Geely Auto Financial Report Analysis

Geely Auto Financial Report Analysis 1. 0 Executive Summary This report discusses the details of the Geely Automobile Company and an analysis of its financial statements in the past 5 years. The purpose of the report is an application of the knowledge learnt from the Financial Statement Analysis course, and tries to give recommendations. Rather than giving simple suggestions like buy, sell or hold the stocks, it is hoped that by analyzing the financial statements, the data can provide support for the recommendations such as the future profit and loss of Geely.As one of the four largest independent private automobile manufacturers in China, Geely Auto has been expanding rapidly. The sale of Geely has increased from 200 units in 1998 to 329. 100 units in 2009. In addition, in 2010, the purchase of Volvo greatly increases the reputation of Geely. Although the acquisition just happened few months ago, it is believed that it will beneficial to increase the market share. Further SWOT analy sis shows that, the well-established sales network and the emphasis on R&D capabilities will have a positive effect on the future growth of Geely.Moreover, the external environment such as the continuous growth in Chinese market and government policy support shows a promising future for Geely. However, there are also threats exist outside the market and weaknesses inside Geely. It is really hard to give any suggestions by simply analyzing the industry and outside environment. Therefore, the report mainly focuses on the analysis of the financial statements. Analysis includes the capital structure and solvency, liquidity, operating performance and profitability, and cash flow statements.By using common-size analysis, ratio analysis and trend analysis, taking the rapid expansion in recent 5 years into consideration. Though some results turn out to be either not satisfactory or below industry average, the overall performance of Geely is quite good. Geely was using its money effectively and investing the money in the right place in the past 5 years. It is recommended to buy Geely Stocks, with the potential growth in their production and profitability. It is quite pessimistic that the earnings of Geely is going to increase and therefore the stock price in future. . 0 Introduction Geely Automobile Holdings is a Chinese automaker and is with BYD, Chery, and Great Wall, one of the four largest independent private automobile manufacturers in China. Geely is now headquartered in Hangzhou, Zhejiang, and operates six car assembly and power-train manufacturing plants in China that are located in Lanzhou (Gansu province), Linhai (Zhejiang province), Luqiao (Zhejiang province), Ningbo (Zhejiang province), Shanghai and Xiangtan (Hunan province). These facilities enable a production capacity of approximately 300,000 cars per year. 2. Brief History Geely (Jili, meaning â€Å"auspicious, lucky†) was founded in 1986 as a manufacturer of refrigerators, and then moved to manu facturing decoration materials in 1989, and by 1992, motorcycle parts. In 1994, Geely began manufacturing motorcycles. By 1996, Geely had produced over 200,000 motorcycles and scooters. Automobile production started in 1998. Geely began exporting its first cars in 2003. Geely had its IPO on the Hong Kong Stock Exchange in 2004. Purchase of Volvo Geely was reported to have approached Ford in mid-2008 about a possible takeover of Volvo Cars.On October 28, 2009, Geely was named as the preferred buyer of Volvo Cars by Ford. On December 23, 2009, Ford confirmed that all substantive commercial terms for the sale to Geely had been settled. A definitive agreement was signed on March 28, 2010 worth $1. 8 billion, and the deal was completed on August 2, 2010. Management * Executive directors: Mr. Li Shu Fu, Mr. Gui Sheng Yue, Mr. Yang Jian, Mr. Ang, Siu Lun, Mr. Yin Da Qing, Mr. Liu Jin Liang, Mr. Zhao Jie, Dr. Zhao Fuquan * Non-Executive Directors:Mr. Xu Gang * Independent Non-executive Dire ctors: Mr.Song Lin, Mr. Lee Cheuk Yin, Mr. Yeung Sau Hung * Senior Management: Mr. Zhang Peng, Mr. Cheung Chung Yan Products * Xiali TJ7300-based * 1998  Ã¢â‚¬â€ HQ/Haoqing/Haoqing SRV * 2000  Ã¢â‚¬â€ MR/Merrie * 2002  Ã¢â‚¬â€ MR/Uliou/MS * 2004  Ã¢â‚¬â€ PU/Rural Nanny/Urban Nanny * 2002  Ã¢â‚¬â€ BL/Beauty Leopard/BO * Daewoo-designed * 2005  Ã¢â‚¬â€ CK/Freedom Cruiser * 2006  Ã¢â‚¬â€ MK/LG/KingKong * 2006  Ã¢â‚¬â€ FC/Vision * 2008  Ã¢â‚¬â€ Geely China Dragon Major activities and achievements * Geely’s JI-6360 model was certified by the government making Geely the first private company qualified to be producing automobiles in China. First Chinese automaker present at the Frankfurt Motor Show in September 2005. * First Chinese car maker to display at the US Detroit auto show. Winning the Special Contribution Grand Prize for Invention and Creation for its Blow-out Monitoring and Brake System (â€Å"BMBS†), a unique safety system independently d eveloped by Geely. * In Peru, Uruguay and Venezuela, Geely has already started to sell its products. Geely has also entered the Bangladeshi, Cuba, New Zealand, Pakistani, Romanian, Turkish and South African car markets. Figure 1; Development in sales, source: Geely annual report 1998-2009 3. Financial Analysis In the following sections Geely’s capital structure, solvency and liquidity, profitability and cash flow will be discussed. 3. 1 Analysis of Capital Structure Geely automobile Holdings Limited Analysis of Capital Structure| HK$'000| 2005| 2006| 2007| 2008| 2009| L-Tdebt| –| –| –| 87000| 1318000| Deferred taxation| –| –| –| 8018| 37727| other L-T liabilities| –| 682838| 309274| 0| 1442153| Total L-T liabilities| –| 682838| 309274| 95018| 2797880| Current liabilities| 54548| 227198| 5273470| 76378| 8907789| Total liabilities| 54548| 910036| 5582744| 171396| 11705669| %| 6%| 46%| 68%| 3%| 62%| | | | | | common shareho lder's equity| 798080| 1030157| 2441440| 4197862| 6375613| minority interests| 9013| 19769| 211760| 584619| 720907| Total equity capital| 798080| 1049926| 2653200| 4782481| 7096520| %| 94%| 54%| 32%| 97%| 38%| | | | | | | Total liabilities and equity| 852628| 1959962| 8235944| 4953877| 18802189| | 100%| 100%| 100%| 100%| 100%| These consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (â€Å"HKFRSs†) ————————————————-From common-size analysis, we know leverage rate of Geely is stable for year 2006 and 2007, declines sharply for year 2008, and then rebounds strongly to 62% in year 2009. Then look at the absolute value, it's not difficult to find out a great rise in both liability and equity capital. In 2009, the total liability is more than a trilion. Referring to its investment and operation in recent years, we think Geely is trading on the equity, which indicates it is using equity capital as a borrowing base in a desire to reap excess returns.This can be confirmed by its step-by-step acquisition of many assembly line and investment on new factories financed by bond and bank borrowing, which is conversely based on increasing equity (stock price stimulated by expansion). Those investments are revalued and taken into asset as a new backup. 3. 2 Solvency Analysis Geely Automobile Holdings Limited Solvency Ratios| HK$'000| 2005| 2006| 2007| 2008| 2009| D/E ratio| 0. 07 | 0. 88 | 2. 29 | 0. 04 | 1. 84 | Interest coverage ratio| –| 7. 66 | 10. 11 | 16. 06 | 15. 46 | S-T D/E| –| 0. 22 | 2. 16 | 0. 02 | 1. 0 | | The computation for Year 2009 is shown here:| D/E ratio= Total liabilities / Shareholder's equity = 2,797,880 / 6,375,613| Interest coverage ratio= EBIT / Interest Expense = 1,657686 / 107,226| S-T D/E= Long-term liabilities / Shareholder's Equity = 8,907,789 / 6,375,613 | | The computation for EBIT is shown below:| HK$'000| 2005| 2006| 2007| 2008| 2009| Net Profit| 115377| 214149| 318100| 866053| 1319028| Interest expense| –| 32390 | 35103 | 60952 | 107226 | Taxation| –| 1585 | 1673 | 51869 | 231432| EBIT| 115377| 248124| 354876| 978874| 1657686|Since the ratio of debt to equity capital is relatively high, we need to take a further look of its financial condition. Before assessing long-term solvency we want to be satisfied about the near-term fiancial survival of Geely. Unfortunately, Geely's short term debt to equity ratio is 1. 40, quite high in the most recent year. Although it can raise capital from HK listed market, equity is apparently not enough to make up its shortage of capital in short term. According to NOTE, Geely has discounted notes receivable to banks in exchange for cash with recourse in the ordinary course of business.Therefore, the risk resulting from its speeding expansion not only depends on its own performance, bu t its customers' financial distress. Interest coverage ratio is satisfactory, which means payment of the interest liability Geely has incurred on its long-term borrowing is in a less pressure. 3. 2 Analysis of Liquidity Geely Automobile Holdings Limited Analysis of Liquidity| | HK$'000| 2005| 2006| 2007| 2008| 2009| Industry norm| Accounts Receivable Turnover| 1. 91 | 0. 95 | 1. 99 | 1. 51 | 2. 29 | 19. 47| Acid-test ratio| 1. 13 | 0. 68 | 10. 44 | 0. 71 | 1. 19 | | Inventory turnover| 15. 9 | 11. 10 | 8. 36 | 136. 70 | 393. 17 | 31. 79| | | | | | | | The computations are as follows:| | Accounts Receivable Turnover = Net sales / Average accounts receivable| | Acid-test ratio = Cash and equivalents + Marketable securities + Accounts receivable / Current liabilities| | Inventory turnover = Cost of goods sold / Average Inventory| | The selected accouts used in computation are here:| | HK$'000| 2005| 2006| 2007| 2008| 2009| | Sales revenue| 101411| 127006| 137209| 4289037| 14069225| | C OGS| 90649| 110036| 121251| 3637752| 11528489| | Inventory | 5703| 9910| 14498| 26611| 29322| | urrent asset| 67212| 280681| 884331| 5110552| 12219411| | current liability| 54548| 227198| 79559| 5273470| 8907789| | Trade and other receivables| 44840| 59065| 65443| 2840255| 6144929| | Dividend receivable| 8220| 74840| 3560| –| –| | Accounts receivable| 53060| 133905| 69003| 2840255| 6144929| | cash ; cash equivalents| 8449| 20972| 761684| 889408| 4498155| | Marketable security| | | | | | | The accounts receivable turnover is much worse than industry average. However, an increase of accounts receivable may due to rise in sales or difficulty in collecting quite timely.Referring to NOTE, we know that receivables are guaranteed by established banks in the PRC and have maturities of six months or less. So the likelihood of timely collection is in less question. The inventory turnover is exaggeratedly higher than industry level, especially after its installment of P-SCM suppl y chain management system, which integrates ordering, producing, selling, and distributing. So we can conclude that Geely is doing excellence in inventory management and is enjoying a growth in market demand of its products 3. Analysis of Operating Activities To be able to make a comprehensive analysis of Geely’s activities, both the income statement and the balance sheet have been restated in appendix A and B, such that it is possible to identify operating and non-operating income, assets and liabilities. Assumptions regarding classifications are also available in the appendixes. Figure 2: illustration of revenue and operating income, Source Geely annual report 2007 -2009 Figure 2 illustrates how dramatic the development in especially revenue has been the last three years.Net sales are up by almost 200 percent from 2008 to 2009, while only a 60 percent increase in volume is reported in the annual report. Mainly the large growth is a result of full consolidation of the Groups manufacturing Operations. Moreover, the acquisition of â€Å"Drivetrain Systems† at June 30th 2009 generated extra revenue the last half year of 2009. Further the notes reveal that 95 percent of sales are within China in 2010, in 2009 it was only 81 percent. A decline in export can in a future growth perspective be a concern.Geely have improved profit margin over the last three years (18 percent In 2009), while the operating margin have been rather volatile (Appendix 1). This is caused by large income/expences from â€Å"share of results of associated companies†. It is expected that this account will be less important in the future as some associates now are fully consolidated. A large increase in distribution and selling expenses in 2009 (increase more than 200 percent) is worth to note. It raises questions as can Geely manage all the new acquisitions without getting less effective and the level of earnings quality.No extraordinary or unusual are identified in the fi nancial statement. It is a good sign since these accounts often are subject to earnings management. Comprehensive income is nicely increasing and no unusual increase in unrealized gains/losses of currency is identified. 3. 4 Analysis of Return on Common Equity This analysis show that the drivers behind the increasing return to common equity is mainly due to heavy increase in asset turnover and an equal percentage increase in leverage. The adjusted profit margin has unfortunately been declining heavily over the period.Geely is therefore relying on Non-operating activities to reach the growth in ROCE. From a shareholder perspective is an increase in ROCE due to leverage not sustainable. However it must be noticed that it was only last year the increase in leverage was heavy, while the increase in asset turnover has been for longer. From a financial point of view it can be argued that taking up debt while it is cheap, since the interest rate is currently low, is in the long run better for the shareholders, if the alternative was to finance expansion with more expensive equity.What is critical is if Geely is strong enough to turnaround their adjusted profit margin to keep growing healthy. 3. 5 Cash Flow Analysis It is useful to construct a summary of cash inflows and outflows by major categories because we can evaluate a firm's sources and uses of cash from operating, investing and financing activities directly. Geely Automobile Holdings LimitedSummary of cash inflows and outflowsYear ended 31 Dec 200X| HK$'000| 2005| 2006| 2007| 2008| 2009| Total|Operating activities| (7636)| (31858)| (17747)| 550977 | 948805 | 1442541| Investing activities| 5064| (660806)| 247079 | (274542)| (1305946)| (1989151)| Financing activities| 9452| 704988 | 542943 | (148711)| 3966382 | 5075054| Increase( decrease) in cash| 6880| 12324 | 772275 | 127724 | 3609241 | 4528444| Year 2009 cash reinvestment ratio = (operating cashflow-Dividends) / (Gross plant assets+investment+other assets+wo rking capital) = (948,805- 59,500)/[103+(293,697+97,788)+4,185,892+3,311,622) = 11. 27%|The summary of cash flow chart shows that during fiscal year 2005~2007 Geely experienced negative operating cash flow. Besides that it has used cash to finance increase in inventory and receivables, the ‘Share of results of associates' turnaround profits before tax from a positive position to a reverse one as it contributes more than 100% negatively before 2008 to Geely's profit after tax. This may be due to its stage of growth since total capital expenditures by its operating associates amounts to approximately RMB1 billion, which are mainly funded by the operational cash flow generated by associates.The insufficient operating cashflow part is made up by financing activities through issuing debt and securities and borrowing from banks. From fiscal year 2008 Geely was able to begin generate positive operating cashflow . However, positive operating cashflow may due to the decrease in its wor king capital. The cash flow statement shows that payables decreased significantly after 2008, which raises doubt on a possibility that Geely delayed payments to suppliers until its operating cash flow before adjustment of working capital become healthier.The major cash outlay is investing activities, corresponding to its funding for the research and development of new vehicle models, new engines and gearboxes, the construction and expansion of plants. Concerning financing activities, one point should be mentioned here is that Geely borrows with its receivables as collateral, the inflow of cash is reported as a financing activity in the cash flow statement. The second doubt come up when comparing with income statement.Earnings are significantly exceeding operating cashflow, this may be an indication of aggressive accounting choices, such as recognizing revenues too soon or delaying the recognition of expenses. Take a look at the free cash flow statement. From free cash flow to equity (FCFE) we know the cash flow availabel for distribution to common shareholders is sufficient. Along with its satisfactory reinvestment ratio, Geely proves that it is taking care of investors. Geely automobile Holdings LimitedFree cash flow statementYear ended 31 Dec 200X| | HK$'000| 2006| 2007| 2008| 2009|Net income| 214149| 305767| 866053| 1319028| Depreciation| 1403| 2282| 141053| 364598| intereset expense| 32390| 35103| 60952| 107226| net capital expenditure| 99304. 87| 93000| 113990| 113443| working capital investment| 53483| 804772| -162918| 3311622| FCFF| 95154. 13| -554620| 1116986| -1634213| Net borrowing| 716000| 330000| 1061000| 4300000| FCFE| 584837 | 219253 | 1497987 | 5135362 | net capital expenditure = approximate expenditure in RMB* rate of exchange prevailing at the balance sheet date| 4. 0 SWOT analysis of Geely Automobile Strengths 1.Continuously Increasing Revenue Geely’s gross profit margin has continued to grow over the past few years due to successful c ompany expansion and increasing market shares. The total sales for various kinds of Geely vehicles has accumulated to over 800,000 since 2001, and the Geely trademark has been recognized as a well-known mark in China. It has established over 200 sales service bases overseas, and performed SKD/CKD assembly production and sales in Ukraine, Russia and Indonesia and other countries. 2. Emphasis on Research ; Development CapabilitiesBy the end of 2009, Geely owns a total of 1,600 technology patents. Geely has a professional research and development team, the staff number of which exceeds 1,400, representing 12% of the total staff of the Group With its extensive investment in research and development, the group’s R;D team is capable of launching four to five new models every year, reflecting its leading position in R;D and technology innovation capabilities in China’s automobile sector. 3. Acquisition of Volvo and Enhanced Green TechnologyNew energy-powered vehicle is the la test trend and it will be the future of the world’s auto industry. Ford and Volvo have already invested millions of dollars over the past decade in terms of new energy technology. Acquiring Volvo may enhance Geely’s technology in new energy-powered vehicle area, help Geely take a step forward in competing with other homegrown brands, and pave the way for Geely to enter the global auto market. Weaknesses 1. Accounts Receivables Worse than Industry average Geely’s average turnover ratio of accounts receivables from 2005 to 2009 is 1. 3, which is substantially lower than the industry average, 19. 47. Although the previous analysis has shown less possibilities of payment collection problem, a low accounts receivable turnover ratio still indicates that there is an opportunity cost of holding receivables for a longer period of time. 2. Image of Lower-end Brand Although Geely has a well-established sales network and growing competence in core technology, it is hard for Geely to alter its lower-end brand image, since its original target market is low cost vehicle.But branding is about value and perceived quality, so price alone can never facilitate a victory. Enhancing quality and ensuring that its cars are on par with the global leading brands are still a major challenge for Geely. 3. Less Advanced Technology Despite the vast amount of investment in research and development, capital and talents for automobile core technology are limited, and it is hard for Geely to compete with the advanced technology of foreign automobile manufacturers. 4. Unsatisfactory Sales in Export Markets Motor vehicles sales in most parts of the world market remains fragile.As a result, Geely exports business could continue to face major challenges given the fierce competition and the short history of operation in its major export markets. Opportunities 1. Continuous Growth of China Sedan Market China's passenger vehicle market ended last year with a 59 percent year-on-ye ar sales increase to surpass the United States as the world's largest auto market for the first year. According to estimate of Goldman Sachs Global ECS research report, growth in China car market will be remained for the next 10 years and the industry GDP growth will be 11. % in 2010 and 10% in 2011. Goldman Sachs Global ECS research teams forecasts that China will further boost its No. 1 position in the car market with sales reaching 30 million units per year by 2020. 2. Government Policy Support In the past few years, the focus of Chinese government policies for automobile industry is to boost sustainable growth in the economy with auto industry as one of its pillars and to support domestic participants and industry consolidation. Threats 1.Fierce Competition from both Domestic and Foreign Brand The huge profit potential of China car market brings about fierce competition among both local and foreign automobile manufacturers. In the luxury automobile market, foreign manufacturers are in leader position due to their sophisticated technology and high brand recognition. While in lower end automobile market, local brands are strong competitors. 2. Possibility of Overcapacity in China Auto Market Some industrial experts concern that China's market may one day face vercapacity problems. A report from the official news portal of China's eastern Zhejiang province showed that, based on the production plan of China's 12 major auto manufacturers for the next five years, China's auto production would reach 32. 5 million units in 2015, far exceeding the forecast of 22 million units in the blue book of China's automobile industry. If Overcapacity problems occur, serious overproduction capacity will lead to negative market competitiveness a loss in enterprise efficiency, factory stoppages and other problems. . 0 Analyses of management discussion and analyst’s opinion Appendix C summarizes some Analysts view of Geely. However, not all Analysts agree upon whether you should sell, hold or buy the stock. Several reasons are discussed in the respective reports; though all analysts agree that Geely is a healthy company with a stable revenue base, increasing volume and satisfactory margins. What analysts do not agree upon is whether Geely can maintain their growth potential and gain market share in both the domestic and export market.The penetration in the Chinese passenger car market is extremely low compared to USA and Europe (JP Morgan, 2010) and as the Chinese people are getting wealthier the market potential will increase the upcoming years. Loads of Automobile manufacturer will compete to gain market share and earn extraordinary profit. Credit Suisse and CIMB are representing the negative analysts who believe that domestic market competition will increase as the nearest competitors have invested heavily in the industry and developing of new brands (CIMB, 2010).Geely Management has not commented upon this in their report, but instead they emphas ize they have sufficient funds to cover investments and R&D expenses to facilitate their own growth. Additionally, Credit Suisse (2010) emphasize that every auto manufacturer in the Chinese market are currently investing in production facilities. Credit Suisse is therefore worried it will result in an oversupply and consequently make inventories to rice. To bring inventories down a price war on vehicles can arise. This will affect margins negatively.JP Morgan represents a positive analyst that strongly believe that the current acquisition of Volvo will result in synergy effects and a technology platform that no one else can imitate in the near future. Further JP Morgan is confident that the low penetration of vehicles in the domestic market will ensure future growth, and therefore recommends buying the stock. DBS, Deutche Bank and Yuanta are recommending holding the stock, since they believe there are too many uncertainties connected to Geely and the future. Especially they all emph asize the lack of a clear growth catalyst to outperform the market.Further, the acquisition of Volvo seems to have longer prospects before profiting than expected at first hand (CIMP, 2010). As expected Geely’s management discussion is very positive towards the future and leaves the shareholders with the impression of a highly growing company with a healthy economy and a clear defined strategy, although it is noticed that very little space is used to comment upon the current competition in the market. Instead Geely Management has chosen to focus at their new strategic platform and how they can develop brands and product lines into a competitive advantage (Geely, 2010).It can be interpreted as an indirectly method to cope with the market competition without discussing the situation in detail. Shareholders, however, must be aware of this matter when evaluating the business. Even though current revenue is increasing heavily one must consider how sustainable this growth rate is i n the future. It can be concluded that Geely Management are slightly taking a too positive approach towards the current market conditions, since these are not discussed in depth and analysts report emphasize different issues than Geely.This analysis facilitate that there are no universal answer to trading with stocks. We all wants to buy the stocks that are undervalued and sell the ones that are overvalued, and the answer you get depends on the method, forecast and strategic mindset of the analyst. Geely is without doubt a healthy company so the buy, held, sell decision lies within how you value the growth opportunities, how Geely can facilitate R&D and implement acquisitions and thereby benefit from synergies. 6. 0 RecommendationGeely have the recent years had an expansion strategy, and as a consequence a high level of investment. This has resulted in a higher leverage and that earnings significantly are exceeding cash flows. However this is also a natural picture of a company in a n expansion phase. It is found that Geely has satisfactory interest rate coverage even though leverage is increasing. Furthermore, accounts receivables is found worse than industry average, but good bank agreements make it easy for Geely to meet liquidity issues. Inventory turnover is also good, as the focus on SCM systems have proven its worth.This is moreover expressed in the increased asset turnover which partly is the driver behind the increasing ROCE. However it is important to note that the adjusted profit margin is declining. The overall performance shows increased revenue/earnings, but it is very difficult to determine the earnings quality since most of the rise is due to consolidation and acquisitions. The positive free cash flow and satisfactory reinvestment ratio shows that Geely are taking care of investors. SWOT analysis identifies possible business catalyst as R&D and the new acquisition of Volvo that could create synergy effect.It is our opinion that these business dr ivers are rather uncertain but is very likely to succeed and combined with Geelys current healthy financial situation; we are taking a positive approach towards Geely and recommends to buy the stock. 7. 0 Bibliography Geely Automile Holdings Annual report 2005-2009 Investment Reports: DBS (8. June2010) Hong Kong/ China Company Focus; Geely Automobiles Holding; DBS Vickers Securities; Analyst: Miu, Rachel Credit Suisse (12. July 2010) Asian Daily – Geely Auto; Credit Suisse Analysis; Analyst: HungBin Toh CIMB (28. Sep. 010) Geely Automiles Holding LTD; CIMB Reasearch; Analyst: Cheam, The Shen JP Morgan (26. Sep. 2010 ) Geely Automiles Holding LTD – Initiating Coverage, JP Morgan Asia Pacific Equity Research; Analyst: by Li, Frank Deutche Bank (26. Aug. 2010) Geely Automiles Holding LTD; Deutche Securities Asia LTD; Analyst: Ha, Vincent Yuanta (26. Aug. 2010) Geely Automiles Holding LTD; Yuata Research; Analyst: Wong, Johnny Websites: Reuters (http://www. reuters. com/fi nance/stocks/analyst? symbol=0175. HK) Appendix A: Restated income statement Appendix B: Restated Balance SheetAppendix C: Overview of Analysts opinion Source: Reuters (http://www. reuters. com/finance/stocks/analyst? symbol=0175. HK) ——————————————– [ 2 ]. Industry average figure reference: http:// www. stats. gov. cn [ 3 ]. Property, plant and equipment are depreciated on a straight-line basis at the following rates per [ 4 ]. Goldman Sachs, China: Automobiles, May 19, 2010 [ 5 ]. Business Monitor International, BMI China Auto’s Report 2010, November 2009 [ 6 ]. Global Times, China's Expanding Auto Production Triggers Overcapacity Concerns, July 19 2010

High School and School Teachers Essay

Abstract The report underscores the importance of the â€Å"skills that are most essential and associated with career and college readiness,† [Paul Weeks] says. Since many secondary school teachers aren’t familiar with the skills that have been identified as the most essential to succeed in college, high school educators cover a breadth of skills. â€Å"Postsecondary instructors would rather see more depth, not a broad range that are only an inch deep,† asserts Weeks. For example, two students can pass algebra but have vastly different experiences and their knowledge can vary greatly. Colleges review class titles but rarely evaluate the essential skills mastered in the class. â€Å"Now we know what skills lead to college and career readiness,† suggests Weeks. â€Å"And the more high school teachers are aware of those skills and can teach them, the better their graduates will perform in postsecondary education. † Boone County schools also are collaborating with Northern Kentucky University to develop basic math programs. â€Å"We want to make sure that every student is at that level of mastery. It drives everything we do,† [Karen Cheser] says. To prepare students to be college ready, it requires â€Å"conversations, transparency, and a willingness to put out data. It takes community-will and providing resources,† she remarks. Publication Title The Hispanic Outlook in Higher Education Publisher The Hispanic Outlook in Higher Education Date 08/2013 Study Explores Why many High School Graduates Are not Ready for College by Gary M Stern Content Type Journal Article Abstract The report underscores the importance of the â€Å"skills that are most essential and associated with career and college readiness,† [Paul Weeks] says. Since many secondary school teachers aren’t familiar with the skills that have been identified as the most essential to succeed in college, high school educators cover a breadth of skills. â€Å"Postsecondary instructors would rather see more depth, not a broad range that are only an inch deep,† asserts Weeks. For example, two students can pass algebra but have vastly different experiences and their knowledge can vary greatly. Colleges review class titles but rarely evaluate the essential skills mastered in the class. â€Å"Now we know what skills lead to college and career readiness,† suggests Weeks. â€Å"And the more high school teachers are aware of those skills and can teach them, the better their graduates will perform in postsecondary education. † Boone County schools also are collaborating with Northern Kentucky University to develop basic math programs. â€Å"We want to make sure that every student is at that level of mastery. It drives everything we do,† [Karen Cheser] says. To prepare students to be college ready, it requires â€Å"conversations, transparency, and a willingness to put out data. It takes community-will and providing resources,† she remarks. Publication Title. The Hispanic Outlook in Higher Education Publisher The Hispanic Outlook in Higher Education Date 08/2013 Study Explores Why many High School Graduates Are not Ready for College by Gary M Stern Content Type Journal Article Abstract The report underscores the importance of the â€Å"skills that are most essential and associated with career and college readiness,† [Paul Weeks] says. Since many secondary school teachers aren’t familiar with the skills that have been identified as the most essential to succeed in college, high school educators cover a breadth of skills. â€Å"Postsecondary instructors would rather see more depth, not a broad range that are only an inch deep,† asserts Weeks. For example, two students can pass algebra but have vastly different experiences and their knowledge can vary greatly. Colleges review class titles but rarely evaluate the essential skills mastered in the class. â€Å"Now we know what skills lead to college and career readiness,† suggests Weeks. â€Å"And the more high school teachers are aware of those skills and can teach them, the better their graduates will perform in postsecondary education. † Boone County schools also are collaborating with Northern Kentucky University to develop basic math programs. â€Å"We want to make sure that every student is at that level of mastery. It drives everything we do,† [Karen Cheser] says. To prepare students to be college ready, it requires â€Å"conversations, transparency, and a willingness to put out data. It takes community-will and providing resources,† she remarks. Publication Title The Hispanic Outlook in Higher Education Publisher The Hispanic Outlook in Higher Education Date 08/2013.

An Analysis of the Anti-Utopian Notion in “Notes from Underground”

An Analysis of the Anti-Utopian Notion in â€Å"Notes from Underground† Notes from Underground, completed in 1864, is considered one of Dostoevsky’s most deviously insightful works, famous for its gloomy description of not only the dark historical period but also the dark environment in which the protagonist lives. This is a novel that attacks moralism, rationalism, utilitarianism and utopian idealism. After a thorough reading, one can locate abundant clues and evidence to support that one of the core themes of Notes from Underground is the fight against the world that people would call civilized, i.e. the ideal world that people are longing for, and the world that â€Å"I†, the protagonist of the story, will deny. The opening paragraphs of the story clearly convey the protagonist’s view of life, personality and the status of his rationality. Almost immediately, we learn that the protagonist is afflicted by illness but refuses to receive medical treatment. He says, â€Å"My liver hurts; well, then let it hurt even worse†(3). He interprets medical treatment as â€Å"harming only myself and no one else.† This reveals how clearly he understands his illness. That he chooses not to see a doctor proves the protagonist’s advocacy for free will and the power of this free will could make him choose to tolerate the pain rather than seek a cure. Well-being and happiness are desirable goals, and also the features of the utopian world, but he chooses to deny these notions and suffer in order to prove his views. Furthermore, his monologue also implies his championing of rationality over morality and how he escapes from the control imposed by morality. He says: â€Å"What was the main point about my wickedness? The whole thing precisely was †¦ that I was simply frightening sparrows in vain, and pleasing myself with it.†(4) This excerpt shows how powerfully moral judgment suppresses a person’s anger. It changes a person in rage into a timid sparrow.Moreover, simple comfort like a doll or sugar could assuage him. Closely following the above quote is the protagonist’s confession, â€Å"an intelligent man of the nineteenth century must be and is morally obliged to be primarily a characterless being; and a man of character, an active figure – primarily a limited being† (5). When everybody is calling for a higher standard of morality, the protagonist expresses the idea that morality makes people characterless. When morality is considered a social progress towards utopian idealism, the protagonist chooses to avoid it and live out his life outside of this movement, behaving in a way that society would deem wicked. He dislikes s ociety, so he stays away from it, and he remains â€Å"wicked† so as not to become characterless. The protagonist clearly knows that he could not blend in with society because of his wickedness, but upon facing their derision, he could do nothing but fight back in protest. This is illustrated by his encounter with an officer in the street. In thinking about how to deal with the superior officer, he says, â€Å"it tormented me that even in the street I simply could not be on an equal footing with him.† (48) He thought it humiliating and unequal that he would have to step aside in deference to the officer even though the man had no authority on the street. He even imagines, â€Å"what if I meet him and do not step aside? Deliberately do not step aside, even if I have to shove him?† (48) The key word here is equality, in that the protagonist does not want to exist in a system where an officer is perceived to have more value than the common man. He just would not swerve to obtain his sense of being treated equally, and all the theory of equality comes from western enlig htenment. As an intellect influenced by it, he becomes oversensitive after he spends too much of his energy focusing on it.Equality is a concept that exists in the description of ideal interpersonal relationships and, crucially, in the utopian world. It is a social state that everybody desires. However, that he emphasizes the notion of equality with such vehemence indicates that it has influenced and changed his personality and social behavior, which implies that he is a rebel of idealism. Ultimately, the narrator rejects blending in with society, and does not seek the same sense of happiness that others yearn for. His love affair with Liza is another example that proves he avoids the notion of happiness as interpreted by others. In chapter six, he says, â€Å"I grew up without a family: that must be why I turned out this way†¦feeling† (84). This personal judgment of himself prepares him for his later escape from Liza. His emotional confession of his situation touched his sensitive nerve to love, but as his confession echoes Liza’s misfortune, Liza started to pay special attention to him. However, after â€Å"seeing her suddenly blush† for what could happen next, he abruptly starts to defend himself by saying, â€Å"I am not ashamed of my poverty,† â€Å"I look upon my poverty with pride† (106) Poor but noble this is his self-evaluation which reveals his sensitiveness. Then he â€Å"jumped up and ran to Apollon,† and he t hinks he â€Å"had to vanish somewhere† (106). His sudden departure finally ends his love of Liza, which also proves that he is not only sensitive but also lacks confidence. He is poor, but he finds reasons and defends his poverty, which proves that he is afraid of his future with Liza. Because love is considered a blissful thing and a symbol of an ideal world, he chooses to avoid it and escape. The Underground Mans failed relationship with Liza, when considered together with his attitude of his life and his social behavior helps to conclude that he staunchly refused to pursue what others would perceive as an ideal world. Everything that marks idealism and betterment he choose to escape from in order to preserve his worldview of free will over happiness. As a philosophical and psychological statement, Notes from Underground expresses an anti-utopian tendency. Work Cited: Dostoevsky, Fyodor. Notes From Underground. New York: Bantam. 1983

Communication Strategies Essay Example | Topics and Well Written Essays - 1500 words

Communication Strategies - Essay Example Generally beach areas are populated with tourists and young families who always desire a source of balanced meal nearby. Currently the visitors in Lido Beach are found to survive with only carbonated drinks and packaged snacks. Therefore, the owners have come up with this business opportunity of pizza restaurant in this location. This report presents the effective communication strategies for some possible critical situation that might takes place in the away of project implementation or project development process. These will help the company to efficiently and successfully complete the project within estimated duration of time. First possible situation is that a technical team member has requested a transfer due to project team conflicts. This is a very common situation in project development process. For overall completion of projects, multiple teams work together for different purpose and different categories of work. A project like establishment of a pizza restaurant consists of multiple activities carried by different teams. Each team has individual objective but the overall goal or mission is same. So, there are different teams working together and in each team few people works together for similar works. Conflicts among the team members are very common in project development process which results a major decline of a team’s overall output. Conflicts might happen for many reasons. It might be unequal work pressure of each employee of a particular team. It also can be for major difference in the performance level of each worker in a team which results a higher work pressure on one or few efficie nt employees. Communication gap among the employees or between the employees of a team and supervisor or team leads might results conflicts in a project team. Lac of transparent subjective communication is responsible for conflicts in a team, lower output and delays in completion of

Personal Reflection on education Essay Example | Topics and Well Written Essays - 500 words

Personal Reflection on education - Essay Example Knowing the value of the degree that will be awarded from Strayer University, I expect to get a reputable post in a well known organization. I expect that the masters’ degree programme at Strayer University will provide me with better professional career and will assist me throughout my working life by the knowledge it will give. I also expect to use the concepts being taught and the experience gained in my regular life. The reason for choosing Strayer University is the goodwill that it has earned through years of excellent teaching. The high achievers being qualified for degrees from this university are being called in by various organizations. The excellence of the university, hence, becomes a part of the students’ name and the student becomes an efficient professional in his latter life. Hence, I have chosen this university for the knowledge it conveys and the experiences it transfers in the students. I work for the Saudi Embassy as a captain in Saudi Army. This degree would also be helpful in getting a promotion from a captain to a major’s post. The requirements set by the organization to acquire higher degrees led me to pursue this programme.

Education Curriculum and Standards Reflection Essay

Education Curriculum and Standards Reflection - Essay Example While observing the two teachers featured in the conversation, a feeling of negativity seeped through. The falling standards in education are definitely a concern for teachers across the globe. â€Å"Teachers identified a problem in achievement connected to discourse practices in their classrooms and designed instructional changes to address the problem† (Weiner 42). The governments are more concerned with the upliftment of the downtrodden and the underprivileged thereby ignoring the aspirations of the deserving students. The curriculum is outdated and also not being periodically assessed for its utility in today’s changing world. The value systems of students are also declining due to various reasons like parental negligence, absence of elders in the nuclear family setup, influence of mass media, etc. All these factors are present in our society and the younger generation is completely caught in this tangled web but there is a light at the end of the tunnel. There are theories that can be used to improve skills of the students and prepare them to face the challenges of life after institutional learning. Several researchers identify a list of five learning domains, and these are considered to be integral to the development of students irrespective of their cultural differences. The first domain is the cognitive domain. This involves the thinking process and various tests have been designed to test and assess this domain. It involves the ability of students to analyze, think reasonably as well in the abstract. Besides, it also envisages visualization, comprehension and communication which are essential in the learning process. The second domain is the affective domain which mainly involves the feelings of students. This would mean the awareness and understanding displayed by the student and also how emotions are managed at times of stress, etc. The third domain is the spiritual domain. As the name suggests it has got to do with the perception of God or any other faith because such beliefs can become a guiding factor when a student undertakes any difficult task. Students draw inspirati on from a wide range of sources that energize them and activate their thoughts such as nature. They may also draw such inspiration from processes such meditation and prayers. The fourth domain is the physical domain. This is directly related to the fitness level of students. A strong and healthy body will definitely support a healthy mind and thus physical domain is a very important domain in education. The fifth and final domain is called the conative domain. This has to do with motivation. Whatever subject you learn, if the interest of the pupil cannot be sustained, the outcome will be negative. In order to counter such an outcome, it is absolutely essential to ensure the there is a strong motivation to learn. After careful examination of these domains, it is clear that an amalgamation of all these domains is the need of the hour and all educators should strive to incorporate these domains in the everyday teaching process. â€Å"As social and political changes alter the face of p ublic education, it becomes increasingly important that all educators scrutinize and challenge tacit assumptions† (Weiner 44). Children sometimes learn very fast and on other occasions very slowly and they tend to transform from a simple to a complex human being and also infer concepts from general to specific

TERM PAPER Essay Example | Topics and Well Written Essays - 6000 words

TERM PAPER - Essay Example Yet in an information security survey of 4,255 information technology and information security managers, forty one percent of respondents said they do not have formal security policies (Anthes, 1998). When asked to identify potential threats to their security, the respondents were almost twice as likely to identify hackers over employees as the threat. However, from the literature, it appears that when comparing outside hacking to insider intruding, the greatest threat to computer security comes from the latter (Salierno, 2000; Anthes, 1998; Davis, 1997; Ernst & Young Survey, 1995; Fillon, 1990; Jelcich, 1987). Given that the literature seems to indicate employees pose the greatest threat to information security in general, this leads more specifically to questions about the security of medical records at hospitals. The objective of this study is to gain a better understanding of the impact of information security policy and its effect on the number and seriousness of computer abuse incidents that involve the security of personal medical information maintained at hospitals. In addition, further research may be needed to convince other organizations that information security policy is a vital ingredient in the formula for maintaining a competitive advantage (Schneider and Therkalsen, 1990). The proliferation of electronic patient records (EPR) within the health care information infrastructure presents significant benefits for healthcare providers and their patients, but also creates challenges for those healthcare providers. The benefits include enhanced patient autonomy, improved clinical treatment, advances in health research, and public health surveillance The challenge to providers due to this proliferation is the creation of legal challenges in three interrelated areas: privacy of identifiable health information, reliability and quality of health care, and tort based liability (Hodge, et. al., 1999). Our medical records contain some very mundane information about us such as our height, weight, color of hair and eyes, blood type, and our bouts with colds and other illnesses. However, our medical records also contain information on our fertility, emotions, psychiatric makeup, sexual behavior, substance abuse, and genetic predisposition to disease. Access co this information must be controlled because it is information that could potentially be used to the detriment of the patient (Rindfleisch, 1997). Just as corporations protect their proprietary information, patient health records must be

My Philosophy of Education Essay Example | Topics and Well Written Essays - 750 words

My Philosophy of Education - Essay Example From the video clip, the children learn by touching, seeing and feeling the concepts in the use of beads in understanding math. The child gets comfortable with all the materials that represent certain symbols. They can count the symbols from 0-9 by binding the spindle by a rubber band, to represent symbols. This is aimed at helping them manipulate numbers of any magnitude. Pestalozzian and Montessorian teaching techniques included the use of a special environment for learning, by using materials and activities that are based on the conservation of the children. Contrary to the conventional schools, children are not motivated to learn by rewards and subjected to punishments if they fail. Here children learn at their will. They concentrate on structure and play with objects, repeat the previous actions until they master a specific skill. Their capacity for learning lead to reading and writing skills on their own will. Ms. Williams used the same techniques as Pestalozzian and Montessorian. She gave children materials like small sticks and beads to play with. They tie the objects in the representation of symbols. They learn the concept of numbers and understand math. This is because children like playing with objects and enjoy touching everything. They learn by touching, feeling and gaining skills from it. Same as Pestalozzian and Montessorian, they are no t motivated by rewards. They learn at their convenience. Ms. Williams gives objects to children to learn by touching and playing with them. They acquire skills not by being told but by touching, seeing and understanding how everything works. For instance, a cat can scratch when handled carelessly, instead of telling them, they will experience it. So they will be careful next time, because they touched the cat, and learned how to handle it; where to touch it and where to avoid. That’s a skill they have learned through their own initiative.

Prejudice & Discrimination Essay Example | Topics and Well Written Essays - 1250 words

Prejudice & Discrimination - Essay Example According to the study a person’s interaction with an elderly person can be easily affected consciously or unconsciously. From a person’s perceived age social and cognitive competencies, political and religious beliefs and physical abilities are assumed by younger people, these assumptions help people know how to act and look for the right information and remember.From this paper it is clear that  ageism is something that everyone if lucky would eventually join. It would not be surprising and inherently offensive when one notices a person’s age early in a social encounter, the way at which this information is taken can be destructive to the older person. Ageism, racism and sexism eventually becomes institutionalised which would then affect hiring decisions, medical care and social policies.  Most people get scared of approaching old age, becoming old was once upon a time seen as a natural process, but in recent time ageism is seen to be a social problem. The media shows only 1.5 per cent of the elderly people and most of which the majority of them are in minor roles.  After the Industrial Revolution swept through the world more individuals lived longer. This was due to more food production, better medical care, and other advancements that allowed workers to live longer.  As workers lived longer, the need to have a retirement for the retiring elderly became a necessity. The reality of industrial economy was each generation now supported themselves.

Monopoly - economics Essay Example for Free

Monopoly economics Essay Monopoly means a market where there is only one seller of a particular good or service. In economics, a monopoly (from the Latin word monopolium – Greek language monos, one + polein, to sell) is defined as a persistent market situation where there is only one provider of a product or service. Monopolies are characterized by a lack of economic competition for the good or service that they provide and a lack of viable substitute goods. Monopoly should be distinguished from monopsony, in which there is only one buyer of the product or service; it should also, strictly, be distinguished from the (similar) phenomenon of a cartel. In a monopoly a single firm is the sole provider of a product or service; in a cartel a centralized institution is set up to partially coordinate the actions of several independent providers (which is a form of oligopoly). Characteristics Only one single seller in the market. There is no competition. There are many buyers in the market. The firm enjoys abnormal profits. The seller controls the prices in that particular product or service and is the price maker. Consumers don’t have perfect information. There are barriers to entry. These barriers many be natural or artificial. The product does not have close substitutes. Advantages of monopoly Monopoly avoids duplication and hence wastage of resources. A monopoly enjoys economics of scale as it is the only supplier of product or service in the market. The benefits can be passed on to the consumers. Due to the fact that monopolies make lot of profits, it can be used for research and development and to maintain their status as a monopoly. Monopolies may use price discrimination which benefits the economically weaker sections of the society. For example, Indian railways provide discounts to students travelling through its network. Monopolies can afford to invest in latest technology and machinery in order to be efficient and to avoid competition. Disadvantages of monopoly Poor level of service. No consumer sovereignty. Consumers may be charged high prices for low quality of goods and services. Lack of competition may lead to low quality and out dated goods and services. Advantages Disadvantages of Monopolies A monopoly is a market structure having only one producer or seller of a product or service. Some of the negative aspects of a monopoly include the single business being able to control pricing and charge relatively high prices, exceptional power over the market and a lack of new products being introduced into the market. Monopolies are created by economic, social or political factors. When one entity has control over a natural resource, a monopoly market for that resource is created. An example would be Saudi Arabia where the government has complete control over the oil industry. Monopolies are also formed when companies have copyright or patent rights to a product.

International Marketing Research at the Mayo Clinic

International Marketing Research at the Mayo Clinic Given that Mayo Clinic is seeking to expand its outreach on the international level by 100%, market research is needed to determine where our marketing activities are most likely to succeed, what strategies for market penetration are needed, and what types of marketing activities are most likely to generate increased use of Mayo Clinic services by international patients. It is necessary for us to conduct market research that obtains data from international insurers regarding the kind of insurance policies that are available internationally in different markets, the number of individuals or households with private insurance or with government insurance that would pay for the majority of costs incurred at Mayo Clinic, and other relevant data. As the Mayo Clinic marketing research team, we will survey insurance companies to determine whether or not they cover services that the Mayo Clinic offers. Determining whether these insurance companies offer policies that provide for our services would be a key research finding which could ultimately lead to new and more profitable relationships with premium health insurance providers. The marketing research will also include an emphasis on primary data gathering. Using the Internet and drawing upon lists of international alumni of the Clinic (Mayo international alumni now number 1,500, representing 67 countries), a greater survey effort will be undertaken to determine what in the Mayo Clinic experience will be emphasized in subsequent marketing activities. Surveys via e-mail will augment previously conducted telephone interview activities and will also include a large sample of individuals who have not previously used Mayos services. Primary data can also be gathered through targeted focus groups in those countries where we hope to expand our client population. Focus groups should prove to be quite useful in identifying the kinds of marketing and promotional activities that will be well received within a particular country or culture. This kind of research will also identify potential avenues for enhancing the image of Mayo Clinic through targeted advertising via direct mail and print media. This particular strategy should be undertaken in conjunction with health insurance providers who may be interested in adding a specific Mayo Clinic benefit to their health insurance policy. Finally, Mayo Clinic will survey hospitals and other health care providers in our foreign target markets to assess their willingness to refer patients to our clinic for services that cannot be obtained locally. According to Cateora and Phillips, Most believe in the abilities of their own doctor and feel very confident about medical care in their own community. Even though quality may be regionally or culturally defined, almost everyone considers his or her doctor to be a good one.: (Cateora, 2009). With this in mind, individual physicians will also be surveyed on this critical issue to build awareness of the Mayo brand and its products and asked under what conditions would they refer a patient to Mayo Clinic. These kind of primary data will augment the secondary data that are more readily obtained. http://www.essaysforstudent.com/import/i/1.gif Add Project New Business essays Gap Strategic Overview (15 August) Johari Windows Testing (15 August) Walmart Inc. 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Power and Despair in Ozymandias :: Ozymandias Essays

Power and Despair in Ozymandias To despair is one of the strongest emotions that Freud's id could possibly produce. It's an uncontrollable feeling that leads even the worthiest and most powerful men to emptiness and hopelessness. In the 14-line poem, "Ozymandias" by PB Shelley, Shelley chooses the greatest setting for utter despair in using a desert. Power and despair are greatly correlated in this poem as well as many others. Under the immediate assumption that Ozymandias is the sculptor of the barren statues, one must realize that even kings cannot contain their passions and emotions. Ozymandias erected a statue of his destress where none could see it and without habitation for miles. Leaving these statues behind, the sculptor is given a chance to reveal to others the underlying sadness of his soul. "[Passions read] Which yet survive, stamped on these lifeless things, The hand that mocked them". Though the sculptor has left the mortal world, his soul remains for all passers-by to see. He/She is attempting to force others into his/her realm of pain just by seeing his/her creation. This poem causes havoc upon the mind of the reader as they think of utter desolation. The statue is described as a "colossal wreck boundless and bare" drawing a parallel for the reason in which it was built. The condition of the stones, delicately but descriptively worded by Shelley, only emphasizes the despair drawn into the stone by the sculptor's hand. By using words such as "frown", "sneer", and "mocked", the author provides us with a slight portrait of the sculptor. It gives us a picture of a powerful king with no incentive or reason to smile. The phrase 'cold command" portrays him as a militaristic leader that has seen more death and destruction than a whole army and has come to a new realization as to the true ways of the human race. The author's words "lifeless", "decay", and "wreck" apply not only to the statue the author is describing but also to the sculptor of the statue. Power and Despair in Ozymandias :: Ozymandias Essays Power and Despair in Ozymandias To despair is one of the strongest emotions that Freud's id could possibly produce. It's an uncontrollable feeling that leads even the worthiest and most powerful men to emptiness and hopelessness. In the 14-line poem, "Ozymandias" by PB Shelley, Shelley chooses the greatest setting for utter despair in using a desert. Power and despair are greatly correlated in this poem as well as many others. Under the immediate assumption that Ozymandias is the sculptor of the barren statues, one must realize that even kings cannot contain their passions and emotions. Ozymandias erected a statue of his destress where none could see it and without habitation for miles. Leaving these statues behind, the sculptor is given a chance to reveal to others the underlying sadness of his soul. "[Passions read] Which yet survive, stamped on these lifeless things, The hand that mocked them". Though the sculptor has left the mortal world, his soul remains for all passers-by to see. He/She is attempting to force others into his/her realm of pain just by seeing his/her creation. This poem causes havoc upon the mind of the reader as they think of utter desolation. The statue is described as a "colossal wreck boundless and bare" drawing a parallel for the reason in which it was built. The condition of the stones, delicately but descriptively worded by Shelley, only emphasizes the despair drawn into the stone by the sculptor's hand. By using words such as "frown", "sneer", and "mocked", the author provides us with a slight portrait of the sculptor. It gives us a picture of a powerful king with no incentive or reason to smile. The phrase 'cold command" portrays him as a militaristic leader that has seen more death and destruction than a whole army and has come to a new realization as to the true ways of the human race. The author's words "lifeless", "decay", and "wreck" apply not only to the statue the author is describing but also to the sculptor of the statue.

Essay --

Effective Virtual Leadership Josh Henson Shorter Universityâ€Æ' EFFECTIVE VIRTUAL LEADERSHIP Twenty first century technological advances in communication have broken down almost all of the physical barriers to communication in the world today. Today a person can communicate with almost anyone in the world at any time. Leaders in today’s workplace face new advantages and new challenges when it comes to advances in communication. The traditional workplace is changing as the virtual workplace expands. Research indicates that one of the biggest challenges to companies today is finding leaders with the skills to thrive in a complex and changing world (Dennis, Meola, Hall, 2013). Leaders of today need to be able to reach across differing cultures, many time zones, and they need to collaborate and build alliances across geographic distances (Dennis et al., 2013). Leaders today need to have a global mindset which includes operating from multiple sites, directing workers at multiple locations and working with clients in different geographic areas (Dennis et al., 2013) . In a recent study by ASTD.org entitled Virtual Leadership: Going the distance to manage your team, a survey of five hundred and five managers found that ninety-nine percent responds affirmatively when asked if their employer provides some employees to opportunity to work virtually (Mandzuk, 2014). A virtual workforce is described as any team whose members are not all physically under the same roof, as long as the participants have complementary skills and knowledge that produce greater value when they work together than if they worked separately. A virtual team can be local, national, or global, with members from one firm or many. Teams can be made up of full-time... ...dgment. According to the article qualitative judgment is the ability to formulate and select the right options (You can’t be a wimp, 2013). Qualitative judgment involves moving from the big picture down to the concrete, developing a diverse and trustworthy social network, and thinking through second and third order consequences ( You can’t be a wimp, 2013). Qualitative judgment is the second quality of a great leader. The third quality of a great leader is credibility. The lack of credibility will keep your ideas from ever being accepted in the company (You can be a wimp, 2013). Credibility according the article is gain by listening to diverse and contradictory views, building support from the board, employees and outside constituents, and having the courage to make the best decision for the company despite its popularity (You can’t be a wimp, 2013).

Societal Drug Use in Aldous Huxley’s Brave New World :: essays research papers

â€Å"There is always soma, delicious soma, half a gramme for a half-holiday, a gramme for a week-end, two grammes for a trip to the gorgeous East, three for a dark eternity on the moon, returning whence they find themselves on the other side of the crevice, safe on the solid ground of daily labour and distraction, scampering from feely to feely, from girl to pneumatic girl, from Electromagnetic Golf course to †¦" In a perfect society, humans do not need to resort to drugs to keep society in balance. In Aldous Huxley’s Brave New World, society is based on keeping everyone happy- and if for some reason someone becomes unhappy then there is always soma- the â€Å"perfect† drug. Humans are conditioned from the very start to be happy while performing their specific tasks. â€Å"We also predestine and condition. We decant out babies as socialized human beings, as Alphas or Epsilons, as future sewage workers or future Directors of Hatcheries.† (Page 13) Brave New World’s society is built on keeping everyone happy and keeping everyone working in balance with civilization. However, without soma, Brave New World’s society wouldn’t function properly. The soma helps to keep the society moving, always working to keep production moving, just like Ford’s assembly line. However, is there something wrong with depending on a drug to keep a society working? Huxley’s portrayed society does in fact work to an extent. People know what they need to do, people are happy, people have soma, and people can have pleasure whenever they like. Things get done, but those same things could get done in a different way. The introduction of the Savage starts to show a different side of the story. The Savage, not conditioned and born to an actual mother, has different ideas about society- especially soma. â€Å"Listen, I beg of you. Lend me your ears†¦ Don’t take that horrible stuff. It’s poison, it’s poison.† The Savage is not happy with the life that the â€Å"civilized† people live. To him it seems like a big illusion. The people are conditioned to not have emotions, but humans cannot really be humans without emotions. Humans are different from all the other creatures in this world because they do indeed have emotions. The advanced human brain has allowed people to have emotions- which affect their lives daily. â€Å"The emotions aren't always immediately subject to reason, but they are always immediately subject to action† (William James) The Savage had several chances to â€Å"have† Lenina any time he wanted but he didn’t want that.

Leadership in the Public Policy Making Process Essay

Leadership is a momentous role to have when it comes to how an agency handles actions and policies. Effective leaders can increase organizational efficiency, provide greater direction for employees, help members of an organization realize their potential, and improve organizational culture (Cropf, 2008, p233). It is possible for a leader to be low down in the organizational framework as well as at the top. An organization must determine what is needed for its leaders to be effective and what requirements will address those needs. Leadership is needed in a number of areas in public service: (1) developing a clear vision for the organization, (2) working across multiple constituencies, (3) recognizing social and ethical values, (4) creating vibrant organizational networks, (5) enhancing organizational performance, and (6) maintaining democratic values (Cropf, 2008, p 234). Leaders is recognized a need to have certain values, encourages and help build an environment where teamwork is normal, motivates and inspires others, has a vision, helps to motivate to work toward the vision, and has a lasting change. Executives who exhibit leadership qualities beyond their assigned status exercise influence through both positional authority and personal authority (Cropf, 2008, p237). Leaders have the qualities that it takes to build the correct team. A leader may not have all the needed skills to accomplish a task but by building relationships, the right person would be motivated to assist with the completion of the vision. Public Policy and Leadership Public policy transformational leaders who exhibit charisma would be a great talent. These leaders help to motivate others to their way of thinking. They can have a vision but through relationships, they tend to enthuse followers with a commitment that can be extraordinary. It is through this type of motivation that difficult or visions that are not thought to be possible are accomplished. President John F. Kennedy was a charismatic transformational leader. When he gave his Inaugural Address, he offered the memorable injunction: â€Å"Ask not what your country can do for you–ask what you can do for your country† (Beschloss, 2009). As a leader, he challenged an entire country to see and realize his vision. That is a great establishment of objectives and priorities of public policy. President John F. Kennedy made sure his team was aware of a clearly defined vision or purpose for the country. At a time when government and nonprofits aim to â€Å"work better and cost less,† understanding the many ways in which leadership works is a necessary tool for effective administration (Cropf, 2008 p 233). Public policy may not get a leader with all the desired qualifications like military experience or foreign policy. True leaders would not need to have this experience to be an effective leader because they would have the skills to motivate those who do and that would allow for a leader without this experience. The Current U. S. President Barrack Obama has not served in the military but was elected President in time of War. This is credence to his charisma and ability to get people to follow and support his vision. Conclusion  When you are looking at public policy and its leaders, it could be the president of the United States or the manager of the local Department of Motor Vehicles or even a librarian. It is how the person has a vision, sees the vision, relates and motivates other to believe in the vision that determines the leaders. It is different than being a manager but public policy is an area where vision is key and the ability to see that vision to the completion is a must. Leaders not only see what is best for them but what is best for organizations, countries, or constituents.

Gang Prevention

Broad Topic: Youth Gangs Narrow Topic: The Prevention of Gangs in Los Angeles Thesis Statement: The Mass Media Influences on Youth Joing Gangs I. Introduction A. Is our youth and teens being influenced by the mass media to join gangs? B. Is the media becoming more violent? C. What options do youth and teens have to prevent joing gangs? II. Body A. Behavior 1. The mass media portrays gang member behavior. 2. Language and dress code are taught to kids at a young age. B. Effects 1. Execution of gang members 2. Getting away without being caughtConclusion A. Community-chosen programs to lure youth, keep them busy and happy, and even motivate them to change their ways. B. The local social conditions in which our youth are raised in larger cultural generate great numbers of violence in individuals. Q1. â€Å"Most cities trying to reduce gang violence deny that they specifically target at-risk kids. As Nanette Smejkal, director of El Paso's parks and recreation department, says, â€Å"From our perspective, all kids are at risk. That's why they need positive programs†(Weintraub).This shows how youth gang prevention provived by the city during the summer to all its recreation centers and parks for kids under the age of 17. Waiving the annual membership fee that proved onerous for many poorer youngsters. Q2. â€Å"It is guns, it is poverty, it is overcrowding, and it is the uniquely American problem of a culture that is infatuated with violence. We love it, we glamorize it, we teach it to our children†(Surette). This demonstrates that our youth and armed aggression is not an American cultural right,and will determine the media's ultimate relationship to youth and violence.We must as a society address everything we can, such as economic inequities, the gun culture, and the glamorization of violence. And, by a slow, painful, generational process of moral leadership and example, we must work to modify the individual, family, and neighborhood factors that viole ntly predispose youth. Q3. â€Å"The debasement of our culture, of which gangsta rap is a big part, has coarsened children in general and put high-risk kids in a dangerous place. Taking drugs,carrying uns, and disrespecting human beings is now not only socially acceptable in many situations, it is downright glamorous†(O’Reilly). This shows how we as a society can reduce one aspect of violence in a violent society and expect real results. Youth violence will not be seriously reduced without violence in other aspects of our culture being addressed. In the same vein, modifying media violence alone will not have much effect but to ignore it will make efforts on other fronts less successful.Despite the fact that the media have limited independent effects on youth violence, we need to expand the focus on them. P1. â€Å"Gangs are violating our children and our community how these kids walk around with these guns,† said Harlem Mothers SAVE co-founder Jackie Rowe-Adams. â€Å"We have to go after these laws on the federal level and go after the NRA and the ATE†(Adams). P2. â€Å"We are in a very dangerous situation because this was right outside of a school and kids were outside in the play area.What we are seeing now is not what we are used to seeing, which is a new phenomenon with conflict between groups from different neighborhoods†(Perkins). P3. â€Å"Kids join [gangs] for various reasons,† Donahue says. â€Å"But I also believe it's a breakdown of the family, and I know everybody paints that picture. But if they were getting that support at home, they wouldn't join the gangs. (Lozada7-14). Title:New weapons in the fight against gangsSource:Parks and Recreation Author:Boris Weintraub Publication Date: November 2009

India Essay

The history of India begins with evidence of human activity of Homo sapiens as long as 75,000 years ago, or with earlier hominids including Homo erectusfrom about 500,000 years ago. The Indus Valley Civilisation, which spread and flourished in the northwestern part of the Indian subcontinent from c. 3300 to 1300 BCE in present-day Pakistan and northwest India, was the first major civilisation in South Asia. A sophisticated and technologically advanced urban culture developed in the Mature Harappan period, from 2600 to 1900 BCE. Beginning in the mid-18th century and over the next century, large areas of India were annexed by the British East India Company. Dissatisfaction with Company rule led to the Indian Rebellion of 1857, after which the British provinces of India were directly administered by the British Crown and witnessed a period of both rapid development of infrastructure and economic decline. During the first half of the 20th century, a nationwide struggle for independence was launched by the Indian National Congress and later joined by the Muslim League. The subcontinent gained independence from the United Kingdom in 1947, after the British provinces were partitioned into the dominions of India and Pakistan and the princely states all acceded to one of the new states. The origin of the name â€Å"Taj Mahal† is not clear. Court histories from Shah Jehan’s reign only call it the rauza (tomb) of Mumtaz Mahal. It is generally believed that â€Å"Taj Mahal† (usually translated as either â€Å"Crown Palace† or â€Å"Crown of the Palace†) is an abbreviated version of her name, Mumtaz Mahal. The construction of this marble masterpiece is credited to the Mughal emperor Shah Jahan who erected this mausoleum in the memory of his beloved wife, Arjumand Bano Begum, popularly known as Mumtaz Mahal, who died in AH 1040 (AD 1630). Her last wish to her husband was â€Å"to build a tomb in her memory such as the world had never seen before†. Thus emperor Shah Jahan set about building this fairytale like marvel. The construction of Taj Mahal was started in AD 1631 and completed at the end of 1648 AD. For seventeen years, twenty thousand workmen are said to be employed on it daily, for their accommodation a small town, named after the deceased empress-‘Mumtazabad, now known as Taj Ganj, was built adjacent to it. Amanat Khan Shirazi was the calligrapher of Taj Mahal, his name occurs at the end of an inscription on one of the gates of the Taj. Poet Ghyasuddin had designed the verses on the tombstone, while Ismail Khan Afridi of Turkey was the dome maker. Muhammad Hanif was the superintendent of Masons. The designer of Taj Mahal was Ustad Ahmad Lahauri. The material was brought in from all over India and central Asia and it took a fleet of 1000 elephants to transport it to the site. The central dome is 187 feet high at the centre. Red sandstone was brought from Fatehpur Sikri, Jasper from Punjab, Jade and Crystal from China, Turquoise from Tibet, Lapis Lazuli and Sapphire from Sri Lanka, Coal and Cornelian from Arabia and diamonds from Panna. In all 28 kind of rare, semi precious and precious stones were used for inlay work in the Taj Mahal. The chief building material, the white marble was brought from the quarries of Makrana, in distt. Nagaur, Rajasthan. Top Religious Attractions The Golden Temple – Adherents of the Sikh religion need no introduction to their sacred pilgrimage seat. Sri Harmandir Sahib or the Golden Temple, named so due to the quintessential golden hue that the monument is bathed in, is laced by the equally sacred waters of the Amrit Sarovar or the Pond of Nectar. On a jewel-studded platform is the Adi Grantha or the sacred scripture of the Sikhs wherein are enshrined holy inscriptions by the ten Sikh gurus and various Hindu and Moslem saints. Kerala Backwaters -The Backwaters of Kerala are the place meant for those in search of a peaceful moments amidst natural beauty. The main backwater destinations in Kerala are Kumarakom, Allepey, Cochin, Trivandrum and Kollam. Cruising along these backwaters on board the houseboats or Kettuvallom is one experience that is forever cherished by visitors to the state. India has always been a popular destination for travellers. The culture, tradition and lifestyle of the common masses and the grandeur and opulence of the royalty has attracted people to explore and feel the real India. All these things combined with mysticism, spiritualism, yoga and Ayurveda make India a must visit destination on the world travel map. India tour is aimed at offering you the best of India. Whether it is the sandy desert of Rajasthan, the tranquil and serene backwaters of Kerala or the mesmerising beauty of the Taj Mahal Dhoti Dhoti kurta is the traditional Indian clothing of men. Unlike other dresses, it is an unstitched piece of cloth usually 5 yards long that is tied around the waist and legs. The knot is tied at the waist. Dhoti is known by different names at different places such as Laacha in Punjabi, dhuti in Bangla. Indian Sari Sari is one of the most wonderful dresses worn by Indian women. Infact, when one thinks of a typical Indian woman, the first thing that strikes the mind is a woman clad in sari, who is wearing the solah shringar including bindi, chudi, kajal etc. history India is a land of ancient civilization. India’s social, economic, and cultural configurations are the products of a long process of regional expansion. Indian history begins with the birth of the Indus Valley Civilization and the coming of the Aryans. These two phases are usually described as the pre-Vedic and Vedic age. Hinduism arose in the Vedic period. The fifth century saw the unification of India under Ashoka, who had converted to Buddhism, and it is in his reign that Buddhism spread in many parts of Asia. In the eighth century Islam came to India for the first time and by the eleventh century had firmly established itself in India as a political force. It resulted into the formation of the Delhi Sultanate, which was finally succeeded by the Mughal Empire, under which India once again achieved a large measure of political unity. It was in the 17th century that the Europeans came to India. This coincided with the disintegration of the Mughal Empire, paving the way for regional states. In the contest for supremacy, the English emerged ‘victors’. The Rebellion of 1857-58, which sought to restore Indian supremacy, was crushed; and with the subsequent crowning of Victoria as Empress of India, the incorporation of India into the empire was complete. It was followed by India’s struggle for independence, which we got in the year 1947. Weding An Indian Hindu wedding is strictly observed according to the ancient cultural norms laid down in the Vedas. In the Indian society a wedding is not just the coming together of two people rather two souls. In fact, a wedding also brings two families closer, which thereafter share a bond of respect and affection. As a result, there are a number of traditions and customs associated with the Indian Hindu wedding ceremony. These traditions are the essence of the marital institution, thereby strengthening the significance, chastity and faith in the same. Rangoli Rangoli, one of the most beautiful and most pleasing art forms of India, is comprised of two words, ‘rang’ meaning ‘color’ and ‘aavalli’ meaning colored creepers’ or ‘row of colors’. Rangoli basically comprises of the art of making designs or patterns on the walls or the floor of the house, using finely ground white powder along with different colors. Numerous households in the Indian subcontinent make use of Rangoli designs for decorating the courtyard of their house.

Nordstrom Rewards Its Customers Essay

Nordstrom is a great place to go shopping and receive rewards while spending money. Nordstrom shoppers automatically become members of Nordstrom’s Fashion Rewards program when they people sign up for the store’s credit. When each person accumulates 2,000 points, then they receive a $20 Nordstrom Note, a gift certificate redeemable for Nordstrom merchandise or services. In the book one of the questions is â€Å"what are the design characteristics of an effective loyalty program.† The structure of their loyalty program and how they use the data collected through the program to make informed product, marketing and customer experience decisions are key to its success. The store’s frequent customers will be able to get perks like custom shopping parties and tickets to in-store fashion shows after shelling out just half as much as they used to spend to qualify for rewards. Loyalty marketing is and should always be much bigger than points, thresholds or incentives. It is about changing and influencing behavior in a proactive manner that creates long-term brand advocates who, in turn, enter into a dialogue with the brand. Nordstrom’s program is effective for a number of key reasons. First, even the lower levels of Nordstrom’s loyalty program are engaging because they offer meaningful soft benefits and because it’s aspirational, members remain engaged; they aspire to be at the higher tiers in the program so they can get the bigger rewards. Another question asks is the Nordstrom program worth what it spends to reward customers. I think it does because when you reward your customers then they would want to come into the store and buy their supplies to build up their points. When they do that then they get awards. Example would be I have a credit card and I receive points, the more I spend then the more money I get off from that store. I use my card all the time and I go and pay it off. I would get a credit card from any store I shop at if they reward me to use it.

Purpose of the Investigation Research Paper Example | Topics and Well Written Essays - 750 words

Purpose of the Investigation - Research Paper Example One could only work on probabilities and hope that the decisions made come out successful. For that reason, it is always good to conduct research on the issues at hand, analyses such data, find a concrete solution before a decision is made based on the outcome of the process. Failure to follow a logical process in decision making leads to regrets during implementation of such decisions when they fail (Crotty, 1998). Various methods could be used in researching and analyzing contract information. One of the analysis techniques is the content analysis. This is the examination of written or recorded information systematically through breaking down the sentences, identifying and eventually analyzing the relations of words, sense, sentences, characters, concepts and or common themes from such records. It is a critical examination as opposed to just describing content. Purpose of analyzing such content is to gain a clear insight into the precise and fully focused problem of research or bas ed on topic at hand. It also helps examine trends, see patterns and establish consistency required (Weber, 1990). Research keeps one informed on the current trends as compared to what has been in use in the past. It helps one see what is actually on the ground and find ways of integrating the decisions with the realities on the ground. Many people do their investigations in boardrooms and for that reason fail to have a true picture of what is actually happening on the ground (Ewing, Tarantino, & Parnell, March 2006). The disagreement with the contractor is a serious thing whenever a project is being carried out. This is because what was expressed on paper and in contract might be quite different from that which is happening on the site and thus make the contractor feel duped. For that reason, it is important that the manager of such a contract goes ahead to research and find where the problem is before making any decision. When evaluation of research data and findings has been done, then a decision could be made based on various solutions suggested (Onwuegbuzie, 2003). The purpose of this study is to establish the cause of the problems that led to the disagreement between the management and the contractor on the ongoing project of reservoir construction. The main issue here has been the fact that the location of the reservoir is located on hard granite rocks which need expertise and heavy machinery to blast them before construction can begin. This was not indicated in the original documents and the contract. Given the fact that the community and the hospital are posed to gain heavily from this project, a mutual solution needs to be found (Della-Piana, Low, & Lyman, 2005). The rationale for this research is based on the fact that one of the major objectives of BAMC is to be responsive to the public in terms of community needs. The contractor selected is one of the most credible one in the prequalified list and losing him would mean compromising on the quality o f the reservoir. A good reservoir will also ensure that both BAMC and the community are served well without interruption of water supply (Creswell, 2002). Resolution of the existing problem would require that all the stakeholders assemble to find a lasting solution to the problem at hand. This would require that the following options be considered: Subcontract the project by seeking an engineering firm that would be engaged in the blasting of the granite rocks to ensure that they are

Develop work priorities bsbcmn402a final assessment task a Coursework - 1

Develop work priorities bsbcmn402a final assessment task a - Coursework Example c. Since the author of this paper had been subjected to different responsibilities of assuring the value of the products of the organization as they are kept for warehousing purposes, it could be noted that he too has been able to find better ways to assure that the procurement of the said products are handled successfully giving fine returns for the organization. c. Through coming up with a systematic sense of handling the materials that are used and distributed by the organization for better market service, the author of this assessment was able to further improve his capability to manage the process of keeping good care of the items that the organization give much importance to while securing the financial values of the company. a. Performs duties as alternate safety advisor performs weekly and monthly fire extinguisher and emergency wash stations inspections in battery charging areas. The main idea of the enhancement of the capability to handle safety measures is to remain aware of the ways by which the equipments and other electrical appliances used by the organization for business operation are in top condition. Taking control of this responsibility enhances the awareness of the author making it easier for him to constantly assure of the safety he needs protecting himself and the people working around him. c. Mentored three employees over last 2 years showing them the most efficient and safest way to perform such tasks as in-checking containers, rotating and stocking product, completing ‘cyclic’ and yearly inventories, and properly palletizing product on pallets for shipment. Besides building camaraderie with other workers in the organization, this particular task made the author a better leader assuring the capability of each company personnel to provide the best service needed by the business to remain at the top of the list of the companies competing within the said industry. a. Has knowledge in all facets of warehouse

Analysis of an Ethical Dilemma (Part Two) Essay Example | Topics and Well Written Essays - 500 words

Analysis of an Ethical Dilemma (Part Two) - Essay Example Life is a gift from God and no human being has the right to do whatever they please with it. She believes death is gods will and wish and everyone has their time of death and there is no turning back from this time. She is opposed to all forms of euthanasia, not just because she believes God is the creator of life or because of the teachings of the catholic church, but also because these churches and biblical teachings are supported by philosophical, ethical and reasoned argument that can be availed (Armstrong, 2009). As a Christian, Mary Gonzalez believes it is against her religious background and moral perspective to take her life or even request someone in doing so. She believes no one has the right to kill or assist in killing no matter how hopeless the situation. In relation to euthanasia being a way to relieve pain, to the suffering individuals, Mary insists that it is wrong and against the Hippocratic oaths of doctors. The oath states that, â€Å"I will not give a deadly drug to anybody if asked for it, nor will I make a suggestion to this effect or in swearing the giving of poison when asked for it.† The American Society of Internal Medicine and American College of Physicians do not encourage or give support to physicians regarding euthanasia (ACP-ASIM, 2010). Physician assisted suicide, she believes, deteriorates the trust that patients have in the physicians. The government is wrong to give any right to a certain group of people to kill other people. This is illegal and should be abolished. Instead, people should encourage the suffering and give them hope until God decides when to take their life. The biblical worldview according to Mary Gonzalez is a well reasoned and gives a moral value to the sanctity of life (Cox, 2009). This is because it is possible to point to a moral right or wrong. It is concerned with the good of the community at large while the secular worldview is more focused on the individual