Saturday, August 31, 2019

Assessing Compnay’s Financial Health

Assessing a Company's Future Financial Health Assessing the long-term financial health of a company is an important task for management in its formulation of goals and strategies and for outsiders as they consider the extension of credit, long- term supplier agreements, or an investment in a company’s equity. History abounds with examples of companies that embarked upon overly ambitious programs and subsequently discovered that their portfolios of programs could not be financed on acceptable terms.The outcome frequently was the abandonment of programs in mid-stream at considerable financial, organizational, and human cost. It is the responsibility of management to anticipate future imbalance in the corporate financial system before its severity is reflected in the financials, and to consider corrective action before both time and money are exhausted. The avoidance of bankruptcy is an insufficient standard. Management must ensure the continuity of the flow of funds to all of it s strategically important programs, even in periods of adversity.Figure A provides a conceptualization of the corporate financial system, with a suggested step-by- step process to assess whether it will remain in balance over the ensuing 3-5 years. The remainder of this note discusses each of the steps in the process and then provides an exercise on the various financial measures that are useful as part of the analysis. The final section of the note demonstrates the relationship between a firm’s strategy and operating characteristics, and its financial characteristics.Professor Thomas Piper prepared the original version of this note, â€Å"Assessing a Firm’s Future Financial Health,† HBS No. 201-077, which is being replaced by this version prepared by the same author. This note was prepared as the basis for class discussion. Copyright  © 2010, 2011 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-80 0-545- 7685, write Harvard Business School Publishing, Boston, MA 02163, or go to www. hbsp. harvard. edu/educators.This publication may not be digitized, photocopied, or otherwise reproduced, posted, or transmitted, without the permission of Harvard Business School. 911-412Assessing a Company's Future Financial Health Figure AThe Corporate Financial System Goals Step 1Strategy Market, Competitive Technology Regulatory and Operating Characteristics Step 2Revenue Outlook †¢growth rate †¢volatility, predictability Step 3Step 4 Investment in AssetsEconomic Performance †¢to support growth†¢profitability †¢improvement/deterioration in asset management cash flow †¢volatility, predictability Step 5Step 6 External Financing NeedTarget Sources of Finance †¢$ amount†¢lending/investing criteria †¢timing, duration †¢deferability †¢attractiveness of firm to each target source Step 7 Viability of 3-5 Year Plan †¢consistency with goals â € ¢achievable operating plan †¢achievable financing plan Step 8 Stress Test for Viability Under Various scenarios Step 9 Financing and Operating Plan for Current Year Steps 1, 2: Analysis of FundamentalsThe corporate financial system is driven by the goals, business unit choices and strategies, market conditions and the operating characteristics. The firm’s strategy and sales growth in each of its business units will determine the investment in assets needed to support these strategies; and the effectiveness of the strategies, combined with the response of competitors and regulators, will 2 Assessing a Company's Future Financial Health911-412 strongly influence the firm’s competitive and profit performance, its need for external finance, and its access to the debt and equity markets.Clearly, many of these questions require information beyond that contained in a company’s published financial reports. Step 3: Investments to Support the Business Unit(s) Stra tegy(ies) The business unit strategies inevitably require investments in accounts receivable, inventories, plant ; equipment, and possibly, acquisitions. Step 3 of the process is an attempt to estimate the amount that will be tied up in each of the asset types by virtue of sales growth and the improvement/deterioration in asset management.An analyst can make a rough estimate by studying the past pattern of the collection period, the days of inventory, and plant ; equipment as a percent of cost of goods sold; and then applying a â€Å"reasonable value† for each to the sales forecast or the forecast of cost of goods sold. Extrapolation of past performance assumes, of course, that the future underlying market, competitive and regulatory â€Å"drivers† will be unchanged from the conditions that influenced the historical performance. Step 4: Future Profitability and Competitive PerformanceStrong sustained profitability is an important determinant of (1) a firm’s acce ss to debt and/or equity finance on acceptable terms; (2) its ability to self-finance growth through the retention of earnings; (3) its capacity to place major bets on risky new technologies, markets, and/or products; and (4) the valuation of the company. A reasonable starting point is to analyze the past pattern of profitability. 1. What have been the average level, trend and volatility of profitability? 2. Is the level of profitability sustainable, given the outlook for the market and for competitive and regulatory pressures? . Is the current level of profitability at the expense of future growth and/or profitability? 4. Has management initiated major profit improvement programs? Are they unique to the firm or are they industry-wide and may be reflected in lower prices rather than higher profitability? 5. Are there any â€Å"hidden† problems, such as suspiciously high levels or buildups of accounts receivable or inventory relative to sales, or a series of unusual transactio ns and/or accounting changes? Step 5: Future External Financing NeedsWhether a company has a future external financing need depends on (1) its future sales growth; (2) the length of its cash cycle; and (3) the future level of profitability and profit retention. Rapid sales growth by a company with a long cash cycle (a long collection period + high inventories + high plant ; equipment relative to sales) and low profitability/low profit retention is a recipe for an ever- increasing appetite for external finance, raised in the form of loans, debt issues, and/or sales of shares. Why?Because the rapid sales growth results in rapid growth of an already large level of total assets. The increase in total assets is offset partially by an increase in accounts payable and accrued expenses, and by a small increase in owners’ equity. However, the financing gap is substantial. For example, the company portrayed in Table A requires $126 million of additional external finance by the end of y ear 2010 to finance the increase in total assets required to support 25% per year sales growth in a business that is fairly asset intensive. 3 911-412Assessing a Company's Future Financial Health Table A |Assuming a 25% Increase in Sales ($ in millions) | | | | | | |Assets |2009 |2010 | |Cash |$ 12 |^ 25% |$ 15 | |Accounts receivable |240 |^ 25% |300 | |Inventories |200 |^ 25% |250 | |Plant ; equipment | 400 |^ 25% | 500 | |Total |$852 | |$1,065 | | | | | | |Liabilities and Equity | | | | |Accounts payable |$100 |^ 25% |$ 125 | |Accrued expenses |80 |^ 25% |100 | |Long-term debt |272 |Unchanged |272 | |Owners’ equity | 400 |footnote a | 442 | |Total |$852 | |$ 939 | |External financing need | 0 | | 126 | |Total |$852 | |$1,065 | a It is assumed (1) that the firm earns $60 million (a 15% return on beginning of year equity) and pays out $18 million as a cash dividend; and (2) that there is no required debt repayment in 2010. If, however, the company reduced its sales growth to 5% (and total assets, accounts payable and accrued expenses increased accordingly by 5%), the need for additional external finance would drop from $126 million to $0.High sales growth does not always result in a need for additional external finance. For example, a food retailer that extends no credit to customers, has only eight days of inventory, and does not own its warehouses and stores, can experience rapid sales growth and not have a need for additional external finance provided it is reasonably profitable. Because it has so few assets, the increase in total assets is largely offset by a corresponding, spontaneous increase in accounts payable and accrued expenses. Step 6: Access to Target Sources of External Finance Having estimated the future financing need, management must identify the target sources (e. g. banks, insurance companies, public debt markets, public equity market) and establish financial policies that will ensure access on acceptable terms. 1. How sound is the fi rm’s financial structure, given its level of profitability and cash flow, its level of business risk, and its future need for finance? 2. How will the firm service its debt? To what extent is it counting on refinancing with a debt or equity issue? 3. Does the firm have assured access on acceptable terms to the equity markets? How many shares could be sold and at what price in â€Å"good times†? In a period of adversity? 4. What criteria are used by each of the firm’s target sources of finance to determine whether finance will be provided and, if so, on what terms? 4 Assessing a Company's Future Financial Health911-412The evaluation of a firm’s financial structure can vary substantially depending on the perspective of the lender/investor. A bank may consider a seasonal credit a very safe bet. Considerable shrinkage can occur in the conversion of inventory into sales and collections without preventing repayment of the loan. In contrast, an investor in the f irm’s 20-year bonds is counting on its sustained health and profitability over a 20-year period. Step 7: Viability of the 3-5 Year Plan 1. Is the operating plan on which the financial forecasts are based achievable? 2. Will the strategic, competitive, and financial goals be achieved? 3. Will the resources required by the plan be available? 4.How will the firm’s competitive, organizational, and financial health at the end of the 3-5 years compare with its condition at the outset? Step 8: Stress Test under Scenarios of Adversity Financing plans typically work well if the assumptions on which they are based turn out to be accurate. However, this is an insufficient test in situations marked by volatile and unpredictable conditions. The test of the soundness of a 3-5 year plan is whether the continuity of the flow of funds to all strategically important programs can be maintained under various scenarios of adversity for the firm and/or the capital markets—or at least be maintained as well as your competitors are able to maintain the funding of their programs.Step 9: Current Financing Plan How should the firm meet its financing needs in the current year? How should it balance the benefits of future financing flexibility (by selling equity now) versus the temptation to delay the sale of equity by financing with debt now, in hopes of realizing a higher price in the future? The next section of this note is designed to provide familiarity with the financial measures that can be useful in understanding the past performance of a company. Extrapolation of the past performance, if done thoughtfully, can provide valuable insights as to the future health and balance of the corporate financial system.Historical analysis can also identify possible opportunities for improved asset m a n a g e m e n t or margin i m p r o v e m e n t , as well as provide an important, albeit incomplete, basis for evaluating the attractiveness of a business and/or the effective ness of a management team. Financial Ratios and Financial Analysis The three primary sources of financial data for a business entity are the income statement, the balance sheet, and the statement of cash flows. The income statement summarizes revenues and expenses over a period of time. The balance sheet is the list of what a company owns (its assets), what it owes (its liabilities), and what has been invested by the owners (owners’ equity) at a specific point in time.The statement of cash flow categorizes all cash transactions during a specific period of time in terms of cash flows generated or used for operating activities, investing activities, and financing activities. The focus of this section is on performance measures based on the income statements and balance sheets of SciTronics—a medical device company. The measures can be grouped by type:(1) 5 911-412Assessing a Company's Future Financial Health profitability measures, (2) activity (asset management) measure s, (3) leverage and liquidity measures. Please refer to the financial statements of SciTronics as shown in Exhibits 1 and 2 at the end of the note.As you work through the questions that follow, please also consider three broad questions: 1. What is your assessment of the performance of SciTronics during the 2005-2008 period? 2. Has its financial strength and its access to external sources of finance improved or weakened? 3. What are the 2-3 most important questions you would ask management as the result of your analysis? Sales Growth Sales growth is an important driver of the need to invest in various type assets and of the company’s value. It also provides some indication of the effectiveness of a firm’s strategy and product development activities, and of customer acceptance of a firm’s products and services. 1.During the four-year period ended December 31, 2008, SciTronics’ sales grew at a % compound rate. There were no acquisition or divestitures. Prof itability Ratio: How Profitable Is the Company? Profitability is a necessity over the long-run. It strongly influences (1) the company’s access to debt; (2) the valuation of the company’s common stock; (3) the willingness of management to issue stock; and (4) the capacity to self-finance. One measure of profitability of a business is its return on sales, measured by dividing net income by net sales. 1. SciTronics’ profit as a percentage of sales in 2008 was %. 2. This represented an increase/decrease from % in 2005.Management and investors often are more interested in the return earned on the funds invested than in the level of profits as a percentage of sales. Companies operating in businesses requiring very little investment in assets often have low profit margins but earn very attractive returns on invested funds. Conversely, there are numerous examples of companies in very capital-intensive businesses that earn miserably low returns on invested funds, despit e seemingly attractive profit margins. Therefore, it is useful to examine the return earned on the funds provided by the shareholders and by the â€Å"investors† in the company’s interest-bearing debt.To increase the comparability across companies, it is useful to use EBIAT (earnings before interest but after taxes) as the measure of return. The use of EBIAT as the measure of return also allows the analyst to compare the return on invested capital (calculated before the deduction of interest expense), with the company’s estimated cost of capital to determine the long-term adequacy of the company’s profitability. EBIAT is calculated by multiplying EBIT (earnings before interest and taxes) times (1—the average tax rate). EBIT x ? 1 ? tax rate? Owners? equity plus interest bearing debt 3. SciTronics had a total of $_ of capital at year-end 2008 and earned before interest but after taxes (EBIAT) $ during 2008.Its return on capital was % in 2008 which r epresented an increase/decrease from the % earned in 2005. 6 Assessing a Company's Future Financial Health911-412 From the viewpoint of the shareholders, an equally important figure is the company’s return on equity. Return on equity is calculated by dividing profit after tax by the owners’ equity. Profit after taxes Owners? equity Return on equity indicates how profitably the company is utilizing shareholders’ funds. 4. SciTronics had $_ of owners’ equity and earned $_ after taxes in 2008. Its return on equity was % an improvement/deterioration from the % earned in 2005. Activity Ratios: How Well Does the Company Employs Its Assets?The second basic type of financial ratio is the activity ratio. Activity ratios indicate how well a company employs its assets. Ineffective utilization of assets results in the need for more finance, unnecessary interest costs, and a correspondingly lower return on capital employed. Furthermore, low activity ratios or deterior ation in the activity ratios may indicate uncollectible accounts receivable or obsolete inventory or equipment. Total asset turnover measures the company’s effectiveness in utilizing its total assets and is calculated by dividing total assets into sales. Net sales Total assets Total asset turnover for SciTronics in 2008 can be calculated by dividing $ into $ .The turnover improved/deteriora ed from times in 2005 to times in 2008. It is useful to examine the turnover ratios for each type of asset, as the use of total assets may hide important problems in one of the specific asset categories. One important category is accounts receivables. The average collection period measures the number of days that the company must wait on average between the time of sale and the time when it is paid. The average collection period is calculated in two steps. First, divide annual credit sales by 365 days to determine average sales per day: Net credit sales 365 days Then, divide the accounts r eceivable by average sales per day to determine he number of days of sales that are still unpaid: Accounts receivable Credit sales per day SciTronics had $ invested in accounts receivables at year-end 2008. Its average sales per day were $ during 2008 and its average collection period was _days. This represented an improvement/deterioration from the average collection period of days in 2005. A third activity ratio is the inventory turnover ratio, which indicates the effectiveness with which the company is employing inventory. Since inventory is recorded on the balance sheet at cost (not at 7 911-412Assessing a Company's Future Financial Health ts sales value), it is advisable to use cost of goods sold as the measure of activity. The inventory turnover figure is calculated by dividing cost of goods sold by inventory: Cost of goods sold Inventory 3. SciTronics apparently needed $ of inventory at year-end 2008 to support its operations during 2008. Its activity during 2008 as measured by the cost of goods sold was $_ . It therefore had an inventory turnover of times. This represented an improvement/deterioration from times in 2005. An alternative measure of inventory management is days of inventory, which can be calculated by dividing cost of goods sold by 365 days to determine average cost of goods sold per day.Days of inventory is calculated by dividing total inventory by cost of goods sold per day. A fourth and final activity ratio is the fixed asset turnover ratio which measures the effectiveness of the company in utilizing its plant and equipment: NetsalesNet fixed assets 4. SciTronics had net fixed assets of $ and sales of $ in 2008. Its fixed asset turnover ratio in 2008 was times, an improvement/deterioration from times in 2005. Leverage Ratios: How Soundly is the Company Financed? There are a number of balance sheet measures of financial leverage. The various leverage ratios measure the relationship of funds supplied by creditors to the funds supplied by owners.The use of borrowed funds by reasonably profitable companies will improve the return on equity. However, it increases the riskiness of the business and the riskiness of the returns to the stockholders, and can result in financial distress if used in excessive amounts. The ratio of total assets divided by owners’ equity is an indirect measure of leverage. A ratio, for example, of $6 of assets for each $1 of owner’s equity indicates that $6 of assets is financed by $1 of owners’ equity and $5 of liabilities. 1. SciTronics’ ratio of total assets divided by owners’ equity increased/decreased from at year –end 2005 to at year-end 2008.The same â€Å"story† of increasing financial leverage is told by dividing total liabilities by total assets. 2. At year-end 2008, SciTronics’ total liabilities were % of its total assets, which compares with % in 2005. Lenders—especially long-term lenders—want reasonable assuranc e that the company will be able to repay the loan in the future. They are concerned with the relationship between a company’s debt and its total economic value. This ratio is called the total debt ratio at market. Total liabilities Total liabilities ? market value of the equity The market value of the equity is calculated by multiplying the number of shares of common stock outstanding times the market price per share. 8Assessing a Company's Future Financial Health911-412 3. The market value of SciTronics’ equity was $175,000,000 at December 31, 2008. The total debt ratio at market was . A fourth ratio that relates the level of debt to economic value and performance is the times interest earned ratio. This ratio relates earnings before interest and taxes—a measure of profitability and of long-term viability—to the interest expense—a measure of the level of debt. Earnings before interest and taxes Interest expense 4. SciTronics’ earnings befor e interest and taxes (operating income) were $_ in 2008 and its interest charges were $ . Its times interest earned was times.This represented an improvement/deterioration from the 2005 level of times. A fifth and final leverage ratio is the number of days of payables. This ratio measures the average number of days that the company is taking to pay its suppliers of raw materials and components. It is calculated by dividing annual purchases by 365 days to determine average purchases per day: Annual purchases 365 days Accounts payable are then divided by average purchases per day: Accounts payable Average purchases per day to determine the number of days purchases that are still unpaid. It is often difficult to determine the purchases of a firm.Instead, the income statement shows cost of goods sold, a figure that includes not only raw materials but also labor and overhead. Thus, it often is only possible to gain a rough idea as to whether or not a firm is becoming more or less depende nt on its suppliers for finance. This can be done by tracking the pattern over time of accounts payable as a percent of cost of goods sold. Accounts payable Cost of goods sold 5. SciTronics owed its suppliers $ at year end 2008. This represented % of cost of goods sold and was an increase/decrease from % at year end 2005. The company appears to be more/less prompt in paying its suppliers in 2008 than it was in 2005. 6.The financial riskiness of SciTronics increased/decreased between 2005 and 2008. Liquidity Ratios: How Liquid is the Company? The fourth basic type of financial ratio is the liquidity ratio. These ratios measure a company’s ability to meet financial obligations as they become current. The current ratio, defined as current assets divided by current liabilities, assumes that current assets are much more readily and certainly convertible into cash than other assets. It relates these fairly liquid assets to claims that are due within one year—the current liab ilities. 9 911-412Assessing a Company's Future Financial Health Current assets Current liabilities 1.SciTronics held $ of current assets at year-end 2008 and owed $ to creditors due to be paid within one year. Its current ratio was , an increase/decrease from the ratio of at year-end 2005. The quick ratio or acid test is similar to the current ratio but excludes inventory from the current assets: Current assets ? Inventory Current liabilities Inventory is excluded because it is often difficult to convert into cash (at least at book value) if the company is struck by adversity. 2. The quick ratio for SciTronics at year-end 2008 was _, an increase/decrease from the ratio of at year-end 2005. Profitability RevisitedManagement can â€Å"improve† its return on equity by improving its return on sales and/or its asset turnover and/or by increasing its financial leverage as measured by total assets divided by owners’ equity. ROE ? Net Income x Sales Sales Total Assets Total As sets x Owners? Equity Each method of â€Å"improvement† differs operationally and in terms of risk. 1. The improvement in SciTronics’ return on equity from 8. 2% in 2005 to 18. 7% in 2008 resulted from an increase/decrease in its return on sales; and an increase/decrease in its asset turnover, and an increase/decrease in its financial leverage. A WarningThe calculated ratios are no more valid than the financial statements from which they are derived. The quality of the financial statements should be assessed and appropriate adjustments made, before any ratios are calculated. Particular attention should be placed on assessing the reasonableness of the accounting choices and assumptions embedded in the financial statements. The Case of the Unidentified Industries The preceding exercise suggests a series of questions that may be helpful in assessing a company’s future financial health. It also describes several ratios that are useful in answering some of the questi ons, especially if the historical trend in these ratios can be reasonably extrapolated.However, it is also important to compare the actual absolute value with some standard to determine whether the company is performing well. Unfortunately, there is no single current ratio, inventory turnover, or debt ratio that is appropriate to all industries. The operating and competitive characteristics of the company’s industry greatly influence its investment in the various types of assets, the riskiness of these investments, and the financial structure of its balance sheet. 10 Assessing a Company's Future Financial Health911-412 Try to match the five following types of companies with their corresponding balance sheets and financial ratios as shown in Exhibit 3. 1. Electric utility 2. Japanese automobile manufacturer 3. Discount general merchandise retailer 4.Automated test equipment/systems company 5. Upscale apparel retailer In doing the exercise, consider the operating and competitiv e characteristics of the industry and their implications for (1) the collection period; (2) inventory turnover; (3) the amount of plant and equipment; (4) the profit margins and profitability; and (5) the appropriate financing structure. Then identify which one of the five sets of balance sheets and financial ratios best match your expectations, given the difficult economic conditions in 2009. 11 911-412Assessing a Company's Future Financial Health Exhibit 1SciTronics, Inc. Consolidated Income Statements 2005-2008 ($ in thousands) 20042005200620072008 | | | | | | |Sales |$115,000 |$147,000 |171,000 |$205,000 |$244,000 | |Cost of goods sold | | 43,000 | 50,000 | 63,000 | 74,000 | |Gross margin | |104,000 |121,000 |142,000 |170,000 | |Research ; development | |15,000 |20,000 |26,000 |28,000 | |Sell, general ; administrative | | 79,000 | 92,000 | 106,000 | 116,000 | |Operating income | 10,000 |9,000 |10,000 |26,000 | |Interest expense | | 1,000 | 2,000 | 2,000 | 2,000 | |Profit before tax | |9,000 |7,000 |8,000 |24,000 | |Income tax | |4,000 | 2,000 | 3,000 | 10,000 | |Net income | |$ 5,000 |$ 5,000 |$ 5,000 |$14,000 | Exhibit 2SciTronics, Inc. Consolidated Balance Sheet at December 31, 2005-2008 ($ in thousands) | | | | | | |2005 |2006 |2007 |2008 | | | | | | | |Cash |$ 9,000 |$ 10,000 |$ 15,000 |$ 18,000 | |Accounts receivable |42,000 |53,000 |61,000 |66,000 | |Inventories |21,000 |28,000 |30,000 |29,000 | |Other current assets | 10,000 | 13,000 | 21,000 | 20,000 | |Total current assets |82,000 |104,000 |127,000 |133,000 | |Net property ; equipment |9,000 |12,000 |13,000 |18,000 | |Other | 2,000 | 2,000 | 6,000 | 8,000 | |Total assets |$93,000 |$118,000 |$146,000 |$159,000 | | | | | | | |Notes payable |$ 3,000 |$ 18,000 |$ 8,000 |$ 10,000 | |Accounts payable |5,000 |6,000 |7,000 |6,000 | |Accrued expenses |10,000 |13,000 |21,000 |28,000 | |Other current liabilities | 3,000 | 3,000 | 4,000 | 4,000 | |Total urrent liabilities |21,000 |40,000 |40,000 |48,000 | |Lo ng-term senior debt |10,000 |9,000 |8,000 |7,000 | |Subordinated convertible debt |– |– |20,000 |20,000 | |Other liabilities |1,000 |3,000 |7,000 |9,000 | |Owners’ equity |61,000 |66,000 |71,000 |85,000 | |Treasury stock |– |– |– |(10,000) | |Owners’ equity | 61,000 | 66,000 | 71,000 | 75,000 | |Total liabilities and equity |$93,000 |$118,000 |$146,000 |$159,000 | 12 Assessing a Company's Future Financial Health911-412 Exhibit 3Unidentified Industries Balance Sheet Percentages ABCDE Cash1. 5%14. 4%12. 1%13. 3%11. 0% Receivables4. 63. 830. 939. 811. 8 Inventories1. 824. 613. 74. 716. 7 Other current assets2. 04. 35. 03. 810. 0 Property and equipment (net)74. 549. 634. 122. 120. 3 Other assets 15. 6 3. 4 4. 3 16. 3 30. 2 Total assets100%100%100%100%100% Notes payable5. 3%0. 4% 5. 4%18. 2%1. 4% Accounts payable2. 124. 811. 0 8. 38. 8 Other current liabilities5. 917. 014. 28. 716. 5 Long-term debt33. 610. 034. 323. 121. 7 Other liabilitie s26. 32. 211. 25. 62. 0Owners’ equity 26. 8 45. 6 23. 9 36. 1 49. 6 Total100%100%100%100%100% Selected Ratios Net profit/net sales10. 3%1. 5% 5. 1%1. 3%(5. 8%) Return on capital 6. 8%9. 2%12. 6%0. 9%(3. 1%) Return on equity12. 5%10. 8%28. 1%2. 2%(7. 6%) Sales/total assets . 323. 251. 31. 63 . 65 Collection period (days)5248623243 Days of inventory43326231147 Sales/net property ; equipment. 436. 73. 82. 93. 6 Total assets/equity3. 732. 194. 192. 792. 01 Total liabilities/total assets. 73. 54. 76. 66. 50 Interest-bearing debt/total capital 59%19% 62%53% 32% Times interest earned3. 2 16 6. 0 4. 4NM Current assets/current liabilities . 671. 112. 011. 221. 85 13

Friday, August 30, 2019

Thomas Sophonow

January 7, 2013 Thomas Sophonow Background Thomas sophonow has two siblings a brother and a sister. The brother Philip is the oldest and his sister Catherine the second oldest and Thomas being the youngest. His parents had divorced which made the mother responsible for taking care of the children. They became a poor family and he and his brother would steal fruits and vegetables for his family. Thomas was placed in foster homes and in juvenile detention facilities.At one point in his life he was involved in a group called the Neo-Nazi party and then the Hare Krishna with the joining of these two groups he wanted to find a place for himself in society. Childhood Conviction Thomas has had a criminal record due to offences that were generally minor and none that had any aspect of violence. His last conviction was several years before his arrest of the charge of murder. He had been charged with a drug offence and these charges had been withdrawn. Relationship When Thomas was young he had a relationship with a woman and even fathered a child that he has never seen nor supported.He was married to Nadine on June 19, 1978 and had a daughter named Kimberly. He and Nadine had separated and did not contribute to support of Kimberly. Thomas wanted to give Kimberly present that he got from Vancouver but could not make the arrangements that were satisfactory to both Nadine and him so he left the present with his brother and sister in-law. Work Record Thomas worked as a labourer at Ocean Cement for 4 to 6 months in 1972. He was a bouncer at the Smiling Buddha Cabaret in the mid 70’s and worked at Wagner Engineering in Vancouver from 1976 to 1978.In 1980-1981 he worked at R&T landscaping with his brother in law which proved that he was good with his hands and liked what he did while landscaping and gardening. At his other jobs that were mentioned he advanced from floor sweeper to apprentice machinist at Versatile which means he has the ability to work at jobs which requ ires skill and training. Summary of the Case Barbara Stoppel was working at the Ideal Donut Shop when around 8:30 in the evening twine has been placed around her neck in which then she was strangled. She had died a few days later at St. Boniface Hospital.Sophonow was charged with the murder based on a jailhouse informant. After this Thomas underwent three trials. First trial was a mistrial as the jury was unable to reach a unanimous decision. At the second and third trials he had been convicted. Thomas was released from prison after 45 months of wrongful imprisonment. In 1998, the Winnipeg Police Service undertook a reinvestigation of the murder of Barbara Stoppel. On June 8th, 2000 Winnipeg police announced new evidence had been shown to clear Sophonow of the crime and the suspected had been identified. Innocence Proved byThomas’s innocence had been proven by the absence of evidence that caused his conviction to be reversed in 1985 by the Manitoba Court of Appeals that order ed his acquittal. Compensation On November 5th, 2001 the Manitoba Justice Minister released a report recommending he receive a payment of $2. 6 million Canadian. Work Cited http://forejustice. org/db/Sophonow–Thomas. html http://www. gov. mb. ca/justice/publications/sophonow/compensation/workrecord. html http://www. gov. mb. ca/justice/publications/sophonow/compensation/tsbackground. html http://www. cbc. ca/news/canada/story/2009/08/06/f-wrongfully-convicted. html#sophonow

Thursday, August 29, 2019

Strategies in Striving for Peak Performance and Applying to Sales in Essay

Strategies in Striving for Peak Performance and Applying to Sales in the Insurance Industry - Essay Example This paper illustrates that the companies need to improve their efficiency level and productivity through the greater degree of flexibility and innovation under constant internal as well as external pressure. Since the insurance companies provide services that can be counted under the purview of the retail industry, the selling capabilities of the employees are constantly challenged. Employees not only require technologies but need to integrate creativity in their approaches for better productivity. With a number of players in the market, the insurance business is about to touch the saturation point. This explains that even though the services are increasing, the buyers of services are declining at a steady rate. As a result, employees and managers are facing tremendous work pressure giving rise to feelings of frustration and low motivation. In this respect, people management in insurance companies has assumed a highly prioritized position. Managers are getting instructions from high er authorities to supplement the traditional method of motivation with various contemporary approaches so as to uplift the working spirit of employees at a different level. Keeping in view the current scenario of the insurance industry, the present paper focuses on various motivational strategies and skills that can be implemented therein. The objective and purpose of this piece of work are to examine various motivational theories and its implication in the insurance industry. In simple words, motivation can be defined as rationales underlying a particular behavior. Broussard and Garrison defined it as an attribute that influences the individual to undertake a particular activity. In the broad sense, it is a set of beliefs, values, perceptions, actions, and interests that are highly interlinked. In the following section, various motivational theories have been discussed which will be further discussed in the context of the insurance industry in the later section. In a stress environ ment similar to that of the insurance industry, it is very natural for employees to develop feelings such as aggression, discomfort, and frustration due to monotony and repetitive nature of the task. Motivation can be considered as an important antidote to the given problem of low morale.

Wednesday, August 28, 2019

BUS430 Coursework Example | Topics and Well Written Essays - 750 words

BUS430 - Coursework Example In acquisition, the large company exists but the smaller company is entirely owned by the large organization. In most cases, the acquirer company purchases large portion or all shares of the acquired company thus gaining control over the acquired company. Merger and acquisition strategies are adopted by companies for different reasons. First, companies adopt acquisition and merger strategies for strategic rationale aimed at achieving strategic goals set by organizations. Secondly, a company can enter into merger or acquisition due management failure and financial losses. Political influence also contributes to mergers and acquisitions as they order public organizations to either merge or acquire each other. Other reasons for mergers and acquisitions include internationalization, globalization, accessing cheap resources, increasing production, diversification of products and acquisition of large market share. Several companies have merged, and other acquired other companies in the past few years. Mergers and acquisitions have been successful will others have been unsuccessful. Success or failure of either a merger or an acquisition depends on various factors. Some of these factors include cultural fit, core competency, communication efficiency, core activities of companies, the size of organizations and financial issues. Some of the successful mergers and acquisitions include PETRONAS Corporation acquiring Progress Energy and purchase of WhatsApp by Facebook Inc. PETRONAS Corporation is one of the energy utility multinational corporation is based in Malaysia. The corporation is owned and governed by the Malaysian government, but it actively participates in the international trade. PETRONAS Corporation decided to expand their market and extraction activities by acquiring a Canadian energy company, Progress Energy in December 2012. The acquisition of Progress Energy was agreed to be $4.6 billion that included share

Tuesday, August 27, 2019

None Assignment Example | Topics and Well Written Essays - 1000 words - 2

None - Assignment Example Many people believe that a hero is a person with extraordinary skills that tend to be slightly higher than the ordinary people. This is a perception that has killed many dreams, as people are not confident of their efforts and ability to respond to certain tasks. As per my perception, a hero is a persistent and determine person. Actually, anyone is possession of the two attributes is fit to be called a hero in any societal setting. This is because heroes are always determined and persistent towards achieving their goals despite the challenges that they face. The success of most politicians has always depended on various things including excellent communication skills, political background and influence from the ruling government. It has been proven that several successful political leaders have entirely relied on the support they have from the ruling government to cling into power. However, it is essential to appreciate that excellent communication skills plays an important role in an individual’s political success. For instance, a political aspirant whose main intention is to create change within the society should be capable of influencing his supporters through good communication. Over the past years, there have been numerous opposing views concerning president Barrack Obama’s political achievements. Many people believe that he is not a politician by nature, but rather a good public speaker. The paper will try and validate the hypothesis that United States’ president, Barrack Obama, used his communication skills to accomplish his political dream. This study is essential because it will provide rational answers to the opposing views hence people will have a viable platform to defend their opinions. Voters will also use this information to address the problem of leadership vacuum in their countries by only supporting politicians who can efficiently present their problems to the government through excellent communication. According to

Monday, August 26, 2019

Public Relations Plan Essay Example | Topics and Well Written Essays - 750 words

Public Relations Plan - Essay Example What the public thinks of one school carries a weight that could make or break it. To cope with the demand for information, public relations has become an indispensible tool for schools and organizations all over. With this, schools can maintain an aura of trust, credibility, and cooperation with the general public as well as the people inside the school. This is important in many ways because who you know and who knows you really count in any business. A single remark from a parent could ruin a school, not enough exposure to the public could limit the number of students coming to the school, and a bad image could discourage potential students from even considering enrolling to that school. It goes on and on. With proper public relations, all those can be avoided. Communicating with the Community It is imperative that the school maintains contact with the people inside and around it. That means talking and listening to everyone from the staff, the faculty, the administration, the stu dents and their families, and the community in general. The school must strive to empower everyone with information about itself, its current status, and the status of its students. It must also increase the amount of interaction between the school and community, in effect increasing the involvement and support of the community in the school’s affairs. This can be achieved by holding meetings and events that could serve as forums where people can discuss about the important things relevant to the school. For the teachers and staff, Faculty and staff meetings could be held monthly or as needed to keep everyone updated and to provide an outlet for discussion; for parents, Parent-Teacher conferences can be done regularly to bring them up to speed with their children’s performance, any events in school to look out for, and to discuss better ways to help the children have the best education; Giving recognition to the achievers is also a form of feedback. It gives a sense of pride and lets parents know that their child is doing well, while the student gets motivated to study harder; the students should also have a say through student forums and other such activities; to keep the school in the eyes of the community in general, some of the most concrete ways are distributing school publications or newsletters, student ambassador programs, and participating or hosting community events; other ways that are important would be cleaning up the school’s image through an awareness campaign or community outreach program, instructing the teachers to be more open to students’ and parents’ concerns by offering a listening ear to them, or putting up a ‘Questions, comments or suggestion box’ (or any equivalent) wherein anyone can voice a concern at any time. All the while, the school itself provides the information in an open manner with enthusiasm and a visible concern for the proper education of the students. Crisis Management The best way to handle a crisis is preventing it, or failing that, preparing for it. Crisis aversion is the primary focus for crisis management. The school needs to look for possible crises that may occur and take the necessary steps to prepare for it. For incidents beyond the control of the school, steps can also be taken to mitigate the damage that can be caused. First, prevention is the key. Check the safety of

Sunday, August 25, 2019

Feminist political thought Essay Example | Topics and Well Written Essays - 2500 words

Feminist political thought - Essay Example Her removal of the women’s suffrage campaign, and her acrimonious opposition to the social transparency dogmas that influenced many feminist reformers, inspired many feminists to reject her as an enemy of women’s liberty and a man’s woman. This paper will focus on the Emma Goldman, and that in her own unique way, she was not only a radical feminist but one of the most deep-seated of her time. In all, this paper also focuses on Bell Hooks’ concept of transcendence and immanence from the Second Sex. The fact that Goldman was an avant-garde rather than a systematic theorist presents a problem for any discourse of her beliefs. Of course, she had specific ideas that were always evolving. It will also be imperative to depict the context in which her ideas were modeled, as unlike other feminist radicals, Goldman’s struggle for women was second to her struggle for equality for all. Further, this paper will also discourse Goldman’s early influences th at worked upon her consciousness and made her a dissident. Emma Goldman was born and raised in a Russian province of Kovno on 29th June 1869. In her memoirs entitled Living my Life she explains how she gleaned in the community around her demoralizing repercussions of erratic system where wives and children are beaten, Jews ostracized and peasant beaten, guidelines made and broken at the whim of those in power. There was no place for her where she could resort for refuge in her family. Her dictatorial father whom she refers to as the nightmare of my childhood picked her out as the object of his often rages, consequently making sure that from the starting point her advancement was largely in upheaval. In 1882 the family relocated to St. Petersburg, and after a year, the experienced changed everything in her whole life. The same year saw the bloody assassination of Tsar Alexander 11, which was the culmination of numerous decades of increasing radical activity focused towards the Tsaris t despotism. Further, Populism had originally arisen as response to the explosive European revolutions of 1848. For this case, nearly all the Russian affluence and authority were focused in the hands of tiny wealthy aristocracy, which clearly live off a wide-ranging subjugated populace of uneducated and underprivileged peasants. In repulsion against the mounting poverty and injustice around them, scholars such like Nikolai Chernyshevski and Alexander Herzen, somehow nurtured by far-reaching thought from Western Europe, started to evolve a particularly Russian prototype of socialism. They held that Russia could bypass capitalism in the walk toward socialism. At this rate, Emma Goldman started to read the outlawed tracts and censored novels that disseminated amid her sister’s students friends and mourn the insurgents, many of whom had been incinerated, exiled to Siberia or executed by the despotic government. With the books and tracts influencing her, she began questioning more and more the community in which she lived. The notions of the Populist openly inspiring her, she started falling prey later to anarchist notions. She chronicles this in her memoirs when she asserts â€Å"they had been my inspiration ever since I had first read of their lives.†(21) Further, the eminence of women in the Russian revolutionary crusade was an unusual phenomenon within the framework of the 19th century European left. The crusade was maybe the only environment in which women were treated as equals. The

Saturday, August 24, 2019

Major Favtors Essay Example | Topics and Well Written Essays - 500 words

Major Favtors - Essay Example In that case, the accounting practices in China focus on both the fair presentation of financial position and a conservative presentation. The reason behind a fair presentation is to meet the various needs and requirements of the stakeholders and the capital market. The conservative approach is targeting the banking sector, which has a direct access to financial information (Central Intelligence Agency). (b): Legal system – the legal system in China is coded. Coded laws seek to, exhaustively, envelop the existing laws and preserve their implication to match that of the time it was coded. For this reason, the Chinese accounting practices are highly, rigid, prescriptive, detailed and procedural. This kind of legal system requires that the national law regulate the accounting practices. For that reason, China engages in the preparation of two sets of financial statement. That is, the rigid and the adaptive type, to comply with different types of legal systems (Central Intelligence Agency). (c): Taxation – the system is linked to reflect the legal system. In China, the national laws regulate the taxation practices. In this case, the accounting and the taxation process are the same (International Federation of Accountants). (d): Political and economic ties - the basis of accounting practices is influenced by the external forces due to international relations. China has strong political and economic ties with Japan, whose legal system is codified. The ties have greatly influenced China’s financial reporting regime (International Federation of Accountants). (e): Inflation – the changes in the rate of inflation affect the commodity prices in countries. The financial figures should reflect the level of inflation in a country. However, in countries with a low rate of inflation, like China, the reported accounting figures rarely reflect the rate of inflation (Central Intelligence Agency). (f): Level of economic development – the economic development in

The Internet and Public Policy in Qatar Essay Example | Topics and Well Written Essays - 750 words

The Internet and Public Policy in Qatar - Essay Example Eventually, the paper will discuss and provide a recommended plan on how this type of crime should be managed. Although Qatari government has not provided a clear definition of theft, this type of criminal act has been defined as â€Å"an unlawful act of stealing, taking, and removing of personal property with the intent to deprive the rightful owner of it† (Merriam-Webster Online, 2009). Basically, â€Å"a person commits theft if he receives, retains, or disposes of the property of another knowing that it has been stolen, or believing that it has probably been stolen, with a purpose to deprive the owner thereof† (N.H. Rev. Sta. Ann.  § 637:1, 1, 1996). Although most of the existing definition of theft does not clearly state where and how the act of stealing another person’s property or information may occur, it remains clear that taking another person’s property or identity without the knowledge of Aside from the legally practicing the existing penal co de law on theft, Qatari government strongly supports the intellectual property rights (A Review of Intellectual Property-Related News and Developments in the Middle East and North Africa, 2007). For instance: The selling of pirated or selling counterfeited CDs is considered a crime related to theft. As part of Qatari government’s effort on implementing some international and regional strategies against transnational crime, an Intellectual Property Enforcement Office was recently been established. Software developers are among the common.

Friday, August 23, 2019

U.S. One China Policy Essay Example | Topics and Well Written Essays - 2250 words

U.S. One China Policy - Essay Example Before focusing on the one-China policy, it is important to discuss first the history of relations between Taiwan and the PRC. Prior to the 17th century, aborigines from Taiwan mainly inhabited the Island of Taiwan. However, with the successive waves of migration by the Han Chinese, the demographics of the island started to change. In 1662, Taiwan was brought under Ming loyalist Zheng Chenggong’s control, prior to incorporation in 1683 into part of the Qing Dynasty (Tunsjà ¸ 92). The Dutch also briefly colonized Taiwan between 1624 and 1662, while the Spanish ruled Northern Taiwan between 1626 and 1642. Between 1895 and 1945, Taiwan was under colonial rule from the Japanese with the French also briefly ruling Northern Taiwan between 1884 and 1885. Under the Qing Dynasty, Taiwan existed as a prefecture of the province of Fuji as part of the Chinese government from 1683 up to 1887. In 1887, Taiwan became a separate province of China. It remained a province of China until 1895 a t which point the Treaty of Shimonoseki ceded authority over Taiwan to the Japanese (Tunsjà ¸ 92).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   After Japan had surrendered in Taipei in 1945, The Republic of China took over the role of governing polity in Taiwan under the KMT in a period that was characterized as a military occupation. However, the government of the Republic of China lost control in 1949 over the Chinese mainland after the Civil War on the mainland (Tunsjà ¸ 93)o 93). Since this was prior to the implementation of treaties made after the Second World War, the KMT withdrew to Taiwan that was still technically a territory of the Japanese. This exiled government under Chiang Kai-shek took over authority of Taiwan and avowed the Island was under martial law. After the renunciation of rights to Taiwanese territory through a peace treaty signed in San Francisco by the Japanese, Taiwan’s sovereignty was put under question. Neither the Treaty of San Francisco nor the Japanese-Chinese treaty dealt with the issue of Taiwan’s territorial sovereignty and its awar d to the KMT representing the Republic of China (Tunsjo 94). The governing body of the Republic of China is still the government in Taiwan with a transformation in the 90s towards democracy as the government lifted the martial law it had imposed in 1949. Since then, the political and legal status bequeathed on Taiwan has become an issue of contention and controversy with sentiments of Taiwan’s independence become more public and gaining some level of international support. At this point, it becomes important to discuss the role of the US in PRC-ROC relations, especially given that Taiwan is the second highest buyer of American made products after Canada. With the tensions between the PRC and the ROC, the United States has had to come up with a policy that allows it to continue relations with both territories. The one-China policy in the United State’s case was initially drafted in 1972 through the Shanghai Communique

Thursday, August 22, 2019

Macbeth Essay Example for Free

Macbeth Essay The first recurrent image is the dark or darkness. Dark represents evil and hell. All of our fears rise in the dark. We can see that most of the mains scenes happen in a dark place or during the night. In fact, all the murders and treasons are done in darkness as if the dark could cover and hide the horrible deeds. For example, in act I scene V l. 53 to 56, Lady Macbeth says: â€Å"Come thick night, And pall thee in the dunnest smoke of hell, that my keen knife see not the wound it makes, Nor heaven peep through the blanket of the dark, To cry, Hold! Hold! In this passage, Lady Macbeth is thinking about Duncan’s murder, and she wants to act in darkness so she will not see the murder. In that way darkness blinds out all of the terrible things that could be done. Then, the scene of Macbeth’s vision of the dagger happens in the complete darkness so the vision of his future murder comes to Macbeth only at night when no light can bring him back to goodness. Banquo’s murder also happens in the dark. Such evil deeds could only be done in the dark. Then during Lady Macbeth’s sleep walking, the only source of light comes from the candle that she keeps by her at night. In fact, Lady Macbeth is very afraid of darkness because it makes her remember of all the deeds that happened during the night. (Here, light has a positive reassuring role. ) In this scene, she reveals all the crimes that her husband committed with her support. In conclusion, darkness intensifies the horrible deeds and murders and brings a very fearful ambiance to the play. The second image is the one of the sleep that is kind of related to the one of the dark because dark and sleep comes together. Firstly, we can see that Duncan is killed during his sleep. This fact is even mentioned by Lady Macbeth in act II scene 2 l. 15 to 16: â€Å"Had he not resembled My father as he slept, I had done’t. † Then, in the same scene, Macbeth says l. 46 to 47: â€Å"Sleep no more! Macbeth does murder sleep! † Ironically, he’s going to lose his sleep as well as Lady Macbeth who will become a sleep walker. Then, Lady Macbeth relates sleep with death, when she says in act II scene 2 l. 67 to 70: â€Å"The sleeping and the dead Are but as pictures: ‘tis the eye of childhood That fears a painted evil. † The second reference to sleep in relation to death is present in act II scene 3 l. 9 to 80: â€Å"Shake off this downy sleep, death’s counterfeilt, And look on death itself! † The third image that appears in the book is the image of the light. Light in opposite of the theme of darkness is representative of purity, God, goodness, heaven etc. Light is for Macbeth a disadvantage because all his actions consist on killing people, committing deeds and crimes and he doesn’t want any light to lighten his awful actions. For example, in act I, he says: â€Å"Stars, hide your fires; Let not loight see my black and deep desires: The eye wink at the hand; yet let that be, Which the eye fears, when it done, to see. Here, we understand that his desires are so terrible that he can’t even stand the thin light of the stars that shine on them; he doesn’t even want to look at them himself probably because he feels ashamed. We can also say that through his words, Macbeth constructs a bridge between light and morality. Within the whole drama, the sun seems to shine only twice. First, in the beautiful but ironical passage in which Duncan sees the swallows flirting around the castle of death (it’s Macbeth’s ca stle when he’s going to be murdered). The second time, when at the close of the army (who wants to take revenge) gathers to rid the earth of its shame. Therefore, the reader can conclude that Shakespeare portrays darkness to establish the evil parts of the play, we can say that he employs daylight to define victory or goodness (as it said before) in the play. The fourth and last theme is the animal. We found a lot of comparaison between the characters and the animals in this play, for example: â€Å"Raven himself is hoarse† said by Lady Macbeth in act I scene V. Raven represents death. Looks like the innocent flower but be the serpent under it. † Also said by Lady Macbeth in act I scene V. She says that his husband must look nice and calm on the outside but evil inside. â€Å"We have scorched the snake not killed it. † Said by Macbeth in act III scene II, this quote means that snake represents everything that prevents Macbeth from enjoying his kingship. â€Å"And Duncan’s horses, beauteous and swift, the minions of their race, turned wild in nature, broke their stalls, flung out, contending ‘gainst obedience, as they would make war with mankind† said by Ross in act II scene IV. Here, Ross says that Duncan’s horses were acting strange. They broke out of their stalls and started to attack anyone who came in their way. Another image appear in act III scene IV, said by Macbeth : â€Å"Approach thou like the rugged Russian bear. † Here, Macbeth is describing how the ghost of Banquo is hauting him by coming closer to him like a bear. These imageries of animals which symbolizes the different character of the play, helps to make the play’s atmosphere from supernatural nature. Shakespeare uses animal imagery to characterize, to show emotions and also to foreshadow.

Wednesday, August 21, 2019

Pomegranate Tree In The Kite Runner

Pomegranate Tree In The Kite Runner Khaled Hosseinis The Kite Runner is a novel that explores many important themes. Three such themes are violence, friendship, and the quest for redemption. Although Hosseini uses many techniques to depict these themes, one technique that stands out is his use of symbolism and imagery. Some of the symbolism and imagery he uses are key factors in the story. The pomegranate tree and the sacrifice of the sheep are effective forms of symbolism and imagery that enrich the themes of violence, friendship, and the quest for redemption. Although Hosseini reminds people of a peaceful Afghanistan, he also reveals the agony the nation faces after the Taliban came to power. Violence spreads throughout the story, everything from a harmless activity of kite flying to the rape of Hassan. The pomegranate tree reveals the violence occurring in the novel. The entire story circles around on an action of violence, Hassans rape, and Amirs pretending that Hassans rape never happened. In the novel, Amir wants Hassan to hit him with pomegranates to inflict pain and lessen his guilt; instead, Hassan smashes the pomegranates over his own head. This indicates that violence is the key to lessen the guilt; Amir believes a physical punishment will make Hassan release his pain and get rid of Amirs guilt. In the Quran, the pomegranate tree is spoken of as a fruit in the garden of paradise. At first it appears that way in the novel, but later as more violence occurs, the tree is barren and dead, meaning that paradise has fallen when the Tal iban took over. Afghanistan started to get destroyed and the Taliban kill whoever they like. This violence reflects todays world where people witness violence but walk away knowing they could have stopped it. There are many aspects of this theme many people can relate to everyday. Friendship in the novel is a recurring theme. Both the pomegranate tree and the sheep reveal the changes in the friendship throughout the novel. The friendship between Amir and Hassan is a key factor in the novel. While Amir and Hassan are young they carve their names into the pomegranate tree. Hassan says, One summer day, I used one of Alis kitchen knives to carve our names on it: Amir and Hassan, the sultans of Kabul. Those words made it formal: the tree was ours ( ). The tree symbolizes their relationship. Before the Taliban came to power there was less violence and the relationship was strong, but after the Taliban came to power, Afghanistan became more violent, and the healthy, green tree became dead and ruined, just like Amir and Hassans relationship. The social inequality in Afghanistan plays a key role as Amir begins to think of Hassan as a servant rather than a friend after the rape. Another example of the changes in friendship is shown by the sheep. In Muslims culture, the sacrifice of a sheep is meant to celebrate the faith of the prophet Ibrahim. This is similar to when Hassan, a pure boy is raped by Assef. The sheep symbolized the rape of Hassan because just like the sheep he was slain for the kite that Amir won. This made Amir feel guilty, which made him lose his connection with Hassan. Their friendship desecrated and Amir started to treat Hassan as a Hazara. Redemption is an essential part of the novel, since many sins are endured. When Hassan gets raped, Amir pretends nothing happened and starts feeling guilty. As children, Amir commits many sins, but Hassan takes the blame. The pomegranate tree was healthy and growing, but years later when Amir returns to Afghanistan, the tree is barren and dead, like their relationship. Amir feels guilty because he cant apologize for the rape of Hassan. He feels to redeem himself; he has to take care of Hassans son, Sohrab. Amir goes to great lengths to redeem himself; he gets beaten by the same bully that raped Hassan. This lessens his guilt, and makes him more committed towards taking care of Sohrab. In the story, Rahim Khan writes a letter to Amir; in the letter it says, I know that in the end, God will forgive Forgive your father if you can. Forgive me if you wish. But most important, forgive yourself( ). This is what pushes Amir to risk his life and go back to Afghanistan. He wants to be like his father, so he sets out to help Hassans son. This is like todays world, people make mistakes they go and try redeeming themselves. Anyone in the world can be placed in Amirs situation. In conclusion, the imagery and symbolism used in the novel effectively. The pomegranate tree showes the readers the change in Amir and Hassan`s relationship, whereas the sacrifice of the sheep showes the sins of Amir and how he tries to redeem himself. It enriches the novel and gives the readers a better understanding of the novel. The themes of violence, friendship, and the quest for redemption stands out, due to these techniques; of imagery and symbolism.

Tuesday, August 20, 2019

Electronic Media And Youth Violence

Electronic Media And Youth Violence Electronic media has forgotten Ethics and Social values, revision of media suitable for viewers through recommendations for producers and censor board. Media needs to be aware of the effects caused by their negligence and the inactive censor board. Nudity and violent footages, dramas and soaps exploiting and distracting the youth, scenes containing smoking and drinking shots, spreading wrong news before time and usage of copyrighted footage without permission should be stopped. One whole generation of the world is learning from electronic media and has learnt entirely immoral and incorrect information. This needs to be prevented in order to save next generations. Recommendations are given by interviewing executive producers, censor board executives and other directors. Executive Summary Electronic media has forgotten Ethics and Social values, revision of media suitable for viewers through recommendations for producers and censor board. Media needs to be aware of the effects caused by their negligence and the inactive censor board. Nudity and violent footages, dramas and soaps exploiting and distracting the youth, scenes containing smoking and drinking shots, spreading wrong news before time and usage of copyrighted footage without permission should be stopped. One whole generation of the world is learning from electronic media and has learnt entirely immoral and incorrect information. This needs to be prevented in order to save next generations. Youth is easily deceived, because it is quick to hope. Aristotle The youth is getting the wrong path by the use of this E-Media. Our main aim is to protect our youth from the dangerous effects of E-Media. In E-media we will target specifically the TV media which is accessible by the whole family especially the youth. Further in youth TV is mostly watched by the women of the family. These effects are either caused intentionally or by the negligence of E-media personals. Intentional effects are either for the promotion of their channels. The E-Media personals are displaying the unethical dramas, either the stories are distracting the youth or the scenes of the drama are disturbing and unethical. They provoke the female and male relationships which are considered unethical in our society. Most of the dramas and soaps are based on love stories and relations of married women with young guys. Some TV shows are provoking aggressiveness in our youth. We will mention a program of ARY MUSIK named LIVING ON THE EDGE. This program consists of unethical, immoral and non islamic dares given to the youth of Pakistan. That is done to provoke aggressiveness and to bring our youth to the level of the unethical youths of western countries. He is trying to copy the programs like FEAR FACTOR, RHOADIES etc. Similarly the E-Media personals are provoking nudity. Either that nudity is in full form or half nudity. We use the term half nudity for the scenes in which women or men are wearing inislamic clothes. Wearing sleeveless, wearing Capri, uncovered hair, uncovered belly etc is completely inislamic. Hereby we will mention some channels that have bought the licenses of western movie channels and are showing scenes containing kisses and some other unethical scenes. Channels are ARY DIGITAL who has recently bought license of HBO. Plus there are our cable operators who are showing unethical channels at midnight and at day time. Research methodology is based on interviews and questionnaire. Interviews are conducted from the media personals which include producers, directors, editors and executive producers of different TV channels. And questionnaires are floated among general public to gather their views about todays E-Media. Majority of the people have opposed medias current role. They want it to be made better by some central body. They want the media to be unbiased, responsible and correct. More entertainment channels should be introduced and number of news channels should be decreased as they are creating hypertension. Infotainment quota should be increased. Programs provoking aggression should be banned. Media should not be biased. Producers should show the real culture of our society. Channels should register their ratings. Channel owners involved in unethical and immoral airing should be penalized. Censor board should be made active. Censor board should penalize the parties distracting the youth. Censor board should take strict notice of the cable operators. E-Media is a very important sector of Pakistan. Along with the advantages of E-Media there are many disadvantages. These disadvantages should be eliminated and E-Media should be utilized to its best. Pakistans E-Media has all the capacity to be among the best. Hence everything is up to censor board. It should be made active and should be given the authority of penalizing and banning. It should take a serious notice of all the activities carried out by the E-media personals. INTRODUCTION Electronic Media Electronic media are that utilize electronics or electromechanical energy for the end user (audience) to access the content. This is in contrast to static media (mainly print media), which are most often created electronically, but dont require electronics to be accessed by the end user in the printed form. The primary electronic media sources familiar to the general public are better known as video recordings, audio recordings, multimedia presentations, slide presentations, CD-ROM and Online Content. Most new media are in the form of digital media. However, electronic media may be in either analog or digital format. Devices such as televisions, computers and cd-roms that make information available to people. Importance In October 2003, the British humanitarian organization Christian Aid released a report that $4 billion in Iraqi funds, which had been earmarked for reconstruction of the country, had disappeared. The Coalition Provision Authority (CPA), the U.S. controlled body that ruled Iraq at the time, was relegated with handling that money. An examination of financial records between June 2003 and October 2004 showed poor bookkeeping and investigators found indicators of potential fraud, the report said At the time, the CPA vigorously denied the accusations. By June 2004, the amount of money gone missing had more than doubled from four to almost nine billion dollars. This story was reported with minimal coverage when the announcement was first released. As the investigation progressed, the story of the missing billions was reported several times during the summer months of 2004 and again in January 2005. However, it was never given prominence in any news medium. The writers at Faithful Progressive called it the biggest and single most under-reported story of the last year. News Media and Democracy In a democracy an informed public is of critical importance. In matters regarding the self-interests of the citizenry and of the nation as a whole, knowledge is key in making decisions regarding participation in the process of democracy. Indeed, failing to report important news, or reporting news shallowly, inaccurately, or unfairly can leave people dangerously uninformed. The mass media of today has tremendous power within society. What and how information is distributed can have indelible consequences for individuals and society as a whole. As such, control of media outlets is regarded as a valued form of property for those seeking political or economic power. Among other sources of power, it is important to note that mass media has the ability to: attract and direct attention to problems, solutions, or people that can favor those with power; it can confer status and confirm legitimacy; it can be a channel for persuasion and mobilization (Graber, 33). This represents an incredible amount of power, and over the past twenty years or so, people have taken control over these outlets for the sole purpose of attaining both political and economic power. International In the United States, there are three twenty-four hour news networks. President Bill Clinton stated it well in a response to the question of the condition of todays media. He stated, The thing I worry about most is that people will have all the information in the world but wont have any way of evaluating itThats what I consider to be the most significant challenge presented to all of you by the explosion of media outlets in the Information Age. COMPARISON WITH PRINT MEDIA Illiteracy According to United Nations report Pakistan has 55% literacy rate. This makes it 160th country in world. Because of low literacy rate people cannot read the printed news. This gives an edge to electronic media over print media. Media of future Electronic Media has a clear edge over print media even if new media (for eg. The Internet) is not included in it. Print media is more of a habit with people and still caters to a sizeable population. But electronic media offers a lot of choice to the people, especially to the youth (GEN Y), the largest growing segment of our population and more importantly, has the ability to maintain the pace at which the preferences and demands of the Gen Y changes. The shrinking readership of the print publications perhaps is testimony to the changing media consumption pattern of the people today. Although we dont see an immediate threat to the print media, more so because it is a centuries old media, yet we believe it definitely is not the media of the future. Moreover, electronic media is visually more appealing and more effective in not only conveying a message but by virtue of being a frequency medium, is also effective in registering it, thus ensuring high brand recall amongst viewers poten tial customers. For the advertisers and advertising agencies, it provides exciting opportunities to experiment with new and innovative ideas which reduces the medias dependence on traditional source Which is best? It depends on which area you are in. In rural areas, where there is no technology, print is better, but for the urban areas, electronic media are the best. Print media was supposed to have died 10 years ago, but that has not happened. In terms of mobility and cost print media is better than electronic media. But in terms of speed, coverage and reliability, electronic media are the best. Newspaper is no longer essential, while attending the usual morning business, in the toilet. Laptop is the in thing; one can browse as many e-papers as desired. IDENTIFICATION OF THE PROBLEM New technology has many social and educational benefits but caregivers and educators have expressed concern about the dangers young people can be exposed to through these technologies. To respond to this concern, some states and school districts have, for example, established policies about the use of cell phones on school grounds and developed policies to block access to certain websites on school computers. Many teachers and caregivers have taken action individually by spot-checking websites used by young people, such as FACEBOOK, YOUTUBE. This brief focuses on the phenomena of electronic aggression: any kind of aggression perpetrated through technology-any type of harassment or bullying (teasing, telling lies, making fun of someone, making rude or mean comments, spreading rumors, or making threatening or aggressive comments) that occurs through email, a chat room, instant messaging, a website (including blogs), or text messaging. Youth is easily deceived, because it is quick to hope. Aristotle The youth is getting the wrong path by the use of this E-Media. Our main aim is to protect our youth from the dangerous effects of E-Media. In E-media we will target specifically the TV media which is accessible by the whole family especially the youth. Further in youth TV is mostly watched by the women of the family. These effects are either caused intentionally or by the negligence of E-media personals. Intentional effects are either for the promotion of their channels. The E-Media personals are displaying the unethical dramas, either the stories are distracting the youth or the scenes of the drama are disturbing and unethical. They provoke the female and male relationships which are considered unethical in our society. Most of the dramas and soaps are based on love stories and relations of married women with young guys. Some TV shows are provoking aggressiveness in our youth. We will mention a program of ARY MUSIK named LIVING ON THE EDGE. This program consists of unethical, immoral and non islamic dares given to the youth of Pakistan. That is done to provoke aggressiveness and to bring our youth to the level of the unethical youths of western countries. He is trying to copy the programs like FEAR FACTOR, RHOADIES etc. Similarly the E-Media personals are provoking nudity. Either that nudity is in full form or half nudity. We use the term half nudity for the scenes in which women or men are wearing inislamic clothes. Wearing sleeveless, wearing Capri, uncovered hair, uncovered belly etc is completely inislamic. Hereby we will mention some channels that have bought the licenses of western movie channels and are showing scenes containing kisses and some other unethical scenes. Channels are ARY DIGITAL who has recently bought license of HBO. Plus there are our cable operators who are showing unethical channels at midnight and at day time. Smoking scenes also provoke the drug addiction in youth. Previously the ads of cigarettes were banned in order to decrease the percentage of people converting to addiction. But now these smoking scenes are consistently being shown in many dramas and shows. When a youngster watches his favorite actor smoking in a TV drama and performing stunts or having lots of girlfriends because of that cigarette then that youngster follows him. Same is the case with scenes containing alcohol and beer. Violent footages are also disturbing for the youth. We see many Indian movies which are showing scenes of fights which are followed by the youngsters. Same is happening here these days all the boys are found to be fighting with each other. They think they are living in their ideal movie and they are the heroes. Wrestling and cartoons are watched by the children and they try to implement that in their real life often damaging either themselves or some other member of family. SIGNIFICANCE OF THE PROBLEM Before examining the state of the news media in todays society, it is important to define what good reporting of news should be. Doris A. Graber, in her book Media Power in Politics, thinks it important to distinguish between news and truth. The function of news is to signalize an event. The function of truth is to bring to light the hidden facts, to set them into relation with each other, and make a picture of reality upon which men can act (Graber, 41). News dissemination, whether through radio broadcast, newspaper articles, or a web site posting, should perform both functions in order to truly inform. Good news can affect society in positive ways. Determined, sweeping coverage of important topics can improve local communities, rid government of improper public officials, save lives, and so many other things. Reporting events and uncovering truths is critical for the news media to perform its function. Media is the pillar of a society. Television is a vital source from which most people receive information. News and media delegates on television have abused their powers over society through the airing of appealing news shows that misinform the public. Through literary research and experimentation, it has been proven that peoples perception of reality has been altered by the information they receive from such programs. Manipulation, misinterpretation, word arrangement, picture placement and timing are all factors and tricks that play a major role in the case. Research, experimentation, and actual media coverage has pinpointed actual methods used for deceptive advertising. Television influences society in many ways. People are easily swayed to accept a belief that they may not normally have unless expressed on television, since many people think that everything they hear on television is true. This, however, is not always the case. It has been observed that over the past twenty to th irty years, normal social behavior, even actual life roles of men and women and media, regulatory policies have all been altered. Media has changed with time, along with quality and respectability. Many people receive and accept false information that is merely used as an attention grabber that better the shows ratings and popularity. This involves sensationalizing a story to make it more interesting, therefore increasing the interest of the audience. People often know that these shows aim to deceive them, but still accept the information as truth. The E-media has severely damaged our youth and provided them with altered and incorrect information. Thus one whole youth of Pakistan is having incorrect information and has inaccurate knowledge which not only is damage for them but for the whole generations which are to come. Following quotes represent the significance of youth; Youth is the trustee of prosperity. Benjamin Disraeli Almost everything that is great has been done by youth. Benjamin Disraeli RESEARCH METHODOLOGY TO BE USED Research methodology is based on interviews and questionnaire. Interviews are conducted from the media personals which include producers, directors, editors and executive producers of different TV channels. And questionnaires are floated among general public to gather their views about todays E-Media. Questionnaire is attached below while the list of interviewees is written below. Executive Producers Hammad Ghaznavi WAQT TV Rukhsana Noor Programs Manager WAQT TV Shah Bilal Programs Manager ATV Arooj Samdhani DUNIYA TV Producers Ahson Tirmazi DUNIYA TV Irfan Asghar DUNIYA TV Farrukh Tango GEO TV Noman Saeed ATV Munawwar Butt ATV Editors Usman Warraich Editor ATV Basit Javed Editor DAWN NEWS FINDINGS RECOMMENDATIONS By conducting the full report and analyzing the findings following recommendations are given; More entertainment channels should be introduced and number of news channels should be decreased as they are creating hypertension. Infotainment quota should be increased. Programs provoking aggression should be banned. Media should not be biased. Producers should show the real culture of our society. Channels should register their ratings. Channel owners involved in unethical and immoral airing should be penalized. Censor board should be made active. Censor board should penalize the parties distracting the youth. Censor board should take strict notice of the cable operators. CONCLUSION E-Media is a very important sector of Pakistan. Along with the advantages of E-Media there are many disadvantages. These disadvantages should be eliminated and E-Media should be utilized to its best. Pakistans E-Media has all the capacity to be among the best. Hence everything is up to censor board. It should be made active and should be given the authority of penalizing and banning. It should take a serious notice of all the activities carried out by the E-media personals.

Monday, August 19, 2019

China :: essays research papers

China is a Communist Republic government. This means that the government regulates, sets rules, and runs most business in China. However, the increase in a worldwide economy around the middle of the 20th century caused China to evaluate their government and decide that something must be done to stimulate the Chinese economy and bring entrepreneurs to China otherwise they will be left behind in the forever-growing global economy. In fact, China has changing a lot from the past 30 years, and we can really tell the change. China is a great capitalism country now. That means, the government is controlling everything. However, with the change of the Chinese government, they become more flexible than before. This way can helping at the economy grow, and improve people ¡Ã‚ ¦s lives. We can see from the videos that there are more and more building, shops, and bars build in the cities of China. If you go to visit about 30 years ago, you may not see these views.  ¡Ã‚ §China is improving step by step, ¡Ã‚ ¨ one man said from the video. However, as the report shows, there are too many building now in China, and there are not many people who want and can afford to buy the buildings. That may loose the original purpose of this idea. Deng Xiaoping, the leader of China disbands communes who had already died, allowing farmers to freely sell their products and introduces profit incentives for factories. It is called  ¡Ã‚ §Socialism with Chinese characteristics ¡Ã‚ ¨ - a wonder of rhetoric. From there, many of the farmers start to sell their lands, and move to the big cities like Beijing, or open shops instead of farm. Under Jiang Zemin ¡Ã‚ ¦s leadership who is the leader after Deng Xiaoping ¡Ã‚ ¦s dead, the 15th Party Congress reveals its plan to sell most state-owned industries. It becomes privatize. In the coming years, tens of million of workers will be laid off; with no social protection is sight. Now, is this still socialism, no it ¡Ã‚ ¦s the raw capitalism. For the average Chinese, it might be the worst of both worlds.   Ã‚  Ã‚  Ã‚  Ã‚  Some people will put the Confucianism into the discussion of the capitalism. Chinese people called this combine idea as Internalism. Capitalism for China is to centralize all of the Chinese market, and use Confucianism into the modernity idea. It can help the developing of the economy and the growth of the production. In other words, they are just using Confucianism ¡Ã‚ ¦s united idea and thinking to look at the capitalism.

Sunday, August 18, 2019

Reaction to Film Brainwashing 101 :: essays research papers

The American Heritage Dictionary of the English Language, Fourth Edition, defines documentary as: 1.  Ã‚  Ã‚  Ã‚  Ã‚  Consisting of, concerning, or based on documents. 2.  Ã‚  Ã‚  Ã‚  Ã‚  Presenting facts objectively without editorializing or inserting fictional matter, as in a book or film. Academicbias.com is the website to which viewers are directed for more information about the film. On this site, it is stated, â€Å"In this cutting exposà ©, documentary filmmakers Maloney, Browning and Greenberg shine a light on political correctness, academic bias, student censorship--even administrative cover-ups of death threats†¦Ã¢â‚¬  This positioning of the movie presents that it is, in fact, a documentary. My belief is that, based on definition 2 above, the movie is not a documentary, but instead a good example of the ‘the facts speak for themselves’ actually means ‘the facts, as I have carefully arranged them, support my position.’ Evan Maloney, the filmmaker, is clearly working in the style of Michael Moore. The film utilizes satire throughout – evidence the old â€Å"Popularity† instructional film where overdubbing is used. Interviews are presented offering only on side of the issue. Surprise attempts at interviewers for comic relief are sprung on unsuspecting university officials. Subtle visual effects, such as student Charles Mitchell sitting with an American flag blanket behind him are used. Ultimately, what happened in the editing process of ‘Brainwashing 101’ is a complete unknown. Farhenhype 911 demonstrated how Michael Moore had edited President Bush’s address to the â€Å"haves, and have mores†, when in fact, the setting was a charity benefit at which Al Gore was also present. Given the style of the movie, I believe editing was used for key advantage. The movie purports to address political correctness, academic bias and student censorship. I believe that the movie does do this, and utilizing real examples works to create legitimacy for the move. In an admittedly unscientific search of the Internet about this movie, I found a fair number of positive reactions to the film. So some people do find the movie convincing, as people do with Michael Moore movies. To academic bias, a long section of the film is devoted the teaching of economics and which theories of economics should be taught. As presented in the movie, by virtue of being taught, different theories represent a bias in and of itself. Student Charles Mitchell makes the unusual statement that Marxist study is a â€Å"value judgment.† To me, this is not a new breakthrough in thought: it could be argued that all education, throughout history, has been biased based on what has been taught.

United Biscuits :: United Biscuits Business Management Essays

United Biscuits 1. Introduction United biscuits were founded in 1948 with the merger of two Scottish family businesses, these were McVities and the Price and McFarlane Lang group. It was developed furthermore when they acquired Crawford’s Biscuits and MacDonald’s Biscuits. More recently in 2000, United Biscuits was bought by Finalrealm who were a consortium of investors and the company reverted to a private company status. 2. Ownership In 2000 United Biscuits were bought by a consortium of four businesses, these four businesses own different percentages in the company which is dictated by the amount of money which they invested. The four businesses were Cinven who own 30%, PAI Partners who also own 30%, Nabisco who own 25% and finally MidOcean Partners who own 15%. United Biscuits were reverted to being a private limited company, this is unusual because private companies tend to be smaller than public companies and often are family businesses. To be a private company there must be at least two shareholders, which United Biscuits have two more than the minimum. Shares in privately owned companies cannot be traded on the Stock Exchange and often shares can only be bought with the permission from the board of directors. The board of directors is a group of officials whose job it is to protect the shareholders’ interests, they also choose the managing director who looks after the daily running of the company. With private limited companies the shareholders choose the board of directors, who then choose the management, this is done at an annual shareholders meeting. Companies that are private have limited liabilities and this may make them more attractive to stakeholders in the company because they are only liable for their share value. Shares are a good way of generating capitol for new ventures because they can release shares for a certain amount and depending on how many they sell they will have an instant rise in capitol. There are only a few disadvantages in comparison to an unlimited liability business, they have to share the profits out between the shareholders and decisions can’t be made quickly, they also cost more to set up. United Biscuits could become a public limited company, and to do this they would have to float their stocks on the Stock Exchange. One of the main benefits of doing this is that large amounts of capital can be raised very quickly, to every â€Å"up-side† there must be a â€Å"down-side† and this is that the control of the business can be lost if large amounts of shares are bought because this would possibly result in a takeover. To become a public company the directors must apply to the Stock

Saturday, August 17, 2019

Est1 Task 2

Welcome to Shine Sun Tan! We are so excited that you have made the decision to join our team! We have the brightest stars in the business and are so happy you have chosen to shine with us! Here at Shine Sun Tan we are not only dedicated to our clients but also our employees. We strive to provide our employees with a positive, pleasant, and fun work atmosphere. We believe if our employees are happy and taken care of, then they will do the same for our clients. In order for us to remain the best in the business we must follow a few guidelines and procedures set by Shine Sun Tan.Please take a moment to read over our Ethics Program as this will be knowledge you will use on a daily basis here at Shine! A. Standards and Procedures Code of Ethics: The principles of the Shine Sun Tan Code of Ethics are expressed in a broad manner as a guide to ethical decision making. 1. Appearance: We will always arrive at work in our proper uniform (Shine Sun Tan t-shirt and jeans or shorts) and be ready t o work. Your jeans or shorts should not have holes, and shorts should come to the tip of your fingers in length. We will arrive to work put together and clean. 2.Respect: We will always provide the highest level of respect to clients and co-workers. 3. Trustworthy: We will always be dependable, honest, and have always a â€Å"due the right thing† mind set. 4. Responsible: We will always keep in mind that this is a business and we must do what is right for the business and its clients. This includes but is not limited to attending all scheduled shifts, being on time for shifts, and working while on the clock. 5. Fairness: We will always treat all co-workers and clients equally without regards to age, sex, race, religion, nation origin, and sexual preference. 6.Citizenship: We will always show good character as well as a positive attitude. 7. Caring: We will always show a caring nature when it comes to co-workers and clients. All employees must follow these principles at all ti mes. If the need arises to report a violation of Shine Sun Tan’s principles please let your store manager, district manager, or Alisha Johnson, our ethics officer know immediately. Your store manager and district manager’s contact information will be always be available in your manager office and in your store break room. Our ethics officer may be reached at [email  protected] om or 789-456-0123. You may also call our Ethics Hotline anonymously which is available 24 hours a day, 7 days a week at 888-123-4567. If any employee is found to be violating our principles, after a full investigation (when necessary) the consequences will result in a verbal warning, a written warning, a counseling, or possible termination. B. Training Shine Sun Tan will hold quarterly training sessions. The training sessions will be held the last Wednesday, Thursday, and Friday of the month for the months of March, June, September, and December.Everyone who is currently employed with Shine Su n Tan at the time of each training session will be required to attend one session. Each employee will be assigned to either the Wednesday, Thursday, or Friday training session. Shine Sun Tan’s training sessions are conducted by Alisha Johnson whom is our ethics officer. Each training session will be a full 8 hour work day and will include a catered lunch. The training material will be delivered by PowerPoint slide shows narrated by Alisha Johnson as well as guest speakers.Each training will cover various different topics, however we will always go over our 3 most important topics relevant to our business. 1. New and changing tanning laws and regulations 2. Workplace Safety 3. Tips on the newest ways to enroll new members and sell products In addition to these 3 most important topics, we will generally also cover new products, recommendations for tanning safety, tanning bed news, and a variety of other topics. However, we will also always be open for discussion so please alway s bring your questions for our Q&A for the last hour of each training session.We look forward to seeing you! C. Employee Misconduct 1. Employees will be expected to act in a professional manner at all times. Although, here at Shine Sun Tan we promote a fun work atmosphere, we must always remember that our clients and work duties must always be taken care of first and in a professional manner. You are the first line of defense in measuring your own conduct and preventing any misconduct from taking place. If the defense towards misconduct starts within you, and you are doing the right thing and acting professionally then we as a whole should be able to avoid wrong doings or misconduct.Your store manager, assistant manager, and even fellow co-workers will also be monitoring your conduct, so make sure you are always doing the right thing. Doing the right thing consist of but is not limited to working when on the clock, giving clients truthful information about packages and products, sel ling clients packages and products that are best for them (not what is best for your commission), following tanning laws and regulations, and always following Shine Sun Tan’s Ethics Code. Not following these rules set forth by Shine Sun Tan will be considered employee misconduct and could result in serious consequences. . To ensure that all employees are always doing the right thing and have good conduct Shine Sun Tan will participate in a Secret Shopper Program. This program has been set up to audit and monitor our stores and employees on a regular basis. Corporate employees from our Secret Shopper Team will regularly visit our salons. These secret shoppers will come in a minimum of twice a week on a weekly basis to sign up for new tanning packages, tan, buy products, ask questions, and sometimes act as upset, unruly clients.You will never know who our secret shoppers are, as we will have multiple different ones and they will always act as a normal customer. This Secret Shop per Program has been put in place so that not only can managers, assistant managers, and fellow employee monitor employee conduct but so can corporate employees. By having this Secret Shopper Program in place we feel that it will encourage our employees to always be on their best behavior and always do the right thing in every situation. 3. In the event that employee misconduct is found to be taking place you must report it to a manager immediately.The manager will then have you fill out a report about what you witnessed. This report will be kept anonymous and will be turned in to the corporate office for further investigation. If you do not feel comfortable going to a manager or a manager is not available, you may report misconduct to your district manager or our Ethics officer. If you wish to remain completely anonymous or feel more comfortable reporting by telephone you may do this as well. You can call our Ethics Hotline 24 hours a day, 7 days a week at 888-123-4567. D. Evaluate and ImproveShine Sun Tan is always looking for ways to evaluate and improve our business practices and procedures. This even includes evaluating the effectiveness of our Ethics Program. We will have four procedures put in place to help us evaluate our program. 1. We will provide clients with survey cards for each visit which they have the option to fill out. These cards will ask our clients to rate our salon staff on a scale of 1-10 on their appearance (are the in uniform and presentable), level of respect, trustworthiness, responsibility, fairness, citizenship, and caring nature. 2.Our Secret Shopper Team will also complete survey cards for each of their visits. These surveys will not only include the same as the customer surveys but they will also include a more detailed experience about their time spent at the salon and about the person or persons they dealt directly with each time. 3. Your manager or direct supervisor will complete monthly reviews on your performance. These per formance reviews will largely include your ethical understanding of Shine Sun Tan ethics program and how you display your knowledge and understanding of it in your daily work. . Employee question and suggestion box. Suggestions and questions will be taken into consideration and will be addressed at our monthly Ethics meeting. On the last day of each month after these evaluations are completed for that month we will collect the surveys, questions, and suggestions. Management will then compile a list of what we are doing well, what improvements are needed, and what suggestions and questions need to be addressed.We will then hold a managers meeting on the first Wednesday of every month so that we can establish ways to improve our program and how to implement the improvements. Each manager will then hold store meetings with their employees the next day to discuss answers to questions and let their employees know what changes and improvements will be made. Thank you so much for reading S hine Sun Tan’s Ethics Program. Once again, we are so excited that you have made the choice to join our team and we look forward to being a part of your journey here at Shine Sun Tan! We look forward to seeing you Shine!