Black bear

The American Black bear (Ursus americanus) ranges in length from one hundred and fifty centimeters to one hundred and eighty centimeters, and typically stands about seventy six centimeters to ninety one centimeters at its shoulders. While standing up on its hind feet it can be up to seven feet tall. In terms of their body sizes, males are 33 % bigger than females. A good example of sexual dimorphism, males weigh between 116 and 280 Kg while females weigh between 45Kg to 190Kg. adult black bears have rounded ears, small eyes, short tail, a large body and good sense of smell.Despite the fact that they have a shaggy black hair, the color of their coat varies through blonde, cinnamon, black to chocolate brown. Black bears can walk and stand using their hind legs; however it is normal for them to walk using their four legs. Scholars argue that it usually stand to look at something or to get a better scent. Their shuffling gait results from their flat footed walk, with their forelegs sligh tly shorter than their hind legs, the second reason for their shuffle is that they walk with a pacing gait.Since 1800s, the black bear in Florida has lost over 83% of its habitat, a fact that is attributed to the increase in human population. This has resulted to a decrease in the number of black bear in Florida. Many wildlife scholars agree that the total number of black bear in Florida is currently a tiny fraction of its historical population of twelve thousand (12,000). The current population of black bears in Florida is estimated to be one thousand five hundred. A fact that is attributed to poaching, destruction of there natural habitant, changes in climatic conditions, natural disasters like being hit by a vehicle.In Florida alone more than 70% of black bears have been extirpated. There is an agent need to address this issue, so as to save the black bear from extinction; hence the writer of this paper is going to carry out research on extinction of black bears in Florida (Bensh off 2002 pp 8 -13). Statement of Purpose This paper is going to look at extinction of black bears in Florida(Ursus americanus), the causes of extinction of black bears, it will also try to establish the reasons why black bears should be protected the paper will conclude by suggesting what ought to be done so as to curb this problem.An Estimated one thousand two hundred black bear remains in Florida from a population that was once said to be twelve thousand. Black bear historically ranged in Alabama, Georgia and through the state. Currently major populations are found in Apalachicola, Ocala, Eglin air force base, Osceola national forest in central and northern Florida, big Cypress Swamp, and Backwater State Forest complex.When all the statistics and tragic trends are accounted for, the black bear in Florida is perceived to be a poor player on this swampy stage, this might explain why black bear’s current population is estimated to be one thousand two hundred individuals. (Blac k bear honey) Causes of black bears extinction in Florida The primary cause of extinction of black bear in Florida is the loss of their habitat which has been caused by human development (increase in human population), according to figures realized by defenders of wildlife (2008), more than twenty acres of black bear and other wild life habitat is destroyed every hour in Florida.In Addition to this the road system in Florida has also expanded at a constant rate of five miles per day in the last fifty years. According to Florida wildlife and fish conservation commission 2001 statistics, expansion of roads in Florida has resulted into the death of eight hundred and eighty bears since 1976 (Scott 2004 p 26).The second cause of black bear extinction in Florida is the failure by USFWS to list Black bear species as an endangered species under ESA in the right time– more than fifteen years ago, Florida residence responded to the escalating threats and decline in population of the bl ack bear by petitioning USFWS to declare the animal as an endangered species, USFWS replied by publishing their ninety days findings in which they noted that there was no enough evidence that could make them declare the black bear a threatened species, despite acknowledging the fact that the animal habitat had been extensively destroyed.Later on they removed the black bear from the ESA candidates’ listings. Florida residence viewed the refusal by the agency as perplexing. The agency refusal to declare the animal as an endangered species gave poachers moral of poaching the black bear, black bear was also included as a sport hunt. This also opened door for the inclusion of black bear in the hunting sport (Scott C 2004 p 30). The third cause is illegal killing or poaching, so as to supply the Asian markets with bear hearts, paws and galls, these organs (paws, hearts and galls) are perceived to have medicinal values in some Asian countries like Korea, China and Japan.The demands for these organs in Asian countries also affect other bears like Polar and Grizzly bears. (Maehr 2008) Reasons why black bears should be protected in Florida Black bear should be protected because it is perceived to be an umbrella species by the scientist, given that it has a wide ranging species. Through protecting black bear in Florida and their habitat, other animals and plants species will also be protected in the long run some of these animals which will be protected includes the eastern indigo snake and Florida scrub jay.The black bear is a symbol for Florida’s diverse wildlife. Black bear being a wide ranging omnivore shares habitat with other species of animals who are natives of Florida. Florida black bear should also be protected because it is an indicator species. Its health and population size can be used in determining if the ecosystem is impaired or is healthy(Burks 1999 p 26). Discussion Despite the threats that black bear are facing in Florida, the U.S.Fish an d wildlife services department have the view that Florida black bear can live on a very small land, that are owned by the public. The agency has allocated the following Osceola National Forest, Big cypress National preserve, Apalachicola National forest and Ocala National forest; these four lands are too small to ensure a long term survival and protection of Florida black bear. Conservation biologists and USFWS agree that all endangered species should have at least ten secure populations, however for black bear they are only four in Florida.The writer of this paper is of the opinion that to stop extinction of these species the agency should allocate more land to these species so that they can have a large breeding space. The agency should also consider declaring this species endangered specie. This will reduce the rate of their extinction. (Scott 2004 pp 32 -38) Most of the black bears are usually killed between September and October. This is the period in which male bears move away to go start their kingdom.When moving they, cross the roads and on the way they are hit by vehicles. To stop these killings, drivers should be encouraged to drive with a lot of care during this period. If this is done the number of black bears who are dying because of being hit by vehicles will drastically reduce (Green place) To survive, a single bear needs a minimum of fifty square miles, as human population increases they occupies the black bears range. This fragment the black bears land.When too much land is lost, the bears find it hard to mate and to find food; this also forces them to come into contact with human beings. Scholars argue that to keep black bears healthy, they need like 500,000 to 1,000,000 acres. The agency should allocate more land for these species. If this is done there population is likely to surpass the current one (Green place) Conclusions The population of black bear in Florida has reduced and there is an agent need to address this matter so as to save t his species from being distinct.Some of the solution to these problems is: the amount of land that has been allocated for the bears should be increased this will give them more breeding and eating space, the government should declare black bear as an endangered specie in Florida this will save them, drivers should be carefully when driving in the high ways in September and Octobers, and lastly the federal and the state government should enforce strict laws which will end up protecting all the animals who are endangered.Reference: Benshoff P 2002 Myakka Pineapple Press pp 8 -13 Black bears in Florida retrieved from www.floridaconservation. org on March 23, 2009 Black bear honey retrieved from www. swfwmd. state on March 23, 2009 Burks D 1999 place of the wild Island publisher’s pp 23 -32 Foreman D 2004 Rewilding N. America – A vision for twenty first century Island Press pp 11 -16 Green place retrieved from www. orangecountyfl. net on March 23, 2009 Maehr D 2008 Guest c olumn Florida black bear survival relies on large acres of forest retrieved from www. tampabay. com on March 23, 2009 Scott C 2004 Endangered & threatened Florida’s animals & their habitats Texas Uni. Press pp 32 -38

Logitech Case analysis Essay

Logitech is an innovative global provider for several technological accessories and peripherals. Logitech become incorporated in the early 1980’s and nearly three decades later it had roughly 40% of the market share in arenas such as Mice, Webcam, and Remotes. In order to fully understand Logitech’s success it is important to understand their strategy for growing but also their strategy for the issues they have faced. And ultimately deciding what will be their competitive advantage in the future. In order to understand the strategy of Logitech is it imperative to conduct a brief external analysis, beginning with the general environment. The general environment focuses on demographic, economic, political/ legal, socio- cultural, technological, geographic, and physical environmental trends. These trends help analyze what the next strategic moves should be. In Logitech’s case it is crucial for them to analyze all seven trends but focus on the technological trends. N ext, an industry analysis needs to be done in order to gain an idea of what kinds of competitive forces the industry will face. These forces are based off of five criteria: threat of new entrants, bargaining power of buyers, bargaining power of suppliers, threat of new substitutes, and rivalry among existing competitors. The third step in conducting an external analysis is understanding the competitor’s objectives, strategies, and their capabilities. Logitech realized early on whom its competitors were, Creative Technology Ltd., Microsoft Corporation, and Royal Philips Electronics, and was able to differentiate its products from them. Strategy is a set of commitments and actions designed to exploit core competencies and gain a competitive advantage. Based on Logitech’s objectives of growth and earnings, they enacted a few key strategies in order to achieve their goals. One strategy was acquisition; Logitech realized that to enhance the company’s development it was crucial to expand their portfolio into other markets and not just the computer mouse. This strategy was seen through the acquisition of QuickCam PC in 1998, Labtec, Inc. in 2001, Intrigue Technologies, Inc. in 2004, etc. After Logitech’s initial product, they realized that they would have to be proactive in findi ng innovative ways to grow and in 2000 they introduced their first gaming console controller. Followed quickly by the production of Logitech’s  io Personal Digital Pen. Logitech’s competitive advantage has been the first- mover advantage, allowing them to build a rapport with buyers enabling them to have larger market segments. This is seen with their pioneering of the computer mouse and keyboard, as well as having been on the forefront in video conferencing. The case also states, â€Å"Instead of following market trends, Logitech has often created them.†- an indicator of their first- mover competitive advantage. Although Logitech had much success with its strategies of innovation and acquisition, they have also had their fare share of implications, some of which they have overcome and others that remain. One critical issue that Logitech faced was the recent financial crisis of 2007/2008. Because technological products are a luxury good, consumers tend to cut back when there is less disposable income. This can be seen in the 9% decrease, 29% decrease, and 39% decrease for sales, operating income, and net income respectively from 2009 t o 2010. One method that Logitech maneuvered the crisis was by reducing its workforce by 15%. Additionally, they cut dividends causing their earnings retention ratio to increase, which give them excess cash for R&D as well as excess cash for acquisitions. Another issue that Logitech faced was having numerous manufacturing plants dispersed globally. After Logitech realized that these dispersed plants were hindering their growth, they consolidated. This allowed them to increase their competitiveness and maintain lower priced products. The examples above relate to issues that Logitech faced but were able to overcome. However, there are still issues that Logitech faces but have unable to resolve. The dominant challenge that Logitech faces currently is in regards to evolving buyer needs. In 2010, Apple enhanced their touch screen technology by incorporating built- in accelerometers, which eliminated the need for mice or Trackpads. Additionally, Apple and Windows products now come equipped with higher quality speakers and camera, diminishing the need for Logitech peripherals. With the decreasing market demand for Logitech’s peripherals, they must decide the strategic direction for their future. From the inauguration of Logitech, they have always exceled in overcoming their competitors by their innovative strategy. In order to overcome the issues they currently face they need to bring innovation back to the table. They need to truly differentiate by focusing directly on attributes, consumer relationships, or links within or between  firms. In addition to achieving differentiation as a competitive advantage, Logitech needs to redirect their strategic goals by examining the five major elements of strategy. They need to reevaluate their arena and narrow their market segments. They need to focus their vehicle on acquisitions, as they have done in the past. Redirecting their strategic direction and putting the focus back on innovative, cutting- edge product will help them re-differentiate from their competitors, which will allow Logitech to continue in the future as a premier technology company.

Counterterrorism Essay Example | Topics and Well Written Essays - 1250 words

Counterterrorism - Essay Example The government became stricter in implementing rules and evaluating traders, immigrants, and other travelers going inside the country. Drug traffic is also carefully monitored. The military is also taking action in the war against terrorism. A bigger budget is allocated to support the war. Since the terrorist attacks of September 11 , 2001 , Arab, Muslim, Sikh, and South-Asian Americans, and those perceived to be members of these groups, have been the victims of increased numbers of bias-related assaults, threats, vandalism and arson in the United States. In the immediate aftermath of the September 11 attacks, the United States and other countries around the world were placed on a high state of alert against potential follow-up attacks. It is defined as the unlawful use or threatened use of force or violence by a person or an organized group against people or property with the intention of intimidating or coercing societies or governments, often for ideological or political reasons. We often hear the term terrorists'' to describe the bad guys or terrorism'' to describe every act that opposes the government. It has been used so loosely that we need to redefine the term to give back its meaning. "This is a proposal to lend some clarity to the definition, and thus hopefully to the use, of the word terrorism. Currently, the term terrorism is applied to the use of force most often on the basis of whether the speaker agrees with the goal of the violence. Hence the expression . One man's terrorist is another man's freedom fighter." (The Rational Radical, 2001) Homegrown terrorists Most of the time, terrorism is directly associated to the Muslims. Actually, one's conversion to Islam does make him more likely to be a terrorist. It can not be denied that religion greatly influences one's beliefs, morals, ideologies and way of life. Although being a Muslim does not make one an instant terrorist, they are more exposed to the preaching of the Islamic extremists. This makes them more vulnerable, especially because Muslims are noted to be an incredibly united group. They share the same beliefs and goals. One's enemy becomes the enemy of the whole Muslim community. This is why the United States is alarmed by the radicalization of American-Muslim converts. Although the government is doing everything to reinforce the security against outside terrorists, it should be pointed out that rebellion inside the country poses a serious threat to national security. Much attention is also needed to fight domestic terrorism. Domestic terrorists are driven by their political and social beliefs. They are the government's opposition. They go all-out to fight for their beliefs, including stealing, hurting civilians, and other criminal acts. These homegrown terrorists are very diverse and their familiarity and easy access to the country makes them more dangerous. Some of the most distinguished domestic terrorist groups are the white supremacists, the black separatists, and the militia/sovereign citizen movement. The white supremaci

Construction suveyour to have done layout Essay Example | Topics and Well Written Essays - 500 words

Construction suveyour to have done layout - Essay Example This kind of surveying is known as an â€Å"as-built† survey and is one of the five major elements of construction surveying (Irvine & Maclennan 145). The other major elements include checking conditions prior to commencing a construction job for example, topography and existing infrastructure. The other aspect is to mark and create reference points followed by verification of the location of structures during construction. When the construction surveyor was designing the layout for a municipal street intersection in Murfreesboro area, he must have put all the factors into consideration. There was a wide range of factors that were taken into consideration, some were basic whereas others were quite complex in regards to the design and construction. First and foremost, he had to consider the type of road to be constructed. In addition, the roadway allowances. These factors determine the amount of space to be allocated for the project and the general parameters in road construction. The surveyor had to consider the safety aspect of constructing the road where it is located rather than somewhere else. This is because in road construction, the topography is a factor of the essence to determine the design of the road as well as, the flow of runoff (Irvine & Maclennan145). Another factor that may seem obvious is the availability of other infrastructure that is. the pre-existing infrastructure and the proximity to the road. Some things like electricity lines, water, and sewer lines may have affected substantially the surveyor’s decision to position the road as it is now in Murfreesboro. Simple as it may seem, things like the power lines affect profoundly the lighting of the road in that the proximity of the power lines do not determine the availability of the street lights. There are the less obvious considered factors and that still count in choosing the methodology of choosing the design. These include the likes of expected traffic on the road. The amount of

Environmental Change and its Protection Essay Example | Topics and Well Written Essays - 1250 words

Environmental Change and its Protection - Essay Example There are organizations in most countries that operate on a non-profit basis for the betterment of various elements of the earth. Progress on this front, is however, often slow as funds are mostly limited. This paper shall look at how people can make a difference in their own homes and in school. These two areas are inter-linked and what one learns at school is essentially what one also seeks to implement at home and vice-versa. As children need to be trained regarding the protection of the environment, it is important that what is done in these two places and what can be done in these two places is analysed and changes proposed. In most homes, while children go to school, they are provided with lunches in brown bags. This is a potential area for change and the paper that is saved when one takes the number of bags that children all over the United States of America take to school into account. What, one may ask, is the alternative to sending such packaged meals? The answer lies in re usable containers that would not require more and more paper to be consumed. This would result in the reusing of certain elements and would also prevent the cutting down of trees that happen so as to create the paper bags that are used to package lunches. To make such activities more entertaining for the children, it may be useful to create reusable boxes that are more colorful and presentable. These boxes would also help prevent children from having to carry packaged fruit which can then be placed within the box. This is also a healthier option as far as dietary habits are concerned (Younes, 2012). In many schools, obsolete materials are allowed to lie around the premises. Disposal of this waste would be the first step towards creating a clean and environment-friendly society. This would require infrastructure that would enable a quick and efficient disposal of such material that would not be very costly for the person who disposes of it. Incentives may be offered to the school or society that seeks to dispose of its waste in such a manner. Such incentives would keep the schools and societies on the lookout for opportunities for funds from the government or agencies that may then channel the resource in a commercially viable manner. The materials that are collected can be recycled and they can be sold back into the community leading to more funds for an industry that could be dependent on saving the environment. Recycling is also at this point of time in history, in the United States of America, an aspect of the society that is funded and accepted by the state as an area of priority. This makes the use of the elements of the environment in a sustainable way easier for the common man as he or she is aware of the fact that they have a partner who is willing to share the load financially. The support that the government of America provides for the movement is financial and also moral. It is also bureaucratic in so much so that it enables a quick transition from the stage of idea to that of reality (Obama, 2010). For instance, the idea that has been discussed in this paper, that of the transition to reusable boxes that lunch can be carried in to school from paper bags can be quickened up through legislative intervention. For instance, the rates of paper bags can be increased while the taxes on reusable goods can be reduced. Apart from this, incentives can be offered to areas that record a large increase in the amount that they have

How One Child Policy Would Affect Chinese Economy Research Paper

How One Child Policy Would Affect Chinese Economy - Research Paper Example In 1989, the official slogan was that a â€Å"one-son or two-child† policy, and it was in force in all most all regions of China. Thus, under this changed policy initiates, couples with a daughter were bestowed with the privilege to have a second child that too after a gap of 7 years. China’s entire birth planning initiative and one-child policy was perused on the available processes and structures linked with a centrally planned economy. (US Congress Joint Economic Committee 1992:252). Population control and economic development are the two major concerns for developing nations. China’s response to this issue was the open-door policy and the reform and the one-child policy. Two miracles have been produced by China in these areas. Both, demographic and economic changes have been undergone by China in recent years. Further, China has shifted from the centralised economy to a market- based economy. China, in the last twenty years, has become as one of the fast-grow ing and most energetic economies of the world, and this is regarded to be first miracle. Further, China’s one-child policy has applied the brake to explosive growth of Chinese’s population and also there has been a remarkable decline in fertility rates, which is well bellow –replacement stages and this has been regarded as second miracle of China.( Wong & Liu 2007:333). In reality, the declines in population growth, the slow-down in fertility rates and transformation in age structure have been main features economic achievement of China. The main aim of this research study is to study the association between China’s economic growth and its demographic evolution. In the background of both future and contemporary changes in China’s age structure, this research paper will also scrutinize and evaluate on the role of transformation in populations age structure in impacting China’s prospects for economic growth in the ensuing decades. This researc h paper will endeavour to elucidate the future, and the current confronts China witnesses and suggests policies to cope with them to maintain economic growth in the globe’s most populace nation. (Wong & Liu 2007:334). One Chid Policy and China’s Economic Development History of Chinese One -Child Policy During 1978-79, there had been reformulation of China’s population policy by the post –Mao’s leadership. The population issue witnessed in the late 1970s was footed on the demographic reality that in between 1949 and 1970, China had concluded its demographic evolution from high to low mortality and fertility rates. Before the introduction of one -child policy , the China’s population strategy of the 1970s had resulted in a shark fall in aggregate fertility rates to 2.72 in 1978 from 5.81 in 1970.Despite the fact of low fertility rates , due to demographic momentum , it was foreseen that population increase would prolong for many years to come. Demographic momentums connotes that a population will prolong to increase long after replacement level fertility has been accomplished, as young age structure of the total population will generate groups in the childbearing ages for many more years to come. The research survey by Tien (1981) that was conducted in the late 1970 showed that about 39 % of population of China was in the age group of 15 and above , while 65% of the population was aged 30 and below , born after 1949 . Calculations showed that on the basis of this age structure that if every

Service product analysis Essay Example | Topics and Well Written Essays - 4000 words

Service product analysis - Essay Example Rebak Island Resort, a five star category hotel in Rebak Islands also presents to the visitors a natural viewing treat in terms of creating an underwater aquarium in addition to the room and dining facilities. The paper focuses to evaluate the services provided by the Resort through analysing based on the Seven Ps of Services Marketing. Finally after conducting the needed evaluation the paper concludes through rendering useful recommendations for the Rebak Island Resort to help gain a larger potential in the realm of their hospitalisation activities rendered to the visitors and tourists visiting the island from different corners of the world. Rebak Island Resort-A Taj Resort The Taj Group is the constituent or collective name for the large group of hotels, resorts, spas and other hospitality units of The Indian Hotels Company Limited. Further the Taj Group that holds to be one of the largest and most popular hotel companies in the Asian market in terms of service standards, aesthetic s and other parameters stands out to be the glowing symbol of Indian hospitality. Taj Group internationalises through the opening of 16 hotels in several international locations like Maldives, Malaysia, in other developed countries like United Kingdom and United States and similarly along emerging economies like Africa, the regions of Middle East and Sri Lanka (Taj Group, 2012). In the context of the project the company chosen is Rebak Island Resort situated in Langkawi, Malaysia. This hotel company is the international wing of Taj Group in the Malaysian region. Rebak Island Resort got its name from the native Rebak Tree found in the Rebak Islands. The Rebak Islands is one of the 99 islands that constitute the Langkawi region. The region holds a pristine glory in terms of the natural exhibits found pertaining to forests, mountains and a large number of beaches. The Rebak Island Resort can be reached by the visitors by taking a five minute ride from Langkawi Airport to Langkasuka Por t and subsequently taking a fifteen minutes ride on a boat to the Resort. A host of facilities and services await the visitors at Rebak Island Resort that promises to serve the best based on standards set by the Taj Group (Rebak Island Resort, n.d.). The report tends to conduct a total analysis of the Taj Group based on the Seven Ps of Services Marketing concept. Based on the analysis conducted it would focus on rendering needful recommendations related mainly along Four Ps including the Physical Environment of the Services Group. These set of recommendations would be furnished to contribute to the development of the services standard of the company. Background of the Service Location of Rebak Island Resort Rebak Island Resort is located in Rebak Island a member of the large number of Islands forming the Langkawi region in Malaysia. The Resort is located at a distance of 4 Kilometres from the Langkawi Island while it can be reached by taking a boat ride of around 15 minutes from the Langkasuka Port. Span and Size of Rebak Island R

Jokes in English Essay Example | Topics and Well Written Essays - 1000 words

Jokes in English - Essay Example One of the main reasons why this is possible is because of the adoption of the English language in various parts across the world. It has therefore become common for most learning institutions to incorporate English as one of the core or optional subjects. Students are required to learn several skills in speaking, reading, listening, and writing in the English language. However, an essential part that every instructor needs to know is that jokes play a very huge part in developing these skills (Sosothikul, 2007). English language and its culture embrace jokes to a high level making them an essential part that is not worth foregoing. It is believed that the best way to understand the English language then one has start reading English jokes as it enables one to practice things such as phrasal verbs and the slang, which is essential for everyday life. Objective of the study The objective of this study is to help English students to understand how they can utilize jokes in broadening th eir understanding and use of the English language. ... The study will therefore utilize the various texts and articles available to create a comprehensive understanding of English jokes. Study question The study seeks to answer the question on how are jokes utilized in teaching and understanding the English language? Jokes in English Jokes When it comes to English, there are several sources of short jokes available on the internet, inside English texts, and speeches. Jokes originate from various situations, memories or sometimes converted from one language to another. In his contribution to English jokes, Dundes (1985) tries to explore explores the Jewish folklore which is a rich source of jokes owing to the fact that the Jews are always big on humor. In the article, he identifies how the translation of Jokes to English affects their meaning and if the converted jokes continue to hold the same humor and influence (Dundes, 1985). Jokes in English have become a common way of life and their origins date a long time back in history. John Cle ese is a common household name in the UK and various parts of the world. He has had several contributions towards humor and comedy in Britain and across Europe and the United states (Tebbe, 2008). In an article on John Cleese, Tebbe (2008) explains the origins of jokes and their contribution to the comedy industry in the UK. One thing is however evident that the origin of jokes cannot entirely be studied because to an extent we can say that comedy has been there since man existed. Influence on people Jokes have different and varying influence on people across different platforms. A good joke at home would or may have a different impact were it told at work place. This is because the jokes touch on several subjects in people’s lives and some end up being offensive while some

MATLAB Dynamics & Control Assignment Example | Topics and Well Written Essays - 4500 words

MATLAB Dynamics & Control - Assignment Example Furthermore, both the time constant and dead time vary with the size of the step-change. The process gain is affected but it is affected only in half of the cases (see Concentration A, see below). †¢ Select a set of dynamic process constants resulting from one of the step-changes that you have tested, and use these to calculate initial values for the constants in each of the three different controller equations (P, PI & PID). Proportional control: It is simple, provides rapid adjustment of the manipulated variable (MV). Does not provide zero offset, although the error is reduced (E>0). It increase speeds in the dynamic response. It can cause instability if improperly tuned. Integral control: It is simple, achieves zero offset (E=0). It provides adjusts the manipulated variable (MV) in a slower manner than the proportional mode –this can lead to poor dynamic performance. It can cause instability if improperly tuned. Derivative control: It is simple. It does not influence the final steady-state value of the error (E). It provides rapid correction based on the rate of change of the controlled variable (CV). It can cause undesirable high-frequency variation in the manipulated variable (MV). †¢ Once you have chosen your optimal control scheme, justify why you have selected it. You can use various methods of assessing controller performance in order to reach your decision: rise time, peak overshoot ratio, decay ratio, settling time, IAE, ISE, ITAE. You are not expected to use all of these, but at least two should be used and compared with each other in relation to optimizing your controller constants. †¢ Test your control loop for its ability to cope with a disturbance (e.g. in the concentration of feed chemical, or the temperature of the cooling water), and also for its ability to move the process to a new operating region by making a step-change to the set-point (i.e.

Employment and Delegation Essay Example for Free

Employment and Delegation Essay In the scenario given there were five behaviors of delegation used. They were: clarifying the assignment, specifying the employees range of discretion, allow the employees to participate, inform others that delegation has occurred, and establish proper feedback channels. In this paper, each behavior will be discussed as used in the scenario, and will give specific detail of how we as managers would have handled the delegation. Clarity of the assignment, is providing clear expectations of an assignment with details, deadlines, an audience, and the importance of the assignment being done on time. This is the first step in the delegation process of the project. If we ask someone to complete one of our assignments, we would want to be sure that the assignment is done the way we would have completed it. Theres a reason why we asked that particular person. If it was something anyone could do you can ask for volunteers. Informing others that delegation has occurred is essential behavior in the delegation process. Obviously Ricky has other employees that he manages. So it is important to inform those employees about the delegation as well. He chose Bill because of his three year experience in the contracts group. However, there isnt any mention of addressing Rickys other employees. Since he assigned Bill to this project what about Bills daily duties? Is Ricky going to provide Bill with help in regards to his daily work, or will he be required to complete both the project and his work? Thats what we do not know, but they were having a meeting in the morning to discuss the assignment. These are issues Ricky has to figure out now, along with informing his staff, because if Ricky did not inform his other employees, they may perceive it as favoritism and think he is trying to hide it from everyone. Ricky should also inform Bill of the reasons he chose him at their meeting in the morning, and also let him know he will be communicating the project to the rest of the team so they are aware Bill will be working on the assignment for the given time frame. Normally in those situations you look to the person who may be capable of doing the job based on previous experience. It is important to share the wealth when it comes to delegating task to the staff. I would assume that Bill is one of the go-to guys that can and is able to complete task with assigned deadlines. However, the behavior skills that stick out to me the most are clarify the assignment, inform others that the delegation has occurred, and establish feedback channel. It is important that Ricky clarifies with Anne what the guidelines for the new manual are so that he can clearly communicate them Bill. Setting up one-on-one sessions or a team meeting will be useful to inform all team members of the decision. Lastly, Ricky should set up periodic reviews with Bill to check on his progress and also see if any assistance is needed. agree that some of the delegation skills where used in this scenario, but not all were used fully. I like the point made earlier in the discussion that Ricky probably manages more then one employee, In the scenario I think Anne did a poor job for a few reasons. 1) Ricky already was working on a major project, and as his boss she should have been aware of that before she asked him to do it. She may have been, but this is what we dont know. 2) Anne asked Ricky to do the assignment. Obviously there was a reason why she asked him, so when he requested Bill to replace him why did she allow it? If I delegate an assignment to my employee I want the person to do what I asked. I feel that clarifying the assignment, specifying the employees range of discretion, allow the employee to participate were the delegation skills used the most in the scenario, while establishing feedback channels and inform others that delegation has occured wasnt as much if any. I remember an old saying form a manager I had who would say, inspect what you expect! We are tasked to ensure what we empower our workforce to accomplish is completed the way we expect it to be done. However, if we do not adequately communicate our expectations to the employee, than how will we be able to hold them reliable for the job. Now, am I saying we should micro-manage? Never! And im sure no body wants to spend time micro-managing. What we do want to ensure though is task completion and work from a decentralized form of management so the employee doesnt get frustrated in their job. Bottom line, we empower people everyday, the question is how much do we trust them? Allow the employee to participate. We have that found the employees participation is the best means to empower them not only in their job, but it gives them personal satisfaction. Now, this can be somewhat dangerous because you never want to give them an unchecked decision machine. As the section mention, you allow the employee to participate in that decision and then a set limit of authority is transferred to them for the project. We know, from experience that you must maintain that channel of communication with the employee so to keep them on the right direction. This will be training opportunities for managers with the employee in how to better make decisions without being biased. I know it can be challenging at times and personal matters may strive to cloud our decision process, but over time the employee will learn how to set aside personal reasoning.

Analysis Of BMW Financial Position And Performance Accounting Essay

Analysis Of BMW Financial Position And Performance Accounting Essay This is a financial analysis report on BMW. Specifically, in the first part of this report, the financial position and performance of BMW for the four financial years from 2008 to 2011 will be firstly re-formulated, and the financial ratios for the company will be computed for analysis purposes. In order to perform a throughout financial analysis on the company, the trends of the financial ratios of BMW will be analyzed. Then, the financial statements of Audi will also be reformulated and the respective financial ratios for Audi will also be computed. The financial performance of Audi will be used to compare to the performance of BMW, to gauge the relative performance of BMW, as compared to one of the peer within the industry. Then, in the second part, BMWs forecasted value of equity per share at the end of the fourth financial (i.e., at FY 2011) will also be computed. Recommendations will be provided if the stock is a good investment choice, based on the various findings derived fr om this study. 1.2 Company Background Today, BMW is the worlds best-selling manufacturer of premium cars (Rauwald, 2012). BMW is founded in 1916; and is headquartered in Munich, Germany. Today, the company has more than 96,000 workforces at 24 production facilities in 13 countries and had penetrated to around 140 countries in the world (Avery Bergsteiner, 2011). BMW is also a company emphasizing on corporate social responsibilities (Stamoulakis Bridwell, 2009). Some of the competitors of BMW include Audi and Mercedes-Benz, whereby these companies has also been competing with BMW in important markets such as China (Rauwald Pearson, 2011a). Referring to Table 1 below, the various business segments BMW is operating within is shown. The major revenue contribution of the company comes from selling automobiles, and then followed by car financing activities. Table 1: The Various Business Segments BMW Operating Within Source: Worldscope Table 2 below however shows the various geographical regions BMW is operating within. As shown from the figure, the revenue generated from BMW sales in China is improving fast, while the revenue generated from the United States are stagnating. Indeed, prior to the financial crisis, United States is the biggest market for BMW (Rauwald, 2010). In contrast, as discussed in Muller (2010), BMW growth in recent years had largely driven by the increase of sales from emerging countries. This is a trend worth acknowledging in analyzing the current financial performance and to predict the future probable performance of the firm. Table 2: The Various Geographical Region BMW Operating Within Source: Worldscope Part I: Analysis of BMW Financial Position and Performance In Part I, the financial analysis on BMW will be performed through two major methods, firstly by reviewing the trends of the financial metrics of BMW and its competitor; and secondly, through the review of various financial ratios of BMW and to compare the ratios to the competitors ratios. 2.1 Trend Analysis A Review of BMW Past Performances 2.1.1 Profitability Ratios Based on Table 3 below, the various profitability ratios of BMW are shown. As measured by the Return on Assets, Return on Equity and Return on Invested Capital, BMW performance is generally well-performing in FY2007, but subsequently suffered to a minimal profitability in FY2008 towards FY 2010, before returning to superior profitability situation in FY2011. This is not surprising. In FY2008, the world financial crisis hit, and the automotive industry, which is cyclical in nature, are impacted adversely (Peterson, 2008). Indeed, the entire automotive industry fall into a turmoil as auto sales have plunged in the United State and Europe; while sales faced stagnation in previously booming markets like China and India (Rauwald, 2009b). In 2009, as discussed within Rauwald (2009a), BMW suffered losses due to recession as the sales and demand of luxury cars stalled. This is logical as in recessionary period, people cut down spending and luxury product manufacturers are often the most im pacted as the product demand are highly elastic. Then, qualitatively speaking, in FY 2010, the profitability improvement in BMW is due to improved efficiency significantly in all areas of the company (during the restructuring programme of BMW in the global financial crisis) as well as favourable exchange-rate fluctuations for the company (Rauwald, 2010). Next, Rauwald Schmidt (2012a) had however attributed the significant enhanced of BMW performance due to the companys comprehensive transformation, via cutting jobs and costs since 2007 (which include a cut of more than 8,100 jobs and reduction of more than 6 billion Euros in costs). This is also true as based on the employee per sales figure, the company is showing positive improvement as in recent years, more sales are generated per employee. Aside from that, it is also observed that the ratio of research and development to sales ratios has also been high, approximately around 5%. This is because BMW has been investing in research and development activities for further innovations in the future. For example, one of the recent innovations of BMW is development of eco-super car through the Vision Efficient Dynamics concept (Kable, 2010). Overall, based on the profitability ratios, a gross profit margin of 24% and the Return on Equity ratio of 19.2% in the recent years suggest that BMW is a well performing firm. Nonetheless, the fact that the firm could be seriously affected by recession also suggests that the business is cyclical, and therefore, the business risk faced by the firm and investors could be high. Table 3: Trends of Profitability Ratios of BMW Source: Worldscope 2.1.2 Asset Utilization Ratios Based on Table 4 below, the various asset utilization ratios, such as assets per employee, total assets turnover, inventory turnover and net sales to gross fixed assets are shown. Overall, there is a trend of improvement on these ratios. As discussed in Rauwald Schmidt (2012b), the strong performance of BMW is primarily contributed by the strength of the BMW, MINI and Rolls-Royce brands as well as improvements in efficiency. The improved of efficiencies can be noted as the assets per employees had increased (i.e., fewer employees as compared to the total assets), and the higher total assets and inventory turnover ratios (as the company is more able to generate more sales from every unit of asset). Table 4: Trends of Asset Utilization Ratios of BMW Source: Worldscope 2.1.3 Leverage Ratios Based on Table 5 below, the trends of use of debt financing and capital structure of BMW are shown. Overall, it can be noticed that BMW is a highly geared firm, as the long term debt within the capital structure has been consistently high throughout the past few years, i.e., at approximately 60%. Then, the portion of debt is also far outweigh the portion of equity, and as indicated by the total debt to common equity ratio, the total debt is approximately more than 2 to 3 times the total amount of equity. Overall, this suggests that BMW is heavily leveraged and the firm would face higher finance risks (such as solvency, liquidity and interest payment risks) in hard times. In contrast, the firm would make high return on equity for the shareholders due to use of leverage. Therefore, part of the reasons contributing to the high return on equity for BMW is through the use of high leverage within the firm. Table 5: Trends of Leverage Ratios of BMW Source: Worldscope 2.1.4 Liquidity Ratios Based on Table 6 below, the various liquidity ratios such as quick ratio and current ratio are shown. Overall, the liquidity position of BMW is marginally satisfactory, as the current and quick ratio fall around the range of 1. A more conservative ratio would be a current ratio of more than 2 times. Then, it is also noted that throughout the years, the proportion of receivables in the current assets is the highest, followed by cash, and then inventories. This is however unavoidable, as most of the customers would purchase the luxury cars on credit. Table 6: Trends of Liquidity Ratios of BMW Source: Worldscope 2.1.5 A Review of the Financial Performance Trends of BMW In order to form an overview of the financial performance of BMW in the past few years, the general profitability picture of BMW is presented in Figure 1. As shown below, prior to the crisis, BMW has been in a rising profit position for more than a decade (Avery Bergsteiner, 2011). However, unfortunately, the firm performance is badly affected during the global financial crisis (as discussed previously). During the period of financial crisis, the net income, return on equity and total common equity fall sharply. Nevertheless, upon the crisis, the profitability of BMW surged sharply. Avery Bergsteiner (2011) had found that one of the reasons contribute to fast BMW recovery from the global financial crisis in 2008 is due to sustainable leadership model and processes within the company. Therefore, this suggests the resiliency and the quality of the management within the firm as satisfactory and competent. Then, another trend worth discussing is that in the recent years, BMW car sales have been increasing significantly in the China market (Rauwald, 2012). Indeed, as discussed within Schafer (2011), much of the sales increases of BMW come from the growth of sales from China and India. Such a trend had contributed significantly as even in FY2011 and FY2012, BMW sales in Europe are facing challenges due to sovereign debt crisis (Rauwald Pearson, 2011a). Similarly, as discussed within Schafer (2011), the sales of BMW cars are slow in Europe due to the slow recovery within the region. Figure 1: Net Income, Equity, ROE and ROCI Trends of BMW C:Documents and SettingsHappyGoLuckyDesktopData Collectiondatareturn analysis chart.jpg Source: Worldscope 2.2 Peers Financial Ratios Comparisons In this section, in order to understand the financial position and the performance of BMW in the context of its industry as well as in relation to its peers, the various financial ratios of BMW, the peers and one of its leading competitors, namely Audi will be performed. 2.2.1 Growth Rates related Ratios As shown in Table 7, the various growth rates of BMW is compared to the peers and Audi. Firstly, it is noted that the growth of sales of BMW is slightly worse than the growth of Audi, but significantly worse off than the peers. In other words, both Audi and BMW are performing less satisfactorily as compared to the industry average. Therefore, while the financial picture of BMW is recovering and experiencing sharp upturns in FY2011, the firm is actually down perform as compared to the industry average. Table 7: Trends of Growth Rates of BMW, Audi and Peers Company BMW AG Peer Mean Audi AG Last Fiscal Yr End Date 12/31/2011 12/31/2011 Key 1 Year Growth Rates Sales 1Yr Growth 13.80 22.22 24.42 Operating Income 1Yr Growth 53.21 47.75 57.09 Net Margin 1Yr Growth 32.92 104.88 36.41 Net Income 1Yr Growth 51.26 149.43 69.72 EPS 1Yr Growth 51.12 146.47 69.73 Total Assets 1Yr Growth 11.71 14.54 19.56 Equity 1Yr Growth 13.11 8.58 13.72 Key 5 Year Growth Rates Sales 5Yr Growth 7.03 15.17 7.20 Operating Income 5Yr Growth 16.39 23.44 14.71 Net Margin 5Yr Growth 3.92 7.76 18.21 Net Income 5Yr Growth 11.22 23.09 26.72 EPS 5Yr Growth 11.21 21.35 26.72 Total Assets 5Yr Growth 9.18 12.25 14.00 Equity 5Yr Growth 7.17 9.09 11.83 Source: Thomson One Banker As shown in Table 8, the figures of growth rates of several financial metrics are also computed, from the reformulated financial statements (as shown in Appendix at the end of this document). Overall, it can be observed that both Audi and BMW financial performance move in tandem, whereby the good performance of both company tend to be happen at the similar time. For instance, the growth of sales was negative for both of the firm at FY2009. Then, the growth rates of common shareholder equity also tend to be similar in terms of magnitude. For example, the growth rate of shareholder equity has been slight negative or positive at FY2009. However, the growth rate of operating income (after tax) for both the company tend to be less similar. This could be due to the operational management differences between the two firms. Table 8: Trends of Growth Rates of BMW to Audi Profitability R 2009 2010 2011 Growth Rate in Sales BMW -4.73% 19.33% 13.80% Audi -12.74% 18.77% 24.42% Growth Rate in OI (after tax) BMW 352.36% -20.66% 49.91% Audi -43.17% 128.13% 60.40% Growth Rate in NOA BMW 31.36% 13.02% -10.94% Audi 10.86% 47.64% -4.07% Growth Rate in CSE BMW -1.79% 15.94% 17.18% Audi 2.62% 9.30% 13.72% Source: Computed from Reformulated Financial Statement 2.2.2 Profitability Ratios As shown in Table 9, the profitability related ratios for BMW, peers and Audi are shown. Overall, the profitability margins of BMW would be slightly lesser than that of the Audi (particularly from the net margin perspective), but would be higher than that of the peers. This is because BMW operate within the luxury car segment, and therefore, the margins would be higher, as the majority of other competitors go for the volume for profitability. Therefore, the asset turnover of BMW and Audi is lower significantly than the peers, as the company focus on the luxury niche segment. Aside from that, it could be seen that the RD expense to sales ratio for BMW (and Audi) is higher than that of the peers. For this, one of the successes of BMW comes from investing heavily in extra production capacity and new technology constantly (Rauwald, 2012). Table 9: Profitability Related Ratios for BMW, Peers and Audi Company BMW AG Peer Mean Audi AG Last Fiscal Yr End Date 12/31/2011 12/31/2011 Asset Turnover 0.57 0.85 1.25 Pretax Margin 10.73 13.70 ROA 4.37 13.86 Return on Invest Cap 5.62 34.13 Reinvest Rate 13.25 37.59 35.68 R D to Sales 4.90 3.43 5.09 Gross Profit Margin 24.62 19.45 18.57 Operating Profit Margin 11.42 6.92 9.54 Pretax Margin 10.73 13.70 Net Margin 7.09 9.95 Source: Thomson One Banker Table 10 is about the profitability ratios of BMW and Audi, computed from the reformulated financial statements (as shown in Appendix at the end of this document). Overall, it can be seen that Audi would perform slightly better than BMW, although from the net profit margin perspective, BMW outperform Audi in FY2010 and FY2011. Then, it is also observed that the financial margins of BMW are more volatile as compared to Audi. Therefore, the risks (from the standard deviation perspective) for BMW are higher. Nonetheless, as discussed before, BMW is performing well in terms of cutting down the expense. This can be observed as the portion of administration costs to the sales ratio for BMW has been decreasing from FY2008 towards FY2011; whereby the ratio for Audi had been staying relatively constant (around 8-10%). This reaffirm that BMW had been slowly transform itself into a more efficient organization. Table 10: Trends of Profitability Ratios of BMW to Audi 2008 2009 2010 2011 Operating Profit Margin BMW 0.95% -0.09% 5.71% 8.03% Audi 5.27% 3.43% 6.59% 8.50% Sales Profit Margin BMW 1.95% 9.27% 6.17% 8.12% Audi 5.27% 3.43% 6.59% 8.50% Other Items Profit Margin BMW 0.00% 0.00% 0.00% 0.00% Audi 2.82% 2.86% 2.87% 2.90% Net Profit Margin BMW 1.25% 0.13% 5.23% 7.75% Audi 6.46% 3.52% 3.07% 5.91% Expense Ratio Admin Costs BMW 9.59% 9.91% 7.98% 7.83% Audi 9.47% 10.52% 8.57% 8.16% Expense Ratio Distribution Costs BMW -0.21% 0.10% 0.24% 0.50% Audi 0.88% 1.01% 1.06% 0.97% Operating Profitability (RNOA) BMW N/A 14.55% 9.55% 14.27% Audi N/A 12.48% 21.87% 30.03% Financing Profitability (RNFA) BMW N/A 0.70% 0.98% 1.37% Audi N/A 5.07% 5.54% 9.98% Source: Computed from Reformulated Financial Statement 2.2.3 Asset Utilization ratios Table 11 is about the asset utilization related ratios for BMW, Audi and peers. Overall, BMW down perform both Audi and the peers from asset turnover and inventory turnover perspective. Indeed, Audi perform best in utilizing assets in generating revenue. This shown that BMW may not be effective to the peers and Audi in leveraging on the assets to generate sales, and there are much room for improvement to significantly enhance the asset utilization ratios for the firm. Table 11: Asset Utilization Related Ratios for BMW, Audi and Peers Company BMW AG Peer Mean Audi AG Last Fiscal Yr End Date 12/31/2011 12/31/2011 Asset Turnover 0.57 0.85 1.25 Inventory Turnover 5.11 8.52 8.85 Source: Thomson One Banker 2.2.4 Leverage Ratios Table 12 is about the comparisons of leverage related ratios between BMW, Audi and peers. Obviously from the figure of the industry mean score, it can be noticed that most of the automotive manufacturers are highly geared. Indeed, as it is discussed that BMW is a firm that relied heavily on debt instrument for financing its operations, the industry average figure is even higher. In stark contrast, Audi is a lowly leveraged firm. Indeed, the use of debt is very minor within the firms capital structure. Table 12: Leverage Ratios Related Ratios for BMW, Audi and Peers Company BMW AG Peer Mean Audi AG Last Fiscal Yr End Date 12/31/2011 12/31/2011 Total Debt to Common Equity 245.94% 250.96% 9.39% LT Debt to Common Equity 133.58% 146.61% 0.17% LT Debt to Total Capital 56.96% 41.23% 0.16% Dividend Payout 17.46% 15.80% 0.00% Cash Dividend Coverage Ratio 7.13 21.08 #N/A Source: Thomson One Banker In Table 13 below, trends of leverage ratios of BMW and Audi, computed from the reformulated financial statements (as shown in Appendix at the end of this document) are presented. Similar to the discussions presented above, the financial leverage ratio of BMW is significantly higher than the case of Audi. However, from the operating liability leverage ratio perspective, the figures of the two firms are roughly comparable. Table 13: Trends of Leverage Ratios of BMW to Audi 2008 2009 2010 2011 Financial Leverage Ratio (FLEV) BMW 0.299 0.414 0.413 0.410 Audi 0.256 0.198 -0.128 0.054 Capitalization Ratio BMW 1.378 1.843 1.796 1.365 Audi 0.781 0.844 1.140 0.962 Operating Liability Leverage Ratio (OLLEV) BMW 1.093 0.663 0.645 1.011 Audi 1.479 1.381 1.058 1.268 Source: Computed from Reformulated Financial Statement 2.2.5 Liquidity Ratios In Table 14 below, the liquidity related ratios for BMW, Audi and peers are compared and presented. It is noted that the liquidity position of BMW, as measured from all of these ratios, i.e., quick ratio, current ratio, cash and equivalent to current assets ratio, account receivables days as well as inventories days held are not only down performing the peers, but also perform much badly as compared to the situation of Audi. Indeed, Audi is having strong liquidity position, thereby indicating that the firm is unlikely to suffer from any near term liquidity issues. Audi had also outperformed the peers significantly and based on the findings above that Audi is a lowly geared firm; the firm is financially conservatively managed. Table 14: Liquidity Related Ratios for BMW, Audi and Peers Company BMW AG Peer Mean Audi AG Last Fiscal Yr End Date 12/31/2011 12/31/2011 Quick Ratio 0.82 1.00 1.32 Current Ratio 1.04 1.28 1.60 Cash Equivalent to Current Assets 23.52 32.24 41.13 Accounts Receivable Days 136.25 102.07 61.22 Inventories Days Held 71.44 48.60 41.24 Source: Thomson One Banker 2.2.6 Summary Overall, while BMW is a profitable firm, and the firm is performing very well in FY2011 (i.e., experiencing sharp recovery) such performance can be largely attributed to the industry wide recovery situation around the world. However, the performance of BMW would seem to be lacking, more risky and less efficiently, effectively and conservatively managed when compared to the peers. This is particularly when compared to Audi, as Audi had found to be having much stronger and yet conservative financial position and performance. It can be summarized that BMW performed unsatisfactorily as compared to the other automotive manufacturers. Part II: Valuation In this section, valuation of BMW stock will be performed via the discount cash flow model. In order to compute the company value via this method, the dividend distributed to the investors will be treated as the proxy of the cash flow to the investors. Currently, the latest dividend payment from BMW is EUR 2.30 (Figure 2, the indicated dividend payment from the management). Then, from Figure 3, the growth rate of the dividend yield/ payment (i.e., the growth rate of the cash flow of the firm) range from 0.23% (i.e., 3-years growth rate) to 1.01% (i.e., 3-years growth rate). Theoretically, the longer term growth rate should be used. However, the global financial meltdown in FY2008 to FY2009 would be considered as anomalies (the black swan event), and therefore, it is unfair to take the three year average figure for the firm. Therefore, conservatively, a growth rate of 0.5% would be assumed to represent the growth rate of dividend payment for the investors. Then, in order to compute th e required rate of return for BMW, the risks pertaining to the firm will be considered. As BMW is found to be highly geared, a required rate of return of above 10% would be necessary. Therefore, conservatively speaking, a required rate of return of 15% is justifiable. Hence: D = EUR 2.30 g = 0.5% r = 15% Firm value = D (1+g) (r-g) = 2.3 (1+0.005) (0.15-0.005) = 2.3 (1.005) (0.145) = EUR 15.94 Therefore, a very conservative firm value for BMW from the dividend discount model (i.e., Gordon Growth Model valuation method) is only EUR 15.94. This is even much lower than the analysts target price of EUR 75.60 (Figure 2). Therefore, from the valuation method applied, it is unwise to purchase into BMW stock. Figure 2: Estimates from Analyst C:Documents and SettingsHappyGoLuckyDesktopUK0538 Advanced financial statement analysisData Collectiondatathomson forecast report.jpg Source: Thomson Financial Figure 3: Estimates from Analyst C:Documents and SettingsHappyGoLuckyDesktopUK0538 Advanced financial statement analysisData Collectiondatastock valuation.jpg Source: Thomson Financial In Table 15 below, the price multiple of BMW, peers and Audi is shown. It is shown that BMW stock prices is valued at 10 times earnings multiple, as compared to Audi (which is only 5 times earnings multiple). Indeed, from the other two yardsticks, namely price to book value and price to cash flow ratios, BMW stock is valued more expensively. Then considering that the financial position and performance of BMW is significantly lower than the peers, and particularly, to Audi, the high price multiples of BMW would justify a sell comment on the stock. Table 15: Market Value Related Ratios for BMW, Audi and Peers Company BMW AG Peer Mean Audi AG Last Fiscal Yr End Date 12/31/2011 12/31/2011 Current P/E Ratio 10.17 5.15 Price/Book Ratio 1.84 1.33 1.81 Price/Cash Flow Ratio -11.10 1.94 3.34 Source: Thomson One Banker Then, from the qualitative perspective however, looking forward, competition between automotive manufacturers in China could be intensifying and this could affect how BMW compete with other car manufacturers (Rauwald, 2012). However, some analysts had also been optimistic as they anticipate growth in markets such as China and Russia which would contribute to higher BMW sales in these emerging regions (Rauwald Schmidt, 2012a). Then, as discussed in Reed Schafer (2010), the rise of sales in China is primarily due to the branding and the quality of the cars sold by BMW. Therefore, the growth story of BMW in emerging regions would be in doubts, as the competitors, such as Audi has also strong performance in these emerging regions. Therefore, from a more conservatively perspective, it is reasonable to conclude that even it is expected that BMW could profit from the emerging countries, which would also not justify the high valuation of the stock. Hence, it is not rational to purchase i nto the stock of the company at the current price. In contrast, investors seeking exposure to automotive industry would be better to purchase the stock of Audi, as the firm is financially conservatively and operational effectively managed, and yet, having a low price multiple. References Avery, G. C., Bergsteiner, H. (2011). How BMW successfully practices sustainable leadership principles. Strategy Leadership, 39(6), 11-18. Kable, G. (2010). Bolts from BMW. Autoweek, 60, 12-12. Muller, J. (2010). BMWs push for made-to-order cars. Forbes, 1. Penman, S. H. (2010). Financial Statement Analysis and Security Valuation, 4th Edition. McGraw-Hill Irwin, New York. Peterson, T. (2008). BMW 135i: High performance, low price. Business Week (Online). Rauwald, C. (2009a). Corporate news: BMW posts loss as unit sales fall 21%. Wall Street Journal. Rauwald, C. (2009b). Corporate news: BMW swings to $1.24 billion loss as luxury-car sales plunge. Wall Street Journal. Rauwald, C. (2010). Luxury demand drives BMW results. Wall Street Journal (Online). Rauwald, C. (2012). BMW, Porsche profits rise on higher sales. Wall Street Journal (Online). Rauwald, C., Pearson, D. (2011a). Corporate news: BMW cranks up profit view luxury-auto maker gains on emerging-market demand as European woes damp peugeot-Citroen. Wall Street Journal (Online). Rauwald, C., Pearson, D. (2011b). BMW raises sales, profit forecasts. Wall Street Journal (Online). Rauwald, C., Schmidt, N. (2012a). Managing careers: For BMW, a tough transformation pays off. Wall Street Journal (Online). Rauwald, C., Schmidt, N. (2012b). For BMW, a tough transformation pays off; no grand prix cars, but pole position in luxury market gives CEO reithofer a happy start to the new year. Wall Street Journal (Online). Reed, J., Schafer, D. (2010). Demand for luxury powers BMWs China sales. Financial Times. Schafer, D. (2011). BMW receives sales turbo-charge from China and India. Financial Times. Stamoulakis, D., Bridwell, L. (2009). BMWs approach to global warming and environmental management: Corporate social responsibility or greenwashing? Competition Forum, 7(1), 98-106. Subramanyam K. R., Wild, J. J. (2009). Financial Statement Analysis, 10th Edition. McGraw Hill, New York.

The Morality of Lying in Contrast to the Philosophies of Kant Essay

The young girl gazes at you helplessly from within the tangled wreckage. You witnessed the crash – a massive truck careened into a minivan as it passed on the highway, killing the driver on impact, and virtually tearing the girl in half. Now she hangs from the car, held together by the seatbelt. Her nervous system critically damaged, she can’t feel much pain, but she knows that her situation is not optimal, to say the least. She is six years old – she probably doesn’t understand the concept of death. As you stare equally helplessly into her fear stricken eyes, the only words that you can muster are: â€Å"Don’t worry, everything will be okay.† This is obviously a lie – there is absolutely no chance that the dying girl will indeed survive and have no cause for worry – but this lie contains ideas to sooth her fear, allowing a comparatively peaceful passage out of this life. Surely few would argue that the little girl did not deserve to be comforted, as the alternative seems somewhat heartless – â€Å"Why should I help you? You’re not worth my time, you’ll be dead in a minute.† Indeed, telling the truth, in this case, appears even less moral than the lie. There is, however, at least one who would disagree with this scenario: a certain Immanuel Kant, whose philosophy insists that lying is wrong in every circumstance. But despite Kant’s fervent belief, it is not hard to see how lying can be a beneficial, mutually advantageous, and in fact moral act that still consistently complies with Kant’s own moral imperatives. Because Kant’s philosophy does not specifically define what a â€Å"lie† is, we are led to believe that speaking an untruth, no matter what the context, is strictly immoral. But speaking untruth does not necessitate the negative conno... ...lf to a degree, allowing room for leniency. Lies can be perfectly acceptable, selfless, and moral in the face of a greater evil, or when no harm is being done on any side. Bibliography Gass, R. H., & Seiter, J. S. (1999). Persuasion, Social Influence, and Compliance Gaining. Needham Heights, MA: Allyn & Bacon. Henningsen, D. D., Cruz, M. G., & Morr, M. C. (2000). â€Å"Pattern Violations and Perception of Deception.† Communication Reports. Vol. 13, No. 1, pp. 1-9. http://www.allwords.com/word-white%20lie.html Kant, Immanuel. "The Foundations of Ethics." Moral Philosophy: a Reader. Ed. Louis P. Pojman. Indianapolis, IN: Hackett Company, 1993. 194-213. Pruss, Alexander R. "Lying, Deception and Kant." Alexander R. Pruss Ethics Blog. 30 Aug. 2001. Baylor U. 8 Mar. 2008 .

The Myth of the Lost Cause :: American America History

The Myth of the Lost Cause Following the defeat of the Confederacy and to lift the morale of a shattered people momentum gathered to enshrine the Myth of the Lost Cause which would transform the Southern soldier living and dead, into a veritable hero. In order to come to terms with defeat and a look of failure in the eyes of God, Southerners mentally transformed their memories of the antebellum South. It became a superior civilization of great purity which had been cruelly brought down by the materialistic Yankees. At the head of this revival was the memory of Stonewall Jackson, closely followed by Robert E. Lee (who would rise to the prominent position following his death in 1870). Other generals of the Confederacy who had died during the war followed, as did those who would pass on later. D.H. Hill, a friend of Longstreet published LAND WE LOVE, a magazine devoted to Literature, Military History and Agriculture. In 1869 Hill sold out to a Baltimore periodical, NEW ECLECTIC, which in the same year became the SOUTHERN MAGAZINE, official organ of the SOUTHERN HISTORICAL ASSOCIATION. In 1871 it changed its name to the SOUTHERN MAGAZINE and together with a later periodical, SOUTHERN BIVOUAC kept the memory of the War alive and fresh in the public mind. Filled with poems and stories of loyalty to the LOST CAUSE sent in by veterans. Hill was Stonewall Jackson's brother in law and he filled the magazine with stories, anecdotes and poems of the now legendary general. Other Confederate heroes received their share of attention from a flood of material supplied by readers commemorating Southern dead and using religion to explain the defeat. Book - writing was prolific in the '70s & '80s mainly from veterans but much on the romanticism of the Cause from women. The most prominent of the writer of the period was John Esten Cooke, who was related by birth and marriage to virtually all the prominent families of Virginia he helped enshrine the Confederate dead into chivalric knights and symbols of the LOST CAUSE. Cooke's impressive literary output polarized Southern perceptions of the War transforming the stigma of defeat into a badge of honour that Confederate veterans could wear proudly. His portrayal of the War as a wonderful adventure, in which participation was an honour. When Lee died on 12 Oct. 1870 he was one of a significant number of Confederate heroes running second to Jackson.

Heilners beneath The Wheel And Me :: essays research papers

Heilner's "Beneath the Wheel" and Me As it did every school day of my junior year, 11:12 AM had come once more to mark the end of my academic morning, and the beginning of my lunch period. After paying my one dollar for a small cherry vita-pup slush drink and a strawberry fruit roll-up, I would take my place at the usual lunch table. The next forty-five minutes were always used as an escape from the labor and frustration of the academic world. Whether my time was spent playing bass in the band room, or spent engaging myself in conversation with my close friends, I never let schoolwork, tests, or quizzes interfere with this opportunity to let my mind leave school for a few moments. Meanwhile, just a couple of tables away sat Chris. Just as religiously as I relaxed during the period, Chris would be diligently working. Chris and I did not have much in common, but one thing we did share was our Algebra II class that followed the lunch period. Most days Chris would still be studying while I was on the way out of the cafeteria. One day in particular, the bell that marks the end of the lunch period had just rung, and I was heading out for Ms. Henyon's math class. I saw up ahead of me, Chris frantically flipping through his Algebraic Concepts text book. I approached Chris and asked: "Did we have any homework we were supposed to do?" "All we had to do was study for the test today," Chris replied. As usual, I had forgotten another quiz; either that I had chosen to neglect it. Whichever it was, I never study for tests and quizzes. "Yeah, I've been studying for it all period. I studied last night too, so I should be pretty good," Chris added. "Oh, well that's a surprise; guess it slipped my mind," I responded. With time marching on I gave Chris a "see ya there," and went on my way. Two days went by and the test results were in. "Henyon" marched down the rows of desks and slapped the quizzes down on our desks like death passing judgement on us little students. At least that's how seriously some people took it. The usual aftermath of "What did you gets?" and "How did you do's?" inevitably followed. "How did you do?" Chris asked in a concerned tone, as if studying meant passing. "93, A-. How did you do?" "95, A. Good job Mike." Chris had spent hours and hours working to come out on top of me and the

Culture in Kenya Essay

British Colonial rule destroyed Kenya’s traditional culture. Colonialism occurs when one nation takes control of another. This is exactly what the British did to the Africans. Even though the British created a developed civilization with many aspects they brought to Kenya, they affected the Africans politically, economically, socially, and culturally. The British colonization of Kenya destroyed the culture of the native people, but it established a democratic government and left Kenya a more modernized country. With this being said, Kenya would not be the country it is today if it weren’t for the British. All through the continent of Africa, foreign occupation and involvement has always been a main point when analyzing the historical university of the enormous continent. Many historians and scholars have researched and studied events that have occurred all through African history with respect to foreign associations, particularly, imperialism and colonialism. By tradition, colonialism has been linked with a series of harsh consequences for the states that lose their freedom due to military problems and war. Colonialism has not been termed to be a current incident, but somewhat a recurring happening in many nations of the world. The history of colonialism provides overpowering evidence of how handling of friendlier people to beat the stubborn people, through ancient expeditions of disagreement of basic social services to the final, laid firm fundamentals for conflict in waiting, a time bomb which exploded when the colonial management was succeeded by free government. Even though colonialism can be checked with two countries, the intention of the stubborn country is not limited. However, there is a strong relationship between the actions of the conqueror that cause the dominated severe disabilities in their social and financial structure. The involvement of the European states and mainly of Britain in the East African region, specifically Kenya, from the late nineteenth century is an example of colonialism still under theory. The role of Britain in the growth of Kenya can be analyzed to estimate the implications and impacts on the cultural, aspect of the Kenya society.

Impact of Jet

C IMPACT OF JET EXPERIMENT 1 Aim To find the impact force caused by a fluid jet on a horizontal plate and a hemispherical shell and compare it with the expected theoretical force. 2 Theory When a rubber ball strikes a solid surface it nicely rebounds from the solid surface. The amount of rebound would depend on the coefficient of restitution. However, when a steady fluid jet strikes a solid surface, it does not rebound. But, a stream of fluid is formed which moves over the surface and the fluid leaves the surface tangentially. If a fluid jet is impacting a horizontal plate, at an angle ? the rate of change of momentum can be equated to the force exerted by the jet on the plate. When a vertical fluid jet strikes a horizontally positioned plate, the value of ? will be 90Â °. A control volume analysis can be performed to give the force F = ? QV, (1) where ? is the density of the water, Q is the jet flow rate and V is the velocity of the jet. For the case of a hemispherical shell when t he stream of water is turned back by 180o, the force experienced by the shell will be F = 2? QV, (2) two times the force experienced by the flat plate. Experimental Set-up The set up consists of a closed cylindrical container housing the horizontal plate/hemispherical shell to receive the impact of the jet. The vertical water jet is produced by a pump forcing water through a nozzle of diameter 6mm for the flat plate and of diameter 8mm for the hemispherical set up. The flow rate through the nozzle is measured by a rotameter. The velocity of jet could be obtained by knowing the flow rate. 4 Experimental Procedure Switch on the motor and using the two gate valves control the flow rate.Place suitable weights to counter balance the impact force of the liquid jet. When the load is higher than the impact load of the jet, the jet will be blocked by the plate. When the load is low the load arm will rise up and touch the top part of the housing. Adjust the flow rate for any selected weight s o that the load arm stays in the middle of the distance from the nozzle tip to the top part of the housing. Ensure that the steady flow rate is maintained and take at least six independent measurements by choosing six different flow rates that would balance the weights.Important steps 1 Allow the float to be steady before you start noting down the readings. 2 Ensure that the fluid jet nicely counter balances the weight it is carrying. Flat plate S. No. Flow Rate Q (m3/s) Velocity V (m/s) Force (Experimental) Fex (N) Force (Theoretical) Fth (N) S. No. Flow Rate Q (m3/s) Hemispherical shell Velocity V (m/s) Force (Experimental) Fex (N) Force (Theoretical) Fth (N) 5 Results and Discussion Plot the following graphs. Fex vs Fth 2. Fex/(1/2 ? V2 A) vs Re=Vd/? , where A is the area of cross section of the jet and Re is the Reynolds number of the jet 1.The graphs for the flat plate and the hemispherical shell should be plotted on the same graph. Based on these plots answer the following que stions 1. Do a control volume formulation to derive (1) and (2). 2. Why is the force independent of the area of the plate/shell? 3. What is the slope of the Fex vs F th plot. What should the ideal value of this slope be? If the slope is different from the ideal value, why is it different. 4. What non dimensional number is the y axis of the second plot? What is the significance of the variation this non dimensional number that you observe from your experiments?

A strong brand and international track record

A strong brand and international track record will attract equity funds and equity-related capital funding for an international acquisition. Retail sector is making extensive contribution to the economy, employment and regeneration (14 March 2007).More than 3.2 million people work in retail and it is now the UK’s third largest industry behind business services and the health sectorRetail employment is so crucial to today’s economy that its image as a sector full of â€Å"shelf-stacking low-skilled† jobs should be swept aside. That is one of the conclusions of a new report which analyses the contribution of the retail sector to the economy, employment and regeneration of the UK.According to the report, produced by international property consultancy King Sturge in association with Business in the Community, more than 3.2 million people work in retail which, following the slump in manufacturing jobs is now the UK’s third largest industry behind business servi ces and the health sector. And the report says it is time that retailers launched a co-ordinated campaign highlighting the fact that good retail jobs assisted individuals to develop their skills and careers which, in turn, provides real benefits to local communities.At the end of last year, Nottingham had 20,000 people working in retail and was ranked 11th in the league table of big urban centres most dependent on retail employment.According to Matthew Smith, Nottingham-based partner of King Sturge’s East Midlands Office â€Å"Retailing has proved to be one of the main contributors to employment creation in areas where there has been a loss of manufacturing jobs and although many employees, particularly women, are part-time it must be stressed that 95 percent of all part-time jobs are classed as permanent.Indeed, the flexibility of part-time employment suits many people who have to dovetail working arrangements with family commitments.†Last year, the retail sector empl oyed 1.75 million part-time workers –a total that accounted for more than 20 percent of all part-time employees in the UK.According to Mr. Smith   Ã‚  Ã¢â‚¬Å"The focus of much of the debate on retail today has been on the impact that it has had on the look and feel of city centres and the modern High Street. This report is different because it looks at the impact of retail on people who work or have worked in the sector.There is a perception that retail employment does not create ‘real jobs’ – only part-time or entry-level jobs that are unsustainable in the long term and contribute little to the wider economy. But let there be no mistake, retail is a major source of employment today and in government-identified deprivation areas retailing accounts for 1.1 million jobs, equivalent to ten percent of the workforce. Our document, however, should not be treated as the definitive report on the subject – it is there to further stimulate the debate and to be the catalyst for further research,†.According to Dr Angus McIntosh, Head of Research at King Sturge   Ã¢â‚¬Å"The time is right for retailers to confidently describe the benefits that people receive from working in their industry – benefits which employees themselves describe as helping to improve their skills and employability; being given a good start to career or work life prospects and helping to increase self-confidence.†Ã¢â‚¬Å"For too long the image of retail as full of shelf-stacking, low-skilled jobs has been allowed to perpetuate. This must now actively be countered with a positive image of employment in the sector, confidently presented to all.†Dr McIntosh said â€Å"It is recommended that retailers launch a concerted and co-ordinated campaign, highlighting the fact that retail jobs are good jobs that assist individuals to develop their skills and careers and which provide real benefits to local communities.†He said that many property d evelopers recognised the benefits of helping recreate the communities in which their developments were located. These included strengthening the core purpose of the local High Street through the provision of retail space but also adding community facilities such as a nursery or doctor’s surgery to a development site.

Como Agua Para Chocolate

Verbal and Visual Representation of Women: Como agua para chocolate / Like Water for Chocolate By MARIA ELENA DE VALDES Como agua para chocolate is the first novel by Laura Esquivel (b. 1950 ). Published in Spanish in 1989 and in English translation in 1992, followed by the release of the feature film that same year, the novel has thrust this Mexican woman writer into the world of international critical acclaim as well as best-seller popularity.Since Esquivel also wrote the screenplay for director Alfonso Arau, the novel and the film together offer us an excellent opportunity to examine the interplay between the verbal and visual representation of women. Esquivel's previous work had all been as a screenwriter. Her script for Chido Guan, el Tacos de Oro ( 1985 ) was nominated for the Ariel in Mexico, an award she won eight years later for Como agua para chocolate. The study of verbal and visual imagery must begin with the understanding that both the novel and, to a lesser extent, the film work as a parody of a genre.The genre in question is the Mexican version of women's fiction published in monthly installments together with recipes, home remedies, dressmaking patterns, short poems, moral exhortations, ideas on home decoration, and the calendar of church observances. In brief, this genre is the nineteenth-century forerunner of what is known throughout Europe and America as a woman's magazine. 1 Around 1850 these publications in Mexico were called â€Å"calendars for young ladies. Since home and church were the private and public sites of all educated young ladies, these publications represented the written counterpart to women's socialization, and as such, they are documents that conserve and transmit a Mexican female culture in which the social context and cultural space are particularly for women by women. It was in the 1850s that fiction began to take a prominent role. At first the writings were descriptions of places for family excursions, moralizing tales , or detailed narratives on cooking. By 1860 the installment novel grew out of the monthly recipe or recommended excursion.More elaborate love stories by women began to appear regularly by the 1880s. The genre was never considered literature by the literary establishment because of its episodic plots, overt sentimentality, and highly stylized characterization. Nevertheless, by the turn of the century every literate woman in Mexico was or had been an avid reader of the genre. But what has been completely overlooked by the male-dominated literary culture of Mexico is that these novels were highly coded in an authentic women's language of inference and reference to the commonplaces of the kitchen and the home which were completely unknown by any man. Behind the purportedly simple episodic plots there was an infrahistory of life as it was lived, with all its multiple restrictions for women of this social class. The characterization followed the forms of life of these women rather than t heir unique individuality; thus the heroines were the survivors, those who were able to live out a full life in spite of the institution of marriage, which in theory, if not in practice, was a form of indentured slavery for life in which a woman served father and brothers then moved on to serve husband and sons together with her daughters and, of course, the women from the servant class.The women's fiction of this woman's world concentrated on one overwhelming fact of life: how to transcend the conditions of existence and express oneself in love and in creativity. 3 Cooking, sewing, embroidery, and decoration were the usual creative outlets for these women, and of course conversation, storytelling, gossip, and advice, which engulfed every waking day of the Mexican lady of the home. 4 Writing for other women was quite naturally an extension of this infrahistorical conversation and gossip.Therefore, if one has the social codes of these women, one can read these novels as a way of life in nineteenth-century Mexico. Laura Esquivel's recognition of this world and its language comes from her Mexican heritage of fiercely independent women, who created a woman's culture within the social prison of marriage. 5 Como agua para chocolate is a parody of nineteenth-century women's periodical fiction in the same way that Don Quijote is a parody of the novel of chivalry. Both genres were expressions of popular culture that created a unique space for a segment of the population.I am using the term parody in the strict sense in which Ziva Ben-Porat has defined it: â€Å"[Parody is] a representation of a modeled reality, which is itself already a particular representation of an original reality. The parodic representations expose the model's conventions and lay bare its devices through the coexistence of the two codes in the same message† (247). Obviously, for the parody to work at its highest level of dual representation, both the parody and the parodic model must be pre sent in the reading experience.Esquivel creates the duality in several ways. First, she begins with the title of the novel, Like Water for Chocolate, a locution which translates as â€Å"water at the boiling point† and is used as a simile in Mexico to describe any event or relationship that is so tense, hot, and extraordinary that it can only be compared to scalding water on the verge of boiling, as called for in the preparation of that most Mexican of all beverages, dating from at least the thirteenth century: hot chocolate (Soustelle, 153-61).Second, the subtitle is taken directly from the model: â€Å"A Novel in Monthly Installments, with Recipes, Romances, and Home Remedies. † Together the title and subtitle therefore cover both the parody and the model. Third, the reader finds upon opening the book, in place of an epigraph, a traditional Mexican proverb: â€Å"A la mesa y a la cama / Una sola vez se llama† (To the table or to bed / You must come when you ar e bid). â€Å"The woodcut that decorates the page is the typical nineteenth-century cooking stove. The fourth and most explicit dualistic technique is Esquivel's reproduction of the format of her model.Each chapter is prefaced by the title, the subtitle, the month, and the recipe for that month. The narration that follows is a combination of direct address on how to prepare the recipe of the month and interspersed stories about the loves and times of the narrator's great-aunt Tita. The narration moves effortlessly from the first person to the third-person omniscient narrative voice of all storytellers. Each chapter ends with the information that the story will be continued and an announcement of what the next month's–that is, the next chapter's–recipe will be.These elements, taken from the model, are never mere embellishments. The recipes and their preparation, as well as the home remedies and their application, are an intrinsic part of the story. There is therefore a n intricate symbiotic relationship between the novel and its model in the reading experience. Each is feeding on the other. In this study I am concerned with the model of the human subject, specifically the female subject, as it is developed in and through language and visual signification in a situated context of time and place.The verbal imaging of the novel makes use of the elaborate signifying system of language as a dwelling place. The visual imagery that at first expands the narrative in the film soon exacts its own place as a nonlinguistic signifying system drawing upon its own repertoire of referentiality and establishing a different model of the human subject than that elucidated by the verbal imagery alone. I intend to examine the novelistic signifying system and the model thus established and then follow with the cinematic signifying system and its model.The speaking subject or narrative voice in the novel is characterized, as Emile Benveniste has shown, as a living prese nce by speaking. That voice begins in the first person, speaking the conversational Mexican Spanish of a woman from Mexico's north, near the U. S. border. Like all Mexican speech, it is clearly marked with register and sociocultural indicators, in this case of the land-owning middle class, mixing colloquial local usage with standard Spanish. The entry point is always the same: the direct address of one woman telling another how to prepare the recipe she is recommending.As one does the cooking, it is quite natural for the cook to liven the session with some storytelling, prompted by the previous preparation of' the food. As she effortlessly moves from first-person culinary instructor to storyteller, she shifts to the third person and gradually appropriates a time and place and refigures a social world. A verbal image emerges of the model Mexican rural, middle-class woman. She must be strong and far more clever than the men who supposedly protect her. She must be pious, observing all the religious requirements of a virtuous daughter, wife, and mother.She must exercise great care to keep her sentimental relations as private as possible, and, most important of all, she must be in control of life in her house, which means essentially the kitchen and bedroom or food and sex. In Esquivel's novel there are four women who must respond to the model: the mother Elena and the three daughters Rosaura, Gertrudis, and Josefita, known as Tita. The ways of living within the limits of the model are demonstrated first by the mother, who thinks of herself as its very incarnation.She interprets the model in terms of control and domination of her entire household. She is represented through a filter of awe and fear, for the ostensible source is Tita's diary-cookbook, written beginning in 1910, when she was fifteen years old, and now transmitted by her grandniece. Therefore the verbal images that characterize Mama Elena must be understood as those of her youngest daughter, who has b een made into a personal servant from the time the little girl was able to work.Mama Elena is depicted as strong, self-reliant, absolutely tyrannical with her daughters and servants, but especially so with Tita, who from birth has been designated as the one who will not marry because she must care for her mother until she dies. Mama Elena believes in order, her order. Although she observes the strictures of church and society, she has secretly had an adulterous love affair with an African American, and her second daughter, Gertrudis, is the offspring of that relationship.This transgression of the norms of proper behavior remains hidden from public view, although there is gossip, but only after her mother's death does Tita discover that Gertrudis is her half-sister. The tyranny imposed on the three sisters is therefore the rigid, self-designed model of a woman's life pitilessly enforced by Mama Elena, and each of the three responds in her own way to the model. Rosaura never questions her mother's authority and follows her dictates submissively; after she is married she becomes an insignificant imitation of her mother.She lacks the strength, skill, and determination of Mama Elena and tries to compensate by appealing to the mother's model as absolute. She therefore tries to live the model, invoking her mother's authority because she has none of her own. Gertrudis does not challenge her mother but instead responds to her emotions and passions in a direct manner unbecoming a lady. This physical directness leads her to adopt an androgynous life-style: she leaves home and her mother's authority, escapes from the brothel where she subsequently landed, and becomes a general of the revolutionary army, taking a subordinate as her lover and, later, husband.When she returns to the family hacienda, she dresses like a man, gives orders like a man, and is the dominant sexual partner. Tita, the youngest of the three daughters, speaks out against her mother's arbitrary rule but cannot escape until she temporarily loses her mind. She is able to survive her mother's harsh rule by transferring her love, joy, sadness, and anger into her cooking. Tita's emotions and passions are the impetus for expression and action, not through the normal means of communication but through the food she prepares. She is therefore able to consummate her love with Pedro through the food she serves.Tal parecia que en un extranio fenomeno de alquimia su ser se habia disuelto en la salsa de rosas, en el cuerpo de las codornices, en el vino y en cada uno de los olores de la comida. De esta manera penetraba en el cuerpo de Pedro, voluptuosa, aromatica, calurosa, completamente sensual. (57) It was as if a strange alchemical process had dissolved her entire being in the rose petal sauce, in the tender flesh of the quails, in the wine, in every one of the meal's aromas. That was the way she entered Pedro's body, hot, voluptuous, perfumed, totally sensuous. 52) This clearly is much more than communication through food or a mere aphrodisiac; this is a form of sexual transubstantiation whereby the rose petal sauce and the quail have been turned into the body of Tita. Thus it is that the reader gets to know these women as persons but, above all, becomes involved with the embodied speaking subject from the past, Tita, represented by her grand-niece (who transmits her story) and her cooking. The reader receives verbal food for the imaginative refiguration of one woman's response to the model that was imposed on her by accident of birth. The body of these women is the place of living.It is the dwelling place of the human subject. The essential questions of health, illness, pregnancy, childbirth, and sexuality are tied very directly in this novel to the physical and emotional needs of the body. The preparation and eating of food is thus a symbolic representation of living, and Tita's cookbook bequeaths to Esperanza and to Esperanza's daughter, her grandniece, a woman's cr eation of space that is hers in a hostile world. Not only was the film adaptation of Como agua para chocolate written by the novelist herself, but in this case the screenplay represents a return to her original discipline.There are many cinematographic elements in the novel, primarily the numerous cuts and fade-outs of the story in order to feature the cooking. The camera is intrusive and can engulf its subject in a visual language that is unique to the voyeur or can replace verbal referentiality by overwhelming the viewer. For example, the opening shot of the film, filling the entire screen with an onion that is being sliced, plunges the viewer into food preparation in a way that no spoken word could parallel for its immediate effect.Similarly, the numerous close-ups of food being prepared, served, and eaten heighten the dominance of the performance of cooking and eating as both sustenance and social ritual. Contrast these images and this emphasis on the joy, sensuality, and even l ust of eating the Mexican cuisine of Tita's kitchen with the scenes of the monks eating in Jean-Jacques Annaud screen version of The Name of the Rose or the raw meat displayed in the monastery's refractory, where the emphasis is on the denial of the flesh through mortification. Gabriel Axel film Babette's Feast, on the other hand, contains both poles of this opposition between gratification and mortification of the body. The minister's two daughters, who substitute religious practice for living and who eat as punishment for having a body, are suddenly exposed to the refinement of food as art, pleasure, and gratification. ) In the film Como agua para chocolate the preparation of food is expressed visually, and the consummation of eating is seen in the faces of the diners; but it must be also emphasized that there is a full spectrum of effects here, ranging from ecstasy to nausea.Perhaps the major difference between Esquivel's novel and the film version is that there is a visual inter text in the latter that evokes the Cinderella fairy tale by using the ghostly appearance of the mother and making her death the result of an attack on the hacienda by outlaws. In the novel Mama Elena does not die until long after the attack and lingers on in partial madness, convinced that Tita is trying to poison her. By cutting short her death to one sudden violent episode and having her visage return to taunt Tita until the latter is able to renounce her heritage, the film makes Tita the Cinderella-like victim of personal abuse.In the novel the rigidity and harshness of Mama Elena is overwhelmingly sociocultural and not peculiar to Tita as victim. The visual intertext of fairy-tale language creates an effective subtext in the film, bringing out the oppression of the protagonist and her magical transcendence. Instead of a fairy godmother, Tita has the voice of her Nacha, the family cook who raised her from infancy amid the smells and sounds of the kitchen. Instead of a magical tra nsformation of dress and carriage to go to the prince's ball, Tita is able to make love through the food she prepares; she is also able to induce sadness and acute physical discomfort.She is therefore able to keep Pedro from having sexual relations with Rosaura by making certain that Rosaura is fat, foul of breath, and given to breaking wind in the most nauseating manner. Mama Elena's ghost first appears one hour into the film and quietly gains the upper hand, since she threatens to curse the child Tita is presumably carrying. The final confrontation between Tita and the ghost comes ten minutes later: Tita defeats the ghost by revealing that she knows Gertrudis is illegitimate and that she hates Elena for everything she has never been to her.The film's visual language is able to evoke images of provocation, contempt, and abuse that are not in the novel. From the fortieth to the forty-fifth minute of the film, part of Tita's immensurably Cinderellalike duties are enacted. Tita is the only one permitted to assist Mama Elena in her bath and with her dressing. The despotic abuse of Tita by Mama Elena clearly borrows the visual images of the cruel stepmother. The magical intermediary is not a beautiful woman in a ball dress, but rather a wrinkled old woman, the cook Nacha, who had given Tita the love Mama Elena denied her.Nacha's voice and face guide Tita. It is Nacha who tells her to use the roses Pedro gave her for the preparation of quail in rose petal sauce, and it is Nacha who prepares the bedroom for the final consummation of love between Tita and Pedro at the end of the film. Tita's magical powers are all related to food, with the exception of the kilometer-long bedspread she knits during her lengthy nights of insomnia. Tita's cooking controls the pattern of living of those in her household because the food she prepares becomes an extension of herself.The culmination of this process of food as art and communication is food as communion. The transubstantiatio n of Tita's quail in rose petal sauce into Tita's body recalls the Roman Catholic doctrine of the communion wafer's becoming the body and blood of Christ, but on a deeper level it is the psychological reality of all women who have nursed an infant. When the baby Roberto loses his wet nurse, Tita is able to take the infant and nurse him in spite of the fact that she has not given birth.Her breasts are filled with milk not because she wishes she were the mother of the child, but because the child needs to eat and she is the provider of food. The viewer of the film Como agua para chocolate must develop her expressive capacity as she broadens her affective experience. Mexican women–and to some extent Latin American women–seeing the film relive their family history, and this is so not only because of the strong and open cultural links between Latin American women in this century, on which both the novel and film draw, but also and perhaps primarily because of the skillful u se of the parodic model.The intertext of women's magazines and the loves, trials, and tribulations featured in the stories they published is used by Esquivel as a discursive code that transcends whatever regional differences may exist. The social registers, the forms of address, the language of the female domain are somewhat lost in translation, because as in cooking, the substitution of ingredients changes the taste.The representation of women in Esquivel's novel and in the film touches on that deepest reservoir of meaning which is the human body as described, seen, and, on the deeper level, understood as the origin of identity. Women from other cultures and other languages can develop an empathetic relationship with Tita, her cooking, her love, and her life. Men of any culture, but especially Mexican men and Latin American men, have the greatest deficiency in experiencing this film and therefore have the most to learn.They must gain access to some fragment of the expressive code o f visual and verbal images that are the infrahistoric codes of their mothers, wives, and daughters. If they cannot gain access to the expressive system, they will not have access to the affective experience of these lives. The imagery of nourishing the body in both the novel and the film provides us with the means for articulating the experiences of cooking, eating, making love, and giving birth in previously unsuspected ways, and thus allows the male intruder a peek into reality.Women's recuperation of artistic creativity within the confinement of the house, and especially the kitchen and the bedroom, is presented by Esquivel not in an ideological argument but rather by means of an intertextual palimpsest which is the hallmark of postmodern art. 6 I want to conclude with three observations on feminist art in this context. 1) This is not a protest movement; it is a celebration of the space of one's own which may have been hidden from view in the past but is now open to all. ) At the center of postmodernism there is the vesting of creative weight on the reader, and this makes intertextuality a means of providing an interpretive context; in the case of Esquivel that context is our grandmother's kitchen and bedroom. 3) The maturity of feminist criticism has moved beyond the need to go headhunting among the misogynist hordes of patriarchy; the challenge today is to celebrate women's creativity in the full domain of the human adventure, from the so-called decorative arts to the fine arts and science.