Death of a Salesman Detailed Analysis Essay Example for Free

Death of a Salesman Detailed Analysis Essay ARTHUR MILLER Arthur Asher Miller (October 17, 1915 February 10, 2005) was an American playwright and essayist. He was a prominent figure in American theatre, writing dramas that include plays such as All My Sons (1947), Death of a Salesman (1949), The Crucible (1953) and A View from the Bridge Miller was often in the public eye, particularly during the late 1940s, 1950s and early 1960s, a period during which he testified before the House Un-American Activities Committee, received the Pulitzer Prize for Drama and the Prince of Asturias Award, and was married to Marilyn Monroe. SUMMARY It is important to bear that the story is told through the mind and memory of Willy Loman and there is a constant back and forth between two periods ,1928 and 1942.The first period is one of the happiness and contentment when Willy Loman is young and dynamic and the children ,Biff and Happy are running about in shorts ;the second is one of gloom and discontent -Willy is now old and ,virtually out of a job and the children are grown up and gone their different ways. The play is thus structured in such a way to show the pleasures of the past ,the dreams and hopes the characters had and how these aspirations had turned sour. Willy Loman had built his life in such a way that he had finally trapped himself in an impossible situation. Willy Loman ,the protagonist in the play was a travelling salesman in the services of the wagnor company for 34 years. When his old boss died ,his son Howard took over the administration of the company .Willys family consists of three other members ,his wife Linda, Biff,the elder son and Happy, the younger son. Willy unexpectedly returned on the same day he had left for New England territory on a business tour. Linda felt that her husband is thoroughly  exhausted both physically and mentally and he has almost reached the breaking point. Willy, who is 63, has driven the car off the road twice or three times and when he reached home he was found to be panic stricken ,desolate and shattered. Willy liked his eldest son Biff,who was wellknown as a football champion. Though he is 34 , it is unfortunate that he could not settle in life. Inspite of the fact that three colleges offered him scholarship in recognition of his proficiency in football, he did not join any college . Happy, the women chaser also could not settle in life. For the next two days, immediately after his unexpected return, Willys mind was rather disturbed with thoughts of todays realities inter mingled with yesterdays half forgotten episodes. He felt that it was mistake on his part not to have followed his elder brother Ben ,who dared his way into the diamond minds of Africa and amassed fabulous wealth . Willys guilty consciousness pricked him at the flash back scene of Boston hotel room, when his son Biff makes a surprise visit and finds his father having an affair with a strange lady .After this episode, Biff seemed to hold a grudge against his father and could never again bring himself to trust Willy. As suggested by Linda, Willy visits Howard, the young Boss and request for a change of job in the New York City office as he is physically and mentally incapacitated as a travelling sales man. When the request was unceremoniously turned down by Howard and Willy dismissed from service he protest You cannot eat orange and throw the peel away ; man is not a piece of fruit. Willy is very much frustrated and disillusioned at the behavior of capitalists who lacked the human milk of kindness, sympathy and gratitude. Biffs attempt to raise a loan from Bill Oliver, the proprietor of sports goods company also failed. Oliver, who once liked Biff immensely, now refused to recognise him now because Biff has stolen a fountain pen, Charley ,Willys neighbour extended a helping hand in those days of adversity. He ,not only advanced a loan to him but also offered him a job to him. But Willy refused to accept it with a false sense of dignity. The two sons invited the father for a dinner party at a prominent restaurant in the city. But Happy picked up two call girls and left the place along with Biff,  leaving Willy alone. Willy felt humiliated and this experience was shocking and unbearable when Biff and Happy returned home, Linda ordered them out of the house by the next morning. She was planning to commit suicide on a particular night .Willy was left alone while all others went upstairs. He has insured his life for 20,000 dollars. Once he dies, the family will be entitled to receive the amount from the insurance company. So Willy got into his car and drove madly through darkness, only to kill himself. His funeral was attended only by Linda, the two sons, charley and his son Bernard. Linda could not stand the strain of separation from her beloved husband; but still she stooped down and dropped flowers on the grave of Willy. DEATH OF A SALESMAN AS A TRAGEDY: According to the traditional views based on Aristotelian cannons, the tragic hero was to be a person of high rank and status. So that his down fall could produce an inevitable emotional effect on the audience. In ancient Greek tragedies, fate or destiny is mainly responsible for the downfall of human beings. But Shakespeare and Marlow attributed human misfortune mainly to the personal draw backs of the tragic heroes themselves and hardly to the hidden forces which we describe as fate or destiny. Miller generally departs from both these concepts of tragedy as in the tragic hero in the Death of a sales man belongs to the middle class. He does not hold the view that tragic effect can be produced only by the downfall of a highly placed individual in society. It matters not at all whether hero falls from a great height or small one, whether he highly conscious or dimly aware of what is happening ,if the intensity is their America grows like a giant in unimaginable proportions . Willy symbolically stands for all the low men in American business community not just salesmen -who in a way sell themselves. Willy sells himself and in the process wears himself out and he is finally discarded when he is no longer useful. Willy begins as a salesman 36 years ago, opens up unheard of territories to their trade mark, but in his old age they take his salary away. It is pity that once Willys energy is exhausted by the work that  society has assigned to him, he is thrown aside and dismissed by the son of his old boss. Willy protests, you cannot eat the orange and throw them peel . Man is not a piece of fruit no doubt ,Willy loman is a superannuated employee, but he is rejected and ill treated by his employer at the end of his career. Even a change of job with less travelling was denied to him. But still it may not be fully correct to say that Willy is wholly a victim of the prevailing social system. His own responsibility of his tragedy is by no means insignificant or negligible. In the first place he failed to realize his own limitations and short comings Willy has the conviction that success depends on personality, contacts and good cloths and that these will bring everything one wants in life. Obviously Willy is a prey to that magical book of Dale carnegies How to win friends and influence people we know that mistake is that Willy had chosen a wrong profession for himself under the impression that the selling profession is the best in the world. Secondly the sense of guilt which he carries with him due to his past infidelity to his wife has also serious repercussions in his mental stability .His affair with the woman in the hotel when he was visited by Biff hangs on his conscience. Biffs discovery of Willys infidelity marks the crucial turning point in the relationship between the father and the son .There after Biff no longer believes Willy . Another point to be noted is Willys incurable optimism .He has had higher expectation about the future of his elder son Biff who looks so charming as the Adonise in Greek mythology and who has earned high reputation as a good football champion. Biff has become disillusioned .For Biff ,life came to be an end with his match. He could neither make a mark in business nor could he go back to school to finish his course. Ironically Bernard who never represented University of Virginia, Bernard who pleaded to carry Biffs helmet or shoulder guards , prospered. Bernard wins glory by pleading before the supreme court ,but he does this without any pushing from his father. According to Willy, they ought to be success at all; for both Charley and Bernard were not well liked. These tragic experiences shatter Willys conception of American dreams. No human or super natural agency interfered his life .The sense of frustration and psychological neurosis upsets his  mental equilibrium and shatters him to pieces. CHARACTER LIST WILLY LOMAN: An insecure, self-deluded traveling salesman. Willy believes wholeheartedly in the American Dream of easy success and wealth, but he never achieves it. Nor do his sons fulfill his hope that they will succeed where he has failed. When Willys illusions begin to fail under the pressing realities of his life, his mental health begins to unravel. The overwhelming tensions caused by this disparity, as well as those caused by the societal imperatives that drive Willy, form the essential conflict of Death of a Salesman. BIFF LOMAN: Willys thirty-four-year-old elder son. Biff led a charmed life in high school as a football star with scholarship prospects, good male friends, and fawning female admirers. He failed math, however, and did not have enough credits to graduate. Since then, his kleptomania has gotten him fired from every job that he has held. Biff represents Willys vulnerable, poetic, tragic side. He cannot ignore his instincts, which tell him to abandon Willys paralyzing dreams and move out West to work with his hands. He ultimately fails to reconcile his life with Willys expectations of him. LINDA LOMAN: Willys loyal, loving wife. Linda suffers through Willys grandiose dreams and self-delusions. Occasionally, she seems to be taken in by Willys self-deluded hopes for future glory and success, but at other times, she seems far more realistic and less fragile than her husband. She has nurtured the family through all of Willys misguided attempts at success, and her emotional strength and perseverance support Willy until his collapse. HAPPY LOMAN: Willys thirty-two-year-old younger son. Happy has lived in Biffs shadow all of his life, but he compensates by nurturing his relentless sex drive and professional ambition. Happy represents Willys sense of self-importance, ambition, and blind servitude to societal expectations. Although he works as an assistant to an assistant buyer in a department  store, Happy presents himself as supremely important. Additionally, he practices bad business ethics and sleeps with the girlfriends of his superiors. CHARLEY- Willys next door neighbor. Charley owns a successful business and his son, Bernard, is a wealthy, important lawyer. Willy is jealous of Charleys success. Charley gives Willy money to pay his bills, and Willy reveals at one point, choking back tears, that Charley is his only friend. BERNARD Bernard is Charleys son and an important, successful lawyer. Although Willy used to mock Bernard for studying hard, Bernard always loved Willys sons dearly and regarded Biff as a hero. Bernards success is difficult for Willy to accept because his own sons lives do not measure up. BEN Willys wealthy older brother. Ben has recently died and appears only in Willys daydreams. Willy regards Ben as a symbol of the success that he so desperately craves for himself and his sons. THE WOMAN Willys mistress when Happy and Biff were in high school. The Womans attention and admiration boost Willys fragile ego. When Biff catches Willy in his hotel room with The Woman, he loses faith in his father, and his dream of passing math and going to college dies. HOWARD WAGNER Willys boss. Howard inherited the company from his father, whom Willy regarded as a masterful man and a prince. Though much younger than Willy, Howard treats Willy with condescension and eventually fires him, despite Willys wounded assertions that he named Howard at his birth. STANLEY A waiter at Franks Chop House. Stanley and Happy seem to be friends, or at least acquaintances, and they banter about and ogle Miss Forsythe together before Biff and Willy arrive at the restaurant. MISS FORSYTHE AND LETTA Two young women whom Happy and Biff meet at Franks Chop House. It seems likely that Miss Forsythe and Letta are prostitutes, judging from Happys repeated comments about their moral character and the  fact that they are on call. JENNY Charleys secretary THEMES, MOTIFS SYMBOLS THEMES Themes are the fundamental and often universal ideas explored in a literary work. THE AMERICAN DREAM Willy believes wholeheartedly in what he considers the promise of the American Dream- that a well liked and personally attractive man in business will indubitably and deservedly acquire the material comforts offered by modern American life. Oddly, his fixation with the superficial qualities of attractiveness and likeability is at odds with a more gritty, more rewarding understanding of the American Dream that identifies hard work without complaint as the key to success. Willys interpretation of likeability is superficial-he childishly dislikes Bernard because he considers Bernard a nerd. Willys blind faith in his stunted version of the American Dream leads to his rapid psychological decline when he is unable to accept the disparity between the Dream and his own life. ABANDONMENT Willys life charts a course from one abandonment to the next, leaving him in greater despair each time. Willys father leaves him and Ben when Willy is very young, leaving Willy neither a tangible (money) nor an intangible (history) legacy. Ben eventually departs for Alaska, leaving Willy to lose himself in a warped vision of the American Dream. Likely a result of these early experiences, Willy develops a fear of abandonment, which makes him want his family to conform to the American Dream. His efforts to raise perfect sons, however, reflect his inability to understand reality. The  young Biff, whom Willy considers the embodiment of promise, drops Willy and Willys zealous ambitions for him when he finds out about Willys adultery. Biffs ongoing inability to succeed in business furthers his estrangement from Willy. When, at Franks Chop House, Willy finally believes that Biff is on the cups of greatness, Biff shatters Willys illusions and, along with Happy, abandons the deluded, babbli ng Willy in the washroom. BETRAYAL Willys primary obsession throughout the play is what he considers to be Biffs betrayal of his ambitions for him. Willy believes that he has every right to expect Biff to fulfill the promise inherent in him. When Biff walks out on Willys ambitions for him, Willy takes this rejection as a personal affront (he associates it with insult and spite). Willy, after all, is a salesman, and Biffs ego-crushing rebuff ultimately reflects Willys inability to sell him on the American Dream-the product in which Willy himself believes most faithfully. Willy assumes that Biffs betrayal stems from Biffs discovery of Willys affair with The Woman-a betrayal of Lindas love. Whereas Willy feels that Biff has betrayed him, Biff feels that Willy, a phony little fake, has betrayed him with his unending stream of ego-stroking lies. MOTIFS Motifs are recurring structures, contrasts, or literary devices that can help to develop and inform the texts major themes. MYTHIC FIGURES Willys tendency to mythologize people contributes to his deluded understanding of the world. He speaks of Dave Singleman as a legend and imagines that his death must have been beautifully noble. Willy compares Biff and Happy to the mythic Greek figures Adonis and Hercules because he believes that his sons are pinnacles of personal attractiveness and power through well liked-ness; to him, they seem the very incarnation of the  American Dream. Willys mythologizing proves quite nearsighted, however. Willy fails to realize the hopelessness of Singlemans lonely, on-the-job, on-the-road death. Trying to achieve what he considers to be Singlemans heroic status, Willy commits himself to a pathetic death and meaningless legacy (even if Willys life insurance policy ends up paying off, Biff wants nothing to do with Willys ambition for him). THE AMERICAN WEST, ALASKA, AND THE AFRICAN JUNGLE These regions represent the potential of instinct to Biff and Willy. Willys father found success in Alaska and his brother, Ben, became rich in Africa; these exotic locales, especially when compared to Willys banal Brooklyn neighborhood, crystallize how Willys obsession with the commercial world of the city has trapped him in an unpleasant reality. Whereas Alaska and the African jungle symbolize Willys failure, the American West, on the other hand, symbolizes Biffs potential. Biff realizes that he has been content only when working on farms, out in the open. His westward escape from both Willys delusions and the commercial world of the eastern United States suggests a nineteenth-century pioneer mentality-Biff, unlike Willy, recognizes the importance of the individual. SYMBOLS Symbols are objects, characters, figures, or colors used to represent abstract ideas or concepts. SEEDS Seeds represent for Willy the opportunity to prove the worth of his labor, both as a salesman and a father. His desperate, nocturnal attempt to grow vegetables signifies his shame about barely being able to put food on the table and having nothing to leave his children when he passes. Willy feels that he has worked hard but fears that he will not be able to help his  offspring any more than his own abandoning father helped him. The seeds also symbolize Willys sense of failure with Biff. Despite the American Dreams formula for success, which Willy considers infallible, Willys efforts to cultivate and nurture Biff went awry. Realizing that his all-American football star has turned into a lazy bum, Willy takes Biffs failure and lack of ambition as a reflection of his abilities as a father. DIAMONDS To Willy, diamonds represent tangible wealth and, hence, both validation of ones labor (and life) and the ability to pass material goods on to ones offspring, two things that Willy desperately craves. Correlatively, diamonds, the discovery of which made Ben a fortune, symbolize Willys failure as a salesman. Despite Willys belief in the American Dream, a belief unwavering to the extent that he passed up the opportunity to go with Ben to Alaska, the Dreams promise of financial security has eluded Willy. At the end of the play, Ben encourages Willy to enter the jungle finally and retrieve this elusive diamond-that is, to kill himself for insurance money in order to make his life meaningful. LINDAS AND THE WOMANS STOCKINGS Willys strange obsession with the condition of Lindas stockings foreshadows his later flashback to Biffs discovery of him and The Woman in their Boston hotel room. The teenage Biff accuses Willy of giving away Lindas stockings to The Woman. Stockings assume a metaphorical weight as the symbol of betrayal and sexual infidelity. New stockings are important for both Willys pride in being financially successful and thus able to provide for his family and for Willys ability to ease his guilt about, and suppress the memory of, his betrayal of Linda and Biff. THE RUBBER HOSE The rubber hose is a stage prop that reminds the audience of Willys desperate attempts at suicide. He has apparently attempted to kill himself  by inhaling gas, which is, ironically, the very substance essential to one of the most basic elements with which he must equip his home for his familys health and comfort-heat. Literal death by inhaling gas parallels the metaphorical death that Willy feels in his struggle to afford such a basic necessity. QUESTIONS The play Death of a Salesman revolves mainly around a conflict between ? What are the reasons for Willys failure as a business man? American dream in the play Death of a salesman. What is the central theme of the play Death of a salesman. The father son conflict in the play Death of a salesman. The hotel scene in the play Death of a salesman. The role of mother Linda Loman in the play Death of a salesman. Why did Biff Loman leave the school? The significance of the titleDeath of a salesman. Why did Willy commit suicide? The flash back scene in the play Death of a salesman. Millers play as a critique of the American way of life.

Essay --

When John Browne set in motion the strategy that put BP on its course to become a â€Å"green† oil company, his plans seemed ripe with promise. Despite criticisms of â€Å"green-washing,† the company enjoyed recognition and admiration from the media and non-government organizations, and rose in the public esteem as an advocate for investments in renewable energy technology and responsible energy use. For years, the move looked to be good strategy: the benefits of the decision seemed to offset the costs incurred to implement it, some of which included: †¢ Risk of minimal benefits if policies or requirements do not change †¢ Foreclosing on future non-green opportunities †¢ Impacting the company’s portfolio of non-green products †¢ Committing to future green investments †¢ Creating a â€Å"higher bar† for ongoing business practices †¢ Increasing the cost of blunders or accidents on the company’s credibility and public standing BP might have understood the price it was paying for its green personality, but the company seems to have underestimated the latter two cost descriptors. Its newfound environmental acclaim and the public awareness that came with it brought closer scrutiny to the company’s ongoing activities and much higher expectations for how it would conduct its business moving forward. The Texas City tragedy in 2005 and the Prudhoe Bay spill of 2006 should have been lessons to the company: unless it can get the basics of corporate responsibility right, drawing public attention to its business is inviting trouble. Disaster at the Macondo Well On April 20, 2010, a BP exploratory well at Macondo exploded, causing 11 deaths, sinking Deepwater Horizon and starting a massive oil leak, that persisted for weeks. The event highlighted BP’s inability t... ... the industry and the multitude of spills occurring since the Deepwater Horizon events point to a much lesser impact on the industry’s performance. Alas, large-scale environmental abuses such as the repeated spills in the Niger Delta, where spills are responsible for degradation equivalent to the Exxon Valdez disaster yearly, are not widely discussed, and much information is still obscured from the public. As non-market pressures increase for corporations around the globe, the hope is that companies will learn from the longer-term de-valuation effect suffered by BP and take its economic value into account. There is hope for responsible behavior; bright will be the day when instead of being more than marketing campaigns, environmental and social responsibility outreach by major companies will exist to maximize social objectives, subject to profitability constraints.

Generic devolopment proces

The work undertaken so far has proven that the development of a process map is gaining momentum within the construction industry as a whole. The Lethal inspired CRISP (Construction Research and Innovation Strategy Panel) community has in principle adopted the Process Protocol as a basis for its activities in terms of promoting process thinking in the construction industry. 2. Introduction The need for improvement to the conventional design and construction process in the construction industry is well reported. Emerson (1962), Bankable (1964), and Lethal (1994) have all commented upon the need for change, and each highlight similar problem areas.Fundamentally, the need for improvement is related to the poor performance commonly associated with building projects. Typically, this performance is measured in terms of cost, time and/or quality. Unfortunately, it is the UK Construction Industry response to the need for change that has perpetuated and even perhaps fostered this problem. For example, Franks (1990) and Master (1992) presented the evolution of the range of procurement systems currently on offer to potential construction project clients as driven ultimately by the ‘product' view, and the need to optimism cost, time and quality. Yet, whilst many of the more recent approaches to construction procurement (I. E.Design and Build, Construction Management) apparently attempt to address ‘process issues', such as communication, in reality they fundamentally fail. In a survey conducted by Hubbard & Disbarred (1996), a sample of 64 respondents (representing both clients and consultants) demonstrated that contract time performance was a factor considered to be relatively insignificant, when compared to there problems commonly associated with construction projects as shown in table 2. 1. Furthermore, Mortgaged & Shari (1996) reported that from a total of 21 5 projects surveyed, 136 (63%) were delivered later than expected â€Å"†¦ In terms of the date s fixed by the contract or the dates given to the client for completion. † No. 4 5 6 7 8 9 10 11 Variables Changing requirements Design team Communication Cost control Identification of responsibility Supply of information Quality Design faults Contract time performance Other factors Type of contract Percentage 25 18 6. 3 4. 7 3. 1 1. 6 Table 2. : Ranking of problems with current procurement methods (Hubbard & Disbarred, 1996) Mortgaged & Shari (1996) go on to suggest that it is the ‘expectation' rather than the delivery which is at fault. The conventional process of generating an ‘expected' delivery date is considered the reason for this: â€Å"In some cases commercial, economic or political considerations can be a driver towards setting these unrealistic goals which become expectations and contract dates for lack of informed and unbiased advice.Consequently, construction performance falls short of expectations which were largely unachievable when they ere establ ished. † A number of lessons can be learned from the manufacturing sector with regards to the implementation and practical use of a ‘process view within the construction industry. The area within the manufacturing sector that relates closely to construction and building works is called new product development (NYPD). It concentrates in the development of an idea, need or client requirement to the final commercialism's of the product e. G. A building or a car. A number of similarities can be found between the two industries with regards to the activities used for developing new products.For example they include: ; The start of a project can be initiated internally or by direct and/or indirect contact with the customers ; The development of the product requires the participation of a number of specialists and functions such as: designers, surveyors, marketing, stress analysts etc. ; The successful construction or manufacture of a building or product can only be achieved if all external (suppliers and consultants) and internal resources are utilizes and co- ordinate effectively ; The building or product is handed over to the customer/client and provisions are made for future support. However there are a number of distinct differences, the most important of which is that in the manufacturing industry all NYPD activities are co-ordinate, managed and controlled using a common framework which is the NYPD process.The construction industry mainly, uses ad-hoc methods for achieving the latter and therefore reducing repeatability of process execution, resulting in the same mistakes occurring time after time. This shift into the establishment of a consistent process for the construction industry requires a new way of thinking entailing a change of culture and working practices. Furthermore, it requires: ; a good understanding of current practices and future trends ; effective communication mechanisms of such processes, such as modeling ; agreement of participa ting parties Technology can then be used to enhance integration and sharing of information. In conjunction with a process map, an IT map should enable the effective use and co- ordination of technology based on a predetermined process framework.This paper proposes a process map which consists of a high level process and sub-processes (Activity Zones), which support the various phases of a construction project and the appropriate information technologies. 3. Methodology During the development of the Protocol a number of research methods have been used: 1. 4. 5. Retrospective and prospective case study analysis; Review and analysis of contemporary construction processes and practices; Review and analysis of concepts and practices applied within the manufacturing industries; Process modeling including various modeling tools and techniques; Iterative development using feedback from several industrial partners via interviews and workshop sessions and scenario building; The results to dat e of some of this work will be described in subsequent sectionsPrinciples As a result of the initial review of the literature, and the identification of the industry requirements through additional interviews with practitioners, six key principles are considered to provide the basis for an improved process. They are drawn heavily from the manufacturing sector where process thinking and continuous improvement has been focused upon for some 30 years. In addition, many of the principles relate to recognized problem areas in construction, where significant improvements have been called for (interracial Bankable, 1964; Lethal, 1994). The six principles are as follows: Whole Project View In the construction industry the definition of a project has traditionally being synonymous to actual construction works.As such the pre-construction and post- construction activities have been sidelined and often accelerated to reach the construction stage or to move on to the ‘new Job'. This has r esulted in poor client requirements identification and delayed the exposure of any potential solutions to the need to any internal and external specialists. Any contemporary attempt to define or create a ‘design and construction process' will have to cover the whole ‘life' of a project from recognition of a need to the operation f the finished facility. This approach ensures that all issues are considered from both a business and a technical point of view. Furthermore this approach recognizes and emphasizes the inter-dependency of activities throughout the duration of a project.It also focuses at the front-end' activities whereby attention is paid to the identification, definition and evaluation of client requirements in order to identify suitable solutions. A Consistent Process During the review of existing models and descriptions of the design and construction process, it was quickly established that little consistency existed. In such an environment, the problems enco untered by temporary multi-organizations (TOM) working can be compounded. Luck & Newcomer (1996) support this view, describing the ‘role ambiguity commonly associated with construction projects. Development of this generic Process Protocol provides the potential to establish its consistent application. Through consistency of use the scope for ambiguity should reduce.This, together with the adoption of a standard approach to performance measurement, evaluation and control, should facilitate a process of continual improvement in design and construction. Progressive Design Fixity The ‘stage-gate' approach found in manufacturing processes (Cooper, 1994; ref. Fig. L) applies a consistent planning and review procedure throughout the Process. Phase Reviews are conducted at the end of each Phase with the aim of reviewing the work executed in the Phase, approving progress to the next Phase, and planning the resounding and execution of the next Phase. Cooper, in his third generati on process, saw the need for ‘conditional-go' decisions at phase gates, to accommodate aspects of concurrency. This philosophy is translated in the development of the Protocol's phase gates.Phase gates are classed as either soft or hard, with the ‘soft gates' allowing the potential for concurrency in the process, whilst ensuring that the key decision points in the process are respected. Fig. 4. 1 Cooper's comparison of stage-gate processes (Cooper, 1994) The potential benefit of this approach is fundamentally the progressive fixing and/or approval of information throughout the Process. As Cooper(1994) states, the discipline of the Phase Review activity improved the conventional chaotic, ad-hoc approach of manufacturing to which the Construction Industry of today could be compared. Co-ordination Co-ordination is one area in which construction traditionally is perceived to perform poorly.This perception is supported by Bankable (1964) and Lethal (1994), in addition to many other reviews of the Industry. The need for improved co-ordination was also highlighted by the interviews with senior managers undertaken during the research project. It is therefore proposed that co-ordination of the Process Protocol is undertaken, principally, by the Process and Change Management Activity Zones. (see section 7) Appointed by the Client, the Process Manager will be delegated authority to plan and o-ordinate the participants and activities of each Phase, throughout the Process. The actions of the Process Manager are supported by the Change Manager, through which all information related to the project is passed.In this role, the Change Manager acts as the official interface between both the Activity Zones in the Process, and ultimately the Legacy Archive. Stakeholder Involvement & Teamwork It has been recognized in the manufacturing industries that multi-function teams, established in a development process, reduces the likelihood of costly changes and production diff iculties later on in the process by enabling design and manufacturing sections earlier in the process. Conventionally, many building projects comprise a team of participants assembled specifically to facilitate the development of that single. Consequently, a complete project team rarely works together on more than one project, and, as Somerville & Stocks (1996) argue, this can negatively affect the assembled â€Å"team's† performance.In addition, many key contributors are identified and included too late in the process. Project success relies upon the right people having the right information at the right time. Proactive resounding of Phases through the adoption of a ‘stakeholder' view would ensure that appropriate participants (from each of the key functions) are consulted earlier in the Process than is traditionally the case. This, in itself, will not eliminate the problems associated with TOM working. However, the active involvement of all participants, especially in the early phases of a project, may subsequently help foster a team environment and encourage appropriate and timely communication and decision making.Feedback In addition to the direct teamwork problems associated with Tom's, the ability to learn from experience is also hampered by the continual formation and break-up of project teams. Both success and failure can offer important lessons for the future, yet the fragmented and competitive nature of the Construction industry prevents the benefits of shared best practice being utilizes. The Phase Review Process facilitates a means by which project experiences can be recorded, throughout the Process, thereby informing later Phases and future projects. Competitive advantage will come from how such experiences are acted upon. (shared knowledge may not automatically reduce the competitiveness of companies working in construction.This Process Protocol therefore proposes the creation, maintenance and use of a Legacy Archive acts as a centra l repository, or information-spine (Sheath et. Al. , 1996), for the information generated through each of the phases of the process. The subsequent increase in awareness, project to project, has the potential for reducing risk and improving performance which over time may ultimately meet Lathe's expectations. Process Development Given the apparent lack of commonality in the contemporary understanding of the design and construction process, an attempt was made to produce a model of the process which could be debated and subsequently refined towards a generic representation.The initial model was developed based upon existing descriptions of the design and construction process (inter alai Walker, 1989; Hughes, 1991), some case study data, and reviews of other published models (inter alai RIBS, 1980; Assassin, 1994; BAA, 1995) The DEFIED-O (Integration Definition language O for Function Modeling) process modeling technique was adopted, initially, as the most appropriate means of represe nting this process. The DEFIED-O technique essentially represents a process as a sequence of activities, described by a verb followed by a noun. Each activity has associated inputs, outputs, controls and mechanisms. It is this technique that has been used successfully to represent processes such as Assassin's (1995) Integrated Building Process Model In developing a process model using the DEFIED-O technique, an initial step is the establishment of the activities that will comprise the model. In preliminary interviews and workshop sessions with the project's industrial partners these activities were presented for discussion in the form of an Activity Hierarchy.However, initial reactions to this were poor, principally because such an approach did not facilitate communication of the process, either quickly or clearly. Moreover, it was found that the industrial partners to the project, at this stage, also preferred to concentrate on the general principles of the process, in preference t o the detail of the activities involved. This preference for principles was found to have a certain congruence with other models of manufacturing processes. Cooper's discussion of the evolution of the ‘stage-gate' models in manufacturing (Cooper, 1994), and other (inter alai GAP (1990), Fissions) industrial models, demonstrate this. In such models the graphical representation of the process conveys it's inherent reminisces.As Rousseau (1996) notes, such process models are â€Å"an effective way to show how a process works†. In their definition; â€Å"A process map consists of an X and a Y axis, which show process sequence (or time) and process participants, respectively. The horizontal X axis illustrates time in process and the individual process activities or gates. The Y axis shows the departments or functions participating in the process†¦ † (p. 444) Beyond this convention, there appears to be little formality in the method used to represent a process. Fu rthermore, it could be argued that the elated informality of the modeling process enhanced the contributions of the project's partner representatives.Through several workshop sessions, the model was revised and deliberated by the partner representatives. As Rousseau (1996) argues, this â€Å"participative† approach to design makes any new process easier to accept and use. In an industry with a ‘need for change' such an approach must be considered appropriate. Thus, through a process of gradual refinement, progress was made towards an agreed version, the Process Protocol, which this paper presents. 6. The Process Protocol The draft Process Protocol Model is presented in Fig. . 1 . Essentially, the model breaks down the design and construction process into 10 distinct phases. These 10 phases are grouped into 4 broad stages, namely Pre-pro]etc, Pre-Construction, Construction and Post-construction.Pre-project Stage The Pre-project Phases relate to the strategic business con siderations of any potential project which aims to address a client's need. Throughout the Pre-project Phases the client's need is progressively defined and assessed with the aim of: 1. Determining the need for a construction project solution, and 2. Securing outline financial authority to proceed to the Pre-Construction Phases. In currently acknowledged models of the design and construction process (inter alai RIBS, 1980; British Property Federation, 1983; – Hughes, 1991 provides a comprehensive review), and recently published client-focused guides (CIRRI, 1995), this stage of a project is given scant consideration, when compared to the latter stages.However, the models assume that when approaching the Construction Industry, clients have already established the need'. Whilst there is little evidence to suggest this is not the case, it would seem reasonable to assume that the knowledge possessed by speculative alluding developers and consultants could assist any client in the se early stages of a project. The problems associated with the translation of this need through the conventional briefing stage of design (Reilly, 1987) have the potential for substantial elimination via such an approach. Pre-Construction Stage With outline financial approval obtained, the Process progresses through to the Pre- Construction Phases where the defined client's need is developed into an appropriate design solution.Like many conventional models of the design process, the Pre- Construction Phases develop the design through a logical sequence, with the aim of levering approved production information. The Phase Review Process, however, adds the potential for the progressive fixing of the design, together with it's concurrent development, within a formal, co-ordinate framework. Progressive fixity should not be confused with ‘design freeze', although to some this may be a desired aspect of the process. The major benefit of the fixity of design is the potential for impro ved communication and co-ordination between the project's participants as they pass through each Phase. Given the dynamic market conditions which influence any construction client's decisions, the need for flexibility must be addressed by the industry.At the end of the Pre-Construction Phases, the aim is to secure full financial authority to proceed. Only upon such authority will the Construction Phase commence, and this decision will be easier to make where the extent of the works, and it's associated risks can be readily understood. Construction Stage The Construction Phase is solely concerned with the production of the project solution. It is here that the full benefits of the co-ordination and communication earlier in the Process may be fully realized. Potentially, any changes in the client's requirements will be minimal, as the increased cost of change as the design progresses should be fully understood by the time on-site construction work begins.The ‘hard gate' that div ides the Pre-Construction and Construction Phases should not prevent a Workplace' approach to construction, and the associated delivery time benefits this brings. As with all activities in the process, where concurrency is possible, it can be accommodated. The hard and soft gates that signify Phase Reviews merely require that before such an activity is carried out, approval is ranted. Post-construction Stage Upon completion of the Construction Phase, the Process Protocol continues into the Post-construction Phases which aim to continually monitor and manage the maintenance needs of the constructed facility. Again, the full involvement of facilities management specialists at the earlier stages of the process should make the enactment of such activities less problematic.The need for surveys of the completed property, for example, should be avoided as all records of the development of the facility should have been recorded by the project's Legacy Archive. Figure 6. 1 . The Generic Desi gn and Construction Process Protocol Model 7. The Sub-processes: ‘Activity Zones' The earlier involvement of the project's participants, throughout the process is a significant development of the conventional approach to building. Traditionally, a construction project's participants are referred to by their professional or expert status. Ball (1988) demonstrates how this may be attributed to the inherent class relations associated with each of the professions and expert groups. As with all class distinctions, the effect that this basis for organizational structure in design and instruction has is division.A consequence of this traditional approach, by which even the more recent forms of contract procurement (design and build, management contracting, etc. ) are included, is the poor communication and coordination commonly associated with construction projects. The participants in the Process Protocol are referred to in terms of their primary responsibilities, and are represente d on the Y-axis of the Process Model. It is recognized that traditionally, project to project, organizational roles and responsibilities change, resulting in ambiguity and confusion (Luck & Newcomer, 1996). By basing the enactment of the process upon the primary responsibility required, the scope for confusion is potentially reduced, and the potential for effective communication and co-ordination increased.The Process Protocol groups the participants in any project into ‘Activity Zones'. These zones are not functional but rather they are multi-functional and they represent structured sets of tasks and processes which guide and support work towards a common objective (for example to create an appropriate design solution). A single person or firm can carry out an activity zone in small-projects but in large ND complex projects, an activity zone may consist of a complex network of people and between relevant functions and/or organizations. Since they are multi-functional, members hip of the ‘zones' is determined by the specific project task and/or process.For example Design Management often has important input in the Production Management and Facilities Management activity zones, amongst others and vice- versa. Of the activity zones associated with the model, not all will be discussed here. Most of the ‘zones' are self-explanatory. However, the role of the Process/Change Management and Development Management activity zones will be described, as they present a significant departure from the conventional view of the design and construction process. Development Management The Development Management activity zone is fundamentally the client/customer for the potential project. In the Protocol scenario, it is ultimately responsible for the success or failure of the project.Representing the major stakeholder in the process, it has an important role. It is via the brief prepared by the Development Management that the client/customer's needs are presented and ultimately interpreted. The Development Management is the only constant ‘player' in the process. All other activity zones potentially consist of a dynamic membership, as the needs of the project develop throughout the process. The extent to which the other participants in the process, particularly the Process Management, have authority to proceed is delegated by the Development Management. It is they who will ultimately review the work of the project's participants and sanction progress or cessation.Development Management is responsible for creating and maintaining business focus throughout he project, which satisfies both relevant organizational and stakeholder objectives and constraints. For example, a proposed speculative office development needs to satisfy the developers objectives (say, return on capital) and constraints (say, available finance), as well as fulfilling other stakeholder considerations (say, compliance with prevailing planning concerns). Process / Chan ge Management The Process and Change Management activity zones are essentially the interface between the Development Management and the other project participants. Process Management has a role independent of all other activity zones.A distinction must be dad between this conventional view of a project manager and the Process Management role. Process Management, as the title suggests, is concerned with the enactment of the process, rather than the project. Key to the success of each Phase in the process is the production of project deliverables (reports and documentation associated with each Phase). In this respect the Process Management is responsible for facilitating and co-ordination the participants required to produce the necessary deliverables. Acting as the Development Management's ‘agent', it will ensure the enactment of each Phase as planned, culminating with the presentation of the

Beechy6eVol2 SM Ch15 Essay examples - 14166 Words

Chapter 15: Financial Instruments: Complex Debt and Equity Case 15-1 Zebo Limited 15-2 On-the-Crest Ltd. 15-3 Techno Wizard Ltd. Suggested Time Technical Review TR15-1 Convertible Debt, Investor’s Option 10 TR15-2 Convertible Debt, Mandatory Conversion 10 TR15-3 Options and Warrants 10 TR15-4 Share-Based Compensation; Equity-Settled 10 TR15-5 Share-Based Compensation; Cash-Settled 10 Assignment A15-1 Classification; Impact of Debt versus Equity 20 A15-2 Classification 20 A15-3 Classification (*W) 15 A15-4 Classification 25 A15-5 Classification 25 A15-6 Classification 20 A15-7†¦show more content†¦Thus, the security is compound financial instrument. If the convertible debt is convertible at the investor’s option, the initial proceeds are divided between the debt element (both principal and interest) and the equity element, the conversion option. 7. If a convertible bond has a conversion price that is set in reference to the fair market value of shares on the conversion date, then the bond is classified entirely as debt. No (price) risk or reward is transferred to the investor and therefore there is no equity element. 8. When a convertible bond is converted, the common share conversion option account is transferred into the common stock account. If the bond is not converted, this account is still left in equity, but transferred to a different contributed capital account. 9. Interest expense, $76,400 x .08 = $6,112 Annual payment, $400,000 x .08 = $32,000 10. Stock options provide the holder with an option to acquire a specified number of shares in a corporation under prescribed conditions and within a stated future time period. Options that are issued as an attachment to other securities are called stock warrants. Warrants may trade separately while options do not. Options often have a limited life while warrants often have no expiry date. 11. A share-based payment to a supplier is measured based on the fair value of the goods or services rendered. In the rare