The Culture of Today and the Dionysian Society Essays

Foreseeing the future, pain, drugs and alcohol. It all sounds like elements in the plot of a Hollywood movie. These elements, however, are not of a movie, but of the past of a society. â€Å"The Pueblos of New Mexico†, an essay written by Ruth Benedict talks of these different societies. Dionysian, derived from the Greek god of wine Dionysus, perceives values through â€Å"the annihilation of the ordinary bounds and limits of existence† (517). The Dionysian culture holds values that approve recklessness, glorification, states of emotional excess, and a general passion to break through the usual routine of everyday life. This society is one that has very similar characteristics to the societies of today. The frequent use of drugs and alcohol,†¦show more content†¦Ã¢â‚¬Å"They valued all violent experience, all means by which human beings may break through the usual sensory routine, and to all such experiences they attributed the highest value† (518). Dionysian cultures did many horrifying things to themselves. Cutting strips of skin off of their arms, cutting fingers off and going without food and water for days were some of the things that the people of the Dionysian cultures did. Today, violence is a major part of one society’s existence. Gangs today rely very highly on violence for survival. Not only do they hurt the people outside of their gang, but they also hurt those inside of it. In order to be â€Å"initiated† into the gang, one would have to suffer through the torturous beatings of his fellow gang members. â€Å"†¦if he was seeking his vision by torture†¦someone had to go out with him to tie him to the pole from which he was to swing†¦ his helper did his part and left him alone for his ordeal.† This resembles the rituals of the gangs. The gang members recruit the new members in, and lead him before the rest of the gang, and then leave him alone for his ordeal. Drugs and alco hol are a huge part in the lifestyles of the Dionysians. The experiences that they wanted were â€Å"†¦often sought openly by means of drugs and alcohol.† (521) Many times, the Dionysian cultures used mind-altering substances in order to getShow MoreRelatedWestern Civilization and Happiness and Justice829 Words   |  3 PagesHow can Western Civilization avert decline and promote happiness and justice? In a world of political and celebrity scandals from the raunchy to the greedy, our culture is full of corruption and an obsession with fame. Henrik Ibsen’s Hedda Gabler and Sylvia Plath’s â€Å"The Colossus† both explore the West’s moral blindness and our paralysis of feeling and thought in the twentieth century. Western civilization is becoming a wildfire fueled by tragic ignorance, societal norms and corruption. 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Health And Fitness Criteria For Cardiovascular Diseases

Knowledge 1. The student will be able to recognize values for health and fitness criteria (i.e. categories for blood pressure, dyslipidemia, obesity, sedentary lifestyle, pushup test, curl up test, VO2 max, bench press). 2. The student will memorize the signs and symptoms of cardiovascular, pulmonary, and metabolic diseases. Comprehension 1. The student will estimate and calculate heart rate, mean axis deviation, and rhythms from ECG strip. 2. The student will interpret basic principles of 12-lead ECG, fitness assessments, exercise testing, and exercise prescription techniques. Application 1. The student will be able to determine if doctor approval is needed in order to prescribe an exercise program and determine if medical†¦show more content†¦2. The student will prescribe the appropriate fitness test in order to determine the correct assessment of health related fitness components. Evaluation 1. The student will be able to determine the three levels of risk stratification and determine if medical supervision is needed in order to perform a maximal/submaximal test for each level. 2. The student will be able to summarize the overall findings of the case study and compare their results with their classmates. Table of Specifications Objectives Knowledge Comprehension/ Understanding Application Analysis Synthesis Evaluation/ Create Total Items #1 5 5 #2 5 5 #3 5 5 #4 5 5 #5 10 10 #6 10 10 #7 5 5 #8 5 5 #9 10 10 #10 10 10 #11 10 10 #12 10 10 Total Items 10 10 20 10 20 20 100 Percentages 10% 10% 20% 10% 20% 20% 100% B. Item Distribution Table Objective Learning Outcome Level Test Item Format Item # #1 Knowledge Multiple Choice 1-5 #1 Knowledge Multiple Choice 6-10 #2 Comprehension Multiple Choice 11-15 #2 Comprehension Multiple Choice 16-20 #3 Application Restricted Response 21-30 #3 Application Restricted Response 31-40 #4 Analysis Free Response 41-45 #4 Analysis Free Response 46-100 #5 Synthesis Free Response 51-60 #5 Synthesis Free Response 61-70 #6 Evaluation Free Response 70-90 #6 Evaluation Free Response 91-100

Historical Decision The Incident of the Titanic

Question: Describe about the Incident of the Titanic. Answer: Introduction The disaster of Titanic is considered as the largest maritime disasters in the modern history. It is because in this disaster approx 1500 people were died among the 2200 passengers. In 1912, the Titanic was completely driven in the water after the collision (Chatterton, 2013). This paper discusses the stakeholders of this disaster. Along with this, it also discusses the stakeholders decisions that caused for this disaster. In addition, it also examines the decision that made by the stakeholders. At the end, it also evaluates the ways that could be used to prevent this disaster. Stakeholders Involved in the Disaster In the disaster of Titanic, there are various stakeholders that were involved from the development of Titanic plan to collapse of the ship in the sea. But, at the time of disaster, there were mainly two types of stakeholders are involved such as passengers and crew members, who taken the decisions. Along with this, there are also several stakeholders that directly and indirectly associated with the Titanic Disaster. In this, White Star Lines was a company that managed the Titanic project by providing engineering, Harland-Wolff (constructors), Alexander Carlisle and Thomas Andrews (shipwrights and designers), Edward John Smith who was the captain and finally Joseph Bruce Ismay as the director (Withington, 2013). These stakeholders were associated with the Titanic project from its inception to the disaster and also responsible for all the decisions that cause the Titanic disaster. Stakeholders Decisions that Cause for Disaster There are various decisions, which were made by the stakeholders and caused the disaster of Titanic. From the group and crew member perspectives, one of the main decisions was made by the captain of the ship Edward J. Smith as he took the decision to sail the ship at full speed without concerning the visibility and possibilities of ship striking with the iceberg. This decision was probably taken in terms of making the record and impressing some stakeholders but, at the same time, this decision endangered the safety of the ship and led to damaging the ship as well as caused death of so many people. At that time, most of the crew member believed that the captain of the ship was not followed proper procedure for taking decisions. It is because Smith ignored several warnings of iceberg provided through the messages as well as other ships during the journey (Smith and Rayment, 2012). It also led Smith to take wrong decisions related to the speed of the ship and caused the disaster. At the same time, as an individual, Edward J. Smith had also taken the biased decision that the lifeboats leave the ship with women and children first and for any remaining position, the position would be allocated to men. This decision was also interpreted wrongly by the passengers and crew members as they considered lifeboats will be launched only with women and children (Purchase, 2013). This decision also caused to the disaster of Titanic. At the same time, in the disaster, most of the decisions made by the crew members and the captain of the ship without concerning any decision-making process and procedures. In this, the senior radio operator Jack Philips also made a decision to not to convey the messages related to the iceberg to the captain of the ship because these messages did not include the prefix MSG. This decision of senior radio operator also caused the Titanic disaster because due to this, captain Smith was not able to take actions to prevent the disaster. Along with this, in the beginning, the decision made by the engineers related to the design of ship also caused the Titanic failure or disaster. It is because in taking the decision of designing the ship, the engineers did not consider the engineering methodology and best available technologies that could have prevented probably the spread of water across the ship and led to its sinking (Chatterton, 2013). From the perspective of passengers, it is examined that the decision made by Alexander Carlisle and Thomas Andrews related to the less number of lifeboats on the ship as compared to the passengers was also not good. It is because it converted the accident into a big disaster. In this, the decision makers did not effective research that how many passengers were on the ships, the current number of lifeboats and any alternative actions if the accident will happen (Wilson, 2011). The lack of this research and alternative actions, mainly led the death of people in the Titanic accident. From the individual and group perspective, it is also examined that the decision of making a record of the six-day crossing was one of the reasons for the Titanic disaster. It is found that at that time, the competition for Atlantic passengers was intense and the owner of the Titanic ship wanted to prove that the company will make six-day crossing from Ireland to New York. In order to meet this schedule, it was not possible for the firm to slow down the speed of the ship (Withington, 2013). Due to this, Ismay created the pressure on Smith to maintain the speed of the ship, which caused for the disaster in the history. In this, the owner of the ship did not consider any alternative, which resulted in an accident. Reasons for Titanic Sink The Titanic ship was one of the so called unsinkable ships at that time in the history. The main reason of Titanic being sunk was an iceberg that damaged the ship and generated hole that caused the ship to sink quickly. Along with this, there were also various reasons that made the titanic sink as it was found that the material used in building the ship was not up-to-the standards. It is also identified that during the building of the Titanic ship, the designers had taken the decisions to use low-grade iron rivets with the steel plates (Marshall, 2012). The main reason behind this decision was to reduce the cost of the ship building. But, at the time of the collision, these low-grade iron rivets have ripped easily that created the reason for sinking the ship more quickly. At the same time, the decision related to build the sixteen watertight compartments was also a reason for the sink. It is because in this decision, the designers did not follow proper research process in order to check the negative impact of these watertight compartments. From the crew member perspective, this decision was not so effective because in this decision, the designers did not use prescribed standards and quality that developed the cause of sunk in the ship (Wilson, 2011). Along with this, there are various factors that affected the decisions of stakeholders and caused the Titanic to sink so quickly. It is found that many of the experts believed that in the icy condition, the ship gained fast speed. In this, the Captain Smith also denied the iceberg warnings that were received (Chatterton, 2013). At the same time, it is also found that one of the important reasons of the Titanic sink was related to the lack of technological equipment to see the iceberg from the ship. It is analyzed that at the Titanic ship, there were no binoculars to see the iceberg on the night of the collision. It also negatively affected the decision-making process of the captain Smith and reduced his ability to take corrective actions properly to prevent the sink in the ship (Withington, 2013). Along with this, it is also examined that most of the experts believe that at the night of collision, the steersman taken a wrong decision to turn the ship in order to save the ship from the iceberg accident. It is found that after identifying the iceberg, the captain was also command to turn the ship. But, the command was misinterpreted by the crew members as turn the ship turned right as compare to push the tiller hard to the left (Morris, 2011). It also led the ship towards the collision and created the Titanic disaster. Ways to Prevent Disaster The disaster of sinking of Titanic could have been possibly prevented or reduced if these measures were adopted at that time. From the crew members perspective, the decision maker could have used the double hull technology but, the Titanics manufacturers considered it an additional expense and built the ship with double bottom instead which do not resist the water flow inside the ship. The quality of steel plates used in the construction of ship could have been better as when actual holing of the ship caused, the steel plates may prevented the ship from sinking by providing a resistance to iceberg and not results in jamming of plates (Lord, 2012). The Titanic contained watertight bulkheads which could have been fully sealed up to reduce the effect of flood occurred, but these bulkheads could not be sealed up to the top because too many compartments were flooded and water reached the top of bulkheads and they were designed only on the basis if only a small number of compartments get flooded. The titanic watertight bulkhead should have been designed in such a way that if large number of compartments got flooded, then also it works (Marshall, 2016). The captain of the ship ignored the numerous ice warnings, if the captain could have responded to the numerous ice warnings and slowed down the ship or completely stopped and started waited for daylight then the scenario was totally different. Instead Titanic was travelling at around 20 knots, close to its maximum speed (Torres, 2011). From the individual perspective, there were very few lifeboats on the ship and it was one of the biggest tragedies. If there were more lifeboats than many lives could have been saved. Titanic was consisting of more than 2200 passengers and crew members and only 1200 people can be accommodated with the help of lifeboat (Compton, 2012). The wireless operators of Californian ship could have passed the message of ice warnings with more urgency so that Titanic came to know the actual havoc and stopped itself from moving forward. There was no practical training imparted to crew members, as there were only 20 lifeboats and because of lack of training practices only 12 passenger per life boat were carried out instead of 40 passengers. If proper training was imparted then it will surely going to impact the outcome, saving more lives of people (Tibballs, 2012). The ship was not containing adequate tools and safety equipments as some of the officers on the ship do not have search light and binoculars and this result in only 37 seconds left, to react before the ship hits the iceberg. If there were more safety equipments, the crew members must got more time as every second was precious. A competent leadership can save the lives of many people, but there was no competent leader in the ship. There was lack of coordination between people, process and technology. In case of titanic only technology was focused and no importance is being given to people and process and people and process were underestimated. If proper coordination will be there between people process and technology then the outcome will be different, saving more lives (Tarshis, 2011). There were no emergency approach and when the titanic hits the ice berg the crew members think nothing can be happened to titanic as it is unsinkable ship. So, they reacted late and many of the crew members were falling asleep after drunk. If the news of ship drowning was properly communicated then it results in saving of more lives, as many people on ship do not know that ship was drowning and after water reached in compartments, they got stuck in compartments losing their lives (Stare, 2010). Conclusion From the above discussion, it can be concluded that the incident of Titanic was a leading maritime disasters in the history. The Titanic disaster had various stakeholders including passengers, crew members, owner, engineers, architectures, and captain of the ship. In this, the wrong decision taken by Mr. Smith related to the speed of ship and lifeboats caused the disaster. At the same time, in order to take decisions, the crew members and captain were also not followed proper decision-making process, which also emerged as one of the biggest disasters in the history. At the same time, it can also be concluded that the use of low level and quality material in building the ship also caused a reason for the sink in the ship. In this, by arranging the enough lifeboats for the passenger and maintaining the ideal speed could be effective to prevent this disaster. References Boileau, R., Mak, L., and Lever, D. (2010). Avoiding the next Titanic: Are we ready for a major maritime incident in the Arctic?.Journal of Ocean Technology,5(4), 1-12. Chatterton, E. K. (2013). The Mercantile Marine. USA: BoD Books on Demand. Compton, N. (2012). Titanic on Trial. UK: AC Black. Frey, B. S., Savage, D. A., and Torgler, B. (2010). Interaction of natural survival instincts and internalized social norms exploring the Titanic and Lusitania disasters.Proceedings of the National Academy of Sciences,107(11), 4862-4865. Frey, B. S., Savage, D. A., and Torgler, B. (2011). Behavior under extreme conditions: The Titanic disaster.The Journal of Economic Perspectives,25(1), 209-221. Lord, W. (2012). A Night to Remember. USA: Open Road Media. Marshall, L. (2012). The Sinking of the Titanic and Great Sea Disasters. USA: Tales End Press. Marshall, L. (2016). The Sinking of the Titanic and Great Sea Disasters: Thrilling Stories of Survivors with Photographs and Sketches. USA: Skyhorse Publishing, Inc. Meiner, C. and Veel, K. (2012). The Cultural Life of Catastrophes and Crises. Germany: Walter de Gruyter. Morris, B. (2011). Nightmare at Sea. USA: Trafford Publishing. Neill, W. J. (2011). The Debasing of Myth: The Privatization of Titanic Memory in Designing the Post-conflictCity.Journal of Urban Design,16(1), 67-86. Purchase, B. (2013). Navigating on the Titanic: Economic Growth, Energy, and the Failure of Governance. USA: McGill-Queen's Press MQUP. Robertson, M. (2012). The Wreck of the Titan. USA: Simon and Schuster. Schrder-Hinrichs, J. U., Hollnagel, E., and Baldauf, M. (2012). From Titanic to Costa Concordiaa century of lessons not learned.WMU Journal of Maritime Affairs,11(2), 151-167. Smith, J. and Rayment, J. (2012). MisLeadership: Prevalence, Causes and Consequences. UK: Gower Publishing, Ltd. Stare, A. (2010). Comprehensive management of project changes.Economic and Business Review for Central and South-Eastern Europe,12(3), 195. Tarshis, L. (2011). Survived the Sinking of the Titanic, 1912 (I Survived #1). USA: Scholastic Inc. Tibballs, G. (2012). Voices from the Titanic. UK: Hachette UK. Torres, C. A. (2011). Dancing on the deck of the Titanic? Adult education, the nation-state and new social movements.International Review of Education,57(1-2), 39-55. Wilson, F. (2011). How to Survive the Titanic. USA: Harper Collins. Withington, J. (2013). Disaster!: A History of Earthquakes, Floods, Plagues, and Other Catastrophes. USA: Skyhorse Publishing, Inc. Xu, J. G., Zeng, B. F., Zhou, W., Kong, W. Q., Fu, Y. S., Zhao, B. Z., ... and Lian, X. F. (2011). Anterior Z-plate and titanic mesh fixation for acute burst thoracolumbar fracture.spine,36(7), E498-E504.

Macbeth Essays (1002 words) - Characters In Macbeth,

Macbeth 1) Early in Macbeth we see Lady Macbeth as the strong, rational, determined, ambitious, even ruthless woman ; on the other hand we see a more vacillating , fearful Macbeth. As the play progresses, we see both characters change. Discuss. In the play Macbeth we can see a change occur in both the charaters, I think that most of the change in the characters occurs when they decide to actualy go ahead with the murder of Duncan. After this murder takes place both Macbeth and Lady Macbeth seem to become in a way blood thirsty. Not for their enjoyment but for the sake of Macbeth to to become the ruler. The seem to get carried away with all the murders that they have made take place. And go on a killing war path, killing anyone who gets in the way of Macbeth recieving the throne. It is just before the scene where Macbeth kills Duncan where the first sign of Macbeth changing occurs, he becomes all agitated and hesitant towards whether he should kill King Duncan or not, but finally Lady Macbet persuades Macbeth into commiting the murder of Duncan. But before the murder you could somehow already see the stress building up on top of him. It was the forceful words of his wife Lady Macbeth that I think made him do it. Lady Macbeth before the murder was quite calm as her ussual self giving orders to Macbeth. After the murder of Duncan this is when you see most of the changes begin, first of all it all started with Macbeth he started to become nervous and began to see things that wernt really there like the ghost of Duncan. I think this was the whole beginning of the couples problems when Macbeth started seeing things, I think this was what started Lady Macbeth off. This I think got her a bit paranoid about ghosts and other spirits comming to get her this was when you could start to notice a difference in Lady Macbeth's attitude. I think it was partly because she was a bit worried about Macbeth and his problems with his seeing things. What caused more problems for the Macbeth couple I think was that they killed more people to give his crown so called fruits for the rest of his life realy just to keep it secure. After all the killings that Macbeth had done both Macbeth anf Lady Macbeth realy lost it they ssaught of went of the rails and become realy sick in the mind. Lady Macbeth realy changed in her personality side of things her whole attitude to life had changed after all the murders that took place. So in coclution I think that both Macbeth and Lady Macbeth realy changed towards the end of the play. There whole personality changed. Instead of Lady Macbeth being strong, determined and ruthless she has become frail minded and scared of what was to come of her life, and instead of Macbeth being fearless he had also become scared and had fallen of the rails his whole life had become fearful. So I would have to say in the end they had definatly chaged there ways since the begining of the play. 1) Early in Macbeth we see Lady Macbeth as the strong, rational, determined, ambitious, even ruthless woman ; on the other hand we see a more vacillating , fearful Macbeth. As the play progresses, we see both characters change. Discuss. In the play Macbeth we can see a change occur in both the charaters, I think that most of the change in the characters occurs when they decide to actualy go ahead with the murder of Duncan. After this murder takes place both Macbeth and Lady Macbeth seem to become in a way blood thirsty. Not for their enjoyment but for the sake of Macbeth to to become the ruler. The seem to get carried away with all the murders that they have made take place. And go on a killing war path, killing anyone who gets in the way of Macbeth recieving the throne. It is just before the scene where Macbeth kills Duncan where the first sign of Macbeth changing occurs, he becomes all agitated and hesitant towards whether he should kill King Duncan or not, but finally Lady Macbet persuades Macbeth into commiting the murder of Duncan. But before the murder you could somehow already see the stress building up on top of him. It was the forceful words of his wife

Free Essays on The Death Penalty †True Cause For Justice

The death penalty, as administered by states based on their individual laws, is considered capital punishment, the purpose of which is to penalize criminals convicted of murder or other heinous crimes (Fabian). The death penalty issue has been the focus of much controversy in recent years, even though capital punishment has been a part of our country’s history since the beginning. Crimes in colonial times, such as murder and theft of livestock were dealt with swiftly and decisively (â€Å"The Death Penalty†¦Ã¢â‚¬ ). Criminals were hanged shortly after their trial, in public executions. This practice was then considered just punishment for those crimes. Recently though, the focus of the death penalty debate has been on moral and legal issues. The murderers of today’s society can be assured of a much longer life even after conviction, with the constraints of the appeals process slowing the implementation of their death sentence. In most cases, the appeal proc ess lasts several years, during which time criminals enjoy comfortable lives. They have television, gym facilities, and the leisure time to attend free college-level classes that most American citizens must struggle to afford. Foremost, these murderers have the luxury of time, something their victims ran out of the moment their paths crossed. It is time this country realized the only true justice for these criminals is in the form of the death penalty. The death penalty should be administered for particularly heinous crimes. Opponents of capital punishment are outspoken and vehement in their arguments. They believe the death penalty does not does not deter crime. They also hold the opinion that ending the life of a murderer is cruel and unusual punishment, prohibited in their literal interpretation of the 8th Amendment of the United States Constitution (Bedau). Conversely, one of the main arguments for the death penalty is that it does deter crime. U. S. Depar... Free Essays on The Death Penalty – True Cause For Justice Free Essays on The Death Penalty – True Cause For Justice The death penalty, as administered by states based on their individual laws, is considered capital punishment, the purpose of which is to penalize criminals convicted of murder or other heinous crimes (Fabian). The death penalty issue has been the focus of much controversy in recent years, even though capital punishment has been a part of our country’s history since the beginning. Crimes in colonial times, such as murder and theft of livestock were dealt with swiftly and decisively (â€Å"The Death Penalty†¦Ã¢â‚¬ ). Criminals were hanged shortly after their trial, in public executions. This practice was then considered just punishment for those crimes. Recently though, the focus of the death penalty debate has been on moral and legal issues. The murderers of today’s society can be assured of a much longer life even after conviction, with the constraints of the appeals process slowing the implementation of their death sentence. In most cases, the appeal proc ess lasts several years, during which time criminals enjoy comfortable lives. They have television, gym facilities, and the leisure time to attend free college-level classes that most American citizens must struggle to afford. Foremost, these murderers have the luxury of time, something their victims ran out of the moment their paths crossed. It is time this country realized the only true justice for these criminals is in the form of the death penalty. The death penalty should be administered for particularly heinous crimes. Opponents of capital punishment are outspoken and vehement in their arguments. They believe the death penalty does not does not deter crime. They also hold the opinion that ending the life of a murderer is cruel and unusual punishment, prohibited in their literal interpretation of the 8th Amendment of the United States Constitution (Bedau). Conversely, one of the main arguments for the death penalty is that it does deter crime. U. S. Depar...

Free Essays on Death And Taxes

Death and Taxes Economics of Tobacco Control Death and Taxes Economics of Tobacco Control Contrary to long-standing beliefs, tobacco-control policies can lead to huge health benefits without harming economies. About 1.1 billion people worldwide smoke, and, with current trends, the number is expected to rise to more than 1.6 billion by 2025. In high-income countries, the number of smokers has, overall, been declining for decades, although it continues to rise in some population groups. In low- and middle-income countries, by contrast, cigarette consumption has been increasing. Few people now dispute that cigarette smoking is damaging human health on a global scale. Smoking-related diseases are already responsible for 1 in 10 adult deaths worldwide. By 2030, perhaps sooner, the ratio will be 1 in 6, or 10 million deaths a year, making smoking the largest single cause of death. Until recently, this epidemic of chronic disease and premature death affected mainly the populations of rich countries, but it is rapidly shifting to the developing world. By 2020, 7 of every 10 people who die from smoking-related diseases will be from low- and middle-income countries. Despite these trends, many governments have avoided taking action to control smoking because of concern about potential economic harm. For example, some policymakers fear that reduced sales of cigarettes would mean the permanent loss of thousands of jobs, particularly in agriculture, and that higher tobacco taxes would result in both lower government revenues and massive cigarette smuggling. Recent research allays these fears. Health effects of smoking Smoking has two major health consequences. First, the smoker rapidly becomes addicted to nicotine, whose addictive properties, although well documented, are often underestimated. Second, smoking ultimately causes disabling and fatal diseases, including cancers of the lung and other organs, ischemic heart disease and... Free Essays on Death And Taxes Free Essays on Death And Taxes Death and Taxes Economics of Tobacco Control Death and Taxes Economics of Tobacco Control Contrary to long-standing beliefs, tobacco-control policies can lead to huge health benefits without harming economies. About 1.1 billion people worldwide smoke, and, with current trends, the number is expected to rise to more than 1.6 billion by 2025. In high-income countries, the number of smokers has, overall, been declining for decades, although it continues to rise in some population groups. In low- and middle-income countries, by contrast, cigarette consumption has been increasing. Few people now dispute that cigarette smoking is damaging human health on a global scale. Smoking-related diseases are already responsible for 1 in 10 adult deaths worldwide. By 2030, perhaps sooner, the ratio will be 1 in 6, or 10 million deaths a year, making smoking the largest single cause of death. Until recently, this epidemic of chronic disease and premature death affected mainly the populations of rich countries, but it is rapidly shifting to the developing world. By 2020, 7 of every 10 people who die from smoking-related diseases will be from low- and middle-income countries. Despite these trends, many governments have avoided taking action to control smoking because of concern about potential economic harm. For example, some policymakers fear that reduced sales of cigarettes would mean the permanent loss of thousands of jobs, particularly in agriculture, and that higher tobacco taxes would result in both lower government revenues and massive cigarette smuggling. Recent research allays these fears. Health effects of smoking Smoking has two major health consequences. First, the smoker rapidly becomes addicted to nicotine, whose addictive properties, although well documented, are often underestimated. Second, smoking ultimately causes disabling and fatal diseases, including cancers of the lung and other organs, ischemic heart disease and...

One critiquing about operation managements as Tohoku issue I can the Coursework

One critiquing about operation managements as Tohoku issue I can the full project but I only these parts which are Sony, Power, and Ports and FedEx papers provided - Coursework Example The executive marshalled it human resources, corporate philanthropy and communications departments to focus on rescuing stranded employees. On early March 12, chartered helicopters were used to deliver water food and other necessities to the marooned workers. Over the next few days, all were rescued as the water levels receded. Sony also assisted to provide new temporary housing to employees whose homes were wrecked by the earthquake. Going forward, Sony should apply the gained insights and lessons learned from the Japan Earthquake to further strengthen its systems for response towards disasters and to ensure security and safety of its employees (Ranghieri and Mikio 39). Sony began to assist employees that sought to take part in volunteer activities. The strategy should have been a long established program at disaster prone sites aimed at meeting the needs of the communities in the would-be affected areas. At the end of May 11, Sony had managed to resume its normal operations at all sites despite having had to halt operations at ten production sites damaged or affected as a result of the disaster. Sony enforced temporary manufacturing adjustments at several of its manufacturing sites unaffected by the disaster. The changes were meant to cushion the company from the shortage of raw materials and its components. Immediately after the earthquake, there were many nuclear power plants that were closed to prevent larger miseries like tsunami that formed. As a further result of this occurrence, Japan had to put eventually restrictions on the power consumption of the people of Japan. In response to electric power use restrictions as a result of inadequate power supply in areas served by Tokyo Electric Power Co., as in the case of Sony, many companies enforced steps to lessen energy consumption (Lochbaum 42). The night shifts, daylight savings times, rotating facility closures, installation of energy-efficient lighting equipment

Sustainable Architecture Essay Example | Topics and Well Written Essays - 1000 words

Sustainable Architecture - Essay Example Engineered structural materials is defined as "recycled/reconstituted wood materials that employ laminated wood chips or strands and finger jointing (the gluing of larger pieces together)" (Sustainable Building Sourcebook, 2006). The materials that formulate the structured materials fall under the category of engineered wood and as such it means that the "tolerances in stability, consistency, straightness and strength are more precise then dimensional lumber, making the products easier to work with. In joist and rafter applications, the reconstituted products are particularly useful for long spans without bowing or lateral movement" (Sustainable Building Sourcebook, 2006). When making these building materials look to drastically minimise the amount of waste that is created in processing the raw materials as waste wood and entire trees, regardless of their size, age or species can be utilised in making these products. "Finger jointed studs reduce waste in two ways. Short pieces that normally would be unusable are combined rather than disposed and the engineered quality of finger jointed materials eliminate warping or cracking. The strength of the joints in good quality material is such that the solid wood portions will be more likely to break than the adhered finger joint" (Sustainable Building Sourcebook, 2006). The following graph outline both satisfactory and unsatisfactory or difficult in various circumstances of recycled/reconstituted wood and explain the ease of both finding satisfactory results in finding the technology and costs relatively low. There is also the issue of both finding the financing in engaging in implementing the recycled/ reconstituted wood along with much more public acceptance as the public continues to be interested in companies that engage in sustainable material practices. Figure 1 Commercial Status Implementation Issues Recycled/Reconstituted Wood Legend Satisfactory Satisfactory in most conditions Satisfactory in Limited Conditions Unsatisfactory or Difficult When looking toward sustainable materials in the construction industry it is important to start with forestry management. There are many companies that look toward accomplishing sustainable building product development by first looking toward how to better utilise the forest itself. Hunt and Winandy (2002) write about how 3D engineered fibreboard as "an economically viable process to produce three-dimensional structural fibreboard products that can utilise a wide range of lignocellulosic fibres contained in the forest undergrowth and in underutilised timber. This will encourage the public and private sector to undertake thinning or clearing of these components from the forest thereby reducing or removing dangerous fuels and minimising costs to the federal government for fire mitigation" (106). Hunt and Winandy's (2002) proposed product "consists of a structural material which can be made from a wide range of little or no-value

Water Corporation report Essay Example for Free

Water Corporation report Essay Comparison of Dividends and Redemptions. Bailey is one of four equal unrelated shareholders of Checker Corporation. Bailey has held Checker stock for four years and has a basis in her stock of $40,000. Checker has $280,000 of current and accumulated EP and distributes $100,000 to Bailey. What are the tax consequences to Checker and to Bailey if Bailey is an individual and the distribution is treated as a dividend? The amount of a distribution equals money received plus the FMV of any non money property received reduced by any liabilities assumed or acquired by the shareholder. The distribution is treated as a dividend to the extent of the distributing corporation’s current and accumulated EP. Any additional; excess is  treated as a capital gain. The shareholder’s basis in the property received is its FMV. The shareholder’s holding period for the property begins on the day after the distribution date. When a corporation distributes appreciated property, it must recognize gain as if it sold the property for its FMV immediately before the distribution. For gain recognition purposes, a property’s FMV is deemed to be at least equal to any liability to which the property is subject or that the shareholder assumes in connection with the distribution. A corporation recognizes no loss when it distributes to its shareholders property that has depreciated in value. A corporation’s EP is increased by any EP gain resulting from a distribution of appreciated property. A corporation’s EP is reduced by (a) the amount distributed plus (b) the greater of the FMV or EP adjusted basis of any non money property distributed, minus  © any liabilities to which the property is subject or that the shareholder assumes in connection with the distribution. EP also is reduced by taxes paid or incurred on the corporation’s recognized gain, if any. In Part a, what would be the tax consequences if Bailey were a corporation? The amount of a distribution equals money received plus the FMV of any non money property received reduced by any liabilities assumed or acquired by the shareholder. The distribution is treated as a dividend to the extent of the distributing corporation’s current and accumulated EP. Any distribution amount exceeding EP is treated as a return of capital that reduces the shareholder’s stock basis (but not below zero). Any additional excess is treated as a capital gain. The shareholder’s basis in the property received is its FMV. The shareholder’s holding period for the property begins on the day after the distribution date. What are the tax consequences to Checker and to Bailey (an individual) if Bailey surrenders all her stock in a redemption qualifying for sale treatment? Sale Exception: If the redemption meets specific requirements, the distribution amount received by the shareholder is offset by the adjusted basis of the shares surrendered. The difference generally is treated as a capital gain or loss. No basis adjustment occurs. Gain/Loss Recognition: Under the sale exception, the corporation recognizes gain (but not loss) as though it has sold distributed noncash property for its FMV immediately before redemption. Earnings and Profits Adjustment: For a redemption treated as a sale, EP is reduced  by the portion of current and accumulated attributable to the redeemed stock. Any distribution amount exceeding this portion reduces the corporation’s paid-in capital. In Part c, what would be the tax consequences if Bailey were a corporation? Sale Exception: If the redemption meets specific requirements, the distribution amount received by the shareholder is offset by the adjusted basis of the shares surrendered. This difference is generally treated as a capital gain or loss. No basis adjustment occurs. Which treatment would Bailey prefer if Bailey were an individual? Which treatment would Bailey Corporation prefer? Bailey would prefer to be taxed and treated as an individual. Bailey corporation would prefer to be treated like a corporation. Compare the tax consequences to the shareholder and the distributing corporation of the following three kinds of corporate distributions: ordinary dividends, stock redemptions, and complete liquidations Ordinary Dividends The amount of a distribution equals money received plus the FMV of any non money property received reduced by any liabilities assumed or acquired by the shareholder. The distribution is treated as a dividend to the extent of the distributing corporation’s current and accumulated EP. Any additional; excess is treated as a capital gain. The shareholder’s basis in the property received is its FMV. The shareholder’s holding period for the property begins on the day after the distribution date. When a corporation distributes appreciated property, it must recognize gain as if it sold the property for its FMV immediately before the distribution. For gain recognition purposes, a property’s FMV is deemed to be at least equal to any liability to which the property is subject or that the shareholder assumes in connection with the distribution. A corporation recognizes no loss when it distributes to its shareholders property that has depreciated in value. A corporation’s EP is increased by any EP gain resulting from a distribution of appreciated property. A corporation’s EP is reduced by (a) the amount distributed plus (b) the greater of the FMV or EP adjusted basis of any non money property distributed, minus  © any liabilities to which the property is subject or that the shareholder assumes  in connection with the distribution. EP also is reduced by taxes paid or incurred on the corporation’s recognized gain, if any. Stock Redemption for Shareholders General Rule: The distribution amount received by a shareholder in exchange for his or her stock is treated as a dividend to the extent of the distributing corporation’s EP. The basis of the surrendered stock is added to the basis of the shareholder’s remaining stock. Distributing Corporation Gain/Loss Recognition: Under the general rule, the corporation recognizes gain (but not loss) as though it had sold distributed noncash property for its FMV immediately before the redemption. Earnings and Profits Adjustment: For a redemption treated as a dividend, EP is reduced in the same manner as for regular dividend.

Does Abortion Relieve Overpopulation? Essays -- Argumentative Persuasi

Does Abortion Relieve Overpopulation?      Ã‚  Ã‚   TV and other media regularly tout the threat of global overpopulation if abortion is not widely implemented. And it is true that people in various Third World countries are starving - about 700 million are chronically hungry according to many reports. But this is due, not to overpopulation, but rather to improper distribution and sharing of food supplies - which are very adequate for all people everywhere to live a healthy life.    In fact, the real emergency lies in the fact that populations are falling! More than seventy countries, representing more than half the world's population, have below replacement rate fertility, which is defined as 2.1 children per woman. According to United Nations projections, the population of the world will peak at seven-plus billion about the year 2040, and then begin to decline.    Peter F. Drucker, respected and famous US economist, in his book Management Challenges for the 21st Century, staes quite frankly:    "The most important single new certainty -- if only because there is no precedent for it in all of history -- is the collapsing birthrate in the developed world." Drucker outlines the problems in seven pages at the beginning of his book, and then carries the thread throughout the work. He describes how Japan and all of Southern Europe are "drifting toward collective national suicide by the end of the 21st century." He cites statistics to back up his contention and then observes that the United States is not far behind the other dying nations. He gives us another twenty to twenty-five years and then points out that our population will begin to seriously decline.    No, overpopulation is not a threat. The choice ... ...eter F. Management Challenges for the 21st Century. http://www.all.org/issues/index.htm Hamlin, H. "Life or Death by EEG." Journal of the Amedos. Medical A's',, 1W12/84, p. 20. Hooker and Davenport. The Prenatal Origin of Behavior. Kansas: University of Kansas Press, 1952. Noonan, "The Experience of Pain, New Perspectives on Human Abortion." N.p.: A1etheia Books, 1981. p.213. Reinis, Stanislaw and Jerome M. Goldman. The Development of the Brain. Springfield, IL: Charles C Thomas Publishers, 1980. Rockwell, P.E.,M.D. Director of Anesthesiology, Leonard Hospital, Troy, NY, U.S. Supreme Court, Markle vs. Abele, 72-56, 72-730, 1972. P.11 The Silent Scream. Cleveland, OH: American Portrait Films, 1984. Tanner, J.M. and G.R. Taylor, Time-Life Books. Growth, New York: Life Science Life, 1965. p.64.

Landscape in “The Love Song of J. Alfred Prufrock” by T. S. Eliot

Landscape in â€Å"The Love Song of J. Alfred Prufrock† by T. S. Eliot Although the full meaning within T. S. Eliot’s dense poem â€Å"The Love Song of J. Alfred Prufrock† proves difficult to grasp, the deep meaning packed into every word makes the pursuit to understanding this poem a never-ending adventure. Scenery in â€Å"The Love Song of J. Alfred Prufrock† represents an intensely psychological account which should never, in any instance, by taken literally.The loss of time, the confusion of past, present and future tenses, the static movement, and the eternal metaphor of the question produces this psychological scenery which in turn amplifies the intensity of the poem. Time in â€Å"Love Song of J. Alfred Prufrock† plays a very important part in creating the landscape of the main character’s narration. The overwhelming sense of being caught in time begins within the first three lines after the epigraph: â€Å"Let us go then, you and I,/ When the evening is spread out against the sky/ Like a patient etherized upon a table;†.Just like a patient anesthetized by ether, the narrator appears trapped in a space of vulnerability at the mercy of others without the existence of time. Also, the association of the sky with an object as non-moving as a stone evokes a space in which the sky or the atmosphere has no movement: the loss of physical time. Time, in the case of the poem, appears endless (â€Å"And indeed there will be time. † pg. 4) as consequence to the narrator’s psychological state of â€Å"stuckness† and the sense of time becomes warped in confusion and solitude.J. Alfred Prufrock’s isolation also represents a loss of time within the poem. The repetition of â€Å"And indeed there will be time†¦There will be time, there will be time†¦And indeed there will be time† alludes, once again, to a landscape without time. Also phrases such as â€Å"In the room the women co me and go/ Talking of Michelangelo† use repetition for the purposes of emphasizing Prufrock’s monotonous existence and solitude without an attempt of improvement. . In addition, J.Hillis Miller explains: Like the women talking of Michelangelo, he exists in an eternal present, a frozen time in which everything that might possibly happen to him is as if it had already happened: â€Å"For I have known them all already, known them all† (CP, 4). In this time of endless repetition Prufrock cannot disturb the universe even if he should presume to try to do so. Everything that might happen is foreknown, and in a world where only one mind exists the foreknown has in effect already happened and no action is possible.Prufrock’s observation but lack of contribution emphasizes his state of solitude, and his consistent lack of contribution throughout the remainder of the poem demonstrates the impaired movement in the poem Similarly, the confusion of tense also demonstra tes a landscape without the existence of time. Confusion of tenses in â€Å"The Love Song of J. Alfred Prufrock† substantiates the feeling of immaterial space such as when:The yellow fog that rubs its back upon the window-panes   1 The yellow smoke that rubs its muzzle on the window-panes   Licked its tongue into the corners of the evening   Lingered upon the pools that stand in drains,   4 Let fall upon its back the soot that falls from chimneys,   Slipped by the terrace, made a sudden leap,                                              And seeing that it was a soft October night   Curled once about the house, and fell asleep. 4) 8 The first two lines describe the fog in present tense, but the third in past tense. In the fourth line, Prufrock begins with past tense (Lingered upon the pools) and continues in present tense (that stand in the drains). The fifth line makes the same change in tenses and the remainder of the stanza continue s in past tense. Space, explains J. Hillis Miller, â€Å"must be exterior to the self if movement through it is to be more than the following of a tedious argument in the mind.In the same way only an objective time can be other than the self, so that the flow of time can mean change for that self†, therefore time has only a subjective existence for J. Alfred Prufrock. Subsequently, past, present, and future exist in the immediate moment. Static movement in â€Å"The Love Song of J. Alfred Prufrock† plays an important role in emphasizing the state of the poem’s landscape. Essentially, J. Alfred Prufrock admits to knowing the lack of movement when â€Å"In a minute there is time/ For decisions and revisions which a minute will reverse†.The narrator’s message that no matter what he does, there will never by change emphasizes a desperation to move which the character’s subconscious inhibits by habit and indecision. Monotony due to proclivity whe n â€Å"For I have known them all already, known them all:—/Have known the evenings, mornings, afternoons, / I have measured my life with coffee spoons;† demonstrates invariability in the narrators mind because all he points out having done exists in the mind: known the everyday routine, and measured every moment of his life in his mind.In addition to the narrator’s self-assessed lack of movement, Prufrock’s narration places him in a less-than-human position when he says, â€Å"I should have been a pair of ragged claws/ Scuttling across the floors of silent seas†. That Prufrock compares his monotonous existence as being equal to that of a crab in the silence and stillness of the ocean floor directly demonstrates his deadlocked existence.The continuance of the â€Å"unanswered question† also demonstrates mental deadlock because although the â€Å"overwhelming question† crops up multiple times throughout the poem, the narrator does not or cannot explain the question, nor does an answer arise. The lack of progress demonstrates an eternal present in â€Å"The Love Song of J. Alfred Prufrock†. In addition to the endless time in â€Å"The Love Song of J.Alfred Prufrock† the metaphor of the question symbolizes the barrier between Prufrock’s mind and the outside world. The actual unanswered question throughout the story may demonstrate a lack of movement, but it extends much farther than a question. All that is miscommunication and incommunicable acts as an extension to the significance of the question. Throughout the poem, Prufrock’s struggle to communicate with both the characters in his mind and the reader demonstrates his self-acknowledged impotence.The inability to communicate when Prufrock says, â€Å"In the room the women come and go/ Talking of Michelangelo†(4) demonstrates the barrier between Prufrock and society because Prufrock never approaches the characters of which he spe aks, he only watches from an unknown distance in an unknown location. Although Prufrock does not approach these figures of society, the moments there is communication demonstrates social flaw. J.Hillis Miller explains that â€Å"Prufrock's vision is incommunicable, and whatever he says to the lady will be answered by, ‘That is not what I meant at all. /That is not it, at all’. The lady is also imprisoned in her own sphere, and the two spheres can never, like soap bubbles, become one. Each is impenetrable to the other†. The last five stanzas of the poem show a change in scenery which seems to switch to the seaside and then into the â€Å"chambers of the sea† which restores his original wish to have been a creature of the sea.This scene also demonstrates the consequences of attempted communication between the outside world and the narrator when: â€Å"We have lingered in the chambers of the sea/ By sea-girls wreathed with seaweed red and brown/ Till human v oices wake us, and we drown†. This passage, especially the end line, displays the effect of outside vitiation on Prufrock’s mental state. The result of drowning as consequence to the human voices isolates the bubble that is the narrator’s existence from the outside world which, once penetrated, can no longer function. The Love Song of J. Alfred Prufrock† captures the landscape inside the mind of the narrator through many subtle and abstract ways. The intense meaning of the poem captured through the mind of the character uses the loss of time, the confusion of past, present and future tenses, the static movement, and the eternal metaphor of the question in order to produce an intensely psychological landscape. The obvious amount of thought and effort embedded in the language of â€Å"the Love Song of J. Alfred Prufrock† demonstrates the great meaning seen within Eliot’s poetry.

Soul Surfer Reaction Paper

1) How will you describe Bethany as a person? I would describe her as a person who found hope in the midst of her problem. She found her shelter and that was in Gods arms,she realized that there is still hope and that you shouldn’t give up in a dream that you already have. She tried to achieved it she failed but tried again she a strong,hopeful and a very inspiring model for all of us. 2) How will you describe her family? I would describe her family as a very supportuve,loving and caring family. In times when she needs them they are always there for her. They support for the things she do, that they know is good for her and everyone. They help her battle those sad situations together and protects from those people who they think can hurt her in any way. 3) How was the healing power love manifested in the movie? It was shown through their moral support and how they show how they care,love and support her in a way that assures Bethany they are always there for her when they need them. 4) How did her exposure to Thailand help her find herself? It help her find herself when she found out that the people in Thailand were scared of the sea. They are scared because of what they experienced which was worse than Bethany’s case. She taught them how to cling on hope and try to face the fact that there is always hope when a catastrophe happens. 5) What have you realized from the film? I have realized that I should not give up, those problems,catasrophe’s are just a test from God. Remember ther is always hope and you can always come running back to God’s loving arms for comfort and understanding. In your faith you can find your real self, you will have strength to face what

A Tale Of Two Cities Essays - Literature, English-language Films

A Tale Of Two Cities Essays - Literature, English-language Films A Tale Of Two Cities In the fictitious novel Tale of Two Cities, the author, Charles Dickens, lays out a brilliant plot. Charles Dickens was born in England on February 7, 1812 near the south coast. His family moved to London when he was ten years old and quickly went into debt. To help support himself, Charles went to work at a blacking warehouse when he was twelve. His father was soon imprisoned for debt and shortly thereafter the rest of the family split apart. Charles continued to work at the blacking warehouse even after his father inherited some money and got out of prison. When he was thirteen, Dickens went back to school for two years. He later learned shorthand and became a freelance court reporter. He started out as a journalist at the age of twenty and later wrote his first novel, The Pickwick Papers. He went on to write many other novels, including Tale of Two Cities in 1859. Tale of Two Cities takes place in France and England during the troubled times of the French Revolution. There are travels by the characters between the countries, but most of the action takes place in Paris, France. The wineshop in Paris is the hot spot for the French revolutionists, mostly because the wineshop owner, Ernest Defarge, and his wife, Madame Defarge, are key leaders and officials of the revolution. Action in the book is scattered out in many places; such as the Bastille, Tellson's Bank, the home of the Manettes, and largely, the streets of Paris. These places help to introduce many characters into the plot. One of the main characters, Madame Therese Defarge, is a major antagonist who seeks revenge, being a key revolutionist. She is very stubborn and unforgiving in her cunning scheme of revenge on the Evermonde family. Throughout the story, she knits shrouds for the intended victims of the revolution. Charles Darnay, one of whom Mrs. Defarge is seeking revenge, is constantly being put on the stand and wants no part of his own lineage. He is a languid protagonist and has a tendency to get arrested and must be bailed out several times during the story. Dr. Alexander Manette, a veteran prisoner of the Bastille and moderate protagonist, cannot escape the memory of being held and sometimes relapses to cobbling shoes. Dr. Manette is somewhat redundant as a character in the novel, but plays a very significant part in the plot. Dr. Manette's daughter, Lucie Manette, a positive protagonist, is loved by many and marries Charles Darnay . She is a quiet, emotional person and a subtle protagonist in the novel. One who never forgot his love for Lucie, the protagonist Sydney Carton changed predominately during the course of the novel. Sydney , a look-alike of Charles Darnay, was introduced as a frustrated, immature alcoholic, but in the end, made the ultimate sacrifice for a good friend. These and other characters help to weave an interesting and dramatic plot. Dr. Manette has just been released from the Bastille, and Lucie, eager to meet her father whom she thought was dead, goes with Mr. Jarvis Lorry to bring him back to England. Dr. Manette is in an insane state from his long prison stay and does nothing but cobble shoes, although he is finally persuaded to go to England. Several years later, Lucie, Dr. Manette, and Mr. Lorry are witnesses at the trial of Charles Darnay. Darnay, earning his living as a tutor, frequently travels between England and France and is accused of treason in his home country of France. He is saved from being prosecuted by Sydney Carton, who a witness confuses for Darnay, thus not making the case positive. Darnay ended up being acquitted for his presumed crime. Darnay and Carton both fall in love with Lucie and want to marry her. Carton, an alcoholic at the time, realizes that a relationship with Lucie is impossible, but he still tells her that he loves her and would do anything for her. Darnay and Lucie marry each other on the premises of the two promises between Dr. Manette and Darnay. Right after the marriage, while the newlyweds are on their honeymoon, Dr. Manette has a relapse and cobbles shoes for nine

Definition and Examples of Received Pronunciation

Definition and Examples of Received Pronunciation Received pronunciation, commonly abbreviated as RP, is a once prestigious variety of British English spoken without an identifiable regional dialect. It is also known as  British Received Pronunciation, BBC English, the Queens English, and posh accent.  Standard British English  is sometimes used as a synonym.  The term  received pronunciation  was introduced and described by  phonetician  Alexander Ellis in his book Early English Pronunciation  (1869). History of the Dialect Received Pronunciation is only around 200 years old, said linguist David Crystal. It emerged towards the end of the 18th century as an upper-class accent, and soon became the voice of the public schools, the civil service, and the British Empire (Daily Mail, October 3, 2014).   Author Kathryn LaBouff gives some background in her tome, Singing and Communicating in English: It was standard practice until the 1950s for university students to adjust their regional accents to be closer to RP. RP was traditionally used on stage, for  public speaking, and by the well-educated. In the 1950s, RP was used by the BBC as a broadcast standard and was referred to as BBC English. Since the 1970s, the BBC label has been dropped and RP has slowly been more inclusive of regional influences throughout the United Kingdom. By the turn of the twenty-first century RP was spoken by only 3 percent of the population. Today BBC broadcasters do not use Received Pronunciation, which actually today now sounds out of place; they use a neutralized version of their own regional accents that is intelligible to all listeners.  (Oxford University Press, 2007) Characteristics of RP Not every dialect in Britain has a pronounced h sound, which is one difference between them, among differences in vowels.  The prestige British accent known as received pronunciation (RP) pronounces  h  at the beginning of words, as in  hurt, and avoids it in such words as  arm. Cockney speakers do the reverse;  I urt my harm, explained David Crystal.  Most English accents around the world pronounce words like  car  and  heart  with an audible  r; RP is one of the few accents which does not. In RP, words like  bath  are pronounced with a long  a (bahth); up north in England it is a short a. Dialect variations mainly affect the  vowels  of a language.  (Think on My Words: Exploring Shakespeares Language. Cambridge University Press, 2008) Prestige and Backlash Having a dialect or manner of speaking  associated with different classes is called a  social dialect. Having esteem or social value to a manner of speaking is called linguistic  prestige. The flip side of that coin is called accent prejudice. In Talking Proper: The Rise and Fall of the English Accent as a Social Symbol, author Lynda Mugglestone wrote, Adoptive RP, a common feature of the past, is in this sense increasingly a rarity in modern language use as many speakers reject the premise that it is this accent alone which is the key to success. Reversing the polarities still further, RP... has regularly been deployed for those roundly depicted as villains in, for example, Disneys films The Lion King and Tarzan. (Oxford University Press, 2007) Afua Hirsch wrote in  The Guardian  about the backlash in Ghana: [A] backlash is growing against the old mentality of equating a British accent with prestige. Now the practice has a new acronym, LAFA, or locally acquired foreign accent, and attracts derision rather than praise.In the past we have seen people in Ghana try to mimic the Queens English, speaking in a way that doesnt sound natural. They think it sounds prestigious, but frankly it sounds like they are overdoing it, said Professor Kofi Agyekum, head of linguistics at the University of Ghana.There has been a significant change now, away from those who think sounding English is prestigious, towards those who value being multilingual, who would never neglect our mother tongues, and who are happy to sound Ghanaian when we speak English. (Ghana Calls an End to Tyrannical Reign of the Queens English. April 10, 2012)

The use of drones in the United States Essay Example | Topics and Well Written Essays - 750 words

The use of drones in the United States - Essay Example However, there is a lot of debate that have been sparked on the legality, efficacy and morality of this practice, even though, capable drones have versatile uses. In the current times, the Federal Aviation Administration (FAA) was ordered by the Obama’s administration to come up with a plan in order to permit unarmed drones within the United States airspace. Such a decision was as a result of the tremendous demand arising from different stakeholders such as Border Patrol, police, agencies, organizations and businesses in their quest to use them in future. This paper addresses the pros and cons of the legalization of drones for commercial use by companies/organizations in the United States. The pros of the use of drones in the United States by border patrol police, agencies, organizations, and businesses. Drones can be used to save lives. These devices can be used to reduce significantly the frequency and exposure of military personnel during war. Another benefit of drones is the low cost. These devices are affordable when purchasing and the costs incurred in maintaining or fueling them are significantly lower compared to ordinary and regular airplanes. Needless to say, there is low risk involved as a result of military hardware since these devices are comparatively smaller and can, therefore, fly at lower altitudes as opposed to the traditional airplanes. There is the benefit of comparatively longer operational hours without any fatigue. This is because drones do not have human pilots and can, therefore, stay in operation for a long time.

Sonnet 130 vs. Dim Lady Essay Example | Topics and Well Written Essays - 500 words

Sonnet 130 vs. Dim Lady - Essay Example We find in both poems how the man finds something special from his loved one. Shakespeare’s â€Å"Sonnet 130† is in iambic pentameter. It has a rhyme scheme of abab cdcd efef gg. Lines one and three uses the words, â€Å"sun† and â€Å"dun†, lines two and four make use of â€Å"red† and â€Å"head†, lines five and seven â€Å"white† and â€Å"delight†, lines six and eight â€Å"cheeks† and â€Å"reeks†, lines nine and eleven â€Å"know† and â€Å"go†, lines ten and twelve â€Å"sound† and â€Å"ground†, and lines thirteen and fourteen â€Å"rare† and â€Å"compare†. The sentences used by Shakespeare are not choppy and the sentence structures are smooth flowing. Flowery language is not employed; in fact, it is contrary to the usual conventions of love poetry. Mullen’s â€Å"Dim Lady† on the other hand, does not have a rhyme scheme. There is no meter and verse l ineation unlike â€Å"Sonnet 130† The level of diction used by Mullen is slang in a way and more contemporary. She used the words â€Å"peepers† to mean eyes, â€Å"noggin† to mean head and â€Å"mug† to mean face. She also used commercial brands to compare the physical characteristics of the woman. Brands such as Shakey’s, Slinky, Liquid Paper, Muzak, Twinkie and Red Lobster were used. Several similes and metaphors are used in both poems.

Restaurant Ethnography Essay Example | Topics and Well Written Essays - 500 words

Restaurant Ethnography - Essay Example I decided to observe the behavior of the employees (waitresses, cashiers, chefs among others) thereby focusing on the importance of good behavior and customer relation in creating customer loyalty. Context: Cottage Inn is a medium restaurant that serves the daily food needs of the habitats of Chester’s Mill. It is located at the heart of the town, directly opposite Walmart Mall and besides Shell gas station. The restaurant serves various types of foods such as snacks, entrees and beverages, which are drafted in a stylish menu. Upon entry, there is a buffet service on the first right turn. I observed waiters standing behind big silver dishes awaiting to serve the customers. On the left, is a classy burrito bar which contains all the necessary items that are needed to make a sandwich or a Mexican burrito. Opposite the burrito bar is a brand new machine which is used to produce blended juice. Besides, this restaurant has also adequate space that allows the customers to relax and have a clear view of the outside while dinning. The dining room, a huge room decorated with golden curtains and expensive furniture, is located on the first floor of the building. Leather couches are arranged all-round the dining room with large television sets positioned exactly opposite each couch, I carried out my observations seated on the middle couch since I could observe almost everything from that point. This observations spanned over a period half an hour. First, I noted that there were different jobs assigned to different employees who were expected to carry them out. There were a couple of workers including five chefs on the main kitchen, six cleaners (three downstairs and three upstairs), two ushers, one burrito bar attendant, one milk and beverage server and four to five dish washers. These workers were all cladded uniformly. They wore white head wears, black pants and a white apron. They all looked neat apart from one whose shirt had been spilt over by soup.

On Distance Learning Essay Example for Free

On Distance Learning Essay Distance education represents a way of teaching with geographically dispersed individuals and groups. Moore related that as early as 1978, regular mail service was used to aid distance education, but the advent of the internet brought new and exceptional dimensions to the world of distance education (10). It offered access to geographically and physically separated individuals to courses and instruction in a more interactive manner through increased education, interactivity among participants, and incorporation of collaborative pedagogical models. But even with the increasing number of courses and degrees delivered entirely online, and the number of supporters this type of education has gained, many still express opposition to it as against the traditional classroom education. Former college teacher James Barszcz’s is one well-known critic of distance education. He strongly asserts in his essay that distance learning cannot fulfill the true purpose of education. The diffusion of the Internet worldwide has literally changed the traditional structure of the school, and, as it can be noticed from the previous examples, it is doing in many different ways that are more and more interesting. It must not be forgotten, of course, that parents keep on worrying about the fact their children’s opinions are circulating all over the world and that this could mean danger and repression for them. These anxieties, however, cannot erase the advantages coming from the introduction of this new technology into the educational are, most importantly, of bringing education to everyone. But what is the true purpose of education, really? In its most basic sense, I strongly believe that the essence of education is to instill in an individual the capability to make out at the world for oneself, to generate one’s own choices, to declare what is black or what is white. In whatever manner this education may come from, it is still learning and discovering about new things that help shape a person into what he is. Distance learning has brought a remarkable means of delivering this education to students in rural or remote areas, so that they make take advantage of continuing learning and give them the ability to schedule learning at times convenient to them. Not only that, a great number of distance education programs cater to the requirements of a lot of diverse people of all ages, sexes, occupations, learning backgrounds and health conditions. Granted that personal contact which is very important in effective education is missing with this kind of education, but as is the situation with all new technologies, there are negative and positive aspects to distance learning. Many instructors, as well as students of distance education miss this. Distance learning can admittedly be lonely sometimes. There is always a price to pay, whether it be big or small. Although this is the case, steps could be done to assuage this drawback. Encouraging students to share something about themselves is one activity that can at least give all participants the feeling that they know something about their colleague and the professor. Additionally, many courses are well supported and, for students who are unable to attend residential events, there are usually opportunities for students to participate in online discussion groups, clubs and societies. It would be noteworthy to point out that for distance learning to be effective, a conducive learning environment needs to be created and maintained. Considerable thought and effort should go into the criteria required for setting-up learning centers and how these criteria would be put into practice and monitored. If this would be followed, distance education, with an extensive record of providing learning to out-of-the-way and distant learners, will become the effective, mainstream method of education and training that advocates claim it to be. In a world where continuous learning is a must, distance education has paved the way for everyone to have access to the educational system without having to physically go to school. Discipline is needed, of course, but it is one value that even traditional schooling teaches students to have. In the end, distance education can only provide a win-win situation for everyone involved in it.

Emersons definition of experience :: essays research papers

The true meaning of life based on experiences†¦ What is it? This is a question which many people dedicate their lives into answering. Ralph Waldo Emerson is one of the few who has succeeded in answering this question. He weaved his answer into a long and tedious essay, which is called â€Å"Experience†. The only downfall from this work is that it’s solely from his perspective, and doesn’t include other people’s ideas as well as his. Emerson believes that people don’t possess the individualistic quality. Everyone is too focused on the actions and opinions of everyone else, and should take a more personal stance for once. We mimic people too much because we believe that we will benefit if we’re the same as the majority. We are all individuals and have our own opinions, and we should embrace them! Emerson also believes that people are multiform, and therefore have trouble uniting as one society. However, he explains how deep down everyone has a background of unity, and really want to unite as one. This is another reason why some people try to copy others. We figure that if we are all the same, we will be united. However, this is not the case, because our opinions and beliefs get in the way. We have a universal desire to believe, and because of this strong impulse, we yearn to move forward. We crave to be able to waltz up the stairs, and get closer and closer to our dreams. People gain intelligence and knowledge through what they experience. They gain valuable life skills by actually witnessing events first hand. If society were only to learn out of a textbook, everyone would be boring and completely one-sided. Our experiences help to shape our ‘clay of identity’. Instead of hiding from horrible experiences, we should try to learn from them, and incorporate the morals into our daily lives. Ralph Waldo Emerson’s writing style is very deep and profound, and answered the question of what the

Corporate Evaluation Analysis – Avon Products

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