Answer the 3 questions Essay Example | Topics and Well Written Essays - 1250 words

Answer the 3 questions - Essay Example This way, the laws empowered the states to serve the people, where this was a merit in the collection of revenue to deliver services to the citizens of different states (Bailyn 59). In order to effectively govern the emerging nation, the political leaders at that time made great accomplishments to come up with a workable body of political institutions, customs and laws. Evolution of laws and institutions One key benefit in the law was the creation of institutions that limited the power and ability of the state governments to ensure that there was minimal abuse of power.This was part of the creation of the bill of rights in the first to the twelfth amendment of the constitution, which limited the powers of state leaders and the federal authority. The federal authority was also created as an overall body that brought together the different states that formed the United States of America under the Articles of Confederation to cut down on the powers of the government and improve service delivery to the people. With the creation of articles of confederation or the amendments, there was disunity in the adoption of these amendments based on differences of opinion between federalists and anti-federalists bringing about a state of disunity. This is because creation of laws that protected citizens meant curtailing on the powers of the federal government and empowering state governments and its people. Another challenge was in the issue of internal wrangles in congress, where laws and debates were subject to corruption and ministerial manipulation, which was part of fears emanating from the newly found state of freedom from England. England, in this case was part of the reason why changes took place since it served as a colonial power that colonized America, and then unification of the different states after the declaration of independence. Another factor that led to political change in the America after the revolution was the need to alliances with foreign powers, where this prompted the creation of a confederation of the original thirteen states that created the base for the formation of the United States of America. This again brought about suspicions on the laws that would be passed by state governments in that they would be unjust, which a challenge was trying to get the bill of rights ratified by all the states in the confederation. Conclusion America holds a rich history related to the struggles and warring trends in each of the colonies to represent the political landscape from which the country rose. American politics are thus characterized by revolutions that seek independence from oppositional ideals propagated by the settlers. The cumulative implications of these political changes brought about individual liberty of way of life, full freedom of thought, expression, the press and elimination of religious influence from legislation and education system. These changes were mainly brought about by the political leaders who accomplished the e stablishment of political institutions and customs to govern the emerging nation. Q.2 Introduction The American society underwent a series of intellectual and evangelical renewals that greatly affected a number of colonists, a process that preceded the American Revolution during the late nineteen seventies. This period signaled the advent of an all round evangelism that viewed religion to

The Importance of Business Ethics in the Business Transactions Today Essay Example for Free

The Importance of Business Ethics in the Business Transactions Today Essay For me, ‘business ethics’ has something to do with the moral principles, values, and beliefs that revolve around a group of business people.   It may have something to do with the various strategies used in applying and demonstrating the values standards that the group implements to the public.   It may include the patterns of advertisement, how it links to and with the society, how morals are applied internally and externally, what values and beliefs they execute (e.g., pro-children, pro-technology), or how they give meaning to the environment and the type of business that they have. It is a very important factor in business these days, especially that there is more intense competition in the business society today, people are more diverse than ever, and that there are various business companies that employees may switch to if, in case, they agree that the group is making them more aggravated, especially in terms of ethics. For this, corporate managers nowadays should take business ethics more seriously.   Apart from having a good business plan, implementing good business ethics motivates the employees and the customers alike, since it gives a positive impression on the company itself, and makes the people aware that this company does not just value the cash but the people as well.   A well-organized, motivated business group is more capable of succeeding, and this would all depend on the ethics set by the higher staff.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   If I were the chief executive officer or CEO of a corporation, I would communicate my perspective on the importance of ethics to my employees by acting out what I preach, and by implementing integrity, dependability, fairness, and most of all, transparency.   Everything would have to start in transparency by improving the value of honesty and openness within the company.   I should also do the same thing with the customers and the other stakeholder groups.   This builds what Baum and Kling (2004) calls a â€Å"values-based business culture† (p.1).   Business ethics may mean different things to different people, yet it all lands on the same ground—the execution of values, morals, and principles. Reference Baum, H., Kling, T.   (2004).   The transparent leader: how to build a great company through straight talk, openness, and accountability.   New York, NY: HarperCollins.

Animal Testing is Unethical Essay -- Ethics

"There will come a day when such men as myself will view slaughter of innocent creatures as horrible a crime as the murder of his fellow man- Our task must be to free ourselves- by widening our circle of compassion to embrace all living creatures and the whole nature and its beauty." -Albert Einstein (1879-1955). Picture this: You're locked living inside a closet without control over any aspect of your life. You can't choose when you eat or what you eat, how you will spend your time, whether or not you will have husband or wife or children, and if you do, who that person will be. You can't even decide when the lights go on and off. Think about spending your entire life like this, even though you didn't do anything wrong or commit a crime. This is life in a laboratory for animals. It is deprivation, isolation, and misery. Now think about the needs of the animals that are caged up and stripped away from their natural homes. For example, chimpanzees spend hour's everyday grooming each other feeding their young and providing a comfortable environment for them to live in. They are loving protective parents and when they are taken away from their homes, they leave behind their children and the chimpanzees are no longer in their comfortable nests, but caged up alone and with cold, steel bars around them for the primary purpose of being experimented on (Baird, 1991). Not a nice picture right? But this is just one example of what most of the animal have to go through. I argue that animals have rights and should not be treated unfairly. Around the world, millions of animals are experimented on, tortured, and killed every year. Many of these animals range from simple household pets, such as cats and ... ...ed, the contribution you had made to cease animal testing will create an immense feeling of satisfaction. Animal Testing 7 References Baird, Robert & Stuart Rosenbaum. (1991). Animal Experimentation: The Moral Issues. Buffalo, New York: Prometheus Books. Monamy, Vaughn (2000). Animal Experimentation: A Guide to the Issues. Cambridge United Kingdom: Cambridge University Press Wise, Stephen (2000). Rattling the Cage. Cambridge, Massachusetts: Perseus Publishing Animal Testing 101. Retrieved on November 1, 2006 from http://stopanimaltests.com/animaltesting101asp. How are animals treated in laboratories? Retrieved on October 31, 2006 from http://www.animalland.org/asp/realissues/testing4.asp Animal Experimentation: Point Counterpoint. Retrieved on November 1, 2006 from http://stopanimaltests.com/f-pointcounterpoint.asp

Glaxo Pakistan

Table of Contents INTRODUCTION As per Jim Collins, *â€Å"V*ery few have a capability of going from Good to Great†. Many companies strive to be the best in the market. Most never succeed. Many do so only temporarily and subsequently lose their position through misunderstanding how they got there and what is needed to stay there. http://www. roi-ally. com/BPE_vol1. htm Therefore in order to maintain the business position and to identify its future needs, one requires an accurate analysis of the reality of the business situation and determine its financial health. This is rather complicated yet necessary for keeping one’s financial affairs clean and sustains the organization’s growth. Recognizing the importance of the above subject matter, I choose topic 8 for my research report i. e. â€Å"An analysis of the financial situation of your choice of organization. † The company selected for this purpose is *â€Å"*GlaxoSmithKline Pakistan Limited*†*, also referred to as â€Å"GSK† or â€Å"The Company†. REASON FOR CHOOSING THE TOPIC Topic selection is based on a number of factors which derived me towards selecting this topic for my thesis in comparison to other topics specified in research and analysis project guidelines. Following are the few reasons for choosing the said topic: Relevance to the Current profession: While working in the Financial Advisory Services Department of Deloitte Pakistan, I got various opportunities to explore different sectors and industries. This has equipped me with strong interpretational and analytical skills which helped me to work effectively on the said topic. Future Assistance: The pharmaceutical industry provides a lot of financial analysis opportunities because of the complexity of its operation. This complicated structure enabled me to better understand and practically apply theoretical knowledge and be better equipped to undertake financial analysis in my future career. Importance in ACCA: Financial analysis is one of the most important topics tested in ACCA examinations. I personally feel that it is an interesting topic which has a practical application. Moreover, it enabled me to utilize my IT skills and the knowledge that I gained from my studies. COMPANY AND SECTOR Industry: Pakistan has a very vibrant and forward looking Pharma Industry. It has about 500 pharmaceutical manufacturing units including those operated by 25 multinationals present in the country. It has shown progressive growth over the last one decade and now meets around 70% of the country's demand of Finished Medicine. The industry has invested substantially to upgrade itself in the last few years and today majority of the industry is following Good Manufacturing Practices (GMP), in accordance with the domestic as well as international Guidance. The industry has the capacity to manufacture a variety of product ranging from simple pills to sophisticated Biotech, Oncology and Value Added Generic compounds. http://www. ppma. org. pk/ The Company: History: There are four major companies in the history of GSK: Burroughs Wellcome & Company, Glaxo Laboratories, Beecham and SmithKline and French. GlaxoSmithKline Pakistan Limited was created on January 1st 2002 through the merger of the aforementioned companies operating separately in Pakistan. Today GSK is standing as one of the largest pharmaceutical company of the world. Business: As a leading international pharmaceutical company, GSK is dedicated towards global healthcare and believes it to be ethically important and a key to its business success. GSK Pakistan’s primary activities are manufacturing, import, export and marketing of research-based pharmaceutical and consumer healthcare products. It operates mainly in two industry segments: Pharmaceuticals (prescription drugs and vaccines) and consumer healthcare (over-the-counter- medicines, oral care and nutritional care). Market Share: GSK Pakistan limited holds a major market share in terms of products, asset base, revenue and innovation. It produces 5 brands among the 10 top brands of the pharmaceutical products in the market. It is the 1st company in Pakistan’s pharmaceutical industry which reached the revenue of Rs 10 Billion and currently holds 18. 33% of the total volume of the pharmaceutical product traded in Pakistan. Products: GSK has a large products portfolio ranging from tablets, toothpaste, inhalers to complex capsules, in over 28,000 different pack sizes and presentations. Principally GSK produces antibiotics, respiratory, dermatological, gastro-intestinal, metabolic, analgesics, central nervous system (CNS) products and vaccines. AIMS AND OBJECTIVES Objectives and milestones are of crucial importance for any activity and are the core of its success, or failure. Setting an objective before initiating the project provides the required directions and assists in anticipating its result. This report aims to evaluate and assess the financial & business position of GlaxoSmithKline Pakistan Limited for financial year ended December 30, 2008. This will be achieved by the following three key tools: Vertical Analysis It deals with the most sophisticated technique for analyzing the financial statements which is ratio analysis, also known as trend analysis. This analysis will be conducted to compare GSK's current year performance with its previous periods under four broad categories i. e. Profitability, Short Term Solvency, Liquidity and Efficiency, Long Term Solvency and stability & Market ratios. Within each category different ratios would be calculated depending upon their significance and appropriateness. Horizontal Analysis For a more meaningful and judicious picture of the entity’s position it is compared with its competitor within the industry. Through this horizontal or competitor analysis, GSK’s current year performance is judge against its major competitor Sanofi Aventis. This analysis is conducted by the use of financial ratios in the same four broad categories. Business Analysis Business analysis is a well-established means of thinking critically about an entity, its resources and its environment. This analysis aims to evaluate GSK’s performance not only from the financial perspective but its business as a whole. This will be achieved by the use of technique namely â€Å"SWOT (Strength, Weaknesses, and Opportunities & Threat) analysis† and by conducting a general analysis of business highlighting its major performance area. Future Prospects: This report will also highlight the company’s future objective and strategies and assess its alignment with GSK’s vision and purpose of existence. INFORMATION GATHERING ‘Information is a source of learning. But unless it is organized, processed, and available to the right people in a format for decision making, it is a burden, not a benefit’. William Pollard Any course of action that generates a successive message can be considered as a source of information. Information can be gathered from virtually anywhere but ideal information is that, which when used, adds value. Keeping this in mind, I exploited the most appropriate and authentic information sources. The major sources used to gather the information are: Annual Reports The most reliable source of information is the company’s annual report. These not only contain financial statements of an entity but also other information of current and future scenarios which helps in evaluating its performance. Annual Reports of GSK for December 2008 and 2007 and its competitor Sanofi Aventis for the December 2008 were obtained from their websites. Meetings Several informal meetings were conducted with the management of GSK regarding its business and financial stance. I also managed to have meeting with senior associates at Deloitte who had an experience of conducting audit of Abbott Laboratories (Pakistan) Limited. They provided me guidance to conduct the business analysis and industry knowledge, to facilitate me in achieving my goals effectively. Internet Internet proved to be one of the strongest sources which enhanced the frequency and quality of information gathered during the project. The official website of GlaxoSmithKline Pakistan Limited (http//:www. gsk. com. pk) assisted to assemble constructive information for its better understanding which helped in scrutinizing the company’s financial performance. Additionally, different quotes and definitions were gathered from Google Search Engine. Articles The Article published in Student Accountant by ACCA, â€Å"How to Approach Performance Appraisal Questions? by Steve Scott from May 2006 issue, helped in the interpretation of the financial position of GlaxoSmithKline Pakistan Limited. ACCA Study Texts The study texts of ACCA Paper F7 and P2, P3, CAT Paper T6 published by BPP and FTC, were the helpful resources in gathering definitions and interpretations of ratios and conducting business analysis. Financial Analysis Financial analysis is an aspect of the overall business fina ncial position that involves examining historical and competitor data to gain information about the current and future financial health of a company. ttp://www. enotes. com/small-business-encyclopedia/financial-analysis Comparison with the prior periods (Vertical analysis) and with the competitor (horizontal analysis) in the form of ratios assists an organization in taking appropriate measures for improving its financial credibility. Vertical Analysis: Trend or vertical analysis is an aspect of technical analysis that evaluates the current performance of the company using the past data. It is based on the idea that what has happened in the past gives traders an idea of what will happen in the future. ttp://www. investopedia. com/. This analysis is done under four broad ratio categories discussed below: Profitability Ratios: RETURN ON CAPITAL EMPLOYED (ROCE): The primary measure of profitability is normally considered to be ROCE. It is the ratio which measures the relationship betwee n the sizes of the profit figure relevant to size of the business. (Student Accountant – May 2006) ROCE of the company has reached at a level of 36. 84% in 2008, which is a growth of 4% from 2007 32. 89% that had reduced by 2. 29% compare to 2006 (35. 18%). This increase in 2008 was mainly due to the rise in net profit of 17% in comparison to FY 2007. Whereas, in the year 2007, the increase in noncurrent liabilities by 40. 65% (in comparison to 2006) caused a decline in its ROCE. {draw:frame} GROSS PROFIT MARGIN (GP %): The gross profit margin ratio tells us the profit a business makes on its cost of sales. GP% of GSK was 28. 77% in the year 2008 which demonstrated a downward trend, since the recorded margin in the year 2007 was 37. 25% and 38. 33% in 2006 respectively. Despite of the rise in the sales revenue by 26% in 2008, GSK’s GP% has decreased. This was due to the drastic increase in its cost of sales by 43. 38% over 2007 (which was particularly due to the rise in raw material & commodities prices), whereas there was no consequent increase in its sales prices (because of no increase in drug prices sanctioned by the government since 2001). The same reason was observed in the year 2007 which squeezed its GP% by 1. 08% over 2006, regardless of the increase in its net sales by 5. 6%. {draw:frame} NET POFIT MARGIN (NP %): â€Å"A change in the net profit margin is a measure of how well a company has controlled its overheads†. Student Accountant- May 2006) NP% of GSK has shown a declining trend by an average of approximately 1% per year during the three years periods. It was 15. 74% in 2007 but decreased to 14. 59% in the year 2008. However, this reduction was not in the same proportion as of gross profit, due to the increase in other operating income by 100. 15% (which is 65. 46% of the net profit) and tighter control of company on its expenses during the year. In the year 2007 the NP% decreased by 0. 76% from 16. 50 in 2006, nonetheless indicating no major variation. {draw:frame} ASSET TURNOVER: The asset utilization ratio (sales/net assets) shows how efficiently the assets are being used to generate sales. (ACCA P3 BPP Study Text) Asset turnover of GSK was 1. 26 times in 2008, which was an increase of 22% from 2007. This was due to an increase in sales by 26% from 2007 and the raise in fixed assets by 4. 54% (which was because of the capital investment of 646 million made by the company, the major portion of which was spend on facility improvement, rationalization and upgrading its plant) that resulted in the improvement of its assets turnover. However, in the year 2007 it declined by 3% from 1. 7 times in 2006 to 1. 04 times, which was due to the increase in total assets by 7. 63%. {draw:frame} RETURN ON EQUITY (ROE): ROE is the amount of net income returned as a percentage of shareholders equity. It measures an entity’s profitability by revealing how much profit a company generates with the money shareholders have invested. http://www. investopedia. com/ ROE of GSK was 23. 4% in the year 2008 that was 2. 82% higher than 2007, which was because of the boost of 17. 04% in its net profits figure. In the financial year 2007, it slightly dropped by 1. 32% from 22. 9% in 2006 to 20. 58%. The issued common stock (Bonus Shares) in FY 2007 resulted in its equity enlargement by 7. 7% over 2006, consequently decelerating its ROE. {draw:frame} Short Term Solvency, Liquidity and Efficiency: CURRENT RATIO: Current ratio measures a company's ability to pay its short-term obligations. www. investopedia. com The current ratio of GSK was 4. 22:1 in 2006 further declining to 4. 27:1 and 4. 11:1 in 2007 and 2008 respectively. Although there have been a raise in current assets by 5. 98% but current liabilities are increased in a greater proportion i. e. y 10% during 2008, thus decelerating GSK’s current ratio by 4% from 2007. Whereas, the decrease of 15% from 2006 to 2007 in current ratio was due to 3. 3% rise in the company’s current liabilities. A lthough there have been no drastic changes in current assets figure over the three year period, however, it comprises almost 34% of cash and bank balance, signaling towards ineffective cash management. {draw:frame} QUICK RATIO: The quick ratio measures the company's ability to meet its short-term obligations with its most liquid assets. It shows better liquidity position than current ratio. ww. investopedia. com The quick ratio of GSK has decreased from 3. 13 in FY 2006 to 2. 98 in FY 2007 to 2. 31 in FY 2008. In the year 2008 GSK’s quick ratio has declined in a greater proportion than its current ratio, indicating cash being stuck in stock in trade which can be seen by an increase of 53% in stock in trade figure over 2007. This implies the company has made high investment in less liquid assets which resulted in the increase of its cash operating cycle. Therefore there is a need to restrain any further increase in its inventory level. In the year 2007, inventory only increased by 7%, indicating no substantial change. {draw:frame} ACCOUNTS RECEIVABLE COLLECTION PERIOD (In Days): It is a measure of the average number of days that a company takes to collect revenue from its customers after a sale has been made. www. investopedia. com Account receivable collection period of GSK had radically increased from 4 days in the year 2007 to 27 days in 2008, which was caused by 770% increase in its accounts receivables (mainly because of high receivable on government tenders) over 2007. Although, this resulted in the augmented sales turnover but it also raised doubtful debt provision from 2. 9 million in 2007 to 4. 6 million in 2008. However, no significant rise was observed in receivable collection period days of 3. 06 days in FY06 from FY07. {draw:frame} ACCOUNTS PAYABLE PAYMENT PERIOD (In Days): It is used to calculate the average number of days that a business takes to pay off its creditors. www. investopedia. com Account payable days of GSK have decreased by 22 days from 93 days in FY 2007 to 71 days in FY 2008. This sudden decline was due to the increase of 43. 8% in cost of goods sold, which is fairly less in comparison to the 9. 94% rise in trade and other payables. However, in FY 2007 the 7% increase in COGS was in proportion to the 6. 25% raise in trade and other payables, resulting in no considerable change in the year 2007 in comparison to 94 days of its preceding year 2006. {draw:frame} Long Term Solvency and stability Ratios: GEARING (Long Term Debt / Equity): Gearing is a general term describing a financial ratio which compares some form of owner's equity (or capital) to borrowed funds. It is a measure of financial leverage, demonstrating the degree to which a firm's activities are funded by owner's funds versus creditor's funds. Financial gearing ratio of GSK is not significantly important as it has remained below 1% in the 3 year period from 2006 to 2008. Gearing ratio for FY 2008 and FY 2007 is 0. 25% and 0. 29%, which are relatively better in comparison to 0. 88% for the financial year 2006. This indicates that the company is highly dependent on its internal cash flow generation system and holds a stable financial position. Therefore, it currently and subsequently would have no problem to borrow funds but at present, it does not seem to rely on the strategy of generating finance through debt. {draw:frame} INTEREST COVER: It is a ratio that indicates how many times a company can cover its interest charges on a pretax basis. Failing to meet these obligations could force a company into bankruptcy. www. investopedia. com Interest cover of GSK had declined by 191 times being at 40. 05 times in FY 2008 in comparison to 231. 18 times in FY 2007 which was an increase of 93. 92 times in comparison to 137. 5 times in FY 2006. One of the major reasons for this drastic decline in the interest cover in 2008 is because of the rise in financial charges of GSK, which rose because of the foreign exchange losses occurred during the year by the company. This depicts an inefficient FOREX risk management for importing of raw material and exports of its products. While in the year 2007 exchange losses are apparently low comp ared to the other two years. {draw:frame} Market Ratio: EARNING PER SHARE (EPS): EPS is the portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serve as an indicator of a company's profitability. www. investopedia. com EPS of GSK had increased from 9. 79 per share in 2007 to 11. 46 per share in FY 2008, but it was lower as compared to 12. 19 per share of 2006. The increase in the current year (FY 2008) is due to vigorous 17. 04% increase in net profit in comparison to the profit of FY 2007; however no further shares issue was made during the year. Whereas, the decline in FY 2007 was due to the issue of common shares (bonus shares) which expanded the company’s common stock by 25% but net profit remained almost same as of FY 2006. draw:frame} PRICE EARNING RATIO (P/E): A valuation ratio of a company's current share price compared to its per-share earnings. It is calculated as: Market Value/ share divided by Earning per share. www. investopedia. com P/E ratio of GSK has decreased by 13. 03 to 6. 63 in the FY 2008 compare to the FY 2007, but in 2007 it increased by 19. 66 compared to the 12. 81 of FY 20 06. The decrease observed in the year 2008 was because of the undervalued share price and improvement in the EPS during the year. The market price of the share in Dec 2008 was Rs. 75. 9 (Dec07: Rs. 192. 4) and the earning per share was Rs. 1. 46 (Dec07: Rs. 9. 79). The low P/E ratio will result in the high expectations of investors for the potential rise in share prices. The stock prices were generally low due to economic recession in the country and fragile moves of the investors at the stock exchange. The increase in P/E ratio during 2007 was due to decrease in EPS by 20% over 2006. {draw:frame} DIVIDEND PAYOUT RATIO (DPO): Dividend payout ratio is the percentage of earnings paid to shareholders as dividends. www. investopedia. com Dividend payout ratio of the company is depicting a growing trend. Its DPO in the FY 2008 reached to 82. % from 76. 6% in FY 2007, i. e. approximately an increase of 6%. This was due to a raise in net profit by 17%, consequently meeting its investorâ₠¬â„¢s expectation. Whilst the payout ratio of GSK indicates that it was able cover 65. 6% of the total profit in FY 2006. However GSK retained 23. 4% and 32. 4% of its net profits in the year 2007 and 2006 respectively, since heavy capital expenditure was incurred within these two years, which was financed by its retained earnings. {draw:frame} Horizontal Analysis: Knowing your customer is critical, but knowing your competition can be even more valuable. Better knowledge of rivals proffers a legitimate source of competitive advantage, horizontal analysis commonly known as competitor analysis is used for that purpose. This analysis tends to evaluate the entity’s standing in comparison to the other companies within the industry. It is not vital that the companies within the same industry are direct competitors (which can be seen in the case of GSK & Sanofi Aventis hereinafter referred to as SA); even then they would be expected to broadly demonstrate similar performance, in terms of growth. (ACCAP3). The Horizontal analysis of GSK is done within the same categories of trend analysis. Profitability Ratios: Profitability ratios of GSK are better than that of SA. The huge difference in the profit margin of these two corporations is due to the difference in their size. Gross profit margin of the GSK is 28. 77%, which is 4. 48% better than that of SA. GSK’s vast product range allows it to purchase and produce in bulk, hence reducing its overall cost. On the other hand, SA manufactures low volumes of products which increase its ordering cost and consequently raise its cost of production. Net profit margin of GSK is 14. 9% while that of SA is 0. 88% in the FY 2008. This difference of 13. 71% indicates that excessive non production cost of SA is squeezing its net profit. As a consequence low ROCE of SA of 15. 36% is witnessed in comparison to GSK’s 36. 84%. SA’s asset turnover of 1. 46 times indicates that it has utilized its assets 0. 2 times more efficiently than G SK to generate sales revenue. Short Term Solvency, Liquidity and Efficiency: The current ratio of GSK for FY 2008 is 4. 11 and of SA is 0. 98. Since SA’s current ratio is less than 1, it is can lead to the difficulty in fulfilling its short term obligations. SA’s liquidity problems can be witnessed from its short term borrowings covering 48% of the total Current Liabilities. Conversely, Current ratio of GSK is high showing signs of over capitalization. Additionally, cash and bank balances of GSK are 34 % of its total current assets which indicates weak working capital management. Quick Ratio of SA and GSK is 0. 2 and 2. 25 respectively. This enormous difference from the current ratios of these companies highlights the possibility of investment in assets which are less liquid. The inventory (stock in trade) of the SA is almost 62% of its total current assets while GSK holds around 44% of its current assets. SA has kept a stringent control over its working capital while GSK’s policy seems much more relaxed with its creditors and Debtors. These relaxed terms could be one of the reasons which helped GSK in increasing its Sales revenue by 26% in FY 2008 from FY 2007. SA, in contrast, has less receivable collection days and increased payable payment days. Hence SA is better at controlling its cash conversion. Long Term Solvency and stability Ratios: Both the companies hold stable positions in the context of long term solvency. Gearing ratios are not significant as these are less than 1% in both the companies. Interest cover of 40. 05 times shows a sound financial position. Finance cost occurred by GSK mainly consist of the foreign exchange losses borne by the company in importing the raw material. While SA has interest cover of 0. 51 times due to the high finance cost on short term borrowing. Market Ratios: The huge difference in EPS of GSK and SA is due to their different profitability position. Moreover GSK has a high payout ratio of approximately 83% as compared to 35. 28% of SA. NAV of SA is 2. 5 times higher than GSK particularly due to the high number of equity shares (common stock) issued, which is also reflected in its share price. SA currently has a share price of Rs. 211 and GSK’s shares are of Rs. 75. 94/share respectively. SA’s P/E ratio of 53. 18 indicates low earnings and high market price of its shares. This is a source of concern indicating that its shares are overvalued. Conversely, GSK’s P/E ratio of 6. 63, highlights that its shares are currently undervalued. Business Analysis The business performance analysis of GSK will be carried out using SWOT analysis and by general discussion of its business practices. SWOT SWOT analysis is fundamentally about discovering what a company does well, how it could improve, whether it is making the most out of the available opportunities and whether there are any changes in the market that call for corresponding changes in the business. http://www. bnet. com/2410-13240_23-66478. html Strengths The largest pharmaceutical company in Pakistan. The first company in Pakistan’s pharmaceutical industry that crossed Rs 10 billion sales mark. Produces 269 varieties of products, out of which Augmentin, Amoxil, Panadol, Ventolin and Ampiclox are among the top 10 pharmaceutical Rx products of Pakistan. The sales revenue of Augmentin and Amoxil reached to PKR2bn and PKR1bn in 2008. Betnovate is its leading brand by volume. Segment leadership in antibiotics, respiratory products, anti-malaria, gastrointestinal (GI), derma and hepatitis products, vaccines and anti helmentic medicaments. Stood at 1st position in poster competition of â€Å"International Clinical Operations, Community of Practice Meetings†. Awarded with corporate philanthropic award certificate in 2008 by Pakistan Centre for Philanthropy. Contributes to social welfare by running various charitable programs with leading NGO’s in Pakistan such as Pakistan National Forum, National Children Human Development on women’s health, concern for Children trust and the trust for health and medical sciences. Awarded as â€Å"Best place to work-2008† by a leading HR consultancy in association with Pakistan Society for Human Resource Management. Committed to innovation by developing medicines through its global R effort. Weaknesses Due to high cost of importing raw material for medicines, GSK faces strong competition from low-cost generic equivalents. Ineffective foreign exchange currency contracts resulted in the increase of exchange losses (financial charges) for the current year. Strict labor laws and a corporate income tax rate, makes it difficult for GSK to operate. Weak cash management. Opportunities: Potential for growth in the domestic market. Sector modernization initiatives will create expansion opportunities. Cut of import duties were made by the government on Pharmaceutical products. This will increase the import of products and motivate foreign involvement in respect of the investment, raw material purchase and technology transfer. Prospective increase in exports of medicines is possible as currently, Pakistan is ranked among the top eight leading exporters of herbal medicine. Threats: Significant counterfeit drug industry. Domestic patent law is below international standards. Illegal copying, counterfeiting and law enforcement is continuing to present significant problems for the international pharmaceutical companies operating in Pakistan. Rising numbers of generics is a major barrier to multinational investment. Increasing inflationary trends without consequent increases in the prices of drugs. Exposed to foreign exchange currency risk as the company is highly dependent on import of raw materials. Slow registration process for approving new formulae for medicine thus hampering its access. More about GSK: The Vision: â€Å"The opportunity to make a difference to the lives of billions of people† GSK states that they are aware of the work they do to improve the quality of people’s lives. It takes pride in this and is committed to produce products that benefit patients. It is committed towards improving and implementing the healthcare programs in Pakistan, particularly the area of preventive healthcare and vaccines remains essential and explicit. GSK is the world’s leading developer and manufacturer of vaccines. In order to evaluate the alignment of company’s activities with its vision, I have conducted the business analysis under the following heads: Market Eminence: GSK has always remained a strong wing of the pharmaceutical industry of Pakistan. It has managed to maintain a consistent growth in demand of different vaccines, antibiotics, dermatology, gastro intestinal & cardio vascular portfolios. GSK has a wide distribution network, it sell its products to wholesale drug distributors, hospitals, government entities and other institutions, hence covering almost the whole pharmaceutical market. It produces 7 out of 20 top brands in the pharmaceutical industry of the country. It was as awarded â€Å"The most preferred pharmaceutical company† of the year. It is the market leader of pharmaceutical industry of Pakistan. Quality Management: Quality in the Pharmaceutical industry is of significant importance. Due to the sensitive nature of industry, strict quality parameters are set by the regulatory bodies for pharmaceutical companies. GSK is one of the few companies which not only follow the quality standard set locally but also practice international quality standards. It was reward with the prestigious â€Å"Corporate Excellence Award† by Management Association of Pakistan (MAP). This was presented after independent evaluation of quality of management practices followed by GSK including corporate governance practices, marketing planning, production, R, corporate social responsibility and remarkable financial performance. GSK has always set high quality standards in the industry. It has recently introduced quality management system and is conducting workshops for its successful implementation. It has also installed one of the fastest tube filling and cartooning machines for its production efficiency and is continually advancing towards improvement in product’s quality and productivity. Research & Developments: GlaxoSmithKline, Pakistan (GSKP) Limited is the largest research-based pharmaceutical company in the country and the second largest in the world. It has recently conducted 19 Phase-II and III studies in therapeutic areas of Oncology, Neurosciences, Psychiatry, Metabolic and Hematology. It got 1st Position in poster competition in â€Å"International Clinical Operations, Community of Practice Meeting† held in Bangkok. Its R department’s 10 team members were presented with â€Å"Gold Awards† and Certificate of Recognition by CMD. It spends globally around US $ 14 million on research and development each day. The Company has consistently launched new products. † Sensodyne Total Care† and â€Å"Sensodyne Gentle Mouthwash† launched with unique formulation are its recent addition. Overall, it has supported the Pharma industry of by introducing low cost and quality pharmaceutical products. Employee’s Development: GSK is well known for being one of the most preferred employers. It has been awarded as â€Å"Best place to work† in 2008 by a leading HR consultancy in association with Pakistan Society for Human Resource Management. International Day of Disability was celebrated at GSK, showing its strong believes in equal opportunity employment. Its HR team recently launched a new initiative titled â€Å"Mentoring†, which provides guidance and assistance for developing talent. It also conducted a learning fair in 4 major cities of Pakistan, which offers a diverse range of courses for employees’ development and learning exposure. In order to promote and give a chance to new talent, its HR team visited 14 Universities during its recruitment process. Corporate Social Responsibility (CSR): GSK believes that corporate social responsibility is an integral and embedded part of its business. It is sincerely involved in the community work and in various charitable projects in Pakistan and around the world. It works under the context of various health, women and child development, education, and relief programmers’ at grass root level. In 2008 GSK has been rewarded with a corporate philanthropy award in recognition of its support for the social development causes in Pakistan. It is the major corporate donor for numerous NGOs and also a member of the National Commission for Human Development (NCHD). As a movement to its corporate social responsibility GSK Pakistan has introduced 1st of its kind, value health card. The card will be issued solely on the prescription of doctors, for those who cannot afford pharmaceutical products at their standard retail prices. Environment, Health and Safety (EHS) Environment, health and safety are major concerns for GSK. It continually works towards improving people’s health and safety and for developing environment friendly products. It has received Environment Excellence Award (AEEA 2008) and EHS Excellence Awards in recognition to its good environmental practices. It has installed low-cost engineering solution (glove box), which reduced OEL level by 40%. Business Continuity Plan desktop exercise was also conducted at all of its sites. CONCLUSION: GSK leads the industry in terms of value, volume and market shares. It has managed to improve the quality of human life along with showing consistency and stability in its overall business growth. This report’s objective, to assess the financial and business position of GSK, was achieved in four key areas. This report aims to analyze the financial and business position of GSK over the three year period from 2006 to 2008. In the context of aforementioned objectives this report concludes: Business: GSK‘s overall business performance is in line with its mission and is contributing towards its strategic objective. Due to its presence in the country since 1955, it has managed to build strong business foundation and is able to maintain consistent growth in the market. It has excelled in the field of Research and Development by introducing new products covering various generics, ensuring employees satisfaction by providing better environment to work, expanding its operation through empowerment of diverse product portfolio, contributing towards corporate social responsibility by capturing tasks; to work for the social health and safety, education and environment friendliness and most importantly being profitable, depicts its strong businesses practices. Financial Trend: GSK Pakistan has managed to give better financial results in the current year 2008 as compared to the FY 2007, which identifies its financial stability and further growth prospects. Even though the returns (ROCE & ROE) in the current year have improved but its profit margins (GP% & NP %) have depicted a declining trend, which was a result of raise in its revenue expenditure (COGS, Admin, S and Financial expenses). However it can be witnessed that the company has remained focused on continuous improvement in its business processes and sustained its investment in its product & promotion to offset the negative impact on margins through productivity improvement and sales growth. Although the company was not able to perform well in the year 2007 in comparison to its preceding year 2006, but it was able still able to deliver a stable financial performance having no major threats. This decrease in its financial position during the year was mainly due to the increase in inflation and depreciation in rupee that affected its operating margin negatively. Moreover the capital expenditure made during the year caused a decline in its profitability ratios, but its benefit will be obtained in the later years. The company has always provided sound investment returns which can be seen by consistent growth in its payout ratio. In the year 2007, GSK announce bonus issue of 1:4 when it declared lower dividends, thus retaining its investor’s confidence and being a reliable company for all of its stakeholders. Competitor’s Comparison: Due to its larger asset base, vast product portfolio, global presence and skilled research & development function GSK has a natural edge over its competitor Sanofi Aventis. Overall GSK’s financial performance is better than its competitor in the FY 2008. Almost all of the ratios calculated under the four broad heads, shows that GSK is giving better returns and incurring less cost. Profitability ratios of the GSK show a better picture than that of Sanofi Aventis, with the exception of Asset efficiency which shows a better utilization of assets by Sanofi to generate revenues. Liquidity position of both the companies is stable apart from the huge investments that were stuck in the stock in trade. Higher EPS and low P/E ratio of GSK shows that there is a potential for rise in its share price of the Company, in comparison to the overvalued shares of SA resulted in high P/E ratio. Future Prospects: The company can be seen as being committed to respond to the challenges of the operating environment and continues to seek opportunities to drive growth in its existing portfolio. It has a good pipeline of innovative new medicines together with the sustained availability of existing products. However, the pharmaceutical industry, in which GSK exists, has ample of barriers such as high inflationary environment without general price relief, which makes it difficult to manage its business operations. The company has a great potential for growth, but its sustained success depends on the industry’s regulatory environment, that should be able to balance the interest of the company with the need of affordable healthcare. APPENDIcES APPENDIX 1: BALANCE SHEETS (GSK) {draw:frame} APPENDIX 2: PROFIT & LOSS STATEMENTS (GSK) {draw:frame} APPENDIX 3: BALANCE SHEETS (SA) draw:frame} APPENDIX 4: PROFIT & LOSS STATEMENTS (SA) {draw:frame} APPENDIX 4: RATIOS FORMULAE {draw:frame} APPENDIX 5: RATIOS CALCULATIONS {draw:frame} Key Skill Statement Skill and Learning Statement is the testimonial which includes the compilation of key factors learned during the course this project. This part of report includes following: What did you learn from the meetings with your project mentor, includ ing the presentation that you gave to your project mentor? How well do you think that you have answered your research question(s)? How have you demonstrated your interpersonal and communication skills during the project work? How has undertaking the RAP helped you in your accountancy studies and/or current employment role? Choosing a Mentor In accordance with the guidelines, I was required to hold three meetings with my mentor. Working as a trainee in one of the big four audit firms, made the task of locating a mentor quite easy. Mr. Qayam Karim Maknojia (ACA from Institute of Chartered Accountant of Pakistan), Manager in Financial Advisory Services at Deloitte Touche Tomastu, agreed to occupy the role of my mentor. I choose Mr. Qayam as my mentor because of his vast knowledge and experience in the field of advisory and audit. Meetings Planning all the meetings before hand ensured their smooth running, and enable maximum to be achieved in the shortest time. Meeting 1 Due to time constraint and workload, first meeting took place at 7 pm, Wednesday 16th September, 2009 at our client’s office. In order to get most out of the 1st meeting, I had performed all the background work and shortlisted two topics, topic 8 and Topic 20 for the purpose of this report. I also selected the potential organizations that I was willing to use for each respective topic, but before making the final decision I decided to consult Mr. Qayam. After discussing number of issues like learning potential and merits of each topic I decided to underpin my research report on Topic 8, business and financial analysis of an organization over a three year period. We also discussed the potential sources of information which I could use for the purpose of this report. Due to workload, Mr. Qayam told me that we will hold the next meeting after finalizing the client and asked me to mail him the agenda and progress of the report one week before the meeting. Meeting 2 Second meeting took place at the 6:30 pm, after office hours, at Deloitte Karachi Office on Thursday 29th October, 2009. As requested by Mr. Qayam, I e-mailed him the agenda, my uncompleted report and excel generated worksheet one week before the meeting. By then my report consisted of interpretation ratios of the Company and business evaluation aspects with initial data in bullet points that I was going to use. Mr. Qayam assessed the work that I had performed and pointed out weaknesses and lack of reasoning in my interpretation. He also suggested that I should incorporate a competitor analysis so that a complete financial overview is covered in the report. Furthermore, he also pointed the fact that, it was not feasible to use business model as the data required for them are hard to come by. Instead, he recommended me to take some specific aspect of the company’s operations and evaluate their alignment with its vision and strategic objectives. We concluded the meeting and my mentor told me to take as much time as I want, because the deadline for the submission of the report is too far. He asked me to mail him final draft report once I have completed it. Meeting 3 The last meeting was held in the conference room of Deloitte Pakistan’s Karachi office on Wednesday, 25th November, 2009. I had mailed the final draft report to my mentor around 15 days before the meeting. After receiving his acknowledgment, I prepared presentation on Microsoft PowerPoint 2007 slides to give it a more professional look. I consulted my seniors, as how to make and delivery good quality presentation. Keeping the guidance provided by my seniors in mind, I prepared and rehearsed my presentation several times. I was a bit shaky at the start of the meeting, but my confidence level grew as I proceeded. After the presentation question answer session took place, which was most exciting as my colleagues and mentor tried to challenge my research by asking numerous questions. I was glad that I had prepared myself for this, although I was not able to answer 100% of the questions asked, my mentor and colleagues were satisfied with the work I had performed and effort I gave in preparing this report. Assessment of the Presentation The presentation took place in front of my mentor and my office colleagues. It took me nearly two days to structure and prepare the presentation. After that, I rehearsed the number of times alone to build confidence. The day before the meeting, I gave this presentation in front of my friends, who are MBA professionals so that they can point out any weakness in my communication. At the start of the meeting I distributed, handouts consisting of ratios, competitor analysis and summary of the business performance of the Company. The meeting progressed smoothly throughout the presentation. As I have already informed the listeners that a question answer session will take place after the presentation is over, no interruption occurred in between. In the introduction phase, it was quite clear that most of my colleagues didn’t possess any prior knowledge of GSK Pakistan Limited, so they took a keen interest in the topic. During the Q & A session numbers of questions were asked by my colleagues challenging my research. Most of the questions related to the financial aspects of the Company, like why I chose that particular competitor. Most exciting questions were asked by my mentor, which focused on the business performance and which widen my horizon of analyzing the business. Overall the presentation was effective. I was able to deliver the presentation in the allocated time, although question answer session went longer than I had hoped. After the presentation my overall efforts were appreciated by my colleagues and mentor. Presentation Outline {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} Questioning Questioning is a vital element of effective communication based on any medium. It enhances understanding, searches for clarification and opinions. There are two basic types of questions: Open questions such as; what†¦? Who†¦? Where†¦? The responses they require are in broad terms. Open questions can further be classif ied in to probing questions and leading questions. Closed question defines a parameter which limits the response of the questioned individual to choices like ‘Yes or No. During the three meeting Questioning formed a significant part of the communication. Through this me and my mentor developed ideas and structured my thoughts which helped me in completing my report. During the question answer session both open and close ended question were asked by the audience, which tested my knowledge rigorously and helped me identifying weakness in the communication process. However, Questioning was two way process. Numerous open ended questions were asked by me, in order to gain better understanding of the work I had to perform and whether I was on the right track or not. Listening As communication are a two way process between sender and a receiver. Listening is the act of decoding the information being received and it forms a fundamental part of a communication process. Listening is as important a characteristic as questioning. Every communication process is open to noise and distortion and the meaning of the message being delivered is altered or lost if they are present. The first meeting held was open to frequent physical noises and distractions. One of my weaknesses that came into light during the 1st meeting was that, I found out to be an impatient listener. I interrupted Mr. Qayam at numerous times when I did not agree with his opinions. Learning from the 1st meeting other meetings were arranged and timed to avoid interruption. I started to become more patient and listened to my mentor with full concentration and noted down questions which I asked after he has concluded. During my 3rd meeting I noticed that some of the audience members were not listening effectively as they asked question which have already be answered during the course of my presentation. Self Evaluation {draw:g} Overall communication process consists of a sender, transmitting a message to the receiver through a communication medium. The process of communication is incomplete and/or ineffective until it is confirmed via feedback, that the receiver understood the intended message. The communication between me and my mentor could be seen by the above communication model. During the course of my project, the overall interaction with my mentor was quite effective. We were able to decode each other’s message easily and were able to communicate our thoughts properly. Perhaps, one of the reasons for effective communication was the informal relation with him, which allowed me to ask questions without being reluctant. I have used number of channels to communicate with my mentor, E-mail being the most effective medium after face to face conversation. The interaction with my colleagues during the presentation was not effective. Reason for which could be that I was not able to generate their interest. Due to this I had to repeat things over and over again. I was also asked questions, answers for which were already given in the presentation further implying that communication flow was hampered. Being an ACCA Affiliate and recruited recently, as a trainee consultant in Deloitte Pakistan, requirement for sound evaluation and interpretational skills are essential. During the course of this project, it had not only strengthened my academic knowledge I acquired before and furnished my interpretational and data mining skills, but also helped me into developing presentational skills which I lacked. Significant portion of the analysis of GSK was performed using ratio/trend analysis over a three year period ended 2008. In order for the assessment to be systematic and logical these ratios were broken into 4 broad categories so that proper attention would be given to each section and no major area was overlooked. To give a more meaning evaluation of the Company’s financial performance, I also incorporated, as guided by my mentor, a horizontal or competitor analysis of GSK with Sanofi Aventis. Performing business analysis of GSK was a difficult task, as this analysis required qualitative data in addition to the quantitative data about the Company. After carefully evaluating how to assess the business performance of a company I came to the conclusion that it was not feasible to use business evaluation models for the analyses of GSK as significant internal data was required. I discussed different operations for the company, evaluated whether’ they aligned with its vision and strategic objectives. Furthermore, I also used a corporate appraisal technique called SWOT analysis. In order to make my findings easy to understand for my mentor, I decided to use as minimum figures as I could and instead relied upon using graphs and interpreting data as a percentage. Microsoft Office was extensively used for this and by the end of this research project I was able to navigate around and use advance level options of its applications with ease. According to me, this research and analysis report contains a sound financial and business analysis of GSK Pakistan and fulfills the requirement to Topic of 8 of BSc. guidelines with ease. References Printed Material ACCA Study Text (2008/09) Paper F9 Financial Management. Kaplan Publishing Foulks Lynch ACCA Study Text (2008/09) Paper F7 (INT) Financial Reporting. Kaplan Publishing Foulks Lynch ACCA Study Text (2008/09) Paper P2 (INT) Corporate Reporting. BPP Learning Media Ltd ACCA Study Text (2008/09) Paper P3 Business Analysis. BPP Learning Media Ltd Annual Report (2006), Glaxo SmithKline. Annual Report (2007), Glaxo SmithKline. Annual Report (2008), Glaxo SmithKline. Electronic and Other Material Types BNET. SWOT Analysis: http://www. bnet. com/2410-13240_23-66478. html (Visited 05th November 2009) Financial Analysis http://www. enotes. com/small-business-encyclopedia/financial-analysis (Visited 05th November 2009) Introduction http://www. roi-ally. com/BPE_vol1. htm (Visited 05th November 2009) Industry http://www. ppma. org. pk/ (Visited 05th November 2009) Investopedia. Vertical Analysis: http://www. investopedia. com/terms/v/vertical_analysis. asp (Visited 05th November 2009) Investopedia. Return on Equity: http://www. investopedia. com/terms/r/returnonequity. asp (Visited 05th November 2009) Investopedia. Current Ratio: http://www. investopedia. com/terms/c/currentratio. asp (Visited 05th November 2009) Investopedia. Quick Ratio: http://www. investopedia. com/terms/q/quickratio. asp (Visited 05th November 2009) Investopedia. Accounts Recievable Collection Period: http://www. investopedia. com/terms/a/average_collection_period. asp (Visited 05th November 2009) Investopedia. Accounts Payable Payment Period: http://www. investopedia. com/terms/a/accountspayableturnoverratio. asp (Visited 05th November 2009) Investopedia. Interest Cover: http://www. investopedia. com/terms/i/interestcoverageratio. asp (Visited 05th November 2009) Investopedia. Earning Per Share: http://www. investopedia. com/terms/e/eps. asp (Visited 05th November 2009) Investopedia. Dividend Payout Ratio: http://www. investopedia. com/terms/d/dividendpayoutratio. asp (Visited 05th November 2009) William Pollard. Quote (Visited 07th November) http://thinkexist. com/quotation/information_is_a_source_of_learning-but_unless_it/226524. html BIBLIOGRAPHY Electronic and Other Material Types Competitor Websites Novartis Pharma: http://www. novartis. com (Visited 05th November 2009) Sanofi-Aventis: http://www. anofi-aventis. com. pk (Visited 05th November 2009) Regulators/ Governments Websites Karachi Stock Exchange: http://www. kse. com. pk (Visited 15th November 2009) Pakistan Pharmaceutical Manufacturers Association: http://www. ppma. org. pk (Visited 12th November 2009) Newspaper Websites Business Recorder’s website: http://www. brecorder. com (Visited many times) Dawn’s website: http://www. dawn. com (Visited many times) The Financial Daily webs ite: http://www. thefinancialdaily. com (Visited many times)

Cultural Tourism Development Essay

With its modern sky line and quality infrastructure, it is difficult to believe that Dubai in the United Arab Emirates was once a small town of Bedouin traders. Exotic animals used to inhabit the grounds occupied by the present-day Nad al Sheba racetrack Contemporary Dubai has been built beyond reasonable expectations, more so from the stigma which befell a post-Gulf War Arabia. High-technology and high-fashion shops are now as commonplace as the gold souks. Modern Dubai is an eclectic mix of old and new, ancient and modern. Tourism, cultural tourism particularly, is considered one of the fastest-growing industries globally; with fierce competition being its natural corollary. Dubai is viewed as one of the prime tourist destinations, giving the country a distinct vantage in the arena. Dubai’s relative advantages pertinent to tourism are manifold. First, tourism is a rapidly-growing, huge industry; it is, therefore, a crucial sector that Dubai can take advantage of. Dubai is aptly capable in meeting global standards, being in itself, a set of visions. Dubai’s global position, as predicted, will be that of an â€Å"internationally-recognized hub and destination of choice for cultural tourism†. Dubai’s 2010 vision reiterates this notion, stating a threefold agenda for its long-term goal of becoming an international tourist hub: (1) creating a quality environment conducive to immigration and investment inflows, necessary for enticing a technologically-knowledgeable/skilled human capital base, (2) launching a policy of arts and culture developments, with the creation of an arts center in Dubai, (3) initiating an annual program of cultural activities (e. g. expositions, concerts, visiting artist performances) to mark its reputation as a modern society. Second, tourism is a highly-unpredictable industry, with trends and factors influential of tourist influx. Factors that positively affect tourism are disposable income increase, transportation cost decrease, tourism package cost decrease, and political stability presence. Travel distance has become an irrelevant tourism factor. Third, competition has spurred creative marketing strategies on the part of tourism providers. They have started providing leisure and business packages in greater variety, higher quality, and more competitive pricing scheme- thereby boosting the market demand for tourism. With the current trends in tourism at work, the demand being on the favorable side, it is projected that the $ 3. 3 trillion global tourism industry will grow at a 6. 8 % annual rate for the next 10 years. Fourth, the tourism industry is challenged by a body of better-informed and discriminating clientele. Tourism providers, therefore, need to package destinations in a detail-specific and compelling manner, categorized on the basis of market segmentation, in order to lure prospective tourists. The package destinations can also aim at a wider range of tourists for particular destinations in order to satisfy the market demand. In view of these trends, Dubai must adhere to the aforementioned steps to be able to take advantage of the tourism sector to its fullest. Dubai must maintain research-based equilibrium values per tourist segment, from where tourism providers can base tourist package offers from. The move is expected to optimize Dubai’s gain from possible tourism-generated revenues. It must also continue upgrading its support services in order to be able to service the increasing flock of tourists, broaden the basis of their motivation for tourism, and eventually, draw more tourists into visiting. A study of tourism’s framework is a requisite for understanding it. According to the Singaporean Board of Tourism website, the tourism landscape is composed of two sections: motivating attraction and supporting services. Motivating attractions include business tourism, cruise events, honeymoons, and especially, cultural tourism. Supporting services, however, include IT & Communication systems, travel agencies, hotels, entertainment management companies, and computer reservation systems. Cultural activities, in addition, are part of a broader tourism framework; by building on both Motivating Attractions and Supporting Services, Dubai will be able to attract tourists and encourage repeat visits. Cultural Tourism Cultural tourism is the type of tourism intent on an exploration of and education on the culture of a particular state. The motivating attraction components of cultural tourism are cultural/historical heritage, performing arts (theatre), visual arts and music. The CulturalHistorical Heritage component includes parks sightseeing, tours, cultural events, festivals and fairs. Performing Arts (Theatre) includes musicals, operas, ballet and dance exhibitions, and dramatic and classical performances. The Visual Arts component includes museums, painting galleries, craft exhibits, and film and photography showcases. Music, however, includes symphonies, orchestras and concerts. Supporting Services for cultural tourism comprise of marketing organizations to promote the Arts and Dubai’s position as a ‘center for the arts’ in the region, operational organizations to collaborate with performing arts talents and IT specialists for marketing, state-of-the-art venues like auditoriums, screening rooms, seminar rooms and staging arenas, and the technology that allows for world-class performances and shows. This US-based data on cultural tourism illustrates some key characteristics of the tourism demography (regular/cultural tourists), with important implications on the possible benefits from cultural tourism. Research suggests that promoting cultural tourism in Dubai will attract an extremely valuable clientele that will be willing to spend more ($ 174 average difference) and lengthen the duration of their visit (4% difference). Cultural tourism promotion, research also suggests, increases the likelihood of drawing clients with more advanced ages (48 vs. 46 average, 3% difference in retired tourists demography) and educational backgrounds (3% difference in graduate degree-holding status). Hosting such a demography is a boost for promoting Dubai as the ‘image leader’ in the region, an immense contribution to the knowledge economy. The National Assembly of State Arts agencies website asserts that some economic and cultural trends has had a huge impact on cultural tourism statistics. First, there has been a general rise in affluence and education level trends. Second, the United Arab Emirates has bore witness to cultural diversity; with expatriates now accounting for more than 75% of the UAE population. Third, an increase in the economic role and education of women had women typically setting up vacation plans. Fourth, a lesser time for leisure which is a mark of modern society increased the demand for and placed emphasis on shorter and value-added trips. Lastly, there has been an intensified influence of technology in every domain; an increased awareness of cultural issues therefore effected in tourists demanding a greater variety of cultural activities. These trends imply favorable growth prospects for cultural tourism in Dubai. Analyzing Dubai’s situation, it is evident that the current cultural tourism landscape is insufficient. Cultural Tourism Activities in Dubai are on a small-scale, fragmented, and uncoordinated way, and bereft of independent quality check and strategic guidance. The Dubai Explorer 2002 has it that the only activities/establishments which garnered a medium rating on the concentration graph were Dubai’s six (6) parks (Creekside Park, Mushrif Park, Rashidiya Park, Safa Park, Al Mamzar Beach and Jumeira Beach Park). The Performing Arts Division (comprising of nine (9) groups and clubs), the Visual Arts Sector (composed of four (4) galleries) and Falconry Division’s three (3) centers were noted as having the lowest concentrations. Dubai, however, is not deficient in Venues for Musical and Theatrical Performances which include: seven (7) venues for Classical Concerts (e. g. Crowne Plaza Hotel), six (6) venues for Theatrical Performances (e. g. a 500-seat Community Theater built in 2002 near Nad Al Sheba) and fifteen (15) venues for Dance/Pop Concert Events. These numbers are suggestive of the budding need for appropriate staging facilities and equipment; the demand for performance venues having been predicted. Comparing the aforementioned figures to a cultural tourism-investing country’s infrastructure statistics will reveal some startling differences. The data has it that Dubai has 80% the GDP/capita of Hong Kong but pales in comparison with regard to cultural infrastructure- with only 15% the number of museums and 0% the number of theaters and arenas. Based on these ratios, Dubai should have at least 10 museums and 5 theaters in order to parallel Hongkong’s status as a tourism spot. The Cultural Tourism Industry Group and the National Assembly of State Arts Agencies websites specify the apparent quality and tourism potential of museums, art galleries, concert halls, historic sites, and national and state parks as main considerations influencing cultural tourists. The organization of cultural events, festivals and fairs is a consideration too. With an understandably hectic itinerary, the logistics scheme and accompanying amenities also count. Some of these features have already been instituted/organized in Dubai such as national and state parks, cultural events, festivals and fairs. These institutions/affairs are considered highly-competitive and very manageable. On the other hand, theaters, concert halls and archeological sites are basically non-existent. The construction of theaters and concert halls are reasonable, achievable objectives as exemplified by the construction of a 500-seat Community Theater (built in 2002 near Nad Al Sheba). The contrary holds for establishing archeological sites, a challenging feat. The creation of and investment in organizational networks in Dubai that promote cultural activities will beget ample dedication which will enable cultural organizations to fund, foster and implement innovative ideas crucial to the development of cultural activities. In addition, the implementation of high-impact activities will command the highest visibility and draw a significant number of tourists. Those projects are intent on Cultural Tourism which is currently unavailable in Dubai. Cultural Tourism necessitates the creation of a dedicated oversight committee within the DTCM structure to: (1) coordinate with the private sector regarding the development of projects, (2) fund and foster the development of different project concepts, and (3) assist in projects implementation to foster the development of cultural activities. Possible High-Impact Projects Cultural Tourism necessitates an identification of viable high-impact activities for implementation. Possible projects include: (1) the construction of a culture complex (Barbican or Lincoln Center model-based), (2) the construction of an opera house (London’s Royal Albert Hall-modeled), (3) erection of a major performing arts venue (in joint effort with the private sector’s Community Theater project currently underway), (4) the erection of a concert hall (in partnership with Moscow for purposes of production and guidance), (5) the initiation of a desert arena, (6) hosting cultural events and activities, and (7) erection of art cinema houses for Indie Films (NYC’s Angelica Theater-based). Moreover, there is an apparent need for an amendment in Dubai’s existing laws on private ownership to further the development of cultural tourism in this region. In a 1999 DTCM survey, as posted in the HK Leisure and Cultural Services Department website, a majority of the respondents specified the scarcity of peculiar activities and sightings in Dubai. The respondents criticized the offered cultural activities as being small-scale, fragmented and uncoordinated. These survey results support the need for improvements in cultural tourism infrastructure, developments in ongoing cultural activities, and initiation of high-impact projects. The DTCM, with its current organizational setup, is ill-equipped for a full development of cultural services. A labor force comparison between the DTCM and the HK L&C Services Department yielded startling results; the HK L&C Services Department has 26 times more employees. There is an immense need to foster a dedicated organization, in charge of coordinating the development of cultural activities in the region. The organizational setup will be based on the Hong Kong model where its primary role would be to act as the central node of cultural activities in the region. Other organizational responsibilities include: (1) promotion of cultural performances, (2) provision of support to festival organizers and private companies, and (3) offer of audience-aimed educational programs, and (4) overall logistical operations (e. g. venues and ticketing). Conclusion It is evident that the dearth of cultural facilities and cultural activities has brought Dubai to a tourism disadvantage. Cultural facilities/activities have been described, aptly or otherwise, as being small-scale, quality control-bereft, and seemingly uncoordinated with other cultural tourism authorities. Established institutions, however, such as the Dubai Museum, Sheikh Mohammed Center for Cultural Understanding, and the Dubai Natural History Group have potentially important roles in boosting Dubai’s cultural tourism prospects. Currently, there is an insufficient government emphasis in Cultural Tourism, although an AED 10M Dubai Community Theatre project which is currently underway is definitely a step in the right direction. An expedient cultural tourism infrastructure will facilitate Dubai’s agenda of drawing a desirable demographic, generating ample revenues from increased expenses and lengthened travel duration on tourists’ part, and according Dubai the status of an ‘image leader’ in the world. Furthermore, it is expected to heighten students’ thespic awareness and enthusiasm, sufficient encouragements for the scholarly and professional pursuit of the Arts. An overall improvement in the quality of life is expected with the creation of an inculturated tourism experience; creative arts specialists and cultural promotion companies will then be drawn to Dubai. Implications The magnitude of Dubai’s long-term agenda has various implications for the government and support systems, and marketing and production logistics. For one, a high degree of government support is entailed, more so that the need to institute a governmental agency for cultural promotion purposes presents itself. Secondly, creating partnerships with relevant local and overseas organizations is required for the promotion and improvement of Dubai’s Art and Culture. Third, the creation of specialized umbrella organizations, like a National Heritage Board or an Arts Council, is a significant assistance to the government for a more focused management. Fourth, the government has to support, subsidize and grant incentives to private sector initiatives in support of Dubai’s cultural tourism agenda (e. g. museum foundation, arts organizations). Lastly, there is a need for the government to set guidelines and policies directed on an effective management of cultural facilities, heritage conservation and tourist education. Support services have their own share of responsibilities. First, the management of major facilities, such as stadiums and performance venues, will ensure organizers a constant facility access and facility maintenance. Second, there is a need for the implementation of an accessible and automated ticketing system, possibly with the use of the Internet, to ensure a widespread distribution and expediency. Third, the endowment of financial support to festivals, events organizers, museums’ administration and arts organizations can be a tourism marketing tool. Lastly, the Internet is an effective marketing instrument with a global domain; therefore, creating websites and publishing electronic newsletters on cultural tourism is an information dissemination option. Dubai’s cultural tourism agenda has peculiar implications for marketing and production logistics. First, ticket pricing has to be reasonable and demand-based; with discount offerings for senior citizens, students and children, and price markdowns on special occasions and for promotional means. Second, an effective marketing strategy is key to succeeding in this arena; to participate and organize sales missions, trade and tourism fairs, consumer fairs and other promotional events is therefore necessary. Third, cultural organizers have to be responsible for audience-briefing on cultural themes in order to help the audience appreciate different cultural performances. Lastly, an educated domain is a boost to cultural tourism; therefore, the provision of educational programs addressed to students (lectures, workshops, seminars and symposia) and the encouragement of learning institutions to participate in cultural activities will significantly bolster Dubai’s tourism agenda. Dubai’s vision has crucial implications for production logistics too. First, affairs organizers have a wide array of production options ranging from traditional repertoires to avant-garde creative performances. Organizers have a corollary responsibility of heeding consumer demand and garnering independent ideas; providing a means for the submission of independent project proposals is therefore requisite. Second, it is the organizers’ privilege and responsibility to provide performance opportunities to both established and upcoming local artists and groups. Third, there is an organizer responsibility for a performance venue planning and management, with a corollary need for the constant enhancement and upgrading of performance facilities. Lastly, production organizers have to establish and be of support to local professional artists groups like philharmonic societies, dance companies and orchestras. With a competent strategy and ample guidance, Dubai’s 2010 Vision of Cultural Tourism need not be an impossibility!

Propliopithecus (Aegyptopithecus) Profile

Propliopithecus (Aegyptopithecus) Profile Name: Propliopithecus (Greek for before Pliopithecus); pronounced PRO-ply-oh-pith-ECK-us; also known as Aegyptopithecus Habitat: Woodlands of northern Africa Historical Epoch: Middle Oligocene (30-25 million years ago) Size and Weight: About two feet long and 10 pounds Diet: Probably omnivorous Distinguishing Characteristics: Small size; sexual dimorphism; flat face with forward-facing eyes About Propliopithecus (Aegyptopithecus) As you can tell from its nearly unpronounceable  name, Propliopithecus was named in reference to the much later Pliopithecus; this middle Oligocene primate may also have been the same animal as Aegyptopithecus, which provisionally continues to occupy its own genus. The importance of Propliopithecus is that it occupied a place on the primate evolutionary tree very near to the ancient split between old world (i.e., African and Eurasian) apes and monkeys, and may well have been the earliest true ape. Still, Propliopithecus was no chest-pounding behemoth; this ten-pound primate looked like a small gibbon, ran on all fours like a macaque, and possessed a relatively flat face with forward-facing eyes, an adumbration of its human-like hominid descendants that evolved millions of years later. How smart was Propliopithecus? One shouldnt have too ambitious hopes for a primate that lived 25 million years ago, and in fact, an initial brain-size estimate of 30 square centimeters has since been reduced to 22 square centimeters, on the basis of more complete fossil evidence. In the course of analyzing skull samples, the same research team that produced the latter estimate also concluded that Propliopithecus was sexually dimorphic (males were about one and one-half times as big as females), and we can infer that this primate scrambled between the branches of trees- that is, it had not yet learned to walk on solid ground.

The Therapy of Human Touch essays

The Therapy of Human Touch essays There is a contest going on between conventional and alternative methods of treating sicknesses. Conventional or traditional medicine relies on pills and other forms of mechanical intrusion into the ailing body. Alternative or holistic medicine aims at restoring the ailing bodys balance by filling up its depleted energy field. Opponents have come up with views of the Healing Touch method as mere superstition, which cannot be outwardly proved. But it continues to gather advocates among the public. The Healing or Therapeutic Touch is a method, which is believed to help restore the natural healing processes of the body by redirecting and re-balancing the bodys natural energy fields (Bruno 1999). Its purpose is to reduce pin an anxiety, promote relaxation and stimulate the bodys natural healing processes. It is considered the modern version of the ancient laying off of the hands, found in the Bible, Eastern philosophy, ancient Greek mythology, and Native American myth. It was developed and given the name by Dolores Krieger, a nursing professor at the New York University in 1972 (Bruno). The method does not necessarily require massage or body work (Bruno 1999). The practitioners hands are usually an inch away from the patients body and move or hover around it, feeling or reworking on it. The method draws from the Eastern concept that, like all things, body has a life-energy field, which extends from it. If a person is healthy, his energy flows freely and is in a balanced state. But if he is physically or psychologically ill, the energy is blocked and his energy becomes imbalanced and depleted. Practitioners say that they can tune in on the patients energy field and feel its state with their hands. They can then manipulate this invisible energy field and make it smooth by transmitting new energy into it from their own through their hands (Bruno). A typical session star...

Subject Complement Definition and Examples

Subject Complement Definition and Examples A subject complement is a word or phrase (usually an adjective phrase, noun phrase, or pronoun) that follows a linking verb and describes or renames the subject of the sentence. Also called a subjective complement. In traditional grammar, a subject complement is usually identified as either a predicate nominative or a predicate adjective. Examples and Observations The light in the chapel was warm and soft.Mrs. Rigney was my fourth-grade teacher.My fourth-grade teacher was exceptionally kind.Ruth and Thelma are my best friends, and their roomies are Tammy Hinsen and Rebecca Bogner. (Dean Koontz, Lightning. G.P. Putnams Sons, 1988)I knelt down and pulled on the edge of the stone with him, and it started to move with the sucking sound of thick mud. It smelled awful, and we looked at each other with sour faces. (Patrick Carman, The Land of Elyon: Into the Mist. Scholastic Press, 2007)The Johnson children and Harbor Branch received $169 million. But if they were the true winners, no one was the loser. (Barbara Goldsmith, Johnson V. Johnson. Knopf, 1987)The very air was alive with the uncanny cries of phantoms that flew through the secret places of this region. These mountains were unfriendly at the best of times. (David Bilsborough, The Wanderers Tale. Tor, 2007) Linking Verbs and Subject Complements If a verb requires a subject complement (SC) to complete the sentence, the verb is a linking verb. The subject complement ([italicized] in the examples that follow) typically identifies or characterizes the person or thing denoted by the subject: (1) Sandra is my mothers name.(2) Your room must be the one next to mine.(3) The upstairs tenant seemed a reliable person.(4) A university is a community of scholars.(5) The receptionist seemed very tired.(6) You should be more careful.(7) The distinction became ​quite clear.(8) The corridor is too narrow. The most common linking verb is  be. Other common linking verbs (with examples of subject complements in parentheses) include appear (the best plan), become (my neighbor), seem (obvious), feel (foolish), get (ready), look (cheerful), sound (strange). Subject complements are typically noun phrases, as in (1)-(4) above, or adjective phrases, as in (5)-(8) above. (Gerald C. Nelson and Sidney Greenbaum, An Introduction to English Grammar, 3rd ed. Routledge, 2009) The Difference Between a Subject Complement and an Object The Subject Complement is the obligatory constituent which follows a copular verb and which cannot be made the subject in a passive clause: Whos there? Its me / Its I.*She became a tennis champion at a very early age.Feel free to ask questions! The Subject Complement does not represent a new participant, as an Object does, but completes the predicate by adding information about the subject referent. For this reason, the Subject Complement differs from the Object in that it can be realized not only by a nominal group but also by an adjectival group (Adj.G), as illustrated in the previous examples. The objective case (me) is now in general use (Its me) except in the most formal registers, in which the subjective form (Its I) or (I am he/she) are heard, especially in AmE. As well as be and seem, a wide range of verbs can be used to link the subject to its Complement; these add meanings of transition (become, get, go, grow, turn) and of perception (sound, smell, look) among others... (Angela Downing and Philip Locke, English Grammar: A University Course, 2nd ed. Routledge, 2006) Agreement with Subject Complements (16c) These are the costs the grey parties never talk about when they allow the system to go on. (w2b-013:097) . . .(16h) I call them wild flowers. . . .(s1a-036:205) In those cases in which the complements are noun phrases, the subject complement shows concord with the subject S, and the object complement is in concord with the direct object, as can be best seen in the examples (16c) and (16h). (Rolf Kreyer, Introduction to English Syntax. Peter Lang, 2010) Semantic Relations The italicized portions of the following examples are Subject Complements. The upper case labels to the right indicate the semantic relation between the Subject Complement and the Subject: (4a) The venue for the meeting is the Roxburghe Hotel. EQUATION(4b) The estate car is a Volvo. PROPER INCLUSION(4c) Youre so young. ATTRIBUTION(4d) Would you still love me if I were old and saggy? ATTRIBUTION(4e) that telly was mine POSSESSION(4f) Sometimes were on a collision course, LOCATION(4g) the NHS was for all of us BENEFACTEE(4h) The five pound note was for services rendered. IN EXCHANGE The Inflection (marking for tense, aspect, mode, and agreement) in this type of construction is carried by be; therefore be is the syntactic Head of the Predicate. However, the Subject Complement is the element that expresses the main semantic content of the Predicate. In other words, the Complement is the semantic Head of the Predicate. Source Thomas E. Payne, Understanding English Grammar: A Linguistic Introduction. Cambridge University Press, 2011

Research Proposal Example | Topics and Well Written Essays - 500 words - 1

Research Proposal Example The origin of the pathogen was traced back to the British soldiers who were returning from Asia. In Haiti, the earthquake in 2010 was a great turn of events (Farmer, 24). As the country recovered from the spoils, with the support of volunteers from all over the world, there was a cholera outbreak which infected more than 8000 people, leaving at least 5000 of them dead (Hogg, 65). It is interesting that the origin of the pathogen, even in the case of Haiti was not from within. The circumstances that led to the massive mortality are also similar. Although separated by more than one and a half centuries, the two tales have much in common (Nair, 49). This research seeks to establish a spatial relationship of the two cities, London in 1830 and Haiti in 2010 with the aim of making a spatial analysis of the conditions in the two cases that could have led to the outbreaks and inability to control them (Shah scientificamerican.com). This will lead to a possible development of important lessons that can be learnt from the relationship and the comparison to enhance future responses. This research will be in the form of a spatial analysis. This being a qualitative study, the information will be obtained from the internet on cholera and its relationship with the geographical environment. This is likely to be obtained from medical websites such as WHO and CDC websites. Data is also to be obtained from news reports on the two cholera outbreaks and the relationship that exist in the two tales. Academic journal articles on the relationship between human geography and demographics on disease outbreak and control. These sources are most likely to provide both primary and secondary data for the research. This data will be analyzed systematically focusing on answering the research question. The analysis will compare the spatial characteristics of the two geographical locations and deduce a relationship that should be addressed. This is a

Otherness and the Nature of Jealousy in Othello Research Paper

Otherness and the Nature of Jealousy in Othello - Research Paper Example There is a reason it is called a monster. Jealousy transforms love into a rage that can have deadly consequences. The monster that Othello becomes destroys the love that he held for Desdemona and eventually destroyed the vessel of that love, Desdemona herself. From the perspective of a clinical discussion of the emotion of jealousy, the nature of jealousy is a complex system of emotional programs that have evolved as responses in reference to threats to procreative responsibilities (Lewis 122). This response is intended to protect the line of male succession, thus it is seen more often and more dangerously in men. In addition, it has only been in recent history that women have had a right to demand fidelity in their mates. While men have guarded fidelity in women with lethal prejudice, women have only been allowed to express jealousy in regard to their mates through cultural norms in the last few centuries of human history. In discussing the nature of the jealousy expressed by Othell o, it is necessary to understand the cultural position on the relationships between men and women during the period of the play and the period in which it was written. According to Lewis, â€Å"cues of a situation trigger an emotion mode, but embedded in that emotion mode is a way of seeing the world and feeling about the world related to the ancestral cluster of associated elements (122). The way in which an emotion is perceived and is reacted to is dependent upon both the visual cues that suggest the appropriateness of that emotion and the historical cultural values that define that emotion. One might believe that an emotion is experienced in the same way no matter the cultural location, but this is not true. The emotion develops upon the beliefs on how a culture has framed its expression and appropriateness. As an example, love is an emotion that seems relatively similar in all cultures. However, that can be argued. Love is a feeling that can be tied to desire, that can be tied to mutual experiences, or that can be tied to dependency. In cultures where people marry through arrangement, love can develop between two people who are put together and learn to feel for one another. In other cultures, love is something that develops once the physical attraction has been established. Therefore, it must be understood that an emotional exploration is going to be relevant to the culture through which the emotion is expressed. Jealousy, in Othello, is defined by two cultures, the culture that Shakespeare writes about and his own culture. The gender relations during the time of Shakespeare were defined by a wide variety of dynamics. In literature, the idea of romantic love was highly visible, but literary love is influenced by the realities of the dynamics of the time period. The possession of the female gender was also highly important in calculating the reaction of jealousy. The patriarchal society designates the female as an object, rather than the subject of her li fe. While it is true that the realities of the gender relationships were more complicated than the patriarchal ideals defined, it is the ideology of the patriarchal society that allows for the extremes in jealousy that can be defined when a woman is a possession rather than an individual. The 17th century philosopher John Locke stated that men had no more control over the lives of women than they did over men. However, he also later

Parmenides and Heracleitus Essay Example | Topics and Well Written Essays - 750 words

Parmenides and Heracleitus - Essay Example A surprising amount of what we feel we know about the world today, and the way in which we interpret the nature of the world around us, was actually shaped by the ideas and concepts brought forward for discussion by the ancient Greek philosophers. Although their ideas have been modified and added to over the millennia since their first recording, the views of these philosophers helped shape the avenue of investigation and thus our concept of our role in the physical plane. Two of these philosophers, Heraclitus and Parmenides, introduced two opposing schools of thought regarding the nature of the physical world, each influencing the thoughts and actions of two more widely known philosophers, Socrates and Plato. Heraclitus proposed that everything around us was in a continual state of flux while Parmenides believed change was nothing but an illusion. To understand how their philosophies differed and how they affected Socrates and Plato, it is necessary to understand the position of eac h man and how he came to his conclusions. Heraclitus based much of his knowledge of the natural world on his concept that everything is in constant flux between one state of being and another. According to Plutarch, â€Å"Heraclitus holds it impossible to go into the same river twice; no more can you grasp mortal being twice so as to hold it. So sharp and swift is change; it scatters and brings together again, not again, no nor afterward; even while it is being formed it fails, it approaches, and it is gone†

Foundations of Scholarship Assignment Example | Topics and Well Written Essays - 1750 words

Foundations of Scholarship - Assignment Example A corporation may have a low or high level of employee involvement in the daily processes that require decision making. Corporations that have a greater degree of employee participation in various functions allow their workers to be able to make decisions about different planning processes. Employees also feel that their opinions are treasured by the company executives, and feel that the company seriously considers their interests. On the other hand, a low level of employee involvement in functions such as decision making is indicative of the existence of a restricted planning process in which only the company’s executives are involved. Advantages of Including Workers in Corporate Decision Making There are many reasons why it is important for company heads to foster a corporate culture in which the opinions of workers are taken seriously (Williamson 2008). While this type of structure has not been popular in the past, it is more considerate of workers and makes them feel appre ciated by the corporations they work for. It also encourages loyalty from the workers. Additional reasons why encouraging employee participation in a corporation’s decision-making processes is important are: It improves the employees’ morale: Engaging the staff in the decision-making procedures increases the general morale. Many corporations have a distinctive separation of power between the employees and the management. The implementation of employee participation can successfully reduce this gap; thus encouraging more constructive communication between employees and their supervisors. Once employees are allowed to contribute during decision-making, workers will believe that their ideas are a significant contribution to the company they work for. This empowers them to have the confidence to influence the result of their efforts; thus bringing about increased job satisfaction (Singh 2009). Involving employees in making decisions is also likely to make them more product ive. This is because the employees will feel that they have a personal stake in running of the corporation, and thus wish to see their personal contributions bring about the successful realisation of the company’s objectives. The increase in trust that is demonstrated by a corporation’s executives can also inspire employees to expand or advance their skills in order to prove that they are deserving of that trust. Such efforts mean that there will be more effort in production processes which results in more profitability (Scott- Ladd, Travaglione, and Marshall 2006). Improvement in Teamwork- When workers are allowed to contribute towards decision-making, they have the opportunity to state their views while also listening to those of their colleagues. In this way, the workers gain knowledge from each other and thus develop a sense of comradeship that positively affects any joint exercises that may be conducted. Saving Internal Resources- When employees are used in the pr ocess of decision making, the company in question has the chance to save on time as well as money that might have been used to hire specialists or consultants. The company will also benefit because it saves money by taking the advice of people who work closely with the machinery and so are in a better position to understand what may be needed. The Practice of