Hanson Private Label Evaluating an Investment in Expansion

1. How would you describe HPL and its position within the private label personal care industry? Hansson Private Label (HPL) is a manufacturer of products such as soap, shampoo, mouthwash, shaving cream, sunscreen and other personal care products. Its mission is to be a leading provider of high-quality private label personal care products to America’s leading retailers. The main topic of this paper is to evaluate a new investment of 50 million for a private label manufacturing proposal by a key partner. This will increase debt but bring new customers and new opportunities. However it also brings risks to lose some existing customers on the long run. The project mainly spans in 3 years. So Hansson is evaluating the return on†¦show more content†¦So for anything beyond 3 years we feel the capacity utilization will max up at around 70% 3. WACC calculation WACC is the appropriate discount rate to use for cash flows with risk that is similar to that of the overall firm. Hansson is concerned that the risk of this project is not similar to the risk of current overall firm’s activities. With this project, the company was taking on much more debt and, Hansson believed that, this project could very well change the risk profile of the firm. Based on the assumptions provided by the CFO, the new D/V would become 20.9% (from existing value of 9.7%). This would suggest to use the WACC calculated at 9.38% (for D/V of 20.0%). If this project were similar in risk to the firm’s current overall risk profile, this would be the WACC discount rate to apply to the project. Since Hansson believes that the risk of this project is greater than the firm’s current risk profile, we should not use the WACC value of 9.38%. We would need to apply a higher discount rate. All else equal, the WACC of a firm increases as the beta and rate of return on equity increases, as an increase in WACC notes a decrease in valuation and a higher risk (1). Since Hansson believes the risk of the firm will increase, a higher WACC should be applied to the project . Assumptions: 10-Year Treasury 3.75% Market Risk Premium 5.00% Tax Rate 40.0% Est. Hansson EBITDA Multiple 7.0x Est. Hansson Enterprise ValueShow MoreRelatedEssay about Hansson Private Label804 Words   |  4 PagesVent Consulting Expansion and Risk at Hansson Private Label, Inc. Evaluating Investment in the Goliath Facility HBS#4021 Vent Consulting takes pleasure in presenting our Hanson Private Label’s (HPL) capital expansion executive summary. We carefully reviewed all applicable case materials and believe we have quantified your primary risks, benefits, and most attractive course of action. 1) HPL has performed exceptionally well since inception in 1992. Financial statements show that operatingRead MoreMonsanto: Better Living Through Genetic Engineering96204 Words   |  385 Pagesanalysis. 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Internal Control Free Essays

What is internal control and why is it important The American Institute of Accountants first defined the term internal control in 1949, followed by further clarifications in 1958 and 1972. In 1977 publicly held companies came under legislation to adequately implement controls to protect their financial information. A report by the Committee of Sponsoring Organizations in 1992 and the Sarbanes-Oxley Act of 2002 are more recent documents defining internal controls. We will write a custom essay sample on Internal Control or any similar topic only for you Order Now ( Bishop, 1991,p. 117-123; Colbert and Bowen, 1996, 26-35)This essay will describe and explain the internal control and discuss why is it important. There are five points about the importance of internal control, which respectively are Control Environment, Risk Assessment, Control Activities, Communication and Information and Monitoring. There are two definitions about internal control . Frist, internal control the integration of the activities, plans, attitudes, policies, and efforts of the employees of a department working together to provide reasonable assurance that the department will achieve its mission. More simply, internal control is what a department does to see that the things they want to happen will happen and the evidences they don’t want to happen would not happen. Manea Birza,2012,p. 75)Second, the Committee of Sponsoring Organizations of the Treadway Commission (COSO)(2005) has claimed that internal control is process, effected by an entity’s board of directors, management and other personnel ,designed to provide reasonable assurance regarding the achievement of objectives in the following thing: ef fectiveness and efficiency of operations and reliability of financial reporting. One of important reason of why is it significant that is control environment. The control environment, sometimes referred to as â€Å"tone at the top†, is the foundation for all other components of internal control. The control environment is influenced by management’s philosophy, operating style, integrity, ethical values, and commitment to competence. If this foundation is strong, if the control environment is positive, the overall system of internal control will be more effective, because the control environment component is the foundation upon which all other components of internal control are based, and it sets the tone of an organization. A small business can have unique advantages in establishing a strong control environment. Employees in many smaller businesses interact more closely with top management and are directly influenced by management actions. Through day-to-day practices and actions, management can effectively reinforce the company’s fundamental values and directives. The close working relationship also enables senior management to quickly recognize when employee’s actions need modification. (Ratcliffe, 2005,p209 and Chunk landes,2009,p56) Two of important reason of why internal control is important that is risk assessment. Risk assessment is the identification, analysis, and management of risks relevant to the achievement of the department’s goals and objectives. Risks include internal and external events or events that may occur and adversely affect oppositions. Once risks are identified, management should consider their impact or significance, the probability of their occurrence, and how to manage them. ( Spencer Pickett and Pickett , 2010)Risk assessment, as it relates to the objective of reliable financial reporting, involve identification and analysis of the risks of material misstatement . Establishment of financial reporting objectives articulated by a assessment process. Risk assessment in small businesses can be relatively efficient , often because in-depth knowledge of the company’s operations enables the owner and management to have first-hand information of where risk exist. In carrying out their normal responsibilities, including obtaining information gained from employees, customers, supplier, and others, these managers identify risks inherent in business processes. ( Ratcliffe, 2005)In this way ,the risk assessment is quiet significant for company or enterprise. Three of important reason of why internal control is important that is control activities. Internal control activities are tools – policies, procedures, techniques, and mechanisms – that help ensure management’s directives are carried out. Control activities help identify, prevent or reduce the risks that can impede accomplishment of the department’s objectives. Control activities occur throughout the department, at all levels and in all functions; they include activities such as approvals, authorizations, verifications, reconciliations, documentation, separation of duties, and safeguarding of assets. Root,1998) Many smaller companies use certain compensating controls to achieve the objectives, when resource constraints compromise the ability to segregate duties. They help ensure that necessary actions are taken to address risks to a achievement of the entity’s objectives. Control activities occur throughout the organization at all levels and in all functions. (Ratcliffe, 2005 and Chuck Landes, 2009)Control activities are one of most important in internal control. Four of important reason of why internal control is important that is Communication and Information. Information systems identify, capture, and distribute information supporting the achievement of financial reporting objectives. Information systems is small businesses are likely to less formal than in large ones, but their role is just as significant. (Chuck Landes, 2009) For a department to run and control its operations, it must have relevant, valid, reliable, and timely communications relating to internal and external events. Managers must be able to secure reliable information to make informed business decisions, understand their risks, and communicate policies and other important information to those who need it. (Rezaee, 2002)so, it is also integrant for internal control. Finally, monitoring is most significant for internal control’s reason why is it important. The department’s internal control system needs to be monitored to assess whether controls are effective and operating as intended. Monitoring occurs through routine managerial activities such as supervision, reconciliations, checklists, comparisons, performance evaluations, and status reports; monitoring may also occur through separate internal evaluations example internal audits/reviews or from use of external sources example comparison to peer groups or industry standards, surveys. Deficiencies found during monitoring need to be reported to those responsible for the function, with serious deficiencies being reported to top management. (Rezaee, 2002, p. 07) Committee Of Sponsoring Organizations (COSO) of the Treadway Commission have suggested that senior executives have long sought ways to better control the enterprises they run. Internal controls are put in place to keep the company on course toward profitability objects and achievement of its task, and to least loss. (Spencer Pickett, 2005) It reveals the important of monitoring. In conclusion, there are many beneficial point to prove internal control is impo rtant because Pickett (2010) consider that the overall purpose of internal control is to help a department achieve its mission and reach certain goals and objectives. An effective internal control system helps a department to promote orderly, economical, efficient and effective operations and produce quality products and services consistent with the department’s mission and safeguard resources against loss due to waste, abuse, mismanagement, errors and fraud and promote adherence to statutes, regulations, bulletins and procedures and develop and maintain reliable financial and management data, and accurately report that data in a timely manner. Therefore, in many countries, internal control is very popular in different company or different government; however, it is not available in all of situations, because whether an organization achieves operational and strategic objectives may depend on factors outside the company, such as competition or technological innovation. These factors are outside the scope of internal control; therefore, effective internal control provides only timely information or feedback on progress towards the achievement of operational and strategic objectives, but cannot guarantee their achievement. ( Rezaee,2002) How to cite Internal Control, Papers

Insurance Law for Occupational Health Act - MyAssignmenthelp.com

Question: Discuss about theInsurance LawforOccupational Health and Safety Act. Answer: The Occupational Health and Safety Act 2012 along with the OHS code 2009 and OSH regulation 2013 deal with Asbestos handling according to Alberta law. The Hazardous products Act and the Alberta Building law is also applicable on companies dealing with materials containing asbestos. As the company immediately disposes or removes the materials containing asbestos before the starting of the construction process the risk could be termed as acceptable immediately. The situation can be improved by giving notice to the employees two months in advance from the date of starting the work. Further methods like issue of better equipments, preparing the site, planning for the project in advance and providing clear instructions in relation to decontamination and removal of products can be used to reduce risks. The risks which are associated with the company can be managed through the application of proper instruction and following the guidelines thus the risk should not be rejected. Reference The Occupational Health and Safety Act 2012

Poetry and Love Poems Essay Example

Poetry and Love Poems Essay Miguel Lopez Professor Warren English 102 13 October 2012 Analysis of some Poems of â€Å"Twenty Love Poems and a Song of Despair† Neftali Ricardo Reyes Eliecer Basoalto, better known as Pablo Neruda was a Chilean poet, considered one of the best and most influential artists of the century, the greatest poet of the twentieth century in any language (Garcia Marquez). He was also a prominent political activist; member of the Central Committee of the Communist Party, candidate for the presidency of his country and ambassador in France. Twenty Love Poems and a Song of Despair are based on real experiences of the young Neruda. The poet had mixed in his verses the physical characteristics of several real women of his youth to create an image of an unreal lover the collection is not directed to a single woman, which represents an idea of the object of his beloved purely poetic. Neruda uses several poetic resources to transmit his feelings to the reader, some of these resources are comparisons metaphors and ironies which are highly used on his work, the language used is simple and very descriptive, his poems are very romantic, the principle topics are the melancholy and love and his style is surrealistic and very descriptive. We will write a custom essay sample on Poetry and Love Poems specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Poetry and Love Poems specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Poetry and Love Poems specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The poem 15 is I like You When you are Quiet, of the book twenty Love Poems and a Song of Despair talks about Nerudas feelings toward his beloved. This poem consists of 20 verses which can be divided in two parts: The first part would be from verse 1 to verse 19. The rhyme in this poem is pretty regular in almost all the poem. Poem 15 is a description of his beloved sleeping. Neruda uses comparisons and metaphors to create detailed descriptions about his emotions, people, things, nature, situations and feelings. The influence of surrealism in his comparisons are very clear, poet always chooses strange or unexpected things to describe simple things. An example of his comparisons can be found in verse 15: You are like the night, quiet and constellated. Here Pablo compares his beloved with the vastness silence and beauty of the night. In verse 7 we find an example of a metaphor: Dream butterfly, you look like my soul . Where he compares his beloved with a butterfly, and when he says â€Å"dream butterfly† he is giving us a clue of the ituation that he is describing. In conclusion, poem 15, shows the poets fear of losing his beloved, but ultimately clarifies that actually he is happy, happy because the situation that he is describing is not happening she is just sleeping and he is just watching contemplating her beauty. Poem 16 shows the feelings of a man to his beloved. The poem has a total of 16 verses, and these are divided into four strophes. The rhyme throughout the poem is irregula r. In this poem, we find several comparisons; for instance in the first verse: In my sky at dusk  you are like a cloud , which gives us to understand that his beloved is unreachable as a cloud in the sky, another example is verse 16 like water, stems the flow of your nighttime gaze. Where Pablo compares her gaze with the dark of the night, Neruda in all his poems gives a detailed description which allows us to feel that where are inside the poem. In poem 16 metaphors are also found, like the one in verse 5 which says: The lamp of my soul dyes rose your feet. In which the lamp represents the feelings in his soul, and he is trying to say that his at her mercy. A remarkable feature in this poem is the reduplication of a line in the third and ninth verse, which says You are mine, you are mine. Here the poet expresses his desire to have her, and also shows his obsession with this woman. Poem 16 talks about the poet’s platonic love, where many comparisons and metaphors are found, a nd a feeling of obsession and craziness are perceived. Poem 20 â€Å"I can write the saddest lines tonight† of â€Å"Twenty Love Poems and a Song of Despair† is perhaps one of the saddest poems of Pablo Neruda. The author talks about a past relationship, where a lot of sadness, resignation and unconformity are present, but he is not very sure of his feelings, Is difficult for him to realize if he still loves her, â€Å"Though this is the last pain she will make me suffer, and these are the last lines I will write for her. † in the two final verses he decide to take her out of his life forever with the help of this poem. The poem consists of 32 verses, in 15 stanzas of two lines each, and two separate lines. In this poem the rhyme is regular and irregular. Neruda uses metaphors to express his sadness, for example in verse 13 â€Å"Hear the vast night, vaster without her. Neruda talks about the immense night, he is expressing his feeling of loneliness without her. Neruda sometimes likes to deceive the reader using ironies as in verse 27 I don’t love her, that’s certain, but perhaps I love her. The poet is expressing his confusion and indecision about his feelings. One of the saddest lines in the whole poem is verse number 28 Love is brief: forgetting lasts so long. In this verse Neruda makes a comparison between love and forgetfulness expressing sadness, despair and resignation because of the loss of his beloved, and the time that he has spent trying to forget. The general themes in these poems are a celebration of women, anxiety, sadness, desperation, and melancholy, Neruda’s style is very romantic, descriptive and surrealistic, taking the lectors into his poems with his high writing skills. His principal poet ical resources are metaphors, comparisons, ironies and symbolisms. He actually wrote his heart and soul in his poems, all his work is the proof that he is one of the best poets of the century. Work Cited Espada, Martin. The Greatest Poet of the 20th Century In Any Language. Democracy Now. N. p. , 16 July 2004. Web. 17 Oct. 2012. lt;http://www. democracynow. org/2004/7/16/the_greatest_poet_of_the_20thgt;. Chouinard, Daniel. Poetry Like Picasso.   January Magazine  . N. p. , Oct. 2003. Web. 17 Oct. 2012. lt;http://januarymagazine. com/artcult/neruda. htmlgt;. Eierman, Katharena. Pablo Neruda Cryptic Style Inspired by Surrealism.   Aspirennies. N. p. , 2010. Web. 17 Oct. 2012. http://www. aspirennies. com/private/SiteBody/Romance/Poetry/Neruda/Pablo_Neruda_Cryptic_Style_Inspired_by_Surrealism. html Montero, Richard. Figurative Language Analysis of Pablo Neruda.   Tripod. N. p. , 2005. Web. 17 Oct. 2012. http://richrad3. tripod. com/id Butler, Jane. Poetry analysis: A Song of Despair, by Pablo Neruda. Helium. N. p. , 24 Oct. 2011. Web. 17 Oct. 2012. lt;http://www. helium. com/items/2245225-pablo-neruda-a-song-of-despair-poetry-analysisgt;. 14. htmlgt; Poem 16 http:// redroom. com/member/terence-clarke/blog/pablo-nerudas-twenty-poems-of-love-and-one-desperate-song-poem-16-a-trans Poem 15 http://thue. stanford. edu/jacquie/callas. html Poem 20

Comparing Theatre and Film essays

Comparing Theatre and Film essays "Actors, never feel your bodies, make your bodies feel you." This quote comes from one of the most gifted stage and screen actors alive. Kevin Spacey has truly mastered the art of both theatre and film acting, although clearly this is not an easy task. These two extremely different types of acting contrast in numerous ways. A movie portrays any situation on a big screen and a wide variety of audiences. Theatre can be described as a live performance on a stage in front of an audience and is rarely done the same way twice. Theatre and film contrast through the places in which they are carried out, the way they are put together, and the actors roles. The vaccinates of film and theatre are probably the most apparent differences of the two. Theatre is usually performed in a large playhouse consisting of a stage and many seats for the audience. It may have a technical area where the sets are made, a green room, costume room, and make up room, all behind the stage. When a patron goes to see a movie, the patron would go to a movie theatre where they would sit in seats similar to that of a regular theatre. However they would see the performance on a screen as opposed to on a stage. Films are done on location, so there is really no place to make all films, since it depends on the plot of the movie. Yet, if it is in a studio, it is a plain large warehouse type of building so that pieces of sets can fit in it. In most theatres, sets are created in the same theatre by the technical director. While sets for films are made and brought into the area. Film consists of numerous pictures or events put together to create the actual plot of the movie. Since theatre is live, it entails scenes put together to make the story move along. The images put together in film can be altered as the editor pleases. They can even be re-done as many times as necessary in order to ensure a frame that better fits the movie. ...

What German Learners Need to Know About the Genitive Case

What German Learners Need to Know About the Genitive Case This article  examines some of the finer points concerning the use of the Genitive case and assumes you already know the basics. If you do not, you may want to check out The Four German Noun Cases article first. It may offer you some comfort to know that even Germans have problems with the genitive. A common error made by native-speakers of German is to use an apostrophe - English-style - in possessive forms. For instance, they will often write â€Å"Karl’s Buch† instead of the correct form, â€Å"Karls Buch.† Some observers claim this is an influence of English, but it is an influence that is often seen on store signs and even on the sides of trucks in Austria and Germany. For non-Germans, there are other genitive problems of more concern. While it is true that the genitive case is used less in spoken German, and its frequency even in formal, written German has declined over the last few decades, there are still many situations when mastery of the genitive is important. When you look up a noun in a German dictionary, whether bilingual or German-only, youll see two endings indicated. The first indicates the genitive ending, the second is the plural ending or form. Here are two examples for the noun  Film: Film, der; -(e)s, -e  /  Ã‚  Film  m  -(e)s, -e The first entry is from a paperback all-German dictionary. The second is from a large German-English dictionary. Both tell you the same thing: The gender of  Film  is masculine (der), the genitive form is  des Filmes  or  des Films  (of the film) and the plural is  die Filme  (films, movies). Since feminine nouns in German dont have any genitive ending, a dash indicates no ending:  Kapelle, die; -, -n. The genitive form of most neuter and masculine nouns in German is fairly predictable, with an -sor -es  ending. (Almost all nouns ending in  s,  ss,  ÃƒÅ¸,  sch,  z  or  tz  must end with -es  in the genitive.) However, there are some nouns with unusual genitive forms. Most of these irregular forms are masculine nouns with a genitive -n  ending, rather than -s  or -es. Most (but not all) words in this group are weak masculine nouns that take an -n  or -en  ending in the  accusative  and  dative  cases, plus some neuter nouns. Here are a few examples: der Architekt  -  des Architekten  (architect)der Bauer  -  des Bauern  (farmer, peasant)der Friede(n) -  des Friedens  (peace)der Gedanke  -  des Gedankens  (thought, idea)der Herr  -  des Herrn  (sir, gentleman)das Herz  -  des Herzens  (heart)der Klerus  -  des Klerus  (clergy)der Mensch  -  des Menschen  (person, human)der Nachbar  -  des Nachbarn  (neighbor)der Name  -  des Namens  (name) See a full list of  special masculine nouns  that take unusual endings in the genitive and other cases in our  German-English Glossary of Special Nouns. Before we take an even closer look at the genitive case, lets mention one area of the genitive that is mercifully simple: the genitive  adjective endings. For once, at least one aspect of German grammar is plain and simple! In genitive phrases, the adjective ending is (almost) always -en, as in  des roten Autos  (of the red car),  meiner teuren Karten  (of my expensive tickets) ordieses neuen Theaters  (of the new theater). This adjective-ending rule applies to any gender and the plural in the genitive, with almost any form of the definite or indefinite article, plus  dieser-words. The very few exceptions are usually adjectives that are normally not declined at all (some colors, cities):  der Frankfurter Bà ¶rse  (of the Frankfurt stock exchange). The genitive -en  adjective ending is the same as in the dative case. If you look at our  Adjective Dative and Accusative  Endings  page, the genitive adjective endings are identical to those shown for the dative case. This applies even to genitive phrases without an article:  schweren Herzens  (with a heavy heart). Now lets continue with our look at some additional exceptions to the normal genitive endings for some neuter and masculine nouns. No Genitive Ending The genitive ending is omitted with: Many foreign words -  des Atlas, des Euro  (but also  des Euros),  die Werke des BarockMost foreign geographical names -  des High Point, die Berge des Himalaja  (or  des Himalajas)Days of the week, months -  des Montag, des Mai  (but also  des Maies/Maien),  des JanuarNames with titles (ending on title only) -  des Professors Schmidt, des amerikanischen Architekten Daniel Libeskind, des Herrn MaierBut...  des Doktor (Dr.) Mà ¼ller  (Dr. considered part of the name) Formulaic Genitive Expressions The genitive is also used in some common idiomatic or formulaic expressions in German (which are not usually translated into English with of). Such phrases include: eines Tages  - one day, some dayeines Nachts  - one night (note irreg. genitive form)eines kalten Winters  - one cold wintererster Klasse fahren  - to travel in first classletzten Endes  - when all is said and donemeines Wissens  - to my knowledgemeines Erachtens  - in my opinion/view UsingVonInstead of the Genitive Case In colloquial German, especially in certain dialects, the genitive is usually replaced by a  von-phrase or (particulary in Austria and southern Germany) with a possessive pronoun phrase:  der/dem Erich sein Haus  (Erichs house),  die/der Maria ihre Freunde  (Marias friends). In general, the use of the genitive in modern German is viewed as fancy language, more often used at a higher, more formal language register or style than that used by the average person. But the genitive is preferred in place of a  von-phrase when it may have a dual or ambiguous meaning. The dative phrase  von meinem Vater  can mean either of my father or from my father. If the speaker or writer wants to avoid possible confusion in such cases, the use of the genitive  des Vaters  would be preferable. Below youll find some guidelines regarding the use of  von-phrases as a genitive substitute: The genitive is often replaced by a  von-phrase... to avoid repetition:  der Schlà ¼ssel von der Tà ¼r des Hausesto avoid awkward language situations:  das Auto von Fritz  (rather than the old-fashioned  des Fritzchens  or  Fritz Auto)in spoken German:  der Bruder von Hans, vom Wagen  (if the meaning is clear) The genitive  must  be replaced by a  von-phrase with... pronouns:  jeder von uns,  ein Onkel von ihra single noun without an article or declined adjective:  ein Geruch von Benzin,  die Mutter von vier Kindernafter  viel  or  wenig:  viel von dem guten Bier As  mentioned in this article about prepositions that take the genitive case, even here the dative seems to be replacing the genitive in everyday German. But the genitive is still a vital part of German grammarand it delights native speakers when non-native speakers use it correctly.

How Bodies will interact in the Future Depends On our Experience on Research Paper

How Bodies will interact in the Future Depends On our Experience on how they have interacted in the Past - Research Paper Example In the field of natural and physical sciences, the law of cause and effect works very well. Events that occur have their causes. Earthquakes are caused by volcanic eruptions; floods may be caused by heavy rains. When one doesn't eat he will surely die. There are several instances illustrating the veracity of these statements. These are simple occurrences that anyone can easily understand. We automatically believe that everything that happens has a cause. David Hume, a Scottish philosopher, economist, and historian advanced a totally different view of causation. According to him, causes and effects are not discovered by reason but through experience. When we see that one event "causes" another, what we see is that this event is constantly conjoined to another. Hume believes that there is no reason to believe that one caused the other or but they will be always conjoined in the future. This belief of Hume is somewhat intriguing for what relationship would exist between the occurrences of two unrelated events, one occurring before the other. InductiInductive reasoning works on the principle that past acts are reliable guides to future acts. This is based on the principle of uniformity of nature. Because of this uniformity interactions will be similar. There are numerous instances which illustrate this, but there are also instances where the contrary is exhibited. When the acts have the propensity to renew itself or its operation, we call this the effect of custom or habit. Forms of Induction According to Wikipedia contributors (2007), David Hume's inductive inference comes in two forms:1. Demonstrative or intuitive This reasoning is basically a priori. We cannot determine a priori that the future will conform with the past because logically the world may stop being uniform. This cannot be grounded on a priori reasoning, hence the need to put it aside. 2. Inductive Again we cannot rely on the past to infer that the future will be similar or like it. At first glance, this seems to be a logical theory. We arrive at the truth through induction. Again, the reason is expected as its determining factor in the process, so like the first method, the demonstrative or intuitive method, Hume also discarded.Hume proposed that these two have no rational foundations and therefore cannot be depended upon.