Ethnographic Report Essay Example | Topics and Well Written Essays - 1000 words

Ethnographic Report - Essay Example n a foreign country share a common language; the language serves multiple purposes and sustains a margin between the members of this community and the local population of that foreign country. Our community consists of 10 people who are experts in their own field. Some concerns like maintenance activities, enhancing the life of power production units and maintenance of a safe operation of the industry are common between China and the English community. The members of the community share the values of honesty, hard work, dedication, spirit, passion, and courage. The English community helping out Chinese power industry may be considered to be a discourse community due to the fact that it shares common objectives, goals, and perspectives. We have a shared commitment with the industry in solving their issues and problems. The most important part of the discourse community is the strong communication between members to keep each other updated regarding the activities of the community and helping each other out in matters of work. We have established several modes of communications such as emails, phone calls, SMS, and live meetings that take place once a week to review the effectiveness of our working in helping out Chinese. The main factor that unites the members of the English community together, while residing in China is their common language, English. With same native language, it is quite easy to share views and understand each other. The composition of the community has become very facilitating in nature, due to common language. The group members consider each other their close friends and make sure never to function against the benefits of the English community as a whole. The main focus is on solving the issues of the Chinese in running power industry. There is a close relation between language and consensus. When member of the community share a common language, they feel pride in speaking this language in front of outsiders. In this way, harmony and

Goal of My Life Essay Example for Free

Goal of My Life Essay There are many goals in life that I have planned to accomplish. When I was in high school the most important goal was to finish the school with a G. P. A. 3. 0 or higher so that I could get into prestigious colleges. I have accomplished that goal, I graduated high school with a 3. 2 G. P. A. However, when I got into college people start asking me, â€Å"What are you planning to do after you finish college? † This is one of the toughest questions for a college student. Since I have been a student for all my life, I would have a hard time to answer the question. For every typical graduates would do is to find a job that suits with the field that they have learnt or help with their family business. People said that if you don’t have any idea on what you really want to do in your life, start with the things that interests you, things that you enjoy doing. Therefore, my goals in life are to take care of my parents when they are old, marry the best man, help the community, get a good job that makes me happy and gives me enough money to support my family. The first major goal in my life is to take care of my parents because in the Buddhist world, taught me that to take care of your parents is the most virtuous thing in life. Parents are the people that give birth and raise me to be a good person in the society, therefore I have to give back what they have given me for all their lives. The second goal in my life would be every girls’ dream that is to marry the best man (on earth). These days to find the right guy is very difficult thing to do because it is almost impossible. From the research of 100 guys, found that at least 50 guys are gay, 20 guys are married, 10 are in jail, 5 became monks, 5 are unattractive, 5 are disabled, 3 have HIV, 1 is in asylum(27 August 2012). However, I still believe that every person are destine to be with someone, and I will find my best man someday. Another goal in my life is to help others. I believe that every people should learn how to give and take, it’s the only way to make this world a better place. When you make more then you should give back more. By that I mean helping the community. I may not be able to donate tons of money to the people in need but I started off with little things such as littering in proper places and donate essentials to the orphanage. And in the future I would promote education for children that are in need. My last important goal is to get a good job with ood money. In this life I don’t expected to be a millionaire, I just want a job that makes me happy and gives me enough money to support my family. The reason why I don’t want to be a millionaire is because when you make more money, money will consume more of your time and you won’t be able to enjoy your happiness. I have set these goals to remind me that these are the reasons why I am here. And everyday that I live, everything that I do more or less would help me to accomplish these goals.

An Examination of Factors Contributing to Identity Development and Adj

The process of adopting a child internationally is lengthy, costly, and both physically and emotionally exhausting.Since it takes so much to adopt, only a small number of Americans can and do; mostly middle- and upper-middle class couples.Therefore, many internationally adopted children grow up in an environment with ready access to resources, with adults who are able to support them financially and emotionally.In such narrow socioeconomic circumstances, the question then arises: What accounts for those internationally adopted children and youth who do not adjust well?What factors contribute to the normal, healthy development of these individuals?Examining international adoption also brings up this point:Is there really a significant difference between the development of trans-racial, internationally adopted children and their peers who are raised by their biological parents?In order to try and answer these questions, this essay will look at a number of studies from several countries , including America, which cover a range of influences: from secure attachment to the pre-adoption situation, to location, to patterns of normal cognitive development which may negatively impact the emerging identity of a trans-racial adoptee. In infancy, researchers study attachment patterns between mother and infant and determine if they are securely attached.Overall, infants who are securely attached tend to cry when their mother leaves, but are happy to see her when she comes back (Papalia, Olds, & Feldman, p. 212). How do internationally adopted, trans-racial infants compare?Juffer and Rosenbloom (1997)?s Netherlands study found that there was no significant difference in attachment between infant-adopted mother and infant-birth mother dyads (... ... passport and inability to speak their birth language. Their development is often accompanied by feelings of anger, frustration, and confusion, which they are confronted with in college, and subsequently address. The literature reviewed in this paper examines factors of attachment, the pre-adoption situation, parenting styles, normal development in middle childhood, the development of ethnic identity, place, and the search for birth origins, in the ways that they impact the adoptees? identity development. Further research could examine the influence of a sibling cohort adopted from the same country as the adoptee, long-term effects of an orphanage stay into adolescence and adulthood [using the People?s Republic as an example], and mono-zygotic, trans-racial twin pairs reared apart, in an effort to control the factors that contribute to a negative sense of identity.

Linking Financial Ratios and Stock Returns

Chapter I INTRODUCTION Financial ratio analysis is a technique for trying to help interpret financial accounts and to determine the intrinsic value of a security by careful examination of key value drivers such as risk, growth, and competitive position. Various ratios can be calculated from the financial accounts. These ratios will then help us to examine the company’s performance over a number of periods by comparing the same ratios in previous years’ accounts and also the accounts of other businesses operating in a similar environment (Most common benchmarks are industry leaders and industry averages). Financial ratio analysis provides essential information and serve (Investors, Stockholders, lenders, corporation management, Fundamental analysts†¦. ) with a lot of different contexts for different kinds of decisions. 1. 1 Statement of the Problem The enormous number of financial ratios used by financial managers and financial analysts and their relationship with stock return is the main problem in interpreting the financial statements. Based on, the ultimate goal of financial managers is to maximize the wealth of their stockholders; financial managers must understand the impact of their managerial decisions on their company’s financial statements and financial ratios concluded which will consequently affect the stock price of their company. Interpreting such a huge number of ratios distracts attention from the most relevant factors that affect stock prices. 1. 2 Purpose of the study A number of studies such as Timo Salmi (1990) were conducted to reduce the information load resulting from computing a large number of ratios and categorize those ratios that were believed valuable. This study aims to identify those variables that are most relevant to the stock returns of pharmaceutical sector in Egyptian stock market. 1. 3 Statement of objectives This study attempt to achieve the following objective: -The most relevant independent variables (financial ratios) with stock returns as a dependent variable. Chapter II FINANCIAL RATIOS AND STOCK MARKET 2. 1 Literature Review The main goal of our research is to evaluate the relationship between common financial ratios as independent variables and stock returns of the pharmaceutical firms as dependent variable. The relation between financial statement information and stock return was examined by Ou and Penman (1989) who observed returns to investment strategies that are based on a measure that summarizes the information in financial statements to identify the relevant financial ratios. Their study indicate that the predicted returns can not be explained by return based risk measures and that financial statements capture fundamentals that are not reflected in stock prices. The results of the study suggest that it is possible for investors to make excess profits using publicly available information. More recently, the relation between financial statement information and stock return was extended by Holtausen and larcker (1992) who identify value-relevant fundamentals in the context of a return-fundamentals relation. Holtausen (1992) examined the ability of accounting information to generate profitable trading strategies (using 60 accounting ratios). The excess returns were observed in the fourth month following the company’s fiscal year end. The results of the study suggest that the trading strategy was able to earn significantly abnormal returns during the period of 1978-1988. The same issue was examined later by Lev and Thiagarajan (1993) who used fundamental ratios as the basis of analysts’ description of different ratios to identify the value relevance of the financial ratios and their usefulness in security valuation. Afterward, Belkoui (1997) employed the popular financial ratios to show the value relevance, where the popularity of these financial ratios is matched by their usefulness in security valuation. He shows that value relevance of popular financial ratios in both a non contextual setting and a setting conditioned by levels of inflation and growth. 2. 2 Classification of financial ratios The classification of financial ratios was studied by Timo Salmi (1990) who split these financial ratios into five somewhat arbitrary groups: †¢Profitability – how good is the business as an investment. Liquidity – the amount of working capital available. †¢Capital Adequacy – measure the leverage percentage. †¢Debt service coverage – how near is the business to bankruptcy. †¢Efficiency – how good is the management of the business. Each financial ratio has its own signal and its own relation to the stock return. Based on these previous studies, the stu dy selected the most popular financial ratios guided in major financial analysis books such as Mishkin (2001) 2. 3 An overview of Egyptian stock exchange EgyptWatch (2002) studied the history of the egyptian stock exchange and mentioned that the Egyptian Stock Exchange is comprised of two exchanges: the Cairo & Alexandria Stock Exchanges (CASE), and is governed by the same board of directors that share the same trading, clearing & settlement systems. The Alexandria Stock Exchange was officially established in 1888 followed by that of Cairo in 1903. The two Exchanges were very active until the 1940s, when the Egyptian Stock Exchange ranked fifth in the world. Nevertheless, the political turmoil of the mid-1950s led to the demise of activity on the Exchange, which remained dormant throughout the period between 1961 and 1992 (MohieEldin and Sourial, 2000). In 1990, the Egyptian government started on economic reform & restructuring program. The move towards a free-market economy has been remarkably swift and the process of deregulation and privatization has simulated stock market activity. The Capital Market Authority (2002) played an instrumental role in initiating and leading the effort for the revival of the Egyptian stock market in the period between 1992 and 1996. The Capital Market Authority (CMA) is the regulatory body in charge of enforcing, regulating & ensuring compliance as well as monitoring market performance. Relevant policy actions undertaken by the CMA include introducing all types of investment vehicles, allowing open competition in the pricing of market services; and providing full investor protection. The main features of the operational framework are fair trading procedures and practices as well as an immediate transfer of ownership of traded securities; optional listing on the stock exchange; quarterly disclosure requirements for companies; adequate protection of minority shareholder rights; and improved data collection schemes. Capital Law 95/1992 has put in place the regulatory framework in which financial intermediaries such as brokers, venture-capital firms, underwriters and fund managers are to operate. With respect to the managerial framework of CASE, a coherent organizational structure with a clear division of authority & responsibilities was established, creating new divisions & departments such as Publications & Public Relations, Research, Surveillance & Market Control, and Information Technology. Additionally, in May 1998, CASE signed a contract with EFA Software Ltd. , to deliver the new electronic trading, clearing & settlement system that will replace the existing one. The Board of Directors also set up several committees with specific responsibilities. At the senior level, an international advisory committee made up of internationally prominent economists, investment bankers, financiers & investors has been developed in order to ensure that CASE stays closely linked to the int’l arena. This group also provides continuous feedback on its policies. Both the CMA & the CASE monitor market activity to detect possible market manipulation or insider trading. Accordingly, they may suspend offers & bids for institutions suspected of price manipulation. In the case of an emergency, the CASE and/or the CMA may halt trading and/or place ceilings on floors trading prices (maximum 5% up or down), based on the closing prices of the preceding day. In the case of individuals, mutual funds & international funds, no taxes are levied on dividends, capital gain & interest on bonds. Profits of Egyptian corporations from securities investments are subject to a capital gains tax. 2. 3. 1 Recent developments On 21 July 2002, CASE commenced its new price ceiling system with regard to the most actively traded stocks. According to the new practice, the five-percent ceiling on daily prices was removed for a set of selected active stocks (currently twelve). This set of stocks comprises 12 out of the most actively traded stocks on CASE. The chosen of this set of stocks was based on meeting some stated criteria decided by CASE (2002): †¢Stocks must be dematerialized. †¢Minimum trading days per company per year is 220. †¢Average number of transactions per stock must be 20. †¢Minimum market capitalization per company amounts to LE 200 million. Minimum free float amounts to 15 percent of the total listed shares. †¢Minimum turnover ratio per company is 10 percent. †¢The company must prepare financial statements for three consecutive years. †¢Transactions conducted on the shares of the company must be executed by at least 20 brokerage firms. The new practice will stipulate the halt of trading on any of the twelve stocks for a period of thirty minutes, forty-five minutes o r till the end of the trading session, if the stock prevailing weighted average price exceeds 10 percent, 15 percent or 20 percent respectively over opening price. When trading is halted, brokers should inform their clients about the temporary suspension, its reasons, duration and should take the necessary actions in order to fulfill their clients requests. Brokers are allowed to cancel, any of their clients’ orders, when trading is halted. 2. 3. 2 Background of Privatization Program The Ministry of Public Enterprise (MPE) is dedicated to achieve the long-term goal of complete implementation of Egypt’s overall privatization plan. In 1991 Public Enterprise Law No. 203 was introduced as a transitional measure. Dr. Khatab M. (Minister of Public Enterprise) (2002) has explained his Ministry’s plans and objectives to facilitate privatization in Egypt and the methods that have been followed in this regard. Also Dr. Mokhtar Khatab has mentioned to the Government of Egypt (GOE) his efforts in undertaking an extensive privatization program whereby state-owned companies are transferred to the private sector through several methods McKinney (1996). †¢The transfer of ownership & control of state-owned enterprise to the private sector through a partial or a full public share flotation on both the domestic or foreign stock exchanges. †¢Direct sale of a controlling interest to domestic or foreign investors. Direct sale of a controlling interest to employees. †¢The law also allows the sale or lease of company assets, unlimited sale of government-owned shares, or liquidation. Primary objectives of the plan are to generate higher productivity and faster (but sustainable) growth, and as a consequence an increase in returns on assets and equity while at t he same time raising internal efficiency, improving capital structure and increasing capital expenditure. Since the early 1990s a number of key programs have been put into place to greatly liberalize commerce and trade; and to re-frame the country’s legal, regulatory, judicial, and tax structures. An equally important focus of the plan is the creation of new jobs that an expanding economy will provide for the workforce. Over the past five years, the GOE has achieved very gratifying results in macroeconomic terms. This is due to the creation of policies to remove trade barriers, the reform of trade and financial markets, and the reform of the legal taxation and regulatory frameworks, Field (1995) 2. 3. 3 Updates on the Situation of the Privatized Companies The Government of Egypt (GOE) has designed a balanced privatization program, which includes the following share sales strategies. The Egyptian Ministry of Public Enterprise Sector (2001) revealed that: †¢Public Offerings on the Cairo and Alexandria Stock Exchange 37 companies have so far been approved by the GOE for privatization and have been sold through Initial Public Offering (IPO) or second offerings. The sales of these companies netted 5. 6 billion pounds which represents 36% of privatization proceeds to date. 16 companies have achieved partial privatization netting the government nearly 1. 76 billion LE. †¢Sale to Anchor and Strategic Investors 3 companies have been privatized by this method, accounting for 6. 4 billion pounds LE in proceeds to the government. Sales to anchor investors have amounted to 42% of the total privatization proceeds thus far. †¢Employee Stock Ownership Programs (ESOPs) The GOE has approved the allocation through the sale of 10 percent of the public enterprises’ share offerings to the employees as part of the â€Å"Employee Stock Ownership Program†. I n other cases, and according to the particular circumstances of each company, the majority of shares have been sold to its management and employees. To date, mainly medium-sized companies in the public works sector have implemented this scheme. So far, 30 Employee Shareholder Association (ESA) sales transactions have taken place bringing in 870 million pounds LE. †¢Lease Management Contracts In this method, Companies were offered for management by the government to the private sector with an option to buy at a future date. This alternative is not very different to the anchor investor approach if and when the managing company exercises its option to buy. Five contracts of this type are currently active. Chapter III PHARMACEUTICAL SECTOR OVERVIEW The government has set a 40% ceiling (maximum that could be privatized), 10% of which is reserved for Employee Shareholder Associations (ESA), on the privatization of any public pharmaceutical company. The restriction relates to the government’s desire to maintain control of the industry for its significant role in society, The Egyptian Ministry of Public Enterprise Sector (2001). The first five companies that have been privatized: Alexandria, Cairo, Memphis, Arab and Nile pharmaceuticals. These companies have already been 40% privatized. The privatization plan then expanded to cover 11 companies at the end of June 2002. . 1 Pharmaceutical Industry Highlights Drug policy and planning center (2002) has published the following statistics: 199920002001 Market Size (LE bn)4. 655. 42 No. of Products (thousand)3. 63. 84 Per capita spending (LE)72. 6677. 1882. 14 3. 2 Pharmaceutical Products Total exports made by Egypt to the whole world includes a lot of commodities which are classi fied to (Fuels Products, Cotton, Raw Materials, Semi finished commodities and finished commodities). Central Bank of Egypt (2002) revealed that Pharmaceutical products are considered as part of finished commodities, they represent 3% of finished commodities and 1. % of the total export. Also, Pharmaceutical products play a significant role in Egypt’s import. They represent 4% of the total import and 21% of their classification division (consumer goods). Figure (1) shows Pharmaceutical Export and Import situation. Figure (1) Local production of medicine satisfies 92% of the market demand, whereas the remainder is balanced by imports. Kompass Egypt (2002-2003) classified the local market players as: 1) Public-sector companies. 2) Private-sector companies. 3) Multinationals Figure (2) Note: The term Private sector encompasses Multinationals and other Private companies. The government has set a relatively low tariff on imported drugs, which averages around 5%. The main reason for this comparatively low duty is the state’s policy of making medicine available to the bulk of the population at the cheapest possible price. 3. 3 Pricing Policy Prior to the reform program in 1991, the government’s major consideration when setting prices for drugs was to make medicine affordable to the bulk of the population regardless of a company’s cost structure. The focus on the social role of medicine, rather than the profitability of pharmaceutical companies, is the main reason behind this policy. The Drug Policy & Planning Center (DPPC) is the main regulatory authority controlling the pharmaceutical industry. The center is in charge of drug registration and pricing. The DPPC (2002) uses a â€Å"Cost Plus Formula† to price drugs. The formula stipulates a price equivalent to the products cost plus a certain profit margin. The profit margin is 25% for nonessential products, and 15% for essential products. It is noteworthy that once a product has been priced, it is seldom eligible for re-pricing to account for increasing costs. The heavy drop in the value of the Egyptian pound was mirrored in an increasing raw material costs burdening the Egyptian Pharmaceutical companies, which import around 80% of their raw material requirements. In order to save the profit margins from the aftermath of the devaluation, the Ministry of Health finally agreed to raise the prices of five products for each pharmaceutical company starting February 2002. 3. 4 GATT and TRIPS Egypt is a signatory to the General Agreement on Tariffs and Trade (GATT) which will come into effect for the pharmaceutical sector in Egypt in 2005. The agreement is likely to have serious repercussions for the pharmaceutical industries of developing countries including Egypt. The agreement calls for the abolition of both quantitative and qualitative barriers to entry for pharmaceutical products, thus eliminating any governmental protection of the industry. Under GATT, Egyptian companies have to abide by the restrictions imposed by patents and property rights for a period of 20 years. Based on the Egyptian commitment with the agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), which is part of the GATT, President of Egypt published The Law No. 2 for year (2002), calling for the Protection of any invention whether industrial or intellectual. The agreement will result in the extension of a patent to 20 years and will grant protection to the product and the production process. Chapter IV METHODOLOGY AND EMPERICAL MODELS 4. 1 Data Set In our study, we select all the pharmaceutical companies quoted in the Egypt ian stock exchange which consists of 11 pharmaceutical companies representing the pharmaceutical sector. We covered the period from 1996 to 2001. Analyzing six continuous years of data, strengthen and support results and give our conclusion stability and reasonability. Kompass Egypt Financial Year Book and the Egyptian Capital Market Authority were the prime sources for our data set. Additionally, for the purpose of this analysis, we calculate the returns using annually prices of securities for years starting from 1996 to 2001. 4. 2 Selection of Financial Ratios (Independent variables) According to the literature, we determine the most useful financial ratios that could be functional in security valuation by analyzing and comparing several papers and texts were analyzed and compared. The reasons behind the selection of these financial ratios: †¢Their talent in theoretical explanation of fundamental relationships and signals experienced by the firms. [Foster 1986] †¢The importance of their existence in published annual reports. [Gibson 1982] †¢Surveys proved that chief executive officers and other senior executives are concerning popular financial ratios for various types of decision making. [Walsh 1984] The following table provides the most common financial ratios that might affect stock returns. For each financial ratio, we provide the way of calculation, the hypothesized positive or negative relationship with stock returns. Table (1) The common financial ratios and their prediction with stock returns GroupFinancial ratiosVariablesEquationsPrediction of relationship ProfitabilityEarning per ShareEPSNet income / Number of shares outstandingPositive Return on EquityROENet income / owners’ equity Return on AssetsROANet income / total assets Profit MarginPMNet income / total sales LiquidityCurrent RatioCTRCurrent assets / Current liabilitiesNegative Quick RatioQR(Current assets – Inventory) / Current liabilities Operating Cash flow RatioOCFCash flow from operations / Current liabilitiesPositive LeverageDebt to Equity RatioDERLong term liabilities / owners’ equityNegative CoverageInterest CoverageICEBIT / interest expensePositive EfficiencyAssets TurnoverATOSales revenue / Total assetsPositive Receivables TurnoverRTOSales / Account Receivables EBIT: Earnings before Interest and Taxes We refer to the explanantion of these financial ratios (independent variables) in the Appendix section. . 3 Buy-and-Hold Returns (BHR) As far as the dependent variable is concerned, stock returns, there is no consensus on the appropriate methodology for calculating the long-run stock returns (see among other, Barber and Lyon, 1997; Kothari and Warner, 1997; Brav and Gompers, 1997; and Barber, Lyon and Tsai, 1999). Researchers use several methods to calculate long run returns, in particular Buy-and-Hold returns (BHRs) method. The first s tep in calculating Buy-and Hold return method is to calculate rate of return on stocks. We consider that the appropriate rate of return on a given stock is the difference between the stock prices in time t plus dividends in time t-1 and the stock prices in time t-1 , as follows: (1) Where is the return for security I for period t, refers to the closing price of security I at time t , and is the price of security I at time t-1 , is the dividend received for period t-1 for the firm I As far as we consider time t as a year, rate of return on stocks ( ) that we calculated from the previous equation is the Buy-and-Hold return method for a financial year. (2) Where is Buy-and-Hold Return for security i in period t. we consider it a year. 4. 4 Regression Model To determine the relationship between the independent variables (financial ratios) and the dependent variable (stock return), we follow a similar methodology to that of Belkaoui (1997) and estimate the following regression: (3) Where is the annual stock return of firm I at time t, is the earning per share for firm I at t ime t, is the return on equity for firm I at time t, is the return on assets for firm I at time t, is the profit margin for firm I at time t, is the current ratio for firm I at time t, is the quick ratio for firm I at time t, s the operating cash flow for firm I at time t, is the debt to equity ratio for firm I at time t, is the interest coverage ratio for firm I at time t, is the asset turnover for firm I at time t, is the receivable turnover for firm I at time t. Since the return of a given stock is based on a period extending from 9 months prior to the fiscal year-end and 3 months after the fiscal year-end, corresponding roughly with the period between announcing the financial statement, the starting month would be December for firms whose fiscal years end at Jun, the 30th and June for firms whose fiscal years end at December the 31st. CHAPTER V RESEARCH FINDINGS 5. 1 Results We present results of a regression model where independent variables in the regression equation are chosen in two ways (both general and step wise regression). Multicollinearity tests the correlation among two or more of the independent variables (financial ratios) used in the regression equation. Multicollinearity is a problem because it increases the likelihood of rounding errors in the calculation of the beta estimates and standard error, and also it may produces confusing and misleading (signs of beta parameters are different from those signs expected) results (Mendenhall, 1996). Table (2) shows that the existing problem in this Multicollinearity is especially evident for the correlation between the Current Ratio and the Quick Ratio reaching 0. 92 and significant at 99% level. Current Ratio and Quick Ratio are two faces for the same coin. They are categorized under liquidity ratios group, they have the same explanation about the result and there is a little bit difference in their equations (In Quick Ratio, Inventory is excluded from the Current Assets). So we eliminate Quick ratio from the independent variables (financial ratios) and retain on Current Ratio because it is more popular. Table (2) Correlation Matrix to explain the relationships among the financial ratios as independent variables VariablesQRATODERCTRICEPSOCFPMRTOROAROE QR1. 000 ATO-0. 4204*1. 000 DER0. 03920. 3860*1. 000 CTR0. 9239*-03478*0. 08801. 000 IC0. 3752*-0. 3246**-0. 15040. 3610*1. 000 EPS0. 1884-0. 2604**-0. 12480. 0724-0. 03061. 000 OCF0. 0641-0. 3243-0. 29300. 15720. 19970. 32021. 000 PM0. 1659-0. 4338*-0. 2835**0. 23450. 04750. 6245*0. 34311. 000 RTO-0. 2999**0. 1663-0. 0413-0. 0230-0. 0298-0. 19220. 6846*0. 16561. 000 ROA0. 0535-0. 1600-0. 4080*0. 16850. 17500. 6342*0. 6703*0. 6392*0. 3761*1. 000 ROE0. 1264-0. 1178-0. 01580. 21150. 10610. 11030. 8970. 2610**0. 18200. 3693*1. 000 * Significant at the 1% level ** Significant at the 5% level Table (3) & (4) show the multiple and step-wise regressions of the relationship between explanatory variables (financial ratios) and stock returns utilizing buy-and-hold return (BHR) method. The relationship between stock returns and common financial ratios is es timated using the following equation: Where is the annual stock return of firm i at time t. BHR is calculated as follows: Where is buy- and- hold return for security i, in period T, T is the trading month number 12, and indicates the first event month of calculating the return. s the dependent variable in the regression equation. Table (3) Multiple Regressions of the Relationship between Financial Ratios and Stock Returns Independent variables BetaT testSig. T 1- Current ratio (CTR)0. 7821993. 0940. 0055* 2- Interest coverage ratio (IC)0. 6895873. 0850. 0056* 3 Profit margin ratio (PM)0. 6434102. 5740. 0177** 4- Earnings per share (EPS)0. 3790681. 1190. 2757 5- Operating cash flow ratio (OCF)0. 2002970. 5430. 5931 6- Assets turnover (ATO)0. 1150700. 4550. 6537 7- Return on Equity (ROE)0. 0966730. 5010. 6215 8- Debt to equity ratio (DER)0. 0622020. 3040. 7640 – Receivables turnover (RTO)-0. 165573-0. 4660. 6457 10- Return on Assets (ROA)-0. 121268-0. 3320. 7433 Multiple R = 0. 68529F = 6. 76472 R square = 0. 46962Significant F = 0. 0031 * Significant at the 1% level ** Significant at the 5% level The results from table (3) show that the F test used to test the overall utility of the model indicates that the model is significant at the 99% level. However, the R square is 46. 96% indicating that the ten independent variables together explained approximately half of the variance in the yearly return of pharmaceutical sector as a dependent variable. Also, T test of the individual Betas (financial ratios) indicates that the most active ratios in determining stock returns are Current Ratio (CTR), Interest Coverage Ratio (IC) and Profit Margin Ratio (PM) with a significant level of 99%, 99% and 95% respectively. To check on the signs of the beta coefficient, the dependent variable (stock return) was regressed on each of the independent variables (financial ratios) and the signs of the resulting betas were checked against that of the original equation. There are three ratios which are Current Ratio, Receivable Turnover and Return on Assets that had different signs from the original regression equation The positive coefficient estimated for Current Ratio with stock returns is not expected because conservative policies that tend to keep current asset higher than current liability have lower risk and also have lower expected return than the aggressive policies. So we conclude that rational investors put more confidence in low risky stocks and look forward for stable stocks more than the temporary profitable stocks. On the other hand, Receivable Turnover ratio and Return on Assets ratio are completely insignificant as show in table (3), so there is nothing important to explain their different signs from the original prediction. Table (4) Step-wise Regression of the Relationship between Financial Ratios and Stock Returns Independent variables R? BetaT testSig. T ChangeAccumulation 1- Current ratio 0. 194050. 194050. 7302745. 2990. 0000* 2- Interest coverage ratio 0. 121330. 315380. 7161115. 2420. 0000* 3 Profit margin ratio 0. 072850. 388230. 4597934. 1170. 0001* Multiple R = 0. 62308F= 12. 69213 R square = 0. 38823 * Significant at the 1% level ** Significant at the 5% level In the next step, we utilize the step-wise regression to reach the final model that contains the significant explanatory variables and give better explanation for the relationship. Consistent with the general regression models, the step-wise results confirm the above mentioned findings as Current Ratio (CRT) is the most significant variable at the 99% and explained about 19% of the variance in the yearly return of pharmaceutical sector with R square about 19%, while R square for the model is about 39%. Interest coverage ratio has also explained about 12% of the variance in the yearly return of pharmaceutical sector. Interest coverage ratio is regarded as a measure of a company’s creditworthiness because it shows how much income there is to cover interest payments on outstanding debt. Profit margin ratio explained about 7% of the variance in the yearly return of pharmaceutical sector with R square 7%. From results we conclude that rational investors and stockholders are looking for strength and stability first then profitability when evaluating a pharmaceutical stock company. Table (5) Stepwise Multiple regression analysis for the good predictors Company R? BetaT testSig. T ChangeAccumulation 1- Memphis0. 466240. 466240. 73001412. 4530. 0000* 2- Cairo0. 213940. 680180. 6092937. 6880. 0000* 3- Alexandria0. 094360. 77454-0. 521862-4. 6470. 0001* Multiple R = 0. 88006F= 23. 73573 R square = 0. 77454 * Significant at the 1% level ** Significant at the 5% level Stepwise multiple regression model yielded a reduced equation containing only three companies (independent variables) explaining about 77% of the variance in the yearly return of pharmaceutical sector as a dependent variable: the analysis yielded three good predictors as demonstrated at table (5), the results proved that Beta value of Memphis Pharmaceutical and Chemical Industries was 0. 73 and it is significant at 99% level. Additionally, Memphis Company alone explained about 47% of the variance in the yearly return of the pharmaceutical sector. The second good predictor is Cairo Pharmaceutical and Chemical Industries while its Beta value was 0. 60 and it is significant at 99% level. Cairo Company alone explained about 21% and together with Memphis Company explained about 68% of the variance in the yearly return of the pharmaceutical sector. The third and last predictor is Alexandria Pharmaceutical and Chemical Industries with a Beta value of -0. 52 and significant at 99% level. Alexandria Company explained alone about 9% of the variance in the yearly return. 5. 2 Summary and Conclusion The relationship between financial ratios and stock returns has been a popular issue in the area of accounting and finance for a long time, so we found that it is a good issue to discuss on the Egyptian stock market. Here, an analysis is undertaken to show the value relevance of the financial ratios and their usefulness in security valuation in the Egyptian pharmaceutical sector. In our research, we use step-wise multiple regressions between financial ratios and stock returns, also between pharmaceutical companies’ returns and pharmaceutical sector returns. The results from using step-wise and multi regression indicate that Current Ratio (CTR), Interest Coverage Ratio (IC) and Profit Margin Ratio (PM) respectively, are the most relevant ratios in determining stock returns. Additionally, Memphis Pharmaceutical and Chemical Industries is the most relevant company in explaining the variance of the pharmaceutical sector return as a whole. Finally, it seems that Current Ratio (CTR), Interest Coverage Ratio (IC) and Profit Margin Ratio (PM) play a significant role in formulating investment decisions in the Egyptian stock market (specifically, Pharmaceutical sector). Egyptian rational investors put more confidence in low risky stocks and look forward for stable stocks more than the temporary profitable stocks. 5. 3 Further Research The study was conducted on Egyptian pharmaceutical sector and taken all pharmaceutical companies (11 companies) that have been quoted in Egyptian stock exchange, covered the period from 1996 to 2001. Replicating the study on other sectors in Egypt such as (Agriculture, Food & Beverages, Construction, Banks†¦) at different times could be very useful. The study could be also replicated on the valuable Egyptian market indices such as (Case 30, IFCG, MSCI, EFG Hermes). These studies could help in determining more clearly the relationship between financial ratios as independent variables and stock returns as dependent variable. CHAPTER VI REFRENCES Barber, B. , Lyon, J. , and Tsai, C. , (1999), â€Å"Improved Methods for Tests of Long-Run Abnormal Stock Returnsâ€Å", Journal of Finance, 54 (1), 165-201. Baraber, B. , and Lyon, J. , (1997), â€Å"Detecting Long-Run Abnormal Stock Returns: The Empirical Power and Specification of Test Statisticsâ€Å", Journal of Financial Economics, 43 (3), 41-72. Brav, A. , and Gompers, P. , (1997), â€Å"Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture Capital and non-Venture Capital-Backed Companiesâ€Å", Journal of Finance, 52 (5). Capital Law 95/1992, â€Å"Intermediation Companies†, (CMA. gov. eg), Available: http//www. cma. gov. eg /En-nf/index4. html, (Accessed: 2003, January 20). CASE, (2002), â€Å"What’s New†, (Egyptse. com), Available: http://www. egyptse. com, (Accessed: 2003, February 7). Central Bank of Egypt (2002), â€Å"Proceeds of commodity Exports and Imports by degree of processing†, (CBE. org. eg), Available: http//www. cbe. org. g, (Accessed: 2003, February 9). Charles, P. J. , (2002), â€Å"Investments Analysis and Management†, Seventh edition, John Wiley & Sons Inc. , NY: Third Avenue. David, I. , and Pitman, (2001) â€Å"Foundation for SME Development: Key Financial Ratios† Available: www. google. com , (Financial Ratios). 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(1998), â€Å"The power of cash flow ratio†, Journal of Accounta ncy, October, p. 53-55, 56-58, 60-61. Khatab, M. , (2002), â€Å"Minister’s Message†, Available: www. mpe-Egypt. gov. eg Kompass Egypt Financial Yearbook (2002 – 2003), Pharmaceutical & Health Care, Published by Fiani & Partners, Cairo, Egypt. Kothari, S. , and Warner, J. , (1997), â€Å"Measuring Long-Run Horizon Security Price Performance†, Journal of Financial Economics, 43 (3), 30-40. Lev, B. , and Thiagarajan, S. , (1993), â€Å"Fundamental Information Analysis,† Journal of Accounting Research. Autumn, p. 190-250. McKinney, B. M. (1996), â€Å"Recent Development in Egyptian Investment Policies and Programs, and Pending Reform Legislation† Middle East Executive Reports, 19 (7), 9-12. Mendenhall, W. , and Sincich, T. , (1996), â€Å"A Second Course in Statistics Regression Analysis†, Fifth edition, Prentice Hall. Mishkin, F. S. (2001), â€Å"The Economics of money, banking, and financial markets†, Sixth Edition, Adison Wisel y, Boston. MohieEldin, M. and Sourial, M. S. , Institutional Aspects, Distributional Characteristics and Efficiency of Egyptian Securities Market, in Arab Stock Markets: Recent Trends and Performance, edited by Riad Dahel, (Cairo: AUC Press, 2000), 1-44. Ou, J. , Penman, S. 1989. â€Å"Financial statement analysis and the prediction of stock returns,† Journal of Accounting and Economics, Vol. 11, p. 295-330. Peter S. R. , (1999), â€Å"Commercial bank management†, fourth edition, McGraw-Hill Companies, NY: Avenue of the Americas. Riahi-Belkaoui, A. (1997). â€Å"Value relevance of popular financial ratios,† Advances in Quantitative Analysis of Finance and Accounting, Vol. 5, pp. 193-201. Ross, Westerfield, and Jaffe, (2002) â€Å"Corporate Finance†, Sixth edition, McGraw-Hill Companies, NY: Avenue of the Americas. The Capital Market Authority, (2002), â€Å"CMA Public Information Center†, (CMA. ov. eg), Available: http://www. cma. gov. eg/En-nf/index5. html (Accessed: 2003, January 20). The Drug Policy and Planning Center, (2002), Pharmaceutical Industry Statistics, (DPPC. gov. eg), (Accessed: 2003, February 10) The Egyptian Ministry of Public Enterprise Sector, (2001), Privatization Program perform ance from the start to February 2001, (Cairo: MPES), http://www. mpe-egypt. gov. eg/privatize. asp#methods. (Accessed: 2003, February 16) The Law No. 82 for year (2002), â€Å"Trade-Related Aspects of Intellectual Property Rights (TRIPS)†, Pharmacy and Medicine, March 2003, Vol. 24, p. 44-55 Timo S. , Ilkka V. , Paavo Y. O. (1990), â€Å"On the Classification of Financial Ratios†, published on the Word Wide Web as http://www. uwasa. fi/~ts/sera/sera. html Walsh, F. J. (1986), â€Å"The Relative Information Content of Accruals and Cash Flows: Combined Evidence at the Earnings Announcement and Annual Report Release Date† Journal of Accounting Research, p. 165-200 CHAPTER VII APPENDIX (A) Financial Ratios Financial ratios are very important for new investors who would like to invest in the firm and also for stockholders who are the investors of the firm because financial ratios give them several indicators which they can evaluate the firm with. 1) Profitability Ratios The main goal of these ratios is to help us to judge how good the firm's profit performance. Profitability ratios refer to the ability of a firm to generate revenues in excess of expenses. 1. 1 Earnings per Share The portion of a company’s profit allocated to each outstanding share of a company’s common stock. E arnings per share is simply a fundamental measure of profitability that shows how much profit was generated on a per-share-of-stock basis. EPS doesn’t reveal a great deal. Its true value lies in comparing EPS figures across several quarters, or years, to judge the growth of a company’s earnings on a per-share basis. David Irwin (2001) Therefore, studying refers to a positive relationship between EPS and stock market return. To calculate EPS, start with net income (earnings) for the period in question, subtract the total value of any preferred stock dividends and then divide the resulting figure by the number of shares outstanding during that period. Or: Net income / Number of shares outstanding 1. 2 Return on Equity ROE is a fundamental indication of a company’s ability to increase its earnings per share and thus the quality of its stock, because it reveals how well a company is using its money to generate additional earnings. ROE allows investors to compare a company’s use of their equity with other investments, and to compare the performance of companies in the same industry. ROE can also help to evaluate trends in a business. Businesses that generate high returns on equity are businesses that pay off their shareholders handsomely and create substantial assets for each dollar invested as mentioned by Peter S. 1999). To calculate ROE, divide the net income shown on the income statement by shareholders’ equity, which appears on the balance sheet: Net income / owners’ equity 1. 3 Return on Assets A Company’s profitability expressed as a percentage of its total assets. Return on assets measures how effectively a company has used the total assets at its disposal t o generate earnings. Because the ROA formula reflects total revenue, total cost, and assets deployed, the ratio itself reflects a management’s ability to generate income during the course of a given period, usually a year. Ross (2002) Naturally, the higher the return the better the profit performance. ROA is a convenient way of comparing a company’s performance with that of its competitors. ROA should have a positive relationship with the stock market return. To calculate ROA, divide a company’s net income by its total assets, then multiply by 100 to express the figure as a percentage: Net income / total assets 1. 4 Profit Margin Profit Margin is a company’s net profit or loss as a percentage of total sales for a given period, typically a year. This ratio shows how efficiently management uses the sales revenue, thus reflecting its ability to manage costs and overhead and operate efficiently. It also indicates a firm’s ability to withstand adverse conditions such as falling prices, rising costs, or declining sales. Ross (2002) The higher the figure, the better a company is able to endure price wars and falling prices. Investors tend to prefer a higher percentage of profit margins, which considered being an indication of a positive relationship between profit margin and stock market return. The calculation is very basic: Net profit / total sales (2) Liquidity Ratios These are ratios that measure the liquidity of the firm. Firms have to ensure that they have the liquidity required to meet all their commitments. To the extent a firm has sufficient cash flow; it will be able to avoid defaulting on its financial obligations and, thus avoid experiencing financial distress. 2. 1 Current Ratio Current ratio is the company’s liquidity and its ability to meet its short-term debt obligations. By comparing a company’s current assets with its current liabilities, the current ratio reflects its ability to pay its upcoming bills in the unlikely event of all creditors demanding payment at once. Current liabilities are debts that are due within one year from the date of the balance sheet as mentioned by Charles P. (2002). The basic source from which to pay these debts is a current asset. As long as firms are searching for no risks by increasing current assets, profitability will be getting shrunk. So that current ratio should have a negative relationship with stock market return. Working capital is also called net current assets or current capital, and is expressed as: Current assets / Current liabilities 2. 2 Quick Ratio How quickly a company’s assets can be turned into cash, which is why assessment of a company’s liquidity also is known as the quick ratio, or simply the acid ratio. Regardless of how this ratio is labeled, it is considered a highly reliable indicator of a company’s financial strength and its ability to meet its short-term obligations. Because inventory can sometimes be difficult to liquidate, the quick-test ratio deducts inventory from current assets before they are compared with current liabilities-which is what distinguishes it from the current ratio. Potential creditors like to use the quick-test ratio because it reveals how a company would fare if it had to pay off its bills under the worst possible conditions. Indeed, the assumption behind the quick-test ratio is that creditors are howling at the door demanding immediate payment, and that an enterprise has no time to sell off its inventory, or any of its stock. This ratio should have also negative relationship like the current ratio with stock market return. The quick-test is computed by subtracting inventories from current assets and dividing the difference by current liabilities: (Current assets – Inventory) / Current liabilities . 3 Operating Cash Flow Ratio Traditional working capital ratios indicate how much cash the company had available on a single date in the past. Cash flow ratio, on the other hand, tests how much cash was generated over a period of time and compare that to near-term obligations as published by John R. and Jeanne H. (1998). This ratio should str engthen the investors’ confidence toward the firm, therefore it should be positively related with stock market return. The numerator of the OCF ratio consists of net cash provided by operating activities. This is the net figure provided by the cash flow statement after taking into consideration adjustments for non-cash items and changes in working capital. The denominator is all current liabilities, taken from the balance sheet: Cash flow from operations / Current liabilities (3) Leverage Ratios 3. 1 Debt-to-Equity Ratio How much money a company owes compared with how much money it has invested in it by principal owners and shareholders. The debt-to-equity ratio reveals the proportion of debt and equity a company using to finance its business. It also measures a company’s borrowing capacity. The higher the ratio, the greater the proportion of debt but also the greater the risk. Mishkin (2001) describes the debt-to-equity ratio as â€Å"a great financial test† of long-term corporate health, because debt establishes a commitment to repay money throughout a period of time, even though there is no assurance that sufficient cash will be generated to meet that commitment. Creditors and lenders, understandably, rely heavily on the ratio to evaluate borrowers. As long as this ratio is considered to be low, investors’ confidence will be increased which negatively related with the stock performance. The debt-to-equity ratio is calculated by dividing debt by owners’ equity, where equity is, typically, the figure stated for the preceding calendar or fiscal year. Debt, however, can be defined either as long-term debt only, or as total liabilities, which includes both long- and short-term debt. The most common formula for the ratio is: Long term liabilities / owners’ equity (4) Coverage Ratios 4. 1 Interest Coverage The amount of earnings available to make interest payments after all operating and non-operating income and expenses—except interest and income taxes—have been accounted for. Interest coverage is regarded as a measure of a company’s creditworthiness because it shows how much income there is to cover interest payments on outstanding debt. Banks and financial analysts also rely on this ratio as a rule of thumb to gauge the fundamental strength of a business as argued Eugene F. & Joel H. (1998). Investors also rely on this ratio to examine the strength of a firm’s financial statement while this ratio should have a positive relationship with stock market return. Interest coverage is expressed as a ratio, and reflects a company’s ability to pay the interest obligations on its debt. It compares the funds available to pay interest—earnings before interest and taxes, or EBIT—with the interest expense. The basic formula is: EBIT / interest expense (5) Efficiency Ratios Ratios of turnover are constructed to measure how effectively the firm’s assets are being managed. 5. 1 Asset Turnover The amount of sales generated for every pound’s worth of assets over a given period. Asset turnover measures how well a company is leveraging its assets to produce revenue. A well-managed manufacturer, for example, will make its plant and equipment work hard for the business by minimizing idle time for machines. The higher the number the better-within reason. As a rule of thumb, companies with low profit margins tend to have high asset turnover; those with high profit margins have low asset turnover. This ratio can also show how capital intensive a business is. Some businesses-software developers, for example-can generate tremendous sales per dollar of assets because their assets are modest. At the other end of the scale, heavy industry manufacturers need a huge asset base to generate sales as refered by Eugene F. & Joel H. (1998). As long as the plant and equipment work hard and sales are increasing that would be an indication of a good sign. Consequently, this ratio should be a positively related with stock market return. Asset turnover’s basic formula is simply sales divided by assets: Sales revenue / Total assets 5. 2 Accounts Receivable Turnover This ratio explains the number of times in each accounting period, typically a year that a firm converts credit sales into cash. A high turnover figure is desirable, because it indicates that a company collects revenues effectively, and that its customers pay bills promptly. A high figure also suggests that a firm’s credit and collection policies are sound. In addition, the measurement is a reasonably good indicator of cash flow, and of overall operating efficiency as hence by Mishkin (2001). This ratio should have a positive relationship with stock return. The formula for accounts receivable turnover is straightforward. Simply divide the average amount of receivables into annual credit sales: Sales / Account Receivables (B) Statistical Results

Golding’s representation of the deaths of Simon and Piggy Essay

How is language used to describe events? Discuss the link between these sections and characterisation of the two boys earlier in the novel. From the beginning the reader can tell that Simon and Piggy are set apart from the rest of the boys. Both their psychical and mental attitude to living on the island is different to the other boys on the island. It is ironic that all the children will physical defects die. The first death is of the littelun with the birthmark. Later Simon and Piggy die, all three of these characters have defects, Simon is epileptic and Piggy is asthmatic, overweight and wears glasses. This makes the characters seem unique or it could also simply mean that they were not strong enough to survive on the island. However their characters make them see more special rather than weak. It is also ironic that Piggy, the one with the most deficiencies dies the most violently. The first time we meet Simon, he is in his choir robes. He faints on the beach because of the heat and Jack mocks him. We know he is delicate. He has epilepsy. We find out about Simon’s appearance, which also highlights Simon’s characteristics: â€Å"He was a skinny, vivid little boy, with a glance coming up from under a hut of straight hair that hung down, black and course† He is helpful and works for the good of others; he is the only one to stick with Ralph to make the shelters. He is kind to the littluns and finds fruit for them. The others recognise he is ‘different’ to them in some way. Ralph frowned. ‘He’s queer. He’s funny.’ Piggy says He’s cracked. He has a secret place in a clearing full of flowers and butterflies and is sufficiently at one with the jungle to walk in it alone at night. He is at one with nature and he has no fear. He seems able to prophesy – he is the first to suggest as if it wasn’t a good island and he tells Ralph, You’ll get back to where you came from. He is the most perceptive about the beast. He says maybe there is a beast: â€Å"What I mean is†¦ maybe it’s only us†. He is the only one to see that the problems on the island stem from the boys’ relationships with each other, not from an outside force. Yet no understands what he’s trying to say. When the Lord of the Flies ‘speaks’ to him this idea is reiterated: the voice in Simon’s head says: â€Å"Fancy thinking the Beast was something you could hunt and kill!†¦ You knew, didn’t you? I’m part of you?† He is killed just as he is about to reveal the truth. It is ironic that he is the only one who finds out that the ‘beast’ was a dead parachutist, but is denied passing on the message because the groups of boys think, in their frenzy, he is the beast. Nature cares for Simon’s body in death just as it had in life. â€Å"The waves turned the corpse gently in the water. †¦ Softly, surrounded by a fringe of bright inquisitive creatures, itself a silver shape beneath the steadfast constellations, Simon’s dead body moved out towards the open sea.† â€Å"Piggy was an outsider, not only by accent, which did not matter, but by fat, and ass-mar, and specs, and a certain disinclination to manual labour.† Piggy has physical disadvantages because he is fat and asthmatic and is short sighted. Without his glasses, everything becomes a blur. He is very intelligent – in Chp.1 it is his idea to make a list of names and it is he who realises that no adult knows the boys are on the island. Later he suggests making sundial and hats. Ralph recognises Piggy could think†¦ Piggy, for all his ludicrous body, had brains. However, he does not speak as grammatically accurately as the others: â€Å"How can you expect to be rescues if you don’t put first things first and act proper.† Perhaps this is to suggest he wasn’t as well educated as the others and that he is not from the right class of people to be a successful leader: at the time the novel was written, most power was still in the hands of the middle and upper classes. He is embarrassed by his nickname, and he behaves with dignity when Ralph betrays the name to the others. We never know his real name. He is kind and considerate to the littluns like Simon. He helps the boy with the birthmark talk about the ‘snake-thing’ and helps Percival talk about the beast. He is later often left to care for them when the others are exploring and hunting. He has the most mature attitude of any boy on the island. He scornfully sees the other boys: â€Å"Acting like a crowd of kids†. Piggy is pragmatic. When Simon dies, Piggy tries to convince Ralph there was nothing they could have done: â€Å"It was an accident†¦ and that’s that.† Like Ralph, he believes in civilised values and clings to what creates order: â€Å"I just take the conch to say this. I can’t see no more and I got to get my glasses back.† He shouts, â€Å"I got the conch† when they go to the fort to confront Jack, to try to show Jack that he has a right to be heard. Piggy and the conch are destroyed together by the rock Roger levers. Thus, intelligence and the symbol of authority are ‘dead’, so we know that there is nothing left to stop Jack gaining full control. At the end, Ralph mourns the fall through the air of the true, wise friend called Piggy. Simon and Piggy’s deaths have a lot to do with their personalities and their life on the island. Simon’s death is caused by the other boys getting out of control, ironically it’s the first time that Simon tries to communicate properly with the group but he still isn’t able to. Simon and Piggy’s death are very different. Simon, is killed as part of a ritual that the boys create in their frenzied dance, it’s not premeditated or planned in any way, but is committed as a group act when all the boys are in a weird sort of hypnotic state, in doing their dance, they have abandoned all sense of being civilised and human, and just gone along with their dark side. As Simon was closest to nature he is lucky enough to be spiritually taken away by the sea. At least before he dies he discovers the truth behind the island. With the death of Simon the boys are one step nearer to barbarity. The murder of Simon is particularly horrific because it involves all the other boys – they get caught up in the frenzied chant: â€Å"The crowd †¦ leapt onto the beast, screamed, struck, bit, tore.† Also, even Piggy and Ralph join in, so Golding is showing that the possibility of doing wrong when in a mob situation is not confined to the bad characters. It also helps continue the religious allegory in the book. Simon is often associated with Christ or a saint. He has come down from the mountain to bring good news, that they have nothing to fear. Like Christ and so many saints, though, he is not thanked or welcomed but killed for trying to help. Even though Simon’s death was quite brutal his body is carried away in a very spiritual and he appears like an angel: ‘Simon’s coarse hair with brightness’ Golding makes out that Simon is an angel and has a halo around his head. This again contributes to the religious allegory in the book. The world is also mentioned making Simon’s death seem something that has affected the whole world and not just something that can be limited to a group of savages. From the beginning of the chapter you can sense the atmosphere because the weather shows how the boys are feeling. The boys are ‘flinching’ and the term ‘stroke’ is used which shows that something violent is about to happens. The rain starts of very light but as they are killing Simon a storm breaks out signifying that they are releasing their anger. In a way Simon deserved his special ending because of the way he was being portrayed as the beast and the fact that they were calling Simon ‘it’. Simon’s death brings the chapter to a nice end and brings some significance to his death. Where as with Piggy his death is very short and is in the middle of the chapter and then pushed aside and then the rest of the story carries on without care. Piggy’s death is him fighting for what is right, but unfortunately he’s fighting savagery not rational human beings any more. The choir has turned into a bunch of painted ‘hunters’ who do exactly what Jack tells them. It is Roger who kills Piggy who is described as a ‘bag of fat’; just before the rock actually hits Piggy, though, Golding says he is ‘holding out the talisman, the fragile, shining beauty †¦ the shell’. This shows that Piggy is the guardian of the thing that the conch stands for, right, justice, freedom of speech and order. The actual description of Piggy’s head smashing on the square red rock is rather grotesque and gruesome and is seen very much as a child would describe it. His legs and arms twitch ‘like a pig’s after it has been killed.’ It is ironic that the conch should almost ‘die’ the same time that Piggy does. At this point all sense of control and civilised behavi our has been shattered. Piggy is killed partly because Roger realises he can hurt somebody; can exercise power over another living creature, without being punished for it. At the start of the novel Roger is throwing stones at some of the little ones. At that point he is still too conditioned by his past to actually throw to hit the children. By the end the restraints of civilisation have disappeared and he feels free to do as he likes. Piggy’s death is described in a child like manner where Golding uses words such as ‘stuff’ and this is ironic because Piggy was the most adult like on the island. Unlike Simon deaths Piggy’s is quick and graphical. Simon and Piggy’s death can also be similar because both of them didn’t have time to say what they wanted to: ‘Piggy, saying nothing, with no time for event a grunt†¦Ã¢â‚¬â„¢ Piggy tries to get the message across that the conch is still important and that rules are still important. Simon wanted to tell the truth about the beast about how they didn’t need to be scared anymore. Both of these were vital messages that could have saved the boys from their savage behavior and could have saved the lives of Simon and Piggy. The difference between Simon and Piggy’s death is that Simon’s death was seen as an accident that the whole group was responsible for whereas Piggy’s death was caused on purpose and was caused by one singled person, therefore making it seem worse out of the two.

Summary the book entitled `Youth Gangs in American Society Essays

Summary the book entitled `Youth Gangs in American Society Essays Summary the book entitled `Youth Gangs in American Society Paper Summary the book entitled `Youth Gangs in American Society Paper Essay Topic: The Book Of the City Of Ladies The Jungle Book When a gangster is constantly nagged, abused, condemned and neglected by the society, one turns into a bitter individual. Heartfelt care and concern, an understanding approach, and tender regard for one’s feelings are necessary pre-requisites to heal the inner wounds. Coupled with this, one needs to learn to forgive and forget gangster’s past in order to help one build a new identity. One’s being a gangster is not important; how one became the gangster is the issue. Inequality in society and the related economic, social maladies are the root causes of the criminal activities by the gangsters. The inner core of every human being is essentially divine, even of the worst villain. It just needs to be revealed to help one align oneself with the true personality. Apart from the legal strategies, community-based interventions are necessary to prevent the downward march of the gangster to help to shape as a worthy individual/ citizen and create favorable conditions to jo in the mainstream of the society. Randall G. Shelden holds Doctorate in Sociology from the Southern Illinois University. He specializes in subjects like gangs, female crime and delinquency, crime control and history of criminal justice and he is therefore eminently suited to write the book on youth gangs. In the book, â€Å"Youth Gangs in American Society†, the authors have done research and survey on the basis of the existing literature as for the origin of gangs and their activities in America. The root cause for gangs sprouting up, gang typographies etc are discussed. Gangs have a peculiar culture surrounding them. They have a system of working, their own traditions and unwritten rules of mutual interaction. They are loyal within their ‘own society’.   Given proper chance and avenues of rehabilitation, they are willing and wish to change. Barring a few exceptions, to which criminality is the way of life, others are pushed to the fold of gangs due to circumstances beyond their control. The des perate situations in their lives made them so. Contrary to popular belief that the gangster is a rough and tough individual, there is no denying the fact that an intensely shattered personality lies within the four walls of the prison, when a gangster is arrested and imprisoned, and his psyche needs constant care. Upon acquittal or on release, he has to restart and rebuild his life from the scratch that too amidst a society that is not likely to assimilate him easily and willingly. Whether guilty or not guilty, the prison stamp shall remain for ever on the forehead of the gangster. From where does he get the strength to erase it or will he not mind the impression of additional stamps? A gangster needs the assurance from the society that there is a life outside the gang-life and it is worth a fair try. Gang members belong mostly to the combustible younger generation. They are there because they are not accepted and wanted elsewhere. The authors provide authentic clues to the structural, historical, and cultural context for the birth of gangs. A gang must have a leader to plan strategies and execute them. The authors write, â€Å"A stereotype of the gang leader is someone who is tough, with a long criminal history, and who has strong influence over a long period of time.†(Shelden,   2000, p.36). Just as there are local level problems and national level problems, gangs have a similar identity and the treatment to them needs to be on similar lines at the appropriate levels. Urban gangsters have become a â€Å"class† to themselves. The educated youngsters taking up this mode to become gangsters is the highly disturbing trend. When other than economic factors contribute to the birth and growth of the gang culture, the managers of the society in political, social or relig ious areas, should do concrete thinking   to arrest the trend. The birth of â€Å"girl gangs† is a matter for concern. The steady growth of gangs in Los Angeles, Milwaukee and Chicago and the manner in which they control the underworld activities all over the country, calls for national level strategies to counter them, according to the authors. Piece-meal approach on the basis of victims and the victimizers is no permanent solution to the issue. The psychological and social components need to be clearly identified and continuous long term projects be evolved to give attention to the issues on perennial basis. Nine categories of gangs have been broadly identified by the authors. They are: Hedonistic/social gangs, party gangs, instrumental gangs, predatory gangs, scavenger gangs, serious delinquent gangs, territorial gangs, organized/corporate gangs and drug gangs. (Shelden, 2000, p, 37-38) Gang-culture is nothing new. In good old days, they operated in the jungles and we have often read in fables about the gangs robbing the high-way travelers. Now their presence is in the concrete-jungles and they operate using modern methods and weapons. At the end of the American Revolution, gangs sprouted in New York City and Philadelphia. Their numbers and consequently the number of violent incidents increased in proportion to the levels of immigration and major population shifts in 1800s, 1920s, 1960s and 1990s. The globalization concept has caught up with the gangs speedily and that is the real threat to Nations. So, discussion on issues related to gang culture has often been in the agenda at interna tional forums. Gangs were once not more 10-15 member outfits. Now they have established themselves into international criminal networks with affiliation. Two important Hispanic gangs, Calle 18 and Mara Salvatrucha, established in Los Angeles in 1960s have fraternal links to about 300,000 members in Central America and Mexico. Apart from cities, these gangs are deeply entrenched in the rural areas. About the type of gang members, the authors write, â€Å"The most common method of distinguishing among different gang members is the base on the degree of attachment to, and involvement in, the gang. It might be useful to think of a continuum from complete involvement.†(Shelden,   2000, p.38). The activities of the gangs are the same old stories through the Ages like   extortion, smuggling, arms and drugs trafficking and armed robbery (also bank robberies).When two or more neighboring nations have common porous borders, the operations of the gangs becomes   easy. Rules and regulations vary f rom one country to another.   Countries concerned may not have extradition treaty to secure the deportation of a particular gang leader. The terrorist links with the drug-traffickers has added new dimension to the problem. Such activities are related to social as well as security threat for the Nations. The political leadership in a particular country may overtly or covertly patronize a particular gang to secure political advantage and cause problems for the unfriendly country. The octopus-like growth of gangs needs to be controlled by treating the basic causes. Cosmetic approach to the issue will aggravate the situation is USA. The root causes, like economic reforms, new employment generating schemes and policies and on the operational side, better co-operation, monitoring and exchange of information at the local and national levels, to deny space for gang activities, periodical meeting and better co-ordination amongst the law enforcement agencies and above all, strict monitoring of the entry and movement of the migrant labor force, are some of the steps needed. The co-operative security links between he neighboring countries also needs to be strengthened. The unabated growth of the number of gangs demands serious attention of all wings of administration. The number of cities that had gang problems in the year 1970 was 270. In 1998, they were 2500, the growth rate being more than 800%.The National Youth Gang survey of 2002 reveals that there were 21,500 gangs with the active membership of 731,500. 85% of the gang members reside in 4 large cities. Conclusion: The US administration is seized of the issue at the highest level. The U. S. Department of Justice’s Office of Juvenile Justice and Delinquency Prevention has initiated programs such as parent training, re-entry programs, tracking of former offenders, job programs for youth, truancy and dropout prevention, etc. Private sectors programs like Boys and Girls Clubs have helped to rehabilitate the street children. In 2005, President George Bush pledged $150 million over three years to faith-based and community groups to help the troubled youth. Randall G Sheldon’s book takes a comprehensive look about the Youth Gangs in American Society, by elaborately discussing   subjects like, what do gangs and gang members look like, the gang structure, criminal activities of gangs, girls and gangs, why are there gangs, gangs in context: inequality in American Society, Community-based and national intervention strategies, legal intervention strategies etc. Human Society today is confro nted with grave and dangerous challenges. The gang culture concerns both internal and external affairs administration of a country. We need to sharpen our insight into the essence of situations we are in and to comprehend better the root causes of the current crises, if we are to set correctly the problems related to the gangs. In the process of industrialization, urbanization and globalization, the human communities have lost sight of common values in forming a cohesive whole and, as a result, all sorts of social contradictions and conflicts manifest themselves. A sense of collectivity is disappearing, ethical norms are tattered; and such social ills as environmental decay, poverty, racial and social discrimination, and violence, which threaten co-prosperity of humanity, are all the more prevalent. Chapters 7 and 8 of the book specially look into this aspect of the gang culture.

Capstone Project Essays

Capstone Project Essays Capstone Project Essay Capstone Project Essay Introduction The usage of web services is increasing the direction sum of Cu and fibre cabling. This consequences in an of all time increasing work load that must be maintained or reconfigured ; ensuing in challenges to organisational profitableness. One of the challenges that arises is how does an decision maker maintain a complex work environment when increased net incomes. fewer capital and operating resources are limited. One might propose turning a complex web substructure requires operation efficiency with a desire to pull off and protect overseas telegrams without disrupting the work flow for clients. However. given the challenges impacting radio service suppliers ; keeping focal point and quality are merely the basicss. The decision maker is limited to the organisations profitableness and cost discrepancy when finding the best attack. These factors play a function which will probably impact the substructure as a whole. It is interesting plenty to indicate out that towards the position of a web decision maker ; an issue should stay hibernating and should neer go on when the proper deductions are set in topographic point. However. because we live in an intractable universe the possibility for a scenario is plausible. Finishing touch Proposal Summary As a voluntary for a web security study for Aon Corp ; the undermentioned study was designed to indicate out exposures within the organisational web waiters specifically under the surety office location where category mates utilizing workstations were sing thwarting issues refering to web instability. The study was intended to place on whether security deductions were required so that an upgrade petition may be delivered. A staff meeting was set in topographic point where we interviewed the client sing their demands. It is ever a good pick to understand the cardinal demands of the client prior to doing any alterations to the web. After passing several hours brainstorming the client’s demands a solution has been reached. The undertaking scene has been laid out clearly. During my timeframe questioning the client I have gained the necessary background cognition to understand my client’s visions constructing a strong common connexion. Understanding this connexion has entitled me to name the web consequently. As a portion of the study Aon Corp has several demands prior to leaping into the undertaking. First it was compulsory to inspect the lower limit system demands of the client machines. In the past latency issues have derived chiefly to out of day of the month hardware or device drivers as opposed to a security breach. It is ever a wise pick to update these constellations while running the appropriate operating system updates which may all be lending factors. During the prerequisite phase of the study the needed information is gathered to develop an effectual web study which would relieve resource restraint. Rational A ; Systems Analysis It is ever a wise pick to research similar instance surveies that may supply good information associating to similar scenarios. I have done as such edifice my apprehension of these scenarios which has a given me some background to my clients concerns. Several user friendly applications have offered me assistance analysing security cringle holes. They are the Microsoft Baseline Security Analyzer ( MBSA ) and Windows Server Update Services ( WSUS ) . With conformity to the Microsoft web site ; the Microsoft Baseline Security Analyzer is a user friendly tool emphasized for technicians with a focal point on helping medium sized concerns. The tool focuses on the security province of the web with conformity to Microsoft recommendations supplying guidelines and support. The user may download Microsoft Baseline Security Analyzer ( MBSA ) from Microsoft. com as it is a well-known tool for all IT technicians. Once the tool has been successfully installed the decision maker has the ability to scan multiple terminal users on the local web median. Upon completion of the scan the user is delivered a study foregrounding possible menaces along with losing updates. Some of these updates may include losing application spots. operations system updates. and advised the user on whether a Windows firewall is running. MBSA has the ability to analyze administrative histories along with watchword policies. See Figure A for illustration. Figure A As engineering progresss. administrative technicians need to set to the challenges in front. Microsoft Baseline Security Analyzer is a great tool to keep the unity of your web substructure. Scott Lowe ( 2004 ) . a Microsoft Certified Systems Engineer. said the following sing the Microsoft Baseline Security Analyzer: Supporting a immense figure of Microsoft applications. MBSA can function you in two ways. First. it will assist you maintain your waiters protected from jobs ; 2nd. with powerful describing capablenesss. it can assist you really larn why you need to make the things that are suggested so you can do an educated determination as to whether something is an acceptable hazard in your environment. Undertaking Goals and Aims The nonsubjective towards the following undertaking was to originate a program to upgrade Aon Corp web substructure relieving latency issues better bettering the efficiency and flow of informations across the web median. A current unstable web prolonged concern growing capacity doing it hard for terminal users to use resources efficaciously. Without the indispensable resources company growing was at a constriction. Interrupting down the ends and aims for the undermentioned undertaking was indispensable in supplying a redress to the issue. they are as follows: Client must have a current system image snapshot -Survey of a workstation must be documented -Survey of a waiter must be documented -Microsoft Baseline Security tool must be run salvaging each workstation along with the waiter A scheduled protocol program must be provided jointing inside informations for the client on overall public presentation and web stableness. Client must be advised of a elaborate schematic for preventive steps along with upkeep Client must be given an instructional manual for pull offing updates related to the operating system and antivirus package Client must be given an estimation on productiveness along with return of investing In order to show the deliverables to the client ; a solid cardinal apprehension of the clients demands must be developed. Geting a background apprehension is indispensable in order to understand the concern procedure and what the client wants to accomplish out of their web substructure. Without understanding the large image the undertaking would surely neglect. Pre-SurveyClientMeeting The end and aim here was to originate a meeting with the client to discourse the concern orientation and the procedure dealingss to their workstations. The clients company being a preparation establishment ; certain package was required in order for the house to accomplish their concern ends. The applications required minimal system eyeglasses in order to run expeditiously. During the preliminary stage of the meeting the concern theoretical account and ends were discussed. Operational hours were taken into consideration as a set agenda was established for executing the study. As the meeting came to an terminal a study schematic was brought to the client’s attending in order to cipher return on investing upon undertaking completion ( mention to Appendix 2 ) . The success of the meeting was met and the first aim was complete. Upon the completion of the study the client was provided with an feasible program puting out the inside informations of the ascent and preventive steps. However. the full executing will be assist outside the Capstone ; it will be the cardinal high spot to the success of the concern ends. Network Security Survey As a requirement to the study several spreadsheets holding been compiled for capturing images of informations ( refer to Appendix 3 along with Appendix 4 ) . The first papers entitles end user computing machines and 2nd focal points on waiters. As for the MBSA scans for each workstation ; a thumb thrust was used to salvage the consequences. Prior to get downing the study an update was brought to my attending from the client that others may be working on these end-user machines as good. Because of my failure to follow through during the phone meeting advising of the clip agenda. I needed to reach the other decision makers reding them of my presence. Fortunately. as I arrived at the designated undertaking site there were many computing machines to study. I began to study the end-user machines non being surveyed. About 3 proceedingss elapsed for each workstation to study ; running Microsoft Baseline Security ( MBSA ) took about 11 proceedingss. Unfortunately. I have missed my end of making the estimated figure of computing machines being studies as discussed in the preliminary meeting. The study elapsed more clip than I have predicted. On the other manus it was pleasant to cognize that the other decision makers finished their part of the undertaking merely in clip before I got to them. Surveying the workstations went harmonizing to agenda. nevertheless. as I approached the waiters several jobs aroused. The list of watchwords the client provided did non incorporate the right characters as I attempted to log into the sphere accountant. The proprietor has left the edifice and was unable to accomplish my end with appraising the waiters as planned therefore go forthing my web security study incomplete. The undermentioned twenty-four hours the proprietor has been contacted and a scheduled return visit was planned. As the sphere accountant was surveyed ; the security web portion of the study has been successfully completed. Despite the minor issues the study went flawless ; I would hold followed through with the client more expeditiously if the same scenario would hold repeated itself. The coveted end has been achieved and a information image has been captured so the proposal ascent can be finalized. Proposal Upgrade Preparation The ascent proposal was designed to incorporate the undermentioned suggestions. Configuration of the Domain accountant Configuration of the waiter Configuration of the workstation Suggestions for Malware/Antivirus Report for ROI Security usher for the end-user Timeline of Ascent As premises specifying the web constellation have been made. Unknowingly an premise was made that the sphere accountant is established as the default gateway. DNS and DHCP waiter. I came to understand that their substructure was split into four subnets. ISA waiter was in between the ISP playing as NAT. DNS. DHCP. and RRAS server. Logically understanding that their sphere accountant was their default gateway. DHCP. and DNS server ; the services were contained on the internal web. Failing to understand the possibility of a web margin my premises were wrong. Finally I was able to finish each undertaking point provided above ; a presentation with the client would finalise this part of the undertaking. The undertaking was completed. nevertheless. non within the coveted timeframe. Presentation Proposal As the completion of the proposal has been achieved a client meeting has been scheduled. The docket of the meeting is as follows: 1. Discoursing study consequences ( web province ) 2. Hardware treatment / package suggestions 3. Projected ROI and cost 4. Questions 5. Agenda execution Despite the presentation enduring 2 hours it was a success. Proper be aftering along with a satisfying web study were the predecessors taking to this success. The web study went really smooth and efficient. The proposal was straight to the point and meaningful for the client. As the undermentioned end completed and the deliverables presented to the client undertaking completion has been achieved. Due to the clients satisfactions with the deliverables the undertaking has moved frontward to the following part of the upgrade stage. Undertaking Timeline The timeline of the undertaking was compiled utilizing a Gantt chart from the package Microsoft Office Undertaking 2012. The undertaking program along with the inside informations are listed in Figure B. As indicated in Figure B. the undertaking clip frame was expected to take 238 yearss. Several countries took clip restraint. First the web study as antecedently indicated where I failed to follow through with the client after the preliminary stage of the meeting. This resulted in the client scheduling pupils on campus on the same timeframe as the study. Fortunately. there were adequate end-user computing machines to execute the study. In clip the balance of the pupils have left the edifice liberating up those workstations every bit good. Forgeting to acquire a verification of the sum of workstations at the preliminary meeting indivertibly resulted in my underestimate of the sum of clip it would take to study the entire sum of workstations. The client watchword list for the sphere accountants portrayed to be the lone job I have run into when executing the study ensuing in a reverse. Because I have forgotten to bespeak the undermentioned information from the client ; the study was reverse from the estimated clip for completion ; ensuing in a twenty-four hours reverse. Roll uping the proposal was another undertaking that was miscalculated. Fortunately. I was able to finalise the undertaking in one twenty-four hours therefore maintaining the undertaking within the restraints of the timeline. Client satisfaction was the ultimate end as they were really thankful. It is expected that situations as such will non ever go consequently to program ; nevertheless. without the clients back up the undertaking would non hold gone as smooth. Planing a larger border while taking a less aggressive attitude at the preliminary meeting would hold avoided such issues. Undertaking Development During the preliminary development of the undermentioned undertaking. Aon Corps web substructure was heading in an unknown way refering to its economic success. Instabilities in their security policy. workstations were exponentially acquiring slower each twenty-four hours. Students along with examiners were losing hope in the unity of the company. Their mentality was impacting public presentation along with concern net income chances. The undertaking I was assigned to go around around constructing a concern by updating their web substructure to a degree of efficiency. The concentration of the undertaking focused on executing an upgrade solution that would supply this efficiency to the client. Original snapshots of the web were based in the ascent proposal program which was used to optimise the web. The optimum end of the undertaking was to implement a web substructure that would be unafraid. Just like all jobs issues aroused during the patterned advance of the undertaking. Students were scheduled to be in the edifice at the clip of the study ; a work about was developed as I was able to impede another schoolroom. Upon completion of the workstations I was able to come back to the student’s schoolroom which was cleared. Rearranging the order of the computing machines that have been surveyed the issue was concealed. Another state of affairs that derived during development happened when I discovered that the client has given me the wrong sphere accountant watchword list which did non incorporate the waiter administrative watchwords. The deficiency of the undermentioned information would hold decidedly resulted in the undertaking weakness. Rescheduling the visit with the proprietor has alleviated this scenario. Unfortunately. because of the rescheduling the timeline has been pushed back forestalling me from finishing the undertaking within the completion period. Expecting that the web sphere accountant would be a configured as a default gateway. Premises were proven incorrect and the constellation procedure to longer than expected. Due to an ISA waiter on the web margin alterations to the constellations proposal had to be made. Making an ROI study was another unforeseen event that was requested upon the client. Determining the pecuniary cost was hard when comparing the proposed and current web conditions. Consequently. alterations had to be made to the client inquiry concern study to help me in these computations. Gracefully. the client was able to hold upon these footings. Actual and Potential Effectss Majority of the undermentioned subdivision will concentrate on possible effects due to the undertaking being a proposal. The undertaking effects can be conceived by bespeaking that the client had a clear position towards the web substructure and how in its old province it has manipulated concern continuity. The client experienced the old province and was provided with a conventional to the current stable province. Empowering the client with the inside informations supplying them with a clear apprehension influenced them to take action therefore altering their web substructure to one that works expeditiously. The possible positives to the undermentioned program are as follows. Should the client comply with the proposal supplying the solution to their web ; they will be rewarded with a web that is optimally configured. This will ensue in web runing efficiency and concern procedures will keep its unity. Less schoolroom breaks will elicit related to workstation issues. Students taking trials will be less defeated due to server clangs along with workstations. Customer assurance in Aon corp will increase. The potency of concern growing will ensue from the following undertaking. There will be an easiness of urgency related to web related issues. The organisation can now concentrate on its concern theoretical account concentrating on their clients. Decision The finishing touch portrayed to be exciting yet disputing supplying to be honoring every bit good. In footings of ends and aims I believe that it was successful. Client satisfaction has been achieved as each end and object has been delivered. The ground why it was so successful and effectual is due to the methodical planning prior to the induction of the undertaking. The necessity of readying along with the preliminary client meetings has given me the cardinal understand on how to get down constructing the undertaking. Constructing a program has given me an effectual tool to present the clients outlooks. Attention to detail along with effectual communicating were advantage points that designed an effectual proposal. The client was efficient in being proactive by understanding the job at point and showing their concerns. Together a proposed program has been derived that would move as a roadmap to that optimum web substructure. Flexibility and client forbearance played an of import function during the hiccup minutes of the undertaking. The ability to find alternate paths in an event of hitting a wall is indispensable to the success of any undertaking. As the undertaking director it was my pleasance to accomplish the client’s deliverables along with the satisfaction that they genuinely deserve. Mentions Keystone Strategy. Inc Study ( 2005 ) . Why IT Matters in Midsized Firms. Retrieved January 31. 2007 from hypertext transfer protocol: //www. key inc. com/it_matters. shtml. Lowe. Scott ( 2004 ) . Verify security scenes on Windows XP utilizing Microsoft Baseline Security Analyzer 1. 2. Retrieved June 23. 2007 from hypertext transfer protocol: //articles. techrepublic. com. com/5100-1035_11-5221961. hypertext markup language. Microsoft ( 2007 ) . City of Stratford Brings Down the Curtain on its Legacy System with Server Upgrade. Retrieved June 23. 2007 from hypertext transfer protocol: //www. microsoft. com/canada/casestudies/cityofstratford. mspx. Microsoft ( 2007 ) . Microsoft Baseline Security Analyzer. Retrieved June 23. 2007 from hypertext transfer protocol: //www. microsoft. com/technet/Security/tools/mbsahome. mspx. Microsoft ( 2007 ) . Windows Vista Capable and Premium Ready PCs. Retrieved January 31. 2007 from hypertext transfer protocol: //www. microsoft. com/windows/products/windowsvista/buyorupgr ade/capable. mspx. Sherman. Erik ( 2007 ) . Investing in IT for a Competitive Edge. Retrieved January 31. 2007. from hypertext transfer protocol: //www. microsoft. com/business/momentum/content/article. aspx? c Appendix 1: Finishing touch Competency Matrix The alumnus responds suitably to diverseness issues in the workplace. Implements an intuitive apprehension of cultural and spiritual backgrounds ; open to sentiments in an effort to understand diverse positions within the organisation. Upper Division Collegiate Level Reasoning and Problem Solving The alumnus analyzes open-ended jobs by larning about the job and measuring the truth and relevancy of different Quality control is effectual at finding common happenings in issues ; hence. updating rules/protocols alleviate the issue at point. Upper Division Collegiate Level Reasoning and Problem Solving The alumnus recognizes the value of critical thought in placing and understanding the implicit in constructions of subjects and professions. Organizational issues are apathetic each twenty-four hours ; critical thought along with brainstorming are indispensable in order to research a declaration to debatable issues. Upper Division Collegiate Level Reasoning and Problem Solving The alumnus demonstrates effectual presentational communicating schemes in a given context. Applies test and mistake to mime the job ; so applies extended research in making a solution to the issue. The research along with the job is so logged as grounds for future claims. Language and Communication The alumnus applies foundational elements of effectual communicating Communicates efficaciously in a nerve-racking environment supplying attending to item. Language and Communication The alumnus demonstrates effectual presentational communicating schemes in a given context. Evaluates graphical representation package to find a defect or an instability in performance/security of the organisation. Security The alumnus identifies and discusses basic constructs of security and security menaces. and recommends security processs. Implements a secure environment for each single client Personal computer ; educating users on the importance of possible menaces to web security. Security The alumnus identifies security demands and recommends appropriate security patterns for web substructure. Educates staff on the importance of implementing sufficient tools and policies in an effort to protect the unity of informations important to the organisation substructure.