Gun Laws in Foreign Countries

Due to recent events occurring in America, people have been seeking out reforms in our nation’s gun laws so that they may feel safer inside their homes and inside the nation’s schools. Unlike some countries, America cannot be considered â€Å"harsh† with its gun laws, nor can it be considered weak when compared to still other countries. When looking to reform our gun laws, our nation should revise and remodel our laws after countries with stronger guns laws, such as Switzerland and Canada. With 3. 4 gun related deaths per 100,000 people, and only . 52 of those deaths being homicides, Switzerland is one the countries with the lowest gun deaths per year (â€Å"Wikipedia†). This is due to the countries strict control on guns and gun usage. One of their most unique laws in the government requirement for all able-bodied men to have an automatic weapon in their home, and ammunition, in the case of a call to military duty. The ammunition for the gun must be kept sealed and is strictly accounted for by the government.Citizens are required to keep this weapon from age 20 to age 42, the duration of their militia service, and are then given the option to keep the gun with the automatic function removed (Cotter). Along with the required militia weapons, the Swiss government also has strict policies on privately owned firearms. Much like the military guns, the privately owned weapons and the ammution are all registered and accounted for by the government. Any and all unregistered ammunition must be used at a government owned firing range, and none is allowed to leave the premises (Cotter).Finally, the Swiss government has strong laws on â€Å"conceal and carry† hand guns. The citizen who will be carrying the weapon must have a reason to be carrying the weapon, know how to carry the gun, and know how to use it safely to carry the weapon (Cotter). It is no surprise that Switzerland is one of the safest countries when it comes to guns. Much l ike Switzerland, Canada has stricter gun laws than the USA, with 2. 13 gun related deaths, . 5 being homicide, per year compared to the US’s 10. 2 gun related deaths, with 3. being homicide (â€Å"Wikipedia†). The Canadian Firearms Program, or CFP, is the group of people in charge of making and enforcing gun related laws in Canada. Some of the biggest laws they have concern certification, licensing, and investigation. The certification laws state that all individuals who want to own a nonrestricted firearm must pass the Canadian Firearms Safety Course, which â€Å"teaches basic firearms safety practices, operation of firearms, safe handling, carrying and storage, and responsibility of the owner and user† (Byrne).The licensing laws states that all individuals must be screened when they apply for a license and that the individuals will continue to be screened after they obtained their license. The CFP does not allow citizens who pose a potential risk to their own or anyone else’s safety to obtain a license and removes guns and licenses from those who do not have a safe and responsible way of using their firearms (Byrne).Finally, the investigation laws states that the CFP have the ability to track gun owners with the Firearms Investigative & Enforcement Services Directorate and law enforcement to investigate illegal firearms activities. Chief Firearms Officers supervise Chief Firearms Instructors to ensure that citizens are always taught to be safe and responsible when handling a firearm (Byrne). While not all of the above stated laws would help to improve the United States gun situation, some people find it may be wise to amend and fit these laws into ours as to make our country safer.Our country does not need to give every young man a gun, but teaching the young men how to properly use and handle a gun and pass a test in order to safely and responsibly use the weapon would be wise. Also, requiring a form of licensing and continuing t o keep an eye on citizens with a license in order to be sure they maintain the safety they are taught to use while handling weapons would be in the countries best interests.Finally, the government should add a clause to conceal-and-carry in order to make it necessary for the citizens carrying the hidden handgun to have a pressing issue that requires the safety of a dangerous weapon. Though it is impossible to make our country one hundred percent safe from firearms and criminals, it is the country’s best interest, I believe, to change our gun laws as to make it harder to obtain a weapon and safer to both use a weapon and to be around those who use weapons.It may be hard to be completely safe, but it never hurt anyone to try a bit harder to keep the citizens in this country safer from others here. It is much more worth losing a bit of our â€Å"freedom†, so long as we can be sure we are safe in our homes and our schools. Works Cited Byrne, Drake. â€Å"Canadian Gun Safe ty. †Ã‚  eHow. eHow. Web. 11 Feb 2013. . Cotter, Mitch. â€Å"Switzerland Gun Safety. †Ã‚  eHow. eHow. Web. 11 Feb 2013. . â€Å"List of Countries by firearm related death rate. † wikipedia. wikipedia, 11 Feb 2013. Web. 11 Feb 2013.

Music in Films Essay

Talents are strewn around everywhere in the form of music, acting, editing, singing, etc. Stories and themes are left undiscovered in the slums of India. Who would pick them up and give an artistic touch? Hats off to Danny Boyle, an English director who did it. He took the challenge of making it to the silver screen and ended up with Oscars, the highest authority on movies that acknowledged Slum Dog Millionaire with 8 out of 10 nominations. An 18-year old boy Jamal who was raised in Mumbai slum wins 10 million dollars in a quiz competition which is popularly known as â€Å"Who will be the millionaire. † in Indian television show. As he keeps winning, the doubt â€Å"How an uneducated tea supplier working in a call center could answer all questions correctly? † raises. Was he cheating? An obvious question that arises in the minds of everyone which the movie alone could answer. Just one more question the next day will make him a millionaire. That night, Jamal was taken to police station and was beaten brutally on charges of cheating in the quiz competition. The answer to the question â€Å"How Jamal would know the answers to all the questions? † is the central theme of this movie with which the entire story is built. Usually rich ones with good schoolings have better access to quiz competitions with the probability of winning. But Jamal had no formal education. The vicious streets of Mumbai, the horrific nights, the villainous characters around taking every opportunity to exploit poor children like him are all the lessons Jamal went through in the open and unsafe streets of Mumbai. The insecurity for the poor in the slums and the social weaknesses of the Indian society is brought about by the movie in a thrilling fashion. Thugs turning children blind and making them beggars for their selfish motives is one such example. For every question asked in the competition, Jamal derived answer from his life time experience. In other words, there were events in his life which had some connection to the answers. He uses his intelligence and memory to recollect the events and tries his luck. Of course a bit of luck is also necessary in everything one does. Another way of looking at Jamal is that talents are everywhere in forms suppressed, in royal institutions as well as in the slums. Bringing them up to the surface is what heroism is. While young, Jamal made an awkward choice of jumping into the pool of shit to come out of the toilet and finally making it with Amitabachan (a leading actor in India) for an autograph shows his drive and enthusiasm. Jamal meeting her girl friend Lathika back in Mumbai after a long gap is an ecstatic moment. Girls like Lathika after being grown up are eyed seriously by lewd males. Even Jamal had to ruffle with his brother to get Lathika out of him. Both Jamal and Lathika are safe in the end and their love materializes. Jamal talking to Lathika over phone as a lifeline friend is symbolic of Jamal winning his invaluable prize Lathika before winning his 10 million dollar. The movie is a combination of everything – scores of music, songs, cinematography, editing, etc. A. R. Rehman struck his chord with his rich and varied notes scoring over horror, melody, love and misery. The distinction shown among all these items with originality and inventiveness are something special which won him the Oscar for Original Scores. The choice and combination of music themes applied make the movie prolific. For example â€Å"Ring ring ringa, Ring ring ringa†¦. † is used when prostitutes are shown. â€Å"Jai ho, jai ho† is used when Jamal and Lathika meet or when there is a heroic deed performed. The â€Å"jai ho jai ho aaja aaja jind shamiyane ke tale aaja jariwale nile aasman ke tale jai ho jai ho ratti ratti. † song transcends the barriers of language and reaches out to audience worldwide to enthrall and has yielded him yet another Oscar for song. It is the music that takes the song everywhere. Every time when there is a change of scene, the music is simply astounding. The change of mood is rightly set by the music. The background music of quiz program is not new to the people of India, as the real program on television show was similar to this one. However, the typical music recorded in multiple tracks give thrill and excitement when questions are being rolled out. The song â€Å"I fly like paper, get high like planes If you catch me at the border I got visas in my name If you come around here, I make ’em all day I get one down in a second if you wait   Ã¢â‚¬  while the train is moving has all the gravity of cheerfulness compassioned with the advent of nature. Music is the language whenever flashbacks have to be short and quick. If the arrival of Taj Mahal has some humorous events in it, the music compensates it with reverence. The background music when the prostitutes are shown in the slums of Mumbai, the humming love music when Jamal meets Lathika after a gap, and the song at the end of the movie which brings winning moments for everyone – for the hero, for the director, for the musician, etc is worth mentioning. Whenever the scenes have the power to move the audience, the music leaves an impression in the minds for an everlasting memory. Titanic Titanic is a movie of all times for its unparalleled mixture of fact and fiction filmed on a massive scale. The grandeur of the ship, the differences shown between the rich and poor in the backdrop of Edwardian influence, the love between Rose and Jack tied together in the heart rendering scores of James Horner, the magnanimous touch of James Cameron as writer, director and editor eventually became the first movie of its kind in Hollywood. The movie is screened for just three hours but it comprises a mammoth research by reaching out to the depth of the Atlantic where the original Titanic sank in 1912, and by building a main production set at Rosarito Beach in Baja California, Mexico. As one of the crew members rightly says in the movie, â€Å"The ship is known for grandeur. † it has everything in it: the restaurants, swimming pool, elevators, grand staircase connecting seven decks, a huge glass dome, and all the luxury items. The gigantic ship has massive propellers to pull it all along. The cost of first class tickets are so high even close to $4000 for some which is equal to the amount of $50000 today. Cameron begins the movie in a striking manner as he uses the latest submergence technology and the grandeur with which it explores the wreck of Titanic. The entire operation under water around Titanic in the rumbles of James Horner is a rare phenomenon to watch. â€Å"She is the largest moving object ever made by the hand of man† as said by a character in the movie, it also felt by the music effect. Brock Lowett, an explorer in the movie is curious to possess the necklace with blue diamond worn by Rose in 1912. He ends up discovering a nude painting of Rose. The 100-year old Rose, watching this incident on television calls Brock Lowett and tells the fact that she is the one in the picture. What rose recollects from her memory is the main story of Titanic. Everyone around Rose including her fiancee Caledon is of typical business people who restrict women. Unable to bear with the economy based love and affection running deep in the hearts of her fiance, Rose decides to commit suicide and runs to edge of Titanic and climbs on the railing. Jack comes at the right time to her rescue and the compassionate words of Jack brought her back to life. Jack boarded the third class in the last minute because of the Jackpot he won. He is only a survivor and is no match to the rich and elegant families of the first class passengers who were made to invite him for a dinner party for rescuing Rose. But Jack is well mannered, clear headed, charming and he feels for others. He has passion for drawing and some of his paintings attract Rose. The movie scripts are written aptly to bring Jack and Rose together after an initial disapproval by Rose when Jack asked her â€Å"Do you really like the guy? † Later it turns out to be good and they had a good understanding. Their togetherness in the ship after they started loving each other is the sweetest moment of the movie. It includes Jack’s mystical touch in painting her nakedness wearing only the Heart of the Ocean, their running around the deck and cargo hold of Titanic in joy, their standing at the edge of the ship on the railing with their hands straitened in excitement singing: â€Å"Every night in my dreams I see you. I feel you That is how I know you go. † †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. † This song has become the magical spell of the movie Titanic all over the world and this still picture of their stance became the trademark of the movie Titanic. The music fastens with the solo violin bringing momentum. After a while, the fatal iceberg strikes the edge of Titanic and in the next couple of hours or so everything goes under water. The serious episode of the movie begins with the gradual inflow of water into the ship sinking it gradually and bringing panic. The entire mechanism of how a gigantic ship would submerge under water is a massive research effort discovered and shot for screening by James Cameron. Rose and Jack face predicaments in the ship when they are in search of each other as the ship is sinking gradually. The thrill, excitement and horror are maintained well. Silence followed by music and vice versa creates impression in these scenes. Jack and Rose reached the edge of Titanic from where they jump off the drowning ship and were in the waters of Atlantic waiting for a survival boat. No boats are in the vicinity. Jack prepared to be in the water leaving Rose on a piece of oak panel that is available. The chilly water frozen in minus degree centigrade would not keep Jack alive for long. Rose cries in emotion â€Å"Jack come back†, â€Å"Jack come back†. â€Å"There is a boat Jack. † The music of the song â€Å"Every night in my dreams, I see you. I feel you, That is how I know you go† in low humming voice hardly leaves anyone without tears in eyes. This is one of the greatest emotional scenes on the screens. As she promised Jack she lives until she becomes old enough. It is not just the James Cameron has given The 20th Century Fox has not just produced a movie that has just won 11 Academy awards but has gifted the world a movie of great proportion that would stand all ages. School of Rock School of Rock reveals the power of music through a group of children aged around 10 from a prep school. The spirited hard rock singer and guitarist Dewy Finn masked as a substitute teacher in a class room could not go fizzled out when the music director Craig Wedren has his full support. The hero Dewey Finn visualizes no way out but to be with the rock that paid him nothing. â€Å"Do you want me to give up my band? † he goes weird while talking to his friend Ned Schneebly when he pressurizes him to pay the share of his room rent. Voted out from the band due to his hyper active stage antics, Dewy has no source of income to pay off anything. He is a lone talent unexplored on the stage, dreaming of a great rock career. All that he needs is â€Å"One little thing, it’s music†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬  and he has challenged his band members who voted him out, â€Å"I’ll set up my own band. We are going to start a revolution. † So the fire is burning within him contributes to the central theme of the movie. He turns a phone call of Mr. Schneebly in his favor and decides to go as a substitute teacher in the name of Schneebly to make some money for his immediate needs. As desired, he gets into the school and there begins a new lease of life when he spots children attending music classes amidst his boring class room sessions comprising mainly of recess. He senses a vibrant rock band in his students that could back him up back on to the stage. His mind worked brilliantly. He worked in that direction shifting musical instruments back and forth to the class room and away. He picked up students and assigned each student an instrument and engaged them in practice. The music of comedy is well underway with Dewy managing his students answering all their questions to comfort them that they are doing a school project. That’s how he tells students instead of telling the truth that he wants to win in the Battle of the Bands. Either ways it is a competition – a competition to disclose talents to the public. His conversations with Ms Mullins, the Principal of the preparatory school and other teachers are full of comedy. The words of Dewy, â€Å"It’s experimental teaching. We were learning in singing songs. † confuses the Principal as there is no such thing. Gradually, Ms. Mullins has a special liking for Dewy as he drags her for tea with his artistic eloquence in praise of her profession and her way of handling things. She is much more impressed by his reverence tinged with fun for her profession and especially when he tells her that she is cool and capable. The movie takes a dramatic turn when Schneebly and his fiance come to know of the fraud when Dewy opens up how the check in the name of Schneebly reached him from the preparatory school. The secrets are let out and the police enters the class room when Dewy is in a parents day meet. He is out of school now. Parents are in despair complaining to the Principal about their children’s studies suffered. Ms. Mullins has a tough time answering all the parents and so shuts the door in anger. The power of music is still alive with the students. They secretly take the school bus and reach Dewy’s place to pull him up for the Battle of the Bands. Dewy never dreamt students would be so taken by the rock. They rushed to the theater. Their turn is about to come. Surprise mounts up as the parents and the principal too rushed to the theater to rescue their children. The school of Rock is finally on the stage in colorful dresses. Zack is amazing with his guitar. Freddy is rollicking with his drums. Lawrence is working mystery with his keyboard. Tonika enchants the audience with her voice. â€Å"Baby we was making straight A’s, But we was stuck in a dumb daze, Don’t take much to memorize your life, I feel like I’ve been hypnotized. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. † Dewy goes wild on his power stance, moving, dancing, rolling all over and jumping into the crowd to bring a swashbuckling finish to the song. Their performance is surprising, unbelievable, absolutely stunning. Every parent delights at his or her child for doing great on the stage. The music in the last few minutes of the movie brings a complete change of moods. The parents who rushed in panic are now cool after discovering great talents in their children. The principal runs out of words when people praised her. The power of rock took everyone by surprise. Finally the music wins. School of Rock fails to win the $20,000 prize but the audience shouts, â€Å"School of Rock† â€Å"School of Rock† repeatedly asking for once more. Once again The School of Rock is on the stage with a song once again. Dewy gets a chance to train students in music after school hours. The filmmaker Richard Linklater has directed the movie in accordance with, â€Å"Guitar in hands and rock in our hearts. † References Retrieved March 21, 2009,http://www. mygodwithin. com/2009/02/slum-dog-millionaire-receives-8-oscar. html Retrieved March 21, 2009, http://www. futuremovies. co. uk/review. asp? ID=139 Retrieved March 21, 2009, http://www. hollywoodlot. com/titanic/james-cameron. html

A Raisin In The Sun Study Guide Essay

Part 1: Multiple Choice: Choose the best answer. (worth 1 point each) Act I Scene One 1. Why did Walter ask Ruth what was wrong with her? 2. Why was Ruth upset when Walter gave Travis the money? 3. Who are Willy and Bobo? 4. Walter said, â€Å"Damn my eggs†¦damn all the eggs that ever was! † Why? 5. Who is Beneatha? 6. Why did Beneatha say she wouldn’t marry George? 7. What was Beneatha’s attitude towards God? 8. What happened to Ruth at the end of Act I Scene One? Act I Scene Two 9. Who is Joseph Asagai? 10. What did Ruth find out in the doctor’s office? 11. Why is Asagai’s nickname for Beneatha appropriate? 12. What does Mama say is â€Å"dangerous†? 13. Why did Mama call Walter a disgrace to his father’s memory? Act II Scene One 14. What are â€Å"Assimilationist Negroes†? 15. What did Mama do with her money? Act II Scene Two 16. How did Ruth find out Walter hadn’t been going to work? 17. Where had Walter been going instead of work? 18. What did Mama do for Walter? 1 A Raisin In the Sun by Lorraine Hansberry Study Guide Act II Scene Three 19. Who was Karl Lindner? 20. What presents did Mama get? 21. What news did Bobo bring to Walter? Act III 22. Why didn’t Beneatha want to be a doctor anymore? 23. What does Asagai ask Beneatha to do? 24. Why didn’t Walter take the money Lindner offered? 25. Did the Youngers stay of move? Important Quotations: Tell who said it and why it’s significant. Quote 1: â€Å"Weariness has, in fact, won in this room. Everything has been polished, washed, sat on, used, scrubbed too often. All pretenses but living itself have long since vanished from the very atmosphere of this room† Quote 2: â€Å"Yeah. You see, this little liquor store we got in mind cost seventy-five thousand and we figured the initial investment on the place be ’bout thirty thousand, see. That be ten thousand each†¦ Baby, don’t nothing happen for you in this world ‘less you pay somebody off! † Quote 3: â€Å"We one group of men tied to a race of women with small minds. † Quote 4: â€Å"Mama, something is happening between Walter and me. I don’t know what it is – but he needs something – something I can’t give him any more. He needs this chance, Lena. † Quote 5: â€Å"Big Walter used to say, he’d get right wet in the eyes sometimes, lean his head back with the water standing in his eyes and say, ‘Seem like God didn’t see fit to give the black man nothing but dreams – but He did give us children to make them dreams seem worth while. ‘† Quote 6: â€Å"Something has changed. You something new, boy. In my time we was worried about not being lynched and getting to the North if we could and how to stay alive and still have a pinch of dignity too†¦ Now here come you and Beneatha – talking ’bout things we ain’t never even thought about hardly, me and your daddy. You ain’t satisfied or proud of nothing we done. I mean that you had a home; that we kept you out of trouble till you was grown; that you don’t have to ride to work on the back of nobody’s streetcar – how different we done become. â€Å" Quote 7: â€Å"I see you all the time – with the books tucked under your arms – going to your (British A – a mimic) ‘clahsses. ‘ And for what! What the hell you learning over there? Filling up your heads – (Counting off on his fingers) – with the sociology and the psychology – but they teaching 2 A Raisin In the Sun by Lorraine Hansberry Study Guide you how to be a man? How to take over and run the world? They teaching you how to run a rubber plantation or a steel mill? Naw – just to talk proper and read books and wear white shoes†¦ † Quote 8: â€Å"What you need me to say you done right for? You the head of this family. You run our lives like you want to. It was your money and you did what you wanted with it. So what you need for me to say it was all right for? So you butchered up a dream of mine – you – who always talking ’bout your children’s dreams†¦ † Quote 9: â€Å"And from now on any penny that come out of it or that go in it is for you to look after. For you to decide. It ain’t much, but it’s all I got in the world and I’m putting in your hands. I’m telling you to be head of this family from now on like you supposed to be. â€Å" Quote 10: â€Å" I’m waiting to see you stand up and say we done give up one baby to poverty and  that we ain’t gonna give up nary another one†¦. I’m waiting. † Quote 11: â€Å"Well – I don’t understand why you people are reacting this way. What do you think you are going to gain by moving into a neighborhood where you just aren’t wanted and where some elements – well – people can get awful worked up when they feel that their whole way of life and everything they’ve ever worked for is threatened†¦ You just can’t force people to change their hearts, son. â€Å" Act 2, Scene 3, pg. 105-6 Quote 12: â€Å"I seen†¦ him†¦ night after night†¦ come in†¦ and look at that rug†¦ and then look at  me†¦ the red showing in his eyes†¦ the veins moving in his head†¦ I seen him grow thin and old before he was forty†¦ working and working and working like somebody’s old horse†¦ killing himself†¦ and you – you give it all away in a day†¦ â€Å" Act 2, Scene 3, pg. 117 Quote 13: â€Å"I live the answer! (pause) In my village at home it is the exceptional man who can even read a newspaper†¦ or who ever sees a book at all. I will go home and much of what I will have to say will seem strange to the people of my village†¦ But I will teach and work and things will happen, slowly and swiftly. At times it will seem that nothing changes at all†¦ and then again†¦ the sudden dramatic events which make history leap into the future. And then quiet again. And perhaps†¦ perhaps I will be a great man†¦ I mean perhaps I will hold on to the substance of truth and find my way always with the right course†¦ † Act 3, pg. 124 Quote 14: â€Å"There is always something left to love. And if you ain’t learned that, you ain’t learned nothing. † Act 3, pg. 135 Quote 15: â€Å"He finally came into his manhood today, didn’t he? Kind of like a rainbow after the rain†¦ † Act 3, pg. 141. Quote 16: â€Å"What’s the matter with you all! I didn’t make this world! It was give to me this way. † Quote 17: â€Å"That was what one person could do for another—sew up the problem, make him all right again 3 A Raisin In the Sun by Lorraine Hansberry Study Guide Potential Short Answer 1. What is the setting of the play? 2. What is the central conflict in the play? 3. Define idealist and realist as Asagai does. Which characters fit into each category? 4. What contemporary political issue does Hansberry bring to the stage? Explain. What is the significance of this issue and how does it play a role one’s pursuit of  the American dream? 5. Who/what is the play’s protagonist? 6. Who/what is the play’s antagonist? 7. What moment in the play could be considered the climax? Explain. 8. Compare and contrast Beneatha and Walter. (You may use a chart/diagram). 9. Compare and contrast Asagai and George. (You may use a chart/diagram). 10. Explain the symbolic significance of the plant. 11. What is Asagai’s nickname for Beneatha. Discuss how it is a significant one for the play 12. To whom is Beneatha referring when she says to Lindner, â€Å"You heard that the man said? † Why is it significant?

Human Resource Management - Portfolio Essay Example | Topics and Well Written Essays - 1500 words

Human Resource Management - Portfolio - Essay Example Finally based on the analysis and findings from the study a conclusion will be drawn. There are several definitions of recruitment exist. Eminent scholars such as Andrews defined recruitment as the process of discovering prospective talents for a particular job (Andrews, 1988, p.94). In simple words recruitment can be also portrayed as a method by which potential applicants are attracted for some kind of jobs in the organization. The process of recruitment is generally divided into two type namely formal recruitment process and informal recruitment process. However the process to be adopted for the purpose of recruitment varies from one company to the other. A number of scholars believe that employees are the central part of an organization as without the human resource, functioning of the organization will become literally impossible. A number of scholars around the world has researched in this subject and portrayed their views. Hence it is expected that large amount of literature regarding the recruitment process will be found. According to Randhawa (2007) recruitment is a process of searching the prospective candidates and inspiring them to apply for the employment in the organization. It can be also referred to as the method by which organization generates a pool of educated and eligible applicants. Hence from the author’s point of view recruitment is simply searching for potential employees for a particular job. Whether an organization follows informal or formal recruitment process, it should have a well defined recruitment policy. Similarly regarding the recruitment process, Bohlander and Snell (2007) stated that the sources of recruiting a candidate can be classified into formal and informal sources. The informal recruitment process is about recruiting the employees with the help of existing employee referral. On the other hand formal sources of recruitment can be illustrated as the process of recruitment

Annotated bibliography for a study Example | Topics and Well Written Essays - 250 words - 1

For a study - Annotated Bibliography Example The participants for the study included hearing-impaired students attending junior high or high school. Besides that, their mothers were also qualified to participate in the research project. The student and mother required to make use of any quantity of American Sign Language so as to be able to be involved in the study (page # 177, Lines #12-24). Correlations were conducted to establish whether a relationship exists between skill level of the mothers and the English literacy of the children according to the STAR test (page # 174, Lines # 5-7). A total of seven children and six mothers were involved in the study (page # 178, Lines # 1). Results indicated that there was no significant relationship between skill levels of the mothers and the students’ English literary as measured by the TGSL-R. It was also found out that from 2010, students with higher A’ scores from TGJASL-R also seemed to possess higher scores on the CMA or ELA CST. There is a significant relationship between the ASL ability of a student and skills in English literary. These findings were supported by Strong and Prinz (1997). The amount of years a mother utilized ASL influenced her A’ scores on the TGJASL-R. Finally, there was a significant difference in performance between those who are native users of ASL and those who are non-native users of ASL (page # 185-186, Lines # 4-20; Lines # 2-16). Buchholtz, S., Lachs, L., & Boudreault, P. (2011). The effect of mothers ASL skill level on the English Literacy of their Children. Journal of the American Deafness & Rehabilitation Association , 45 (1),

MGT-4530 exam 2 Assignment Example | Topics and Well Written Essays - 1250 words

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Start up of Replacement Ink Assignment Example | Topics and Well Written Essays - 2000 words

Start up of Replacement Ink - Assignment Example The concept of CRM is very closely related to the relationship marketing. It suggests that maintaining and fostering personalised relationships, in the context of business to consumer sales, can definitely lead to profit if it is combined by a mutual exchange of benefits and fulfilment of promises on the part of both the parties i.e., buyers and sellers. CRM therefore involves managing customer information in a way that can lead the organisation to satisfy its customers in a better manner. A new business of replacement inkjet cartridges, in the same vein, needs to employ effective customer relationship management programs such as customer surveys, service evaluations, pre-sale and after sale inquiries on a database driven system so as to foster the relationship with its customers and stimulate customer loyalty. Loyalty is regarded as an important aspect of relationship management. Crosby (2002, p273) expounds that, â€Å"loyalty refers to a strong emotional attachment to a firm that is manifest in customer behaviours like staying with the company, recommending it, buying additional products and services and so forth†. At the crux of customer relationship management is the concept of customer loyalty. CRM programs are basically designed to keep the customers loyal to the organisation. The customers display their loyalty mainly by coming to the company every time the same product is needed or recommending the product to the others. However, this report focuses on the criticism of relationship.... A new business of replacement inkjet cartridges, in the same vein, needs to employ effective customer relationship management programs such as customer surveys, service evaluations, pre-sale and after sale inquiries on a database driven system so as to foster the relationship with its customers and stimulate customer loyalty. Loyalty is regarded as an important aspect of relationship management. Crosby (2002, p273) expounds that, "loyalty refers to a strong emotional attachment to a firm that is manifest in customer behaviours like staying with the company, recommending it, buying additional products and services and so forth". At the crux of customer relationship management is the concept of customer loyalty. CRM programs are basically designed to keep the customers loyal to the organisation. The customers display their loyalty mainly by coming to the company every time the same product is needed or recommending the product to the others. CRM programs can be initiated to enhance relationships at both ends i.e., the suppliers as well as the customers. However, this report focuses on the criticism of relationship building in case of business to consumer sales. Criticism Of Customer Relationship Management In The Context Of Business to Consumer Sales: Despite the fact that there happen to be several benefits attributable to the implementation of customer relationship management, several criticisms have been levied against this concept in the context of business-to-consumer sales. In a consumer market scenario, the customer relationship management is not considered to result into enhanced customer relationship. A study of literature [for example, Mishra et al. (1998), Gronroos (1994), Bagozzi (1995), Tax et al.

Art History Assignment Example | Topics and Well Written Essays - 1250 words

Art History - Assignment Example Honore Daumier’s â€Å"Third-Class Carriage† was precisely a demonstration of social commentary. It was one thing that he just happened to accomplish with this painting. It was very common of Daumier as a trained lithographer to create paintings that were generally biting social commentary. It is because of his experiences during which the classes were divided. The culture that helped produce this was France because of the chaotic mess in the country that occurred politically, socially and in many other aspects of a French culture. He had the ability to use art to literally do just that. Michaelangelo who did most of his work in Italy was working in the Vatican City, the headquarters of the Catholic people during a time when Protestantism was on the rise. It was a method of providing an elite painting on the dome of a building in ways that had never before been accomplished. It suggests that the Catholic religion is also one of elitism. Girodet was a student of Davidâ⠂¬â„¢s and he went on to create the â€Å"Burial of Atalia,† which was a painting from the Romantic time frame. Another student of his was Antoine Jean Gros who painted â€Å"Napoleon at the Pest House of Jaffa.† During this time in Europe, while using neo-classicism, there was a use of harmony, proportion, and simplicity in order to create the paintings. Romanticism had a slightly different aesthetic theme but both artists were able to use the methods that they had learned under David and transition them to the work that was typical of the Romantic art period.

ENDOSCOPES Essay Example | Topics and Well Written Essays - 500 words

ENDOSCOPES - Essay Example In operative endoscopes, an additional channel to allow entry of medical instruments to biopsy or to facilitate tissue and other operations (Wikipedia, 2006). The endoscope also provides visual examination of the interior of the body through a natural body opening such as the throat or rectum. Since the endoscope can be inserted through a very small opening, it is a less invasive method than other surgical techniques, causing less scarring and a quicker recovery time. A camera or video recorder is often used during an endoscopic procedure to provide permanent records of internal organs, which may be used for later reference (rosemont.com., N.D). Endoscopic surgery has been used for decades in a number of different procedures, including gallbladder removal, tubal ligation, and knee surgery. However, in recent years endoscopic instruments are also used for plastic surgery. As important research continues, endoscopy is being used on a limited basis for both cosmetic and reconstructive procedures (ASPS, 2006). There are two main uses of endoscopy - diagnostic and therapeutic. In case of a suspected tumour or other disorder in the stomach, bladder, lungs or other organs endoscopy can be used for examination. In addition to studying the organ, the physician is able to take a biopsy sample (a small piece of suspicious tissue) for testing. In earlier days biopsy required major surgery. Endoscopy is valuable in the removal of polyps (small growths), treatment of knee joint and other joint disorders, and inspection as well as treatment of the bronchi, colon, female reproductive organs and gastrointestinal tract (rosemont.com., N.D). All surgery carries risks and every incision leaves a scar. However, with endoscopic surgery, the scars are likely to be hidden, much smaller and some of the after effects of surgery may be minimized. As the incisions are shorter with endoscopy, the risk of sensory loss from nerve damage is decreased. Also, bleeding, bruising and

What success has liberalism sought to emancipate individuals Essay Example for Free

What success has liberalism sought to emancipate individuals Essay Liberalism has always fought for the rights of the individual as it was one of the founding principles of the liberal ideology according to John Locke in the 17th century. As well as the rights of the individual, John Locke also saw freedom and toleration as two other key components of liberalism. This question demands, however, an examination of the success of liberal policies towards the emancipation of the individual. During the course of this essay one will examine how liberalism has freed the individual during the 19th Century under Gladstone and during the liberal reforms of 1906-1912. Finally one will conclude that in concordance with R. Rurup that, Liberalism is regarded as the truest protagonist of emancipation. Reforms enacted by liberal governments, often did provide huge improvements in both living standards and education however, they did not always fully emancipate the individual.[1: R. Rurup, Leo Baeck Institute Yearbook, (1975) 20 (1): p. 59] First and foremost, one must look at the great liberal reforms of the 19th Century, enacted during both the first and second ministry of William Gladstone. Vincent, claims that, such reforms that, Maximised individuality, were, genuinely liberal. The first reform that most clearly emancipates the individual during Gladstones premiership was the Elementary Education Act of 1870. This as Heywood argues was seen as a way out in the 19th Century form the, Spread of slums, poverty, ignorance and disease. The act established the English elementary schooling system, as children up to the age of 12 were made to attend primary school. It created a codified curriculum with six standards or ages 5-12. Strict punishments were laid upon parents who refused to send their children to school. Whilst, this bill created the provision of elementary education in the United Kingdom, it also led to many problems as the new compulsory schools were not free. A means tested scheme applied to the poorest who could not afford to send their children to school, but for many it put them in a very difficult financial position. Vincent, therefore, criticises the Elementary Education Act by deeming it, Gladstones empirical socialism. The act, however, was a success as by 1880 4000 school were taken over by school boards and nearly  2.3 million children were enrolled in compulsory education up to the age of 12. One can say therefore, despite the criticisms by Vincent, that the Elementary Education Act did successfully emancipate the individual as it lead to higher overall wages as workers were more skilled, for example they could read and take measurements, and it successfully started the primary schooling system in the United Kingdom. [2: Vincent A, A Modern Political Ideologies, (Blackwell) 1992 pg. 34][3: Vincent A, Political Ideologies, 1992 pg. 34][4: Heywood A, Political Ideologies an Introduction, (Palgrave Macmillan) 2007 pg. 56 ][5: Vin cent A, Political Ideologies, 1992 pg. 35] Secondly, Gladstones ministry continued to emancipate the individual by expanding the franchise in the United Kingdom. This bill was the third reform act in the 19th Century and continued to increase the franchise by allowing anyone who had to pay rent of 10 pounds and above to vote as well as anyone who owned land with the value of 10 pounds and above. This is equivalent to  £7,300 in 2013 using the retail pricing index. This was a huge leap forward as Goodwin describes the bill as, Progress to a better society, The bill nearly doubled the franchise in England from 2,300,000 in 1880 voters to 4,100,000 voters in 1885 and did double the franchise in the whole country from 3,000,000 voters in 1880 to 6,160,000 voters in 1892. Male suffrage varied throughout the kingdom, however, in England and Wales, 2 in 3 adult males had the vote; in Scotland, 3 in 5 did; and in Ireland, the figure was only 1 in 2. Whilst the bill was a long way off from universal suffrage and did not apply to women at all, the bill did seek to emancipate those land-owners and those who rented who were not franchised in previous voting reform legislation. Therefore, whilst this piece of legislation did not meet the liberal ideals of equality according to John Locke and John Stuart Mill, due to its exclusion of women, it did enfranchise and emancipate a large proportion of the male population from prejudice in the voting system of the United Kingdom.[6: Goodwin B, Using Political Ideas, (John Wiley Sons) 2007 pg.53][7: British Electoral Facts 1832-1987, compiled and edited by F.W.S. Craig ] Thirdly, one will look at the liberal reforms of the early twentieth century. The liberal reforms are the best example of the split in liberal  thinking from classical liberalism to modern liberalism. They, shifted their outlook from a _laissez-faire_ system to a more collectivist approach, Modern Liberalism was started in the early twentieth century by leaders such as Campbell-Bannerman and Asquith. Heywood claims that inception of the reforms was spawned from the belief that, the state should help people help themselves. One will first look at how the liberal reforms emancipated the workers of the early 20th Century. The Labour Exchanges Act of 1909, created state run labour exchanges with the specific role of placing people in work who were affected by the seasonal demand of shipping and other seasonally affected trade, especially in winter. Whilst, opposed by labour unions as they feared that the labour exchanges would reduce the effectiveness of collective bargaining for fair wages, the labour exchanges by 1913 were putting 3,000 people a day into work. Whilst successful in emancipating some workers from the threat of seasonal unemployment the labour exchanges did have a small impact as only 25% of the working population in the United Kingdom found employment though them. [8: Vincent Emy, H Liberals, radicals, and social politics, 1892-1914 p. 14][9: Heywood A, Political Ideologies, 2007 pg. 60][10: Watts, D Whigs, Radicals, and Liberals, 1815-1914, p.89][11: Watts, D Whigs, Radicals, and Liberals, 1815-1914, p.89] Lastly, within the liberal reforms one must look at the National Health Insurance Act of 1911, which truly emancipated members of the working class, as they would have a safety net if they fell ill. Although, Goodwin views this reform as an, interference with individual freedom, but does argue that Hobhouse, having reiterated some of T. H. Greens views, claims that this extension of public control is justified on, Humane grounds. Goodwin does also explain that any, loss of independence, should be counted against the, benefits offered by the welfare measure. The National Insurance Act of 1911, offered many benefits and emancipated every worker in the United Kingdom who earned less that  £160 a year. The scheme created a compulsory government-run insurance plan against unemployment through illness. This emancipated workers from the fear of becoming destitute though illness. All workers paid four pence a week to the scheme, the employer paid three pence and the government paid two pen ce. Whilst there was criticism of  the act, especially from the conservative part, as they argued that it was not the governments duty to be involved in such a scheme, the bill was passed and helped millions of workers. This can be seen as the most influential bill that any liberal government has passed during the liberal reforms between 1906 and 1912 as it both laid the foundations for the Welfare State but it also emancipated millions of workers from poverty as envisaged in _Life and Labour of the People_ by Rowntree and Booth, two influential liberal reformers. In conclusion, moreover, both the Labour Exchanges Act of 1909 and the National Insurance Act of 1911 were ultimately justified as they were seen to be based on, humane grounds, and they were hugely successful at emancipating the working classes of the United Kingdom from, what Heywood describes as the, Spread of slums, poverty, ignorance and disease which was driving factor for all of the liberal reforms in the 46 year period between 1870 and 1918.[12: Goodwin B, Using Political Ideas,2007 pg.54][13: Goodwin B, Using Political Ideas,2007 pg.49][14: Goodwin B, Using Political Ideas,2007 pg.50][15: Goodwin B, Using Political Ideas,2007 pg.50][16: Goodwin B, Using Political Ideas,2007 pg.49 ][17: Heywood A, Political Ideologies, 2007 pg. 56] Therefore, to conclude, during the half century of liberal governments, one did see a huge improvement of both living standards and education as well as the partial emancipation of the individual. During Gladstones first and second ministry, one saw the electorate nearly doubled, leading to huge emancipation of those who, never before could vote. Gladstones government also made education mandatory for those under the age of 10, therefore emancipating children from what Heywood calls, slums, poverty, ignorance and disease. Whereas, during the liberal government, headed by Herbert Asquith, between 1906 and 1918, the liberal government had discernibly more success in emancipating the individual as it provided both the Labour Exchanges in 1909 as well as National Insurance for those who were too sick to work. Whilst these successes in emancipating the individual were important, they were also marred by the fact that none of these reforms provided universal suffrage, a key principle of emancipation. Therefore, whilst the liberals were for the most part successful in emancipating the individual in the years between 1870 and 1918, their achievements were  hampered by the fact that they failed to provide universal suffrage and consequently, one can conclude that the liberals emancipated the individual with partial success during their period of governance. [18: Heywood A, Political Ideologies, 2007 pg. 56] Bibliography: R. Rurup, _Leo Baeck Institute Yearbook_, (1975) 20 (1) Vincent A, A _Modern Political Ideologies,_ (Blackwell) 1992 Heywood A, _Political Ideologies an Introduction,_ (Palgrave Macmillan) 2007 Goodwin B, _Using Political Ideas,_ (John Wiley Sons) 2007 Craig F.W.S, _British Electoral Facts 1832-1987_, (Politicos Publishing) 1989 Vincent-Emy, H _Liberals, radicals, and social politics, 1892-1914_ (Cambridge University Press) 2008 Watts, D _Whigs, Radicals, and Liberals, 1815-1914_ (Hodder Education) 2002

Effect of pH on Percent Oxygen Saturation of Haemaglobin

Effect of pH on Percent Oxygen Saturation of Haemaglobin Abstract The purpose of this lab was to determine the effect of changes in the pH and the partial pressure of oxygen on haemoglobin’s affinity for oxygen and percent oxygen saturation in the Bos taurus blood. At a lower pH (6.8) with a 21mmHg p50 value, it was found that the oxygen dissociation curve shifted to the right, which indicates that the Bohr Effect causes haemoglobin to lose its affinity for oxygen. This concludes that the increased carbon dioxide concentration forces haemoglobin to release its bound oxygen to the high metabolizing tissues (converting to deoxy-haemoglobin), but also forces the protein to bind more oxygen at the respiratory surfaces in order to transport enough oxygen to areas with a low oxygen partial pressure. At a higher pH (7.4), the oxygen dissociation curve shifted to the left with a 14mmHg p50 value since haemoglobin receives more oxygen, causing haemoglobin to have a higher affinity for oxygen and to remain as oxyhaemoglobin. Both sigmoid shaped curves contain a steep portion at 9.1mmHg and a plateau at 60mmHg. In conclusion, since the p50 value at pH 6.8 (21mmHg) is lower than the p50 value at pH 7.4 (14mmHg), this signifies that in an acidic environment, there is a higher partial pressure of oxygen in the environment as haemoglobin cannot bind the available oxygen as much due to its lowered affinity for oxygen. Introduction Haemoglobin is a specialized protein found inside the red blood cells of vertebrates that have developed organs for gaseous exchange as a substitute for simple diffusion. This respiratory pigment transports dissolved oxygen in the blood from the respiratory surface to the tissues through the circulatory system, and transports carbon dioxide back for excretion at the respiratory surface by exhalation. When one oxygen molecule binds to the iron containing heme group of the tetrameric-structured haemoglobin—which has four globulin subunits non-covalently linked to each other: two alpha- and two beta-polypeptide chains—its allosteric property increases its affinity for the addition of the next three successive oxygen molecules (Fenton et al., 2015). A total of four oxygen molecules can bind to this protein; however changes in the partial pressure of oxygen at the gas exchange site can affect haemoglobin’s percent oxygen saturation and changes in pH can alter haemoglo bin’s affinity for oxygen (also known as the Bohr Effect). The magnitude of the Bohr Effect in haemoglobin results from the breaking of the salt bridges between the histidine residues when the protein changes between its two structures at equilibrium: oxyhaemoglobin and deoxyhaemoglobin (Kilmartin, 1974; Zheng et al., 2013). During the structural shift, the histidine residues will react with the sulfhydryl group of the cysteine that is found in the deoxyhaemoglobin (Okonjo et al., 2014). Consequently, this change in the structural conformation of cysteine leads to a reduced Bohr Effect (Okonjo et al., 2014). Since deoxyhaemoglobin has been altered at a chemical level, it will experience a minimized Bohr Effect while its affinity for oxygen increases (Riggs, 1988). The Bohr Effect states that in a high pH alkaline environment, protons are released when oxygen is attached to haemoglobin; but are not released when in an acidic environment (Riggs, 1988). To what extent did the variations of PO2 and pH levels affect haemoglobin’s percent oxygen saturation in the Bos taurus blood was examined as the main purpose in this lab and is depicted by an oxygen dissociation curve. The resultant sigmoidal (S) shape relates the partial pressure of oxygen and haemoglobin’s percent oxygen saturation at different pH levels. Given that the manometer PO2 is held constant at the specific mmHg value, it is predicted that the oxygen dissociation curve will shift to the right at a pH of 6.8 (which is lower than the normal pH value of 7.4) as there is an increase in carbon dioxide concentration. This indicates that a pH drop will decrease the percent oxygen saturation of haemoglobin, and hence, its affinity for oxygen. Conversely, it is estimated that the curve will shift to the left at a pH of 7.4 as there are less carbon dioxide molecules in an alkaline environment. It is also predicted that at P50, there will be a difference in the percent oxygen saturation of haemoglobin at the different pH levels and that the two sigmoidal curves of the oxygen dissociation graph will eventually meet at equilibrium past P50 due to the Bohr Effect. In relation, Hill conducted his experiment with a similar procedure on human muscle and haemoglobin and concluded that at a higher pH level (muscle haemoglobin at pH 9.2 and blood haemoglobin at pH 9.2), the curve shifted to the left while at a lower pH level (muscle haemoglobin at pH 7.0 and blood haemoglobin at pH 7.0), the curve shifted to the right due to the Bohr Effect (Hill, 1936). Materials and Methods This experiment was conducted based on the BIO202 lab manual; however, the procedures performed for the Bos taurus at pH 7.4 under section 2 was deviated from the instructions provided. The maximum vacuum pressure was set at 750 mmHg instead of the listed value of 700mmHg since vacuum did not provide enough pressure at 700mmHg to deoxygenate the blood appropriately. My lab partners, Isabel, Zainab and Dianne, performed the experimental tests on Bos taurus buffered at pH 7.4. We collected the data conducted at pH 6.8 from our colleagues: Kashamala, Kiran, Jing, and Seevin. Results Figure 1 This oxygen dissociation curve graph depicts a logarithmic regression that relates the effect of the partial pressure of oxygen on haemoglobin’s percent oxygen saturation at both pH levels in Bos taurus. The manometer reading was converted to the partial pressure of oxygen with equation a listed in the appendix. In addition, the percentage transmittance value obtained from the spectrophotometer was converted to the percent oxygen saturation of haemoglobin using the equations of the two logarithmic regression curves. The P50 value at pH 6.8 is ~21mmHg and at pH 7.4 is ~14mmHg. This value reveals the change in the partial pressure of oxygen at the different pH levels due to the Bohr Effect when 50% of haemoglobin has been saturated. In Figure 1, the effect of the partial pressure of oxygen on the percent oxygen saturation of haemoglobin illustrates a sigmoidal shape as the main trend at the pH of 6.8 and 7.4. As PO2 increases, haemoglobin’s oxygen saturation also increases until a maximum amount of oxygen molecules have bound to this blood pigment. There are two patterns in this oxygen dissociation graph: (1) the steep (beginning at 9.1mmHg) and (2) the plateau (~60mmHg). The steep section begins when PO2 first rises from 9.1mmHg and the percent saturation increases drastically. At pH 6.8, the steepness levels off at point three where PO2 is 30.1mmHg and the percent saturation is at 84.0826%. At pH 7.4, the steepness levels off at point two where PO2 is 30.1mmHg and the saturation is at 83.6601%. When haemoglobin has reached its maximum oxygen capacity, the curve relating PO2 and haemoglobin saturation plateaus and become theoretical. During this period, haemoglobin maintains its maximum oxygen saturation at the maximum PO2. At pH 6.8, the maximum PO2 of 156.12mmHg occurs when the vacuum is not used (the pressure remains at 0mmHg), which gives haemoglobin a maximum theoretical oxygen saturation of 102.612%. At pH 7.4, the maximum PO2 of 156.12mmHg gives haemoglobin a maximum oxygen saturation of 97.7172%, which is slightly lower than the value at pH 6.8. In terms of pH change (the Bohr Effect), the curve of the lower pH shifts to the right while the curve of the higher pH shifts to the left. However, the starting point for both of the sigmoidal-shaped curves is at PO2 of 9.1mmHg, where 6.9259% saturation is for pH 6.8 and 8.3333% saturation is for pH 7.4. Discussion The results support the hypothesis that the oxygen dissociation curve will shift to the right at the pH value of 6.8, showing that haemoglobin’s (Hb’s) percent oxygen saturation decreases (due to a lower affinity for oxygen), whereas the graph will shift to the left at the pH value of 7.4, demonstrating that haemoglobin’s percent oxygen saturation increases (due to a higher affinity for oxygen). The p50 values from the graph indicates that in a basic environment, there is a lower partial pressure of oxygen in the environment (14mmHg) when compared to an acidic environment (21mmHg) because haemoglobin is able to bind to more of the available oxygen due to its increased affinity for oxygen whereas at pH 6.8, haemoglobin is unable to bind to as much oxygen due to its decreased affinity for oxygen. The reason behind this lowered oxygen affinity is due to the Bohr Effect and the high concentration of carbon dioxide present in the area. Moreover, the amount of carbon d ioxide concentration present changes the pH, which directly affects the ability of haemoglobin to bind to oxygen and readily dissociate oxygen. When there is a high partial pressure of oxygen in an area where haemoglobin is present, the tetrameric protein’s percentage saturation of oxygen increases as well because there are more available oxygen molecules to bind to. Due to the cluster of oxygen molecules around this blood pigment, haemoglobins affinity for oxygen becomes tremendously improved due to its allosteric property, where the next three successive oxygen molecules are more readily bound after the first one has been attached. From this, since haemoglobin is able to transport more oxygen molecules from the respiratory surface, a high concentration of oxygen is released into the blood plasma to be absorbed by the surrounding tissues. This is why in Figure 1, the graph—comparing the effect of the partial pressure of oxygen on haemoglobin saturation—has an incredibly steep curve at the beginning to indicate that haemoglobin is able to pick up a lot of oxygen molecules. From the graph, at pH 6.8, there is a high partial pressure of carbon dioxide where water reacts with carbon dioxide, generating H+ ions that produce an acidic environment with a low pH (Riggs, 1988). This reduces haemoglobin’s affinity for oxygen, where haemoglobin subsequently converts into deoxyhaemoglobin, which is its alternate structural form. In this acidic environment, the tissues are at a high metabolic rate and need more oxygen molecules. So, according to the Bohr Effect, haemoglobin will bind to more oxygen at the respiratory surface and release its oxygen content more readily at the tissues (where there is a lowered PO2) in order to raise the pH level back to normal. In essence, the body raises the partial pressure of oxygen to match that of carbon dioxide so that a dynamic equilibrium is created to raise blood pH back to normal levels and reduce the acidity – where the rate of perfusion and ventilation is equal to each other. In terms of the pH at 7.4, ther e is low carbon dioxide partial pressure where the environment is more alkaline. The Bohr Effect prevents the transport of oxygen to the deoxygenated area, so that the partial pressure of oxygen also decreases in respect to the partial pressure of carbon dioxide in an attempt to decrease the pH level. However, if haemoglobin attaches onto oxygen, protons are released, which equals out the increase in oxygen with an increase in carbon dioxide. Thus, the increase in H+ is directly proportional to the increase in CO2 (Riggs, 1988). The two curves eventually meet together at one point, indicating that Bos taurus is attempting to maintain pH equilibrium, where pH 6.8 attempts to raise Hb saturation for a more alkaline environment and pH 7.4 attempts to reduce Hb saturation for a more acidic environment. However, the Bohr Effect presents an advantage to the body when it is subjected to an oxygen deficient environment during exercise, where there is lactic acid buildup, a drop in blood pH, and an increase in carbon dioxide and hydrogen concentrations. The formation of carbonic acid and H+ ions from the reaction between water and carbon dioxide produces an acidic environment, lowering the pH levels (Riggs, 1988). In these regions, the production of carbon dioxide from muscle cells inhibits haemoglobin’s affinity for oxygen in the bloodstream by binding to haemoglobin itself, forming carbamino haemoglobin. Carbamino haemoglobin brings the H+ protons generated along with the carbon dioxide molecules to the lungs, where it is expelled through exhalation (Riggs, 1988). When this happens, there is not enough oxygen present at the tissues, so the Bohr Effect sends haemoglobin to the tissues, which readily releases its oxygen content into the tissues because it can no longer hold onto the molecule as it travels further into the bloodstream. Eventually, the Bohr Effect helps to raise blood pH back up to normal levels when enduring anaerobic respiration since haemoglobin is continually releasing its bound oxygen molecules as its affinity decreases to be the rising carbon dioxide levels. It is beneficial for haemoglobin to have a low affinity for oxygen near the tissues to increase oxygen uptake by the tissues, but to have a high affinity for oxygen at respiratory surfaces so haemoglobin can transport as much oxygen as possible, and as far into the body as possible. Thus, altering the oxygen affinity of haemoglobin is the bodys way of using the Bohr Effect to its advantage to solve the problem of lacking oxygen since more oxygen is released with an increase in carbon dioxide levels. One limitation of the experiment involved the absence of a spectrophotometer and the instrumental error of the vacuum. The vacuum failed to serve its purpose at the 700mmHg level, so it had to be increased to the 750mmHg level for the procedure done for pH 7.4, which results in an unfair comparison for the data done for pH 6.8. In conclusion, when pH is low, haemoglobin has less affinity for oxygen (lower saturation) whereas when pH is high, haemoglobin has more affinity for oxygen (higher saturation). References Fenton, B., Dumont, B., and Owen, M. (2015). Respiratory Pigments: Hemoglobin and  Hemocyanin. In Integrative Animal Biology (ed. S. Hinic-Frlog), pp. 300-301. Toronto, ON: Nelson Education Ltd. Hill, R. (1936). Oxygen Dissociation Curves of Muscle Haemoglobin. Proc. R. Soc. Lond. 120,  472-483. Kilmartin, J. V. (1974). THE ALKALINE BOHR EFFECT OF HUMAN HEMOGLOBIN.Annals of the New York Academy of Sciences. 241, 465-471. Okonjo, K. O., Olatunde, A. M., Fodeke, A. A. and Babalola, J. O. (2014). Bohr effect of  human hemoglobin A: Magnitude of negative contributions determined by the equilibrium between two tertiary structures. Biophysical Chemistry. 190, 41-49. Riggs, A. F. (1988). The Bohr Effect. Annual Reviews Inc. 50, 181-204. Zheng, G., Schaefer, M. and Karpus, M. (2013). Hemoglobin Bohr Effects: Atomic Origin of the Histidine Residue Contributions. Biochemistry. 52, 8539-8555. Appendix Figure A1 This standard curve graph depicts a linear regression that relates the effect of percent transmittance on the percent saturation of haemoglobin at both pH levels in Bos taurus. Oxygenated haemolysate was exposed to the vacuum at a maximum pressure of 700mmHg for 5 minutes to become entirely deoxygenated, which was added to the oxygenated haemolysate. Different amounts of 100% oxygenated and 100% deoxygenated haemoglobin were combined to give five various saturation percentages. A percent transmittance reading was taken for each of the saturation percentages, using a spectrophotometer. Oxygen Dissociation Curve (Sample Calculation #1) The manometer reading values are converted to the partial pressure of oxygen with the formula: (Equation a), where D is the barometric pressure (measured in mmHg), W is the water vapor pressure (measured in mmHg), and M is the manometer reading (measured in mmHg). The temperature was 22 ºC and the barometric pressure was 763mmHg for the lab room. Manometer reading at 300mmHg: Therefore, the partial pressure of oxygen at a manometer reading of 300mmHg is 93.1mmHg. Oxygen Dissociation Curve (Sample Calculation #2) The regression line equation is used to convert the percent transmittance to the percent oxygen saturation of haemoglobin. At the pH 6.8: The regression line equation is, where the variable y represents the percent transmittance value and the variable x represents the percent oxygen saturation of haemoglobin. Partial pressure of oxygen at 93.1mmHg: Therefore, the percent oxygen saturation of haemoglobin is 98.0559% at the pH 6.8. At the pH 7.4: The regression line equation is, where the variable y represents the percent transmittance value and the variable x represents the percent oxygen saturation of haemoglobin. Partial pressure of oxygen at 93.1mmHg: Therefore, the percent oxygen saturation of haemoglobin is 94.7712% at the pH 7.4.  Ã‚  

Wyeth Pakistan Limited Business and Financial Analysis

Wyeth Pakistan Limited Business and Financial Analysis 1. INTRODUCTION 1.1 REASONS FOR CHOOSING THE TOPIC Business and financial analysis has been my area of interest during ACCA. I have already studied the models that I require to answer the research questions of this research project, namely Ratio analysis, PESTEL analysis, and SWOT analysis, RATIO analysis. This project came as a golden opportunity to demonstrate the practical application of my knowledge. It has always aroused my curiosity why some businesses outperform and why some underperform financially. This topic will utilize the financial and business analytical skills I have acquired so far and prove my skills once I get the degree in applied accountancy to prospective employers. The research will give me an opportunity to brush up skills that require searching internet for information. It will also brush up my spreadsheet capabilities. 1.2 REASONS FOR CHOOSING THE ORGANIZATION I want to work in my uncle’s pharmacy in future. Knowing the pharmaceutical sector will give me an edge in identifying the strengths and weaknesses of suppliers of medicines. Most of the medicines I have seen in my uncle’s pharmacy are by Wyeth, therefore it aroused my curiosity. 1.3 PROJECT OBJECTIVES AND RESEARCH QUESTIONS: The aim of this report is to evaluate the effectiveness and efficiency with which Wyeth Pakistan Limited has been performing over the past 3 years in business and financial matters. The report will include the business analysis in terms of: Assessment of the macro environment of Wyeth using PESTEL analysis. Typical PESTEL factors to consider include: Factor Political Could include: e.g. EU enlargement, the euro, international trade, taxation policy Economic Social Technological Environmental Legal e.g. interest rates, exchange rates, national income, inflation, unemployment, Stock Market e.g. ageing population, attitudes to work, income distribution e.g. innovation, new product development, rate of technological obsolescence e.g. global warming, environmental issues e.g. competition law, health and safety, employment law (PESTEL analysis of the macro-environment) Assessment of the strategic capabilities of Wyeth using SWOT analysis SWOT analysis is a basic, straightforward model that provides direction and serves as a basis for the development of marketing plans. It accomplishes this by assessing an organizations strengths (what an organization can do) and weaknesses (what an organization cannot do) in addition to opportunities (potential favorable conditions for an organization) and threats (potential unfavorable conditions for an organization). (DANCA, Anthony C.) Assessment of Wyeth’s future prospects The financial analysis will include: Sales analysis: Sales analysis helps the company know it is meeting its sales objectives in a given timeframe. (MANDA, Gilbert) The analysis will include sales revenue and growth. Profitability Analysis: Every firm is most concerned with its profitability. One of the most frequently used tools of financial ratio analysis is profitability ratios which are used to determine the companys bottom line. Profitability ratios show a companys overall efficiency and performance. (PEAVLER, Rosemary) The analysis will include Gross Profit (G.P) ratio, Net Profit (N.P) ratio and Return on Equity (ROE). Liquidity ratios: A class of financial metrics that is used to determine a companys ability to pay off its short-terms debts obligations. Generally, the higher the value of the ratio, the larger the margin of safety that the company possesses to cover short-term debts. (Liquidity Ratios) The analysis will include Current ratio, quick ratio, debtor turnover ratio and inventory turnover ratio. Investor ratios: The holders of the ordinary shares of a company (its equity) are interested in the return on their investment and the value of their shares. (Advanced Level Accounting, 1996) The analysis will include Earnings per share, Price Earning ratio, Dividend per share and dividend yield ratio. The research questions for my research report are: The growth in sales between 1 January 2008 and 31 December 2009? What is the effect of Governments price freeze policy on profits of Wyeth? What is the effect of the economic crisis of Pakistan on the financial performance of Wyeth? What was the effect of changing the policy of selling on credit to selling on advance on the working capital of Wyeth and hence its liquidity position? What are the strengths and weaknesses of Wyeth? How well did Wyeth perform compared to its major competitor GSK? How well is Wyeth utilizing its strategic capabilities? 1.4 OVERALL RESEARCH APPROACH I started my research by carrying out a financial analysis using ratios as the tool for my analysis. Most ratios can be calculated from information provided by the financial statements. Financial ratios can be used to analyze trends and to compare the firms financials to those of other firms. (Financial Ratios) Then I carried out an analysis of the environment of Wyeth using PESTEL analysis. This was followed by SWOT analysis to assess its strategic capabilities. 2. INFORMATION GATHERING 2.1 SOURCES OF INFORMATION PRIMARY DATA Information that has been collected at first hand. It involves measurement of some sort, whether by taking readings off instruments, sketching, counting, or conducting interviews (using questionnaires). (Primary Data) To gather primary data I tried reaching Mr. Khwaja Bakhtiar Ahmed, the company secretary, through his assistant. After persistent efforts I finally got an appointment. He was a charismatic person with a lot of knowledge. He enlightened me about Wyeth policies and answered many of my questions. He also handed me the annual reports of Wyeth and management accounts. For the purpose of collecting data I also emailed a questionnaire to a sample of employees of the organisation. The response was good. SECONDARY DATA Secondary data is data collected by someone other than the user. Common sources of secondary data for social science include censuses, surveys, organizational records and data collected through qualitative methodologies or qualitative research. (Secondary data, 2011) My secondary sources of information included the following: The annual reports of Wyeth and GSK. News papers such as Business recorder, pharmaceutical literatures. ACCA text books especially for Paper F1, F3, F7, P3 and P5. News websites such as â€Å"The news† and â€Å"Jang†. Books that I found in the library of Superior college. Internet 2.2 METHODS USED TO COLLECT INFORMATION 2.2.1 Visiting stock Exchange: I visited the stock exchange to get the hard copy of the annual reports of Wyeth and GSK. 2.2.2 Interview: My interviews with Mr. Khwaja Bakhtiar Ahmed, the company secretary and Mr. Imran Baig, my mentor proved to be a good source of information. 2.2.3 E-Mail survey: I conducted an e-mail survey. The questionnaire was sent to different employees of the organization as a word attachment and asked them to fill up the word file and send it back as attachment 2.2.4 On-line Access: Various websites were visited for the purpose of research. The most important ones were the website of Wyeth, Karachi stock exchange, and Pakistan Pharmaceutical Manufacturers Association. I also visited ACCA website for archives of student accountant articles. 2.3 QUESTIONNAIRE AND SAMPLING TECHNIQUES USED The questionnaire was emailed after having it reviewed by the different department heads. The population I used was the one that was using an email. I had taken the email addresses from the records maintained by the company. The method I used for sampling was haphazard sampling. I chose the email addresses at random 2.4 LIMITATIONS OF INFORMATION GATHERED Some information was collected from Wyeth website which may be favourably biased towards the organization. It is possible that in spite of all the efforts some information sources may not have been identified which could have lead to a different conclusion. The sample chosen for the email questionnaire might not be representative of the population The views of the company secretary about future prospects might be biased or over optimistic The information present on internet can be subject to the authors own judgements instead of presenting facts. 2.5 ETHICAL ISSUES DURING INFORMATION GATHERING As per the guidelines of Oxford Brookes university I was supposed to disclose the full details of the information sources that I used, but it was in the best interest of the employees of the organization to have their names kept anonymous so they do not face problems with their employer. I put special care into making sure the questionnaire kept the identity anonymous. During the interview with Mr. Khwaja Bakhtiar Ahmed, the company secretary I asked some questions about the new product launch of ENBREL and ORISTIQ. He was hesitant in answering at first but then I assured him that this information was publicly available, after knowing this he co-operated. 2.6 ACCOUNTING / BUSINESS TECHNIQUES USED AND THEIR LIMITATION The accounting/business techniques used for the project were as follows: 2.6.1 Ratio Analysis The term accounting ratios is used to describe significant relationship between figures shown on a balance sheet, in a profit and loss account, in a budgetary control system or in any other part of accounting organization. Accounting ratios thus shows the relationship between accounting data. The ratios analysis is one of the most powerful tools of financial management. Though ratios are simple to calculate and easy to understand, they suffer from serious limitations. Limitations of financial statements: Ratios are based only on the information which has been recorded in the financial statements. Financial statements themselves are subject to several limitations. Thus ratios derived, there from, are also subject to those limitations. For example, non-financial changes though important for the business are not relevant by the financial statements. Financial statements are affected to a very great extent by accounting conventions and concepts. Personal judgment plays a great part in determining the figures for financial statements. Comparative study required: Ratios are useful in judging the efficiency of the business only when they are compared with past results of the business. However, such a comparison only provide glimpse of the past performance and forecasts for future may not prove correct since several other factors like market conditions, management policies, etc. may affect the future operations. Ratios alone are not adequate: Ratios are only indicators, they cannot be taken as final regarding good or bad financial position of the business. Other things have also to be seen. Problems of price level changes: A change in price level can affect the validity of ratios calculated for different time periods. In such a case the ratio analysis may not clearly indicate the trend in solvency and profitability of the company. The financial statements, therefore, be adjusted keeping in view the price level changes if a meaningful comparison is to be made through accounting ratios. Lack of adequate standard: No fixed standard can be laid down for ideal ratios. There are no well accepted standards or rule of thumb for all ratios which can be accepted as norm. It renders interpretation of the ratios difficult. Limited use of single ratios: A single ratio, usually, does not convey much of a sense. To make a better interpretation, a number of ratios have to be calculated which is likely to confuse the analyst than help him in making any good decision. Personal bias: Ratios are only means of financial analysis and not an end in itself. Ratios have to interpreted and different people may interpret the same ratio in different way. Incomparable: Not only industries differ in their nature, but also the firms of the similar business widely differ in their size and accounting procedures etc. It makes comparison of ratios difficult and misleading. (Accounting Ratios | Financial Ratios) 2.6.2 SWOT analysis SWOT analysis is a tool that is used to evaluate the Strengths and Weaknesses of an organization and the external Opportunities and Threats faced by the organization in the external environment. Limitations of SWOT: The way SWOT analysis is often conducted does not allow for proper communication, discussion, and verification of all external and internal factors proposed by all involved. On such occasions, SWOT results prove less reliable an input to the strategy generation process than they are capable of being. Still worse, as documented later, the results of SWOT analysis are sometimes never meant to be used as an input to the strategy generation process. If that is known, or anticipated, by those involved in SWOT analysis, the quality of their inputs will most likely suffer and be lower than otherwise possible, and desirable.(KOCH, Adam J.) 2.6.3 Porter’s five forces analysis Porter looked at the structure of industries. In particular, he was interested in assessing industryattractiveness, by which he meant how easy it would be to make above average profits (forshareholders and to fund adequate investment). He concluded that industry attractivenessdepends on five factors or forces: Competitive rivalry between existing firms Threats of new entrants Threats of substitute products Power of suppliers Power of customers (Paper P3 Business Analysis Essential Text) Limitations of five forces model: Porter’s 5 forces of competition have a few weaknesses and limitations. The modelunderestimates the influence of a company’s core competencies on its ability to achieve profit.It, instead, assumes the industry structure is the sole determining factor. Porters 5 forcesdefinition is difficult to apply to large multinational corporations with synergies andinterdependencies achieved from a portfolio of businesses. Additionally, the five forcesframework assumes there is no collusion in the industry. Finally, Porter’s analysis doesn’tconsider the possibility of creating a new market. (Porter’s Five Forces of Competition , 2010) 3. ANALYSIS 3.1 PHARMACEUTICAL SECTOR 2009 was a challenging year and witnessed modest growth in Pakistan’s economy due to uncertain law and order situation and global economic recession. The economy continues to witness double digit inflation; low economic growth and continued depreciation of the rupee against major currencies. During this period the pharmaceutical industry has been adversely impacted by both inflationary trends as well as Rupee depreciation. The government has not allowed any across the board price adjustment to pharmaceutical industry for nine years. Growth in pharmaceutical markets is mainly volume growth. (BENGALI, Iqbal, 2010) Pharmaceutical Industry is one of the major manufacturing industries in Pakistan providing employment to thousands of people directly and indirectly. The industry, however, is facing many challenges, which are hindering its growth. The major challenge faced by the industry is the complete freezing of price of pharmaceutical products since 2001. Pakistan is the only cou ntry in the entire Asian region that has not given its pharma and biotech industry tax-breaks and R D incentives. Government’s requirement that drug production lines should be separate is raising cost and reducing the ability of local manufacturers to compete not only in the global market but even at home. (JAVED, Aamar, 2009) Pakistan has a very vibrant and forward looking Pharma Industry. At the time of independence in 1947, there was hardly any pharma industry in the country. Today Pakistan has about 400 pharmaceutical manufacturing units including those operated by 25 multinationals present in the country. The Pakistan Pharmaceutical Industry meets around 70% of the countrys demand of Finished Medicine. The domestic pharma market, in term of share market is almost evenly divided between the Nationals and the Multinationals.(Pakistan Pharmaceutical Industry) Pakistan’s $1.61 billion pharmaceutical market is now expected to post a five-year compound annual growth of 8.95 per cent, down from 9.39 per cent forecast in the previous quarter, according to Business Monitor Internationa l, a global business intelligence firm. (Pharmaceutical sector growth slowing down: BMI , 2010) 3.2 THE COMPANY As a result of the global acquisition of Wyeth by Pfizer Inc.,on October 15, 2009, Wyeth has become a wholly owned subsidiary of Pfizer Inc.. Pfizer Inc has become the ultimate parent company of Wyeth Pakistan Limited. Wyeth however continues to be the principal shareholder of Wyeth Pakistan Limited. (AHMED, Khawaja Bakhtiar, 2010) Wyeth, with its pharmaceutical and over-the-counter divisions, is a leader in the research and development, manufacturing and marketing of a broad range of health care products. (WYETH PAKISTAN LIMITED ) 3.3 RATIO ANALYSIS The following ratio analysis is based on the Annual Reports of WYETH and GSK Pakistan. Comparison has been made with the results of GSK for FY2009 since these were the latest financials available. Ratios 3.3.1 SALES Analysis GSK 2009 Sales Revenue (Rs. in million) Growth in revenue (%) Cost of sales. (Rs. In million) Growth in cost of sales.(%) 14,719 9.8% 11,173 17% FY2010 2,310 0.17% 1,830 1.4% FY2009 2,306 3.3% 1,805 8% FY2008 2,384 13% 1,699 22% 3.3.2 Profitability Ratios GSK 2009 24.1% FY2010 FY2009 FY2008 G.P Margin N.P Margin ROE 20.82% 1.13% 2.58% 21.73% -3.77% 8.86% 29.87% 6.04% 12.73% 6.3% 11.5% 12 3.3.3 Liquidity Ratios Current Ratio Quick Ratio Debtors’ Days Inventory Days 3.3.4 Investor’s Analysis GSK 2009 3.2 1.6 25 67 FY2010 2.56 1.01 26 163 FY2009 2.71 0.98 38 144 FY2008 3.43 1.38 29 143 Ratios GSK 2009 5.5 20 5 4.6% FY2010 FY2009 FY2008 Earnings per Share (EPS) (Rs.) PE Ratio (Times) Dividend Per Share (Rs.) Dividend Yield 18.61 49.08 10 0.92% -61.09 _ _ _ 101.50 25.62 250 10.55% Comments on Ratios The operating results of currents year are for a 12 months period ended November 30, 2010 compared to the previous year which for an 11 months period ended November 30, 2009. Sales analysis. The growth in company’s net sales for the period ending 30 November 2009 reduced by 3.3% as sales were Rs. 2,384 million in year ending 31, December 2008 and in 2009 period it was Rs. 2,306 million which is due to challenging conditions of external environment in 2009. On the other hand cost of sales for year ending 2008 was Rs. 1,699 million which increased to Rs. 1,805 million in period ending 2009. It was an increase of 8% which shows that company does not have efficient policies to control its operational expenditure. In year ending 2010 overall sales increased by 0.17% but as we mentioned above that this period comprises 12 months comparing last 11 month period and if we compare like with likes then sales reduced by 8%. This is due to due to uncertain law and order conditions of Pakistan. But this year company showed efficiency in controlling its costs as this year cost of sales increased by just 1.4%. This could be due to training and development of employees as training on six- sigma was conducted after the losses incurred by company in 2009. This training was to increase efficiencies of employees to control the cost. GSK: Sales of GSK are in year ending 2009 were Rs. 14,719 million as compared to Rs. 2,310 million of Wyeth which is due to major market share of GSK. Out of to 20 products 9 are manufactured and sold by GSK. Profitability analysis GP Margin: In year ending 2010 gross profit margin reduced as it was 21.73% in year ending 2009 and it was 20.82% in year ending 2010. This decrease was mainly due to adverse economical conditions of country as inflation increased and cost of resources and operations increased accordingly. In period ending 30 November 2009 the GP margin decreased from 29.87% in 2008 and 21.73% in 2009. In year 2009 the profit also reduced as compared to sales which is also mainly to due to increase in cost of operations. On the other hand the government has not allowed an increase in price since year 2001. The GP margin of GSK is 24.1% for year ending 2009 as Wyeth has GP margin 20.82% in year ending 2010 which shows that GSK has more ability to control its cost and transfer it to its customers. NP Margin: In period ending 30 November 2009 the net profit margin reduced from 6.04% in 2008 to 3.77%. The major cause of this reduction in profitability was the economical condition of Pakistan. Costs of operations increased due to inflation and at the same time the devaluation of currency. However, company maintained control on expenses as their advertising and promotion costs were in line with last year. Administrative cost increased due to cost of Voluntary Separation Scheme. Other operating expenses were lower than last year. NP margin for year ending 2010 increased to 1.13% from -3.77% in the last year. This improvement was due to increase in efficiency of employees and efficiently controlling the operational cost of company as the operating expenses reduced by 10% in year ending. There has been a long stand price freeze by the government since 2001 due to which company was not able to earn abnormal profits. The net profit of GSK was 6.3% in year ending 2009 which also reduced as it was 14.6% in 2008. This shows that the industry was adversely affected by increase in operational costs and long standing price freeze by government due to which companies cannot pass their cost to customers. ROE: Return on equity increased for year ending 2010 to 2.58% as it was -8.86% in year ending 2009 this increased was due to increased operational efficiency of organization. While in period ending 2009 the ROE reduced significantly from 12.73% to -8.86%. . ROE of GSK is 11.5% in year ending 2009 as compared to % of Wyeth. Liquidity analysis. Current ratio: Current ratio indicates how many times the company’s current assents can meet company’s current liabilities. A ratio of 2 is considered sufficient for current ratio generally. In the period ending 30, November 2009 the current ratio reduced from 3.43 times to 2.71 times. This shows that the company can meet its current liabilities 2.71 times by its current assets. This decreasing trend could cause an alarming situation for Wyeth because a company can survive without profits for some years but without cash it can’t survive more than one year. So worsening condition of Wyeth needs effective and efficient policies for fund management. Current ratio for year ending 2010 reduced to 2.56 times as it was 2.71 times in year ending 2009. This shows that now company can meet its current liabilities by 2.56 times. A ratio of 2 is a standard for current ratio. Company improved its working capital condition this year as they changed their sales and distribution model from credit to advance cash. Current ratio of GSK for year ending 2009 is 3.2 times which shows strong policies of funding are in place. Quick ratio: Quick ratio indicates how many times company’s current assets can fulfill its current liabilities but it ignores inventory from current assets because in some organizations inventory takes times before it can convert to sales. Quick ratio of Wyeth is reducing quicker than current ratio for years ending 2009Quick ratio for period ending 2009 also reduced from 1.38 to 0.98 times which was an alarming situation for Wyeth. It indicates that major part of current assets consist inventory and company’s inventory increased from last year due to increase in cost of materials. . Ratio of 1 is considered a standard for quick ratio so company’s liquidity is worsening. Quick ratio improved in year ending 2010 which is 1.01 times as it was 0.98 times in 2009. This is due to improved working capital management policies as company received cash in advance instead of credit. Due to which company earned interest on deposits too. Quick ratio of GSK for year ending 2009 was 1.6 whi ch shows a healthy liquidity position. Debtors Days: Debtors turnover period indicates how many days debtors take to pay their debt to company. Debtors are part of working capital and for the successful operations of company good debtor management strategies need to be in place. In period ending 2009 the debtor’s turnover period increased by 9 days as these were 29 days in 2008 and 38 days in 2009. During this year due to inflation and devaluation of currency the company had to extend debtors turnover period as company made loss after tax this year. In year ending 2010 company’s debtor days reduced to 26 days as compared to 38 days in 2009 this also shows the improvement in fund management policies as this year company received advance cash from sales and distribution instead of credit. Debtor’s days of GSK for year ending 2009 were 25. This shows that debtor collection policies of GSK are more efficient than Wyeth. Inventory days: Inventory days indicate the period during which inventory of a company remains in its warehouse or in work in progress before it is finally converted into sales. Inventory holding initiates many expenses like warehouse, damages etc. which can be mitigated by good inventory management policies in place. Inventory turnover period in 2009 increased by 1 day as it was 143 days in 2008 and became 144 days in 2009. This increase was nominal but instead improvement this increase was due to decreasing in underlying sales. Inventory days increased this year too from 144 days in 2009 to 163 days in 2010. This increase was mainly due to increase in inflation and instability of prices in material. Sales for this year was lower than last year. Inventory turnover period of GSK in year ending 2009 was 67 days which is less than half of Wyeth. This shows that GSK has more efficient working capital policies and sales of GSK were more than Wyeth which is due to the higher market share of GSK. Investor’s analysis. EPS Earning per share can be used to indicate the profitability of a company. It shows the earning allocated to each common share. In period ending 2009 the EPS reduced badly by Rs.162 per share. In this year company’s EPS was -61.09. This major decrease was due to consistent inflation and devaluation of currency of Pakistan. These factors became the reason for increase in operational cost. And due to the price freeze by government the company was not able to transfer the cost to customers. In year ending 2010 EPS increased from Rs. -61.09 last year to Rs. 18.61 this year. This year company made a net profit margin of 1.13% which was loss of (3.77) % in last year. This improvement is due to controlling the operational expenses of the company this year. The EPS of GSK for year ending 2009 was Rs. 5.5 which is consistent with previous years. PE ratio: The PE ratio of Wyeth moved adversely during last years. In year ending 2008 the PE ratio was 25.62 times while In year ending 2009 the company’s made a loss. Which was due to increase in cost which company was not able to pass to customers. In year ending 2010 PE ratio improved to 49.08 times which was nil in last year this improvement also due to improvement in operational efficiency of company during 2010 as the company improved its cash position as well as its productivity. The PE ratio of GSK was 20 which show good performance of GSK compared to Wyeth. Dividend per share Dividend per share ratio indicates the dividend earned by an investor by holding one share of company. There was no dividend per share in year ending 2009 as company was in loss. This loss was mainly due to adverse environmental, economical, and political situations. In year ending 2010 company announced the dividend of Rs. 10 per share which shows the attractive position of company in this year. Company improve its profitability as well as its operational efficiency during year ending 2010 as retrospective measures taken in 2010 like training on six-sigma plan. The dividend per share of GSK for year ending 2009 was Rs.5 which also indicates that company performed well in such crises. Dividend yield This ratio represents the cash flows earned by the investor by investing each rupee in form of shares. In year ending 2010 earning yield improved to 0.92% as it was nil in year ending 2009. This improvement was due to improvement in operational efficiencies during year ending 2010 while economical and political instability remained consistent in year ending 2010. In the period ending 2009 company made a loss. While GSK’s dividend yield in this year was 4.6% which shows the good governance of GSK as compare to Wyeth. 3.4 PESTEL ANALYSIS PESTEL analysis is a tool which is used to understand external environment. It deals with external environmental factors like political, economical, social and demographical, technological, environmental and legal. By considering these factors we can judge the influence of all above factors on the operations and profitability of any company. Political factors. In political factors we consider the government policies like tax policies, their stability, political environment and institutions. In 2008 there was instability in political conditions of Pakistan which adversely affected the pharmaceutical industry. Policies of government about electricity price raises also contributed adversely to pharmaceutical industry. Government’s price freeze policy since 2001 also reduced the profitability because firms were not able to transfer their increasing operational cost to the customers. In the last quarter of 2008 government gave some relaxation on price increase but that was for some products that did not contribute too much to improve the conditions of profitability. Economical factors: Inflation (too much money chasing too few goods) remained the major problem of Pakistan in the last few years. Due to consistent rise in cost of electricity, labor, and fuel the profitability of pharmaceutical industry reduced as firms could not increase prices according to cost due to limitation by government policies. But demand in the public remained unchanged. Devaluation of Pakistan currency also adversely affected the industry as value of rupees consistently reduced against major currencies of world especially against US$. Due to which many firms had