The Importance Of Artificial Intelligence - 2225 Words

We are not live in 19th or 20th century anymore. It is the 21st century now; things have changed, such as people, tools, policies, especially the learning environment. Learning areas are not limited to the classroom; it could happen at anywhere, such as the library, home, garden, etc. Therefore, because it is the 21st century, we also need to learn 21st-century skills. Pellegrino and Hilton (2012) mentioned that 21st-century skills include cognitive abilities (nonroutine problem solving, system thinking, and critical thinking), interpersonal skills (range from active listening, to presentation skills, to conflict resolution), and interpersonal skills (broadly clustered under adaptability and self-management/self-development personal†¦show more content†¦Digital technologies are electronic tools, systems, devices and resources that generate, store or process data. These include social media, online games and applications, multimedia, productivity applications, cloud computin g, interoperable systems and mobile devices (Victoria State Government, n.d.). Thus, many people think digital technology and education has connected with each other. They believe that the school is making students learning and spreading the knowledge of society, and digital technology is providing skills for students to be better understand the theory idea, information, and intelligent behavior (Woolf, Lane, Chaudhri and Lolodner, 2013). Digital technology also could help the teacher to develop the personalized educational programs for individuals or groups of students, and even help students use a range of learning styles and methods. Thus, in this essay, I will discuss the problems and the role of digital technology in education, the and explain some ideas could help the school in the future through digital technology. Nowadays, more and more people depend on digital products. Digital technologies are everywhere, and even bringing many exciting opportunities for the society, especially for schools (Ministry of Education, 2017). Therefore, not only adults using or play smartphone or tablets at school or outside the classroom but also many younger people since from their early ageShow MoreRelatedThe Importance Of Artificial Intelligence1302 Words   |  6 PagesArtificial intelligence is the utilization of computers to imitate human brains in restricted domains. This is a consequence of developing computer which carry on logically, reason rationally and can adequately decipher its surroundings continuously in real time. Artificial Intelligence is no longer a fictionist concept, the superior computing prowess of artificial intelligence has enabled them to surpass humans in problem solving. 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An Examination of the Laws Guiding Aircraft Financing and Leasing - Free Essay Example

Sample details Pages: 9 Words: 2824 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? CHAPTER 1 Introduction The airline industry became known in the 1920s but its full development started after the Second World War 11. During the 1950s, aircrafts began to be used for leisure trips as well as for business trips. Due to this expansion of global and domestic air transport system, the aviation industry has made the global economics and cultures cross-fertilized and caused markets to proliferate in number and to grow in size and wealth. Don’t waste time! Our writers will create an original "An Examination of the Laws Guiding Aircraft Financing and Leasing" essay for you Create order Recently, the aviation industry is an important part of growth to the world economy and must be careful in other for failure not to occur. For this growth to remain in the economy, a considerable amount of capital is needed to support the growth of airlines à ¢Ã¢â€š ¬Ã‹Å"Fleet sizeà ¢Ã¢â€š ¬Ã¢â€ž ¢. Aircraft finance could mean à ¢Ã¢â€š ¬Ã‹Å"Financing an Aircraftà ¢Ã¢â€š ¬Ã¢â€ž ¢. An aircraft is moveable and tangible as defined by article 7 of the Chicago convention of 7th December 1944[1]. Therefore, an aircraft is alleged to be asset gotten through finance, it has its value and earns good returns. According to Ronald Scheinberg in his book[2], it mentioned that the aircraft finance industry presently is in surplus of US$ 100 billion per year for financing new aircrafts[3]. There are different things that have to do with purchasing an aircraft for an airline industry. Before any purchase can made, firstly the price of the aircraft must be put into consideration which will t hen be negotiated between the manufacturer and the purchaser especially when there is a consideration on buying a large number of airplanes. Another aspect to consider is the financial institution or bank for funds and a life insurance company. Airlines hardly buy aircrafts with their own funds. Instead, they obtain financial assistance in the form of a loan from banks or financial institutions with a secured debenture like personal property or the use of the aircraft as collateral which will be called an equitable trust. In this recent time, it is common with airlines to lease their airlines either by rental or by a long term lease with the right to acquire. The book à ¢Ã¢â€š ¬Ã…“An Introduction to Airline Economicsà ¢Ã¢â€š ¬Ã‚ [4] à ¢Ã¢â€š ¬Ã…“stated that the legal instruments under which aircrafts are financed or leased varies in the range of secured debt and lease financing device signifies an almost continuous spectrum in the line between one and the otherà ¢Ã¢â€ š ¬Ã‚ . However, aircraft financing is a complex method which involves not only the final users of the aircraft but also the manufacturers, banks, private investors, trustees and institutional lenders. Moreover, aircrafts are expensive and moveable; even if the capital for purchase is available, a factor to consider is risk and flexibility which may affect the acquisition transaction. Aircraft leasing is an important part of financing and accounting of airline companies as regards size of capital as well as the difficulty of the classification. Because of its capital nature, majority of these airlines depend on other means of resources for the purchase of an aircraft. Leasing is a vital means used by airlines to take possession of aircrafts when they are facing financial difficulties. However, lease categorization and other related accounting treatments are critical to the airlines and the industry. An aircraft is not about its ownership but the use of it because an organizat ion may wish to purchase an aircraft for use but finds it unnecessary to purchase its legal title. Leasing is a way of acquiring economic use of an aircraft for a specific period of time without getting ownership interest for the asset. During this period, the lessor (owner) grants the lessee (borrower) to use the property for the stated period of time as agreed and payments will be made to the lessor[5]. An agreement between the lessor and the lessee allows the right to use an asset for an agreed period of time in return of payment which is known as a lease. This is sometimes referred to as hire or hire-purchase contracts or referred to as lease term. As a rule, a lease cannot be cancelled by either of the parties unless there are certain terms and conditions stated in the agreement contract that could prompt its cancellation (bankruptcy, death or non-payment). These lease agreements can state an earlier cancellation on a reasonable ground on a particular date with or without pe nalty for different predestined grounds. At the end of the lease agreement term, the lessee is meant to return the asset to the lessor, except the lessor provides an alternative means for the lessee to purchase the asset. A purchase alternative price is normally in formula base and may be optional for market value or small amount depending on the type of lease. Nevertheless, the problem question of this study is that, it will critically examine the financial aspect relating to leasing, how leasing should be considered during the acquisition process as against the purchase choice with special reference around the world. It will also look carefully on the types of leasing involved, operation or financing an aircraft, its limits, challenges in the airline industry, effects and implications of aircraft financing. 1.1Scope of study Aircraft financing has a wild range of study because it looks at all the aspects of financing which are mostly used around the world purchasing an ai rcraft. It will give us an insight of the financial institutions which provides the leasing facilities to acquire an aircraft. This dissertation will show methods of how different countries carry on with financing/leasing and the laws that also abides to financing and leasing. 1.2Aim of the Study The main aim of this research is to carry out a critical examination on the laws guiding aircraft financing and leasing in the aviation industry and offer unique contributions from a legal point of view. This research is to find out the best typical method to purchase an aircraft from the state of transaction through to the execution and documentation processes, conferring on the issues that arises and decision. It is suggested that a complete examination of the interrelationship between the law and practices of the typical provisions on aircraft operating leases has been rather an understudied area of aircraft finance law to date. For the outline, this dissertation will look at In troduction which is largely descriptive; the Aircraft Operating Lease and Finance which will be analytical and based on research, and will constitute by far the greater body of this study and then conclusion. Lastly, realities, challenges and ambitions will be added at the end of this dissertation suggesting out a form of aircraft operating lease for a second hand aircraft which is used by a leading commercial aircraft leasing company. This will differentiate in details from the second hand by other leasing companies but will explain the contents in the current state of the market. This addition will be precise in showing many of the points made and cross-references will be made where appropriate 1.3Research Methodology In other to get good resources and knowledge on this study, it will be important to study all the laws and materials which relates to this dissertation using Articles, Journals, and books. Using all these materials will support and make this research a bit e asy. This research will be based on critical thinking, reasonable, realistic, practical and full functional examination study using a wholly qualitative method. 1.4Data Collection All sources that will be used to carry out this research are secondary materials. As earlier mentioned the research is wholly a qualitative method. On the proposal, the literature review has shown that the secondary data are available in books, articles, journals and internet base using Westlaw, LexisNexis, Air and Space law journal and internet as a whole. Chapter 2 2.0Aircraft Financing In the Industry The airline industry is a vital industry that has contributed greatly into the entire economy of the world. The industry receives important attention from policy makers and analysts[6]. Aircraft finance is a special unit in the aircraft industry and its purpose consist of leasing, owning and sales of aircraft. This unit relies on a limited revenue sources. The cash flow gotten from this revenue will be used for the payment of operation and other relevant expenses of aircraft finance. Also, to service the interest of outstanding notes, related liquidity reserves and to issue any outstanding amounts to the owners of the beneficial interest certificates[7]. Aircraft finance is the ability to generate enough cash from its aircraft assets to repay the notes which depends on the rental rates it can get from the lease which the lessee agreed on the terms and the price it can realize on any aircraft sale[8]. But for aircraft finance to service th is notes, will depend on the stage of an aircraft finance expenses which includes its maintenance and any unforeseen liabilities. The ability of aircraft finance to produce incomes depends larger on how much effort put by the independent third party service providers as part of their duties and responsibilities. The controlling bodies or trustees have failed in their duties for the property and concerns of aircraft finance due to the terms and conditions of the trust agreement and the indenture. Controlling trustees depend on GE capital aviation services limited (GECAS), Phoenix American Financial Services Inc (Phoenix), the administrative agent, financial advisor and security trustee, Wilmington trust company and Deutsche bank trust company Americas (owner trustee) formerly known as Bankers trust company. In the past, Lehman Brothers Inc acted as an advisor to 3 different aircraft finance and became liquidated in September 2008. Afterwards, Credit Suisse securities (Credit Suisse) was appointed as a replacement to Lehman[9] The development of aircraft financing has been tested through different stages to get to its position. The banking sector support the initial stage followed by the equipment trust certificate (ETC), also the Enhanced Equipment Trust Certificate (EETC), then finally, the Asset Backed Security (ABS). Enhanced Equipment Trust Certificate (EETC) is a corporate bond that share features like credit trenching and liquidity facilities. But Asset Back Security is a different entirely because they are not corporate bonds but backed by leases and attached to a number of airlines instead of been attached to a single airline and this is based on the cash flow from the aircraft leases, loans and collaterals worth of an aircraft. 2.1The Legal Aspect of Aircraft Financing Generally, one of the major problems one may encounter when considering acquiring an aircraft is financing the transaction. Firstly, an airline will contact the manu facturer of an aircraft before purchasing in other to know the financial amount involved because they can be very expensive and this may lead to sourcing for funds to acquire one. Therefore, this will lead to borrowing of money to pay for the purchases then leads to the next stage which is the application process and the types of methods and documents that will be necessary before the acquisition is accepted[10]. 2.2Application Process To purchase an airline, getting a loan is required; therefore the same information needed in purchasing a real estate might be needed to acquire loan to pay for the aircraft. Before this application is made, there might be need to find out if one is credit worthy, if not the possibility of getting the loan becomes void. One important thing that must be done before starting an application process is to assess the credit score. Over the years, prospective creditors had access to a credit score number allocated to the people who applied for cred it until the current change in law because one could not access its own credit score but now they can[11]. Most lenders also get to know about current and potential credit earnings by putting a telephone call through to the employer to confirm the statement presented income tax return in order to get a good employment background history to make sure one is capable to generate income or have enough assets to back up a good loan. This leads to the types of loan documents one would need to felicitate one. Loan documents There are usually document that will be required when applying for a loan for the purchase of an aircraft. These documents are security agreement, promissory note and personal guarantees. Promissory Notes The most important document that must be signed is a promissory note and signing this note, means you must agree to pay the holder of the note the sum owed in addition with any interest as mentioned in the promissory note. One must bear in mind that the notes may be kept by a different holder who may be receiving the payment. The reason for this is because; in most cases the notes might be a negotiable instrument (that is it can be transferred from one holder to another). A promissory note shows the amount that you owe the holder and the interest rates as discussed between the borrower and the lender and this can vary from different buyer and seller agreements. Failure to pay this loan can lead to bad financial risk transaction. Security Agreement On security agreement, a promissory note is a lenderà ¢Ã¢â€š ¬Ã¢â€ž ¢s legal sign and evidence that one will pay a loan. However, this promissory note is not enough evidence for the lender that monies will be paid back. In other words, a show of assets (properties) must be added to make the promissory note valid. In considering this risk, the lender will want to get security interest over the aircraft. That is, failure to pay the loan back, the lender can make a claim on the aircraft. However, if the lender is a bank or a financial institution or funds are saved with either of them, the bank or the financial institution can have access to this money. But if the aircraft is repossessed by the lender, one can reclaim the aircraft back before it is sold. For this to be possible, it will amount to full amount paid to clear the debts of the loan and a substantial amount put down to run the loan. However, the attempt of getting back an aircraft might fail because someone else has pur chased the aircraft. When this is done, the difference between what was paid and the loan balance is called à ¢Ã¢â€š ¬Ã…“Deficiencyà ¢Ã¢â€š ¬Ã‚ . This balance is the money paid to the lender to finish paying the loan. It is necessary to note that any change in title to an aircraft may prompt the need to make full payment of the loan. And this type of loan is known as à ¢Ã¢â€š ¬Ã‹Å"Due on Saleà ¢Ã¢â€š ¬Ã¢â€ž ¢ clause. This basically means that one cannot transfer title to any other person or entity as long as the loan balances exist without approval from the lender. Guarantees If you make a decision to form a separate entity to have an aircraft, the lender may need the borrower and/or fellow members or shareholders or partners to attest and guarantee making the borrower personally responsible for the payment of the promissory note. The lender accepts this because in some cases, the entity formed may have no assets, credit history or earnings other than the aircraft. The guarantee will mention that if the aircraft owing entity defaults on the agreement signed, the lender will take the payments. Therefore, a personal guarantee is meant to be taken seriously or else the law will impose them, personal credit and assets will be at risk when one fails to comply with the agreement[12]. [1] à ¢Ã¢â€š ¬Ã‹Å"un appareil pouvant se soutenir dans là ¢Ã¢â€š ¬Ã¢â€ž ¢atmosphere grace aux reactions de là ¢Ã¢â€š ¬Ã¢â€ž ¢air. These same words were used in article 1 of the law of 27 June 1937 concerning air navigation. [2] The Commercial Aircraft Financial Handbook [3] The aircraft finance market for used aircraft is yet another multi-billion market. [4] William E.Oà ¢Ã¢â€š ¬Ã¢â€ž ¢Connor [5] Kieso Weygandt, Intermediate Accounting 9th Ed, Moyer,McGuigan and Kretlow, Comptemporary Financial Management,11th Ed [6] Bijan Vasigh, Reze Taleghani,Darryl Jenkins, Strategies for managing capital cost in Turbulent industry 2012 [7] Aircraft finance trust annual information statement, Dec 31, 2010 [8] ibid [9] Risk and uncertainties facing aircraft finance- Risk regarding note payments and liquidity. An effect of Lehman Bankruptcy on aircraft financeà ¢Ã¢â€š ¬Ã¢â€ž ¢s hedging strategy aircraft finance trust annual information statement for the fiscal yea r ended December 31, 2005. Also, aircraft finance trust annual information statement for the year ended December 31st, 2010 [10] Aircraft financing à ¢Ã¢â€š ¬Ã¢â‚¬Å" what you should know as originally appeared in finance, offshore à ¢Ã¢â€š ¬Ã¢â‚¬Å"summer 2011 [11] A credit score fall between 300 and 900 with 900 the largest possible credit score which borders on some criteria. Payment history (about 35% of the score); amounts owned (about 30% of the score); length of credit (about 15% of the score); pattern of credit used (about 10%of the score); type of credit used (about 10% of the score). Nevertheless, if oneà ¢Ã¢â€š ¬Ã¢â€ž ¢s credit score is 650 and above, then that amounts to a good excellent credit history and cannot come across any problem with the credit checks. But a score of 600-650 signifies average to a good credit history and this makes it possible in getting a loan at the going rates and if the score is below 600, there might be possible problems. [12] Raym ond C. Speciale, Aircraft ownership: a legal and tax guide (2003)

Planning Of Implementation Of Proposed Work Essay

Planning of Implementation of proposed work This plan is the basis for the execution and tracking of all activities that are components of the project. An iterative life cycle model does not attempt to initialize with a full specification of requirements. Instead, development of the software begins by specifying and implementing just part of it, which can then be verified and reviewed in order to identify further requirements. This process is then repeated many times iteratively, producing a new version of the software for each cycle of the model by improving it step by step. In iterative model we are building and improving the product step by step. Hence we can identify the defects at early stages of the project development.This helps to avoids the downward flow of the defects. In iterative model, we can get the reliable user feedback time to time. While presenting sketches and blueprints of the product to users for their valuable feedback, we are effectively asking them to imagine how the product will work. In iterative model little time is spent on documenting process and more time is given for designing part. We can use the iterative mode for software development when the requirements of the complete system are clearly defined and understood and also the project is big scale. Figure 3.1: Iterative Waterfall Model GHRIET-Pune, Department of Computer Engineering, 2016 Fault Tolerant System For 3 hop routing protocol in HWN’s 11 Table 3.1: Implementation Plan TaskShow MoreRelatedNursing Research Utilization Project1349 Words   |  5 Pagesnursing profession has experienced several challenges and emerging issues in the recent past that have significant impacts on the health and wellbeing of the society. 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Accounting Information to Make Better Decisions

Question: Discuss about the Accounting Information to Make Better Decisions. Answer: Introduction The need for information is vital for explicit and concrete management decision-making as well as providing the basis for the sustainable success of an organization. In this regard, accounting information tends to be indispensable to achieving the goal as it serves as an efficient tool for decision making in an organization. In their research, Radcliffe, Campbell Fogarty (2001), provide the notion that decision-making is a core aspect of the executive or management in any organization; however, must be based on the best course of action. The research identifies management accounting as a core aspect that guides decision making by providing financial and economic information which are critical elements for the organization. Nnenna (2012) defines management accounting as " the process of identifying, measurement, accumulation, analysis, interpretation and communication of information that can help the management in fulfilling the organizational objectives." As derived from the definition, the information provided by management accounting enhance the ability to make economic or financial choices in any organization (Schipper, 2010). Apparently, most of the organizations have experienced failures due to poor decision making; however, successful companies thrive through good decisions influenced by accounting information promoting the idea that it's vital for the survival of an organization. Rich, Jones, Mowen Hansen (2012) also postulates that accounting information uncovers bottlenecks before the occurrence and provides a chance to coordinate organizational activities as well as compelling managers to formalize planning based on the defined goals and objectives. The research will evaluate how managers can utilize accounting information to enhance decision-making in their organizations by adopting a mixed research approach and data collection methods such as interviews, observations, and questionnaires to make valid conclusions. Research Aim and Objectives The aim of this research involves evaluating how accounting data can be applied to inform the leaders on the most appropriate decisions to make in their organizations to maximize profits. Different objectives will also be used to help in achieving the above aim as listed below: To evaluate the uses of accounting information in any organization or business To establish how the accounting information can assist managers in decision making. To assess the effectiveness of the decisions made through the influence of accounting information. To explore how the managers can achieve quality accounting information to promote decision making. A brief Methodology The research will adopt different methods to ensure quality information is achieved as well as understand the research objective. The following methods will be applied in this study: Literature Review: The approach is based on an in-depth analysis of critical research works on the same research problem derived from diverse scholarly sources. Being a key management topic, there exist numerous research works on the subject which will provide the basis to compare the research data collected and the existing works to make concrete conclusions on the topic. The literature review approach will also assess the underlying theories or themes to understand what is contained in accounting information and why its effective in decision making (GraziaOana, 2012). Mixed Research Approach: The research approach involves a combination of both qualitative and quantitative research and will form the basis for performing the research. Its impact will be in both data collection and analysis where a descriptive approach will provide data. Additionally, quantitative analysis will be applied and will make use of statistical figures such as graphs and pie charts to analyze and present data. Surveys and Interviews: The two will serve as some of the key methods to collect data necessary to understand the research problem as well as decision making. The methods are effective in providing descriptive data which forms the basis for the completion of this research. To enhance the effectiveness of the research, the data collection tools will be based on selected case such as a renowned organization through which general information on the effectiveness of accounting information on decision-making (Christensen, 2010). Surveys will be conducted through self-administered questionnaires while interviews will include face-to-face method. Information relating to employee views will also be collected as well as that of the managers (Eierle, 2013). Observation of Key indicators of success or failure of the case organization: The method will involve observing the impact of decisions made through the influence of accounting information on the selected case and analyzing the same about performance before the use of the data (Bhimani, Gosselin, Soonawalla Ncube, 2007). Key indicators such as organizational success, financial stability, employee trust on management will help evaluate the effectiveness of the method in decision making. References Bhimani, A., Gosselin, M., Soonawalla, K., Ncube, M. (2007, Jan). The Value Of Accounting Information In Assessing Investment Risk.Cost Management,21, 29-35. Retrieved from https://search.proquest.com/docview/209698804?accountid=45049 Christensen, J. (2010). Conceptual frameworks of accounting from an information perspective.Accounting and Business Research,40(3), 287-299. Retrieved from https://search.proquest.com/docview/726401450?accountid=45049 Eierle, B. (2013). The Role Of Management As A User Of Accounting Information: Implications For Standard Setting.Accounting and Management Information Systems,12(2), 55-189. Retrieved from https://search.proquest.com/docview/1491345010?accountid=45049 GraziaOana, P. (2012). The Role of Accounting Information in the Decision Making Process.Ovidius University Annals, Economic Sciences Series,12(1), 1594-1598. Nnenna. O. M (2012).The use of Accounting Information as an Aid to Management in Decision Making.British Journal of Science, 5(1). Retrieved from https://www.ajournal.co.uk/pdfs/BSvolume5(1)/BSVol.5%20(1)%20Article%207.pdf Radcliffe, V. S., Campbell, D. R., Fogarty, T. J. (2001). Exploring downsizing: A case study on the use of accounting information.Journal of Management Accounting Research,13, 131-157. Retrieved from https://search.proquest.com/docview/210235498?accountid=45049 Rich, J. S., Jones, J. P., Mowen, M. M., Hansen, D. R. (2012).Cornerstones of financial accounting. Mason., OH: South-Western. Schipper, K. (2010). How can we measure the costs and benefits of changes in financial reporting standards?Accounting and Business Research,40(3), 309-327. Retrieved from https://search.proquest.com/docview/726391189?accountid=45049