Functional Leadership Model in Healthcare Essay

The traditional leadership model focuses on three main areas which are looked at to be the core areas of leadership; task, individual, and team (Al-Touby, 1). Our text does not cover the traditional leadership model but, it does cover the path-goal leadership theory which in some sense relates to both the traditional leadership model and the functional result-oriented healthcare model. The path-goal theory focuses on the effectiveness for a leader to create high productivity and morale in a given situation (DuBrin, 147). In the path-goal theory it is important that the manager pick a style of leadership that focuses on the characteristics of the team and the demand for the task. In the traditional leadership style there is more emphasis on one core area over another; where in the path-goal leadership theory there is no emphasis on either. The path-goal theory lays the objective out in black and white. The path-goal theory is/ would be an effective leadership model for healthcare, how ever adapting it more closely to any organization would make it more effective and efficient. The main objective that can never be forgotten with healthcare is the patient’s outcome; if the outcome is lost, the leader, the team, and the task have failed. The Oman Medical Journal has perfected a leadership model specifically for healthcare facilities. The journal only compares the new healthcare model to the traditional leadership model however; it could also be compared with the characteristics of the path-goal leadership theory. If a healthcare facility focuses primarily on their individual staff characteristics, the facility will risk the possibility of losing sight of the patient’s needs (Al-Touby, 1). In any medical profession all employees are there for one reason, the patient’s service. With that being said, individual characteristics are not exactly the main concern in the healthcare leadership model. Moving on to having the task be the priority of the functional model; the task by itself remains incomplete until the patient recovers from the medical condition or the disease is managed (Al-Touby, 1-2). One patient is a task for too many people, but each employee contributes to the outcome of the patient. Lastly, healthcare leaders cannot only focus on the team, because the team has not completed the task until the patient recovers or the disease is managed. The team is combined of the individuals and the task but, in healthcare none of those elements need priority over another. Healthcare teams can work hard and be efficient and still be ineffective (Al-Touby, 2). In healthcare effectiveness must always be the goal over efficient teamwork. These examples and reasons are why the Oman Medical Journal decided to add the fourth element results or patient outcomes; and they refer to the modification as the â€Å"functional results-oriented leadership model†(Al-Touby, 3). No matter how perfect the healthcare team is; no matter how motivated the care staff is; no matter how well the care procedures are articulated and practiced, the yardstick of good healthcare leadership is patient outcomes, the results of care. (Al-Touby, 4) The functional leadership model is based on three core areas in leadership; task, individuals, and teams. All of these are important in effective leadership, however, the modified theory; functional-orientated leadership fits my lifestyle more precise. Working in healthcare and pursuing a profession in healthcare administration I can see how the typical functional leadership model does not fit the healthcare world. Patient care is the main focal point of every move made in the medical field; focusing more precisely on one of the three elements in the typical model could easily distract a leader in losing focal point on the patient’s result/outcome. Making the result the center of the three elements works. The organization I work at now uses the functional-orientated leadership model, and all our policies are based around this model. Patient’s safety and wellbeing is always priority. References Al-Touby, S. (2012). Functional Results-Oriented Healthcare Leadership: A Novel Leadership Model. Oman Medical Journal, 27(2), 104-107. doi:10. 5001/omj.2012.22 DuBrin, Andrew J. (2013). Leadership: Research Findings, Practice, and Skills. Mason: South-Western.

History: Sociology and Karl Marx Essay

Sociology is the study of people within a society. Three important Modernist Thinkers; Karl Marx, Emile Durkheim, and Max Weber are the three important figures in sociology. During the time of the modernist thinkers, they played a role in sociology thinking. This paper will explore the importance on why these three figures are considered modernist thinkers. What there main focus was and how they are considered a modernist thinker. Karl Marx was born in 1818. He was a German philosopher who believed that material goods are part of the social world. Marx was committed to revolutionist. Marx was trying to influence the social movement. According to Marx, the ideal government would be a communist state where resources are equally shared. Marx was involved in political and social issues which later on lead to more a communist theory. Marx theory on history is focused on whether or not society will rise and fall. Based on this theory Marx was influenced by Hegel. Marx belief on history evolved from many unpredictable directions. Marx was trying to explain the analysis of capitalist within societies and the economic failures that were produced. He suggested different socialist remedies. In the article â€Å"Contribution to the Critique of Hegel’s philosophy of Right† by Karl Marx, â€Å"The foundation of irreligious criticism is: Man makes religion, religion does not make man. Religion is, indeed, the self-consciousness and self-esteem of man who has either not yet won through to himself, or has already lost himself again. But man is no abstract being squatting outside the world. Man is the world of man – state, society† in other words Marx was thinking about how a human being could exist. Religion is dependent on economics such as â€Å" state and society† Marx explained that capitalist takes more of our productive labor where as religion we believe there is a god or to be called that there is a god. Accordi ng to Karl Marx, alienated labor is the process of capitalism. We create dominates us. The difference of alienated labor is â€Å"the relationship of the worker to the product of labour, the second is the relationship of the labour to the act of production, and lastly is the difference is man is a species-being not only in that practically and theoretically he makes both his own and other species into his objects† (15) this is the consequences of man alienation of production from work. Therefore man is opposed from himself. Social change fits with Karl Marx perspective because Karl Marx believed there needed to be a better society and with a social change there was going to be conflict. One of the conflicts was the class conflict, the capitalist. With social change he was able to produce a better society even though there were going to be economic problems. Emile Durkheim was a French sociologist argued that society had to be studied on its own. He was the primary of society. In Durkheim’s perspective society influences individual through norms and social facts. The way an individual think or acts is constituted as a proper domain which is defined as a â€Å"constraint† in Durkheim perspective. â€Å"Constraint† is used to identify the reason behind social facts. A constraint holds power over an individual and becomes stronger over reaction. He believed that societies are held together by values. Durkheim main focus was the concern of social order, how does modern society hold together given the individualism of an individual. In the article Suicide Durkheim connects division of labour and anomie. In Suicide he connects the analysis of suicide, by exploring the different rates, different places and to explain how they are different. Emile Durkheim treats religion by according to the article â€Å"In the Human Meaning of Religion, Durkheim differentiates religion in the context of social life. It states: â€Å"religion is a mirror of society and that in fact what people take to be the realm of the sacred is society itself†(68), in other words religion is a reflection of society. The importance function of religion is to make us act. He states: â€Å"If among certain peoples the ideas of sacredness, the soul and God are to explain sociologically, it should be presumed scientifically that, in principle, the same explanation is valid from all the peoples among whom these same ideas are found with the same characteristics† (68). Based on this article religion is the meaning of life, it provides support and authority figures. Religion impacts and influences society and effects different social norms an individual. Based on my understanding social change does fit with Durkheim perspective. Therefore; in the article Division of Labour in Society, Durkheim focuses on the origin of connecting individual with one another with society, he analysis the social change and explains the conflict in modern society. In Durkheim perspective what unite us is called â€Å"social solidarity† which brings individuals together. In the article it states: â€Å"Society it not seen in the same aspect in the two cases. In the first, what we call society is more or less organized totality of beliefs and sentiments†¦ the society in which we are solidarity in the second instance is system of different, special functions which definite relations unite† (107) meaning solaridity is based on similarity because it binds us together but is different because we are different people. With Durkheim producing social change it was reduced by social reform. Max Weber was a German sociologist. Weber agreed with Marx that individuals had to fight to protect their own property and interest. He also agreed with French sociologist Durkheim; that people interest is determined by shared values. Weber believed in causality. There were multiple causes on why people behave the way they do according to him. He also believed that society is more of rationality and bureaucracy. Sociology should be more of a social action according to Weber. Weber work was the process of rationalization. Rationalization is where rules and laws dominate sectors of society in the model of a bureaucracy. According to Weber â€Å"Class, Status, Party; the way in which social honor is distributed in a community between typical grounds participating in this distribution we may call the ‘social order’. The social order and the economic order are, of course, similarly related to the ‘legal order’ (102), class, status and party was a source of social conflict that became a social difference. Class and status influences one another where as† ‘parties’ live in a house of power† (106) in other words Weber was trying to explain that these spheres are connected by distribution of power. Status makes up the social order and classes are the economic order each promotes power and social change In the article â€Å"Protestant Ethic and the Spirit of Capitalism† focuses on the religions ideas and economic behavior as part of the rationalization of the economic system. It states: â€Å"We can treat ascetic Protestantism as a single whole. But Since that side of English Puritanism which was derived from Calvinism gives the most consistent religious basis for the idea of calling , we shall, following our previous method , place one of its representatives at the center of the discussion†(158).Weber explore the emergency of capitalism was by an ascetic spirit of sacrifice. The development of capitalism was influences by Calvinism. In the society of this time they had more highly capitalist who were Protestants. Social change fits with Weber perspective because in the article Bureaucracy, it states â€Å"The principles of office hierarchy and of levels of graded authority mean a firmly ordered system of super- and subordination in which there is a supervision of lower offices by the higher ones† (89) bureaucracy is a social order where as the authority who changes the order it becomes a social change to society. In conclusion three important figures of sociology were Marx, Durkheim, and Weber. Each three were considered modernist thinkers for sociology. Even though they all had different theories and ideas, Marx believed economics was the force of social change where Weber though religion was. Reference Emile Durkheim selections from â€Å"Division of Labor in Society† From Scott Appelrouth and Laura Edles (eds.) Classical and Contemporary Sociological Theory (Pine Forge Press, 2008) Emile Durkheim selections from â€Å"Suicide† From Scott Appelrouth and Laura Edles (eds.) Classical and Contemporary Sociological Theory (Pine Forge Press, 2008) Emile Durkheim â€Å"The Human Meaning of Religion† From Peter Kivisto (ed) Social Theory: Roots and Branches (Oxford University Press, 2008). Karl Marx â€Å"Alienated Labor† From Peter Kivisto (ed) Social Theory: Roots and Branches (Oxford University Press, 2008). Karl Marx â€Å"Contribution to the Critique of Hegel’s Philosophy of Right† From Christopher Hitchens (ed) The Portable Atheist (Nation Books, 2009) Max Weber â€Å"Bureaucracy† From Peter Kivisto (ed) Social Theory: Roots and Branches (OxfordUniversity Press, 2008). Max Weber â€Å"Class, Status, Party† From Peter Kivisto (ed) Social Theory: Roots and Branches Max Weber selections from â€Å"Protestant Ethic and the Spirit of Capitalism† From Scott Appelrouth and Laura Edles (eds.) Classical and Contemporary Sociological Theory (Pine Forge Press, 2008).

American Stereotypes of China

US writer Todd C. Ames concludes his two-part discussion of the ways in which Chinese and Americans think of each other, and the most common misunderstandings that arise AMERICANS don't know much about China. What they do know comes from three main sources: movies, the news, and history classes. This can be a sensitive subject, and I do not wish to offend anyone – my goal is only to give you an overview of American stereotypes of China. Just as I have encountered many stereotypes that the Chinese have of America (some accurate, some absurd, some insulting), one can similarly encounter American stereotypes of China in the US. All Chinese know kungfu and dress like Huang Feihong. (Source: Jet Li, Jackie Chan, and Bruce Lee [Li Xiaolong] movies). – Anything to do with China is â€Å"ancient† and â€Å"mysterious. † (Source: the fact that Chinese language seems to be made up of â€Å"mysterious symbols† to Western eyes, movies about Chinese history). All Chinese are â€Å"brainwashed† into worshipping Chairman Mao and can't think independently. (Source: studying the Cultural Revolution in high school history classes. ) – â€Å"Guangdonghua† (Cantonese) is the official language of China. Source: Hong Kong movies, Chinese-American immigrants who came to the US from Guangdong and Hong Kong during the 19th and 20th centuries). – Chinese culture is basically the same today as it was 1,000 years ago (eg, â€Å"traditional, conservative, polite,† etc. ). (Source: studying Chinese history without being familiar with modern China). – In China, no one can express any idea that isn't approved by Chairman Mao – if you do express an â€Å"unapproved† idea, you will be instantly sent to jail or shot. (Source: studying the â€Å"cultural revolution† (1966-76)in high school history classes, the events of 1989 in Beijing). Chinese (and all â€Å"Asians†) are good at maths. (Sou rce: I don't know). – China and Japan are basically the same. (Source: ignorance). – â€Å"Asian† women are generally subservient to men, anti-feminist, and more â€Å"morally pure† than Western women. (Source: movies about ancient Japan, cultural differences. This stereotype is again the result of ignorance of modern China – and thinking that today's China is really 12th-century ancient Japan). Chinese stereotypes of US As an American, I can give you a unique perspective on the Chinese stereotypes of the US that I have encountered. Some of them really made me laugh – as I'm sure some of the above American stereotypes of China made you laugh. – Americans don't care about their families very much. The opposite is true. Almost every American will tell you that family is the most important thing in life. – Most Americans have AIDS and have sex in the streets. I'm still laughing at this one. One of my friends told me that she thought this was true before coming to the US. – Mixed ethnic background = intelligence. The more mixed your ethnic background, the smarter you must be. This kind of thinking is truly confusing and shocking to most Americans. Many Americans would even consider this kind of thinking â€Å"racist,† as some sort of inversion of Hitler's â€Å"race purity† theories. In any case, I was really surprised to hear this from virtually every Chinese I know. Almost all Americans have a diverse and mixed ethnic background – so we must all be geniuses. – All American men are â€Å"se lang (lecher). † (Source: cultural differences. ) – The crime rate is so high in the US that your life is always in danger. This is a vast exaggeration. The US has the most socially liberal society in the world, especially when it comes to sex. This idea comes from Hollywood – and it couldn't be more false. The US in general (especially the Midwest) is very socially conservative. Virtually every European country has a much more â€Å"liberal† and â€Å"open† view of sex and social relations in general comp ared to the US. In my opinion, the US is closer to China in this respect than to European countries. You probably don't believe me, but if you get to know some Americans, you will see that it is true. As far as social relations and sex go, I would put Japan and Europe in one category. And I would put China and the US in one category. – All â€Å"Western† countries are basically the same. This stereotype is the mirror of the American stereotype that all â€Å"Eastern† countries (China, Japan, Korea, etc. ) are basically the same. Both stereotypes are completely false and are purely based on the perception that â€Å"all foreigners look alike. † – Most American college students don't study, party all of the time, and are ignorant of the outside world. This stereotype is pretty accurate. – Every American owns a gun. Roughly 25 per cent of American adults own a gun, which is extremely high compared to most other countries. But still, the vast majority of Americans do not own guns. Food In general, Americans love Chinese food. Chinese and Italian food are probably the two most popular types of food in the US. However, most of the Chinese food you will find in US restaurants is â€Å"Americanized. † You probably won't find things like stomach or intestines on the menu. Also, pork is not so popular in the US. Beef and chicken are much more popular in the US than pork. So don't be surprised if many Americans you meet don't like pork. One â€Å"food stereotype† that I have encountered among Chinese (and everyone else outside the US) is that all Americans eat McDonald's. I don't have any friends who like McDonald's. I hate it. Everyone I know hates it. I think McDonald's is probably more popular in other countries than it is here in the US. Of course, it is popular to some degree; but it tends to be more popular among certain segments of society than others.

Methods of Analysis in Health Care Research Paper

Methods of Analysis in Health Care - Research Paper Example Horizontal analysis informs about how different items in the balance sheet and income statement behave in many years. This particular type of analysis reveals how the performance of the firm has been affected over the years due to environmental factors. This analysis is also important information regarding cyclical demand trends and helps understand fluctuations of demand for a firm. This particular analysis can be used in health care industry to understand reasons of increasing costs over many years. Through this analysis one can know the main areas due to which health care costs is increasing. Horizontal analysis will tell which elements have contributed to the increase in costs and which have remained fairly constant over many years or accounting periods. Vertical analysis is a form of financial analysis in which elements of financial statements are presented in a percentage form of total elements (Haber, 2004). This type of analysis presents all information of a particular account, for example liabilities, in percentage form of the total value of that particular account or element. Vertical analysis focuses on proportions and attempts to guide decision making based on how much weight or proportion a particular element in the balance sheet has. Through this analysis, firms can know easily what proportion of a particular asset, like cash or receivables, is present in the total assets of the company. This analysis can guide decision making by highlighting which areas have are important for the firm and which are not. Vertical analysis can be used in health care by managers to understand the nature of their debt. This analysis can tell managers regarding how much debt is due in the short term and how much is due later. Ratio analysis involves analyzing different aspects of a business including efficiency, leverage, debt, profitability etc (Siddiqui, 2006). This type of analysis focuses on the relationships between different factors

The Public Campaign No More Case Study Example | Topics and Well Written Essays - 1500 words

The Public Campaign No More - Case Study Example As the paper outlines, started in 2013, the NO MORE campaign started in recognition of the fact that although millions of people face domestic and sexual assault every day, little is done to create awareness about the issue. It remains hidden and is less of a concern to the public. A group of people from the domestic and sexual assault prevention came together and realized that when people unite and fight the problem, it could create more public awareness on the issue. The campaign’s blue â€Å"vanishing point† symbol originated from a phenomenon of zero domestic violence and sexual assault inspired by Christine Mau, a survivor of such assault. Organizations fighting against domestic and sexual assault had to come together and partner with the NO MORE to organize and make the campaign possible. The NO MORE PSA Campaign is headed by the Joyful Heart Foundation partnering with NO MORE and is directed by actress, Mariska Hargitay. The face of the campaign is a team of more than 50 celebrities and public heads who are at the forefront in creating awareness and asking the public not to standby, but engage in the campaign. Participants of the campaign mainly comprise of celebrities and other organizations that are at the forefront of fighting domestic violence and sexual assault on people. Other non-profit organizations that are dedicated to ending domestic violence and sexual assault also have active participation in the NO MORE campaign. The NO MORE PSA campaign is a three-year public awareness campaign that is set to create public awareness in the importance of reducing domestic and sexual assault among families. The campaign is set to go across the US and other international markets. Among the tools to be used in creating the awareness include print, outdoor, online and other forms of broadcast advertising. The awareness will be made public in train stations, airports, and medical facilities.  

Care planning Essay Example | Topics and Well Written Essays - 3000 words

Care planning - Essay Example Hall et al. suggests that individualized and nursing care plans should be developed and these plans are ways of improving service user recovery (Hall et al., 2013). Despite care plans being an important tool in delivering health care services, the health care professionals often misunderstand them and the administration treats them as an extra task (Norman et al., 2009). According to Norman et al. (2009) during practice challenges occur during the implementation of care plan that is focused and personalized in compliance with individual service user needs. For example a service user may be acutely ill at the time of admission. During admission, it may be hard for the nurses to initiate individualized care because the service user may not be in the right mental state and may not be able to provide insight for the development of his/her care plan. Furthermore, the environment of acute mental health settings is very busy, there is lack of staff and unforeseen events might occur. This environment may negatively impact therapeutic engagement with service users and may even hamper individualized care planning with (Cleary et al., 2012). This essay examines the evidence that supports/reflects best practice in respect to care planning in acute setting and this essay focuses on devising a strategy for introducing best practice. The strategy will be developed while consideration factors those are likely to assist and hinder the implementation of evidence-based practice. According to a report published by Department of Health (2011) nursing care plans are central components of nursing services that are delivered to the service users. Research suggests that in developing and planning care plans for service users, nurses should adopt the provision of individualized care that is personalized to the needs of the user (Department of Health, 2011). According to Butterworth (2012), the focus of this approach is to involve service users and see things from their

The Employment Relationships Essay Example | Topics and Well Written Essays - 1500 words

The Employment Relationships - Essay Example Employee relations ensure that a certain professional relationship is maintained between the employers and the employees and this helps to achieve adequate productivity and creation of morale and motivation among workers. Gennard and judge (2005) say that employee relations involve collective bargaining by both parties about grievances and appeals that arise in the course of employment. This paper will address the factors influencing the change in employee’s relations and give recommendations. Since employees relations is an ongoing process, changes are bound to occur. Such changes include: change in the choice of communication method that the management chooses to use e.g. use of memos, briefing and so on. Change may also occur in the choice of payment method. It could be done in a performance-oriented way. Training and development employees could also change. Those are just some of the few changes that may occur. A change in the schedule of working hours is among the major factors that influence working relations. Employees agree to work for several hours that are spread over a given period of time. This allows workers to perform their duties as expected and also have time to do their own personal things like care for their families, take holidays and so on. An organization that has a favorable working schedule for its employees has increased staff retention, absenteeism is reduced and there is also increased productivity. On the other hand, if an organization has a too tight working schedule it will be strenuous to the employees and this will lead to a conflict between them and the employer because they will not perform their duties as expected due to fatigue leading to a decrease in productivity.  

Term Paper, Project Management Assignment Example | Topics and Well Written Essays - 1750 words

Term Paper, Project Management - Assignment Example 2. Usage - Mostly done as a preliminary method of finding out information with regards to the interaction between the environmental stressors or risk agents and the target population, communities, or sites (US EPA, 2012a). 3. How it is conducted - The EPA uses a four-step method which consists of the following: data collection and evaluation; exposure assessment; toxicity assessment; and risk characterization (US EPA, 2012a). Data collection and evaluation aims to gather as much information from the site as possible, such as collecting samples and identifying the presence of stressors such as chemicals in the surroundings. After sufficient data has been gathered and analyzed, exposure and toxicity assessments are done next. Exposure assessment is done in order to analyze the contaminants released, to identify the populations exposed and how these stressors reached them, as well as estimating both the concentrations and intakes using various pathways by which the stressors were able t o reach the studied target areas or populations. The toxicity assessment deals with further quantitative and qualitative studies on the stressors such as performing tests that determine the toxicity levels of contaminants. Lastly, risk characterizations list the sum total possible effects of these contaminants to both the environment and the people such as the potentiality to cause chronic or acute diseases. Also, the probabilities and uncertainties of how these contaminants can reach people are summarized in order to aid future risk assessments to be done in later areas (US EPA, 2012a). 4. Comparison to other kinds of assessments – Baseline risk assessment is the most basic but generalized method of analyzing the current condition of target locations and populations. While it shares many characteristics such as the use of scientific methods in the conduct of other kinds of assessments, it is also the foundation for other kinds of analyses to be conducted in the future, espec ially with the larger areas of study and necessary information. There is also a greater need to incorporate as much information from the areas or sites as possible since these are the levels by which future prediction models will be based on, and will be constantly relied on in succeeding area or population analyses. Thus, in order to create accurate models and risk assessments for each site, the baseline risk assessment must be carefully and thoroughly conducted to prevent future miscalculations and assure that there is appropriate risk-management in these areas (US EPA, 2012a). Comparative Risk Assessment 1. Definition – It is a kind of assessment method wherein the ranking of various effects in importance or relevance are established into a scale which, while not exactly designed to work on a single measuring unit or scale, is quite functional in approximating the effects or consequences of such stressors based on location and population (US EPA, 2006). 2. Usage - The EPA use comparative risk assessments in a way that various risks or important points are referred to and then compared to the approximated scale so as to assist risk assessors in weighing the appropriate measures in accordance to the presence or identity of the risks involved (US EPA, 2006). Such

Self Interest Coursework Example | Topics and Well Written Essays - 500 words

Self Interest - Coursework Example Ethics is a moral conduct that is good, fair, just, and admirable in the society. It brings out a clean air of behaviour and aims at showing ones dignity while interacting with fellow human beings. Morality always triumphs over selfishness, without morality social life would be nearly impossible. Naturally, people would be brutal, unjust, and selfish. Religion contributes to morality, because about 60% of individuals believe in a certain religion (MacKinnon and Fiala, 2015). Theologically, people care of what will happen in their afterlife. For many religions, an afterlife involves a person been rewarded or punished for what they have done. â€Å"Do to others what you would have them do to unto you† is a golden rule with a religious birth, which has been cemented in most people’s minds since childhood. Religion exists as a factor of unity in the society. Confucius in the ancient china was vocal in establishing a â€Å"gentleman’s code† to avoid social diso rder in China. The comfort or wrath of after life is based on the moral conduct of people’s behaviour while on earth. This regulates the conduct of people and motivates them to help others. Arguably, it is much better for people to follow rules. In the state of nature, according to social contract theory by Hobbes, it was brutal, lawless, unjust and short. The absence of rules was the cause. Inherently, man desires law and security. The need for self-preservation and protection of property prompts man to surrender their rights voluntarily.

Investment in single company shares and gilts Coursework

Investment in single company shares and gilts - Coursework Example From the point of view of economics, the act of investment is related to saving or deferring consumption today for the purpose of a better or higher return tomorrow. Interest is the price paid to the investor for waiting or deferring consumption. As consumers, we may invest for a number of reasons. We may invest in a house because we want the comfort of a shelter and a place to hold our belongings, a car to drive us to work, or a beach house to spend the holidays. Investments are also made in financial instruments that have value such as shares, bonds and pension plans. The idea is that the investment should bring us a better level of return in the future. Investments may also be made by corporations of monies kept for the purpose of buying future assets or replacement of machinery etc. The investment made in different types of financial instruments will yield a rate of interest and may increase or decrease in value due to demand and supply or various other factors. Thus investment w ill give one more than one types of return- interest earned and capital gains. The Investment Climate in the UK The UK has a very active financial environment, as London has been one of the most important financial centers of the world for some time now. The main reasons for this are the availability of infrastructure in the shape of the equity and bond markets and money market for local and foreign currencies. The main offices of the Bank of England, the UK’s central bank and many other local and international banks are housed here too, much like Wall Street in New York, USA (Kindleberger, 17). There are thousands of trades done daily on the floors of these banks and exchanges. These trades are directly or indirectly related to trade and commerce and the flow of goods, services and money from one bank or country to another (Ross, 12). The activities in the equity and bond markets may be of primary or secondary nature. Primary activity means the issue of new shares or bonds, and secondary activity means the trading or reinvestment of previously issued shares or bonds. Under the corporate form of ownership, a company can raise capital from the general public by issuing a Prospectus in the newspaper stating the nature of its intended business, and viability and profitability of the same. It is left up to the general public to judge and decide for themselves whether or not to invest in the shares or ownership rights of the business. This is called an Initial Public Offering or IPO if the company is inviting the public to purchase its shares for the very first time. The same activity may be carried out in the bond market which is the market for the issue and trading of debt securities. Bonds signify the debt of a company, and the owners of bonds are called the creditors of the company. Previously issue bonds can also be re-bought or resold at the rates prevailing in the market. Bond and equity markets always travel in the opposite directions. If the equity market is up, the bond market would be down and vice versa (Thau, 3). While the owners of bonds, debentures or debt securities are assured an interest payment at a defined rate of interest, and the price of the market value of their bonds at any time they decide to liquidate their holdings, the owners of equity shares will get a dividend payment based upon the number and value of shares they hold at that point in time. This is usually declared by the Board of Directors based upon the profits made by the company in a particular year. They are under no obligation to declare a dividend and may alternatively decide to plough back the profits into the company, to reinvest in

Chemical Warfare in World War 1 Essay Example | Topics and Well Written Essays - 1000 words

Chemical Warfare in World War 1 - Essay Example World War I saw the development of weapons, which were deadlier to a degree than had never before been expected. Among the deadliest weapons that had never been used before were the 420 mm guns, which the Germans used to bombard France from Liege, Belgium. This led the countries to look for developing deadlier weapons with the help of their intellectuals, as it was clear that weapons would greatly determine the countries that won the war. (Hilmas, Smart & Hill 14). Therefore, as expected, deadlier weapons were developed by the countries. However, the deadliest and most inhumane of all the weapons developed was the poisonous gas, which was made by the German genius and Nobel laureate Fritz Haber (Bosco, Bosco & Bowman 38). Poisonous gas Prior to the World War I, several European countries including Germany, France and Britain had signed a treaty known as the Hague Convention on war on land in 1907 which forbid the use of poisonous gas in war. However, this did not deter the use of poi sonous gases in World War I (Stoltzenberg 151). Germany first used chemical weapons on British and Indian troops in 1914. Berlin was triggered to use chemical weapons after France had used on them. The chemical weapon used by the Germans was dianisidine chlorosulphonate, a chemical that causes irritation to the mucus membrane (Hilmas, Smart & Hill 14). However, the use of chemical weapons, which lead to widespread outcry by the rest of the world, was by Fritz Haber. (Hilmas, Smart & Hill 14).

Internal Functions and External Relationships - NWTB Essay Example for Free

Internal Functions and External Relationships NWTB Essay The ICT department is concerned with supporting the other functions of the organisation and the clients externally of the organisation. Its job is to ensure that ICT is being used as a support to help the other functions to operate as effectively as possible. Mr Povey has been involved in the implementation of standard kit throughout the NWTB as well as the organisations with whom they have a relationship externally. He has also been responsible for helping the clients (e.g. hotels, tourist attractions) to use ICT to effectively promote themselves and in turn the Northwest as a tourist destination. The NWTB is aiming for competitive advantage, e.g. they want tourists to visit the Northwest more than any other region in the UK. ICT can act as a tool to aid in the process of competitive advantage. The ICT departments role is to ensure that whilst ICT investment comes at a huge initial cost to the organisation, it is worthwhile, will provide value for money and is necessary in the long run to ensure stability and survival for the business in the future. Whether or not the ICT systems provide value for money will depend on how effective the systems are that are implemented and how well the user uses them. The ICT department are responsible for evaluating the systems in place and updating them as necessary to ensure they continue to support as opposed to hinder the operation of the organisations. The ICT department is split into 2 areas. The area responsible for maintenance of the current system and providing a service to the users within the organisation of the NWTB. This involves daily troubleshooting tasks like fixing broken machines and printers as well as maintenance of the network. It also involves the identification of training needs of those who use ICT within the NWTB as well as provision of training for those users. Secondly, the responsibility that Mr Povey has of promoting the effective use of ICT to destinations across the Northwest ensuring they can compete and provide tourists with excellent service e.g. by booking rooms or tickets on the internet or over the phone. This aspect of ICT falls mainly under the Operations function of the NWTB because it is this aspect of ICT that covers the providing of a service. The NWTB provides a service to its members e.g. the local hotels and tourist destinations, helping them to employ effective ICT systems, they in turn can provide a better, more competitive service to tourists. Mr Poveys role does not involve in any way the maintenance of the systems used by members, he simply acts as an advisor to members and can inform them of any funding they may apply for to help with purchasing ICT equipment. He does also help to identify training needs of members and organise training events. Some of the benefits of using ICT within the NWTB * Improved accuracy from basic typing of letters to automation of financial spreadsheets * Faster processing leading to faster responses e.g. e-mail communication between departments, purchase orders being completed using computers etc. * Information available for management that previously wouldnt have been available in time or may not have been in enough detail or as concise * Tighter control as a result of easily accessible financial information * Reduced costs as staff can be more productive with the support of ICT e.g. use of mail merge reduces the time and effort required for typing and sending a standard letter to a number of clients. * New sources of information to allow for improved marketing * Faster, more effective communication with regional and sub regional partners * Some of the benefits of using ICT to the NWTB members * Promotion can advertise to a wider audience not previously reached because of distance from the location, via Internet. * Sales improved marketing information results in increased sales. Ability to sell tickets and accept on-line booking improves sales as the business becomes available to a wider audience * Management information increased advanced ticket sales and bookings enables management to plan better and so be better prepared for requirements in terms of stock levels, number of staff needed, car parking issues etc. * Access to competitor information using the Internet management can research into what competitors are doing e.g. special offers and can compete with their own promotion ideas. * Production of promotional materials management can use their own systems to produce their own leaflets and flyers so saving money on printing costs * Financial Information management can store details in an automated spreadsheet making financial monitoring and planning quick and easy. * Data Storage management can store information about clients on a database which requires littler physical space and can be searched more quickly as opposed to sifting through a large paper based directory or file to find customer details. * Faster, more effective customer services customers can be dealt with quickly and efficiently if business data is stored on an easy to use system e.g. hotel booking systems. On some hotels customers can run up a bill using the bar, restaurant, leisure facilities etc if the business has a centralised computer based facility. Customers can see their billing information for a stay in the hotel on one printed sheet as opposed to keeping hold of a number of receipts. The customer is not required to pay for services individually as they pay for everything at the end. This can enhance the customers experience of staying in a hotel. Happy customers will usually spread the word and recommend a hotel to friends and relations as well as planning a return visit themselves. This all helps the businesses in their pursuit of competitive advantage. * More effective communication the businesses will be able to communicate with clients, suppliers, service providers etc via e-mail. How does ICT help NWTB to operate effectively? Suppose that there was a huge tourist event being organised in Southport. Then there are a number of jobs to be done within the NWTB to ensure the promotion and success of this event. The marketing department will carry out some research to establish the make-up of the target audience for the event and will then decide on the best methods of promotion for the event. For example, texting a large group of people, producing and displaying posters throughout the region, distributing flyers, sending leaflets directly to peoples houses, radio and TV advertising etc. ICT may be used to design a questionnaire to establish the target audience and those interested in attending the event. ICT may be used to input and analyse information about the potential audience The marketing department will have a large database with the details of people who have been to events in the past and will also have access to information about the make-up of households in the area. ICT may be used to access databases with peoples contact details and mail merge this with a standard letter to be sent to the households of the target audience. Marketing will need to speak to finance about the available budget for promotion and advertising. A spreadsheet may be used to calculate the amount of money available from the NWTB budget. A further spreadsheet may be created by the marketing department to allow them to keep track of all financial transactions that take place in relation to this particular event. This may also help them to make important decisions about how much to spend on aspects of the promotion. Information will be sent to local hotels and guesthouses about the event to inform them that there may be business to be gained from the event in that people who attend from outside the region will need somewhere to stay. This may be done using e-mail and attachments. Marketing will need to send copies of invoices and bills for the production of leaflets, posters etc. to the finance department so that the finance department can pay the bills. Administration will be responsible for word processing and sending the standard letter to households promoting the event. After the event the marketing department will need to evaluate the success of the event and its impact on the region. Was the event worthwhile to the region? They will need to collect and analyse information from a variety of sources to assess its impact. ICT will be useful at all stages in this complex evaluation process. What are the external relationships that NWTB has? Department for Culture, Media and Sport National Level DCMS champions good quality and service for tourists, from the UK and overseas. We encourage and help the tourism industry to improve what it has to offer for all our visitors and to promote a positive image abroad. Tourism Policy DCMS Ministers are very keen to modernise and reform the tourism industry, working more closely than before with the industry, and current tourism policy is focusing on improving structures, marketing, data, quality and skills, as follows: * The industry has formed a new body, the Tourism Alliance, to represent its views better to Government and catalyse actions to help delivery of policy objectives * VisitBritain was set up on 1 April 2003, bringing together the English Tourism Council (ETC) and the British Tourist Authority (BTA) * The relaunched body has a new and significant marketing role for England, including the development of e-tourism * Funding which previously went to Regional Tourist Boards via the ETC will now be channelled via the Regional Development Agencies * Major reviews on quality and data have been initiated, consulting the industry and others as appropriate * Industry and Government are working in close partnership on the skills agenda, and the Government is strongly supporting the establishment of a Sector Skills Council for Tourism Current policy as described above builds upon Tomorrows Tourism, the Governments 1999 strategy for the development of tourism in England. Good progress has already been made in delivering Tomorrows Tourism, which has also brought together a number of Government departments who are working closely with DCMS and the tourism industry to implement the strategy. Important areas not mentioned explicitly above, such as sustainable development of tourism and increasing access to tourism, are now considered as a matter of course in policy development and delivery. Support Structures In April 2003 the strengths and resources of the British Tourist Authority and the English Tourism Council were combined in one organisation, renamed VisitBritain. VisitBritain is responsible for promoting Britain overseas and England to the domestic market. Its key roles are to boost Britains income from tourism through professional and effective marketing, and to provide a framework within which the tourism industry can work in closer partnership. With its network of overseas offices, VisitBritain helps the over 120,000 tourism businesses in Britain reach overseas customers cost-effectively. For England, VisitBritain provides a central coordination role to make the most of the collective effort of all sectors promoting tourism in England to a domestic audience. A greater role in tourism for Regional Development Agencies (RDAs) in England is a major strand of the Governments programme of tourism reform. Since 1 April 2003, the RDAs are playing a stronger part in the strategic leadership of tourism, working both individually and together with each other within the new national framework for tourism strategy and marketing. The Regional Tourist Boards are the RDAs natural partners and will be funded by the RDAs, for the next three years at least, at a level equivalent to the project funding they received in 2002-03 from the former English Tourism Council. This amounts to à ¯Ã‚ ¿Ã‚ ½3.6 million per year. This arrangement excludes London, for which there are separate arrangements with the Greater London Authority. Regional Partners Other regions of the UK who all work together to help implememtn the strategy for the whole of the UK Sub Regional Partners regions that make up the Northwest. They share good practise and work together to promote the region as a whole. Lancashire Tourist Board Cheshire County Council North West Development Agency The Mersey Partnership Marketing Manchester Cumbria Tourist Board The NWTB also has a relationship with a number of smaller businesses within the sub regioanl partners e.g. small hotels, tourist attractions etc. The NWTB also has a relationship with all the organisations listed below as a business cannot function independently of these. The Inland Revenue, Customs and Excise, Insurers, ISPs, Data service providers, Computer and communications equipment suppliers, Courier Services, Utilities, Local authority departments, Advertising Agencies, Printer Firms. How is information used in the NWTB? Operations: * Purchasing * Work Scheduling- The NWTB will use this daily as they need to gain up to date information from all organisations. They will need to know where employees are in case another job comes up that is more important. * Delivery- The NWTB would need to make sure its customers where kept up to date with the latest technology, however, it is then up to the organisation as to whether they would like to utilise the technology. With small businesses the NWTB often spearheads the idea for the introduction of ICT into the business for more effective and efficient productivity. This means they may often have to supply their clients with computers in order to give them the best deal on, often, a small budget. Marketing: * Market Trends- Systems for studying market trends need to record and present data as defined by the current user, whether it be number of tourists visiting one attraction, or what attractions are open at that present time. Price and performance trends are also covered. * Analysis of competitive activity- The NWTB will be trying to make the northwest the best tourist destination in order to improve its reputation. They are constantly in competition with the other regions in the country. Within the NWTB you can sub-section the industry into different attractions, e.g. Hotels in one category and entertainment complexes in another. These sub- categories are in each have their own levels of competition in the northwest. * Planning and analysis of promotional campaigns- This is vital to the efficient running of the NWTB, they target not only small businesses in the promotions, but also the larger more established organisations that have more power to bring more tourists. Sales: * Receiving and logging of customer orders * Invoice production * Customer details * Recording all sales visits and other sales activity The ICT department have an important role in designing, introducing, and developing e-commerce systems. E-commerce is one of many ways a client of the NWTB can become a much more successful firm without the need of expansion. It allows small firms to broaden horizons, they do however take a number of months to become profitable and implementing them often takes a lot of time and effort, however, in the market today it is very easy to provide e-commerce safely and securely. The sales department would also keep a list of customers and clients on record. They will use these to keep details like address, e-mail address, buying history, current sale status, and sales person dealt with in the transaction. Research and Design: * Product design- The design process would be carried out using CAD, this allows the design department to produce lots of designs very quickly, it also allows the drawings to be much more accurate. This process also allows designs to be inter-compatible. * Engineering design- Due to CAD the design process becomes much quicker, in the production of advertisements it becomes much easier to edit motion clips on a computer very quickly. On a static poster you can retouch the elements present within it. * Analysis of new developments Finance: * Sales, purchase and nominal ledgers * Credit control * Payroll * Payments in and out, including EFT * Budgets, projections and accounts * Historical financial records Finance has to be able to give instant statements on the financial situation in the company to the directors, on request. EFT stands for electronic funds transfer. It refers to any use of computers in making payments to organisations or individuals. It is a rapid way of transferring money, but raises doubts about security. These administrative applications are largely similar between one organisation and another. There is nonetheless an important task for ICT to advise on the particular software products to be obtained. Administration: * Personnel records and pension scheme- personnel records include, for each employee: name, home address and telephone number, NI number, employee number and department, DOB, sex, date of joining company, job history before joining company, job history since joining, training, qualifications and skills. * Legal and statutory matters * Insurance * External authorities and contractors * Board meetings and annual general meetings As with the finance department, many of the systems used are universal throughout many different companies. The advice of ICT is likely to be both helpful to users and able to support the organisations policies on standardisation. The ICT Department: One of the key roles of the ICT department is to explain the advantages that may be available for managers and their departments of making greater use of computer-based systems. The team needs to explain the structure and characteristics of ICT projects. Another important task of ICT is to devise and manage centralised systems in the following areas: * Procurement of computer equipment * Procurement of computing and communications equipment * Use of e-mail and other Internet access procedures * System development, testing and standardisation

Huntington Ingalls Industries (HII) SWOT Analysis

Huntington Ingalls Industries (HII) SWOT Analysis Brief Company History Huntington Ingalls Industries (HII), was founded on March 31, 2011 when Northrop Grummans Shipbuilding Sector was spun off as an independent company. HII is headquartered in Newport News, Virginia. HII is Americas largest military shipbuilding company and a provider of professional services to partners in government and industry. For more than 130 years, HIIs Newport News and Ingalls Shipbuilding have built more ships in more ship classes than any other U.S. naval shipbuilder. The Technical Solutions division provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear and Environmental, and Oil and Gas groups. HII is headquartered in Newport News, Virginia, and employs nearly 37,000 people operating both domestically and internationally (Who We Are, 2017). Integrity, safety, honesty, engagement, responsibility and performance are the values that guide Huntington Ingalls Industries. Putting these values into practice creates long-term benefits for employees, customers, shareholders, communities and suppliers (Company Values, 2017). The HII Corporate Governance addresses the relationship of the board of directors, management and stockholders with the objective of promoting the companys long-term success, improving company performance and representing the interests of the stockholders. The board will provide advice on the corporate strategy developed by management, access risk, select a chief executive officer, oversee development and succession plans for senior executives, monitor financial performance and oversee processes that maintain the integrity of the company (Proxy Statement, 2015). Strengths Huntington Ingalls Industries (HII) is the largest military shipbuilder in the U.S., HII and also provides support services to nuclear energy and oil and gas industries. With divisions in Virginia and Mississippi, HII has built more ships in more ship classes than any other U.S. shipbuilder. HII is the sole source supplier of U.S Navy aircraft carriers and is the exclusive supplier of refueling services for nuclear-powered aircraft carriers (Who We Are, 2017). Industry experience is one of HIIs major strengths. For over a century, HII has provided the U.S. military with quality ships (Who We Are, 2017). HII prides itself on a diverse labor force of over 35,000 people working in domestic and foreign locations. HII is the largest industrial employer in the states of Virginia and Mississippi. HII has the ability to build multiple products at the same time (Who We Are, 2017). HII has the skills, the knowledge and the facilities to build multiple products at the same time. There are currently four different classes of military ships being built at the Mississippi location at this time (Who We Are, 2017). HII has the physical capacity for increased production. HII continues to invest heavily in the physical infrastructure of its shipbuilding divisions as well as other divisions. Continued improvements and facility upgrades places HII in a position to increase workload (Annual Report, 2015). HII maintains a strong and independent board of directors. The board follows Corporate Governance Guidelines which promote responsible business practices and good corporate citizenship. The board promotes practices that support the interests of the stockholders, employees, customers and suppliers (Proxy Statement, 2015). In recent years HII has invested heavily in new technology. HII owns a large portfolio of proprietary intellectual property and license intellectual property rights to and from other companies (Annual Report, 2015). Weaknesses   Ã‚   Huntington Ingalls Industries (HII) suffers from a limited customer base. U.S. defense shipbuilders have only two consistent customers the U.S. government and international partner nations. HII faces a lack of technology knowledgeable workers (Spring 2016 Industry Study, 2016). Many of the employees are unskilled with new technology and workforce training is needed to compete with domestic and foreign competitors. U.S. shipbuilders are considered, on average, to be twenty years behind international shipyards regarding advanced technology (Spring 2016 Industry Study, 2016). Physical infrastructure of shipyards like HII are difficult and expensive to maintain. Facilities include docks, work areas, machine shops, storage areas and shelters, heavy equipment and assembly areas. The facilities must include dock areas and piers with service facilities for fire mains, electrical power, compressed air and fresh water (Shipbuilding and Repair, 2017). HII faces a high rate of labor turnover. Obtaining and retaining a skilled workforce is a problem faced by most shipyards. Employment can be cyclical resulting in hiring during upcycles and layoffs during downturns. Skilled workers leave for higher pay in other industry such as construction (Shipbuilding and Repair, 2017). HII faces a highly competitive market both domestic and foreign. Intense competition relating to programs, resources and funding are characteristics of the defense shipbuilding industry. Work is sometimes shared between multiple companies for major programs (Spring 2016 Industry Study, 2016). Opportunities New markets are opening for Huntington Ingalls Industries (HII). The new LX(R) amphibious ship program was secured by the Ingalls Shipbuilding division. The Stoller Newport News division was developed for nuclear operations and environmental services capabilities. HII provides a wide variety of products and services to the commercial energy industry and other government customers. The HII Universal Solutions Group is positioned to take a role in the unmanned underwater vehicle market. UniversalPegasus International division has 22 offices worldwide providing engineering, project management and field services (Annual Report, 2015). World unrest always creates demand for repairs and maintenance for existing ships and design and build of new ships for the U.S. military. This also provides the opportunity for sales to U.S. allies and partners to promote the strengthening of the global partner network to keep international order in balance (Spring 2016 Industry Study, 2016). HII has the benefit of government assistance to pay for training for new workforce. The U.S. government has several different programs for grants for training the local workforce (Spring 2016 Industry Study, 2016). More than 1,400 apprentices are trained by the shipbuilding units in more than 26 crafts (Annual Report, 2015). New contracts opportunities have recently been secured by HII. The Newport News division has recently received the contract to kick off the advance fabrication of aircraft carrier CVN 80. The Ingalls Shipbuilding division will begin fabrication of the destroyer DDG 123 and will begin the ninth National Security Cutter for the U.S. Coast Guard (News Releases, 2017). Due to the fact that HIIs largest single customer is the U.S. Government, political climate plays a large role in the stability of the company. Most of the companys revenues for 2015 were a direct result of sales to the U.S. Navy and Coast Guard. The current political climate is encouraging for increased military spending and growth (Annual Report, 2015). HIIs recent strategic acquisitions are expected to continue fuel growth. The Stoller Newport News Nuclear (SN3) group is a full-service nuclear operations and environmental services company focused on U.S. Department of Energy (DOE) and U.S. Department of Defense (DoD) clients. The Undersea Solutions Group (USG) develops and builds specialized manned and unmanned undersea vehicles for military customers around the world. UniversalPegasus International (UPI) provides world class expertise, efficiency and value in project management, engineering and construction management for the energy industry (Our Capabilities, 2017). The Jones Act (a portion of the Merchant Marine Act of 1920) is a federal statue regulating maritime commerce in U.S. territorial waters and between U.S. ports. Ships must be owned by U.S. citizens, crewed by U.S. citizens or permanent residents, built by U.S. shipyards and operate under U.S. laws. The Jones Act protects domestic shipyards by requiring domestic carriers to utilize U.S. shipyards for new builds maintenance and repair (Spring 2016 Industry Study, 2016). U.S. Navy and Coast Guard ships are required to be built in U.S. shipyards. This provides HII and other domestic military shipbuilders with the assurance of obtaining the available contracts (Spring 2016 Industry Study, 2016). The major HII physical locations in Virginia and Mississippi offer the company a benefit of lower cost of living and lower wage scale. The South has few higher-paying jobs and is characterized by low cost-of-living adjusted wages. Issues pushing wages up or down include regional industry concentration, education levels and housing costs (Maciag, 2015) Having multiple business segments provides HII with increased areas of business opportunity. The HII shipbuilding divisions have built more ships in more ship classes than any other U.S. naval shipbuilder. The Technical Solutions division provides a wide range of professional services through its Fleet Support services, Integrated Missions Solutions, Nuclear and Environmental, and Oil and Gas groups (Who We Are, 2017). Threats Huntington Ingalls Industries (HII) operates in a heavily regulated environment with many government imposed regulations. HII is routinely audited for compliance with applicable laws, regulations and standards. Improper or illegal activities can result in fines, penalties, repayments or other damages. Certain findings can lead to suspension or debarment from future contracts or the loss of export privileges (Annual Report, 2015). Defense contractors such as HII are always a possible target for acts of terrorism. Operation of facilities may be disrupted and cause the incurrence of higher costs for security or it can shut down operations for a period of time (Annual Report, 2015). HII and other U.S. shipbuilders face foreign competition due to the fact that other countries such as Japan and South Korea provide subsidies or direct cash payments to their shipbuilders. This enables foreign shipyards to sell their vessels at or below the cost of construction (Spring 2016 Industry Study, 2016). HII faces domestic competition from key rival General Dynamics. There is intense competition related to programs, resources and funding. Defense programs, conducted under binding contracts, allows companies that perform well to benefit from program continuity not found in civilian industries (Annual Report, 2015). As a defense contractor, HII is a high-value target for cyber security threats due to the classified nature of information controlled by the HII information technology infrastructure. HII has faced attempts to gain access to classified and other sensitive information. A breach of the information technology infrastructure of physical facilities could cause significant recovery and restoration expenses (Annual Report, 2015). HII has operations located in regions of the U.S. that have been impacted by severe weather such as hurricanes, tornadoes and floods. The damage and disruption can be significant and long-lasting. Natural disasters can disrupt workforce, electrical and computer infrastructure that are critical for normal operations (Annual Report, 2015). Approximately 50% of HIIs employees are covered by eight collective bargaining agreements. Several of these agreements will expire in 2017 and 2018. While HII strives to maintain good working relations with labor unions, it is possible that there may be difficulties in negotiating expiring collective bargaining agreements. In the past there have been work stoppages, strikes and other labor disruptions (Annual Report, 2015).   HII relies on other companies to provide raw materials, major components and sub-systems. Manufacturing costs can increase over the life of the contract. Some U.S. Government contracts require certain materials and components be purchased from approved sources. The inability of the sole-source supplier to provide the product in a timely manner can result in adverse effects on the financial position and cash flows for HII (Annual Report, 2015). HIIs manufacturing operations are subject to federal, state and local laws regarding environmental protection. Estimated costs are accrued to account for future incurred expenses. However, it is difficult to estimate these costs which can cause estimated remediation costs to change. Costs relating to environmental regulations can effect financial position, results of operations and cash flow (Annual Report, 2015). Political climate effects defense spending and therefore effects defense contractors such as HII. Changes in the governments priorities and spending could have an adverse effect on the availability of future contracts (Annual Report, 2015). References Spring 2016 Industry Study Final Report Shipbuilding [Scholarly project]. (2016). In The Eisenhower School. Retrieved from http://es.ndu.edu/Portals/75/Documents/industry-study/reports/2015/es-is-report-shipbuilding-2015.pdf Ship Building and Repairing. (2017). Retrieved January 30, 2017, from https://business.highbeam.com/industry-reports/equipment/ship-building-repairing Who We Are. (n.d.). Retrieved February 01, 2017, from http://www.huntingtoningalls.com/who-we-are/ Company Values. (n.d.). Retrieved February 01, 2017, from http://www.huntingtoningalls.com/who-we-are/company-values/ Maciag, M. (2015, March 13). Where Wages Are Lowest and Highest in America. Retrieved February 01, 2017, from http://www.governing.com/topics/mgmt/gov-metros-where-wages-are-lowest.html Annual Report 2015. (2015, December). Retrieved February 03, 2017, from http://ir.huntingtoningalls.com/phoenix.zhtml?c=243052p=irol-reportsannual News Releases. (n.d.). Retrieved February 04, 2017, from http://newsroom.huntingtoningalls.com/releases Our Capabilities. (n.d.). Retrieved February 04, 2017, from http://www.huntingtoningalls.com/our-businesses/ Proxy Statement 2015. (2015, December). Retrieved February 03, 2017, from http://ir.huntingtoningalls.com/phoenix.zhtml?c=243052p=irol-reportsannual      

The Kingdom of Cambodia | Essay

The Kingdom of Cambodia | Essay The Kingdom of Cambodia, or simply known as Cambodia, is located in South East Asia. It is surrounded by Thailand, Laos, Vietnam, and the Gulf of Thailand. The capital city is Phnom Penh which is located in the South. Cambodia has area of 181.035 square kilometers. Its size is about half of Germany. Cambodias flag is the only one in the world to have a picture of building represented on. The building is very well known in the name of Angkor Wat. The flag  has three strips, two colors, and one building in the middle. Blue and red are used on the flag as they are traditional colors. There are approximately 15 million (UN, 2010) people living in Cambodia which is only about 18% of German population. Majority of Cambodian, about 90%, are Khmers. Vietnamese is the second biggest group with the percentage of five. Chinese is the following one with one percentage and the rest is others. Dressing style is similar to other countries nearby. Either cotton or silk shirt with short sleeves is worn by man, together with cotton trousers. Sarong is used by woman to wrap around her waist. It is a long fabric piece which is embellished with silver and gold threading. A scarf called krama is a Cambodian local wear. It is commonly used for multi-purpose such as baby carries, decoration, pillow covers, and drying a work day s sweat. National currency of Cambodia is called riel (KHR; symbol CR). Figure 5 represents some of riel bank notes and coins. Bank notes are varied as follow: CR 100,000, 50,000, 20,000, 10,000, 5,000, 2,000, 1,000, 500, 200, 100 and 50. Coins are less varied as there are only CR 50, 100, 200 and 500. The inflation rate is very high but the cost of living is relatively low, compared to European countries. One dish costs about 4000 KHR and the exchange rate between EURO and KHR is about 5415 KHR per one EURO (rate at 16 January 2011). Therefore, one dish in Cambodia is not even one Euro. Another currency which is wildly used as well in Cambodia is US Dollar. In tourism attraction such as Phnom Penh and Angkor Wat, most of the price in goods and service are provided in US Dollar. Riel is used only for a small amount of paying, for example, buying bred. Traditional Food Cambodian food has a lot in common with those from surrounding countries but one big different characteristic is much less in spicy. As same as other Asian countries, rice is served in almost every meal as main dish. The most popuplar Cambodian side dishes are Amok Fish and Lok-lak. Amok fish is made from fish with curry, vegeable, and coconut milk. It is cooked by stream and served with a dipping sauce. The traditional one is to be served with rice in banana leaf bowls, as presented in figure 6. Another mentioned dish is Lok-lak which is a beef with vegetables cooked by stir fried in a lime and black pepper sauce. It is served with either onions or red onion. The dish is bedded by fresh vegetable such as lettuce, tomatoes, and cucumbers. Cambodia stir fried is differed from the Chinese one by having dipping sauce made with lime and pepper. Talking about snacks, one of the most famous ones for the adventurous in Northern Cambodia is crispy fried spiders. It is a local snacks and the whole body of spiders can be eaten. A lot of tourism chooses to visit Cambodia because of its unique in architecture and nature. The most famous tourist attractions are Angkor Wat, Angkor Thom, Temple of Ta Phrom, and Mondulkiri. Angkor Wat, represent in figure 7, is an UNESCO World Heritage Site and one of the Seven Wonders of the World. It was built to be the state temple and capital city for King Suryavarman II, early 12th century. Since the national religion of Khmer was changed according to the king s religion, Angkor Wat had been changed for its purpose as well. The first one was to be the center of Hindu. Then, it became the dedicated place for Vishnu, the Supreme God in Vaishnavite traditional of Hindu. Finally, it has been changed to be the center of Buddhist until the present time. The building itself is constructed with stone and decorated by Khmer architecture with high classical style. It is said to contain even more stonework than the pyramids of Egypt. Lao national currency is Kip (LAK; symbol ?). The bank notes are varies as follow: LAK 50,000, 20,000, 10,000, 5,000, 2,000, 1,000, 500, 100, 50, 10, 5 and 1. No coins are provided. Lao monetary is highly inflation. The exchange rate for EURO is 10370 LAK per one EURO (rate at 14 January 2011). One dish of food can be obtained for 10000 LAK. Large amount of purchase can be done by using US Dollar or Thai Baht in many areas. Traditional Lao food are quite hot and spicy, might be too hot for foreigner. The main dish is sticky rice, Khao neo, which is also the symbol of Laos. Hands are normally used for eating this kind of rice. Tam maak houng or papaya salad is very famous as well. Papaya and other vegetables are mixed together. The original one can be very spicy for foreigners. Laap or meat salad is meat mix with some herb and can be very spicy as well. Another dish is Ping kai or barbeque chicken. All the mentioned four dishes are normally served together as one meal. The most attractive points for Laos are its nature and culture. Recommended places are Vientiane, Pha That Luang, Luang Prabang, and Plain of Jars. Vientiane, as mentioned earlier, is the capital city of Laos. Being once a former French Indochinese state had brought this city through various complicated situations and conflicts. However, the pace of life found here is rather slow and laid-back. There are several interesting Buddhist monasteries for those who want to calm down your soul and for those who want to have an experience of bustling life, market is the place to go.

Earthquakes :: essays research papers

Earthquakes Earthquakes occur almost everyday all over the world. Most of the time earthquakes are not strong enough to be felt by people, but the shaking caused by an earthquake can be recorded by a seismometer. These machines are located all over the world to ensure detection of earthquakes of all strengths. Only occasionally will a larger magnitude earthquake strike and cause damage to the region. There are many faults around the world and depending on where these faults are plays a major factor in determining where an earthquake will occur. It is these faults that are the reason for earthquakes. The information seismologists know about past earthquakes and earthquakes in general give them a limited ability to generally predict when and where earthquakes are going to occur. An earthquake is the shaking of Earth’s surface caused by rapid movement of the earth’s rocky outer layer. â€Å"Earthquakes occur when tension stored in rocks suddenly releases† (Vogt 12). Faults occur at these places where rocks on either side of the crack have moved. Oceans are very common places for major tectonic plates to shift. When two plates separate, new oceanic crust is made near the fault as magma rises and eventually sets on the sea floor. If the plates on either side of the fault continue to spread then the ocean slowly becomes larger in width. This is called seafloor spreading. Mid-ocean ridges are characterized by a crack like valley at the fault. This crack like valley is caused by the tension pulling the plates apart, causing normal faulting to occur a number of times in the divergent boundary.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Shevchik 2 The most common type of fault is a normal or dip-slip fault. These occur when two blocks of earth are thrust toward each other, causing one to ride up over the other (Britt 1). â€Å"The hanging wall moves downward relative to the footwall† (Tarbuck 244). A reverse fault is the opposite of a normal fault. â€Å"The hanging wall moves upward relative to the footwall† (Tarbuck 244). A very powerful type of fault is the strike-slip fault that occurs when two plates slide past one another. The San Andreas Fault in California is a very good example of this type of fault. A great deal of damage is done when any type of fault shakes the soil under structures in a low-lying, waterlogged areas, causing liquefaction. Liquefaction occurs when an earthquake shakes the wet, sandy soil near a body of water.

View of humanity ( The Time Machine by H.G. Wells :: essays research papers

H.G. Wells  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The Time Machine  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Mischel Figusch   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Englisch-LK Jg. 13 The view of humanity in The Time Machine  Ã‚  Ã‚  Ã‚  Ã‚  -  Ã‚  Ã‚  Ã‚  Ã‚  Essay This essay is about the view of humanity that arises from â€Å"The Time Machine† It includes the TT’s speeches and his theories about how the Eloi and the Morlocks came to be. It also shows that Wells haunts at critical aspects on society. The first hints at Wells political attitude are already noticeable in the beginning of the novel: â€Å"To discover a society†, said I, â€Å"erected on a strictly communistic basis.†(page 10, line 19) By the example of Eloi and Morlocks, he warns of Capitalism and its consequences to mankind. This vision which is presented in â€Å"The Time Machine† shows or rather forecasts the results of the social split between the leisurely wealthy upper class and the working class, especially in the Victorian England. The increasing development of the division between â€Å"upper† and â€Å"lower† class will lead into a big disaster in further future. The intelligence of the human species is going to be at an unthinkable minimum. All achievements in culture, technology and knowledge will be vanished. â€Å"You see I had always anticipated that the people of the year Eight Hundred and Two Thousand odd would be incredibly in front of us in knowledge, art, everything. Then one of them suddenly asked me a question that showed him to be on the intellectual level of one of our five-year-old children-- asked me, in fact, if I had come from the sun in a thunderstorm!† (page 38, line 4 – 11) The reason for this â€Å"devolutionary evolution† is the non-existence of the necessity to learn more, or rather to use the learned or skilled things. Knowledge and accordingly advancement of knowledge hasn’t got a meaning anymore. In one of his former theories, the TT assumes that the Morlocks, the inferior race (at this point in time) which lives in the underworld, are the direct outcome of England’s East-end worker, who already live â€Å"in such artificial conditions as practically to be cut off from the natural surface of the earth.† (page 77, line 17) â€Å"The Time Machine† can be seen as Wells’s socialist warning of what will befall humanity if capitalism continues to exploit worker for the benefits of the rich.

Ethical Impacts of the Internet on Children and Teenagers Essay

As the use of internet dominates every activity in the global market, its use in homes and schools has exponentially grown raising concern on its ethical effect on children and teenagers. The nature of the youngsters’ use of internet has generated heat and anxiety among the general public as the society calls for ethical and moral guidelines that would protect children and teenagers from negative effect of the internet. This paper proposes a research that will identify the effect of internet use among the young people as the academic and policy importance concerning the opportunities and dangers of internet use continue to be raised. The paper identifies these opportunities and dangers as it proposes the methodology and limitations for the research paper. 2. 0 Introduction 2. 1 Background Internet which slowly started as a network for military officers in the cold war eventually became an important tool in the academic corridors and today the former â€Å"Arpanet† has greatly grown to become the primary platform for communication and interaction for different communities around the world. As the Internet traffic hit millions of users each day the communication technology continue to grow to allow for infinite information access and instant interaction by users, a fact that has brought about a social paradigm shift in the way societies used to live in the earlier days. This technology has particularly been embraced by children and teenagers as a way of learning, socializing and leisure. In the developed countries and many other regions around the word, internet access has ceased to being a trademark for the privileged members of the society as its use in the workplace, education institutions and leisure places continue to grow exponentially. As the use of computers and internet become more and more entrenched in our day to day routine practices, it has become a basic feature not only in the offices but also at our homes. The presence of internet at our homes has opened up a â€Å"super highway† to children and teenagers who are being referred to as the â€Å"digital generation† that incidentally predisposes them to overwhelming information and social sites that may contribute heavily in shaping their behavioural patterns. Whereas internet offers a perfect educational platform for the young people, it is also seen largely as a risk factor that could expose them to adult sites, make them more addicted and dependant on the internet and eventually instil anti-social behaviour in some of them. While this issue demands a critical stance given the consequences it has on the future generation, very little independent researches has been conducted to inform the policy makers and end the growing public anxiety. In most of the researches conducted in the recent past only a few have focused on the social consequences of the internet among the children and teenagers. The households with children or/and teenagers that have access to the internet is however more common than those without (Wigley and Clacke, 2000). 2. 2 Research Objectives The main objective of the proposed research project is to explore the impact of the internet on children and teenagers based on the expected social, cognitive and behavioural patterns in the society. The research project will aim at identifying issues that deviate from the laid down expectations both at school, home and in the society which find their root from the internet. 2. 3 Research Question The proposed paper will focus on answering the following primary question; †¢ What are the ethical impact on the use of internet among the children and teenagers? To effectively explore the primary research question the following secondary questions will be analyzed? †¢ What are the children/teenagers perceptions towards internet? †¢ What are the perceptions of the parents whose children are using internet at home or/and school? †¢ What are the important contrasts in internet activities from what is expected to what is actually practised? †¢ What are the possible impacts of these struggles between the theoretical and practical internet activities on children/teenagers’ social development? 2. 4 Research Significance A study conducted in the UK by Wigley and Clacke (2000), revealed that among the young people aged between 7 and 16 years, 75% of them have used the internet as compared to only 38% from the adult population. This explains that in the contemporary society the young are actually the pioneers of the internet culture. For a long time children and teenagers have also been regarded as a special homogenous object in other studies a fact that has made this category of population marginalised and often left out in researches on the internet. Even in the midst of growing researches on e-commerce and e-democracy very little efforts are focusing on the expanding online market driven by the young people. For these reasons children and teenagers are often left out in technological advancement as the market analysis is evaluated. As the social effects of internet on the young people become obvious in most societies it is becoming more difficult to ignore the subject and therefore many empirical projects on children and teenagers use of the internet are coming up. This makes it appropriate moment in which the research agenda on this category of population must be given priority. 3. 0 Literature Review 3. 1 Nature of Internet Usage Recent surveys reveal that children and teenagers attach high value to the usage of internet to gather information, entertainment leisure and as a medium of communication. According to Valkenburg and Soeters (2001), 73% of the children and teenagers use internet as an education tool, 59% use it for E-mails, 38% to play games, 32% for chatting with friends and 31% use internet as a hobby and an area of interest. The internet has already revolutionized the social patterns of our younger population drastically changing the earlier forms of communication and interaction among the peers. A research conducted by Valkenburg and Soeters (2001), indicates that among most households internet has continued to elicit mixed reaction between the parents and their young ones as it is considered to easily lead the young toward the wrong direction if mismanaged or taken for granted. While the parents praise the internet for its role in availing most of the information that their children would need in pursuit of their education, the children consider the opportunity more as a source of entertainment that gives them a break from the other â€Å"old fashioned† entertainment sources. The tug of war between the parents and children demonstrates an obvious digital generation gap in which children and teenagers who normally acquire and understand new internet skills faster than their parents get transformed into â€Å"family tutors†. The expertise in computer and internet skills among the children gives them a symbolic advantage over their parents that can easily be mis-used in pushing their interests that could not necessarily be approved by their parents. The current researches on the social context in which internet is focusing more in identifying ways and means in which children and teenagers are changing their homes into centres for content production, entertainment and leisure. This fact has in essence brought about new approaches in children’s activities as questions linger on whether learning has become more fun, playing is turning more and more educational and whether online chatting is part of civic participation or a way of withdrawal from the general society. This kind of researches therefore calls for the need to analyse the online content that is most preferred by children and teenagers. This raises a challenge given the large volume of online contents from which one can choose from and the fact that the hypertext content can be actualized by the user. This has in effect discouraged most of the researchers carrying out studies on the impact of internet on children and teenagers. Most of the researches today are however guided by the policy issues that are endeavouring in trying to balance the benefits that the internet offers to the young population against the harm that may be associated with some of the sites. Therefore the key agenda is on how the society in general should ethically conceptualize and balance the benefits and the dangers of the internet on the children and teenagers within there spheres of influence.

Economies Of Scale Scope Essay

Economies of Scope: An economic theory stating that the average total cost of production decreases as a result of increasing the number of different goods produced. For example, McDonalds can produce both hamburgers and French fries at a lower average cost than what it would cost two separate firms to produce the same goods. This is because McDonalds hamburgers and French fries share the use of food storage, preparation facilities, and so forth during production. Another example is a company such as Proctor & Gamble, which produces hundreds of products from razors to toothpaste. They can afford to hire expensive graphic designers and marketing experts who will use their skills across the product lines. Because the costs are spread out, this lowers the average total cost of production for each product. Economies of scale are the cost advantages that a business can exploit by expanding their scale of production. The effect of economies of scale is to reduce the average (unit) costs of production. Here are some examples of how economies of scale work: Technical economies of scale: Large-scale businesses can afford to invest in expensive and specialist capital machinery. For example, a supermarket chain such as Tesco or Sainsbury’s can invest in technology that improves stock control. It might not, however, be viable or cost-efficient for a small corner shop to buy this technology. Specialisation of the workforce Larger businesses split complex production processes into separate tasks to boost productivity. By specialising in certain tasks or processes, the workforce is able to produce more output in the same time.

A Time to Kill (1996) Argumentative Paragraph

A Time to Kill (1996) Violations of the Canadian Charter of Rights & Freedoms In the movie A Time To Kill, many rights & freedoms were violated according to the Canadian Charter of Rights & Freedoms. In this paragraph, three very big & important rights and/or freedoms will be discussed. The first is section 2 (Fundamental Freedoms), part c. The freedom of peaceful assembly was violated seven times in the movie; the most prominent is when the KKK formed outside the courthouse & demanded that Carl Lee be pronounced guilty or else they’re going to get violent, that is in direct violation of that freedom.Section 2, part d (freedom of association) was also violated as the KKK clearly violated that freedom by fundamentally being in existence because the purpose of their association is to hurt or kill anyone who lives in the United States of America and is not Caucasian and does not follow Christianity or Catholism. The second violation is Section 15 (Equality Rights) subsection 1. T his right provides equality before and under the law and equal protection and benefit of the law.Before & during the trial, Carl Lee was held in a segregated prison cell, which isn’t so bad but still racist, the next unfair treatment to Carl Lee was being put on trial in front of a bias and all white jury. When Carl Lee’s lawyer requested that the venue of the trial be changed due to the fact that the jury is all-white and bias, he hoped it be changed to a venue where the jury will be maybe fifty percent black.The judge, who is white, denied that request quite blatantly and anyways started the trial in Canton with a bias jury, which later on in the movie proved to extremely racist in their reasoning for Carl Lee being guilty. The third and last of many other rights & freedoms that have been violated in this movie is, section 13 (treatment or punishment). Everyone has the right not to be subjected to any cruel and unusual treatment or punishment. This right has been vio lated and abused in so many ways.Chronologically, Carl Lee’s daughter was raped and brutalized by the two racist red necks, Carl Lee being in a fit of rage procures an automatic rifle with a high ammunition capacity and shot those two men in cold blood while unintentionally severely injuring an officer of the law. If those violations weren’t enough, the KKK clan tries to punish the white lawyer for representing a black man by almost burning down his house and intentionally abusing and intending to kill that same lawyer’s paralegal.The clan capped it off by trying to assassinate Carl Lee’s lawyer with a high-powered sniper rifle, but the assassin missed and killed an officer (state trooper/soldier) of the United States of America. The Canadian Charter of Rights & Freedoms or any other similar constitution of rights and freedoms evidently was not implemented in the time present in the movie, but what is evident is that our society today has learned from tho se ethical & moral mistakes of the past and created policies, rights & freedoms to help prevent those mistakes from ever happening again.

Haw Par Value Chain & Financial Ratios Analysis Essay

1. PART ONE 1.1 Introduction Haw Par Corporation Limited is a multinational corporation engaged in healthcare, leisure businesses securities and real estate investment, among which we will mainly focus on Haw Par’s traditional business sector-the healthcare segment, which includes 9 subsidiaries (Annual report, 2010). Based on revenues generated and locations of manufacturing facilities, two prominent geographical markets, Asia and America, are selected for discussion. We will look into the competitive environment of the corporation, and the generic strategies adopted to survive in the environment. Then we will investigate operations within Haw Par by analyzing its value chain activities, and propose improvements to enhance its competitive advantages. Lastly, we will identify the top risks imposed to the corporation. 1.2 Competitive Environment – Michael Porter’s Five-Forces Model 1.2.1 Threat of New Entrants Initial capital requirement of entering the healthcare industry is high, including investment in property, plant, equipment and research and development. Moreover, compliance burden with various regulations is heavy, as illustrated by the warning letter received by Haw Par from the Food and Drug Administration (FDA) in the US. Besides, its scale of business, well-establish brand and distribution network are difficult to imitate. Thus, the threat of new entrant is low. 1.2.2 Threat of Substitute Currently, Haw Par’s healthcare products mainly consist of traditional herbal medicines and newly developed chemical products. The substitutes of herbal medicines are mostly western chemical medicines. We can see that Haw Par is actively responding to the challenge of chemical medicines. However, the existing pharmaceutical companies are very strong, and their products are more competitive on the whole. Therefore, the threat of substitutes is medium. 1.2.3 Bargaining Power of Buyers The products of healthcare division are mainly traditional Chinese medicine oil and its related products, as well as muscle rub, spray and gel (Hoover’s, 2011). As the products are generally medications for daily use, the majority of buyers are individual consumers. Hence, the buyers’ bargaining power is weak. However, if the buyers’ group is large, for example, wholesalers or retailers, the bargaining power of buyer could be moderate or high (ME Porter, 2000). 1.2.4 Bargaining Power of Suppliers Due to Haw Par’s broad product lines, it would have contracted with vast suppliers for the procurement of various crude materials. The main ingredients are common Chinese medicines (Alternative Health Supplies, 2005). The company may choose from a wide range of suppliers. In general, bargaining power of suppliers is low. 1.2.5 Industry Competitors Haw Par has distinguished itself from small and medium size medicine oil businesses by its branding and broad market distribution, yet it is still involved in intense competition with business of comparable market share, for example, Biosensors International and Sun Pharmaceutical Industries Limited which is a main competitor both in Asian and American market. In 2010, Sun Pharmaceutical’s deal with Taro Pharmaceutical Industries boosted Sun’s dermatology and topical products in U.S which might deeply affect Haw Par’s extension market. Generally rivalry among existing firms is high (Hoover’s, 2011). 1.3 Competitive Strategies – Michael Porter’s Three Generic Strategies The general global economic climate took a favorable turn in 09-10, boosting the consumer confidence. On the other hand, the competitive environment of the business is challenged by the intense competition and rising costs (PM Danzon, 2000). To enhance the performance of the business, Haw Par had responded â€Å"by introducing more products that will appeal to a larger group of consumers and by conducting more intensive marketing† (Wee Cho Yaw, 2010). The generic strategy adopted by the business is focus differentiation. The business focused on selective markets and products to raise entry barrier. For example, Haw Par launch a new product in 2011—Tiger Balm Active Muscle Rub which focused on a certain buyer segment—sporting enthusiasts. It also endeavored to distinguish itself by branding as well as adding uniqueness and value to products. One such example comes from Tiger Balm Medicated Plaster, a product with combined functions of energizing body and relieving pains. To do branding, Haw Par increased popularity by sponsoring public events such as marathons in Singapore, and advertising in national magazines in America (Haw Par, 2010). Besides, it also undertook social responsibility by contributing to charities, such as organizing the fundraising event â€Å"The Tiger Balm Record Roar† which supported the Society for the Physically Disabled (Haw Par, 2010). This focus differentiation strategy helped lower the degree of substitutability of other companies’ products and reduce the level of competition. 1.4 Top Three Business Risks The top risk was the intense competition from existing companies, as this would directly affect the percentage of market share owned by Haw Par, and hence its profitability. The second risk was the rising cost of raw materials, which was also an industry-wide problem that might limit a company’s development. Another risk was the failure of compliance with regulations, which had only emerged in the US market, but certainly reflected defects in Haw Par’s internal control. 1.4.1 Intense Competition from Existing Companies Haw Par Corp Ltd faced strong competition from a number of multinational corporations. According to the Competitive Landscape Singapore, in 2011, Haw Par ranks the third in the healthcare sector for market capitalization. The companies listed in Appendix 1 are the major competitors of Haw Par Healthcare Limited in Singapore. Besides, although Haw Par’s healthcare products were distributed to 150 countries via 70 distributors, it still faced high risk from competitors which could render its market share shrink in the health-care area (Haw Par, 2010). To mitigate this risk, Haw Par managed to boost its market shares through improvement of Tiger Balm brand by advertising, sales promotions and the extension of manufacturing line. Another strategy adopted was to diversify product line to broaden customer choices so that consumers would be more likely to choose Haw Par’s product and hence this risk would be minimized. 1.4.2 Increase in Costs of Raw Materials Due to upwards general inflationary pressure, unit price of herbal materials for traditional Chinese medicine was expected to rise. Haw Par also expressed serious concerns in its annual report on rising costs of raw materials and operating activities that would erode its profitability in healthcare sector. This would be one of the reasons why gross profit slipped 3.52% while net profit raised 88.50% in 2010, compared with 2009. To neutralize the negative impact, Haw Par put emphasis on expanding its product portfolio to cater for more customers (The edge, 2011). 1.4.3 Failure to Comply with Regulations and Provisions When Haw Par was expanding its market in foreign countries, it faced challenges in conforming to the different regulations and standards. For example, an inspection on Haw Par’s manufacturing facilities by FDA, discovered â€Å"significant violations of Current Good Manufacturing Practice regulations for finished pharmaceuticals† (FDA, 2010). Failure of conforming to regulations would pose a potential threat of being banned in specific markets, which would negatively affect revenue, brand image and social acceptance. To mitigate this risk, Haw Par shall immediately review the unqualified production and procurement practice while proposing appropriate remedies. Furthermore, Haw Par shall also seek opportunity to make appeal to the public so as to restore and conserve its corporate image. 1.5 Value Chain Activities – Primary Activities 1.5.1 Inbound Logistics For Haw Par’s health-care segment, inbound logistics contains management of raw materials, inventory control, warehousing and even returns to suppliers. Efficient inventory management system is an essential factor in boosting profits for Haw Par, by enhancing efficiency and thus reducing expenses. 1.5.2 Operations In the operating process, value is created through transforming the raw materials into final products. Unfortunately, Haw Par Healthcare was warned by FDA about mislabelled products and inadequacies (FDA, 2010). In this case, Haw Par failed to show itself â€Å"to be capable to detecting potential impurities†. Therefore Haw Par Healthcare should improve its testing and packaging operations, so as to maintain its product quality to secure current market position (CBS Interactive, 2010). 1.5.3 Outbound Logistics Though possessing a worldwide distributing network covering 70 countries, Haw Par continued expanding its markets. Nevertheless, Haw Par’s healthcare manufacturing facilities were centralized in its major markets, so as to reduce the costs and improve the overall efficiency. 1.5.4 Marketing and Sales Haw Par focused on marketing activities to boost sales and build brand image, as discussed in competitive strategies. According to the General Manager Ah Kuan Han, Haw Par would intensify substantial advertising activities to enlarge consumer bases (The Business Times, April 1st 2010). According to the horizontal analysis of income statement, the sales and marketing expense increased by 6.00% in 2010. Furthermore, with the already widespread fame, Haw Par was striving to expend its market in UK, America, Caribbean and other parts of world through its comprehensive marketing and sales strategies (The Business Times, 2009). 1.5.5 Service Haw Par has built the Tiger Balm website to facilitate serving its customers. The website provides a wide range of information about its products. Haw Par also provides experience sharing service on its website, through which past users can share their experience with others. 1.6 Value Chain Activities – Support Activities 1.6.1 General Administration A strong and effective board of directors would bring Haw Par to success, by supporting the whole Haw Par Corporation through the activities including planning, general management, risk management, and so on. Good management and information systems would increase operating efficiencies as well as improving the company’s image. 1.6.2 Human Resource Management Haw Par has been recruiting a large pool of staffs. More significantly, Haw Par emphasized on maintaining high quality employees, as evidenced in its advertisement of hiring o-level and above diploma holders as laboratory technicians. (Jobstreet.com, 2011) 1.6.3 Technology Development Haw Par has been actively engaged in technology development, indicated by its â€Å"launching of line extensions on a slate of new products that would address lifestyle needs of modern consumers† (Haw Paw, 2010), which would secure Haw Par’s long term competitiveness in the market. Yet Haw Par shall continue its efforts in innovation to further strengthen market power and improve efficiency. 1.6.4 Procurement As the ingredients of Haw Par’s product are mainly traditional herbs supplied from China, India and Malaysia, the cost of materials from these suppliers is relatively low. However, the procurement activity still needs to be further improved. As mentioned above, Haw Par received a warning letter from FDA which identified a problem of unqualified suppliers. Thus, apart from outsourcing cheaper raw material from suppliers, Haw Par should keep monitoring its suppliers regularly to ensure reliability. 2.2 Financial Ratios Analysis The following sessions will assess the profitability, liquidity (including operating efficiency) and solvency of Haw Par in 2009 and 2010, and account for any substantial fluctuation emerged, through analyzing relevant financial ratios respectively. One of Haw Par’s major competitors – Sun pharmaceutical industries Ltd. is also referred to for comparison. 2.2.1 Profitability Analysis Ratios adopted here include net profit margin, gross profit margin, return on assets, return on equity and earnings per share. The net profit margin of Haw Par nearly doubled from 46.10% to 86.90%. Such a rise is aligned with the increase in sales revenue from $124m to $130m, mainly due to the recovering global economy. As the International Monetary Fund (IMF) stated, the world real GDP growth is 1.4% and 2.5% for 2009 and 2010 respectively, while for Asian countries the growth was estimated to be 5.5% and 7.0% (Michael Mussa, 2009). As an Asian company, Haw Par has benefited greatly from the economic recovery. However, the gross profit margin displays a slight decrease from 58.25% to 56.20%. This can be partially attributed to rising material costs and operating expenses. Haw Par reported a 7.51% increase in costs of sales while Sun Pharmaceutical reported a 28.3% rise in the costs of sales. Consistent with the trend shown in profit margins, the return on assets, return on equity and earnings per share ratios are also nearly doubled, owing to a better economic environment. Though the total assets and owners’ equity increased due to the market expansion in America, the increase is insufficient to offset the effect of a strong rebound in net income. In short, ratios concerning the profitability manifest a rising trend, and thus we conclude that Haw Par’s profitability has improved from 2009 to 2010 by tapping the opportunity of the warming global economic climate. It also outperformed its competitor, Sun Pharmaceutical, which reported an 8.62% fall in income from operation in 2009-2010(Sun Pharmaceutical, 2010). 2.2.2 Liquidity and Efficiency Analysis Ratios adopted here comprise of current ratio, quick ratio, assets and fixed asset turnover, inventory and receivable turnover, average days in inventory, and average days of receivables. Quick ratio and current ratio are used to assess group’s ability to pay the current liabilities due within one year. The current ratio of Haw Par dropped from 12.57 to 12.09 because of the fair value losses in its investment in United Overseas Bank Limited and disposal of available-for-sale financial assets (Haw Par, 2010). However, the quick ratio, a more stringent measure on liquidity, indicated a rise from 2.70 to 3.31. The contradictory result is actually justifiable on the basis of the very reasons just mentioned. Due to an increase in cash and net accounts receivable, the quick ratio increased, it can be concluded that Haw Par demonstrated a greater capability in meeting its short term bond obligations. The assets turnover and fixed assets turnover ratios assess the group’s ability to generate revenue for each dollar invested in assets and fixed assets respectively. Haw Par’s assets turnover experienced a slight drop from 0.07 to 0.06, while its fixed assets turnover increased from 2.73 to 2.91. Possible explanation would be the group’s heavier investment in subsidiaries and inventories, which increased the total assets, resulting in lower asset turnover ratio. Since the fluctuations on both indicators are insignificant, it is unconvincing to say that Haw Par’s management efficiency improved. The inventory turnover ratio and average days in inventory assess how fast the company is selling its inventories. From 2009 to 2010, the inventory turnover declined from 8.19 to 7.41 and average days in inventory lengthened from 44.59 to 49.29. This is attributed to a 52.30% increase in inventory. These two indicated that Haw Par’s inventory management became less efficient. However, Haw Par might have accumulated inventory purposely to counteract the negative impact of rising raw material costs. The receivable turnover and average days of receivables both indicated the improved efficiency in collecting receivables. While the receivable turnover rose from 6.17 to 6.99, the average days of receivables fell accordingly from 59.20 to 52.23 days. It is discussed earlier that sales revenue increased sharply. Besides higher sales revenue, another factor accounting for this may be a better economic situation under which fewer customers face liquidity problem. In all, though its current ratio decreased slightly, Haw Par still retains its ability to cover short-term debt. However, there is still room for Haw Par to enhance its operating efficiency. It may improve the inventory and receivable management system to boost its business performance. 2.2.3 Solvency Ratio Analysis Ratios adopted for solvency analysis are debt to assets and cash acquisition. The debt to asset ratio reflects the degree of reliance on creditor finance. Haw Par’s debt to asset decreased from 0.047 to 0.045, indicating Haw Par’s improvement of financing strategy by financing more on equity. Two possible explanations for that change may be: (1) Sufficient cash flow allowed Haw Par to rely less on loans. (2) The promising trend in economy helped restore confidence of shareholders who in turn invested actively, as evidenced by the rise in share capital. The cash acquisition ratio nearly doubled from 5.92 to 9.40. The numerator, net cash from operation, plummeted by more than half; however, the denominator, cash paid for PPE, fell more dramatically by two thirds. The two fluctuations as a whole resulted in a rise in cash acquisition ratio, giving a positive indication on Haw Par’s solvency situation. As the two ratios suggested, it seems plausible that Haw Par has improved its solvency. However, its competitor Sun Pharmaceutical, with the debt to assets ratio of merely 0.026, has outperformed Haw Par in solvency. It is still possible for Haw Par to improve further. 3. CONCLUSION To conclude, though benefited from the overall economic recovery, Haw Par was also surrounded by risks and challenges in the competitive environment. However, it has been actively engaged in product innovation and adopted pertinent strategies, especially in marketing sector. Haw Par’s responses were fairly effective in tackling the above-mentioned problems, as proven by its successful financial year. So far, Haw Par has been tapping the benefits of economies of scale, enjoying the opportunities in the emerging Asian market and taking advantage of the global economic recovery. Yet in the contestable market where the barrier to entry is minimal in the long run, Haw Par should continue to strive hard so as to maintain its competitiveness in the ever-changing business world.