Single Women in Victorian England Essay Example | Topics and Well Written Essays - 2000 words

Single Women in Victorian England - Essay Example The lives and fortunes of single women in Victorian England. The society of Victorian England was, as we know, very class-riven. Thus the lives and fortunes of single women in that society depended largely on the class they were born into and on the resources available to them. Some, like Mary Carpenter, were fortunate in those resources.1 As H Schupf points out, 'Traditionally, the options available to the middle-class spinster without resources were commonly limited to governessing or authorship; but for those who were both financially independent and unencumbered by relatives, there existed the additional possibility of charitable work.'2 Clearly, for the working classes, the situation was quite different. Yet unlike their middle-class and upper class counterparts, working-class women had job opportunities as domestic servants and in factories and, though both these occupations were lowly paid and demanding. As Jeffreys writes, 'unmarried women from the working class did have access to work and the vast majority of them were absorbed in the domestic servant industry which relied almost entirely on unmarried women.'3 Becoming a domestic servant had its appeal for many young women of the time, as they were thus enabled to break free from the immediate constraints of their background: 'The discomfort of poor, overcrowded homes and the problems of family life, beset by high birth rates, high mortality rates, and the emigration of men overseas, may have rendered domestic service in more prosperous houses [initially at least] an attractive alternative'.4 Attractive, perhaps, but not always reliable, for such work was casual and often seasonal, depending as it did on the shifts and movements of the upper classes. Not... Clearly, for the working classes, the situation was quite different. Yet unlike their middle-class and upper class counterparts, working-class women had job opportunities as domestic servants and in factories and, though both these occupations were lowly paid and demanding. As Jeffreys writes, 'unmarried women from the working class did have access to work and the vast majority of them were absorbed in the domestic servant industry which relied almost entirely on unmarried women.'3 Becoming a domestic servant had its appeal for many young women of the time, as they were thus enabled to break free from the immediate constraints of their background: 'The discomfort of poor, overcrowded homes and the problems of family life, beset by high birth rates, high mortality rates, and the emigration of men overseas, may have rendered domestic service in more prosperous houses [initially at least] an attractive alternative'.4 Attractive, perhaps, but not always reliable, for such work was casua l and often seasonal, depending as it did on the shifts and movements of the upper classes. Not surprisingly, working-class single women were more sexually vulnerab

Functional Areas of Business Management Essay Example for Free

Functional Areas of Business Management Essay Abstract A summary of the sales and marketing functional areas of an organization’s structure as an examination of the overall role and responsibility of the managers of each area. The sales manager’s primary goal is the development, implementation and evaluation of the strategic goals they desire to achieve with the sale organization to be able to meet the company’s overall goals. The marketing manager is responsible for indentifying of the market space with respect to the client, client’s needs and the ability of the product to meet the customer’s needs. Marketing managers are also critical for conducting and evaluating the results of a SWOT analysis for the company. This information is vital to the development of corporate goals of the organization. Functional Areas of Business Management There are a number of functional groups that make up an organization’s structure. Each of these business areas or internal organizations within the company provides a vital function or role to the overall success of the business. Some of these functional groups include; finance, human resources, marketing, operations, sales, customer service, research and development to list a few standard functional business groups. The two functional areas of business that will be reviewed and explored with respect to the manger’s roles and associated responsibilities are the sales and marketing functional areas or organizations of a company. There is a strong correlation to these functions within a business organization. Many organizations may separate these two functional groups and others may closely integrate these to ensure the overall goals are achieved through the cross functional interaction of these resources. â€Å"Sales management can be most easily defined as planning, implementing, and controlling personal contact programs designed to achieve the sales and fit objectives of the firm† (Gale, 2006,). As a sales manager the responsibility is instilled upon this person to be the leader of the sale team. As the leader you are responsible for the strategic planning and the overall process of setting the desired goals of the sales organization and it is a vital function of the sales manager. â€Å"Goal setting is usually based on a companys overall sales objectives or targets† (Gale, 2007). These goals may be cascaded down from senior management in a large organization or be developed through the overall profit and growth that the company is trying to achieve. As the manager of the sales organization it will be important to examine the past history of the products you are selling as an initial assessment of the previous success. Once you have reviewed the revenue results you can compare these to the state of the economy and determine if these results were typical of the results that other competitor companies achieved in a similar market under these conditions. Also the manager will have to examine the resources that are available and determine if these resources are similar to that of the resulting period being evaluated. â€Å"The ability of the sales manager to set goals is strongly related to the desires to change past performance—by lifting all sales, high-margin sales, creating sales for new products, etc† (Gale, 2007). Implementing the strategic plans are the next key functions of the sales manager. Depending upon the overall size of the company, size of the territory to cover and the market to cover the sales department may be subdivided into regions. These regions would then have regional managers responsible for each region all working to achieve the overall sales goals and objectives developed within the organization. In developing the plans for implementing, the sales manager may have to answer questions such as â€Å"how should a sales force be structured? How large a sales force is needed† (Gale, 2006) etc. The sales manager will create strategies to be able to achieve the goals. The plans developed for implementation may also include such things as if training is required and if so then what training is required. They will also be concern with determining if there are requirements for new budgets or increases to old budgets to be able to implement the strategic plans and successfully execute the strategy. Marketing is the second functional area to be examined as a manager in the organizational structure. The overall function of the marketing department and the leaders of this organization can be viewed as the research group for determining the business needs of the client and indentifying the market place. (Moorman and Rust, 1999) â€Å"Define the marketing managers as the liaison between the customer and the product†. The marketing manager plays a vital role in understanding the client, understanding the marketing place the client represents and how the product best fits the overall needs of this market place. Once the marketing manager and the through the marketing team has identified the market space and the need for the product in it, they will then focus on creating a plan that best allows the company to successfully introduce or continue to succeed in selling the product in the identified market. The marketing manager will be responsible to set goals that will create a path for the identified product into the identified market and clients. The marketing manager will utilize the SWOT analysis to create the data that supports the need of a customer to buy and use a desired product. In the SWOT process the marketing manager will also typically identify if there is a market for a new product that the company may have interest in developing. This feedback will be relayed to the research and development organization to identify the economical impact of such a new design. This cost to develop the desired product will be evaluated against the potential revenue that can generate. With this information the company will typically decide if the investment will be made to develop the new product or if simply an old product can be modified to achieve the desired results to the client. Once a new product is developed or a current product is improved the marketing organization will determine the most beneficial way to introduce these changes to the desired client base. This method can vary from printed material in magazines, internet, client handouts or simply by the sale organization when directly dealing with the existing and new clients when they interact with them. There is significant correlation between the sale department and the marketing department in many industries today. Often it will be observed that the two roles of sales and marketing can be combined to a product marketing manager with sole responsibilities to a single product or product line. When the two functions are combined the manager will be responsible for the growth and success of the product. This manager will also be required to conduct the market research and develop the most successful path to market for the product. Whether the sales and marketing managers are reviewed individually or as a combined role they both play vital roles in the overall developing, implementing and evaluating of the companies goals. References Moorman, C., and Rust, R.T.(1999). â€Å"The role of marketing†, Journal of Marketing, Vol. 63, pp. 180-197 (special Issue) Sales Management. Encyclopedia of Management. Ed. Marilyn M. Helms. 5th ed. Detroit: Gale, 2006. 778-782. â€Å"Sales Management. Encyclopedia of Small Business. 3rd ed. Vol. 2. Detroit: Gale, 2007. 993-996

David Gauthiers Answer to Why Be Moral :: Argumentative Persuasive Essays

David Gauthier's Answer to Why Be Moral ABSTRACT: In this paper I argue that David Gauthier’s answer to the Why be moral? question fails. My argument concedes the possibility of constrained maximization in all the senses Gauthier intends and does not rely on the claim that it is better to masquerade as a constrained maximizer than to be one. Instead, I argue that once a constrained maximizer in the guise of "economic man" is transformed through an affective commitment to morality into a constrained maximizer in the guise of the "liberal individual," then a purely rational justification for morality must become invisible to the latter. If I can show this, then I can show that rational justification can have no motivational power for the "liberal individual" and that Gauthier fails to answer the problem of moral motivation. I begin by making what I take to be a crucial distinction. This distinction separates two levels at which a contract theory may operate. At the first level the contractarian theory is directed at the question of moral motivation. That is, it takes the idea of agreement to be the source of motivation to be or become moral. The agreement thus serves to bring into the moral domain agents who, prior to the agreement, were not moral agents. At the second level the contractarian theory is directed at the question of the content and justification of our most general normative principles and values. That is, it takes the idea of agreement to be the source of both content and justification. For convenience I will describe a theory which is contractarian at both levels as complete, and a theory which is contractarian at only one level as partial. The problem of moral motivation, when understood as a problem of enticing non-moral agents into the moral domain, is a specific problem only for a contractarian theory which is complete or which is partial at level one. A contractarianism which is partial at level two has no special obligations, qua contractarian theory, to answer the Why be moral? question. In other words, such a theory does not offer, and does not aim at offering, a contractarian answer to the Why be moral? question since it is not concerned with moral-non-moral distinction. The early Rawls (1971) and Gauthier (1975,1986) both offer complete theories, while the later Rawls (1980) and Thomas Scanlon (1982) offer theories which are partial at level two (I will drop the ‘at level two': this can be assumed unless I indicate otherwise).

Humanitys Fate in King Lear :: English Literature Essays

Humanity's Fate in King Lear Many tragedies have been written throughout history. The purpose of these tragedies were to illustrate some type of moral lesson. The tragic situation involves man's miscalculation of reality and the fatal results of those miscalculations. Our tragic hero must endure a great deal of suffering. It ends in his ruin or destruction. We must also understand that tragedy not only destroys the guilty, but also the innocent. The tragic hero represents what could happen to humankind. He is responsible for his society. He is a representation of our own fate. The fate of humanity will be discussed in King Lear, by William Shakespeare. In this moving play, our tragic hero was King Lear. Our tragic hero must also have a tragic flaw. Lear's tragic flaw was his vanity. Lear is so full of himself that he doesn't realize the truth. First of all, Lear wants to divide his kingdom up into three parts for his three daughters. Each daughter's portion depended on how much they would proclaim their love for him. Lear says, "Give me the map there. Know that we have divided in three our kingdom, and 'tis our fast intent to shake all cares and business from our age, conferring them on younger strengths while we unburdened crawl to death."(Act I, i, l. 38-41) Lear should not have relinquished his powers in the first place. He expects to be treated like a king when he no longer will have the power of a king. Secondly, he says, " Great rivals in our youngest daughter's love, long in our court have made their amorous sojourn, and here are to be answered. Tell me, my daughters ( Since now we will divest us both of rule, Interest of te rritory, cares of state), which of you should we say doth love us most? That we our largest bounty may extend where nature doth with merit challenge."(Act I, i, l. 47-53) Within these few lines, we see Lear's first sign of vanity. For one daughter to receive more land than another, one must proclaim their love to be more than the other. He is measuring their love with land. Naturally, his first two daughters, Goneril and Regan, will lie to him, but his vanity blinds him from the truth. Lear's first miscalculation was dividing his land between the daughters. The second is allowing his vanity to get the best of him.

CASE STUDIES †CHAPTER 8 Essay

CASE STUDY 1 1.Why did Freeport-McMoRan need a performance management system? †¢The price of copper jumped significantly in 2006, so they needed to ramp up production to make more profit †¢They needed to change their strategy on handling a changing marketplace and remaining competitive †¢Each mine was run separately, so employee organization was difficult to determine †¢They acquired a company which operated differently than they did, so they needed more standardization 2.How will it help the company if it has to adjust its strategy in the future? †¢A performance management system acts as a sort of template for organizational goals, and it can be modified fairly easily based on changing goals, conditions and variables †¢If contributions from certain areas with the organization need to change, the goals are available to everyone for easy and instant access 3.Do you think a pen-and-paper performance management system could have been as effective as the electronic system Freeport-McMoRan adopted? †¢No 4.Why or why not? †¢Electronic media is the only way to ensure instant, real-time, and consistent access to company information †¢Pen-and-paper is wasteful, especially since it can be easily outdated by minor changes made to information CASE STUDY 2 1.Why do nonprofits such as the San Diego Zoological Society need an appraisal system if their goal is not to maximize their profits? †¢Profits are not the only reason for appraisals: oEmployee development is also a key factor in determining success, and showing employees their value in the company by linking it to compensation oSetting and tracking goals is another way of ensuring growth in alignment with business objectives 2.What do you think are the pros and cons of using a web-based appraisal system? †¢Pros: instant, real-time access; quantifiable metrics; transparency; contribute to employee performance; helps to determine whether any performance gaps or missing areas exist that  need to be addressed †¢Cons: high implementation costs; not always simple to use; require a lot of explanation; reduces face-to-face contact among employees and supervisors 3.How do you think the new appraisal system will affect employees and the types of employees who work at the zoo? †¢When employees know the business objectives, they are more inclined to act in ways that support them †¢When employees support the business objectives, they feel more loyal to the organization, so retention will increase †¢The zoo will find it easier to hire employees who believe in their objectives and want to support them because they are clearly defined and easily accessible

Did Monetary Policy End the Great Depression

Did Monetary Policy End the Great Depression Free Online Research Papers â€Å"Monetary rather than fiscal policy ended the great depression in the USA† – Is this statement true? Was going off the Gold Stan Introduction The Great Depression initiated in 1929 with the â€Å"Black Tuesday† in October initiated a decade of under full employment production that only saw full recovery with the emergence of the Second World War. Particularly in the US, since many European countries saw an earlier recovery, whilst the US only saw the beginning of this process with the election of Roosevelt in 1933 and a change in policy that included the implementation of the New Deal. Unemployment and GDP were way of trend and the policies to correct were late and probably not the appropriate ones, as monetary tightness by the FED has been widely accepted to have been an incorrect policy that further pushed backwards an already struggling economy. This essay analyses what motivated the end of the Great Depression, and asks whether fiscal and monetary policies were effective. But in the end it seems that the black decade for US economy was only fully recovered with the burst of the World War II (WWII), and the impact this had on public spending, production, employment and exports, despite the high levels of economic growth even before the war. Even before the crisis the FED used a tight monetary policy option that carried through all the length of the Depression. There was a monetary response to the economic problems but this policy came late and it was mostly about going off the Gold Standard in 1933 and the devaluation of the dollar. This could have encouraged a beggar-thy-neighbour behaviour and could have started a race to the bottom, in chasing higher competitiveness for a currency that would motivate successive devaluations improving a country position by leaving the other worse off. On the other hand Roosevelt’s fiscal policy was not exactly Keynesian in the sense that he wanted a balanced budget and never ran big deficits. In fact, under Hoover, the deficits run between 1929 and 1932 were higher than those registered by the New Deal administration. This is one of the main reasons why monetary policy was more effective than fiscal policy, because the fiscal response was insufficient, whilst, even though late, the monetary policy injected a lot more money in the economy. â€Å"Between 1933 and 1937 real GNP in the United States grew at an average rate of over 8 percent per year; between 1938 and, 1941 it grew over 10 percent per year. These rates of growth are spectacular† (Romer). Still â€Å"After six years of recovery, real output remained 25 percent below trend, and private hours worked were only slightly higher than their 1933 trough level† (Cole, H. L. and Ohanian, L. E.). So, despite the rapid and spectacular growth, it was not enough to go back to full employment and to potential GDP level. In spite this fact, something was indeed done to boost the economy after the big slump of 1929 to 1933 and it seems to indicate that going off the Gold standard was a defining moment as 1933 was the beginning of the recovery process. ? Monetary rather than fiscal policy ended the depression? This statement seems to be true especially if one looks at Romer’s paper that also highlights that there was not enough strength in the economy to put itself back on track. On the other hand, Cole and Ohanian argued that some of the fiscal policies carried by Roosevelt were counterproductive, mainly the pursuit of high wages, emphasizing that the fiscal policy did not have the expected effect on resolving the crisis, but rather slowed down the economy. Actual trend and Real Gross National Product, 1919-1942 The deviation of potential GNP shown in the graph is evident as is also evident the growth of the economy in the 1930s, apart from the crisis in 1938, that was motivated by a cutting in spending as budget deficit decreased from -4.4 to -2.2, as well as other cuttings made by the government in some key areas. What motivated this boom was, as Romer sees it and as she illustrates it in the graphs bellow, a direct consequence of monetary policy and nothing to do with the fiscal policy. In this model created by Romer all the accountability for the recovery goes to the monetary policy(on the right) as her econometric model does not see a great effect in the pursue of the fiscal policy. One might wonder whether this fact is because New Deal fell way below what one may consider as a Keynesian stimulus pack, as no big deficits were ever carried, in order to provide a demand shock that could put the economy back on track. Compared to the recovery in Germany much stimulated by government spending, where it was seen that a fiscal policy did pull up the economy, the fiscal stimulus in the US was insufficient. GDP vs. Budget % On the graph above we can see that first the fiscal policy carried could not have been enough for what was the biggest economic downfall ever felt in economic history, and especially it cannot be compared to a Keynesian stimulus of increasing government spending in order to make up for the fall of â€Å"animal spirits†. It seems that what really boosted government spending was WWII and this motivated bigger growth rates than the ones in the period from 1933 to 1937, where fiscal policy did not have much impact as it was scarce. The extraordinary growth rates during the period between 1933 and 1937 have a causation that might also not be just purely economic and rather psychological and though this is little approached the change of government from Hoover to Roosevelt could have lifted â€Å"animal spirits† as Temin and Wigmore say it in their paper â€Å"a change in expectations worked with changes in macroeconomic policies to produce changes in prices and real variables that cannot be understood as the result of the new macroeconomic policies taken in isolation.† ? Undoubtedly Roosevelt’s policy were a shift in the government from a rather â€Å"Laissez Faire† strategy to a more interventionist one. This had not only a macroeconomic effect but also changed people’s perception of the state and of the course of the current administration as being able to shift with Hoover’s incapability to deal with the crisis. The policies pursued were not absolutely perfect and moreover were late as stimulus packs. Going off the Gold Standard and the devaluation of the currency were pursued by the UK and other European states in 1931 leading to a faster recovery than what happened in the US. But for a late response it did have â€Å"spectacular†(Romer) growth rates, though this has to be analysed as not only a consequence of the policies pursued but also as the impact it had on â€Å"animal spirits† and on the confidence of the economic agents. ? Monetary Policy and going off the Gold Standard Monetary expansion in 1933 was indeed the boost that provided the pillars to economic recovery, despite the inaction played by the FED as was argued by Friedman and Schwartz and was confirmed by the current chairman Ben Bernanke â€Å"I would like to say to Milton and Anna†¦regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.†, illustrating the ineffective response to the 1929 crisis. This inaction resulted in a longer and more serious crisis than what would have happened if there was not a tight monetary policy. Going off the Gold Standard was not something new and brought only about in this inter war period. Countries used to do it either if they wanted to carry deficits or whether they wanted to devaluate the currency since the Gold Standard did not allow these practices. These sort of practices happened especially during the period of the First World War (WWI). Countries during this period needed to print money and to run budget deficits to support the war effort. So the same type of response came to no surprise when in September 1931 UK, Sweden and Norway went off the Gold and devaluated their currency. This practice was followed also by Denmark and Finland that before the end of the year had also taken this measure. The US however only went off Gold in 1933 and devaluated their currency by 41%. This motivated a Gold inflow that resulted in a lowering of interest rates that was crucial to revive the economy, and the money supply grew at a rate of 10% between 1933 and 1937 that caused GDP to also experience an unseen growth during this time. â€Å"The devaluation of the dollar was the single biggest signal that the deflationary policies implied by adherence to the Gold standard had been abandoned, that the iron grip of the Gold standard had been broken. Devaluation had effects on prices and production throughout the economy, especially on farm and commodities prices, not simply on exports and imports. It sent a general message to all industries because it marked a change in direction for government policies and for prices in general.† (Temin Wigmore) The devaluation of the dollar, combined with the instability in Europe that lead to many Gold inflows to the US, and a more competitive position in the market, makes it clear that this decision was indeed vital to the recovery. But despite these economic shifts in position and despite knowing that without a doubt the monetary policy was more effective than the fiscal one carried by Roosevelt. The recession did not come about till the burst of WWII. This is confirmed by the graph of Actual trend and Real Gross National Product, 1919-1942 shown previously, where the GNP only meets its trend in 1942. Conclusion fiscal policy seems to have been an unsuccessful recovery device in the thirties-not because it did not work, but because it was not tried. Milton Friedman and Anna Scwhartz The US pursued a monetary policy that had its results due partially to the instability in Europe that motivated a Gold inflow. On the other hand New Deal and the fiscal policy were not sufficient in recovering the US economy as Romer said it. For Ohanian and Cole it was even counterproductive as it raised wages, which did not allow for a normal recover to take place â€Å"contrast sharply with neoclassical theory, which predicts a strong recovery from the Great Depression with low real wages, not a weak recovery with high wages† (Ohanian Cole) What ended the depression was the burst of WWII but the instability felt before made that the inefficient and late monetary policy had bigger results than it would normally, as the US only went of the Gold Standard in 1933, two years after the first European countries to have done it. There seems to be a correlation between going off the Gold Standard and recovery as the earlier countries to do it enjoyed earlier recoveries, and despite enjoyed great economic growth rates, the US had to deal with a lag of two years compared with the European powers. The extraordinary growth in monetary basis (M1) allowed for a recovery as it allowed for greater spending, for a rapid growth of output and for a boost in confidence, and it contrasted with a weak fiscal response that fell way behind expectations as Roosevelt still felt that a balanced budget was a crucial point and could not be abandoned, therefore colliding with Keynesian theory. ? Bibliography Romer, C. D., 1992, What Ended the Great Depression? Journal of Economic History, December Eichengreen B. And J. Sachs, 1985, â€Å"Exchange Rates and Economic Recovery in the 1930s,† Journal of Economic History December Temin, P B. A.Wigmore, 1990, The end of One Big Deflation,† Explorations in Economic History Cole, H.L and L.E. Ohanian, 2004, â€Å"New Deal policies and the persistence of the Great Depression: A general equilibrium analysis†, Journal of Political Economy, No4 Bernanke, B and M. Parkinson, (1989) â€Å"Unemployment, Inflation and wages in the American Depression: Are there lessons for Europe?† American economic Review, May Christina D. Romer Forthcoming in the Encyclopà ¦dia Britannica December 20, 2003 Eichengreen, B., 1992, Golden Fetters, Remarks by Governor Ben S. Bernanke At the H. Parker Willis Lecture in Economic Policy, Washington and Lee University, Lexington, Virginia March 2, 2004 Clif Droke â€Å"Bernanke on the Great Depression† June 29, 2009 http://seekingalpha.com/article/133883-will-deficit-stimulus-spending-help-or-hurt-economic-recovery Research Papers on Did Monetary Policy End the Great DepressionAppeasement Policy Towards the Outbreak of World War 2PETSTEL analysis of IndiaThe Effects of Illegal ImmigrationInfluences of Socio-Economic Status of Married MalesPersonal Experience with Teen PregnancyDefinition of Export QuotasCapital PunishmentBionic Assembly System: A New Concept of SelfTwilight of the UAWNever Been Kicked Out of a Place This Nice

Friendship and the theories of Friendship.

Friendship and the theories of Friendship. Friendship is defined by Philip Zimbardo as a relationship between people characterized by intimacy but not by passion and commitment. Zimbardo uses his reward theory to show us how people get attracted to each other, being it friendship or a relationship. The idea revealed in the reward theory is that attraction is a form of social learning based on social costs and benefits and hence we like those who give us maximum rewards at minimum costs. Zimbardo also introduces concepts like proximity, similarity, self disclosure, and physical attractiveness as factors that determine our relationships.English: Picture taken during the XXIX Internacion...The principle of proximity says that we are more likely to be friends with people that are closer to us than those that are further away. However, this may not be necessarily true since the nearer somebody is to us the higher the possibility of an argument. The other principle introduced by Zimbardo is the Similarity principle. This principle is the notion that people are attracted to those who are most similar to themselves. This concept may be observed among college students, however, this notion of similarity may not be universal since many cultures now encourage interactions between people with dissimilar beliefs. Another principle is Self disclosure. This perception dictates that good friends and lovers share intimate details about themselves. This principle is true since people are more likely to disclose their secrets to their best friend. However this is changing because of the issues of trust and betrayal. Now people choose to tell their secrets to people they meet online since they are less likely to betraythem.The last is the notion of physical attractiveness. This idea denotes that most people are repelled by the idea that they might make judgments based only on looks. The book says that college students when asked what...

Vietnam War Brigadier General Robin Olds

Vietnam War Brigadier General Robin Olds Born July 14, 1922, in Honolulu, HI, Robin Olds was the son of then-Captain Robert Olds and his wife Eloise. The oldest of four, Olds spent the majority of his childhood at Langley Field in Virginia where his father was stationed as an aide to Brigadier General Billy Mitchell. While there he also associated with key officers in the US Army Air Service such as Major Carl Spaatz. In 1925, Olds accompanied his father to Mitchells famed court-martial. Dressed in a child-size air service uniform, he watched his father testify on Mitchells behalf. Five years later, Olds flew for the first time when his father took him aloft. Deciding on a military career at an early age, Olds attended Hampton High School where he became a standout in football. Declining a series of football scholarships, he elected to take a year of study at Millard Preparatory School in 1939 prior to applying to West Point. Learning of the outbreak of World War II while at Millard, he attempted to leave school and enlist in the Royal Canadian Air Force. This was blocked by his father who forced him to stay at Millard. Completing the course of study, Olds was accepted to West Point and entered the service in July 1940. A football star at West Point, he was named an All-American in 1942 and later was enshrined in the College Football Hall of Fame. Learning to Fly Selecting service in the US Army Air Forces, Olds completed his primary flight training in the summer of 1942 at the Spartan School of Aviation in Tulsa, OK. Returning north, he passed through advanced training at Stewart Field in New York. Receiving his wings from General Henry Hap Arnold, Olds graduated from West Point on June 1, 1943, after completing the academys accelerated wartime curriculum. Commissioned as a second lieutenant, he received an assignment to report to the West Coast for training on P-38 Lightnings. This done, Olds was posted to the 479th Fighter Groups 434th Fighter Squadron with orders for Britain. Fighting Over Europe Arriving in Britain in May 1944, Olds squadron quickly entered combat as part of the Allied air offensive prior to the invasion of Normandy. Dubbing his aircraft Scat II, Olds worked closely with his crew chief to learn about aircraft maintenance. Promoted to captain on July 24, he scored his first two kills the following month when he downed a pair of Focke Wulf Fw 190s during a bombing raid over Montmirail, France. On August 25, during an escort mission to Wismar, Germany, Olds shot down three Messerschmitt Bf 109s to become the squadrons first ace. In mid-September, the 434th began converting to the P-51 Mustang. This required some adjustment on Olds part as the single-engine Mustang handled differently than the twin-engine Lightning. After downing a Bf 109 over Berlin, Olds completed his initial combat tour in November and was given two months leave in the United States. Returning to Europe in January 1945, he was promoted to major the following month. On March 25, he received command of the 434th. Slowly increasing his score through the spring, Olds scored his final kill of the conflict on April 7 when he destroyed a Bf 109 during a B-24 Liberator a raid over LÃ ¼neburg. With the end of the war in Europe in May, Olds tally stood at 12 kills as well as 11.5 destroyed on the ground. Returning to the US, Olds was assigned to West Point to serve as an assistant football coach to Earl Red Blaik. Postwar Years Olds time at West Point proved brief as many older officers resented his rapid rise in rank during the war. In February 1946, Olds obtained a transfer to the 412th Fighter Group and trained on the P-80 Shooting Star. Through the remainder of the year, he flew as part of a jet demonstration team with Lieutenant Colonel John C. Pappy Herbst. Seen as a rising star, Olds was selected for a US Air Force-Royal Air Force exchange program in 1948. Traveling to Britain, he commanded No. 1 Squadron at RAF Tangmere and flew the Gloster Meteor. With the end of this assignment in late 1949, Olds became the operations officer for the F-86 Sabre-equipped 94th Fighter Squadron at March Field in California. Olds next was given command of the Air Defense Commands 71st Fighter Squadron based at the Greater Pittsburgh Airport. He remained in this role for much of the Korean War despite repeated requests for combat duty. Increasingly unhappy with the USAF, despite promotions to lieutenant colonel (1951) and colonel (1953), he debated retiring but was talked out of it by his friend Major General Frederic H. Smith, Jr. Shifting to Smiths Eastern Air Defense Command, Olds languished in several staff assignments until receiving an assignment to the 86th Fighter-Interceptor Wing at Landstuhl Air Base, Germany in 1955. Remaining abroad for three years, he later oversaw the Weapons Proficiency Center at Wheelus Air Base, Libya. Made Deputy Chief, Air Defense Division at the Pentagon in 1958, Olds produced as series of prophetic papers calling for improved air-to-air combat training and the increased production of conventional munitions. After assisting in generating the funding for the classified SR-71 Blackbird program, Olds attended the National War College in 1962-1963. Following graduation, he commanded the 81st Tactical Fighter Wing at RAF Bentwaters. During this time, he brought over former Tuskegee Airman Colonel Daniel Chappie James, Jr. to Britain to serve on his staff. Olds left the 81st in 1965 after forming an aerial demonstration team without command authorization. Vietnam War After brief service in South Carolina, Olds was given command of the 8th Tactical Fighter Wing at Ubon Royal Thai Air Force Base. As his new unit flew the F-4 Phantom II, Olds completed an accelerated training course on the aircraft before departing to take part in the Vietnam War. Appointed to instill aggressiveness into the 8th TFW, Olds immediately placed himself on the flight schedule as a rookie pilot upon arriving in Thailand. He encouraged his men to train him well so that he could be an effective leader for them. Later that year, James joined Olds with the 8th TFW and two became known among the men as Blackman and Robin. Increasing concerned about F-105 Thunderchief losses to North Vietnamese MiGs during bombing missions, Olds designed Operation Bolo in late 1966. This called for 8th TFW F-4s to mimic F-105 operations in an effort to draw enemy aircraft into combat. Implemented in January 1967, the operation saw American aircraft down seven MiG-21s, with Olds shooting down one. The MiG losses were the highest suffered in one day by the North Vietnamese during the war. A stunning success, Operation Bolo effectively eliminated the MiG threat for most of the spring of 1967. After bagging another MiG-21 on May 4, Olds shot down two MiG-17s on the 20th to raise his total to 16. Over the next few months, Olds continued to personally lead his men into combat. In an effort to raise morale in the 8th TFW, he began growing a famed handlebar mustache. Copied by his men, they referred to them as bulletproof mustaches. During this time, he avoided shooting down a fifth MiG as he had been alerted that should he become an ace over Vietnam, he would be relieved of command and brought home to conduct publicity events for the Air Force. On August 11, Olds conducted a strike on the Paul Doumer Bridge in Hanoi. For his performance, he was awarded the Air Force Cross. Later Career Leaving the 8th TFW in September 1967, Olds was made Commandant of Cadets at the US Air Force Academy. Promoted to brigadier general on June 1, 1968, he worked to restore pride in the school after a large cheating scandal had blackened its reputation. In February 1971, Olds became director of aerospace safety in the Office of the Inspector General. That fall, he was sent back to Southeast Asia to report on the combat readiness of USAF units in the region. While there, he toured bases and flew several unauthorized combat missions. Returning to the US, Olds wrote a scathing report in which he offered deep concerns in regard to a lack of air-to-air combat training. The following year, his fears were proven true when the USAF incurred a 1:1 kill-loss ratio during Operation Linebacker. In an effort to aid the situation, Olds offered to take a reduction in rank to colonel so that he could return to Vietnam. When this offer was refused, he elected to leave the service on June 1, 1973. Retiring to Steamboat Springs, CO, he was active in public affairs. Enshrined in the National Aviation Hall of Fame in 2001, Olds later died on June 14, 2007. Olds ashes were interred at the US Air Force Academy. Selected Sources Robin Olds: BiographyAce Pilots: Major Robin Olds in World War IIUS Air Force: Legendary Fighter Pilot Robin Olds Dies

Pay Rolls and Internal Audit Essay Example | Topics and Well Written Essays - 2000 words

Pay Rolls and Internal Audit - Essay Example No lapses were found in the management of pay roll or audit but the need to strengthen the control and improve the process of payment and audit in order to make process more and more accurate and transparent regarding the payment procedure were suggested. The need of strengthening of control of staff pay roll advances, and the need of obtaining additional and timely information from the HR department to ensure maintenance of better personal records was stressed. There was significant progress achieved through installation of computerized system for this purpose. The process of reviewing and procedures of documenting must take into consideration the gradual computerization of the process along with addressing the issues like leave on loss of pay and the adjustments made for that purpose. There is a need to make arrangements to produce salary statements according to the revised schemes in order to enable payroll department to distribute the sample for verification of major key salary e lements on the personnel data bank. The process of staff pay roll advances can be strengthened through analysis and regular follow up of accounts. The outstanding dues are liable to review and should be brought up to date. The HR department should discuss with Payroll Unit regarding providing a list of appointments, extension, cessations, leave for loss of pay for both regular and contract staff for ensuring a proper tallying of personnel records with pay roll records. If this type of communication is done manually or not done regularly, its effect on HR department will be costly. As the system was computerized it is now possible to obtain this information but there is a need of maintaining a database named personnel information system. Right now the work of personnel information department also was maintained by payroll unit only. This is making the system less efficient and even less accurate due to the non availability of up to date information. Regarding the large number of alternate arrangements due to absence of staff, non appointment of regular staff, the lack of staff due to leaves on loss of pay; they involve an increment in cost to the company. Necessary steps were not taken to regularize the monitoring on these things and even to reduce the increment of pay due to these arrangements. The review of payments processed by payment authorities is also important. This type of reviews result in strengthening control over travel expensed by reviewing travel claims and assurance that all travel is verified to feasible extent. The airline boarding passes, train tickets verification must be reviewed. The review can cover the travel expenses of permanent travelers, frequent travelers and the personnel traveling less often. The differences in the procedures must be studied and the verification process can be done with the knowledge of pay roll department to avoid complications as they will be in constant contact with the data base of all the staff. ( if the data base was provided. A recommendation for that type of data base was done earlier in the paper. No information of existing database was given in the information of the company) The proposal of informing the instructions issued to managers of different departments who approve the payments to pay toll department can be mooted to make two obligations between payroll and internal audit more reasonable. This makes the pay roll

Meniscus of the Knee Essay Example | Topics and Well Written Essays - 1000 words

Meniscus of the Knee - Essay Example The menisci also cup the joint surfaces of the femur and therefore provide some degree of stabilization to the knee. The meniscus itself is for the most part avascular that is it doesn't bleed if cut and doesn't have blood vessels inside. The exception to this is at the periphery where it joins to the vascular knee lining providing the outermost 20% of the meniscus with a blood supply. As a result of this avascularity a torn meniscus doesn't have the ability to heal itself unless there is just a small tear confined to the peripheral vascular zone. Similarly the nerve supply providing pain and sensation to the meniscus is for the most part limited to the zone where the blood vessels are located. In terms of descriptive terminology orthopaedic surgeons divide the meniscus into thirds with three geographical zones;the front third is referred to as the anterior horn, the back third the posterior horn, and the middle third the body. Some people think that only athletes can tear a meniscus. This is not true. Even people who do not consider themselves "athletes" can tear a meniscus. Some menisci (plural) tear during activities of daily living such as getting in and out of a car or squatting. Menisci also tear during participation in recreational activities such as skiing, dancing, or racquetball. There are two different mechanisms for tearing a meniscus. Traumatic tears result from a sudden load being applied to the meniscal tissue which is severe enough to cause the meniscal cartilage to fail and let go. These usually occur from a twisting injury or a blow to the side of the knee that causes the meniscus to be levered against and compressed. Degenerative meniscal tears are best thought of as a failure of the meniscus over time. There is a natural drying-out of the inner centre of the meniscus that can begin in the late 20's and progresses with age. The meniscus becomes less elastic and compliant and as a result may fail with only minimal trauma (such as just getting down into a squat). Sometimes there are no memorable injuries or violent events which can be blamed as the cause of the tear. The association of these tears with aging makes degenerative tears in a teenager almost unheard of. There are many techniques for meniscal repair and these will depend on the location of the tear. The techniques include an open procedure (following arthroscopic examination of the joint) or the arthroscopic 'inside-out', 'outside-in' and 'all-inside' procedures. The open technique has been advocated for vertical tears of the posterior horn of the lateral and medial menisci within 1-2 mm of the meniscosynovial junction, where visualisation with the arthroscopy is difficult. In all cases the torn surfaces of the meniscus are derided of scar tissue and fibrin clot can be placed in situ before the sutures are tied to enhance healing. Repaired meniscal tears heal if there is adequate blood supply and tissue stability. A stable knee is therefore important and increased

Characteristics of japanese schooling Research Paper

Characteristics of japanese schooling - Research Paper Example This essay stresses that there is a large number of people who want the system to be more flexible to the students because the current level of strictness has caused many to send their children to schools in addition the regular public schools children attend during the daytime. Japan conventionally follows a strict layout of curriculum and coursework for education at all levels and room for modification in curriculum or the educational trends in Japan is little, despite the fact that it contrasts with the diverse level of competency among the Japanese students. This paper makes a conclusion that increasing general reliance of people on part-time educational institutions like jukus and yobikos has paved way for many businessmen to adopt this as their profession since the practice guarantees huge monetary benefits. However, an in-depth analysis of the routine of students that go to these institutions suggests that these students spend a major portion of their day in schools. This is adversely affecting their social life as they do not get enough time to socialize with their friends and family. This may result in the production of a silo-minded generation in which the individuals lack bondage. In addition to that, people’s trust in jukus and yobikos more than on public schools speaks bad of the role of formal educational institutions in the overall academic nurturing of students in Japan.

Online Alternative Dispute Resolution Essay Example | Topics and Well Written Essays - 6250 words

Online Alternative Dispute Resolution - Essay Example Dispute resolution is the process of resolving disputes between parties, and there are various methods of dispute resolution, which includes such things as: lawsuits (litigation), arbitration, mediation, conciliation, as well as many types of negotiation. Dispute resolution processes fall into two major types: adjudicative processes, such as litigation or arbitration, in which a judge, jury or arbitrator determines the outcome; and consensual processes, such as mediation, conciliation, or negotiation, in which the parties attempt to reach agreement. Some use the term dispute resolution to refer only to alternative dispute resolution (ADR); of which generally depends on agreement by the parties to use ADR processes, either before or after a dispute has arisen. However, dispute resolution can also take place online by using technology in certain cases. Online Dispute Resolution, a growing field of dispute resolution, uses new technologies to solve disputes. It also involves the applica tion of traditional dispute resolution methods to disputes which arise online.1 There are a vast array of factors, elements, and subordinated issues in this subject matter, and in order to come to a clearer and more knowledgeable understanding on this issue, the following questions must be addressed: 1. What is the definition and scope of application in regards to Online Dispute Resolution 2. What is the importance of the rise of Online Dispute Resolution 3. What are the similarities and differences between Online Dispute Resolution and Alternative Dispute Resolution 4. What are some problems affecting efficiency in regards to Online Dispute Resolution in the shadow of the law 5. What are some problems affecting efficiency in regards to the trust mechanism in the online environment By thoroughly discussing these five questions, we can come to a more intellectual and critical point of view on the subject matter at hand. The aim of this paper is to discuss all of this, as well as any and all key elements and factors in relation to this. This is what will be dissertated in the following. What is the Definition and Scope of Application in Regards to Online Dispute Resolution Online Dispute Resolution is a branch of dispute resolution which uses specific technology in order to facilitate the resolution of disputes between parties. It primarily involves negotiation, mediation or arbitration, or a combination of all three. In this respect it is often seen as being the online equivalent of Alternative dispute resolution (ADR). However, ODR can also augment these traditional means of resolving disputes by applying innovative techniques and online technologies to the process.2 Online Dispute Resolution can take place either entirely or simply partly online and primarily concerns two types of disputes: those that arise in cyberspace and those that arise offline. As Internet usage continues to expand, it has become increasingly necessary to design efficient mechanisms for resolving Internet disputes because traditional mechanisms, such as

Teledentistry Thesis Example | Topics and Well Written Essays - 500 words

Teledentistry - Thesis Example ves unique techniques such as self-directing online study, streaming media, webcast and real-time video conferencing, which are utilized to deliver dental education, either live or on demand. These techniques have changed dental and dental hygiene education in many ways, for example; the technology in teledentistry involves a two-way communication video and audio communication-making training visual and efficient. This paper has also discussed the challenges faced by teledentistry especially those that are technologically related. Relevant information was gathered through primary and secondary methods of data collection. The primary data sought was from telemedicine and teledentistry related books and scholarly journals as well as formal websites. Moreover, the information gathered from primary data is reflected in the literature review section. Secondary data was collected through random sampling, where students below the age of twelve were selected and both dental care and hygiene from direct observation and observation from a distance was carried out. The main aim of the observation was to compare the results between direct observation and observation at a distance after which a conclusion was drawn. Having compared the results, the figures and samples were comprehensively discussed and this brought the paper to further recommendation in case of a future research. Finally, conclusions were drawn from the findings and, the future of teledentistry was mentioned. The purpose of the examination procedure was done as a procedure to control infection among the ten randomly chosen children of below 12 years. The examination covered hard and soft tissue problems such as missing teeth, caries, and inflammations among others. For the observed dental illnesses, the patients would be referred to orthodontics, periodontics, endodontic and, surgery. The children were directly diagnosed, and diagnosis using electronic telediagnosis after which result were compared. However,

Online Alternative Dispute Resolution Essay Example | Topics and Well Written Essays - 6250 words

Online Alternative Dispute Resolution - Essay Example Dispute resolution is the process of resolving disputes between parties, and there are various methods of dispute resolution, which includes such things as: lawsuits (litigation), arbitration, mediation, conciliation, as well as many types of negotiation. Dispute resolution processes fall into two major types: adjudicative processes, such as litigation or arbitration, in which a judge, jury or arbitrator determines the outcome; and consensual processes, such as mediation, conciliation, or negotiation, in which the parties attempt to reach agreement. Some use the term dispute resolution to refer only to alternative dispute resolution (ADR); of which generally depends on agreement by the parties to use ADR processes, either before or after a dispute has arisen. However, dispute resolution can also take place online by using technology in certain cases. Online Dispute Resolution, a growing field of dispute resolution, uses new technologies to solve disputes. It also involves the applica tion of traditional dispute resolution methods to disputes which arise online.1 There are a vast array of factors, elements, and subordinated issues in this subject matter, and in order to come to a clearer and more knowledgeable understanding on this issue, the following questions must be addressed: 1. What is the definition and scope of application in regards to Online Dispute Resolution 2. What is the importance of the rise of Online Dispute Resolution 3. What are the similarities and differences between Online Dispute Resolution and Alternative Dispute Resolution 4. What are some problems affecting efficiency in regards to Online Dispute Resolution in the shadow of the law 5. What are some problems affecting efficiency in regards to the trust mechanism in the online environment By thoroughly discussing these five questions, we can come to a more intellectual and critical point of view on the subject matter at hand. The aim of this paper is to discuss all of this, as well as any and all key elements and factors in relation to this. This is what will be dissertated in the following. What is the Definition and Scope of Application in Regards to Online Dispute Resolution Online Dispute Resolution is a branch of dispute resolution which uses specific technology in order to facilitate the resolution of disputes between parties. It primarily involves negotiation, mediation or arbitration, or a combination of all three. In this respect it is often seen as being the online equivalent of Alternative dispute resolution (ADR). However, ODR can also augment these traditional means of resolving disputes by applying innovative techniques and online technologies to the process.2 Online Dispute Resolution can take place either entirely or simply partly online and primarily concerns two types of disputes: those that arise in cyberspace and those that arise offline. As Internet usage continues to expand, it has become increasingly necessary to design efficient mechanisms for resolving Internet disputes because traditional mechanisms, such as

Analyzing a company an dmaking comparisons Research Paper

Analyzing a company an dmaking comparisons - Research Paper Example An analysis of activity ratios and profitability ratios of both companies i.e. ENERSYS and EXIDE is conducted for time period from 2010-2011. The first ratio calculated is profit margin, which is Net Profit/Total Revenue. Net profit margin/Total Revenue is an important measure of profitability and tells how much a company has earned after it has paid off all its expenses. So ENERSYS profitability is calculated to estimate where ENERSYS currently stands in comparison to its competitors. ENERSYS net profit margin is 6% in 2011 and 4% in 2010. Exide’s net profit margin is 1% in 2011 and -4% in 2010. Clearly, ENERSYS is way ahead of Exide in terms of profitability as ENERSYS earns a profit of 6% in 2011over its revenue earned. This means that ENERSYS gets to keep a profit share of 6% after all its expenses has been paid. On the other hand, Exide earns a net profit of only 1% in 2011, which means that Exide gets to keep a profit of only 1% after all its expenses have been paid. So, ENERSYS performs well as it earns more net income then Exide. However, Exide has improved more than ENERSYS since 2010 as Exide’s profit margin improved from -4% to 1%, while ENERSYS’s profit margin increased from 4% to 6% (ENERSYS, 2011). ENERSYS Return on Assets was 6% in 2011, so it earned 6% on its assets which is much better than Exide’s ROA of 1%. . SO, clearly in terms of profitability ENERSYS outperforms Exide. Receivables turnover ratio for ENERSYS was 4.05 in 2011 and 3.98 in 2010, while receivables turnover ratio for Exide was 5.35 in 2011 and 5.23 in 2010. ENERSYS Days Sales outstanding was 89 days in 2011 and 92 days in 2010, while Exide’s days sales outstanding was approximately 68 days in both 2011 and 2010 (Seeking Alpha, 2011).. Looking at the activity ratios for both Exide and ENERSYS, it is surprising to note that Exide performs well then ENERSYS in its asset utilization. Exide is better able to collect its revenue money after sales ha ve been made in few days and so would convert its revenue to cash sooner than ENERSYS. ENERSYS’s competitive financial position is strong in terms of its profitability as it has a higher net income in previous years as compared to its competitors and higher total assets, and has made a lot of capital investments. However, ENERSYS is weaker in utilization of assets and has to put in stringent policies in order to tackle the issue (Yahoo, 2011a). A careful analysis of Free Cash Flow available to the firm will determine which firm is outperforming the other. Calculating the Free Cash Flow to Firm by adding Cash Flow from Operations to Interest expense and fixed investments, it is seen that Exide has greater Free Cash Flow to Firm than ENERSYS. ENERSYS free cash flow to firm is $31945000, while Exide’s Free Cash Flow is $35088000. Also, looking at the cash flow statement of both companies, ENERSYS has a negative cash flow due to higher investment in capital and higher debt financing. However, despite negative cash flow during 2011(Yahoo, 2011b), ENERSYS still has more cash reserves than Exide. This shows that ENERSYS is making profits and is not holding back as it is buying more capital in order to increase and develop further for the future. ENERSYS fixed capital expenditures entails that it will have a much positive outlook in

City of Mount Rainier Essay Example for Free

City of Mount Rainier Essay Neither does the department of Economic Development for the City of Mount Rainier handle nor is it involved with any matrix of the pricing strategy. As the Organization for Economic Co-operation and Development (OECD) in 2006 stated on production, packaging and pricing, production cycle involves a flow from the dealers, employees and customers automatically between the functional areas and internationally. Reduced ‘product to market’ cycle meant to ensure full and on time delivery to customers keeps a business on track by reducing errors, inefficiencies and high running costs. However, the City does offer a mix of products solely based on promoting development of blighted or under used parcels. Thus, it is critical that any incentive or business assistance be directed to accomplish the marketing objectives of the City of Mount Rainier. For example, the city will offer or sponsor Tax Increment Financing, State grants or Infrastructure Grants to developers to increase interest and make the area more attractive. This is very necessary for the City to be able to compete with other local municipalities and the District of Columbia, making it imperative for the City to use incentives for redevelopment of the downtown business district. Especially considering that the addition of businesses will create higher paying jobs, large capital investment, tourism and greater benefits to the local community. With this in mind, its primary objective is to add to the diversity of the current business population, increase essential tax base in the area, and pursue the highest quality of jobs and investment by providing an overall balanced approach to economic development for the City. Organizations channel design. A good organizations’ channel design enables exchange of information and ideas with external or outsourced personnel such as financial assistants, engineers, designers, and other partners. It is a system that provides solutions including help to speed up development processes and enhance further future improvements in efficiency With this the City of Mount Rainier can be able to streamline the entire value chain, including all key suppliers, subcontractors, and service providers. The system platform raises transparency of production processes, permitting them to identify potential problems at an early stage, and to take immediate action. According to Kotler and Keller (2008), â€Å" a marketing channel performs the work of moving products from producers to consumers, overcoming the time, place, and possession gaps that separate goods and services from those that want them† (p. 232). The Department of Economic Development for the City of Mount Rainier employs a two –level channel of marketing with at least two intermediaries. The City’s intermediately roles are that of an agent and facilitator. Attracting entrepreneurs and private investment opportunities is the primary goal of economic development in the City of Mount Rainier. As for the Department of Economic Development, the greatest aspiration is to turn around Mount Rainier, making the City one of the best places in the world in which to start a profession or grow a business. The department is working to reposition Mount Rainier as the next great American city for business investment and economic opportunity. This entails employing a balanced attack with corresponding efforts to improve business development, while pursuing transformative public policy changes planned to enhance the magnetism of Mount Rainier as a place in which to invest. On the other hand, an integrated logistics system consists of materials management, material flow systems, and although the City of Mount Rainier does not use such a system as a tool for economic development, A fully integrated accurate unit tracking system is a critical component of modern customer relations and service that is in use, and it is also important for inventory and cost control. Just like integrated logistics system, it monitors all the key movements of goods and services in any transaction. Tracking of the way financial agreements are facilitated for business assistance is important because the gathered data is useful for financial analysis. In support of business analysis, the system ought to have a tool that provides the reporting intelligently. (OECD, 2006) Business information across all assistants can be automatically converted into business intelligence reports benchmarking the performance of the business transactions. At the same time analysis on dealerships can show the best business practices for individual or the group of partners. Marketing and communication strategy Considering that City of Mount Rainier is recognizing a need for business retention and attraction efforts, they have partnered with other public and private businesses stakeholders to create an Economic Development Corporation (EDC) to promote the City and its business advantages and opportunities to local, regional, national and international markets. The purpose of the EDC is to enhance the economic vitality of the City and its residents through creating marketing initiatives, business retention programs, business attraction efforts and dissemination of information. Created as a public-private partnership, the EDC can generate business leads and opportunities that the City could otherwise not do, furthering development. In addition, this partnership serves as the first line of contact with the public, business prospects and developers who are seeking information about doing business in the City. Furthermore, the EDC facilitates development, cultivates business opportunities and creates partnerships that will result in increased economic development in the City of Mount Rainier. The question remains, which supreme marketing and communication strategy would boost this collaboration for better growth? For any company to prosper in any of its transactions, a strong and optimal management system ought to be put in place. In line with Poirier and Reiter, (1996), success in a company is enhanced by rapid and reliable exchange of data within its group members and with its business partners. This is vital to the further development products and deliverance of quality services. Technically one important communication strategy would calls for a highly effective communications infrastructure that allows effective coordination and management of highly complex, highly flexible development, design and production processes. In line with Poirier and Reiter, on Advanced Planning and Optimization in (1996), the main aims of marketing managers should be to process aftermarket into one system, plan for wide coverage and include all parties involved in the planning process. P. 160) In other words, high-speed data communications have to be one of the engines driving the growth of any organization or company offering services or dealing with businesses stakeholders. Any marketing strategy should take establishment and enhancement of a quality communications infrastructure in it key aims. This is a reliable system that ought to augment cooperation among virtual elements regardless of their position at the time of requirement. It permits all around the globe contribution to projects without duplication or underutilization of human effort or technical resources. Consideration for one of the various information systems and networks is a standard solution that can be tailored to particular needs. A system that supports all the data and allows for data interchange with outside suppliers and other partners naturally always gives a good return on investment. This is not a matter of just laying down the network system within the company. Efficiency, Security, reliability and scalability of the system are some of the vital parts to be fulfilled by a system so as to support diverse access methods and service levels. As Poirier and Reiter emphasizes, a good system is one that can be geared to the needs of each individual supplier and business partner. (P. 160). Needless to say, this new ways of revitalizing the City’s commercial corridors by encouraging continued and private investment, would highly revitalize strategies allowing the city to target its assistance and support in ways that are sustainable at the local level.

Theories of Leadership in Tata Group

Theories of Leadership in Tata Group Introduction: Leadership is integrated part of our life. According to corporate chief and former US presidential candidate Ross Perot, the principles of leadership are timeless because, in a rapidly changing world, human nature remains a constant. We all experience leadership in our life from early childhood in our families, through friendships, social and sports activities, school higher education, to politics government and of course in our work, we all recognize leadership in other people and often in ourselves. In government, global corporations and small businesses alike, the leadership role is becoming more demanding, more open to scrutiny and more difficult [Roger Gill]. The development of leadership theory also parallels the development of organizational theory. The bureaucratic form of business organization is characterized by laissez-faire leadership whereby so-called leaders tend to avoid taking a stand, ignore problems, not follow up, and refrain from intervening or transactional leadership, in which leaders practise management by exception, focusing only on deviations from what is required, and contingent reward, rewarding people (either materially or psychologically) for achieving what is required. The emergence of the post-bureaucratic form of organization in the late nineteenth century reflects the development of the concept of transformational leadership. Theory Approaches to Leadership: Many Leadership theories and approaches have been evolved around Style, Trait, Behaviour, Situational and Charisma. Many researchers made efforts linking some of the theories across these leadership approaches. However each leadership model has its merit, assumptions and limitations. Most recent researches are conducted on Situational Transformational leadership styles. Various leadership Gurus presented new models as variations to the already existing models. Max Weber, MacGregor, Bass, Bennis Nanus are some of the most important researchers in the area of transformational leadership. However the difference between transactional and transformational leadership is vital in getting the whole concept of transformational leadership theory. In general, a relationship between two people is based on the level of exchange they have. Exchange need not be money or material; it can be anything. The more exchange they have the stronger the relation. Managers expects more productivity from emp loyee in order to give good rewards. In this way, if something is done to anyone based on the return then that relation is called as Transactional type. In business, leaders announce rewards in turn to the productivity. These relations are all about requirements, conditions and rewards. In life, at one point of time, things happen without expectation from other side. Transformational Leaders work toward a common goal with followers; put followers in front and develop them; take followers to next level; inspire followers to transcend their own self-interests in achieving superior results [wordpress.com]. Table 1, given below shows Basss full range model of leadership. Table 1 Leadership Approach in TATA Group: TATA Group founded in 1868, is an Indian multinational conglomerate headquartered in Mumbai, India. The Group has more than 500,000 employees spread over six continents (more than 80 countries). TATA Group current market capitalization estimated worth $80bn and is the largest private corporate group in India. TATA Group is biggest employer in UK, employing more than 50,000 people. TATA Group has main interests in communications, IT, engineering, materials, services, energy, consumer products and chemicals. Its current chairman, Ratan Tata is the most influential business leaders in Indias and the worlds most influential person right now. The Tata Group is known for its valued business ethics and corporate governance. Leadership Development in TATA Group: TATA Group has long standing leadership program in its system. Their leadership program is based in British administrative service model. TATAs leadership development programme aims at grooming the managers of today into the leaders of tomorrow. The leadership development programme conceived by JRD Tata, the late chairman of TATA group in 1950s. The idea behind the leadership programme known as Tata Administrative Services (TAS) was to select and groom young managers, provide them opportunity for professional growth, and make them leaders of tomorrow. This is TATAs in-house programme and has goal is to provide training to high performers, act as a cradle of change and develop the leadership qualities. Most of the TATA Group companies are traditionally led by these groomed leaders. Evident Leadership in TATA Group: The TATA Group leadership style has been quite consistent since its existence way back to 1868. The TATA Group has incorporated more leadership changes which are essential in current environment to drive towards to be more competitive. In terms of leadership style, TATA Group has adopted a team-led culture and collective approach. With Ratan Tata as leader of the Group, the management style of the entire TATA Group has changed considerably; trust became a huge facet and theme of the group. Ratan Tata has put a complete organisational restructuring when he took over in 1991 as leader of the TATA Group, by taking a more matrix-style approach building teams. These changes would have obviously transformed a lot in the business, senior managers would have had to be on their toes and flexibility and adaptability became essential qualities to have. The leadership changed from a centralised, command centre to a much more distributed form with employees and all managers enjoying greater respo nsibility and knowledge about the Group, which would have in turn; motivated them to work harder and as a group. From distinctive leadership models available such as the McGregor Theory X and Y; where a theory X manager believes workers dislike work, are not creative and avoid all responsibility while a theory Y manager believes that workers get as much enjoyment from work as they can derive with leisure, accept responsibility and are creative; it can be seen from this, that Ratan Tata wanted all his managers to be modelled as closely to Theory Y and he himself could be called a Theory Y manager. He encouraged managers to be innovative and share all their ideas, consulting actively with them and giving them more responsibility and importantly encouraged team-working. Five Factor Model (Big Five): Emotional Stability: Ratan Tata has very low anxiety within him and has great sense of security with his future leadership. Extraversion: Even being a bachelor Ratan Tata is very sociable. He has produced very positive affect on future leadership of TATA Group. Openness: He believes in originality and versatility. By making  £1200/- car he has shown his great interest with and innovation seeking personality. Agreeableness: Within his management team Ratan Tata is well trusted and very friendly. Conscientiousness: He is very dutifulness. He spent most of his life working for TATA Group without any self-interest. He is very well organised as well. Style (Behaviour) Theory in TATA Group: As per style theory, there are three types of leadership models are evident in leadership. These are as follows. Autocratic Democratic Laissez-faire Ratan Tata is a leader who engages more democratic style of leadership approach. However at previous occasion has used other two kind of style as well. He is more democratic because he always encourages his group leadership to be creating good communication and participation. Future leadership are well informed about future strategy and they are very well engaged in decision making process. Most of the group long-term and short-term strategies are formulated by the lower rank of the leadership. They are treated as stake holders. Until now TATA Group has got leadership within them. Ratan Tata has occasionally shown some form of autocratic style of leadership. Sometimes when needed especially when quick and informed decisions have to be taken, but he is never too commanding in his nature, being a man of few words and being more of a man of action, this is evident from the manner he aggressively pushes for bold international deals, such as during the global acquisitions of business powe rhouses such as Corus, Jaguar and Land Rover, and Tetley Tea. One of his senior leadership team member, Muthuraman( Executive Director) refers him Ratan was the chief architect of the Corus deal. I was worried about the magnitude and the amount of money. But he instilled confidence. In daily routine matters and in developing the leadership, Ratan Tata also uses facets of the Laissez-Faire model such as the delegation of important duties and decision-making, he also does not in any way interfere with any managers functioning, he might make a broad strategic assessment but he does not interfere in operational issues and details, this shows that he has complete trust and faith in his managers and believes in their ability, this quote from Gopalakrishnan, an executive director of the company, shows how much value Ratan Tata places on his trust, this can be highly motivating for managers and workers alike, I remember what Ratan told us at a meeting. He said that he will continue to trust all his managers, but once they lose that trust, he will go after them. I think that is a very fair deal. Max Webers Leadership Model in TATA Group: Looking at Max Webers Transactional and Transformational Leadership models, where a leader is classed in three forms which are Bureaucratic, Charismatic and Traditional, where a bureaucratic leader is one who is always bound by the set rule and does not want to go beyond them; a Traditional leader is one who does and follows everything from a long past or history and always loyally obeys these traditions; a Charismatic leader is one who uses his own laurels or abilities to inspire and is one who can be described as radically opposed to administrative rules and legal principles. From these models, Ratan Tata falls into the Charismatic form because he is one who leads by example, coming up with highly innovative ideas such as  £1200 (Rs. One Lakh) car the Nano, budget hotels or low-end watches, he brought radical change to the Tata Group as a whole, changing it from its Traditional mindset to new more flexible and adaptive cultural mindset. Bennis Nanus Transformational Leadership Model in TATA Group: We can see from Bennis and Nanuss Transformational Leadership model that the transformational leaders groom their followers into self-empowered leaders and their main focus is to articulate vision and values clearly so the newly self-empowered leaders know where to go. Their traits include logical thinking, persistence, empowerment and self-control. Benniss and Nanus has evolved the model which emphasis on the four Is of Transformational leadership, which are Idealised Influence (being a role model) Inspirational Motivation (creating a team spirit, motivating and provide a challenge) Intellectual Stimulation (innovation and creativity) Individual Consideration (mentoring and providing support for followers) Ratan Tata, Chairman of the TATA Group has been proved a true transformational leader. We can see all Is built-in in Ratan Tata. He is the leader with great vision hence he knows right approach to groom future leadership. He has implemented the team spirit in whole group at every level. He empowers all his managers and executives and has complete faith in them, he is extremely innovative and is credited for much of the Groups new products, he places a great deal of importance to his RD department and he definitely cares deeply about the welfare of all his employees and managers. During the Mumbais terrorist attack in Taj Hotel, he took front line in leading at the time of crises. In his vision statement he articulated One hundred years from now, I expect TATA Group to be much bigger, of course, than it is now. More importantly, I hope the Group comes to be regarded as being the best in India. Best in the Manner in which we operate, best in the products we deliver and best in our valu e system and ethics. Having said that, I hope that a hundred years from now we will spread our wings far beyond India, that we become a global group, operating in many countries, as Indian business conglomerate that is at home in the world, carrying the same set of trust as we do today [www.tata.com]. As a leader of a global business group, Ratan Tata knows the fierce competition experienced by his business empire. He makes all effort to make his business competitive at global level. Through transformational leadership process TATA Group has made their processes and technology up to date. Once Ratan Tata said to his managers in his vision speech A company or business which remains static is a business that will die; a company that constantly changes and accepts that there are better ways to do things than the way they are done today, is a company that will survive in the global market that we face. From this statement we can infer that he knows the importance of developing a good leadership within group to take TATA Group to new heights. Ratan Tata involves strategy in leadership. He is a deep thinker and a brilliant strategist as is described by one of his Executive Directors, Alan Rosling, He is a deep thinker and extremely strategic. He is always 2-3 steps ahead. Ratan Tata is a man of strong integrity, ethics and valued principles. He cultivated the same across the TATA Group companies. One of his companies CEO said Tata has shown that there is no other way he will do business other than do it ethically. He believes in strong value based leadership approach in doing business. Ratan Tata has led the TATA Group to transforming from local business group to become a global leader. Conclusions: Ratan Tata of the Tata Group is a more kind of transformational leader. He made Tata Group as global brand. He has provided inspiration to leaders within his own company. In Tata Group leaders are engaged in decision making at every level. Ratan Tata has successfully led and motivated its CEO/MD of the group companies to be ambitious. He has always adopted a ethical approach in group business. Ratan Tata has adopted a management by consensus style. He stated once When a number of persons are involved I am definitely a consensus man, but that does not mean that I do not disagree or that I do not express my views. Basically it is a question of having to deal with individual men heading different enterprises. You have to adapt yourself to their ways and deal accordingly and draw out the best in each man. If I have any merit it is getting on with individuals according to their ways and characteristics. I have dealt with a hundred top directors and I have got on with all of them. At times it involves suppressing yourself. It is painful but necessary. To be a leader you have got to lead human beings with affection. Ratan Tata has ability to spot the talent. And once he has confident that a manager will perform, he gave him a long rope. Leading a large group of companies in the days of fast changing business scenario of changing regulations, increasing competition and opening up of economy could be an arduous challenge for many. Leading the firm through these times and four-folding the groups revenues could be a dream. Doing this requires clear vision, innate conviction, ability to inspire and guide along the way. Ratan Tata established himself to be the right leader who has helped the company sail through the turbulent waters and reach the desired lands. These targets never existed or were thought not feasible by the company earlier. This all achieved because of the inspiring leadership. Reference List DBS Managing People Lecture Notes Roger Gill, Theory and Practice of Leadership, Sage Publication, 2006 Robins, S.P Judge T.A (2010) 10th Edition, Essentials of Organizational Behaviour, Pearson, ISBN 0-13-815763-4 http://leadershipchamps.wordpress.com/2008/08/04/transactional-leadership-vs-transformational-leadership/ http://business.outlookindia.com/inner.aspx?articleid=682editionid=22catgid=70subcatgid=464 http://www.tata.com/company/Articles/inside.aspx?artid=YJbf7uiUY0M= Visionary Leadership: Creating a Compelling Sense of Direction for Your Organization (Jossey Bass Business and Management Series): Burt Nanus Tata Group Annual Reports (1991 -2011)

Ambiguities of Counter-Hegemonic Monologism in Margaret Atwood’s Surfacing :: Essays Papers

Ambiguities of Counter-Hegemonic Monologism in Margaret Atwood’s Surfacing In his book Ideologies of Epic, Colin Graham looks at the recognisable tendency of Victorian epic poetry to establish or attempt to establish a monologic discourse in relation to the concept of nation, national literature and empire. Epic as genre and the concept of nation, â€Å" . . . desiring to be ‘centripetal’, turning in upon themselves, denying the existence of the ‘other’† (Graham,1), is a phenomenon relevant to monologic discourse as it may be perceived not only in national epic but also in the novel and it’s concomitant ideologies. Graham points to the evolution in literary history, the move towards the adjectival use of the word ‘epic’, particularly with regard to the work of Wordsworth and George Eliot. He notes, â€Å" . . . [the feminising and privatising of ] the once-public, turning narratives of action into narratives of the drama of selfhood.† (Graham,4) In a post-colonial context and in the geographical context of Canada one can see in Surfacing how Atwood asserts a feminist counter hegemonic discourse with and within a discursive framing of Canadian national identity. Graham draws on the work of M.M.Bakhtin, the Russian critic. Michael Gardiner’s comments on Voloshinov are also seen by Graham as relevant to this discussion of monologism: The dominant class is motivated to ensure fixity of meaning and arrest the flux of the sign, insofar as the establishment of a monolithic or ‘official’ language facilitates the socio-political unification of society. (Gardiner, 16) So, monologism is synonymous with hegemony - be that sexual, social, imperial or any other ideological assertion of dominance and fixity. Thus, the status of the subaltern - where the subaltern has no ‘voice’ - leaves them, as Bakhtin says, as, â€Å" . . . another person [who remains] wholly and merely an object of consciousness, and not another consciousness.† (qtd.in Gardiner, 26) In Surfacing the subaltern role could be filled by both male and female. The narrating I holds the discourse firmly. She alone has her inner consciousness exposed and denies others their consciousness. Unlike, say, Toni Morrison in Jazz, where questions of gender and race are dealt with through a narrative consciousness that moves fluidly from one voice to another. As feminist epic, structurally and adjectivally, the foregrounding and dominance of the ‘I’ forms a moral-ideological hierarchy. Anna walks out of the bedroom, dressed in jeans and shirt again. She combs her hair in front of the mirror, light ends, dark roots, humming to herself.

In Watermelon Sugar and Tunnel Music :: Watermelon Sugar

In Watermelon Sugar and Tunnel Music The clearest vision of reality is often the most abstract. While the rise of science and progress suffocate the notion of an extrasensory experience within the reading of literature, the phenomena persist. Meanings are communicated, participating in a magnificent cosmic-cultural aura, penetrating a communication of meaning, intent, and scandalously--truth. There is a process of intertextuality occurring, a conversation between authors, texts themselves, and the readers who venture to interpret them. Richard Brautigan's imaginary novel, In Watermelon Sugar converses well with a poem written many years after his death, Tunnel Music by Mark Doty. This conversation appears to be about the collapse of our techno-egocentric society. Because of the cryptic nature of In Watermelon Sugar, it aids analysis to offer some form of comparison to its labyrinthine meanings. Through the lens of Mark Doty's poem, a particular feature of the novel is offered a clarity and relevance of vision: the Forgotten Works are indicative "of the coming world." (Doty 27) Allow me first to outline the basic feeling of the novel and how the Works figure into their lives. To paraphrase William James, generally there is a smell of watermelons. At once the novella details a simple community of nature-minded folk, centered on a compound called iDEATH, a place "always changing" (Brautigan 16) with trees, and a river "flowing out of the living room." At iDEATH, the sun shines a different color every day, making the watermelon crops reflect that color. The people of iDEATH make "a great many things out of" watermelon sugar. (Brautigan 1-2) Sculpting their lives from this sugar, and mixing it with trout, they have lantern oil. Brautigan once said "everything in America is about trout fishing if you've got the correct attitude." (McDonnell) Rivers run everywhere here, they take the qualities of whatever the reader would like them too, if you look hard enough--everything can be a river. "Some of the rivers are only a few inches wide. . . I know a river that is half-an-inch wide. . . We call everything a river here. We're that kind of people." (Brautigan 2) Beyond iDEATH and the trout hatchery are the Forgotten Works. They "go on and on and on and on and on and on and on and on and on and on." (Brautigan 69) They are "hammered out" as Mark Doty puts it. The Works are "much bigger than we are. In Watermelon Sugar and Tunnel Music :: Watermelon Sugar In Watermelon Sugar and Tunnel Music The clearest vision of reality is often the most abstract. While the rise of science and progress suffocate the notion of an extrasensory experience within the reading of literature, the phenomena persist. Meanings are communicated, participating in a magnificent cosmic-cultural aura, penetrating a communication of meaning, intent, and scandalously--truth. There is a process of intertextuality occurring, a conversation between authors, texts themselves, and the readers who venture to interpret them. Richard Brautigan's imaginary novel, In Watermelon Sugar converses well with a poem written many years after his death, Tunnel Music by Mark Doty. This conversation appears to be about the collapse of our techno-egocentric society. Because of the cryptic nature of In Watermelon Sugar, it aids analysis to offer some form of comparison to its labyrinthine meanings. Through the lens of Mark Doty's poem, a particular feature of the novel is offered a clarity and relevance of vision: the Forgotten Works are indicative "of the coming world." (Doty 27) Allow me first to outline the basic feeling of the novel and how the Works figure into their lives. To paraphrase William James, generally there is a smell of watermelons. At once the novella details a simple community of nature-minded folk, centered on a compound called iDEATH, a place "always changing" (Brautigan 16) with trees, and a river "flowing out of the living room." At iDEATH, the sun shines a different color every day, making the watermelon crops reflect that color. The people of iDEATH make "a great many things out of" watermelon sugar. (Brautigan 1-2) Sculpting their lives from this sugar, and mixing it with trout, they have lantern oil. Brautigan once said "everything in America is about trout fishing if you've got the correct attitude." (McDonnell) Rivers run everywhere here, they take the qualities of whatever the reader would like them too, if you look hard enough--everything can be a river. "Some of the rivers are only a few inches wide. . . I know a river that is half-an-inch wide. . . We call everything a river here. We're that kind of people." (Brautigan 2) Beyond iDEATH and the trout hatchery are the Forgotten Works. They "go on and on and on and on and on and on and on and on and on and on." (Brautigan 69) They are "hammered out" as Mark Doty puts it. The Works are "much bigger than we are.

Industry Analysis of Pharmaceutical Industry in Bangladesh

Industry Analysis of Pharmaceutical Industry in Bangladesh In Bangladesh the pharmaceutical sector is one of the most developed hi-tech sectors which is contributing in the country's economy. After the promulgation of Drug Control Ordinance – 1982, the development of this sector was accelerated. The professional knowledge, thoughts and innovative ideas of the pharmaceutical professionals working in this sector are the key factors for these developments. Due to recent development of this sector it is exporting medicines to global market including European market.This sector is also providing 97% of the total medicine requirement of the local market. Leading pharmaceutical companies are expanding their business with the aim to expand export market. Recently few new industries have been established with high tech equipments and professionals which will enhance the strength of this sector. Two organizations, one government (Directorate of Drug Administration) and one semi-governme nt (Pharmacy Council of Bangladesh) control pharmacy practice in Bangladesh.The Bangladesh Pharmaceutical Society is affiliated with international organizations International Pharmaceutical Fede The Bangladesh pharmaceutical market in 2004 stood at approximately US $ 560 million, which is very small when compared to the population base of the country, which currently stands at about 140 million. To put this number on a proper perspective, the total global pharmaceutical sale in 2004 was $430 billion. This is expected to grow at 8. 1% to about $530 billion in 2005.Of course the majority of the sale in 2004 was in brand products, the market segment where Bangladesh does demonstrate safety and efficacy through clinical trials, rather they would have to demonstrate that the drug products that they are filing are therapeutically equivalent to the Reference Listed Drug. One of the major barriers that pharmaceutical companies must overcome to enter the regulated market is to be fully compl iant with current Good Manufacturing Practices (cGMPs).Although many of the firms are ISO certified, it is a fact that virtually none of the pharmaceutical manufacturing plants that are currently in operation in Bangladesh fully complies with cGMP regulations as described in the US Code of Federal Register (CFR). FDA inspections of manufacturing operations are meant to evaluate a firm's cGMPs, and to verify documents, data and manufacturing records submitted in the ANDA. This inspection is a critical part of the drug application approval process.The firms must demonstrate substantial compliance to the satisfaction of the FDA investigators if they are to avoid receiving FDA observations (483's) and approval of their ANDAs. Ration and Commonwealth Pharmaceutical Association. Cross sectional Analysis Pharmaceutical industries are an important means of bringing drug information to health care professionals (1). Their primary goal is to convince clinicians to prescribe their products. Th ese ads often cite external documents in support of their claims (2).Pharmaceutical companies worldwide are heavily involved in aggressive drug promotions through advertisements. But the scientific claims made for drugs are often inaccurate and not based on proper scientific evidences (2, 3, 4). As with many countries worldwide, drug promotion and marketing make up a very large part of the activities of pharmaceutical companies in Bangladesh. It is generally believed that overstatements and misinformation are common promotional activities of drug companies in Bangladesh (5).In a study, drug promotion through industry in promotional brochures showed 50 per cent of claims were based on debatable scientific evidence, while 12 per cent were fake (6). The MediMedia Index of Medical Specialities (MIMS) Bangladesh is an index of important information of available drugs in Bangladesh, mostly used by physicians as a practical reference for daily prescribing. It is a widely available commerci al source published two times a year by MediMedia, Singapore. Beside drug information, each issue of MIMS Bangladesh contains a large number of advertisements, mostly on drugs and medical devices.The extent and types of these advertisements vary in content and size. We conducted a descriptive study to investigate the sources of drug information or claims presented in the advertisements of MIMS Bangladesh. * Materials and methods We selected a convenience sample of the MIMS Bangladesh second issue (2006) for this descriptive study. At first, advertisements on all drugs were separated on the basis of their allocation in the pages. Advertisements containing at least one medical or pharmaceutical claim were considered for evaluation.Other pharmaceutical advertisements containing only drug and company names with no medical or pharmaceutical claims were excluded. Also, some industry on herbal medicines was excluded as well. The competent industry was analyzed for the sources of informatio n provided in support of their claims. The relevant extracted data were presented in the predesigned data forms in a personal computer. Descriptive statistical analyses were performed using Microsoft Excel 2002 on Windows XP Professional. * Results This descriptive study was conducted to measure the sources of information in drug in industry Bangladesh.Advertisements containing at least one medical or pharmaceutical claim were extracted from a convenience sample of the second issue of MediMedia Index of Medical Specialities (MIMS) Bangladesh in 2006. Descriptive statistical analyses including frequency distribution and percentage were performed for data analysis. Of the total 112 industry about 82 per cent did not provide any references in support of their claims. Only 17. 9 per cent did; of which 65 per cent of the references included journal articles, which was followed by â€Å"data on file† in 25 per cent of cases.Superlative claims were commonly used without any scientif ic evidence. The study reported that medical or pharmaceutical claims made in the drug industry in MIMS Bangladesh are mostly not supported by scientific evidence. * Discussion Our study reported a high number of industries with no scientific evidence to substantiate promotional claims. Journal articles were found to be most cited sources of drug information in the advertisements, which was followed by â€Å"data on file†. Books and other sources are rarely used.Extreme claims were frequently used in most of the advertisements, which were not substantiated by proper scientific evidence. In an analytical study, 62. 1 per cent pharmaceutical industry did not cite references for their claims (7). Villanueva and colleagues showed about 44 per cent unsubstantiated claims in Spanish medical journals’ advertisements (8). The most striking report of unsubstantiated pharmaceutical advertisements was found in Germany where 94 per cent of the industry materials were reported to h ave no scientific evidence (9).A cross-sectional study reported the figure for the US to be 61 per cent (10). Drug advertisements in Russian medical journals showed quite a small number (2 per cent) with references (11). We also found quite a large number of advertisements in MIMS with no scientific basis to support their claims. Journal articles are the major source of drug information in pharmaceutical industry. In an Indian study journal articles accounted for 76 per cent of the sources, whereas books and â€Å"data on file† accounted for 15 and 2 per cent respectively (7).Another similar study from Canada showed figures of 98 per cent for journal articles, 86 per cent for books, and 20 per cent for â€Å"data on file† as references (2). This study also reports journal articles as the most cited sources of drug information. In contrast to others, the use of books as references was found insignificant in our study. We also report significant use of â€Å"data on fil e† information as major evidence of information. Besides unsubstantiated information, unnecessary adjectives were commonly used in the advertisements without proper scientific basis.Major players of the world pharmaceutical industry The pharmaceutical industry is characterized by a high level of concentration with fifteen multinational companies dominating the industry. Table 1. 1 contains information about these major pharmaceutical companies that are sorted in the order of their 2004 revenues from the sales of pharmaceutical products. Numbers provided in this table include sales of all subsidiaries and affiliated companies that are consolidated in annual reports of the corresponding companies.In order to facilitate a comparison of different companies revenues of all of them are shown in US dollars; financial data of the companies with headquarters outside of the U. S. was converted to US dollars using average 2004 . Table 1. 2. Company| Revenue of pharmaceutical segment, (tk . 000)| Total sales, (Tk. 000)| Beximco Pharmaceutical Ltd| 46,133| 52,516| Square Pharmaceutical Ltd| 31,434| 37,324| Aristo Pharmaceutical Ltd| 22,190| 47,348| Glaxco Pharmaceutical Ltd| 21,494| 22,939| Opsonim Pharmaceutical Ltd| 21,426| 21,426| Acme Pharmaceutical Ltd| 18,497| 28,247| ACI Pharmaceutical Ltd| 17,861| 18,711|Key Challenges The main challenges for drug companies come from four areas. First, they must deal with competition from within and without. Second, they must manage within a world of price controls that dictate a wide range of prices from place to place. Third, companies must be constantly on guard for patent violations and seek legal protection in new and growing global markets. Finally, they must manage their product pipelines so that patent expirations do not leave them without protection for their investment. * Competition The pharmaceutical industry currently represents a highly competitive environment.One can distinguish three layers of competition for à ¢â‚¬Å"Big Pharma† companies: First, obviously, â€Å"Big Pharma† companies compete among themselves. Although not all leading pharmaceutical companies cover all segments of pharmaceutical market, almost all of them are active in R;D and production of drugs in the segments with the highest potential – such as treatment of infectious, cardiovascular, psychiatric or oncology diseases. Secondly, â€Å"Big Pharma† companies experience significant profit losses due to competition from the generic drug manufacturers.Opposite to the research-oriented pharmaceutical companies, which invest significant financial resources and time to develop new medicines, generic drug manufacturers spend minimum resources on R;D, and start manufacturing already developed by other companies drugs after their patent expiration. Because generic drug manufacturers do not have to recoup high R;D costs, prices of their products are usually much lower then those of major pharmaceutical co mpanies; as the result, after patent expiration, generic drugs manufacturers capture significant market share, dramatically decreasing revenues of the â€Å"Big Pharma† companies.Finally, the whole pharmaceutical industry competes with other health care industries. In this case, pharmaceutical companies should not only demonstrate high efficiency of their products, but also provide obvious proof of cost advantages in comparison with other forms of care. * Protection of patents Generic drugs manufacturers represent a significant threat to research-based pharmaceutical companies. Moreover, generic drugs manufacturers sometimes start production of patent-protected drug analogues even before a patent expires. Although research-oriented companies in many cases are able to rotect their patents, they do suffer from lost revenues. Therefore, protection of patents is one of the key conditions necessary for further development of the pharmaceutical industry. At the same time, non-effic ient legislation that does not provide the necessary level of patent protection is one of the factors that hamper expansion of â€Å"Big Pharma† companies to the developing countries. * Drugs portfolio management Drug portfolio management is one of the most important determinants of long-term prosperity of research-oriented pharmaceutical companies.First, it takes an extremely long time to develop a new drug, and only a very small portion of all projects is successful. Projects that the company starts today will determine its financial performance 10-15 years later. Therefore, careful planning of R;D projects is very important for the long-term stability of the company. Second, insofar as patents keep exclusivity of drugs only during a limited time, and soon after the expiration of the patent the sales of the drug sharply go down, the company has to carefully monitor its patent expiration dates, and insure that new products become available by that date.Definitely, planning e rrors or rapidly changing demand in the industry can be corrected by acquisition of smaller research companies or patents from competitors, but in any of these cases the company will have to pay a premium price, thus reducing its profitability. Bangladesh in the World Market for Pharmaceuticals In 2004 Bangladesh’s Pharmaceutical exports reached $971 million. That made it Indiana’s sixth largest export industry – accounting for about 5% of all Indiana exports.Between 2002 and 2004, BANGLDESHI Pharmaceutical exports increased by $425 million – an increase of 78%. The key components are described as medications, hormones, and antibiotics. Bangladesh exports most of these products to Europe – the leading destinations in 2004 were France, Spain, the UK, and Germany. Those four countries took almost 59% of bangladeshi’s Pharmaceutical exports that year. The remaining top 10 destinations were Canada, the Netherlands, Switzerland, Ireland, Mexico, and Austria.Indiana’s Pharmaceutical export profile is very similar to the nations – the United States and Indiana are almost totally focused on NAFTA partners and Europe. Who buys the world’s Pharmaceutical products? The United Nation’s Statistics Division publishes annual values for Pharmaceutical imports and exports for most countries. The key world importers include the United States and Europe. Below we report statistics for 2003 for these two areas as well as for other key areas and countries. There are several things to note from this table.First, the United States is the largest importer of Pharmaceutical products followed by EU15 (the fifteen countries that comprised the European Union before the recent expansion to 25 countries) and Switzerland. Japan and Canada are important destinations but each import less than Switzerland. China imported less than $2 billion in 2003 but remains an interesting destination because of its remarkable growth and development. Table 1. 3. Pharmaceutical industry – international trade Importer| 2003 imports, thousands| Exporter|USA| 31,739,624| 79% from Europe; 13% from Asia; 7% from North America| EU15| 28,351,731| 52% from North American; 35% from Europe| Switzerland| 9,718,628| 88% from Europe; 10% from North American| Japan| 6,193,127| 69% from Europe; 23% from North America| Canada| 6,064,628| 49% from Europe; 48% from North America| China| 1,705,632| 65% from Europe;8% from North America| Table note: These data refer to Standard Industrial Trade Classification (SITC Rev: 3) data for codes 54. 1 and 54. 2. These two codes cover what is traditionally thought of as Pharmaceutical products.EU15 refers to the 15 members of the European Union – those that were members before the increase to 25 members. Europe refers to a very large and wide definition of countries in western and east/central Europe. Switzerland is part of Europe but is not a member of the EU. The data is in thous ands of dollars. The next table shows the largest changes that occurred in Pharmaceutical imports between 1995 and 2003. The largest change was the almost $22 billion increase of imports to the United States from Europe. The United States also received large inflows of Pharmaceutical products from Asia ($3. 5 billion) and North America ($1. billion). EU15 also shows up three times in the table with a total of about $28 billion – from N. America, Europe, and Asia. Canada has two entries showing increased Pharmaceutical imports from Europe ($2. 5 billion) and the N. America ($2 billion). Switzerland, Japan, and China’s largest imports came from Europe. Table 1. 4. Changes in pharmaceutical imports between 1995 and 2003, dollar change Imports to| Imports from| Dollar Change In thousands, 1995 to 2003| USA| Europe| 21,968,851| EU15| N. America| 14,786,491| EU15| Europe| 10,041,165| Switzerland| Europe| 6,853,882| USA| Asia| 3,518,057|EU15| Asia| 3,024,816| Canada| Europe| 2,465,464| Canada| N. America| 1,969,847| USA| N. America| 1,904,983| Japan| Europe| 1,601,565| China| Europe| 859,540| While the above table shows where most of the goods are going, the next one features the hot flows – those that have grown the fastest between 1995 and 2003. Notice that this list is a lot different from the one above. Japanese imports from Africa showed huge percentage growth, as did China’s imports from Central ; South America and Africa. The United States is listed four times with triple digit import growth from Europe, North America, Asia, and Oceana.It is interesting that Europe15 is not on this list. Switzerland is mentioned once with rapidly growing imports from Asia. A look at the second column is instructive. Africa shows up three times – suggesting that Africa is becoming a more important exporter of Pharmaceutical products. Africa has had good luck selling to Japan, China, and Canada. Asia is also included with strong exports  œ primarily to the U. S. and Switzerland. Table 1. 5. Changes in pharmaceutical imports between 1995 and 2003, percent change Importer| Exporter| Percent Change, 1995 to 2003| Japan| Africa| 270,477| China| C;S America| 16,370|China| Africa| 11,256| Canada| Africa| 1,036| USA| Europe| 487| USA| N. America| 431| USA| Asia| 395| China| N. America| 386| Switzerland| Asia| 382| USA| Oceana| 367| The Business Cycle and Industry Sectors Economic trends can and do affect industry performance. By identifying and monitoring key assumptions and variables, we can monitor the economy and gauge the implications of new information on our economic outlook and industry analysis. Cyclical changes in the economy arise from the ups and downs of the business cycle. Structure changes occur when the economy undergoes a major change in organization or how it functions.Rotation strategy is when one switches from one industry group to another over the course of a business cycle. Economic Variables and Diffe rent Industries are:- * Inflation: Higher inflation causes a negative impact for pharmaceutical industries because it increases the market interest rate and uncertainty of future costs. It reduces the purchasing power of the buyers. * Interest Rates: The higher bank interest rate causes a adverse effect on the borrowing of the pharmaceutical industry. * International Economics: To some extend the ups and downs of international economics effects the pharmaceutical industry. Consumer Sentiment: Now a day’s consumer sentiments also make a great impact on the pharmaceutical industry. As a result they introducing herbal products to meet the huge demand Environmental Analysis (PEST) Technological advancements, tighter regulatory-compliance overheads, rafts of patent expiries and volatile investor confidence have made the modern pharmaceutical industry an increasingly tough and competitive environment. Below is an analysis of the structure of the pharmaceutical industry using the PE ST (political, economic, social and technological) model? Economic Value Added:In the decade to 2003 the pharmaceutical industry witnessed high value mergers and acquisitions7. With a projected stock value growth rate of 10. 5% (2003-2010) and Health Care growth rate of 12. 5% (2003-2010), the audited value of the global pharmaceutical market is estimated to reach a huge 500 billion dollars by 2004. Only information technology has a higher expected growth rate of 12. 6%. Majority of pharmaceutical sales originate in the US, EU and Japanese markets. Nine geographic markets account for over 80% of global pharmaceutical sales these are, US, Japan, France, Germany, UK, Italy, Canada, Brazil and Spain.Of these markets, the US is the fastest growing market and since 1995 it has accounted for close to 60% of global sales. In 2000 alone the US market grew by 16% to $133 billion dollars making it a key strategic market for pharmaceuticals. Structural Economic Changes and Alternative Industri es: Structural Economic Changes and Alternative Industries is influenced by the factors: * Demographics * Lifestyles * Technology * Politics and regulations But our pharmaceutical Industry of Bangladesh is only affected by demographic and technological forces, which we discuss in the below. Demographic Growing health awareness among the population has also had an influence on market expansion. Unlike in other markets, the Bangladesh pharmaceutical distribution network tends to be more retail-orientated and the bulk of distribution is done by the companies themselves. However, despite the country possessing huge manufacturing capabilities which supply 96% of domestic need, the complete lack of R;D in domestic companies could cause the market to stagnate, especially if companies have not evolved by the time the TRIPS agreement comes into effect.Multinationals should view Bangladesh as a possible manufacturing base. The balance of pharmaceutical trade remains negative, but it is diffic ult to project how the balance will change throughout the forecast period. * Technology While a particular new technology may either increase or decrease health care spending, researchers generally agree that, taken together, advances in medical technology have contributed to rising overall Bangladesh health care spending. Whether a particular new technology will increase or reduce total health expenditures depends on several factors.One is its impact on the cost of treating an individual patient. Does the new technology supplement existing treatment, or is it a full or partial substitute for current approaches? Do these changes result in higher or lower health spending for each patient treated? In looking at the impact on cost per patient, consideration needs to be given to whether the direct costs of the new technology include any effect on the use or cost of other health care services such as hospital days or physician office visits.It is not possible to directly measure the impa ct of new medical technology on total health care spending; innovation in the health care sector occurs continuously, and the impacts of different changes interrelate. The size of the health sector (16% of gross domestic product in 2005) and its diversity (thousands of procedures, products, and interventions) also render direct measurement impractical. Economists have used indirect approaches to try to estimate the impact of new technology on the cost of health care.    In an often-cited article, New house estimates the impact of medical technology on health care spending by first estimating the impact of factors that can reasonably be accounted for (e. g. , spread of insurance, increasing per capita income, aging of the population, supplier-induced demand, low medical sector productivity gains). The continuing flow of new medical technology results from other factors including the desire by professionals to find better ways to treat their patients and the level of investment in b asic science and research.Direct providers of care may incorporate new technology because they want to improve the care they offer their patients, but they also may feel the need to offer the â€Å"latest and best† as they compete with other providers for patients. Health care professionals, like people in other occupations, also may be motivated by professional goals (e. g. , peer recognition, tenure, prestige) to find ways to improve practice. Commercial interests (such as pharmaceutical companies and medical device makers) are willing to invest large amounts in research and evelopment because they have found strong consumer interest in, and financial reimbursement for, many of the new products they produce. In addition, public and private investments in basic science research lead directly and indirectly to advancements in medical practice; these investments in basic science are not necessarily motivated by an interest in creating new products but by the desire to increase human understanding. Industry Life Cycle Life cycle models are not just a phenomenon of the life sciences. Industries experience a similar cycle of life.Just as a person is born, grows, matures, and eventually experiences decline and ultimately death, so too do industries. The stages are the same for all industries, yet industries cycle through the stages in various lengths of time. Even within the same industry, various firms may be at different life cycle stages. Strategies of a firm as well as of competitors vary depending on the stage of the life cycle. Some industries even find new uses for declining products, thus extending the life cycle. Others send products abroad in hopes of extending their life. The growth of an industry's sales over time is used to chart the life cycle.The distinct stages of an industry life cycle are: introduction, growth, maturity, and decline. Sales typically begin slowly at the introduction phase, and then take off rapidly during the growth phase. A fter leveling out at maturity, sales then begin a gradual decline. In contrast, profits generally continue to increase throughout the life cycle, as companies in an industry take advantage of expertise and economies of scale and scope to reduce unit costs over time. Industry life cycle has five stages : * Pioneering development * Rapidly accelerating industry growth Mature industry growth * Stabilization and market maturity * Deceleration of growth and decline Our pharmaceutical industry in Bangladesh is in Rapidly Accelerating Industry Growth Stage in industry life cycle. * Rapidly accelerating industry growth This stage starts when the product of the industry is accepted by the market. Further demand increases rapidly. The number of firms in the industry is limited at this stage and hence the firms can experience substantial backlogs of orders. Hence prices can be increased or discounts can be decreased and therefore profit margins are high.The capacity utilization goes up and eve n though productive capacity is increased, sales increase more rapidly. Hence high profit margins occur simultaneously with high sales growth. Profits explode. Sales growth can be high up to even 50 percent year and profits can grow over 100 percent a year as a result of the low earnings base and high profit margins and increasing efficiency of the firms. The growth potential of pharmaceutical industry is enormous. As urban population is increasing and people are getting educated, they are now more concerned about healthcare.So the demands of medical products are rising. In Bangladesh unhygienic conditions and poor health maintenance plans provide vast scope for the pharmaceutical firms to sell their products. On the other hand, the constant natural disasters provide opportunities to pharmaceutical companies to boost its sales. The industry is growing the protection of national Drug Policy 1982. But after the GATT regulation, changes are bound to take place. Furthermore, the trend & growth of this industry tends to be positive as the demand of medicines is rising, which have mentioned earlier.Analysis of Industry Competition Competition and Expected Industry Returns, Porter’s concept of competitive strategy is described as the search by a firm for a favorable competitive position in an industry * To create a profitable competitive strategy, a firm must first examine the basic competitive structure of its industry * The potential profitability of a firm is heavily influenced by the profitability of its industry * Porter's five forces Porter's five forces is a framework for the industry analysis and business strategy development developed by Michael E.Porter of Harvard Business School in 1979. It uses concepts developing, Industrial Organization (IO) economics to derive five forces that determine the competitive intensity and therefore attractiveness of a market. Attractiveness in this context refers to the overall industry profitability. An â€Å"unattr active† industry is one where the combination of forces acts to drive down overall profitability. A very unattractive industry would be one approaching â€Å"pure competition†. For our pharmaceutical Industry Competition we use porters five forces model in the below: Threats of new entrants is low because- Capital requirement is high. * Hard to have access to the distribution channels of excising companies. Bargaining power of buyer is low because- * Undifferentiated or standard product offering competitive price * No potential threats of backward integration by buyer * Customers are fewer prices sensitive. Bargaining power of supplier is high because- * There is little number of suppliers who regulate the market according to their own association. * Lack of substitute product (raw materials) * Credible threats of forward integration by suppliers Threats of substitute are low because- There is minimum substitute product such as herbal products. Industry rivalry is high because- * The market is large. * Industry is growing at a slow rate and yet to attain its best so supply gap is evident. * Fixed costs are high which make it hard for exiting from the market. * Strong capital based and technologically company is in operation and grabbing major market shares. Growth & Trends: The growth potential of pharmaceutical industry is enormous. As urban population is increasing and people are getting educated, they are now more concerned about healthcare.So the demands of medical products are rising. In Bangladesh unhygienic conditions and poor health maintenance plans provide vast scope for the pharmaceutical firms to sell their products. On the other hand, the constant natural disasters provide opportunities to pharmaceutical companies to boost its sales. The industry is growing the protection of national Drug Policy 1982. But after the GATT regulation, changes are bound to take place. Furthermore, the trend & growth of this industry tends to be positive a s the demand of medicines is rising, which have mentioned earlier.Company Analysis Libara Infution Ltd Libra Infusions Ltd – At a Glance Board of Directors: †¢Ã‚  Begum Shamsun Nahar Ahsanullah – Chairperson | | †¢Ã‚  Dr. Roushon Alam – Director & Founder | | †¢ Begum Ayesha Alam – Managing Director| | †¢ Saira Mariam Alam – Director| | †¢ Monami Alam – Director| | Company Secretary: †¢Ã‚  M. A. Rashid | | Auditors: M/s. Muhammad Shaheeddullah & Co. | | Chartered Accountants | | 19 Bangabandhu Avenue | | Dhaka House (2nd Floor)| | Dhaka-1000. | | Bankers: Agrani Bank | Amin Court Branch | 62-63 Motijheel C/A, | Company ProfileThere was always a scarcity of Intravenous (I. V. ) Fluid in the market as Govt. could not manufacture enough to fulfill the local demand. Before 1985, the major portion of the local demand was being covered by the imported I. V. Fluid. To overcome this situation LIBRA made its debut in Feb ruary 1985 under the strong leadership of Dr. Roushon Alam with a view to provide quality products. The company is situated on approx. 2 acres of land at Mirpur I/E, Dhaka . The factory is housed in a centrally Air Conditioning modern building having all necessary facilities. I. V.Fluid, the product of the company is a life saving and a basic medical necessity used in all medical situations involving diarrhoeal disease, surgical operation, loss of blood, weakness and hospitalization in general. LIBRA's I. V. Fluid being a quality product has a tremendous demand in the market. The technology has been supplied by M/S Vifor S. A. , Geneva , Switzerland under a Technical Collaboration Agreement. In addition, implementation of ISO 9001 Quality Management System has ensured customer satisfaction by guaranteeing good design, reliable product quality, safe performance, prompt delivery and efficient service.LIBRA employed a team of highly qualified and motivated staff. Since LIBRA came first in this segment of pharmaceuticals, the company had to struggle with a lot of adverse situations. But today, LIBRA is known to the medical profession and general public as the best and largest manufacturer of I. V. Fluid in Bangladesh. Quality Policy | We at â€Å"LIBRA† are committed to provide total customer satisfaction for all products formulated ; processed. This is achieved by: †¢ Implementing defined quality management system Continuous up gradation of technology †¢ Creating quality awareness ;active participation of   Ã‚  Ã‚  employees at all levels | | Manufacturing Technology | Libra always uses modern technology for manufacturing I. V. Fluid a life saving product. The production is based on imported raw ; packing materials our Quality Assurance System ensure full quality control testing in accordance with product requirements Technical support including LAL test, validation and stability studies are available as a part of our commitment to quality. | | Human Resource |Libra has a experienced dedicated staff members which included pharmacists, chemists, doctors, engineers, accountants and other professionals. Libra’s success depends on sincerity, hard labor and team efforts of employees at all levels. Libra invests in personal and professional development of its employees through training and workshop. | Vision  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   All of our activities should benefit the society to take health care. We strongly believe that in the final analysis we are accountable to our employees, our customers, citizen of our country and shareholders. | Mission To attain Vision will devote its resources to m manufacture world class products using modern technology. | | Commitment * Committed manufacturing world class Quality Products using modern technology. * Committed maintaining Quality Management System (QMS) through documentation of all ac tivities of the Company complying with International standard require ment of ISO 9001 through developing employees at all levels by regular training participation. *   Committed customer satisfaction through service upto their level of expectation. Libra reviews activities and performance of its operation to ensure compliance with commitment| SWOT Analysis: This section identifies the main strengths, weaknesses, opportunities, and threats associated with the Libra Pharmaceutical Company LTD. It involves monitoring the internal (strengths ; weaknesses) and external (opportunities ; threats) marketing environment. Strength The main strengths of Libra Pharmaceutical Co. LTD are: * Higher quality product with lower price. * Focused on the Customer’s satisfaction. * To meet the required specification it maintain the standard and quality. Using modern technology * To enrich the systems they appoint a huge experienced, motivated professionals * It is already been recognized by WH O and ISO 9001 certified as world class manufacturer of I. V. fluid. * To increased sales thy introduced new product every year. * To ensure high quality control facilities they has installed state of art equipment. * The company continuously focusing on expanding sales networks to meet the demand. Weakness The main weaknesses of Libra Pharmaceutical Co. LTD are: * High risk of facing losses, in case of purchasing raw materials in advance, as price is unstable. They can not increase the selling price as the cost of product increased. * Supplier has ultimate control over the material market * Government initiative or incentive in this sector is very insufficient. * The increase of bank interest rate. * The cot of fuel and oil, promotional expenses, transportation expenses are increasing day by day. * Law and order restrictions are quit alarming. Broad environmental analysis Competitive analysis Internal organizational analysis Strengths ; weaknesses of an organization Opportunities f or ; to an organization Need for strategic actionOrganizational long-range objectives Opportunities: The main opportunities faced by Libra Pharmaceutical Co. LTD are: * Company can introduced new product line or improved quality product. * Available customers. * Demand is huge and increasing day by day. * Profit percentage is high. * Company can invest their rest of retain earnings in other projects. * International trading scope is increasing specially in Middle East. * Expand their activities to the root level of the county Threats: The main threats faced by Libra Pharmaceutical Co. LTD are: * Change in technology (i. e. quipments, sharing and cutting machine change). * Threat of new entrance. * Political unrest. * Labor problem * Increasing Tax rate * Increasing cost of product * Increasing bank interest rate * Lower competitive power Market Condition Libra Infusions Ltd Price Change % Change Open High Low Business Segment LIBRAINFU Financial Performance Year| Earning per share | Net Asset Value Per Share   | Net Profit After Tax (mn)  | Price Earning Ratio   | % Dividend   | % Dividend Yield   | 2009| 34. 93  | 689. 13  | 4. 37  | 45. 81  | 15. 00  | 0. 94| 2008| 51. 25  | 671. 70  | 6. 41  | 28. 24  | 17. 50  | 1. 1| 2007| 48. 14  | 637. 95  | 6. 02  | 11. 00  | 17. 50  | 3. 3| 2006| 47. 36  | 589. 81  | 5. 93  | 10. 20  | 17. 50  | 4| 2005| 45. 46  | 559. 94  | 5. 69  | 12. 34  | 17. 50  | 3. 12| 2004| 43. 30  | 531. 99  | 5. 42  | 14. 81  | 17. 50  | 2. 73| 2003| 36. 33  | 550. 38  | 4. 55  | 8. 08  | 15. 00  | 5. 11| 2002| 30. 36  | 530. 55  | 3. 80  | 11. 20  | 15. 00  | 4. 41| 2001| 21. 82  | 515. 18  | . 73  | 10. 08  | 12. 50  | 5. 68| 2000| 18. 42  | 510. 86  | 2. 30  | 10. 59  | 5. 00  | 2. 56| Analysis of Financial Statement Of Libra Infusion Common-Size Statement Analysis: Common-Size Statement of Balance SheetLIBRA INFUSIONS LTD partic ular| 2007(tk in %)| 2008(tk in %)| 2009(tk in %)| Assets| Non-current assets| 62. 87| 64. 12| 66. 66| Property, plant and equipmentAt cost/ Revaluation| 96. 64| 97. 43| 91. 78| Accumulated deprecation| (33. 77)| (33. 31)| (25. 12)| Current Assets| 37. 14| 35. 89| 33. 34| Inventories| 18. 57| 17. 59| 19. 17| Account Receivables| 7. 50| 5. 68| 7. 06| Loans , Advance and Deposits| 9. 46| 10. 51| 5. 31| Cash and Cash Equivalents| 1. 61| 2. 11| 1. 80| Total Assets| 100%| 100%| 100%| Share holders Equity| 27. 97| 27. 50| 20. 31| Share Capital| 4. 38| 4. 19| 2. 95|General Revenue| -| 1. 31| 0. 94| Revaluation Reserve| 13. 03| 12. 17| 8. 76| Retain Earnings| 10. 55| 9. 93| 7. 66| Non-Current Liabilities| 26. 40| 29. 75| 31. 37| Term Borrowings| 11. 68| 14. 73| 20. 96| Due to-directors| 7. 55| 7. 97| 5. 03| Other Liabilities| 7. 17| 7. 05| 5. 38| Current Liabilities| 45. 63| 42. 74| 48. 32| Shot term Borrowing| 32. 62| 27. 53| 37. 65| Creditors and others payable| 9. 90| 11. 51| 8. 97| Taxa tion Payable| 3. 11| 3. 70| 1. 70| Total Liabilities and Shareholders Equity| 100%| 100%| 100%| LIBRA INFUSIONS LTD Common-Size Statement of Profit and Loss AccountParticular| 2007| 2008| 2009| Net Sales RevenueCost of Goods SoldGross ProfitOperating ExpensesAdministrative Exp. Selling, Marketing ; Distribution ExpProfit from OperationFinance Cost. NP before Contribution to WPPFWelfare fundsProfit Before TaxProvision for Income TaxNP After Income Tax| 100%(64. 91%)35. 08%(26. 96%) (3. 64%)(23. 32%)| 8. 12%(5. 22%)2. 90%(0. 13%)2. 77%(0. 82%)1. 95%| 100%(67. 01%)32. 99%(26. 15%) (3. 05%)(23. 10%)| 6. 84%(4. 59%)2. 25%(0. 11%)2. 14%(0. 58%)1. 56%| 100%(63. 64%)36. 36%(28. 75%) (3. 38%)(25. 37%)| 7. 61%(5. 88%)1. 73%(0. 09%)1. 64%(0. 45%)1. 19%| Ratio Analysis:A: Internal Liquidity Ratios| Liquidity refers to the ability of a firm to meet its short-term financial obligations when and as they fall due. The main concern of liquidity ratio is to measure the ability of the firms to meet th eir short-term maturing obligations. Failure to do this will result in the total failure of the business, as it would be forced into liquidation. Current Ratio The Current Ratio expresses the relationship between the firm’s current assets and its current liabilities. Current assets normally include cash, marketable securities, accounts receivable and inventories.Current liabilities consist of accounts payable, short term notes payable, short-term loans, current maturities of long term debt, accrued income taxes and other accrued expenses (wages). 2007| 2008| 2009| .79| 1. 50| 1. 41| Comments: 2007: The current ratio of . 79:1 means that for every taka of current liabilities Libra Infusions Ltd. has . 79 taka of current assets, which is unacceptable comparing to the standard 2:1. 2008: The current ratio of 1. 50:1 means that for every taka of current liabilities Libra Infusions Ltd. has 1. 50 taka of current assets, which is unacceptable comparing to the standard 2:1. 009: The current ratio of 1. 41:1 means that for every taka of current liabilities Libra Infusions Ltd. has 1. 41 taka of current assets, which is unacceptable comparing to the standard 2:1. Quick Ratio/ Acid Test Ratio Measures assets that are quickly converted into cash and they are compared with current liabilities. This ratio realizes that some of current assets are not easily convertible to cash e. g. inventories. The quick ratio, also referred to as acid test ratio, examines the ability of the business to cover its short-term obligations from its â€Å"quick† assets only (i. . it ignores stock). The quick ratio is calculated as follows Ouicke Ratio=(Cash+Marketable securites+Recivables)/ Current Libilities 2007| 2008| 2009| .20| . 18| . 18| Comment: 2007: The quick ratio in 2007 of Libra Infusions was . 20:1 which is unacceptable for the company o comparing the standard of 1:1 2008: The quick ratio in 2007 of Libra Infusions was . 18:1 which is unacceptable for the company o co mparing the standard of 1:1 2009: The quick ratio in 2007 of Libra Infusions was . 18:1 which is unacceptable for the company o comparing the standard of 1:1 Cash ratio:The most conservative liquidity ratio is the cash ratio, which related the firm’s cash and short-term marketable securities to its current liabilities as follows: Ouicke Ratio=(Cash+Marketable securites)/ Current Libilities 2007| 2008| 2009| .035| . 049| . 037| Receivable Turnover: This ratio shows the number of times accounts receivable are paid and reestablished during the accounting period. The higher the turnover, the faster the business is collecting its receivables and the more cash the client generally has on hand. The formula is: Net Annual SalesAccounts Receivable 2007| 2008| 2009| 16. 86| 21. 86| 15. 2| Average Receivable Collection Period The average collection period measures the quality of debtors since it indicates the speed of their collection. The shorter the average collection period, the bett er the quality of debtors, as a short collection period implies the prompt payment by debtors. The average collection period should be compared against the firm’s credit terms and policy to judge its credit and collection efficiency. An excessively long collection period implies a very liberal and inefficient credit and collection performance. The delay in collection of cash impairs the firm’s liquidity.On the other hand, too low a collection period is not necessarily favorable, rather it may indicate a very restrictive credit and collection policy which may curtail sales and hence adversely affect profit. The calculation is follow: Average Receivable Collection Period = (365/ average account receivable turnover) 2007| 2008| 2009| 21. 65| 17. 10| 23. 51| Comment: 2007: Average collection period of Libra Infusions Ltd. in 2007 was 21. 65 days. That means the company had to wait 21. 65 days after making a sales before it receives cash. This is comparatively lower than th e industry average of 45. 5 days. That means the customers are paying their bill in time. 2008: Average collection period of Libra Infusions Ltd. in 2007 was 17. 10 days. That means the company had to wait 17. 10 days after making a sales before it receives cash. This is comparatively lower than the industry average of 45. 45 days. That means the customers are paying their bill in time. 2009: Average collection period of Libra Infusions Ltd. in 2007 was 23. 51 days. That means the company had to wait 23. 51 days after making a sales before it receives cash. This is comparatively lower than the industry average of 45. 5 days. That means the customers are paying their bill in time. Inventory Turnover This ratio measures the stock in relation to turnover in order to determine how often the stock turns over in the business. It indicates the efficiency of the firm in selling its product. It is calculated by dividing the cost of goods sold by the average inventory. The ratio shows a relat ively high stock turnover which would seem to suggest that the business deals in fast moving consumer goods. 2007| 2008| 2009| 5. 65| 5. 16| 2. 87| Comment: 2007: Inventory turnover ratio of Libra Infusions Ltd. in 2007 was 5. 5 which are comparatively higher than the industry average 1. 26. That mean the company have maintained liquidity of its inventory and I is productive. 2008: Inventory turnover ratio of Libra Infusions Ltd. in 2007 was 5. 16 which are comparatively higher than the industry average 1. 26. That mean the company have maintained liquidity of its inventory and I is productive. 2009: Inventory turnover ratio of Libra Infusions Ltd. in 2007 was 2. 87 which are comparatively higher than the industry average 1. 26. That mean the company have maintained liquidity of its inventory and I is productive.Cash Conversion Cycle The Cash Conversion Cycle (CCC) measures how long a firm will be deprived of cash if it increases its investment in resources in order to expand custom er sales. It is thus a measure of the liquidity risk entailed by growth. However, shortening the CCC creates its own risks: while a firm could even achieve a negative CCC by collecting from customers before paying suppliers, a policy of strict collections and lax payments is not always sustainable. Payable Turnover= COGS/Average Trade Payable 2007| 2008| 2009| 12. 91| 14. 99| 10. 03| Payable Payment periodA payment period to average inventory period above 1:1 (100%) indicates that the inventory is sold before it is paid for (inventory does not need to be financed). the average inventory period is also known as the inventory holding period. . Payable payment period = 365 day / payable turnover 2007| 2008| 2009| 28. 27| 24. 35| 36. 16| B. Evaluating operational Performance| The ratios that indicate how well the management is operating the business can be divided into tow subcategories: * Operation Efficiency Ratio * Operation Profitability Ratio These two ratios are discussed in the b elow:- * Operation Efficiency Ratio Total Assets TurnoverAsset turnover is the relationship between sales and assets:- * The firm should manage its assets efficiently to maximize sales. * The total asset turnover indicates the efficiency with which the firm uses all its assets to generate sales. * It is calculated by dividing the firm’s sales by its total assets. * Generally, the higher the firm’s total asset turnover, the more efficiently its assets have been utilized. Total asset turnover = Net Sales / Total assets 2007| 2008| 2009| 1. 17| 1. 39| 1. 01| Comments 2007: Total assets turnover ratio of Libra Infusions Ld. In 2007 was 1. 17, which is higher than the industry average of 1. 5. That means the company is generating sufficient level of business. 2008: Total assets turnover ratio of Libra Infusions Ld. In 2007 was 1. 39, which is higher than the industry average of 1. 15. That means the company is generating sufficient level of business. 2009: Total assets turn over ratio of Libra Infusions Ld. In 2007 was 1. 01, which is lower than the industry average of 1. 15. That means the company is not generating sufficient level of business. Fixed Asset Turnover The fixed assets turnover ratio measures the efficiency with which the firm has been using its fixed assets to generate sales.Generally, high fixed assets turnovers are preferred since they indicate a better efficiency in fixed assets utilization. It is calculated by dividing the firm’s sales by its net fixed assets as follows: Fixed asset turnover = Net Sales / Average Net fixed asset 2007| 2008| 2009| 3. 90| 4. 92| 4. 26| Comments: 2007: Fixed assets turnover ratio f Libra Infusions Ltd. in 2007 was 3. 90, which is higher than the industry average of 3. 06. That means the company is generating sufficient level of business. 2008: Fixed assets turnover ratio f Libra Infusions Ltd. in 2007 was 4. 2, which is higher than the industry average of 3. 06. That means the company is generati ng sufficient level of business. 2009: Fixed assets turnover ratio f Libra Infusions Ltd. in 2007 was 4. 26, which is higher than the industry average of 3. 06. That means the company is generating sufficient level of business. Equity Turnover Equity Turnover is a firm's annual sales divided by its average stockholders' equity. Equity turnover is used to calculate the rate of return on common equity, and is a measure of how well a firm uses its stockholders' equity to generate revenue.The higher the ratio is, the more efficiently a firm is using its capital. Also known as capital turnover. Equity Turnover = Annual Sales / Average Equity 2007| 2008| 2009| 4. 05| 5. 05| 4. 31| Comments: 2007: Equity turnover ratio of Libra Infusions Ltd. In 2007 was 4. 05. Which is lower than the industry average of 6. 88. that means the company not efficiently using its capital. 2008: Equity turnover ratio of Libra Infusions Ltd. In 2007 was 5. 05. Which is lower than the industry average of 6. 88. t hat means the company not efficiently using its capital. 009: Equity turnover ratio of Libra Infusions Ltd. In 2007 was 4. 31 which is lower than the industry average of 6. 88. that means the company not efficiently using its capital. * Operation Profitability Ratio Gross Profit Margin * Normally the gross profit has to rise proportionately with sales. * It can also be useful to compare the gross profit margin across similar businesses although there will often be good reasons for any disparity. Gross profit Margin=Gross profit/ Net Sales 2007| 2008| 2009| 35. 09%| 35. 36| 32. 98%| Comments: 2007: Gross profit margin of Libra Infusions Ltd in 2007 is 35. 9% which is lower than the industry average 55. 75%. That means the firm is not profitable. 2008: Gross profit margin of Libra Infusions Ltd in 2007 is 35. 36% which is lower than the industry average 55. 75%. That means the firm is not profitable. 2009: Gross profit margin of Libra Infusions Ltd in 2007 is 32. 98% which is lower th an the industry average 55. 75%. That means the firm is not profitable Operating profit Margin ratio Analysis The operating profit margin indicates how much profit a company makes after paying for variable costs of production such as wages, raw materials, etc.It shows the efficiency of a company controlling the costs and expenses associated with its business operations. Operating profit margin = Operating income ? Net sales 2007| 2008| 2009| 8. 13%| 6. 84%| 7. 60%| Comments: 2007: Operating profit margin of Libra Infusions Ltd in 2007 is 8. 13% which is lower than the industry average 11. 02%. That means the firm is not satisfactory at all. 2008: Operating profit margin of Libra Infusions Ltd in 2007 is 6. 84% which is lower than the industry average 11. 02%. That means the firm is not satisfactory at all. 009: Operating profit margin of Libra Infusions Ltd in 2007 is 7. 60% which is lower than the industry average 11. 02%. That means the firm is not satisfactory at all. Net Profit Margin This is a widely used measure of performance and is comparable across companies in similar industries. The fact that a business works on a very low margin need not cause alarm because there are some sectors in the industry that work on a basis of high turnover and low margins, for examples supermarkets and motorcar dealers. What is more important in any trend is the margin and whether it compares well with similar businesses.Net profit Margin= Net Income/Net Sales 2007| 2008| 2009| 1. 93%| 1. 55%| 1. 19%| Comments: 2007: Net profit margin of Libra Infusions Ltd in 2007 is 1. 93% which is lower than the industry average 8. 30%. That means the firm is not profitable. 2008: Net profit margin of Libra Infusions Ltd in 2007 is 1. 55% which is lower than the industry average 8. 30%. That means the firm is not profitable. 2009: Net profit margin of Libra Infusions Ltd in 2007 is 1. 19% which is lower than the industry average 8. 30%. That means the firm is not profitable. Return on paid up capitalThis ratio shows the profit attributable to the amount invested by the owners of the business. It also shows potential investors into the business what they might hope to receive as a return. The stockholders’ equity includes share capital, share premium, distributable and non-distributable reserves. The ratio is calculated as follows: Return on paid up capital =Net Income+Gross InterestAverage Total Capital 2007| 2008| 2009| 48. 10| 51. 25| 34. 93| Risk Analysis of Libra Infusion: * Risk analysis examines the uncertainty of income for the firm and for an investor * Total firm risks can be decomposed into two basic sources: Business risk: The uncertainty in a firm’s operating income, highly influenced by industry factors * Financial risk: The added uncertainty in a firm’s net income resulting from a firm’s financing decisions (primarily through employing leverage). * liquidity Risk : it considers another aspect of risk from an investor†™s Business Risk Variability of the firm’s operating income over time. It can be measured by calculating the standard deviation of operating income over time or the coefficient of variation. In addition to measuring business risk, we want to explain its determining factors.Two primary determinants of business risk: * Sales variability * The main determinant of earnings variability * Cost Variability and Operating leverage * Production has fixed and variable costs * Greater fixed production costs cause greater profit volatility with changes in sales * Fixed costs represent operating leverage Greater operating leverage is good when sales are high and increasing, but bad when sales fall. Business risk =( cofficient of variiation of operating earning) =( OE-OE)2/nOE/N ( OE-OE)2/n| 3636504| OE/N| 25498574| ( OE-OE)2/nOE/N| 14. 26%| Operating leverage= %? oe%? sn %? e%? s| 2. 08739| n| 3| %? oe%? sn| . 70| Financial Risk Interest payments are deducted before we get to net income, these are fixed obligations. Similar to fixed production costs, these lead to larger earnings during good times, and lower earnings during a business decline, fixed financing costs are called financial leverage. The use of debt financing increases financial risk and possibility of default while increasing profitability when sales are high. Two sets of financial ratios help measure financial risk * Balance sheet ratios * Earnings or cash flow available to pay fixed financial chargesAcceptable levels of financial risk depend on business risk. A firm with considerable business risk should likely avoid lots of debt financing. * Proportion of debt (balance sheet) ratios: Long-term debt can be related to Equity (L-t D/Equity) how much debt does the firm employ in relation to its use of equity? And Total Capital [L-t D/ (L-t D +Equity)] How much debt does the firm employ in relation to all long-term sources of funds? Debt to Equity Ratio =Total long term debttotal eqity 2007| 2008| 2009| .94| 1. 08| 1. 54| * Total debt Ratio : Total debt ratio refers to Assessment of overall debt load, including short-term.The formula of calculation is: Debt to Equity Ratio =current Liabilities+Total Long term debtTotal Debt-Total equity 2007| 2008| 2009| .720| . 725| . 975| Comments: 2007: We analyze debt ratio of company from its balance sheet and found that year 2007 company’s debt ratio is 72% this value indicates that the company has financed more than half of is assets with debt. The higher this ratio greater he firms degree of indebtedness and the more finance leverage it has. 2008: We analyze debt ratio of company from its balance sheet and found that year 2007 company’s debt ratio is 72. % this value indicates that the company has financed more than half of is assets with debt. The higher this ratio greater he firms degree of indebtedness and the more finance leverage it has 2009: We analyze debt ratio of company from its balance sheet and found that year 2007 company’s debt ratio is 97. 5% this value indicates that the company has financed more than half of is assets with debt. The higher this ratio greater he firms degree of indebtedness and the more finance leverage it has. * Earnings or Cash Flow Ratios It is Relate operating income (EBIT) to fixed payments required from debt obligations, higher ratio means lower risk.Interest Coverage or Times Interest Earned Ratio Measures the number of times Interest payments are â€Å"covered† by EBIT Interest Coverage = EBIT/Interest Expense. May also want to calculated coverage ratios that reflect other fixed charges Lease obligations (Fixed charge coverage). Interest Coverage =EBITDebt Interest Change 2007| 2008| 2009| 1. 53| 1. 47| 1. 28| * Cash flow ratios Fixed financing costs such as interest payments must be paid in cash, so these ratios use cash flow rather than EBIT to assess the ability to meet these obligations, Relate the flow of cash available from operations to: * Int erest expense Total fixed charges * The face value of outstanding debt Cash flow coverage of fixed financial cost=Net cash flow provided by operating activities+Interest Expense+Estimated Lease Inertest ExpenseInertest Expense+Estimated lease Interest expense 2007| 2008| 2009| 1. 51| 2. 49| 2. 29| Comments: Cash flow is used o determine whether a borrower is going to be able to service interest payment on a loan. Generally lender prefers a cash flow ratio more than 1. Here we can see that the cash flow ratio of Libra Infusion Ltd. in 2007 was 1. 51 and it increases 2. 9 in 2008. and decrease in 2009 at 2. 29. Liquidity Risk Market Liquidity is the ability to buy or sell an asset quickly with little price change from a prior transaction assuming no new information. External market liquidity is a source of risk to investors. The most important factor of external market liquidity is the dollar value of shares traded. This can be estimated from the total market value of outstanding secu rities. It will be affected by the number of security owners. Numerous buyers and sellers provide liquidity. Analysis of Growth Potential:Want to determine sustainable growth potential Important to both creditors and owners, * Creditors interested in ability to pay future obligations, * For owners, the value of a firm depends on its future growth in earnings, cash flow, and dividends. Determinants of Growth * Sustainable Growth Model: Suggests that the sustainable growth rate is a function of two variables: * What is the rate of return on equity (which gives the maximum possible growth)? * How much of that growth is put to work through earnings retention (rather than being paid out in dividends)? g = Percentage of Retain earning * Return on Equity|Formula: year| Percentage of Retain earning=1-Dividend DeclearedOperating earnig After Tax| ROE=Net Income After TaxShareholdres Equity| g = Percentage of Retain earning Return on Equity| 2007| . 64| 7. 55| 4. 83| 2008| . 66| 7. 57| 4. 50| 2009| . 57| 5. 10| 2. 91| DuPont Analysis DuPont Analysis is A method of performance measurement that was started by the DuPont Corporation in the 1920s. With this method, assets are measured at their gross book value rather than at net book value in order to produce a higher return on equity (ROE). It is also known as â€Å"DuPont identity†.DuPont analysis  tells us that ROE is affected by  three things: – Operating efficiency, which is  measured by profit margin – Asset use efficiency, which is measured by total asset turnover – Financial leverage, which is  measured by the equity multiplier year| EBIT/Sales (%)| Sales/ Total Assets (Times)| EBIT/ Total Assets (%)| Interest Expense/ Total Assets (%)| NBT/ Total Equity (%)| Total Assets/ Common Stock Equity (times)| NBT/ Common Stock Equity(%)| Tax Retention Rate| Return On Equity (ROE)| 2007| 8. 13| 1. 09| 8. 86| 5. 85| 3. 01| 3. 58| 1078| 0. 70| 7. 55| 2008| 6. 84| 1. 35| 9. 23| 6. 34| 2. 89| 3. 64| 10. 52| 0. 72| 7. 7| 2009| 7. 60| 0. 07| . 53| (. 89)| 1. 42| 4. 92| 6. 99| 0. 73| 5. 10| It is believed that measuring assets at gross book value removes the incentive to avoid investing in new assets. New asset avoidance can occur as financial accounting depreciation methods artificially produce lower ROEs in the initial years that an asset is placed into service. If ROE is unsatisfactory, the DuPont  analysis helps locate  the part of the business that  is underperforming. Comparative analysis Ratio| Formula| Years| IndustryAverage| Evaluation| | | 2007| 2008| 2009| | Cross Section| Time Series| Overall| Current Ratio| Current assets/ current liabilities| . 9| 1. 50| 1. 41| 1. 11| Poor| Ok| Ok| Quick Ratio| (Cash+Marketable securites+Recivables)/ Current Libilities| . 20| . 18| . 18| 0. 56| Poor| Poor| Poor| Cash ratio| Cash+Marketable securites)/ Current Libilities| . 035| . 049| . 037| 0. 12| Poor| Poor| Poor| Receivable turnover| Net Annual Sales/ Accounts Receiva ble| 16. 89| 21. 35| 15. 52| 13. 42| Good| Good| Good| Average Receivable Collection Period| 365/Average A/R collection period| 21. 65| 17. 10| 23. 51| 45. 45| Poor| Poor| Poor| Inventory Turnover| cost of goods sold /average inventory| 5. 65| 5. 16| 2. 87| 1. 6| Good| Good| Good| Cash Conversion Cycle | COGS/Average Tra