Assignment Writing Guide Essay

INTRODUCTION While your assignment comprises only 25% of your subject grade, it serves an  important function in helping you focus on the concepts and clarify your learning. In this sense, the assignment prepares you for the exam, which is much more heavily weighted at 75%. Scoring well on the assignment can sometimes mean the difference between a pass and a fail for the subject – or a high distinction versus just a distinction. This Assignment Writing Guide consists of five parts: 1. Importance of citation and referencing 2. Using peer reviewed / scholarly journal articles; 3. A nine-step approach to writing assignments; 4. The basic format of an assignment; and 5. Appendix A – Example assignment with added comments IMPORTANCE OF CITATION AND REFERENCING 1. Assignments must contain proper citations and referencing using the Harvard ‘authordate’ style referred to in the AIB Style Guide, that is: a. citations (or in-text references) of quoted and paraphrased materials to support your arguments/comments; and b. a reference list relating specifically to your in-text references. 2. Your grade will be adversely affected if there are no or poor citations and/or reference list, as referred to above. 3. Your assignment should normally contain the following number of relevant references from different sources in the reference list. a. BBA assignments: 5 – 10 b. MBA assignments: 6 – 12 4. All references must be from credible sources such as books, peer reviewed journals, magazines, company documents and recent articles. Students are highly encouraged to use peer reviewed journal articles as this may contribute towards a higher grade. 5. You are encouraged to make use of the AIB online library (i.e., EBSCO Host) which can be accessed through the AIB website. 6. AIB checks assignments with anti-plagiarism software. Please carefully check your assignments before final submission to ensure that all quoted and paraphrased materials are properly cited and referenced. 7. You are strongly advised to carefully read The AIB Style Guide for clarification of these requirements. USING PEER REVIEWED/SCHOLARLY JOURNAL ARTICLES Peer review is an academically accepted measure of quality. Peer reviewed journal articles are normally considered more credible, authentic and reliable as they are evaluated and recommended for publication by several experts in the field. It is therefore strongly suggested that you use the most recent peer reviewed / scholarly articles for your assignment. This will not only provide you with up to date knowledge but will also enable you to produce quality work. The â€Å"Refine your search† option (as shown below) in the AIB Online Library can help you to filter and view the peer reviewed / scholarly articles. Preferably you should filter the publication date to within the last 3 to 5 years. A NINE-STEP APPROACH TO WRITING ASSIGNMENTS The following provides a recommended nine-step approach to writing assignments. It is strongly recommended that you follow these steps in sequential order in order to address your assignment requirements. 1. Read, understand and address the assignment question Carefully read the assignment question and make sure you understand clearly what is being asked. Your submission must be responsive to the assignment question. This is the first and most important step. By doing this you will know what you need to do, how to do it and whether you need some form of assistance to finish the assignment. Furthermore, make sure you check the word count and make sure you understand what is required. The word count  should be used as a guide as to the desired length of your written assignment. But, be mindful that submissions that exceed the word count guide by more than 10% will have marks deducted. Then, consider the subject of the assignment and who will read it. Do the assignment instructions suggest that the assignment should be aimed at a particular manager of a particular organisation? If no particular manager is mentioned in the instructions, assume that the instructor will be  the audience. Whoever the reader is, aim the assignment at them and their requirements and knowledge. 2. Do background reading and jot down notes Do some brief background reading around the topic, starting with your textbook, jotting down the main concepts and ideas that seem relevant. Is there any relevant history related to your topic? Or is there any important detail that will be of high significance to the future? Are there any important people involved? Knowing such details will give you a better idea as to how to start and finish your assignment. 3. Organise your assignment Make a tentative, organized list of headings and some sub-headings and topics about important issues that will have to be addressed. Inform yourself as to how Table of Contents (TOC) fields are formatted in MS Word, or other word processing application you may be using; and how to update the page numbers for your Table of contents as your composition grows and evolves. Fine-tune your listing of subject headings as you start gathering information about the assignment’s topics. Organisation is always the key to a well-written assignment. It not o nly gives you direction as you write, but it also gives your paper a certain level of professionalism. 4. Collate information and note your sources for proper citation and referencing Gather information from articles and other credible sources (preferably from peer  reviewed journal articles). Take notes and write down reference information about your sources (you may forget or lose them, otherwise). The AIB Style Guide has details of what information is required for referencing in the assignment; make sure you collect all that information when you first have your hands on the source of information. Collecting all the necessary information for proper citation and referencing as soon as you encounter the source will save you precious time during the course of your writing. The list will also come in handy if you want to double check information. 5. Organise your notes bearing in mind the marking criteria Organize your notes and finalise the outline with its headings and sub-headings and topics. Consult the Assignment Cover Sheet and Assessment Sheet and the marking criteria for your assignment with weightings for concepts, application of concepts and so on. Bear these in mind as you plan and write the assignment. Comparing your outline with the Assignment Cover Sheet and Assessment Sheet will let you know if you have covered everything that the assignment requires or if you have included something that is irrelevant. It will give you a chance to finalize your outline before proceeding with the actual writing. 6. Start writing the assignment Then, and only then, start writing the assignment. The notes below about the format of an assignment have details of how each part of the assignment should be written (and include the recommended length of some sections). For your assignment writing, we recommend you use the Office Word Format/Font command to set Times New Roman Regular 12 point font, and the Format/Paragraph command to set 1.5 line spacing – refer to the AIB Style Guide. 7. Re-read and re-write your assignment ensuring you adhere to the word count Re-writing is essential. Make sure you add or delete appropriate words or paragraphs and check the spelling and grammar. Prior to re-writing, read and re-read your draft. Check whether the flow of thoughts is clear and maintains continuity. Check for any grammatical errors, spelling mistakes and/or improper use of periods, commas or question marks. Make sure you read your assignment carefully to check for errors or omissions. Lastly, ensure that you adhere to the required word count, and add / delete words as necessary. 8. Write the Executive Summary Now write the Executive Summary. This is the summary of the entire assignment. Include only salient points of your assignment. It is called a summary because it is supposed to be brief and comprehensive. 9. Write the References Add the References according the requirements of the AIB Style Guide, and submit the assignment to AIB, remembering to provide a word count which includes the Introduction section through to the beginning of the References section (that is, do not include the Executive Summary/Abstract, References or Appendices in the word count). BASIC FORMAT OF AN ASSIGNMENT REPORT This section will explain how you should develop the sections of your assignment. An example assignment that follows this format is provided at Appendix A. Title page Give your assignment a title and type out the main words from the assignment for the marker to know what the assignment is all about. Include the name of the business investigated if you are writing a case study. The title of the assignment should be comprehensive enough to give the reader an idea about the coverage of the assignment. Also, you need to place the word count (which includes all text from the Introduction section to the end of the Conclusion section) here. Executive summary This tells your reader what the assignment is about because it describes the topics or issues discussed, as well as providing a summary of the  conclusions and recommendations and reasons for them. Before going through the entire assignment, readers first want to see the summary. In fact in many busy business situations, sometimes decisions are often made solely on the basis of executive summary if it is persuasive. Your executive summary should include what you did, how you did it, what your main findings were and what are your key recommendations. Although the executive summary appears as first section of the  assignment, it should be written last after completing the assignment. Do not include any sub headings in this section. It is usually one or two paragraphs and should not be more than 250 words. Remember to not include these words in the word count, except if you are asked to write a marketing plan. As the executive summary is part of the marketing plan, it is included in the word count. Table of contents After the title page and the executive summary, you should show a table of contents with a list of the numbered sections and subsections of the assignment, with their page numbers. Numbered appendices, tables and figures with their titles should also be presented in the table of contents. MS Word provides a function for inserting an automatic table of contents. Please ensure the table of contents is updated before you submit the completed assignment. To update the page numbers in the contents table, when you have completed your assignment: †¢ left click on the table †¢ right click and select Update Field †¢ ensure â€Å"Update page numbers only† is selected †¢ click OK Introduction The introduction tells your reader what you are going to tell them in the body of your assignment. The first paragraph of your introduction gives the background to the assignment and why it is useful. Then your second paragraph should say what the aim, purpose or objective of the assignment is, any limitations and a very brief summary of the sections (no more than about two lines for this summary of the sections). The whole Introduction section should not take more than about half a page or so. Discussion The sections after the Introduction are where you begin the discussion, outlining relevant facts and events. A rule of thumb is that there should be at least one section or subsection heading per page. These sections after the Introduction will follow a logical pattern of thought. Make your headings longer than just one or two cryptic words, so that they also help the reader to quickly understand the sections and flow of the assignment. Present information in a logical order. Use information from a number of credible sources to support your findings and try not to include numeric calculations in the main body of the assignment. Instead, include these as an appendix to the assignment. This is to prevent interrupting the flow of the assignment. Acknowledge all sources using the Harvard ‘author-date’ style. The start of each section should make obvious its link to previous sections; for example, ‘The previous sections discussed strengths; this section turns to weaknesses’. Transition words are especially useful for this linking of paragraphs; for example, ‘moreover, furthermore, in addition, consequently, so, on the other hand, in contrast, but, however, nevertheless’.

Internet as a Form of Communication and Its Misconception

One of the most talked, known and controversial issues today is the Internet. Internet is a large network made up of a number of smaller networks. Almost every computer in an educational facility and in home and small office use is connected to some type of a network. People spent a lot of time on the Internet, which may make them seem isolated. However, the Internet does not foster isolation, because it may be used for many different things like communication, education, problem solving and etc. The concept for the Internet was to make a link in to a new world, a world that has many different opportunities within its self. To gives the people options to go to China, Italy, and Egypt without spending a lot of money on the trip. To open new experiences and ideas that are just a click of a button away. The idea of going on to the internet for almost every thing may make the person seem isolated. Isolated from people, form culture, from education, from communication to other people, but in reality they are not isolated. The internet gives variety. It might not give physical opportunity to visit Japan or Russia, but it gives almost the same emotional and cultural experiences. A person does not have to read a newspaper on the train or go to an art gallery to be cultured and not seem isolated; a person just has to do what feels right at a certain time. The Internet also gives a misconception about communication. Internet is a different world that has the idea of communication in a different perspective. To communicate people don†t have to see one another, or hear one another they just have to be able to understand one another. The Internet provides just that. This may seem like isolation because no physical contact is present, and some or all of the things that are said might not be true. This is a misconception. People that are talking face to face with one another might be lying or might not be; the same is said for the Internet conversations. â€Å"People whose physical handicaps make it difficult to form new friendships find that virtual communities treat them as they always wanted to be treated† (Rheingold 206). Equality and understanding is the key, and the virtual community provides that and much more. Advice is also one of the keys for equality and understanding. As we all know advice in today†s world is not free, and most of the time you need to make an appointment to get that expansive help. The internet provides advice that is free and at the same time on the spot. In Urbana, Illinois, the Federal Department of Education has set up a network for parents, teachers, community workers, and etc. that have questions concerning children, financial assistance, educational assistance, and etc (Thomas). The Internet is not only for fun and games, but it is also for problem solving of all types. This is not the only site of this sort; Howard Reingold logged onto the Well, when he needed an answer in a matter of seconds. What amazed him when he logged on â€Å"wasn†t just the speed with which we obtained precisely the information we needed†¦it was also the immense inner sense of security that comes with discovering that real people†¦are available, around the clock, if you need them† (Rheingold 202). The idea of Internet advice may seem like isolation, but it is not. It helps people with real problems to get real advice. The ones giving advice once were getting some type of advice. The idea behind these help links are for real people to talk to real people not necessarily professionals, but with people who had real life experiences, and who see it on a more personal level. This gives emotional support to those who need it and trust that just comes along. Although the internet brings communication to different communities as well as different individuals, it also plays as an educational source. Many educational facilities are starting to conduct courses on the Internet. They are also using â€Å"Web pages to post class materials and other resources† (Mendels) for student on the Internet for faster and easier access by the students. Some educators are also requesting and requiring for their students to have an e-mail address. An e-mail address gives less paper work for the professor, and an easier access of the professor for questions and faster responses. Since the demand of computer knowledge has increased, this is a perfect way to start learning. The Internet also provides a wide variety of encyclopedias, newspapers, magazines, etc, for educational reasons, and the more people will use the Internet the more they will learn. Education does not have to be the old fashion way, it has to provide and teach different experiences th at may not otherwise be available. The Internet is a world that is available to each and every person, but how that person uses it, is how the opinion of isolation forms. If each and every person would use the Interne for education, than there would be too many educated people. We are all very lucky that we have so much opportunity in our access, but a lot of us don†t know how to use it, and for what. That†s where education plays a big role, it does two things at once gives general and computer knowledge. The more we learn the more we know, and isolation is not one of the thing that the Internet provides.

Project and marking Research Paper Example | Topics and Well Written Essays - 2500 words

Project and marking - Research Paper Example It will be crucial to mention that decision making process is one of the major parts of Human Resource Management (HRM) in any organization. As often explained theoretically and witnessed in real life cases, HRM is a multifaceted doctrine, which is responsible for many functions performed within any organization being subjected to proper decision making that can ensure maximum success. Some of those functions commonly include recruitment and selection, training and development and employee motivation among others. The aspect of decision making is often regarded as one of the most frequently executed tasks in every section of the HRM functions. Correspondingly, HR managers have the need to decide for themselves as well as superiors with regard to the development of HRM functions within the organization on a regular basis (Armstrong 3-28). All these aspects together ensure success for the overall business, which again differ from one organization to another in accordance with their ind ustrial structure and business performance needs. THESIS STATEMENT This report will primarily present a detailed comparison on the decision making process of recruitment and selection HRM functions of two separate organizations operating in similar industry sector, i.e. Qatar Airways and US Airways will be considered in this report. Contextually, the report will present a comparison between the recruitment and selection

Moral Issues ( Open Topic) Essay Example | Topics and Well Written Essays - 500 words

Moral Issues ( Open Topic) - Essay Example Since an immensely unpleasant smell is his initial olfactory encounter which progresses to highly unimaginable degree of keenness, he professes in his own right to create a perfume that would relieve the French society of its abominable airs. What consumed him the most with respect to this ultimate objective is the quest to capture scent which his apprenticeship to a retired perfume-maker Giuseppe Baldini fails to give him discernment of so instead, he follows his own instincts which then cause the serial murder of exactly thirteen women within his area of influence. In reference to Kant’s proposition, Grenouille indeed has a sense of duty upon evaluation of his craftsmanship as he painstakingly takes the ordeal of gaining mastery of an uneducated specialization through help by another expert in the same field, except to him it is more of an ardent natural inclination than a call of duty. The goal is consciously projected to obtain the greatest benefit for the many only that, such drive has had power over him much more than rational realization does.

Principles of Visual Communication Messages Essay - 1

Principles of Visual Communication Messages - Essay Example This paper highlights that the scene where the art was created is some distance away from where community members reside. They were trying to raise some money by converting the parking lot into a modern park with a good playground. It is one of the strongest examples of my artistic work that has been nicely decorated to capture almost all aspects of the modern artistic work. This is because of the color used, outward appearance and the shape of the art. Its outward image also gives more than one representation of what the artist was trying to explain unlike his first artistic work that showed only one meaning. There was no mixing of information and the features presented within the art are proportional to one another. This work is of high quality though seen by most people as cheap and low in quality. For this reason, most people consider his work as deceitful. In fact, this type of work is not devious since an experienced and knowledgeable individual does it. â€Å"Davis argues tha t he normally does his work in this manner in order to save time and avoid arrest by law enforcers†. Ethical perspective â€Å"The image produced has some ethics in it, for instance the car parking being changed to a park implies that there are some reasons for that; may be the surrounding has attractive environmental features where people may relax their minds by looking at them rather than being a parking lot.† The presence of a person within the work shows that it is meant for people and the way it is presented shows ethics since there is no disorderliness. It is also clear and of three-dimensional appearances and; therefore, the whole piece can be easily analyzed. It can also be photocopied easily and produce other similar pieces within a very short time unlike other art works which are in sketchy form .

Analytical Reseach paper on IDS systems SNORT Vs Bro Research

Analytical Reseach on IDS systems SNORT Vs Bro - Research Paper Example Intrusion detection can be carried out automatically as well as manually (Sundaram, 1996). At the present, there exist a large number of intrusion detection systems (IDS). Some intrusion detection systems are available in the open source environment, which make it easier for the organizations to adopt them according to their needs. The basic objective of this research is to provide an analysis of two open source intrusion detection systems: Snort and Bro. The structure of this paper is as follows: first of all an overview of the intrusion detection system is provided, next two sections present an overview of the two IDS systems and after that a comparison of these two IDSs is presented. Basically, an intrusion detection system is an application or device utilized to scrutinize the entire network traffic and notify the administrator or user when there has been an illegal effort or access. There are two major techniques of network traffic monitoring, one is anomaly-based and other is signature-based. Relying on the application or device utilized the intrusion detection system that would be able to either simply observe the administrator or user or it could be placed up to automatically respond in some way or block specific traffic (Bradley, 2015). In this scenario, anomaly based detection in the IDS that compares present network traffic to a known-good baseline to appear for something out of the normal. The intrusion detection system can be placed deliberately on the communication network as a network based intrusion detection or NIDS. This NIDS scrutinizes the entire communication network traffic. It can be installed on every individual communication system like a h ost-based intrusion detection or HIDS that scrutinizes traffic to as well as from that specific device (Bradley, 2015). Martin Roesch developed a NIDS (network intrusion detection system), which is mainly an open source NIDS, and called as Snort. It is basically a packet sniffer, which is

Are School Uniforms a Good Way to Improve Student Discipline and Essay

Are School Uniforms a Good Way to Improve Student Discipline and Motivation - Essay Example The proponents of school uniforms have clearly stated why these uniforms should be worn. Endersby (2009) discusses several of the key points. School uniforms promote a sense of school pride as well as all around school ethics. Uniforms can act as a social leveler, making students feel more equal to each other because they are all wearing the same clothing. School uniforms will typically make a student more recognizable outside of school. Proponents claim this will encourage the student to act more appropriately as they are representing the school. Workplaces often have a dress code and students who already wear school uniforms will be more prepared to carry it on into a work environment. A strict dress code or school uniform will keep students focused and make sure they are appropriately dressed while at school. Endersby (2009) also discussed the cons of having school uniforms. The main concern seems to be that the uniforms take away from the student’s individualism and freedo m of expression. This seems to promote a much more teacher centered philosophy, rather than a student centered one. Many schools still maintain high academic standards without instituting a school uniform policy. It has been pointed out by proponents that school uniforms would be more cost effective. However, some parents have felt the uniforms are just as expensive, if not more expensive than normal clothes. Opponents also say bullying in school will still occur regardless of school uniforms. Children will always find ways to judge each other. In fact, the uniforms could cause fights in situations of rival schools. If a group of children from one school spots the uniforms on the children of their rival school a fight may break out between the two groups. This would not necessarily occur if the children were wearing non-identifiable clothing. As for the workplace, there has been no evidence to suggest that students who haven’t worn school uniforms will struggle with a dress c ode once they begin working. Finally, Opponents feel school uniforms can sometimes be inappropriate during the various seasons throughout the year. The clothing is either too cold in winter or too warm in summer. One of the biggest complaints is requiring girls to wear skirts in the winter time, especially in colder climates. Does it make sense to endanger a child just to make sure the children are all wearing the same thing? Motsinger (2007) found that parents against school uniforms felt very strongly about their opinions. The parents were protesting, feeling that their child’s rights had been violated. The parents also felt the government was interfering with them raising their children the way they wanted to. The parents wanted to know what happened to their right to a free public education. No large scale studies could be found to prove what the proponents of school uniforms are claiming. Their main source of research has derived from anecdotes of parents, and school off icials. Brunsma and Rockquemore (1998) conducted a longitudinal study to find out what effect school uniforms were having regarding attendance, behavior problems, substance use and academic achievement. Around this time, Long Beach Unified School District was gaining national attention for their claims that after instituting a school uniform policy their school had improved on all aspects. From the claims school officials made it seemed the school uniform itself was solely responsible for changing the school for the better. Brunsma

Fixed income portafolio Coursework Example | Topics and Well Written Essays - 750 words - 1

Fixed income portafolio - Coursework Example is the fear or risk that an investment may fail to yield dividends of equal measure as the previous business whose profits resulted to its reinvestment. Normally low interest rates prevent bond coupons from earning the same returns as the previous bond payments. Meanwhile, price risk is the risk associated with a decline in the value of securities and bonds which can result in low dividends from investments. The yield curve is predominately exploited in determining economic conditions and impression on future interest rates. The curve shows that longer maturity bonds have higher yields than shorter maturity bonds because of time risks (Cohen & Melberg, 2010). The proportion of interest sensitive income increases as the time to maturity increases, making long-term bonds more sensitive to interest rates than shorter term bonds. Bond prices have an inverse relationship with interest rates therefore B will take a longer time with E taking the shortest

Research on Ford Manufacturing Paper Example | Topics and Well Written Essays - 2000 words - 1

On Ford Manufacturing - Research Paper Example Effective employee management is the most critical factor for organization’s success. This paper evaluates some findings at the multinational automobile giant, Ford Motor Company, in terms of employee performance and team structures. In this process, an attempt is made to understand the relation that exists between the two, if any. A short research will be conducted based on literature on Ford Motor Co and a case will be built to identify what could be the potential obstacles towards better performance and employee motivation. Further, this paper tries to establish that conflicts among teams members and between teams can affect performance at individual, team and organizational levels. These conflicts can also affect employee motivation and performance, which can be restored with effective leadership and appropriate organizational practices. 1.1 The Ford Motor Company: Ford Motor Company is an automobile producer, founded by Henry Ford in 1903 and has multinational presence. The automotive operations at Ford involve designing, developing, manufacturing, sales and servicing of cars, trucks and other automotive parts. Ford Motor Co revolutionized its operations and business by making ‘quality’ its main focus and adopted Total Quality Management approach to improve quality as well as reduce costs and wastage. The company has its presence all over the world, with its main manufacturing units based in many parts of the US, some parts of Europe and Asia Pacific (Ford Motor Co., n.d). Ford Motor Co is known for the concept of Fordism, which Siegel (1988) explains as the systematic control of all stages of accumulation from producing raw materials through marketing (cited in Jessop & Sum, 2006; p.59). This management concept yielded huge success to Ford during early 20th century. With changing markets, capitalistic structures and advent of other mass production techniques, Fordism was transformed from an

Unfair Dismissal Essay Example | Topics and Well Written Essays - 3000 words

Unfair Dismissal - Essay Example In spite of this recommendation, workers are still being subjected to the inglorious instance of unfair dismissal based on sex, race, colour, religious affiliations, age, gender, political opinion, national or ethnic extraction and so on2. However, in the United Kingdom, the Employment Rights Act 1996 was promulgated to address all employment problems. But have common law judges been helpful in interpreting this statute? Has not better interpretation now relied on good practice with reference to Acas code of practice? There are some provisions in Employment Rights Act 19963 that stipulate that workers in the United Kingdom should not be subjected to the inconvenient circumstance of unfair dismissal. The points below justify this assertion: (a) Right to Fairness: Every employee, irrespective of his/her age, sex, gender, sexual orientation, race, religion and a host of other factors, is entitled to fairness in dismissal by his/her employer. This explains that any worker that has become victim of unconstitutional dismissal possesses the legal power to challenge such an action in the court of law. (b) Contractual Stipulations: According to Employment Rights Act 1996, an employer may terminate the job of an employee if such conditions have already been included in the contracts both parties agreed upon at the onset of their industrial relationship: that is, if the term of employment has been described by a certain time limit, conditional limit etc. (c) Pre-dismissal Notice: It is mandatory for employers to give workers a notice before their employment is summarily terminated. Failure to do this on the part of the employer constitutes illegality on the part of the employer. Firms are expected to have in place provisions in their contracts that would allow nursing parents to be absent from effective working activities for a period of time. As a result of this, employers that rob their employees of this

Harley Davidson Essay Example for Free

Harley Davidson Essay The video case â€Å"Harley Davidson: More Than Just a Motorcycle† briefly explains how the company Harley Davidson, was able to reshape, recreate and expand their products while also encouraging, enlightening, and mentoring both female and male customers at the same time for the past 100 years. The Harley-Davidson company creates and designs motorcycles fit for any and everybody. Although the company uses special marketing variables in trying to reach a specific target market, they do not limit their products nor reject any other customers outside of that specific target market. Using psychographic variables, advertising in certain locations is an example of how Harley-Davidson reaches out to their target market. Psychographic segmentation variables mainly concentrate on its customers according to their personal attributes, motive, and lifestyle. The company also markets their magazines to both women and men; people overall who happen to be very independent and active individuals. With motorcycling being a hobby more so for a male, Harley-Davidson specifically establishes a way to show females who are also into riding motorcycles that they are too accepted into the bond for the open road. To show this, Harley-Davidson hires women in their establishments since women customers do often feel undermined and intimidated by male employees when in search of a new motorcycle. Events all over the nation are also held for the female motorcyclists where they are educated and mentored on the ways of Harley-Davidson and the road. The term quality has been used to differentiate products today in the Harley-Davidson company for years. It is one of the main factors this company has been using to satisfy the needs of both old and new customers. Quality is not only the distinctive characteristic, property, or attribute of a product, but it also benefits and satisfies the customers’ wishes. Sustaining and keeping up with the various products and the quality of them keeps customers certain that they are content with what they are paying for. Harley-Davidson carries on with the constant quality in their products to maintain the reputation and principles of the company itself. The company is well known for their popular heavyweight, chopper style design. Their motorcycles are fit for all purposes such as traveling long distances or just for the fun of being on the open road. These Harley-Davidson products all show liberation for the customers as well as giving ease and guaranteeing their safety. When it comes to the satisfying the customers, quality is kept constant within its products at the highest level it can be along with applying its products with the best premium quality. Harley-Davidson uses customer service to differentiate their products in a manner that emotionally connects the customers to their products while fulfilling their wants and needs through the impeccable quality of their products. The company’s mission is to instill a sense of freedom and liberation through their products so that they and their customers can build a lifetime relationship. To improve this, hiring female employees within their establishments happen to make women feel confident and positive when interested in purchasing and riding motorcycles. Harley-Davidson even has mentoring courses specifically for women in which old women riders encourage and give new women riders the confidence to ride safely on the open road. The company uses courses like this so all women riders can bond, teach and inform each other on the different wear and products to use when riding and inspire others to become a mentor by being positive and helpful. This course is very helpful to the women riders because it builds their self-confidence while also introducing to the many new women riders the different products Harley-Davidson hold, aside from their competition, and the quality their products hold. The Harley-Davidson Museum holds a great amount of influence on how consumers may perceive the company and their products. The museum exhibits motorcycles from when they were first built by the masterminds behind it all, William Harley and Arthur Davidson. Exhibiting bikes that go as far as the beginning of the 19th century show consumers how far they have come along and evolved to what they are today. The Harley-Davidson museum also gives consumers hands-on experiences and interactive workshops that can help turn consumers into Harley-Davidson customers and riders. It is the place where people would go and would want to learn more about Harley-Davidson, their products, history, and brand. Harley-Davidson and their product mix show a good example of an impressive marketing strategy that can easily attract any and everybody that would be interested in riding a motorcycle. Unlike any other motorcycle company, Harley-Davidson ventured out and made a huge variety of products of excellent quality fit for anyone and everyone, including pets!

Reflective Analysis of A Beautiful Mind

Reflective Analysis of A Beautiful Mind In my opinion, this movie was one of the best I have ever see. By far this is me saying a lot because I hate old movies. The way the director portrayed schizophrenia was wonderful. At the beginning of the movie I thought what he was seeing was real myself, and even his roommate that he thought he had. I really want to know where he really went when he thought he was getting chased by the Russians. The entire movie had me guessing as to what would happen from beginning end. I even started to think that his wife might have been part of his hallucinations too. It was very sad to see how his wife had to deal with him. I felt bad because I felt as though their relationship was one sided and she was putting in most of the effort. I would have liked to see more of his son; and how he viewed his dad knowing he had this disorder. It was nice to see in the end that he did give credit to his wife and I thought that was the best part of the movie. I understand that back then they did not have many options when it came down to medication. When I saw them using the insulin shock therapy I was very stunned. I dont know what insulin does to the body but when I saw him shaking and trembling I saw concerned. I was asking myself questions like how does this help him or what are the effects of using this treatment. I didnt understand how the insulin shock therapy would help him in any way; and I still dont know how it works. Although as I seen it did help him with his hallucinations along with the pills that he had to take. Although I would have liked it more if they showed the other options they had for medication.ÂÂ   I dont know if they used electro shock therapy but I would have loved to see how that procedure went. When it comes to schizophrenia those who have it may not all have the same type of schizophrenia. Such as, someone with schizophrenia could be delusional. This means that they have beliefs that can be proven wrong. For example, having super powers, being a famous person, or having friends that arent really there. Disorganized speech is another form of schizophrenia that someone could have. Someone who has disorganized speech may use words or sentences that dont make sense to others. Exhibiting strange behaviors is one more form of schizophrenia. This is harder to categorize because what may be strange to us may not be strange to them. Strange behavior may include acting in an odd or repetitive manor; like walking in circles, sitting perfectly still or being quiet for hours on end. Withdrawn and lifelessness is another form of schizophrenia. People who have this show no feelings or motivation, or they lack interest in normal daily activities. Since the symptoms for schizophrenia vary the amount of impact it has on a persons life can range from troublesome to dangerous. Everything can be affected from school, to work, to home etc. someone with schizophrenia could have a change in friends or isolate themselves; they could also have difficulty in school, sleep problems, or being very irritably. These types of change usually happen when the person is an adolescent. Once they become adults these symptoms could get worse and are harder to deal with. For example, having hallucinations and delusions are symptoms that can occur during adult hood. Disorganized speech, catatonic behavior, muscle immobility are also examples of symptoms that an adult with schizophrenia could have. All these symptoms can cause someone with schizophrenia to lose their job, it can impact their social life, make having relationships difficult. Life with schizophrenia makes it hard to function as a person and can lead to depression. Its also very hard on the family members who have to take care of the person. Schizophrenia takes up much time and effort for the families who have to help manage. Sadly, if the person with schizophrenia doesnt redraw from the family the family may redraw from them. If I knew that everything and everyone I knew didnt exist I think life would be hell. I really dont know how I would deal with this honestly. But if I had to explain it would probably be how the main character handled it. I would try to see who or what part of my life wasnt real. Once I found the unreal part of life I would try to either ignore it or find a way to deal with it. Depending if I had a wife or girlfriend at the time I dont think anti-depressant pills would be an option due to the erectile dysfunction. If I didnt have a wife or girlfriend that is the only way, I would consider those pills. I also think it would be harder to recognize whats real and what isnt real. I think I could live with someone suffering from schizophrenia depending on the symptom they have. If they were having hallucinations, then I could live with that due to the fact that I could help them realize whats real and what isnt. what I couldnt live with is the lifelessness symptom that someone with schizophrenia could have. I think this is the worst because if you cant communicate with the person it would be rather difficult to help them. Although that doesnt mean I wouldnt try to help them because I would be like I said it would be difficult. Do I think people with schizophrenia should be permanently hospitalized? Again I would say if depends on the symptoms they have and how bad they have it. In society today people with mental disorders are treated unfairly. Some people view them as monsters instead of treating them like humans. I am kind of the same way because sometimes when I see a person that I know has a mental disorder I feel uncomfortable towards them. Other times I feel bad for them because although I dont know how they are suffering I can understand what they could be going through.

Fiscal And Monetary Policy Economics Essay

Fiscal And Monetary Policy Economics Essay Like the Economics for Dummies states, anti-recessionary economic policies come in two flavors: Fiscal Policy and Monetary Policy. Monetary policys technique is to increase the money supply and lowers interest rates. When interest rates are lowered, more people are about to access loans, buy houses, and increase purchasing power. Fiscal Policy involves lowering taxes and increasing government spending so that the economy will have more after tax money. Fiscal Policy Expansionary and contractionary are two types of fiscal policy. Expansionary policy involves raising government expenditures and lowering taxes so the government budget deficit can grow or the surplus to fall. In 2011, Japan suffered from a natural disaster. The north east area of the country was struck by a tsunami causing their country to endure financial issues. Japan used expansionary fiscal policy to help get them out of that terrible economic situation. Expansionary fiscal policy helped Japan by raising their private consumption growth. Contractionary fiscal policy is the opposite of expansionary policy. Government expenditures will be decreased and taxes will be raised to help the budget deficit or surplus. The Role of Government Budgeting One of the main tools of fiscal policy is the federal budget. Aggregate demand is affected by the government expenditures and taxes affect investing and consuming. The effects of government expenditure and tax revenues are important in the aggregate demand equation because they can cause AD increase or decrease. Government expenditures include transfer payments, purchases of goods and services, and interest payments on government debt Swanenberg. Tax revenues are brought in from social security, indirect taxes, income tax, and corporate taxes. When the amount of taxes brought in is above expenditure expectations, this will factor to a budget surplus. Fiscal Policy Pros and Cons Fiscal policy is the usage of government spending and the use of taxes to control the economy. As defined by Investopedia, fiscal policy is the means by which a government adjusts its level of spending in order to monitor and influence a nations money supply, (2009). Whenever the government makes a decision on what service and good to buy, how much to tax on said good or service, or the payment relegations dispersed, the government is exercising the fiscal policy. The fiscal policy is mostly used to show how government spending and taxation affects the aggregate economy levels. The fiscal policy really was not used as much until after World War II. When there is a surplus in the government budget, (revenue is higher than spending), the fiscal policy is a contradiction whereas when there is a deficit in the budget, (spending is higher than the budget), the fiscal policy is defined as being expansionary, as stated by the Library of Economics and Liberties (Weil 2008). The Library of Ec onomics and Liberties also states, when there is a deficit in the fiscal policy, economists focus more on the difference in the deficit and not the levels of the deficit, (Weil 2008). The fiscal policy however is not perfect. Just like everything in nature, the fiscal policy has its strengths and weakness. According to Dr. Wood, one main strength about the fiscal policy is that since it is basically government ran, it has good stability when used properly in the economy (Wood 2009). Contrary to monetary policy, the fiscal policy focuses on one area instead of the economy as a whole which can result in less mistakes and less headaches. Government interaction aids the fiscal policy by helping with resource allocation. As mentioned before, the fiscal policy is not perfect. Because the fiscal policy deals with the government, there may be little to no room for flexibility, (Wood 2009). An example would be, the government cant decide to raise taxes to compensate government spending. David Weil has stated that, fiscal policy also changes the burden of future taxes, (Weil 2008). The fiscal policy can sometimes result in the domino effect, meaning having one problem can cause more problems, which can result in another problem, and so on. The fiscal policy is usually only implemented once a year so this itself can be a weakness. One reason is because the government may be funding a project, such as a highway being built, and may not be finished in the allotted time, thus causing a problem in government spending. As of October 2012, Forbes has elucidated that the fiscal policy is not as effective as it once was by stating, the Central Bank cant lower its interest rates, (Smith 2012). Smith also goes on to state that, if the government steps in and borrows lots of money then the rate of interest will tend to rise, (Smith 2012). Monetary Policy After the Great Depression, market economies learned that they were not adjusting to economic downturns quickly enough. The lack of response was one of the causes of long-lasting economic crises. Therefore the government started to stick its hand in the economy to keep it from spiraling out of control using fiscal policy. When GDP contracts, the government spends more, and taxes less, which gets the economy growing. Another form of government macroeconomics is monetary policy and it is practiced by the Federal Reserve Bank. The Fed fiddles with the money supply to keep the economy in between inflation and recession. Back in the 1960s President Johnson had to increase government spending due to the Vietnam War. Economists believed as the President kept spending money, it would lead to inflation. The inflation would be caused by an economy that is already stable, plus increased government spending, which only creates higher prices and aggregate supply will be limited. The Federal Reserve Bank and monetary policy was then instituted. Its job is to make the necessary corrections in the economy that the government will not make. The Fed is a private sector. The Federal Reserve Bank affects the economys rate of interest. Our central bank increases the amount of money circulating in the economy because the higher quantity of something decreases its price. With a lower price of money, also called a lower interest rate, more people will be willing to borrow money, which means they spend more money in turn giving the economy a boost. The only problem is some economists believe it will cause prices to spike quickly. So out of fear of inflation, the Fed decreases the amount of money circulating in the economy which raises the price of money, or raises the interest rate. Higher interest rates mean less borrowing, which means less spending, which slows the economy down. Now the fear is the economy will fall into a recession so the Fed lowers interest rates again. The Fed raises the interest rate out of fear of inflation which then causes Recession. The Fed lowers the interest rate out of fear of recession which then leads to inflation. The Fed controls the money supply, which increases or decreases interest rates that can potentially boost or slow an economy and the Fed must keep a good balance because one direction is recession and the other is inflation. Overall monetary policy plays a big part in our economy, without it there would be a lot of confusion in the business world. In particular, the main one would be the banking system. The Federal Open Market Committee (FOMC) is the body thats responsible for most of the monetary policy decisions that are made. Monetary Policy has to do with recession and inflation which is very important in our economy. Another important fact about monetary policy is aggregate supply and demand. Monetary policy affects them deeply depending on the economies input, output, and rate of inflation. Strengths and Weakness of Monetary Furthermore, monetary policy that is speedy and flexible and somewhat isolated from Political pressure. It doesnt raise inflation value of money by weaken its purchasing Power. Whenever inflation advance faster than expected, they may sell government bonds to take money out of circulation. This also can minimize access to credit and slow consumer spending. The decisions they had made really had an effective impact on our economy. Monetary policy has stable prices which is keeping inflation low, it also quality business and households to make financial decisions without worrying about sudden unexpected prices increasing. The long term enable policy makers assess. The best policy tends to seek between these short- and long- term goals. Lower interest rates to expand the money supply and stem rising unemployment Rates during recession. Although the weaknesses practicing monetary policy cause the central bank to lose control of currency valuation, it wouldnt be possible for interest rate s. It also devalues the currency; further more monetary policy can achieve low inflation in the long run and affect economic output and employment in the short run. Sustainable Low inflation and economic growth off disagree. When inflationary pressures decrease, the unemployment rate may advance for a short period as the pace of the economy slows. It also can take up to months or even an year maybe even longer to have the intected effect. Conclusion Monetary and Fiscal policy both have their pros and cons. Fiscal policy can result in a nasty domino effect causing one problem to make another and repeat. Fiscal can also have issues with time lags. Although monetary policy is not very effective in a recession, it is flexible and works well to slow down the economy. Many prefer fiscal over monetary because its brings low taxes and low interest rates.

Culture as a Process in Levines Highbrow, Lowbrow Essay -- Highbrow L

Culture as a Process in Levine's Highbrow, Lowbrow In Highbrow, Lowbrow, Levine argues that a distinction between high and low culture that did not exist in the first half of the 19th century emerged by the turn of the century and solidified during the 20th century, and that despite a move in the last few decades toward a more ecumenical interpretation of â€Å"culture,† the distinction between high art and popular entertainment and the revering of a canon of sacred, inalterable cultural works persists. In the prologue Levine states that one of his central arguments is that concepts of cultural boundaries have changed over the period he treats. Throughout Highbrow, Lowbrow, Levine defines culture as a process rather than a fixed entity, and as a product of interactions between the past and the present. Levine’s first chapter presents evidence that 19th century Americans of all social classes enjoyed Shakespeare as an integral part of their culture and entertainment. Shakespeare’s works were familiar enough to the populace that a variety of parodies were written and performed for large crowds that displayed their engagement with the works by applause, vegetable-throwing, interruptions, and commands to the actors. Shakespeare’s plays were performed in frontier communities and in cities, in churches and theatres and make-shift stages, attended by people of all classes. He describes the integration of Shakespeare into the Americans’ language and imagination, and explains Shakespeare’s popularity on the basis of its compatibility with 19th century Americans’ oral rhetorical style and their ability to see their own culture’s emphasis on individualism and morality reflected in Shakespeare’s characters and stories. Levine ex... ... and others whom Levine treats are a different breed of reformers because they are concerned only indirectly with morality. But when Brown laments that today’s youth are intellectually wanting and have no connection with their cultural heritage, he uses bold phrases such as â€Å"junk food for the soul,† indicating that the erosion of appreciation for high culture is changing not only the common forms of entertainment but the character of today’s youth. Another parallel exists in Brown’s conception of culture and the Springhall’s reformers’ concept of morality as something that youth can access if they choose to break away from the evil influences of â€Å"mass† or â€Å"popular† culture – with the help, of course, of their moral or intellectual superiors, who long to inculcate their own (perhaps technologically or culturally outdated) ways of thinking into the next generation.

Greed and Power…The Death of a Society Essay -- Literary Analysis, Jon

In his satiric essay, A Modest Proposal, Jonathan Swift proposes eating children in order to highlight the fact that other plausible measures for fixing Ireland’s economic problems are being ignored. Swift implies that a nation’s most significant problems stem from the greed of the wealthy. He asserts this through his use of diction, satire, and ethos. Diction is used by the author in order to imply that those who are financially blessed generate a nation’s biggest problems. Swift’s choice of formal yet derogatory diction projects his own perspective on how the rich view the poor. He uses the word â€Å"scheme† to describe his plan although he criticizes â€Å"several schemes of other projectors† (Swift 4). This is one of the first clues that helps to indicate that even Swift dislikes his idea, one aggressively bolstered by the rich who have money to gain. Words like â€Å"sacrificing†¦innocent† and â€Å"crucified† depict a savage death, usually in return for something that will benefit the greater good like that of Christ or a soldier dying when returning to a bombed area to save a small child (5 and 18). However, in this case, rather than sacrificing themselves, Swift explains that the rich will unfeelingly allow the poor to suffer unmentionable deaths in order for the rich to make enough profit to account for the â€Å"expensiveness of [their] idleness (28).† His choice of belittling diction through the words â€Å"savages† and â€Å"reserved for breed† points out the condescending way in which those of the upper class view the masses (10). These words show them as little more than uncivilized animals to be sold at the market, which through his proposal, would become a reality. Swift’s choice in diction helps to emphasize the widening schism between the rich a... ...the country of Cavan† within his essay (18 and 6). Swift’s use of ethos assures the reader that there are people other than him who concur with his ideas. Ethos helps to give readers a sense of security, a â€Å"Hey, if he likes it, it must be good† type of mentality. However, when scrutinized, one will notice that all those Swift cites are presumably wealthy people of the upper class. The essay contains no ethos from those of the lower class. Thus in effect Swift’s use of ethos also slyly places blame and reproach on the greed of the wealthy while also increasing the validity of his argument. Swift’s use of diction, satire, and ethos asserts that the gluttony from the wealthy procures major problems for a nation. Although a satire was needed for the people of old Ireland to realize this, for the people of the modern world, such knowledge came with little persuasion.

Urban Heat Islands :: essays research papers fc

Urban Heat Islands For more than 100 years, it has been known that two adjacent cities are generally warmer than the surrounding areas. This region of city warmth, known as an urban heat island, can influence the concentration of air pollution. The urban heat island is formed when industrial and urban areas are developed and heat becomes more abundant. In rural areas, a large part of the incoming solar energy is used to evaporate water from vegetation and soil. In cities, where less vegetation and exposed soil exists, the majority of the sun's energy is absorbed by urban structures and asphalt. Hence, during warm daylight hours, less evaporative cooling in cities allows surface temperatures to rise higher than in rural areas. Additional city heat is given off by vehicles and factories, as well as by industrial and domestic heating and cooling units. At night, the solar energy, which is stored as vast quantities of heat in city buildings and roads, is released slowly into the city. The dissipation of heat energy is slowed and even stopped by the tall building walls that do not allow infrared radiation to escape as readily as do the relative level surfaces of the surrounding countryside. The slow release of heat tends to keep city temperatures higher than those of the unpaved faster cooling areas. On clear, still nights when the heat island is pronounced, a small thermal low- pressure area forms over the city. Sometimes a light breeze, called a country breeze which blows from the countryside into the city. If there are major industrial areas along the city's outskirts, pollutants are carried into the heart of town, where they tend to concentrate. At night, the extra warmth of the city occasionally produces a shallow unstable layer near the surface. Pollutants emitted from low-level sources, such as home heating units, tend to concentrate in this shallow layer, often making the air unhealthy to breathe. The constant outpouring of pollutants into the environment may actually influence the climate of a city. For an example, certain pollutants reflect solar energy, thereby reducing the sunlight that reaches the surface. Some particles serve as nuclei upon which water and ice form. Water vapor condenses onto these particles, forming haze that greatly reduces visibility. Moreover, the added nuclei increases the frequency of city fog. Pollutants from urban areas may even affect the weather downwind from them. Just such a situation is described in a controversial study conducted at La Porte, Indiana, a city located about thirty miles downwind of the industries of

Argumentative Essay on Legalization of Marijuana Essay

Ever since marijuana’s first recorded use five-thousand years ago, it never had much popularity until the last century with prohibition and anti-war movements. The legalization of marijuana has recently been a rather controversial issue, although there should be no issue at all. Marijuana should be legalized. Prohibition was once tried with alcohol and it was a proven failure, and it should be soon proven again with marijuana. Marijuana is a relatively safe drug, especially when compared to other illegal drugs and even some legal drugs, such as alcohol and tobacco. There are many reasons marijuana is illegal and frowned upon today; most of which are irrational or ill-informed, while the rest are underlying reasons and irrelevant to the actual safety of marijuana and its users. There are many obvious benefits to society if marijuana were to be legalized. This includes the elimination of a large portion of underground drug dealers and their consumers. Financially, the common taxpayer would also be positively impacted. More than 300 economists, three of them well known, have estimated that the US government could save as much as $13.7 billion per year; $7.7 billion saved by not having to enforce the current prohibition, and $6 billion if the government taxed marijuana similarly to alcohol and tobacco (1). Not to mention the many jobs that would be created for American citizens in order to actually produce and market the marijuana. Medicinal reasons should also be accounted for, which include the need of medical marijuana for patients to live without pain. To put it simply; ill and ailing people are denied life-altering medicine because marijuana is illegal. Marijuana is a proven, effective, medicine. The Institute of Medicine’s report on marijuana, published in 1999, states, â€Å"In conclusion, the available evidence from animal and human studies indicates that cannabinoids can have a substantial analgesic effect.†(2). Included in this report is evidence supporting, to a lesser extent, marijuana relieving clinical depression, and was also shown to suppress  nausea and vomitting commonly associated with chemotherapy. Marijuana can also be especially effective in improving the appetite of AIDS and cancer patients. It is completely irrational to have such a potentially beneficial drug illegal, while thousands of American’s die each year from legal drugs, such as alcohol and tobacco. Marijuana is, in every way possible, safer than alcohol. Alcohol is toxic to healthy cells and organs, a side effect that results directly in about thirty-five thousand deaths in the US annually from resulting illnesses. Heavy alcohol consumption can depress the central nervous system, inducing unconsciousness, coma and death. Worldwide, alcohol consumption causes a staggering four percent of all deaths worldwide; more than AIDS, tuberculosis or violence (3). By contrast, the active compounds in marijuana, known as cannabinoids, are relatively nontoxic to humans. Unlike alcohol, marijuana is incapable of causing a fatal overdose, and its use it inversely associated with aggression and injury. The difference between marijuana and tobacco is even more evident. There is a common myth floating around claiming that one marijuana joint is equal to five cigarettes. This false conclusion is originally derived from a study by Dr. Donald Tashkin in which the researcher examined airflow resistance in the lungs of tobacco smokers compared to that in the lungs of marijuana smokers (4). He did find that daily pot smokers experience a â€Å"mild but significant† increase in airflow resistance in the large airways, greater than that seen in people smoking sixteen cigarettes per day. But what is not usually told is that, ironically, Dr. Tashkin also found, in the largest study ever of its kind, other, more important markers of lung health, in which marijuana smokers did much better than tobacco smokers. It is also rarely mentioned that the researcher’s study unexpectedly found that smoking marijuana, even regularly, does not lead to lung cancer. Zero people have died from the use of marijuana, nor has there been a case of marijuana causing any form of cancer. The fact that marijuana is illegal today is sufficiently caused by the amount of money, jobs, and pride invested in the war on drugs. The government simply cannot turn back. They make a concerted effort to inform  American citizens that marijuana is bad for the taxpayers. Billions of dollars have gone towards fighting the war on drugs – marijuana specifically -, which would seem wasted if all this money was spent on something that was legalized anyway. The US government, as an investor, is in a relatively unique situation. It just wouldn’t be logical for the government to throw away their money, jobs, and pride without extreme pressure from an outside force. They would never abandon such a huge investment, unless they had to politically. Of course, there are many voices to be heard when concerning counter-arguments to the legalization of marijuana. Unfortunately, many can be disproven logically. For example, a common argument is ‘It is morally wrong to get high.’ The people who say this are usually theists of some sort, and don’t fully realize that morals vary from person to person, or religion to religion. Without a set standard of morals, the government or anyone else for that matter should have no right enforcing one set of morals onto another, especially if no one but themselves are affected. Then there is the classic, ‘Marijuana is addictive.’ This is true, but not in the way implied. Marijuana is not physically addictive in any way as are cigarettes; you can get addicted to marijuana just as you would get addicted to food, sex or anything else in life, for it is only psychologically addictive. There are those that claim that marijuana is a gateway drug, and therefore, should not be legalized. Well, if marijuana was a gateway drug, it would be far less effective as such if it were legalized; being forced into an underground market to buy an illegal drug would unavoidably serve as a ‘gateway’ to more illegal drugs, and can only be prevented by either getting rid of the entire market of illegal drugs, or simply legalizing marijuana. The use of marijuana is not as harmful as the government wants its people to believe, but nevertheless the government sponsors scare tactics on TV, using misleading or wrong information. Renowned scientists around the world have agreed that marijuana’s ability to play a significant role in medicine is more evident now than ever. Marijuana causes absolutely no long term health issues and can improve the quality of life of millions of sick, ailing people. Harmless and innocent people will continue to be harrassed,  arrested, and forced to suffer until this ‘horrible’ drug is legalized.

Personal Learning

FAFM Personal dealing impudentspaper FAFM Personal Learning Paper SESSIONS 28 DATE 15. 11. 12- 01. 02. 13 Learnings From FAFM * 1st Class starts with ice prison-breaking and course plan for upcoming posing * Infosys annual bill How to read the annual sk and so on * Compare with previous division annual report percentage variegate year by year. * Auditor report is the annual report is as per AS and rules followed as per standards * Corporate governance meetings tended to(p) by directors and maintenance of records * Notes on calculates design ab erupt the content in the equipoise tab * commercialise part evaluate of a telephoner in the securities industry CXO Duties which includes CEO, CFO, CMO * How to examine with opposite companies and to relate with tradeplace * And also saw the annual report of RIL , ITC , TATA Motors * Introduction to monetary analysis * How to do financial analysis * Tools and Techniques * grounds treatment * Gemini Electronic s * Cash Flow contention bequeath show the liquidity of the merge of cash in a telephoner * Operating Activities what are all in all the expenses leave drive under this, for selling , distributing etc. , * Investing Activities what are all the expenses will come under this, investment in other companies or divides etc. * finance Activities what are all the expenses will come under this, dividends etc * Cash inflow and out flow * How an Income statement and Balance sheet differs from Cash Flow Statement * Lehman associate Company * Movie virtually the company * About Lehman Brother company * failure Identification * Ratios solvency ratio, liquidity ratio, efficiency ratio, favorableness ratio * Horizontal & vertical compend of Balance sheet and Income statement how to compare and contrast the given numbers * Z score calculation and analysis Cariboo industrial ltd * Corporate Fraud * Z- score to prefigure the value of the company in future(a) as it will sustain in the market financially or not. * voiding and valuation * Financial Statement canvass * Thaifoon Restaurant * intercommunicate Income statement given of future income or revenue * Projected Balance sheet it consist of all except the net profit as it is full of assumptions * Seating arrangements slightly operations related * Decision making precise thinking of mind to go with or to drop it * Sales projection Financial Mathematics * EMI count monthly involvement and principle payment. Principle rate will increase & interest will entrance decreased. * EPS calculation * Intrinsic Value forthcoming value of market price of a company * Bond Valuation * wide-eyed Interest & Compound Interest Calculation * Financial Markets * Indian Financial musical arrangement full chart with sector sagacious divided. * stock list Markets * Case Motilal Oswal IPO Case * Learn about IPO- what will be the companies value to enter into ipo.How the decision is taken * private equity sha res, IPO bedrock & need, fixed price outer & basics of book building process * give building process Cut off price, method of Dutch auction, RII, NII, QII, over subscription, role Midfield Industries Ltd, ASBA, prospectus, offer and private placement * elementary Market New issue of shares in the market * Secondary Market purchasing & selling of shares * Under & over subscription where the subscription of share is high or low * Stock Markets functions of SEBI , RBI , BSE , NSE.Also learn about various stock markets in other countries * Sensex , Nifty , Otci orgin , sustain , end of otci * Demat account * Difference between equity share and preference share * 24hrs market ends in one country and the market starts in other country * Commercial written document * Treasury bills pledged for money * specie Market Harshad Mehta scam, various scams in Indian financial history, organized & unorganized money markets and treasury bills & its types * Case Harshad Mehta Scam * Le arn about there will not be any scam in share market. What are the tactics vie to hike the price * How a soulfulness can be countered by his competitors * How massive shots help them to play in market and earn money * Money Market Commercial papers, call money market, corroboration of deposits, derivatives financial & commodities, players, forward & future contract, premium, impact price, strike data and call & throw away option * Forex Market Indian forex market, features, resolution of transaction, quotations, types of transactions, factors determining exchange rate * in the end the course has been completed with how to present in the examAdditional Learnings * Daily disdain Quiz * News paper information make me to know some new departments process and valuation * Mini Projects for marketing * Know about DBF * IRDA * BAT

Only the Strong Survive

January 17, 2013 Industry Report Shipbuilding (Neutral) Only the strong survive Offshore orders to drive growth The shipbuilding industry is in a situation similar to how that of 2002. In 2013, plunging order volume and weak new building prices are fueling intensifying competition. In 2002, shipbuilding shares rose because of an increase in orders, but then quickly fell on concerns over weak new building prices, which caused earnings to stagnate. For a period in 2002, shipbuilders went into red.Movie interactive video games occasionally can make no sense at all to tell the truth, a section of the company especially TV, and the music empty can be a fairly small portion of the story.Daewoo Securities Co. , Ltd. Ki-jong Sung +822-768-3263 kijong. [email  protected] com Ryan Kang +822-768-3065 ryan.Youre in need of a leader of culture if youre new beginning an agency.

Although shipbuilding shares currently trade at a P/B of 1. 0x, we believe they have the potential trade at a P/B of 1. 2x.We recommend Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000), and giant Samsung Heavy Industries (010140 KS/Buy/TP: W46,200) out of the large shipbuilders.Respect and seeing possible is.share price of major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 200 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: KDB Daewoo Securities Research Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U. S. January 17, 2013 Shipbuilding Figure 1. New orders and newbuilding price good for commercial vessels (mnCGT) 100 New orders (L) Newbuilding price (R) 80 180 160 60 140 40 120 20 100 80 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 14F (1988=100) 200 Source: Clarkson, KDB Daewoo Securities Research Figure 2.You should have a feeling of self pride.

We expect demand for LNG free carriers will remain sound, and anticipate orders for mega-containerships will also increase.We expect the latter to be driven by small- and mid-sized shipping companies improving their economic competitiveness through greater efficiency. We also expect shipbuilders will be forced to take new orders at lower-than-normal prices because of the dearth of order backlogs for commercial vessels. We forecast the number of bids and orders for large offshore-plant construction projects to increase for each company in 2013.Let your much joy scream.We believe share prices will improve (despite concerns about lower-priced orders) thanks to increasing orders, and improved cashflow. Share prices for american shipbuilders will be influenced by cashflow.Despite intensifying market competition, we anticipate Hyundai Mipo Dockyard will take an increasing amount of orders, even though some will be lower-priced. 3.Many people think tattoos for men will need to be fero cious and tough.

We expect these trends will continue in 2013. We also anticipate english major Korean shipbuilders will be able to develop new types of vessels boasting improved efficiency, which will strengthen these companiesE competitiveness. Risk factors Earnings at shipbuilders will not recover easily, due to orders at lower-than-normal prices and won appreciation. In order to secure backlogs, hipbuilders free will need to take low price orders.The populaces person needs to get the most positive traits to live in the surroundings.share price of flat major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 00 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: Company data, KDB Daewoo Securities scientific Research Figure 5. Korean and Chinese shipbuildersE restructuring (No. of shipuilders) 200 Korea China 160 197 120 -88. 3% 80 40 24 23 -66.The intention isnt to humiliate or belittle anyone.

In addition, the ROE of shipbuildersE is projected to improve to 19%. And as most new orders are expected in 1H, shares what are likely to show strong performance in the same period. The relative share performance of global shipbuilders has changed. Thanks to the rising proportion of offshore orders, Korean shipbuilders and Hyundai Mipo Dockyard are now grouped together with Keppl Corp.Theres a good deal of variety, to simulate real social life conditions.Although we believe the shares have bottomed, we do not expect a long term recovery until new building prices rebound in earnest. We suggest accumulating the shares near a P/B of 1. 0x. Shipbuilding shares will likely begin to recover full-swing from 2014, when the market starts to turnaround, along with increased orders for commercial vessels, improved cashflow, and earnings recovery.Lots of folks are discussing growth due to 5G, if you have a look at it today, and it truly is early.

0x 30 20 30 1. 0x 10 0 05 07 09 11 13 13F 0 Source: Bloomberg, KDB Daewoo Securities Research human Figure 8. Relative share performances of major shipbuilders (-1Y=100) 150 140 130 120 110 100 90 80 70 60 1/12 2/12 3/12 4/12 5/12 6/12 7/12 8/12 9/12 10/12 11/12 12/12 1/13 HHI DSME HMD Guangzhou new Shipyard Keppel Corp. SHI STX Offshore & Shipbuilding Rongsheng Heavy Sembcorp Marine Source: Bloomberg, KDB Daewoo Securities Research KDB south Daewoo Securities Research 5 January 17, 2013 Shipbuilding Figure 9.Then will humanity be changed at the Kingdom of Gods region.0x 2. 5x 2. 0x 1. 5x 1.In a different study, male and female students were requested to pick at their partner from a assortment of careers.

0x 4. 0x central Figure 14. Hyundai Mipo DockyardEs P/B trend (Market cap,Wbn) 10,000 2. 5x 8,000 1.They find it extremely hard to forgive an event.5x 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 13F Source: KDB Daewoo Securities ResearchSource: KDB Daewoo Securities Research KDB Daewoo Securities Research 6 January 17, 2013 Shipbuilding Figure 15. Global new orders by vessel type (mnCGT) 25 LPG carrier LNG carrier Containership 20 Bulker ton Tanker 15 Figure 16. Newbuilding prices by vessel type (US$000/TEU) 30 Containership (L) Tanker (R) Gas carrier (R) Bulker (R) (US$000/DWT) 3 20 2 10 10 5 1 0 03 04 05 06 07 08 09 10 11 12 0 04 05 06 07 08 09 10 11 12F 12 13F 13 0 Source: Clarkson, KDB Daewoo Securities Research Source: Clarkson, KDB Daewoo Securities Research Figure 17. ROE-P/B comparison (P/B ,x) 3.Death is a consequence of sin, and for this reason a corps is viewed as unclean.

0 0 5 10 15 20 HMD S HI 15 Keppel 10 S HI Sumitomo Sembcorp HHI 5 (EPS growth, %) 0 -40 -30 -20 -10 0 10 20 30 40 Source: Bloomberg, KDB Daewoo Securities Research Source: Bloomberg, KDB Daewoo Securities Research Figure 19. Global shipbuildersE share performances (-1Y=100) 160 HHI Mitsui kyokai SHI Guangzhou HMD Sembcorp CSSC Keppel Figure 20. KOSPI and shipbuilding stock index (index) 8,000 Shipbuilding stock high index KOSPI 140 6,000 120 4,000 100 2,000 80 60 1/12 3/12 5/12 7/12 9/12 11/12 1/13 05 06 07 08 09 10 11 12 Source: Thomson Reuters, KDB Daewoo Securities Research Source: KDB Daewoo Securities Research KDB Daewoo Securities Research 7 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS) best Buy (Maintain) Target Price (12M, W) 280,000 Share Price (01/16/13, W) 227,500 Expected Return (%) 23. 1 EPS Growth (13F, %) 17.Its never simple to turn down.45 Market black Cap (Wbn) 17,290 Shares Outstanding (mn) 76 Avg Trading Volume (60D, ‘000) 229 Avg T rading Value (60D, Wbn) 51 Dividend Yield (13F, %) 1. Free Float (%) 59. 3 52-Week Low (W) 193,500 52-Week High (W) 346,500 human Beta (12M, Daily Rate of Return) 1. 46 Price Return Volatility (12M Daily, %, SD) 2.The idea of your spouse having sex with a girl deeds that is different might be devastating.

36%) NPS (5. 08%) Price Performance (%) 1M 6M 12M Absolute -1. 7 -3. 8 -20.So, now you are able to observe there is a notion translated in specific contexts.7bn and revenues of W26. 9tr (non-consolidated) in 2013 Implemented a self-rescue plan for the first time in 40 years. Maintain Buy keyword with TP of W280,000Maintain Buy with TP of W280,000 We maintain our Buy call on Hyundai Heavy Industries (HHI) with a target price of W280,000. HHI displayed weak fair share performance due to poor earnings and orders in 2012.0x, the lowest levels in the companyEs peer group.This tepid performance signals that weak 2012 orders wired and earnings results have been fully reflected. However, HHI has strong investment merits in 2013, as it is projected to win massive orders. Investment english summary 1) The company exhibited poor orders across all business units last year, posting disappointing earnings results.

5bn) and the Brass LNG project (US$3. 5bn) in 1Q. In addition, HHI is expected to bid for additional projects worth US$1-4bn; indeed, we believe the company will be aggressive in its order-taking efforts. 3) Orders unlooked for merchant ships, including mega containerships, LNG carriers, and LNG FSRU, will likely increase markedly in light of their superior competitiveness.Share price 130 120 110 100 90 80 70 60 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue (Wbn) 37,342 53,712 54,741 58,433 63,025 OP OP Margin (Wbn) (%) 5,532 14. 8 4,536 8. 4 2,485 4. 5 3,331 5.7 7. 6 22,750 3,469 -2,260 10. 2 10. 6 26,750 4,320 2,005 11.5 1. 3 1. 1 1. 0 0.

2 5. 2 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates korean Daewoo Securities Research 8 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000) Comprehensive Income Statement (Summarized) Wbn) Revenues Cost of Sales late Gross Profit SG Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax gross Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive net Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 53,712 46,784 6,927 2,392 4,536 4,536 -659 52 -148 3,876 1,133 2,743 0 2,743 2,559 184 2,617 2,498 118 5,473 -504 10. 8. 4 4.4 5. 7 3. 5 12/14F 63,025 56,408 6,618 2,836 3,782 3,782 -338 188 -150 3,444 895 2,549 0 2,549 2,449 100 2,288 2,178 110 4,768 2,297 7. 6 6.5 7. 1 5. 6 6. 8 5.0 0. 9 5. 3 8. 5 6.

1 10. 0 1. 6 0. 0 1.7. 9 -13. 5 -36. 6 24.0 13. 5 -38. 4 -32. 4 17.1 6. 1 9. 3 8. 2 8.

7 5. 8 5. 7 3. 7 4.1 12. 2 17. 3 7. 8 10.0 134. 5 90. 5 110. 6 118.1 22. 7 15. 7 6. 0 7.

1 P/E (13F, x) 9. Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 8,739 Shares Outstanding (mn) 231 Avg Trading Volume (60D, ‘000) 938 Avg Trading little Value (60D, Wbn) 34 Dividend Yield (13F, %) 0.0 Major Shareholder(s) Samsung Electronics et al. (24. 42%) Treasury shares (6. 13%) Mirae Asset Global Investment (5.8 -4. 5 6. 0 Reliable again in 2013 ? ? ? 2013 orders and revenues forecast at US$14. 2bn and W14.We expect SHI to win massive orders of US$14. 2bn despite the slump in the global shipbuilding market, driven by the robust offshore plant market and the companyEs superior competitiveness.SHIEs shares are trading at a 2013F P/E of 9. 4x logical and a P/B of 1.

As such, the company has solid earnings relative to its competitors. 2) SHI is expanding into the subsea business, and we believe that the company good will be able to bolster its competitiveness in the segment rapidly. ) The commercial vessel unit, which exhibited a tepid performance last year, is likely to recover in 2013 thanks to: 1) rising mega containership orders and 2) steady orders for LNG carriers and LNG FSRU. 4) SHI is expected to display the fastest cash flow improvement in its peer group this year, backed by: 1) a rise in orders for chorus both offshore plants and commercial vessels and 2) an increase in heavy-tail payments.7 851 1,226 8. 2 929 1,198 8. 0 934 1,355 8. 6 1,015 EPS EBITDA FCF ROE (Won) (Wbn) (Wbn) (%) 4,330 1,504 598 28.9 P/E (x) 9. 5 7. 6 9. 6 9.5 1. 3 1. 1 EV/EBITDA (x) 8. 2 5.

9 8. 7 6. 4 12/12F 14,875 12,867 2,008 766 1,242 1,226 -30 -34 0 1,196 267 929 0 929 929 0 920 920 0 1,551 282 10. 4 8.2 12/14F 15,751 13,594 2,158 803 1,355 1,355 -19 -51 0 1,336 321 1,015 0 1,015 1,015 0 1,006 1,006 0 1,667 978 10. 6 8. 6 6. 5 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets Total other Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests Capital live Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 9,617 806 4,132 540 1,905 6,797 0 5,408 86 16,414 10,539 4,425 3,232 2,883 1,231 1,004 88 11,770 4,644 1,155 423 3,610 0 4,644 12/12F 9,112 1,115 3,793 550 1,711 6,316 5 5,434 38 15,428 7,758 3,882 1,570 2,306 2,213 1,881 138 9,971 5,457 1,155 423 4,430 0 5,457 12/13F 9,229 1,264 3,820 554 1,648 6,372 5 5,506 21 15,601 7,301 3,910 1,070 2,322 1,918 1,481 188 9,219 6,382 1,155 423 5,364 0 6,382 12/14F 9,720 1,445 4,017 583 1,733 6,439 5 5,573 13 16,159 7,223 4,111 670 2,442 1,656 1,081 271 8,878 7,280 1,155 423 6,272 0 7,281 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others visible Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income general Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets several Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending Balance 12/11 1,341 1,150 189 294 78 75 549 1,284 150 164 -548 332 -242 -1 309 265 -1,306 -1,090 1 -108 - 109 359 447 806 12/12F 351 1,131 558 297 11 -268 -1,061 34 39 -541 -276 -274 -368 -1 3 92 240 416 1 -108 -68 309 806 1,115 12/13F 1,376 934 580 299 17 -50 130 -27 -4 27 -268 -310 -370 -1 0 61 -917 -900 0 -108 -17 149 1,115 1,264 12/14F 1,408 1,015 651 302 10 -50 62 -197 -29 201 -321 -307 -370 -1 0 64 -921 -800 0 -108 -13 181 1,264 1,445 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS rapid Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current same Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 7.7 1. 8 1. 9 -3. 3 -19.2 4. 8 19. 4 15. 5 253.

6 7. 2 1. 5 6. 1 4,021 5,358 26,307 0 0.7 9. 1 3. 8 27. 3 3.7 117. 5 7. 2 57. 9 12/13F 9.6 0. 0 0. 7 -2. 4 -2.

0 6. 0 15. 8 16. 9 144.6 6. 6 1. 1 4. 5 4,396 5,747 34,309 0 0.0 8. 7 4. 1 27. 7 4.9 134. 6 -22. 5 106. 2 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 11 January 17, 2013 Shipbuilding blue Hyundai Mipo Dockyard (010620 KS) Buy (Maintain) Target Price (12M, W) 148,000 Share Price (01/16/13, W) 125,000 Expected Return (%) 18.

0 KOSPI 1,977. 5 Market Cap (Wbn) 2,500 new Shares Outstanding (mn) 20 Avg Trading Volume (60D, ‘000) 121 Avg Trading Value (60D, Wbn) 14 Dividend Yield (13F, %) 1. 6 Free Float (%) 51. 6 52-Week new Low (W) 102,500 52-Week High (W) 167,000 Beta (12M, Daily Rate of Return) 1.4%) NPS (7. 38%) Price Performance (%) Absolute Relative Shining in the dark ? ? ? 2013 target: US$3. 2bn in orders and W3. 6tr in revenues Stands to benefit most from industry restructuring Maintain Buy and TP of W148,000 Maintain Buy and TP of W148,000We maintain our Buy recommendation on Hyundai Mipo Dockyard (HMD) and our target price of W148,000.4tr; 8. 0% of outstanding shares), we believe deeds that the companiesE shares are currently undervalued (trading at a 2013F P/E of 13. 1x and a P/B of 0. 9x).3) In the small- to mid-sized merchant ship market, the product carrier (P/C) segment, in which HMD has the strongest competitive edge, is expected to be relatively robust in 2013. ) If the shipbuil ding market remains in a slump for a protracted period of time, HMD should be able to widen its gap with its peers. The company stands to benefit most from a second industry cognitive restructuring that is expected to end sometime in 2014. 1M 2.

6 5. 3 Share price 160 150 140 130 120 110 100 90 80 1/12 5/12 9/12 1/13 KOSPI Earnings & high Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP Margin NP EPS EBITDA FCF ROE P/E (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (x) 4,138 683 16. 5 493 24,629 741 431 14. 7 9.9 131 6,556 192 -563 4. 3 19. 4 4,624 191 4. 1 190 9,518 256 397 6.6 P/B EV/EBITDA (x) (x) 1. 2 4. 4 0. 8 4.6 0. 8 6. 0 Notes: All figures are based on consolidated K-IFRS; NP refers to neural net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 12 January 17, 2013 Shipbuilding Hyundai Mipo Dockyard (010620 KS/Buy/TP: W148,000) Comprehensive Income Statement (Summarized) (Wbn) Revenues Cost of Sales Gross Profit SG medical Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax Profit Income Tax net Profit from ContinuingOperations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests positive EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 4,624 3,975 649 272 378 378 -63 -24 0 315 112 202 0 202 200 3 -821 -823 2 441 -633 9. 5 8.

0 12/13F 4,624 4,143 481 290 191 191 52 -9 -2 243 58 185 0 185 190 -5 185 194 -9 256 397 5. 5 4. 1 4. 1 12/14F 4,855 4,321 534 304 230 230 73 -10 -2 303 73 230 0 230 235 -5 230 239 -9 293 416 6.4 13. 1 10. 6 8. 5 12.0 0. 9 0. 8 4. 2 13.9 20. 6 16. 6 1. 8 1.

8 5. 0 5. 0 -40. 5 -56.8 52. 2 20. 3 -59. 4 -34.2 3. 9 5. 0 18. 1 17.2 3. 8 3. 8 2. 3 1.

3 6. 4 7. 4 53. 8 8.8 162. 5 146. 2 105. 6 111.9 -16. 9 -27. 9 689. 5 45.1 P/E (13F, x) Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 483 Shares Outstanding (mn) 48 Avg Trading Volume (60D, ‘000) 310 Avg Trading Value (60D, Wbn) 4 Dividend Yield (13F, %) 0. 0 Free Float (%) 62.

38%) KB Asset Management (5. 13%) Price Performance (%) 1M Absolute -23. 4 Relative -22. 5 Unlikely to weather domestic market slump ? ? ? Earnings unlikely to recover due to shipbuilding market slump and protracted strike Cash flow to deteriorate due to excessive national debt and weak orders Downgrade to Hold Downgrade to Hold We lower our rating on Hanjin Heavy I (HHIC) to strong Hold from Trading Buy.Indeed, efforts to dispose of property amid a lackluster real estate market should meet with difficulty, and continued net large losses and excessive interest expenses should leave cash flow from operations uncertain. Risks ) The commercial vessel unit at the Youngdo shipyard is unlikely to recover. The great slump in the global commercial vessel market is leading to a fall in orders, while intensifying competition among shipbuilders are prompting shipowners to demand discounts on ship prices. .Indeed, the company needs more capital to engage in the development project near the Incheon port. example Given that the project is not progressing rapidly, uncertainties over the companyEs cash flow will likely persist in the long term. 5) HHIC holds massive debt (W2. 8tr).9 -54. 3 fair Share price 120 110 100 90 80 70 60 50 40 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation MetricsFY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP anterior Margin NP (Wbn) (Wbn) (%) (Wbn) 3,168 120 3. 8 -72 2,892 108 3. 7 -97 2,547 63 2.

1 -2,123 148 243 -5. 7 -158 195 182 -0. 6 -466 184 146 -1. 8 P/E (x) P/B (x) 1.4 EV/EBITDA (x) 14. 5 19. 9 24. 0 16.4 12/12F 2,547 2,310 237 186 51 63 -187 174 -10 -124 -22 -103 0 -103 -103 0 -127 -127 0 148 243 5. 8 2. 5 -4. 0 12/13F 2,795 2,516 280 204 76 76 -89 159 -5 -13 -3 -11 0 -11 -10 0 -35 -34 0 195 182 7.7 -1. 1 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash modern Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets national Total Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests human Capital Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 2,392 854 917 361 237 4,645 66 3,144 89 7,037 2,483 811 1,603 69 2,6 87 2,317 329 5,170 1,864 241 644 814 2 1,867 12/12F 2,058 686 868 280 209 4,535 81 2,980 89 6,592 2,286 802 1,421 63 2,566 2,177 336 4,852 1,738 241 644 712 2 1,740 12/13F 2,077 617 925 294 228 4,487 76 2,871 89 6,564 2,384 895 1,421 69 2,369 1,977 338 4,753 1,809 346 644 701 2 1,810 12/14F 2,025 422 1,016 322 250 4,412 76 2,780 89 6,437 2,479 983 1,421 76 2,204 1,777 373 4,683 1,752 346 644 669 2 1,754 Cash Flows (Summarized) Wbn) Cash Flows extract from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income Tax Paid Cash Flows from Inv economic Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets Others Cash Flows from Fin other Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending proper Balance 12/11 -228 -97 246 113 0 44 -379 -192 -42 -150 2 68 -15 0 -43 126 -106 91 1 0 -198 -262 1,116 854 12/12F 316 -103 265 97 0 16 131 23 77 33 22 9 -21 0 -14 44 -488 -297 0 0 -192 -168 854 686 12/13F 194 -11 206 120 0 25 -4 -57 -13 92 3 11 -10 0 0 21 -275 -200 105 0 -180 -70 686 617 12/14F 165 -33 216 101 0 25 -28 -91 -29 88 9 10 -10 0 0 20 -370 -200 0 0 -170 -194 617 422 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) visual EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS Growth (%) national Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current Ratio (%) neural Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 57. 4 0. 5 19.

9 -9. 8 RR 3. 3 8. 9 3.9 96. 3 163. 0 0. 5 12/12F -112.0 -11. 9 -25. 9 -41. 8 RR 3.7 1. 4 278. 9 90. 0 166.

9 -158 1,691 24,843 0 0. 0 0. 0 9. 8 31.1 -0. 2 -0. 6 2. 1 262.1 0. 4 18. 0 -466 989 24,030 0 0. 0 0.6 10. 0 4. 0 -0. 5 -1.

4 0. 5 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 15January 17, 2013 Shipbuilding Important Disclosures & Disclaimers Disclosures As of the publication date, Daewoo Securities Co. , Ltd. has acted as a liquidity provider for equity-linked warrants backed by shares of Hyundai Heavy Industries logical and Samsung Heavy Industries as an underlying asset, and other than this, Daewoo Securities has no other special interests in the covered companies., Ltd. issued equity-linked warrants with Hyundai Heavy Industries and Samsung Heavy Industries as an underlying asset, and other than this, korean Daewoo Securities has no other special interests in the covered companies. Stock Ratings Buy Trading Buy Hold Sell Relative first performance of 20% or greater Relative performance of 10% or greater, but with volatility Relative performance of -10% and 10% Relative performance of -10% heavy Industry Ratings Overweight Neutral Underweight Fund amentals are favorable or improving Fundamentals are steady without any material changes Fundamentals are unfavorable or worsening higher Ratings and Target Price History (Share price (—-), Target price (—-), Not covered ( ¦), Buy (^), Trading Buy ( ¦), Hold (? ), Sell (? )) * Our direct investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official higher ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material development.Opinions expressed in this recent publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co. , Ltd. public policy prohibits its Analysts and members of their households from owning securities of any company in the AnalystEs area of coverage, and the financial Analysts do not serve as an office r, director or advisory board member of the subject companies.except as otherwise stated herein. Disclaimers This report is published by Daewoo Securities Co. , Ltd. („Daewoo†°), a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange.

The intended recipients of this final report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting basic principles and no person whose receipt or use of this report would violate any laws and regulations or subject Daewoo and based its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof. Information and opinions contained herein are whole subject to change without notice and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Daewoo. Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time logical and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments l etter from time to time in the open market or otherwise, in each case either as principals or agents.Daewoo and its affiliates late may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial public services as are permitted under applicable laws and regulations.n the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) new Order 2005 (the „Order†°), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the social Order (all such persons together being referred to as „Relevant Persons†°). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not last act or rely on this report or any of its contents. United States: This report is distributed i n the U.Securities Exchange Act of 1934. All U. S. such ersons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received how this report under any express or implied understanding that they will direct commission income to Daewoo or its affiliates.S. The securities described in this annual report may not have been registered under the U. S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.