When Cultures Collide Essay - 874 Words

Mergers and acquisitions has become an important part of the American commerce, which communication plays an important role in reducing the negative impacts. While Schweiger agrees that failure to communicate with employees during a merger will increase employee uncertainty and anxiety, he highlights that previous researchers (Napier et al., 1989) did not measure uncertainty nor any of the supposed dysfunctional outcomes said to follow uncertainty. Communication is also suggested by others to be avoided, as it might alert competitors or cause employees to leave an organization rather than endure painful changes (Buono Bowditch, 1989). It can also threaten management’s ability to respond flexibly to changes during a merger or acquisition†¦show more content†¦The preview of the experiment was deemed effective that the vice president of the human resource immediately introduced it to the control plant at the end of the experiment. As opposed to Buono Bowditch’s worry that employees will be unable to cope with the change and thus resign, only two employees resigned from both plants, out of the 126 employees employed in the experimental plant and 146 employees in the control plant. Schweiger concluded that communications can help employees cope with the effects of mergers and acquisitions to reduce the negative impacts to the organizational effectives, as should it be left unchecked, it could become costly to an organization and undermine the initial aspects and objectives of the merger or takeover. The case study talks about the proposed takeover of Bushwhacker Mining Pty. Ltd. by Coongan River Ltd. (CRL). With the decline in gold prices, CRL has considered the option as Bushwhacker’s success in the gold industry was due to its highly skilled management team. Majority of the Bushwhacker staffs were formerly CRL staffs, which had left CRL because they did not like the way CRL was structured, in addition to its culture. The senior HR Manager of CRL, Bob Cowdrey, is aware of Bushwhacker’s management, and plans to use the takeover as a catalyst to make similar changes to other divisions within CRL. However, to achieve an effective takeover, Bob must resolve several issues that could affect the outcome of theShow MoreRelatedThe Last Of The Mohicans : When Cultures Collide1254 Words   |  6 PagesRaymonde Cenatus Professor Galvin AML 2010 20 October 2015 The Last of the Mohicans: When Cultures Collide Racism and injustice and violence sweep our world, bringing a tragic harvest of heartache and death. – Billy Graham. In recent news there has been much turmoil between cultures and races. On any given evening news programs, one can see violence in Israel as Palestinians and Israelis fight over who deserves the promise land. In the United States, shootings between African American youthsRead MoreThings Fall Apart By Chinua Achebe1143 Words   |  5 Pagesshows that when cultures collide and there is a refusal to change many negative consequences will follow as evidenced through the book, the spread of Islam, and Christianity in present day Nigeria. Achebe’s text does indeed show how when cultures collide and there is refusal to change, there will be many negative consequences. First, one character, Okonkwo refuses to convert to the new religion of Christianity because the beliefs of Christians contradicted those of the Ibo culture and, as aRead MoreEthics and Profits of an Organization843 Words   |  3 Pagescomes about as a result of the considerations that leaders in businesses put before they make their decisions. When decision making and ethics go hand in hand, the decision makers ensure that they strive not to make unethical decisions as much as possible. The role of leaders in organizations is to convey to their employees ethics but this is however very difficult to put into practice when it comes to actual running of the organization. Complexity between profit making and ethical decision making Read MoreCulture And Cultural Identity703 Words   |  3 Pages Culture is a big influence on people’s perspective on how they view others and the world. When a person grows inside a culture, it shapes who they are. In â€Å"What is Cultural Identity† it explains why culture is influential. While in the short story â€Å"Where Worlds Collide† there is newcomers from another country that come to America and there’s all these new rules that they don’t understand. They are not from America, To us the rules are normal, to them they are strange and new. Another example ofRead MoreThe Firstborn by Jack Davis1231 Words   |  5 Pagespoem by Aboriginal author Jack Davis, enables the reader to determine the poem as a graphic protest about the extinction of and discrimination against the Australian Indigenous people, and the loss of their ethnicity, as their world collides with the Western cultur e. By focussing on my understanding of both generic conventions and author’s context, I am able to conclude that the poem concerns a tragedy within the Aboriginal community. To understand a poem, it is important to recognize the writer’sRead MoreA Simple Cup Of Coffee Essay899 Words   |  4 PagesTranslation Essentials – When Cultures Collide -Why You Can t Just Have a Cup of Coffee Have you ever walked down the street and just known somebody was a foreigner or tourist? This question is easier to ask in America where there is such a blended populace. Yet, even in more homogenous countries like India or China, residents can often tell if someone is not from their region by a person s style of dress, regional language, or cultural quirks. One of the great giveaways is food and drinkRead MoreDifferent Cultures of the World Must Live Together902 Words   |  4 PagesNo culture can live if it attempts to be exclusive. This quote was stated by the preeminent leader, Mahatma Gandhi. Every culture that exists are unique and significant because of their vast traditions and beliefs. The extent of ones culture informs the way one views others and the world. Throughout the stories, Where Worlds Collide, An Indian Fathers Plea, and the Willie Lynch letter each culture presented was controlled by another culture. Each character was expected to adapt themselvesRead MoreThe Is Heaven And Earth And It s Ultimate Destiny771 Words   |  4 Pagesworship is heaven and earth and it s ultimate purpose is to glorify and praise God. In Liturgy, the worshiping church embraces a deeper and more meaningful other-worldly life. Two basic realities collide in Christian worship: 1) God at work in the Church 2) God at work in the world. These two Truths collide at Christ s death on the cross where God anoints the worshiping church as a wholly sacramental Body. Despite bearing the markings of death, the Body of Christ remains incorruptible. This permitsRead MoreCultural Competency : Cultural Analysis1090 Words   |  5 PagesConundrum While examining the life of the Lee family, it was easy to identify that Hmong culture is much different than Western culture today. The Lee’s faced many adversities that not only affect their lives but the life of their ill daughter Lia. By analyzing culture, stigma, prevention, and implications, one can begin to see how the Hmong culture collides in the care of Lia. Saving Lives and Culture When it comes to saving someone’s life or respecting a cultural belief, the best advice would beRead MoreWorldview Analysis (Judaism) Essay example1543 Words   |  7 Pages..3 FLAWS OF THE BELIEF SYSTEM†¦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‚¬ ¦.4 PROPOSED EVANGELISTIC PLAN†¦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‚¬ ¦6 CONCLUSION†¦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‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦7 BIBLIOGRAPHY†¦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‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦8 INTRODUCTION Judaism is the religion and culture of the Jewish people. The word â€Å"Judaism† derives from the Greek Ioudaismos, a term first used in the Intertestamental Period by Greek-speaking Jews to distinguish their religion from Hellenism. The unifying principles of Judaism are an identity

Religion Religion As A Culture - 2134 Words

Religion as a Culture in America Religion in America has helped change and design the American landscape into a unique cultural experience. Early colonists came to America to avoid religious persecution. Many European countries had official religions. Those that wished to practice a religion other than the official religion were persecuted. The New World offered a place of religious freedom for people such as the Pilgrims. Our founding fathers included an amendment to the constitution that separated church and state. The First Amendment states that Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof. The concept of separating church and state is often credited to the†¦show more content†¦Among developed countries, the U.S. is one of the most religious in terms of its demographics. According to a 2002 study by the Pew Global Attitudes Project, the U.S. was the only developed nation in the survey where a majority of citizens reported that religio n played a very important role in their lives, an opinion similar to that found in Latin America. Although participation in organized religion has been diminishing, the public life and popular culture of the United States incorporates many Christian ideals specifically about redemption, salvation, conscience, and morality. Examples are popular culture obsessions with confession and forgiveness, which extends from reality television to twelve-step meetings. Americans expect public figures to confess and have public penitence for any sins, or moral wrongdoings they may have caused. Christmas Day, celebrating the birth of Jesus Christ, is widely celebrated and a federal holiday, though a fair amount of its current cultural importance is due to secular reasons. European colonization has led to some other Christian holidays such as Easter, Lent and St. Patrick’s Day to be observed, though with varying degrees of religious fidelity. Mardis Gras (Fat Tuesday) celebrations are a p ractice of â€Å"fattening up† prior to observing Lent six weeks before Easter. There are other religious observances practiced in America which can attribute to the U.S. being labelled â€Å"a nation with the soul of a church† (Chesterton

Epidemiology of Lyme Disease free essay sample

Burgdorfer, the spirochetes were named Borrelia burgdorferi (Where did Lyme Disease Come From? Is it New? , 2009). Further investigation would lead scientists to name blacklegged ticks as the source of B. burgdorferi transmittal. Scientists would also find that antibiotics were successful in treating Lyme disease and that lab tests could be used to determine human infection (Preece, 2008). Healthy People 2010 The government project, Healthy People 2010, is designed to help Americans achieve healthier lives by the year 2010. There are 467 objectives listed in the project.The 14th heading in this document, Immunizations and Infectious Diseases, has a subclass heading entitled Diseases Preventable Through Targeted Vaccination. The goal of this objective is to have a 44% decline in cases of Lyme disease by 2010. The goal will be achieved through â€Å"New initiatives to prevent Lyme disease including the implementation of community-based prevention programs, host-targeted acaricides to reduce the numbers of vector ticks, and appropriate use of Lyme disease vaccine. † (Healthy People 2010: 14 Immunization and Infectious Diseases). Natural Life HistoryLyme disease is most often found in children under fifteen years old and adults between the ages of thirty nine and forty nine years old. Young children are at risk of tick bites and Lyme infection because of the amount of time they spend playing outside. Other people at risk are hikers, farmers, hunters, scientific researchers, or others that have regular contact with animals or the outdoors (Brown University, 2005). The incidence of Lyme disease seems to be higher from May-August. Symptoms of Lyme disease usually appear within three to thirty days of being bitten.Usually the first sign of Lyme disease is a circular rash, erythema migrans. This rash occurs in about 80% of infected persons and begins at the site of the tick bite. The rash can grow as large as twelve inches in diameter and often takes on the appearance of a bullseye. Other early signs of Lyme disease include fatigue, chills, fever, joint pain, headache, muscle aches, and swollen lymph nodes. If not treated, the infection may spread causing Bell’s palsy, severe headaches and neck stiffness, heart palpitations, dizziness associated with heart arrhythmias, and joint pain.After several months, if Lyme disease is still not treated, 60% of patients will have intermittent arthritis and 5% may develop chronic neurological complaints such as pain, numbness and tingling in extremities, and short term memory loss (Centers for Disease Control and Prevention, 2007). Patients showing signs or symptoms of Lyme disease should have ELISA or IFA blood tests performed immediately. If these tests are negative, then no further testing is needed. However, if these tests are positive, then a Western blot test should be performed to confirm Lyme disease.If confirmed, antibiotics should be started as soon as possible (Centers for Disease Control and Prevention, 2008). Primary, Secondary, and Tertiary Intervention Methods Primary intervention seeks to reduce the risk of exposure (Corapi, White, Phillips, Daltroy, Shadick, Liang, 2007). This is done by educating people about Lyme disease and the blacklegged tick. People should be aware of areas where the ticks are most likely found, the appearance of the blacklegged tick, the season when they are most active, and ways to avoid them.Ways to avoid the tick would include walking in the center of a path away from overhanging brush or tall grass, wearing long sleeves and pants with a tight fit around wrists and ankles, checking your clothing and skin daily for the presence of ticks, and wearing a repellant (Centers for Disease Control and Prevention, 2008). Secondary intervention tar gets the development of disease (Corapi, White, Phillips, Daltroy, Shadick, Liang, 2007). A good way to prevent the transmission of Lyme disease is to kill the ticks. An acaricide can be used to reduce the tick population by 68-100%.Also, the removal of leaves, tall grass, brush, and liter under bird feeders can reduce the tick population by creating an environment not favorable to tick survival. A person may also use wood chips or gravel between their homes and the boundaries of the yard. This prevents ticks from migrating to areas where they are not wanted. Finally, the control of the deer population and deer movement can greatly reduce the tick population. Ticks are attracted to the blood of the deer and then the ticks are deposited in other areas as the deer migrate (Centers for Disease Control and Prevention, 2008). Tertiary intervention begins when a case of Lyme disease is expected in a human. After lab tests are performed to verify the presence of Lyme disease, treatment with antibiotics should start immediately (Centers for Disease Control and Prevention, 2008). Incidence and Prevalence The incidence of Lyme disease in the United States is a huge problem. Since it became a nationally notifiable disease in 1991, the number of cases has doubled. From 2003-2005, the Centers for Disease Control and Prevention received reports of 64,382 cases of Lyme disease from forty six states and the District of Columbia.Approximately 93% of these cases occurred among residents of ten states including: Pennsylvania, New York, New Jersey, Massachusetts, Connecticut, Maryland, Wisconsin, Rhode Island, Minnesota, and Delaware. Of these, New York and Pennsylvania had the highest rates of infection with almost four times the rate of other at risk states. The average annual rate of infection for these ten states between the years 2003-2005 was 29. 2 cases per 100,000 people. Males accounted for 54% of the reported cases overall and 61% of cases involving children aged 5-14 years.The average age of the infected population was 41 years old (Centers for Disease Control and Prevention, 2007). The incidence of Lyme disease remains at an alarming number despite efforts by the Centers for Disease Control and Prevention and others to educate people on the prevention of the disease. Many scientists believe these numbers will stay high because most Americans do not choose to follow the guidelines set forth to stop the spread of Lyme disease. Although GlaxoSmithCline did introduce a vaccine, LYMErix, in 1999, the company pulled the vaccine off the market on February 26, 2002, blaming poor sales.

Paper Cone Lab Report Sample

Paper Cone Lab Report Paper Use glue to create paper cones but dont cut out any sections, because that way the mass is going to change For the first circle stick three sections together and for the others, each time increase the number of sections stocked together by three. Hold the paper cones Let the paper cone fall. CM from the floor. Measure the time between the falling and the landing with the help of the stopwatch. Repeat the same procedure three times for each of the paper cones. Take an average of the results. Apparatus: Stopwatch Glue Scissors Five paper cones Mass-hook (holder) Ruler with millimeter divisions Results: Distance between the ground and the height from which the cone is dropped each time: CM Uncertainty: as using a ruler, the height may vary from the recorded one as we could not measure it accurately. II. Paper Cone diameter 18,7 CM (Â ±5 mm) I I Trial Trial I Distance achieved CM I Average distance achieved II 10,as | 0,967 s (3. S. F)1 12 13 10,SSL Conclusion: Using the table, I created a graph (see on the attached paper), using the diameter and time as axis x and y. The average result of the time period was used and the graph shows an increments in time as the diameter of the cone is getting bigger. However, by observing the graph, we can not find a proportional rate between the data. The main results are reasonable and we can see that the diameter affects the time, because the longer the diameter is, the more time it takes for the cone to reach the floor. The surface of the paper cone is important and the cone with the 12 CM diameter (the steepest one) reached the floor first. The cause of this result is drag. We will write a custom essay sample on Paper Cone Lab Report specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Paper Cone Lab Report specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Paper Cone Lab Report specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The amount of drag generated by an object depends on the size of the object[l]. In this case as the main circle areas were the same and we only changed the paper cone bases diameters, the surface of the items changed. The bigger surface increases the air resistance of the item. Evaluation: One of the biggest failures during this experiment was that we could not measure properly the time periods, because it merely depends on the reaction time of the person and as a consequence, the measurements can have different results. The distance from which the holder dropped the paper cones can be listed as an other drawback, because in order to calculate the time properly, we had to place the cones higher and the height can differ from each other. If I could repeat the experiment, I would use more professional equipments and I would be really accurate concerning datum.

DBQ AOC essays

DBQ AOC essays After the creation of the Declaration of Independence in 1776, the United States of America was in need of a set of governing regulations and a structured government. Their first attempt resulted in the creation of The Articles of Confederation. To a small extent, The Articles of Confederation were effective in solving the many problems that follow a new nation. This can be greatly attributed to political, social, and economic factors as well as military and westward expansion attempts. Being the first attempt at a governing set of rules, the Articles were sure to have their flaws. While the Articles of Confederation were partially effective in the issues addressing economics, they did contain many topics that were rather unhelpful. Despite the fact that the government itself could not collect taxes, states were able to tax amongst themselves in their own states. This does not really promote a unified country, and it did not help the country in surviving in any way at all either. The States as a whole would have gone broke, unless a substantial amount of donations had been made. The Articles of Confederation also addressed the problems of wars and expenses being paid from a pool of money collected from all of the states. Trying to prevent the problem of a national debt, this was not the best set up for the new nation. Although it was a unified attempt at it, it was sort of a tax on the states, which was not allowed under the Articles of Confederation. Through out the Articles of Confederation, many contradicting statements other than this one can be found. In regarding political factors, foreign relations and diplomacy were centered upon in the Articles of Confederation, and were rather fair, and effective in expressing what the states and the country could do. It was quiet proper at the time for states to not be able to have their own treaties, and partak ...

How to Calculate Density of a Gas

How to Calculate Density of a Gas Density is mass per unit volume. Finding the density of a gas is the same as finding the density of a solid or liquid. You have to know the mass and the volume of the gas. The tricky part with gases is that you are often given pressures and temperatures with no mention of volume. You have to figure it out from the other information. This example problem will show how to calculate density of a gas when given the type of gas, the pressure, and the temperature. Question: What is the density of oxygen gas at 5 atm and 27  °C? First, lets write down what we know: Gas is oxygen gas or O2.Pressure is 5 atmTemperature is 27  °C Lets start with the Ideal Gas Law formula. PV nRT whereP pressureV volumen number of moles of gasR gas constant (0.0821 L ·atm/mol ·K)T absolute temperature If we solve the equation for volume, we get: V (nRT)/P We know everything we need to find the volume now except the number of moles of gas. To find this, remember the relationship between number of moles and mass. n m/MM wheren number of moles of gasm mass of gasMM molecular mass of the gas This is helpful since we needed to find the mass and we know the molecular mass of oxygen gas. If we substitute for n in the first equation, we get: V (mRT)/(MMP) Divide both sides by m: V/m (RT)/(MMP) But density is m/V, so flip the equation over to get: m/V (MMP)/(RT) density of the gas. Now we need to insert the values we know. MM of oxygen gas or O2 is 1616 32 grams/moleP 5 atmT 27  °C, but we need absolute temperature.TK TC 273T 27 273 300 K m/V (32 g/mol  Ã‚ · 5 atm)/(0.0821 L ·atm/mol ·K  · 300 K)m/V 160/24.63 g/Lm/V 6.5 g/L Answer: The density of the oxygen gas is 6.5 g/L.

Is Howard Campbell Insane Essay Example | Topics and Well Written Essays - 1000 words

Is Howard Campbell Insane - Essay Example I believe that Howard Campbell is not insane because, first of all, Howard Campbell lost his hope and became a death in society. Secondly, he always pretended to be someone else. So he could continue to live but knew what he was doing. He was not only a hero in his life but also died like a hero. He saw life with different angles and faced various difficult situations. But he never lost his hope and came up victoriously from all those difficult situations. He lived in the dark and was fearful about all the things around him. This was basically the way for him to regain the aims and expectations of living life. He started to recognize the importance of life. The Second World War taught him how to view all the aspects of life. Howard Campbell lost his hope and became a death in society because he not only lost his wife, Helga, but also his writing talent. As Howard Campbell said, â€Å"That was how I lost her. She was entertaining troops in the Crimea, and the Russians took the Crimea back. My Helga was presumed dead† (Vonnegut 42). So Howard lost his hope and tried to run away from reality because his wife was everything to him. â€Å"And so, with my Helga presumed dead, I became a death worshiper, as content as any narrow –minded religious nut anywhere. Always alone, I drank toasts to her, said good morning to her, said good night to her, played music for her, and didn’t give any damn for one thing else† (Vonnegut 47). Howard became a discouraged person who was spending all his energy and life in order to stay alive. So he had a little efficiency for anything else. And that is why he lost his interest in everything and also lost his writing talent. â€Å"The part of me that wanted to tell the truth got turned into an expert liar! The lover in me got turned into a pornographer! The artist in me got turned into ugliness such as the world has rarely seen before† (Vonnegut 206). But after all

Balanced Scorecard Essay Example | Topics and Well Written Essays - 1250 words

Balanced Scorecard - Essay Example The Balanced Scorecard is one of the contemporary performance measure systems that the managers engage to gain operational performance insights from various departments of the organization. The Balance Scorecard embraces almost all the facets of an organization and renders more valuable information to managers concerning various critical organizational decisions. Dilanthi et al. propound that, "BSC is a management framework that measures the economic and operating performance of an organization [and] is intended to link short-term operational control to the long-term vision and strategy of the business" (183). Hence, the balanced scorecard basically provides a management tool to gauge the organizational performance by means of a unique approach. The most eminent feature of balanced scorecard measure is that rather than focusing on a single aspect, it encompasses all the major elements that have a significant impact upon of the organization's performance. Bryant, Jones and Widener (2004, p108) illustrate this point as that, "firms implement a BSC by selecting both financial and non-financial measures across four hierarchical perspectives: learning and growth, internal business processes, customer, and financial". Hence, the BSC measure rests on evaluating the performance of a firm on four distinct perspectives. Although the performance is also gauged in terms of financial perspective but it is not done exclusively. It is combined with other significant angles viz., learning and growth, customer, and internal business process etc. Dilanthi et al. suggest that, "non-financial measures, such as customer retention, employee turnover, and number of new products developed these measures serve as predictors of future financial perf ormance" (183). It implies that even the non-financial measures in BSC contribute to the future financial success of the company. This consideration and emphasis on non-financial elements in performance measurement also happens to be one of the major criticisms of the traditional performance measures, which led to the development of BSC measure. Yeniyurt assets that, "one major criticism to traditional metrics is that they do not consider non financial performance measures such as customer satisfaction, process efficiency and rate of innovation" (135). The Business Scorecard measures guides the organization in critical decision-making concerning employee management through learning and growth, unveiling of new products and services through internal business processes, estimating performance targets for the enhancement of customer experience and finally the financial perspective encompassing the financial position of an organization i.e., profits, losses and various costs (Bryant, Jones and Widener). Self identifies that in BSC, "we not only decide what measures are important; we also state unequivocally what constitutes success for each measurement. each year we can literally see how well we have done." (101-102). It means that in balanced scorecard measure, an organization defines its performance measures and sets goals on the performance level to be achieved on each particular measure. This makes a company analyze its performance at the end of the year against the targets established and targets achieved so that it can realize the elements that need to

Riordan New System Proposal Essay Example for Free

Riordan New System Proposal Essay Riordan Manufacturing is a company that produces plastic from beverage containers to the automotive and aircraft industries. In order for Riordan to continue to be the leader in the polymer materials industries, they must improve there system. Finance and accounting is one of the areas to become more compatible with all of the locations that the company has. Data that is received at the main office is not complete, inacurrate and time consuming. In the finance and accounting department the lack of compatibility maks compliance with government regulations difficult. Labor ranging from processing papers and costly and labor in audits is part of the upgrade and integrated with a new software program. Sales and marketing has a need to increase their sales and strengthen their current customer base. CMS needs a new approach to increase sales and strengthen their customer base. Information for sales, major accounts, contracts, government accounts, and minor accounts of different customers. The stragety of using the internet will perform marketing campaign. This will help to increase sales and recognition for the company and also expand the company reach and increase profitability. Human Resources system is outdated and is not meeting expectations of the company. HR has a lack of security required for personal information and organizational confidentiality. Beginning with the upgrade of internal secutity of Riordan current system. HR goal is to combine benefits, administration, payroll, recruiting and training, and performance analysis. Creating a system that will minimize the cost per associate. Implementing a new system will avoid compromising and possible legal actions from happening. Riordan will need specialize sofware for their type of operation. A new software will allow them to operate worldwide. The software is SagePFW which will improve and capture all efficiency and merge complex manufacturing techniques. The integrating business systems and information technology will add efficiency, create a unified software system  with a corporate wide database and improve communications systems. Upgrading the company system will make a difference in the time spent completing paperwork and tasks. Making these changes will help to keep the Riordan on top of the plastic industry. Keeping track of their companies monies will be more accurate and fewer errors.

Physics of Cycling :: physics sport sports cycle bicycle

Almost the entire spot of cycling is based on physics. Some aspects are obvious, like torque and other basic forces, although others do not come to mind as easily. Things like aerodynamics are playing an increasingly larger role in the sport, along with other things like damped harmonic motion (think mountain bike suspension), and efficiency. A lot of the detailed things would be beyond this paper, but the basics, which are the most import parts, will be talked about. Torque is what makes the wheels on the bike go round. Great research has been but into the sport in order to figure out how to increase the torque applied by the rider to the rear wheel, wile decreasing the torque required to make the wheel turn. Torque is produced the rider using a device called a crank. The torque in the series of parts that drive the bicycle forward (called the drive train) is dependant on the size of the chain ring (the large gears mounted on the crank) being used, and the size of the rear cog being used. When the chain is on the smaller chain ring, the force through the chain must be greater because the chain ring is closer to the axis of rotation and must apply a larger force to equal the torque produced by the pedals. Likewise, if a larger cog is used in back on the wheel, an larger torque is exerted on the wheel, and so produces a larger forward force at the tire. These higer-torque gears are good for climbing, where large forward forces are need at low speeds, but for flats and downhills, different gearing is needed, because the lower gearing does not provide much forward rotation (the rear wheel will not rotate as much for a single stroke of the pedal). Detail of the drive train on a bicycle. The smaller the gear on the crank combined with a large gear on the wheel will produce large amounts of torque and large forward forces. Work and Power Although torque does have a lot to do with the bike and how it works, professionals and people in the know don't usually refer to torque the rider applies to the wheels. Usually, they'll talk about power. This makes much more sense, because cycling, in general, is a sport that requires you exert yourself for a relatively long amount of time, instead of just trying to exert the largest force you can (this isn't weight lifting).

Economic Factors Essay

The GDP (Gross Domestic Product) or The Gross Domestic Income (GDI) is defined as the gross total market value of all the final . products (goods and services) produced by a country in a given period of time more specifically a calendar year. Gross Domestic Products can also be considered as the sum of all value added at every stage of production of all the final goods and services produced in a country and are always given a money value(kuznets,1932) Since the GDP is a measure of national income and output it is always equal to the total government spending, the total consumer spending and the total investments in a country. It can be calculated using the formula below; Gross Domestic Product= Total Consumption +Gross Investment + Government Spending+ (Exports – Imports) or it ca n be as GDP=C+I+G(X-M) Inflation can be described as the general rise in the level of prices of goods and services in a country over a specific period of time. It is the rise in prices of all goods and services and a rise in the price of one good or service cannot be referred to as inflation. Inflation mostly involves the decrease in value of a countries currency, and measured as a percentage rate of change of prices. This is mostly caused by high rates of money supply in a country without significant increase in the economy. (Kuzneta,1932) There are different factors in a country that are blamed for high rates of inflation in the product markets, these factors sometimes vary from markets to markets and from country to country. The factors are mostly determined and controlled by the level of a country’s performance in the international stock markets and money markets. The factors are as fluctuations in the real demand for goods and services or scarcity of goods and services and sometimes the change in the supply or the real demand for money. These two factors have brought a lot of controversies among the monetarists and Keynesians. The inflation in a country can be easily determined by measuring the different price indices and analyzing how these affects different people, these indices are the consumer price index which is used to measure individual consumer prices and the GDP deflator which measures the price associated with domestic production of goods and services. (kuznets,1932) History and records made shows that the United States has never seriously recorded high level of inflation, as it was in the 1970’s. This was recorded; inflation of the 1970’s was a marked deviation from America’s typical peacetime historical pattern as a hard-money country. We should expect America to continue to be a hard-money–low inflation–country in the future, at least in peacetime. (http://www. j-bradford-delong. net/Econ_Articles/woodstock/woodstock4. html ) The low rate of future inflation that we thus forecast changes the balance of macroeconomic risks and opportunities, the risk of debt-deflation-mediated recessions is somewhat higher because a low trend rate of goods-and-services price index inflation somewhat increases the chances of deflation. But it does not raise such risks as much as one might think. The failure of the Fisher effect to hold empirically means that a low inflation era will in all likelihood is a high real interest rate era. But such high real interest rates do not appear to significantly discourage investment or growth. The burst of inflation that struck the United States in the 1970s shapes much American thought about macroeconomic policy. The decade of the 1970s saw GDP-deflator inflation rates peak at nearly ten percent per year. It saw consumer price inflation rates peak at three or four percent higher. ( Because of the inflation experiences America has had a long war and strong policies to significantly inflation and to increase the GDP, this has been because hampered in the last five years, this has been because of the Iraq invasion five years ago, in economic terms, the wars in Iraq and Afghanistan now cost $275 million each and every day. Nearly half a trillion dollars has been spent so far. That’s $4,100 for every household in America. According to a recent Congressional Research Service (CRS) report, the average monthly cost reached $10. 3 billion in 2007, up from $4. 4 billion in 2004. By the end of 2009, the cost of the Iraq and Afghanistan wars could reach $1 trillion. ( http://www. marxist. com/usa/war-economy-elections. htm) The cost of the war even in a country as wealthy as the United States cannot endure this drain forever. Every dollar spent on the war is a dollar not spent here at home on health care, education, affordable housing, jobs, or repairing the country’s decaying infrastructure. The effects of the war are directly felt here at home. And this is during a so-called economic boom. The war has had a big effect on the US economy(http://www. marxist. com/usa/war-economy-elections. htm) The official declaration that the country has entered a recession usually doesn’t come until months after it actually begins, as the analysts from the National Bureau of Economic Research (NBER) look back over the facts and figures. But top economists from major Wall Street firms such as Merrill Lynch and Goldman Sachs think a tipping point into recession has already been reached. Even the number of unemployment rose sharply in December 2007 to 5. 0 percent, up from the cyclical low of 4. 4 percent in March. Also, the economy slowed dramatically in the fourth quarter of 2007, growing by just 0. 6 percent, with total growth for the year at just 2. 2 percent, the worst figure since 2002. Never in the last 60 years has such a sharp rise in unemployment, combined with such low growth, not led to a recession. (http://www. marxist. com/usa/war-economy-elections. htm) The housing and credit crisis has begun to spread to the broader economy. Defaults for adjustable rate loans issued in 2007 hit 11. 2 percent in November. This is twice the default rate for 2006. Most worrying is that none of these loans had yet â€Å"re-set† to the higher rate. This represents some 300,000 households, yet more people who will almost certainly lose their homes as a result of this crisis. Spending on new housing projects fell in 2007 by 16. 9 percent, the worst fall in 25 years. And as reported by Reuters, the services sector, which accounts for over two-thirds of U. S. economic activity, fell sharply in January, to levels not seen since the 2001 recession. The Reuters/University of Michigan index of consumer sentiment fell to 69. 6 in February from 78. 4 in January, the lowest reading since February 1992. The index has only been this low during the recessions of the mid 1970s, the early 1980s and the early 1990s. The Institute for Supply Management’s index for the non-manufacturing sector plummeted to 41. 9 from 54. 4 in December: a reading below 50 indicates contraction. The employment index fell to 43. 9 from 51. 8, corroborating the late January U. S. payrolls report, which showed the first net monthly contraction in the labor market in more than four years. While it is impossible to say exactly when or how deep or how long the slump will come, it already feels like it to millions of American workers (. http://www. marxist. com/usa/war-economy-elections. htm) This has already led to decreasing government revenues, and still Bush proposes a budget that tops $3 trillion for the first time in U. S. history. By Bush’s own estimates, it will lead to deficits of $410 billion in 2008 and $407 billion in 2009, bringing the overall Federal deficit to $5. 9 trillion, up from $3. 3 trillion when he took office. $2. 3 trillion of this debt is held by foreign banks and investors. ( http://www. marxist. com/usa/war-economy-elections. htm) The proposed American Budget would dramatically increase spending on the military and military aid to â€Å"key allies† around the world, in other words, countries that are actively repressing their own people to defend U. S. corporate interests. To pay for all of this, the government will have to further cut already depleted domestic programs such as Medicare and abolishing dozens of other social services programs. ( http://www. marxist. com/usa/war-economy-elections. htm ) Not surprisingly, the budget allocates $515 billion to the Defense Department, not including a separate request for billions more for the wars in Iraq and Afghanistan. Adjusted for inflation, this will be the largest military budget since World War II. This is a true â€Å"guns before butter† budget, an open declaration of increased militarism abroad and a further relentless attack on workers here at home. The American ruling class will expect more of the same ruthless cuts from the next Republican or Democrat to sit in the Oval Office. ( http://www. marxist. com/usa/war-economy-elections. htm) During such hard times for and at appoint in history that America is high in politics and this being an election year there are many people looking for an electoral solution to the serious and growing problems they face. While the Iraq War is still high on voters’ lists of concerns, the economy is now number one for voters of both main parties. Many youth in particular are looking to the Democrats, and especially to Barrack Obama. The Republicans’ almost-certain candidate John McCain has staked his entire political future on continuing the war in Iraq. But do the Democrats’ candidates offer anything even closely approximating the majority of Americans’ demand to bring the troops home now? (http://www. marxist. com/usa/war-economy-elections. htm) It is at this point in time that we live the whole life and the economic future of America in the sound political policies that will be fronted by the candidates. We believe we can change America. REFFERENCES Bradford DeLong and Etal (1999), America’s Historical Experience with Low Inflation http://www. j-bradford-delong. net/Econ_Articles/woodstock/woodstock4. html http://www. marxist. com/usa/war-economy-elections. htm retrieved on the 2nd June 2008 Kuznets Simon, (1934). â€Å"National Income, 1929-1932†. 73rd US Congress, 2d session, Senate document no. 124, page 7. http://library. bea. gov/u? /NI_reports,539

Homeschool vs Public Schools Essay

Education has always been an important factor for many people in today’s society. For some being able to have a higher education is very important. There are two forms of general education homeschooling and public schools. Homeschooling is taught at home in an isolated place with a personal instructor. Students are requiring to study without the surrounding of other children. Public school are different children are able to connect and grow with others. This is the most general way students study. Both homeschooling and public school has its advantages and disadvantages such as relationships, achievements, and some risk of danger. One of the main differences between homeschooling and public schools is the daily environment. Difference between Homeschooling and Public Schools People have been homeschooling their children for many years. Some people believe that homeschooling is best choice to go. Homeschooling there are no distractions from other children, because students are studying at their own risk. This is no communicating face to face with friends. It causes less trust and little memories. Students do not have the advantage of going to prom and walking across the stage, with fellow classmate. In homeschooling student are not stable mentally. Many students need the advice that can help organize the values from teachers. A young adult needs the attention and require serious communication among instructors and followers. Students have a hard time with reality from advice, on what is required. This causes them to be more confused. While public schools offer students the chance to develop relationships. Friends are able to meet and create wonderful memorable times. They will be necessary existence towards each other. Therefore, teachers can counsel from personal experiences. It helps and intensifies fellowship. The disadvantages for Homeschooling  Academically homeschooling and public schools; both provide him or her with general education. Each of them has qualified and professional instructors to help with learning experience. Generally grade, awards and achievements are good significant points. Many things can distract homeschooling students from concentrating on home studies. With the technology of internet, face book, and video games can be a major distraction. People don’t realize how much time and energy are spending on the internet alone. The stress that it will have on family is homeschooling causes confusion. Parents have to prepare a lesson plan on every subject. This will be so that the parent is comfortable answering questions on different topic. A huge amount of work goes into teaching at home, but there is still question on how the lesson is represented. If the child is struggling to understand, it might cause a conflict between the parent and child. Disadvantages for Public Schools When we cosign children to public schools, we feel satisfied that they are receiving the right quality of education. Parents always like to know if they are getting their money worth. More importantly if their children are safe at a public school. Students have a chance to socialize with others young adults. Some students are getting bully every day in public schools. This can result in suicidal thoughts or depression, because of the high stress level. It leave parents with concern of did I make the right decision for my child. School environment are ways peers interact with one another and develop different attitudes. A homeschooling environment brings in a more a natural social environment. There is little long- standing knowledge among regular school goers, because most things are learnt for mainly exams. With children there is no correlation of fact with life. It can be why parents are more comfortable with homeschooling their children at home. Public Schools Public schools, despite all of their bad press, are still the most popular way to educate a child. Like most services consumers deal with in their daily lives, there are outstanding public schools and some that can receive a failing grade. Students attend school for the primary purpose of learning and that’s what any school should be judged on most heavily. Looking at the average of performance in some schools are very poorly, but comparing a public school to the other option isn’t entirely fair. Public schools are charged with educating all students in a class size of 25 or more students. However, public schools offer more than academic. Homeschooling doesn’t offer the same opportunities in the arts, athletics and other activities that students get in a public school. A study in Chicago found student who participate in the arts, achieve higher test scores then those who did not. Although these types of classes and activities are offer in private and homeschooling environments, they aren’t offered at the same level of many public schools. Homeschooling There is no doubt that researchers speaks very highly of homeschooling. Not only is it cheap compared to other education options, but the results are generally better. Most parents who homeschool spend less than $600 per year. In a public school parents are spending $10,000 way more in the public school systems. However parents who homeschool still pay a percentage of 10,000 expenses. Surprisingly, spending such a low amount on a child’s education produces impressive result. The averaged homeschool outperform student out preformed the average homeschool student the average public school students by roughly 30 percentile points. The largest drawback mention by opponents of homeschooling is that kids are lacking socialization once they enter college. Homeschoolers are no less socialized than other children. Just like public schools, the quality of the homeschooling experience depends on the drive of the drive and motivation of the teacher. It takes a discipline, motivated and intelligent person to homeschool his or her child.

The Atom essays

The Atom essays Our understanding of the atom has changed remarkably over time. At one point, it was considered a solid object. Now, the atom is considered to have a cloud for its electrons. We believe that our notion of the atom has had many changes, and will continue to change until we get it right. The first scientist was Sir Isaac Newton. True, the atom was not his greatest achievement, but he had a mutual association with it. The latter part of Newton's book Optiks is a series of speculations on the atomic nature of matter, indicating how some of matter's properties are to be understood in terms of atoms. (http://physics.hallym.ac.kr/education/qm/mitqm/804f/.html) Newton needed the atom to help him write this book. Robert Boyle was similar to Newton in his association with the atom. Boyles work in chemistry was aimed at establishing the atom as a rational theoretical science on the basis of a mechanistic theory of matter. Boyle was a skillful experimenter who insisted that experimentation was an essential part of scientific proof . (http://webpub.allegheny.edu/employee/g/grodgers/ScientificTravelingWebsite/Boyle.html) The atom also helped the famous chemist Mendeleev. Mendeleev was the chemist that made the periodic table. Mendeleev used the atom to help sort elements. He listed the elements by their atomic weight, (explained again in Daltons paragraph). Also the smallest form of an element is the atom. We now know that the number of electrons, protons, and neutrons differs within each atom. (chemsoc.org/viselements/pages/history.html) John Dalton furthered our information on the atom. Dalton's main step forward was his introduction of atomic weights. He discovered the law of multiple proportions, which states that when several distinct reactions take place among the same elements, the quantities entering the reactions are always in the proportions of simple integers, 1 to 1, 2 to 1, 2 to 3, and so...

Tropical Rainforests - Harbors of Diversity

Tropical Rainforests - Harbors of Diversity Biodiversity is a term biologists and ecologists use to describe natural biotic variety. The numbers of animal and plant species plus the richness of gene pools and living ecosystems all make for sustained, healthy, and diverse ecosystems. Plants, mammals, birds, reptiles, amphibians, fish, invertebrates, bacteria, and fungi all live together with non-living elements like soil, water, and air to make a functioning ecosystem. A healthy tropical rainforest is the worlds most spectacular example of a living, functioning ecosystem and the ultimate example of biodiversity. Just How Diverse are Tropical Rainforests? Rainforests have been around a long time, even on a geological scale. Some existing rainforests have evolved over 65 million years. This time-enhanced stability has in the past allowed these forests greater opportunities for biological perfection. Future tropical rainforest stability is now not so certain as human populations have exploded, rainforest products are in demand, and countries struggle to balance the environmental issues with the needs of citizens living off these products. Rainforests by their very nature harbor the greatest biological gene pool in the world. The gene is a basic building block of living things and every species is evolved by various combinations of these blocks. The tropical rainforest has nurtured this pool for millions of years to become the exclusive home for 170,000 of the worlds 250,000 known plant species. What Is Tropical Rainforest Biodiversity? Tropical rainforests support higher land area units (acres or hectares) of biodiversity when compared to temperate or arid forest ecosystems. There are some educated guesses by experts that tropical rainforests on our planet contain about 50% of the world’s terrestrial plant and animal species. The most common estimate of the size of total rainforests amount to approximately 6% of the world’s land area.   While tropical rainforests around the world have many similarities in their climates and soil composition, each regional rainforest is unique. You will not find precisely the same species living in all the tropical rainforests around the world. For example, the species in African tropical rainforests are not the same as the species living in the tropical rainforests of Central America. However, the different species play similar roles within their specific regional rainforest. Biodiversity can be measured on three levels. The National Wildlife Federation lists these levers as:1) Species diversity - being  the sheer variety of living things, from microscopic bacteria and fungi to towering redwoods and enormous blue whales.  2)  Ecosystem diversity  - being tropical rainforests, deserts, swamps, tundra, and everything in between.  3)  Genetic diversity  - being the variety of genes within a single species, which give rise to the variations that cause species to evolve and adapt over time. Two Fantastic Rainforest/Temperate Forest Comparisons To comprehend just how marvelous this biodiversity is, you have to make a comparison or two: One study in a Brazilian rainforest found 487 tree species growing on a single hectare (2.5 acres), while the US and Canada combined only have 700 species on millions of acres.There are approximately 320 butterfly species in all of Europe. Just one park in a Peruvian rainforest, The Manu National Park, has 1300 species. Top Biodiverse Rainforest Countries: According to Rhett Butler at Mongabay.com, the following ten countries are home to the most biodiverse tropical rainforests on Earth. The United States is included only because of Hawaiis protected forests. The countries in order of diversity are: BrazilColombiaIndonesiaChinaMexicoSouth AfricaVenezuelaEcuadorPeruUnited States

The Changing Role of HR Essay Example | Topics and Well Written Essays - 3000 words

The Changing Role of HR - Essay Example These four categories are most basic to the functioning of the modern day organisation. The human resource or human capital element in the organisation ahs emerged as one that perpetuates this role at every level of the organisation through an effective integration of personal and organisational goals. (Johnson, 1996. P 13 to 18) The first role of the human resource in today's organisation is that of a business partner. This has come to the fore with the emergence of various service oriented companies that provide intensive marketing services along with the products that are being produced. The emergence of a marketing network has been crucial to companies like Bajaj Allianz Life Insurance, Oriflame Cosmetics and many others. (Green, 2002. P 111) These business partners work independently from home or under the name of their own business in order to cater to people exclusively and bring the products and services of the company to the doorstep of the independent clients. The role of these business partners is to bring business to the company by exploring their personal networks so as to earn commissions on the sales that they make. This is a formal level of institutionalised operations where the organisation profits greatly. This is done by pushing the product in quarters where the effects of regular marketing and promotion cannot reach. It is also an elevated level of salesman ship where the sales agents are offered a share in the business that they make. The advantage of this is that the business partners take a personal interest in the development of a clientele. (Green, 2002. P 111) Further, this serves the two fold purpose of sales and promotion. While there might not be immediate sales in some cases, there is a creation of awareness for future sales. This in turn, leads to increased sales and repeat orders through word of mouth and brand recall. At an informal level, the term business partner can be used to denote the modern day human resource base. This is due to the fact that the human capital in an organisation today is motivated enough to integrate the personal goals with those of the organisation in an effective way. In this way, the goals are achieved at both ends. The management of an organisation attaches great importance to the act of motivating the human capital through the use of incentives that may be material or immaterial. The material benefits include bonuses, promotions and other such means, while the immaterial ones include good reports and feedback. This helps the employee gain confidence and self esteem. Also, it caters to the employees need to achieve a certain social standing. Thus, the employee begins to realise that only by forwarding the goals of the organisation will his or her own goals be met. In this way, the human resource has emerged as a business partner that works in tandem with the organisati on as far as goal achievement is concerned. (Green, 2002. P 111) Change Manager The modern day economy is one that is changing with each passing

Should we continue to import goods from China Research Paper

Should we continue to import goods from China - Research Paper Example s second perspective is the thought that protectionism (not allowing imports from China) will bring jobs that have been outsourced and entrusted to China back to the United States, resulting in a vibrant, more productive economy. It is a fact that nearly 200,000 American jobs have been displaced by Chinese imports (Scott) in Wal-Mart Corporation alone. Those who hold protectionism as the answer for creating jobs in America hold this example as an expression of an underlying truth: that imports need to stop in order for the economy to improve. However, what is the overall economic impact of saving these jobs? According to an OECD report, stopping imports from China will actually hurt the American economy, costing $2.16 for every $1 rise in tariffs and dropping world income by $0.73. When a country implements such policies, production does indeed come back to that country; however, since they cannot make those goods as efficiently, consumption decreases because prices go up. Less consumption means more costs and a return to the original problem. From an economic perspective, the protectionist argument against importing goods fails. The opposite perspective, that individuals have the right to choose between all available alternatives certainly seems valid, particularly in response to the analysis that â€Å"open markets will be necessary for a sustained economic recovery† (OECD). Trade with China is mutually beneficial for both parties and should continue until it stops naturally. OECD. "Trade and Economic Effects of Responses to the Economic Crisis." 2010. Organisation for Economic Co-operation and Development.

Empowering through a Self-Sufficiency Strategy Essay

Empowering through a Self-Sufficiency Strategy - Essay Example To overcome the difficulties faced by the tsunami, all NGO's working in that area contributed a lot. Their activities were focussed in areas like physical well being of the victims akin to food clothing and shelter, mental aspects relating to sense of security, reinstating relationships and the economic side comprising of funds as well as resources required for daily life. The initial response of NGO's was to supply materials like food, clothing, napkins etc. More over they also concentrated in the removal of debris, dead bodies of humans and animals. Besides these activities, other services like ensuring clean drinking water, community medical camps, immunization programmes, trauma counselling etc was also done (Arnold.J.P.S. 2005). The devastation caused by the tsunami in the coastal regions has created a new challenge for NGO's working in that area, particularly in the field of water purification. To face the challenging situation NGO's have developed and installed equipments in t he region. (Asian Tsunami concentrates minds around the world. 2006.) The civil wars taking place in Afghanistan and Iraq has increased the misery of the common man living there. During the latter half of the year 2005 many natural disasters occurred in different parts of the world. Large scale of destruction has occurred. The most important effect of war on the society is the destruction of the victim's social environment, their natural living instincts and history as well as identity of their cultures (Zwi.A.B 2000 July 22). The roles that various NGO's play in Iraq are vital. At present they have tailored to the present situation of mistrust, doubt etc. NGO's have adopted the coordination mechanism which helps to locate the needy as well as to understand the situation. To cater to the present needs, NGO's have triggered the field related emergency arrangements. Due to the crisis in Iraq over 8 million people are in need for humanitarian aid. This situation has arisen due to a number of causes like corrupted basic services, failure of finding livelihoods, and uncontrolled price rises. The sadder side of Iraq is that the government and other agencies have a limited role to solve the crisis because of the lack of chance to contact the population. (NGOs Coordination Committee in Iraq. 2007). During the rehabilitation process of the Afghan war, funds around 35 million were distributed for developing the health services sector. NGO's working in the health sector of Afghanistan has brought significant changes and success in the area. Preparation of separate waiting room for female patients and a completely renovated delivery room accompanied by a neo natal ward equipped with modern equipments were also established. For the disposals of clinical waste, pits were dug up and steel and brick furnaces were constructed. NGO"s has also appointed their own staff for monitoring these activities also. (A Formula for Success in Afghanistan) The dangerous war fields of Congo, Sudan and Uganda in Africa are among the most dangerous places to live in. this fact was published by a poll conducted by Reuters. The most affected are children and woman who always find themselves in the receiving end. (Rowling.M. 7-7-2006) Rowling.M. 7-7-2006. The world's 10 worst child danger spots. According to

Experiment on Size, Shape and Structures of Aggregates

Experiment on Size, Shape and Structures of Aggregates Introduction Dye sensitized solar cells (DSSC) have made considerable attention because of their unique features for conversion of free, unlimited solar energy into electricity by utilizing environmental friendly, inexpensive raw materials for low production cost1,2. DSSC composed of nanostructured, mesoporous semiconductors with wide-bandgap materials, to which the dye molecules (sensitizers) are adsorbed, a counter electrode and an electrolyte. In DSSC the dye molecule absorb visible light, and inject electron from photo-excited state of dye molecule to conduction band of semiconductor1,3 The performance of a dye-sensitized solar cell is mainly based on the structure of the visible light absorbing dye/ sensitizer. Applications of several natural carotenoid dyes with higher absorption coefficient in the visible region of the solar spectrum with higher conversion efficiency, is under investigations1,4. Carotenoids are C40 tertraterpenoid hydrocarbons consist of eight-C5 isoprene units5. The major characteristic feature of Car molecule is it comprises of extensive conjugated system of delocalized Ï€-electrons which makes them highly hydrophobic molecules. Therefore when these carotenoid molecules are dissolved in hydrated solvents they tend to form aggregates since the molecule is hydrophobic in nature. The surface arrangements and the aggregation behavior of the sensitizers (carotenoids) on semiconductor nanoparticles is greatly influenced the performance of carotenoid based artificial photosystems such as DSSC. It was stated (Wang et al.2006) that formation of dye aggregates suppresses the performance of DSSC6 since the device performance is influencing the nanoscale morphology of the aggregates. Therefore several researchers have focussed on the nanoscale organization of molecular aggregation in solutions of these conjugated molecules at atomic level resolution. Interchain agg regation behavior of a conjugated polymer (DP10-PPV) which used in opto-electronic applications such as pohotovoltaics, dissolved in two solvents having different qualities at different concentrations were studied by (Chen et al. 2009) using Small angle neutron scattering (SANS), revealed that the internal conformational structure of these network aggregates were differ in different solvents. A similar study was also carried out by Chen and coworkers for another semirigid conjugated polymer (DP6-PPV) in solutions7,8. Moreover it has been reported that, when carotenoid molecules are deposited on the surface of semiconductor often it forms H-shape aggregates5. Aggregation phenomena of natural and artificially modified carotenoids were proved that J- and H-aggregates are the possible geometries9. Apart from the formation of self-assembled aggregates in hydrated solvents of these carotenoid molecules, there is strong relationship between the structural conformation and the composition o f molecules in the solution with the ability of aggregation5. Polar carotenoids consist of –OH (hydroxyl groups) in the carotenoid structure promotes the formation of aggregates compared to the molecules without any functional groups, (Simonyi et al. 2003). Furthermore the position of the functional group may also significantly affect the type of aggregates form10. It was observed experimentally for the first time (Cheng et al. 2009), the crossover from swollen coils in semidilute regime to unperturbed coil at high concentrations11 with the variation of polymer radius of Gyration (Rg) of poly(methyl methacrylate) in chloroform as a function of polymer concentration (à Ã¢â‚¬ ¢). Perahia et al. used SANS data12to investigate how molecular solutions of poly(2,5-dinonylparaphenylene ethynylene)s (PPE) aggregates into large flat clusters. Ratnaweera et al. 2012 and Lodge and coworkers were studied self-assembly modes of several block copolymers in selective solvents using SANS13 -15. Therefore the studies of dye aggregates are really essential for future developments of carotenoid based electrochemical devices for solar energy conversion. Spectroscopic studies on carotenoids in hydrated solvents revealed that the aggregation behavior of carotenoids is significantly affecting the S0 →S2 electronic transition16 of neutral carotenoids. Therefore the solvent quality is one of the major factors for carotenoid solutions which govern the size of the aggregate. When the carotenoid molecules are uniformly dissolved in a good solvent at low concentrations to form a homogeneous mixture, carotenoids are exist as isolated molecules that are very far from each other17. Therefore the interactions between monomers are very weaker than the monomer-solvent interactions and polymer tends to swells and its size is larger than the ideal size13,18. Cheng coworkers stated11 that in the good solvent domain (T > ÃŽ ¸), the repulsions of excluded volume is greater which results Rg of the aggregates enhanced beyond its unperturbed size. Further this expansion effect is greater in dilute solutions since the volume fraction of polymer is very low compared to its overlapping concentration. When the concentration of the solution is increased, the attraction between monomers are stronger and the aggregates tried to collapses into globules wit h solvents inside it corresponds to a poor solvent. The size of the structural conformation of collapsed globule is smaller than the ideal chain17. For a polymer solution (NA = N and NB = 1) to be favorable for mixing or aggregation is depends on the Flory-Huggins equation which consist of two terms, the entropy and energy terms17. The energy change of binary mixing which depends on composition of the mixture is the main factor, for a polymer to be dissolved in a good solvent to make an equilibrium state of a homogeneous mixture of polymer solution. Entropy of mixing is small for polymer solutions and always positive hence promotes mixing, but the energy of mixing is either positive or negative which measures the attractive or repulsive interactions between species. The net attraction between species in the solution is important because it measure the value and the sign of the Flory interaction parameter (χ) and hence to know whether the given mixture consist of single-phase or separated into phases. In this research the small angle neutron scattering (SANS) data was used to investigate the quantitative experimental information on size, shape and structures of aggregates. Two carotenoid molecules, bixin and norbixin were selected in this study to characterize their structural information of monomeric and aggregated forms. The natural dyes, bixin and norbixin are belongs to the group of apo-carotenoids, extracted from annatto seeds of the Bixa orellana tree1. The chemical structures of cis-bixin (C25H30O4) and cis-norbixin (C24H28O4) is shown in fig. 1. (1) Gà ³mez-Ortà ­z, N. M.; Và ¡zquez-Maldonado, I. A.; Pà ©rez-Espadas, A. R.; Mena-Rejà ³n, G. J.; Azamar-Barrios, J. A.; Oskam, G. Solar Energy Materials and Solar Cells 2010, 94, 40. (2) Zhou, H.; Wu, L.; Gao, Y.; Ma, T. Journal of Photochemistry and Photobiology A: Chemistry 2011, 219, 188. (3) Xu, H.; Tao, X.; Wang, D.-T.; Zheng, Y.-Z.; Chen, J.-F. Electrochimica Acta 2010, 55, 2280. (4) Yamazaki, E.; Murayama, M.; Nishikawa, N.; Hashimoto, N.; Shoyama, M.; Kurita, O. Solar Energy 2007, 81, 512. (5) Landrum, J. T. Carotenoids : physical, chemical, and biological functions and properties; CRC Press: Boca Raton, 2010. (6) Wang, X.-F.; Koyama, Y.; Nagae, H.; Yamano, Y.; Ito, M.; Wada, Y. Chemical Physics Letters 2006, 420, 309. (7) Li, Y.-C.; Chen, K.-B.; Chen, H.-L.; Hsu, C.-S.; Tsao, C.-S.; Chen, J.-H.; Chen, S.-A. Langmuir 2006, 22, 11009. (8) Li, Y.-C.; Chen, C.-Y.; Chang, Y.-X.; Chuang, P.-Y.; Chen, J.-H.; Chen, H.-L.; Hsu, C.-S.; Ivanov, V. A.; Khalatur, P. G.; Chen, S.-A. Langmuir 2009, 25, 4668. (9) Auweter, H.; Benade, J.; Betterman, H.; Beutner, S.; Kà ¶psel, C.; Là ¼ddecke, E.; Martin, H.; Mayer, B. Pigments in food technology. Sevilla: Dep Legal 1999, 197. (10) Simonyi, M.; Bikadi, Z.; Zsila, F.; Deli, J. Chirality 2003, 15, 680. (11) Cheng, G.; Graessley, W. W.; Melnichenko, Y. B. Physical Review Letters 2009, 102, 157801. (12) Perahia, D.; Traiphol, R.; Bunz, U. H. F. The Journal of Chemical Physics 2002, 117, 1827. (13) Ratnaweera, D. R.; Shrestha, U. M.; Osti, N.; Kuo, C.-M.; Clarson, S.; Littrell, K.; Perahia, D. Soft Matter 2012, 8, 2176. (14) Lodge, T. P.; Hamersky, M. W.; Hanley, K. J.; Huang, C.-I. Macromolecules 1997, 30, 6139. (15) Lodge, T. P.; Bang, J.; Park, M. J.; Char, K. Physical Review Letters 2004, 92, 145501. (16) Alwis, D. D. D. H.; Chandrika, U. G.; Jayaweera, P. M. Journal of Luminescence 2015, 158, 60. (17) Rubinstein, M.; Colby, R. Polymers Physics; Oxford, 2003. (18) Halperin, A. Journal de Physique 1988, 49, 547.

As I Lay Dying Essay -- Literary Analysis, William Faulkner

William Faulkner’s portrayal of women, Addie Bundren specifically, in As I Lay Dying presents an interesting look into the gender politics of the south in the 1930s. Addie lies at the heart of the novel; yet despite being the heart, her presence for most of the story is as a corpse. Faulkner only gives her one chapter to explain herself; and it is her desire to be buried in Jefferson that sets in motion everything that happens in the novel. There is a profound tension at work between words and Truth her chapter: Addie ascribes no value to words, they are nothing more than dead sounds. And despite her claim that words are â€Å"quick and harmless†, she is tricked by them, and relies on them to take her revenge on Anse. While the word â€Å"sin† means nothing to Addie, she is nevertheless consumed by the idea of Sin. The fundamental problem for the reader is how to decipher a chapter of words when Addie says they are empty shapes. Addie’s nihilistic approach to language reveals her attempt to escape her subjugation as a woman: as a â€Å"woman†, Addie cannot help but fall into the traps of â€Å"wife† and â€Å"mother†, and their associated duities. Addie’s chapter placement complicates the novel, as it is placed after she dies; Faulkner does not make it clear whether he is presenting her voice from beyond the grave or if this is supposed to have taken place sometime in the past. From the very beginning of the chapter, Addie shows a darkness in her heart that the reader has not seen before. She hates children (169). She hates her father for bringing her into the world; and telling her that the â€Å"reason for living [is] to get ready to stay dead a long time† (169). She doesn’t appear to take any pleasure in living, except when she punishes her st... ...idelity; she â€Å"merely took the precautions that he thought necessary for his sake, not for [her] safety, but just as [she] wore clothes in the world’s face† (175). She continues her rebellion in her treatment of Jewel: rather than treating Jewel worse because he is a constant reminder of his sin, he is her favorite child, believing that he will save her from the water and the fire (168)—which Jewel does in turn; he rescues her body from the river, and single handedly carries her body from Gillespie’s burning barn. She identifies Jewel as her savior because he is the symbol of her rebellion. Addie’s carries out her final, and most damning act of revenge, by making Anse promise to take her body to Jefferson. This request places Addie’s dead family explicitly above Anse and her children, and she knows that Anse will carry it out because he is bound by his word.

Financial Statement Analysis of Bata Pakistan from 2005-2010

Running head: Financial Statement Analysis of Bata Pakistan â€Å"Bata Pakistan†; Financial Statement Analysis From 2005 to 2010 Anum Fatima BSc. IV Section: B Lahore School of Economics This report is submitted as partial requirement for Financial Statement Analysis of Pakistani Companies to Dr Farooq Chaudhry Abstract This paper does an in depth analysis of Bata Pakistan Limited. It includes a brief summary of accounting policies and standards of the company. The analysis revolves around financial statements, their horizontal and vertical analysis.It also includes a detailed analysis of different financial ratios to measure different aspects of the company’s performance. Weighted average cost of capital is calculated on the basis of which intrinsic value of the stock is calculated. It also includes analysis of economic value added and Du Pont. Introduction Bata Pakistan is a public limited company and it is listed on Lahore and Karachi stock exchange. The main office of the company is at Batapur, Lahore. This company manufactures all kinds of footwear with accessories sells them at its outlets.Sales are both local and export The parent company is Bafin B. V. , Netherlands whereas above it is Compass Limited, Bermuda. The financial data disclosed in the annual report has been prepared in accordance with IFRS (International Financial Reporting Standards) stated by International Accounting Standards Board. These standards are applied under the Companies Ordinance of 1984. The company made some amendments to account standards; some of them are effective whereas some of them will be effective in the near future.According the company’s opinion, these amendments didn’t have a significant effect on their financial statements. The financial statements follow the principle of historical cost rather than the fair value concept except some employee benefits whose details will be discussed later. All statements except the statement of cash flow are recorded at accrual basis. After giving a brief summary of accounting policies there is an in depth analysis of company’s financial statements, company’s valuation and then recommendations based on that analysis. Accounting PoliciesEmployee benefits are calculated through the defined benefit plan. A defined benefit plan basically involves a determined amount of gratuity dependent on factors like age, years of service, compensation etc. the company has an unfunded gratuity scheme for all employee excepting management. The provision for employees which are also the member of provident fund is calculated on the basis on 3 weeks basic salary for every year of service whereas for employees which are not the members of the provident fund it is calculated on the basis of 30 days gross highest salaries/wages.The actuarial gains and losses are recognized as per defined in IAS 19 over the expected average remaining working life of the employee. The company also operates pro vident fund scheme in which equal monthly contributions by the company and the employee at the rates of 8% and 10% are made to the employee and managerial staff respectively. The current taxation is calculated on the taxable income from local sales at the present tax rate after accounting for the tax credits, rebates or exemptions if any. Deferred tax is calculated by using balance sheet liability method for all temporary differences between tax bases of assets and liabilities.The carrying amount of deferred income tax asset is revised at each balance sheet date. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the liability is calculated on the basis of tax rates applicable on the balance sheet dates. Revenues, expenses and assets are recognized net of sales except when sales tax is recognized as part of cost of acquisition of asset and when receivables and payables include the amount of tax. Property plant and equipmen t are reported at cost minus depreciation and impairment losses which are accumulated but land is stated at cost.The method used to calculate depreciation is the reducing balance method. Recognized expenditures, related to an item of property plant and equipment, are added to the carrying amount of asset when future economic benefits are expected. To measure the impairment of non financial assets, at each balance sheet date the carrying amount of assets id revised to check for any impairment loss. If such is the case then recoverable amount of the asset is calculated. Recoverable amount is higher of an asset’s fair value less cost to sell and value in use.The company’s rubber factory represents assets that are leased out under the operating lease and that has been leased out to a third party for processing products and is included in the fixed assets of the company. Their depreciation is calculated in the same way as done for the other assets. Intangible assets are cal culated on initial recognition at cost. After that they are carried at cost minus any amortization and impairment losses that are accumulated. If such assets have finite lives then they are amortized over that life and assessed for impairment if any. The amortization mechanism is reviewed at least once every financial year.This expense is recognized in the income statement. Gain and loss from intangible assets are measures as the difference between net disposal proceeds and carrying amount of asset and recognized in the profit and loss account. The investments of the company have fixed maturity and the company intends to hold till maturity. These investments are first recognized at cost including transaction costs and then carried at the amortized cost. Stores and spares which are purchased are valued at weighted average cost whereas in transit stores and spares are valued at actual costs.Stock in trade is valued at lower of cost and net realizable value. Raw materials that is own p roduction and purchased are valued at weighted average cost whereas in transit are valued at actual cost. Work in progress is valued at the production cost. Finished goods that own production are valued at production cost on FIFO basis, purchased are valued at actual cost on FIFO basis whereas in transit are valued at the actual cost. Cost is calculated on the basis of cost of material, labor and production overheads. Net realizable value is based on estimated selling price minus estimated cost to completion and estimated cost to make sale.Provision for doubtful debts and other receivables are decided by management’s assessment of customer’s creditworthiness. It is recognized in the profit and loss account. Contingencies and commitments are also important. Contingent liabilities are disclosed when there is a possible obligation from the past due to any future event not within control of the company or when there is a present obligation from the past events but the amou nt of that obligation cannot be measured in a reliable manner. Borrowings are recognized at fair value net of transaction costs then they are carried at amortized cost.Any difference between proceeds and redemption value is recognized in the P and L account using effective interest rate method. Provisions are recognized when there is an obligation from past events and it can be estimated in a reliable manner. This amount is the best estimate while taking into account the risks. When the amount required settling a provision is expected to be recovered from a third party then a receivable is recognized if it is certain and estimate is reliable. Revenue recognition is done as stated below. The revenue from wholesale is recognized when company has delivered the product to the wholesaler.Retail sales are recognized when product is sold to the customer by cash or by credit. Customer loyalty card sales are recognized as revenue over the period that the award credits are redeemed. Profit on investment is recognized on accrual basis by using effective interest method. Profit on bank deposits is recognized on accrual basis whereas rental income is recognized on accrual basis over the duration of lease agreement. Cash and cash equivalents include cash in hand, deposits with banks, other short term investments with original maturities of three months or less and bank drafts.In cash flow statement, it is cash in hand; cash in transit, bank balances and short term investments. Recognition and measurement of financial instruments is done at times when company enters the contract. Al financial assets and liabilities are measured at fair value. Major categories of assets are investments, advances, deposits, trade debts, other receivables and cash and bank balances. Financial liabilities are creditors, accrued expense and other payables. Any gain or loss is recognized in the P and L account for the period.Offsetting of financial assets and liabilities is done and the net amount is reported in the balance sheet if the company has a legal right to set off. Corresponding income and charge are also off set. The amount of loss is the difference between asset’s carrying amount and present value of the estimated future cash flows discounted at effective interest rate. Related party transactions are conducted at arm’s length just as with the third party using comparable uncontrolled price method whereas related parties are those who are able to influence the operating and financial decisions of the company.Dividends and other appropriations to reserves are recognized when these are approved. Operating segments are reported in a manner consistent with the internal reporting. Board of Directors is the chief operating decision maker that makes strategic decisions. Significant changes observed during the 6 year period under consideration are discussed below. In 2006, stores and spares and stock trade didn’t use FIFO or LIFO, rather purchased unit s were valued at lower of moving average cost and net realizable value. In 2007 same method was used whereas in 2008 FIFO was used for similar valuation of inventory.This change of method has been effective since. When this method was used there was a remarkable increase in the amount of stock in trade as well as cost of sales and gross profits from the previous years. Other than that no significant policy changes are observed except some minor changes in standards which according to the company’s opinion had no significant effect on financial statements, Analysis of Financial Statements First of all we will be analyzing the financial statements indirectly through financial ratios divided in feasible groups. Liquidity RatiosThe working capital of the company has shown healthy growth over the year. Working capital is useful in evaluating company’s ability to meet currently maturing liabilities. The working capital of the company is not only positive but it is growing at an average rate of 44. 46%. It also means that current assets are growing at a rate faster than current liabilities. Working capital took a jump in 2007 which proved to be a prosperous year for the company due to favorable economic conditions and the company used this opportunity in an efficient manner to gain from the situation.This shows that current assets are always in access of current liabilities which is a good indicator. Comparing working capital with the industry is not very useful because it depends on the size and scope of the company. The Current ratio is basically another way of expressing the relationship between current liabilities and current assets. Minimum it should be equal to 1 meaning that current liabilities are exactly matched with current liabilities. The company is showing good performance in this regards as the current ratio is greater than 1 and increasing steadily over the years from 1. 1 in 2006 to reach 2. 66 in 2010. This again points to the fact that current assets are covering current liabilities effectively. Inventory and accounts receivables are forming major part of current assets. It still remains to be seen that whether this growth in current assets is solely due to increasing accounts receivables and inventory and then whether accounts receivables are being collected of inventory being sold in time. The current ratio was a little behind the industry averages in 2006 but it soon caught up and is growing side by side the industry averages.Quick ratio is calculated by excluding inventory from current assets as they are considered to be least liquid assets. It is a better measure of liquidity. Quick ratio shows a significant decline from current ratio owing to the fact that inventory is a major part of the current assets. It caught u with the industry average in 2009 when it went from 0. 51 to 1. 15. This also points to the fact that low quick ratio is not an indicator of less liquidity rather it points to the nature of the business and its dependence on inventory because it is in line with industry averages.Collection period measures the length of time after which the company expects to realize cash from its accounts receivables. Company has improved from 2006 to 2010 remarkably. In 2006 it was 30 days which reduced to 11 days in 2010. A major change was in 2007 as collection period fell by 10 days. They caught up with industry averages in 2009 which is 10 days. It shows that company’s accounts receivables are enforceable and not resulting in defaults. Days to Sell Inventory is the length of time after which company realizes sales from its inventory.They have improved from 2006 to 2010, falling from 131 to 101. They are in line with industry averages of 113 days. Major improvement was again seen in 2007 when days fell from 131 to 116. This is a good achievement as inventory has increased over time. Looking at all these indicators there isn’t any cause of concern for the company in terms of liquidity. Capital Structure and Solvency Ratios Solvency means the ability of the firm to meet its long term obligations which also involves analysis of capital structure of the company that is the debt and equity mix.The debt to equity ratio of 0. 52 means that for each one rupee of equity, 0. 52 is provided by creditors. This ratio is very low showing high percentage of equity. This is in line with industry average and has decreased over the 5 year period. This ratio should be typically low for a manufacturing company which is the case for Bata. This means that the company is in good position to meet its long term obligations. The long term debt to equity ratio is even lower meaning the company is relying very little on long term debt. it is less than 1 and decreases from 0. 13 to 0. 05.It has shown a slight decrease over the years and is in line with the industry averages. Times Interest Earned measures the times for which the amount of interest can be paid out of income befo re tax. This ratio was low in 2006 but it rose from 8 to 24 times in 2007 which is a big improvement. After that it came in line with industry average of 29 times. This also points to the fact that the interest charges of the company are very low and are only less than 1% of total sales. These set of ratio indicate that the debt equity mix of the company is satisfactory. Less reliance on debt means lower risk of default.So the company is in a great position to manage its long term liabilities which are meager in quantity as compared to equity. Return on Investment Ratios Return on assets determines the amount of return when 1 Rupee is invested in assets. In 2006 it was 18. 18% which later rose sharply in 2007 to 34. 79% and maintained the position till 2010 with slight variations. Industry average has been slightly higher that is 35% but in any case the performance of company’s assets is a satisfactory and generating good return. Another side is the return on common equity be cause shareholders are interested in the returns on equity.Return on equity shows the same pattern as return on assets. It was 16. 66% in 2006, rose sharply to 43% in 2007 and then maintained steady levels until 37% in 2010. Industry average has been almost 36% so company is earning good returns as per industry. Operating Performances This set of ratio link income statement line items with sales. These basically measures profit margins in different forms. Gross profit measures the relationship of cost and sales. Gross profit margin has maintained a steady well and increased from 37% in 2006 to 41% in 2007. The usual impact of 2007 boom is not very much apparent here.Then it maintained a steady level till 2010 of 40%. This is in line with industry average of 41%. Industry averages also doesn’t show much variation over the 5 years. Operating profit margin was initially 9% in 2006 but improved to 14% in 2007 and maintained the level till 2010. Industry average has remained more or less around 14% so compared to the industry company is doing fine and generating good returns. Net profit margin was 3. 67% but improved greatly in 2007 to 9. 05%. It has improved to 10. 46% in 2010. The industry average is around 9% according to which net profit margin of the company is satisfactory.Overall operating performance shows a good picture. Asset Utilization Ratios Asset utilization relates sales to different assets and their importance lies in the fact that they are important determinants of return on investment. Cash Turnover is the firm’s efficiency in its use of cash for generation of sales revenue. This ratio shows a volatile trend. The value in 2006 is 36 fell to 16 in 2007, rose to 57. 4 in 2008 and then maintained 13% to 15% from 2009 to 2010. This can be explained by rather volatile cash and bank balances portraying varying liquidity requirement each year.Accounts receivable turnover is an indicator of how many times company has collected its receivable s in a year. This has increased steadily from 2006 to 2008 and shows a sharp rise in 2009 due to high sales and 31 in 2010. This is almost in line with industry average which is 35. this shows that the company is not having any significant problem in receivable collection. Inventory turnover is steady over the years from 2. 74 to 3. 56 in 2010. It shows that how many times inventory is sold during the year. This is in line with industry average.It may seem quite low but seasonality has a big factor in shoe business as business peaks when season changes but after that it slackens until the next change. Working capital turnover is high in 2006 and 2007 but falls in 2008 till 2010. Still they isn’t any significant difference between industry average and the company’s average. Property Plant and equipment turnover maintains a steady growth profile from 9. 72 in 2006 to 13. 73 in 2010. Industry average is also steady around 12 so that show good results. Total asset turnover varies around 2 but is steady same as the industry average. Market MeasuresPrice to earnings ratio shows that how much investor is willing to pay per rupee of the profits. It was 8. 90 in 2006 but rose to 10. 23 in 2007, rose steadily in 2008 and 2009 and rose to 17% in 2010. This increase is attributed both to increasing market share price and rising earnings per share. This too is more or less around industry average and rose above industry average in 2010. Earnings yield is the reciprocal of price to earnings. It shows the percentage of each rupee invested in stock that was earned by the company. They dipped in 2007 to 2009 but then rose above industry average in 2010.Dividend yield shows how much a company pays in dividends relative to its share price. Dividend yield is not steady but 4. 24% in 2010. This means that the dividends are not stable but they are showing growth rather than decline and has risen significantly from Rs1. 50 per share in 2004 to Rs 12 per share in 2009. Dividend Payout Rate basically shows the percentage of earnings paid to the shareholders. This ratio is quite high supporting the same growth in dividends. This ratio increased considerably to 27% in 2006 but then EPS rose significantly because of which the ratio fell to 10%.This is also in line with industry average of around 10%. Price to book value of the share has increased over time significantly indication high growth in the market value of the stock. But if we look at industry average they are also quite high showing the trend in the industry of increasing stock prices. Overall the company’s stock is performing well in the market and also its dividend policy is investor friendly and ensures high and stable returns as compared to the industry in which dividends are not very common and that too every year. Bata also gave interim dividends in 2006 in addition to the usual annual dividends.Du Pont Analysis Return on common equity is disaggregated into its component to have a better look at what drives this return on common equity. Return on common equity was 13. 57% in 2005 then increased sharply in 2007 to 42. 94% then falling to 39%, 34% and 37% in 2008, 2009 and 2010 respectively. The good economic conditions in 2007 were efficiently utilized by the company. It is disaggregated in profit margin, asset turnover and leverage. Profit margin is basically net income divided by sales or net income as a percentage of sales. It measures how much a company keeps out of sales revenue as earnings.Both net income and sales of the company has increased over time. The ratio increased significantly in 2007 and after that maintained same level of around 9% which rose to 10% in 2010. Then sales divided by average assets shows a steady trend over the years which show company’s ability to generate revenues from investment. This means that the growth of sales and although higher than growth in assets but still the increase is more or less proportionate. Averag e assets over equity fall in 2007 and then maintain same level till 2010. It tells how much assets are owned by the company and how much are leveraged.A low ratio indicates that the company is strong and relies more heavily on equity rather than debt. So we can say that Net income over sales or profit margins are driving the return on common equity. This points towards the strength of the company that is a stable growth in sales and also a stable growth in net income that is ensuring good returns to the shareholders. Common size Balance Sheet Common size balance sheet means all components of balance sheets as a percentage of total assets. We will start with the analysis of current assets. In this company current assets form a major part of the total assets.In 2005, they were 74. 66% of total assets, varied slightly till 2008, increased to 78. 68% in 2009 and then 82. 82% in 2010. This is a good sign but it can be an indicator of deficient investment in long term assets or property p lant and equipment. In current assets, inventory and accounts receivables form the major component of total assets. Inventory was 44. 45% in 2005, increased to 50% in 2006, decreased to 41% in 2007, increased to 55. 97% in 2008 then started to decline till 36. 56% in 2010. Stock in trade and stores and spares determine total amount of inventory.High value of inventory may be inherent to this type of business as seasonal changes induce sales and hence inventory to sale out but in any case high inventory are required to be maintained. Next major component is account receivables or trade debt which shows the good credit policy of the company as receivables have significantly decreased over the years from 23. 27% in 2005 to 0. 53% in 2010 indicating majority of sales are in cash that solves many problems. A steady level of cash is being maintained showing slight dips in 2005, 2006 and 2008. Cash is 13% of total assets in 2010.This shows that liquidity position is very strong but it can also means that company may be holding idle cash that can be invested somewhere to generate returns. Non Current assets form a small portion of total assets which means that the company is not very ambitious and doesn’t involve in expansionary operations. In 2005 they were 25% of total assets whereas they have fallen to 17. 18% in 2010. in long term assets only property plant and equipment noteworthy and constitute almost all noncurrent assets. They have declined in conjunction with total noncurrent assets.Total equity as percentage of total equity and liabilities has increased over the years. In 2005 it was 45. 278%, showed a slightly downward trend in 2006 and 2007 but rises from 63% to 65% from 2008 to 2010. It shows that company is using more equity financing as compared to debt financing. Even in debt financing, current liabilities form a higher percentage of total liabilities and equity. It was 48% in 2005, showed a significant decrease in 2008 and then 31% in 2010. It shows that the even in liabilities the company prefers to finance its assets with current liabilities and trade payables in current liabilities.Provision for taxation has shown significant increase from 0. 24% IN 2005 to 7. 47% in 2010. The major increase was from 2009 to 2010. Noncurrent liabilities form a small portion of total liabilities and equity. It was 6. 47% in 2005 and decreased to 3. 23% in 2010. This also indicates that the company is matching its current and noncurrent assets with current and noncurrent liabilities so that there is no liquidity or solvency problem. Common size balance sheet shows good financial health of the company. Common size Income Statement Analysis Common size income statement measures all income statement components as a percentage of net sales.Cost of goods sold is a major component of net sales but it hasn’t increased significantly over time showing company is employing good cost minimization measures. It was 63% in 2006 then decreased t ill 57. 62% in 2008 then increased slightly to 60% in 2010. Managing costs is not creating problems for the country. Gross profit as a percentage of sales the opposite trend of cost increases till 2008 then falls to 40% in 2010. This is a reasonable percentage of gross profit. Interest expense of the company is very low so there remains a bigger chunk for the shareholders.Next major component is operating expenses which is the only significant expense due to the requirement of maintain international standard outlets throughout the company and hiring specialized staff. But operating expenses has shown decrease over time from 29% in 2005 to 24. 80% in 2010 with slight variation in between. Profit before taxation has shown good improvement over time. It increased from 5. 05% in 2005 to 14. 27% in 2010 with a steady increase over the year. Profit after taxation has increased over the years which is also a good sign. It was 3. 03% in 2005.There was a significant increase in 2007 due to f avorable economic conditions and then that level was maintained with slight increases over the years finally 10. 46% in 2010. Common size income statement shows that the company’s profit and loss account is in good health. Balance Sheet Horizontal Analysis (Year over Year Analysis) This analysis is useful in tracking the trends of different components of balance sheet over the years and then analyze those trends. Starting with current assets, from 2005 to 2006 current assets showed a slight decrease of 0. 51%.Within current assets the major assets of the company that is account receivables and inventory decreased by large percentages whereas cash and loans showed increases. This fall in current assets may not be harmful as it may pertain to inventory sale out or realization of accounts receivables. After that there is a consistent increasing trend. From 2006 to 2007, current assets increased by 37. 87% because all major assets showed increase. They dipped slightly from 2007 t o 2008 but gained paced later. From 2009 to 2010 they increased by 43. 58% with different components showings different inconsistent trends.Noncurrent assets increased from 2005 to 2006 by 15. 82% and kept increasing each year at an increasing rate. The trend was broken in 2008 to 2009 when the increase was only 4. 49%. Property plant and equipment shows an increasing trend till 2008. After that they are increasing but at a much lower rate. Largest increase was in 2007 to 2008 of 33% indicating expansionary phase of the company. Total equity is increasing over the years at an increasing rate. From 2005-2006 it increased by 12. 84% but in the next year it increased by 39. 49% and showing a major increase from 2008 to 2009 of 47. 5%. This is a favorable trend showing that the shareholders are putting n more and more equity and less and less debt. Current liabilities show an inconsistent trend sometime decreasing and some time decreasing. Only significant current liabilities are provis ions for taxation which show significant increases over the year. Noncurrent liabilities show an increasing trend over the years but by a small amount. The overall trend is inconsistent but not unfavorable. Income Statement Horizontal Analysis (Year over Year Analysis) Net sales show a reasonable trend.From 2005 to 2006 net sales increased by 17. 54% but the rate almost double next year when net sales increased by 32. 60% as compared to previous year. This again is the result of boom year of 2007. The rate fell to 29% next year but maintained its pace. This shows that growth of sales is healthy. Cost of goods sold increases at same rate over the years as the net sales with a slight variation. Gross profit has peaked from 2006 to 2007 at an increase of 47% and then the rate normalizes. The achievement of the company lies in the fact that gross profits have increased steadily over the years.The next important item is the operating expenses that increased over the years but the company managed to decrease the rate from 28. 09% to 16. 04 in 2009 to 2010. Operating profits have shown positive increase from year over year. From 2006 to 2007, operating profits increased by 133. 98% again showing effects of favorable economic conditions of the economy. Provisions for taxation have increased at an increasing rate over the years. Profit after taxation shows the same trend. From 2006 to 2007, profit after taxation increased by 227% which shows great performance.After that rate increase lowers down significantly but rises again from 2009 to 2010 when profit after tax increases by 48. 81%. The overall year over trend is quite favorable with no major setbacks in different measures of profit such as gross profit, profit before tax and profit after tax. Statement of Changes in Equity Statement of changes in equity also shows favorable trends. From 2006 to 2007 total equity increases by 39. 49% which is again owing to economic conditions but the good thing about the company is that they profited by this big push and maintained and even improved same levels.From 2007 to 2008 equity increased by 47. 55%. It increased by 36. 57% next year and finally increased by 39. 81% from 2009 to 2010. Dividends also show healthy growth over the years showing consistent dividend policy of the company. Cash Flow Analysis Company is generating enough cash flows from operating activities to cover its investing and financing activities. In 2005 net cash flows were coming out to be negative but combined with previous cash flows the end result was still positive. From 2006 onwards the amount became positive and showed a major increase.There is a major decrease in cash flows in 2008 because of very low cash generation from operation indicating some problem in realization of receivables or sale out of inventories. There is also an increase in loss on net change in assets and liabilities and income tax paid. But the latest year of 2010 shows a favorable situation. Growth of cash flows over the years is very inconsistent. From 2005 to 2006, cash flow from operating activities is increasing by 2584. 57% which is a huge amount. Then from 2006 to 2007, cash flows from operating activities fell by 2. 5% and fell by 80% next year. Then there is a big increase from 2008 to 2009 of 1159. 73% and a fall of 48% from 2009 to 2010. Cash flow from investing activities shows same volatile trend but on average it is positive or increasing. Cash flow from financing activities decrease at a decreasing rate till 2007 to 2008. Later it increased by 300% from 2008-09 and also from 2009-10 by 49%. Total cash flows are also increasing from year to year but from 2006 to 2007, they are showing a decrease of 64%. So the only problem in the statement is the inconsistency of cash flows.Economic Value Added Economic value added is the true economic profit of the business for the year and it is very different from the accounting profit. Its basically net operating profit after tax min us weighted average cost of capital into capital invested, where capital invested is working capital plus fixed assets. Economic value added deducts cost of all charges including equity which is basically opportunity cost of the invested equity capital. This basically measures the amount that the firm has added to shareholder’s value.Because of the way EVA accounts for the equity it is a better measure to decide upon corporate goals of the company and determining performance of the management. This number is positive for the company and also showing year over year growth. From 2006 to 2007 it is showing a growth of 227. 48%. As capital invested increased, NOPAT also increased. Company Valuation One of the most important task when analyzing a company is to gauge whether the current market price of the company’s stock shows intrinsic value of the stock or whether it is overvalued or undervalued.The first step is the calculation of weighted average cost of capital or WACC . For Bata Pakistan, WACC is calculated to be 13. 83%. Next step is to apply different techniques for determining the rate at which the company is growing. The average growth rate of sales is coming out to be 26. 89%. The average growth rate of dividends is coming out to be 60. 33% which is abnormally high due to extreme values and sharp increases in the amount of dividends paid. The last technique is that of calculating growth of free cash flows.The free cash flow is basically the amount available to the shareholders after deducting all charges. Values of free cash flows is coming out to be positive but again the average growth rate is coming to be 88. 22% which is also due to extreme values attributed to uneven and inconsistent growth in the operating cash flows used in the calculation of free cash flows. So we didn’t apply the dividend growth model. In any case WACC is coming out to be less than growth rate so we used free cash flow to equity model and assumed an average g rowth rate of 12% for the sake of simplicity.The intrinsic value of the company is coming out to be 639. 08. The stock price on 31st Dec 2010 was 660. The stock seems to be slightly overvalued but this amount is not significantly different and can easily be attributed to calculation mistakes. Recommendations * The company seems to be performing satisfactorily overall as it is making significant yearly profits. * It has sound credit and dividend policy and managing its inventory effectively. * Cash flows are inconsistent but that is not creating significant problems for the company. The company has the potential to expand if it increases its investment in long term assets. It basically means that the company needs to be a bit less conservative. * The previous points follow to the fact that going for a certain percentage of debt financing may open new opportunities for the companies. * Based on the analysis and valuation, we can positively say that even if the stock is slightly overva lued it is a good buy and a good hold for those who already have it. The stock price is not very volatile. The company is growing but still it has the potential to grow further or maintain its growth; nothing less.Apart from intrinsic value, its dividend policy is very attractive and ensures good return for its shareholders. References Wild, J. & Subramanyam, K. (2008). Financial Statement Analysis (10th ed. ). McGraw-Hill Brigham, E. & Houstan, J. (2003). Fundamentals of Financial Management (10th ed. ). South Western Publisher Arifeen, S. (2010). Financial Statement Analysis of Companies Listed at Karachi Stock Exchange (2005-2010). State Bank of Pakistan, Statistics and DWH Department www. kse. com. pk www. investopedia. com www. lse. com. pk