage Learning, Mason. This assessment on Corporate finance and Volatility was written and submitted by user Jaylyn B. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

The Terrible Transformation - A short video-tape critique essays

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International business Essay Example | Topics and Well Written Essays - 3250 words

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Insurance Claim Follow-Up Essay Example | Topics and Well Written Essays - 250 words

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Selecting An Automated Library System For Finnish Research Libraries Essay Example for Free

Selecting An Automated Library System For Finnish Research Libraries Essay 1 The Present Situation All Finnish academic libraries and a number of other Finnish research libraries have used the VTLS software during the 90’s. The contract with VTLS Inc. was signed in 1988 and implementation took place during the following years. A uni? ed network called Linnea was created, consisting of the local installations and a common physical union catalogue which all were connected by the powerful academic data transmission network FUNET. The VTLS-based network, now called Linnea1, was very advanced when built a decade ago, and it has served Finnish libraries well. VTLS Inc. has also been a trusty companion of Finnish academic libraries during these ten years. Creation of the union catalogue Linda in early 90’s was an ambitious project. Not only was data from all academic libraries loaded into a single database; software development was also needed. For example, a duplicate control algorithm was designed in Finland and implemented by VTLS. VTLS developed many unique consortium features which enabled the libraries to use the Linda database ef? ciently for copy cataloguing purposes. Depending on the library, 50-90% of MARC records can be copied. ILL localisation is also very ef?cient, because Linda contains summary-level serials holdings from about 400 Finnish libraries. The Automation Unit of Finnish Research Libraries, created in the Ministry of Education in 1974, was instrumental in the implementation, development and running of the Linnea network. In 1993 the Unit, with all its tasks and resources, was moved to the National Library, where the Division of Library Network Services is now managing the Linnea1 network, functioning as a common agency for the academic libraries. In this capacity the National Library is also responsible for the new steps toward Linnea2, as the next generation network is called. 2 Selection of a New Automation System To summarize the need for a new generation software we can say that all library system vendors are building so-called third generation library systems with relational database and Client/Server technology, graphical user interface and web gateways, the ability to search multiple databases simultaneously, multimedia support and support for internationally accepted standards such as Z39. 50, Unicode, Edifact and ISO ILL, to meet the growing needs of the users. It was also evident that the classic VTLS system was coming to the end of 530 Annu Jauhiainen  its life-cycle and would not be developed further since VTLS Inc. is concentrating on their new system, which is called Virtua. The Finnish academic libraries have since early 90s enjoyed the bene? ts of being a consortium. The ten years of VTLS use have taught the libraries and all parties involved that co-operation is power, even if it is not always easy or simple. Because of the great success of Linnea1, there was no need to revise the basic service philosophy when moving to a new system. Libraries were satis? ed with the system and the work ? ows and with co-operation with one another. When the present VTLS system was purchased, the Ministry of Education funded the acquisition of both software and hardware. This time the universities had to ? nd the money out of their own budgets. Nevertheless, both the universities and their libraries wanted to ensure the bene? ts of the present common approach. Libraries also were open to totally new technical and organizational solutions if they should prove more favourable both functionally and economically. Libraries clearly wanted to avoid transplanting old patterns into a totally new environment. Everything had, therefore, to be looked at from a new perspective. Three major issues had to be tackled: the selection of the software, the future database or network architecture and the maintenance of the hardware. 2. 1 Selection of the Software The Linnea libraries started to look for a new-generation library system about four years ago. The National Library was asked by the directors of the Finnish academic libraries to survey the systems either on the market or being developed at the time. A questionnaire was compiled and sent to the vendors who had recently been shortlisted in corresponding procurements in Europe or in the U. S. The vendors were asked about their database management system, database structure, standards, various functions and features, the user interface, languages and formats, training, support, prices and future plans. Procuring a new library system for a large network is a major project which is regulated by European Union statutes. When the value of the contract exceeds the threshold, which is 200,000 euros at the moment, the procurement has to be advertised across the European Union. Of the three alternative types, the restricted procedure seemed to be the most suitable for the Linnea2 project. When VTLS was selected in the late 80’s, the selection process was handled by the Automation Unit of Finnish Research Libraries alone, without much involvement from the libraries themselves. This approach was quite natural at the time, because there was little experience of library automation in the libraries. More than ten years after, the situation was completely different. Libraries were well acquainted with at least one library system and, most importantly, they knew what their needs were and what they wanted of the new system. The resources of the libraries were welcomed by the National Library, which, as the service facility of the academic libraries, had the task of coordinating the process and pulling everything together. Selecting An Automated Library System for Finnish Research Libraries, Linnea2 531 The procedure started of? cially in April 1998 and the tenders were received in July. At this point, tenders were invited for software only, another procurement was planned for the hardware once the software had been chosen. During the fall the tenders were evaluated thoroughly. Attention was paid to the technical structure and the technical solution of the system, references from present and future users of the system, the services and the support offered by the vendor and the quality and the completion of the various functions and modules. Four systems were shortlisted based on these criteria. They were Horizon, Innopac, Taos and Voyager. These four systems had been found to ful? l our requirements best in the ? rst phase of the selection process. At the beginning of the second phase the four short-listed systems were all on the same line. In nine months we had to ? nd  out which of the four was functionally the most suitable and economically the most advantageous for the local databases as well as the union and national databases. The systems were ? rst demonstrated to a large group of library representatives. The next step was to get our hands on the applications. The National Library, together with the four vendors, organized the testing of these systems. This was the part of the evaluation in which the contribution of the libraries was most signi? cant. Over 70 people from the libraries and the computing centres of the universities participated in testing, which took about three months. A number of testing groups, each specializing in different functions, i. e. cataloguing, circulation, acquisition, OPAC, etc. listed the merits of the systems, without knowing how the other groups ranked them. Objectivity was the main guideline here. In addition to the ranking list, the groups also produced lists of open questions. Answers to these questions were sought in two ways, through site visits and negotiations with the vendors. A group of six people, representing both the National Library and other libraries as well as the university computing centres, visited libraries using these systems, both in Europe and in the U.S. The site visits were essential in ? nding out how the systems worked in real life. During these nine months of evaluation the National Library negotiated with the four vendors (Dynix GmbH, Innovative Interfaces Inc, Data Research Associates Inc and Endeavor Information Systems Inc) in several ways and on several occasions. The vendors came to Helsinki a number of times and we went to their headquarters once to talk with the development staff, support staff and the company management. There was also constant discussion via email whenever any questions about the functionality of the systems needed to be answered. An essential feature in selection processes was a fair and objective treatment of all parties involved. Since every step was documented, we would have been able to reconstruct the process, should it have proved necessary. We have been told both by many foreign colleagues and by the vendors that the Finnish library system selection process has been the most thorough ever carried out. It is clear that when purchasing a system for all major research libraries of a country we are dealing with a much more serious issue than satisfying the needs of just a single library. When the different parts of the selection process were drawn together, Voyager, by Endeavor Information Systems Inc. proved to ful? l the criteria best. Voyager was found to be a complete, integrated system that was ? nished in the essential, traditional functions 532 Annu Jauhiainen needed by the libraries, but which however is being further developed to meet the new needs and changing technologies. It ? ts both individual Linnea libraries and the Linnea network well. Local services can be streamlined and their scope extended. But centralised services will also bene? t from Voyager via its consortium-driven functions. Increased ef? ciency is largely based on improved networking since Voyager supports both Z39. 50 and ISO ILL. The company, Endeavor Information Systems Inc. had also been thoroughly investigated by an economic expert and found to be sound and stable, with good prospects. An example of the dif? culties in anticipating future changes is that Endeavor has since then been sold to Elsevier Science, raising a number of question marks. The National Library proposed to the libraries that Voyager should be chosen, which was unanimously accepted. The National Library was asked to conclude the negotiations with the company, and was also empowered to sign the contract on behalf of all universities and other bodies participating in the purchase. This happened on February 4, 2000. 2. 2 The Network Architecture One of the important decisions in Linnea2 was whether to merge existing databases or to keep the current structure. Discussions with Endeavor experts made it clear that although it is technically possible to merge databases, actually doing this would be timeconsuming and expensive. The technical merits of such action would be limited, since Voyager databases can be merged into a virtual union catalogue by using the Z39. 50 Information Retrieval protocol. Politically there was quite a lot of reluctance among libraries to merge databases, even though Voyager makes living with a shared database much easier than our present system. A decision was, therefore, made to retain the 24 databases in Linnea2. The next question was how many servers an optimal solution for the Linnea2 network would require. In the present Linnea1 network there are 17 HP3000 servers for the 24 databases. The number of servers was never really discussed during the implementation of Linnea1 because of the limitations of the computer technology of the time. How far can one go in centralisation? The answer depends on three factors, the available data transmission network, the capabilities of the software and the state of the computer technology. The Finnish Academic and Research Network, FUNET, is already at present a key factor for the Linnea network. Without the infrastructure provided by FUNET it would not have been possible to use the Union Catalogue Linda as a cataloguing tool in a way we have done since the early 90’s. A shared server is not possible if there can only be one database on the server. The Voyager software allows an unlimited number of databases on a single server. However, practical experience from other Voyager consortia made it clear that there should not be more than about 5-7 databases on a single server, since a large number of databases means that much time may be needed for Oracle and Voyager updates: it may take several days to update many large databases, and during the process all the databases must be shut down. Selecting An Automated Library System for Finnish Research Libraries, Linnea2. 533 More importantly, if all databases are dependent on the same hardware and operating system process, severe problems would have an impact on every library simultaneously. Fortunately, new server technologies make it possible to have a single server and still avoid this problem: there are servers that can be internally split into several logical (and physical) parts. Both Sun and IBM, which are the platforms Voyager supports, can deliver cluster-like computers, which can be separated into logical parts called domains (Sun) or nodes (IBM). Each part has its own operating system process and dedicated hardware from network card to processors. To the operators and users, the server looks like a cluster of computers. So there were no technical constraints on choosing the network architecture freely. Linnea libraries were eager to ? nd out whether centralisation would save money. In the 90’s the resources and budgets of the Finnish academic libraries have been cut; this is unfortunately a problem common to all kinds of libraries everywhere in the world. At the request of the universities three scenarios were analysed: – centralised model; all databases placed on a single machine – semi-centralised model; 3-5 servers – decentralised model; the current number of servers Cost analysis was based on both purchase price and the total cost of ownership, calculated for ? ve years. After a thorough analysis of the various options, Sun E10000 was chosen as the server system. The decision to go for Sun was based on technical merit and price. Both Endeavor and Oracle use Sun machines as their development platforms; this fact was also taken into account. The Linnea2 server will initially have 28 400 MHz CPUs. According to Endeavor, this is enough for 1400 active users, or more than 5000 concurrent users, about twice as much as now. Both Endeavor and we felt that an ample safety margin is needed in order to avoid performance problems. Of course buying a lot of CPUs is not enough; there may be other bottlenecks. The E10000 will have 24 GB of memory and 800 gigabytes of mirrored ? ber disk dedicated to Voyager databases. The universities had set an upper limit for the total purchase price of the software and hardware, including conversion of the databases. Because of the unfavourable exchange rate of the US dollar, the National Library felt increasing pressure to arrive at a low-price solution. We found out that even if list prices may tell you a different story, for a big customer like our consortium it was cheaper to purchase one big server system than a number of smaller ones. But bargain prices are not automatically offered. We managed to establish a competition between Sun and IBM in real terms because both companies saw Linnea2 as an important project. After the server was chosen, the decision was made to outsource the maintenance of the new server to the Center for Scienti? c Computing, CSC, a non-pro? t company owned 534 Annu Jauhiainen by the Ministry of Education. It hosts Finnish supercomputers and maintains the FUNET network. In spite of better maintenance coverage and better support from the hardware vendor, maintenance costs will diminish a lot compared with Linnea1. Basic maintenance of the 17 HP3000 servers takes about three man-years, but we estimate that a single E10000 will require less than a man-year. If this estimate is correct, we will save about two manyears or even more because managing a UNIX system is generally believed to be more time-consuming than managing an HP3000 computer. Thus we have good evidence for the claim that an unprejudiced approach to server architecture has enabled us to combine signi? cant savings with important technical improvements. Being a consortium helps a lot: libraries buying systems only for themselves will not be able to utilise new technology with similar ef? ciency. It is easy to understand from this point of view why library consortia are becoming more common in the US and some European countries. Finland has been one of the pioneering countries in this area, and our experiences from such co-operation are very encouraging. 2. 3 Implementation At present we are in the middle of the implementation phase. Building Linnea1 and implementing VTLS took several years, but this time all 24 databases will migrate from VTLS to Voyager during a fairly short period of time, April-August 2001. This means that everything has to be scheduled very carefully and the schedules have to be kept. We have a joint national implementation project, and each library has its own project. There are three parties in all of these projects: the Linnea libraries, the core group in the National Library and Endeavor Information Systems Inc. and all of these parties have to work together seamlessly. Endeavor is doing some software development for us. In general we are buying the system off the self and didn’t want as many customizations as in the VTLS time, for we have seen the problems raising from localization, but there are some things that could not be avoided. Training is a vital part of implementation. We use the †train the trainer† method, so that Endeavor is training only the trainers. This way we get customized training for Finnish local needs, and also save quite a lot of money. Endeavor has converted several VTLS databases before, but in spite of that, testing the loads is important. Early tests for some sites were carried through in the fall and at present we are doing test loads for all databases, to make sure that the production conversions will be successful. 3 Conclusion The cornerstone of this process has been co-operation, the will to pull together. This is not enough nevertheless: there also has to be a workhorse, to pull everything together. This is important, especially when there is no higher authority to manage the process, as was the case when Linnea1 was built and the Ministry of Education took care of the Selecting An Automated Library System for Finnish Research Libraries, Linnea2 535 negotiations and funded the whole process. This time university libraries felt the need to start the process of acquiring a new system together. They were willing to make an effort to ? nd a new solution to improve the quality of their services, as well as to use their scarce resources for the evaluation, which was seen as bene? ting all. They were also willing to ?nd the money to pay for the new system, with everything included. The Linnea2 consortium was build from below, the National Library acting as the workhorse but not as a higher authority. This was a successful approach. In order to continue this success, there must be a formal organisation for the consortium. That is why the Linnea2 consortium has just been established, with a formal organisational structure and bylaws. The thorough selection process for a new automation system for the Finnish research libraries has not simply been a question of technology and technical expertise, which the National Library has been responsible for. It was even more a question of policy and cooperation. Many things may be possible technically, but politically they are not, unless you know how to handle them correctly and diplomatically. Sometimes our neighbours in the Scandinavian countries say that libraries in Finland ? nd it easier to co-operate than libraries in other countries. Of course, this is not true. Libraries in Finland are as individualistic as libraries everywhere. They also have their particular local needs. But there is obviously a will to co-operate, as dif? cult as it may be at times.

Percy Bysshe Shelleys Ozymandias Essay -- Ozymandias Essays

Percy Bysshe Shelley's Ozymandias      Ã‚  Ã‚  Ã‚   In "Ozymandias," Percy Bysshe Shelley uses a ruined statue of Ramses II to illustrate the negative aspects of the sublime.   Edmund Burke identified as sublime "the experience of contemplating enormous heights and depths but also the experience of being isolated from other humans" (Ferguson 339).   Both of these themes figure prominently in "Ozymandias."      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The poem opens with a mysterious "traveler from an antique land" (1) describing the demolished statue of Ozymandias (Ramses II).   The traveler serves as the human consciousness required to give force to the ideas of the destructiveness of nature and the annihilation of mankind.   Because the human mind can attribute destructiveness to nature, nature needs humans for it to be perceived as destructive and to continue to be destructive (Ferguson 339).   As Shelley does not state specifically how the statue was destroyed, and given its remote location, on might assume its destruction was due to an act of nature.   The legs of the statue are described as "vast" (2), while the ruins are a "colossal Wreck" (13); both descriptions refer to the concept of the sublime as awe-inspiring and terrifying.      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The "vast and trunkless legs of stone" (2), along with the pedestal, are the only parts of the statue left standing; "near them, on the sand/half sunk, a shattered visage lies" (3 - 4).   The "shattered visage" might be seen as a form of depersonalization, an illustration that mortals are insignificant and powerless when compared to nature.   Even though Ozymandias is a king, he is nothing in the eyes ... ...ether a warning against excessive pride, a discussion of the negative sublime, or allusion to an unhappy marriage, the fact remains that this poem is an excellent piece worthy of inclusion in the canon of British literature.   The imagery in the poem, as well as its accessibility, make it readily enjoyable by any reader.       Works Cited    Ferguson, Frances.   "Shelley's 'Mont Blanc':   What the Mountain Said."   Romantic Poetry.   Ed. Karl Kroeber and Gene W. Ruoff.   New Brunswick:   Rutgers UP, 1993.    "Percy Bysshe Shelley."   The Norton Anthology of English Literature.   Ed. M.H. Abrams.   New York:   W.W. Norton and Company, 2000.   698 - 701.    Shelley, Percy Bysshe.   "Ozymandias." .The Norton Anthology of English Literature.   Ed. M.H. Abrams.   New York:   W.W. Norton and Company, 2000.   725 - 6.