Importance of Cost Reduction and Control

Importance of Cost Reduction and Control Assignment on financial principles and techniques Introduction Strategic investment decision making indicates the process of identifying, evaluating, and selecting among projects which are more likely to have significant effect on the organizations competitive advantage. More clearly, the decision influences what the organization does (i.e., the set of product and service attributes that are offerings of the organization), where it does it (i.e., the structural characteristics that determine the scope and geographical dispersion of organizations operations), and how it does it (i.e., the set of operating processes and work practice).The strategic investment decision making process is arguably one of senior management greatest challenges. It is significantly needed to get these decisions right. If the decision is successful, the firm can enjoy strategic as well as operational advantage. But while the decision proves wrong, either a potential opportunity is lost or it has needlessly spoiled substantial resources (through fruitless investment). Som e traditional approaches to strategic investment appraisals which include payback, accounting rate of return, return on investment, residual income, and discounted cash flow have been criticized on the basis of a number of grounds. Some main criticisms are their narrow perspective, exclusion of nonfinancial benefits, overemphasis on the short-term, faulty assumptions about the status quo, inconsistent treatment of inflation, and promotion of non-value adding behavior. Task 1 Cost Reduction Techniques. Cost reduction means reducing cost associated with production or other cost activities without affecting the quality of product or service as well as activities. Through cost reduction procedures or techniques managers reduce cost. For this they develop different cost reduction techniques. The success of any organization largely depends on how strategically cost is managed compared with that of competitors. It certainly provides competitive advantage which is essential in this hyper competitive market or business world. As the manager is the higher authority of any organization, they are to develop different types of policies and strategies to run the business successfully. Processes of Cost Reduction: Identify the Saving Make your prediction on saving Measure the process prior to adjustment Make the cost saving change Measure the process after Confirm saving has been made and it hasnt impacted other areas to make a loss. If YES move onto next project. If NO go back to the beginning and start again. Appropriate Costing System: Cost that is allocated to units of production can be actual cost or standard cost. In an actual or historical cost system, cost is allocated as they occur. Under standard costing system, product operations and process are costed through using standard for both activities and dollar amount. These standards are predetermined in advance of production. The actual cost system and standard cost system can be used with either job order or process cost accumulation approaches. Job order costing is applied to job order work in factories, workshops and repair shops as well as to work by builders, construction engineers and printers. A variation of the job order cost method is that of costing orders by lots. In the shoe manufacturing companies for example, a contract is typically divided into lots which consists of 100 to 250 pairs of one size and style of shoe. The cost is then accumulated for each lot. On the other hand, the process cost system is applied to industries such as flour mills, br eweries, chemical plants and textile factories. However there are many companies that use both job order and process costing according to their needs. The basic difference between job order costing and process costing is the breadth of the denominator. The denominator of job order costing system is small (e.g.: one painting 100 advertising circulars, one special package machine or one highway bridge). But in the case of process costing, the denominator is large (e.g.: thousands of pounds, gallons or board feet.). Task 2 The importance of developing cost reduction techniques: It helps to enhance management performance or efficiency It helps to know the nature of cost It helps to reduce the cost of operations of the organization It helps to set competitive price of product or service It helps to increase market share in the industry It helps to increase profit or return It helps to enjoy competitive advantage over competitors Proposed costing and pricing systems Basis of Costing Methods Material cost Labor cost Overhead cost Opportunity cost Structure of Costing Costing principles and methodology Fixed and variable cost Direct cost (material and labor) Indirect cost (overhead and activity based costing) Product cost and periodic cost Product cost and sales cost Actual Costing To set actual cost To change to actual cost To analyze variance Evaluation of Project Breakeven analysis Marginal contribution Opportunity cost Payback NPV,DCF, IRR ROI ROC Project Case Pricing How to cost project correctly How to get project approve What cost to exclude Essential cost to include A business case proposal Preparing a Master Budget Master budget is a comprehensive planning document which incorporates several other individual budgets. The operation budget consists of eight individual budgets which are as follows: Sales budget: The sales budget shows the expected sales in units at their expected selling price in a certain period of time. A business firm generally prepares the sales budget for a given period of time on the basis forecasted sales level, production capacity, as well as long and short term goals. Production Budget: Production budget is a plan for obtaining the resources needed to carry out the manufacturing operations of the organization to meet up the expected sales and maintain the expected level of ending inventory. The current production level depends on sales level, units of finished goods ending and beginning inventory. Direct Material Budget: The directed material budget shows the direct materials business firm needs for its production and the budgeted cost. This budget is very much related to production budget. Direct Labor Budget: To prepare direct labor budget and the direct materials budget, production budget is needed. It helps personnel department of the organization to plan for new hires and repositioning of employees. A good labor budget is very helpful for a business firm to avoid urgent hiring and help to prevent the shortage of labor. Factory Overhead Budget: This budget includes all the production costs except for direct materials and direct labor budgets. Manufacturing cost is the cost that varies in direct proportion with the manufactured units and how the business firm carries out its operation. Selling and administrative expenses budget: This type of budget indicates a plan for all non-manufacturing expenses. This budget provides you with a guideline for selling and administrative activities for the period of your budget. Budgeted income Statement: Budgeted income statement is the last part of operational of a master budget. It actually estimates the expected operating income from budgeted operations in a certain period of time. The second part of master budget includes financial budget and financial budget is the combination of following two individual budgets: Cash Budget: A cash budget shows the effect/impact of all the budgeted activities on cash. Through preparing a cash budget, the management of a business firm is supposed to be able to make sure that they have sufficient cash on hand needed to carry out activities. It also helps them to have enough time to plan for any additional financing and plan for investment of surplus cash. Budgeted Balance Sheet: Budgeted balance sheet is the last part in preparing master budget. This budgeted balance sheet shows the expected financial position at the end of the fiscal year (at a point of time) or budget period. It is very important to understand how to prepare a master budget since it helps a business to maximize its profit/return and to have a good handle on their budget period. Potential for the Use of Activity Based Costing ABC system provides highly accurate product or customer cost that a company can use for strategic decision. This system helps to understand the cause effects relationship between day to day activities and product or customer cost and theory aids the operational control purpose of cost management system. Task 3 Calculation of ratio Ratio analysis of Amber Lights ltd for two years is as follows: Last Year a) Return on capital employed = Net Profit/Total capital = 8000/109000 = 7.34% b) Return on ordinary shareholders fund = Net profit/ ordinary shareholders fund =8000/16000 =50% c) Gross profit margin = Gross profit/Net sales = 92000/350000 =26.29% d) Net profit margin = Net profit/Net sales =8000/350000 =2.29% e) Current ratio = Current asset/current liabilities =110000/50000 =2.2:1 f) Acid test ratio =C.A-Closing stock/ current liabilities =110-44/50 =1.32:1 g) Average stock turnover period =Cost of sales/Average Inventory =258000/44000 =5.86 times Period =360/5.86 =61.43 days This Year a) Return on capital employed = Net Profit/Total capital = 12000/117000 = 10.26% b) Return on ordinary shareholders fund = Net profit/ ordinary shareholders fund = 12000/16000 =75% c) Gross profit margin = Gross profit/Net sales =110000/420000 =26.19% d) Net profit margin = Net profit/Net sales =12000/420000 =2.86% e) Current ratio = Current asset/current liabilities =136000/92000 =1.48:1 f) Acid test ratio =C.A-Closing stock/ current liabilities =136000-63000/92000 =.79:1 g) Average stock turnover period =Cost of sales/Average Inventory =310000/63000 =4.92 times Period =360/4.92 Analysis of Operating Efficiency and Profitability The given ratio of Amber Lights ltd. indicates two types of ratio including operating efficiency and profitability. The operating profitability ratio indicates that return on capital employed ratio of last year is 10.26% and this year is 7.34%, return on ordinary shareholders fund ratio of last year is 50% and this year is 75%, gross profit margin of last year is 26.29% and this year is 26.19%, on the other hand, net profit margin ratio is 2.29% and this year is 2.86%.So we can say from the above discussion that operating profitability of two year is very close except ordinary shareholder fund. So this year performance is better than last year. We also see from the operating efficiency ratio that current ratio of last year is 2.20:1 and current year is 1.48:1, acid test ratio of last year is 1.32:1 and current year is .79:1, and average stock turn over period of last year is 61.43 days and this year is 73.17 days. From the given data of last year and the current year of Amber Lights ltd we find that last year performance is better than this year. So from the given data analysis we can say that last year operating efficiency was better than that of current year. Limitation of Ratio Analysis: Although ratio analysis provides important implications, there are some limitations of ratio analysis. The main limitations of ratio analysis are given below: Accounting treatment varies between firms Firms with different divisions operating in different industries make it difficult to find industry ratio analysis Some Results may be in consistent Ratios which are outside an industry range might be cause of much concern. Task 4 Financial Appraisal Methods There are several different appraisal methods and each of those methods has its particular applications, advantages and drawbacks. Simple Payback This is one of the simplest and widely recognized methods of cost/benefit analysis. Payback period is defined as the length of time required to recover the original investment on the project, through cash flows. The cash flows include operating profit, less income tax payable, plus depreciation. Internal Rate of Return It can be said that it is the mostly used method for the financial evaluation of a companys investment. The internal rate of return (IRR) can be defined as the rate of return required to make the present value of future cash flows plus the final market value of the investment, equal to the current market price for the investment. Actually it is a discount rate making the net present value equal to zero. Average Rate of Return The average rate of return is calculated profit after tax divided by book value of investment. Under this method, the entire life of any project is considered. Net Present Value Net present value is one of the discounted cash flow techniques. This method considers time value of money. It is calculated as present value of future cash inflows over the life of the project less present value of cash outflows. Benefit Cost Ratio Benefit cost ratio is another version of net present approach. Under this approach, the benefits from the project are reduced to their present value at a specified rate of discount and this figure is divided by the present value of the cost of the project. Discounted Cash Flow This approach actually represents what a company is willing to pay at the present (today) to receive anticipated cash flow in future years. So it is a process of converting future earnings into todays money. Future cash flows are discounted to demonstrate their present values and determine the value of the project. These are well established and understood appraisal tools to financially evaluate projects. All appraisal methods are not supposed to provide the same result. Increasingly, with the creation of stakeholder value being determined by an organizations environmental and social policies and values, new criteria and perspectives will have to be factored into organizations decision-making process. Strategic Issues in Making Investment Decisions The prime objective of every business organization is to make money for the owners now and in the future. Investment decision plays a significant role in making investment decisions. Both quantitative as well as qualitative issues must be considered in decision making. Short-term decisions are relatively easy on the quantitative side: Would you rather spend $10,000 or $15,000 given the same revenue? Would you rather sell something for $5.00 per unit or $7.00 per unit given the same costs? Would you rather have net income of $60,000 or $50,000? Long-term (investment) decision involves two additional dimensions as follows: Timing Magnitude Discounted Cash Flow Analysis addresses the timing issue. Discounted Cash Flows (DCF Analysis) A dollar today is worth more than a dollar in the future. A dollar in the future is worth less than a dollar today. Steps to DCF To determine future cash flows To determine the appropriate discount rate Higher discount rate = lower present value Lower discount rate = higher present value High risk generally requires greater return Higher risk = higher discount rate Discount the future cash flows by using the selected hurdle rate Compare the present value of the future cash flows to the investment If PV of inflows > PV of outflows, project is acceptable If PV of inflows < PV of outflows, project is rejected NPV = PV of all Inflows PV of all outflows Tools of DCF: PV = to compute the present value of single future amount or a set annuity using a given particular discount rate FV = to compute the future value of a single present amount or a set annuity given a particular discount rate Rate = to computes the particular discount rate needed to convert a present value to a future value or a future value to a present value NPV = to computes the net present value of a series of dissimilar future cash flows given a particular discount (hurdle) rate If NPV > 0, the investment is acceptable If NPV < 0, the investment is rejected IRR = computes the discount (hurdle) rate which makes net present value equal to zero. If IRR > the hurdle rate, the investment is acceptable If IRR < the hurdle rate, the investment is rejected Example: Suppose, company XYZ wants to make investment decision of $ 200000 for a project. The company must justify the PV of cash inflows and compare it with the cash outflows. If the value of PV is greater than cash outflow then the company should accept the project. Conclusion: Cost concept is very essential for decision making process. As the manager is the higher authority of any organization, they are to develop different types of policies and strategy to run the business successfully. So development of cost reduction procedures is one of the most important strategies. It is very important to develop cost reduction procedures because it increases the profit of the firm through reducing cost of production. If the manager cannot control cost their operating expense will be higher and higher and therefore reducing the profit of the firm. A firm which can not control cost cannot sustain in the competitive business world. So to make proper investment decisions financial managers should have clear knowledge about financial principles and techniques for better performance.

How to Stop Worrying and Start Living – Book Review

Notes on Author: Dale Breckenridge Carnegie (November 24, 1888 – November 1, 1955) was an American writer, lecturer, and the developer of famous courses in self-improvement, salesmanship, corporate training, public speaking, and interpersonal skills. About the Book: The book is a compilation of Dale Carnegie and his students’ experiences in facing the problems and how they have come out of the depression by conquering worry. He tells us how and why to not worry about criticism, six ways to prevent fatigue and worry from keeping your energy levels. He also includes few experiences of some inspiring personalities. In this book Carnegie discusses how to analyze your worries and how to solve problems without worry. He discusses the negative effects of worry to your health and your success. He teaches how to break the worry habit, seven ways to cultivate a mental attitude that can bring you peace and happiness and a â€Å"perfect way† to conquer worry. This book is very readable and well organized. It is written so that even a school-going kid could easily understand it. This book has suggestions at the end of each chapter summarizing the material and telling the reader how to apply it. It gives simple ideas which can make a difference in our lives. It has good, positive and powerful ideas which help us to overcome the difficulties and face the problems boldly. What I learnt from the book: †¢ If you want to avoid worry live in â€Å"day tight compartments†. When our mind is occupied with work, we won’t have time to worry. It applies not only to worry, but to all kinds of negative thoughts as well. We will greatly decrease their influence if we are busy doing something constructive. †¢ We should know how to analyze and solve worry problems. We can do that by finding and collecting all the facts, analyzing those facts, making a decision, and act on it. †¢ Count your blessings, not your troubles. If we want to be happy, we should focus on all the things that work well in our life and forget the other things that don’t. †¢ One of the best ways to increase your productivity is to take rest regularly. Take rest before you feel tired. Doing this simple thing will energize yourself throughout the day and enable you to accomplish more. †¢ One of the best teachers is your own experience. You can learn from it by taking notes of the fool things you have done and criticize yourself. If you constantly do this, you will constantly improve yourself. †¢ We should not worry about what other people say about whether or not we have done our best. Once we have done our best, we can be happy no matter what people say. †¢ Often we aren’t happy because we try to change things we can’t change. We should learn to identify those things and accept them.

K. 332 First Movement Analysis

Mozart Sonata No. 12 in F Major K. 332 First Movement Rachel Gilmore MTC 461. 001 November 26, 2012 The first movement of Mozart’s piano Sonata No. 12 in F Major is written fairly typically in the very structured sonata form. Historically is follows the main guidelines that were understood for the form. Harmonically, is progresses like expected. There are a few surprises here and there, but they are typical for Mozart’s compositions, especially his sonatas of the 18th century. In all, it makes a very interesting piece of work, especially with so much contrast within it.The formal structure of the first movement is sonata form. Not only is this evident in the title but it is very clear after an analysis of the piece has been done. Sonata form is incredibly structured and has specific sections and parts that must be present in order for it to be a true sonata. These sections are split relating to key mostly. All of the required parts are present in this work with the expe cted key changes, deeming it sonata form. The piece starts with the exposition, excluding the optional introduction that can be added if a composer so chooses.This exposition is the first ninety-three measure of the movement. The end is marked with a repeat sign. In the sonata, the exposition is repeated, so this follows normal sonata formatting. All parts of the exposition are included in this sonata; theme 1, a transition, theme 2, a bridge, a closing theme, and a codetta are all present. These sections within the exposition modulate just as they are supposed to, further showing that this piece is in sonata form. The first theme is in the tonic key of F Major. The transition modulates from the tonic key to the dominant key, C Major, which is typical for a transition.Theme 2 stays in the dominant key, as does the bridge, closing theme, and codetta. The next section of music is the development. It is not very long in comparison to the exposition and the coming development, lasting o nly thirty-nine measures. It behaves just like a normal development should. It modulates a few times and does so very often and quite quickly. In this development, Mozart chose to use a sequence of new material, repeating it at different pitch levels to change keys. Some material from the first theme group and the bridge is also used.There is no false return of the first theme group, but this is most likely because the development was so short in comparison. But, the material developed from the bridge in the exposition is used to transition the end of the development into the recapitulation. The recapitulation is also standard of sonata form. Every section of the exposition should return, only with no modulations. The Recapitulation should remain entirely in the original tonic key that should have been set up by the development. The first theme group returns in the tonic key of F Major.The transition also returns and stays in the tonic key. The second theme group also comes back, st aying in the tonic key as well. The same is true of the bridge, returning in F Major only. Next, the closing theme group returns also in the original key. And lastly, the codetta returns, continuing to stay in the tonic key. The form of this sonata by Mozart matches what was typical of the sonata form in the 18th century. There was a specific way what sonatas were to be composed, one that helps analysts of the present study this classical form.But, there are some things that Mozart included that were innovative and surprising for the times. These include harmonies that differ slightly from what were common, and motivic sequences that were quite originative. The motivic sequences other composers included in their sonatas during this time were fairly simple. Listeners liked to hear something they could easily remember, something that could get stuck in their heads, that they could hum for days or weeks after they first heard it. This usually resulted in music that contained few melodi c ideas that were played with and developed.Mozart, however, began to make a trend in the later part of the 18th century of having several tuneful sequences throughout his sonatas. The No. 12 F Major sonata is a great example. The first movement in itself has seven different melodic devices. The harmony tends to stay within the realm of normal for the 1700’s. There are places, though, where Mozart again drifts from common practices. Mozart was fairly well known for his inventive bridge sections during the expositions of his sonatas. In these bridge sections, Mozart would begin a theme on v (minor), ?III, III, VI, or V that eventually creates the false sense of having transposed to the dominant V key. Often Mozart would proceed to the tonic sounding V with an augmented sixth chord. He does just this in Sonata number 12, as shown in the example on the top of the next page in measures sixty-four through sixty-seven. VI7 ii7 V7 Ger+6 V Mozart begins a harmony on a Major sixth ch ord and leads into a V with a seventh chord, giving a dominant to tonic feel.He further gives this effect by leading into another V with the augment sixth German chord that has been filled out with a perfect fifth and a major third above the A? bass. Though the augmented sixth chord is voiced unorthodoxly, it gives the same effect. The chord structure of this work is very functional. Cadence points are fairly clear and the phrases are usually of a typical length. Most of the phrases are four measures long. A few exceptions to this rule exist in the work. They show up in a few different ways including elided cadences and extended harmony.Some of the phrases elide into each other giving the effect that they are in some cases longer than four measures and in other cases, shorter. An example of this is in measures fifty-five through fifty-seven, shown at the top of the next page. The first measure shown harmonizes a V7 chord in the key of C Major. The next measure harmonizes the I chord that finishes the imperfect authentic cadence begun in the phrase. But this tonic chord also acts as the beginning harmony for the next phrase continued in the last measureV7 I V7 shown in the example with a V7 chord, and also the beginning of the bridge. So this cadence point has been elided and includes the same measure in not only two separate phrases but also two separate parts of the exposition, theme 2 and the bridge. The same type of cadences happens several other times throughout the first movement. There are also several phrases that have been extended through the use of harmony. The second cadence point of the bridge, measure sixty-seven, is the end of a phrase that started in measure sixty.This phrase lasts so long because the harmony has been heavily and easily lengthened through the progressive use of secondary dominants and seventh chords. This is illustrated in the example below. i iv7V7/III V7/VI VI7 ii7 V7 Ger+6 V Some interesting harmony occurs at several of the p hrase points within the exposition and the development. Half cadences end on the dominant V chord. But there are several cases in this sonata where a cadence point is reached, and there is another, weaker dominant in the place of the V chord.In the transition section of the exposition, there are two half cadences that occur one right after the other where a weaker dominant occurs. The first one uses a viio chord instead of a V. At the end of the next phrase, an augmented sixth chord is used, the German augmented sixth with an augmented fourth and minor third. Also, in the development, a III chord is used instead of the V during a harmonization the parallel minor key. This is quite unorthodox, especially for the times, but has the same effect within the context of the music surrounding it as using the usual dominant V chord.Most interestingly, there is a lot of contrast in within the music. Mozart was something of an innovator of contrast within a musical piece of his time. He played around with contrasting the works as they were published (composing a fast and exciting piece just after having printed a slow one) and also with dynamics, melodies, rhythms, and other musical devices within the works themselves. Sonata No. 12 is no exception. Throughout the first movement, Mozart goes back and forth between fast moving piano parts that require up and down motion on the scale to blocked chords in both hands.He also takes advantage of contrasting dynamics. Sections will go immediately from being the dynamic of piano into a next section that is marked forte with no crescendo, and vice versa. He also used rhythmic contrast. One section might be quarters and eights squarely on the beat and then be promptly followed by a section that features dotted rhythms or triplets regularly. These contrasts were very interesting for the audiences of the 18th century to hear because it was outside of what was expected. Below is an example of contrasting rhythmic sections.The first m ovement of this F Major sonata by Mozart follows the basic sonata form. There are some discrepancies along the way, even concerning basic harmonic music theory, but the outlining format still remains. The contrast makes it an interesting piece of music to analyze and hear. And the harmony is, for the majority, what is expected of basic progressions. Bibliography Balthazar, Scott L. â€Å"Tonal and Motivic Process in Mozart’s Expositions,† The Journal of Musicology 16, no. 4 (1998): 421-466, http://www. jstor. org. steenproxy. sfasu. edu:2048/stable/pdfplus/763978. pdf. Hepokoski, James. Beyond the Sonata Principle,† Journal of the American Musicological Society 55, no. 1 (2002): 91-154, http://www. jstor. org. steenproxy. sfasu. edu:2048/stable/pdfplus/10. 1525/jams. 2002. 55. 1. 91. pdf? acceptTC=true. Kamien, Roger and Wager, Nephtali. â€Å"Bridge Themes within a Chromaticized Voice Exchange in Mozart Expositions,† Music Theory Spectrum 19, no. 1 (1997) : 1-12, http://www. jstor. org. steenproxy. sfasu. edu:2048/stable/pdfplus/745996. pdf. King, A. Hyatt. Mozart in Retrospect: Studies in Criticism and Bibliography. London: Oxford University Press, 1955. Landon, H. C.Robbins and Mitchell, Donald, eds. The Mozart Companion. New York: W. W. Norton & Company, Inc. , 1956. Marshall, Robert L. , ed. Mozart Speaks: Views in Music, Musicians, and the World. New York: Schirmer Books, 1991. Ratner, Leonard. â€Å"Harmonic Aspects of Classic Form,† Journal of the American Musicological Society 2, no. 3 (1949): 159-168, http://www. jstor. org. steenproxy. sfasu. edu:2048/stable/pdfplus/829717. pdf. Zaslaw, Neal and Cowdery, William, eds. The Complete Mozart: A guide to the Musical Works of Wolfgang Amadeus Mozart. New York: W. W. Norton & Company, 1990.

The Identity Theory Of Mind - 1385 Words

The development of the Identity Theory of Mind is representative of materialist philosophy’s shift towards questions of human consciousness. Within philosophical and scientific circles, discussions of the mind and body have supplanted discussions of what constitutes the world around us. Staggering technological innovation, alongside the establishment of superior of scientific research methodologies, has given rise to this philosophical trend – Identity Theory is, indeed, the culmination of this trend. Throughout the course of this essay I will both define and defend Identity Theory against what I consider to be two superficially convincing counter-arguments; namely, the invocation of the ‘Leibniz Law’ (otherwise referred to as The Identity of Indiscernibles) and ‘The Problem of Other Minds’. Though seemingly persuasive, the invocation of the Leibniz Law, at its core, consists of a semantic trick. As a general ontological principle the Leibniz L aw may possess some validity; in its specific application to Identity Theory however, it remains destitute of substance. On the other hand, The Problem of Other Minds relies on a radical scepticism irreconcilable with current understandings of the brain. Based on the degree of scientific knowledge available regarding the composition of the brain, Identity Theory, at this time, provides a logical and coherent account of the relationship between mind and body. The Identity Theory of Mind asserts that â€Å"states and processes of the mindShow MoreRelatedThe Mind Body Identity Theory1668 Words   |  7 Pagesnature of a human person; this has lead to various theories and speculation about the nature of the human mind and body. The question they are tying to answer is whether a human being is made of only the physical, body and brain, or both the physical or the mental, mind. 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In this paper, I will delineate the similarities and differencesRead MoreThe Identity Theory Of Mind With Dualism1259 Words   |  6 Pagescontrast the physicalist identity theory of mind with dualism about the mind. â€Å"Physicalism is the position that everything that exists does so within the limits of its physical properties, and that there are no other kinds of things other than physical.†* To concisely describe physicalism in my words, it is the idea that we agree to everything being physical or in â€Å"flesh†. â€Å"In the philosophy of mind, dualism is the theory that the mental and the physical—or mind and body or mind and brain—are, in someRead MoreThe Theory Of Personal Identity988 Words   |  4 Pagessame soul theory. By having the same soul, we are the same person. I will support this argument by giving a brief overview of all the theories of personal identity then stating the objection of the same soul theory using the same body and same mind theorist. 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Looking at the views based on different theories that five doctors express, the things that stand out to me are multiple realizability, Token Identity theory and functionalismRead MoreUsing Material From Smart And Armstrong1378 Words   |  6 PagesI will explain the motivations of the type-identity thesis (Occam s Razor, and explanation of the casual efficiency of mental states) using material from Smart and Armstrong. Third, I will go onto examining type-identity thesis merits (how it solves Descartes problem of mind and body and how it allows us to derive the casual role of mental phenomena) and drawbacks (violation of Leibniz s Law and Multiple Realizability Argument). The type-identity thesis holds that mental processes are brain