The Milgram Experiment Essay Sample free essay sample

Stanley Milgram. a celebrated societal psychologist. and pupil of Solomon Asch. conducted a controversial experiment in 1961. look intoing obeisance to authorization ( 1974 ) . The experiment was held to see if a topic would make something an authorization figure tells them. even if it conflicts with their personal beliefs and ethical motives. He even one time said. â€Å"The societal psychological science of this century reveals a major lesson: frequently it is non so much the sort of individual a adult male is as the sort of state of affairs in which he finds himself that determines how he will move ( Cherry ) . † This essay will travel over what Milgram’s purpose was in this experiment and what it truly did for society. The Milgram Experiment was on obeisance to authorization. which raised a series of controversial and ill-famed societal psychological science experiments in which survey topics were asked to make things that conflicted with their ain witting. We will write a custom essay sample on The Milgram Experiment Essay Sample or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page while being asked to obey authorization. The survey looked at how people would respond in making something they would usually non make when reacting to the petition of an authorization figure. Stanley Milgram recruited the topics by puting ads in the newspaper for 40 work forces ; the topics did non cognize they would be paired with a Confederate of the experimenter who would present as the victim ( 1973 ) . In exchange for their engagement. each individual was paid $ 4. 50 ( Cherry ) . The topic and the Confederate were to take part in the experiment which analyzed the effects of penalty on the ability to larn. Milgram wanted to turn out whether people would obey authorization figures irrespective if the undertakings asked to be performed were morally incorrect. Each participant took the function of a â€Å"teacher† who would so present a daze to the â€Å"student† every clip an wrong reply was produced. The â€Å"teachers† were asked to administrate dazes runing from 15 Vs to four 100 and 50 Vs to â€Å"student† . who the topics thought were besides participants in the experiment but merely actor’s. In world the actor’s didn’t receive any dazes. but acted as if they were being hurt by the electromotive force ( Cherry ) . The histrions were asked to reply inquiries. and when an wrong response was given the topic was told by the experimenter to give the histrion a daze. ( Voltage increased after each incorrect reply ) . After a unsafe degree of electromotive force was applied. the histrions screamed out in hurting. and so fell to the land. non reacting to the experimenter or the topic. Many topics were said to demo marks of hurt at this point. but after being prompted by the experimenter to go on on with the experiment. and addition degrees of electromotive force ( Cherry ) . Over 65 % of participants continued to electrocute at deadly degrees. and who is to state that most of us wouldn’t have done the same? After all. psychologists foremost predicted that merely about 10 % of people would really follow through ( Cherry ) . After the experiment topics were debriefed. and told that the participants they administered dazes to were really histrions. The topics realized the inhuman treatment of their actions and some suffered emotional interruption downs. Milgram stated. â€Å"Ordinary people. merely making their occupations. and without any peculiar ill will on their portion. can go agents in a awful destructive procedure. Furthermore. even when the destructive effects of their work become obviously clear and they are asked to transport out actions incompatible with cardinal criterions of morality. comparatively few people have the resources needed to defy authorization ( 1974 ) . † His experiment merely proved that when placed in a state of af fairs of force per unit area. people tend to conform to the petitions of an authorization figure. because they would hold no duty over their ain actions by obeying bids. â€Å"At the clip Milgram’s survey was large intelligence. Milgram explained his consequences by the power of the state of affairs. This was a societal psychological science experiment which appeared to demo. attractively in fact. how much societal state of affairss can act upon people’s behaviour. The experiment set off a little industry of follow-up surveies carried out in labs all around the universe. Were the findings still true in different civilizations? By and big the replies were that even when pull stringsing many different experimental variables. people were still unusually obedient. ( 2007 ) † Between the Milgram experiment and all the other small experiments ended up raising a batch of oculus foreheads and controversial treatments about the moralss of making such research. Subjects were exposed to emotional emphasis. psychological emphasis and physical emphasis while being in the experiment ( Cherry ) . Milgram wanted to reply inquiries which plagued society for a long clip. such as â€Å"Was human nature inherently evil or could sensible mean people be coerced by authorization into executing unnatural actions? † Many believe the survey to be unethical due to the fact that the topics were non to the full cognizant of what it was Milgram was making. The topics were deceived into believing they were doing hurting and agony to another human being. when in world the victim was non in any agony or hurting at all. The fact that they believe they were doing hurting to person else could hold caused the topic to go psychologically and emotionally distraught in the long tally. The topics were lied to when they were told the experiment was approximately punishment being a factor in acquisition. when in world the experiment was about the topics ain obeisance to authorization figures. Because of the emphasis that a batch of the topics experienced after the experiment. the experimental codification of moralss was placed under reappraisal. It brought so much tumult amongst the psychological universe and caused the codification of moralss to be reviewed and finally changed. The clause â€Å"No mental injury should come to participants† was added to the ethical codification in the terminal. â€Å"Milgram’s experiment has become a authoritative in psychological science. showing the dangers of obeisance. While this experiment suggests that situational variables have a stronger sway than personality factors in finding obeisance. other psychologists argue that obeisance is to a great extent influenced by both external and internal factors. such as personal beliefs and overall disposition ( Cherry ) . † In my sentiment I can see the good and bad in this experiment. I believe that Milgram proved his theory in the terminal. However. it is dubious that any new experiments will be conducted on this topic due to the up boom around it. In the terminal it’s up to each person to do their ain opium on it an d make up ones mind what it means to them with merely the consequences we have. Plants Cited Cherry. K. ( 2012 ) . The Milgram Obedience Experiment. The Perils of Obedience. About. com Guide. hypertext transfer protocol: //psychology. about. com/od/historyofpsychology/a/milgram. htm Milgram. S. ( 1974 ) . Obedience to authorization: An experimental position. Harpercollins Milgram. S. ( 1973 ) . The hazards of obeisance. Harper’s Magazine. 62-77. N/A. ( 2007 ) . Stanley Milgram: Obedience to Authority Or Just Conformity? hypertext transfer protocol: //www. spring. org. uk/2007/02/stanley-milgram-obedience-to-authority. php

Abortion Essays (2408 words) - Sexual Revolution, Free Essays

Abortion Essays (2408 words) - Sexual Revolution, Free Essays Abortion Almost half of American women have terminated at least one pregnancy, and millions more Americans of both sexes have helped them, as partners, parents, health-care workers, counselors, friends. Collectively, it would seem, Americans have quite a bit of knowledge and experience of abortion. Yet the debate over legal abortion is curiously abstract: we might be discussing brain transplants. Farfetched analogies abound: abortion is like the Holocaust, or slavery; denial of abortion is like forcing a person to spend nine months intravenously hooked up to a medically endangered stranger who happens to be a famous violinist. It sometimes seems that the further abortion is removed from the actual lives and circumstances of real girls and women, the more interesting it becomes to talk about. Opponents often argue as if the widespread use of abortion were a modern innovation, the consequence of some aspect of contemporary life of which they disapprove (feminism, promiscuity, consumerism, Godlessness, permissiveness, individualism), and as if making it illegal would make it go away. What if none of this is true? Historical advertisements: The Granger Collection, New York. When Abortion Was a Crime, Leslie J. Reagan demonstrates that abortion has been a common procedure part of life in America since the eighteenth century, both during the slightly more than half of our history as a nation when it has been legal and during the slightly less than half when it was not. The first statutes regulating abortion, passed in the 1820s and 1830s, were actually poison-control laws: the sale of commercial abortifacients was banned, but abortion per se was not. The laws made little difference. By the 1840s the abortion business including the sale of illegal drugs, which were widely advertised in the popular press was booming. In one of the many curious twists that mark the history of abortion, the campaign to criminalize it was waged by the same professional group that, a century later, would play an important role in legalization: physicians. The American Medical Association's crusade against abortion was partly a professional move, to establish the supremacy of regular physicians over midwives and homeopaths. The physician and anti-abortion leader Horatio R. Storer asked in 1868. This is a question our women must answer; upon their loins depends the future destiny of the nation. (It should be mentioned that the nineteenth-century women's movement also opposed abortion, having pinned its hopes on voluntary motherhood the right of wives to control the frequency and timing of sex with their husbands.) Nonetheless, having achieved their legal goal, many doctors including prominent members of the AMA went right on providing abortions. women were often able to make doctors listen to their needs and even lower their fees. And because, in the era before the widespread use of hospitals, women chose the doctors who would attend their whole families through many lucrative illnesses, medical men had self-interest as well as compassion for a motive. Thus in an 1888 expos undercover reporters for the Chicago Times obtained an abortion referral from no less a personage than the head of the Chicago Medical Society. Unless a woman died, doctors were rarely arrested and even more rarely convicted. Even midwives whom doctors continued to try to drive out of business by portraying them, unfairly, as dangerous abortion quacks practiced largely unmolested. What was the point, then, of making abortion a crime? Reagan argues that its main effect was to expose and humiliate women caught in raids on abortion clinics or brought to the hospital with abortion complications, and thereby send a message to all women about the possible consequences of flouting official gender norms. Publicity the forced disclosure of sexual secrets before the authorities was itself the punishment. Reagan's discussion of dying declarations makes particularly chilling reading: because the words of the dying are legally admissible in court, women on their deathbeds were informed by police or doctors of their imminent demise and harassed until they admitted to their abortions and named the people connected with them including, if the woman was unwed, the man responsible for the pregnancy Unsurprisingly, the Depression, during which women stood to lose their jobs if they married or had a child, saw

Landsat - An Overview of the Landsat Satellites

Landsat - An Overview of the Landsat Satellites Some of the most popular and valued remote sensing images of the Earth are obtained from the Landsat satellites which have been orbiting the Earth for over 40 years. Landsat is a joint venture between NASA and the U.S. Geological Survey that began in 1972 with the launch of Landsat 1. Previous Landsat Satellites Originally known as the  Earth Resources Technology Satellite 1,  Landsat 1 was launched in 1972 and deactivated in 1978. Landsat 1 data was used to identify a new island off the coast of Canada in 1976, which was subsequently named Landsat Island. Landsat 2 was launched in 1975 and deactivated in 1982. Landsat 3 was launched in 1987 and deactivated in 1983. Landsat 4 was launched in 1982 and stopped sending data in 1993.   Landsat 5 was launched in 1984 and holds the world record  for being the longest-serving Earth-observing satellite in operation, serving for more than 29 years, until 2013. Landsat 5 was utilized for longer than expected because Landsat 6 was unable to attain orbit following the launch in 1993. Landsat 6 was the only Landsat to fail before sending data to the Earth.   Current Landsats Landsat 7 remains in orbit after having been launched on  April 15, 1999.  Landsat 8, the newest Landsat, was launched on February 11, 2013.   Landsat Data Collection The Landsat satellites make loops around the Earth and are constantly collecting images of the surface through the use of a variety of sensing devices. Since the beginning of the Landsat program in 1972, the images and data have been available to all countries around the world. Landsat data is free and available to anyone on the planet. Images are used to measure rainforest loss, assist with mapping, determine urban growth, and measure population change. The different Landsats each have different remote-sensing equipment. Each sensing device records radiation from the surface of the Earth in different bands of the electromagnetic spectrum. Landsat 8 captures images of the Earth on several difference spectrums (visible, near-infrared, short wave infrared, and thermal-infrared spectrums). Landsat 8 captures about 400 images of the Earth each day, far more than the 250 a day of Landsat 7.   As it orbits the Earth in a north-south pattern, Landsat 8 collects images from a swath about 115 miles (185 km) across, using  a push broom sensor, which captures data from the entire swatch at the same time. This is different than the whiskbroom sensor of Landsat 7 and other previous Landsat satellites, which would move across the swath, more slowly capturing imagery.   The Landsats orbit the Earth from the North Pole to the South Pole on a continual basis. Landsat 8 captures imagery from approximately 438 miles (705 km)  above the surface of the Earth. Landsats complete a full orbit of the Earth in about 99 minutes, allowing the Landsats to achieve about 14 orbits per day. The satellites make a complete coverage of the Earth every 16 days.   About five passes cover the entire United States, from Maine and Florida to Hawaii and Alaska. Landsat 8 crosses the Equator every day at approximately 10 a.m. local time. Landsat 9   NASA and the USGS announced in early 2015 that Landsat 9 is being developed and scheduled for launch in 2023, ensuring that data will be collected and made freely available about the Earth for another half-century.   All Landsat data is available to the public free of charge and is in the public domain. Access Landsat imagery through NASAs  Landsat Image Gallery. The Landsat Look Viewer from the USGS is another archive of Landsat imagery.

Hip Hop Essay Example | Topics and Well Written Essays - 500 words - 2

Hip Hop - Essay Example This paper gives a relationship between the aspects of written poetry and the hip-hop music lyrics. Just like normal English poems, the string of words used in the lyrics of a hip-hop genre has a pattern seen in the lines. Mos Def’s lyrics depict the same pattern depicted in poems. He uses rhyming words such as tomorrow, follow, there it is, and where it is, to build a rhyme in his rap. English poems use these feet to build strings in the flow of the poem. Poets bring together repetitions of similar strings of feet in composing the lines of a verse. Hip-hop uses rap and music to bring out the rhyming elements in the verse. Thus, poetry will rely greatly on the reader to discover the rhyme in the verses (Bradley 39). Poetry and hip-hop lyrics use language to present information above the literal meaning of what the writer conveys in the lyrics. In essence, both writings are rich in the use of symbolism. When Mos Def speaks of getting a rash on his lips from speaking the King’s English, he means something very different from what the words represent. The use of symbolism is an ancient art of poetry. Symbolism is the backbone of language and dictates a writer’s command of the language (Bradley 49). Apart from symbolism, alliteration, metaphors, and similes, are other uses of language in poetry. The art of comparison forms part of the major technique that hip-hop artist use in writing their lyrics. In his lyrics, Mos Def compares his success’ brightness to be so bright that everyone watching him will have to use squinted eyes to have a look at it. By this, he shows that no one is capable of reaching the heights that he has attained already. The use of language in poetry helps the reader build vivid descriptions as he reads along. In rap, it helps the listener to understand clearly the message that the rapper brings along (Bradley 55). Metaphors in poetry emphasize on the comparison aspects in a poem making a poem interesting.

Research Essay Example | Topics and Well Written Essays - 2000 words - 2

Research - Essay Example The question has been studied by people such as Carl Rogers, Carl Jung and Sigmund Freud. These men put together theoretical models that were intended to demonstrate how our personalities might develop within the often conflicting and always interacting elements of our internal and external structure. Among these models, though, Carl Jung developed a relatively uncomplicated approach on which many of the personality theories today have been based. Originally building his research off of the ideas of Sigmund Freud, who was his mentor for a while, Jung proposed that the personality was comprised of the interaction among four essential factors that related to the way in which a person gathers information and then how that person processes the information gathered. â€Å"Carl Jungs psychological theory fundamentally underpins most of the popular and highly regarded personality systems today† (Chapman, 2010), but it has not gone untouched. Following in his footsteps as well as they could, Katherine Briggs and Isabel Briggs Myers developed his ideas further to create a strong personality test that types people into one of 16 possible personalities (Carroll, 2009). The test found at 41 Questions did not provide the kind of four letter results I expected after doing research on personality theory and personality testing, but I was surprised at the accuracy of the results. What Jung discovered in his research was that people basically have two functions in their lives. First, they have to take in information from around them through their five senses – hearing, sight, taste, touch and smell. Next, they have to make decisions about these things and what they mean. After he identified these functions, Jung then determined that there are two ways in which we might approach each of these functions. While taking in information, we rely to varying degrees on

Report on Business Level Strategy Essay Example for Free

Report on Business Level Strategy Essay Any given organization may comprise a number of different businesses. Each operating in distinct markets and serving different customers. A market is defined by demand conditions and based on an organization’s customers and potential customers. Industry is determined by supply conditions and based on production technology. Business level strategy is a means of separating out and formulating a competitive strategy at the level of individual business unit. This is sometimes referred to as a Strategic Business Unit (SBU). A Strategic Business Unit is a distinct part of an organization which focuses upon a particular market or markets for its products and services. The parent company sets the overall or corporate strategy. The role of the business unit is to devise a strategy which allows it to compete successfully in the marketplace and to contribute to the corporate strategy. A sustainable competitive advantage is about performing different activities or performing similar activities in a different ways. In other words, the firm must be capable of producing value for the customer that is recognized as being superior to that of its competitors. Michael Porter (1980) developed three generic strategies to help an organization outperform rivals within an industry, and so successfully position itself against the five forces. These strategies are referred to as generic because they apply to different types of organizations in different industries. The first of these three strategies is called Overall Cost Leadership. A cost leadership strategy involves a firm being the lowest cost producer within the industry. This allows the firm to outperform the rivals within the industry because it can charge lower prices and its lowest cost base still allows it to earn profit. In effect, this firm can charge the lowest price within the industry which the rivals simply cannot match. Therefore, a cost leadership strategy allows the firm to make superior profits. A Differentiation Strategy is based on producing products or services which are perceived by the customers as unique or different. A differentiated product has the opportunity to meet different customer needs more closely. It is the difference that is the basis on which the customers are prepared to pay a premium price. Clearly, the cost of producing differentiation must not outweigh the price being charged. Or, put another way, customer should be prepared to pay a price which exceeds the costs of differentiation, thereby allowing the organization to earn superior profits. The third Strategy is referred to as a Focus Strategy. A Focus Strategy allows an organization to target a segment of niche within a market. The segment may be based on a particular customer group, geographical markets, or specific product lines. Unlike overall cost leadership and differentiation strategies which are industry-wide, a focus strategy is aimed at serving a particular target market efficiency.

Aristotle :: essays research papers fc

Research Paper: Aristotle   Ã‚  Ã‚  Ã‚  Ã‚  Aristotle (b. 384 - d. 322 BC), was a Greek philosopher, logician, and scientist. Along with his teacher Plato, Aristotle is generally regarded as one of the most influential ancient thinkers in a number of philosophical fields, including political theory. Aristotle’s’ writing reflects his time, background and beliefs.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Aristotle was born at Stagira, in Macedonia. His father, Nichomacus, was the personal physician to the King of Macedonia, Amyntas. At the age of seventeen, Aristotle left for Athens to study at Plato’s Academy. He studied at the Academy for about twenty years, up until Plato’s death. Plato’s death sent Aristotle to a city in Asia Minor, called Assos, where his friend, Hermias was ruler(Encarta). It was in Assos where Aristotle met, Pythias, who is described as either a niece or daughter of Hermias, who Aristotle married after the murder of Hermias, by the Persians. Aristotle then went to Pella, the capitol of Macedonia, where he became the tutor for the king’s son, Alexander, who later became Alexander the Great. When Alexander became King, Aristotle went to Athens where he began to lecture at the Lyceum. He lectured while walking about in one of its covered walkways, earning him the nickname Peripatetic†, which means walking about.   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‚  Aristotle lectured and directed the Lyceum for twelve years, producing during this time the lecture notes which now form his works. Only a small amount of Aristotle’s works have survived. The writings which did survive like: â€Å"Metaphysics,.† which were his writings on the nature, scope, and properties of being; and â€Å"Physics,† his writings on astronomy, meteorology, plants, and animals, these writings have changed the way we think and live. Aristotle’s works encompassed all the major areas of thought: logic, science, metaphysics, ethics, and politics. He developed a new, non-Platonic theory of form, created a system of deductive reasoning for universal and existential statements, produced a theory of the cosmos, matter, life, and mind, and theorized about the relationship between ethics and politics and the nature of the good life(Young Students Encyclopedia). His system rival Plato’s for the next 2000 years.  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‚  Aristotle was a firm believer that philosophy came from wonder, and that knowledge came from experience. He had a wealth of knowledge, from many experience; if he was correct about philosophy coming from wonder, he would have had to wonder quite a bit. Aristotle was a genius, this is evident in his writings, because the ideas and concepts he proposed in his writing were ahead of his time. Aristotle learned from the best and taught the best so his ideas and thoughts were always being challenged, which made him thrive for knowledge. Aristotle is consider to be the one of best if

Air Asia vs. Qantas Essay

1. Overview 1.1 Qantas-Main business and strategies The main business of Qantas airways limited is the transportation of passengers. Their core strategy of Qantas is profitably grows and the longer-term strategy of Qantas is to reorganize its business structure in order to eliminate mounting losses. The strategy that implement by company is to reduce the capital intensity of the business by forging partnerships with carriers in certain sectors that are uneconomical. (Qantas, 2012) Such as cooperate with British Airways. Qantas use two complementary airline brands; these two brands are used to touch different customers. Two brands operating together has occupied 65% market share in Australia, (Qantas, 2012) because, two brands provide flexibility in varying market conditions. Qantas, (2011 pp. 4) On the other hand, these two brands practice some sub-strategies to support its main strategy. These appropriate sub-strategies are the key success for point that lead to Qantas continually expansion in the world. | Qantas| Jetstar| Sub-Strategy| * Premium full service * Maximized profitability| * Cost leadership * Low fare airline| Operational improvement| * Enhanced customer service focus| * Expand locally and into international leisure markets | In statistics of 2012, Qantas has full-employees for 33,584. Flights over 550 airports and passengers carried are 44,456,000, which increase the 5.06% base on the year 2011. (Qantas, 2012) 1.2 Air Asia-Main business and strategies Air Asia is the largest low-cost flyer carrier in the world. It is establishing with the dream of making flying possible for everyone. On the other hand, it is not only focusing on the cost factor, but also safety first. The Air Asia has operated around 11 years, but it’s still keep high grow rate. The Air Asia is the regional carrier with the largest destination network, highest flight frequencies and high aircraft utilization.( Air Asia, 2012) Air Asia was named the 2012 World’s Best Low Cost Airline in the annual World Airline Survey by Skytrax for three consecutive years. There are some actions that support its main strategy in order to make it success. Such as the lost cost model is based on: (Hill, C. W. 1988). * Single passenger class * Flying to cheaper, less congested secondary airports * A single type of airplane in order to reducing training and servicing cost * Point to point flights with no transfers In statistics, Air Asia has full –employees for 4346. Passengers carried are around 22,474,620 in 2012, which increase more than 10% base on the year 2011. Services network over 216 routes covering destinations in and around world. The below picture has shown that air Asia are trying to get more market share in the southwest of Asia, there are more than 143 routes in southwest of Asia out of 216. This is the developing direction of the Air Asia in recent years. (Air Asia, 2012) 2. Industry analysis 2.1 Overview Goble airlines markets & PESTLE mode analysis The Lift side is show that, the air travel remains a growth market. This forecast mentions that air traffic will double in the next 15 years, which means, the external environment still keep optimistic. Both of Qantas and Air Asia have same opportunity. (Airbus, 2012) The PESTLE model lists the factors or driver for growth, external environment can be reasonably expected as optimistic. but this chart showed that real GDP 2011-2031 by region, the economic growth is a key driver for air traffic growth, increasing urbanization will also drive economic growth and the propensity to fly. (Airbus, 2012) PESTLE model PESTLE model| Political * Stable political environment * Deregulation| Economic * Global financial crisis * Rising currency * Rising fuel cost| Social * Changing consumer demographics * Increasing travel lifestyle * Changing consumer preferences| Technology * Internet * Surface transport investments * Efficient aircrafts| Legal * Legislation compliance requirements * Allegations of misleading advertising| Environmental * Greenhouse and carbon emissions * Tourism saturation * Shortage of infrastructure capacity| 2.2 Overview Australia airline markets Qantas is the biggest airline operator in Australia, which represent as 75.6% for domestic market, but Qantas still has some competitors in Australia, such as Virgin blue (14.4%), Skywest (1.3%), Tiger (1.0%) and others (6.3%). We should understand it operate environment before we going to depth analysis, because the every company is restricted by external environment. PESTLE model clearly show Qantas operating external environment According to this chart, we can conclude that the overall environment is good and stable, but overall industry still facing some problem, the biggest issues has shown at lift picture, which is purchases, purchases of fuel. (Australia government 2013) 2.3 Qantas SWOT analysis Strength: 1. As one of the biggest Airline in the world, QAN has large quantity of flight customers and business relationships. Large scale could bring more benefits. 2. Qantas operates in a sea of business activities in different sectors. But all of them the support activities of the aviation industry, such as catering, engineering and baggage handling. Thus operation contributes to helping control supplier and aircraft maintenance costs. 3. Qantas Airways, Canada airlines, United Kingdom airline, United States airlines and Cathay Pacific founded a management company called One world Alliance. This centrally is to help each other in non-core business activities, such as marketing and online ticketing, in purpose of reducing costs and thereby cutting ticket prices. Members of the Union may also transfer passengers for connecting flights. 4. As monopolizing in Australian Market, Qantas has a home advantage. Thus its subsidies could provide better resources for its business. Weakness: Without the authorization of the trade union officials, workers in Qantas took an action called Wild Cat Strikes. Qantas was damaged by that action in delaying flights, exploring its issues between employees and the company. Besides, QAN Company is too concentrated on Australia side. Opportunities: As publishing of Open sky police, such as Pricing determined by market forces, Fair and equal opportunity to complete, Cooperative marketing arrangements, QAN could be beneficial from international aviation liberalization and downsizing in government intervention. In addition, more international destinations especially in Asia are developing. Due to Australia Market is less tapped so far, QAN could get a better chance to gain a major market shares than other airline companies. Moreover, QAN found a new opportunity of new market and created Jetstar witch is a low budget airline to attract potential large quantities of customers. Threat: With the result of merging between n United Airlines and Continental, Qantas is under threat because United Airlines- Continental is planning to penetrate into Australian market. One of Qantas most important international routine, between Australia and USA, will be affected. Unfortunately, large fluctuation in oil prices, together with global financial crisis, big airline companies was affected seriously due to rising operation and labor costs. Increasing Australia Airline market completion also will be a threat for QAN developing. 2.4 Overview Southwest of Asia markets The main competitors of Air Asia are Thai airways, Nok air, One Two GO Airline, and Singapore airlines, among of them SIG is the main competitor with Air Aira, in order to compete with Air Asia, SIG introduced 2 budget airlines; Valu Air and Tiger Airways, both of them are practice as the low-cost position. AIRASIA SWOT Analysis: Strength: AIRASIA has a well-known name and it is famous for its low cost operation. in accordance with the 2011-2012 year financial report, the company’s non-fuel costs fell 3%, suggesting that companies continue to implement cost control; in 2011-2012, the company plans to non-fuel unit costs to fall by 5%. While ancillary revenue rose 23%, which helps companies to achieve annual revenue growth targets Moreover, it has the first-mover advantage of first low cost airline company in Asia. After that, AirAisa has strong promotional strategies for general promotion and media advertising. In addition, they companying with other service providers, such as hotel) and credit cards create a unique image among customers. Because of its punctual performance, AirAsia was offered honor of five-star service and flashes. AIRASIA has developed a well-established distribution channel in its products and services. Moreover, it is always using single type of airplane, thus minimizing maintenance fees. Weaknesses Due to the report, Aircraft leasing costs increased by 8% since the number of aircraft increased by 8 per cent while leasing costs and depreciation of the dollar, allowing the company to save rental costs. Airport and operating costs increased by 12%, reached 444.34 million dollars. Other expenses have increased by 14%. As the economic condition recovery, how to control the rising costs becomes o one of the most serious challenges faced by AIRASIA. Because of the lower cost, AIRASIA has limited service resources. Thus also is related to being lack of ability of handling irregular situation. Government interference regulates airports. In addition, AIRASIA receives a lot of complaints from customers such flight delays and not able to change flight. When competition is getting intense, good customer service and management is especially important. Opportunity With having first-move advantages, AIRASIA could be more possible to survive and win under the big intense environment such as rising oil price and government regulation. There is another opportunity for AIRASIA is cooperating with other low cost airlines such as Jetstar. The significant action could help tap into their strength and resources. Besides, larger population of customers is willing to choose cheaper flight. Threat In nowadays, lots of low cost airline companies are appeared such as Jetstar, Virgin, and Southwest. These companies improve that AIRASIA’s low cost strategy could not be a strong competitive advantage in the industry. It could be copied easily. Many kinds of expenses such as security fees and landing fees are out of control. Moreover, unstable economic conditions in the world have impacted on airline industry. Thus treat is same with questions facing by Qantas. 3. Accounting policies analysis 3.1 Basis of preparation of the financial statements The accounting policies are the procedures that used by a company to prepare its financial statements. Qantas’ reports basically are prepared in accordance with AASBs, but also following the IFRS (Qantas, 2012 pp.78). Air Asia prepared their reports following the MASBs and also in conformity with IFRS. IFRS is the general guide for these two companies when they prepared their report. It means not only significantly enhance comparability of financial reporting between these two companies, but also decrease our uncertainty, increase the reliability and accurately of analysis. (Burgstahler, D. C., Hail, L., & Leuz, C. 2006) These two companies are running same business industry and prepare report in accordance with IFRS, so there are some accounting policies are similar, the following lists show the similarities of accounting policies practiced as these two companies 3.2 Similarities of accounting policies (Qantas, 2012 pp.80, Air Asia, 2012 pp.73) * Reports on the basis of historical costs except in accordance with relevant accounting policies where assets and liabilities are stated at their fair values * Main revenue recognition-The value of seats sold for which services have not been rendered is included in current liabilities as sales in advance * Other revenue-such as fuel surcharge, insurance surcharge, administrative fees, excess baggage and baggage handling fees, are recognized upon the completion of services rendered. * Residual value-the changing estimates are based on historical experience and various other factors that are believed to be reasonable under the circumstances * PPE-Depreciation is used the straight-line method * Inventory-The values of inventories are reported as weight average cost. * Repair and maintenance expenditure, repair treat as cost, deduct in the same period. Maintenance, if it changes in the using life of equipment, it will be treat as capitalization. Even these policies are similar, but they still have some flexibility, such as the report can be influenced by changing accounting estimates. The following table has been showed that there are totally different use for life and residual values between these two companies’ assets. These two factors are depended on the judgment and estimate of management. Matsumoto, D. A. (2002) mentions that management’s estimates and judgments involved in the accounting policies which have significant potential impact on their financial statements, because these matters are really uncertainty. Finally, this uncertainty will reflect on the ROA, ROE, even if these two ratios increase or decrease, it does not necessarily because of changing in the company’s profitability. (Lev, B., Li, S., & Sougiannis, T. 2010). | Qantas| As Asia| | Use for life(Years)| Residual values| Use for life (Years)| Residual values| Buildings| 10-40| 0%| 28.75-50| 0%| Passenger aircraft and engines| 2.5-20| Up limited 10%| 7-25| Adjusting according to a prospective basis (note1)| Air spare parts| 15-20| Up limited 20%| 10| Adjusting according to a prospective basis (note1)| Note1ï ¼Å¡Estimates and judgments are continually evaluated by the Directors and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (Air Asia, 2012 pp. 77) 3.3 Main different accounting policies 3.3.1 Receivable Qantas and Air Asia receivables contain of trade debtors, other debtors and loans owing from related parties. Normally, the net receivable is recognized as its original amount less a provision for uncollectible debts. Qantas make an estimate for doubtful debts when collection of the full amount is no longer probable. The estimation of provision of doubtful debt relative to receivable is regularly reviewed. Bad debts are written off as incurred (Qantas, 2012 pp.101). As result, it is a risky way for the company not to assign provision of bad debts according to the percentage of credit sales. In Air Asia, they assign provision of bad debts according to the percentage of credit sale, (Air Asia, 2012 pp. 98) company will operate more stable, less risk then Qantas, but allowance will decrease its operating asset, reflect on the ATO, as result influence ROE. (Davidson & Thompson 1962) 3.3.2 Discount Rate Discount rate is the interest rate that used in discounted cash flow analysis to determine the present value of future cash flows. (Qantas, 2012 pp.101) Changing discount rate will influence the company’s pension plan. Normally, pension is company’s liability; it is measured by three factors, PBO, ABO and VBO. Either PBO, ABO, should be discounted before reported. Due to particular category of pension plan, company just reports the different between the pension benefits and pension obligation on the financial report, if the benefits are greater than obligations it will be reported on the assets side, on the opposite, it will be reported on the liabilities side. (Wiener 1995) So the effect will directly reflect on its ROA and ROE. Discount rate of Qantas is based on the risk-free rate for the ten-year Australian Government Bonds adjusted for a risk premium that represented as 10.5% percent per annum (Qantas, 2012 pp.103). Air Asia use weight average effective interest ra te that represent as 10% per annum. The changes in discount rates of Qantas in 2011 to 2012 that lead to decrease in the Workers ’ Compensation provision of $15 million and an increase in the long service leave provision of $45 million. The net effect of these changes was a $30 million increase in provisions as at 30 June 2012. (Qantas, 2012 pp.103) as results, the changing of provision will reflect on the ROE of Qantas, because provision is comprised of liability. Finally, the ratio analysis will lack of comparability. 4. Ratio analysis: 4.1 Return on equity analysis: The ROE changing line of Qantas Airline limited (QAN) has a sharp fluctuation during year 2009, which has reached the top point of almost 60%. Then ROE index declined until 16.89% after the top and maintained about the level figure of 20% from year 2010. Compared with QAN, Aireys Berhad (AIRASIA) has a relative complicated ROE line. AIRASIA started from -50% from end of year 2008, afterwards got to the first top of 35.37% in 2010. After that the concave curve reached the bottom of 14.28%, and was back to the top at point of 37.39%. As personal opinion, AIRASIA has a brighter future than QAN on ROE side due to its growing trend ROE ratio from year 2011 though it had a negative number from the beginning point. In addition, with the research of 5 year average ROE rate, the total airline industry index is 26.9%, which is higher than QAN and lower than AIRAISA (StockCentral, 2013). AIRAISA is doing a better job in using investors’ money and attracting more investing capital. 4.2 Leverage affect From above two graphs, different index reflect different relationships. On QAN side, ROE rates changing are mainly due to changing in return of asset rate. It is indicating that QAN achieved a better effect of asset utilization by increasing revenue and saving asset funds to raise ROE ratio up. Different with QAN, AIRAISA’s ROE rate is primarily rely on financial leverage, which is equal to net financial liabilities / equity. Overwhelming other related facts, higher financial leverage rates mean stronger power of using liabilities to create profit. From this aspect, it is not hard to disclose different profit channels between two companies. 4.3 Borrowing cost driversï ¼Å¡ Downsizing of borrowing cost rate gives opportunities to raise ROE ratio. In QAN, from year 2011 the borrowing rates have been continuously declining which gave contributions to profit gaining. From AIRASIA side, borrowing cost rate kept on level of 3%-4% in recent two years, which may weaken ROE performance competing with QAN. 4.4 Operating profit drivers Return on asset ratio, which could be divided in asset turnover and profit margin directly, affects the performance of ROE. Compared with two companies, ATO ratio gave more impacts on ROA in past five years in QAN. Relatively much higher ATO ratio of QAN reflects that business higher speed of asset utilization from input to output for the period, better enterprise’s assets management quality and efficiency. Downsizing in ATO rate will directly influence ROA rate, obviously between year 2008 and 2009. In AIRASIA side, ROA ratio variation mainly affect by PM ration. On whole, PM ratio curve indicates increasing trend in the 5-year period, though a slight drop in year 2011. Higher PM ratio compared with QAN could give evidences that AIRASIA has better ability to recover kinds of expenditures and cost of goods sold, benefiting from the low cost strategy. Low costs give contributions to gaining higher ROA ratio of AIRASIA than QAN in recent year. 4.5 Cost structure These two graphs are drawn on the base of revenue as 100%. According to two graphics, we can easily see that After deduct COGS, Air Asia reported Gross profit around 50% over 5 years, but Qantas just has less than 20% for Gross profit, Air Asia practices cost-lead ship strategy, so COGS and its selling & administration expense is significantly lower than Qantas. So the Air Asia control its COGS are better than Qantas. But however, the selling & administration expense of Qantas (around 11% of 100% revenue) less then Air Asia (around 26% of 100% revenue), which mean Qantas, is good at management. Thus trend indicates that low-costs of airline industry would be bafflement for increasing profit. Compared with two companies’ gross profit and gross margin ratio curve, Qantas has been suffered drop trend in five-year gross profit due to its downsizing revenue and high cost of goods sold. AIRASIA has optimistic trends both in gross profit and gross margin. The company was engaged in e xpanding sales and revenue, improving cost management level and seeking appreciate company strategy at the same time. Higher gross profit and gross margin indicate company could have higher possibilities to gain profit. 4.6 Average industry analysis The first graph shows the ROE of Air Asia in the Malaysia airline industry, after 2009, the ROE of Air Asia is significantly higher than average. The second procure compare the Qantas with Australia airline industry, if we calculate the average ROE of Qantas, the result is a little bit lower than average. The last graph we put two-airline companies in the Asia- pacific region, the graph has shown that Qantas’ operating is lower than the average, after 2009, Air Asia is keeping upward. 5. Conclusion After our analysis, due to applying different policies and strategies, two airline companies did different performance in gaining profits. we think that even though Air Asia just set up around 11years, and its size of the company is quite less than Qantas. But they have been adapted to the turbulent global environment. Its strategy has fitted with external environment, the advantage of small company is easy to change its management control system to response with the turbulent environment and better to keep consistent with its strategy. Finally, the whole company will be easier to achieve the goal. As result, AIRASIA seems to be better in raise ROE ratios, benefiting from its increasing sales and costs controlling. So we can concluded that AIRASIA’s performance is better than Qantas. Reference: Qantas, (2012) â€Å"Qantas Annual Report 2012† Qantas Airways Limited Qantas, (2011) â€Å"Qantas Group presentation December 2011† Qantas Group www.qantas.com. Air Asia, (2012) â€Å"Air Asia Annual Report 2012† Air Asia Airways Limited www.airaisa.com Airbus, (2012) â€Å"Navigating the future† Global Market Forecast 2012-2031 www.airbus.com â€Å"Domestic airline activity, Department of Infrastructure and Transport†, Australia government, update 19 August, 2013 www.bitre.gov.au Qantas Customers 2012, by Segment 2012, Statistic, viewed 8 May 2012, Qantas’ Situation: Yesterday, Today and Tomorrow 2011, The Age, viewed 8 May 2013, Stockcentral (2013), industry averages. Available from: http://www.stockcentral.com/?utm_source=iclubindustryaverages&utm_mdium=link [Accessed: August 17, 2013]. Burgstahler, D. C., Hail, L., & Leuz, C. (2006). The importance of reporting incentives: earnings management in European private and public firms. The accounting review, 81(5), 983-1016. Lev, B., Li, S., & Sougiannis, T. (2010). The usefulness of accounting estimates for predicting cash flows and earnings. Review of Accounting Studies, 15(4), 779-807. Kotlikoff, L. J., & Wise, D. A. (1989). Employee retirement and a firm’s pension plan. Hill, C. W. (1988). Differentiation versus low cost or differentiation and low cost: a contingency framework. Academy of Management Review, 13(3), 401-412. Matsumoto, D. A. (2002). Management’s incentives to avoid negative earnings surprises. The Accounting Review, 77(3), 483-514. Cyert, R. M., Davidson, H. J., & Thompson, G. L. (1962). Estimation of the allowance for doubtful accounts by Markov chains. Management Science, 8(3), 287-303. Scott, T. W. (1994). Incentives and disincentives for financial disclosure: Voluntary disclosure of defined benefit pension plan information by Canadian firms. Accounting Review, 26-43. Wiener, H. J.(1995), †Pension Plan Strategy† A Comprehensive Guide to Retirement Planning for physicians and Other Professionals 7(2), 101-212. Appendix Air Asia ANALYSIS| 　| 　| 　| 　| 　| 　| REFORMULATED BALANCE SHEET| | 12/31/2012 USD| 12/31/2011 USD| 12/31/2010 USD| 12/31/2009 USD| 12/31/2008 USD| Operating Assets| | | | | | | Net Receivables| | 315,898,627| 176,713,880| 158,421,275| 170,371,203| 262,514,740| Total Inventories| | 7,758,339| 6,223,975| 5,692,557| 6,093,458| 5,978,035| Prepaid Expenses| | 240,199,477| 149,035,647| 105,739,906| 73,305,199| 32,597,110| Other Current Assets| | 0| 198,398,423| 174,299,659| 180,913,551| 212,788,150| Net Property, Plant & Equip.| | 3,200,140,615| 2,744,062,776| 3,021,904,005| 2,319,564,252| 1,905,866,763| Other Assets| | 863,519,621| 282,959,621| 106,643,425| 141,351,051| 40,122,254| | | 4,627,516,678| 3,557,394,322| 3,572,700,827| 2,891,598,715| 2,459,867,052| Operating Liabilities| | | | | | | Accounts Payable| | 21,299,542| 25,636,593| 17,245,987| 26,411,507| 31,597,399| Accrued Payroll| | 0| 0| 0| 0| 0| Income Taxes Payable| | 1,674,951| 0| 529,269| 2,869,159| 0| Dividends Payable| | 0| 0| 0| 0| 0| Other Current Liabilities| | 606,007,521| 479,045,110| 400,453,705| 312,255,549| 322,342,775| Provisions for Risks & Charges| | 0| 0| 0| 0| 0| Deferred Income| | 0| 0| 0| 0| 0| Deferred Taxes| | -118,180,510| -162,807,571| -233,260,905| -219,414,136| -247,430,347| Other Liabilities| | 166,843,689| 154,044,479| 146,867,196| 0| 0| | | 677,645,193| 495,918,612| 331,835,252| 122,122,079| 106,509,827| Net Operating Assets| | 3,949,871,485| 3,061,475,710| 3,240,865,575| 2,769,476,636| 2,353,357,225| | | | | | | | Financial Assets| | | | | | | Cash & Short Term Inv.| | 730,127,861| 666,457,098| 487,957,516| 217,964,953| 44,439,884| | | 730,127,861| 666,457,098| 487,957,516| 217,964,953| 44,439,884| Financial Liabilities| | | | | | | Short Term Debt and Current LTD| | 368,264,879| 187,454,574| 179,660,126| 157,788,551| 157,243,353| Long Term Debt| | 2,381,682,472| 2,267,166,877| 2,368,374,899| 2,064,168,224| 1,776,526,012| | | 2,749,947,351| 2,454,621,451| 2,548,035,025| 2,221,956,776| 1,933,769,364| Net Financial Liabilities (Assets)| | 2,019,819,490| 1,788,164,353| 2,060,077,509| 2,003,991,822| 1,889,329,480| Shareholders’ Equity| | 1,930,051,995| 1,273,311,356| 1,180,788,066| 765,484,813| 464,027,746| check| | 0| 0| 0| 0| 0| REFORMULATED INCOME STATEMENT| | | | | | | Sales| | 1,617,426,750| 1,418,025,552| 1,280,394,033| 914,982,769| 761,470,520| Total Costs| | 864,089,928| 1,074,545,110| 934,371,331| 648,407,418| 932,758,092| Earnings before Interest and Taxation (EBIT)| 753,336,821| 343,480,442| 346,022,701| 266,575,350| -171,287,572| Tax| | 56,556,246| 69,934,700| 12,143,668| 33,884,638| -107,697,977| Income after Taxation| | 696,780,576| 273,545,741| 333,879,034| 232,690,713| -63,589,595| Net Interest| | 97,912,688| 98,364,669| -10,343,765| 84,832,360| 79,925,723| Net Income (before Pref Dividends & Minority Interests)| 598,867,888| 175,181,073| 344,222,799| 147,858,353| -143,515,318| TAX-SHIELD| | | | | | | Effective Tax Rate| | 7.5%| 20.4%| 3.5%| 12.7%| 62.9%| Net Interest| | 97,912,688| 98,364,669| -10,343,765| 84,832,360| 79,925,723| Tax Shield| | 7,350,728| 20,027,643| -363,014| 10,783,119| 50,253,725| TAX-ADJUSTED OPERATING INCOME| | | | | | | Operating Income (with tax shield)| | 689,429,848| 253,518,098| 334,242,048| 221,907,593| -113,843,321| Net Financing Costs| | 90,561,960| 78,337,026| -9,980,751| 74,049,241| 29,671,997| Net Income| | 598,867,888| 175,181,073| 344,222,799| 147,858,353| -143,515,318| AVERAGED BALANCE SHEEETS| | | | | | | Operating Assets| OA| 4,092,455,500| 3,565,047,574| 3,232,149,771| 2,675,732,883| 1,298,921,526| Operating Liabilities| OL| 586,781,902| 413,876,932| 226,978,666| 114,315,953| 65,446,413| Net Operating Assets| NOA| 3,505,673,597| 3,151,170,642| 3,005,171,105| 2,561,416,930| 1,233,475,113| Financial Assets| FA| 698,292,480| 577,207,307| 352,961,235| 131,202,419| 26,432,942| Financial Liabilities| FL| 2,602,284,401| 2,501,328,238| 2,384,995,900| 2,077,863,070| 991,642,182| Net Financial Liabilities (Assets)| NFL(NFA)| 1,903,991,922| 1,924,120,931| 2,032,034,666| 1,946,660,651| 965,209,240| Shareholders’ Equity| SE| 1,601,681,676| 1,227,049,711| 973,136,439| 614,756,279| 268,265,873| check| | 0| 0| 0| 0| 0| Sales| SA| 1,617,426,750| 1,418,025,552| 1,280,394,033| 914,982,769| 761,470,520| Operating Income (with tax shield)| OI| 689,429,848| 253,518,098| 334,242,048| 221,907,593| -113,843,321| Net Financing Costs| NFC| 90,561,960| 78,337,026| -9,980,751| 74,049,241| 29,671,997| Net Income| NI| 598,867,888| 175,181,073| 344,222,799| 147,858,353| -143,515,318| ROE DECOMPOSITION| | | | | | BASIC ANALYSIS| | | | | | | ATO (sales / net operating assets)| | 0.46| 0.45| 0.43| 0.36| 0.62| PM (operating income / sales)| | 42.63%| 17.88%| 26.10%| 24.25%| -14.95%| ROA (operating income / net operating assets)| 19.67%| 8.05%| 11.12%| 8.66%| -9.23%| check| | 0.00| 0.00| 0.00| 0.00| 0.00| CLEV (net operating assets / equity)| | 2.19| 2.57| 3.09| 4.17| 4.60| ILEV (operating income / net income)| | 1.15| 1.45| 0.97| 1.50| 0.79| ROE ( net income / equity)| | 37.39%| 14.28%| 35.37%| 24.05%| -53.50%| check| | 0.00| 0.00| 0.00| 0.00| 0.00| SPREAD ANALYSIS| | | | | | | ROA| | 19.67%| 8.05%| 11.12%| 8.66%| -9.23%| Borrowing Rate (net financing costs / net financial liabilities)| 4.76%| 4.07%| -0.49%| 3.80%| 3.07%| Spread (ROA – financing costs)| | 14.91%| 3.97%| 11.61%| 4.86%| -12.30%| FLEV (net financial liabilities / equity)| | 1.19| 1.57| 2.09| 3.17| 3.60| Leveraged Spread| | 17.72%| 6.23%| 24.25%| 15.39%| -44.27%| ROE| | 37.39%| 14.28%| 35.37%| 24.05%| -53.50%| check| | 0.00| 0.00| 0.00| 0.00| 0.00| Qantas ANALYSIS| 　| 　| 　| 　| 　| 　| REFORMULATED BALANCE SHEET| | 06/30/2012 NZD preliminary| 06/30/2011 NZD| 06/30/2010 NZD restated| 06/30/2009 NZD| 06/30/2008 NZD| Operating Assets| | | | | | | Net Receivables| | 1,138,830,550| 1,099,506,200| 918,979,200| 914,755,950| 955,587,900| Total Inventories| | 385,418,800| 398,263,200| 269,443,350| 269,443,350| 202,112,500| Prepaid Expenses| | 410,020,000| 434,663,600| 326,034,900| 326,034,900| 0| Other Current Assets| | 89,179,350| 23,553,200| 86,154,300| 90,377,550| 287,808,200| Net Property, Plant & Equip.| | 14,493,181,950| 14,615,831,200| 10,571,639,400| 10,571,639,400| 9,826,709,750| Other Assets| | 1,618,553,950| 1,675,489,000| 1,319,343,300| 1,319,343,300| 1,558,691,600| | | 18,135,184,600| 18,247,306,400| 13,491,594,450| 13,491,594,450| 12,830,909,950| Operating Liabilities| | | | | | | Accounts Payable| | 661,157,250| 639,148,200| 506,790,000| 506,790,000| 482,644,650| Accrued Payroll| | 0| 0| 0| 0| 337,932,100| Income Taxes Payable| | 0| 0| 0| 0| 0| Dividends Payable| | 0| 0| 0| 0| 4,042,250| Other Current Liabilities| | 5,488,117,700| 5,418,306,600| 4,232,541,150| 4,241,832,300| 4,111,776,700| Provisions for Risks & Charges| | 755,461,850| 692,678,200| 473,004,000| 473,004,000| 430,903,850| Deferred Income| | 1,164,456,800| 1,189,436,600| 901,241,550| 914,755,950| 1,024,306,150| Deferred Taxes| | 660,132,200| 821,150,200| 603,924,750| 603,924,750| 490,729,150| Other Liabilities| | 229,611,200| 527,805,800| 195,114,150| 195,114,150| 216,664,600| | | 8,958,937,000| 9,288,525,600| 6,912,615,600| 6,935,421,150| 7,098,999,450| Net Operating Assets| | 9,176,247,600| 8,958,780,800| 6,578,978,850| 6,556,173,300| 5,731,910,500| | | | | | | | Financial Assets| | | | | | | Cash & Short Term Inv.| | 3,573,324,300| 4,083,268,400| 3,325,387,050| 3,325,387,050| 3,377,704,100| | | 3,573,324,300| 4,083,268,400| 3,325,387,050| 3,325,387,050| 3,377,704,100| Financial Liabilities| | | | | | | Short Term Debt and Current LTD| | 1,147,030,950| 617,736,200| 532,129,500| 522,838,350| 491,537,600| Long Term Debt| | 5,566,021,500| 5,839,052,400| 4,320,384,750| 4,306,870,350| 3,957,362,750| | | 6,713,052,450| 6,456,788,600| 4,852,514,250| 4,829,708,700| 4,448,900,350| Net Financial Liabilities (Assets)| | 3,139,728,150| 2,373,520,200| 1,527,127,200| 1,504,321,650| 1,071,196,250| Shareholders’ Equity| | 6,036,519,450| 6,585,260,600| 5,051,851,650| 5,051,851,650| 4,660,714,250| check| | 0| 0| 0| 0| 0| REFORMULATED INCOME STATEMENT| | | | | | | Sales| | 16,117,886,200| 15,945,516,400| 11,632,519,800| 11,632,519,800| 11,764,564,400| Total Costs| | 16,221,416,250| 15,412,357,600| 11,379,969,450| 11,379,969,450| 11,506,668,850| Earnings before Interest and Taxation (EBIT)| -103,530,050| 533,158,800| 252,550,350| 252,550,350| 257,895,550| Tax| | -107,630,250| 79,224,400| 52,368,300| 52,368,300| 46,890,100| Income after Taxation| | 4,100,200| 453,934,400| 200,182,050| 200,182,050| 211,005,450| Net Interest| | 254,212,400| 187,355,000| 102,202,650| 102,202,650| 111,566,100| Net Income (before Pref Dividends & Minority Interests)| -250,112,200| 266,579,400| 97,979,400| 97,979,400| 99,439,350| TAX-SHIELD| | | | | | | Effective Tax Rate| | 104.0%| 14.9%| 20.7%| 20.7%| 18.2%| Net Interest| | 254,212,400| 187,355,000| 102,202,650| 102,202,650| 111,566,100| Tax Shield| | 264,280,218| 27,839,900| 21,192,523| 21,192,523| 20,284,745| TAX-ADJUSTED OPERATING INCOME| | | | | | | Operating Income (with tax shield)| | -260,180,018| 426,094,500| 178,989,527| 178,989,527| 190,720,705| Net Financing Costs| | -10,067,818| 159,515,100| 81,010,127| 81,010,127| 91,281,355| Net Income| | -250,112,200| 266,579,400| 97,979,400| 97,979,400| 99,439,350| AVERAGED BALANCE SHEEETS| | | | | | | Operating Assets| OA| 18,191,245,500| 15,869,450,425| 13,491,594,450| 13,161,252,200| 6,415,454,975| Operating Liabilities| OL| 9,123,731,300| 8,100,570,600| 6,924,018,375| 7,017,210,300| 3,549,499,725| Net Operating Assets| NOA| 9,067,514,200| 7,768,879,825| 6,567,576,075| 6,144,041,900| 2,865,955,250| Financial Assets| FA| 3,828,296,350| 3,704,327,725| 3,325,387,050| 3,351,545,575| 1,688,852,050| Financial Liabilities| FL| 6,584,920,525| 5,654,651,425| 4,841,111,475| 4,639,304,525| 2,224,450,175| Net Financial Liabilities (Assets)| NFL(NFA)| 2,756,624,175| 1,950,323,700| 1,515,724,425| 1,287,758,950| 535,598,125| Shareholders’ Equity| SE| 6,310,890,025| 5,818,556,125| 5,051,851,650| 4,856,282,950| 2,330,357,125| check| | 0| 0| 0| 0| 0| Sales| SA| 16,117,886,200| 15,945,516,400| 11,632,519,800| 11,632,519,800| 11,764,564,400| Operating Income (with tax shield)| OI| -260,180,018| 426,094,500| 178,989,527| 178,989,527| 190,720,705| Net Financing Costs| NFC| -10,067,818| 159,515,100| 81,010,127| 81,010,127| 91,281,355| Net Income| NI| -250,112,200| 266,579,400| 97,979,400| 97,979,400| 99,439,350| ROE DECOMPOSITION| | | | | | BASIC ANALYSIS| | | | | | | ATO (sales / net operating assets)| | 1.78| 2.05| 1.77| 1.89| 4.10| PM (operating income / sales)| | -1.61%| 2.67%| 1.54%| 1.54%| 1.62%| ROA (operating income / net operating assets)| -2.87%| 5.48%| 2.73%| 2.91%| 6.65%| check| | 0.00| 0.00| 0.00| 0.00| 0.00| CLEV (net operating assets / equity)| | 1.44| 1.34| 1.30| 1.27| 1.23| ILEV (operating income / net income)| | 1.04| 1.60| 1.83| 1.83| 1.92| ROE ( net income / equity)| | -3.96%| 4.58%| 1.94%| 2.02%| 4.27%| check| | 0.00| 0.00| 0.00| 0.00| 0.00| SPREAD ANALYSIS| | | | | | | ROA| | -2.87%| 5.48%| 2.73%| 2.91%| 6.65%| Borrowing Rate (net financing costs / net financial liabilities)| -0.37%| 8.18%| 5.34%| 6.29%| 17.04%| Spread (ROA – financing costs)| | -2.50%| -2.69%| -2.62%| -3.38%| -10.39%| FLEV (net financial liabilities / equity)| | 0.44| 0.34| 0.30| 0.27| 0.23| Leveraged Spread| | -1.09%| -0.90%| -0.79%| -0.90%| -2.39%| ROE| | -3.96%| 4.58%| 1.94%| 2.02%| 4.27%| check| | 0.00| 0.00| 0.00| 0.00| 0.00| Company | Return On Equity Per Share[Y2008]| Return On Equity Per Share[Y2009]| Return On Equity Per Share[Y2010]| Return On Equity Per Share[Y2011]| Return On Equity Per Share[Y2012]| 1| 　| 　| 　| 　| 　| 2| -27.03| 25.33| 33.93| 14.46| 36.86| 3| 6.1| 20.38| 10.32| -18.51| -27.24| | 　| 　| 　| -16.22| 6.01| Malaysia industry average| -10.47%| 22.86%| 22.13%| -6.76%| 4.81%| | | | | | | 1| 17.02| 2| 1.89| 4.09| -4.07| 2| 22.45| 19.73| 18.2| 11.46| 15.25| 3| 11.61| -21.09| 2.26| -7.32| 2.36| Austrilia industry average| 17.03%| 0.21%| 7.45%| 2.74%| 4.51%| | | | | | | | 　| 　| 　| 　| 　| | Return On Equity Per Share[Y2008]| Return On Equity Per Share[Y2009]| Return On Equity Per Share[Y2010]| Return On Equity Per Share[Y2011]| Return On Equity Per Share[Y2012]| 1| -37.81| 22.91| 39.91| 17.15| 10.29| 2| 14.73| 1.33| 5.13| 5.29| 4.46| 3| -27.03| 25.33| 33.93| 14.46| 36.86| 4| 15.02| -1.08| -13.73| 4.69| 5.27| 5| -19.27| 11.89| 29.11| 9.99| 1.62| 6| -76.38| 57.88| 57.42| 19.5| 17.28| 7| -70.4| -11.18| 23.64| -4.06| 0.1| 8| -51.42| 4.23| 34.87| 17.31| 8.15| 9| -27.96| -10.48| 33.11| 0.5| 1.31| 10| 19.69| 39.08| 9.61| 13.94| 10.66| 11| -20.6| 5.01| 30.35| 19.6| 10.79| 12| -20.47| -30.29| -21.4| -5.16| -14.43| 13| -26.05| -3.37| 14.11| -9.31| 9.83| 14| 6.1| 20.38| 10.32| -110.51| -27.24| 15| -0.11| -13.94| 9.05| 85.17| -13.52| 16| 17.02| 2| 1.89| 4.09| -4.07| 17| 22.45| 19.73| 18.2| 11.46| 15.25| 17| 16.21| 43.36| 56.31| 44.68| 25.97| 18| 13.1| 7.31| 1.58| 7.88| 2.48| 19| -37.71| 14.89| 24.31| -14.64| 9.45| 20| -14.02| 0.34| 17.5| 10.69| 1.37| 21| 11.61| -21.09| 2.26| -7.32| 2.36| Asia & Pacific Region industry average| -13.33%| 8.37%| 18.98%| 6.15%| 5.19%|

Simple Gift Esssay

Identifying language techniques Composers use various language techniques or features to make their texts more interesting and engaging to the responder.Some language techniques used by Stephen Herrick in The Simple Gift are: †¢ simile: comparing one thing with another using the words ‘like’ or ‘as’ †¢ metaphor: a comparison where one thing is said to be another †¢ colloquial language: everyday speech characterised by informal language and shortened words (g’day, can’t) †¢ direct speech: quotation marks (â€Å") are used to indicate direct speech, that is, the exact words that are spoken †¢ slang: words which are fashionable within a small group for a short period of time †¢ literary allusion: makingreference to other well known books, films, etc †¢ first person: using the pronouns I, me, my, us, we †¢ comparatives and superlatives: adjectives for comparing, e. g. |Adjective |Comparative |Superlative | | long |longer |longest | |small |smaller |smallest | |bright |brighter |brightest | †¢ ellipsis: three dots to provide a pause, to show that something has been left out †¢ modality: gives information about the degree of certainty involved in an action, e. g. |Low modality |Medium modality |High modality | |possibly |probably |definitely | |could |should |must | |never |sometimes |always | †¢ juxtaposition: the close positioning of words or images to create an effect †¢ imagery: to create a set of strong mental images in the responder’s mind †¢ repetition: a word or phrase used many times to add emphasis †¢ rhetorical question: a question that is asked but which does not expect or need an answer. Activity: Language techniques Find examples of these language techniques in The Simple Gift. Give page numbers. Explain the effect of this technique on the responder. Language technique |Example from the text (quote) |Page |Effect of this technique | |Simi le |Men in suits, like tired penguins |   28 |   I makes you think they all seem tired and | | | | |they all look the same as one another. Doing | | | | |the same sort of thing day in and day out. | |Metaphor |   I dreamt of myself as an old man in a pub |   54 |   It makes you think that he is a bit | | | | |depressed about getting old, from what he has| | | | |seen it is a bad thing. |Colloquial language |   I wished I Hadn’t |  80 |   It is simply regretting whatever they have | | | | |done | |Direct speech |   â€Å"$109, but let’s make it $100 cash. It’s a |   83 |Well Billy is looking to buy a ring, and the | | |good ring son. † | |man is being very generous towards him. | |Slang |   |   |   | |Literary allusion |   He kept talking about the book, his |  118 | It is talking about the book that he loves | | |favourite, The Grapes Of Wrath and the honour | |and the characteristics of the book. | | of poverty | | | | First person |   I hate Cooking |   121 |Well the first one she is saying she does not| | |I love Eating | |like cooking, | | | | |The second shows that she loves to eat. | |Comparatives/ superlatives |   Quieter, |   129 |   It is more silent than quiet but louder | | | | |than quietest. |Ellipsis |   A house seems so†¦ so†¦ |   176 |   It looks like they are struggling to find | | | | |words to describe what they are trying to | | | | |say. | |Modality |   Nothing, something, |   96 |It is like building it up to something big. | |Juxtaposition |   In the quiet sunshine |94   |It creates the affect of a most peaceful day,| | | | |that everyone is happy. |Imagery |   A sip of beer, a slice of cheese, some |   94 |It creates pictures in your head of the food | | |roast, and slowly one biscuit after another | |they are eating and how nice it is. | |Repetition |   |   |   | |Rhetorical question |   What should I say? |135   |He is as king himself what he should say to | | | | |make it perfect but he knows it comes from | | | | |the heart anyway. |

Disinterested Versus Uninterested

Disinterested Versus Uninterested The adjective disinterested means impartial and without bias. The adjective uninterested means indifferent or unconcerned. Examples I had a great desire to do a disinterested and pure thingto express my belief in something higher.(Saul Bellow, Henderson the Rain King, 1959)Disinterested intellectual curiosity is the life blood of real civilization. (G. M. Trevelyan)Americans are not isolationist; theyre uninterested. So foreign policy is neglected, presidents find it hard to lead, and the noisy few trump the quiet many. (James M. Lindsay, Foreign Affairs, September/October 2000) Usage Notes You can be disinterested in something but not uninterested, and vice versa. For instance, because Im not a betting man, I dont stand to gain or lose anything in the outcome of most sporting events; I might still enjoy watching a game: Im disinterested but not uninterested. Conversely, I might not care about the intricacies of tax policies, but I certainly have a stake in the outcome: Im uninterested but not disinterested.(Jack Lynch, Disinterested versus Uninterested, The English Language: A Users Guide. Focus Publishing, 2008)A large number of educated speakers and writers, for whatever reason, object to disinterested in the sense uninterested, unconcerneda sense it previously had but lost for awhileand want the word to have only the meaning impartial, unprejudiced. The criticized use has nevertheless gained such ground that it has practically driven out the other one. That change causes no harm to language as communication. We have merely lost a synonym for impartial and gained one for indifferent.(John Algeo, The Origins and Development of the English Language, 6th ed. Wadsworth, 2010) Practice (a) A lively, _____, persistent looking for truth is extraordinarily rare. (Henri Amiel) (b) There are no uninteresting things; there are only _____ people. Answers to Practice Exercises Answers to Practice Exercises:  Disinterested and Uninterested (a) A lively,  disinterested, persistent looking for truth is extraordinarily rare. (Henri Amiel) (b) There are no uninteresting things; there are only  uninterested  people.

Help! Claritin Doesnt Work. What Should I Do

Help! Claritin Doesn't Work. What Should I Do SAT / ACT Prep Online Guides and Tips Are you trying to get rid of your allergy symptoms but Claritin doesn’t work for you? Claritin is one of the most popular allergy medications on the market, but for some people it just doesn’t work. Why is this? It can be very frustrating when a drug doesn’t work the way you expect it to, so in this guide we go over the top five reasons your Claritin doesn’t work or you find Claritin not working anymore. We also go over which symptoms Claritin is supposed to treat (and which it doesn’t) as well as other methods to try to get allergy relief. What Is Claritin Supposed to Do? Claritin is a brand name for the drug loratadine which is an antihistamine used to treat allergies as well as hives or rashes. Antihistamines reduce the effects of histamines. Histamines are natural chemicals the body produces to help your body get rid of something that’s bothering your immune system, such as an allergen. In order to get rid of the allergen, histamines will heighten your body’s defense system causing you to sneeze, cough, tear up, have a runny nose, and itch to help get the allergen out of your system. Sometimes histamines can go overboard and leave you a miserable, sneezing, itching mess, so many people use antihistamines like Claritin to reduce the response their body has to allergens. Claritin is designed to reduce the following symptoms: Itching Coughing Sneezing Watery or itchy eyes Skin rash Hives Runny nose Claritin uses a formula that avoids the drowsiness many antihistamines produce so you can get allergy relief without feeling tired or foggy. 5 Possible Reasons Claritin Doesn’t Work for You Claritin can be a great drug for allergy sufferers, but for some people it doesn’t work or the Claritin stopped working. Why does this happen? Below are the five reasons Claritin doesn’t work for you or doesn’t work the way you expect it to. #1: You Didn’t Start Taking Claritin Soon Enough In order for Claritin to be most effective, you should aim to start taking it one to two weeks before allergens or other histamine triggers are in the air. Doing this helps your body begin to build up resistance so it’s prepared by the time the allergens arrive. If you only start taking Claritin once you have allergy symptoms, you may not get immediate relief, but the good news is it’ll begin working after several days or up to two weeks after you begin using it. #2: You Aren’t Consistent With Your Medication Claritin is meant to be taken once a day, every day during allergy season(s) in order to provide long-term relief from allergy symptoms. If you don’t take a Claritin pill every day, you could wind up suffering from allergy symptoms even on days you do take Claritin since the drug doesn’t start working immediately. Take one Claritin every day for it to be the most effective, but don’t take more than one pill a day, even if you missed a pill the day before. Taking multiple pills a day increases your risk of serious side effects. Remember to Claritin every day for it to be most effective. #3: You Expected Claritin to Be a Decongestant You might also be expecting Claritin to solve a problem it isn’t meant to solve. Although congestion can be a common symptom for allergy sufferers, it isn’t one of the symptoms that Claritin is supposed to stop. So if you’re suffering from congestion, you’ll need to use another drug other than Claritin, or you’ll need to try Claritin-D, a version of the drug that also helps with congestion. #4: Different Antihistamines May Work Better for You There are multiple kinds of antihistamines, and different antihistamine drugs have different combinations of them. It may be that the active antihistamine in Claritin, loratadine, isn’t the kind that’s most effective for you. This could cause Claritin to not work well when you take it. In the next section we go over other antihistamine drugs, some of which may work better for you than Claritin since they have different active ingredients. #5: You May Have Built Up a Tolerance If you’ve been using Claritin for multiple years and it worked in the past but the Claritin has stopped working, your body may have built up a tolerance to it. Building up a tolerance can happen for any drug you take. What happens is your body gets used to the drug after you take it over an extended period of time and stops having a response to the drug. This causes the drug to not work well or at all. If this happens, it may help to increase your dose or switch to a stronger antihistamine, but you shouldn’t do this without speaking with your doctor. Increasing your dose on your own can lead to serious side effects. Other Treatment Options If Your Claritin Doesn’t Work If Claritin doesn’t work for you, there are other options out there you can try to get allergy relief. Below are four categories of other treatment that may work better for you than Claritin. Other Non-Drowsy Antihistamines Claritin in one of three major non-drowsy antihistamine drugs. The other two Zyrtec and Allegra. Zyrtec’s active ingredient is cetirizine, while Allegra’s is fexofenadine. These are both different antihistamines than loratadine, the one Claritin contains, so if you find Claritin not working for you, switching to a different non-drowsy antihistamine drug may help you get relief. Non-drowsy antihistamines are very popular since they allow people to get relief from their allergy symptoms without feeling drowsy or tired during the day. Antihistamines That May Make You Drowsy If you’ve tried all three of the non-drowsy antihistamines and still are suffering from allergy symptoms, you may want to try other histamines that aren’t specifically anti-drowsy. The most common of these is Benadryl (active ingredient diphenhydramine), as well as Tavist (clemastine) and Dimetane (brompheniramine). Some people taking these drugs feel they work better than non-drowsy antihistamines, but taking them can cause you to feel tired for much of the day. For some people, this can affect their school or job performance as well as prevent them from doing regular activities, like driving, because the medication makes it difficult for them to stay alert and focused. It may help you to take this drug at night, before you go to bed, to reduce some of the drowsiness these drugs cause. Decongestants Allergies can cause the lining of your nasal passages to swell, which can make you feel like your nose is stuffed and make it more difficult to breathe. Decongestants shrink the swollen blood vessels and tissues in the nasal passages so you aren’t congested anymore. If you’re suffering from nasal/sinus congestion, you may want to try a decongestant either in place of or in addition to Claritin. Decongestants can come in pills, nose drops, nasal sprays, and liquids. Some common decongestant brands are Sudafed, Vicks Sinus, and Afrin. Decongestants don’t relieve other allergy symptoms like watery eyes, itching, and a runny nose, so if you’re suffering from any of those as well, you’ll likely need to use both antihistamines and decongestants to get relief. The three non-drowsy antihistamines mentioned above also come in versions that include a decongestant. You can tell if your antihistamine includes a decongestant if it has the letter â€Å"D† after its name (Claritin-D, Allegra-D, etc.). Natural Remedies You don't always need to pop a pill in order to get allergy relief; there are actually multiple natural remedies that help many people with allergies. One of the most effective and popular is a neti pot. A neti pot helps clear mucus and debris from your nasal cavity. To use a neti pot, first fill it with either a purchased saltwater solution or purified water. Stand over a sink and tilt your head sideways. Place the spout of the neti pot in your nostril that's currently pointed up. Carefully pour the water into your nostril so the water drains through your lower nostril. When it's done draining, repeat on your other side. Drinking two cups of green tea a day can also help relieve your allergy symptoms, especially if you start at least two weeks before allergy season. Green tea contains natural antihistamines to help fight allergy symptoms. Another effective natural remedy is an herb called butterbur. Some studies have shown butterbur to be as effective at fighting allergy symptoms as many over-the-counter allergy meds. If not properly processed though, butterbur can contain harmful chemicals known as pyrrolizidine alkaloids (PAs), so you should always check any butterbur supplement you plan on taking with your doctor. Your butterbur supplement should also always be labeled "PA free." Summary: Claritin Not Working Claritin is a common antihistamine drug designed to reduce allergy symptoms without causing drowsiness. But what should you do if your Claritin stopped working effectively or Claritin doesn’t work for you? There can be several reasons for Claritin not working: You didn’t start taking Claritin soon enough You don’t take Claritin every day You’re expecting Claritin to be a decongestant The antihistamine Claritin contains (loratadine) doesn’t work for you as well as other antihistamines would You’ve built up a tolerance to Claritin, and now it doesn’t work as well If your Claritin stopped working, there are other drugs you can try to get relief from your allergy symptoms including other non-drowsy antihistamines, antihistamines in general, and decongestants.

Project management week4 Essay Example | Topics and Well Written Essays - 250 words

Project management week4 - Essay Example Perhaps the most important element of a communication plan is the audience, which receives and responds effectively to the message conveyed (Pritchard, 2014).   According to Taylor and Dow (2013), some critical audiences must be involved in effective communications plan in order for the message to gain wide acceptance. Pritchard (2014) states that the audiences vary greatly and they may include the project sponsor who is the main audience, professional groups, opinion leaders, employees, media, local community, and government. All the audiences differ greatly in opinion and they may respond variedly depending on their mood and the nature of the message in the communication plan (Ramsing, 2009). Essentially, the project sponsor, media, and the local community are the major stakeholders that will especially receive the full communication (Taylor & Dow, 2013). When it comes to the information that the audience will receive the project sponsor is entitled to full information including the confidential information while the local community ought to receive partially classified information (Tennyson & Ray, 2005). On the other hand, the media must only receive the general information to protect the project secrets. Concerning all the information, the communication plan will consist of verbal, written, and audio-visual information (Pritchard, 2014). It will apply to all the three groups of audiences, as comprehensively understand the info being communicated (Pritchard, 2014). The frequency with which the information will be shared will depend on the prevailing circumstances, as it will not be possible to gather all the stakeholders at once. Therefore, the project sponsor will receive the full copy of the communication plan while the public and the media will be kept updated daily (Ramsing, 2009). If the audiences do not receive the message effectively, then they will be separated into groups so that each group receives more attention