Developing Capacity Portable Water Purifierâ€Myassignmenthelp.Com

Question: Neglects About The Developing Capacity Portable Water Purifier? Answer: Presentation This report mirrors the key comprehension on the issues and factors looked by advertisers while creating limit versatile water purifier. This grew ease, low limit convenient water purifier will be utilized to give versatile water to enormous populace around the world. In any case, two advertisers John and Mike are confronting a few issues, for example, monetary issues, taking care of components and game plan of representatives and specialists. For the duration of the time, organization has staged life cycle stage issue of this created compact water purifier item. The primary issues in the improvement of life cycle phase of result of organization are identified with the recently complex items offered by new participants in advertise. Nonetheless, so as to diminish the intricacy of business, organization has chosen to go into practical joint endeavor. This SJV agreement will alleviate all the issues and make the versatile water purifier items supported by new innovations. Colleagues of organization who will embrace Sustainable joint endeavor with Vic Solar Company Mike, John, Maria and Graham are the fundamental people who will go into SJV What is Sustainable joint endeavor? It is seen that with the expanding ramified financial changes and dangers presented by new participants in the market, Sustainable arrangement Pvt ltd has been confronting different issues and issues while selling limit compact water purifier item in advertise. Moreover, government has likewise moved its tendency towards new contestants in the market. SJV is the joint endeavor which is made by practical arrangement PVT ltd with the Vic sun powered so as to utilize its recently created complex advancements. This recently entered contracted named SJV will help limit versatile water purifier to accompany powerful degree of administrations and moderating conceivable significant expense joined with the greatest retail cost of the item in advertise (Hubrich, Tetlow, 2015). Issues looked by Sustainable Solution Pvt ltd and disappointment of SJV understanding in the market There are a few issues looked by Sutinble arrangement Pvt ltd in the market in the wake of going into contract with the Vic Solar Company. The fundamental issue was identified with forward leap in 2011 in type of inability to meet the limit according to the bearings of government. What's more, SJV agreement ought to have been come about to 22% to 25% yet to other unanticipated components, the benefit earned by organization through SJV contract came about to 16% which was exceptionally less as assessed. In any case, the task embraced by organizations under SJV contract turned out badly directly from the earliest starting point and demonstrated failure to gracefully 12,000 sunlight based board to the venture cutoff time. This disappointment harmed the brand picture of organization and expanded the general account cost. The measure of advantages got by organization from the market is likewise dispensed with and expanded the general expense of the items in the market (Hubrich, Tetlow, 20 15). How and when it turned out badly In the wake of assessing all the components, it could be viewed as that SJV contract with was gainful one and could have indicated high measure of benefit whenever related elements have adopted into thought in decided strategy. The principle issue was identified with account and cash associated with venture. There were a few new contestants who were giving imitated sun oriented items at modest rate in the market. It is viewed as that in the wake of going into SJV contract, the two organizations vowed to convey 12,000 sun powered board before cutoff time (Santamouris, 2016). These degrees of disappointment destruct the working of association and came about to devastation of business. From that point forward, so as to conform to the prerequisite, SJV rush in imported less expensive item and neglected to meet the necessary limit according to the norm. Also, SJV arrange the agreement with the Vic sunlight based to give viable degree of advances to reinforce the sun based influence accord ing to the necessary limit (Hubrich, Tetlow, 2015). Relief of issues looked by John and Mike in their created limit convenient water purifier item So as to relieve all the issues and issues looked by Sustainable arrangement put ltd, organization will make proactive arrangements and actualize estimated arranging and strategies to make sun based force work compelling. It is additionally watched if organization could moderate the partnership issue and set limit for the inability to follow the utilization of advancements then it might expand the achievement odds of new sunlight based force contract. This time organization needs to assess all the variable factors and utilization of new innovations to conquer the sun oriented force issues (Kandasamy, et al. 2014). Specialized quality of Vic sun based Vic sun based has advanced innovations and introduced plan which will expand the general force gracefully in SJV contract for Sustainable private constrained organization (Mitragotri, Burke Langer, 2014). With the utilization of recently presented Vic sunlight based advancements, organization could build the general benefit of organization by 20% in the market while providing sun oriented force. Vic sun oriented has different joint endeavors with different organizations and its working experience will result to center competency in gracefully sun oriented force with high limit (O'Sullivan, et al, 2014). The recipe and set capacities Vic sun based use in its flexibly chain the executives is profoundly secure and increment the adequacy of clients in utilizing power gracefully of SJV in advertise (Saikku, et al. 2017). Different adversaries are utilizing low degree of substance and variables which may be modest however less compelling too (Ldeke-Freund, 2014). Source board, plants and machines utilized by Vic sun oriented is profoundly global plants and give increasingly powerful outcome to customers in advertise when contrasted with different opponents. Affirmation of Vic Solar It is viewed as that SJV flopped in the market and furthermore didn't proceed according to the necessary degree of consistence program. The primary issue was identified with conveyance of sun powered force gracefully in the market with in the cutoff time (Zhang, 2016). In any case, so as to relieve these related issues in decided methodology, SJV will enlist inner control division to alleviate the potential issues. It is seen that in the event that SJV could expand its creation procedure by 20%, at that point it could convey the guaranteed items with the cutoff time. Be that as it may, expanded limit of 20% could likewise improve the general limit of SJV in the market and will result to conveyance of decided sunlight based force flexibly for customers. With the utilization of Vic Solar refined and exceptionally created advances, SJV will most likely build the effectiveness and business working to give increasingly sun oriented capacity to customers. What's more, these imported plants will likewise make these set up items powerful in market and increment the general customers fulfillment in the sun based market in decided methodology. The specialized specialists of Vic Solar will grandstand elevated level of center competency in creating sun based force in the market (Keyhani, 2016). Money related circumstance of SJV SJV is the vital collusion made between Sustainable arrangement pvt ltd and Vic sun oriented organization to expand the general proficiency of the sun powered venture. It is seen that because of unanticipated components, organization has neglected to convey the submitted sun based capacity to its customers inside the set cutoff times. What's more, the items and administrations sold by organization in the market are additionally exorbitant which result to expand the general turnover of organization. SJV has likewise confronted diminished in its general benefit by 10% which has destruct its money related limit. Government and different specialists have additionally declined to convey the assets and commitments to help the SJV sun based working. Be that as it may, so as to fortify the budgetary circumstance of organization, organization should raise its general turnover and infuse more cash in associations capital (Mathews, et al. 2016). Techniques to come out the money related chaos VOI sun powered and other SJV both are confronting money related issues because of its low degree of turnover and non-viable sunlight based influence flexibly. So as to moderate these issues, both VOI sun powered and SJV need to actualize following systems (Brand, et al. 2016). Infusing increasingly capital in the money related structure of organization Expanding the obligation financing to diminish the general expense of capital Employing of monetary administration office to deal with the money in business. Keep up the legitimate division to agree to the lawful and moral issues in business SJV contract has confronted the issue because of deferral in working and conveying the VOI sunlight based to customers. Likewise, organization has different issues which have diminished its general benefit to 16% and in general turnover. This degree of lessening in benefit will most likely outcome to destruct the worth formation of contributed capital of organization (Gayer, et al. 2016). Deciding the cost of new PPA in the market With the negative income and expanding rivalry from the new participants in business, organization needs to fix cost of new PPA to AUD $ .08 to .10/KWH. There will be following results which will be looked by organization in showcase if cost of new PPP set to AUD $ .08 to .10/KWH (Memos, et al. 2017). Organization could build its general benefit by expanding the general turnover. SJV at the cost of new PPA to AUD $ .08 to .10/KWH will beat the rivalries and adversaries offering in sun based force. SJV selling its sun based force results of new PPA to AUD $ .08 to .10/KWH could build its image picture and customers fulfillment in decided methodology. Setting up of new money related administration plan and corporate arranged arrangement with the cooperation of Vic Solar will build the general productivity of sunlight based influence items in showcase. The most effective method to chip away at existing SJV to come out of budgetary pressure It is seen that proposed SJV of organization will build the general viability of PPA and agree to the new standards and guidelines of Ministry of New and Alternative Energy (MNAE). Changes in existing financia

Who or what do you consider to be most responsible for the tragic outcome of Romeo and Juliet Essay Example

Who or what do you consider to be generally answerable for the sad result of Romeo and Juliet? Article For this article I will consider who or what is generally liable for the sad result of romeo and juliet. There are numerous individuals who could be considered liable for the demise of Romeo and Juliet these incorporate Friar Laurence, the Capulet family, the Montague family, Paris or even Romeo or Juliet themselves. Out of the considerable number of characters in the play I consider Friar Laurence or Juliets Nurse to be generally answerable for the demise of Romeo and Juliet, while I likewise believe destiny to be a significant factor of the catastrophe. This play is a sentimental disaster. This implies from the earliest starting point you realize that the play will incorporate sentiment and disaster. Shakespeare was impacted by what was happening when he composed the play. For instance the job of people in the house. Men overwhelmed ladies guiding them and what to accept. The family names depended on the families who were halfway liable for the common conflict in Italy. They were known as the Montecchi family and the Capelletti family. So when the narrative of Romeo and Juliet was composed and two families who add to a terrible result are required this setting was utilized however changed to Montague and Capulet. We will compose a custom paper test on Who or what do you consider to be generally liable for the terrible result of Romeo and Juliet? explicitly for you for just $16.38 $13.9/page Request now We will compose a custom paper test on Who or what do you consider to be generally answerable for the grievous result of Romeo and Juliet? explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom paper test on Who or what do you consider to be generally answerable for the deplorable result of Romeo and Juliet? explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer The character who I would state is least dependable is Mercutio. He could be considered mindful supposing that he had not dueled with Tybalt he would not have been executed. This prompted Romeo murdering Tybalt and being expelled. Mercutio began by snickering at Tybalt, which incenses him. At the point when Romeo enters the scene Tybalt affronts him by considering him a miscreant No preferable term over this thou craftsmanship a lowlife. This implies Tybalt is considering Romeo a laborer, which is an incredible affront to a man of honorable birth like Romeo. Tybalt provokes Romeo to a duel, when he denies Mercutio responds to the call. In the event that he had not done this, at that point Romeo would not have been expelled. Tybalt, you rodent catcher, will you walk? Here Mercutio is inquiring as to whether he will battle with him. Considering him a rodent catcher is alluding to Tybalt being the Prince of Cats, in this battle Tybalt murders Mercutio. O Romeo, Romeo! Bold Mercutio is dead. Benvolio reveals to Romeo that Mercutio is dead. When Tybalt returns Romeo murders him. This gets Romeo ousted. There are different characters that have added to this shocking closure more than Mercutio. The following characters that I will be taking a gander at are Old Montague and Lady Montague. They didn't make part in the move of the play yet on the off chance that they had not been fighting with the Capulets, at that point Romeo and Juliet could have hitched without doing it stealthily. Old Montague is as yet anxious to draw his blade and battle the Capulets. Thou villian Capulet! Hold me not; let me go. He needs to battle with Old Capulet however Lady Montague won't let him. Thou shalt not mix one foot to look for an adversary. She needs to shield them from dueling thus preventing the families from making harmony. On the off chance that they had not been quarreling and needing to battle with the Capulets then the families could have been cheerful. I feel that despite the fact that Juliet was one of the characters who finished with an appalling passing she was halfway mindful herself. She committed numerous errors, which prompted her passing. The first of these is at the gathering where she meets Romeo just because. They be a tease together and kiss Romeo says At that point move not, while my supplications impact I take. This mentions to her what he is going to do to her, she doesn't pull away yet rather she kisses him back. Another example where she plays out an activity, which leads, towards her passing is in the plantation. She trades guarantees of adoration and union with Romeo. On the off chance that that thy twisted of adoration be fair, Thy reason marriage, send me word tomorrow. Here she says that on the off chance that his adoration to her is acceptable and valid, at that point they ought to wed and reveal to her the following day when and where. Not long after Juliet weds Romeo stealthily. You don't see them get hitched yet when the Friar says Come, accompany me, and we will make short work, For, by your leaves, you will not remain alone, Till heavenly church join two of every one. He is instructing them to go with him where he will wed them rapidly. At the point when she won't wed Paris is another significant thing which leads towards her passing He will not make me there a blissful lady of the hour! From hearing this her Father drives her in to wedding Paris or he takes steps to abandon her. The medical attendant advises her to overlook Romeo and Juliet is distant from everyone else. The primary concern that went towards her passing was the point at which she took the dozing mixture. Heres drink I drink to thee! The elixir made her rest for forty-two hours, everyone would think she was dead and she would run off to be with Romeo. In the event that she had not done these things she would have lived, wedded to Paris however alive. She shouldnt have misled and ignored her folks and she was excessively hurried in surging in to marriage. I would state that Romeo is as a lot to fault as Juliet seems to be. He goes to the Capulet party when he isn't welcomed the hireling state In the event that you be not of the place of Montagues Romeo is a Montague yet he comes to the gathering in any case. On the off chance that he had not gone, at that point he would not have met Juliet in any case thus would not have prompted their demises. After he met Juliet he began to look all starry eyed at rapidly and acted too quickly. In the event that he had the option to control his outrage when Tybalt slaughtered Mercutio he would not have been expelled for executing Tybalt. Either thou, or I, or both must go with him. Here Romeo reveals to Tybalt that one of them or them two must go with Mercutio to the grave. On the off chance that he had not murdered Tybalt Romeo and Juliet could have carried on their mystery relationship a lot simpler. He acted viciously. He acted quickly which implied that he didn't get the entirety of the realities before he hurried back to Verona when Balthasar disclosed to him that Juliet was dead. He hurried to a pharmacist who gave him a toxic substance to murder himself when he sees Juliet dead. To Juliets grave, for there I should utilize thee. This reveals to us that he is going to Juliets grave to utilize the toxic substance and slaughter himself. In the event that he had not hurried off the second letter which Friar Laurence sent him would have contacted him and he would have known reality with regards to Juliet. He ought to have thought all the more cautiously and they may have wound up glad. I feel that the Capulet family adds to the sad closure of the play more than the Montague family in such a case that they had not constrained Juliet in to wedding Paris then she would not have taken the mixture that brought about her passing. Juliet says Sick to the minister to know his cure: On the off chance that all else come up short, myself have capacity to bite the dust. There she says that if the monk has no chance to get of halting the marriage she would murder herself. Capulet is so on edge to discover Juliet a decent spouse that he doesn't stop to ask her what she needs. O Thursday let it be o Thursday advise her, She will be hitched to this honorable baron. Capulet chose when and to whom Juliet would be hitched. At the point when she would not like to wed Paris since she was at that point wedded to Romeo he took steps to abandon her. They likewise added to propping the quarrel up like the Montague family. They were excessively hard on Juliet when she said that she would not like to wed Paris. Destiny has a serious influence in this play there are numerous references to it including the scene before Romeo withdraws to Mantua. Juliet says O God! I have an evil divining soul: Me thinks I see thee, presently thou craftsmanship so low, As one dead in the base of a tomb: Either my visual perception fizzles, or thou lookst pale. Juliet has a dream of Romeo dead in a tomb in actuality whenever she sees him he is dead in a tomb. In Act three Scene three Friar Laurence says Notice, notice, for such kick the bucket hopeless. to Romeo. This implies, cheer up cheer up for hopeless individuals will kick the bucket. This is a reference to destiny since Romeo and Juliet both passed on when they were hopeless. Woman Montague additionally bites the dust toward the finish of the play when she is hopeless about Romeo being expelled. In the event that destiny has shown up, at that point it is highly unlikely of halting what occurs. There are two individuals who I consider to be generally answerable for the passings of Romeo and Juliet. These are Juliets medical attendant and Friar Laurence. Minister Laurence began by covertly wedding Romeo and Juliet. He believed that it may assist with closure the fight when the families discovered. In one regard Ill thy colleague be, For this partnership may so cheerful demonstrate To turn your families malice to unadulterated love. He generally searched for the more splendid side of things; he ought to have had a hesitation that the fight between the families was so antiquated and fierce that could the union of Romeo and Juliet truly help to end the quarrel? Indeed the main thing which finished the fight was the demise of their youngsters. The monk likewise gave Juliet the resting elixir as a component of his severely considered arrangement. He acted untrustworthily and deceived everyone about Juliets passing. On the off chance that he had not run off when he heard a commotion from inside the tomb he could have halted Juliet from executing herself. Come, go, great Juliet I dare do not remain anymore. He would not like to be accused for the passings of Romeo and Paris and be examined regarding why Juliet was alive. The Nurse supported Juliet in her sentimental thoughts. She conveyed messages and helped the star crossed darlings to meet and get hitched covertly. She went behind her managers backs; they ought to

Can Someone Show Me How to Write an Evaluation Essay

Can Someone Show Me How to Write an Evaluation Essay Writing an evaluation paper is an interesting assignment if you know how to do it. This assignment gives you the opportunity to look at things critically and analyze their merit, or lack of it, based on facts and evidence. It allows you to sharpen your way of looking at things objectively. This article will share with you all you need to know to draft an exceptional evaluation paper. What is an evaluation essay? Before we look at the finer details of writing an evaluation essay, let’s define it. An evaluation paper is a kind of review that is intended to determine the real value and quality of something. Essentially, an evaluation paper will pitch the claims of the object against independent evidence to arrive at a conclusion. It can evaluate a novel, service, product, or a hotel. Ideally, an evaluation should take an objective view of things so that it does not side with the prevailing opinions without examining them. In the process of achieving good evaluation essay writing skills, you need to integrate three main yarns into your writing. These yarns will ensure that you have a strong rope to tie up your thesis on the object under review. You should take an inquisitive approach to arrive at a logical way of presenting sound criteria, judgment, and evidence. Choosing Evaluation essay topics Before proceeding, you ought to choose evaluation essay topics carefully. You should select a topic that you have had a strong experience with or you can gather enough information about. This way, you will be better placed to state your opinion and stand on the matter based on facts and experience. Additionally, when selecting your topic, ensure you choose a very definite area that you can evaluate well. For example, it is better to evaluate a particular brand of cloth diapers instead of just evaluating cloth diapers in general. Criteria After settling for a particular topic, you’ve got to come up with clear and objective parameters you will use to determine whether the object you are reviewing is of poor or high quality. Those parameters are will also determine how superior or inferior the object or service is compared to others. Such parameters will constitute the criteria that will enable you to make a sound judgment on the object at hand. But how do you establish these parameters? Well, there is no straight answer to this question because each evaluation requires its unique parameters. Below are different examples: ? A school If you want to evaluate a private school, you will need to draft a list of qualities that constitute a good private school. Some of the yardsticks you will use to judge the school are: The learning environment: Is it located in a serene environment? The quality of teachers: Does it have adequately trained teachers? The syllabus: Is their syllabus focused on developing the whole person for future life or just passing exams? Affordability: Do the fees they charge correspond to the quality of education they offer? ? A taxi company For a taxi company, you can evaluate it against the following standards: Safety: Do their drivers drive safely or they are reckless? Fares: Do they charge reasonable fares compared to the prevailing market rates? Professionalism: Are their staff and drivers professional in the way they handle customers? Integrity: Are their drivers honest? Can they call you to pick your valuable items if you forgot them in their vehicles? ? A telephony firm If you are evaluating a telephony company, you can use the following criteria: Network stability: Is their network stable or does it fluctuate? Customer care: How long does it take to talk to a customer care agent? Network coverage: How far does their network reach? Do they cover the entire country they operate in, for instance, your country or they are limited to a few regions? Call clarity: How clear are their calls? Once you have set your criteria, you are now better placed to know how to judge that particular film, book, product, or service. But without clear criteria, you will be like a judge who is trying to sentence a man for refusing to pay income tax and yet there is not law in place that provides for that obligation. Judgment After establishing the parameters against which you are going to judge the object under evaluation, you can make your judgment. For instance, if you are reviewing a mobile telephony firm, you will determine whether it is a great service provider based on the criteria you set. You can judge them based on how long or short it will take you to contact their customer care desk. If they offer clear calls, they can attend to you within the first three minutes of calling their care center, and answer you satisfactorily and professionally, then they pass for a great telephony company. Evidence Evidence is what you will need to offer as proof for your judgment. If, for instance, you made a judgment that company Z is an excellent mobile service provider, you need to provide proof. For example, you can say that on ten different occasions, you tried calling their customer support center and you were served within the first three minutes. Additionally, you can cite the reviews of other users on reputable platforms. For instance, if you had a good experience with a certain product, you can check what the majority of other users are saying about the same product. If they give it a 4.7-star rating out of a possible 5, then you have evidence that product is excellent. Parting shot This post has furnished you with all you need to write an exceptional evaluation paper. It has shown you the evaluation essay format and the three pillars of drafting it namely: the criteria; judgment and; evidence. It’s now up to you to use them to sharpen your skills. But when faced with strangulating deadlines, contact Yourwiters.net for assistance. We are professional student helpers in all types of essays.

The Outsider by Albert Camus Analysis of Themes - 672 Words

The Irrationality of the Universe Though The Stranger is a work of fiction, it contains a strong resonance of Camus’s philosophical notion of absurdity. In his essays, Camus asserts that individual lives and human existence in general have no rational meaning or order. However, because people have difficulty accepting this notion, they constantly attempt to identify or create rational structure and meaning in their lives. The term â€Å"absurdity† describes humanity’s futile attempt to find rational order where none exists. Though Camus does not explicitly refer to the notion of absurdity in The Stranger, the tenets of absurdity operate within the novel. Neither the external world in which Meursault lives nor the internal world of his†¦show more content†¦Meursault realizes that, just as he is indifferent to much of the universe, so is the universe indifferent to him. Like all people, Meursault has been born, will die, and will have no further importance. Paradoxically, only after Meursault reaches this seemingly dismal realization is he able to attain happiness. When he fully comes to terms with the inevitability of death, he understands that it does not matter whether he dies by execution or lives to die a natural death at an old age. This understanding enables Meursault to put aside his fantasies of escaping execution by filing a successful legal appeal. He realizes that these illusory hopes, which had previously preoccupied his mind, would do little more than create in him a false sense that death is avoidable. Meursault sees that his hope for sustained life has been a burden. His liberation from this false hope means he is free to live life for what it is, and to make the most of his remaining days. The Importance of the Physical World The Stranger shows Meursault to be interested far more in the physical aspects of the world around him than in its social or emotional aspects. This focus on the sensate world results from the novel’s assertion that there exists no higher meaning or order to human life. Throughout The Stranger, Meursault’s attention centers on his own body, on his physical relationship withShow MoreRelated Essay on Camus’ The Stranger (The Outsider): Reader Response Criticism2226 Words   |  9 PagesReader Response Criticism to Camus’ The Stranger (The Outsider)  Ã‚        Ã‚  Ã‚   In The Stranger (The Outsider), Albert Camus anticipates an active reader that will react to his text. He wants the reader to form a changing, dynamic opinion of Meursault. The reader can create a consciousness for Meursault from the facts that Meursault reports. By using vague and ambiguous language, Camus stimulates the reader to explore all possibilities of meaning. Camus also intends to shock the reader into rereadingRead MoreVengeance and Dramatic Conflict in Electra and Orestes1843 Words   |  8 PagesElectra and Orestes got so much success, name and received great critical acclaim they have been extensively approached and discussed in terms of characterization, themes, symbols, plot, incestuous love, demolition, betrayal and especially lamentation. For instance, Vengeance is the soul of the both plays and it is largely discussed as major themes of the play. But its connection with the tragedy of characters is far away better to be discussed. It arises towards dr amatic conflict and it brings out theRead MoreExistentialism vs Essentialism23287 Words   |  94 Pages Existentialism can also be difficult to understand because it does not consist of a specific dogma, or a set of metaphysical claims. Existentialism is not a definitive claim about the world or the people in it. It is marked, instead, by a set of themes about the human condition and the struggles and freedoms that humans must endure, or perhaps embrace. Despite the various and often conflicting views held by many existentialist philosophers, there are several main concepts of existentialism that

Aging Research Paper - 703 Words

I found the most recent state plan on aging at http://www.dea.ri.gov/documents/RIDEA%20State%20Plan%20on%20Aging%20October%201%202015%20to%20September%2030%202019.pdf. The Older Americans Act requires states to submit this plan every four years and it provides updates on legislation and activities were done over the past time period to support older adults, as well as give updates on what will be worked on in the future. It is sent to the State of Rhode Island to ensure policies are up-to-date and will provide the best care for this population. This is necessary in order for taxpayers to see where their money is going and how the RI DEA is planning to care for the older adult population. Otherwise, without this document, the department†¦show more content†¦Furthermore, they will continue to work with SAGE to create a LGBTQ cafà © in Cranston because the one currently in Providence has proven to be a success. Finally, the restaurant voucher program, which allows older adults to go to area restaurants instead of the cafà ©s or the MOW program, will be expanded. Some other areas that the DEA plans to improve upon include case management and counseling services, volunteer training, providing more legal assistance, and strengthening the rights of those in long-term facilities. These relate to Title II, Title III, Title IV, and Title VII. The DEA, which is related to the OAA, is a state-funded department and each state is able to provide various services and programs for the elderly. Therefore, by producing a state plan on aging, taxpayers from each state know specifically where their money is going. THowever, Social Security and Medicare are both federally-funded and the states do not have much freedom to choose what will be updated each year. 2) Several parts of the final report of the White House Conference on Aging relate to the programs funded by the Older Americans Act. 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All human beings yearn to live elated and eternally while achieving a happily ever after. No one thinks about the termination of his/her life, however, individually still aging and pushing through life’s struggles. In this paper, I will explain how biological and psychological changes involved with â€Å"happy aging † impact aging individuals in the workplace. Aging is an element all of us primatesRead MoreCognitive Aging Through A Variety Of Theories1432 Words   |  6 PagesResearch has attempted to explain cognitive aging through a variety of theories. Each of these theories believes that it can encapsulate all the changes that occur in cognition as individual’s age. Some of these cognitive aging theories include executive function, speed of processing, inhibition and frontal lobe theory. This paper will examine each theory along with the supporting research. Furthermore this paper will attempt to draw a conclusion on which theory or explanation best explains cognitive

Organizational Quality Improvement Free Essays

Various methodologies exist for the integration of quality improvement strategies into performance improvement measures. With concepts of total quality management (TQM) and quality improvement (QI) being introduced to health care organizations; administrators have had to decide which methodology is right for the organization. There are numerous methodologies: Six Sigma, Lean, and Customer Inspired Quality. We will write a custom essay sample on Organizational Quality Improvement or any similar topic only for you Order Now Each has its own pros and cons. A key component of quality improvement is the technology that gathers and compares the data that the quality improvement measure produces. All of the information that is gathered from the technology can be benchmarked against other health care organizations. Numerous methods exist for the integration of quality improvement into the health care setting. The Six Sigma model was pioneered by Motorola. This method focuses on reducing variance through a problem solving approach that will improve the quality of the output. The fundamental objective of the Six Sigma methodology is the implementation of a measurement based strategy that focuses on process improvement and the reduction of variance. The Six Sigma method does through the DMAIC process (define, measure, analyze, improve, and control). The DMAIC process is an improvement system for existing quality processes that fall below specifications and need to be improved in increments. Lean Thinking was used by Toyota as a key in its success. The Lean method strives to reduce waste and to improve performance through workflow. The Lean method is concerned with driving out waste so that all work adds value to the product and serves the customers’ needs. Lean thinking identifies all steps in a process and identifies them as value-added or non-value-added steps. All non-value-added steps are then removed to prevent waste in the process. Customer Inspired Quality was patented by Shaw Resources in 1992 and this methodology focuses on work processes that have direct impact on the care and services that are provided in a hospital. This method identifies, defines, analyzes, and improves the quality and effectiveness of processes in the health care arena. This method uses techniques from the other methodologies. Pros and cons of QI methods. Pros and cons exist in all of the methods for quality improvement. Some of the pros of the Six Sigma method are: Six Sigma places a heavy importance on leadership and its support for the success of the project, Six Sigma integrates the human elements (culture change, customer focus). The Six Sigma method uses the concept of statistical thinking and encourages the application of proven statistical tools and techniques for reducing variability. The cons of Six Sigma methods are having quality data available. In a new process where there is no data available to begin with can be discouraging. The solutions that Six Sigma proposes are often expensive and only small parts of the solution can be implemented. In Six Sigma methodology the selection of the right project is critical to success. Lean thinking has pros and cons also. Organizations that have adopted Lean double their productivity, cut their production and reduce their inventory that is normally kept on hand. Employees that work in a Lean environment have a clear objective of what is expected of them and are interrupted less. The Customer Inspired quality model deals with the service industries, primarily the Health care industry. The pros of this model are that the process improvement efforts are prioritized from the customers’ perspective. The methodology is service friendly and all of the hospital staff is encouraged to provide their input. This methods con is that the method is structured primarily for health care organizations. Florida Hospital uses the Six Sigma method for quality improvement because it provides the best opportunity to implement best practices that have been identified. Information Technologies for Quality Improvement Information technology is a large part of the quality improvement methods that a health care organization uses. Florida Hospital uses Business Objects which is a software company that specializes in business intelligence. Business Objects has components that provide performance management, planning, reporting, query and analysis, and enterprise information management. The Business Objects Enterprise can track report instances that will trigger alerts. These reports are created by Crystal Reports and have parameters that can be modified to perform analysis on the data. The customer can set alerts that trigger when certain conditions are met or not met by the data. The data can be customized to show in charts. Further customization allows the customer the chance to drill down into the data. Other information can be obtained from technology. Information technology allows data to be displayed in a dashboard or a scorecard. Dashboards are tool that monitor the ongoing performance of a process. A dashboard tracks data in real time. Scorecards report on past performances and generally focus on outcomes rather than processes. All of these applications can be used by administrators to track the quality improvement processes of the organization. Administrators can design the scorecards or dashboards to display the information that is important. Benchmarks and Milestones Benchmarking is the process of comparing one’s business processes and performance metrics to industry bests or to best practices from other industries. Benchmarking involves management identifying the best in their industry and comparing the results and processes of those studied to their own results and processes. Benchmarking compares the organization to its competitors and defines how the competition performs better. By better understanding how the competition is meeting their standards, the healthcare organization can then set goals for themselves. Benchmarking can be used to improve patient satisfaction. Using the website hospitalcompare. hhs. gov an organization can see how satisfied their competitors’ patients are. Benchmarking can also be used to improve the core measures that the Joint Commission measures. The outcomes of acute MI, pneumonia, heart failure and surgery can be compared to their own. If the competition is performing better on one of the core measures, the organization can then set their own goal based on the competition. Potential benchmarks that Florida Hospital will strive for are improved core measures at 90% for pneumonia, Acute MI, heart failure and surgical care. Another benchmark that Florida Hospital will strive for is to improve patient safety. The hospital will continue to implement the processes that support the Joint Commission’s National Patient Safety Goals. The hospital will implement CPOE (computerized provider order entry) and the hospital will begin to extend the goals to the ambulatory services. The third benchmark is to enhance the patient experience. The hospital will use the DMAIC model to understand and support the emotional, spiritual, and clinical needs of the patients. Florida Hospital will use different methods for their performance improvement plans. The hospital will use combinations of Six Sigma and Lean thinking. The hospital will use data from Crystal reports to display balanced scorecards and dashboards. The dashboards will be divided into the Extending Excellence Elements (Team, Clinical, Service, Market, and Finance). The hospital will use this information in conjunction with information from benchmarking data to monitor their quality improvement plan. References Dlugacz, Y. D. (2006). Measuring Health Care Using Data for Operational, Financial, and   Clinical Improvement. San Francisco, CA: Josey-Bass. Florida Hospital. (2010). Florida Hospital Orlando’s Most Preferred Hospital. Retrieved from   http://www.floridahospital.com/default.aspx Insititute for Healthcare Improvement. (2010). A resource from the Institute for Healthcare Improvement. Retrieved from http://www.ihi.org/ihi Ransom, E. R., Joshi, M. S.,Nash, D. B., ; Ransom, S. (2008). The Healthcare Quality Book Vision Strategy and Tools (2nd ed.). Chicago, IL: Health Administration Press. U.S. Department of Health ; Human Services. (2010). Hospital Compare. Retrieved from http://www.hospitalcompare.hhs.gov/ United States Department of Veterans Affairs. (2010). Quality Enhancement Research Initiative. Retrieved from http://www.queri.research.va.gov/default.cfm How to cite Organizational Quality Improvement, Papers

What is your opinion on Eustacia Vye Essay Example

What is your opinion on Eustacia Vye Paper In my opinion Eustacia Vye lives in a dream world, shes basically waiting for her tall dark stranger to come and sweep her off her feet, in the meantime she has chosen to pass her days on Egdon. This is the place she so often claims to hate, The Heath is a cruel taskmaster to me She thought with the arrival of Clym life on the heath would become more bearable, the fact that she saw him as an escape helped this, before she even met him she had already concocted her plan being, Clym was going to fall in love with her, and then they together would leave the Heath behind for the bright lights of Paris. Having won by he own unaided self a man who was her perfect complement in attainment appearance an age- just how she imagined it only they didnt live happily ever after She never for one minute thought that Clym would change his mind, this is because she underestimated his love for the heath. she had undoubtedly begun to love him. She loved him pertly because he was exceptional in this scene, partly as she had from the first instinctively determined to love him chiefly because she was in desperate need of loving somebody. It wasnt really him who she loved rather the aura that surrounded him in his new pursuit, he could not but perceive at moments that she loved him rather as a visitant from a gay world to which she rightly belonged. She holds him in a light that Paris and abroad had given him instead of real. Though I should like Paris I love you for yourself alone. To be your wife and live in Paris would be heaven to me but I would rather live in a hermitage here than not be yours at all. We will write a custom essay sample on What is your opinion on Eustacia Vye specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on What is your opinion on Eustacia Vye specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on What is your opinion on Eustacia Vye specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Eustacias first priority is leaving the Heath I believe if Wildeve had proposed they leave the Heath for Paris instead of America she would have jumped at the chance. When Clym asks her to be his wife she says I must think its what she has always wanted, but even at this point she doesnt give him a straight answer, and whilst shes thinking she asks Clym to Speak of Paris this is what she was concerned about. Even after she has said yes she follows it up by Now tell me of the Louvre I dont think Eustacia actually ever thought that Clym would adhere to his teaching dream You will never adhere to your teaching plan, I am quite sure and then it will be alright for me; and so I promise to be yours forever and ever this was the one condition she promised to be his. She cares a lot about her social standing- this is why she was so appalled when Clym decided to take up furze cutting and switch his occupation to teacher, when he was accustomed to such things like Paris. There had been nonchalance in his tone, showing that he felt no absolute grief at a consummation which to her was a positive horror Eustacia was a bandmasters daughter- highlights her class she is Captain Drews granddaughter. And she is a lady by instinct. This is one thing that Eustacia and Mrs Yeobright have in common How extraordinary that you and my mother should be of one mind about this I have vowed not to go back, Eustacia it is not the place I dislike it is the occupation. Eustacia had always been an outsider even until her dying day, the main reason for this was because she believed she was better than all of them on the Heath and that she didnt deserve to be there. She was able to use her superiority to get her things, for example she was able to take Charleys role fro him by promising to hold his hand There were so many people that were in love with Eustacia, or at least thought they were in love with her. No matter how bad she treated them, it was as thought she held a spell over them, in fact Susan Nunsuick took this quite literally, which is one of the reasons as to why she took to pricking Eustacia in the middle of church, causing her to faint. It was as though Wildeve never got over her, one of the main reasons he married Tamzin was in an effort to try to make Eustacia jealous, but good old Eustacia wasnt bothered in the slightest, she simply looked at the situation and thought up what she could do in order to better herself, this is why she chose to e one of the witnesses, this was in an effort to cut herself off from Wildeve so she could advance towards Clym without anything standing in her way. Eustacia is very much a person who wants what she cant have, this is shown when it seems as though Thomasin is going of Wildeve she automatically becomes less interested What was the man worth whom a woman inferior to herself did not value Fancy Thomasin anxious to get rid of you, I will not forget it she became very obsessed with this fact as she believes Thomasin is beneath her, and for her not to want Wildeve there was no way she wanted him. You can no longer get her He even asks her to go with him to America, even though at that moment he was supposed to be engaged to Thomasin. When it loos as though hes marrying Thomasin, she really wants him, so when he comes back and isnt married shes looking really pleased with herself thinking shes the reason as to why he never married Thomasin, but he tells her the real reason, which Im not sure I believe. Its all about her having power over people if Wildeve is in love with her she believes he will do anything, she even says when he comes after seeing her signal I have shown my power When Wildeve does come she acts as though she doesnt want him anymore. This power does pay off though, this is how she convinces Charley to play his part in their play. Eustacia Vye was the raw material of divinity she had the passions and instincts, which makes a model goddess. Eustacias soul is described, as being flame like- this is a symbol of passion, and the fact that she has a lot of energy. The fact that Wildeve and Eustcia had this everlasting bond is shown in the fact that they couldnt keep away from each other even though they both got married, and the fact that thy even died together, Wildeve risked his life in order t save Eustacia. Clym did the same, this shows the power she held over these three men In particular. Eustacia is a very confident person, she knows what she wants life, and she is going to achieve no matter whom she has to use to get it. Shes the total opposite from Thomasin in the sense that shes independent and isnt really scared of anything not even death, which basically means shes unstoppable, when Clym confronts her about his mothers death, she doesnt deny anything and she even encourages him to hit her if it will make him feel better, but not for once does she seem bothered in the slightest.

What to Do If You Are Being Stalked

What to Do If You Are Being Stalked If you suspect that youre being stalked, you should report all contacts and incidents to local law enforcement, according to the Office for Victims of Crime. The brochure Stalking Victimization from the U.S. Department of Justice OVC, gives the following tips for those who are being stalked: To make arrest and prosecution more likely, stalking victims should document every incident as thoroughly as possible, including collecting/keeping videotapes, audiotapes, phone answering machine messages, photos of property damage, letters received, objects left, affidavits from eyewitnesses, and notes. Experts also recommend victims keep a journal to document all incidents, including the time, date, and other relevant information for each. Regardless of how much evidence youve gathered, file a complaint with law enforcement as soon as possible. You Are Not to Blame As a result of the stalking, you may experience a variety of physical, emotional, and financial consequences. The emotional trauma of constantly being on alert for the stalker, or the next harassment, may seem to use up all the energy you have. You may feel vulnerable and out of control of your life. You may have nightmares. Your eating and sleeping habits may change. You may feel depressed or hopeless and lack interest in things you once enjoyed. This is not unusual. The constant stress in stalking situations is very real and harmful. Realize that what is happening to you is not normal, not your fault, and not caused by anything you have done. Where Can You Get Help? As a stalking victim, you are not alone. Do not lose hope. The support network in your community may include hotlines, counseling services, and support groups. Trained victim advocates can provide vital information and a full range of support services, such as assistance through the criminal justice process and assistance with ​finding out about your rights as a stalking victim. You may be able to obtain a restraining order or a no-contact order through the clerk of court. These are court orders signed by a judge telling the stalker to stay away from you and not to have contact with you in person or by phone. It is not necessary for a civil or criminal domestic violence case to be filed for these orders to be issued. Most states authorize law enforcement to make an arrest for violation of such an order. Each jurisdiction and community may differ in the type of restraining order available and the process for application and issuance of orders. Local victim advocates can tell you how the process works in your community. All states now have crime victim compensation programs that reimburse victims for certain out-of-pocket expenses, including medical expenses, lost wages, and other financial needs considered reasonable. To be eligible, you must report the crime to the police and cooperate with the criminal justice system. Victim assistance programs in your community can provide you with compensation applications and additional information. Source: Office for the Victims of Crime

Admission Essay Editing

Admission Essay Editing Admission Essay Editing Admission Essay Editing Writing admission essays is a lengthy process. However, even if everything is ok from your point of view, admission essay editing should not be neglected. It is worth to read your admission essay several times while editing the content of the paper as well as editing grammar and spelling errors. Editing admission essay allows you to refrain from repetition and to avoid stylistic errors. Admission essay topics may be different while the rules of editing are the same for all writings. Just follow the paper editing tips below and you will polish your writing. It is always better to read your writing from the first word until the last one. In addition, you should start editing essay with punctuation without paying attention to the spelling. Next, read admission essay in back order (from the last paragraph to the first) editing spelling. While editing spelling errors in the normal reading order, you will pay attention only to the meaning of readable proposals and might skip many mistakes. So, in the process of admission essay editing, ask yourself some questions about content of the paper. Keep in mind that content is the message you want to convey to the reader. Usually, the content of your admission essay is very difficult to evaluate. The only thing to do is to put aside your admission essay and write a brief message that you want to put in your paper. Then, finish writing introduction and conclusion and read main part of the paper. While editing, ask yourself whether the meaning of your admission essay is the same as in the short entries. If yes, it is good. Not really? Ask yourself the following questions to enhance admission essay editing: Does the paper answer all posed questions? If not, then you have problems: paper has to be rewritten. At best, squeeze missing information. But if you have enough time to rewrite your admission essay, you should not hesitate to start writing from scratch again. Does each point have supporting example? Even if you think that admission essay editing does not require examples, you will definitely find some inappropriate or unnecessary information in your writing. Exert your imagination, rummage in your memory and you will find wealth of interesting and relevant examples. Are the examples convincing, and, most importantly, are they personal? It is the best question for editing. Let's start with the last part. It is a bad idea to write à ¢Ã¢â€š ¬Ã…“my friend made the same. In this case, more than ever the word à ¢Ã¢â€š ¬Ã…“I is appreciated. While checking persuasiveness turn to Critical Reasoning. Does the argument stand a criticism? Is the argument flawless? Alternatively, you may order custom admission essay writing at and we will edit or write from scratch your admission essay.

Managing Information in Toyota Motor Corporation Research Paper

Managing Information in Toyota Motor Corporation - Research Paper Example The objective here is to achieve optimum cost control so that it will reflect positively on the bottom - the line of the company’s profits and give maximum returns to the stakeholders of the company. Efforts at cost control, without compromising on quality, are an everyday effort within the company Cost control can be defined as â€Å"Application of (1) investigative procedures to detect variance of actual costs from budgeted costs, (2) diagnostic procedures to ascertain the cause(s) of variance, and (3) corrective procedures to effect realignment between actual and budgeted costs.† The type of information that is required to achieve cost control is wide-ranging and has to be acquired from a variety of sources. The types of cost that are incurred in a typical manufacturing concern include direct costs, indirect costs, hidden costs, future liability costs, intangible costs, external costs etc.a. Direct costs: Direct cost is costs that can be readily identified as those d irectly incurred in them the manufacturing process. It includes raw materials, wages depreciation etc.  b. Indirect costs: Costs, which cannot be attributed directly to production, are termed as indirect costs. These include salaries, rent, marketing expenses etc.  c.   An example would be where customers are not satisfied with the product which results in a fall in sales. â€Å"Some examples of hidden quality costs are customer dissatisfaction with a product or defects in a product that causes a loss of sales.

Estimate the Cost of a Project Essay Example | Topics and Well Written Essays - 500 words

Estimate the Cost of a Project - Essay Example For each itemized activity also, a very detailed consideration is made with regards to the duration that the project members had to take to complete the activity. It is for this reason that a decomposed version of the work breakdown structure would be used. It is also important to note that before the final values of costs were reached, a comprehensive cost management plan was put in place to ensure that the final values are the best market values available. From the cost estimation, it can be seen that the present project is a high risk project in the sense that it involves a lot of cost. To mitigate the possible scenario of higher cost, it is admonished that the procurement stage, which entails the highest cost should be deprived of sole sourcing. The company ought to open up a public procurement bidding process to ensure that the company gets very good value for the project. It is also admonished that as much as possible, the company should depend on internal labor instead of external labor. This will actually go a long way to ensure that non-monetary costs are cut

The Lord Of The Rings Trilogy Film Studies Essay

The Lord Of The Rings Trilogy Film Studies Essay The world of fantasy is a part of every childs being. From fairies to dragons, from wizards to goblins, the mind has never ceased to wander. As a young boy I took to this imaginary world heartily, and I continue to do so till date. Hence, I was not surprised when I found myself leaning towards The Lord of the Rings as my topic for this paper. The Fellowship of the Ring, The Two Towers and The Return of the King, represented in the set of books known as The Lord of the Rings was written by the most popular author in history. (White 6) The man that gave us Middle-earth, the territory of Sauron, Gandalf the Grey and Frodo Baggins of the Shire is none other than Professor John Ronald Reuel Tolkien (1892-1973). I am studying The Lord of the Rings trilogy to help understand what it has contributed to the film fraternity and the literary world. Clearly, I have been a Tolkien fan ever since I laid my hands on the first book of this epic trilogy. The reason I have chosen to study this is because I would like to try to unlock how a fictional epic saga like The Lord of the Rings can influence both these fields on a global scale. I realized soon enough that this would be a challenge, but after reading several literary texts by different academicians I was determined to give it a shot. J. R. R. Tolkien is known the world over primarily for his achievements as a writer of fantasy and the creator of The Lord of the Rings. Peter Jackson (1961), on the other hand, who is a writer, producer, actor and screenwriter, has been involved in projects other than fantasy which have also won him praise. However, it was Jacksons transformation of a trio of books into a trio of films that won him significant appraisal. The journey of this transformation began in 1998. Jackson reveals that most fans of The Lord of the Rings were probably not familiar with his earlier works and may have the impression that he popped out of nowhere and was suddenly directing this huge movie-project. (Sibley vii) While researching on this topic I have gathered that most of his colleagues think of his original vision as his greatest asset. Having watched a few of Jacksons other films I can say that he has a determination to showcase even an ordinary story in a very extraordinary way. As mentioned in Studying the Event Film: The Lord of the Rings, Jackson first mentions to Miramax of his interest in The Lord of the Rings in 1995. By July of 1998 Miramax decides to make one film out of The Lord of the Rings after which Jackson goes on to find New Line who agrees on a three part film. Shooting for the movie starts the following year, and by the end of 2003 Tolkiens most popular The Lord of the Rings is made available to the film audience in totality. (Margolis et al xix-xx) Jackson took to Tolkiens Middle-earth, in all its glamour, very passionately, even obsessively. He says that this was mainly the reason behind why Jackson kept pushing his filmmaking skills to a level high enough to direct such an epic drama. His goal was to make Middle-earth look like it was shot on location (Mathijs and Pomerance 2). As told to Sibley, Jackson confessed that it took him around ten years of making films and learning enough about film politics to give him the skill base he needed to tackle this particular project, apart from the twenty years working on amateur projects. (viii) Tolkiens The Lord of the Rings was the longest work of Fantasy ever published. (White 89) He began developing The Fellowship of the Ring soon after The Hobbit in 1937, but it was not until 1954 that he published this first part of The Lord of the Rings. Here, Frodo Baggins, the hobbit, sets out on his quest to destroy the all-powerful One Ring with wizard Gandalf the Grey as his guide, along with a protective fellowship drawn from various Middle-earth races. The book took the world by storm and had people from all age groups spellbound. In the Foreward section of this first book Tolkien writes, Those who had asked for more information about Hobbits eventually got it, but they had to wait a long time; for the composition of The Lord of the Rings went on at intervals during the years 1936 to 1949, a period in which I had many duties that I did not neglect and many other interests as a learner and teacher that often absorbed me. (5) White expresses this development as a transition from a vague sequel into an independent and full-blown creation in which, he says, the effort was packed with delays and retrogressive decisions (171). The second book in The Lord of the Rings series, The Two Towers, was also published in 1954, a few months after the first. The tale continues with how each member of the fellowship fared after the breaking of their fellowship, until the coming of the great Darkness and the outbreak of the War of the Ring (Tolkien 10). The third and last part of the series was named The Return of the King which was first published in October, 1955. It is quite possible that Tolkien thought this name appropriate since the saga ends with Aragorn ruling over Gondor, rightfully crowning him King. Tolkien ends this grand narrative with good winning over evil, revealing the opposing strategies of Gandalf and Sauron (The Dark Lord of Mordor), until the final catastrophe and the end of the great darkness. (Tolkien 13) The concept of Middle-earth is one of awe. Being a philologist and a Professor of Anglo-Saxon at Oxford University J. R. R. Tolkien had extensive knowledge of languages, ancient cultures and mythology. His imaginative mind led him to create the world of Middle-earth which would ultimately help launch the science fiction and fantasy cultural revolution that has swept western civilization since the 1960s. (Martinez) In his article, The World of Middle Earth, Martinez writes that the name Middle-earth is itself an ancient archaic name for the world of Men. This world created by Tolkien was as real and complex as our own. Tolkien wanted to make his imaginary world so convincing that the reader could believe in it so much as to believe it as actual history. For this reason he involved himself in map-making, creating endless charts marking dates and events, and even went to the extent of creating his many invented languages. (Foster 1) He carefully manifested a framework of familiar geography and climate, beasts and birds enabling the reader to walk through any Middle-earth landscape with a security of recognition that woos him on to believe in everything that happens. (Kocher 2) So much was his dedication for perfecting familiarity that Tolkien took the trouble of naming heavenly bodies such as the Great Bear as The Sickle, and planet Mars as Red Borgil. (Kocher 7) For instance, if we were to take the hobbits into consideration, the prologue of The Lord of the Rings informs the reader that they are our distant relatives even though the exact nature of this blood kingship is lost in time. Middle-earth, the land of hobbits, men and manlike creatures, among many others, is our Earth as it was long ago. The Shire has been described as a small but beautiful and fruitful land, beloved by its inhabitants (the hobbits), where an extensive agricultural system thrives avoiding the ruthless ways of an industrial economy. Kocher compares the Shire, which is on the North-West of the Old World, to northwestern Europe primarily because of its climate and skies, and farmland and valleys. (4) Irrespective of whether one is a fantasy genre fan or not, no one can deny that Tolkien is Hobbit forming'. (White 224) I first read The Fellowship of the Ring at age fifteen, and I have unknowingly read all the three volumes several times. With every read of Tolkiens The Lord of the Rings I find myself more deeply involved in his mythopoesis (Hart and Khovacs 26), a term often defined as literary myth. This mythopoeia, according to Tolkien, is easiest to attain using the fantasy/fairy tale (Hart and Khovacs 38) genre. The Lord of the Rings was readily adopted by the hippies in the 1960s. If one delves into this further one can observe that it is not difficult to see how Tolkien had a major influence on them. As White writes, It is set in an alternative reality in which orthodox religion plays no part, where magic makes things happen. (224) This book had a publicity and attraction beyond hippies. It was read by people from all age brackets, from all parts of the world, and from different cultural backgrounds. Today, if one were to type the words Tolkien or The Lord of the Rings into a search engine, at least half a million sites would be displayed. Therefore, it is no surprise that Tolkiens fantasy has spawned host of imitators. Soon after The Lord of the Rings was made available to the world, Tolkien found himself at the centre of all things media, as a cult figure; he was somewhat of a guru. He received appreciation from world famous personalities including Members of Parliament. White notes that even though Tolkien was delighted by the popularity of his work he was more than a little disturbed by the reactions of some of his readers. He was stunned to hear that a ten year old boy who played Frodo in a dramatization of The Lord of the Rings could not come out of character for a month. (225) Jacksons film version of this classic series has also held wide acclaim in both, the popular and the academic eye. As Kellner states, The Lord of the Rings trilogy has been the most popular, acclaimed, and fetishized film cycle of the Third Millennium and has intensified and expanded Tolkien readership for the novels that are the basis of the cinematic epic, while generating a devoted following for the films. (Mathijs and Pomerance 17) Digital technology is at the heart of The Lord of the Rings, and it was this technological advancement that was a major factor in its success. As mentioned in Studying the Event Film: The Lord of the Rings, various software developments such as the FastSCAN technology and Massive (Multiple Agent Simulation System in Virtual Environment) have made it easier to produce films on the scale of The Lord of the Rings. (3) Almost as soon as Jackson released The Fellowship of the Ring, gaming companies released high graphic video games based on the film. Posters, DVDs, music CDs, toys and such sold extensively. Even the New Zealand government, once it got on board The Lord of the Rings project, was determined to lever as much economic benefit as possible from its investment. (Margolis et al 10) For example, Air New Zealand painted various characters from the films on their planes and New Zealand Post issued both international and domestic stamps depicting places as they appeared in the films. (Margolis et al 10) Not only is The Lord of the Rings an entertainment marvel, it is also being taught as a subject in universities all around the world. I, for one, have selected The Lord of the Rings as my academic paper. There are endless books, articles, journals and online databases devoted to this topic. Given the bubbling global fan discourse and the pervasive conviction that Jackson has accomplished something magnificent and significant, it is not a surprise that much of The Lord of the Rings has become the subject of academic literary criticism. National Geographic has made an attempt to link The Lord of the Rings to American frontier mythology and to presidents like Franklin Delano Roosevelt. As Mathijs and Pomerance have noted, an academic discussion list for a selected group of cultural studies scholars consisted of all things gendered, ethnic, classed, religious, ideological and methodological in reading the trilogy. (3-4) As mentioned earlier, Tolkien wanted to associate his fantasy world with our own. For this purpose, it has led me to believe that those that write about The Lord of the Rings books and/or films attempt to make a connection between The Lord of the Rings and world events. In recent times links have also been made between The Lord of the Rings film texts and contemporary political concerns like totalitarianism, family, ecology, technology, patriarchy, and war and terror. (Mathijs and Pomerance 7) A quick browsing through of such articles/journals will lead you to see this link; a departure from a world based on craftsmanship, and an eco-friendly environment, to a world based on high technology procedures, industrial pollution, and new divisions of labour and corrupt governments. As Isaacs writes, Tolkiens popularity was not fostered by the mass media; it grew from appeals of his work itself and was simply reported in the media. His work did not involve any promotion, nor was there a critical bandwagon either. (1) The initial reviewers were full of praise but they also had a lot of contradictions and questions, specifically about genre. Over the years subsequent reviewers kept the praises coming and began answering some of the questions. I would think that answering some of the basic questions would help understand Tolkiens take on matters such as genre, influences, relationships, and the like. Humphrey Carpenter reveals that Tolkien regarded himself as a discoverer of legend and not as an inventor of story. (Nitzsche 1) Selling over a 100 million copies worldwide (à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦..) The Lord of the Rings volume is still strongly demanded in the market. However, some critics have been very vocal to dismiss this volume as balderdash, juvenile trash' (Shippey 307) and confidently stated that this is not a work which many adults will read more than once. Jackson too has had both positive and negative responses to his trilogy. Andrew OHehir says that, Tolkiens mournful, melancholic tone was captured with authoritative vigour in the films. He translated the best-loved fantasy novel of our age into a commanding screen adventure, one with a sense of human terror and danger and grit under its nails, one that makes Harry Potter and Luke Skywalker look like the feeble wraiths they are. (136) All of the above is a brief introduction to the different areas that I will be elaborating on, in context of The Lord of the Rings. I hope to be able to address and answer some questions that I have had regarding Middle-earth and its elements. Born on the 3rd of January, 1892 in Bloemfontein, South Africa, John Ronald Reuel Tolkien was the first child and the elder son of English parents Arthur Reuel Tolkien, a banker, and Mabel Suffield Tolkien. (Crabbe 3) Growing up sturdy and handsome, with light hair and blue eyes, Ronald (as he was then most popularly called) was always an avid reader who liked reading mostly tales and myths of American Indians and of fairy tales. For him, fantasies about dragons and ogres became more distinctive as he read. His mother introduced him to many of the great childrens books of the day like Alice in Wonderland, The Pied Piper and Treasure Island. (White 20) Under his mothers guidance he also developed a distinctive style of handwriting that stayed with him throughout his life, ultimately cultivating his talent in drawing. As Crabbe notes, his precise lettering and talent for drawing, especially landscapes, contributed to The Hobbit and The Lord of the Rings when he began to illustrate his fictions. (5) In 1894, Tolkien had company as mother Mabel gave birth to a baby boy they named Hilary Arthur Reuel Tolkien. By the time Hilary was three the brothers were playing in the fields that surrounded the house, going on long adventurous walks. Without a father figure the only male company they had was each other, and not surprisingly became exceptionally close to their mother. The three Tolkiens thus shared an unusually strong bond. It is noted that the boys fantasized that a local farmer was an evil wizard who wanted to turn this peaceful English countryside into a theme park where evil wizards such as himself struggled for control of the land. The Tolkien brothers would wander into the local woods which they called strange lands to protect the innocent against the bad. (White 19) By the age of four, Tolkien entered a new phase in life. This was caused due to the family shifting homes from Bloemfontein to Birmingham, England, one of the British Empires powerhouses of the time. The wilderness and the distant horizon were replaced by an industrial jungle, terraced houses, concrete backyards and smoke of the local factories. (White 18) Tolkien was brought up mostly in a quiet English village called Sarehole. This friendly, old fashioned and pleasant pastoral village with rural inhabitants helped shaped Tolkiens vision of the Shire and its inhabitants. One of the most tragic events in Tolkiens childhood was the death of his mother, in the fall of 1904, before he was twelve. He never forgave his relatives for sending his mother to an early grave and was convinced that their rejection of his mothers conversion to the Catholic Church worsened her illness. He was sure that she died young because of this mental pain. Nonetheless, he cherished her memory and never forgot that she had introduced him to his Roman Catholic religious faith and to the study of languages, both of which, in very different ways sustained him all his life. (Stanton 3) There is a hidden message that I believe Tolkien was trying to address in The Lord of the Rings. In The Fellowship of the Ring, we read that the fellowship begins its mission on 25 December. By the third part of the volume we gather that the day Frodo succeeds in destroying the ring is 25 March. According to old English tradition we know that 25 December was the date when Jesus Christ was born, and 25 March was the date of the first Good Friday (Christs crucifixion). Tolkien maintains that there is no specific Christianity in his fiction writings but one can sense that the Christian spirit is everywhere. One of Tolkiens friend said that Tolkien was a very strict Roman Catholic, old fashioned and orthodox. As White writes, He habitually referred to Christ as Our Lord and possessed an unshakable conviction in the power of prayer, believing that he had been given stories after praying and that prayers had cured members of his family when they were ill. (208) Along with religion, his study of ancient languages made him appreciate the concept of myth and culture. With this realization, he could now start to build his own mythology to describe a fictional couture, an entire fictional universe, the roots of which lay in the languages of the different people of his fantasy realm. A further incentive to the creation of Middle-earth and its myths was given by the experience of war. During his lifetime, Tolkien witnessed the two greatest wars. For Tolkien being young, brilliant, and studying languages and books seemed like paradise, but this was shattered by the outbreak of war. He was still an Oxford undergraduate when war was declared against Germany. In 1916, during World War I, Tolkien served as a signalling officer in the battle of the Somme. (Rosebury 125-6) Life on the Somme was an endless struggle of day break attacks, night marches and death by German machine guns. Corpses lay everywhere, stinking, mutilated or disfigured, with parts completely blown away. As Crabbe states, World War I came to symbolize the difference between the old ways and the modern, between the innocent and the ironic, between youthful hope and vigor and exhausted acceptance. (15) However it was not war alone that educated Tolkien, for he had learnt at his mothers death that the world can be tragic. Tolkien writes in the Foreward section of The Lord of the Rings, One has indeed personally to come under the shadow of war to feel fully its oppressionà ¢Ã¢â€š ¬Ã‚ ¦.By 1918 all but one of my close friends were dead. (7) Tolkiens generation had to pay a terrible cost during World War I, and maybe it is for this reason that The Lord of the Rings is somewhat of an anti-war story, among the many other kind of story it is. He agrees that war was an essential part of the plot but it did not hold any allegorical significance or contemporary political reference whatsoever. It is necessary to avoid, as Stanton suggests, allegorical readings of The Lord of the Rings: Mordor is not Nazi Germany, Tom Bombadils little province is not Switzerland, and so on. (5) In 1945, Tolkien described World War II as the first War of the Machines, noting that it left everyone poorer, many maimed and millions dead, where only one thing triumphant: the Machines. On the other hand, he described World War I as a war of manpower against machines where the old world was fighting against the new. (Garth 190-1) Many writers have described Tolkien as having a strong anti-modernist attitude. His son, Christopher Tolkien mentioned that, He disliked the modern world,'. (White 208) It is important to keep in mind that Tolkien was a grown man before the onset of World War I. His thoughts and ideas were products, to some extent of late Victorian culture. They were formed in an age which was more innocent than ours, and certainly more hopeful. As quoted in Hobbits, Elves, and Wizards: Exploring the Wonders and Worlds of J. R. R. Tolkiens The Lord of the Rings Tolkien emphasizes that I was born in 1892 and livedà ¢Ã¢â€š ¬Ã‚ ¦.in the Shire in a pre-mechanical age. (Stanton 4) As the First World War ended and life gained normalcy, Tolkien and wife Edith Bratt were parents of a son they named John, and Tolkien secured his first civilian job as a junior editor on the Oxford English Dictionary (OED) project in 1919. A couple of years later in 1921 Tolkien accepted a position as Reader of English Language at the University of Leeds. (Crabbe 16) Soon again in 1925 Tolkien returned to Oxford, and the year that followed introduced him to another medievalist, C.S. Lewis, most famously known for writing The Chronicles of Narnia, who almost immediately became an important source of friendship, stability, and intellectual and creative stimulus for Tolkien. (Crabbe 19) Tolkien and Lewis were good friends for many years, even though they grew apart in the later years of Lewiss life. Tolkien always credited Lewiss faith in the worth of The Lord of the Rings, and he maintained that it was due to his insistence that Tolkien eventually completed the work. As fellow members of the Inklings they met weekly at a pub to drink beer, and read and criticize, among other things, one anothers unpublished works. It was these friendly, supportive gatherings that Tolkien absorbed the outlines of social organizations that comprised his sense of good in his fantasies. Throughout Tolkiens life, he was drawn into clubs: groups of men who had similar interests and talents. The all-male society of King Edward School provided Tolkien the first clubby and likeable fellowships that became an important aspect in Tolkiens life and in his fictions. However, of all the clubs to which Tolkien ever belonged, the Tea Club and Barrovian Society (TCBS) was the most important in terms of the effect on his literary imagination. (Crabbe 10) Tolkien and Lewis had a lot of common conceptions and a few differences in opinion. Both agreed that Christianity was important, though one was Anglican and the other Catholic. They agreed that myth was important, though one called it myth and other called it faery. They agreed that literary study was important, though one was literature and the other was language. They regarded news as something fit to be ignored, arguing that the only truth can be found in literature. Here, I would like to particularly honour Tolkiens form of story-telling because of his own profound faith in story as a vehicle of truth. Purtill notes that one cannot be certain about whether Tolkien would attempt to picture a life after death in fiction, but he expressed a strong dislike for Lewiss book, Letters to Malcolm, in which Lewis presents some nonfictional speculations on life after death. (133) Also, in Tolkiens work we have pure fantasy, where magic works directly by wizards and the likes, and not by means of spirits. In Lewiss fantasy however, we have a fully animistic view, where he creates disembodied spirits with some characteristics of angels and some of Neoplatonic Intelligences. (Purtill 107) Many people have made opinions or guesses concerning the meaning and motives of The Lord of the Rings. To this, Tolkien informs us that the prime motive was the desire of a story-teller to try his hand at a lengthy story that would hold the readers attention, amuse them, delight them, excite them or deeply move them. He says that he does not have any intention to put forward any inner meaning or message through the tale. In a biographical sketch of Tolkien, White notes that in order for Tolkien to create Middle-earth and its legend he needed more than language excellence. One, he needed the sort of imagination that could mould languages and transport characters through the fictional realm he created. Two, he needed to be constant with his writing, and three, he needed a reason to do it. (81) Tolkien wanted to create a sort of mythology for England since there had not been any previous mythical tale attached to the land. He was a patriot and he felt that producing and epic was not only something he could do but something he was trained to do. Tolkien identified two types of readers: the fidelis, the self-identified Christian believer, and the fainthearted which could be easily misinterpreted as the weak and timid reader. He wanted to target the latter type of reader, which he considered not as weak, but as that type of reader who has no theistic faith, or has lost what faith he or she had. Tolkien wanted to reach this group by the sheer power and grandeur of the story. (Rutledge 3) Tolkiens view of poetry was formed by his extensive knowledge of Old English literature, Latin and Greek poetry, Old Norse sagas. He wanted to adapt his medieval muse to the Victorian manner but could not find a contemporary model that sounded extravagant enough for his purposes. Therefore, The Lord of the Rings evolved as a result of his inability to adjust to the radical renewal of poetic tradition in the twentieth century. (Giddings 140) Readers approach The Lord of the Rings from different directions. Some value it as a treasure chest of imaginative languages, while others see it in terms of myth; some view it as a muted religious statement, and others view it as a modern-day version of heroic fantasy. I found that the story drew me in instantly, and I spent many hours in Middle-earth, and like I mentioned earlier, I have been back many times since. Although Tolkien has voiced his opinion on allegory saying I cordially dislike allegory in all its manifestations, and always have done since I grew old and wary enough to detect its presence (as qtd. in Shippey 161), he has in fact regarded allegory as a legitimate critical tool, a means to clarify critical stands, throughout his career. Helms uses the 1936 Beowulf lecture to explain how Tolkien attempted allegory to illustrate what he is about as critic. (109) In fact, Tolkien turned to allegory to make what deeply important personal statements about the genre were for him of fantasy. Of all the characters in The Lord of the Rings, Harvey writes that hobbits represented the archetypal pre-Industrial Revolution Englishmen with simple needs, goals, and a basic approach to life. (114) Tolkien has reacted against the idea that The Lord of the Rings is an allegory, and it is not. That is why Tolkien dismissed those who viewed this saga as an allegory of World War II. Firstly, he points out that he started work on it long before the doom of 1939 had yet come upon the world. Secondly, the relevancy of equals signs were missing. Shippey suggests that one could say that the Ring = nuclear weapons, the coalition of Rohan, Gondor and the Shire (etc.) = the Allied powers, Mordor = the Axis powers, all of which has some general plausibility. (163) Here, he goes on to question what the destruction of the Ring and the refusal to use it equal. Tolkien says that many confuse applicability with allegory, but one resides in the freedom of the reader and the other in the proposed domination of the author. (Tolkien 7) We can then see that when he thinks of allegory, he is thinking of philosophy or fiction clad as a story, in which each person and/or event stands for a specific idea/fact of the real world. It must be noted here that if used in their proper place, either advancing an argument or else constructing brief and personal fables, Tolkien accepted them readily. At the age of eighty one, after a long and productive career spent largely in literary study, writing and teaching, Tolkien died on September 2, 1973 in the English town of Bournemouth. (Stanton 3)

Corporate Evaluation Analysis – Avon Products

Table of Contents I. Company History†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Pg. 3 II. Recent News†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 5 III. Industry Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 8 IV. SWOT Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Pg. 15 V. Value Line Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 15 VI. Ratio Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 18 VII. Regression & Descriptive Statistics – Growth Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 20 VIII. Growth Analysis, Estimates for Earnings Employed in DDM, DDM including Discount Rate, and Other Assessments of Risk†¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Pg. 23 IX. Other Valuation Parameters†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 26 X. Rule #1†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Pg. 28 XI. Conclusions/Final Stock Judgment†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 31 XII. References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 33 XIII. Appendix†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Pg. 35 I. Company History In general, Avon Products, Inc. is a U. S. cosmetics, perfume, jewelry, skin care, personal care and children’s products seller with markets in over 140 countries across the world and sales of $9. 9 billion worldwide. Avon Founder David H. McConnell offered women a rarity in 19th century America: a chance at financial independence. In 1886, it was practically unheard of for a woman to run her own business. Only about 5 million women in the United States were working outside the home, let alone climbing the ranks of any corporate ladder. That number accounted for just 20% of all women (Avon. com). The man behind the company for women was the son of Irish immigrants and grew up on a farm. Yet, it was this young man from rural New York, a visionary leader decades ahead of his time, who would become a pioneer in empowering women. McConnell, a bookseller-turned-perfume entrepreneur, would offer women the opportunity to create and manage their own businesses through what later became known as direct selling. David H. McConnell sold books door-to-door and gave out perfume to entice women to buy his books. His perfume proved to be much more popular than his books, so he then founded the California Perfume Company (CPC) in New York, New York. Mrs. P. F. E Albee, a 50-year old wife and mother of two, became the California Perfume Company’s first Representative. The legendary Mrs. Albee is still considered a role model for Avon Representatives today and is credited with creating the company’s system for distributing products. The California Perfume Company was incorporated on January 28, 1916 by David H. McConnell and Alexander D. Henderson (businessman) in Suffern, New York. By 1918, five million units were sold in North America, and by 1928, sales reached $2 million. In October 1939, the name was changed to Avon Products, Inc; McConnell had visited Stratford-Upon-Avon (UK) and had liked the town so much, that he renamed his company after it. The company was taken public in 1946 with OTC stock. By 1954, sales reached $55 million, and the â€Å"Avon Calling† advertising campaign was introduced, making it one of the largest and most successful advertising campaigns in history (Avon. com). In the 1960’s and 1970’s, Avon was one of Wall Street’s favorite â€Å"Nifty Fifty† stocks, a group of well-regarded, â€Å"buy and hold† blue chips that also included Xerox, Disney, and McDonald’s. These stocks helped drive the bull market of the early 1970s in the U. S. , with Avon’s stock soaring to $140. The Nifty Fifty bubble later bursts, sending U. S. stocks plunging. Avon was listed on the NYSE as AVP in 1964. By 1979, sales reached $3 billion, with one million direct sales agents. Today sales exceed $10 billion worldwide. In June 1989, Avon became the first major cosmetic company to announce a permanent end to animal testing on all Avon-manufactured products. Avon does not conduct animal testing on any of its products or raw ingredients and does not require that suppliers of raw ingredients and finished products produced for Avon conduct animal testing on our behalf. In addition to its corporate pursuits, the Avon corporation is involved in philanthropic causes. The Avon Foundation for Women, an accredited 501(c)(3) public charity, is the largest corporate-affiliated philanthropy for women in the world. Avon has been committed to helping women achieve their highest potential of economic opportunity and self-fulfillment by empowering them through scholarships and support for other forms of educational and occupational training and advancement. The Avon Foundation is currently focused on two key causes: breast cancer and domestic violence. Through 2009, Avon global philanthropy raised and donated more than $725 million worldwide for causes most important to women. Since 1992 in more than 50 countries around the globe, millions of dedicated Avon Representatives have sold special Avon cause products, raising almost $150 million to end breast cancer and domestic violence and to help in times of global emergencies. In 1999, the first woman CEO was named: Andrea Jung. In 2003, â€Å"mark. â€Å", which is targeted to younger, college-aged women, was created to help the company reach out into markets it had not previously serviced. mark. as proven to be successful in reaching a new generation of recruits, primarily young women ages 18–25, with a monthly â€Å"magalog† featuring its products. In 2008, reality star Lauren Conrad became a spokesmodel for the brand. Conrad also designed clothing and accessories for the brand. In 2010, actress Ashley Greene would replace Conrad as the spokes model for the brand. T hroughout the first decade of the new millennium, Avon began operating in numerous new markets, with heavy expansion in Central and Eastern Europe and the Caribbean Islands. Avon is now in more than 100 markets and is coined to be â€Å"the company for women†. II. Recent News AVP has a market cap of $11. 43B, operating cash flow of $702M, and consistent quarterly dividends around $0. 22 per share, making AVP a leader in personal products globally (Investment Underground). Given AVP’s positioning in the personal products industry, Avon could be a prime takeover candidate for competitors such as The Estee Lauder Company (EL) or French conglomerate L'Oreal SA (LRLCY. PK) looking to expand their reach into the direct sales portion of the personal products market. Because AVP currently has one of the lowest operating margins in the sector (11. 0%), competitors such as EL could view AVP as an attractive investment in hopes of increasing profitability. In turbulent times, people turn inward. The argument for large cap consumer staple companies is that they are familiar names that offer the necessities of daily life. Barron’s Magazine presents a list of ten companies that fit this argument. The underlying thesis is that these ten com panies offer cash flow, dividends and predictable growth. This list includes: Avon Products (AVP), Campbell Soup (CPB), Clorox (CLX), Coca Cola Enterprises (CCE), Colgate-Palmolive (CL), General Mills (GIS), Kellogg (K), Molson Coors Brewing (TAP), PepsiCo (PEP), and Proctor & Gamble (PG). Are these companies really good investments for today? |Ticker |Company |Recent |Price Chg. |Dividend |EV/EBITDA |EV/SALES | | | |Price |52W |Yield | | | |AVP |Avon Products, Inc. |26. 59 |-19. 00 |3. 50 |15. 03 |1. 31 | |CPB |Campbell Soup Company |33. 50 |-4. 00 |3. 50 |13. 01 |1. 9 | |CLX |Clorox Company, The |68. 81 |7. 00 |3. 20 |17. 46 |2. 39 | |CCE |Coca-Cola Enterprises Inc. |25. 81 |-5. 00 |1. 90 |16. 15 |1. 79 | |CL |Colgate-Palmolive Company |76. 95 |-9. 00 |3. 00 |12. 23 |2. 70 | |GIS |General Mills, Inc. |36. 65 |0. 00 |3. 10 |14. 90 |2. 24 | |K |Kellogg Company |54. 17 |3. 00 |3. 00 |15. 49 |2. 18 | |TAP |Molson Coors Brewing Company |43. 5 |0. 00 |2. 60 |12. 87 |3. 20 | |PEP |PepsiCo, Inc. |63. 24 |-5. 00 |3. 00 |15. 58 |2. 25 | |PG |Procter & Gamble Company, The |60. 60 |-5. 00 |3. 20 |15. 05 |2. 78 | The first item that can be noticed from the above chart is that t hese companies underperformed the S 500 significantly during the past twelve months (Sommer). This lag is not indicative of a turning point. The poor performance reflects high unemployment and consumer uncertainty. The consumer is being more selective in its discretionary spending and seeking alternate, cheaper products. The market seems to reflect this understanding. The high dividend yields provide a measure of support to these stock prices but they also reflect the lack of price appreciation. | Ticker |Company |EPS TTM |2011 EPS |2012 EPS |FCF TTM |Payout Ratio| | | | |(Est. ) |(Est. ) | | | |AVP |Avon Products, Inc. |2. 28 |2. 01 |2. 26 |-0. 03 |38. 0 | |CPB |Campbell Soup Company |2. 36 |2. 43 |2. 53 |1. 15 |47. 50 | |CLX |Clorox Company, The |5. 25 |3. 94 |4. 43 |2. 00 |41. 00 | |CCE |Coca-Cola Enterprises Inc. |2. 05 |2. 04 |2. 26 |1. 44 |5. 90 | |CL |Colgate-Palmolive Company |4. 46 |5. 05 |5. 50 |2. 98 |45. 50 | |GIS |General Mills, Inc. |2. 51 |2. 48 |2. 68 |0. 60 |41. 80 | |K |Kellogg Company |5. 6 |3. 47 |3. 78 |-0. 17 |30. 20 | |TAP |Molson Coors Brewing Company |3. 81 |3. 78 |4. 04 |1. 98 |28. 30 | |PEP |PepsiCo, Inc. |3. 97 |4. 48 |4. 90 |3. 21 |47. 60 | |PG |Procter & Gamble Com pany, The |3. 84 |3. 97 |4. 36 |3. 43 |49. 00 | Each of these companies reports solid earnings over that past twelve month period. Consensus analyst estimates for both the current year and next year are less impressive. We believe the estimates reflect expectations for continued weakness from stressed consumers† (Sommers). These companies are all overpriced and have no catalyst for change. The assumption that investors can find safety by identifying sectors or themes is a dangerous one. Avon recorded feeble operating performance in the fourth quarter of 2010. The company's earnings per share plunged 13. 2% to $0. 59 from $0. 68 per share in the year-ago period. The decline was principally due to reduction in operating margin, which resulted from unfavorable product mix, rising commodity cost and a 27% sales decline in Venezuela (Zachs). Moreover, Avon ended fiscal 2010 with a long-term debt of $2,408. 6 million, reflecting a debt-to-capitalization ratio of 59%, which is substantially higher, and could negatively influence the company's credit worthiness and make it more vulnerable to the macro-economic factors and competitive pressures. Additionally, the North American market continues to remain sluggish with volume falling 14. 0% in the fourth quarter of 2010. Moreover, the company's initiatives to change the product mix and reposition the business in the U. S. arket will require significant expenditure to support increased advertising and promotional activities. This is likely to undermine Avon’s overall operating performance, moving forward. Besides, the company is expecting a mid single-digit revenue growth in fiscal 2011, which can be achieved through strong field programs coupled with an innovative. As well, call it luck; on November 08, 2010, Avon sold out its entire ownership interest (74. 67%) in Avo n Japan to TPG Capital, otherwise the scenario could have been worse for the company due to the recent crisis in Japan product pipeline (Zachs). Pulling out of the Japanese market was part of the company's 2010 decision to redouble its efforts in China. It announced the sale of its 75% stake in Avon Japan to private equity firm TPG for $90 million in late 2010. The move also was part of the beauty-products maker's plan to refocus on direct sales. (The Japanese unit typically generated more than half its revenues through direct mail. ) III. Industry Analysis (Personal Products – Cosmetics & Toiletries) Because of the wide arrange of products Avon offers, it is quite difficult to pin point one single industry. Thus, going by their primary selling products, Avon fits most accurately into the Personal Products and Cosmetics & Toiletries industries. Companies that manufacture and/or market personal care products produce cosmetics, fragrances, and razors. The personal care products industry targets many faces – from chubby newborns to 40-something near-goddesses to those newly retired and dreaming of a beachfront condo. While companies in this sector would like to cater to everyone, the industry has found potential in both the Baby Boomers and their children — the teens and ‘tweens. Called Gen Y, Boomer's teens offer an estimated $9 billion in purchasing power (Hoover’s). Leaving no demographic untouched, personal care products makers also are expanding their target markets across gender lines, marketing everything from cosmetics to hair care to men and teen boys, as well as women. With more US consumers reaching the age of 55 (33% by 2030), the industry has targeted this more-vain-than-not age segment and has logged revenue growth in skin care and hair coloring products throughout the past few years as a result. On the other end of the spectrum, the teen girl population age 12 to 19 grew from 14. 3 million in 1995 to 15. 2 million in the US in 2001 (Hoover’s). Industry beauty companies, such as Avon Products, are targeting this demographic with lifestyle brands the likes of Avon's Mark. While women have historically been a target market — primarily because women are the likely shoppers — the buying power of males is not ignored by the personal care industry. In fact, the group's buying power is eagerly sought after. Industry giants are tapping into the revenue potential of personal care products made specifically for men, illustrated by Procter & Gamble's acquisition of Gillette in October 2005 for some $57 billion (Hoover’s). Gillette represents more than razors. In the eyes of the industry, Gillette is the king of marketing to men. As the top marketer to women, Procter & Gamble has counted on its purchase of Gillette to give it the keys to the castle and enable it to become the voice to men, as well. Men offer revenue potential beyond Gillette's Mach3 and Colgate-Palmolive's Mennen brand. A Newsweek magazine poll conducted in mid-2003 revealed that more than half of men age 35 to 55 are â€Å"somewhat† satisfied with their overall appearance. This percentage reflects an increase for this age segment since Newsweek's last poll in 1996. Companies have begun educating men on the topics of sunscreen, lotions, nail care, hair color, and more. Along the way, the personal care industry has been piquing the interest of the male customer and introducing him to the profitable skin care market, as Estee Lauder has with its Aramis and Clinique brands and Beiersdorf has with its Daily Protective lotion (formerly NIVEA for Men). This trend still extends into 2008. Regardless of gender or age, customers access personal care products through a variety of venues, including grocery stores, drugstores, mass merchandisers, warehouse clubs, specialty retailers, and online e-tailers. Reports about personal care products sales for grocery stores and drugstores are usually prefaced with the phrase, â€Å"excluding Wal-Mart. † (Fidelity) This is a reminder that Wal-Mart Stores, as well as some warehouse clubs, present something of a wildcard to the industry. Outside the brick and mortar, personal care products makers have a polished business model for using direct-selling methods to reach target markets. Cosmetics companies have gained sales advantages — with little or no overhead — by letting their customers sample products at home parties. Direct sellers, such as Avon Products, Mary Kay, and Amway, have long relied on this concept. UK-based natural personal care retailer The Body Shop has tested the US waters by selling through independent consultants and continues to sell in the US after seeing positive results. No matter where a company in the personal care products industry identifies its untapped growth potential — be it in the teenage girls or mid-life males markets — a few of the same factors apply. Staying competitive means implementing innovation fueled by billions of dollars in R&D and a strategy of quick-to-market products. Reaching far and reaching fast are significant parts of the battle. However, expanding as wide as the tentacles of Wal-Mart and maintaining brand recognition and loyalty in a sea of private labels may prove to be the ultimate challenges. Fidelity) [pic] Competitors: Avon faces competition from a variety of products and product lines both nationally and globally. The beauty and beauty-related products industry is extremely competitive and the number of competitors and degree of competition in this industry varies extensively from country to country. Globally, Avon competes against products sold to consumers by other direct-selling and direct-sales co mpanies and through the Internet and against products sold through the mass market and prestige retail channels. The major competitors of the company are L'Oreal SA (LRLCY. PK) and Revlon Inc. (NYSE: REV). Competition from mass merchandisers and specialty and department stores has spurred Avon to not only spend many millions on R&D but set aside just as much — $100 million — to support the launch of a global ad campaign. Avon anticipates driving additional growth based on fragrances (Today, Tomorrow, Always) and skin care (Anew anti-aging) sales. To that end, it signed on award-winning singer Fergie to develop a signature fragrance, which was unveiled in 2010. Previous partnerships have involved French designer Emanuel Ungaro for two fragrances (U by Ungaro for Her and U by Ungaro for Him) and the New York Yankees' Derek Jeter for â€Å"Driven† men's fragrance and a personal grooming line of products. (Yahoo! Finance) [pic] Revlon (REV) is engaged in the production, marketing and selling of an array of cosmetics, hair color, beauty tools, anti-perspirants/deodorants, fragrances, skincare and other beauty care products. The company primarily operates in North America, Asia-Pacific, Europe, Africa, and Latin America. It is headquartered in New York City, New York and employs 4,800 people. Revlon's global brand name, product quality and marketing experience have enabled it to create one of the strongest consumer brand franchises in the world. Revlon’s brand equity among the consumers enabled the company to garner 12. 7% of the US mass retail color cosmetics market; 9. 7% of the hair color market; 4. 6% of the perspirants/deodorants market; and 21% of the beauty tools market, during 2009 (Revlon). Strong brand image of the company facilitates customer recall and allows Revlon to penetrate new markets as well as consolidate its presence in the existing ones. The company recorded revenues of $1,295. 9 million during the financial year ended December 2009 (FY2009), a decrease of 3. 8% as compared to 2008. The decline in revenues was driven by lower net sales of Revlon and Almay color cosmetics and some of the other beauty care products. The operating profit of the company was $170. 8 million in FY2009, an increase of 10. 2% over 2008. The net profit was $48. 8 million in FY2009, a decrease of 15. 7% as compared to 2008 (Revlon). L'Oreal (LRLCY. PK) is one of the largest cosmetic companies in the world. It produces and markets a range of make-up, perfume, hair and skin care products in over 130 countries. It is headquartered in Clichy, France and employs 64,600 people. Since its inception about 100 years ago, the company has developed a strong brand portfolio of 23 international brands. The company's products are sold under well-known brands such as L'Oreal Paris, Garnier, Maybelline, SoftSheen Carson, CCB Paris, L'Oreal Professional, Kerastase, Redken, Matrix, Mizani, Lancome, Biotherm, Helena Rubinstein, Kiehl's, Shu Uemura,and Giorgio Armani. These brands are available through a range of distribution channels ranging from mass market, to selective distribution including hair salons, pharmacies/drugstores and a network of directly owned stores and franchises. Strong brand portfolio lends better visibility and presence in all distribution channels and enables L’Oreal to reach a large customer base, thereby increasing its market penetration opportunities. L'Oreal operates through three business divisions: cosmetics, the Body Shop, and dermatology. The Body Shop division operates a chain of 2,550 stores in 63 countries worldwide specializing in skin and hair care products made from natural ingredients. The company recorded revenues of E17,472. 6 million ($24,367. 8 million) during the financial year ended December 2009 (FY2009), a decrease of 0. 4% compared with 2008. The operating profit of the company was E2,577. 6 million ($3,594. 8 million) in FY2009, a decrease of 5. 4% compared with 2008. The net profit was E1,792. 2 million ($2,499. 5 million) in FY2009, a decrease of 8% compared with 2008 (L’oreal). (Fidelity) [pic] IV. SWOT Strengths |Weaknesses | | | | |Diverse geographic presence enhances |Chinese operations marred with controversy | |scale of operations and mitigates local market risks |and poor performance | | | | |Low cost business model of direct selling |Lack of clear-focus and strategy for non-beauty products | | | | |Strong brand equity |Declining operating margins | |Opportunities |Threats | | | | |Restructuring initiatives for organizational Competitive environment in the global | |Effectiveness |cosmetics industry | | | | |Re-branding strategy to drive consumer |Company’s revenues tied to the | |Demand |performance of the sales representatives | | | | |Emerging markets enhances the scope of |A diversified global operation exposes Avon to currency fluctuation | |growth for the Avon’s value cosmetic |risks | |products | | V. Value Line Analysis On December 24, 2010, Jerome H. Kaplan, a Value Line analyst, points out that investors are not thrilled about Avon’s mediocre progress. The company’s stock price has declined in the last three months. Avon continues to struggle a bit in the U. S. and Chinese markets as is reflected in September-quarter earnings, as well as deteriorating growth in the vital markets of Brazil and Russia. Kaplan states, â€Å"Long-term emerging market-oriented investors should consider this untimely stock. Avon could be viewed as the equivalent of a diversified portfolio in fast-growing regions, such as Latin America, Asia, and Central and Eastern Europe. (Value Line) Improves margins, profits, and share price will most likely be a result of the growth of these markets by 2013-2015, in addition to savings of over one billion dollars by 2012-2013 from programs reducing Avon’s cost structure. When looking at the Value Line, we notice a Safety rating of 3. A Safet y rating is another way to measure the company’s risk or financial strength. It is measured from 1 to 5, with 1 being the highest and best rating indicating the company has a less likely chance of becoming bankrupt and are less volatile. In Avon’s case, a 3 may be interpreted as being unpredictable. If the score is lowered to a 4 or 5, the greater the short-term price movements the stock may experience. Safety ranks work better than Beta when there is a break in the market (when the market is going down). Arguably the most important investment recommendation found on Value Line is the Timeliness rating. The scale is also from 1 to 5 with again 1 being the most desirable rating which reflects the top 100 stocks within Value Line’s 1,700 stocks. Investors typically are encouraged to buy a portfolio of stocks across six or more industries with a ranking of 1 for Timeliness. After some time, investors are encouraged to keep an eye on this rating and when it falls to a 4 or 5 rating that stock should be sold, as is the case with Avon with a Timeliness rating of 4 (Money-Zine). With a financial strength of a B++, Avon is considered a company that would most likely survive a depression. This means the company has sufficient liquidity to payout their dividends or increase how much they give as dividends. When income is the primary consideration, a strong balance sheet provides greater assurance that a dividend can be maintained (Valueline). Proper financing ensures stockholders that operations can be expanded without having to disperse a portion of the earnings to bank or bondholders. The stock price stability (SPS) is the standard deviation of weekly stock prices over the last five years. It is ranked from 5 to 100 and in increments of 5. A ranking of 100 reflects the lowest standard deviation, which reflects the greatest stability attainable, while 5 indicated the largest standard deviation and the least stability. Price stability along with the company’s financial strength rating determines a stock’s Safety ranking. Avon has a price stability of 75 which puts them not too far from the top and would be considered to be on the lower side of good stability. The price growth persistency (PGP) of a stock is measured in the same format as the stock price stability. A stock that is 100 probably beat the index every year of the last 10 years. Avon’s PGP rating is 45, which is on the low side of average. This measurement rewards this fund for the consistency with which it outperforms the broader universe if equity offerings over an extended period of time. Earnings predictability for Avon is 65. This rating provides a measure of the reliability of an earnings forecast. Ratings with a 100 are noted as the â€Å"best fit† on the regression line, meaning they have a high consistency of earnings. Predictability is based upon the stability of year-to year comparisons, with recent years being weighted more heavily than earlier ones. Reliable forecasts are close to 100 and the least are close to lowest of 5. Being that Avon falls around the middle of these two extremes, it can be said that the company is somewhat reliable and other factors should be considered in conjunction. A stock's beta is a measure of a particular stock's price volatility and risk relative to a broader measure of stock price movements such as a market index (Money-Zine). Many stock beta calculations are performed relative to the S 500; however, the Value Line Beta calculation uses the New York Stock Exchange Composite Index. The most important fact to point out is that the beta measures a stock’s movement in price. If a stock has a beta of 1. 0 or above, which is the value of the market beta, it will experience more movement either up or down relative to the index. In comparison, a stock with a beta of less than 1. 0 is considered less risky and stable with smaller price fluctuations. According to Value Line, Avon has a beta of . 5 right under the market beta, which implies that this stock is not risky and will most likely not experience any drastic changes in its price. The Technical ranking of a stock is almost similar to that of its Timeliness ranking except for the fact th at the Technical ranking does not take into consideration earnings per share projections, only the opportunity for a stock’s price appreciation. With a Technical ranking of 2, Avon, according to Value Line, should be purchased since this rating indicates Avon has short-term capital gains, in the three to six month timeframe (Money-Zine). The plowback method is sometimes used to calculate a company’s earnings after dividends have been paid out. A high rate indicates that a company pays less in dividends and thus reinvests more of its earnings into the company. Investors tend to prefer a lower plowback ratio in a slow-growing company and a higher one in a fast-growing company. Whether or not this is desirable depends on the rate of growth. The plowback rate is calculated using the following formula: ROE x (1 – Payout Ratio (Dividends per share/Earnings per share)). Plugging in the Value Line figures for Avon the result is, . 492 x (1 – (. 84/1. 45)) = . 207 = 20. 7%. To calculate Avon’s free cash flow we need the following = per share earnings + cash flow from operations – required dividends – capital spending. Thus, 1. 45 + . 44 – . 84 – . 69 = $0. 36. VI. Ratio Analysis Profitability |12/31/2010 | |12/31/2009 | |12/31/2008 | |12/31/2007 | |Ratios | | | | | | | | |2006 |5. 5 |   |1. 75 |   |6. 26 |   |60. 28 | |2007 |5. 4 | |1. 81 | |7. 23 | |70. 67 | |2008 |8. 3 |   |1. 81 |   |8. 38 |   |125. 92 | |2009 |6. 1 | |1. 61 | |6. 4 | |64. 27 | |2010 |5. 9 |   |1. 48 |   |4. 74 |   |41. 4 | According to this DuPont Analysis for Avon, all three sectors show inconsistencies and overall fluctuations up and down. In 2008, the company is at its highest level but dramatically goes down in all sectors the year following and continues to decline. Overall, efficiency in all sectors are not very stable. The company has had its off and on days throughout the years without any trend or consistency. Avon needs to control their operations and cost efficiency more closely. VII. Regression & Descriptive Statistics – Growth Analysis Using the data figures for Avon provided through Value Line from 2002 to 2009, a descriptive analysis and linear regression were produced for SPS, Shares, EPS, CF, DIV, ROE, PE, BV, FCF, OM, RTC and NPM (Appendix). A more comprehensive analysis was done for EPS, FCF, PE, and ROE. Included in each financial variable analysis is the calculation of normalized data points for the 7th and 8th periods, which are years 2008 and 2009, respectively. Within this additional analysis the Current to Normalized (CNE) was also calculated, and each resulting figure was compared to the normal expected range of . 85 – 1. 15. In the last step of this additional analysis, growth rate and variability figures were also produced. *Please Note: the ROE figures for the years of 2002, 2003, 2005, and 2008 were noted as â€Å"NMF† on Value Line, thus the figures used in the analysis were calculated using the net income after tax from the income statement and the shareholder’s equity from the balance sheet. Looking at the summary of the results for these four financial variables in the chart given below, only the CNE of EPS, which is . 93 falls within the normal range of . 85 – 1. 15, which means that in the remaining three areas of FCF, PE, and ROE, Avon is operating below the expected and acceptable range. These below average results signify that the normalized points produced are not adequate enough to rely on to calculate appropriate growth rates. As can be seen also in the summary, there is a positive growth rate in both EPS and ROE, but negative in both FCF and PE. ROE may be at a significant high growth rate because of the out of norm results that were calculated for the years of 2002, 2003, 2005, and 2008 as mentioned above. In each of these particular years, shareholders equity was low in comparison to net income (negative in 2002) which resulted in abnormal figures Value Line did not wish to indicate. FCF has a negative growth rate since in 2005 it was at an unsustainable figure of 1. 07 and then drastically declined to . 34 the following year and even lower to . 25 in 2007. This drastic change coupled with another fluctuating high and low between 2008 and 2009 are factors for this negative growth rate. In relation, although not as drastic, for PE results more visibly decline in the last two periods of 2008 and 2009. |Avon Products, Inc Financial Variables Analysis | | | |EPS |ROE |FCF |PE | |Normalized 8th Period | |$1. 55 |$156. 38 |$0. 46 |$22. 18 | | | |   |   |   |   | |Normalized 7th Period | |$1. 51 |$121. 35 |$0. 52 |$22. 7 | | | |   |   |   |   | |Current to Normalized | |0. 93 |0. 31 |0. 79 |0. 84 | | | |   |   |   |   | |Growth Rate | |3. 09% |28. 87% |-12. 80% |-0. 88% | Another aspect of the descriptive and regression analysis that is important to point out are the R-squared and skewness. R-squared, also known as the coefficient of variation, is helpful in providing a measure of how well future outcomes are likely to be predicted by the model. The values for R-squared range from 0 to 1: the closer to 1 the results are, the better the â€Å"fit’ of the predicted values and the more realistic or reliable they are. R-squared can also be explained as the strength of the relationship between time and the variable. For all four financial variables, the R-squared figures range from . 01-. 25, which are indicative of weak relationships between time and each of these variables. None of the data points for these variables are strong measures of how well the regression line approximates the real data points. Skewness is a measure of the asymmetry of the probability distribution of a real-valued variable (Wikipedia. com). The results are usually either positive or negative, or in some instances undefined. A negative skew in characterized and having the mass distribution concentrated on the right of the figure or in most recent years and has relatively few low values. A positive skew has a mass distribution concentrated on the left o the figure or in earlier years and has relatively few high values. For both EPS and PE, the skewness is positive in contrast to ROE and FCF which are both negative. Growth for EPS and PE both took place in recent years while growth for ROE and FCF took place in earlier years. |Avon Products, Inc Financial Variables Analysis | | | |EPS |ROE |FCF |PE | |R-Squared | |0. 1041 |0. 2092 |0. 2527 |0. 101 | | | |   |   |   |   | |Skewness | |1. 0284 |-2. 5446 |-0. 3754 |0. 8432 | For the remaining financial variables, the same analysis was produced. Interestingly enough, the CNE for these variables fall within the normal expected range of . 85 – 1. 15, except for BV which is slightly over at 1. 18. These figures range from . 91 – 1. 04. The growth rates for DIV, CF, BV and SPS are positive, but are negative for Shares, OM, NPM and RTC. The negative growth rate of Shares means that the company is buying back their stock. For R-squared the only strong relationships between time and that variable were DIV at . 584, Shares at . 8963 and SPS at . 9632. The R-squares for BV and RTC are relatively moderate. Skewness for DIV, BV, OM and NPM are negative with growth occurring in earlier prior years and skewness for CF, Shares, SPS and RTC were positive with growth occurring in the latter years. |Avon Products, Inc Financial Variables Analysis | | | | | |EPS 2009 |1. 45 | | | | | |Growth Rate = |3. 9% | | | | | |Payout Ratio = |36% | | | | | |Discount Rate = |7. 10% | | | | |Avon Projections 2010-2019 | | |Period |Years |EPS |DIV |PV | |1 |2010 |1. 49 |0. 54 |$0. 50 | |2 |2011 |1. 54 |0. 55 |$0. 48 | |3 |2012 |1. 59 |0. 57 |$0. 47 | |4 |2013 |1. 64 |0. 59 |$0. 45 | |5 |2014 |1. 69 |0. 61 |$0. 3 | |6 |2015 |1. 74 |0. 63 |$0. 42 | |7 |2016 |1. 79 |0. 65 |$0. 40 | |8 |2017 |1. 85 |0. 67 |$0. 38 | |9 |2018 |1. 91 |0. 69 |$0. 37 | |10 |2019 |1. 97 |0. 71 |$0. 36 | |PV total of dividend payout for the next 10 years: |$4. 26 | Terminal Value The 2019 stock price calculated reflects the value of all future dividends or cash flows in perpetuity. In order to determine the 2019 stock price the following will be needed: Because when using the above process the discount rate is assumed and one of the biggest variables that may fluctuate and thus cause the result to differ, other methods should also be considered when doing a company stock price valuation. One other such popular method is the Capital Asset Pricing Model (CAPM). Capital Asset Pricing Model (CAPM) The main purpose of this model is to explain the relationship between risk and the expected return that a stock may yield and is used in the pricing of risky securities (Investopedia). The following formula is used in the calculation of CAPM: o CAPM = Rf + (a (Rm – Rf) Rf = Risk-free rate (Treasury bond rate) assumed at 5% o Rm = Expected market return assumed at 12% o (a = Beta of the security; from Avon’s Value Line beta is . 95 Thus, when using this CAPM formula to calculate the discount rate, the following result is returned: CAPM = . 05 + . 95 (. 12 â⠂¬â€œ . 05) = . 1165 = 11. 65% discount rate (Ke). This new discount rate of 11. 65% is now inputted into the dividends projections table done previously. The new table is shown below with a PV total of dividend payout for the next 10 years now at a reduced amount of $3. 45. The new terminal value also decreases to $16. 87 as well as the PV of this 2019 stock price to $5. 60. The stock remains overvalued with an intrinsic value of $9. 06 compared to the current price of $29. 22. The price-to-intrinsic is now 3. 23. |Variables used to determine PV total of dividend payout for the next 10 years: | | | |EPS 2009 |1. 45 | | | | | | |Growth Rate = |3. 09% | | | | | | |Payout Ratio = |36% | | | | | | |Discount Rate = |11. 5% | | | | | | | | | | | | | | |Avon Projections 2010-2019 | | | | |Period |Years |EPS |DIV |PV | | | |2 |2011 |1. 54 |0. 55 |$0. 45 | | | |3 |2012 |1. 59 |0. 57 |$0. 41 | | | |4 |2013 |1. 64 |0. 59 |$0. 38 | | | |5 |2014 |1. 69 |0. 61 |$0. 35 | | | |6 |2015 |1. 4 |0. 63 |$0. 32 | | | |7 |2016 |1. 79 |0. 65 |$0. 30 | | | |8 |2017 |1. 85 |0. 67 |$0. 28 | | | |9 |2018 |1. 91 |0. 69 |$0. 25 | | | |10 |2019 |1. 97 |0. 71 |$0. 24 | | | |PV total of dividend payout for the next 10 years: |$3. 45 | | The only way that Avon stock would be considered undervalued would be at a discount rate of about 4. 9% or below as shown in the table below. |Variables used to determine PV total of dividend payout for the next 10 years: | | | |EPS 2009 |1. 45 | | | | | | |Growth Rate = |3. 09% | | | | | | |Payout Ratio = |36% | | | | | | |Discount Rate = |4. 0% | | | | | | | | | | | | | | |Avon Projections 2010-2019 | | | | |Period |Years |EPS |DIV |PV | | | |2 |2011 |1. 54 |0. 55 |$0. 50 | | | |3 |2012 |1. 59 |0. 57 |$0. 50 | | | |4 |2013 |1. 64 |0. 59 |$0. 9 | | | |5 |2014 |1. 69 |0. 61 |$0. 48 | | | |6 |2015 |1. 74 |0. 63 |$0. 47 | | | |7 |2016 |1. 79 |0. 65 |$0. 46 | | | |8 |2017 |1. 85 |0. 67 |$0. 45 | | | |9 |2018 |1. 91 |0. 69 |$0. 45 | | | |10 |2019 |1. 7 |0. 71 |$0. 44 | | | |PV total of dividend payout for the next 10 years: |$4. 75 | | X. Rule #1 The Four M’s †¢ Meaning †¢ Moat †¢ Management †¢ Margin of Safety (Sticker Price) Does the business have meaning to you? Since my tender age of 4, I remember going door-to-door with my mother distributing Avon brochures and samples. Not only was she a single mother at the time, but she also went to school and worked another part-time job. My mother eventually left her part-time job and made Avon her full-time career. She now has 25 years of selling Avon and making a living out of it. My step-father also quit his full-time job and dedicated his time to helping my mother out with the business. My whole life I have seen my mother work her hardest to give me anything and everything she could to raise me and get me to where I am now and she could not have accomplished that if it weren’t for her loyal commitment to Avon Products. She built her business from the bottom up just like any other Avon representative. She now works from home and has all her clients come to her. My mother has always told me that she eventually wants to hand over the business to me and I have taken this opportunity in Finance class to learn more in-depth about the company and what it offers not only as a business owner but also as an investor. Ironically enough, just about a month ago my mother showed interest in investing in the company (yes, after 25 years! ) and asked me about whether she should and if so how much she should invest. This evaluation project gave me even more reason to choose Avon Products, Inc as my chosen company of interest. Does the business have a wide Moat? Or in other words, is the company’s future predictable? Avon has been in existence almost 100 years, 95 to be exact. It has had an exciting development from start to present going from being solely in the perfume/cosmetics market to expanding their products to include an array interests from kids toys to men’s sports watches. They have captured a competitive advantage from the beginning starting off as the first to introduce direct selling and now being a well renown beauty global entity; they have indeed establishes a good name for themselves. Avon continues to do extensive research to keep up to par with their different markets and products and continuously strives to improve what they already have and produce new products. Many companies have hence since followed in Avon’s footsteps, realizing the success Avon has had with focusing on interpersonal sales and customer service. Avon has a well-established name and reputation and many customers have been loyal since their early years. The Management Ever since the beginning up until 2001, Avon has had male CEO’s. Some find that a bit peculiar being that Avon prides itself on being â€Å"the Company for Women†. Let’s keep in mind though the history of this company as mentioned in the first part, Avon was created by a man by accident perhaps, but definitely with good intentions. As of 2001, the new CEO, Andrea Jung, has brought new hope and meaning to the company. Since her leadership started the company has revolutionized into a new identity with Representatives truly feeling and living the motto of the company. Both customers and Representatives have more confidence in the company and it has portrayed overall both in the financial and operational functions of the company. Safety of Margin (Sticker Price) On Rule #1’s website www. ruleoneinvestor. com, Phil Town, provides various calculators that aid in the decision to buy or not buy a particular stock by inputting various company figures to produce the company’s true value. Step 1 Data Input: Current EPS: 1. 45 # Years: 10 EPS Growth Rate: 13% Step 1 Result: Future EPS = $4. 92 Step 2 Calculate Future Value Data Input: Future EPS: $4. 92 Future PE: 18 Step 2 Results: Future Value = $88. 56 Step 3 Calculate Sticker Price Data Input: Future Value/Share: $88. 56 Min Acceptable ROI: 15% # Years: 10 Step 3 Results: Sticker Price: $21. 89 Step 4 Calculate Margin of Safety Data Input: Sticker Price: $21. 89 Step 4 Results: Margin of Safety: $10. 95 Overall Results: $21. 89 ; $29. 22 (Current Price) = Stock is Overvalued = Sell/Not Buy XI. Conclusions /Final Stock Judgment Based on all the analysis previously set forth here, the best recommendation for an investor would be not to buy Avon stock or to sell their Avon stock if they currently hold interest in the company. Finding that the intrinsic value of the company using two separate methods (AAA bond rate & CAPM) both return a valuation that Avon’s current stock price is undervalued, would understandably be sufficient to determine that it would not be the best of choices to invest in the company; at least for the current time. The difficulty as well in trying to formulate a regression analysis for ROE also points to the company’s weaknesses since shareholder’s equity has not shown a constant, positive performance and even at times negative. Income generation for stockholders is not quite strong and would require further, long-term watch if an investor has a personal interest in the company to be able to invest at a later time when the value of the current stock is really what it is worth. Furthermore, recent news indicates it is not the greatest time for Avon in terms of earnings as they have spent a great deal on advertising. Getting out of the Japanese market may have been the most perfectly timed move they have made. Although Avon is currently not seen as one of the strongest companies to invest in at the moment, reviews have said not to leave Avon behind for the future. They are slowly regaining momentum and being that their beta of . 95 is still below the market’s beta of 1. 0, it is not one of the riskiest out there. Also, it must be reminded that with a good Technical ranking of 2, Avon has short-term capital gains, in the three to six month timeframe. At a financial strength of a B++, the company is still in good shape and can most likely survive a depression better than other companies. The company has sufficient liquidity to payout their dividends or increase how much they give as dividends. Investors should still proceed with caution if even in the future the company still maintains a Safety rating of 3 and a Timeliness rating of 4 as these ratings do not give the company enough leverage to be deemed financially reliable. In addition, with a Price Growth Predictability (PGP) of 45, Stock Price Stability (SPS) of 75, and an Earnings Predictability of 65, the company does not perform more than average in all of these areas meaning they don’t really beat the index, they are somewhat stable, and they have an average consistency of earnings. Overall, all of the above inconsistencies and especially the overvalue of the current stock price, will not lead to satisfactory returns. Perhaps in the near future the tables will turn as the company does have many opportunities and room for slow growth, but it will require a watchful eye. Avon is a trusted company with a rich history, especially among women, so there is much possibility of vast improvement and capabilities of big interest to investors if the company is more observant with their financial movement and take care of their shareholders. XII. References Avon Products, Inc. Avon. com. 2011. 2 April 2011 Datamonitor. Business Source Premier. 7 June 2010. 3 April 2011 Fidelity. Fidelity. com. 2011. 8 April 2011 Hoover’s Inc. LexisNexis Academic. 8 April 2011. 8 April 2011 Investment Underground. Seeking Alpha. 21 March 2011. 2 April 2011 Investopedia. Investopedia. com. 2011. 6 April 2011 Kaplan, Jerome H. Value Line. 2011. 2 April 2011 L’Oreal. Loreal. com. 2011. 6 April 2011 Money-Zine. Money-Zine. com. 2011. 4 April 2011 Revlon. Revlon. com. 2011. 6 April 2011 Roberts, Andrew. Bloomberg. 17 March 2011. 2 April 2011 Sommer, Ron. Seeking Alpha. 21 March 2011. 2 April 2011 Town, Phil. Rule #1: The Simple Strategy for Successful Investing in only 15 Minutes a Week. 2011. 9 April 2011 Wikipedia. Wikipedia. com. 2011. 6 April 2011 Zachs. Yahoo! Finance. 16 March 2011. 2 April 2011 XIII. Appendix [pic][pic] [pic] ———————– Corporate Valuation: Avon Products, Inc. (NYSE:AVP) F