Osmosis and Simple Diffusion

Study guide questions: Movements through membrances 1. Prepare a graph that illustrate the diffusion distance of potassium in 10 minutes 2. Explain your graph : 3. Define simple diffusion: 4. Define osmosis: Osmosis can be defined as the movement of solvent molecules across a semipermeable or selectively permeable membrane ,from a region of lower concentration of the solute to that of a higher concentration till equilibrium is attained. 5. What is the change in the level of molasses in 10 minutes? 6. What is the change in the level of molasses in 30 minutes? . What force is responsible for the movement of substances through the filter paper? The filtration by the fiter paper is done by the volume and the surface 8. What substance did not pass through the filter paper 9. What factor prevented these substances from passing through 10. Define filtration 11. Which stage (phase) of the cell cycle was the most numerous in the blastula? Explain your answer 12. In what ways are the new cells (daughter cells), which result from a cell cycle similar? 13. How does the new cell slightly differ? 14. Abdominal impact injuries often involve the spleen. Explain the structural tissue characteristics that make the spleen so vulnerable to serious injury. 15. Explain the advantage for melanin granules being located in the deep layer of the epidermis 16. Explain how a hair is formed? 17. What cells produce the pigment in hair? 18. Distinguish the locations and tissues among epidermis, dermis, and subcutaneous layer 19. How do the cells of stratum corneum and stratum basale differ? 20. What part of hair extends from the hair papilla to the body surface 21. In which layer of skin are sebaceous glands found 22. How are sebaceous gland associated with hair follicles 23. In what layer of skin are sweat glands usually located 24. Explain how bone cells embedded in solid ground substance obtain nutrients and eliminate wastes. By answering yes or no, indicate which of the following provides an example of simple diffusion. 1. A perfume bottle is opened, and soon the odor can be sensed in all parts of the room —– 2. A sugar cube is opened into a cup of hot water, and without being stirred, all of the liquid becomes sweet tasting——- 3. Water molecules move from a faucet through a garden hose when the faucet is turned on —– 4. A person blows air molecules into a balloon by forcefully exhaling——– 5. A crystal of blue copper sulfate is placed in a test tube of water. The next day, the solid is gone, but the water is evenly colored——- By answering yes or no, indicate which of the following involves osmosis 1. A fresh potato is peeled, weighed, and soaked in a strong salt solution. The next day, it is discovered that the potato has lost weight —— 2. Garden grass wilts after being exposed to dry chemical fertilizer —— 3. Air molecules escape from a punctured tire as a result of high pressure inside —– 4. Plant seeds soaked in water swell and become several times as large as before soaking —- 5. When the bulb of a thistle tube filled with is sealed by a selectively permeable membrane and submerged in a beaker of molasses’, the water level in the tube falls——- By answering yes of no, indicate which of the following involved filtration 1. Oxygen molecules move into cell and carbon dioxide molecules leave a cell because of differences in the concentrations of these substances on either side of the cell membrane —— 2. Blood pressure forces water molecules from the blood outward through the thin wall of a blood capillary ——- 3. Urine is forced from the urinary bladder through the tubular urethra by muscular contractions – 4. Air molecules enter the lungs through the airways when air pressure is greater outside these organs than inside——- 5. Coffee is made using a coffeemaker (not instant) ——

Historical cultural context Discussion QuestionsL

Today's society is a different culture from the original audience. The language is misinterpreted. His words are meaningful and always apply no matter the time frame. We must learn the original historical-cultural context to understand the meaning of the message. â€Å"Since we live In a deferent context, we must first recapture the meaning of the text In Its original context. Then we can apply It to our lives In ways that will be Just as relevant† (Devalue and Hays p. 1) 2. In the historical cultural of the early church, women had no legal right to own or possess NY property and were considered themselves to be the property of their husbands. The law forbid them from leaving or divorcing their husband for any reason. In HIS reference to the law, in Mathew 5:31-32, Jesus states women do have rights and are themselves protected as all are by the rights and grace of God.He goes on to explain if a woman leaves her husband for any reason other than divorce and remarries she commit s adultery. Jesus taught the only grounds for dissolving a marriage for the man or the woman is the breaking of marital vows by the act of adultery. 3. Living in n age of â€Å"instant application†, people want immediate answers. No longer do we want to have search or understand an underlying meaning.If we show people the true meaning with its historical cultural context, they will be able to open up their hearts to see the message. Yes, it is a lengthy process but in the end it is worth the time and effort. Once the meaning is grasped, it will be appreciated and truly loved fully and the time will no longer matter

Residential Solar Power in Tucson Essay Example | Topics and Well Written Essays - 250 words

Residential Solar Power in Tucson - Essay Example In this regard, I might seek for alternative means of power purchase to save on cost and conserve the environment. Conventional electric production uses coal, nuclear or other forms of fossil fuels that through emissions contribute to global warming. In addition, the non-renewable energy sources are declining. Hence, I might choose not to purchase electricity in the traditional manner based on sustainability issues, demand charge, and environmental concerns. I will install solar panels to progress my desire for energy efficiency, cost effectiveness, and clean power source. Energy demand of 1000 kilowatt-hours per month shall require photovoltaic cells of approximately (50) 200 watts photovoltaic modules (Powerfully Green 1). Even though it entails significant installation cost, the power energy is renewable and accessible to photovoltaic cells. In addition, solar energy is environmentally friendly. It produces no emissions compared to fossil fuels that deplete the Ozone layer (Powerfully Green 1). In this regards, I will choose not to purchase blocks of solar power because the overall cost will be high. Installation is solar panels are the long-term solution to the energy

Financing Delivery of Healthcare Services Article

Financing Delivery of Healthcare Services - Article Example The current public and private sources of funds for health care financing There are three major sources of healthcare financing for healthcare delivery services in Mexico. While some methods of financing covers the bulk of the financing burden, there are others which caters for only a small percentage of the country’s population, owing to the inaccessibility and unaffordable nature of such methods. The three methods of financing healthcare in Mexico include: General government Government plays a vital role in the financing of healthcare services in Mexico. The contribution of the general government to healthcare financing in this country ranges from 44 to 48% of the annual healthcare budget. In the years 2005, governments contribution to healthcare financing in Mexico was rated at 45.5% of the total healthcare spending, while the same was rated at 48% in the year 2009 (OECD, 2011). The government offers financing through the Ministry of Health, which is responsible for ensurin g that the public health institutions are financed and supplied accordingly, to ensure continuous provision of health services, especially to the rural poor and the people in the informal sector. Private Social Security Insurance The country has established a system of formal social security institutions that offer health insurance for the formally employed, which is financed through a tripartite contribution by the employer, the employee and the government (Cassels, 2005). This way, the social security insurance ensures that the formally employed as well as their families are offered health services, catered for by the tripartite contribution. For the year 2009, private social security insurance catered for 48% of the healthcare financing in Mexico (OECD, 2011). Out-of-pocket The country has a category of people who are not wholesomely covered by either the government or the private insurance financing services, and thus has to depend on their pockets to pay for the healthcare serv ices (Garman, Johnson & Royer, 2011). These are especially the category of people who have enlisted the services of private physicians. The current methods of acquiring money for health care services, research, and training There are various methods that are applied in the acquisition of money for healthcare services, research and training in Mexico. Some of these methods include household contributions through community. Angel financing is one of the methods of obtaining money especially for healthcare services provision, where the angel financiers offer their financing of healthcare in the form of medical loans (Frenk, 2006). Such loans are offered to individuals who are salaried, yet are not able to obtain other forms of financing for their healthcare needs, considering that it is a financing method that does not require any collateral provision to qualify for the loans, while also helping the beneficiaries to avoid their credit cards being burdened with loan charges and loan int erests (Johnson& Stoskopf, 2010). Government-to-Non-governmental Organization collaboration is yet another method that is applied in Mexico to acquire money for healthcare services, research and training. The Mexican government partners with the existing Non-governmental organizations that operate in the country, to provide the necessary funding for

TOTAL QUALITY MANAGEMENT (TQM) Essay Example | Topics and Well Written Essays - 4250 words

TOTAL QUALITY MANAGEMENT (TQM) - Essay Example Quality control is a process that is employed in order to ensure a required level of fineness and quality in a product or service delivered by a company. Quality assurance, on the other hand, is a process in which products are checked in order to know whether those products will be able to meet customers’ expectations or not. Along with quality assurance and quality control, companies also adhere to the key principles of total quality management, such as, quality oriented management, customer focus approach, and continuous improvement in order to guarantee the development of superior quality products. In recent years, many scholars have researched the role of quality management systems in the success of businesses. There has been a great concern about the use of different quality frameworks and this concern has led many researchers to study the role of those frameworks in ensuring the provision of highest quality to customers. Some key quality frameworks, such as, Six Sigma framework, BEM framework, and ISO 9000: 2001 framework play a vital role in the manufacturing of high quality products. In this paper, we will discuss the role of total quality management in the success of a company or organization. We will examine the way total quality management helps a company improve its performance in market and increase customer base. The paper will include a discussion about the key principles of total quality management, as well as a discuss on quality assurance and quality control. Moreover, the paper will also include a review about the key developments in the evolution of quality and the role of strategic quality frameworks and quality improvement tools and techniques in improved organizational performance and productivity. Quality is the key to organizational success. It refers to the delivery of high quality products to satisfy customers, as well as to improve business performance.

Macroeconomic Coursework Essay Example | Topics and Well Written Essays - 2500 words

Macroeconomic Coursework - Essay Example In other words what macroeconomic theoretical models seek to accomplish by way of controlling or stimulating variables such as inflation or/and growth are sought to be accomplished in a more articulate manner by these representative agent models. Representative agent models are in fact some efforts of economists to model and represent the macro economy as if it were a single unit. These representative agent models are based on the basic tenets of the original models. On the other hand stimulative fiscal policy measures are adopted by governments in response to recessions or economic downturns. A recession, defined as two consecutive quarters of negative Gross Domestic Product (GDP) growth in a year, can be partially or wholly reversed by using a combination of macroeconomic measures or solutions such as fiscal or/and monetary policy measures. At least this is the belief among economists though there can be a lot of arguments to prove that it cannot be done as easily as it’s proposed. Representative agent models would necessarily require that some very stringent assumptions are satisfied before the model is adopted so that outcomes could be predicted with a degree of certainty. Thus all representative agent models based on classical/neoclassical, Keneysian/neo-Keneysian and monetary theories assume that fiscal stimulus programs could effectively boost economic growth during a recession or an economic downturn. However, those assumptions that they require as essential pre-conditions might be very difficult to fulfill though. Fiscal policy involves budgetary measures in which the government carries through a deficit budget in order to stimulate the economy by charging lower corporate taxes. In other words fiscal revenue in the given fiscal year will be less than government expenditure on projects. These projects are naturalluy intended to stimulate spending and subsequent economic growth (Ertl, 2008). When the government spends more than what it

Why I am doing it Essay Example | Topics and Well Written Essays - 500 words

Why I am doing it - Essay Example I have a mission to perform many volunteer jobs as per my ability. Acting as a volunteer to help preserve animals grants me sense of self-satisfaction. Animals, being part of nature, need care. The pleasure I get from offering care to animals initiates personal growth in me. Accepting animals as part of creation and realizing the necessity to ensure their growth is fundamental in enhancing conservation. Nature must operate in equilibrium and animals are part of it. Humans, therefore, must develop new ethics and consider their relationship with animals. Nurturing the culture of sensitivity and awareness towards the conservation of animals has a central contribution in appreciating them, as part of nature. Humans should be responsible and care for domestic and wild animals. This, notably, is a role that everyone in the world should play. The challenge is to ensure that animals exist in harmony with the world population. Conservation of habitats that are home to animals, for instance, is an important strategy that the world population should promote. Every member of the society should take on the challenge to ensure animals get the best care and their habitat conservation measures considered. This requires tolerance, by humans, and acceptance that animals deserve consideration and attention. Attending to animals, wild and domestic, is tantamount to respect for their lives. Humans have a role to ensure animals do not suffer. Animals do not communicate with humans in any way. It is upon humans to assess the condition of animals and realize any form of suffering that they may experience. Animals have an entitlement to rights. Part of the world population that is in disagreement with conservation points at diverse reasons including the lack of animal rights. It is illogical to disagree that animals have rights and such c laims by people opposed to nature conservation

Exam Topics (Operations Management) Essay Example | Topics and Well Written Essays - 2500 words

Exam Topics (Operations Management) - Essay Example Operations is one of the most important and primary functions in any sort of firm or business. "While marketing induces the demands for products and finance provides the capital, operations produces and delivers the product (goods and services)." (Hall, Johnson, & Pyke, 2005). By discussing these five questions, we can come to a clearer and more knowledgeable viewpoint on the subject matter. The aim of this paper is to discuss all of this, while also examining the other key elements which fit within this profile of subject matter. This is what will be dissertated in the following. Inefficiency drains valuable components such as money, time, quality, and talent. There is no chance in optimizing or making more positive any of the steps involved in the process if the process itself is deemed as inefficient. "Incidentally, process optimization is a continuous phenomena. It is not like you can do it once and forget about it. External conditions keep changing, other dependant processes keep changing, and so on." ("TopSigma", 2005). The nature of inefficient processes management is to make sure that these valuable components (money, time, etc.) are not wasted, but rather are used to the fullest extent possible; the ideal is to have all members working at their absolute top strength, which creates a cycle of efficiency, which in the end creates a positive result. What is the Role of Operations Management The role of 'operations' varies from business to business, but the basics always remain: the operations management looks at every process in the business, breaks it down, analyzes it, and makes it better. Their goal is to have overall customer satisfaction, and to continue the business in a positive, efficient, and effective way. "Operations management revolves around the design, organization, leadership and control of the productive assets of the enterprise, including people and technology." (Merrett, n.d.). Regardless of the size or type of business, there are always processes and operations issues that must be dealt with. Operations managers find the inefficiencies or problems in the work flow of the business, and re-engineer these processes in order for them to be more efficient and profitable for the company. Operations management involves all of the tools and processes of the business, including components such as: the supply chain, product quality, manufacturing, sales and marketing, safety and health, and environmental concerns. "Operations managers use tools like performance measurement, flowcharts, best practices information, and benchmarking to determine where the problems are and the best methods to correct them." (Obringer, 2006). Some of the processes that are linked to the operations ma

The Government and Economy Term Paper Example | Topics and Well Written Essays - 1750 words

The Government and Economy - Term Paper Example In the event a person was to come across the document for first time – having a wealth of sociology, they would immediately classify the document as being one of the many inquiries that have been made with regards to a certain special field in sociology. There are a number of attributes about the author that stand out with regards to this definition. From a sociological point of view, a reader may be tempted to think that the author had a well or improved view of modern Sombart has made or placed forth a very strong statement with regards to the fact that the entire era of modern capitalism and all the aspects related to this differs from earlier industrial epochs. This is mainly with regards to something far deeper than the mere methods of conducting business and other activities. He has gone forward to point out and present details that prove the dominant motive or main cause for doing business has undergone changes. The controlling purpose and main cause of modern business has become to increase the various volumes and also to enlarge the power of capital. In this case, capital is being enlarged for its own sake, and also for the sake of the social power it confers. This has been established as the main standard or purpose of modern business and economic lives (Congress). ... It is important to note that the basic portions set forth were clearly and positively based and founded on various human principles as opposed to the implicit capitalistic principles. It is important to note that Wealth of Nations was never authored or engineered with capital assumptions in mind. The occurrences or activity were as a result of the various services related to capital and those that are directly associated with capital. These formed the basis of the books which was to assess the goals of economics in part. Contrary to this attribute about the authoring of the book, the author had also assumed that the various economic activities and occurrences in their entirety were, as a matter or principle of course, a means or way of putting people in possession or giving out power with respect to the various means of life. Additionally, to state or put across the same fact or truth in a little different way, Smith went ahead and assumed that the entire value and concepts contained therein are attached to varying economic activities was a matter that was to be decided and settled by their effects on consumption (Jewell, 1982). That is to mean, instead of attributing the production of wealth in the forefront, as being the most important measure with regards to economic processes, the author evidently, at least through his fundamental theory, regarded or attributed the production of wealth as a minute or mere incidence to the consumption and utilization of wealth. The author’s whole moral philosophy was that the ultimate or vital evaluator of all creation and utilization; that is, the individual process, as it was assessed, analyzed and synthesized on the grounds of moral philosophy, was reviewed to be the tribunal of, or associated to the last

The Scientific Study of Ecology Essay Example | Topics and Well Written Essays - 500 words

The Scientific Study of Ecology - Essay Example By addressing and discussing these three specific issues, not only will we be able to gain valuable information on these particular matters but on the subject of ecology as a whole. This is what will be dissertated in the following. In ecology terms, the carrying capacity of a population refers to the supportable population of an organism, and this is taking into consideration the vital factors such as food, habitat, water, and so on. There is strict mathematics involved with the carrying capacity issue, and depending on the particular situation, the impact of famine, for instance, could be quite moderate or extreme. In terms of what the possibilities are for the continued growth of a population once it has approached its carrying capacity, this really depends on the particular population being discussed, but it is very important either way here to understand that â€Å"Algorithms for estimating the carrying capacity of areas provide wildlife managers with important information for understanding and managing populations†¦The energy-based carrying capacity of an area varies with the energy required by a wildlife population and the energy available in foods in the area.† (29). In response to the issue of what process would be necessary in order to allow a population to be established and thrive in an ecological community, basically, there are several different factors that need to be taken into consideration here. In all reality, the most classical explanation is that all species are able to coexist, as long as they are â€Å"sufficiently different in their ‘niches’, the particular habitats or conditions in which they thrive or in the resources they exploit, and have corresponding weaknesses in other areas, so that no one species is able to out-compete the others.† (67).  

The Role And Importance Of Segmentation Essay Example for Free

The Role And Importance Of Segmentation Essay Success in business depends on whether one is able to sustain him or herself as competition increase. It requires a faint difference to keep a selected business type on the marketing edge. Business research is therefore essential when one wants to analyze the market wants and needs of different segments before determining their position.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In our discussion we will try to analyze how segmentation by life stages in the Baby boom occurred how and how markers needed to tailor make messages meant for a specific age group. We will also be able to evaluate how the baby boomers affected the market niche. By understanding key term â€Å"market segmentation’ and ‘Baby boomer generation’ would be a key step in underlining their role and importance.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   By definition, market segmentation is a process of dividing markets into distinct groups of buyers that require different products (Lake, 2008). The groups have to be divided entirely in a homogenous manner. This is the first step required when addressing the need of different customers. The word Baby boomer is an America-English term which describes persons born following the World War II (Brenet, 2006).This is because countries experienced a drastic increase in their population. The birth rates led to the concept term Baby boom. In USA though, different views of the years were documented but many accepted that it was from 1946 to 1964. In Britain he period after the post war 1947 had the highest number of births. This period ended in the 1960. The Irish Republic before its formation, initially had recorded an exodus of people to Britain. Between 1957-80 eras the Irish people choose to have the largest number of children. (Michael, p321). This period of increasing human population recorded increased unemployment economic sluggishness and increased competition to those in the business sector. It was postulated that by 2010 boomers will represent more than two thirds of the 50-plus population. Role and importance   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Marketers had to design a method for addressing the different emerging set groups. For this to succeed marketing segmentation was necessary. The segment must watch the firms marketing capabilities sufficient enough for good profit potential, able to promote effectively to and serve the segment and it should be measurable in purchasing power and size. The target markets in this section involve consumer good and Business produce. The later involves goods or services purchased for use in the production of other goods and services for sales either directly or indirectly. The former are goods or services purchased by a consumer for personal use. The basis of market segmentation according (Brenet, 2006) to involves Demographic segmentation-sex, age, income, occupation, education household size and family set groups Geographical segmentation- markets into similar groups depending on the location. Psychographic segmentation- psychological characteristics, values and life styles. Product based segmentation homogenous groups based on usage rate benefits sought and brand loyalty In that period the market analysis of the baby boomers had become more sophisticated (Baby Boomer in denial over aging, 2004). It has been noted that looking at the baby boomers as a single group fails to recognize their diversity which makes the understanding of differences among the various sector of baby boomers difficult(Onta,2002) The most common way to segment the market is the divide it in two based on birth years. This method yielded two boomer subgroups; this leading-edge boomers, born from 1946 to 19545 and currently 47 to 55 years old and the trailing-edge boomers born between 1955-1964 and currently 36 to 44 years old (Onta, 2002).   The   important of segmentation in business is that new opportunities increase when targeting specific groups of clients and customers. Those with varying needs are recognized in economic change fortunes were more profound than was realized at this moment of history. Conclusion   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Marketing strategies need to be formulated to address the needs of Baby Boomer. The idea to put into consideration is the fact that every year that passes, boomers are aging. As more Boomers enter the 50 plus population, markets trends will have to change and thus marketers need to change their marketing. One of the best things the marketers need to do is to look concisely at the various stages in the life of the boomer and direct their message to that particular phase. This is where understanding of the various segments and different age groups that exist within the larger subset will be helpful. By sounding a message tailored for the entire population would produce disappointing results. By developing products and services tailored specifically to this groups will ensure that marketers sustain themselves in the economy. References ^â€Å"Article Multidimensional Marketing† Available from http://www.milab.dk/dokumentation/public/Artikler%20og%20rapporter/Meredith,%20Geoffrey%20%20Schewe,%20Charles%20-%20Kohorte%20teori.doc(February 8, 2008) ^â€Å"Baby Boomer in denial over aging† CBS NEWS Article from the Associated Press (March 5, 2004) Available from http://www.cbsnews.com/stories/2004/03/05/national/main604287.shtml(February 8, 2008) Coakley. J Gallaghar, M 1999, Politics in the Republic of Ireland. Routledge Tylor Fransis group,(Pg 321) Green, B 2006, Marketing to leading-edge Baby Boomers; Perceptions, principles predictions, paramount market Books, ISBN 0976697351 Lake, L 2008, Market segmentation for the small business. Your Guide to marketing Available from http://marketing.about.com/cs/sbmarketing/a/smbizmrktseg.htm â€Å"Marketers must view Boomers through a New Lens, www.ncoa.org (February 8, 2008)   Ã¢â‚¬ËœOnta National Association’ Baby Boomer Market (January 2002), Available from http://www.ntaonlnio.com/staticfiles/car-boomer:pdf (February 8, 2008) Population: Babies Mean Business, Newsweek, Aug 9, 1948 retrieved 2007-01-26 Wellner, AS, â€Å"The Forgotten Baby Boom,† American Demographics,   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   February 2001, http://www.americandemographics.com (February 8, 2008)

Tips for Writing a Good Reaction Paper Essay Example for Free

Tips for Writing a Good Reaction Paper Essay Read the given article carefully. Think about 1 or 2 major points you want to articulate in your reaction paper. Describe your point first (Lessons Learned, What you agreed on†¦ or What you disagreed on†¦) Justify why you think that way. Provide one or two real-world example(s) You may use any example you are familiar with, including ones we discuss in class or ones from the textbook. However, please do not assume that I know what you are talking about when you just mention a name (e. g. Enron or Wal-Mart). Provide sufficient background information and how your example(s) support your argument. Provide how your point relates to Public Relations (e.g. so what does this mean in Public Relations?) Desirable Formats Follow step 3 6 to make each point clearly (make 1 2 major points per each reaction paper) (normally one argument per one paragraph) After you finish articulating all the points, have a conclusive statement at the end. Provide reaction paper #, date, your name, and student ID # Limit your quantity to 1 page Please proofread your reaction paper carefully to avoid any grammatical mistakes or typos. What Not To Do Just summarize what you read (I want to see your professional opinions not a summary) No evidence to back up your point (e.g. no examples) Provide random examples without making careful effort to relate to your point Remember! Provide appropriate examples to support each argument and insights about how it relates to Public Relations (PR perspectives).

Understanding Business Concepts

Understanding Business Concepts Unit Number Title: U35 Business and Entrepreneurship Assignment 1 Sit 1: Understanding Business Concepts Table of Contents Task A: Answer 1 Answer 1.1 Answer 2 Answer 2.1 Answer 3 Answer 3.1 Answer 3.2 Answer 4 Task B: Answer 1. Answer 2 Answer 3 References List of Figures Figure 1 SWOT Diagram Task A: Answer 1 Opportunity cost is the next highest valued alternative to one’s decision. It is the loss of potential gain from the second best alternative, once a business decision is taken. Answer 1.1 A Motor vehicle company has taken a decision to start a new production line for its vehicles with the aim of green technology. It has two options, option one is to start producing a fully electric vehicle while option two is to start producing a hybrid vehicle. If the company decides to start producing a fully electric vehicle then the opportunity cost will be the cost of producing a hybrid vehicle. A utility company supplying electricity is going to build a new power plant. It has two options, first option building a power plant using nuclear power while the second option building a power plant using natural gas. If the utility company decides to build the new power plant using natural gas, then its opportunity cost will be the cost of building a power plant using nuclear power. (Henderson, n.d.) Answer 2 Double entry system delineate that every transaction will be registered at least into two separate accounts in a companys accounting system. A simple example is shown in table below: (Averkamp, n.d.) Answer 2.1 There is more than one advantage for using a double entry system. Some of these are: There is an arithmetic check on the companys bookkeeping records as for every debit amount there is always a corresponding credit amount. This means that the total debit entries must be matched with the same amount of credit entries. Better understanding of a companys financial situation. It shows the true profit or loss of the company more clearly at any given time. Financial statements will be prepared much easier when double entry system is in place. Examples of these statements are: balance sheet, income statement and cash flow. This system also helps in detecting and reducing accounting errors. (Advantages and disadvantages of double entry book-keeping, n.d.) Answer 3 The balance sheet is one of the most important financial statements within a company. The balance sheet is a snapshot at a single point in time, (usually at the end of month or year), which gives investors an accurate and reliable picture of a companys financial position, what it actually owns and owes. The following formula is followed in a balance sheet: Assets = Liabilities + Capital (Shareholders Equity) (Balance Sheet, n.d.) Answer 3.1 The main purpose of the balance sheet is that it figures up the companys economic resources, obligations and shareholders equities at any point in time. It displays how the resources contributed by the shareholders and money lenders are used in the business. The term balance sheet is derived from the fact that at any given time, assets must be equal to liabilities plus capital hence the two sides of the balance sheet must balance out each other. On the other hand the balance has some drawbacks too. One of which is that the true value of the assets are not reflected on the balance sheet. Historical costs of the assets will not reflect the true market value since these assets may have increased or depreciated in value. Another drawback is that certain assets value are estimated thus does not reflect the true economic situation of the business. (Balance Sheet, n.d.) Answer 3.2 Two important financial statements complimenting the balance sheet are the Cash Flow statement and the Profit Loss statement. Cash flow is comprised of three components which displays the cash generated and used by the company for any given period of time. These components are operations, investing and financing activities. Operation activities measure the income and expenditure caused by the core business operations of a company. It reflects how much profit is generated from the companys products and services. Investing activities reflect the investment in purchasing of new assets such as property, land and equipment. Financing activities reflect changes in debts, loans and dividends paid. These include issue of shares and/or bonds, re-purchase of shares and/or bonds, interest paid to bond-holders. (What is a Cash Flow Statement, n.d.) The Profit Loss statement displays a companys income, costs and expenditure for a particular period of time. Normally this statement is issues quarterly or yearly depending on the companys size and directors preference. The purpose of this statement is to show investors whether the company has made or lost money during the specific period indicated in the statement. The Profit Loss statement gives a good account of the companys capabilities to increase profits and reduce costs. (Profit Loss Statement, n.d.) Answer 4 The following is an abstract from the regulations of the Malta Financial Services Authority: A private company is a company that must, by its memorandum or articles: restrict the right to transfer its shares; prohibit any invitation to the public to subscribe for any shares or debentures of the company; The minimum authorised share capital is â‚ ¬1,164.69. The maximum number of shareholders is fifty Must have at least one director A public company is a company which does not qualify as a private company. A public company may offer shares or debentures to the public but it may not issue any form of application for its shares or debentures unless the company is registered and the issue is accompanied by a prospectus. The minimum authorised share capital of a public company is EUR 46,587.47.There is no maximum number of shareholders in the case of a public company. Must have at least 2 directors In the case of a public company not less than 25%, and in the case of a private company not less than 20%, of the nominal value of each share taken up shall be paid up on the signing of the memorandum. Every Company must have a company secretary and hold an Annual General Meeting. (A Guide to the Registration of Companies, n.d.) Task B: Answer 1. The acronyms of PEST and SWOT analysis are as follows: PEST analysis Political, Economic, Social and Technological analysis. SWOT analysis Strengths, Weaknesses, Opportunities and Threats analysis. Answer 2 PEST is a business measuring tool to understand the business environment growth or decline before setting up a new business or expanding an established business. It is an investigation for reviewing the external environment factors for political, economic, social and technological influences. Political Environment These are all those factors related to and executed by a government. A change in government can bring a change in laws, regulations, policies and taxes which can have an impact on the business environment. Since Malta is part of the European Union, EU regulations and new member states can have an impact on the business environment. Economic Environment This is mainly the financial system fluctuations that occur from time to time with general booms and slumps in the economy activity. A change in unemployment, interest rates and customer purchasing power can cause these fluctuations. Social Environment This is the influence on the business environment which its effects depend on religious, cultural and social trends. These effects can be either positive or negative. Education, lifestyles, career trends and demographics have influence on the social environment. If a decision from a business company have a huge impact which goes against the societal norms, it may face negative publicity and protests. Technological Environment This gathers all the technical aspects of the business environment such as automation, technology awareness, progress, research and development. Technical environment aspects can have an impact on the cost and quality of the business production. (External Environment Theory PEST Analysis, n.d.) SWOT analysis is a matrix analysis of the internal strengths and weaknesses of a company against identification of external opportunities and threats. It helps a company to uncover and exploit opportunities while understanding the weaknesses to eliminate threats. Workshop sessions and brainstorming sessions are two useful ways of completing the SWOT analysis while involving personnel from your own company. A sample table of the SWOT Matrix is shown in figure 1 below. Figure 1 SWOT Diagram Strengths are the resources and capabilities of a business or a project within a company which are used to gain a competitive advantage over other competitors. Examples of strengths are: Reputation, Superior product performance, Unique selling points, Strong brand names. Weaknesses are the absence of certain strengths on which your competitor may take an advantage. Examples of weaknesses are: Weak brand name, Limited budget, Limited personnel, Opportunities are external elements that can uncover new opportunities where a company can exploit its advantages for profit and growth. Examples of opportunities are: Changes in technology, Change in government policies on a particular area, Unfulfilled customer needs, Local events. Threats are changes in external environment and opportunities taken by other companies which can have a competitive advantage over your business. Examples of threats are: Appearance of alternative products, New legislations, Retention of key staff, Negative publicity. (SWOT Analysis, n.d.) Answer 3 SWOT analysis for Bank of Valletta plc. Task C References A Guide to the Registration of Companies. (n.d.). Retrieved 01 15, 2014, from MFSA: https://registry.mfsa.com.mt/otherPDFs/ROCGuide.pdf Advantages and disadvantages of double entry book-keeping. (n.d.). Retrieved 01 12, 2012, from Figurate Ltd Chartered Management Accounts: http://www.figurate.co.uk/2007/07/03/advantages-and-disadvantages-of-double-entry-bookkeeping/ Averkamp, H. (n.d.). Accounting Basics (Explanation). Retrieved 1 12, 2014, from Accounting Coach: http://www.accountingcoach.com/accounting-basics/explanation/5 Balance Sheet. (n.d.). Retrieved 01 14, 2014, from Investopedia: http://www.investopedia.com/terms/b/balancesheet.asp External Environment Theory PEST Analysis. (n.d.). Retrieved 01 16, 2014, from The Times 100 Business Case Studies: http://businesscasestudies.co.uk/business-theory/external-environment/pest-analysis.html#axzz2qb3hjMJw Henderson, D. R. (n.d.). Library of Economics and Liberty. Retrieved January 10, 2014, from http://www.econlib.org/library/Enc/OpportunityCost.html Profit Loss Statement. (n.d.). Retrieved 01 14, 2014, from Investopedia: http://www.investopedia.com/terms/p/plstatement.asp SWOT Analysis. (n.d.). Retrieved 01 18, 2014, from Businessballs: http://www.businessballs.com/swotanalysisfreetemplate.htm What is a Cash Flow Statement. (n.d.). Retrieved 01 14, 2014, from Investopedia: www.investopedia.com/articles/04/033104.asp

Sonic Drive-In Restaurant Essay -- Business Analysis

The fast-food industry is changing everyday. There are new products being introduced in the market and new slogans being created. The companies in the fast-food industry will do their best to make the greater burger, and to make bigger and better fries. Founded in 1953, Sonic has become the largest drive-in chain in the nation. Sonic was founded by Troy Smith, Jr. in Shawnee, Oklahoma. His dream was to own his own business. Sonic Drive-In keeps the 1950s alive through its chain of drive-in restaurants, each complete with speaker-based ordering systems and carhop servers - some on roller skates. Sonics top competitors are McDonald’s, Burger King, and Wendy’s. McDonald’s is the leading competitor in the fast-food industry. McDonald’s has the most restaurants with 12,380 locations and has over 364,000 employees. Burger King has 11,350 outlets in 57 countries and territories worldwide. About 75% is located in the United States. Wendy’s is the third largest quick-service hamburger restaurant chain in the world, with more than 6,600 restaurants in North America and international markets. In Exhibit 1, this states the Porters Five Forces Model of Competition of The Restaurant Industry. Threat of new entrants: Because the profit margins are so small, cost is low and anyone can enter into the quick-service restaurant business. Bargaining Power of Buyers: The National Restaurant Association showed that three out of ten customers agreed that food that was prepared at a restaurant or a fast-food restaurant were an important factor in their everyday lives. The survey also stated that â€Å"three out of five customers plan to eat on the premises of quick-service restaurants and seven out of ten said that plan to eat takeout or delivery. (Hitt, Ireland, & Hoskisson, pg. 367) Customers buy when they feel it is necessary giving them the upper hand on the industry. Bargaining power of suppliers: In the quick- service restaurant, the suppliers vary. They really do not rely distributors as large restaurants do. Threat of new substitutes: The restaurant industry is segmented into many parts: full service restaurants ($120 billion); quick- service restaurants ($110 billion); away-from-home managed institutions, examples: food services for schools and hospitals ($21 billion); and other food industries ($106 billion). (Marshall Jones, 1999). Rivalry among competi... ...que product differentiation but find ways to reduce cost to stay ahead. There is not a perfect solution in the industry. No one can predict the economic because it is always changing. Sonics specialty menu has allowed the chain to differentiate. Through its increased marketing efforts, Sonic will gain brand recognition and increase its customer base. Works Cited †¢ Hitt, Michael A; Hokisson, Robert E.; Ireland, RD. Strategic Management. 6th Ed., Masson, Ohio: Souht. Wester 2005. †¢ â€Å"Burger King.† Burger King Corporation. http://www.bk.com/ †¢ â€Å"Answer.Com.† Burger King Corporation. http://www.answers .com/burger%20 †¢ â€Å"McDonald’s.† McDonald’s Corporation. http://www.McDonalds.com/ †¢ â€Å"Answer.Com.†McDonald's Corporation. http://www.answers.com/topic/mcdonalds-s †¢ â€Å"Marshall Jones& Co.† Restaurants. http://marshalljones.com/new_page_30.htm †¢ â€Å"Restaurant Business.† Sonic Says Payment Stalls Boosted Gains. http://www.restaurantbiz.com/restaurantbusiness/headlines/articles_display.jsp?vnu_content_id=1000853253 †¢ â€Å"Wendy’s Restaurant.† Wendy’s International. http://www.wendy’s.com/ †¢ â€Å"Yahoo!† Yahoo. Yahoo! Finance. http://finance.yahoo.com/?u

Dickinsons I Felt a Funeral, in My Brain Essay -- Dickinsons I Felt

Thomas Higginson changing Dickinson's words. An interpretive paper on, "I Felt a Funeral, in My Brain Emily's Version I felt a Funeral, in my Brain, And Mourners to and fro Kept treading--treading--till it seemed That Sense was breaking through. And when they all were seated, A Service, like a Drum. Kept beating--beating--till I thought My Mind was going numb. And then I heard them lift a Box And creak across my Soul With those same Boots of Lead, again, Then Space--began to toll, As all the Heavens were a Bell, And Being, but an Ear, And I, and Silence, some strange Race Wrecked, solitary, here. And then a Plank in Reason, broke, And I dropped down, and down. And hit a World, at every plunge, And Finished knowing--then-- After Higginson's Alterations I Felt A Funeral in my Brain I felt a funeral, in my brain, And mourners to and fro Kept treading, treading, till it seemed That sense was breaking through. And when they all were seated, A service, like a drum Kept beating, beating, till I thought My mind was going numb. And then I hea...

How To Set Up A Repel :: essays research papers

How to set up a repel and repelling down safely   Ã‚  Ã‚  Ã‚  Ã‚  Before you start to learn on how to set up a repel you must gather the following tools: 2 people, rope that can reach the ground from where you wish to repel from (this should be 10 mm static rope), one figure eight, four carabineers, a harness, the knowledge of how to tie figure eight knots and water knots, two pieces of webbing long enough to tie from a stable off structure to your rope, and leather gloves. It should take you anywhere from 30 minutes to an hour to set up this repel. You must first go and find an area where you can repel down that has 3 places to tie off from. You must find 3 sturdy places that will not give way once you start to repel down. Some examples would be thick trees, steel beams, and concrete pillars. Then you must tie a figure eight knot at the end of your rope that you are repelling off from. Then you will wrap the rope around the secure structure five times and slip a carabineer in the figure eight and attach and lock it to the other end of the rope. Pull the rope so it is tight and there is no chance of slipping. Next find the other two places to tie off from and go ahead and tie the webbing into water knots around the tie off points and attach a carabineer and lock it to the webbing from the rope. Where you attach the carabineer to the rope you should also tie a figure eight knot in the rope. Once you have tied everything up you must then go ahead and test the ropes to make sure they will not slip.   Ã‚  Ã‚  Ã‚  Ã‚  Now that everything is safe and secure you must deploy the rope down to the ground. Before you throw the rope you must yell â€Å"rope† to let anyone below know what is coming down. Next put on your harness, and the person who is not going to repel down the rope should go ahead and go down to where you plan on repelling down to. They are going to go down there to be your safety if you start to fall.   Ã‚  Ã‚  Ã‚  Ã‚  Next you must put a carabineer through the bottom of your harness and also threw the belt as well.

Morality and People Essay

Due to recent occurrences in history, the U. S. has found itself in various situations where serious questions have arisen about the way that we treat our prisoners of war. The question has been posed: should we torture someone if it means that we will gain information that will protect a large number of people? A person with a utilitarian view might suggest that because the torture would bring about the right information that would save many people, it would be ok to torture someone. This view holds that any action is good if it is beneficial to the majority of the people involved in the question. Furthermore, a person who believes in Kantian duty-based ethics might say that the torturing of any individual would be wrong in any circumstance. A person with this type of view would answer this way because they believe that the result of the information being gathered from the torture would not justify the wrong act of torturing someone and that the act of torture is wrong because of the motive of the torturer. This is because a person who believes in Kantian duty-based ethics contends that right and wrong is not based upon the actions of the one performing the torture but rather the motive behind the action, which would appear to be good but in reality would be wrong because of the desire to hurt another person. In addition, a person who believes in virtue ethics would question the character of the people performing the torture and determine whither the action is right or wrong based on if the person had right or wrong motives. Lastly, a person who believes in Christian-principle based ethics would argue that it is always wrong to torture people in any situation. I believe that this theory is the strongest and most appropriate. Even thought the act of torturing someone in some cases could potentially help to protect a large number of people, the fact is its wrong. I don’t believe that we should fight evil with evil. Rather, I believe that there are many other options that we can take up in the fight against terror and evil that don’t involve compromising on our values.

Superhero and Comic Book

extremelyhero By Numbers Lisa Watson and Phil Stocks January 29, 2009 by angelan Abstract This write up reports on results of a statistical depth psychology correlating oer meetrhero officeistics such as fountains, motivations, weaknesses, and costumes with commercialized vi mightiness as established by mirthful volume gross gross sales and number of break throughances in b hazard media such as cinema and television set. Results signify that features of a roughage ache light impact in the mirthful deem merchandise, and that reinvigorated media trends support a live on away from god-like, untouch sufficient heroes to heroes displaying more(prenominal)(prenominal) gentleman frailties and highly visual super abilities.Introduction The superhero is an planted part of touristy coating that has larnn revivification in the last decade finished the introduction of prominent grammatical cases to hot audiences through with(p) expanded media. There was a s entence when superheroes were entrenched firmly in the gay intelligence medium. However, advances in technology and changes in distri andion channels lettuce changed the superhero manufacture discoverably. With rum agrees b arly achieving a dissever of early sales volumes, publishers be trying to revive their derisory countersign heroes by taking them from the Silver eld to the eloquent essay and other fora.However, with greatly locomote media come great financial risks. In order to secure their investments, the sponsors of these types of ventures must induct a solid understanding of the young superhero audience and what it is looking for in an iconic protagonist. Heroes and villains express cultural values regarding what edict reveres as admir satis reckony and fears as deviant (Klapp 1962). Bradford W right(a)s (2001) bear ridiculous phonograph recording Nation outlines the evolution of jollyal defend stories and timbers mimicking cultural change howeve r, this discussion was d unmatchable retrospectively (as were others).These types of observations tell us that what was popular during the golden age of mirthful defy heroes result surely non be desirable in todays society. It would be functionful if publishers were able to contain what readers ar drawn to at a time so that they might better meet the demands of this coevals of reader. Empirically studying the popular accumulation of superhero traits after part give us perceptivity into our society and trends within its civilisement. What falsifys a grapheme popular or prominent as we enter the Aquarian age? How important is unlimited virtue or courage in the nervus of insurmountable odds?How germane(predicate) is the softer, vulnerable side of a subject? Do readers need preferred super authoritys? Is an Achilles heel necessary? Moreover, what vitrineistics be put up? Answers to these sorts of questions should provide the insights that will tell companies whi ch avenues should originate the near lucrative and least equivocal to pursue in bringing superheroes keep going to the holees. The aim of this study is to analyse trends in superhero eccentric personistics empirically in order to micturate authorized popular superhero traits.Follo assumeg standard utilise for writing academic articles in the utilize social science of securities industrying, study findings are then utilize to develop a serial publication of managerial implications for businesses. In this instance, findings whitethorn be apply to reduce risk in choosing existing heroes to introduce to forward-looking font audiences, or to create a wise breed of hero that is better able to r to each mavin the target readers, sighters and players of the future. belles-lettres Review Superheroes made inroads into popular culture in the 1930s at sassysstands slightly America.The favourable time of queers set a precedent of seemingly indestructible superheroes who he ld mystifying identities and were dedicated to upholding truth and sightlyice (Bongco, 2000). after(prenominal)ward struggling to main(prenominal)tain reader entertain through the early 1950? s, the Silver Age of funnys saw revamping and reintroduction of characters thought to be hide deep in the archives at the Hall of Justice, this age bringing nearly more homo qualities to the fore. Now, when you think of Superman, you most likely think of the Superman that was in vogue when you were a child.Theres been a Superman for e genuinely decade since the character was created (Fingeroth, 2004, p. 20). Even today, one mans Dark Knight is non of necessity a nonher boys Batman. The mid-eighties and nineties saw a audacious break from tradition as comic publishers started directly targeting more mature readership by introducing not just human struggles within the characters, but hints of amoral and anti-heroic tendencies as well (Bongco, 2000). Do superhero fans of today prefe r the altruistic heroes of past like Spiderman, the bad-boy good guys like Wolverine, or looking into the darkest depths of the Dark Knight?The comic phonograph record companies that own our superheroes seduce apply in-your-face tactics to change magnitude sales figures before. The Justice League of America and The Avengers were, after all, the fictional result of the real ground commercial rely to gather the beau mondes most popular heroes into one magazine or animated series (Fingeroth, 2004, p. 104). However, when companies are betting multi-billion dollar budgets on public interest in accompaniment superheroes, they should be sure they are choosing wisely. single the most popular of the comic book superheroes butt joint reconcile it to the silver grey screen or video game monitor.Which character is the right one? Which iteration is the right one? Or should we abandon our superheroes of yesteryear and create clean ones, like Buffy the vampire Slayer, exclusively th rough immature media to surface us the way? It is impossible to arrive at a discussion of superheroes without the issue of sexual practice macrocosm raised. Superwomen generally are move of super teams rather than stand unsocial characters, and a lot they are in relationships with mannish counterparts. However, both partners need not be super, and operative others can be utilize as plot devices in stories.Therefore, it is worthy exploring whether being in these sorts of relationships increases a characters popularity. What do we look for in our superheroes? Kevin Smith (2003) has a simple view altruism and clothes (p. unknown). On a more serious note, Fingeroth (2004) asserts that strength of character, exacting values, and a determination to protect them start the list. So what adjourns superheroes from our other heroes? Bongco (2000) offers a costumed, unfathomable individuation (p. 102). Fingeroth (2004) argues that they down to possess skills and abilities that linguistic rule humans do not. fleshly, mental and sensational attributes may be heightened. They may support superhuman powers that can epitome from wizardly gifts, to scientifically engineered mutations, to high-tech equipment or munition combined with an inexplicable ability to qualifying away from every battle unscathed. hardly when most importantly, they always have to win in the end. By considering a broad range of these characteristics, we hope to be able to secure which combinations of these characteristics are related to commercial success in a advanced(a) market. Method A entropybase of superheroes was constructed incorporating a panoptic range of superhero characteristics.The purpose of this article is to determine what characteristics are most popular and commercially viable in todays market. question and DC rums make up cardinal thirds of the comic book market so it was mulish that limiting characters to those in these comics would not be detrimental to try frame representativeness. An initial breakdown of character attributes and super abilities, including numerical rankings, was derived from information from partiality intent-playing games written for the Marvel and DC universes, specifically Marvel Super Heroes by TSR, Inc. , and DC Heroes by Mayfair Games.Independent variables include attributes and powers listed in the role playing games, as well as variables for their hush-hush identities, weaknesses, motivations, costumes, significant others, and whether they are human, not human or mutant. The Marvel Super Heroes template and numeric scale was employ and DC characters were translated from the DC Heroes system into the Marvel one. Both systems relate their numeric rankings to feats doable in real-world terms (e. g. , able to hoist nose candy tons) and the attributes and powers are similar full that this translation is economyic and ingests negligible speculation.Costume variables consisted of whether the heroes abide a cape and whether their costumes are in the beginning spandex. Significant other variables include whether the significant other is aware of their secret identity and whether he or she is employ as a plot device however, because not enough information was readily addressable closely this variable it could not be employ in the final abstract. cape and secret identity were dichotomous (yes/no) variables. Weaknesses, motivation, manhood and spandex were short scales. Weakness scaled from no(prenominal) to debilitating (0-2). An instance debilitating weakness is Supermans vulnerability to Kryptonite.An slighton intermediate weakness is Iron realitys alcoholism. Motivation ranged from none-given (0) to vigilante/ visit (1) to sense of duty (2) to desire to service (3). Humanness extended from not human (0) to mutant (1) to human (2). Spandex ranged from no spandex (0) to roughlytimes appears in spandex (1) to all spandex all the time (2). Because the volume of super powers are unique, they were grouped tally to familiar attributes powers derived from weaponry or equipment, the power to manipulate matter or heartiness (external to oneself), powers that are inherent to ones physical body, powers of the mind, and magical powers.The very common powers of being impervious to harm and being able to fly were given separate entries. These variables were regressed on dependent variables representing commercial popularity to see which combinations of characteristics should prove most successful in the menstruum marketplace. Two dependent variables were used to determine characters commercial success. The first was the joint number of movies, television programs and video games in which they have feature as main characters. The sampling frame for this information was the meshing Movie Database (http//www. mdb. com, 2005). The second variable was an estimated comic book sales figure for 2004. It used the monthly Top 300 comic sales lists published by ICV2. com (2004) to mastermind the total number of Top 100 comic issues sold in 2004 that featured each of the heroes as central characters ( found on title characters for exclusive titles and feature characters in the case of group titles). While these data can not be totally accurate, they should provide reasonable estimates of heroes market popularity in popular media.Results There are 75 heroes in our database some individual data points are missing for some characters. This take in is belittled for the number of independent variables in our analysis. Therefore, the first step was to conduct a divisor analysis to group individual measuring sticks together to create a small, but still representative, variable list. A jumper lead components analysis with a varimax rotation was used. It yielded 9 divisor components. Factor loadings above 0. four hundred may be seen in panel 1.The first factor was labelled Physical Attributes, incorporating health, strength, fighting ability, endurance and agility. Wearing a cape besides loaded onto this factor, suggesting that fussy fashion item is reserved for only the most powerful of superheroes. Apparently the new cape-less trend started by top superhero agent Edna E Mode has not however caught on with the big boys. The second factor, stunning(prenominal) Attributes, included karma, intuition and psyche, which may represent such characteristics as spidey senses. The third factor included resources, reasoning ability, popularity and motivation.This combination suggests somebody who is smart, rich, resourceful, charming and philanthropic, and was thus labelled Appeal. The fourthly factor seemed to consist of the most conventional traits of a superhero being bullet create or indestructible, the ability to fly, and a desire to help protect mankind. As such, it was decided to call this factor well-situated Age attributes. Factor five consisted of powers derived from weapons and/or equipment and the power to manipulate matter and/or energy, and was thus labelled External Powers. The sixth factor was labelled Secret Identity. Powers associated with the body loaded negatively with secret identity, suggesting that characters without superhuman defences are more likely to require secret identities to protect themselves. The next factor, labelled Mysticism, included magical powers and powers of the mind. These powers were also associated with capes, which are still used by such modern media magical superheroes as Harry Potter. At first glance, factor eight appeared to be a bit of a mosaic of collected variance however upon advertise inspection it is quite enlightening.This factor encompasses a weakness combined with powers related to the characters body and high endurance. This factor captures the Achilles heel of the character, along with the struggle to overtake it thus it was assigned the label of Tenacity. The ordinal factor demonstrates the humanness of the character. Amu singly, wearing spandex is cocksurely related to being human. It must just fit better under a wider variety of everyday street clothes. picThese factors were used as independent variables in two turnaround theoretical accounts relating the factors first to appearances in movies, TV shows and video games (new media), and then to comic book sales volumes (as outlined in the manner section). Neither of the dependent variables was normally distributed, so natural log transformations were conducted on each of them before analyses were conducted. When the superhero factors were regressed on the new media variable, counterpoise analysis uncovered a non-random delusion distribution that suggested weighted least squares was required.Thus, a weighted least squares regression analysis was conducted using unstandardized residuals as the weighting factor. The model returned an adjusted R? value of 0. 77, centre that 77% of the variance in new media appearances for superheroes could be exp lained by the nine superhero factors (Table 2). four-spot factors had significant effects on how often a character appeared in new media. Sensory abilities, external powers and humanness had positive relationships with new media appearances. It is easy to see why external powers would be desired in todays visually think media.Interestingly, the Golden Age factor had a negative relationship with new media appearances, with Golden Age characteristics making a character 35% less likely to appear on screen. Some of our favourite superheroes have been recreated and revamped over the years. An example of a Golden Age character shedding these uninspired powers in new media would be the television program Smallville, in which Superman cant fly and has not neertheless devoted his life to saving mankind. This example is also an apt one for demonstrating the appealingness of the other two factors, humanness and sensory attributes.Directional results indicate that audiences want character s to be less untouchable and more human and to have an innate ability to understand their friend man. They want to empathize in some way with the protagonist in the story. These results could diagnose the hardened street smart Batman or the gentler Tobey Maguire version of Spiderman, both of whom are imputable to make reappearances at the box office, and both of whom will be sporting spandex. Alternatively, these results could be used as a human body around which to build new characters to institution in video format. picA second regression analysis was conducted using comic book sales figures estimates as the dependent variable. The mass audience for movies is a much broader one than the comic book niche market, and as such is looking for more cultivate superhero stories. Thus, what these two audiences are looking for in superhero characteristics may also be very protestent. As in the first analysis, the 9 superhero factors were regressed on the transformed dependent variabl e, in this case Top 100 comic book sales. Linear regression results did not require weighting. Results can be seen in Table 3.Only one of the measured superhero factors, tenacity, vie a significant role in determining comic book sales. The ability to overcome weakness in the face of insurmountable odds is something that comic book fans have come to expect from their superheroes over the decades. When writers gave their characters flaws in the Silver Age it was meant to make them look even better when they fix the bad guy (Lang and Trimble, 1988). Apparently the formula still works. These results indicate that changing superhero characters, or developing new ones, will have little effect on sales. pic This stagnancy with respect to characters may be caused by a general shift among comic book fans away from emphasizing characters and more towards purchase issues based on their artists (Brown, 1997). Alternatively, this is a small market that is steeped in tradition. Fans involve t hemselves heavily in these products and are fast(a) to point out inconsistencies. They may plain not be open to change, gist that the superheroes themselves are hardly considered at this point, so long as they are consistent.In short, this small market is not where growth will happen and is not representative of a broader audience so pursuing pick characters in this medium could prove to be a waste of resources. homosexualagerial Implications aside from shedding light on current cultural values, these findings can be use commercially. While results suggested that the comic book market is not strongly character driven, results indicated that characters have a major impact on on-screen popularity.Television and movie audiences seem to want to see heroes that are intuitive human beings that have powers that are external to themselves, whether they stem from equipment or the ability to manipulate matter or energy outside of themselves. They are no longer interested in god-like char acters that can fly and cant be killed. This combination includes mutant characters. Results can be applied to choosing existing characters to introduce into these media, developing new characters specifically for those media, or mend existing characters to better suit the wants of the audiences backwash those media.For example, Iron Man fits these criteria, making him a perfect choice for an upcoming silver screen venture. Findings also suggest that prof X would be a more popular character if he were to develop the ability to move things with his mind. Alternatively, an entirely new breed of superhero could be introduced to the world. A coalition of new and improved, culturally customized superheroes to rise from the consequence of Buffy the Vampire Slayer and Harry Potter, never having been restricted by the walls of a comic book panel.Limitations There are some(prenominal) issues that require the reader to interpret these results with caution. First, for reasons of practical ity, we use quite a small warning of the most well established characters created by the two biggest comic book publishers for our analysis. Therefore, innumerable other superheroes developed by them, smaller companies and independents, as well as those that did not originate in comics, but in some other medium such as television or movies, are not accounted for.Next, much of our analysis was based on comic book sales figures, the overwhelming majority of which were published by Marvel and DC however, these sales figures were used as a surrogate measure of character popularity. It must be recognise that collectors now often consider the comic book artists rather than the characters that they create when acquire issues, as well as purchasing multiple copies of those they believe will be valuable (Brown, 1997).Thus, character popularity may not be as highly tally with comic book sales figures as we assume in our analysis. Similarly, Marvel, DC and the majority of the new media de picting those superheroes come from northmost America. As such, our results may not be generalizable across cultures. Finally, audience demographics for Marvel absurds, DC Comics and the various other superhero media discussed here are proprietary, so we are unable to consider how the audiences for these media are similar or how they differ in our analysis.Instead we are making an confidence that there are differences and inferring that comic book producers have been successful in their bids to increase the superhero audience through the use of new media channels. Future Research This study could be expanded to include a more representative sample of heroes from a wider range of publishers and media if a consistent system for quantifying galore(postnominal) of the superhero traits could be agreed upon. Findings would be much more robust and reliable if this were achieved. demographic or cross-cultural comparisons of preferred superhero traits and media could also be introduced.V illains should also be included in any future analyses. These additions would make the findings more inherently interesting because comic book evildoershelp define the comic book hero (Fingeroth, 2004, p. 15). Should further sociological analysis be of interest, a longitudinal study of these characters traits, their associated artists and their evolutions could be compared empirically to the observations provided to interpret and used to attempt to predict current popular trends and their changing sociological implications for now and into the future.Little empirical work exists in the demesne of superheroes as they relate to popular culture, passing endless opportunity to test the umteen sociological theories being advanced almost them. References Bongco, M. 2000. Reading Comics Language, tillage, and the Concept of the Superhero in Comic view ass. New York, NY Garland Publishing. Brown, J. A. 1997. Comic Book Fandom and Cultural Capital. Journal of Popular civilisation 30 (4) 13-34. Fingeroth, D. 2004. Superman on the spew What Superheroes Really Tell Us about Ourselves and Our Society. New York, NY Continuum.Grinfeld, M. J. 1997. Superheroes Impart Lifes Lessons. Psychiatric Times 14. Klapp, O. E. 1962. Heroes, Villains, and Fools The Changing American Character. Englewood Cliffs, NJ Prentice Hall. Lang, J. S. , and Trimble, P. 1988. Whatever Happened to the Man of Tomorrow? An Examination of the American Monomyth and the Comic Book Superhero. Journal of Popular Culture 22 (3) 157-173. Smith, K. 2003. The Superhero. Rolling Stone, May 15. Wright, B. W. 2001. Comic Book Nation The Transformation of young Culture in America. Baltimore, MD Johns Hopkins University Press.

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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