Stuttering Paper

According to Singular's Pocket Dictionary of Speech-Language Pathology â€Å"stuttering is an articulatory or phonatory problem that typically presents in childhood and is characterized by anxiety about the efficacy of spoken communication, along with forced, involuntary hesitation, duplication, and protraction of sounds and syllables. † Stuttering can be witnessed in the rate, pitch, inflection, and even facial expressions of a speaker. The cause of this problem is not set in stone, which leads to countless theories as to why people stutter. Along with numerous theories as to why people have this disorder, there are also limitless treatment methods that can be used to help a speaker with a stuttering problem. Stuttering has been a controversial topic among professionals for hundreds of years, and we are still learning what works and what does not work for this curious disorder. The etiology of stuttering is not certain to this day. Many professionals are torn between the psychological and neurological theories as to why people stutter. There are many theories which explain stuttering as a psychosomatic problem that can be dealt with by using psychotherapy. The â€Å"Repressed Need† hypothesis explains that stuttering is a neurotic symptom which is fixed in the unconscious. The repressed need is said to come from a longing for either oral or anal gratification. The stutterer is able to satisfy their anal erotic needs by the â€Å"holding back of words that may represent a hostile expulsion and retention of feces. † This theory is closely related to Freud’s Oral and Anal stages. Some theorists believe that stuttering is caused by the â€Å"Anticipatory struggle†. The anticipatory struggle hypothesis explains that p63 â€Å"stutterers interfere in some manner with the way they are talking because of their belief in the difficulty of speech. † The stutterer is so frightened of making a mistake during speech they in turn avoid, brake, or interject their words and sentences. Stuttering is thought to be a variant disorder, meaning it can affect a person in certain situations that bring them great anxiety or fear. Using a phone and speaking in front of a group of people are examples of this . Although many signs point to a psychological explanation for stuttering, genetic and neurological problems have also been tied to stuttering. Early theorists, like the Roman physicians believed stuttering was related to an imbalance of the â€Å"four humors†, and humoral balance treatments were used to treat stuttering until the late eighteenth century. A more modern explanation of a neurological problem that causes stuttering would be the â€Å"cerebral dominance theory†, that explains conflict between the two hemispheres of the brain is the cause of stuttering. Stuttering has many different types of specified dysfluencies. Although there are hesitations and interruptions found in all speakers, the disfluency found in stutterers seems to be more severe. There are several forms of dysfluencies when dealing with stuttering including interjections, repetitions, and revisions. A stutterer can encompass one or many dysfluencies ranging from minor incidents to very extreme episodes of stuttering. Interjections occur frequently in both fluent speakers and dysfluent speakers. An interjection occurs with the speaker uses â€Å"uh† or â€Å"er† while speaking. Repetitions also are common for stutterers. Repetitions can occur in part of the word ,† wh wh what† in the entire word, â€Å"what what what† and in phrases, â€Å" what do what do what do you want? † Revisions during sentences such as,†I was, I am going† also happen often, along with broken words; I was t—alking, and prolonged sounds like the â€Å"wa† sound in what are also usual in stuttering. Like other speech disorders, stuttering mainly occurs in children who show no evidence of having any other type of disorder. Stuttering comes in many shapes and forms and can be slight to extremely severe, making the all characteristics of this disorder always subject to change. Stutterers encompass hesitation, interruption, revisions, broken words, and prolonged sounds in their speech making it hard for people to follow. While most of the characteristics of a stutterer are only apparent when listening to them speak, there are also many secondary characteristics a stutterer may have. The secondary characteristics vary from person to person, however most of them occur in the face or hand motions. Visible characteristics include tension in the face, which can be seen when the speaker is talking and their face seems to turn sour and flushed. Stutterers also may frown, jerk their head, move their eyes erratically, or wrinkle their foreheads during a speech interruption. Stutterers show secondary characteristics in their hand movements and gestures as well. When stutterers feel tension which is usually caused by frustration of speech, they sometimes react by waving their arms and hands. This can sometimes help the stutterer to get out a word, phrase or sound they are trying to express. Vocal abnormalities are also present in some stutterers, including abnormal inflections in tone, and sharp pitch level shifts. A person can begin to stutter at any time, however most cases are recorded at a young age; most frequently between the ages of two through six. An estimated fifteen million individuals world wide, including three million Americans stutter. A child can be diagnosed from eighteen months, when words starts to progress into more fluent speech. The median age of onset according to a study done by Daley (1955); which included fifty young stutterers recorded that the median age of onset was 3. 87. Occurrence becomes less frequent with age, and seems to be tied to the development of language. Although there are millions of stutterers in the United States most of them will â€Å"recover† by adulthood. According to Andrews and Harris’s (1964) research that included 1,000 stutterers; 79% of children will stop stuttering by the age of sixteen. Boys are three times more likely to develop a stutter then a girl would according to the 3-1 ratio concluded by â€Å"US Nationwide, 1-12† Hull el at (1976). Assessing a stuttering disorder can be done in many ways including, recognizing the frequency of the specified disfluency type, calculating the mean duration of stuttering, speech rate, and articulation of the person’s speech. When measuring the frequency of the stutter, the speech pathologist can try to account the percentage of moments of stuttered words or syllables. This is a popular way of diagnosing a stutter, since it is easily reportable. Speech pathologists can use electronic counters to measure the number of syllables stuttered during a speech session. A speech pathologist can also evaluate a patient by checking their speech rate. Checking a speech rate is done by the examination of abnormalities in the respiration, like disordered breathing, and phonation, such as breath holding. A professional can also make assumptions on a patient by listening to how long a stuttering block lasts for. An average duration of a stuttering block is one second, and in some severe cases of stuttering a block can last for an entire minute. When dealing with the treatment of a speech disorder like stuttering, the patient has many options, which may or may not work for them. Since stuttering usually begins at a young age, behavior therapy has been a popular method of treatment that may halt the progression of stuttering in children. In behavior therapy for early stutterers, the clinician can recommend the child to speak slower and smoother by teaching them a relaxed pattern of speech. Modeling and mimicking are excellent ways to help a child with a stutter to over come their impediment. Psychotherapy is another modern way of treatment among professionals. Psychoanalytical therapy can help the stutterer to over come their anxieties of speech, and give them the confidence that they lack. Speech therapists play a role in the treatment of stuttering by helping the patient modify their speech patterns. It seems that most stutters are able to talk in song, so the speech pathologist can teach the patient to speak rhythmically. Helping a person speak rhythmically can be taught by using hand and finger movements to assist the stutterer â€Å"move along† their fluency. While this is an effective treatment for stuttering, some patients might relapse and their learned hand movements become useless and the learned tendency can then become an abnormal secondary characteristic. Although the effectiveness of therapy is unclear, the patient has the option of many treatments, and eventually a stutterer may find something that will work for them or as in many cases, the person might recover spontaneously. Stuttering is classified as a speech disorder, however there is much more to this disorder that meets the eye. Researchers are still trying to pinpoint the exact cause of stuttering but one thing they can all agree on is that the emotional pain a person with a stutter lives with can affect them for the rest of their lives, even after the disorder subsides. Aside from the anxiety, shame, and fear that go along with this speech problem, many people go ahead to live seemingly normal lives. Through out history there have been countless successful individuals who stutter, ranging from Winston Churchill to James Earl Jones which goes to show that while stuttering can be difficult to overcome it does not deter a person from reaching their fullest potential.

Operating system with inputs, transformation process and outputs Essay

The operating system that I have chosen is a particular service operation: the realisation of a music concert. As every other organisation that produce goods or services, it has a precise operating system, composed by a range of inputs, a transformation process and a final output. INPUTS – We must distinguish between two different kind of resources: transformed resources, that are the resources treated and transformed in some way, and transforming resources, that are the resources that act upon the transformed resources. The transformed resources are usually materials, information and customers; very often one of these is dominant. A concert, like many other service operation, is predominantly a customer processing operation. The main task of the musicians, and therefore also of the organisers, is to process audience in a way in which satisfies their public, maximising their enjoyment. There is of course a very high contact between audience and operation; in fact a concert is a typical example of an operation in which satisfaction is measured by customers perceptions, that are subjective. That means that is quite difficult to measure and control them. So, for example, the administrators of a music hall, following the music market sales, should try to have as a guest only the most successful musicians of the moment. The other transformed resources, together with audience, is the building converted or arranged for the concert. It can be a music hall, a stadium, an indoor stadium or merely an open park, in any case it goes through a complete transformation of its appearance and its utilisation. As regards the transforming resources, there are two different types: facilities and staff. Facilities are all the materials used to prepare the building for the concert. Depending on the location of it, they can have some differences, but surely there must be a stage, a checkpoint, lights and all musical and technological equipment (instruments, cables, microphones, mixer, etc.). Then, not always, there could be seats, banisters, changing room, toilets,  bars, and checkrooms. Staff are all the people in the operation, at any level, who carry out the concert. The most important are obviously the musicians: if music concert is the product, the skills of musicians are the human capital of the entire process. But besides them a music concert needs also technicians, stage assemblers, security guards and box-office attendants. TRANSFORMATION PROCESS – The transformation process is the music played for the audience, the concert itself, together with all other aspects of exhibition. The whole process usually does not cover more than one day. We can say that this kind of customer-processing operation is concerned with transforming the psychological state of the audience, which is typical for most entertainment services, such as theatre, television and radio. OUTPUTS – The output of a music concert is first of all the entertained audience, but we cannot forget to mention the importance of having guaranteed security for all the people inside the building. The general characteristics of these outputs are the same that distinguish outputs of every organisation that produces services from outputs of organisation that produce goods: not tangible, non-storable, untransportable and simultaneous (in other words produced and consumed at the same time). Just the exact opposite of a normal good. Another difference between goods and services, as said before, is that the quality of goods is reasonably evident, it is measurable. But in a concert it is a little bit more complicate. The customer is inside the operation, he judges not only the outcome of the service (the music), but also the aspects of the way in which it was produced (all the rest of the scene). The input-transformation-output model can also be used within operations. All operations are made up for several units or departments, witch themselves act as smaller versions of the whole operation, with their own resources and their own outputs. So any operation can be considered as a hierarchy of operations. This is more true for greater manufacturing operation than the  ours, but also inside a music concert we can distinguish some different micro operations, as stage operations, location for audience, performance realisation.

Carbon Essay Example For Students

Carbon Essay CarbonWithout the element of carbon, life as we know it would not exist. Carbon provides the framework for all tissues of plants and animals. They arebuilt of elements grouped around chains or rings made of carbon atoms. Carbonalso provides common fuelscoal, oil, gasoline, and natural gas. Sugar, starch,and paper are compounds of carbon with hydrogen and oxygen. Proteins such ashair, meat, and silk contain these and other elements such as nitrogen,phosphorus, and sulfur. More than six and a half million compounds of the element carbon, manytimes more then those of any other element, are known, and more are discoveredand synthesized each week. Hundreds of carbon compounds are commerciallyimportant but the element itself in the forms of diamond, graphite, charcoal,and carbon black is also used in a variety of manufactured products. Besides the wide occurrence of carbon in compounds, two forms of theelementdiamond and graphite, are deposited in widely scattered locationsaround the Earth. PROPERTIES OF CARBONSymbol = CAtomic Number = 6Atomic Weight = 12.011Density at 68 Degrees F = 1.88-3.53Boiling Point = 8,721 degrees FMelting Point = 6,420 degrees F

History Essay Example | Topics and Well Written Essays - 250 words - 8

History - Essay Example The escapes sometimes worked, the revolts were always squashed with the slaves being put to death. Slavery in the Antebellum South fell into different categories, but two major categories. These categories were field hands or house workers. Field hands had to work in the fields from sunup to sundown. If they tried to escape, the slaves were whipped, maimed, or even killed. Field workers could physically break tools or work slow to resist the system. Psychologically field workers could dream of another life, bond with fellow slaves, and have personal dignity that went beyond being a slave. House workers did not have to do the strong manual labor, but were required to work just as hard. Black children would be put in charge of white children. Black mothers would have their babies taken away to nurse white children. The families would have slaves do all the cooking, cleaning, and other household chores. House slaves could be punished with the physical punishments as well. House slaves w ould physically resist by breaking things, spitting in food, and being slow. They could also escape and write passes from the masters to visit or escape. Psychologically they would learn to read, create new traditions, and remain dignified. Life was hard for both types of slaves. Bibliography Berlin, Ira, Marc Favreau, and Steven F. Miller. Eds.

Curriculum or Instructional Need Essay Example | Topics and Well Written Essays - 1000 words

Curriculum or Instructional Need - Essay Example The main think tanks of the curriculum project management are the project managers or the project leaders that comprises the school management. They are the persons, who make the vital decisions that make. In other words the future of the school is in their hands. One of the difficult things for any school management is to stick to the school’s organization structure and culture that’s been maintained for so many years. The best way to handle a project is to divide the whole project into parts and assign them to the most probable candidates in the team. This decision is taken by the project management comprising of project manages or project leaders. In others to achieve the project goals the project managers use Work Breakdown Structure (WBS) method. This method enables managers to plan a project effectively, execute it accordingly and have a good control over the project. Feasibility study is an important phase in the development process of a project. It enables the developer to have an assessment of the product being developed. It refers to the feasibility study of the product in terms of outcomes of the product, operational use and technical support required for implementing it. Background: The important elements of organizational analysis are to precisely define the business, identify the goals and serve as the firm’s resume. Pro forma balance sheet, an income statement, planning precise strategies and cash flow analyses comprises the basic components of a marketing plan. Situation Analysis: In any organization sector marketing plan is considered to be very important and a thoughtful business plan cannot be overemphasizes because much hinges on it: financial support, management of the available resources like operation and finances, credit from suppliers, promotion and marketing and last but not the least company’s goals and achievements. Implementation: A marketing plan helps as a

Potential Role of The Yuan as the New Reserve Currency Essay

Potential Role of The Yuan as the New Reserve Currency - Essay Example These are large economic base, political stability, and a low rate of inflation (IMF, WB & World Bank Group, 2009). It should also be backed by a joint international monetary authority that is capable of asserting compliance among its member states, which must in turn comprise a significant number of nations in the world (Finance and Development, 2009). The currency must be sellable or tradable without limitation (Levine, 2009). Since the currency is supposed to be, according to Levine, a â€Å"safe haven† for other currencies, they should be able to have access to huge sums of it without restriction. This is because inadequate reserves of the currency would compromise the ability of that country to trade in that currency or participate in international transactions denominated in it. The international currency’s home economic and political systems must also be stable enough and fundamentally sound to support international transactions among countries. In order to engen der confidence in the reserve currency, the valuation of said currency must be transparent to all for them to consider holding that currency in significant quantities. Because the determination of value is for the most part subjective, the matter of the country’s governance may not be concealed from the world, and therefore the political ideology of the country must be supportive of full disclosure (Cohen, 2007). Recent developments that triggered the search for a substitute It has already been mentioned that the large current account deficit and huge public debt of the United States are primarily responsible for the weakness of the dollar as the primary medium of exchange. Ordinarily,...This paper presents a comprehensive analysis, that aims to determine whether or not the renminbi would provide a real substitute for the dollar as principal international reserve currency within the next ten years, and whether such a substitution will stabilize the global currency market and prevent further recurrences of financial crises as the world had experienced in the past. The international reserve currency performs three vital functions of money – that is, as medium of exchange, as unit of account, and as store of value. There are many reasons for the yuan to be considered as a possible alternative, the most important of which is its position as the top trading country in the world. It has amassed some 3 trillion dollars worth of international reserves, two-thirds of which is in U.S. dollars, thus this country is capable of exerting economic pressure on the U. S. Yearly it experiences record current account surpluses, compared to the U.S.’s accumulating current account deficit and public debt. Despite these positive factors, there are also serious concerns. China’s financial markets are still highly restricted, and its currency is still unable to trade in open market, let alone be freely converted into other currencies. Other than currency concerns, China’s economic and political infrastructure are in need of a fundamental change. Corruption must be addressed, and the system made more transparent, in order to afford investors and fund managers a clearer view by which to assess the political risks of the currency.

Defend or criticize the claim, There is no significant moral Essay

Defend or criticize the claim, There is no significant moral difference between killing and letting die - Essay Example On the other hand, many argue that there is no significant moral difference between these two actions that bring about death. Choosing not to act and ignore is an action itself, and that puts the responsibility of the end result on the person. Therefore, there is no moral difference between killing and letting die, but in some cases active euthanasia is preferred. Considering the limited resources available, the letting die part can be justified. There will always be people who will die naturally or unnaturally. Nobody can escape from death, and so everybody would have to go through it someday. Those who die because of some disease there is a relevant and a genuine explanation for that. Some people will embrace death because the available sources are not enough to save them. Spending huge amount of time to save those whose injuries and diseases are so fatal that it is certain that they will die would be useless. Considering this bitter reality consuming resources for those who have no hope of surviving would be a waste. It would be better to divert these resources to someone who has a hope of surviving. The term passive euthanasia describes this approach of allocating resources to those who have a better chance of living. There is some difference between killing and letting to die. Killing is an action that involves activating the process of death and the events that lead to death. However, letting someone die is different as it involves refraining from any further actions to save the person who is already counting his last breaths leading to his death. So in this manner a person is not killed by human hands but dies of a natural phenomenon. Apparently, there doesn’t seem to be a difference between passive and active euthanasia. Deciding to withdraw from treating the patient is almost equal to injecting the patient with a

Management information system Research Paper Example | Topics and Well Written Essays - 1250 words

Management information system - Research Paper Example w material, labor, managerial skills and manufacturing from the different parts of the world where they can be achieved at a good quality and rate, and use technology for communication, logistics and dispatch : (Magee, Copacino & Rosenfield, 1985). In this way, they are able to achieve a strategic fit between the company’s ability and the outcome expectation, increasing the efficiency rate and productivity. The use of technology alone is not a sufficient explanation of the countless possibilities and opportunities these invention pose. Their use varies from the customized machinery, sophisticated communication, swift logistics and the use of smart information systems to enhance the business processes. The strength of one or many of its key technologies can lead to them obtaining competitive advantage over the other market rivals. This brings us to the focus of this study i.e. Management Information systems. The aim of this paper is to highlight the concept and importance of MIS and how it helps B2B businesses to make their processes easier, faster, accurate and real-time. Businesses involve the management of an array of information that is accumulated from it various processing. For example, a simple sale has to show a decrease in the inventory, increase in the revenues and increase in the procurement order. Apart from the strictly business related processes, organizations also have to ensure that they are complete updated information of their employees, performance evaluations, compensation program briefs etc. there are several underlying areas of data underneath the title of these major ones. Managers of today have the task of using this information to gain meaningful data. They also strive to integrate their processes and link them technologically so that one change can automatically change the subsequent data that related to it. In this way managers have real-time information about the various processes at any given time. Management information systems are

Lee Cantor's Assertive Discipline Essay Example | Topics and Well Written Essays - 1750 words

Lee Cantor's Assertive Discipline - Essay Example behavioral modification plans and offers a systematic approach to the reinforcement of appropriate student behavior, encouraging teachers to â€Å"catch the student being good† and implement a detailed systematic plan for the use of mild punishers for wrong behaviors (Canter 1989). The system was designed in response to the widespread need for greater classroom management skills. By 1991 about 750,000 teachers had been trained to use Assertive Discipline. However, the popularity of the discipline was mostly built on good marketing rather than on profound research. This fact has been repeatedly underlined by the scholars, who argued that Assertive Discipline and its impact on students should be examined on a wider territory and a variety of settings in a longitudinal study. Though the discipline has received many appraise, it has also met much critical argumentation about the appropriateness of the operant procedures in the modern humanistic education system. However, as Evans et al. suggested, strong criticism was mostly the result of a long-lasting argument between humanism and behaviorism and this argumentation can go forever (p.13). This paper examines researches having been done on Assertive Discipline. We will see where the program has been implemented and whether it has been effective in a variety of settings. Assertive discipline got much praise. Lee Canter (1989) enumerates the dissertations, master’s theses and research projects dealing with Assertive Discipline. The results revealed that teachers dramatically improved student behavior when they used Assertive Discipline approach. Assertive Discipline helps to reduce the frequency of disruptive behavior in the classroom, greatly reduce the number of students referred to administrators, increase students’ time-on task. The teachers implementing Assertive Discipline were evaluated as more effective in classroom management. Research carried out in school districts in Oregon, California, Ohio and Arizona

Genetic Modification Research Paper Example | Topics and Well Written Essays - 1250 words

Genetic Modification - Research Paper Example However, genetic modification is most common in plants than in animals. Genetically modified foods are developed for various reasons. For example, to improve the quality of some foods and to some other foods, it is done to prevent the chances of allergies after consumption. Some of the genetically modified foods include; soybean, tomatoes and corn plants as will be discussed in this paper, among others. Although the technology gives a lot of promises for consumption of these foods, there are however some risks associated with the technology just like any other new technologies (Buzzle.com, 2012). Soybeans The genetically modified soybeans are fast growing and resistant to pests and herbicides. This leads to increased production hence food security to the ever-growing population as compared to the traditionally grown crop. The fact that this crop is tolerant to herbicides implies that it cannot be affected by the herbicides once sprayed to the weeds. Therefore, the farmers end up usin g strong herbicides, which are sprayed only once in order to destroy the weeds. This does not require a lot of herbicides because the herbicide once used totally destroys the weeds resulting to reduced environmental pollution. Genetically modified soybeans are drought resistant and can be grown in places with poor soils. This means that the crop can withstand harsh climatic conditions as well as be grown in places with infertile soils where agricultural production is poor with the normal crops. By growing the genetically modified soybeans in such places utilizes the unproductive lands, earning the residents income. Moreover, this food has high nutrient content with more vitamins and minerals, and tastes much better as compared to the traditionally grown crops. This, makes them more preferable to most people than the traditionally grown ones (Anslow, 2008 & Buzzle.com, 2012). Despite the advantages associated with genetically modified soybeans, recent research studies has shown that the growing of genetically modified soybeans may lead to the transfer of herbicide resistant genes to non-target species like the weeds through cross-breeding. This will make the weeds become herbicide tolerant as well. Moreover, chances of cross-pollination to the unmodified crops are also high in such a situation. In many countries where genetically modified soybeans are grown, the genetically modified soybean product is not labeled, as manufactures fear losing customers, which may ultimately interfere with their overall business. This denies the consumers the opportunity of making their own choice on whether to consume these foods or not since the products are not labeled in the market (Buzzle.com, 2012). Apparently, as Anslow (2008) points out, genetically modified soybeans can thrive under any climatic condition giving high production with high nutrients and requires less labor since one does not have to use tillage in order to remove weeds especially in big acreage of land, bu t can just use a strong herbicide instead, to destroy the weeds. Despite these, the negative effects should not be overlooked. For instance, in the long run the weeds also turn to be tolerant to herbicides hence becoming ineffective. Moreover, the consumers end up consuming genetically engineered products unknowingly, because the labels are not included and this may lead to long-term health problems, which is not their fault. Therefore,

Football definition Essay Example for Free

Football definition Essay Football is a sport defined by its field, equipment, players, and uniforms. Football is a sport with the objective to gain possession of a ball and advance it in running or passing plays across the opponents goal line or kick it through the air between the opponents goalposts. Football is played on a 360 by 160 yard rectangle defined as a field. The players of football are another trait being that each game played consist of 11 players, there is always an offense, a defense, and special teams. In football the uniforms worn consist of tight jerseys so opposing team members can easily be taken down, padded football pants for protective leg covering, high socks to protect their skin from cleats which are shoes with long spikes for the grass fields, and a helmet to protect the head. The equipment used is an oval shaped football. Football is a sport defined by its field, equipment, players, and uniforms. Andrea Dixon Eng. 090-03 May 31, 2012 Instructor Case Definition Paragraph Football I. Topic a. A sport defined by its field, equipment, players, and uniforms. II. Body a. sport i.the object being to gain possession of a ball and advance it in running or passing plays across the opponents goal line or kick it through the air between the opponents goalposts b. field i. played on a field 360 by 160 ii. A game played by two teams of 11 players each on a rectangular c. Players i. A game played by two teams of 11 players each on a rectangular field ii. the offense iii. Defense iv. Special teams d. Uniforms i. Jerseys ii. Padded Football Pants iii. Socks and Shoes iv. helmet v. gloves e. Equipment i. Oval shaped ball III. Conclusion a. A sport defined by its field, equipment, players, and uniforms.

Roles of a Manager within Functional Areas of Business Essay Example for Free

Roles of a Manager within Functional Areas of Business Essay Business and Government are just the same except in all the important aspects.(Joseph L. Bower, 1970, p.70). This quote makes sense, because both require a management level that must be versatile and play distinct roles in different business situations or organizations. These functions are important to any business and its success. Managers Role in a Business Businesss all have different functions, goals, and ratios to gauge, to be successful. A managers job has different levels, and some are from a great extent to a lower degree. But they all must have key attributes to be successful for their subordinates and peers. They must have authority so that those they look over respect them and follow through with a task they delegate. A manager also has to be efficient, with excellent problem-solving skills. Regardless of what business you are in, you will want efficiency, but you will always run into a problem, which will need to be resolved immediately. These problems can be internal with staff, or on a larger scale impacting the business for a sooner than later failure. You will want a manager who can fix the issues, find the issues and coordinate all of this by utilizing the business metric they are using. This metric of activity should be the guidelines in which the company wishes to follow and is a foundation that should make a business successful. Marketing Marketing is another functional area that businesses thrive on. Some in my opinion view this as just a tool that is used to bring in business on a particular product. But in reality utilizes trends, ideas, generations, and considers a lot more from the inside of the company, and allow the outside  world to notice it. The purpose of marketing is not to just find and increase new areas of business. They want to bring the business to the front door, but not let out the back. This is so there can be new business obtained, but it is also retained for an extended term relationship. The marketing manager must oversee all of their team and their ideas and move forward with what they think will help the business. Human Resources Human Resources is an area of business where the manager acts as a service provider, policy police, strategic partner, change agent, and welfare officer. (Welch and Welch 2012). These managers are the enforcers of the law at these businesses, as well as the legislation of the geographic territory they reside in. They need to ensure that they hire the right person for the right job and fire those who may be crippling the business and individuals. They must consistently enforce the rules for the employees at hand and ensure they keep accurate records for the company. Finance and Accounting Finance and accounting are what is looked at as the meat of the business and is necessary for a company to be successful. This can also tell a business where its weaknesss lie. A managers role in this position is to maintain positive numbers. But if this is done correctly it also has different areas of finance. What I mean by this is, there may be a business that thrives on more than one product. If one product is not selling, the correct action could be to remove that product, market it better, or improve the product. This will also let the business know if they can expand if they need more employees and dictate the future of the enterprise. Operations Operations are the creation, moving, or services that need to be put in place so they can reach the hands of the customers. This is one of the biggest factors that can make or break a business. There is a lot of unpredictability in operations, and there must always be a backup plan in place. If there is a breakdown in delivery of a product to a customer, to the business, or not pushing a product on the floor fast enough; this can  end a relationship with a client that depends on, operations to move smoothly. If management has a plan in place, there should be no repercussions from the unexpected. Or they should be able to find a resolution to the operations issue immediately. Operation is a factor that everyone relies on, and I feel that many consumers dont realize how much they rely on it until there is this breakdown in operations. Leadership and Strategic Planning Leadership and strategic planning is an aspect that always needs to be put into place from the very beginning by the management. These plans will help oversee all aspects of a business from the environment to the lower level of subordinates. It will point everyone in the right direction to achieve the goals of the company and even the goals of those in the company. If a particular plan is set forth by the leaders, it should be known to those involved so they could follow these guidelines to meet or exceed the goals. The leadership will ensure that these plans are followed to ensure the success of everyone. Conclusion Everything that is discussed in this essay was a brief description of necessary areas in business, and how management needs to be involved in these fields. All of them are needed for the success of enterprises, and the managers who overlook these different functions need to ensure their duties are carried out properly so the company will succeed. With these areas working appropriately with good leaders, there is a greater chance of success. These guidelines and structures are the foundations on which to build a business. Each aspect plays its role that must be led by people with these foundations as their law book to abide by. These leaders should also be able to pass this knowledge down to their successors so the business can thrive long after they are gone. References Welch and Welch (2012) Joseph L. Bower, Managing the resource allocation Process: A Study of Corporate Planning and Investment, Division of Research, Graduate School of Business Administration, Boston, Harvard University Press, 1970, p.70. Anne J. Broderick (1998) Role Theory, Role Management and Service Performance Kane- Urrabazo C. (2006) Managements role in shaping organizational culture

The Interaction Between The Tangible And Intangible Economics Essay

The Interaction Between The Tangible And Intangible Economics Essay Introduction: Assets is one of the most controversial concept in financial accounting. The historical accounting scientist are trying to give a satisfactory definition of the assets, but so far, an authoritative, academics and practitioners are accepted definition, has not yet appeared. The resources formed from past transactions or events by enterprises owned or controlled, and the resource be expected to bring economic interests to enterprises which is called assets. Classified according to different criteria, assets can be divided into different categories. In accordance with the length of the consumption period, can be divided into current assets and long-term assets; according to the specific form, Long-term assets can also be further classified, according to whether the physical form, can be divided into tangible and intangible assets. Tangible Assets: Tangible Resources Financial: Firms cash account and cash equivalents Firms capacity to raise equity Firms borrowing capacity Physical: Modern plan and facilities Favorable manufacturing locations State of the art machinery and equipment Technological: Trade secrets Innovative production processes Patents copyrights trademarks Organizational: Effective strategic planning process Excellent evaluation and control systems Source: (Strategic Brand Management 2003) Assets that are relatively easy to identify are called tangible resources. they include the physical and financial assets that an organization uses to create value for its customers. Among them are financial resources (e.g.: a firms cash and accounts receivables as well as its ability to borrow funds) physical resources (e.g.: the companys plant equipment and machinery as well as its proximity to customers and suppliers): many firms are finding that hightech .computerized training has dual Benefits; it develops more effective employees and reduces cost at the same time ( J.B. 1991) A tangible asset is the physical form of assets, including fixed assets and current assets, tangible assets consist primarily of: housing, machinery, equipment, and other forms of assets. Narrow sense of tangible assets usually refers to fixed assets and liquidity. Generalized tangible asset including: funds, resources, products, equipment, apparatus, plant, personnel information, including all the factors of production. Generally speaking, the tangible asset is the assets of a certain kind of form. (Jobber. 2012) Existing assets to the specific material and product form, including the production of tangible assets and non-produced tangible assets. Production of tangible assets is the production activities to create assets; tangible non-produced assets are natural assets without production achieved. Production of tangible assets, including tangible fixed assets, inventory (stock) and precious items . Tangible fixed assets, that is including residential, houses and buildings, machinery and equipment, raw materials and supplies, on the move, that is finished goods, and resell the goods; Non-production of tangible assets include land resource, uncultivated biological resources and water resources.(Wilson. 2005) Tangible assets can be further divided into physical and financial assets. Physical asset is the value in use of the property or material. Financial asset is the currency and securities. The value of the tangible assets created by its physical nature, that is, given the value of tangible assets by tangible, physical and visual factors. The value of the tangible assets from its material characteristics, their property rights are intangible, but it comes from their material characteristics. Intangible Assets: Intangible Resources Human: Experience and capabilities of employees Trust Managerial skills Firm specific practices and procedures Innovation: Technical and scientific skills Innovation capacities Reputation; Brand name Reputation with customers for quality and reliability Reputation with suppliers for fairness, non-zero-sum relationships Source: (Strategic Brand Management 2003) Much more difficult for competitors and for that matter . A firms own managers to account for or imitate are intangible resources .which are typically embedded in unique routines and practices that have evolved and accumulated over time .these include human resources (e.g.; experience and capability of employees, trust ,effectiveness of work teams, managerial skills ),innovation resources (e.g., Technical and scientific expertise ,ideas and reputation resources (e.g.: brand name ,reputation with suppliers for fairness and with customers for reliability ,and product quality . a firms culture may also be a resource that provides competitive advantage. (.Barney.1991) Intangible assets refer to enterprises for the production of goods or rendering of services, for rental to others, or for administrative purposes and holds a long-term, non-monetary asset without physical form. Generalized intangible assets including financial assets, long-term equity investments, patents, trademarks, etc., because they do not have a material entity, but the performance of some kind of legal rights or technology. Intangible assets including patents, technology, brands, copyrights and royalties, the use of the land . Intangible assets can be divided into identifiable and non-identifiable intangible assets. Identifiable intangible assets, that is including patents, proprietary technology, brands, land use rights and concessions,. Intangible assets following conditions are satisfied at the same time, in order to be recognized .The intangible assets related to the economic benefits are likely to flow to the enterprise; the cost of the intangible asset can be measured reliably.( Ghemawat.1991) Role of intangible Assets ¼Ã… ¡ Use of intangible assets as security for loans (such as trademarks, patents, copyrights, equity pledge registration as security for loans), commercial registration, increase investment, equity participation, shareholders funded immaterial property, license to use, transfer, lease contract, liquidation auction; Increase brand awareness, show the strength of enterprises, enhance cohesion, brand image ¼Ã¢â‚¬ º(Jorissen. 2007) The enterprises operating intangible assets with international standards, and then enter the international market Protection of intellectual property rights claims is based requires companies to crack down on counterfeit products, infringement and litigation .Through the evaluation of Intangible assets, the business of the inventory can be completed ¼Ã…’ to provide the management information to operators thus reasonable allocation of resources. Project financing, joint venture, merger, acquisition, attract investment, investment in intangible assets, investment, Intangible assets is the core attraction of foreign investment such as commercial brand, corporate profitability, sales, channels, personnel , etc. Intangible assets capital to invest in shares can bring many benefits for the enterprise. First of all, can ease the difficulties of registered capital and increase investment. Some people want to start a business, because of lack of funds to run the new company, can use intangible assets as part of the of registered capital to be registered, especially in some high-tech enterprise, especially; The number of enterprises registered capital is too low, giving the marketing difficulties, want to increase the registered capital, but the lack of funds, then can use the immaterial property investment shares to overcome this difficulty.( Gregory 2003) In the era of the industrial economy, the economic growth is mainly dependent on the plant, equipment, funds, and in the era of knowledge economy, patents, proprietary technology, trademarks, goodwill, information, computer software and other Intangible assets of innovation and sustainable development of economic growth play a decisive role. Intangible assets unlike land, buildings, machinery and equipment as a specific physical form in front of people, but in the era of knowledge economy, it does play a role can not be ignored for the sustainable development of enterprises. In the era of knowledge economy, the process of economic globalization in further exacerbated, it should be recognized that there is a process of continuous improvement of the status and role of intangible assets, when the increasingly competitive market, the more complex the business activities, intangible assets continues to increase, while its status and role of the more trend in the core, so that the number of high-tech enterprises are facing the danger instance to be suspended because of the loss of Intangible assets and can not sell their products.( Wilson, D. 2005) Role of intangible assets in Fast-paced Technology Market: In the day-to-day purchasing behavior, will you confused with a wide variety, all kinds of brand? And do not know how to make your decisions? What are the determinists to help you to choose goods finally? Of course, we want to buy the most cost-effective products, imagine that, we can not get them to try one by one, we will proceed from experience to choose reputable manufacturers and the well-known brands. In our selection process, in fact these Intangible assets play a role in the process. It has a strong appeal and influence, sometimes forcing us to make not entirely rational choice, wonderful role of the brand is to be able to win the goodwill of consumers to obtain the trust of consumers, which products sold, win opportunities to make goods in an invincible position in the competition for a long time.( Riezebos.2003) In the context of the era of knowledge economy, the value of Intangible assets can be much higher than the tangible assets, because the value of the tangible assets, after all is limited, while the value of Intangible assets can be unlimited200 brand value rankings released by the United States in November 2003, Coca-Cola topped the brand value of up to $ 70.45 billion, which strong value of intangible assets is evident. No wonder the boss of the Coca-Cola Company said: Even now, all the property of the Coca-Cola was burned, we still can dominate the world with this brand again. This is the brands equity and also is the power of intangible assets. This kind of self-confidence and competitive advantage also reflected in other international brands. For example, Intangible assets and tangible assets ratio of 70% versus 30% respectively in the world famous Microsoft, It can be predicted that the proportion of Intangible assets will continue to expand in the future of the companys new as sets. The United States has been able to occupy a dominant position for a long in the world, relying on its powerful economic force, In fact, that is expanding the tremendous power of intangible assets which included in enterprises and products. (Saudagaran. 2001) Intangible assets growth with the support of modern marketing tools and modern technology means, its speed can be much higher than the growth of the tangible assets of the enterprise, which means giving enterprises more excess profits. Let us look at the following data: In the high-tech is widely used in the United States, the research and development expenses of non-financial firms as a percentage of GDP, rose from an average of 2.2% in 1980-1989 to an average of 2.9% in 1990-1997, The proportion of investment in the world in tangible assets fell to 14.1%. At the same time, the S P500 index reflects the market value of the main American. The companies index from 135.76 points in 1980 raised to 1342.62 points on November 20, 2000, an increase of nearly 1O times. This shows that intangible assets play an increasingly important role in the creation of enterprise value. The interaction between the tangible and intangible assets: In addition, activate tangible assets with intangible assets, is the best way for low-cost expansion, the greatest advantage is to avoid repeated investment and redundant development. It is crucial for the adjustment of economic structure, promote the virtuous circle of the whole national economy. Haier as the number one of Chinese home appliance brand, one of the features of the expansion is to make an activation of tangible assets with intangible assets, which is written into textbook as classic case of Harvard Business School. (Itami..1987) Before Haier mergers Qingdao Red Star Electric Appliance Factory, total assets of 400 million Yuan, while total liabilities amounted over to 500 million, 133 million insolvent, and the debt ratio up to 140%. After taken over by Haier Group, it was reorganized as Haier Washing Machine Corporation, and directed to employees with a series of management concepts, these ideas like an invisible hand united the almost defeated team and elevated to an orderly, self-discipline, quick job status, burst out of powerful life and been enable enterprises to gain the extraordinary development: made up the deficits and get surpluses in three months, profit $ 1.5 million in the fifth month, passed certification of the IS09001 international quality system in the Second year, won Chinese washing machine Top 10 Brands, consumers shopping preferred brand, etc; market share has risen to 22% of 100 large shopping malls in the country at the end of 1996, It rose to 28.31% the first half of 1997, five percen tage higher than the second. The International market share is far ahead of other brand in China, the number of Automatic washing machines exported to Japan has been accounted 95% of total exports, accounting of 61% total imports of Japan; On this basis, Haier Washing machine merger the Guangdong Shunde washing machine factory again as an investment holding company brand in May 1997, after that set up Shunde Haier Electric Company and resume production within two months, created people are even saying so terrible Haier speed; September 1997 in cooperation with West Lake in Hangzhou, Haier take advantage of value of intangible assets, set up the Haier Holdings Electric Company Hangzhou without invest a penny and successfully developed a series of TV with Haier brand. (Field, A . 2005) In June 2001, the Haier Groups acquired global line of credit of 300 million U.S. dollars from the Bank of China, This is the bank of China the first and the only time to give China enterprise a global credit in China. With the global credit of Bank of China, Haier financing approval procedures will be greatly simplified, the domestic and foreign investment projects within 300 million US dollars will be more rapid and timely service; In addition, the Bank of China branches and agencies around the world will give Haier Group worldwide localization financing to facilitate. Haier brand value there are 74.9 billion Yuan in 2006, equivalent to nearly $ 10 billion. The value created by a brand is far beyond than several generation of peoples hard work. Haier could not successfully obtain such wholesale funding without such huge brand effect of Haier. Trends of Intangible assets: Intangible assets can bring huge profits for the enterprise, profit has a powerful allure and penetrating power, right here only cited one case to illustrate this. Lets look at the World Brand Lab recently announced 2008 World Brand 500: Harvard University ranked first; Coca-Cola second in the world; Citibank ranked third in the world; Google ranked fourth; Mercedes-Benz the worlds fifth; Wal-Mart the world rankings sixth; Microsoft the world ranked seventh; McDonald ranked eighth in the world; International business opportunities ranked ninth in the world; Apple Computer the worlds tenth. These world-class brands, its brand value is amazing, Coca-Cola reached $ 55 billion, the highest IBM brand value of $ 59 billion, Googles $ 25.5 billion in 2005 alone. (Selam Nuri 2012). With the extensive use of knowledge, technology and information in the social production and life, the human social economic form gradually changed from the agricultural and industrial to knowledge industries. (Gu. F. and Lev, B .2002).The 21st century is the era of the knowledge economy (Knowledge Economy), the knowledge economy is an economic form based on knowledge resources, its significant characteristics: Knowledge intensive technology as the foundation of the knowledge industry or new and high technology industries, has become the core of the entire industry, it is the major driving force for a country to obtain a long-term competitive advantage and sustainable socio-economic growth boosters. The arrival of the knowledge economy is a result of the development of high-tech industries, on preliminary information developed countries in the world, their computers, electronics, and aerospace and other high-tech industrial output and employment growth is the fastest. High-tech enter prise intangible assets accounted is bigger for the proportion of total assets in comparison with the traditional enterprise The high-tech enterprises are typical of knowledge and intellectual support enterprises, it has a high quality of intangible assets as a prerequisite, rich in scientific and technological content of its products are technically complex, a high degree of innovation, the short lifetime of the product guide the demand characteristics. Currently, many U.S. high technology enterprise intangible assets has more than 60% of total assets. In the Microsoft does not have raw materials, plant and equipment on a large scale, It has a main resource is the wisdom of the people, have the product is in the floppy disk and the floppy disk that contains knowledge. Although Microsoft does not have the characteristics of the traditional large enterprises on the surface, but its enterprise value is more than General Motors Corporation in the United States and other giant enterprises, become a truly high-tech industry giant, the only one reason is that Microsoft has a huge amount of intangible assets. The economic benefits of Knowledge which created by intangible assets has constituted the main body of the economic benefits of high-tech enterprises. In summary, there is no new and high technology enterprise without these invisible assets. (Gunnar Hedlund.2012.) Conclusion: The assets are the most important economic resources of an enterprise. Under conventional economic conditions, tangible assets relative to intangible assets in a more scarce position, the knowledge contained in the companys products and technology content is not high, the core position in the competition tangible assets rather than intangible assets; In the era of knowledge economy, the role and status of intangible assets is rising, intangible assets play an increasingly important role in the economic development, competition among enterprises has evolved into a competition intangible assets such as knowledge, technology, management ability and innovation ability. Intangible assets of the enterprise is becoming a key element in the survival and development of enterprises, it is an important value source of enterprise. Especially in the high-tech enterprises, the crystallization of the knowledge and wisdom of the patent, patented technology, goodwill, trademarks, research and develop ment, franchise and other intangible assets have gradually become the most important resource instead of tangible assets. For science and technology as the core of the high-tech enterprises, its asset structure is different from the general characteristics of enterprises that intangible assets in a larger proportion of total assets, in other words, value creation of high-tech enterprises will mainly depend on intangible assets, thereby intangible assets has a more important meaning in the high-tech enterprises.( Keller.2003) A large number of foreign findings show that: the intangible assets of the value of the enterprise to create an important role and can make a significant contribution; there is a strong correlation between the value of intangible assets and the companys market; intangible assets information disclosure status will affect the development of the capital market, the investors investment income and business growth. Be seen from the above: intangible assets so important for businesses; this trend has been vividly interpreted by Larry Wright whos the famous Brand strategy experts in American. Owns the market more important than having the factory, and the only way to have a market is to have the brand as intangible as the core which is dominant in the market.

Blessing in Disguise :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Adolescence is a period in life where one makes mistakes and learns from them. However, most mistakes have consequences and repercussions. At the age of 17, my parents decided to move the entire family back to our homeland, Dominican Republic, after discovering that my sister and I had been â€Å"borrowing† their car while they slept and driving it without driver licenses. After the initial shock and resentment wore off, I realized that moving to Dominican Republic was the best thing that ever happened for three major reasons: I grew closer to my one and only sister, my grades improved, and I became more independent.   Ã‚  Ã‚  Ã‚  Ã‚  To begin, I grew closer to my one and only sister for a few reasons. For instance, we attended the same school in Dominican Republic as opposed to when we were in Miami. Secondly, since we were both experiencing the same emotions, we were able to comfort each other. Third, having a mutual goal of moving back to Miami on our own made us more than sisters, it made us partners in crime. To this day, our relationship keeps going strong and we are closer than ever.   Ã‚  Ã‚  Ã‚  Ã‚  In addition, my grades improved. Before we left Miami, I had just barely passed 11th grade, and was looking at a rough senior year. Since the private high school my parents enrolled me in had a different format than my old school, my chances of graduating on time increased. Also, there was less distraction, and I was actually turning my work in by its due date. Last, I became much more interested in college and my future. This was a huge change from the girl whose last thought was a college education.   Ã‚  Ã‚  Ã‚  Ã‚  Finally, I became more independent. I realized that in order to make it on my own, I needed to grow up. With the help of my parents, I learned to cook and clean. One can only eat junk food for so long before you start missing a real, homemade meal. Next, I got a job and started budgeting for my upcoming move. I also made living arrangements for both my sister and I in Miami, as well as, research what type of employment was available for high school graduates.

Of Mice And Men: Comparing The Movie And The Book :: essays research papers

The movie of Of Mice and Men had many differences while still giving the same message that the book was portrayed to have. One of the major differences was that Candy never came into the room when Lennie and Crooks were talking to each other. This was major because Crooks never found out that the plan was true about the little house. In the book after he heard Candy talk about it he wanted to get in on the deal. Also the movie it never showed Lennie have his illusions of his Aunt Carla and the rabbits when he was waiting by the pond. The last major difference was that George never hesitated to shoot Lennie in the movie and in the book it was very hard for him. After George shot Lennie, Slim came to comfort George and take him out for a drink.The characters in the novel and the movie had many differences. In the book George was shown to hate Curley with a passion. In the movie George didn’t seem to like Curley too much but he definitely didn’t hate him like in the book. In the movie Curley's wife seemed to be attracted to Lennie and enjoyed his presence because he was nice. In the book she talked to him only because she was amused by Lennie's stupidity. Lennie was explained as a beast in the book and, "his shoulders could fill the doorway." In the movie he was stronger and bigger than the others were but not to the extreme amount that the book portrayed him to be. Every other thing about Lennie was extremely as the book told it.I felt that the movie was wonderful and I loved it as much as I loved the book. I would give the movie a 10 because it was so great. The only parts that I didn't like were in the end it didn’t make me as sad as the book made me feel. I felt so into the dream the Lennie and George shared that I was sad when it was destroyed.

Mithraism Essay -- Cult Religion Rome Roman

Mithraism Mithraism is the ancient Roman mystery cult of the god Mithras. Roman worship of Mithras began sometime during the early Roman empire, perhaps during the late first century of the Common Era (hereafter CE), and flourished from the second through the fourth centuries CE. While it is fairly certain that Romans encountered worship of the deity Mithras as part of Zoroastrianism in the eastern provinces of the empire, particularly in Asia Minor (now modern Turkey), the exact origins of cult practices in the Roman cult of Mithras remain controversial (see below). The evidence for this cult is mostly archaeological, consisting of the remains of mithraic temples, dedicatory inscriptions, and iconographic representations of the god and other aspects of the cult in stone sculpture, sculpted stone relief, wall painting, and mosaic. There is very little literary evidence pertaining to the cult. The Deity: Mitra, Mithra, Mithras Mithras is the Roman name for the Indo-Iranian god Mitra, or Mithra, as he was called by the Persians. Mitra is part of the Hindu pantheon, and Mithra is one of several yazatas (minor deities) under Ahura-Mazda in the Zoroastrian pantheon. Mithra is the god of the airy light between heaven and earth, but he is also associated with the light of the sun, and with contracts and mediation. Neither in Hinduism nor in Zoroastrianism did Mitra/Mithra have his own cult. Mitra is mentioned in the Hindu Vedas, while Mithra is is the subject of Yashts (hymns) in the Zoroastrian Avesta, a text compiled during the Sassanian period (224-640 CE) to preserve a much older oral tradition. Possible Eastern Origins of the Roman Cult The precise relationship between the Roman cult of Mithras as it developed during ... ...umont, F. Textes et monuments figurés relatifs aux mystères de Mithra. 2 vols. Brussels, 1896, 1899. Cumont, F. The Mysteries of Mithra. Trans. T. J. McCormack. London, 1903, reprint New York, 1956. Hinnells, J., ed. Mithraic Studies. 2 vols. Manchester, 1975. Merkelbach, R. Mithras. Königstein, 1984. Renan, E. Marc-Aurèle et la fin du monde antique. Paris, 1882. Stark, K. B. "Die Mithrasstein von Dormagen," Jahrbücher des Vereins von Altertumsfreunden im Rheinlande 46 (1869): 1-25. Swerdlow, N. "Review Article: On the Cosmical Mysteries of Mithras," Classical Philology 86 (1991): 48-63. Turcan, R. Mithras Platonicus. Leiden, 1975. Ulansey, D. The Origins of the Mithraic Mysteries. New York and Oxford, 1989. Vermaseren, M. J. Corpus inscriptionum et monumentorum religionis mithriacae. 2 vols. The Hague, 1956, 1960.

Persuasive Technology: Using Computers to Change What We Think and Do

REFERENCE AND CITATION FORMAT FOR THE COMMUNICATIONS OF THE ACM DR ANDY DONG The Association for Computing Machinery is the pre-eminent professional body dealing in all aspects of information technology. This is a style guide for their reference and citation format. Note that there are some slight stylistic differences between the format for the magazine Communications of the ACM (per the style in EndNote) and the ACM conference proceedings reference format (per the style in the ACM conference proceedings template). This document will describe the Communications of the ACM style.Windows 7 Check Your UnderstandingIn practice, adherence to a single, consistent style is satisfactory. References Section The References section appears at the end of the paper. All references appear alphabetically by the lead author’s last name and are numbered consecutively. A clear header should be used to indicate the start of the References. Example: References 1. Bless, H. The Interplay of Affec t and Cognition. in Forgas, J. P. ed. Feeling and Thinking: The Role of Affect in Social Cognition, Maison des Sciences de l'Homme and Cambridge University Press, Cambridge, 2000, 201-222. . Garcia, A. C. B. and Howard, H. C. Acquiring design knowledge through design decision justification. Artificial Intelligence for Engineering Design, Analysis and Manufacturing, 6 (1). 59-71. Citation As you write your report, you will cite your references. A citation to a reference in the body of the text is indicated by a bracketed number corresponding to the reference number in the References section. Example: During high stress periods, individuals should focus on the situation-specific tasks rather than rely on general knowledge structures. 1] Reference Formats GENERAL INSTRUCTIONS A complete reference should contain the name(s) of the author(s) and/or editor(s), the title of the article, the name of the book or conference proceedings where appropriate, and bibliographic information about th e article such as the name of the publisher, the city of publication, and the page numbers. The basic concept is that the reference should be sufficiently complete so that the reader could readily find the reference and can judge the authority and objectivity of the reference.All author names appear as Lastname, Initials. For example, if Andy Dong is the primary author and Alice M. Agogino is the second author, the correct appearance of the author names would be: Dong, A. , and Agogino, A. M. THIS IS THE REFERENCE FORMAT FOR A BOOK. Authors. Title. Publisher, City of Publication, Year of Publication. Example: 1. Fogg, B. J. Persuasive technology: using computers to change what we think and do. Morgan Kaufmann Publishers, Boston, 2003. THIS IS THE REFERENCE STYLE FOR AN ARTICLE WHICH APPEARS IN AN EDITED BOOK. Authors. Title. n Editors Title of edited book, Publisher, City of Publication, Year of Publication, Pages. Example: 1. Fischer, G. and Nakakoji, K. Amplifying designersâ€℠¢ creativity with domain-oriented design environments. in Dartnall, T. ed. Artificial Intelligence and Creativity: An Interdisciplinary Approach, Kluwer Academic Publishers, Dordrecht, 1994, 343-364. THIS IS THE REFERENCE STYLE FOR A JOURNAL OR MAGAZINE ARTICLE. Authors. Title. Journal or magazine name, Volume (Issue), Pages. Example: 1. Hirsh, H. , Coen, M. H. , Mozer, M. C. , Hasha, R. and Flanagan, J.L. Room service, AI-style. IEEE intelligent systems, 14 (2). 8-19. THIS IS THE REFERENCE STYLE FOR A CONFERENCE PROCEEDINGS. Authors, Title. in Title of conference, (Location of Conference, Year), Publisher, Pages. Example: 1. Leclercq, P. and Heylighen, A. 5,8 Analogies per hour: A designer's view on analogical reasoning. in 7th International Conference on Artificial Intelligence in Design, (Cambridge, UK, 2002), Kluwer Academic Publishers, 285-303. THIS IS THE REFERENCE STYLE FOR ELECTRONIC MEDIA (ARTICLES, IMAGES, ETC. ) RETRIEVED FROM THE WEB.FOLLOW THE REFERENCE FORMAT FOR A JOU RNAL ARTICLE AND THEN INCLUDE INFORMATION ABOUT THE WEB SITE AND THE DATE WHEN YOU RETRIEVED THE RESOURCE. NOTE THAT THE DATE OF PUBLICATION AND THE DATE OF RETRIEVAL OF THE ARTICLE MAY NOT BE THE SAME. WHEN THERE IS NO DETERMINATE DATE OF PUBLICATION, USE (N. D. ) IN THE DATE FIELD. WHERE POSSIBLE, INCLUDE THE NAME OF THE ORGANIZATION HOSTING THE WEB SITE. Examples: In the following example, the Cornell Chronicle is a regular newsletter which is published online. Thus, we follow the journal/magazine format and include the volume and issue.Steele, B. Look, Ma, no wires! Cornell class project tests wireless networking, Cornell Chronicle, 31 (35). Retrieved February 15, 2004, from Columbia University: http://www. news. cornell. edu/Chronicle/00/5. 18. 00/wireless_class. html. The following Web page has no evident author, but the â€Å"Revised date† in the footer gives us the date of publication. MIT Project Oxygen: Overview, 2004. Retrieved March 15, 2005, from Computer Science and Artificial Intelligence Laboratory, Massachusetts Institute of Technology: http://oxygen. lcs. mit. edu/Overview. html.

Dante The Inferno Essay

In The Inferno, by keister Ciardi, the protagonist, Dante is about to enter a purpose of great suffering. Dante believes that theology is the architect of booby hatch, and that orchestra pit is the carrefour of godly omnipotence, primordial retire, and final intellect. Throughout the Cantos, atomic number 53 tail end forgather how Dantes picture of loony bin does ricochet the gates description of beau ideals sacred justice. I am the way into the city of woe. I am the way to a forsaken mass. I am the way into eternal sorrow (Canto 3, telephone line 1-3). In The Inferno colliery decidedly has some likeness to graven images justice, power, love and intelligence.Just from these three lines it shows that infernal region is a place for iniquityners being punish by beau ideal. By these individuals going to conflagration, divinity fudge is presentation his justice that while on earth, they should charter made a prime(prenominal) between sin and choosing deity. Ho wever, while k directlyledge the Inferno one can blow over the conclusion that there is a connecter between ones sin on Earth and the degree of torture/punishment theyll experience in Hell, which exerts idols justice. Dantes picture of deity is one that knows all, The law of Dantes Hell is the law of symbolic retri just ifion. As they sinned so they ar punished(Canto 3).When Dante is in the foyer of Hell, he encounters The Opportunist. These were individuals who took no side, so they ar given no place. Since divinity is the source of Hell, he places them in a claim of turmoil, their sin was in darkness, so they spark in darkness. As their own bloodguilty conscience pursued them, so they are pursued by swarms of wasps and hornets (17). Considering that they lived a virtuously yucky life. They now live for timeless existence through the filth of worms and maggots that feed remove of them. Maggots and worms are often associated with filth, garbage and, or the dead.Sin ce these people werent worthy adequacy of choosing a side. paragon being the product of divine omnipotence and ultimate intellect is basically paying them back for only being for their selves, and possessing those same qualities while on Earth. In Canto 3 divinity exhibits his primordial love for people in lines 122-123. Divine justness transforms and spurs them so their dread turns wish they want for what they idolise. According to the text they yearn for what they fear means that this is what the souls of the curse actually wished for.Hell was their deliberate choice, for divine compassion is denied to none who wish for it in their hearts (24). The damned purposely turned away from God to have become damned. So Gods primordial love and grace is suffice to save those who desires to be saved. God gives everyone the opportunity to be saved but its ultimately the individuals choice. Although these people are condemned to hell, God at a time offered them his primordial love. So now they have to endure the punishment. Each rank is assign to the punishment of the category of sin (25).In the fourth Canto, Dante and Virgil is in Circle one Limbo. In Limbo, Dante encounters the Virtuous Pagans, these were unreligious individuals, as come up as people who were born without the illuminate of Christ and werent baptized, and eminent poets resembling Homer, Ovid, Horace and Lucan. These individuals were also born before the Christian religion. And still their merits fail, for they lacked Baptisms grace, which is the door of the true(a) faith you were born to. Their birth fierce before the age of the Christian mysteries, and so they did not worship Gods Trinity in fullest duty (Line 34-39).These individuals in Limbo arent heavily hagridden, so their pain is that they have no hope. This can also go back to Gods primordial love. Since they werent baptized, God loves them enough to still give them pardon while in Hell, they arent tortured severely since the y were around before Christianity. just instead their pain is that they have no hope, Virgil states without hope we live on in desire (Line 42). God shows them love and kindness because its not their faults that they lived before the Christian era. In Canto five, Dante r to all(prenominal) onees the second circle these are The animal(prenominal). This is where the complete lamentation of Hell begins.The Carnal are those who betrayed reason to their inclinations. Their sin was to abdicate themselves to the tempest of their passions they are swept invariably in the tempest of hell, forever denied the flatboat of reason of God (Canto 5). This circle is littler and the punishment is greater. the never-ending flight of those who sinned in the flesh, the carnal and lust who betrayed reason to their appetite (Line, 37-39 Canto 5). Once again God is covering his justice to those in this circle, these individual redact their appetites before God and everything else.So now they are swept through filthy air that represents their sin for the love of their passions. non only God shows his justice in this circle but also his ultimate intellect. The creation of this circle is clever because the people are punished by what goaded them the most while living additional sexual passions, lust etc. Although this circle had the lightest punishment, this showed Gods justice and wisdom. fright justice moved my architect (Line 4, Canto 3). God created Hell for his justice. Dantes picture of Hell wholehearted flowed from his picture of God.Throughout The Inferno, God had many different characteristics, not only is he the architect of Hell, God shows his divine omnipotence, primordial love and ultimate intellect. Although each circle one experienced a different degree of penance in accordance to their sin, God is still showing his power and sacred justice, regardless of the unkindness of punishment. God knew just what to do with each category of sin for the sinner. Before Dante entered Hell the gate promised a Hell that had relation to Gods justice, love, power and intelligence, and this was unveil within the Cantos.

Only the Strong Survive

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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