Accounts Receivable and Joan Miller

Sub: Finance Topic: Journal Entries Question: Posting Journal entries into a worksheet ClassOf1 provides expert guidance to College, Graduate, and High school students on homework and assignment problems in Math, Sciences, Finance, Marketing, Statistics, Economics, Engineering, and many other subjects. The following are the balances in the accounts for Joan Miller Advertising Agency as of January 31, 2001: Cash Accounts Receivable Fees Receivable Art Supplies Office Supplies Prepaid Rent Prepaid Insurance Art Equipment Accumulated Depreciation, Art eq. Office Equipment Accumulated Depreciation –Office Eq. Accounts Payable Unearned Art Fees Wages Payable Joan Miller, Capital Totals Debit Credit $1,720 2,800 200 1,300 600 400 440 4,200 $70 3,000 50 3,170 600 180 10,590 ______ ______ $14,660 14,660 During the month of February, the agency engaged in the following transactions: Feb. 1 Received an additional investment of cash from Joan Miller, $6,000 www. classof1. com *The Homewo rk solutions from ClassOf1 are intended to help the student understand the approach to solving the problem and not for submitting the same in lieu of your academic submissions for grades. Sub: FinanceTopic: Journal Entries Feb. 2 Purchased additional office equipment with cash, $800. Feb. 5 Received art equipment transferred to the business from Joan Miller, $1,400. Feb. 6 Purchased additional office supplies with cash, $80 Feb. 7 Purchased additional art supplies on credit from Taylor Supply Company, $500. Feb. 8 Completed the series of advertisements for Marsh Tire Company that began on January 31, and billed Marsh Tire Company for the total services performed, including the accrued revenues that had been recognized in January of $200 (see fees receivable). The total bill is $800.Feb. 9 Paid the secretary for two weeks’ wages, $600. Feb. 12 Paid the amount due to Morgan Equipment for the office equipment purchased last month $1,500 Feb. 13 Accepted an advance fee in cash fo r artwork to be done for another agency, $1,800. Feb. 14 Purchased a copier from Morgan Equipment for $2,100 paying $250 in cash and agreeing to pay he rest in equal payments over the next five months. Feb. 15 Performed advertising services and accepted a cash fee, $1,050. Feb. 16 Received payment on account from Ward Department Stores for services performed last month, $2,800 Feb. 9 Paid amount due for the telephone bill that was received and recorded at the end of January , $70. 20. Feb. 20 Performed advertising services for Ward Department Stores and agreed to accept payment next month $3,200. Feb. 21 Performed art services for a cash fee, $580 Feb. 22 Received and paid the utility bill for February, $110. Paid the secretary for two weeks’ wages, $600. www. classof1. com *The Homework solutions from ClassOf1 are intended to help the student understand the approach to solving the problem and not for submitting the same in lieu of your academic submissions for grades.Sub: Fi nance Topic: Journal Entries Feb. 26 Paid the rent for March in advance, $400. Feb. 27 Received the telephone bill for February, which is to be paid next month, $80. Feb. 28 Paid out cash to Joan Miller as a withdrawal for personal living expenses, $1,400. At the end of February, adjustments are made for the following: a. b. c. d. e. f. g. h. i. One month’s prepaid rent has expired. One month’s prepaid insurance has expired, $40. An inventory of art supplies reveals $720 of supplies are still on hand on February 28 th.An inventory of office supplies reveals $300 in office supplies have been used in February. Depreciation on the Art equipment for February is calculated to be $90. Depreciation on the Office equipment for February is calculated to be $100. Art services performed for which payment has been received in advance total, $1,400 Advertising services performed that will not be billed until March total $340. Three days’ worth of secretarial wages had accrue d by the end of February. Required: Prepare the general journal entries or enter into a worksheet the transactions completed in February, 2001Solution: Joan Miller Advertising Agency Worksheet Trial Balance Transactions 1/31/2001 Name of the Account Debit Cash $1,720 Accounts Receivable Fees Receivable Art Supplies Credit 2800 200 1300 February Debit $12,23 0 3400 Trial Balance 2/28/2001 (Unadjusted) Credit Debit $5,810 $8,140 2800 200 Credit $3,400 $0 $1,300 www. classof1. com *The Homework solutions from ClassOf1 are intended to help the student understand the approach to solving the problem and not for submitting the same in lieu of your academic submissions for grades.Sub: Finance Topic: Journal Entries Office Supplies Prepaid Rent Prepaid Insurance Art Equipment Accumulated Depreciation, Art Eq. Office Equipment Accumulated Depreciation, Office Eq. Accounts Payable Unearned Art Fees Wages Payable 600 400 440 4200 580 400 $70 3000 $70 4300 $7,300 50 3170 600 180 Joan Miller, Cap ital $50 1570 600 180 10590 Joan Miller, Withdrawals Fees Earned Wages Expense Utilities Expense Telephone Expense Total $1,180 $800 $440 $4,200 2430 1800 $4,030 $1,800 $0 $17,99 0 7400 1400 $1,400 5430 $14,66 0 $14,66 1020 110 80 $25,87 0 $25,87 0 $5,430 $1,020 $110 $80 $29,37 0 $29,37 0 ** End of the Solution ** ClassOf1 provides expert guidance to College, Graduate, and High school students on homework and assignment problems in Math, Sciences, Finance, Marketing, Statistics, Economics, Engineering, and many other subjects. www. classof1. com *The Homework solutions from ClassOf1 are intended to help the student understand the approach to solving the problem and not for submitting the same in lieu of your academic submissions for grades.

India Shining Essay

It has been projected that by the year 2020, 62% of India’s population will be between the age group of 15 and 59 years. This is what is known as India’s demographic dividend. This means that while the average age of citizens in other countries is on the rise, a majority of India’s population will be in the employable age group. The question that arises here and one that has been on the minds of many Indians is; does the demographic dividend contain in it a ticking time bomb or will we be able to use this as an opportunity to realize our dream of India Shining? There has been a lot of talk about the opportunity divide in India. This Opportunity Divide is that by the year 2022, 800 million people will be in the working age group but out of these only 200 million will be graduates while the remaining will be in the unskilled group. According to research done by NSDC, between the year 2008 and 2022, 347 million jobs will be created across 22 different high growth sectors in India. For example, the jobs available in the construction industry will be about 33 million, in the auto industry about 35 million, in infrastructure 103 million and in retail about 14 million jobs will be available. The interesting fact here is that India will have both the jobs as well as a matching demographic of population that will have the potential to carry out these jobs. The question is will we be able to train so many people? The Indian government has set a target of training 500 million people by the year 2022, but is this target achievable? The target definitely is a daunting number. As an Indian I do hope that this dream is realized and am proud to be working for an organization that has done some exemplary work in this field. Pratham Institute has trained over 70,000 people through its various vocational training programs and is in the process of training more. I hope that people who come across this blog also find a way to contribute towards India’s future. Maybe then we’ll have the answer to the question raised by the title of this blog.

Clinical Supervision in Mental Care Essay Example | Topics and Well Written Essays - 2000 words

Clinical Supervision in Mental Care - Essay Example Clinical supervision is intended to nurture and facilitate best practices in future, in relation to continuing professional link between a preceptee and a preceptor. According to Fuller, Perkins, Parker, Holdsworth, Kelly, Roberts, Martinez, and Fragar (2011), international interest in clinical supervision among mental health nurses has increased over the past two decades, with the focus of most researchers being corroborating the authenticity of findings. In general, mental health nurses, especially in the West were the first to adopt the practice but, with modest gains arguably stretching to the current world (Bryant, 2010). Nonetheless, clinical supervision in a mental care facility has been attributed to three main positive outcomes: firstly, there has been a greater degree of self-esteem, impetus, job satisfaction, more skills and expertise, greater personal and career development of nurses (Coldridge, 2012). Secondly, clinical supervision has witnessed better standards care, an d more effective interdisciplinary communication which generally, guarantee them a safer treatment environment (Sloan, 2006). Finally, clinical supervision improves governance in a mental health facility by limiting absenteeism among nurses and turnover rates, as they are guaranteed an exciting working environment where they can apply their innovativeness in response to different mental cases they handle (Edwards et al, 2005). According to Coldridge (2012) support within organizations can be rendered through clinical supervision that integrates reflective practice, provides room for continuous training and learning as well as deliver a proper assessment various strategies for the practitioners. Moreover, clinical... This essay â€Å"Clinical Supervision in Mental Care† explores clinical supervision strategy as an important aspect of clinical governance. Clinical supervision refers to an oversight that is provided by senior clinicians to junior members of the same occupation for purposes of improving the standard of care given to patients. The relationship between senior and junior officers is a permanent, evaluative program which is aimed at enhancing the implementation of expertise in the operations of the inexperienced members of staff. In a mental facility, clinical supervision’s main purpose is to uphold the value of the professional services by transforming psychiatric facilities into better governed safe havens that facilitate the quick recovery of clients. For better treatment outcomes, the positive change should be crafted in model of national professional bodies for care providers. A better governed facility should be one that is motivating to work in, and removes apportio nment of blame and has an enlightening environment. It should support a learning culture in the sense that people base their learning upon experience; and permits coordination among people from all levels hierarchies and departments of the care facility. Clinical supervision should also be motivational to staff through rewards, and career development opportunities to improve better administration and quality of services. Clinical supervision lowers high levels of emotional burnout which are usually associated with the provision of mental health care.

Organisational Change Management Essay Example | Topics and Well Written Essays - 2750 words - 4

Organisational Change Management - Essay Example Whatever kind of change in an organisation, people end up being affected because an organisation is made of people. Moreover, people are afraid of change even in the rare cases where change may actually be directly beneficial to them. This can be seen in instances where an organisation wants to buy a new system to make work for the employees easier, yet the employees get sceptical about change. This paper is a case study analysis about an auto manufacturing firm that is about to go through a process of change. The 5D Appreciative Inquiry will be used to determine the issues in the case study and also in developing possible solutions. A closer look at the case reveals a number of issues that are directly linked to change management. These problems can be classified into two main categories as follows; Issues leading to a need to change; Competition According to the case study, it becomes clear that the firm is suffering from increase competition in the market. Competition has intensif ied in the market, thus making it harder for the organisation to restructure its operations in order to absorb the shock waves caused by this increased competition from the market. This issue, combined with the next discussed issue has made the organisation to have no choice but to restructure its business model. ... One such issue is the fact that the firm has in the past failed to have a futuristic strategy that can help it to overcome such issues when they do show up. In a modern business world, it is important for such organisations to be always ready to deal with such issues because such issues are inevitable (Todnem, 2005). One mistake that the D2 has done in the past is the fact that it continued having distributed manufacturing while multinational manufacturers have in the past flowed towards centralised manufacturing in order to increase economies of scale and economies of efficiency. Issues that may make the change management harder for D2 No information With regard to change management, D2 is having a few issues that it needs to take care of. One of these issues is the fact that information sharing has not been achieved in the organisation. According to the case study, it becomes open that the junior managers and the workers are hardly aware of the imminent change and that even most of the managers are not yet aware it. This is a major error by D2, and it will lead to the negative impact on the change process. Any change process requires that all participants be well informed about the change way before the change is implemented (Poole and Andrew, 2004). Change process is always met with protest and resistance, and the more the change management process is informed to all the stakeholders, the easier it is for the firm to be able to overcome these issues of resistance (Kerr and Slocum, 2009). In this case, the fact that D2 top management has chosen to not inform the managers and employees in good time will mean that the employees are more likely to be angry about the issues. Involvement of the individuals The other eminent issues in the case study

Discussion 1 Week 6 "Comparing First-movers in Technology" Assignment

Discussion 1 Week 6 "Comparing First-movers in Technology" - Assignment Example 244). From the videos, it was evident that Intel’s development of the first microprocessor (Intel Free Press, 2011); while Microsoft’s software design enabled them to pioneer in this endeavor and assume a proactive stance in related technological developments (Microsoft, 2012). Moreover, Intel and Microsoft capitalized and reaped the following advantages: (1) captured the opportunity to â€Å"exploit network effects and positive feedback loops, locking consumers into its technology† (Hill & Jones, 2012, p. 244); (2) enabled establishment of brand loyalty; (3) generated substantial sales volume which eventually enabled economies of scale and learning effects; (4) enabled offering pricing strategies (switching costs); and (5) gained advanced knowledge on the pioneering experience (Hill & Jones, 2012). 2. From the first and second e-Activities, compare Intel’s and Microsoft’s strategies in terms of their ability to profit from innovation. Next, analyze the manner in which shifts in new technologies revolutionized the structure of the industry, increasing profitability and growth through global expansion. Provide a rationale to support your response. Intel’s strategies, when compared to Microsoft’s strategies in terms of abilities to profit from innovation were virtually on the same field. Through pioneering efforts, both Intel and Microsoft gained substantial market shares within their respective fields of endeavors. As such, the developed core competencies established significant competitive advantage that enabled them to retain leadership in these discoveries. Moreover, the manner in which shifts in new technologies revolutionized the structure of the industry, increasing profitability and growth through global expansion – more commonly known as technological paradigm shifts, affect both Intel and Microsoft. For example, cloud computing, which

My concern with television content Essay Example | Topics and Well Written Essays - 1000 words

My concern with television content - Essay Example Television can have a positive cognitive development on teenagers only if the programs are critically analyzed and vetted for suitability. There are some programs that help in educating teenagers about various issues surrounding the society and this will make them think constructively on their daily undertaking. Take the case of national television program on various academic topics for students, such kind of content has always motivated teenagers to shun some behaviors and take a given path of action that is vital for the development of his future. I would champion for programmes like public debate in which some teenagers participate really instill the spirit of hard work and competition and this is positive in terms of working hard in school and various endeavors to achieve excellence. Besides, language is one of the greatest interactive assets that anybody in the world may possess and this is always promoted in the television programmes depending on the language spoken. This is th e reason media industry hires people with outstanding personality and exceptional command of a given language (Vorderer, Peter, and Dolf, 78-9). Television is an effective mode of learning to teenagers since they actually see what they are being told. This is the reason as to why there is an appeal to ensure that the television programmes are sorted out before being unleashed to the various frequencies across the globe.

Am I A Leader Essay Example | Topics and Well Written Essays - 1000 words

Am I A Leader - Essay Example I learned of the essential theories to become a leader from the academe and from contemporary experiences. It is one’s personal contention that that there are persons born and destined to become leaders. In my case, I realized it is a process encompassing developmental stages in one’s life span. As babies, parents provide assistance in personal care and needs. Through one’s personal development, children get to stand and walk on their own. We learn to exercise our sense of autonomy. There were times when there was the persistent conviction to negate our parents just to do what we want. In this stage of life, leadership of a growing child was clearly exemplified. It is a type of leadership involving the primary care giver and the child. Leadership is thereby recognized as the process of influence in other people to achieve a certain goal. At this stage, the only goal that one has is the gratification of needs, realized through either good or bad behavior. It seems that even as a child, one learned to influence and become a leader in simple ways. The first time we pursued academic endeavors, the start of the leadership process focus on enrichment. Through school plays, group activity, participating in discussions, and joining school organizations, leadership enrichment is reflected. We came to have peers that influence us or we get the chance to influence them. Leadership is clearly expressed and felt when friends and acquaintances ask one’s opinion regarding outfits, assignments, perception, and even fun activities and endeavors. Colleagues begin to value one’s opinions with regards to group perception. I became more competitive in the latter part of academic life. I joined different organizations and performed responsibilities concurrent with higher accountabilities expected of my position. I came to enjoy different social interactions from both genders. One became more focused on achieving higher grades because of the belief that as a profound influence to others. It manifests some form of power and authority. I envisioned to be more responsible, committed, and become a role model. That was the stage of my life that I felt that I truly became a leader. Qualities of a Good Leader But what are the qualities of a good leader? Did I have that power to lead? According to Warren Bennis (1990), managers are people who do things right, while leaders are people who do the right thing. Leaders are persons with character who strives for excellence. Leaders do not command a group to achieve excellence; rather, they are engaged in achieving excellence. One sees what is desired and goes after it. One attracts followers because of the will power, determination, energy, drive, and willpower. Of course, to be a leader, trust is the most essential thing. Trust builds good relationships between the leader and the follower. Since a leader influence a group of people, one must be inspiring and must show the confidence in ac hieving identified goals and endeavors. A good leader is acknowledged to treat others fairly; should display empathy and sensitivity to other people’s values, beliefs, and emotions. In a leader’s journey to reach identified goals, insurmountable amounts of stress are expected to be overcome. The leader must have enough courage to surpass challenges and be creative in dealing with trying situations. Until now, I am thinking of qualities that I exhibited

Analyse a case of The Prosecutor v. Abdel Raheem Muhammad Hussein Essay

Analyse a case of The Prosecutor v. Abdel Raheem Muhammad Hussein - Essay Example Also attributed against him are the war crimes of murder, attacks against a civilian population, destruction of property, rape, pillaging, and outrage upon personal dignity, all punishable under the same statute. The warrant was issued based on the belief that Hussein was a key person in the counter-insurgency plan that involved attacks against civilians to end the conflict in Darfur between the armed groups SLM/A or the Sudanese Liberation Movement/Army and JEM or Justice and Equality Movement (JEM) against the government of Sudan and the militia Janjaweed. These unlawful attacks were executed â€Å"by the Sudanese armed forces and/or the Militia/Janjaweed† to target the people belonging to Fur, Masalit and Zaghawa ethnic groups who were known as rebel supporters (International Criminal Court, 2014). The issue on the war in Darfur is an ongoing problem that many have called genocide. Thousands have died before the rest of the world became aware of what was happening in that region of Sudan. The International Justice Project (IJP) writes that it was in March of 2005 when the United Nations Security Council released a resolution that referred the matter to the ICC. It was also after this time when the people behind the attacks were brought to the attention of the Chambers of the court. Hussein, accused as one of the primary perpetrators in thinking up of the common plan which gave financial and military support to a non-government group through Janjaweed other than the government forces who are to carry out the violent plans against rebel forces even if the same would cause many civilian casualties (International Justice Project, 2012). The Janjaweed, who are primarily Arabs, carried out the execution of their counterparts especially of non-Arab backgrounds. The group has been acc used of ethnic cleansing by consciously killing the

Naccobus Essay Example | Topics and Well Written Essays - 2000 words

Naccobus - Essay Example The sources will be picked from the list that has been used in the provided study. Each source will be analyzed separately and the reason why it was important to use it will also be given and how it helped in making the paper complete. Sher is this is one of the most important sources that have been used in this study. This source has been used throughout the study to provide concrete information on Nacobbus. Sher gives the required information about the Genus Nacobbus (222-227). According to this source the genus contains only two valid species which are indicated to be the Nacobbus dorsalis and N. aberrans. This source goes ahead to state where these two species are normally found. It indicates that N. aberrans is normally an important parasite of various vegetables like beans, chili, tomatoes and pepper. Further into the study, Sher has been extensively used to give information on variability that has been seen in Nacobbus (222-227). The source has been used to give information on morphological characteristic of N. aberrans. It reveals the various ranges of morphometrics of N. aberrans from various geographical locations in the world, thereby helping in understanding the various characteristics of the organism being studied. The reason why Sher is considered one of the important sources that has been used is the amount of information that has been obtained from this source on the characteristics and morphology of N. aberrans. The second source that has been considered among the 10 most important sources in this study is Thorne (1949). Thorne is talking about the new classification of the Tylenchida. It is one the proceedings of the Helminthological Society of Washington. This source has been used to give information on various discoveries that were made on Nacobbus in different regions of the world. The source has been used to give information on taxonomy of Nacobbus (Thorne 57).

How to Improve the Place Where You Work Essay Example | Topics and Well Written Essays - 750 words

How to Improve the Place Where You Work - Essay Example The first step towards improving the workplace is to make sure that the employees have a way by which they can communicate with management pertaining to their workplace related issues. This can be done via unidentified surveys or comment forms dropped into boxes at strategic locations within the office. These pieces of data, information, or stories can then be collated in order to give management a better idea as to the status of the workplace. The problems within the workplace or workforce cannot often be seen on the physical level which is why it is of the utmost importance that employees have a way to release their work frustration by allowing their sentiments to reach the upper levels of management who can hopefully do something about it. Using the collated information, the workforce development team can now put on their thinking caps and mine the forms for plausible solutions from fellow employees. It is highly possible that the best solution to workplace problem can be found in the imaginative ideas of an employee just letting off steam in a survey form. These ideas can then be developed and integrated into an updated work dictum that will hopefully serve to enhance the culture in the workplace, thus, lowering stress levels all around. Remember that improving the workplace is not the responsibility of management alone. ... Scheduling regular dialogue sessions with department members and department heads will often provide the much needed input regarding work related problems that need to be solved. Project specific teams can then be created in order to focus on the narrowed down problem list and its potential solutions as specific action ideas. At this point, it would be a good idea for the company to sponsor quarterly meetings with the employees in order to let them know about the progress or succeeding stages of the workplace improvement efforts. The success of the problem specific teams will rely on upper level communication and representation. This communication and action conduit should be tasked with the responsibility of engaging the key organization leaders and managers in regular discussions meant to bring the plight of the workers to the attention of the business leaders. By enlightening the top brass about the lower level problems, they will be able to help formulate possible action plans me ant to help strengthen the organization. This is also a method by which management can show the rank and file employees that they are valued members of the corporation and as such, their workplace concerns are taken seriously by management since the solution to those problems affect the bottom line of the company profits. Finally, it is important to acknowledge that these team members are not merely secretaries who take notes during meetings and create action plans that never see the light of day. Rather, these workplace improvement team members should be allowed to instigate and experiment with their suggested problems and solutions in order to gauge the effectiveness of the proposed solutions on a department level at the very least. Such compartmentalized methods of

The world of programming Essay Example for Free

The world of programming Essay In the world of programming today, open source is one world that has made a great impact all around the world. Programmers all over the world have two completely different schools of thoughts. One of them states that the technology should be easy to use, and less functions that can be programmed easily, whereas on the other hand, second school of thoughts propose that there has to be high amount of flexibility regardless of the fact, how much the programming or coding scenario gets complex. The open source refers to the technology that has all the ingredients taken in a programming language disclosed, or in other words a programmer discloses what he has performed during his development of software. The article that is discussed in this paper has the title â€Å"Build Your Own Messaging Application in Java with jYMSG†. The technology that is referred in this article is Java based, which is an open source. The social network evolution has changed a lot of trend and instant messaging has become an essential part of everyday life. The referred article discuses a new integration of Java technology with Yahoo Instant Messenger. Java is a platform independent technology that can run from a Mac book to a cell phone to home computers and laptops. The integration of this technology can be very useful because people can be in touch with their friends on yahoo messenger regardless if they are using a laptop or a computer or any other device. This increases the creation of values as the needs of individuals are fulfilled through development of an open source Yahoo messenger based on Java technology. Hence the third principle of reshaping is fulfilled over here. References Kulvir Singh Bhogal, (2006). Build Your Own Messaging Application in Java with jYMSG. Retrived from http://www. devx. com/Java/Article/22546/1954

Taoism and Yang Essay Example for Free

Taoism and Yang Essay The later dates of the Eastern Zhou time period marked a great change in the social and political statuses in ancient China. Literacy rates were increasing, upper class individuals and family members were powering over others, and schooling gave people a leading advantage. Both intellectual and moral thoughts were taking over and with this new idea, came a new philosophy. There existed many spiritual thinkers dating way back, however, to this day, the date that Taoism formed is still unknown, a similar case with many other ancient religions. â€Å"Tao† is a term in Chinese, meaning â€Å"way† or â€Å"path† and referring to the way to live one’s life (Hardy,2002). Originally, the main concern was guiding individuals with an appropriate behavior for leading and governing others, as well as the balance of harmony between nature and humanity. Although no main authoritative figure represents this religion, the headquarter is situated in the White Cloud Temple, in Beijing, where priests can learn and train (Hardy, 2002). Taoism, also currently known as Daoism, is the Chinese traditional religion and philosophy that believes in the balance of yin and yang. Ying and Yang are opposites, and the Ying Yang philosophy explains that nothing is purely one way. There is always good for every evil and evil for every good, yet even though they are so contrasting, one cannot thrive without the other, there needs to be a balance between both. This balance, a union of opposites, represents harmony and peace on earth. Ying and Yang goes by the definition â€Å"the nature of change, balanced as two halves of a whole†, a â€Å"duality forming a whole† (Littlejohn, 2009). This symbol hold a lot of meaning to Taoist as it signifies the unity of opposites, the unity of Tao. The black and white color in the Yin and Yang symbol represents the Yin-gi and Yang-gi, the female and male energies that work together to balance and manifest the world (Wang, 2012). The smaller circles in the symbol represents the change and the black and white opposite in the world, reminding the worshippers of how opposites must balance one another in order to achieve balance between the two. Yin and Yang also represent the unity of the 5 elements; fire (greater Yang), wood (lesser Yang), water (greater Yin), metal (lesser Yin) and earth (central) which together form the elements that comprise everything in our world (Wang, 2012). Completely polar opposites can be seen in everyday: night and day, male and female, beautiful and ugly, high and low; everything has its opposite, and without it, there would be an imbalance in the world. Nevertheless, there will always be a contrasting opinion as to what is right compared to what is wrong, as one belief cannot be shared universally (Hardy, 2002). Yin nor Yang is absolute, but both together can form a whole. There would be an imbalance in the world if death rates did not equal birth rates. Yin and Yang can also become each other even though they are opposites, as they need to support each other to create balance. Taoists believe that there must be an alignment of harmony between human nature and the rest of nature. They believe that one must experience a long and healthy life through practice and perfection of the practice so that self-cultivation is at its peak and everyone can thrive (Littlejohn, 2009). Taoist believe that everything in the world is in a constant cycle. If humans do not follow the natural path, â€Å"tao†, then unhealthy misfortune and destruction will cloud them and their families (Hardy, 2002). A strong opposition to punishment is believed, as it does not allow for the natural method of spontaneous behavior and rather a force of good behavior upon an individual. Ruling and governing others is a principal theme in Taoism as it encourages followers to model the appropriate behavior. Taoism focuses on ones flow with nature through activities such as meditation with themes such as detachment from desires, naturalness , and stress free activities such as tai chi. Taoism emphasizes the practice on living in harmony through daily life and ritual activities. Taoist is a polytheistic religion and their gods are not personified. They believe that no god can help solve problems in life but that peace can only be solved by personal meditation and observation (Littlejohn, 2009). People have to work in harmony and help each other to keep balance in the world and to increase the well being of humankind. Unlike other religions, there is no figure to look upon and worship but to solely rely on one another. Taoist people do not have a particular ritualized way to worship in their everyday life, but the main goal of the laypeople is to achieve harmony with the Tao in their day-to-day lives. They believe in doing this through physical practices, which are made to transform a person mentally and physically into a more harmonious state, a balance between Yin and Yang. One way the Taoist attempt to reach harmony is through alchemy (BBC, 2009). Merriam-Webster describes alchemy as, â€Å"a power or process of transforming something common into something special†. The Taoists sought to do this in two separate ways; the first is through Wai-Dan, external alchemy, which was used in an older period. At this time, the alchemists were looking for an elixir to turn cheap metal into gold. They then looked for a way to turn humans into immortals. This creation involved various combinations of ingredients by heating, grinding, and mixing together along with other rituals. This is called external alchemy because they add an external force to the body with the hopes of purification (BBC, 2009). The second type of alchemy is Nei-Dun, interior alchemy. This is a work of the self without the use of chemicals to transform the elements of the body into purer forms, promoting the energy of life. This is done through meditation and martial arts (BBC, 2009). Taoists attempted to use both of these forces to transform human beings into a more natural state and to rid their body of the bad within, producing only the good and allowing them to reach purification and through that, the Tao. Taoists also believe that sexual energy has the ability to enhance their lives. They have developed certain techniques to increase a person’s sexual energy and to retain it. It is said that the men should refrain from ejaculating during sexual activity, to conserver the energy (BBC, 2009). As for women, there are too different views. The first view suggests that women should also abstain from reaching orgasm to conserve energy, yet the second view states that female orgasm leads to a growth in both male and female sexual energy. This idea suggested that men should have multiple sexual partners in order to gain access to the female release of beneficial sexual energy (BBC, 2009). The Taoist people see sexuality as a form of attaining purification and positive energy, like that of alchemy, they believe it to help them reach a state of harmony between Yin and Yang. Taoist people also practice purity through meditation, breathing, energy flow and martial arts. The texts teach the worshipers the importance of a pure body to ensure spiritual health. To remain pure, the people have a special diet, which they abstain from alcohol, meat, beans, and grains, all of which can be toxic to the body. Taoists also avoid being greedy, lustful, prideful, and dishonest, which also causes conflict within the body (BBC, 2009). To avoid these impurities, Taoists practice meditation. This practice is a major custom for the people because it creates mental stillness and enhances mindfulness. This allows the mental space to focus on directly knowing the Tao (BBC, 2009). Another practice is breathing, which is the easiest professed form of Ch’i. There are many breathing exercises the Taoists use, which are called Qui Gong, as it is the easiest way to relax the body. Taoists also practice energy flow, which is the flow of life energy, Ch’i, in the body. It can be enhanced, harmonized, and regulated by various forms of exercise and meditation, like acupuncture and Tai Chi (BBC, 2009). All of these techniques are used on a daily basis to allow for spiritual growth and a long life. It is through this way of life that the Taoists attempt to develop their bodies to the primordial level of energy, which is the state of the body at the beginning of creation (Kohn, 2009). By creating bodies that mimic that of the bodies at first creation, the Taoist are reaching a raw level of purity, bringing them that much closer to harmony and balance. Taoists also practice recitation of passages from the Tao Te Ching, which is their guide to living a spiritual and ethical life. This is a vital expression of devotion and also a way to attain spiritual growth. They believe that the texts have healing powers along with the ability to banish evil spirits, and bring good luck to those who recite it. To the Celestial Masters Group, it is a source of philosophical wisdom. It is also said to have the ability to prolong life and bring human beings to complete unity with Tao (BBC, 2009). The Taoists use this recitation to create a balance within themselves bringing them closer to that of the natural realm. The Taoists conduct rituals that bring order and harmony to the cosmos – the world of nature, human society, and the inner world of human individuals. The details of rituals are highly complex and technical and they are left to the Taoshi, which are priests. These rituals mostly involve chanting, playing instruments, and dancing (BBC, 2009). Jiao, which means offering of sacrifice, is performed in communities to confirm the relationship between the community and its deity (Andersen, 2008). In this case, every household in the village brings an offering for the local deity, at that point, a Taoshi dedicates the offerings in the name of the families, they perform a ritual to restore order to the universe and then ask the gods to bring peace and prosperity to the village (BBC, 2009). The Taoists also use temple rituals to regulate Chi and balance the flow of Yin and Yang for individuals and also the wider community. In the temple they pray to the Taoists deities for strength, help and anything they think the deity would be able to aid them with. They meditate in the temple because it is a place of peace and there is a greater chance of harmony within the body in a place of balance. They also worship on talismans because they are objects of good luck. Talismans are strips of paper with words of power and religious symbols written on them by Taoshi. They are said to focus kind spiritual energies to purify, heal the sick, and to drive away demons. They also use the temple to recite and chant prayers and texts to also purify their minds and bodies (BBC, 2009). The Taoists use the temple to conduct these rituals, as it is a place of balance and harmony, filled with aspects of the Tao. Taoism is a religion based on healing methods that seek to re-establish the original wholeness of human nature (Girardot, 2009), whether through their rituals or their everyday activities, Taoist people attempt to balance out the Yin and Yang in their lives. They believe that a healthy human life could only be established with accordance to the Tao, by living naturally and peacefully. Their main goals in life are compassion, moderation and humility, which all-lead back to the Tao. To Taoists, the Yin and Yang are most important in everything they do. When both Yin and Yang are present and equally balanced, everything is calm. Because of this, Taoist people attempt to create harmony in their lives creating a closer gap to the Tao. The Taoist religion is a constant battle between balances of those that are opposing each other to produce a state of constant harmony and union between opposites. By achieving this balance the worshippers will begin to live their lives in accordance of the Tao and live in peaceful life.

Consulting Organizations Like Mckinsey Management Essay

Consulting Organizations Like Mckinsey Management Essay Consulting organizations like McKinsey Company, Roland Berger Strategy Consultants, Boston Consulting Group, not only are leaders in their respective fields of operation but epitomize global reach with their branch offices spread all around the world (Carvalho and Cabral-Cardoso, 2008). Such big consulting organizations though are mostly based in the USA, yet they are present in almost all the economic regions. They are considered the harbingers of new managerial and organizational concepts that enjoy global validity. In view of the unprecedented increase in the number of organizations having potential to internationalize, internationality of management consulting has by itself become a means of competence and eminence (Richter et al., 2008). As such, the general trend in future could be that global companies may increasingly require the services of global consulting houses. Therefore, extending reach of the consulting organizations to international clients could become imperative an d present new opportunities of growing globally (Landriscina, 2012). In the UK, only a few consulting organizations exist that enjoy considerable international clout. This is evident from their foreign operations, including those that render foreign consultancy but do not have any branches abroad. In the UK, most of the consulting companies provide services to small and medium organizations. Their prospects in the international arena, the impediments they face, and the steps that can enable them achieve success and grow internationally, are dealt herein (Graubner and Richter, 2003). Donnelly and Dowling, (2010) said that the substance of earlier case studies brings out that foreign operations just depended on chance and the availability of profitable opportunities, and were not because of systematic strategies of operating globally. As such, overseas assignments were considered temporary and the regions were changed as the opportunities arose because of globalization of clients business operations. However, in certain cases, promotional efforts also contribute to the development of consultancy overseas. Generally, proper planning and diligently developing a foreign market is seldom resorted to (Budhwar et al., 2009). Hurdles in the way of developing external markets by establishing subsidiaries are many, and one can anticipate considerable risks when launching operations in new markets, particularly in BRIC countries, that is, Brazil, Russia, India, and China that have over time acquired much significance. If it is aimed to serve local customers also besides the western subsidiaries, it is essential to comply with the local conditions and employ low-wage local staff. It is only then that an organization catering in consultancy services can function successfully. In case of small and medium consultancy organizations, it is these factors that cause difficulties. ALTOMI ASSOCIATES AND ITS INTERNATIONALIZATION STRATEGY The present case study pertains to Altomi Associates, a UK based organization engaged in providing leadership and management training to client companies located in UK but some of them operating internationally also. As such, Altomi also organizes training programs abroad. Its training programs relate to three sectors, such as manufacturing, retail, and public sector. In the beginning, the training services were catered from the domestic setup, but later the company established bases elsewhere also, housing a small team of administrative staff to meet the requirements of clients at those places. As per Balbinot et al. (2010), it is imperative to evolve an internationalization strategy for a company planning to enter international business since it is an important determinant of success. The significance of meticulously evolved strategy of internationalization depends on diligently conducted market research and appreciation of the true meaning of such a strategy. Altomi Associates plan to spread their business to other countries, particularly in BRIC countries where they anticipate considerable growth opportunities. Altomi Associates intend to forge relationships with existing independent local operators in Brazil, Russia, India, and China as franchisees who would cater their training programs to clients there. In the medium term, they propose to put up offices in those areas either as new start-ups or by taking over local training companies or by forming joint ventures. The ultimate aim is to render training services to MNCs across their global facilities. INTERNATIONAL HRM According to Armstrong (2012), many big MNCs are in a position to ably manage their international operations, such as marketing, technology, and finances. However, there are others who have not been able to manage their HR effectively. IHRM is crucial for MNCs for exercising control and addressing cross-cultural issues, internal as well as external. MNCs face many more problems as compared to domestic organizations on account of geographic distances, cultural disparities, international competition, issues related to language, and political parameters (Harzing and Pinnington, 2010). Stolt (2010) observes that IHRM and HRM do not differ much as their aim is to achieve the same objective of gaining competitive edge for their organizations and in this respect have to confront similar internal and external environmental factors. It is thus necessary for HR managers in MNCs to fully understand the obtaining political environments and legalities concerning labor in host countries. An international HR manager needs to understand the implications of soft and hard HRM as related to domestic business and concerning foreign subsidiaries (Mathur and Gupta, 2011). In case an organization assigns great significance to its employees and places much value to their participation, then the organization is considered to be practicing soft HRM. If the HR manager has adequate understanding of the differences between the two types of HR, then he will be in a position to adopt the right HR policy with respect to each country (Dickmann, 2008). The hard approach, on the other hand, corroborates with strategic HRM, is concerned with reducing costs and is part of the top managements function (Budhwar et al., 2009). Dickmann (2008) describes soft HRM as based on resource perspective of the employees and pertains to egalitarian culture, organic organizational structure, broad particularization of jobs, pay packages as per abilities, sharing of profits, and the existence of a system of direct communication with employees. Hard HRM, on the other hand, relates to such HR policies that follow the prescribed business strategy, practices different approaches as per the categories of workers and according to stringent organizational procedures (Gluesing and Gibson, 2006). Academics, however, have been concentrating on the soft approach for some time. Each country professes characteristics that are specific to it and which have a direct impact on HR practices (Sparrow and Wu, 1997). A UK company establishing a subsidiary in Japan will find it hard to practice soft HRM in that country, as Japanese workers are accustomed to work under hard HRM practices (Barney and Wright, 1997). CONSULTANCY INTERNATIONALIZATION THEORIES The important theories are discussed below: Static theory: This theory comprises such concepts as theory of growth, internationalization theory, and elite system. According to Sparrow (2009), there is no empirical evidence whether these theories are applicable to SMEs since these have been evolved in the context of MNCs. Stage theory: This theory prescribes implementation of the process of internationalization by stages (Harzing and Pinnington, 2010). Several models are available concerning this theory, such as the Uppasla model, network model, and the model related to innovation. The Uppasla model advocates gradual implementation of internationalization over a time with emphasis on step by step learning and understanding of foreign markets (Griffin et al., 2010). According to Collings (2012), the network approach pertains to the impact of the organizations level of internationalization and the extent of internationalization of the target markets. The innovation related model, as per Dowling et al. (2008), states that innovations in management systems determine the successive stage in the internationalization process. International new venture theory: According to Sparrow (2009), this theory deals with organizations that have internationalized from the very beginning or immediately after the start. The consultancy sector differs from other sectors in that it submits to easy pliability and speedy developments as per the demands of the market wherein both small and big organizations exist (FEACO, 2004). The demand for consultancy services has been developing quite fast resulting in their operations reaching across borders. Organizations rendering consultancy services go international due to several reasons. According to Brett and Kern (2006), the main reasons are location of clients, exploring new markets, or the market being a developing one. There are several approaches that can be deployed while internationalizing, such as export, foreign direct investment (FDI), or entering into cross-border collaboration. As per Graubner and Richter (2003), though export is an important component of internationalization, yet organizations are increasingly adopting the route of FDI. Cross-border collaboration is a preferable mode in case of SMEs since they are not in a position to afford the needed resources and are vulnerable to many risk factors (Carvalho and Cabral-Cardoso, 2008). According to Stolt (2010), SMEs not only lack enough resources, but also capital, and managerial expertise. As such, they generally face many hurdles while internationalizing their operations. Such impediments are of three types: liability of foreignness, liability of newness, and the liability of smallness. Therefore, it would be necessary for them to take these liabilities into consideration while internationalizing. As per Graubner and Richter (2003), SME consultancies can also confront the problem of establishing new networks. ISSUES EXPERIENCED IN TRANSFERRING HR POLICIES AND PRACTICES ACROSS BORDERS Schuler and Jackson (2009) consider that organizations operating internationally are often urged to implement HR policies and practices uniformly in all of their global operations. Such a situation arises because of the company having been following HR practices since long in accord with the domestic parameters. It is thus necessary to take into account the domestic as well as foreign country factors while evolving IHRM strategy. There are countries whose laws are oriented to protect employees interests, while many other countries favor employer interests (Griffin et al., 2010). Muller-Camen and Brewster (2008) mention hurdles like lack of experience and understanding, cultural disparity, and inadequate resources that companies generally confront in international markets. As such, it is desirable to implement HR strategies that accord with the legal and political parameters of the host country. IHRM while specifying job profiles and task parameters to be implemented by the foreign subsidiaries, should consider the availability of suitable workers for the specific jobs (Harzing and Pinnington, 2010). Domestic employees having compatible skills and experience can be deployed but it gives rise to issues related to compensation and reward systems (Stolt, 2010). According to Griffin et al. (2010), people recruited from the host country would be ignorant of the parent companys vision, mission, and objectives. FACTORS RELEVANT FOR THE DEVELOPMENT OF INTERNATIONAL ASSIGNMENT POLICY Complexity of Operations: The complexity comes into play when operations are spread over many countries and employees belong to different nationalities. These two variables play a crucial role in differentiating IHRM and domestic HRM (Schuler and Jackson, 2009). Cultural Environment: According to Pham and Hongyu, (2012), cultural ignorance can generate adverse feelings about the host country and its people and a desire to return home early. Cultural disparities can be interesting only for some time but in the long run may look shocking to the expatriate. People belonging to diverse cultures harbor varying aptitudes, differing dispositions, and dissimilar beliefs (Harzing and Pinnington, 2011). Paying scant attention to these aspects often results in an organizations failure. Richter et al. (2008) advise that an organizations recruitment and related policies should accord with the host countrys culture and HR practices. Working in new cultural environs can create difficulties both for the local workers and the expatriates. Standardizing Pay and Conditions: According to Sparrow (2009), emoluments and working conditions differ from country to country and are influenced by the local market environments. Therefore, MNCs need to ascertain the intrinsic and extrinsic factors obtaining in the host country (Harzing and Pinnington, 2011). A significant task before the IHRM is to evolve viable compensation and reward systems for implementation globally. While evolving an international framework of remuneration and reward, an organization should take into account two basic concerns, the first being that of comparability (Harzing and Pinnington, 2010). According to these authors, remunerations given to workers should not only be internally comparable but also should conform to market environments. The parameters that influence the fixation of remunerations and salaries comprise the accessibility to expatriates and local skilled workforce, the existing wage structure, and the host countrys regulations. Harzing and Pinnington (2011) opine that an organization should apply different parameters for evolving pay system for each country. Altomi Associates need to develop viable reward systems for their local workforce engaged in rendering services internationally and addressing the issues of standardizing pay and conditions. HR STRATEGY FOR ALTOMI ASSOCIATES An organization or its HR setup has more than one action for aligning HR strategy with the local parameters and integrating it globally. There are four main alternatives that can be thought of along with their respective costs. These are: Local Adaptation International strategy: This strategy is appropriate in cases when foreign business is not much and involves transfer of knowledge from central headquarters at insignificant costs. Multinational strategy: In this case the affiliates enjoy autonomy and their systems are oriented towards local conditions. Benefits of cross-border standardization and learning are meager and coordination expense is the lowest. Global Integration Global strategy: This strategy yields benefits on account of standardization of policies and practices, but is highly centralized, lacks responsiveness, faces hurdles due to fragmentation of markets, cultural disparities, policy implications, and entails high costs. Transnational strategy: It accrues benefits resulting from globalization, local adaptation, and simultaneous cross-border learning. However, the expense involved is the highest. In such a scenario, every organization will have to determine its own approach for global integration depending upon the prevailing environments (Harzing and Pinnington, 2011). The approach could vary in case of executive personnel and skilled workers. In todays circumstances, the preferable course of action could be to dispense with local self-determination and domestic country preference (Stolt, 2010). The UK organizations that have achieved success generally followed globally integrated HR policies. Incorporating refinement and effectiveness in the global reward systems, transferring personnel every now and then from one country to another, and instituting training programs with global dimensions, enable transferring crucial expertise, result in achieving speedy transfer of skills, outcomes of innovation, systems of quality control, and cost-effective methods of manufacture (Donnelly and Dowling, 2010). Though at present, the country managers enjoy liberty concerning HR practices, yet the thinking now is to nurture global managers, integrated policies, and foster culture with global dimensions. The suggested HR strategy for Altomi Associates should comprise such a vision and guidelines as are mutually oriented, nurture broad behavior, fosters mutual trust, forges global cooperation. The decision-making process should include decision-making committees that have global perspective, are based on communication between the product, country, and field experts in the network (Carvalho and Cabral-Cardoso, 2008). Suitability of staff should be based on qualification rather than on country of origin (Budhwar et al., 2009). Human resource development should be through international networking and incorporate educational advancement, overseas placement, and flexibility in dealing with issues concerning personal maintenance. The strategy should incorporate appraisal systems and cross-border advancement opportunities that are in tune with the international systems and practices. The strategy should also have a policy that corroborates with the main organizational objectives.

Irony of Earthly Power :: essays research papers fc

  Ã‚  Ã‚  Ã‚  Ã‚  People live life wanting everything they can’t afford. Millions of Americans idealize famous movie actors and musicians, and wish to aspire to that degree of wealth. Many people are envious of such billionaires as Bill Gates, and tell themselves they could have done that. Everyone wants to be rich. They feel that if they had all the money they wanted, they could truly be happy.   Ã‚  Ã‚  Ã‚  Ã‚  The truth is that money and riches really don’t bring anyone an unsurpassable or measureless amount of happiness. For example, winners of the Powerball lottery game may seem to have found happiness, but on a recent Oprah show they told of their extreme depression, and even the debt that money cost them. In fact, being rich or powerful brings just the opposite of happiness. It brings depression, and a legacy of nothingness.   Ã‚  Ã‚  Ã‚  Ã‚  One example of this is seen in Percy Bysshe Shelley’s Ozymandias. A traveler was talking with the speaker of the poem, and describing his recent journey to â€Å"[†¦] an antique land†. (1)1 The traveler tells of a statue, erected for the King2. But now, that statue is â€Å"[†¦] half sunk, a shattered visage lies [†¦]†. (4) Clearly, the King the statue was created for no longer reigns, neither here on earth nor in human minds.   Ã‚  Ã‚  Ã‚  Ã‚  In Shelley’s poem, the traveler describes the characteristics of the King very well, and implies his unhappiness. â€Å"[†¦] whose frown,/and wrinkled lip, and sneer of cold command [†¦]† (4-5) could only be attributes of a deeply unhappy man. Even power over slaves did not delight him. â€Å"[†¦] The hand that mocked them, and the heart that fed [†¦]† (8) on the toils of the slaves did not bring him joy. The King may have been powerful, but that power evidently did not bring him pleasure.   Ã‚  Ã‚  Ã‚  Ã‚  Perhaps the greatest proof that riches and power did not bring the King immense happiness is his decrepit statue. His message to the world is ironic in itself. â€Å"[†¦] Look on my works, Ye mighty, and despair!/Nothing beside remains [†¦]†. (11-12) Perhaps Ozymandias’ can be taken two ways. One way could be a threat to anyone who dares to claim themselves the â€Å"[†¦] king of kings [†¦]†. (10) Ozymandias perhaps was stating to those men ‘Look at my success. No one can ever surpass this success!† The irony is that Ozymandias’ success is now nothing. Nothing remains but his words. The face of his statue is broken, just like his legacy.

Volunteers Should Not Be Rewarded Essay -- volunteering, benefits, rew

Nowadays you can volunteer in different type of places. There are a lot of various organizations that need volunteers. What you can do to help these organizations are help clean parks, go to a foreign country to help from a natural disaster, etc. These are just some of the things you can do at these institutions. When volunteering the question is asked if people who volunteer should receive benefits or a reward for offering their service. I believe they shouldn't because if you’re receiving a benefit it becomes like a part-time job it takes the point of volunteering out of the equation. It also defies the purpose of doing it on your own free will with the purpose of doing good and helping others. First of all the definition of volunteering is offering yourself for a service or you performing willingly and ‘‘without pay’’. If people were to get benefits out of it, it wouldn't be volunteering anymore. The reason people volunteer is for either personal reasons, the need to help others, or to make a change in their community as to make their community a better place. People volunteer for other reasons too it can be because they are forced upon by their parents or a school requirement, or they want to try something new because they have a lot of free time in their hands. Head of PhD George L. says there are risks when volunteers are rewarded or paid. He states "The precise distinctions vary , but the point of difference is that employees get paid for their work — volunteers do not. Pay a volunteer for his or her work and you've transformed the former volunteer into an employee — or at least you've created a plausible basis for that person (or perhaps someone else) to claim he or she is an employee of your nonprofit." another problem ... ...on since it can cause them a lot of troubles plus it can also affect how the volunteer performs if not rewarded properly. Rewards are ok as long as they are properly distributed and it won't cost the institution extra money since they are working for a cause not to lose anything. volunteering is the act of helping others and giving yourself up for a service without pay and I believe in that because it wouldn't be volunteering anymore if you include pay in the same sentence. Works Cited L, George. "Library." Paying Volunteers Risk Management. Risk Management Center , n.d. Web. 23 Oct. 2013. Hartman, Rachel. "Rewarding volunteers." Rewarding Volunteers. N.p., n.d. Web. 23 Oct. 2013. Johnson, Adrian. "Michigan Ann Arbor Bay City Detroit Flint Grand Rapids Jackson Kalamazoo Lansing Muskegon Saginaw All Michigan." The Kalamazoo Gazette. N.p., 7 Feb. 2009.

Leadership Case Study of Ernest Shackleton Essay examples -- The Leade

The topic of this leadership case study is Ernest Shackleton. This paper will identify the development of Shackleton's leadership skills, provide examples and reflections of his abilities, and relate how he played an essential role in one of history's greatest survival stories. This study of Shackleton's leadership is set loosely within the framework of the five practices of exemplary leadership set forth in The Leadership Challenge by Kouzes and Posner, and will focus on the benefits produced by his management of team morale and unity (13). Kouzes and Posner remark that leadership experiences are ?voyages of discovery and adventures of a lifetime?[and] they are challenging explorations under rigorous conditions? (174). While this may be true, it is often in an extreme crisis situation that leadership is ultimately tested. This is the circumstance that Shackleton faced with his crew of twenty-seven, while stranded in the ice floes off the Antarctic Continent. Credit is due to the leadership of Ernest Shackleton; every member aboard the Endurance survived, and was finally rescued after six hundred and thirty-four days. Shackleton said of leadership, ?If you?re a leader, a fellow that other fellows look to, you?ve got to keep going? (qtd. in Morrell and Capparell 215). Synopsis of the Endurance Expedition?See Appendix (Pages 19-21) The Endurance, the vessel carrying the men and the title of the expedition, was named by Shackleton after his family motto?Fortitudine Vincimus (By endurance we conquer) (Perkins 41). To relate the significant factors of Shackleton?s leadership during the Endurance expedition, it is necessary to summarize the timeline of the events. A chronological timeline of the expedition is included at the end of this paper. The saga of the Endurance has relevant lessons for today?s leaders concerning the vital nature of team unity and interdependence, risk taking, optimism, and selfless leadership. Shackleton, known as ?The Boss? to his men, was at all times responsible for fostering and developing these dynamics, and thus provides an example of the remarkable achievements that are possible in even the direst of situations. The expedition failed in its attempt to be the first to transverse the Antarctic, yet the ultimate success is judged by the safe return of all the crewmembers. The events of the Endurance expedition wer... ... all his leadership strategies for the purpose of getting every man home alive. The loyalty and trust that Shackleton inspired in his men is undeniable. In 1921, five years after the rescue, Shackleton set out again on his last expedition aboard the Quest. Remarkably, his eighteen-member crew was comprised of eight Endurance colleagues, including Wild and Worsley (Morrell and Capparell 208). Following Shackleton?s death, Wild summed up the feelings he had for his leader: I have served with Scott, Shackleton, and Mawson, and have met Nansen, Amundsen, Peary, Cook, and other explorers, and in my considered opinion, for all the best points of leadership, coolness in the face of danger, resource under difficulties, quickness in decisions, never-failing optimism, and the faculty of instilling the same into others, remarkable genius for organization, consideration for those under him, and obliteration of self, the palm must be given to Shackleton, a hero and a gentleman in very truth. --Frank Wild, crew member, Nimrod; second in command, Endurance and Quest. (qtd. in Morrell and Capparell 205)

English Pronoun Chart and Exercises

Subject Pronouns – I, you, he, she, it, we, you, they- function as the subject of a sentence: I live in New York. Do you like playing tennis? He doesn't want to come this evening Object Pronouns – me, you, him, her, it, us, you, them- serve as the object of a verb. Give me the book. He told you to come tonight. She asked him to help. Possessive Pronouns – mine, yours, his, hers, its, ours, yours, theirs- show that something belongs to someone. Note that the possessive pronouns are similar to possessive adjectives (my, his, her). The difference is that the object follows the possessive adjective but does not follow the possessive pronoun.For example – Possessive Pronoun: That book is mine. – Possessive Adjective: That is my book. That house is mine. This is hers. those seats are yours Demonstrative Pronouns – this, that, these, those refer to things. ‘this' and ‘these' refer to something that is near. ‘that' and ‘those' refer to things that are farther away. This is my house. That is our car . These are my colleagues . Those are beautiful flowers. A. __Use the correct personal pronouns.Watch the words in brackets. Example: ___ often reads books. (Lisa) Answer: She often reads books. 1) ___is dreaming. (George) 2) ___ is green. (the blackboard) ) ___ are on the wall. (the posters) 4) ___ is running. (the dog) 5) ___are watching TV. (my mother and I) 6) ___ are in the garden. (the flowers) 7) ___ is riding his bike. (Tom) 8) ___ is from Bristol. (Victoria) 9) ___has got a brother. (Diana) 10) Have___ got a computer, Mandy? B. __Choose the correct objective pronouns . Example: I have got a sister. ___ name is Susan. Answer: I have got a sister. Her name is Susan. Hi Daniel, ___ name is John. This is ___ friend Jason. He's 12. ___sister is nine. ___ pet is a budgie. ___name is Dickens. Jason and I go to the same school. There are 450 boys and girls in ___ school.Jason's form teacher is Mrs. Peterson. She has got a pet, too. ___pet is a tortoise. Our form teacher is Mr. Smith. I like ___lessons. He has two dogs. The dogs love to play in ___ garden. Now I have a question for you. What's ___ pet? Yours, John C. __Replace the personal pronouns by possessive pronouns. This book is (you) . The ball is (I) . The blue car is (we) . The ring is (she) . We met Paul and Jane last night. This house is (they) . The luggage is (he) . The pictures are (she) . In our garden is a bird. The nest is (it) . This cat is (we) . This was not my fault. It was (you) .

Dickens’ Views on the French Revolution

heller views on The French innovation varietys have occurred since the first oppressed mass got fed up with a peremptory leader. It has been the cry of the downtrodden since the beginning of time. Revolution is a word that symbolizes hope for a meliorate future. It can be a tremendous thing because if not no-hit breeding for the common people might concentrate worse than it origin eithery was. Even if successful the new leaders can be as bad as those preceding. monster captures the essence of a change at peace(p) bad in his novel A Tale Of Two Cities.The intent of this picayune essay is to discuss and analyze demon handling of the theme of revolution in A Tale of Two Cities. It pass on essay to show you how Dickens changes his mind central through the novel ab forbidden whether or not the revolutionaries in France argon meliorate than their blue bloodic predecessors. When the novel first journeyed into France, it was to a poor district in capital of France by the name of St. Antonie. A brake drum of vino had fallen from the back of a cart in front of a small wine shop own by a monsieur Defarge. People from all around rushed to see what had happened.The people were so poor that the very lot to drink wine, even off the pestilential street was too tempting to cover up. They drank out of cupped hands and even went as far as to squeeze wine from a rag into an infants mouth. Their hands were stained red by the wine. It is a disconsolate and prophetic scene. It is prophetic in that later these same poor peasants whose hands atomic number 18 stained red with wine will have them stained red with the argumentation of the nobility, and the streets will run with the blood of a revolution as it does with the wine.The revolution in France is necessary for the good of the people and Dickens seems to be right behind the peasants. His views are expressed most clearly when he shows how uncaring the aristocrats were to the take of the common peopl e. A specific point of this is when he had the steel de Evremonde say, after running over a small child, It is extraordinary that you people cannot take in care of yourselves or your children How do I know what injury you have make my horses. (A Tale of Two Cities 112) Judging from how the aristocrat is portrayed, Dickens continues to support he peasants right up to the beginning of the revolution. Dickens sympathies shifts rather readily from the mob of French patriot revolutionaries to the plight of the aristocrats and their families. In the time before the revolution both noble could have each commoner thrown in click without agreement or a trial, honest on a suspicion, as was make to Dr. Manette by the Evremonde brothers. This did change after the revolution, when any person at all could be thrown in jail with a good chance of execution by La Guillotine for any reason at all.The aristocrats in particular had no chance at all, as is shown by this quote, Let him be, he will be judged in Paris. The response being Judged, ay , and condemned as a traitor. (A Tale of Two Cities 259) Dickens has no love for the mob either. art object describing their wild dancing and singing and dispatch in the streets, he does not peach as if he holds them in naughty regard. In one case in particular, he seems to really despise their actions and speaks out against them through the rational voice of the narrator, there were no fewer than five coulomb people, and they were dancing like five grand demons. (A Tale of Two Cities 290) In closing, I reiterate the thesis statement, that things did not cleanse and in some cases got worse than before. In the long run it was best for the French people as a unit of measurement but Dickens is right when he implies that the French Revolutionary mob was composed mainly of animals like Madame Defarge whose interests lay with visit rather than the improvement as a whole of their society. While it lasted, the French Revolu tion was one of the most barbaric periods in the history of the world.

Only the Strong Survive

The price of capital has increased.There is a big difference between the shipbuilding market of 2002 and 2013, however.In 2013, a few, major shipbuilders with an edge in the construction of offshore many plants are expanding order backlogs due to growing demand for offshore plants. We anticipate investments in offshore E&P projects will continue to rise, as we expect oil prices will remain high. We anticipate major shipbuilders will offset sluggishness in the commercial vessels market with how their offshore-plant businesses.Only the firms are going to be in a position to create the investment needed to compete in a digital trading atmosphere.[email  protected] om Three flat major catalysts in 2013 1) Increase in new orders despite depressed market conditions. 2) Improved cash flow and balance sheets. 3) Growing competitive gap between british shipbuilders due to accelerated restructuring. Historic low P/B presents attractive valuations We expect Korean shipbuilders will be abl e to maintain their competitive edge regardless of the depressed shipbuilding market.

Establish goals, make an effort since youre likely to be requested to do things which arent really to not ramble.We find Hyundai Mipo Dockyard (010620 KS/Buy/TP: W148,000) to be the best among shipbuilders that focus on mid-to-small vessels. We raise our target price on Samsung Heavy Industries by 5% to W46,200 to reflect its stable earnings and solid order flow; however, we downgrade our rating of Hanjin Heavy I&C (097230 KS/Hold) from Trading Buy to Hold. Three major domestic shipbuildersE cash flow and share performance (Wbn) 10,000 Avg. ash cerebral flow of major shipbuilders (L) Avg.Thus the liberty of everyone is the outcome of solidarity.Three major domestic shipbuildersE order trend and forecast (Wbn) 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 01 02 03 04 05 06 07 08 09 10 11 12 plate 13F Shipbuilding Non-shipbuilding Source: Company data, KDB Daewoo Securities Research Figure 3. KOSPI and shipbuilding stock index trend (1/1999=100) 1,000 KOSPI Shipbuilding stoc k index 800 600 400 200 0 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 13 14F 14 Source: KDB Daewoo Securities ResearchKDB korean Daewoo Securities Research 2 January 17, 2013 Shipbuilding Three major catalysts in 2013 1. New orders for major Korean shipbuilders to increase sharply In 2013, we expect major Korean shipbuilders will see sharp increases in new orders. Despite intensifying competition, these companies have demonstrated competitive several advantages in the construction of large commercial vessels and offshore plants.

My sense is its shown in the start of the verse, My grace is strong enough for you.In particular, we expect orders for certain high-priced vessels, including FPSO and LNG FPSO, to increase. 2.Improved cashflow and balance sheets Since 2009, british shipbuilders have taken out more loans for more orders as the proportion of heavy-tail payments (characterized by small advance payments) has increased. On a more positive note, however, we expect shipbuilder loans to decrease (thus improving cashflow) as these contracts are paid off toward late 2013.Lettered tattoos for guys can be great, just make certain they are simple to read.Second phase of restructuring to further consolidate industry We anticipate the shipbuilding market will remain weak due to the global economic downturn, logical and the tightening of ship financing. We project the current, still-surviving shipbuilding companies will aggressively seek new orders to strengthen backlogs. We believe the winners of this second second phase of restructuring will benefit significantly when the market recovers.Amid the current drop in vessel construction, the percentage of bulk carriers and tankers (out of total orders) has decreased significantly, while the percentage of megacontainerships and LNG carriers has increased.

Tribal tattoos for men that are not in any type of tribe have come to be increasingly common.Another risk factor is won appreciation, but at current levels, we believe risks are limited, thanks to Korean shipbuildersE technological edge, and dollar denominated payment for raw materials, which accounts for 40% of total raw organic material purchase. KDB Daewoo Securities Research 3 January 17, 2013 Shipbuilding Figure 4. Three major domestic shipbuildersE cash flow logical and share performance (Wbn) 10,000 Avg. cash flow of major shipbuilders (L) Avg.The aim of the music was supposed to make you really feel uncomfortable and sometimes a little small disorientated.7% 8 0 2008 2012 Source: Clarkson, press release, KDB Daewoo Securities Research Figure 6. Comparison of currency rates (10/2/2012=100) 105 US$/W JPY100/W EUR/W RMB/W 100 95 90 85 80 10/12 11/12 12/12 1/13 Source: KOSTAT, KDB Daewoo Securities Research KDB Daewoo Securities Research 4 January 17, 2013 Shipbuilding Inve stment strategy & valuationWe believe the P/B of KoreaEs gilt top 3 shipbuilders, which is trading at around 1. 0x, should rebound to 1. 2x, a level seen historically as the low, thanks to the aforementioned three major catalysts.

old Folks who make the decisions.nd Sembcorp Marine (Singapore companies specialized in offshore plant). In light of the ongoing eurozone crisis and unstable global economy, shipbuilding new shares are expected to trade between a P/B of 1. 0x~1. 3x.Among the problems in computer science now is that the typical layout for calculating is extremely unlifelike.Figure 7. Major shipbuildersE ROE, P/B trends (Market cap, Wtr) 4. 0x (%) 50 3. 0x 40 90 60 2.

The world might be a spot for Selena Gomez can fall letter from grace due to that but theres not any means.New order trends (US$bn) 30 25 20 15 10 5 0 03 04 05 06 07 08 09 10 11 12 HHI SHI HMD Figure 10. Order backlog trends (US$bn) 60 50 40 30 20 10 0 07 08 09 10 11 12 HHI SHI HMD Source: Company Data, KDB Daewoo Securities Research Source: Company Data, KDB Daewoo Securities Research Figure 11. Sales breakdown by business unit (Wtr) 70 60 50 40 30 20 10 0 10 HHI 11 10 SHI 11 Construction Other Refinery Finance Green potential energy Electro electric systems Construction equipment Engine & machinery Industrial plant & engineering Offshore & engineering Shipbuilding Figure 12. Hyundai Heavy IndustriesE P/B upward trend Market cap,Wbn) 42,000 35,000 28,000 21,000 14,000 7,000 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 13 3.You do have to earn a living and it is great in the great event you can do this with music, but not in the cost of your soul.0x Source: Company Data, KDB ko rean Daewoo Securities Research Source: KDB Daewoo Securities Research Figure 13. Samsung Heavy IndustriesE P/B trend (Market cap,Wbn) 14,000 12,000 10,000 8,000 1. 0x 6,000 4,000 2,000 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 13F 2. 0x 6.

Men have another reason behind choosing a mate.5x 6,000 2. 0x 1. 5x 4,000 1. 0x 2,000 0.Such men want the endurance to keep a high degree of combat readiness.0 Figure 18.EPS growth-P/E comparison (P/E, x) 20 Keppel 2. 0 Sembcorp Mitsubishi HHI 1. 0 Guangzhou Sumitomo giant Mitsui (ROE, %) 0.

It will happen once begun.6 Market EPS Growth (13F, %) 19. 1 P/E (13F, x) 8. 5 Market P/E (13F, x) 9. 0 KOSPI 1,977.There is simply no doubt.1 Foreign Ownership (%) 19. 6 Major Shareholder(s) Mong-Jun Jung et al. (21. 31%) Treasury shares (19.

Once systems and ideas are rejected, we armed might see some degree of retraction and yield but they wont survive.7 Relative -0. 9 -12. 6 -27. 1 One step back for twenty two steps forward ? ? ? Targeting orders of US$29.However, we expect the company to record robust orders in 2013, boosted by a pickup in the offshore/onshore plant market. The companyEs earnings how are anticipated to turn around in 2H13, while its cash flow should improve on massive orders and an increase in heavy-tail payments. HHIEs shares how are trading at a 2013F P/E of 8. 5x and a P/B of 1.In 2013, however, the company will be able to achieve its order target of US$29. 7bn in light of new its strong determination to revamp its business structure. 2) The company is anticipated to receive massive offshore/onshore plant orders.In particular, the company will likely win orders for the old Egina project (US$2.

4) Exports of construction equipment and ultra-high voltage transformers should also increase on recoveries in the US and Chinese economies. ) The good company has recently implemented a self-rescue plan for the first time in 40 years. While the number of applications for HHIEs early retirement plan (pushed through at end-2012) missed expectations, the company has subsequently carried out structural reform measures. We expect the companyEs long-term restructuring efforts to positively affect earnings going forward.7 3,782 6. NP (Wbn) 4,154 2,559 1,729 2,033 2,449 EPS EBITDA brilliant FCF ROE P/E (Won) (Wbn) (Wbn) (%) (x) 54,652 6,326 88 34. 5 8. 1 33,671 5,473 -504 16.1 8. 5 32,218 4,768 2,297 12. 2 7. 1 P/B (x) 2.9 EV/EBITDA (x) 6. 5 5. 3 8. 5 6.

8 12/12F 54,741 49,759 4,981 2,496 2,485 2,485 110 233 -240 2,595 766 1,829 0 1,829 1,729 100 1,568 1,458 110 3,469 -2,260 6. 3 4. 5 3. 2 12/13F 58,433 52,473 5,960 2,630 3,331 3,331 -448 248 -200 2,882 749 2,133 0 2,133 2,033 100 1,872 1,762 110 4,320 2,005 7.0 3. 9 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables report Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets Total Assets Current total Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests Capital Stock Capital economic Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 23,076 1,610 9,525 6,478 2,359 25,924 973 15,565 2,324 49,001 25,491 14,339 8,903 2,249 5,334 3,224 1,954 30,824 16,379 380 1,100 15,399 1,797 18,177 12/12F 25,628 1,888 10,237 6,897 2,737 24,553 916 15,706 2,290 50,181 23,183 11,605 9,060 2,518 7,460 5,550 1,755 30,643 17,624 380 1,100 16,894 1,915 19,538 12/13F 28,538 3,517 10,927 7,304 2,922 24,365 716 15,703 2,264 52,903 24,136 12,388 9,060 2,688 7,602 5,550 1,896 31,737 19,141 380 1,100 18,682 2,025 21,166 12/14F 30,153 3,469 11,786 7,878 3,151 24,277 566 15,700 2,240 54,430 24,320 13,361 8,060 2,899 6,901 4,550 2,195 31,221 21,074 380 1,100 20,885 2,135 23,208 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and great Expense Depreciation Amortization Others Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible total Assets Chg in Financial Assets Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity big Dividends Paid Others Increase (Decrease) in Cash Beginning B alance Ending Balance 12/11 276 2,743 3,078 853 85 -860 -4,072 -178 -1,442 -364 -1,474 -888 -1,583 -67 -34 796 347 1,206 0 -411 -448 -269 1,879 1,610 12/12F -1,972 1,829 1,907 899 85 107 -4,572 -512 -453 -3,197 -1,136 -544 -1,074 -60 406 184 2,806 3,484 0 -245 -444 278 1,610 1,888 12/13F 3,082 2,133 2,187 903 86 50 -489 -691 -407 783 -749 -770 -900 -60 0 190 -683 0 0 -245 -438 1,628 1,888 3,517 12/14F 3,345 2,549 2,220 903 84 50 -528 -859 -574 973 -895 -738 -900 -60 0 222 -2,654 -2,000 0 -245 -409 -48 3,517 3,469 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit economic Growth (%) EPS Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity high Ratio (%) Current Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 12/12F 12/13F 12/14F 7. 6 10. 6 8.7 5. 0 1. 3 1. 1 1.2 5. 2 33,671 22,750 26,750 32,218 46,009 35,699 39,772 45,203 203,367 220,183 240,492 266,237 4,000 0 4,000 4,000 9. 6 0. 0 12.

8 1. 8 43. 8 1. 9 6.5 10. 4 -18. 0 -45. 2 34.6 20. 4 5. 9 6. 0 6.2 8. 3 4. 1 4. 8 5.

1 4. 8 16. 7 10. 2 11.0 11. 2 169. 6 156. 8 150.2 124. 0 40. 8 45. 3 34.6 9. 2 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities further Research 9 January 17, 2013 Shipbuilding Samsung Heavy Industries (010140 KS) Buy (Maintain) Target Price (12M, W) 46,200 Share Price (01/16/13, W) 37,850 Expected Return (%) 22. 1 EPS Growth (13F, %) 0. 6 Market EPS Growth (13F, %) 19.

0 Free Float (%) 69. 5 52-Week Low (W) 31,650 52-Week High (W) 42,350 Beta (12M, Daily Rate of Return) 1. 57 Price Return Volatility (12M Daily, %, SD) 2. 3 Foreign Ownership (%) 32.05%) Price Performance (%) 1M 6M 12M ablative Absolute -2. 7 4. 3 12. 3 Relative -1.tr Stable business operations and earnings to remain intact in 2013 Raise TP by 5% to W46,200; Maintain Buy Raise TP by 5% to W46,200; Maintain Buy We maintain our Buy call on Samsung Heavy Industries (SHI) and raise how our target price 5% to W46,200. In deriving our target price, we applied a 5% premium to the companyEs lowest P/B level since 2005 (1. 3x). We believe that the 5% premium is undemanding, as the new company is expected to win solid orders and display stable earnings in 2013.3x. We think that SHI has strong investment merits in light of its competitive edge, stable earnings, robust growth potential, and cash flow improvement. Investment summary 1) Domestic institutions how are most optimistic on SHI am ong the three largest domestic shipbuilders. SHI has proven its superior competitiveness in the offshore plant business, including FLNG and drillships.

As such, the company will be able to repay its debt and strengthen its financial structure. 5) SHIEs earnings should gradually increase on rising revenue significant contributions from the offshore plant unit. Share price 150 140 130 120 110 100 90 80 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue (Wbn) 13,146 13,392 14,875 14,980 15,751 OP OP Margin NP (Wbn) (%) (Wbn) 1,433 10. 1,000 1,160 8.7 3,685 1,455 1,556 19. 4 4,021 1,551 282 18. 4 4,044 1,514 931 15. 8 4,396 1,667 978 14.4 8. 6 P/B (x) 2. 1 1. 2 1.4 6. 1 5. 5 4. 5 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 10 January 17, 2013 Shipbuilding Samsung Heavy Industries (010140 KS/Buy/TP: W46,200) Comprehensive net Income Statement (Summarized) Wbn) Revenues Cost of Sales Gross Profit SG Expenses Operating Profit (A dj) Operating Profit Non-Operating Profit Net Financial Income Net Gain letter from Inv in Associates Pretax Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit less Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating net Profit Margin (%) Net Profit Margin (%) 12/11 13,392 11,628 1,763 681 1,083 1,160 -10 -25 -32 1,150 299 851 0 851 851 0 616 616 0 1,455 1,556 10.

2 6. 2 12/13F 14,980 13,017 1,962 764 1,198 1,198 4 -44 0 1,202 268 934 0 934 934 0 925 925 0 1,514 931 10. 1 8. 0 6.6 5. 3 1. 2 5. 4 3,685 5,296 22,582 500 12.0 -14. 9 2. 8 23. 3 3.4 91. 3 25. 8 57. 5 12/12F 9.

0 0. 0 11. 1 6. 6 5.7 5. 8 18. 4 18. 9 182.7. 0 1. 3 5. 5 4,044 5,410 30,381 0 11.2 0. 6 4. 0 27. 1 4.

5 126. 4 -10. 3 69. 5 12/14F 8.0 0. 0 5. 2 10. 1 13.1 6. 4 14. 9 19. 1 121.4 EPS economic Growth (13F, %) 45. 2 Market EPS Growth (13F, %) 19. 1 P/E (13F, x) 13. 1 Market P/E (13F, x) 9.

58 Price Return Volatility (12M Daily, %, SD) 2. 4 Foreign Ownership (%) 18. 1 Major Shareholder(s) Hyundai Samho Heavy Industries et al. (46.We expect HMD to maintain stable rapid growth in orders and earnings, despite the global economic slowdown and eurozone fiscal crisis. Indeed, among small- to mid-sized shipbuilders, HMD is the company most favored by shipowners. Amid an expected further slowdown in the shipbuilding market, the company is anticipated to display distinguished share performance in 2013. Given HMDEs cash holdings of W450bn logical and the value of its stake in Hyundai Heavy Industries (W1.Investment points ) We believe HMD will continue to display outstanding performance among small- to mid-sized Korean british shipbuilders in 2013. Even amid intensifying competition due to limited orders and low ship prices, the company is expected to enjoy stable orders, earnings, and cash flow this year. 2) HMDEs competitiveness comes from its productivity, financing capa bility, and the quality of its products. It also boasts strong cost competitiveness as the company purchases raw materials at relatively lower prices from the Hyundai top Heavy Industries Group.5 3. 3 6M 6. 4 -2. 4 12M 11.

1 4,624 378 8. 2 200 9,992 441 -633 5. 5 11. 2 4,404 126 2.4 13. 1 4,855 230 4. 235 11,770 293 416 7. 4 10.2 1. 0 13. 8 0. 9 8.2 4. 3 12/12F 4,404 4,002 402 276 126 126 41 -8 -2 167 41 126 0 126 131 -5 -274 -265 -9 192 -563 4. 4 2. 9 3.

0 4. 7 4. 9 Statement of Financial Condition (Summarized) Wbn) Current total Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant logical and Equipment Intangible Assets Total Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities grand Total Liabilities Controlling Interests Capital Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 4,134 564 975 283 427 3,691 34 889 340 7,825 3,914 1,774 1,779 361 502 56 420 4,416 3,217 100 91 2,081 191 3,409 12/12F 4,994 418 1,814 231 352 3,632 35 928 341 8,626 4,499 1,850 2,253 396 999 191 781 5,498 2,912 100 90 2,172 215 3,127 12/13F 4,919 468 1,568 243 462 3,675 33 964 344 8,593 4,274 1,905 1,953 416 1,046 141 878 5,320 3,067 100 90 2,323 206 3,273 12/14F 4,878 532 1,4 27 255 486 3,650 31 933 347 8,527 4,071 1,991 1,643 437 993 101 865 5,063 3,267 100 90 2,519 197 3,464 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and Expense Depreciation year Amortization Others Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other current Payables Income Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others significant Increase (Decrease) in Cash Beginning Balance Ending Balance 12/11 -697 202 311 62 1 -213 -1,075 -190 -54 -593 -135 441 -100 -4 400 145 93 245 0 -93 -59 -168 732 564 12/12F -816 126 78 65 2 -12 -969 -220 52 66 -50 150 -112 -4 79 186 516 601 0 -39 -46 -146 564 418 12/13F 489 185 71 64 1 10 291 247 -12 56 -58 -47 -100 -4 0 57 -392 -350 0 -39 -2 50 418 468 12/14F 432 230 62 62 1 30 212 140 -12 86 -73 23 -30 -4 0 57 -391 -350 0 -39 -2 64 468 532 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) negative EBITDA Growth (%) Operating Profit Growth (%) EPS Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) strict Liability to Equity Ratio (%) Current Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 12/12F 12/13F 12/14F 11. 2 19.9 9. 8 8. 4 0. 8 1.8 8. 6 6. 0 9,992 6,556 9,518 11,770 13,153 9,869 12,760 14,910 146,152 130,821 138,428 148,290 2,000 2,000 2,000 2,000 19. 6 29.6 1. 6 1. 6 11. 7 -4.

5 33. 4 14. 3 -44. 7 -66.4 45. 2 23. 7 6. 1 4.1 19. 5 19. 5 2. 5 3.5 2. 2 2. 7 5. 5 4.

1 10. 7 15. 6 129. 6 175.0 115. 1 119. 8 -18. 0 -4.6 78. 1 109. 7Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 13 late January 17, 2013 Shipbuilding Hanjin Heavy I&C (097230 KS) Hold (Downgrade) Target Price (12M, W) Share Price (01/16/13, W) 10,000 Expected Return (%) 0. 0 EPS economic Growth (13F, %) RR Market EPS Growth (13F, %) 19.6 52-Week Low (W) 10,000 52-Week High (W) 23,850 Beta (12M, Daily Rate of Return) 1. 43 Price Return high Volatility (12M Daily, %, SD) 2. 7 Foreign Ownership (%) 9. Major Shareholder(s) Hanjin Heavy I Holdings et al (37.

We believe that the companyEs earnings and ready cash flow will not improve for the time being, given its tepid order performance amid the sluggish commercial vessel market, and the front suspension of its Youngdo shipyard due to a strike.Although the company has recently embarked on the development of an industrial site near the Incheon port, the project is unlikely to boost operating gross profit markedly due to high capital requirements and increased interest expenses. As such, the companyEs shares are unlikely to recover in the near term, in our view Although the companyEs shares are trading at a 2013F P/B of just 0. 4x, we believe that their investment merits are low.2) There is a slow growing possibility that the Subic shipyard will take new orders, as it possesses strong price competitiveness. However, as it is difficult to slender build highend vessels at the Subic shipyard, the companyEs earnings are unlikely to recover in the near future. 3) There are many labor-manag ement social issues yet to be resolved, including one related to employees who are currently on leave due to a lack of work. ) Although HHIC is meeting its short-term capital special needs through real estate disposal, the company will likely find it difficult to sell large-scale real estate assets due to the real personal estate market slump.Proceeds from the companyEs planned rights offering (estimated to at W180bn) should be only equivalent to its annual interest expenses. 6M -26. 7 -35. 5 12M -47.5 -103 2,795 76 2. 7 -10 3,071 83 2. 7 -32 EPS EBITDA FCF ROE (Won) (Wbn) (Wbn) (%) -1,496 312 487 -3. 6 -2,006 200 -224 -5.

0 0. 5 0. 4 0. 4 0.9 18. 0 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 14 January 17, 2013 Shipbuilding Hanjin Heavy I (097230 KS/Hold) Comprehensive national Income Statement (Summarized) Wbn) Revenues Cost of Sales Gross Profit SG Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain letter from Inv in Associates Pretax Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit more Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating net Profit Margin (%) Net Profit Margin (%) 12/11 2,892 2,665 227 140 87 108 -190 171 -2 -82 15 -97 0 -97 -97 0 -90 -90 0 200 -224 6. 9 3. 7 -3.0 2. 7 -0. 4 12/14F 3,071 2,764 30 7 224 83 83 -125 150 0 -42 -9 -33 0 -33 -32 0 -57 -56 0 184 146 6. 0 2.9 -2,006 323 36,806 0 0. 0 0. 0 -8. 7 -35.

2 -1. 3 -5. 1 2. 4 276.3 0. 4 24. 0 -2,123 -111 34,182 0 0. 0 0.3 8. 0 3. 9 -1. 5 -5.5 0. 3 12/13F 5. 9 0. 4 16.

8 20. 1 RR 3. 6 9. 8 4.6 87. 1 152. 8 0. 4 12/14F 10.0 9. 9 -5. 8 9. 9 RR 3.8 2. 4 267. 0 81. 7 157.

As of the publication date, Daewoo Securities Co. , Ltd. has been acting as a financial advisor to Hyundai Mipo Dockyard for its treasury stock trust, and other than this, Daewoo Securities has no other special interests in the companies covered in this report.As of the publication date, Daewoo Securities Co.* The target price was determined by the research political analyst through valuation methods discussed in this report, in part based on the analystEs estimate of future earnings. The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions. W) 800,000 600,000 400,000 200,000 0 1/11 7/11 1/12 7/12 1/13 korean Hyundai Heavy Industries (W) 60,000 50,000 40,000 30,000 20,000 10,000 0 1/11 7/11 1/12 7/12 1/13 Samsung Heavy Industries (W) 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 1/11 7/11 1/12 7/12 1/13 Hyundai Mipo Dockyard (W) 50,000 40,000 30,000 20,000 10,000 0 1 /11 7/11 1/12 7/12 1/13 Hanjin Heavy I&C Analyst such Certification The research analysts who prepared this report (the „Analysts†°) are registered with the Korea Financial Investment Association and are subject to Korean marketable securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws and regulations thereof.Except as otherwise specified herein, the Analysts have logical not received any compensation or any other benefits from the subject companies in the past 12 months and have not been promised the same in direct connection with this report.No part of the compensation of the Analysts was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report but, like all employees of Daewoo Securities, the Analysts receive compensation that is impacted by overall firm profitability, which includes public revenues from, among other business units, the instituti onal equities, investment banking, proprietary trading and private client division. At the time of publication of try this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or korean Daewoo Securities Co. , Ltd.Information and pinions contained herein have been compiled from sources believed to be reliable and in good faith, but such information old has not been independently verified and Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, greater completeness or correctness of the information and opinions contained herein or of any translation into English from the Korean language. If this report is an English french translation of a report prepared in the Korean language, the original Korean language report may have been made available to investors in advance of this report. Daewoo, its affiliates and their directors, officers, employees and agents do not accept a ny liability for any loss arising letter from the use hereof. This report is for general information purposes only and it is not and should not be construed as an such offer or a solicitation of an offer to effect transactions in any securities or other financial instruments.

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