Saturday, December 28, 2019

Financial Analysis of Electrocomponents - Free Essay Example

Sample details Pages: 9 Words: 2597 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Level High school Did you like this example? Brief: 193028 Title: Financial Analysis of Electrocomponents Electrocomponents is a distributor of electronic, electrical and industrial products to customers mainly in the research and development or maintenance field. The company was established as Allied Electronic in North America in 1928 and as Radiospares in London in 1937[1]. It floated as Electrocomponents plc on the London Stock Exchange in 1967. Don’t waste time! Our writers will create an original "Financial Analysis of Electrocomponents" essay for you Create order The company has a global presence with operating companies in 26 countries and distributors in many more countries. It trades as RS in most of Europe, Africa and Asia, Radiospares in France and Allied Electronic in North America. For the year ended 31 March 2006, the company had an annual turnover of  £828.5 million, an increase of 7.1% over the year ended 31 March 2005 (See Appendix I for details). Though the revenues increased by 7.1%, gross profits increased by 3.5% only indicating a drop in gross margin and tighter markets. Operating profits were lower by 32% due to higher marketing and distribution costs. Profits before tax were lower by 34.8% due to higher financial expenses and reorganisation costs. The profit after tax margin in the year 2006 was 5.3% while the corresponding figure in 2005 was 8.7%. This drop indicates lower profitability partially due to one-off reorganisation costs and partially due to marketing and distribution expenses. The distribution indus try is much segmented with a large number of small and medium players. One reason for large number of distributors is the presence of large number of small manufacturers who have entered exclusive distribution rights with different distributors. The company faces following main risks: Economic slowdown. Slowdown in global economy will reduce the demand of its products and hence profits. Fixed costs in terms of warehouse facilities canà ¢Ã¢â€š ¬Ã¢â€ž ¢t be scaled down easily impacting profitability more. Foreign exchange. As Electrocomponents operates worldwide, strengthening of Pound against Euro, US Dollar and other major currencies will lower its revenues and profits in Pounds. Interest rate. Increase in interest rate will reduce profits Chart I shows the two-year share price graph of Electrocomponents. After the end of last financial year in March 2006, share price dropped due to lower profits. But since Sep 2006, share price has again moved upwards expecting higher profits in future. Company announced six months results after Sep 2006. The after tax increased by 4.4% over the corresponding period ended Sep 2005. Increase in profits after a drop in the previous year gave confidence about the company and its share price has increased since then. Chart I à ¢Ã¢â€š ¬Ã¢â‚¬Å" Electrocomponentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ share price movement (Source: Yahoo Finance, https://uk.finance.yahoo.com/q/bc?s=ECM.Lt=2yl=onz=mq=lc=) Electrocomponentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ share price is 290.5 pence[2]. Price to earning ratio is 28 based on the financial year mar 2006. Even if Electrocomponent reaches 2005 earning per share of 15.5, P/E ratio will still be 20, which is high. 2) Appendix II shows the different sources of fina nce for the year ended 31 March 2006. Electrocomponents had total assets of  £703.3 million. These assets were financed by total liabilities of  £366.9 million. Liabilities represent 52.5 % of total assets meaning that out of every  £1 of asset, 52.2 pence is owed to non-shareholders. The company has borrowings of  £160.2 million only as most of the current liabilities are amount owed to trade creditors and non-interest bearing. Net borrowings are only  £120.8 million. As seen in appendix I balance sheet, Electrocomponents had  £133.8 million of tangible assets and hence lenders are fully secured through tangible assets. Gearing ratio = Net debt / (Net debt + Shareholders funds) = 120.8 / (120.8 + 336.4) = 26.4 % Electrocomponents gearing ratio of 26.4% means that financial gearing is moderate and there is not significant fear of bankruptcy due to high gearing. Also if need arises in future, it can take on more debt. Appendix II shows the 5-year dividend history of Electrocomponents. There was no change in dividend in the last financial year in spite of significant drop in earning per share. This is probably because the management thinks that the drop in earnings is temporary and earnings will increase soon. This is also a way of sending strong signal about future performance to the market. Also noteworthy is the fact that in all five years, dividend to earning per share ratio is more than 1. This is possible because cash flows from operations were more than the net profit and cash outflow was higher than cash inflow. Now we analyse the cost of capital which has two components à ¢Ã¢â€š ¬Ã¢â‚¬Å" cost of debt and cost of equity. Most of the debt was at 3.7%[3]. Since then the bank rates have gone up by 0.75%, so cost of debt, Rd = 4.45%[4]. Cost of equity capital = Re = Rf + Be*(Rm à ¢Ã¢â€š ¬Ã¢â‚¬Å" Rf) Risk-free rate, Rf = 4.96 %[5] (10-year yield on UK gilt) Expected market return, Rm = 12 % Beta = Be = 1.52, as calculated in question 4 Re = 4.96% + 1.52*(12% 4.96%) = 15.66% Cost of capital = R = Rd*(1-T)*D/(D+E) + Re*E/(D+E) Where E = Shareholders funds =  £336.4 million D = Debt =  £160.2 million Cost of capital, Re = 11.61% Appendix IV shows the working capital analysis. Current ratio (current assets / current liabilities), a measure of the liquidity, is 2.26 in 2006 which means for every  £1 of current liability, the company has  £2.26 worth of current assets. Current ratio of more than 1 means that current liabilities can easily be met without resorting to fixed assets. A more conservative measure of liquidity is quick ratio which is current assets minus stock divided by current liabilities. Electrocomponentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ quick ratio is also more than 1 and hence liquidity is good. Debtor days have increased from 60 to 63 in 2006. The company is using more of its money in financing the business. Creditor days have also increased by 1 to 34 in 2006. As debtor days are higher, the company has positive working capital requirements and hence needs more external financing. 3) According to the efficient market hypothesis, it is impossible to consistently outperform the market. There are three main types of market efficiencies[6]: Weak-form efficiency. According to this, no excess returns can be earned by using investment strategies based on technical analysis although fundamental analysis may give better returns. Semi-strong form efficiency. Share prices adjust within small amount of time and in an unbiased fashion to publicly available new information and hence no consistent abnormal gains cane be achieved by fundamental analysis. Strong form of efficiency. Share prices reflect all information and no one can earn excess returns. Stock Market Efficiency is important for any firm where managers are different from the owners and can lead to principal-agent problem. Absence of SME will reduce the faith of owners and in such scenarios shareholders normally demand a discount in share price. Hence SME is important for the confidence of the shareholders and avoiding a discount in share price. SME is tested by the abnormal share price movement following an important announcement by the company. We check the abnormal share price movement on the day of announcement. Abnormal share price movement is calculated by finding the difference between the share price and expected normal returns based on the market value. Expected normal return is calculated by using beta of the share. If share price shows abnormal return, then all the news was not reflected in the price and hence a violation of the strong form of efficiency. The benchmark market return used for calculating the share priceà ¢Ã¢â€š ¬Ã¢â€ž ¢s abnormal ret urn is the FTSE 100 return as it represents the market by including companies from all sectors. The presence of large number of companies in FTSE 100 index diversifies the specific risk associated with the individual companies and hence gives only market risk. The top 5 price movements were selected on the basis of absolute abnormal share price movement with respect to the FTSE 100 index. Abnormal share price movements were the difference between the daily return on the share price and the expected daily return based on the FTSE 100 index. First we selected the top 10 share price movements à ¢Ã¢â€š ¬Ã¢â‚¬Å" 28 Sep 06 and 27 Sep 06 are treated as one event. Then we calculated the FTSE 100 returns on those days and abnormal returns using beta as below Abnormal return = Share return à ¢Ã¢â€š ¬Ã¢â‚¬Å" Beta * FTSE return Appendix V shows the results. The top five absolute abnormal returns are for the following dates 17 Jan 2007 06 Dec 2006 28 and 27 Sep 2006 28 Jun 2006 16 Mar 2006 To study the events and /or announcements on these days, we looked at the à ¢Ã¢â€š ¬Ã‹Å"Financial Timesà ¢Ã¢â€š ¬Ã¢â€ž ¢ and à ¢Ã¢â€š ¬Ã‹Å"Investegateà ¢Ã¢â€š ¬Ã¢â€ž ¢ website for the articles. Financial Times website gives all the market and company news along with their analysis of the announcements. Investegate website gives all the company announcements. 17 Jan 2007 No announcement in Investegate website and no news on Financial Times. As per any form of efficient market hypothesis there shouldnà ¢Ã¢â€š ¬Ã¢â€ž ¢t be an abnormal return on this day. 06 Dec 2006 No official announcement in Investegate. No news in Financial Times either. Again a case of failure of efficient market hypothesis. 28 and 27 Sep 2006 Release of trading statement on 27 Sep 2006 showing 9 % growth in revenues[7]. Market takes one more day, 28 Sep 2006, to adjust price. Hence semi-strong and strong form of efficiencies are not there. 28 Jun 2006 No new news released except for a formal announcement of posting of annual records[8]. Abnormal movement not justified by efficient market theory. 16 Mar 2006 No new news released and hence abnormal movement not justified by efficient market theory. The above abnormal share price movementsà ¢Ã¢â€š ¬Ã¢â€ž ¢ show the absence of strong and semi-strong form of efficiencies. Academics have presented various studies on market efficiency. Many have also presented market anomalies like January effect. Broader conclusion would be that market is overall efficient, though not strong form, but anomalies do exist. 4) Market risk is the risk associated with the economy as a whole and specific to any industry or a company. Interest rate, GDP growth and inflation represent some of the parameters of market risk. Though they impact companies also but their impact is not limited to some specific companies only. Market risk canà ¢Ã¢â€š ¬Ã¢â€ž ¢t be diversified away by forming a portfolio of companies. The risk that remains in the portfolio of all companies is called as market risk. It is also known as the systematic risk and is common to all securities. Beta is calculated by comparing the returns of the company with that of market. FTSE 100 index is taken as the representative of the market. We have used the monthly returns over the five year period for calculating beta. The monthly returns are calculated by comparing the share price or index with the share price or index level of the previous month. Then the share price returns are plotted on the Y-axis and market returns are plotted on the X-axis. Linear regression is used to plot the least square line and the slope of the line gives beta. The slope of the line is calculated by the regression analysis and the results are shown in Appendix VI. Beta value = 1.45 Adjusted R square of 0.34 indicates that 34 % of the share price movement is because of market movement. Another way of calculating beta is to compare the ratio of monthly returns of stock with monthly returns of the index. Appendix VII shows the values of monthly returns for the last one year. We find beta value for each month by dividing share price returns by FTSE 100 index return. We then take the average value of the betas. Beta value = 1.58 The results of the above two methods are not very different. Normally a 5-year period is used for calculating beta. The one year analysis shows the current movement in the beta compared to the whole 5 year movement and reflects the current trends. The higher value in the last one year indicates that Electrocomponentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ share price moves more in response to movement in the market index. We now take the average of above two values as the beta of Electrocomponents. Beta = (1.45 + 1.58)/2 = 1.52 5) Portfolio effects Individual shares carry both systematic and specific risks. Specific risks relate to the company only whereas systematic risk relate to whole market. When we buil d a portfolio of shares, different shares have varying degree of correlation with each other. Suppose two shares have negative correlation, then a downward movement in one share would be countered by the positive movement in the other share. Because of the different correlations, the risk of the portfolio is reduced. So using a portfolio of assets, it is possible to increase the reward to risk ratio by lowering risk. This is portfolio effect. 6) We now once again look at section 2 for detailed analysis. Electrocomponents cost of debt is estimated to be around 4.5% whereas its cost of equity is 15.66%. When we include the tax deduction on interest payable, cost of debt comes down further. This means the company should use more of debt than equity. Since gearing ratio is only 26.4%. Electrocomponents should use more of debt than equity to fund future growth and return excess capital to shareholders to bring down total cost of capital. Electrocomponents is paying more dividend than cash generated from internal resources. If it reduces dividend, it will send negative signal to the market. But with the increase in earnings in future, it should try to grow dividend slowly than earnings growth to generate more dividend from within. Electrocomponents debtor days are almost twice its creditor days meaning that it has requirement of working capital. It is due to the nature of the business where it has to stock material before it can ship to its customers. It would be better if the company can increase creditor days and reduce debtor days. This would reduce the working capital and hence total funding requirement. 7) Electrocomponents is a distributor of electrical, electronic and mechanical products and has a global presence. It has grown over the year by expanding globally. The profitability of the business reduced in the year ended 31 Mar 2006 but has announced increase in six months profits for the period ended 30 Sep 2006. Gross margins are healthy at 50% plus and any increase in sales will boost profits. The company is moderately geared at 26% and can take up further debt either to expand or reduce cost of capital. Cash flow is an issue because of high dividend payouts. Electrocomponents also needs to manage its working capital because of debtor days being double of its creditor days. Though the company is again increasing profits, the high P/E ratio even on 2005 profits level makes it expensive. Also slow down in economy may have an impact on profits. BIBLIOGRAPHY AND REFERENCES Electrocomponents, Annual Report 2006 https://www.investis.com/ecm/reports/annual_report06/index.html, 13 Feb 2007 Appendix I Summary Financials Profit and Loss statement Balance Sheet Cash flow (Source: Electrocomponents, Annual Report 2006) Appendix II Sources of finance (Source: Electrocomponents, Annual Report 2006) Appendix III Dividend history (Source: Electrocomponents, Annual Report 200 6) Appendix IV Working capital analysis (Source: Electrocomponents, Annual Report 2006) Appendix V Abnormal return calculation (Source: For Electrocomponents share price https://uk.finance.yahoo.com/q/hp?s=ECM.L For FTSE 100 index https://uk.finance.yahoo.com/q/hp?s=%5EFTSE) Appendix VI Beta calculations (Source: For Electrocomponents share price https://uk.finance.yahoo.com/q/hp?s=ECM.L For FTSE 100 index https://uk.finance.yahoo.com/q/hp?s=%5EFTSE) Graph of Electrocomponents monthly returns and FTSE 100 monthly returns Regression Analysis Appendix VII Second way of calculating beta (Source: For Electrocomponents share price https://uk.finance.yahoo.com/q/hp?s=ECM.L For FTSE 100 index https://uk.finance.yahoo.com/q/hp?s=%5EFTSE) [1] https://www.electrocomponents.com/ecm/about/history/ [2] https://uk.finance.yahoo.com/q/hp?s=ECM.L, Date 13 Feb 2007 [3] https://www.electrocomponents.com/ecm/ir/reppres/reports/reports06/annual06/ar06indexed/p.pdf [4] British Bankersà ¢Ã¢â€š ¬Ã¢â€ž ¢ Association, https://www.bba.org.uk/bba/jsp/polopoly.jsp?d=141a=627 [5] https://specials.ft.com/siterefresh/stats/pdfs/tenyeargovbondspreads/SPR130207.pdf [6] Wikipedia, https://en.wikipedia.org/wiki/Efficient_market_hypothesis, Date 13 Feb 2007 [7] https://www.investegate.co.uk/Article.aspx?id=200609270700445241J [8] https://www.investegate.co.uk/Article.aspx?id=200606280924432822F

Thursday, December 19, 2019

See What I Mean Video Report! Essay - 823 Words

Hai-Tue T. Ton MLL 1901-01 Instructor: Jeannette Wonder -Leighton See What I Mean Have you ever wondered the differences between deaf and hearing cultures? Last week I had a chance to watch See What I Mean and this video gave me a humorous and enlightening look at the differences between them. In this movie See What I Mean, issues such as attitudes toward time, taking time to say goodbye, complain about the use of phones and pagers, sharing information, giving and receiving criticism, and comments on personal appearance are explored and humorously discussed from the point of view of both cultures. Hearing people are mostly on time whereas deaf people are more flexible with time. In hearing culture, If a party is organized†¦show more content†¦After the letter she wrote Hugies XOXO which simply meant friendship but to her co-worker, which was a hearing person, it meant something else more than friendship and the situation became awkward when he brought flowers to her office. I really enjoyed this part of the movie when the female worker saw her co-worker brought her flowers to make a move on her. Moreover, the movie discussed the way deaf people and hearing people criticize and. Deaf people are more straight up on giving feedbacks. They use Direct Approach to criticize which means they go straight to the point and not worry of hurting the others feeling. This is because in deaf culture, people believe they should be frank and clear in order to show that they care. In contrast, hearing culture uses Sandwich Approach to criticize. This means they will start with a positive point first then the negative and finally end with a positive point. They do this because they dont want their friends to feel bad about his wrong or unqualified work. In my opinions I think that both cultures have their points and actually I prefer the sandwich approach. However, I sometimes use the direct approach with my closest friends. Also, the movie showed that comments on personal appearance are different in deaf culture and hearing culture. A nd again, on this topic, deaf people are also more straight up. If they see their friends look fat they will tell them right away toShow MoreRelatedTed Nachazel. 360 Degree Photography Affordances And Constraints.1117 Words   |  5 Pagestext, ads, pictures, videos, gifs, and so many other things to look at and are all very easy to click on and off of. When it comes to viewing a 360-degree media, it requires more work and processing. Facebook, for example, has integrated this form of media. To look around on videos or pictures I am required to drag the mouse around the screen to view other things that are happening. This really is not a hard thing to do; however, because I am so accustomed to simply viewing, I am turned off by havingRead MoreCj333 Domestic Violence Essay962 Words   |  4 Pagesviolence happens. 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Best three. ïÆ'Ëœ Behavioral ethics ïÆ'Ëœ bounded ethicality ïÆ'Ëœ conflict of interest I n this activity shows what are loop hole between employs and originations and how personality affect in work place. I have some personalRead MoreThe Benefits of Computer Conferencing and Collaborative Technologies1156 Words   |  5 Pagescommunication. Terms of Reference ================== Report From ----------- Chris Kiarie Report to --------- Amanda Walker Due Date -------- 26-11-2004 Topic ----- An explanation to the benefits of computer conferencing and collaborative technologies Methodology =========== Well I used the search engine yahoo I typed in what is computer conferencing then looked through all the websites availableRead MoreMusic and Identity Essay994 Words   |  4 PagesIdentity In this report, I will expand upon what was spoken in the presentation by providing a more in-depth look at each section I talked about. 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Wednesday, December 11, 2019

Working from Home †Yahoo! and Marissa free essay sample

In the recent effort to improve its standings amongst its competitors, they brought on Marissa Mayer, a former Google executive. Mayer understood the challenge that this position would be accompanied with, and dove in head first. In recent weeks, the media has swarmed about her announcement to revoke telecommunication privileges from Yahoo! staff. This has an caused uproar in the industry causing Mayer’s decision, as well as her delivery to be under attack. Mayer sent out a memo to employees in late February 2013 announcing this decision—to revoke telecommunication privileges. The announcement was immediately leaked to the media causing competitors to offer positions to the Yahoo! staff. Yahoo! currently has a workforce of roughly 12,000, in 25 countries (Yahoo! , 2013). Problem Statement Delivering the news has had a large impact on so many Yahoo! ’s employees. We feel the delivery should have been handled with delicacy. Mayer’s, tactic of sending out a memo to reveal her plans left employees in shock. How could Myer’s have better managed the revoking of telecommuting at Yahoo!? Mayer’s decision to revoke telecommunications was a planned change. In situations where you can see the change coming, there is a great opportunity to plan it in a way that allows the transition to go smoothly. The text discusses the technical planning that goes into managing these changes, such as making sure the technology is in place and the job designs are updated for individual and groups; it also discusses the emotional aspects of the change that must be addressed, such as clarifying and creating core benefits and values of its people and the organization as a whole (Schermerhorn, Jr. , Osborn, Uhi-Bien, amp; Hunt, 2012). Fact is the majority of individuals fear change. This fear can be detrimental to an organization because if its employees are not on-board supporting the change, it can cause more than a few road blocks. Literary Review DOES WORKING FROM HOME WORK? EVIDENCE FROM A CHINESE EXPERIMENT In order to fully analyze the challenge that Mayer faced, we found it important to investigate the research that is working against her. In the same week that the announcement was made regarding the removal of telecommuting privileges from Yahoo! s employees, Stanford released their own study regarding their experiments on telecommunication. Bloom, Liang, Roberts and Ying found from their experiment using a Chinese based call center, that working from home led to a 13% increase in performance. 9% of this increase was attributed to working more minutes per shift due to the tendency of the employees to take fewer breaks and fewer sick days. 4% of the increase was from more calls per minute, which the resear chers attributed to a quieter working environment (Bloom, Liang, Roberts, amp; Zhichun, 2013). Yahoo! lso faces criticism from the public as the concern for work-life balance increases. Bloom, Liang, Roberts and Ying note that the number of households in the United States with both parents working has increased from 25% in 1968 to 48% in 2008 (Bloom, Liang, Roberts, amp; Zhichun, 2013). At the end of the experiment, the firm found that they saved $2,000 per year per employee working from home. They then offered telecommuting to the entire firm. While there are several benefits from working from home, there is also a negative. This negative being a decrease chance in promotions. While doing this study and comparing the performance with all individuals, the study found that the promotion rate to decrease 50% for those employees working from home. At the end of the study however, two thirds of the control group wished to remain at the workplace due to concerns of loneliness and the lower rates of promotion. Over half of the employees that were selected to work from home in the experiment (treatment group) wished to return to the office; however, these employees were typically the ones that performed relatively poorly at home. ORGANIZATIONAL BEHAVIOR -12TH EDITION Schermerhorn, Orborn, Uhi-Bien amp; Hunt discuss the management of change in chapter 14 of our text. They discuss how transformational change radically shifts the fundamental character of an organization. In particular, these shifts can be caused by a change in CEO, such as in the case of Yahoo!. These authors recognize the sensitive nature of changes in the organization and give examples on how to properly manage the process, such as celebrating short term wins, building on accomplishment, institutionalize results, develop a sense of urgency, communicate the vision and empowering others to act (Schermerhorn, Jr. Osborn, Uhi-Bien, amp; Hunt, 2012). STREETWISE HUMAN RESOURCE MANAGEMENT Streetwise Human Resource Management is one of our other resources for the literature review. This text gives leaders, enterprisers and HR representatives the knowledge to manage many aspects of company-employee relations. Patricia Buhler divides the text into essentially five sections. The main section that we used for this project was Part III’s Maximizing Employee Performance, chapter 11 Job Design. In this chapter we reviewed items pertaining to flexible job design and telecommuting. After reading the applicable sections we had a better insight into maximizing performance by crafting suitable work environments. AN INSIDER’S GUIDE TO BUILDING A SUCCESSFUL CONSULTING PRACTICE An Insider’s Guide to Building a Successful Consulting Practice was used as an additional resource for this analysis. Bruce Katcher provides detailed information on being one’s own boss. This text explores the benefits of being able to control a person’s work time, work space and work activities. We used ideas from the Control of Workspace section to strengthen our position on allowing employees to work remote. GOOGLE: TEN GOLDEN RULES This article was used to supplement areas where we compared Mayer’s past at Google to her actions of today. Written by Eric Schmidt, CEO of Google, this speaks to each of the golden rules; explained by the author of the rules. This Newsweek article dives deeply into these rules and how they have played a successful part in the maturation of the company. Other issues talked about in this resource are â€Å"techno arrogance†, the changing workforce and managing creativity. THE HR ANSWER BOOK: AN INDISPENSABLE GUIDE FOR MANAGERS AND HUMAN RESOURCES PROFESSIONALS The last resource that was part of this project was a Human Resources text book. This text deals with worker decision making from the stand point of the employer. Looking to increase employee satisfaction, productivity and retention; Smith and Hazin use over 200 questions to address these broad areas. We used this scholarly source to justify the pro telecommuting argument. Sections pertaining to the content of this project fell in the Employee Relations and Retention. The author feels that telecommuting is used to create a flexible work arrangement to help maintain a positive work-life balance. Analysis Mayer’s main issue is that she felt her Yahoo! mployees were not being collaboratively productive. There were claims that employees were not logging into the company VPN, a method of telecommuting, as well as claims that some were starting their own startups. Her perception of the existing work-from-home policies, or lack thereof, caused HR to make a new policy that all employees working remote must come back into the office; to work as one company. Mayerâ €™s reaction to Yahoo! ’s declining market share, lead her to believe that an underlining productivity issue was caused by those few employees on a work-from-home status. Her decision, sent out via memo, forced all employees to return to work in an attempt to increase collaborative efforts. In her eyes, her actions, a change in organizational behavior, should have had a positive effect on teamwork, but it was not been well received by all. We feel that Marissa’s leadership style is partly at fault when she made her decision. She chose to use a Directive Leadership approach when she ordered all remote employees back to the office; spelling out the subordinates’ tasks (Schermerhorn, Jr. Osborn, Uhi-Bien, amp; Hunt, 2012). Instead, as a new CEO to an established company she should have employed a more Supportive Leadership style; focusing on the needs of subordinates. In our class text we also found agreement; that â€Å"telecommuters report increase productivity (Schermerhorn, Jr. , Osborn, Uhi-Bien, amp; Hunt, 2012). † We believe that the increases in job satisfaction from telecommuting have a connection to overall increased produc tivity. Telecommuters enjoy the flexibility of matching their work style to their lifestyle (Buhler, 2012). We completely agree with the Stanford study and theses examples in that employees, when given the opportunity to choose their work environment, tend to excel. A 2007 study showed that 62% of respondents who cannot work off-site said they would like to (Katcher amp; Snyder, 2010). From this majority response we can see that they are many professionals that secretly yearn, if only given the opportunity, to work off site. One of the main attractions to working from home is avoiding the â€Å"time, aggravation and expense† of commuting (Buhler, 2012). We have all had to sit in traffic jams both coming and leaving work; most find these times quiet annoying. As stated by Smith and Mazin telecommuting can boost productivity when employees spend less time commuting and suffering the frequent interruptions of an office setting. Inclement weather and other unsafe driving conditions can add stress to an employee’s day even before entering his or her workspace. During Hurricane Sandy of 2012 many professionals on the East Coast worked remotely to avoid harsh winds, rain, flooding and debris. To negate these issues office workers have found it convenient to work remotely. One can imagine the amount of man hours that commuters can save by working remotely only a few days each week Additionally, long commutes from homes requires vast amounts of fuel; a direct cost to commuters that only increases as gas prices rise. When regular employees work remotely, â€Å"organizations enjoy cost savings on office space (Buhler, 2012). † This cost as an expense is always a major factor to employers. Companies must rent or lease space for cubicle farms, conference rooms and closed door offices. Once secured, they need to be furnished with items usable by all employees able and disabled. Often special furnishing such as wheeler chair lifts and ergonomic chairs can become expensive. These spaces must be maintained, cleaned and secure from liability. These rented and leased work areas are at a loss as they do not provide a return. Most employees communicate with e-mail, phone or conference calls; especially in teams that are geographically separate. Buhler states that â€Å"†¦most employees typically communicate with each other via e-mail rather than face-to-face†. We are certain that with open lines of communication co-workers can collaborate as if in the office together. Recently, advances in technologies have seen the inception of free communication tools such as Skype and Google Gmail with video chat. These tools can be used to hold real time group or one-on-one meetings. â€Å"At IBM, up to $100 million have been committed to sessions such as the Innovation Jam, where employees in more than 160 countries and their clients, business partners—and even family members—engage in online moderated discussions to glean insights that will transform industries, improve human health, and help protect the environment over the course of the coming decades (Schermerhorn, Jr. Osborn, Uhi-Bien, amp; Hunt, 2012). This excerpt is evidence that high level companies are relying on collaborative technologies to facilitate innovations in their business. From a leadership perspective we strongly believe Marissa is underestimating the level of discipline of those employees that work remote. Her all-encompassing decision, we feel, was a knee jerk reaction t o the free fall state of Yahoo! ’s market share. Her attempt to change her company is closely related to the Force-Coercion change strategy. This strategy uses authority as one of the primary inducements to change. This use of fear is the main reason why this strategy is effective (Schermerhorn, Jr. , Osborn, Uhi-Bien, amp; Hunt, 2012). Instead of this approach, using the Shared-Power strategy would have actively involved the Yahoo! employees who were at risk of losing work from home privileges. We could find no instance where Marissa involved or empowered her employees to help make this change possible. The results of a Shared-Power strategy would lead to a longer-lasting and internalized change (Schermerhorn, Jr. , Osborn, Uhi-Bien, amp; Hunt, 2012). The employees at Yahoo! re highly motivated intelligent professionals and should be treated as such. Using this style may have allowed Marissa to introduce her work philosophy without as much negative feedback. Her past as a programmer, a structured repetitive position, could be at play in her feelings towards the work attendance of Yahoo! employees. Programmers often spend long hours in front of computer screens tolling away at lines of codes or commands. We must not overlook her past at Google. The 13 years spent in the Google environment can be seen as manifesting itself in her need for Yahoo! o emulate their culture. Google employees enjoy on campus luxuries not seen at any other company. The Mountain View, CA Internet giant encourages its highly intelligent professionals to become part the company; both in mind and body. Mayer seems to lean heavily on the third of Google’s 10 Golden Rules; Pack them In (Schmidt amp; Varian, 2005). This practice of filling rooms with team members within a few feet of each other is a form of forced collaboration. Instead, Mayer should sway towards the second Golden Rule of Cater to Their Every Need (Schmidt amp; Varian, 2005). Taking this point of view would give those employees who need to work remote the freedom to make their own choice. Solutions Our primary solution to managing the change at Yahoo! is to have a mandatory in-house companywide meeting to discuss the success that has happened, will happen and is hoped to happen, at Yahoo!. From our research, we found that it is important for all of the people of the organization to see what the change is trying to accomplish and motivate them to support it. Yahoo! could teleconference offices around the world into the meeting and allow the employees to grasp the magnitude of the team that they are a part of. Marissa Mayer should make her announcement to revoke telecommunication privileges at this meeting. Delivering this news this way may cause people to stir in their seats, but it would be direct. Her actual delivery that occurred in late February was cowardly and impersonal to the hundreds of people’s lives that were being affected. Myer’s need to keep the announcement clear and concise always reminding people of the bigger goal that is attempting to be accomplished—the successful revamp of Yahoo!. Our secondary solution would be to change the atmosphere at the offices to encourage people to want to come to work. Other companies in the industry use tools, such as yoga, video games, indoor pools, etc. to lure their workforce into the office. I once had a client that had an in-house cafeteria with free food, Apple computers and ping pong to encourage their sales force to report to the office when not in the field. This has shown to be an effective tool. I believe Myer’s should have first introduced these perks before deciding to make in office work mandatory. If these offerings did not display the results that she desired, it would be an appropriate time to revoke telecommuting privileges. However, the delivery of this news would still need to be properly managed, such as in solution one. Solution three stems off of solution two by expanding further and maintaining a gym facility on-site. Research has found that not only does allowing employees to telecommute save the business money, but it also saves the individual. A major complaint that these former telecommuters will have is the added time and expense of driving to work each day. By putting a gym on premises, it will make people feel that their commuting time is worthwhile by allowing them to kill two birds with one stone, so to speak. Reflection We now have a deeper appreciation for the various aspects of the work from home culture. Most in the team feel that they will be able to work remote in the future as this assignment is full of reasons to validate this decision. Academically we were able to connect leadership and change concepts that we learned during class to our analysis and solutions. Professionally we will benefit from the work environment, work design and telecommuting research if applied during our everyday workplace situations. From a managerial learning perspective we can use the ideas put forth in this project to mold our future teams. Certainly we will come to point in our careers where we will be faced with productivity and collaboration issue spawning from work design. References Bloom, N. , Liang, J. , Roberts, J. , amp; Zhichun, J. Y. (2013). Does Working From Home Work? Stanford: Stanford. Buhler, P. (2012). Human Resource Management. Adams Media. Katcher, B. L. amp; Snyder, A. (2010). An Insiders Guider to Building a Successful Consulting Practice. AMACOM. Schermerhorn, Jr. , J. R. , Osborn, R. N. , Uhi-Bien, M. , amp; Hunt, J. G. (2012). Organizational Behavior 12th Edition. Hoboken: John Wiley amp; Sons, Inc. Schmidt, E. , amp; Varian, H. (2005, December 2). Google: Ten Golden Rules. Newsweek. Smith, S. , amp; Mazin, R. (2011). The HR Answer Book: A n Indespensable Guide for Managers and Humna Resources Professionals. AMACOM. Yahoo! (2013). News Center. Retrieved 03 11, 2013, from Yahoo! : http://pressroom. Yahoo!. net/pr/ycorp/overview. aspx

Wednesday, December 4, 2019

Lee Chong Wei Essay Example

Lee Chong Wei Essay The Elite Bloggerz The Blog of Form 3 Elite 2012, SMK Tunku Sulong Home About Us New Project Our Sponsor LEE CHONG WEI One of the most prominent personality in Malaysia that I admire is Datuk Lee Chong Wei. He had brought honor to Malaysia. Datuk Lee Chong Wei was born on 21 october 19m2 in Pulau Pinang. He studied at Sekolah Rendah Jenis Kebangsaan Cina Jit Sin,Bukit Mertajam. Later ,he continued his study at Sekolah Menengah Sungai Way. In His early years,Lee Chong Wei favoured basketball. However his mother soon banned him from that activity due to scanning heat of the outdoor basketball court. Lee Chong Wei began to learn badminton at the age of 11 when his father brought him to the badminton hall. After he had attended the attention of the badminton couch,the couch began to train him. After doing discovered by Misbun Sidek ,he was drafted into the National Squad. He won the silver medal in the 2008 olimpic games and become the first Malaysia to reach the final of the men’s singles event and ending Malaysia’s olimpic medal drought since 1996. This achieviement also earned him the titlt Datuk. As a single player,Lee Chong Wei was randked first world wide on 21 august 2008. We will write a custom essay sample on Lee Chong Wei specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Lee Chong Wei specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Lee Chong Wei specifically for you FOR ONLY $16.38 $13.9/page Hire Writer He is the third Malaysia’s men’s single shutler after Rashid Sidek and Rosli Hashim to achieve such a ranking and is the only Malaysia’s shutler to hold the ranking for more then ten weeks. In 2011 year,he won many matches such as Malaysia open,Korea open,England open,India open,Sudirman Cup and Indonesia open. He was praised by prime minister Najib Tun Razak after this triumph in All England Open. He was hinted he could retire following the 2012 olimpic. 8 Share this: Email Print Facebook3 Twitter1 # 19/04/2012, 12:32 pm The Essays Tags: izzat | muhdhanif | suthanon | Thanasak 0 Comments adjective that describe fikry Adjective that describe Hanif  » †¢RSS Meta Log in Entries RSS Comments RSS WordPress. org Archives Select Month October 2012 (12) July 2012 (4) May 2012 (1) April 2012 (5) March 2012 (8) February 2012 (14) January 2012 (3) December 2011 (1) November 2011 (2) October 2011 (7) September 2011 (11) August 2011 (13) July 2011 (27) June 2011 (6) M ay 2011 (6) April 2011 (5) March 2011 (7) February 2011 (1) January 2011 (31) December 2010 (7) November 2010 (8) October 2010 (21) September 2010 (2) April 2010 (1) March 2010 (8) Tags mila amira amirul Amsyar archri atiyya boon suang chin joo dayana faiz farhan fathini fatihah fatin fikry fizah hamizatul izzat jia wen mimi Miss N Mrs. A Muhd Hanif muhdhanif nabihah najwa nurulnajwa pirdaus qinwei rizal suthanon syahanis syaqari syareena syifaa teacherz Thanasak yi min Recent Comments barney kid on An interesting event in The Railway Children(Discuss Version) ummiey on exams are bad,bad things!!!! laxes on An interesting event in The Railway Children(Discuss Version) suthanon on The Railway Children_An Importang Event NINA on The Black Beauty Notes Recent Posts Nice Day !!! what? PMR is over ? waiting our trip to Pinang

Wednesday, November 27, 2019

African American History and Women Timeline 1860-1869

African American History and Women Timeline 1860-1869 [Previous] [Next] Women and African American History: 1860-1869 1860 founded in 1832 and accepting male and female, white and black students, by 1860 Oberlin College had a student population that was one-third African American 1861 Incidents in the Life of a Slave Girl, autobiography of Harriet Jacobs, was published, including descriptions of the sexual exploitation of female slaves Laura Towne, from Pennsylvania, went to the Sea Islands off the coast of South Carolina to teach the former slaves she ran a school in the Sea Islands until 1901, adopting several African American children with her friend and teaching partner, Ellen Murray 1862 Charlotte Forten arrived in the Sea Islands to work with Laura Towne, teaching former slaves Mary Jane Patterson, graduating from Oberlin College, was the first African American woman to graduate from an American college Congress abolished slavery in Washington, DC (July 16) Ida B. Wells (Wells-Barnett) born (muckraking journalist, lecturer, activist, anti-lynching writer and activist) (July 13-17) many New York African Americans killed in draft riots (September 22) Emancipation Proclamation issued, freeing slaves within territory controlled by the Union 1863 Fanny Kemble published Journal of a Residence on a Georgian Plantation which opposed slavery and served as anti-slavery propaganda Memoir of Old Elizabeth a Coloured Woman published: autobiography of an African Methodist Episcopal evangelist Susie King Taylor, African American army nurse with the Union army, began writing her journal, later published as In Reminiscences of My Life in Camp: Civil War Nurse Mary Church Terrell born (activist, clubwoman) 1864 Rebecca Ann Crumple graduated from the New England Medical College, becoming the first African American woman M.D. 1865 slavery ended in the United States with the passage of the 13th Amendment to the Constitution   American Equal Rights Association  founded by  Elizabeth Cady Stanton,  Susan B. Anthony, Frederick Douglass, Lucy Stone, and others, to work for equal rights for African Americans and women the group split in 1868 over which group (women or African American men) should take priority   Charlotte Forten  published Life on the Sea Islands about her teaching experiences as an African American northerner who went south to teach former slaves sculptor  Edmonia Lewis  produced a bust of Robert Gould Shaw, who led black troops in the Civil War (March 9) Mary Murray Washington born (educator, founder of the Tuskegee Womans Club, wife of Booker T. Washington) (April 11)  Mary White Ovington  born (social worker, reformer, NAACP founder) (-1873) many women teachers, nurses, and physicians went to the South to help former slaves by founding schools and providing other services, as part of the Freedmens Bureau effort or as missionaries with religious or more secular organizations 1866 President Andrew Johnson vetoed funding for and extension of the Freedmens Bureau, but Congress overrode the veto   Old Elizabeth  died 1867 Rebecca Cole graduated from medical school, the second African American woman to do so. She went on to work with  Elizabeth Blackwell  in New York.   Edmonia Lewis  created sculpture Forever Free communicating the response of African Americans when they heard of the end of slavery (July 15)  Maggie Lena Walker  born (banker, executive) (December 23) Sarah Breedlove Walker (Madam C.J. Walker) born 1868   14th Amendment  to the US Constitition granted US citizenship to African American men for the first time explicitly defining US citizens as male. Attitudes towards the importance of this change split the American Equal Rights Association within the year. Much later, the 14th Amendment became the basis for various  equal protection  cases advocating for womens rights. Elizabeth Keckley, dressmaker and confidante of Mary Todd Lincoln, published her autobiography,  Behind the Scenes; or, Thirty Years a Slave and Four Years in the White House sculptor  Edmonia Lewis  produced  Hagar in the Wilderness 1869 biography  Harriet Tubman: The Moses of Her People  by Sarah Bradford published; proceeds funded a home for the elderly founded by  Harriet Tubman   National Woman Suffrage Association  founded (NWSA), with  Elizabeth Cady Stanton  as first president (November) American Woman Suffrage Association founded (AWSA), with Henry Ward Beecher as first president [Previous] [Next] [1492-1699] [1700-1799] [1800-1859] [1860-1869] [1870-1899] [1900-1919] [1910-1919] [1920-1929] [1930-1939] [1940-1949] [1950-1959] [1960-1969] [1970-1979] [1980-1989] [1990-1999] [2000-]

Sunday, November 24, 2019

How to Name Ionic Compounds

How to Name Ionic Compounds Ionic compounds consist of cations (positive ions) and anions (negative ions). Ionic compound nomenclature or naming  is based on the names of the component ions. In all cases, ionic compound naming gives the positively charged cation first, followed by the negatively charged anion. Here are the principal naming conventions for ionic compounds, along with examples to show how they are used: Roman Numerals in Ionic Compound Names A Roman numeral in parentheses, followed by the name of the element, is used for elements that can form more than one positive ion. There is no space between the element name and the parenthesis. This notation is usually seen with metals since they commonly display more than one oxidation state or valence. You can use a chart to see the possible valences for the elements. Fe2 Iron(II)Fe3 Iron(III)Cu Copper(I)Cu2 Copper(II) Example: Fe2O3 is iron(III) oxide. Naming Ionic Compounds Using  -ous and -ic Although Roman numerals are used to denote the ionic charge of cations, it is still common to see and use the endings -ous or -ic. These endings are added to the Latin name of the element (e.g., stannous/stannic for tin) to represent the ions with lesser or greater charge, respectively. The Roman numeral naming convention has wider appeal because many ions have more than two valences. Fe2 FerrousFe3 FerricCu CuprousCu2 Cupric Example: FeCl3 is ferric chloride or iron(III) chloride. Naming Ionic Compounds Using  -ide The -ide ending is added to the name of a monoatomic ion of an element. H- HydrideF- FluorideO2- OxideS2- SulfideN3- NitrideP3- Phosphide Example: Cu3P is copper phosphide or copper(I) phosphide. Naming Ionic Compounds Using  -ite and -ate Some polyatomic anions contain oxygen. These anions are called oxyanions. When an element forms two oxyanions, the one with less oxygen is given a name ending in -ite and the one with more oxygen are given a name that ends in -ate. NO2- NitriteNO3- NitrateSO32- SulfiteSO42- Sulfate Example: KNO2 is potassium nitrite, while KNO3 is potassium nitrate. Naming Ionic Compounds Using hypo- and per- In the case where there is a series of four oxyanions, the hypo- and per- prefixes are used in conjunction with the -ite and -ate suffixes. The hypo- and per- prefixes indicate less oxygen and more oxygen, respectively. ClO- HypochloriteClO2- ChloriteClO3- ChlorateClO4- Perchlorate Example: The bleaching agent sodium hypochlorite is NaClO. It is also sometimes called the sodium salt of hypochlorous acid. Ionic Compounds Containing bi- and di- Hydrogen Polyatomic anions sometimes gain one or more H ions to form anions of a lower charge. These ions are named by adding the word hydrogen or dihydrogen in front of the name of the anion. It is still common to see and use the older naming convention in which the prefix bi- is used to indicate the addition of a single hydrogen ion. HCO3- Hydrogen carbonate or bicarbonateHSO4- Hydrogen sulfate or bisulfateH2PO4- Dihydrogen phosphate Example: The classic example is the chemical name for water, H2O, which is dihydrogen monoxide or dihydrogen oxide. Dihydrogen dioxide, H2O2, is more commonly called hydrogen dioxide or hydrogen peroxide.

Thursday, November 21, 2019

Introdution to business and economy of China Essay

Introdution to business and economy of China - Essay Example The purpose of this paper is to identify the financial and banking reforms in China. Furthermore, the essay will also analyze whether or not these reforms have enhanced and transformed the economic sustainability and the overall economic performance of China. According to Ash et al., (2013), China has remained for many years as one of the fastest growing economies in the world (cia.gov, 2014). However, the background to the economy of China is totally conflicting. The financial sector of China was completely dependent of its banking sector while the banking sector was under serious threats as it was under debts and was facing challenges (Garnaut, 2013; Liao et al., 2013). If the speed and scale of the transformation that China has gone through is observed, then it certainly has no historical match. According to a survey conducted in 1978, China was among one of the poorest countries in the world as its per capita GDP was 1/40th compared to the United States (Das, 2012; Naughton, 2007). Zhu (2012) stated that since China was not doing very well economically and was left far behind in the economic world, therefore, it had to come up with strategies and reforms that may enable its entire economic system to enhance the overall operations. By 1976, many Chinese leaders agreed to the idea that reforms in the field of finance and banking are essential as they will boost up the economy (Lin, 2012). The Chinese leaders were looking for ideas and solution to counter the serious issue of economic instability and challenges that were faced by the country. To counter these issues, the financial and banking reforms were introduced in 1978 (Das, 2012; Cai, 2010). Naughton (2007) has discussed that, before the introduction of the financial and banking reforms, Chinese economy went through major issues and faced numerous obstacles. It was only during the 1930’s that the economy of