Oedipus Rex Essay

I believe the main point Sophocles was trying to convey in the story â€Å"Oedipus Rex† was that you have to be accountable for your actions. He shows this by the use of dramatic, situational, and many more different kinds of irony. Sophocles also uses foreshadowing to show how Oedipus needs to be accountable for his actions. Sophocles is teaching his audience an important life lesson. Sophocles shows his audience that you have to be accountable for your own actions. He does this by showing the audience that no one could have stopped Oedipus from fulfilling his life’s prophecy. In the play â€Å"Oedipus Rex† Sophocles tells the story of a man, who is now king of Thebes. He was born in a different land and was told a prophecy that he would kill his own father and wed his mother. When he heard this he fled from the land and came to Thebes where he claimed the throne and became their king. Oedipus is a head strong person. Who often doesn’t think before he speaks, such as when he says, â€Å"And for myself I pray that if he should, with my knowledge, become a resident of my house, I may suffer the same things which I have just called down on others. Oedipus says this not knowing that he himself is the murderer and that he will punish himself. Oedipus also makes judgments and decisions before he knows all the facts. One example of this is when Creon says, â€Å"Kinswoman, Oedipus, your husband, wants to do one of two terrible things to me, either thrust me from the land of my fathers or to arrest and slay me. † Oedipus is so angry with Creon that he does not think before accusing him even though Creon is trying to protect Oedipus. Since Oedipus’ character is flawed it helps support Sophocles’ point of saying that you are accountable for your own actions. This is shown the best when Oedipus tells his wife, Jocasta, that while he was traveling to Thebes he ran into a man on the road who tried to push Oedipus from the path. Oedipus, having a short temper, struck out and slayed all the men in and leading the carriage. This was not a good thing to do in the first place, but what Oedipus did not realize was that the man in the carriage was Laius. Laius was the former king of Thebes and was Oedipus’ biological father. When he killed Laius he fulfilled half of his prophecy. This fulfillment is also an example of situational irony. It is situational irony because Oedipus believed he would be the hero and banish the murderer of Laius from the land. He believed he would end all the suffering, but in fact he was the murderer. Another example of irony that supports Sophocles’ idea that you are accountable for your actions is when Oedipus says, â€Å"†¦ who declared that I was doomed to slay my father? But he is dead, and lies beneath the earth, and here I am, not having put my hand to any spear†¦Ã¢â‚¬  This is dramatic irony. Dramatic irony occurs when the audience knows more than the characters in the story. In which case things said and events in the story take on different meanings to the characters and to the audience. In this case Oedipus thinks he has overcome his life’s prophecy because he did not kill the man he believed to be his father. But the audience knows that Oedipus’ real father is Laius. The audience also knows that Laius was the man on the road that Oedipus murdered. So to the audience this just ads to the suspense of Oedipus finding out that he is the murderer. Foreshadowing also plays a huge role in showing Sophocles’ point that you are accountable for your own actions. In the play, Oedipus Rex, foreshadowing is used in the lines said by Jocasta, â€Å"No. Soon after he returned and found you ruling in Laius’ stead, he pled with me, with hand laid on mine, to send him to the fields, to the pastures of the flocks, that he might be far from the sight of this town. † This is foreshadowing because the audience knows that the man fled because he saw Oedipus, the same man who had murdered his king, ruling the city. Oedipus though only now is starting to question the event in which he killed men on the same road that the Laius was killed on. This is a foreshadowing of Oedipus finding out that he is Laius’ son and that he fulfilled the prophecy by killing his father and marrying his mother. Sophocles was trying to convey the message that you are responsible for your actions because you never know what might happen because of your mistakes. He shows this message in â€Å"Oedipus Rex†. He uses irony, foreshadowing and the flaws in Oedipus’ character to relay his message.

Management of Financial Resources and Performance Essay

This assessment accounts for 100% of your overall module grade. It is an individually written assignment of about 3000-3500 words (10% -/+) excluding appendices, to be submitted to LSS Business School on the deadline shown in the student portal with the appropriate cover note according to the guidelines given in the student handbook. Your work is expected to be analytical and evaluative, consolidate on relevant theory and indicate a good level of application abilities. In order to complete this assignment you are required to select a company of your choice and identify the various stakeholders and their Interests on the company. You need to briefly explain how they can be managed effectively in the organisation using about 1000 words. Then select another company that is listed in FTSE (or equivalent in your own country), and conduct an audit of the businesses current position, you are required to identify the business planning and current strategy used in the organisation with specific reference to performance analysis and utilisation of resources (Including International considerations) for competitive advantage and assess the financial position using a series of management accounting techniques for decision making. Use about 1500 words in order to complete this. Using about 500-1000 words briefly explain the investment appraisal techniques that could be used by an organisation, and apply the techniques to conduct a investment appraisal for the following scenario 123 LTD is a clothing manufacturer operating in UK for more than 10 yrs, As a strategic decision to expand it’s operations, the company plans to set up a manufacturing unit in another country and produce designer clothing to sell in that country. Current interest rate is 10%, The options available are: USA Running expenses is estimated to be  £210K per annum and expected revenue is USD 700K per Annum An additional approval fee of  £22K needs to be paid in advance to trade in the country annually. France Running expenses is estimated to be  £190K per annum and expected revenue is EURO 450K per Annum. An additional approval fee of  £25K needs to be paid in advance to operate in the every yr. In addition a one off Royalty Fee of  £25K needs to be paid despite of the operational years. Switzerland Running expenses is estimated to be  £200K per annum and expected revenue is Swiss Francs 3800K per Annum, An additional License fee of  £30K needs to be paid in advance to operate in the route for a yr. Given the controls in this country, any factory of this nature will need an inspection by the authorities every 3 yrs amounting to  £70K per inspection. Cost of New machinery for this purpose in any country is  £450K, Life time of the Machinery is 10 yrs and at the end of 5 yrs the machinery will attract, a residual value of  £150K. Any material that you will decide to use as a result of your research would need to be submitted at the back of your assignment in the form of an appendix to ensure that the tutor is also briefed to the same level as you, when assessing your work. Take great care and follow the wording below carefully, to ensure that you have covered all the requirements sufficiently, according to the given tasks below.

Answer All Questions Essay Example | Topics and Well Written Essays - 1750 words

Answer All Questions - Essay Example 150). In a scatter plot diagram, the more two variables are highly correlated; the data points would cluster closer around an imaginary line. For perfect correlation, the data points fall on the straight line. b. A very strong correlation: The degree of relationship between two variables is measured by the correlation coefficient. The stronger the relationship between the variables, the closer the coefficient would move to either +1.00 or -1.00. When the measure of correlation moves closer to either of these two values, it is said that a very strong correlation exists between the two variables. c. Null correlation: Two variables are aid to have null correlation is there is no correlation between them. This happens in case of comparing two variables that are not at all related to one another. The correlation coefficient is 0.90 approximately. The variables under consideration are sales and advertisement. The value of correlation is 0.90 which implies that there exists a strong positive correlation between the variables. The result shows that the advertising made by the company has a positive effect on its sales. The sales are boosted owing to the advertisement. iii) a. The regression model is a multiple regression model and has four independent variables. The dependent variable is the number of copies sold. The only significant value obtained is between the number of pages and the number of copies sold, which is 0.13

Stakeholders For Barwa and Emaar Essay Example | Topics and Well Written Essays - 750 words

Stakeholders For Barwa and Emaar - Essay Example Based on this diverse industry portfolio, it can be deduced that Barwa has wide range of clients and they have all individual and distinct impact on Barwa. For example, shareholders, who are the real owners of the company, expect that the company should improve its financial figures by reporting higher net profit margin, earnings per share and so on. On the other hand, Emaar has more diverse business portfolio than the one reflected by Barwa. For example, Emaar operates in real estate, financial institutions, development industries, tourism industry, technologies and community management (hotel and resorts), shopping malls, strategic investment and industries as well (Group Structure, n.d.). Based on this analysis, it can be reflected that the Emaar shareholders expect more from the company management as the company has rich and diverse experience in the field of construction and real estate as well. Each stakeholder has own interests and concerns in both companies. For example, clients expect that both Barwa and Emaar provide quality construction and real estate services including timely completion of agreed construction and real estate projects and providing quality material, labor, cost estimations and so on. At the same time, the financial institutions, including investment and commercial banks and other loan providing agencies, are also concerned that both Emaar and Barwa should remain financially healthy and sound as their financial health enables them to maintain commercial relations with them; similarly, they are also concerned that both Emaar and Barwa must maintain their financial integrity and transparency as well. By having stable financial integrity and transparency, many financial institutions will be willing to extend loan or credit facility to both companies. Furthermore, the current and potential investors are highly interested and concerned to observe financial stability and financial

Cash Flow Statement Coursework Example | Topics and Well Written Essays - 750 words

Cash Flow Statement - Coursework Example On the other hand, UKFI has adopted debtors’ management approach by adopting a credit policy that is attractive to its customers. In the year 2011, UKFI registered an increase in its trade receivables of 193,000 pounds and in 2012 a decrease of 66,000 pounds indicating that it was able to receive more funds from its debtors. On the trade payables, there was an increase of 175,000 pounds indicated that it paid less of its debts. RBS has registered a steady increase in its receivables over the two years implying that its debtors have been prompt in paying their debts. However it has registered a decrease in its payables meaning that it has increased that amount owed to its creditors. This is considered to be more risky to the firm due to its inability to maintain a low creditor’s ratio. Both firms have also adopted short term financing methods such as factoring in addition to the already existing methods to ensure that the firm does not fail to meet its short term financial obligations by relying solely on the internally generated funds. The short term financing methods allows the firms to minimize debts by transferring the risk to other firms (Plewa, 1995, 011). Both firms have been able to meet their loan payments with UKFI being the leading in the amount that it pays each year and this indicates a more prudent approach on their part. RBS has relied heavily on issue of its ordinary shares to finance its projects for the years. However in 2012, it mainly raised funds from the issue of its subordinated liabilities as well as proceeds from non-controlling interests issued. Non-controlling interest refers to that portion of a subsidiary corporations stock that is not owned by the parent corporation. It allows the firm to make its financial decision without having to consult the holders of the non-controlling interests making its holding more advantageous for the

Geomorphology Lab Report Example | Topics and Well Written Essays - 500 words - 1

Geomorphology - Lab Report Example (5 pts) The critical angle for determining whether the boulder would move, or not is 45.840 degrees. At this point, the boulder would assume a stationery motion. The value is arrived by observing the point of intersection between the curves of shear and normal stress. 4. A local business informs you they have a 1 m-thick rock slab with a density of 1000 kg m-3 lying in their backyard that slopes at 25 degrees. Given normal weather conditions and unsaturated soils, will this rock slide and potentially destroy their business? Justify your answer in terms of angle, Driving and Resisting forces. (5 pts) At 25 degrees, the sheer force on the rock will be 984.807753 while the normal stress will be 173.6481777 (in the opposite direction). This means that the forces propelling the rock slab downwards are greater than the resisting forces. Assuming that the weather conditions remain at normal levels it is highly likely that the rock in question will inflict a considerable damage to the surrounding property. Lemke, Karen A. â€Å"Slope Stability & Mass Wasting.† University of Wisconsin-Stevens Point, December 1, 2013. Web. January 26, 2015 < http://www4.uwsp.edu/geo/faculty/

Case 1 Study Example | Topics and Well Written Essays - 250 words - 2

1 - Case Study Example is accident, Bertha as an employee of The Happy hour sports bar is liable and needs to compensate the young man for injury caused (Duplessis, Enman & O’Bryne, 2010). However, Bertha as the defendant in this litigation can defend her actions on the basis of duty of care and the young being incapacitated to making an informed decision at the time. As an employee at the bar, Bertha owed duty of care to her employees and this is evidenced in her refusal to sell the young man a beer since he was already drunk. The man having come back again after being thrown out the first time; was reason enough to believe that his reasoning was compromised. The young man even attempted to assault Bertha but she handled him and gave him a â€Å"heavy† push that led to his head injury. The heavy push needs to be described and will serve as a basis in which a decision will be made. It has to be ascertained if Bertha pushed the young man with an intention of hurting him or it was a mere accident. The decision of the court would be based on the motive of the â€Å"heavy push† which with enough evidence would lead to the bar owner compensating the young man for injuries. However, if the â€Å"heavy† push is disapproved by the court, Bertha will have no case to answer since the young man’s mental capacity was compromised and as an employee, Bertha owed the young man duty of care hence did not sell him a beer. His injury was merely an unforeseen circumstance (Duplessis, Enman & O’Bryne,

Strategic Management Essay Example | Topics and Well Written Essays - 1000 words - 5

Strategic Management - Essay Example With this concern, the prime target of this paper is to determine the significance of research based view for strategic management. This study would provide a brief overview about the conception of strategic management and its importance. Moreover, the role of strategic management in helping a university in the quest for competitive advantage and the illustration of certain real as well as relevant examples would also be discussed in this paper. Importance of Resource Based View for Strategic Management In order to determine the significance of resource based view particularly for strategic management, it can be stated that resource based view can be duly considered as one of the perspectives that provide a rationale concerning how the different facets of human resourcess (HR) support an organisation to accomplish a greater competitive advantage (Cornell University ILR School, 2001). According to the resource based approach or view, the characteristics of the employees seem to be cri tical issues in the arena of strategic management. ... Research-based view of strategic management gives a clear idea of why different sorts of HR practices lead towards raising competitive advantage of a particular firm (Von Pock, 2007). Conception and Importance Of Strategic Management The conception of strategic management is regarded as an effective and significant management tool which supports an organisation in performing better job tasks (Analoui & Karami, 2003). There are different models or procedures that are used in the strategic management process of any particular organisation. In a similar regard, the procedures comprise identifying, analysing, formulating the recognised problems in a more descriptive way and finally evaluating as well as providing solutions to mitigate the problems identified. In order to determine the significance of strategic management, an organisation can achieve its expected business targets through proper conduct of strategic management. In the context of strategic management, mission as well as vis ion represents the fulfilment of organisational objectives. Moreover, the notion of strategic managements provides a clear idea about the strategic mission and vision of an organisation. Through the approach of strategic management, an organisation can properly identify its strengths along with weaknesses. The importance of strategic management is that it allows an organisation to be more active in performing various operational functions. For various organisations, it is quite necessary to implement a proper strategy because it helps them to comply with the requirements of the customers and most significantly to mitigate any sort of problem or complexity. The aspect of strategic

The understanding of modern urban life and the place of a man in Essay

The understanding of modern urban life and the place of a man in modern city - Essay Example In this work Simmel underlined that in conditions of modern city and urban society an individual can successfully develop his skills and abilities, as the economical and political situation of modern and post-modern community promotes individual freedom and flexibility. Simmel underlined that "the city conspires to erase difference by assaulting the individual with an overwhelming and never-ending stream of visual stimuli" (Byram, 2002). This vision is inherent to the spacing theory of scientific rationalism, modern and post-modern experience that fills the space with giant cubic forms suppressing the consciousness of people and their freedom. In Simmel's opinion, our society consists of individuals who interact with each other, and this interacting forms features and specificity of our society: "While there is no perception of society until individuals begin to interact, once formed by the interaction of individuals, the society affects the individuals as an outside force" (Crow Ch. , et al., 2000). Benjamin considered modern urban experience and a new politics of vision through the development of technologies. He underlined that "because of mechanical reproduction, art loses its authenticity. Simmel also underlined that metropolis allows individuals to develop their freedom and art. But in the other hand, Simmel asserted that post-modern urban spirit threats individuality (see above). As well as Simmel, Benjamin had positive attitude to communications development: "Benjamin is positive about new technologies, emphasizing their liberating, democratising influences. Simmel gave more social approach to the communication technologies as interactions between people asserting that they form our society, but Benjamin wrote about the positive attitude to such technologies as film and photography: "New media technologies such as phonographs, epic theatre, and especially film and photography, not only destroy art's 'aura' but demystifies the process of creating art, making available rad ical new access and roles for art in mass culture" (Bicket, 2001). With the development of photography and film human perception is changed, and the understanding of modern and post-modern urban reality is also transformed. The paper has demonstrated two authors' positions on modern and post-modern urban experience and their attitude to mass media and technology development. Both Simmel and Benjamin underlined the importance of technological development and its influence on art, culture and our understanding of social environment. They underlined positive and negative approaches of modern and post-modern urban experience and explained the influence of urban life on people. Simmel's views are more approached to the negative and depressing influence of urban life on individuals, while those of Benjamin are more inclined to the positive perception of technological and cultural aspects of modern and pos

Use a variety of accounting theories to respond to Adams (2002) Essay

Use a variety of accounting theories to respond to Adams (2002) statement - Essay Example The corporations need to reform their reporting systems to include all aspects of operation in this era when the global economy is undergoing widespread reforms. The fundamental aim of this paper is analyzing the statement by Adam’s (2002) based on the theories of corporate social responsibility. According to the political theory, organisations have power to analyse the environment and participate in corporate social responsibility. Power is the ability to influence and control behaviour of a certain group of people. Thus, organisations have the political power to influence the aspects of social and environmental concern. Rendtorff (2009) classifies the political theory into two categories: these are corporate citizenship and corporate constitutionalism. Corporate citizenship is founded on the need of firms performing their responsibility to the environment. Corporations are referred to as legal persons (Deegan & Rankin, 1996); hence, they are considered independent individuals who ought to be responsible of their actions on the environment. Demonstrating of corporate accountability is achieved by making publications and reports discussing and analysing their contributions to the community’s wellbeing. Failure to report to the community leads to negative public view a nd lack of credibility of an organisation. The primary aim of constitutions in firms is to create and entrench power. A corporate constitution, thus, governs choices incorporated in the state law and the certificate of incorporation. According to Mahoney, Thorne, Cecil and LaGore (2013), the decision to assign powers to directors over decisions is the choice of governance structures. If directors fail to effectively and responsibly use the powers endowed to them, the community can take away the power and give it to responsible parties (Orlitzky & Swanson, 2008). The community can take away the power by cutting partnerships with them, legal actions, avoiding buying

Its Always Good To Tell The Truth Essay Example for Free

Its Always Good To Tell The Truth Essay Life is full of deception in assorted forms, ranging from the magic shows for recreational purpose to strategic consideration in wars of ancient times.As a result, some people may take telling a lie as granted due to its commonity. However, i vote for the confession as the most significant trait when it comes to handle people since keeping the truth bridges a good relationship within them by creating more senses of integrity and honesty which are core values and foundation in the relationship development. First, always showing the genuine side towards your family members can help us to build a healthy and merry family, especially given the children adoption. In the family, if the children are lied and cheated by parents-the closet people in their world, even for some minor staffs, they are more likely to feel distrust and unloved by their parents afterwards. In the long term, they may refuse to listen to the parents any more,even worse, they may hate and imitate parents to lie as well which create an intense relationship within the family. According to the statistic, most of the adolescent problems such as drug and smoke abuse, young crime commitment like steal and robbery are the results of such bad family relationship. Thereby, always acknowledging the truth amounts to the display of love and respect towards family members which correspondingly contributes to a happy ending. Secondly, always behaving honesty instead of being too adulated and sophisticated towards friends and colleges also brings us advantages more than we realized. Whether were in the universities and working in the companies, being frank surely help us build a trustworthy image in the public that in turn benefits in varieties ways: were likely to make more new friends due to the integrity we show, were likely to get more recognision from boss and advance our career because of our fair -mind towards all the faked and unjustified work, were likely to empowered more confidence and courage handling difficulties as we will become more upfront and loyal towards ourselves to respect the truth. These are the wealth beyond our realization brought by truth if we pursue and stick to. Admittedly, lying might avoid people from getting hurt or embarrassed in some  degree. For example, we might say the girl is still pretty even shes fat to protect her pride. However, humans are not weak, in fact the protection we regard works nothing to the girl except the lies, she may continue to get fatty since no one reminds or suggests her take exercises to lose weight. Lies even with good intention safeguard nothing but the continuity of tragedy. To summarize, no legacy is so rich as honesty and truth, which worth our whole life to pursue and defend whatever relationship were engaged in between people.

The strategic planning of Marks and Spencer

The strategic planning of Marks and Spencer Marks and spencer started from small stalls becomes one of the uks leading retailers with over 15 million people visiting every year. It is giving to its customers great value clothing, high quality, stylish products as well as outstanding quality of food from different authenticated suppliers. The whole of the report revolves around the strategic planning of well renowned company marks and spencer, it will explore the external environment, its existing business plan, major factors affecting it and the strategic option is also given in this report through which it can overcome the predicted barriers. Companies overview Marks and spencer is come to existence in 1894 by the partnership of Michael with Tom Spencer. They employ over 65000 people, running 450 stores and also flourishing international business. In 2007 Marks Spencer (MS) was the UKs largest clothing retailer with a market share of 11.1%. Food sales accounted for 49.8% of its UK business and had a market share of 4.3%. The groups international business accounted for 7.1% of turnover and had grown to 219 franchise stores in 34 territories worldwide as well as 8 wholly-owned stores in Hong Kong and 13 in the Republic of Ireland. During 2007, it opened 36 new stores including the groups largest ever franchise store in Dubai at 52,000 sq ft. and also opened its first store in Taiwan under a joint venture with President Chain Store Corporation. Strategic management provides overall direction to the enterprise so Johnson and Scholes define strategy as follows: Strategy is the direction and scope of an organization over the long-term: which achieves advantage for the organization through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations.   PEST Analysis Pest analysis is concerned with the environmental influences on a business. The acronym stands for the political, economic, social and technological issues that could affect the strategic development of a business. Political European Committee decision to permit free flow of trade among themselves and other countries under foreign trade regulations makes companies to import their products over time easier than before. MS competitors took advantage of its higher cost structure and bit off some its market share. Economic MS competitors are specialised in niche markets and consumers focus which make them to provide a much better consumers satisfaction. They prefer to import their products from abroad for cost savings, this fact puts MS in a cost disadvantage for a perceived higher quality. Social Consumers concept in the marketplace has changed; they do not sense British products as of high quality. There is a shift in demand for more fashionable clothing. Moreover the price sensitivity of the majority of the consumers has increased leaving MS in a less competitive position. Technological Media played major role of communicating new fashions to the customers. This knowledge can be communicated to the designers and producers, so a manufacturer in Thailand or China can be aware of the current fashion trends in UK. Technology theses days are even more quickly copied than before. Moreover due to the transportation speed a shipment of stock from a country in far Asia will only take a few days instead of a preview time period of over a month. Environmental (Ecological) Selling products produced by suppliers has a much greater affect on the environment on how these products are used and disposed by consumers. Retailers use a huge range of raw materials to produce their goods. Because of this, it is critical to manage the use of these materials sensitively and pay proper regard to how they affect natural habitats and bio-diversity. Legal Offering customers high standards of quality product are essential to meet their requirements. MS are known for delivering world class quality products. Porter 5 Forces Analysis The five force models is basically industry specific within which the firm exists and operates. The rationale behind this model is that industry profitability is not determined by the product quality, nor it embodies high or low technology. It is determined by the structure of the industry. M. Porter, Competitive Advantage of Nations, Macmillan, 1990 Porter explains that there are five forces that determine industry attractiveness and long-run industry profitability. Threat of new entrants New entrants to an industry can raise the level of competition, thereby reducing its attractiveness. The threat of new entrants largely depends on the barriers to entry. High entry barriers exist in some industries whereas other industries are very easy to enter. The most common form of entry barriers are usually the scale and the investment required to enter an industry as an efficient competitor. In consumer product industry this dimension of competition is well prominent. All the existing domestic companies are well set up, reputed, organized and stable manufacturers in the industry and have their own distinct places in the market. A potential entrant may find it uneconomical to take on existing occupants and if it does the gain of market share at the cost of large capital investment besides powerful retaliation of existing manufactures. It may take years (at-least 5 6 years) for an entrant to build reputation for product quality no matter how large its initial advertising campai gn is. Threat of substitutes The presence of substitute products can lower industry attractiveness and profitability because they limit price levels. The threat of substitute products depends on: Buyers willingness to substitute the relative price and performance of substitutes the costs of switching to substitutes The product category Marks and Spencer has is subjected to great threat as different other companies of UK like Primark deals with the same kind of products. Bargaining power of suppliers Suppliers are the businesses that supply materials other products into the industry. The cost of items bought from suppliers (e.g. Raw materials, components) can have a significant impact on a companys profitability. If suppliers have high bargaining power over a company, then in theory the companys industry is less attractive. The bargaining power of suppliers will be high when: There are many buyers and few dominant suppliers there are undifferentiated, highly valued products suppliers threaten to integrate forward into the industry. Bargaining power of buyers Buyers are the people who create demand in an industry. The bargaining power of buyers is greater when there are few dominant buyers and many sellers in the industry products are standardized buyers threaten to integrate backward into the industry suppliers do not threaten to integrate forward into the buyers industry. At the same time Pull strategy is followed as bottom up approach where end users pull the preferred product. Intensity of rivalry The intensity of rivalry between competitors in an industry will depend on: The structure of competition for example, rivalry is more intense where there are many small or equally sized competitors; rivalry is less when an industry has a clear market leader The structure of industry costs for example, industries with high fixed costs encourage competitors to fill unused capacity by price cutting. Degree of differentiation industries where products are commodities have greater rivalry; industries where competitors can differentiate their products have less rivalry. Switching costs rivalry is reduced where buyers have high switching costs i.e. there is a significant cost associated with the decision to buy a product from an alternative supplier Strategic objectives. Swot Analysis SWOT analysis is an important tool for auditing the overall strategic position of a business and its environment. Once key strategic issues have been identified, they feed into business objectives, particularly marketing objectives. SWOT analysis can be used in conjunction with other tools for audit and analysis, such as PEST analysis and Porters Five-Forces analysis. SWOT ANALYSIS OF MARKS AND SPENCERS Strengths Marks and Spencer is a powerful brand. It has a reputation for value for money, convenience and a wide range of products all in one store. M S has grown substantially over recent years, and has experienced global expansion. The company has a core competence involving its use of information technology to support its international logistics system. For example, it can see how individual products are performing country-wide, store-by-store at a glance. IT also supports M S efficient procurement. A focused strategy is in place for human resource management and development. People are key to M S business and it invests time and money in training people, and retaining a developing them. Weaknesses M S is the Worlds largest retailer and control of its empire, despite its IT advantages, could leave it weak in some areas due to the huge span of control. Since M S sell products across many sectors (such as clothing, food, or stationary), it may not have the flexibility of some of its more focused competitors. The company is global, but has a presence in relatively few countries Worldwide. Opportunities To take over, merge with, or form strategic alliances with other global retailers, focusing on specific markets such as Europe or the Greater China Region. The stores are currently only trade in a relatively small number of countries. Therefore there are tremendous opportunities for future business in expanding consumer markets, such as China and India. New locations and store types offer M S opportunities to exploit market development. They diversified from large super centers, to local and mall-based sites. Opportunities exist for M S to continue with its current strategy of large, super centers. Threats Being number one means that you are the target of competition, locally and globally. à ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ã‚ ¢ Being a global retailer means that you are exposed to political problems in the countries that you operate in. à ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ã‚ ¢ The cost of producing many consumer products tends to have fallen because of lower manufacturing costs. Manufacturing cost has fallen due to outsourcing to low-cost regions of the World. This has lead to price competition, resulting in price deflation in some ranges. Intense price competition is a threat. Stakeholders Expectation Stakeholders Expectation are those without which our strategic analysis will remain incomplete is about the expectation of stake holders. Stakeholders are those individuals or groups who depend on the organisation to fulfil their own goals and on whom the organisation depends. Share holders expectation includes, Corporate governance chain, Formal requirements and boundaries within which strategy is developed, Organisational stakeholders, Other groups (internal and external) which have expectations and potential influence The expectation of the stake holders of M S conflicts between, Short-term profitability versus growth, Family control versus professional managers, Financial independence versus share/loan funding, Public share ownership demands openness and accountability, Cost efficiency may mean job losses, Mass markets may compromise quality, Mass public service provision versus specialist services Generic models for strategic plan According to Porter, Marks and Spencer is followed by a strategic generic model and the main categories are: Cost leadership Diffferenciation Focus Marks and Spencer is a fascinating case of a company that has lost its strategic focus. Its story illustrates how even the strongest of businesses cannot afford to take their eyes off the competition.   MS lost its way as the UKs leading retailer in the late nineties. Its profits, which had peaked at over 1bn [pounds sterling]. fell by hall as consumers rejected its clothing. In response to competitive pressure from new and existing players, MS made major changes to its strategy in 1998-2000. These included decisions to more away from its St. Michael brand  and to accept credit cards.   By 2004 the company was lacing a huge number of issues, including problems with service standards, dated store formats and the alienation of its traditional customer base. MSs stock was falling sharply. The share price, which had been as high as 650p in 1997, had declined to 270p.   By this time, Rose had unveiled his recovery strategy: selling MS Money: buying the Per Una brand: refunding around 2.5bn [pounds sterling] to shareholders: closing the new Lifestores concept and some Simply Food stores: improving products and services: and broadening MSs appeal and customer base.   Green stated that his offer was final, which meant he would not increase it again for six months unless another bidder appeared. The shareholders decided to back Rose. Green withdrew his offer and the share price fell back to 340p, which was 60p (or a total of 1.3bn [pounds sterling]) less than Greens final offer.  He faced following challenges while doing this right. Increase sales and market share without losing margins. (Rose has been  coy  about this, putting the emphasis on cost savings.)   Cut costs without undermining quality or service. In 2004 MS planned around 300m [pounds sterling] of cost savings, but clearly a proportion of these in 2005-06 would be needed to cut prices to competitive levels.   The recent history of MS highlights the need to manage shareholder value and deliver quickly, especially during turnarounds. In this situation, Rose might find the strategic option grid helpful.   This grid has been used by number of major companies, including Tesco and Diageo, to develop strategies. The options for MS include:   Incremental  strategy This would not really improve MSs long-term competitive advantage and it would be a high-risk approach, because the business would become even more exposed.   Float off food This would make shareholders better off, since the business is probably  undervalued. It would not be inherently hard to do this.   Close more stores This would focus the company on its key outlets, but it might damage the brand and decrease customer loyalty in the process.   Rationalise  the product For example stop selling mens shoes. This would declutter the business and provide an opportunity for growth.   Increase franchise space This would allow in other products, which would create more interest.   Strategy of Marks and Spencer to Improve Performance Marks Spencer plans to spend  £200 million over the next five years on going green strategy as the battle to become the most environmentally friendly retailer steps up. The high street giant, which launches its strategy with an advertising campaign in March, has set some challenging targets, including a pledge to stop sending all waste to landfill and to reduce CO2 emissions by 80 per cent. However, the aspirations will be closely scrutinised by non-governmental organisations, which will want to see if MS will be able to maintain its commitment to them in future years as the deadline to meet its targets near. Stuart Rose, the chief executive, said that he hoped that the cost of the programme would be offset by increased sales. Last year the retailer launched a Behind the Label campaign, which highlighted Marks Spencers environmental and ethical business practices and was one of the retailers most successful advertising schemes. Mr Rose said: We think this is the right thing to do because our customers, employees and, increasingly, shareholders are asking us to. We believe those people will embrace a responsible business. MS has worked on the project for six months, taking advice from Jonathon Porritt, the former director of Friends of the Earth, who said: This plan raises the bar for everyone else not just retailers but businesses in every sector. MSs detailed 100-point plan covers climate change, waste, raw materials, fair trade and healthy living. Elements also include reducing the amount of food imported and labelling those goods flown in, opening a model green factory and four stores and using 50 per cent bio-diesel in its lorry fleet. The retailer also wants to reduce packaging by 25 per cent and to use recycled plastic bottles to make polyester for use in clothing and home furnishings. Rosemary Byrde, global Fairtrade policy adviser at Oxfam, said: Marks Spencer is to be applauded for leading the way. We look forward to seeing the difference this will make and to other major retailers following suit in the near future. Robert Napier, chief executive of WWF-UK, the conservation organisation, said: Such bold aspirations as outlined by Marks Spencer can only help to drive other supermarkets and the retail sector towards supplying products in a way that protects our planet and sustains the natural resources we depend upon. The first change that MS shoppers will notice is a range of fair trade cotton T-shirts. About 20 million garments will be produced over the next 12 months, accounting for about a third of the worlds supply of fair trade cotton. Retailers fought to seize the green agenda throughout last year as environmental and fair trade issues had become increasingly important to shoppers and regulators. Marks and Spencers Mission, Vision, Values and Objectives Marks and Spencers corporate objectives are incorporated in its mission statement. This outlines what the business is and what it should be. Mission statements set out in writing what the firm wants to achieve and often include information on the values of the business. MS outlines its core business as clothing and Food. Its financial objectives is to deliver shareholder value in terms of increase returns, but also in terms of increase sales and market share in retailing. It beliefs and values are outlined as Our customers continue to see Marks Spencer as the place to shop for special food, produced to exacting standards. MS also sees its workforce as an important part of its plan and also considers modernising its stores as a key corporate objective. Vision: The standard against which all others are measured Mission: Making aspirational quality accessible to all Values: Quality, value, service, innovation and trust MS also outlines its corporate social responsibility in its mission statement and considers the needs of other stakeholders too. We have a strong tradition of corporate social responsibility (CSR) but we want to make sure CSR is integrated into our operations at every level Finally, MS also outlines its strategic intent (vision) in its corporate objectives. MS wants to continue its differentiation strategy by delivering freshness, quality and innovation. Strategic Implementation This process involves distribution of resources (financial, personnel, time, and technology support). The next step involves assigning tasks or responsibilities to specific individuals or groups to make the environment clean and it needs to disseminated into the company effectively and efficiently, monitoring the progress and results. Careful assessment of the process, controlling for variances and making the required adjustments form vital components of this process. Strategy Evaluation As the term suggests, this process includes evaluation of the efficacy of the organizational strategy implemented. Therefore, successful strategic management must include clearly defined objectives, careful assessment of both the internal and external situation to formulate the strategy, implementing the strategy and making the required adjustments as and when required. The company must possess a clear vision of its long term plans or a clear business vision. This also includes assessing the financial and strategic objectives. Financial objectives involve measures such as sales targets and earnings growth. Strategic objectives are related to the firms business position, and may include measures such as market share and reputation. (quickmba, 2007). The Environmental scan includes the following elements: Internal analysis of the firm, Analysis of the firms industry (task environment) and External macro environment (PEST  analysis). After deriving and inferring the information from the environmental scan the company should be able to carefully identify and address its weaknesses and external threats and evaluate its strengths. A competitive edge in the market in the market can be based on cost or differentiation.   The stage of implementation essentially involves distribution and organization of the companys resources and staff motivation to achieve the set objectives or goals. Evaluation and control includes monitoring the strategy and fine-tuning it as required. CONCLUSION After mid 1990s MS began to experience internal problems such as information flow breakdown and together with the fact that top management was concerned with international expansion MS was drifted away from its core values such as consumer care and customer satisfaction. MS failed to recognise that consumers were becoming wiser and its competitions much stronger. Most of consumers consider MS to be old fashioned company, this image has to be changed to be in line with the market demand and regain its lost customers to other competitors. Based on the analyses, the author feels that MS requires to be focus on its strategic plan therefore, in formulate a strategy envirmental analysis is required, which will be analysed through pestle, the current situation of Marks and Spencer is also captured then a strategic plan is constructed to overcome the barriers, then it is implemented and evaluated to ensure long-term success. Business must try and use as many tools as possible in order to come out with the best strategy for the organisation. However, firms must try and evade the limitations of these tools so as to formulate the best strategy.

Technique for Supravalvular Pulmonary Artery Stenosis

Technique for Supravalvular Pulmonary Artery Stenosis A novel beating-heart technique for supravalvular pulmonary artery stenosis INTRODUCTION: Pulmonary artery stenosis (PAS) may be congenital or acquired and presents itself as isolated or multiple lesions. Acquired PAS generally occurs following the surgical correction of congenital cardiac malformations such as anomalous origin of the left coronary artery arising from the pulmonary artery (ALCAPA) and tetralogy of Fallot (TOF). Treatment options for critical PAS include stent implantation, balloon angioplasty, and surgery. In this report, our objective is to present a new surgical technique without the need for cardiopulmonary bypass used for a patient undergoing surgery for ALCAPA who required re-operation on the first postoperative day due to supravalvular pulmonary stenosis. CASE REPORT: In a 8-year old boy, direct re-implantation of the left coronary artery into the aortic root was accomplished through median sternotomy under cardiopulmonary bypass. The general status of patient declined with accompanying signs and symptoms of right-sided heart failure within the first six postoperative hours. Also, liver enzyme levels were elevated and renal functions deteriorated. A biochemical profile revealed serum glutamic-oxaloacetic transaminase (SGOT) 832 mU/dl, serum glutamic-pyruvic transaminase (SGPT) 789 mU/dl, serum urea 65 mg/dl, and creatinine 2.1 mg/dl. Echocardiography showed severe right ventricular dysfunction and mild pulmonary insufficiency. As well as the supravalvular gradient was 80 mmHg, there was no transvalvular pressure gradient. Since supravalvular PAS was the suspected cause of the clinical instability of the patient, an urgent surgery was planned. SURGICAL TECHNIQUE A median sternotomy was used for the surgical procedure. Pump was not used to avoid the possible adverse consequences of cardiopulmonary bypass in this patient with a poor general status and impaired renal and liver functions. Firstly, an incision line on the stenotic supravalvular pulmonary artery segment was drawn. Then the dimensions of the graft to be placed were determined visually and the graft was prepared. The oval-shaped graft was sutured on the target stenotic pulmonary artery segment using 6/0 polypropylene sutures. During this procedure, special emphasis was placed on two issues: 1. Other than the proximal edge of the graft (the right ventricular side) all other edges were sutured using continuous sutures. However, no knots were tied and both ends of the suture were left free. 2. During the placing of the grafts, a space was created to form a convex structure in-between the anterior surface of the pulmonary artery. Then, a small linear incision on the pulmonary artery was made distally on the pulmonary artery using a scalpel inserted from the proximal opening of the graft. Simultaneous pressure on the incision site was exerted digitally to prevent bleeding. The incision was propagated longitudinally using a Metzenbaum scissor. Upon exposure of the pulmonary artery, the convex structure disappeared spontaneously by eliminating the distance between the graft and the anterior surface of the pulmonary artery. Soon after the incision was made in the distal direction on the pulmonary artery according to a pre-determined length, the sutures on the proximal surface of the graft were stretched as to fix the graft on the pulmonary artery. At the end of the procedure, while a moderate level of tension was maintained on the sutures manually, the proximal end of the graft was closed using continuous sutures. Thus, at the end of the procedure the desired pulmonary artery diameter was achieved. No hemodynamic instability was observed during the procedure. Intraoperative echocardiography showed no residual gradients on the pulmonary artery. The patient was extubated at postoperative 12th hour. A quick clinical improvement of right-sided heart failure was observed during the follow-up along with restoration of normal liver enzyme levels within 48 hours and normal renal functions within one week after surgery. The patient was discharged at postoperative 8th day. Follow-up examination at 1 year after surgery showed a good general status with weight gain. No gradient was detected at the pulmonary artery by echocardiography. DISCUSSION: PAS may be congenital or acquired. Acquired pulmonary artery stenosis is generally a complication of the surgical procedures performed for the repair of complex congenital cardiac malformations (1). For instance, in patients such as ours with ALCAPA, supravalvular PAS may develop following surgery (2). In certain circumstances, both congenital and acquired types of pulmonary artery stenosis may pose significant surgical challenges. Particularly, the presence of clinical instability may severely limit the therapeutic options in newborns. Treatment options for critical PAS include stent implantation, balloon angioplasty, and surgery. In recent years, despite significant advances in the technology of stent and balloon production, surgical repair remains an important therapeutic option. The success rates with balloon dilatation in these patients are limited (3). On the other hand, intravascular stents are associated with the formation of re-stenosis in the long term due to somatic growth (4). Thus, surgical repair stands out as an important alternative to both other approaches in pulmonary stenosis. We didn’t prefer catheterization because of early period after surgery and impaired kidney function. The current surgical methods for the reconstruction of the PAS may be associated with untoward consequences due to the need for cardiopulmonary bypass. Therefore, in order to avoid possible adverse effects of cardiopulmonary bypass, we developed a novel surgical technique to be used for the repair of supravalvular pulmonary artery stenosis without pump. The surgical technique utilized in this patient is simple and safe distinguishing itself from other techniques by negating the need for pump. Particularly, it seems suitable for selected, clinically unstable cases who may be adversely affected by cardiopulmonary bypass. In previously operated patients with supravalvular pulmonary artery stenosis, this technique may be safely applied without the increased risk of bleeding or thromboembolic events. However, larger patient populations are warranted to more firmly establish its safety. Nevertheless, we believe that this technique for the pulmonary artery reconstruction may provide significant increases in the diameter of the pulmonary artery in a beating heart with minimal morbidity and mortality. According to our knowledge, there have not been reported any off-pump technique for PAS in the English literature to date. In conclusion, this newly developed method of supravalvular PAS surgery is safe and long lasting. This surgical technique may be applied on patients not only who had an isolated supravalvular PAS but also who were previously operated, developed restenosis in early period and were under risk if pump was used without disrupting the hemodynamic stability.

Burlesque:The Unknown Cultural Phenomenon History 394 Essays -- Entert

Burlesque:The Unknown Cultural Phenomenon The term Burlesque is usually thought of as slightly naughty theatre produced and performed between the 1890s and World War II. Webster defines it as a literary or dramatic work that seeks to ridicule by means of grotesque exaggeration or comic imitation, mockery usually by caricature or theatrical entertainment of a broadly humorous often earthy character consisting of short turns, comic skits, and sometimes striptease acts. Today Burlesque has no meaning as a contemporary phenomenon to most Americans. Burlesque is far from the commonplace twentieth century definition. The background, rise and fall of American Burlesque takes place in less then forty years. The entertainment known as Burlesque has had many different types of audiences. It has entertained all classes of people. Burlesque has been a legitimate type of entertainment for centuries. Aristophanes, the classic Greek dramatist and poet was known as the "Father of Burlesque."(Sobel, 10) The word burlesque comes from the word burlare, which means "to laugh at, to make fun of." Aristophanes liked to make fun of the world and laugh at it and he wanted to make other people laugh too. The burlesque was then what a movie is now. They were written for the purpose of letting people have an escape from daily life. The development of Burlesque in England is what affected the American stage the most. The first burlesque in England, entitled, The Most Lamentable Comedy and Most Cruel Death of Pyramus and Thisbie was produced in London in 1600. While burlesque was becoming popular it picked up two defining features: first, musical numbers and second, the play themes were based on French parodies and revues. ... ...Dyed (her hair) for Love." This was commonplace at the time Burlesque was starting. The fact that the class of people in NYC came together to enjoy a mutual entertainment at this time was an atypical occurrence. There were many barriers that kept upper, middle and lower classes apart; Burlesque was not one of them. Bibliography Allen, Robert Clyde, Horrible Prettiness (1950,The University of North Carolina Press, Chapel Hill) Corio, Ann, This Was Burlesque (1968, Madison Square Press, Grosset and Dunlap, New York) Sobel, Bernard, A Pictorial History of Burlesque (1956, G.P. Putnam's Sons, New York) American Memory English-Language Play scripts (Library of Congress) http://memory.loc.gov/ammem/vshtml/vsenge.htr The Age of Burlesque [The Galaxy/ Volume 8, Issue 2, August 1869

Films and Media Misrepresenting Race Essay -- Matrix Racism Blacks Ess

Films and Media Misrepresenting Race abstract: In many ways technology makes access to academic work, research and employment easier and faster. However, I am concerned that technology is too often chosen over humanity. Historically,representations of African Americans in technological media tend to value "white" bodies at the expense of Black bodies (Stam and Spence, 1983). Further, recent studies show (Zickmund 2000), in fact, the ways in which some World Wide Web sites make it easier for hate groups to spread their misinformation, contributing to the devaluation of black bodies in technological media. Together, these media representations can be understood in terms of a digital devide between technological "haves" and "have-nots". Film and new media play integral roles in misrepresenting race. The film,The Matrix, reflects these problematic representations of race. Yet it provides critical metaphors for African Americans who contend that we are controlled by beings other than ourselves, and that our bodies must first b e filtered through white bodies to be considered valuable. introduction The 1999 movie The Matrix is considerably more than entertainment for me. It experiments with the idea that we are all pawns of other beings. The Matrix leads the viewer into a world where humans are controlled by secret mechanical forces wishing to enslave humanity. Through critical thinking the humans in The Matrix are able to break the chains of bondage and reclaim their divine nature. Like the characters in The Matrix, I have often felt that I was trapped in an alternate reality, that everyone else around me is trapped as well, pawns in a game, and more importantly, I wonder what would happen if we resisted... ...e Spence, "Colonialism, Racism, and Representation: An Introduction," from Braudy, Leo and Cohen, Marshall, eds. Film Theory and Criticism 5th. ed. (New York : Oxford University Press,1999) Crane, David, "In Medias Race," from Kolko, Nakamura, Rodman, eds., Race In Cyberspace (New York: Routledge,2000) Marx, Leo, "Information Technology in Historical Perspective," from High Technology and Low-Income Communities (Cambridge: MIT Press, 1999) Mitchell, William, "The City of Bits Hypothesis", in High Technology and Low-Income Communities (Cambridge,MIT Press, 1999) Latimer, Christopher P. "New York State Forum for Information Resource Management Rockefeller Institute of Government". (Albany, NY:NYSFIRM, 2001) Zickmund, Susan "Approaching The Radical Other: the Discursive culture of Cyberhate" from the Cyberculture Reader (London/New York: Routhledge,2000)

Speeches in The Tempest versus As You Like It :: William Shakespeare

The speeches delivered by Prospero and Jacques each hold extensive contrasting differences. Both Prospero, the tempestuous protagonist in The Tempest, and Jacques, a minor melancholy character in As You Like It, see things in a dissimilar light. They have gone through things in their lives that have shaped their thoughts and opinions on certain topics. Prospero and Jacques’ show this in their moods and then in the subjects of which they speak. By perceiving the contrasting objects in Prospero and Jacques’ speeches, we find that they are quite different in character. Things that have happened, to both Prospero and Jacques, have had an effect on their moods. Before Prospero delivers his speech, he discovers that Miranda and Ferdinand are in love and declares happily, â€Å"It goes on, I see, as my soul prompts it† (Act 1 scene 2, (424-425). Then cheerfully adds, â€Å"So glad of this as they I cannot be, who are surprised withal. But my rejoicing† (Act 3 scene 1, (95-97). Jacques, on the other hand, when hearing Duke Senior state, â€Å"Thou seest we are not all alone unhappy† (Act 2 scene 7, (138-141) openly disagrees. He then proclaims, â€Å"to speak my mind, and I will through and through cleanse the foul body th’ infected world, if they will patiently receive my medicine† (Act 2 scene 7, (138-141). His view of the word seems to poison his mind resulting in his despondent mood. The events that occurred to Prospero and Jacques find a place in their thoughts and are responsible for altering their attitu des. The disposition of Prospero and Jacques’s speeches differ seeing as Prospero’s shows signs of happiness while Jacques’ only shows a depressing hue. Prospero shows a happy tint to his speech namely when he says â€Å"Be cheerful, sir. Our revels now are ended† (Act4 scene1, (147-148). Jacques, contrastingly, shows his ever-present melancholy personality by saying words that have negative tones such as â€Å"Mewling†¦puking†¦ whining†¦ [and] †¦unwilling† (Act2 scene7, (147†¦150). The attitudes that Prospero and Jacques have, reflect in the content of their speeches. Prospero speaks more about heavenly things while Jacques spends his whole speech addressing the life of man. Prospero seems to be fascinated by mostly spirits and heavenly structures as found in the following passage: â€Å"These our actors, as I foretold you, were all spirits and are melted into air, into thin air †¦[along with] the cloud-capped towers, the gorgeous palaces, [and] the solemn temples† (Act4 scene1, (148-153).

Sammy

Sammy is observant and watches everything that goes on in the store while he cashiers because the Job can get a little boring and he can also by easily distracted y something. His observations, so marvelously acute and precisely and delightfully expressed† (WEB) When these girls walk in, he becomes very observant. He notices the patterns of the bikinis they are wearing. He also notices the way one of them has the strings on the top. Once they start to talk, he fgures out who is the leader. He calls her queenie, and he is very fond of her. He notices by the way she is walking and talking that no doubt she is the leader and the other two are her followers. Sammy is different but acts like a normal cashier in this story.He is not important and does not stand out compared to his coworkers. Sammy wants the girls to notice him, so he feels the need to try to be different. â€Å"Sammy notices the gulf between them; the only way he can get them to notice him to differentiate himself f rom what he sees, through their eyes as the provincialism of the small town that insists on â€Å"decent dress† in its supermarket. † (126) He wants to stand out from the rest of the people in the store, such as, customers and coworkers. He calls this coworker a drone and customers sheep, which is very different and strange.Not many normal teens do that, and nothing makes Sammy any more special than the rest of the people in the store. Sammy is dissatisfied and quits his Job. â€Å"Sammy is not frustrated because he cannot woo queenie but because of the length of time because of the time he has been working at the supermarket and his daily encounters with customers. † (Web) His manager decides to tell the girls something about the way they are dressed. Sammy thinks his manager disrespected them, he stands up for them and quits. He is hoping the girls would notice and like it but they do not notice.Sammy becomes very dissatisfied with his decision when he walks ou tside and notices the girls are gone. Then again, he did not really like the Job anyway, considering he realized this opened up a door for new opportunities. Sammy starts to think about his decision more and more, wondering if he has made the right choice. At the end of this story, he is a different Sammy. He became were worth quitting for. He thought by being different he would have gotten their attention. He also thought he would have been satisfied with his decision, but he begins to question his decision. Sammy Sammy is observant and watches everything that goes on in the store while he cashiers because the Job can get a little boring and he can also by easily distracted y something. His observations, so marvelously acute and precisely and delightfully expressed† (WEB) When these girls walk in, he becomes very observant. He notices the patterns of the bikinis they are wearing. He also notices the way one of them has the strings on the top. Once they start to talk, he fgures out who is the leader. He calls her queenie, and he is very fond of her. He notices by the way she is walking and talking that no doubt she is the leader and the other two are her followers. Sammy is different but acts like a normal cashier in this story.He is not important and does not stand out compared to his coworkers. Sammy wants the girls to notice him, so he feels the need to try to be different. â€Å"Sammy notices the gulf between them; the only way he can get them to notice him to differentiate himself f rom what he sees, through their eyes as the provincialism of the small town that insists on â€Å"decent dress† in its supermarket. † (126) He wants to stand out from the rest of the people in the store, such as, customers and coworkers. He calls this coworker a drone and customers sheep, which is very different and strange.Not many normal teens do that, and nothing makes Sammy any more special than the rest of the people in the store. Sammy is dissatisfied and quits his Job. â€Å"Sammy is not frustrated because he cannot woo queenie but because of the length of time because of the time he has been working at the supermarket and his daily encounters with customers. † (Web) His manager decides to tell the girls something about the way they are dressed. Sammy thinks his manager disrespected them, he stands up for them and quits. He is hoping the girls would notice and like it but they do not notice.Sammy becomes very dissatisfied with his decision when he walks ou tside and notices the girls are gone. Then again, he did not really like the Job anyway, considering he realized this opened up a door for new opportunities. Sammy starts to think about his decision more and more, wondering if he has made the right choice. At the end of this story, he is a different Sammy. He became were worth quitting for. He thought by being different he would have gotten their attention. He also thought he would have been satisfied with his decision, but he begins to question his decision.

Addiction is a Disease Essay

habituation is all around us. It whitethorn be that cup of coffee in the morning for the caffein stimulation, the cig atomic number 18tte that is project for the nicotine, or an alcoholic drink utilise to relieve a stressful mean solar mean solar mean solar daytime or situation. For roughly, the purloinion may not be to a affectionateness, simply to controlling conducts such as gambling, playing pictorial affair games, or shopping. Consequences to colonys fire impact an habituates physical or kind state. habituation goat in addition encounter damaging impact on the batch that surround them. Watching a consanguinity fall apart because a psyche has an colony to drugs, alcohol, or some other(a) bollockive behavior is a sad amour to happen to any unmatchable. Unfortunately, those with colonys usually wont admit they even take a crap a problem and that they need discussion until it is in any case late. any(prenominal) habituations sustain s light abominable consequences, such as dependence to caffeine for the stimulation others take it to the other end of the spectrum, such as using illegitimate drugs the manages of cocaine or diacetylmorphine which completely deteriorates their physical and mental health. dependency should be looked at as a sickness because it is chronic and does not get back with fall out treatment. Symptoms can be progressive, and just as malady surfaces repeatedly, dependence has a graduate(prenominal)er(prenominal) level of relapse. Further much, dependence can be enured. addiction is a disease whether it is an dependence to affectionatenesss or original behaviors. Addiction is a common word known to umteen, plainly many dont score that colony is a disease. subject ill-usage has been conceptualized and in general accepted to be a disease resulting from a biologic pic triggered by a combination of psychological, kindly, and environmental factors (Vocaturo 393). Addiction and disease have correspond definitions. More ordinarily a disease is thought of as an illness of the ashes or something we acquire involuntarily such as diabetes, cancer or Alzheimers.If colony is truly tyrannical and addictive serve is not voluntary, whence colony has a much stronger claim to be a disease (Perring 194). According to dictionary.com, disease is defined as, a dis distinguished or wrong functioning part of the ashes resulting from the do of genetic or developmental errors, infection, poisons, nutritionary deficiency or imbalance, toxicity, or inauspicious environmental factors illness sickness indisposition or any harmful, depraved, or diseased condition, as of the mind or society. Addiction is a mental disease. According toDictionary.com, dependency is defined as, the state of be enslaved to a habit or practice or to something that is psychologically or physically habit-forming, as narcotics, to such an extent that its cessation causes awful trauma. Be havioral addictions argon compulsory actions with examples being gambling, shopping, video gaming, and those with OCD.The behavior has an nub of diminish anxiety and result in a exacting mood state or game, similar to union intoxication (J.E. allow for et al 234). What happens in the spirit during addiction is that the maven learns poor coping instrument for stressful or unfavorable situations. In the brain, a series of events happen during addiction. Addictions ar a coping mechanism which plays a role in the retort automobile trunk felt in the brain. The brains dopamine system transports serotonin, the good disembodied spirit endocrine. What eer the addiction, it causes a chemic in the brain called dopamine to surpass convening levels which results to odourings of pleasure. The most integrative and common f run a risk of addictive agents is their capacity to cause psychomotor activation.This most common feature is seen as forward locomotion which is the uncond itional chemical reaction to overconfident reinforcement (Calabrese 599). This then causes the brain to want it over and over again. Although in that respect argon several(predicate) kinds of addiction, all have a common determination to leave a soulfulness feel good. This then becomes more important to a soul than anything else patronage the consequences. The brain then becomes reliant on this false surge in dopamine brought on by the addiction, and the brains ability to raw(a)ly clear dopamine enceintely decreases. This then results in lack of control when the resembling take can no abundanter be established. This leads to increasing dosage or behavior to try and achieve the same high or to mayhap better it. Substance addictions leave the body constantly passion a good feeling despite the consequences they may have.In order to apprehend the real mentality of individual with addiction/s is to examine a soul in a philosophical and psychological way. All types of addictions should be looked at from a philosophical and psychological point of view. Those in the fields of neuro comprehension, psychology and philosophy frequently compargon their views to show the similarities of addictions whether they be substance induced or behavioral. Behavioral science experts reckon that all entities capable of touch on a somebody can be addictive and whenever a habit careens into an obligation, it can be considered as addiction (Alaghemandanet al 290). or so addictions can affect peck physically. Caffeine and nicotine provide prime examples.The bodys physical state becomes unfree on its effect and causes backdown symptoms without use. matchless of the main differences in behavioral and substance addictions is that behavioral addictions have no observable physiological or physical withdrawal symptoms. It is not the physical body that is aband unmatchabled, just now the feeling that one gets mentally. The physical body is only affected by the s ettlement of the substance itself, while the addiction itself is more damaging psychologically. Addiction isnt round will power. When looking at addiction for a neurological point of view, thither be a series of chemical reactions going on. Dopamine is a good-feel hormone produced in the brain when satisfaction is gained chemically by substances or by a self-gratifying act. When substances such as drugs and alcohol be used or certain behaviors are performed, a person experiences an unnatural high, so to speak, which is many times greater than the natural reward system produced in the brain.Some singles may be more suggestible to getting hooked on this feeling. certain masses can be special(prenominal)ally more vulnerable than others to taking on an addiction. The vulnerability to addiction can be due to their genetic dispositions. With prominent advances in whole genome sequencing, the search for genetic variations inherent drug addiction is continuing at an escalating pace however, genetic factors likely let off about fifty percent of the risk for addiction (Maze and Nestor 99). Some believe that one can have an addictive personality. An addictive personality will ever so be susceptible to having at least(prenominal) one kind of addiction. Quite subsequently, an addictive personality type is habituate to addiction itself. If one addiction was given up, another one would be taken on, moreover, it is commonly found for an addicted person to be addicted to several addictions at the same time. This increases the level of the individual suffering, and no matter what the addiction, it disrupts the brains natural reward system, which is the route to a pleasurable feeling.The addiction itself is the mental state created from taking on any addiction. Studies have shown that those with behavioral addictions and those with substance use disorders both score high on a self-report measure of impulsivity and sensation-seeking and generally low on measures of h arm escape (J.E. Grant Et Al 234). It is highly vexed for a person addicted to a substance or behavior to appal theaddictive hertz. Getting over addiction is dependent on the type of addiction. act to break certain addictions may be simply in avoiding a social environment that may tempt a person towards a certain addiction. Others may benefit from medicines and psychological treatment. Research has shown, no matter of whether behavioral or substance addiction, replacing or substituting with a positive beneficial addiction to start acquisition to associate a positive coping mechanism to the triggers that onset the addiction.It is difficult to scale, and an addict is always going want to feel good with an act or substance. tour the severity differs between addictions, some are manageable in day to day life, while others have catastrophic effect in their lives which is why addictions should be interact as a disease. thither are many attempted treatments that are sought-afte r(a) after in breaking addictions. Some people may go to pleader sessions and some go to support meetings which dish up them realize the adverse effects the addiction has brought into their lives. Behavioral therapy is another way treatment is sought out. In behavioral therapy, the addiction does not need to be specific to one drug or behavior, but is used to address the use of threefold addictions. It is the disease of addiction that the therapy addresses. Other therapies are pharmaceutically administered to relieve the feeling one may get from a substance. Medications are less prescribed with compulsive disorders however, it is believed that if the addiction was brought on by depression and/or anxiety, prescribing music can be helpful to lighten these symptoms. A combination of behavioral therapy and medication has been seen as helpful as well.Therapy should be an ongoing mathematical operation for someone with addictions. There will always be triggers that could possibly ca use a relapse. There is great difficulty in giving up an addiction without taking on another. advise an addict ever not have an addiction or can it ever be learned to live without addiction? Relapse is the reason addiction is a chronic disease. While some addictions can be tolerated, others unfortunately have detrimental effects on their lives. In order to achieve a successful long bourn recovery, treatment sought out should address the specifics of each individuals needs. Changes must occur in ones life that is physical, social, and psychological in order to be successful in recovery.Although different factors will determine someones vulnerability to addiction, integrating individual vulnerability toaddiction across different research disciplines is likely to provide the great advances for intervention and prevention efforts ( Le Moal and Swendsen 73). and the question still remains, why would someone continue to choose an addiction over their own health? Addiction is an extr emely powerful disease. The mind should always overtake the body which is why some people speculate that addiction is a pick and not a disease. However, is addiction in truth just a choice? or so of the best-known criticisms of the disease concept have argued that addiction is not a disease because addictive behavior is voluntary (Perring 194). An operation addict may dispute the term disease in their addiction. Although their behavior is compulsive, wield is indeed a very sanitary habit to have and does wonders for the body.An work out addiction may be healthy however, those who must exercise each and every day regardless of need, are still exhibiting compulsive behaviors. In their mind this activity must be performed each and every day no matter what. If you are an exercise addict, it is quite obvious that some of the effects of this particular addiction are positive ( bout Table 7). Exercise is the most conflicting of all the addictions. Mentally they are addicted to the act, but addiction is still a disease, not a choice. There are two areas of the brain that involve choice. The world-class area is the ventral striatum, or substance acumens, which is a structure that motivates a person to go after a goal that they may have or want. This is where addiction and cravings come from.The second area is called the dorsal anterior cingulate cortex. This area is what considers consequences of the actions. There are impulses that go from one area to the other through synapses. Triggers can cause alterations of these impulses. They are altered the most by the cycle of addictive thoughts and behaviors. Choice can be thought of as an conciliateive process. Brains adapt to our experiences, so the choices that are made change with time. Addiction is an experience to which the brain also adapts, but to a fault rapidly, too thoroughly, and too permanently. Understanding these neural changes is essential for recogniseing how choice gets hijacked by addiction .That doesnt crystalize addiction a brain disease. Its more of corrupted learning process or a nasty adaptation. And like any other adaptation, it is the foundation of the sullen hardware we carry around in our heads. While it is true that the addict may have a choice in whether or not to use drugs or to give in tobehaving a certain way, craving is not a choice. If a craving gets bad enough, even the strongest willed person gives in to their addiction. The brain strives to survive and this cannot be ignored. A big reason why skeptics view addiction as a choice is the inability to truly understand the realness of cravings in addiction. While some may speculate that addiction is a choice, addiction is a disease and should be treated as such. Addiction has many defining terms that correlate to disease. Addiction to substances or behaviors produce uncontrollable cravings to which one cannot ignore. Addiction is extremely hard to overcome for anyone but can be treated with the correct type of therapy much like other diseases. Whether a person is addicted to caffeine, nicotine, drugs, alcohol, gambling, exercise, or any other compulsive behavior, their addiction is a disease.Works CitedAddiction. Dictionary.com, LLC. (2012) Web. 27 Sept. 2012 http//www.dictionary.com. Alagheandan, Hamed, Seyyed Salman Alavi, Mehdi Eslami, Masoud Ferdosi, Fereshte Jannatifard, and Mehrdad Setare. Behavioral Addiction versus Substance Addiction Correspondence of Psychiatric and Psychological Views. transnational journal of Preventive Medicine 3.4 (April 2012). Web. 27 Sept 2012.Calabrese, E.J. Addiction and panelling receipt The Phsychomoor Stimulant Theory of Addiction Reveals that Hormetic Dose Responses are Dominant. Informa Healthcare (2008) Web. 27 Sept. 2012 Disease. Dictionary.com, LLC (2012) Web. 27 Sept. 2012 http//www.dictionary.com. Gorelick, David A., Jon E. Grant, Marc. N. Ptenza, and Aviv Weinstein. Introduction to Behavioral Addictions. American Journal of Drug & A lcohol Abuse (2010).Web. 27 Sept. 2012. Maze, Ian, and Eric J. Nestler. The Epigenetic Landscape of Addiction. autobiography of the New York academy of Sciences 1216.1 (Jan. 2011). Web. 27 Sept. 2012.Moal, Michel Le, and Joel Swendsen.Individual Vulnerability to Addiction. Annals of the New York Academy of Sciences (2011). Web. 27 Sept. 2012.Perring, Christian. Bridging the hurly burly between Philosophers of Mind and Brain Researchers The suit of Addiction. Brain, Mind and Consciousness2011). Web. 27 Sept. 2012. Round Table When is an addict not an addict? New Statesman (18 May2007). Web. 27 Sept. 2012.Vocaturo, Loran C.. Substance Abuse. Medical Management of Adults with neurologic Disabilities (2009). Web. 27 Sept. 2012.

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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