Reporting on Equity Evaluation of major airlines in the industry - Free Essay Example

Sample details Pages: 12 Words: 3579 Downloads: 8 Date added: 2017/06/26 Category Business Essay Type Narrative essay Did you like this example? This report is based on the equity evaluation of an airline Ryanair which is a European leading low fare Airline belongs to Ireland with its headquarter in Dublin. One of its biggest operational bases is at London Stansted Airport in UK. It is one of the key players with in the market, and perhaps the most profitable air line. Don’t waste time! Our writers will create an original "Reporting on Equity Evaluation of major airlines in the industry" essay for you Create order Ryanair is Worlds favourite airline that operates in 41 bases and more than 1100 low fare routes across 26 countries and connecting 153 destinations. Ryanair has fleet of 232 new Boeing 737-800 aircraft with orders of additional 82 new aircraft that are expected to deliver over the next 2.5 years. Ryanair currently has employees of more than 7,000 and carry approximately 73 million passengers in the fiscal year 2010/11. Business Environment Every business has to set its own characteristics and profiles their competitors. For this every business establish its own unique mission and vision statements and the key objectives in order to satisfy their goals. Moreover, they usually set their mission, vision and objectives to serve the society as well as benefitting the community throughout their business cycle. When we talk about the airlines, the determination of the demands, preferences and taste of people is still valid. The suggestions of every people around the organization are also essential to create a just and comprehensive strategy. Mission of Ryanair It is the main mission of every airline to deliver the safety of their passenger, but how did the Ryanair attract the tourists and other individuals to travel is because of their undertaking to make air travel inexpensive, simple, convenient form of transportation in the world. The idea of low cost airlines are based on the probably demands of the people to fly more often when it is inexpensive or affordable to fly by aeroplane. Ryanair is the most suggested airlines when it comes to low- cost marketing. Vision Ryanair has a vision of a world where the fare could lower to reduce rates to bring the steady traffic of business people and tourists to their region. Its concept is not new in every airlines and their vision only underpins their mission. The broader vision in building an effective business and push on the tourism is more applicable (2003). Its a major challenge for the Ryanair to sustain their mission and yet with accordance of their vision in promoting tourism. Corporate Strategy Ryanairs objective is to maintain itself as the leading European low-fares scheduled passenger airline through continued implementation of cost reductions, operating efficiencies and offerings of its low fares service. Ryanair objective is to offer low fares that create increased passenger traffic while continuously focus on cost-containment and operating efficiencies. The key essentials of Ryanairs strategy include the following Low Operating Costs Safety and Quality Maintenance Development of Operating Results through Ancillary Services Focused Criteria for Growth Taking Advantage of the Internet Porter Generic Strategy Ryanair focuses on the cost cutting strategy according to the porters generic strategy model to position itself in the marketplace. Cost leadership strategy is based upon business organizing and controls its value-adding activities to be the lowest cost producer of a product with an industry. The company provides the reduced cost of fare than its competitors in the airline. On the other hand Ryanair has also become focuser as it is concentrated on an narrow customer segment that consist of Irish and UK business people who could not afford to fly major airlines. Nature of Industry with Reference to Strategic Grouping Ryanair is competing in high competitive environment where the competitors are competing to pull market share from their rivals. One of the reason for high competitive rivalry is boom of travel industry and also the European Union regulations. These regulations are intended to improve quality and prices of airline industry. If we consider the last decade we come to know that the air travel grew by 7% per year. Both business and leisure purposes travel grew worldwide. The scheduled airlines have carried more than 1.5 billion passengers last year. In case of the leisure market, the availability of large aircraft like Boeing 747 has made it suitable and reasonable for people to travel further to new and exotic destinations. Developing countries governments realized the benefits of tourism to their national economies and urged the development of resorts and infrastructure to allure tourists from the prosperous countries in Western Europe and North America. As the economies of develo ping countries are growing, their own citizens are becoming the new international tourists of the future. Strategic Grouping of European Airline Industry Price/ Quality Limited Market Coverage Local Area 1. Train Up Market 1. British Airways 2. American Airways 3. Lufthansa Discounter 1. Ryanair 2. Easy Jet Big 4 Virgin Atlantic According to this classification the Ryanair comes in the low cost segment or discounters. Airline Industry Life Cycle Same like living creatures, industry also has its circle of life. The stages of industry lifecycle include fragmentation, shake out, maturity an decline (Kotler 2003).The industry life cycle can be represented by having a look of the following figure: Product (Industry) Life Cycle Stages The first countries in Europe to grip air transport were France, Germany and the Netherlands. In 1919 KLM was established, still the oldest carrier. The first flight was from London to Schiphol, Amsterdam transported two English people in 1920. Major European airlines of the time like KLMs initial growth mainly depended to service routes with far-flung colonial possessions (Dutch Indies).The loss of the Dutch Empire was the only reason that KLM found itself based at a small country with small potential passengers, which relying mostly on transfer traffic, and was first to introduce the hub-system to assist easy connections. France started an airmail service to Morocco in 1919 which was sold i n 1927, renamed Aeropostale, and with more capital invested become a major international carrier. Aeropostale went bankrupt in 1933. It became nationalized and merged with many other airlines to become Air France. In 1926 the German airline industry started with Lufthansa and became a major investor in airlines outside of Europe, founding Varig and Avianca. Junkers, Dornier, and Fokker built the most advanced German airlines in the world at the time. German air travel got peak in the mid-1930s, when Nazi propaganda ministers approved the launch of commercial zeppelin service, the big airships but it was fact that they used flammable hydrogen gas which raised safety concerns that terminated with the Hindenburg disaster of 1937. Imperial Airways was United Kingdoms flag carrier which became BOAC (British Overseas Airlines Co.) in 1939. Imperial Airways made use of huge Handley-Page biplanes for routes between London, Middle East and India. Imperial aircrafts image in the middle of the Rubal Khali was being maintained by Bedouins and was among the most famous pictures from the heyday of the British Empire The deregulation of the European Union airspace in the early 1990s has had substantial effect on structure of the industry there. The shift towards budget airlines on shorter routes has been significant. Airlines such asÂÂ  EasyJetÂÂ  andÂÂ  RyanairÂÂ  got growth at the expense of the traditional national airlines. The trend has been there for these national airlines themselves to be privatized such as have occurred forÂÂ  AerLingusÂÂ  andÂÂ  British Airways. Other national airlines, including ItalysÂÂ  Alitalia, have faced chiefly with the rapid increase of oil prices in early 2008. Industry Profitability In View of Porter 5 Forces Model From a strategic management perspective it is useful for organisations to understand the competitive forces in their industry or sector since these will conclude the prettiness of that industry and the likely success and failure of particular organisations within it. The porter five core elements/forces are: Competitive Rivalry Threat of new entrants Threat of substitutes The Bargaining power of buyer The Bargaining power of suppliers Porters Five Forces Model Rivalry among Existing Competitors (Intense Rivalry) There is very tough competition among the competitors of European airline industry especially that lie in the same tier such as Easy Jet, Ryanair and Aer Lingus. The services level is same for all players in the third quadrant are the same with either low or no differentiation. The market in which the Ryanair is operating is saturated with Ryanair is holding the biggest chunk of customers and is the dominating player. Threat of Entrant (Low) Threat of new entrant is low because it requires quite high capital investment to enter in this industry. It is also hard to find suitable airports. Even with capital investment it is very hard for new entrants to challenge incumbent players like Ryanair that has experience of years and solid name in the market. Threat of Substitutes (High) Threat of substitutes for a short haul airline can be in the form of land travels and if we talk about indirect substitutes then it is video conferencing which may reduce the need for air travel. The most important point to mention here is that in both of the above mentioned cases there is no switching cost for the customers so they will not feel any hesitation to choose in between these. Bargaining Power of Buyers (High) Bargaining power of buyers is high as people are well informed of prices and deals via different resources and internet is one of them. Now most of airlines they are trying to reach this market segment where they can acquire more market share by providing lowest fares. The customers are price sensitive and they will switch to any other airline which will give them lowest fares. Bargaining power of Suppliers (High) The supplier power is medium to high, because the airplane providers are the ones with good amount of power in their hand while ancillary suppliers being the ones with low power hence balancing out the supplier power of the industry. Regulators and airport authorities have medium power and this has been balanced out by more use of regional airports rather than the main or national airports. Competitive Strategy and Three Generic Strategies Ryanair has been following mix cost based focus strategies according to competitive strategies. Cutting costs have been focused and Ryanair is delivering this benefit to their customers. The company not only focuses on techniques that save them money rather it is implemented in their system from top to bottom everywhere. Segmentation Strategy Differentiation Strategy Cost Leadership Narrow Market Scope Broad Market Scope Uniqueness Competency Low Cost Comptency Forecast of the Performance of the Firm of Choice Common Size Statements Balance Sheet 2004-2005 2004 CS 2004 2005 CS 2005 Fixes Assets Intangible Assets 44499 2% 30449 1% Tangible Assets 1576526 54% 2092283 55% Total Fixed Assets 1621025 55% 2122732 56% Current Assets Cash Liquid Resources 1257350 43% 1613643 42% Accounts Recievable 14932 1% 20644 1% Other Assets 19251 1% 24612 1% Inventories 26440 1% 28069 1% Total Current Assets 1317973 45% 1686968 44% Total Assets 2938998 100% 3809700 100% Current Liabilities Accounts Payable 67936 2% 92118 2% Accrued Expenses Other Liabilities 338208 12% 436187 11% Current Maturities of Long Term Debts 80337 3% 120997 3% Short term Borrowings 345 0% 7938 0% Total Current Liabilities 486826 17% 657240 17% Non Current Liabilities Provisions for Liabilities and Charges 94192 3% 112745 3% Other Cre ditors 30047 1% 18444 0% Long Term Debts 872645 30% 1293860 34% Total Other Liabilities 996884 34% 1425049 37% Shareholders funds equity Called Up Share capital 9643 0% 9675 0% Share Premium account 560406 19% 565756 15% Profit Loss account 885239 30% 1511980 40% Share Holders equity 1455288 50% 1727411 45% Total libilities Shareholders equity 2938998 100% 3809700 100% Balance Sheet 2006-2009 2006 CS 2006 2007 CS 2007 2008 CS 2008 2009 CS 2009 Non Current Assets Property Plant Equipment 2532988 55% 2884053 51% 3582126 57% 3644824 57% Intangible assets 46841 1% 46841 1% 46841 1% 46841 1% Available For Sale Financial Assets 406075 7% 311462 5% 93150 1% Derivative Financial Instruments 763 0% 59970 1% Total Non-Current Assets 2580592 56% 336969 6% 3940429 62% 3940429 62% Current Assets Inventories 3422 0% 2420 0% 1997 0% 2075 0% Other Assets 29453 1% 77707 1% 169580 3% 91053 1% Current Tax 1585 0% Trade Receivables 29909 1% 23412 0% 34178 1% 41791 1% Derivative Financial Instruments 18872 0% 52736 1% 10228 0% 129962 2% Restricted Cash 204040 4% 258808 5% 292431 5% 291601 5% Financial Ass ets Cash 3 months 328927 7% 592774 10% 406247 6% 403401 6% Cash Cash Equivalents 1439004 31% 1346419 24% 1470849 23% 1583194 25% Total Current Assets 2053627 44% 2354276 41% 2387122 38% 2543077 40% Total Assets 4634219 100% 5691245 100% 6327551 100% 6387862 100% Current Liabilities Trade Payables 79283 2% 54801 1% 129289 2% 132971 2% Accrued Expenses Other Liabilities 570614 12% 807136 14% 919349 15% 905715 14% Current Maturities of Debt 153311 3% 178918 3% 366801 6% 202941 3% Derivative Financial Instruments 27417 1% 56053 1% 141711 2% 137439 2% Current Tax 15247 0% 20822 0% 425 0% Total Current Liabilities 845872 18% 1117730 20% 1557150 25% 1379191 22% Non Current Liabilities Provisions 16772 0% 28719 1% 44810 1% 71964 1% Derivative Financial Instruments 81897 2% 58666 1% 75685 1% 54074 1% Deferred Income Tax Liability 127260 3% 151032 3% 148088 2% 155524 2% Other creditors 46066 1% 112177 2% 99930 2% 106549 2% Non Current Maturities of Debt 1524417 33% 1683148 30% 1899694 30% 2195499 34% Total Non Current Liabilities 1796362 39% 2033742 36% 2268207 36% 2583610 40% Shareholders funds equity Issued Share Capital 9790 0% 9822 0% 9465 0% 9354 0% Share Premium Account 596231 13% 607433 11% 615815 10% 617426 10% Cash Redemption Reserve 378 0% 493 0% Retained Earnings 1467623 32% 1905211 33% 2000422 32% 1777727 28% Other Reserves -81659 -2% 17307 0% -123886 -2% 20061 0% Share Holders equity 1991985 43% 25397 73 45% 2502194 40% 2425061 38% Total liabilities Shareholders equity 4634219 100% 5691245 100% 6327551 100% 6387862 100% Income Statement 2004-2006 2004 CS 2004 2005 CS 2005 2006 CS 2006 Operating Revenue Scheduled Revenues 924566 1128116 1433377 Ancilinary revenues 149658 208470 259153 Total Operating revenues 1074224 1336586 1692530 Operating Expenses Staff Costs -123624 -12% -140997 -11% -171412 -10% Depreciation Amortization -101391 -9% -98703 -7% -124405 -7% Fuel Oil -462466 -27% Maintenance, Materials Repairs -37417 -2% Marketing Distribution Costs -13912 -1% Aircraft Rentals -47376 -3% Route Charges -164577 -10% Airport Handling Charges -216301 -13% Other Operating Expenses -597922 -56% -767397 -57% -79618 -5% Total operating Expenses Excluding Good Will -822937 -77% -1007097 -75% -1317484 -78% Operating Profit 251287 23% 329489 25% 375046 22% Amortization of Goodwill -2342 0% -2125 0% Operating profit 248945 23% 327364 24% Other expenses Foreign Ex change Loss/Gain 3217 0% -2323 0% -1234 0% Gain/Loss on Disposal of Assets -9 0% 47 0% 815 0% Interest Receivable Similar Income 23891 2% 28342 2% 38219 2% Interest Payable Similar Charge -47564 -4% -57499 -4% -73958 -4% Total Other Expenses -20465 -2% -31433 -2% -36158 -2% Profit on Ordinary Activities before Tax 228480 21% 295931 22% 338888 20% Tax On Profit On Ordinary activities -21869 -2% -29190 -2% -32176 -2% Profit/Loss For The Financial Year 206611 19% 266741 20% 306712 18% Income Statement 2007-2009 2007 CS 2007 2008 CS 2008 2009 CS 2009 Operating Revenue Scheduled Revenues 1874791 225692 2343868 Ancilinary revenues 362104 488130 598097 Total Operating revenues 2236895 2713822 2941965 Operating Expenses Staff Costs -226580 -10% -285343 -11% -309296 -11% Depreciation Amortization -143503 -6% -175949 -6% -256117 -9% Fuel Oil -693331 -31% -791327 -29% -1257062 -43% Maintenance, Materials Repairs -42046 -2% -56709 -2% -66811 -2% Marketing Distribution Costs -23795 -1% -17168 -1% -12753 0% Aircraft Rentals -58183 -3% -72670 -3% -78209 -3% Route Charges -199240 -9% -259280 -10% -286559 -10% Airport Handling Charges -273613 -12% -396326 -15% -443387 -15% Other Operating Expenses -104859 -5% -121970 -4% -139140 -5% Total operating Expenses Excluding Good Will -1765150 -79% -2176742 -80% -2849334 -97 % Operating Profit 471745 21% 537080 20% 92631 3% Amortization of Goodwill Operating profit Other expenses Foreign Exchange Loss/Gain -906 0% -5606 0% 4441 0% Gain/Loss on Disposal of Assets 91 0% 12153 0% Interest Receivable Similar Income 62983 3% 83957 3% 75552 3% Interest Payable Similar Charge -82876 -4% -97088 -4% -130544 -4% Total Other Expenses -208708 -9% -98153 -4% 273118 9% Profit on Ordinary Activities before Tax 451037 20% 438927 16% -180487 -6% Tax On Profit On Ordinary activities -15437 -1% -48219 -2% 11314 0% Profit/Loss For The Financial Year 435600 19% 390708 14% -169173 -6% Appropriate Absolute Valuation Models Dividend Discount Model A dividend discount model is a financial model that values shares at the discounted value of future dividend payments. A share is worth the present value of all future dividends. As the values shares on the actual cash flows received by investors, it is theoretically the most correct valuation model. Dividend Discount Valuation A dividend discount model would specifically be a discounted cash flow (DCF) that uses dividend forecasts over several stages. If it is a case that there are any dividends which have been announced but the share has not yet gone ex- dividend for that then these are recognized amounts in the near future and it does not require forecasts. It is possibility for forecasts that based on detailed financial modelsÂÂ  for the near future. Beyond that the forecasts are based on less detailed models (e.g. assuming a slow reduction in profit growth and a fix payout ratios may be used Assume a fixed growth rate beyond some point (e.g. after five or ten years) provides a terminal valueÂÂ  to be intended at that point If you sum up the interest series we get, This p is then adjusted by various factors e.g the size of company Where k is expected return which is equal =yield + expected growth. Where D1= D0 (1+g) Then P0 = D1/k-g Free Cash Flow Approach Free cash flow (FCF) determines how much money a company gets after take away maintenance Capex. It is significant because it provides valuation of the existing business without harder to measure value of investment in growth and new ventures. The last should be value more than the money that is being invested in them. The free cash flow would be resulted same what the dividends would be when a company decided to pay out as much as it could in dividends exclusive of either running down its operations or rising debt. Free cash flow (FCF) is often used in discounted cash flow valuations. Free Cash Flow to Firm (FCFF) A free cash flow to firm is a measure of financial performance which indicates the net amount of cash generated for the firm, consisting of expenses, taxes and changes in net working capital and investments. Free cash flow (FCF) is calculated using the formula FCFF = NI + NCC + Int(1-T) FCinv Wcinv A positive value depicts that the firm has left with cash after expenses. A negative value represents that the firm has not made enough revenue to cover its investment actions and its costs. In this situation, an investor should look deeper to assess why it is happening. It would be either the major investment activities or company is facing deeper problems. Free Cash Flow to Equity (FCFE) This is the measure of how much cash can be paid to the equity shareholders of the company after expenditures, reinvestment, and debt repayment. The cash flow to equity is calculated by using this formula: FCFE =ÂÂ  NetÂÂ  Income Net Capital Expenditure Change in Net Working Capital + New Debt Debt Repayment. FCFE= NI Int(1-t) + net borrowings This alternative valuation method gained popularity as the dividend discount models usefulness became increasingly questionable. Residual Income A residual income model use to values securities using a combination of book value of the company (i.e. its NAV), and a present value based on accounting profits. The value of the company is the sum of 1) the NAV at valuation time and 2) the residual income present value: profits are expected to surpass the required rate of return on equity. The residual return is calculated as: (R-r) * B where B = NAV R = the return on accounting profits and owners equity r = required rate of return on equity. It can also be expressed as net proft- (r*B) The importance of the extra profit in excess of the required rate of return is measure of the wealth that the company creates for shareholders. The company sums to the value of its assets and justifies a company being value greater than the value of its assets. The value of a company therefore should be the sum of this and its assets. The NAV will differ from year to year affects the computation of the returns. The change in the net profit minus dividends and other returns to shareholders, plus capital increased. Valuation on wealth creation is abstractly similar to EVA. The Residual income models are suited to securities valuation where EVA is principally useful to management. The residual income models advantage is that it is based on accounting measures of profit and value of assets. The main objection of residual income is that as it is relied on accounting numbers which often fail to imitate the true economic value of assets and cash flows. Asset Based Models Asset- based models compute the value of a firm as the sum of the market values for the individual components of the firm, less the market value of the liabilities. This can be expressed as: Value of firm= Market value of assets- Market value of liabilities Asset based models are useful to estimate minimum value. They are easy to use and understand. Moreover they are also useful for comparing firms of similar size and nature. The disadvantage is that the book value is an asset based model is based on historical cost. The firms value is largely derived from its assets, whose value is dependent on management choice of accounting principles. Asset based models ignore future growth potential of the firm. Actual Valuation Reporting The value of the firm is calculated using the following models The Value of Firm Using Dividend Discount Model We cant apply the dividend discount model as Ryanair has never given dividends till yet but there are plans to give dividends from 2013 onwards. The Value of Firm Using Dividend Discount Model We will calculate the free cash flow to firm using the formula: Free cash flow to firm (FCFF) = Net Income + Amortization Changes in Working Capital -Capital Expenditure Where, Change in working capital = Cash + Accounts Receivable + Inventory Accounts Payable Accrued Liability Capital Expenditure = (Changes in assets current year previous year) (Changes in Liability current year previous year) Note: The values have been taken from the income statement and balance sheet of Ryanair available at: https://www.ryanair.com/en/investor/investor-relations-news Changes in Working Capital = 588374 Capital Expenditure = -77133 Free Cash Flow to Firm = 424297000 Value of Firm Using FCFF = Free cash flow from firm / WACC Beta Value Ryanair = 1.03 Cost of equity = (Market Risk Premium * Equity Beta) + Risk Free Rate Where, Market Risk Premium = Expected Rate of return Risk Free Rate Risk Free Rate UK 2009 = 4.55% Expected Rate of Return = 9.99% Cost of Equity = 10.15% Cost of Debt = 5.6% Ryanair Tax rate = 11% WACC = 15% Value of Firm Using FCFF = Free cash flow from firm / WACC = 2803008000 Euros The value of Firm using Free Cash Flow to Equity Model Free Cash Flow to Equity = FCFF + Net Borrowings Interest (1-t) Free Cash Flow to Equity = 301189 Euros Value of Firm Using Cash Flow to Equity = FCFE/Ke where Ke is cost of equity. Note: FCFE is calculated in excel (excel file attached) Value of Firm Using Free Cash Flow to Equity = 2967379000 Euros 4.0 Value of Firm using Residual Income Residual Income= NI (Net Income) (Cost of Equity* Value of Equity) Residual Income= -415317000 Note: Value of firm using residual income cant be calculated as the company does not provide dividends as we need to have value of g for calculating firms value. 5.0 Value of Firm Using Asset Based Model Asset based model for finding value of firm are used when the firm possess the natural resources like oil, gas, etc. As Ryanair does not possess any sort of natural resources, so we cant use this model to find the value of the firm.

The Frontline Episode When Kids Get Life - 923 Words

The Frontline episode â€Å"When Kids Get Life† serves as a reminder for how the criminal justice system sometimes drops the proverbial ball when it comes to juveniles. Time after time, situations arise and are brought to the attention of the Department of Social Services. Whether they are overlooked or lost somehow, they are deprived of the help they need. The system fails children who are crying for help, and the results are sometimes fatal. Circumstances lead to the loss of life, not only for the victims, but also for the delinquents who saw no other way out. In other cases, the group mentality of juveniles equates to the responsibility of all members for a crime committed by one person. Considering the behaviors of an adolescent in the same manner as that of an adult is unfair. Juvenile brains are still developing, which means that they perform differently than adult brains (AACAP). 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Understand Children and Young Peoples Self Directed Play free essay sample

Freely chosen, self directed play. Refer back to assignment 1. The play cycle A play cycle begins in the pre conscious thoughts of the child, it is at the point of daydream where the playful impulse is created and given out as the play cue. Once this cue is taken up by a responding partner the play cycle begins. The metalude signals the start of the play process and while it supports a single play thought in the Childs consciousness it can change in seconds to become another playful thoughts or an extended version of its original self. The play cue can be given out in many ways, facial expressions, eyes contact, body language or simply through using materials I. e. a ball or a colouring pencil. Looking back through my reflective diary I noticed a very clear cue I had received, it was very clear and understandable a child simply kicked a ball in my direction and gave me clear eye contact so naturally I kicked it back in seconds we were a having a football match and within minutes other children were coming over to join so I stepped back and facilitated. The play cue is followed by the play return example; kicking the ball back. which can come from another person, the environment or from the child playing. Then comes the Play frame, the process or space that is created by cues and returns. Its a boundary that keeps the play intact. It begins with the childs play drive and includes all that allows play to continue. It may be as big as a football pitch or as small as a chessboard and the two people playing. As a play worker you can be inside or outside of the frame depending on the level of the play workers involvement.Play Cycle, the full flow of play from the first play cue to the return and the further development of play- with more cues and returns until the play is complete. Play Annihilation: The end of the play frame. Children take what they want from the activity and then it is finished. A play worker can cause play annihilation if they intervene inappropriately in childrens play. In my setting when it is tea time we have 5 minutes which means they finish what they are doing and then wash hands ready for tea, this way play annihilation is not done by the play worker and children can finish play how they want to.Play space A child’s play space is any area that supports and enriches the potential for children and young people in self directed play. Children and young people should have a variety of play spaces which stimulate them in different ways e. g. : an outdoor play space for physical stimulation and to encourage a healthy active lifestyle, story corner for cognitive stimulation, it has been proven that stories and rhymes help to improve memory and concentration skills.Books and rhymes also help to develop children’s imaginations, but more importantly stories can help children understand and discuss their own feelings which could otherwise be left unheard. All play spaces should be welcoming and varied with different resources, with sufficient quantities so that children and young people do not have to wait to participate and have opportunities for social interaction with both children and play workers . My setting has a variety of play spaces associable to all children and young people for all different needs.All children have the choice to help us to create new play new spaces of to freely choose there own play space which they will do naturally. All resources are accessible for all children and young people which enables all children play to continue un interrupted giving them freedom of more choice and to explore there own chosen activities in there own way and time. Loose parts The theory of loose parts over the last 40 years become increasingly known and used by play workers and play space designers. It was first suggested in 1971 by an architect called Simon Nicholson.He believed that loose parts in our environment empowere d our creativity. According to the Oxfordshire play association loose parts are items and materials that children and young people can move, adapt, control and manipulate within their play. Loose parts provide a high level of creativity and choice as there are endless possibilities for how they can be played with. In my setting yesterday the children used loose parts such as cardboard boxes, bottle tops and shiny paper to make a robot, the robot then became a bus and later a child’s hideout.Simon Nichols theory of loose parts argues that creativity is not for the gifted, he believes that it is our education and cultural conditions that lead us to believe this . He said that ‘in any environment, both the degree of inventiveness and creativity and the possibility of discovery are directly proportional to the number of loose parts and kind of variables in it. ’ You do not have to be a gifted musician to make music, the children and young people at my setting often make there own musi c, with pots, pans and trays or even banging small sticks on surface areas. Play preferences. Preference for outdoor play. Child A plays mostly outdoors as he believes it is more fun, and loves to investigate the surroundings. The choice of indoor play is often related to the weather, child A only plays inside when its cold or raining. It is only in severe weather conditions children have to stay in doors as in our setting we believe the children can learn and develop much more outside even when the weather is poor. Play preferences are the child’s own choices ; the freedom ; opportunities to be able to make those choices by enabling varied resources that are always accessible to encourage development.Different play types 10 examples Symbolic play: Play which allows control, gradual exploration and increased understanding, without the risk of being out of ones depths. In our setting I observed a child making a doll feed another doll. Rough and tumble play: Close encounter play which is less to do with fighting and more to do with touching, tickling, gauging relative strength, discovering physical flexibility and the exhilarations of display. For example, a lot of the boys at my setting like to play fight, I feel this is natural so I set there boundaries and just facilitate until the risks go to ar. Socio-dramatic play: The enactment of real and potential experiences of an intense personal nature. For example child may pretend to take care of their baby doll as this is what they see there parents do with younger siblings, through pretend play, a child can experience and learn what it may mean to love and care for someone else. Social play: Play during with the rules and criteria for social engagement and interaction can be revealed, explored and amended.Looking through my reflective diary a good example for social play would be when two children at my setting were setting up a ‘pretend’ shop selling toys and books to other children the ‘customers’ . Creative play: Play which allows a new response, the transformation awareness of new connections with an element of surprise. Creative play can be many things, not just arts crafts. I observed a child building Lego brinks, when he had finished he told me it was the Eiffel tower in France, I think is a lovely example of creative play as I thought the tower could have been anything but he new exactly what and where it was.Communication play: Play using words, nuances of gestures. For example joke telling, story telling, play acting, singing. Role play: Play which dramatises events in which the child is not a direct participator. In reflective practice I saw a child sitting in a box using an imaginary steering wheel ,he told me he was â€Å"driving to spaceâ€Å". Role play doesn’t even have to have props it can be completely imaginative with or without play equipment. Exploration play: Play to access factual information consisting of manipulative behaviours such as handling, throwing, banging, or mouthing objects.For example playing with, sand, bricks, water clay, play dough. Dramatic play: Play which rearranges the world in the child’s way, a way in which is unlikely to occur. At the moment every day at tidy up time the children ask if they can play factor, most of the children love to be one of the contestants, they all make me and other staff be judges, but there is always one particular child who wants to be Dermot O’Leary the TV show presenter. Fantasy play: Play where the conventional rules, which govern the physical world, do not apply.For a good example I read in one of my reflective diary a couple of months ago a child asked me for a role of tin foil I, asked him what for, he replied I want to be an astronaut, I gave him the role of tin foil and he spent the whole session making his costume. When his dad came to collect him , he put the costume on and was running around so proud of what he had made. How you encourage risk and challenge, its importance and the awareness of balancing health and safety, give examples of risks within 5 of your different play types.Refer to risk and challenge sheet 310. 3. Observation and reflection, how you do this and its importance. Part of a play workers role is to observe all children on a daily basis, This observation involves the gathering of information about a particular child behaviour and their stage of development. Reflections is the process of thinking about and critically analyzing your actions with the intention of changing and continually improving our working environment.It is vital that these observations and reflections are done in order to understand and meet each child’s individual needs, and to identify which areas of development a child is particularly good at. Frequent observations also help me to under stand a child’s behaviour and what provokes the child’s bad behaviour. Observations also help to plan for future sessions, as it gives the play worker an idea of what the child is interested in, or good at. E. g. t my setting child 2 was enjoying playing snakes and ladders, the child was keen to show their counting skills, so for the next session we developed on this with a game of frustration. The effectiveness of reflective practice I feel can only make me a stronger play worker and my setting a more supportive environment. As a play worker in my setting I understand that reflective practice is important as this is how we can improve things in our setting and also improve on a personal level to be consistent in giving the best care to all those who use my setting. Reflective practise is increasingly used as a way of improving services to children and their families. Reflective practice is like taking a mirror to what you and your setting are doing and considering how effective it is. This process is great not only to children and their families but also for me as a play worker personally. As a result of reflecting on your practice, play workers might decide to adapt a routine, activity or even approach towards an individual child.Reflecting on my practise could also result in me attending further training or doing additional courses. The setting should be providing a safe environment for all and being supportive of each individual child who attend and their family. When reflecting on practise it is worth while to stand back a little and notice what is being done in the setting to create the safe and supportive environment. By looking at all areas in which we care for children and reflecting on practice we are always improving on how we make the setting a safe environment for all who use it.To be effective in my practise is being willing to learn, I feel that by understanding the importance of a safe and supportive environment for children there is room for improvement, by continuing and not being complacent in my caring for each individual child. I must always be flexible in my working practise. Your impact on play and when it is/is not appropriate to intervene This links into freely chosen play and why it is not acceptable to intervene unless necessary during play. Play workers should know when and when it is not acceptable to intervene, for instants if a child is struggling or upset r a risk is to high then a play workers should stop being the facilitator and intervene. In most play scenes children will self directly choose how to carry on, end or change play. In our setting when it is tea time we have a system called 5 minutes, all children are aware of what this is. It is the process that we use so children can end play how they like and not have an adult intervene and annihilate play. A play worker intervening can sometimes put children off what they are doing and some times can bring positive to there play.In my setting I was observing a boy who was playing with the car mat and garage he was quite content and concentrating on his own play, I notice he was struggling to fit all his cars on one matt, so I got the other matt out of the cupboard and just gently walked past and placed it on the floor beside him then carried on walking. From the other side of the room I could see he was now much more happier as he could use more cars, I thought this was a good intervention style as I did not ruin play but intervening made him achieve a better outcome.

Journalism Enterprise Story free essay sample

Northeastern students boast myriad opportunities from Co-pop yet still face a significant dilemma: changing their personal appearance to secure these desired lobs. Students with alternative appearances experience pressure from the corporate world to conform to their business appropriate standards. No matter what, theyre going to form opinions, said Co-pop assistant Margaret Grimes about businessmen looking for prospective employees. A simple look across campus blatantly reveals the polarity between student and corporate style.Students wearing aroma suits pass their peers dressed in more casual outfits, old band t-shirts and sweatpants. The amount of compromise, however, defers greatly among majors. Students majoring in creative or art based studies often experience a more lax approach to Co-pop when compared to their Business majors counterparts. Business school co-pop advisors insist that students maintain a professional appearance. Interviewers scrutinize every minute detail during the application process, piercing and hair style Included. Grimes sees great value In cooperating with corporate demands for conservative attire. We will write a custom essay sample on Journalism Enterprise Story or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In the Interview process there Is no compromise. You put your best self forward, said Grimes. Her students Co-pop success In Fortune 500 companies reinforces Grimes strict philosophy. She therefore continues to emphasize cooperation and conservatism to her students. Still, some students choose to disregard her advice. Predictably, these business majors do not meet companys professional standards and are overlooked. Happen occasionally. Not all the time but I have seen it happen, said Grimes. The advisor laid out her expectations for physical appearance during Co-pop interviews. Men and women must wear formal shoes, shirts and pants.Ties are never optional, said Grimes. Her standards might seem rigid to some however Grimes Justifies their Importance after hearing success stories from her students. Completely forgoing ones personal style Is not permanent. After securing the Job and wearing formal attire for several weeks, a student can then begin to experiment with Incorporating their personal style In an office setting, says Grimes. Gradually have to find who you are in a company. Thats just a hard and fast rule, said Grimes. Northeastern student Media Loose struggled with meeting a Meanys standards in her Co-pop last year at a non-profit in New York City.Louses Co-pop advisers informed her of the guidelines for her interview. They definitely said I should wear the general business palette, said Loose. The student, an Occupy Northeastern protester, prefers a more casual approach to dressing. Around campus Loose wears Jeans, sweatshirts and alternative Jewelry. Many would not consider her appearance controversial, however conservative businesspeople would definitely feel uncomfortable with her outgoing fashion risks. l compromised a lot, said Loose on changing her appearance to get the corporate bob. Loose eventually found her Identity and personal style within the workplace.Despite Initially conforming to secure the Job Loose left her Co-pop with a positive experience. Other Northeastern students are not as restricted during the Co-pop embodies the stereotype of alternative appearance. He proudly shows Off full sleeve of tattoos on one arm and more on his forearm, chest and back. Briggs constantly encounters animosity in public because of his controversial appearance. Im from a small town in New Hampshire. When I go home people the whole time are Just looking at me, said Briggs. And this discrimination continues even at Northeastern. l did a study abroad in Trinidad.Out of everybody in the group, I was the one kid chosen to get screened at the airport, said Briggs. Despite this scrutiny, Briggs can count on one surprising place to find acceptance: his Co-pop. Ere only thing he did differently during the interview process was trade in his Jeans for a pair of dress pants, said Briggs. Further, alternative appearances were not only acceptable but encouraged. During his Co-pop with a music production company last year Briggs saw tattoos and facial piercing on a regular basis. The guy who runs the department I was working in has two full sleeves, said Briggs.Music Industry majors often sport facial piercing, tattoos, and alternative clothing styles. These attributes, however, rarely present problems during an interview, as evidenced in Briggs officemates. Craig Bettings, Music Industry Co-pop adviser, acknowledges the different challenges his students face when applying for Jobs. In music business Im not as concerned with tattoos and hair styles. The industry is much more open, said Bettings. Each industry, however, presents its own quirks for the interview process. Dressing formally could even hurt a students chances in an interview with a music business company. L have talked to companies that said a student wore a suit and that threw them off, said Bettings. The baseline for interviews is to know the industry, said Bettings. An integral part of interviewing for Co-pop is finding the balance between personal style and respecting a companys standards. And understanding the industry is vital. Creative based industries encourage personal expression even in the workplace. These students rarely need to compromise their ideals or personal appearance for a Job opportunity. Many believe this approach supports a healthier lifestyle for Northeastern students.