Tesla s Executive Compensation Policy - 1700 Words

Valjdrin Fejza Professor Gregory A. Carnes Accy 657 â€Å"Tesla’s Executive Compensation Policy†Ã‚ ¬ Edward E. Lalwer, a major contributor to theory, research, and practice in the fields of human resources management, compensation, organizational development, and organizational effectiveness, states an effective compensation system will support an organization s overall strategy as executive s impact many areas. Executive compensation is a business expense that should be reasonable and competitive because money spent on compensation is not available for other corporate projects or firm projects. This paper will analyze the executive compensation policies for Tesla Motors, Inc. (â€Å"Tesla†) and will analyze: (1) How the policies meet the†¦show more content†¦Long-term is generally considered to be five or more years for mature companies and three years for other companies (Tesla would most likely fall under other companies.) CIIG section 5.1 further states an executive pay should be reasonable with respect to the company performance, industry considerations, risk considerations and compensation to other employees. As mentioned above, on August 1, 2012, Elon Musk was awarded options to buy nearly 5.3 million shares of Tesla stock at $31.17 each. CEO Grant provided in 2012 is over a ten years period and if any vesting tranches remain unvested after expiration they will be forfeited. The grant requires certain market capitalization and operational milestones. In 2013 and 2014, Mr. Musk did not receive any additional equity compensation except in respect of certain awards granted during 2013 pursuant to a patent incentive program that was available to employees generally. The Annual Proxy Statement for 2015 states the options provided to Elon Musk provided a motivation to promote corporate objectives and is structured to reward easily measured performance goals that closely align the executive officers’ incentives with the long-term interests of stockholders. CII s Corporate Governance (CIICG) section 5.2 advises all companies should provide annual advisory shareowner votes on compensation of senior executives. Section 5.4 requires shareowner approval of equity-based compensation plansShow MoreRelatedTesla Motors, Inc.3024 Words   |  13 Pages1. INTRODUCTION TO TESLA Tesla Motors, Inc. is a US based company that designs, develops, manufactures and sells electric vehicles, electric vehicle powertrain components, and energy storage systems. The company was incorporated in July 2003 by Marc Tarpenning and Martin Eberhard. The company launched its IPO during 2010. Currently the company is listed at NASDAQ. Tesla Motors has wholly owned subsidiaries in North America, Europe and Asia. These subsidiaries market, manufacture, sell and/or serviceRead MoreTesla and Gm Proposed Merger9214 Words   |  37 PagesFINC 664W University of Redlands Capstone Paper General Motors and Tesla Merger Juan Carrillo, Shane Cheek, Jeffrey Haynes, and Peter Delacruz February 23, 2013 Dear Fellow Shareholders: A meeting of Shareholders is scheduled for Saturday, February 23, 2013. Enclosed is a copy of our proxy statement. At this meeting of shareholders, the Board of Directors will be seeking approval to acquire Tesla Motors. The Board of Directors believes that this merger will provide General MotorsRead MoreFive Tenets Of Management2546 Words   |  11 PagesNew United Motor Manufacturing, Inc. (NUMMI) plant that is located in Fremont, California. NUMMI was created in 1984 at the location of the former General Motors (GM) Fremont Assembly plant. The Fremont plant was opened in 1962, but by the early 1980’s it had become one of GM’s worst performers. GM closed the plant in 1982 due to the plant’s horrendous performance and because of the toxic relationship GM had with the workforce and the local United Auto Workers Union (UAW). It was common for the FremontRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 Pagesand permission should be obtained from the publisher prior to any prohibited re production, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, One Lake Street, Upper Saddle River, New Jersey 07458, or you may fax your request to 201-236-3290. Many of the designations by manufacturersRead MoreTest Bank Hilton Herauf Modern Ad77200 Words   |  309 PagesDepartures from the Historical Cost Principle may be possible in other nations. Ans: A Difficulty: Easy Level of Learning: Knowledge Topic: LO 1 hz 2. Which of the following is/are LEAST likely to influence a country’s accounting standards? Taxation Policies. Differing Legal Systems. The currency used. Ties between countries. zle a. b. c. d. Ans: C Difficulty: Easy Level of Learning: Knowledge Topic: LO 1 d 3. If a country’s accounting income does not differ significantly from its taxable income

Accounting for Goodwill a Controversial Topic in Accounting

Abstract The aim of this short paper is targeted at broadening general understanding of the impact of accounting for goodwill in the Non-for-Profit environment based on its financial practicability and how a focus on the fair value of goodwill goes to the heart of the value of an Organization. Various amendments and new accounting rules; Enron and WorldCom misfortunes; Ponzi Schemes and other white collar financial frauds have brought about stricter governance and financial statement reporting responsibilities on organizations, including the government and non for profits organizations. The enactment of the 2002 Sarbanes-Oxley Act; the GASB Statement 34; and the FASB No. 142 has been ways to improve how financial statements are prepared,†¦show more content†¦Goodwill Defined: Perspective of various regulatory bodies Goodwill being a controversial topic in Accounting has derived its definitions from various accounting bodies in us and overseas. The concept of goodwill has been around probably as long as formal accounting systems have been in place, going back probably to the Phoenicians. A variety of definitions of goodwill have evolved over the last two centuries. However, these attempts have been surprisingly unable to capture a comprehensive definition of the term once and for all and in all situations. (Valuing Intangible Assets, 1999, pg.7) Below are some of the definitions and descriptions of goodwill. 1. In earlier common practice in the United Kingdom, the British defined goodwill as the probability that an enterprise’s customers or patrons would continue to do business with it, and value its products and services above those available from other companies or purveyors. (Valuing Intangible Assets, 1999, pg. 7) 2. The American Heritage Dictionary defined goodwill as the positive reputation of a business viewed as an asset, equal to the excess cost required to acquire the business over the fair market value of all other assets. 3. The American Institute of Certified Public Accountants (AICPA) has described goodwill as all those intangibles and supporting assets that contribute to the advantage that an established business has over a comparable business that is about to be started—in other words, image,Show MoreRelatedChanges in treatment of goodwill due to IFRS 31152 Words   |  5 Pages Changes in treatment of goodwill due to IFRS 3 Paper On 19th November 2013 at the Berlin School of Economics and Law Study programme: Accounting and Controlling Matriculation year: 2013 Matriculation number: 412410 Semester: Winter semester Table of contents 1. Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 2 2. Prior treatment of goodwill†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 2 2.1 Goodwill amortization†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦... 3 3. Goodwill after adoption of IFRS 3†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Read MoreHistorical Development of Gaap1322 Words   |  6 PagesA Historical Look at U.S. GAAP Lauren Hollis Accounting Theory Texas Woman’s University School of Management Dr. Pamela Baker January 26, 2013 ABSTRACT This paper discusses the historical development of generally accepted accounting principles through its contributing sources from 1930 to the present. U.S. Businesses had been using double entry accounting since the 1800s yet no uniform accounting practices had been introduced until the American Institute of Accountants (AIA) recommendedRead MoreAccounting Paper2412 Words   |  10 Pageshas been made as far as improving the accounting methodology regarding internally developed intangibles. This paper aims to analyze the weakness in the current system of financial reporting in relation to intangible assets, recount the efforts to improve these weaknesses, and finally to suggest further actions that could be taken to improve the quality of accounting. Weaknesses in Financial Reporting Before we can consider the weaknesses in the accounting system we must first understand the characteristicsRead MoreSimilarities and Differences. a Comparison of Ifrs and Us Gaap33264 Words   |  134 PagesIFRS technical publications IFRS Manual of Accounting 2008 Provides expert practical guidance on how groups should prepare their consolidated financial statements in accordance with IFRS. Comprehensive publication including hundreds of worked examples, extracts from company reports and model financial statements. IFRS News Monthly newsletter focusing on the business implications of the IASBs proposals and new standards. Acquisitions – Accounting and transparency under IFRS 3 Assesses the impactRead MoreThe Article Market Valuation Of Accrual Components By Rick Francis2061 Words   |  9 Pages‘Market Valuation of Accrual Components’ by Rick Francis tries to focus on the numerous aspects of capital market research to enlighten the knowledge of cash flows and accruals for maintaining equity valuation. In financial accounting theory, this issue has been found as controversial as well as unsettled. However, the main objective of this paper is to know the empirical evidence which helps to understand the market condition, market price and the cash flow of accruals. In this regard Francis ran multipleRead MoreIntermediate Accounting 7e by Spiceland TB16595 Words   |  67 Pagesï » ¿Intermediate Accounting by Spiceland 7th Edition Test  Bank   Contact me here sellertbsm2014@hotmail.com to download the test bank INSTANTLY!!! PRICE FOR THE TEST BANK, SOLUTION MANUAL AND BOOK PDF: Test Bank 20$ USD Solution Manual 20$ USD BooK PDF 30$ USD    This is a  sample chapter Chapter 01 Environment and Theoretical Structure of Financial Accounting    True / False Questions    1. The primary function of financial accounting is to provide relevant financial information to partiesRead MoreA Brief Overview of Intellectual Capital and Analysis of the Edvinsson/Malone Framework2624 Words   |  11 PagesA Brief Overview of Intellectual Capital and Analysis of the Edvinsson/Malone Framework Introduction Accounting is a science based on observation. As companies change, the way accountants observe companies must change. Traditional balance sheets, income statements, and statement of cash flows no longer adequately describe a company due to the rapid growth of knowledge-based companies, especially in technological sectors. The Internet and a growth in service industries are also acceleratingRead MoreAcca F7 Answers117326 Words   |  470 Pageswith Pumice’s records. The net profit after tax for the year ended 31 March 2006 was $2 million for Silverton and $8 million for Amok. Assume profits accrued evenly throughout the year. An impairment test at 31 March 2006 concluded that consolidated goodwill was impaired by $400,000 and the investment in Amok was impaired by $200,000. No dividends were paid during the year by any of the companies. Required: (a) Discuss how the investments purchased by Pumice on 1 October 2005 should be treated inRead MoreGlobal Warming Is All Too Familiar For Most Of Us1541 Words   |  7 PagesEthan Reding Mr. Tim Morris Catholic Social Teaching 12/11/14 Our Changing Climate The phrase â€Å"global warming† is all too familiar for most of us. It is a matter addressing our changing climate, and it is one of the most controversial topics of the time. Issues on global warming come from recent changes in our climate: some attribute this to increased involvement with the Earth’s macro-ecosystem, and some people attribute these things to random acts of nature, and some attribute this to patternsRead MoreValuation Is The Price Of Everything, But The Value Of Nothing1646 Words   |  7 Pagesareas of finance. In corporate finance, the firm’s value aims to be as high as possible and will have an effect on corporate decisions, including projects to develop and where to find funds, and on the dividend policy. In such a way to study the topic, we will discuss first the Net Asset Value and its advantages and disadvantages, then the Discounted cash flow method and to finish the dividend discount model. The net asset value (NAV) method measures the value of a fund’s assets. It enables investors

The social and economic disparities between rural and...

The social and economic disparities between rural and urban communities in Australia are well recognized. Factors such as ageing populations, lack of employment opportunities and loss of services, are typical of rural Australia. Although it would appear that Australia is paying too little attention to all of these factors in the rural context, it is argued that, for many rural young people, their restricted access to tertiary education is a significant barrier to the development of a skilled knowledge-focused workforce in rural and remote regions of Australia. This essay delves into this area of research and seeks to answer the following question; how does geographical location affect successful educational outcomes for teen boys in†¦show more content†¦Defining successful educational outcomes- General education outcomes are the goals for learning and development upon which higher education programs are based. They can be defined as the knowledge, skills, attitudes, and values that tertiary students will need to be successful in work, interacting in the community and also for family life. They are what students should know, understand, and component to do in order to be an educated person and to meet the demands that the future will place on them, the demands of the complex, diverse, and globally interdependent world of the 21st century. Upon this definition this essay will define successful educational outcomes as â€Å"students who are able to display the knowledge, skills, attitudes, and values that are required at a school graduate level ready for tertiary acceptance level or equivalent†. This definition encompasses the necessary capabilities required at the completion of a student’s schooling career and who is prepared for tertiary education or is suitabl y prepared and educated for their chosen career. Educational Barriers Educational barriers more than often occur through circumstances that are beyond the control of the individual (Barry, 2001). The concept is useful in examining educational barriers in the Australian context. Suggestions are that education access in Australia (particularly rural access) affects certain socioeconomic groups who lackShow MoreRelatedGlobal Population Growth And Its Impact On The Way That Humans Use Land Essay1565 Words   |  7 Pagesused to maximize and facilitate accessibility. Cities are constructed deliberately as a means to facilitate access between firms and people, bringing both as close as possible. According to the United Nations, the world populations is expected to grow from 7.0 billion today to 9.3 billion in 2050, increasing by 2.3 billion (UNESA, 2012). The United Nations also estimate that, global urban populations will grow from 3.6 billion in 2011 to 6.3 billion in 2050, gaining 2.6 billion (UNESA, 2012). BasedRead MoreGlobal Community Assessment: Australia2232 Words   |  9 PagesGlobal Community Assessment: Australia The sound of the engine was deafening. Then again maybe my heartbeat was the sound pounding in my ears. Sudden panic mixed with excitement over takes me as I think, what have I gotten myself into now?! But, then I look over at my partner in this so crazy it-just-might-work adventure. I take a deep cleansing breath and look at the picture of my boys, which I have secured to my in-flight reading materials. They all said the flight is the worstRead MoreThe Sentencing Of Domestic And Non Domestic Violence Cases1653 Words   |  7 Pagesoffences. The research conducted consisted of independent variables, offender social characteristics, legal and case characteristics and dependent variables, to highlight the difference in sentencing. The study used case level data for a population of cases to assess the apparent sentencing differentially. (Bond Jefferies 2014, p ) Article 1 focused on two key questions; ‘does the decision to imprison differ between domestic and non-domestic violence cases when perpetrators are sentenced underRead MoreInequalities in Australian Schooling Essay1360 Words   |  6 PagesInequalities in Australian Schooling: Sociocultural Factors in terms of Cultural Capital, Habitus and Social Reproduction There is a common, underlying perception that students from particular cultural and linguistic backgrounds – what is generally referred to as ethnicity - have a predisposition towards educational success in Australian schools (Watkins, 2013). Students from Anglo backgrounds, for example, are often seen as having a cultural advantage whilst others, such as Middle Eastern studentsRead MoreStrategy Human Resource Management3452 Words   |  14 PagesStrategy Human Resource Management Introduction In Australia, public policy is continuing to focus on ensuring that all programs are protecting the rights of different individuals during the process. This is because the Racial Discrimination Act is imposing strict penalties upon any entity that is in violation of these provisions. As the law is going after outright discrimination (in areas such as: the workplace, housing and the distribution of public services) to hatred that is directed fromRead MoreThe Concept of Equity of Access in the Australian Healthcare System2439 Words   |  10 Pagesoutputs (productivity) and outcomes within the resource available (NHHRC. 2009. P.4). Responsibilities like funding, delivery regulation is shared by the national state government of Australia makes the Australian Health Care system universally accessible within the people (AIHW, 2000). Public hospitals community care funding is joined effort of common wealth (i.e. federal government), states territories where common wealth use its taxa tion revenue to fund most of hospital medical service healthRead MoreSocial Determinants Of A Community Health Assessment2044 Words   |  9 Pagesanalyse critically the specific health problems that are prevalent in a selected population group in Australia along with the social determinants that affect the health of that particular community. Purpose of a community health Assessment: According to Guzys Petrie (2014, p. 91), a community health needs assessment is defined as a tool that concentrates on the requirements of the client and the community. This approach does not focus on the provision of services. It throws light on doing what is necessaryRead MoreAustralians Belief in Equal Employment Opportunity2601 Words   |  10 Pagesï » ¿Access to Education and Training as a Means of Promoting Equality of Opportunity in todays Australia It is a social norm for Australians to believe in equality of opportunity. Moreover, numerous of them strongly believe that it is being recognized in practice that Australians life prospects are less reliant on their birth environment and less hindered by inflexible class makeup, or lack of social networks, than are the life prospects of numerous people in other comparable nations. Equal OpportunityRead MoreSocial Problems in Thailand2244 Words   |  9 PagesSocial Problems in Thailand World around us today are filled with problems, complications, and dilemmas. People faces problems in everyday life, but problems that people living in the same society face commonly are called social problems. Before discussing social problems in our society, we must first give criteria of how we define social problems. Firstly, the objective condition must be perceived to be a social problem publicly. That is, there must be some public outcry. People must become activelyRead MoreTree Plantation Programme2942 Words   |  12 Pagesusually not included largeorchards  (except for  banana plantations), but does include the planting of trees for  lumber. A plantation is always a  monoculture  over a large area and does not include extensive naturally occurring stands of plants that have  economic value. Because of its large size, a plantation takes advantage of  economies of scale.Protectionist  policies and natural  comparative advantage  have contributed to deter mining where plantations have been located. Among the earliest examples of plantations

The Effect of Amercan Wars on the Societal Views of Women

From the earliest times of man, women seemed to always be seen and treated as inferior, and certainly not equal. With the birth of the United States, and the wars that followed, the female population finally gained the confidence to voice their thoughts of their roles in society. The impact of the Revolutionary War, the Civil War, and the Progressive Era impacted the roles that women played in society in momentous ways because all three of these events were times of partial chaos with which came the more confident voices of women voicing their concerns about society’s views of them. The Revolutionary War was a time when thoughts and views were not as easily muted and, because of this, women, for the first time in history, took advantage of this and voiced their concerns verbally and through their actions such as Abigail Adams and the Sons and Daughters of Liberty. Due to similar unrest, the Civil War proved to be an exceedingly important time for women because they were able t o partake in a actions such as speaking out against slavery, filling male positions in factories, and even aiding wartime doctors. A final event that created arguably the most change for women is the early Progressive years and the spin off actions that followed such as the call for women’s votes, the rising leadership roles that they called for, and even their aiding of the poor and sick in places such as the Hull House. The Revolutionary War gave rise to a nation like none the world had seen before;

The Case to Keep Drugs Illegal Free Essays

The Case to Keep Drugs Illegal The article, â€Å"Don’t Legalize Those Drugs†, by Barry McCaffrey was made to claim that the current United States policy against drugs is indeed successful and should not be abolished. McCaffrey claims, â€Å"Drug use imposes an unacceptable risk of harm on the user and others,† then proceeds to provide substantial support for this claim. He also claims â€Å"harm reduction†, or the softening of the drug laws, would have a negative effect on our countries well-being. We will write a custom essay sample on The Case to Keep Drugs Illegal or any similar topic only for you Order Now The strength of McCaffrey’s argument is his ability to support his claims. One of his main supports is that â€Å"Substance abuse wrecks families†. He then provides perceived facts about child maltreatment, death rates, and other problems in families with substance abuse issues. He also discusses crime outside of families and how having legal drugs, our crime rate would actually increase because people on drugs are more likely to commit crimes. He uses the statistic that says â€Å"in 1997, a third of state prisoners and about one in five federal prisoners said they had committed the crimes that led to incarceration while under the influence of drugs. † There are many warrants that connect McCaffrey’s evidence to his claim. The most obvious one is the accuracy of his sources. There are many facts that are based on percentages and surveys but there is not a clear sample size. How many people are being surveyed or where are the statistics being gathered are all valid questions. He also says that â€Å"studies show that the more a product is available and legitimized, the greater will be its use†. This needs many warrants, what study actually shows this and how can it be proven that use will be more common? Finally, he stands firm against â€Å"harm reduction† and claims this will make drug use greater, but one could definitely argue that â€Å"harm reduction† would help drug abuse. McCaffrey discusses how he believes drug policies can be improved without being abolished as a counter argument to those who believe the current system is unsuccessful. He talks about how prevention is the true solution to our country’s drug issues. Also, his defense to those who argue for choice, he says that we have agreed consistently against things that can cause harm to us. Fore example, wearing a helmet when on a motorcycle therefore, the drug issue is no different. Overall, this is a well written argument and McCaffrey does a great job supporting his claim and making claims against counter arguments. Works Cited McCaffrey, Barry R. â€Å"Don’t Legalize Those Drugs. † Washington Post June 1999, n. pag. Print. How to cite The Case to Keep Drugs Illegal, Essay examples

UK Oil Industry Essay Sample free essay sample

This assignment is prepared with the regard to the Module of â€Å"Business Environment. † I am assigned to fix a paper by our honest teachers Ellie Semsar to analyze the factors that influence and find the oil monetary value in UK oil industry. The study besides aims to supply how much and to what extent. Government policies influence oil monetary values in UK. Objective of the Assignment: This assignment has been prepared sing a figure of aims. The aims are: * Identify and measure the factors that influence and find the oil monetary value in UK oil industry. * Understand how and to what extent UK authorities policies make an impact on the oil monetary values. * To demo the analysis of the current oil monetary values and describe how the tendency goes. * To execute necessary analysis and present it with charts and tabular arraies from dependable beginnings. * To explicate the factors that influence supply and demand of oil monetary values in UK * To demo an apprehension of relevant economic rules. constructs and theories * Understand and use the chief techniques of economic analysis. Beginnings: Primary beginnings couldn’t be managed to fix this assignment. Secondary Beginnings have been used to do this study. Secondary information was collected from on-line diary. articles and the official web sites of Nestle. Some other beginnings that have been used to happen out the information are given on the Bibliography subdivision. Background of Oil industry in UKOil is one the most of import resources in the universe that controls every domains of human lives. Particularly in Developed states. oil seems to be most needed. Crude market oil are really much needed in different operations of developed states. with 84. 249. 000 barrels consumed globally each twenty-four hours as of 2009. ( Ross Lane. 2012 ) . Because of the oil supplies in UK. oil monetary values vary greatly from clip to clip. This assignment analyzes the current market state of affairs for oil monetary values in UK. This study identifies the factors that affect supply and demand of oil monetary values. how authorities statute law impact oil monetary value in UK. Detailed analysis of oil monetary values in UK over the old ages has been shown with proper graphs and tabular arraies. Graph of last three years’ place warming oil has been shown and the monetary value tendency has been analyzed. Besides how authorities policy influences oil monet ary values in UK has been analyzed. The standard economic theory of supply and demand has been related to the necessary scenario. Analysis of the Current Prices of Oil in UK:Oil monetary values in UK are in rise in January. 2013 after last 3 month of monetary value autumn. The monetary value of oil is lifting twenty-four hours by twenty-four hours. Price spread between Petrol and Diesel has widened from 5 lb to 8 lb in last four months. Diesel Price has fallen by 0. 06ppl from 140. 04ppl to 139. 08ppl. Northern Ireland has recorded the highest leadless oil monetary value at 133. 2ppl. Northern Ireland besides recorded highest rate for Diesel at 140. 6ppl in January. 2013. Yorkshire and Humberside and the northwest side have recorder their cheapest oil monetary value 139. 04ppl. The Automobile Association Limited. ( 2013 ) . Home warming Oil monetary values trends has shown fluctuations over recent old ages. Below. oil monetary values in last 3 old ages and I oil monetary values tendency from 2012 to 2013 is given: Figure 1. 1: United Kingdom Average Oil Price from 2012 to 2013. ( Boiler Juice Ltd. 2013 ) . The graph shows monetary values have been fluctuated up and down several times. In June. monetary values tend to be the lowest. 52ppl. In December monetary value was at its extremum 65ppl. Although in start of January 2013. monetary value tend to travel lower but now in February. place warming oil monetary values are once more traveling up to the extremum of 65ppl. To cognize more about the tendency of the oil monetary value fluctuation. oil monetary value tendency of last 3 old ages is given below: Figure1. 2: United Kingdom Average Oil Price from 2010 to 2013. ( Boiler Juice Ltd. 2013 ) . Figure 1. 2 shows place warming oil monetary values in UK for the last three old ages. The graph shows that after 2010. monetary values has increased up to 60-65ppl where before it was merely 40-50ppl. On start of 2011. monetary value has gone 70ppl which is the peak monetary value of this chart. Although monetary values have lowered. it is once more on rise up to the extremum in January. 2013. Retail monetary values of Petroleum oil: Retail monetary values of crude oil oil are increasing every twelvemonth. although there was a little interruption of monetary value lessening but in recent old ages its dorsum on rise. Harmonizing to UK Government functionary website’s publication Statistical Date set of Oil Petroleum merchandises: Annual monetary values of Petroleum merchandises from 2000 to 2013 are given below: Table 1. 1 Typical retail monetary values of crude oil merchandises ( 1 ) ( 5 ) 2000 to 2013United Kingdom| | Pence per liter|| Motor spirit| Diesel ( 2 ) | Standard grade| Gas| | | 2 star| 4 star/ LRP ( 4 ) | Super unleaded| Premium unleaded ( 6 ) | | combustion oil ( 3 ) | oil ( 3 ) | | 2000| January| | . . | 80. 84| 84. 15 | 75. 38 | 77. 75 | 17. 84 | 18. 15 | | 2001| January| | . . | 82. 19| 85. 06 | 76. 85 | 81. 63 | 19. 86 | 20. 46 | | 2002| January| | . . | 75. 94| 78. 48 | 69. 90 | 74. 65 | 14. 61 | 14. 71 | | 2003| January| | . . | 78. 15| 80. 47 | 74. 95 | 76. 38 | 17. 83 | 18. 63 | | 2004| January| | . . | 80. 04| 81. 49 | 76. 20 | 77. 92 | 18. 33 | 18. 95 | | 2005| January| | . . | 87. 16| 87. 43 | 78. 99 | 84. 15 | 22. 16 | 23. 99 | | 2006| January| | . . | . . | 94. 73 | 88. 84 | 93. 07 | 31. 58 | 33. 60 | | 2007| January| | . . | . . | 94. 80 | 86. 91 | 91. 44 | 30. 88 | 34. 03 | | 2008| January| | . . | . . | 110. 59 | 103. 71 | 108. 70 | 43. 90 | 51. 01 | | 2009| Jan uary| | . . | . . | 93. 30 | 86. 33 | 98. 74 | 36. 01 | 43. 83 | | 2010| January| | . . | . . | 118. 53 | 111. 49 | 113. 31 | 42. 49 | 50. 64 | | 2011| January| | . . | . . | 134. 83 | 127. 53 | 132. 08 | 55. 14 | 61. 90 | | 2012| January| | . . | . . | 140. 40 | 132. 89 | 141. 34 | 61. 04 | 70. 74 | | 2013| January p| . . | . . | . . | 132. 00 | 139. 68 | . . | . . | | **Source: Statistical informations set Oil and crude oil merchandises: one-year statistics. Open Government Licence. UK. ( 2013 ) . ( 1 ) The estimations are by and large representative of monetary values paid ( inclusive of revenue enhancements ) at the pump on or about the 15th of the month. Estimates are based on information provided by oil companies from 1977 until 1994. From January 1995 information from super/hypermarket ironss have been included. ( 2 ) From July 1999 Diesel monetary values represent mean monetary values for Ultra Low Sulphur Diesel which now accounts for virtually all Diesel sold. Pump monetary values for both Diesels are loosely the same. ( 3 ) Typical monetary values for bringings of up to 1. 000 liters of standard class combustion oil and between 2. 000 and 5. 000 liters of gas oil. Prior to 1977. monetary values were for bringings of 900 liters of standard class combustion oil and 2. 275 liters of gas oil. Since April 1994 monetary values include VAT at a rate of 8 % until September 1997 when the applicable rate was reduced to 5 % . ( 4 ) From October 1999 Four Star monetary values represent ‘Lead Replacement Petrol’ ( LRP ) which had replaced Four Star at 95 per cent of mercantile establishments at that clip. Leaded gasoline has now been phased out. Pump monetary values for both gasolines are loosely the same. The LRP series has been discontinued from September 2005 due to the low volume of gross revenues. ( 5 ) For rates of responsibility and VAT see Annex C.( 6 ) From April 2001. Premium unleaded monetary values represent Ultra Low Sulphur Petrol ( ULSP ) . which now accounts for virtually all Premium unleaded sold. The pump monetary values for both fuels were loosely the same. The Determinants of Oil Monetary values in United kingdom:Oil militias are limited and demand for this limited resource is being increased twenty-four hours by twenty-four hours. Besides high demand of planetary trade goods has led to the monetary value fluctuations of oil monetary values. Two major determiners of oil monetary values in UK are: * Supply A ; Demand * Market SentimentSupply A ; Demand:Supply and Demand of oil in UK is about same to the constructs of economic supply and demand of resource. As demand increases or supply lessenings. monetary values go up. As supply additions every bit good as Demand is relatively less. monetary value goes down. But in recent times. monetary values tend to be upper graduated table as supply is acquiring lower every twenty-four hours. But that is non all. The monetary value we see by and large set in the oil hereafter market. And oil hereafter contract is an understanding that provides the chance to one party to purchase oil at a antecedently fixed rate on a hereafter day of the month. Under a hereafter contract. both the purchaser and marketer are obliged to carry through their portion of their understanding. Future understandings are done by two types of future bargainers: * Hedgers * SpeculatorsHedger hereafter bargainers are the 1s who buys oil to guard possible oil monetary value rise. For illustration: An Airline Company. Speculators are the 1 who are supervising the monetary value tendency and have an purpose to purchase oil. But study says that merely 3 % of minutess are resulted from speculators. ( Paul Kosakowski. 2011 ) . Market Sentiment: The other of import factor that influence finding oil monetary value in UK is Market Sentiment. When people simply belief that oil monetary value is traveling to lift quickly sooner in the hereafter that will do a great demand for oil. Beside bargainers like Hedgers and Speculator are tend to move more dominantly in these state of affairss to minimise their hereafter losingss and maximise their net income. therefore doing an impact on the oil monetary value. Besides the mere belief that oil monetary value is traveling to be quickly reduced shortly can ensue in dramatic lessening of oil monetary value in the present since oil hereafter contracts are sold. ( Paul Kosakowski. 2011 ) . Other than the major facts. there are some other factors that affect oil monetary values in UK: Worsening Production: As domestic oil production is cut downing since 2007. the state needs to import oil to go on its economic system. As the sum of oil import additions. it generates higher force per unit area on the supply and increase the oil monetary value. Restrictive Legislature: If a Nation decides that it is restricting or censoring oil geographic expedition in an country where big sum of oil is stored. trade good market monetary value will confront the loss of new possible petroleum oil production into current oil production. Legislation restricting oil production will impact on oil monetary values to lift. ( Rich Finzer. 2012 ) . Political Agitation: Majority of the oil production comes from Middle East and Africa. Political instability of those states where most of the oil beginnings are situated and from there oil is acquired affects the oil monetary value in UK. NaturalCatastrophe: Natural and Manmade catastrophe causes terrible monetary value fluctuations for oil monetary value. Harmonizing to Kimberly Amadeo. ( 2012 ) . â€Å"Hurricane Katrina caused oil monetary values to raise $ 3 a barrel. and gas monetary values to make $ 5 a gallon in 2005. Katrina affected 19 % of the nation’s oil production. It came on the heels of Hurricane Rita. Between the two. 113 seaward oil and gas platforms were destroyed. and 457 oil and gas grapevines were damaged. † Factors Affecting Supply and Demand of Oil monetary values in United kingdom: Several factors affect the demand and supply of oil monetary values in UK. Among them some are major of import: * Increased ingestion of Oil:Consumption of oil has increased badly late. Oil demands are highest in the developed states. With more generated demand. and since supply is limited. monetary values tend to be on the rise all the clip. * Oil Militias: Monetary values of oil largely depend on oil militias of UK. With low oil militias. monetary values tend to be higher and with greater oil militias in the state. monetary value will be moderate or lower. Besides limitation on import influences the monetary values of oil in UK. * Exchange Rate: World exchange rate affect oil monetary value large clip. With diminishing value of GBP. oil monetary values will be higher. When oil monetary values addition. people have to number for more pence than earlier due to loss of value of currency. * Guess: Other than physical supply of oil militias. fiscal market besides has the influence to impact oil monetary values through guess. Future bargainers influence oil monetary value more instead than them who are presently administering. ( Ross Lane. 2012 ) . Government Policies to act upon Oil Price in UK:Government policies greatly influence oil monetary values in UK. Transport Secretary Justine Greening has asked oil retail merchants in UK to level up their codification of behavior ; otherwise necessary measure will be taken. The authorities will take statute law if necessary. Harmonizing to Justine Greening: â€Å"Petrol monetary values travel up immediately when sweeping monetary values rise. but when sweeping monetary values autumn. it can take hebdomads for them to come down once more. I want companies to come up with their ain program every bit shortly as possible – and I’m speaking yearss and hebdomads. non months. That manner we can acquire monetary values down faster. instead than holding to go through time-consuming statute law. But we will surely make that if we have to. † ( The Telegraph. 2012 ) When policy is strong or doing the oil companies go for monetary value decrease. the companies have to stay by the authorities statute law. The AA president Edmund King Said: The AA supports a move towards transparence on fuel monetary values. However. with record monetary values cutting gross revenues by 5 % last twelvemonth and 76 % of AA members cutting back on auto usage. other household disbursement or both. ordinance has to stay an option. † ( The Telegraph. 2012 ) Decision:The study is prepared to analyse the consequence of Oil monetary value in UK market. to find what are the factors that affect supply and demand of oil monetary values. how authorities statute law consequence oil monetary value in UK. Detailed analysis of oil monetary values in UK over the old ages has been shown with proper graphs and tabular arraies. Graph of last three years’ place warming oil has been shown and the monetary value tendency has been analyzed. Retail monetary values of crude oil oil are increasing every twelvemonth. although there was a little interruption of monetary value lessening but in recent old ages its dorsum on rise. Harmonizing to UK Government functionary website’s publication Statistical Date set of Oil Petroleum merchandises: Annual monetary values of Petroleum merchandises from 2000 to 2013 have been shown in this study. Two determiners of oil monetary value have been identified in this study. One is supply and demand and other is market sentiment. Supply and Demand of oil in UK is about same to the constructs of economic supply and demand of resource. As demand increases or supply lessenings. monetary values go up. As supply additions every bit good as Demand is relatively less. monetary value goes down. But in recent times. monetary values tend to be upper graduated table as supply is acquiring lower every twenty-four hours. But that is non all. The monetary value we see by and large set in the oil hereafter market. And oil hereafter contract is an understanding that provides the chance to one party to purchase oil at a antecedently fixed rate on a hereafter day of the month. The other of import factor that influence finding oil monetary value in UK is Market Sentiment. When people simply belief that oil monetary value is traveling to lift quickly sooner in the hereafter that will do a great demand for oil. Exchange rates. increased ingestion of oil. and limited oil modesty has strong function in act uponing monetary value of oil. Consumption of oil has increased badly late. Oil demands are highest in the developed states. With more generated demand. and since supply is limited. monetary value s tend to be on the rise all the clip. Monetary values of oil largely depend on oil militias of UK. With low oil militias. monetary values tend to be higher and with greater oil militias in the state. monetary value will be moderate or lower. Besides limitation on import influences the monetary values of oil in UK. Role of authorities policies besides has been included in this study. Bibliography: The Automobile Association Limited. ( 2013 ) . Fuel monetary value study. UK A ; abroad monetary values – January 2013. Available: hypertext transfer protocol: //www. theaa. com/motoring_advice/fuel/ . Last accessed 6th February. 2013. Boiler Juice Ltd. ( 2013 ) . Home Heating Oil Prices. Available: hypertext transfer protocol: //www. boilerjuice. com/heatingOilPrices. php. Last accessed 6th February. 2013. Paul Kosakowski. ( 2011 ) . What Determines Oil Monetary values? . Available: hypertext transfer protocol: //www. investopedia. com/articles/economics/08/determining-oil-prices. asp # axzz2K74EfmGA. Last accessed 9th February. 2013. Open Government Licence. UK. ( 2013 ) . Statistical information set Oil and crude oil merchandises: one-year statistics. Available: hypertext transfer protocol: //www. gov. uk/government/statistical-data-sets/oil-and-petroleum-products-annual-statistics. Last accessed 9th February. 2013. Rich Finzer. ( 2012 ) . Factors That Affect Oil Price. Av ailable: hypertext transfer protocol: //www. ehow. com/list_6696635_factors-affect-oil-price. hypertext markup language. Last accessed 9th February. 2013. Ross Lane. ( 2012 ) . Factors Affecting Demand amp ; Supply of Oil Prices. Available: hypertext transfer protocol: //www. ehow. com/info_8621442_factors-demand-supply-oil-prices. hypertext markup language. Last accessed tenth February. 2013. Kimberly Amadeo. ( 2012 ) . How Are Oil Monetary values Determined? . Available: hypertext transfer protocol: //useconomy. about. com/od/commoditiesmarketfaq/f/oil_prices. htm. Last accessed tenth February. 2013. The Telegraph. ( 2012 ) . Government warns

Properties and Modern Application of Engineering Materials

Question: Describe about the Report for Properties and Modern Application of Engineering Materials. Answer: Introduction Engineering materials are imperative in everyday life owing to their versatile structural characteristics. Other than their characteristics, they do play a significant role due to their physical characteristics. The prime physical properties of the commonly utilized engineering materials include electrical, thermal, magnetic, and optical properties as discussed in the report. This is a report on the properties of materials and the influence they have on their use and application in modern engineering. The report includes mechanical, electrical, optical, thermal, and alloying properties and the pros and cons of each, giving examples in each case. Properties and modern application of engineering materials Mechanical properties of materials These are those proprties that determine the mechanical strength of a material and its ability to be molded in appropriate shape. Some of the common mechanical properties include strength, hardenability, ductility,creepand, slip resilience, brittleness, malleability, toughness, hardness, and fatigue (Kakani, Kakani, 2004). Strength It is the materials characteristic that its tendency to deform or undergo breakdown when an external force or load is applied. The material to be considered as for any engineering product should have an appropriate mechanical strength to be able to bear varying mechanical loads and forces. Toughness This is the capability of an enginerring material to absorb and withstand the applied energy and undergo plastic deformation without experiencsing any fracture. The numerical value of toughness is estimated by the value of energy in a unit volume measured in J/ m3. Also, the value of a meterials toughness can be estimated by stress-strain properties of the material. For any material to possess desirable toughnes,it should possess suitable ductility and strength. For instance, brittle materials that possess excellent strength but undesirable ductility do not have desirable toughness. On the other hand, materials that have excellent ductility but undesirable strength similarly do not possess desirable toughness. Thus, for a meterial to be tough, it should be able to withstand both elevated stress and strain (Wigley, 2012). Modern engineering applications Ceramics have gained versatile application in the field of engineering. Products made using technical ceramics are renown components in the construction and control of complicated plants, machinery, and equipment that require electro-technical component assemblies (Munz, Fett, 2013). Common examples are sensors in the automotive engineering industry or in the furnace/ kiln engineering. Others are the vacuum chambers of actuators in motion detectors. Pros Ceramics, owing to their brittleness, have either covalent or ionic bonds. One advantage is that such bonds are stronger than the metallic bonds. Cons The challenge though, is that ceramics possess significantly elevated chances of failure occurrence and are therefore, susceptible to cracking before attaining the desired yield stress. Electrical properties of materials The electrical purpose of a material influences the choice of an engineering material for its electrical characteristics. An engineering material is can either be used as an electrical conductor or insulator. The implication is that a given material can be classified as a superconductor or a semiconductor. The conductivity of an engineering material determines its ability to allow for the flow of electric charges (Tomkins, Wareing, 2013). The dielectric properties of materials One of the electrical properties of an engineering material is termed as its dielectric strength. A dielectric engineering material has the capacity of storing energy if an external electric field flows across it. There can be abrupt excitation of significant quantity of electrons to the energies found within the specified conduction bandwidth when enormously elevated electric field flows through a dielectric material (William, Smith Hashemi, 2011). As a result, there can be significant rise in the motion of the electrons that can lead to focalized vaporization, combustion and melting that overwhelmingly degrades the engineering material or makes it to fail (Soibam, Sanatombi, 2014). The occurrence called dielectric strength or sometimes known to as dielectric breakdown is experienced. Capacitance In a capacitor, a unit plate of a capacitor acquires positive charges in the event that a voltage V flows through it while another one acquires negative charges. The resultant electric field moves from the positive to the negative respectively. To facilitate the computation of the capacitance C, an expression that is commonly employed is C=Q/V where Q = the quantity of charged stored on either plates of the capacitor and V in the applied voltage flowing through the capacitor. Its units are in coulombs per volt (Farads), F. Modern engineering applications Electricity Transmission: cables such as copper and aluminum wire are widely used for power transmission. Storage of charge: capacitors are used in electronic appliances to store electric charges. Insulation: poor electrical conductors such as rubber and plastic are used as insulators, for example, as handles of appliances. Current regulation: materials with high resistance such as metal oxides are widely used to control the amount of current flowing in electrical appliances. Pros Malleability: electrical materials such as aluminum are highly malleable and can be forged into different shapes Ductility: electrical materials such as copper can be drawn into wires of different dimensions. Cons High costs: copper cables are quite expensive and therefore, require high initial cost of investment. Heavy: electrical materials such as copper are heavy and are therefore, difficult to transport from one point to another compared to optical materials such as optical fiber. Corrosion: electrical materials such as aluminum are susceptible to corrosion and therefore, require constant replacement. Optical properties of materials Optical property of an engineering material is associated with its interaction with electromagnetic radiation. Such radiation may have properties that fall within or outside the visible light spectrum (Tilleman, 2010). Signal transmission via a metallic cable conductor is electronic, while in fibers it is via photons. This aids in faster transmission at great densities to longer distances with decreased error rate. One of the greatest examples of optical engineering materials is optical fiber that forms the backbone of the communication systems today. The coaxial cable transmits the signals, whereas the cladding constricts the light beam to the coaxial cable. The outer outer coating guards the coaxial cable and cladding from the peripheral environment. Optical fiber employs the theorem of total internal reflectance. Characteristically, both the coaxial cable and cladding are manufactured using out of the ordinary types of glass with circumspectly regulated indices of refraction. Modern engineering applications Telecommunication: there are many uses of optical fibers in telecommunication such as universal networks to desktop computers for the broadcast of data, voice, or video over a given distance. For example, old telephone service (POTS) and Local exchange carriers (LECs) (Tilley, 2010). Data transmission: Multinational companies require secure, trustworthy mechanisms to convey data and financial data between premises to the desktop computers or terminals and to transmit data across the globe (Callister, Rethwisch, 2007). Transportation systems: fiber-optic-oriented telemetry mechanisms is employed in intelligent transportation mechanisms like smart highways coupled with intelligent traffic lights, automatic tollbooths, and convertible message signs. Biomedical industry: Fiber-optic schemes are applied in the majortiy of contemporary telemedicine dagdets for transmiting digital diagnostic images. The additional uses include space, military, motorvehicle, and the manufacturing sector. Pros Size and weight: the optical fibers are light in weight with small coaxial diameter. This helps during the rolling out process over long distances. Signal reliability: there is minimal electromagnetic interference in the case of optical signals thus; they can travel over comparatively longer distances. Bandwidth capacity: a lot of information can be carried out by the optical signals compared to the electrical ones. Cons Switching: there is poor traffic switching even though there is increased data transmission efficiency in the case of point-to-point transmission. Physical constraints: the coaxial cables cannot withstand extreme bending and are susceptible to losing some light transmission characteristics. Cost per user: the cost of deploying optical fibers to homes and points of consumption is comparatively higher. Thermal properties of materials Different engineering materials have different thermal properties since they react differently when exposed to different degrees of temperature. For example, aluminum oxide occurs due to high quantities of negative energy and this renders it a desirable refractory engineering material that possesses suitable chemical stability. Such a fact explains its occurrence in high temperate regions. The thermal conductivity of aluminum oxide (determined in W/mK) is its ability to conduct heat (Chawla, 2012). This characteristic of aluminum oxide explains the level at which transmission of thermal energy occurs through it. Due to its relatively elevated thermal conductivity, the oxide has a broad range of applications since it is a high temperature engineering material in the modern world of engineering. The thermal expansion coefficient of this oxide is relatively low and this enables it to be applied in many systems that involve high temperatures (Callister, Rethwisch, 2012). The engineering materials that possess microstructures and great thermal expansion coefficient are prone to temperature-induced failures of systems. This condition occurs as a result of the microstructures random orientation that makes it to expand and contract by differing quantities in many directions. Modern engineering applications Insulation: materials that possess bad thermal properties such as cork, rubber are widely used as handles of heating and electrical appliances such as electric kettles. Heating: materials with good thermal properties such as aluminum are widely used for heating, cooking, and other heat-related applications such the manufacture of soldering bits. Cons Materials with poor thermal conductivity lead to high power consumption when put under uses that require heating such as cooking. Pros Good thermal conductors have versatile range of applications such as the manufacture of electrical and heating appliances like iron boxes, cookers, and electric coils. Alloying properties of materials Small quantities of alloying elements are frequently added to metals to improve some specific properties of the metals. Alloying can improve or lower the strength, corrosion resistance, hardness, electrical and thermal conductivity, or alter the color of a given engineering metal. The introduction of an element to improve one characteristic may have unwanted effects on other characteristics. Strength Copper metal often undergoes a common procedure called solid solution strengthening. Little amounts of an alloying element introduced to molten copper will entirely dissolve and result to a single phase of homogeneous microstructure. Sometimes, additional quantities of the alloying substance will not dissolve. Therefore, the exact quantity relies on the solid solubility of the specific element in copper metal. When that particular solid solubility limit is surpassed, two distinct microstructures result, with varying compositions and hardness (Luque, Hegedus, 2011). A non-alloyed copper is comparatively in regard to common structural metals. A metal alloy with tin mixed with copper is calledbronze. The resultant alloy is stronger and harder compared to either of the two unalloyed metals. The same applies to zinc alloyed with copper to result to brass. Electrical and Thermal Conductivity The most effective method of improving the electrical and thermal conductivity of copper is to reduce the impurity levels. The presence of impurities and other common alloying components will lessen the electrical and thermal conductivity of copper, except for silver. As the quantity of the alloying element rises, the electrical conductivity of the alloy declines (Provatas, Elder, 2011). On the other hand, Cadmium has the nominal effect on resulting alloy's electrical conductivity. Others include zinc, tin, nickel, aluminum, silicon, manganese, and phosphorus. Color Unalloyed copper possesses a reddish-gold color that rapidly oxides to dull green. Given that copper has natural impurities or can undergo alloying with over one additive, it is difficult to establish the particular effect each alloying substance has on the color of the resulting alloy. For instance, electrolytic tough pitch copper has traces of silver, iron, and sulfur and possesses a soft pink color (Kalpakjian, Schmid, 2014). In addition, gilding copper has a reddish-brown color and has traces of zinc, iron, and lead. Modern engineering applications Oxidation: Silicon can be used in place of phosphorus to deoxidate copper when conductivity is of critical concern. Phosphorus is mostly used to deoxidize copper in order to improve its hardness and strength, but critically interferes with its conductivity (Rudin, Choi, 2012). Ornamental applications: Brass alloy is commonly employed for ornamental purposes owing to its similarity with gold in terms of appearance. Pros The figure below summarizes the application and importance of alloying metals with different metal traces. Cons Reduced properties: Unalloyed copper is a good conductor of electrical current and heat compared to the alloyed type. Even though various mechanisms are engraved in thermal conductivity, the introduction of rising amounts of elements or impurities also leads to a decline in thermal conductivity (Park, 2012). For instance, Zinc causes an insignificant effect on the thermal conductivity of copper. Conclusion In conclusion, engineering materials are vital in everyday life owing to their flexible structural characteristics. Other than their features, they do play a significant role in the manufacturing industry such as die-casting, forging, annealing, and ordinary casting due to their physical characteristics. The primary physical characteristics of the commonly utilized engineering materials include electrical, thermal, magnetic, and optical properties. 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John Wiley Sons. Rudin, A. and Choi, P. (2012).The Elements of Polymer Science Engineering. Academic Press. Soibam, I. and Sanatombi, S. (2014). Dielectric Studies of Single and Double Sintered Ni Substituted Li-Zn Ferrite.American Journal of Materials Science and Engineering,2(3), pp. 42-44. Tilleman, M. (2010). Analysis of temperature and thermo-optical properties in optical materials. 1: Cylindrical geometry. Optical Materials, 33(1), pp. 48-57. Tilley, R. (2010).Colour and the optical properties of materials: an exploration of the relationship between light, the optical properties of materials and colour. John Wiley Sons. Tomkins, B. and Wareing, J. (2013). Elevated-temperature fatigue interactions in engineering materials.Metal Science. Wigley, D. (2012).Mechanical properties of materials at low temperatures. Springer Science Business Media. William F., Smith and Hashemi, J. (2011).Foundations of materials science and engineering. McGraw-Hill.