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Saturday, 30 July 2011

Calculation of Present Value

Present Value

Before going for the mathematical calculation of present and future values of money, it is desirable to understand the two concepts.

Situation 1: Presume that A lends $1000 to B with the condition that B has to repay the amount after 1 year with interest at 10%. After 1 year, B returns $1100. In this transaction, $1000 with A is the present value of the amount, whose future value is $1100 after one year at 10% interest.

The same situation can also be stated in a reverse way that the present value (P) of a future value (F) of
$1100 at 1 year at 10% interest is $1000.

Situation 2: Suppose that A leases his property to B for two years at an annual lease of $5000 payable on the completion of the first and second years after the start of the lease. But A requires money now itself and requests B to pay the lease in advance. B pays the lease, but only after discounting the lease value for 1 year and 2 years .If the prevailing rate of interest is 10%, B pays A $4500 for first year lease and around $4000 for the second year lease amount. The amounts of $4500 and $4000 are the present values of the amount of $5000 payable after the first and the second years respectively.

Calculation of Present Value
The present value (P) of a sum of money to be received at a future date can be calculated by discounting the future value (F) at the interest rate that the money could earn over the period.
The future value equation is same as the compound interest equation,
where                                   F = Future value 
                                           P = Present value 
                                            i = Annual interest rate
The present value is given by:
 The term ,

is known as the discount factor.               

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Thursday, 28 July 2011

Supply Chain Simplified

Every product we buy in the market has a process of manufacturing behind it. Various steps are involved in the process of its manufacturing .Starting from sourcing of raw materials and their transportation, it passes through manufacturing process, storage in warehouses, supply to wholesalers, distribution to retailers and finally sales to customers. It also includes after-sales service, wherever necessary. Supply chain, in simple words, is the linkage of all the above mentioned steps in the same order till a product reaches a consumer.

Shifting to a technical definition, a Supply Chain can be defined as a network of  facilities and distribution options which facilitate the performance of functions like procurement of raw materials- conversion of these raw materials into intermediate finished products and distribution of finished products to customers.

Supply Chain exists both in manufacturing and service industries, but the complexity differs from one another.

Consider the case of a customer purchasing a detergent from a supermarket. The supply chain in this case, begins with the customer and his/her requirement. The next stage in the supply chain is the super market which sells the detergent to the customer. The super market gets its supply of detergents from its own warehouse or a distribution, using trucks supplied by a third party. The distributor is provided with stocks by the manufacturer, who receives the raw materials from a variety of suppliers. All these stages, involved in the manufacture of the product and its reaching the customer is called a supply chain.

A supply chain is dynamic and involves constant flow of funds , information and product between different stages. Supply chain activities begin with a customer order and end when satisfied customer pays for the product. The term supply chain conjures up images of movement of components or products from supplier to manufacturers to distributors to retailers to customers along a chain. Information, funds and products flow along both sides of the chain.

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Tuesday, 26 July 2011

Testementary Wills

A ‘will’ is a document in which a person prescribes the procedure for the management and distribution of his property (estate) after his/her death.

Purpose of a will:
  1. A ‘will’ enables a person to distribute his property among his heirs/ successors rather than leaving such distribution to state laws of descent and distribution.
  2. A will protects the right of a person to choose a suitable individual to serve as guardian to bring up his young children in the event of his death.
  3. A will enables a person (testator) to decide a suitable individual to serve as executor of his estate and distribute his/her property fairly to the beneficiaries.

Importance of a will
In the absence of a ‘will’, a person owning property is said to have died ‘ intestate’. His /her property is then distributed among his heirs/successors according to the laws of ‘Descent and Distribution’ of the state in which the person resided.

Difference between a ‘will’ and a ‘testament’
An instrument disposing of personal property (movable assets) is called a ‘testament’ while a ‘will’ is a legal document providing for distribution of real property (immovable assets).In course of time, the distinction disappeared and at present, a ‘will’ sometimes called ‘last will and testament’ disposes of both personal and real properties.

Essential conditions of a ‘will’
To be a legally valid document, a ‘will’ has to fulfill the following conditions viz.,
  1. The testator must be competent in the sense that he is of sound mind and requisite age at the time he makes the ‘will’ and not at the date/time of his death.
  2. A ‘will’ must be in writing and signed by the testator.
  3. A ‘will’ must have two witnesses, who can attest that the testator was competent at the time, the will was made. It is desirable that the witness is a person who does not have a financial interest in the will.
  4. In order to be admitted to probate, it should be clear that the testator acted freely in executing the ‘will’. A ‘will’ executed as a result of undue influence, fraud or mistake can be declared completely or partially void during probate proceedings.
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Saturday, 16 July 2011

Schaie’s stages of life-span development

K. Warner Schaie(2005), developmentalist, divides cognitive development into five stages. They are
1. Acquisitive stage—Acquisitive stage spans all of childhood and adolescence. During this stage, a person acquires and accumulates knowledge (Schaie, 2005).
2. Achieving stage—Achieving stage occupies the early adulthood of a person. During this period, a person applies his/her intelligence and accumulated knowledge to attain career and family goals (Schaie & Willis, 2002).
3. Responsible stage—Responsible stage is gone through by a person during and after the passage from early to middle adulthood. During this stage one performs the task of protecting one’s career and family (Schaie, 2005).
4. Executive stage—Executive stage occurs during middle adulthood. This stage is characterized by broadening of one’s focus from personal domain to the community or societal level. The stage occurs later than the responsible stage. This stage, however, may not be experienced by all the persons (Schaie, Willis & Caskie, 2004).
5. Reorganizational stage: Reorganisational stage occurs past adulthood, In this stage adults entering retirement, reorganize their lives around activities not related to their routine work (Schaie, 2005).
6. Reintegrative stage: Reintegrative stage is one in which older adults have only limited energy and focus on tasks which are relevant to them (Schaie, 2005).
 7. Legacy-creating stage: This is a stage in which very old people spend twilight of their lives doing tasks like narrating their life stories and distributing their possessions (Schaie& Willis, 2002).
An observation of the lives of our parents and grandparents clearly indicates that every person passes through almost all the stages. The lives of the adults in the society around us also strengthen our observation. This is not surprising because theories of cognitive development emerged from observation of human lives.


Schaie, K. W. (2005). Developmental influences on adult intelligence: The Seattle Longitudinal Study. New York: Oxford University Press.
Schaie, K. W., & Willis, S. L. (2002). Adult development and aging (5th ed.). Upper Saddle River, NJ: Prentice-Hall.
Schaie, K. W., Willis, S. L., & Caskie, G. I. L. (2004). The Seattle Longitudinal Study:Relation between
           personality and cognition. Aging, Neuropsychology and Cognition, 11,304-324.

Part 1 of the Schaie's stages with Acquisition Stage, Young adult stage, Achieving Stage, Responsible stage, Executive stage, Reorganizational stage is also available in detail at

Part 2 of the Schaie's stages with Reintegration Stage and Legacy creating stage available at

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