James Watt Essay Example

James Watt Essay James Watt is one of the most acclaimed personalities in physics. His work became a helpful contribution during the Industrial Revolution, which later became the bedrock of innovation in machineries.He is popularly accredited for his invention of the steam engine. In fact he modified the engine of   Thomas Newcomen to the extent that it became a practical, efficient machine capable of application to a variety of industrial tasks.Watts engine focused on the conversion of heat to mechanical work. It helped improve the understanding on the efficiency of heat engines which led to the development of the field of physics called thermodynamics.(http://www.newworldencyclopedia.org/entry/James_Watt)James Watt was born in Greenock, Scotland on January 19, 1736 to a chandler and joiner. Throughout his life he suffered serious attacks of migraines and toothaches,and at school both his peers and teachers took a poor view of this weakness. (Porter, Ogilve, 2000) He was a thin and weakly child. A t grammar school, he fell in love with mathematics, but the recurrent attacks of migraine led him to stop going to school, so he devoted his time working in his fathers workshop instead. Watt felt happy with working in his fathers workshop so much that he did not go back to school.Watt learned carpentry from his father. His father primarily worked in shipbuilding and he taught Watt on how to build ships and crafts. Soon, Watt developed great skill in ship navigation, quadrants, telescopes, and compasses, and by his mid-teens he wanted to become an instrument maker. (Porter, Ogilve, 2000)His father was supportive of him. Unfortunately, there was no opportunity for Watt to train in making instruments in Greenock because there were no instrument-makers there, so on advice, Watt went to Glasgow, Scotland in 1754, in an attempt to become an apprentice in instrument making. In Glasgow,   he worked with an optician and worked as an odd-job man for a year. (Porter, Ogilve, 2000)In Glasgow , Watt became acquainted with a scientist named Robert Dick. (http://www.egr.msu.edu/~lira/supp/steam/wattbio.html)Robert Dick, a university scientist, was impressed with Watts basic skills and knowledge in instrument making that he advised Watt to further   hone his skills in this trade in London.In London, Watt discovered that he could not get an apprenticeship because   the instrument makers protected their trade by rules of a body known as the Worshipful Company of Clock-makers. The only employment was for fully-trained instrument makers or trainees serving seven-year apprenticeships. Eventually, he was able to secure a position through unusual conditions. John Morgan, an instrument maker in London, set aside the rules and   took him in to be his apprentice on the condition that Watt would be given only a meager salary. (http://www.egr.msu.edu/~lira/supp/steam/wattbio.html)With John Morgan, Watt learned the skills of instrument-making. John Morgan was   impressed with Wa tt that he agreed to shorten the period of apprenticeship from the required period of seven-years to a period of one year. Watt took the offer in 1755. (http://www.egr.msu.edu/~lira/supp/steam/wattbio.html)Watt worked with vigor and passion. He was so devoted with his goal to be an instument-maker that he spent much of his time working and learning the art of instrument-making. During the period of his apprenticeship with John Morgan, Watt was able to surpass the skills of the official apprentice who was already working there for two years. He was so dedicated with his job that he worked 10 hours a day. After hours, he worked for a small amount of cash because the wage he received as an apprentice was not enough.(Porter, Ogilve, 2000)Watts health deteriorated because he spent long hours working with only a small amount of food. During this time, Britain was at war with France, and the military would force into service any able-bodied men. Watt avoided the streets for this reason and this contributed to the further deterioration of his health. Yet he persevered and was able to finish his apprenticeship until illness forced him to return to Greenock in 1756. (http://www.egr.msu.edu/~lira/supp/steam/wattbio.html)After recovery, he set up a business as an instrument maker in Glasgow, but found that the other instrument makers shunned his credentials and training. However, the university professors recognized his abilities and encouraged him to work in the university. They agreed for Watt to set up a shop within its grounds and they created the position, â€Å"Mathematical Instrument Maker to the University. (http://www.egr.msu.edu/~lira/supp/steam/wattbio.html)In 1757, he worked in Glasgow University where he proudly described himself as â€Å"Instrument Maker to Glasgow University. (Porter, Ogilve, 2000)It was in this period that he developed the steam engine.During the Industrial Revolution in the years 1760 to 1830,   the economy of most part of Europe chan ged and the progress of developing technology accelerated. Technology was at the core of everything. The period was overflowing with engineers, mechanics, millwrights, and dexterous and imaginative tinkers who spent their time and energy designing better pumps, pulleys, pendulums, and other simple machines. It was at this time that the most famous invention during the Industrial Revolution was invented: the steam engine. (http://www.newworldencyclopedia.org/entry/James_Watt)The first steam engine prototype was   built by a Frenchman named Denis Papin, but the first useful atmospheric steam engine was built in 1712 by a Cornish mechanic named Thomas Newcomen. Newcomens invention was used in Britain for almost half a century. The machine, however, was noisy and it used too much fuel. (www.us.oup.com/us/pdf/economic.history/industrial.pdf)One day in 1763, Professor John Anderson, a professor in the university, approached James Watt and showed him a lab-scale model of the Newcomen pum p to investigate why the model required so much steam. The model would stall after a few pumps. The machine proved to be temperamental and difficult to operate without air entering the cylinder and destroying the vacuum. He required Watt to repair the engine. (http://www.egr.msu.edu/~lira/supp/steam/wattbio.html)Watt set on to investigate the problem. He discovered that the flaw was due to an undersized boiler that could not provide enough steam to reheat the cylinder after a few strokes. Aside from that, the Newcomen engine was inefficient, slow, and too costly. (Porter, Ogilve, 2000)The Newcomen pumps required such vast quantities of steam since they were cooled during every stroke, then reheated. The steam in the cylinder was condensed by a jet of water, thus creating a vacuum that, in turn, was filled during the power stroke by the atmosphere pressing the piston to the bottom of the cylinder. On each stroke the cylinder was heated by the steam and cooled by the injected water, t hus absorbing a tremendous amount of heat. (Porter, Ogilve, 2000)Watt needed a way to condense the steam without cooling the cylinder. The idea did not come to him overnight, it took him months to arrange his plans and to experiment. However, it was during one of his Sunday afternoon walks when the inspiration got to him. Watt later described the moment of inspiration:I had gone to take a walk on a fine Sabbath afternoon, early in 1765. I had entered the green by the gate at the foot of Charlotte Street and had passed the old washing-house. I was thinking upon the engine at the time, and had gone as far as the herds house, when the idea came into my mind that as steam was an elastic body it would rush into a vacuum, and if a communication were made between the cylinder and an exhausted vessel it would rush into it, and might be there condensed without cooling the cylinder. I then saw that I must get rid of the condensed steam and injection-water if I used a jet as in Newcomens engin e. Two ways of doing this occurred to me. First, the water might be run off by a descending pipe, if an offlet could be got at the depth of thirty-five or thirty-six feet, and any air might be extracted by a small pump. The second was to make the pump large enough to extract both water and air. . . . I had not walked farther than the golf-house when the whole thing was arranged in my mind.   (http://www.egr.msu.edu/~lira/supp/steam/wattbio.html)Watt was able to solve the problem of the Newcomen engine. He made a separate condenser, with this, he could keep the cylinder hot, and the condenser fairly cold by lagging, thus improving the thermal efficiency of the machine and the economics of its operation. (Porter, Ogilve, 2000)He introduced a number of famous improvements to the steam engine until he was able to effectively make a different model, such as a separate condenser, the principle of double-acting expansion, improved gears, and regulators. Watt turned steam power from an at mospheric pump to a true steam engine. (www.us.oup.com/us/pdf/economic.history/industrial.pdf)Watts University friends introduced him to John Roebuck, an industrialist who held leases on coal deposits. Roebuck agreed to back the development of a full-scale engine after he saw the model work. He would finance the development of the engine. Watt developed a full-scale model which Roebuck used in his coal mine. However, the progress in developing the engine was slow because Roebuck did not employ machinists who were competent enough to do the job. (http://www.egr.msu.edu/~lira/supp/steam/wattbio.html)In 1767, Watt traveled to England to acquire a patent for his engine with his Roebuck. The patent was granted in 1769. (http://www.egr.msu.edu/~lira/supp/steam/wattbio.html)On his way to Scotland, he met Matthew Boulton. Boulton was a major manufacturer in Birmingham and had the financial capacity to exploit Watts engine. Eventually, Boulton was able to buy out Roebuck and he began manufac turing the engine.   Meanwhile, Watt moved to Birmingham and made his living as a canal surveyor from 1767 and 1774. Although he was successful at this, his health suffered, and so he joined Boulton in his shop. (Porter, Ogilve, 2000)From 1775, Boulton and Watt formed a partnership. Boulton manufactured Watts engines   at the Soho Foundry, near Birmingham. Boulton hired highly skilled craftsmen who helped them develop the engine. They called the engine, Boulton-Watt engine.(http://www.egr.msu.edu/~lira/supp/steam/wattbio.html)The engine was then used in mines. The Boulton-Watt engines became a success. Pumps were installed in mines and Watt became busy maintaining business at Cornwall mines.(http://www.egr.msu.edu/~lira/supp/steam/wattbio.html)Over the next several years, Watt introduced further improvements on the design until it became more efficient than its predecessor.He developed a double acting engine. At age 45, Watt developed his next great invention.   The invention was the sun and planet gear system. By means of a mechanical linkage known as the parallel motion and an extra set of valves, the engine was made to drive on both the forward and the background strokes of the piston, and the sun and planet gear system permitted the rotative wheel to turn more than once per stroke of the piston This engine was quickly used by cotton and wooden mills. (http://www.egr.msu.edu/~lira/supp/steam/wattbio.html)He was able to acquire the patents of the double-acting engine and the sun and planet gear system in 1781 and 1782. (http://www.egr.msu.edu/~lira/supp/steam/wattbio.html)Between 1775 and 1790, Watt made other inventions. He invented an automatic centrifugal governor, which cut off the steam when the engine began to work too quickly and turned it on again when it had slowed sufficiently. He also devised the steam indicator which shows the steam pressure and degree of vacuum within a cylinder. He also invented a way of copying letters and drawings. (htt p://www.egr.msu.edu/~lira/supp/steam/wattbio.html)In 1782 a sawmill ordered an engine that was to replace 12 horses. In determining the price of his steam engines, Watt rated his engines in horsepower. After many experiments, he concluded that a horsepower was equivalent to 15,000kg/33,000 lb raised through 0.3m/ft each minute. This method of describing the capability of the engine continued until recent years. (http://www.egr.msu.edu/~lira/supp/steam/wattbio.html)In 1785, Watt was elected a fellow of the Royal Society. During the last decade of the 18th century, the active management of the Soho Works was taken over by Boulton and Watts sons, and in 1800, when the patent rights to the engine expired, Watt retired from the business but he continued designing and constructing copying machines. (Porter, Ogilve, 2000)Watt died on August 25, 1819 at the age of 83, leaving the legacy of highly useful machines. His original steam engine of 1765 is now in the Science Musem in London. His n ame has become immortalized as the unit of power; a watt is one joule per second, and one horsepower is equivalent to about 746 watts. (Porter, Ogilve, 2000)

World History Essays

World History Essays World History Paper World History Paper AP World History Reading Guide Ch 20 The Muslim Empires 1) Which of the following was NOT one of the early modern Islamic empires? * Ottoman * Abbasid * Gujarat * Mughal * Safavid 2) How were the three Muslim early modern empires similar? 3) What were the differences between the various Muslim early modern empires? 4) Prior to the Mongol invasions of their empire, the Abbasid dynasty was dominated by what group? 5) The original base of the Ottoman Turks was where? 6) Following the Timurid invasions, the Ottoman Empire was restored under what leader? ) The Ottomans conquered Constantinople and ended the Byzantine Empire in what year? 8) Describe Ottoman naval. 9) Who were the Janissaries? 10) What permitted the Janissaries to gain a position of prominence in the Ottoman Empire? 11) The head of the Ottoman central bureaucracy was the†¦? 12) What was the principle of succession within the Ottoman Empire? 13) One of the most beautiful of the Ottoman mosques o f Constantinople was the? 14) What did the Ottomans do to Constantinople following its fall in 1453? 15) In what way were the artisans of Constantinople similar to their counterparts in the West? 6) What was the chosen language of the Ottoman court? 17) How did the Ottoman dynasty compare to other ruling families? 18) What were the causes for the decline of the Ottoman Empire? 19) On the sea, the Ottoman galleys were eclipsed by Western naval power as early as? 20) What European nation first threatened the Ottoman monopoly of trade with East Africa and India? 21) What were the results of the Ottoman loss of monopoly over the Indian trade? 22) Which group represented such extreme conservatism within the Ottoman Empire that reform was frustrated? 3) What were the differences between the declines of the Abbasids and the Ottomans? 24) What were the differences between the origins of the Ottomans and the Safavids? 25) The center of the Safavid Empire was the modern-day state of? 26) The Safavid dynasty had its origins in the fourteenth century in a family devoted to what variant of Islam? 27) In what year was the first Safavid declared Shah? 28) Followers of the Safavids followers were called? 29) The first Safavid Shah was? 30) Why was the battle of Chaldiran in 1514 so important? 31) The Safavid Empire reached its greatest extent under Shah†¦? 2) What was the status of the Turkic chiefs under the Safavid Shahs? 33) After Chaldiran, the official language of the Safavid Empire became? 34) The capital of the Safavid Empire under Abbas the Great was? 35) How did the Safavids economy compare to that of the Ottomans? 36) What led to the rapid demise of the Safavid Empire? 37) The immediate successor of the Safavid dynasty in Persia was? 38) Who was the founder of the Mughal dynasty? 39) The first Mughal emperor successfully defeated the Muslim ruler of the Lodi dynasty in 1526 at the battle of? 0) Describe the accomplishments / life of Babur 41) Describe the reign of Humayan. 42) Describe the reign of Akbar. 43) What was the critical feature of Akbars new religion, the Din-i-Ilahi? 44) What was the outcome of the Din-i-Ilahi? 45) Describe the economy of the Mughal Empire. 46) What was the state of the Mughal dynasty at the outset of the reign of Aurangzeb? 47) What were the goals of Aurangzeb? 48) What was the impact of Aurangzebs religious policies? 49) What was the state of the Mughal Empire following Aurangzebs death in 1707? 50) Describe the relationship of the Muslim empires to the West.

MBA FINANCE RESEARCH PROPOSAL . CREDIT RISK MANAGMENT OF COMMERCIAL

MBA FINANCE . CREDIT RISK MANAGMENT OF COMMERCIAL BANK A CASE STUDY OF ........WHICH bank case study we take that easy to collect the data - Research Proposal Example Financial institutions are facing many problems in the area of credit risk management. Credit risk is not only oriented towards the banks but it also occurs in all enterprises in the business world. Credit risk usually arises, when any of the trading partner fails to meet his full obligation on due date. This will seriously affect the trading practices of other partner who is associated with him. There must be proper balance maintained between the credit risk and other risks that influence the credit practices of the firm. The issue of credit risk is having a greater concern in banks because of the higher level risk associated. It also includes the changing business conditions and characteristics of the clients. The major causes for these problems are failure of banks in meeting the credit standards which are framed for the borrowers, failure in changing the policies with respect to the economic changes, under-graded portfolio risk management and the situations that lead to decline in credit standings of borrowers of the bank. Credit risk arises when the borrower fails to the terms and conditions mentioned in the credit agreement. â€Å"The goal of credit risk management is to maximise a banks risk-adjusted rate of return by maintaining credit risk exposure within acceptable parameters.† (Principles for the management of credit risk, 1999, para.2). The bank selected for the study is HSBC in UK. â€Å"The HSBC Group is one of the largest banking and financial services organisations in the world.† (Gokarn app as head of credit risk management of HSBC, 2006, para.6). It is headquartered in London and has its offices in more than 86 countries and has 8,500 offices all around the world. â€Å"HSBC provides a comprehensive range of financial services: personal financial services; commercial banking; corporate, investment banking and markets; private banking; and other activities.† (About HSBC: who is HSBC?, 2009, para.4). Research Hypothesis: Credit Risks

History of Blacks in the Diaspora Essay Example | Topics and Well Written Essays - 1750 words

History of Blacks in the Diaspora - Essay Example The coast was the focal point of trade for both goods from Europe as well as their slaves. Ultimately, the people were dumped in one of the ships meant for the slaves and deported on a transatlantic journey unaware that they will be traded and locked up as laborers. In terms of numbers the African Diaspora is unbelievable. Close to 12 million people were coerced out of Africa and deported to the New World. The key to the African Diaspora was propelled by a thriving economy. The slave trade drew investors from a host of nations such as Portugal, Spain, Brazil, England, the United States, Holland, France, Sweden and Denmark which kept the slave trade alive for a more than hundred years. (The African Diaspora: Melfisher.org) The concept of the African Diaspora considers the worldwide dispersion of Africans throughout history; the surfacing of the cultural identity abroad based on origin and social condition; and the physiological return to their own homeland i.e. Africa. Thus the African presence in Asia, Europe, and the Americas is not a recent occurrence. It had happened in ancient Greece and Rome, and it subsisted in Arabia and also in other parts of Asia prior to the rise of Islam. The growth of the global trade in African slaves by the Arabs for more than a century and half years back and the much more severe business by the Europeans and Americas from the fifteen century made that presence basically global. (Harris 27) Background & History of Blacks in the Diaspora: Spanning a period of nearly four hundred years, more than 4 million Africans were deported to N. America and also to the Caribbean Islands in the Atlantic slave trade. They were imprisoned from their motherland and estranged from the members of their groups and families and they were led to lead lives of slaves in New World where the customs and traditions in the midst they spent their lives were completely absent. The African Diaspora is the account of the manner in which Africans even through scattered and isolated were able to retain their traditions, undergo changes in their identities in a New World. Essentials of African culture such as the religion, language, and folklore lasted and also the links to their previous lives. In the course of Americanization, Africans developed yet another culture that is known as African-Americans or Creolos. The forced migration leading to the transatlantic slave trade is considered to be the largest one in the world. In its effort, it created l asting permanent linkages between Africa and N. America. (African Diaspora: Colorado College) The African populations were transported from a lot of areas of Africa, however mainly from those areas along the coast. The Bantu, lined on the Guinea coast, had the biggest uniform culture after which comes Mande, hence the culture of African-Americans was impacted in a major part by the people of these areas. In these colonies, the demand of the slaves mainly for economic factors and the demographics of the slaves left a huge impact on the development of the Afro-American culture. There was a presence of more than one Afro-American cu

T. J. Maxx breach Research Paper Example | Topics and Well Written Essays - 500 words

T. J. Maxx breach - Research Paper Example Due to the TJX breach not only TJX had to suffer but also different banks had to pay the penalty by reissuing the cards to their customers. Gifford (2009, p 65) states that the protocol in WEP was insecure as it was not encrypted properly. TJX Co. did not apply the obfuscation and encryption policies to protect the consumer data. The security software purchased by TJX was not implemented correctly by the IT department of TJX Co. weak firewall rules are also a major characteristic of the cyber security incident. TJX had to pay around $80 -$100 million as a cost of settlement. Hence, it is important to secure data instead to pay penalties (Matwyshyn, 2009, p.9). According to Matwyshyn (2009, p.10), risk management is an important factor which should be implemented in order to prevent recurrence. This made the attack more vulnerable in nature as it did not have to undergo any type of hindrance. A chief information security officer should be allocated who has information of where the customer data is stored and moreover which of the third parties have access to it. Matwyshyn (2009, p.11) suggests that the external reports of the breach should be given importance. for example if a customer gets access to other customer’s data on a website and reports to the company then it should be checked instead of ignoring the issue. There should be regular monitoring of the customer data and its screening should also be done on regular basis. This helps keeping an eye on the usage of data and to remain up to date. The access to data by the employees should also be limited. According to Ballad, Ballad and Banks (2010, p.110) privileges and access to databases should be given only to the people related to information security of the organization. There should be an eye kept on the employees who want to access data, harm it or use it for some other purposes

Indus Motors Company (IMC) Analysis

Indus Motors Company (IMC) Analysis Introduction This Research and Analysis report is based on an analysis of Indus Motors Company (IMC) over a period of three years. IMC is engaged in sole distributorship of Toyota and Daihatsu Motor Company Ltds vehicles in Pakistan through its dealership network. Reasons for Choosing the Topic and the Company: Selecting one project out of twenty available projects by Oxford Brookes University (OBU) was a difficult task. After in-depth analysis of all the available options, I finally selected .The business and financial performance of an organization over a three years period as I used to feel lot more comfortable in this area during my studies and this was suggested by my mentor as well. It was totally in correlation with my studies and during our studies were supposed to excel at accounting techniques like Ratio Analysis and business techniques like Porters Five Forces Analysis and SWOT analysis. Due to a personal interest in automobiles, I choose Automobile Sector of Pakistan which is considered as mother of all industries of Pakistan. The rise in automobile production has resulted from an increased domestic demand and generating over 150,000 direct employment opportunities. For the sake of RAP I selected Indus Motor Company limited (IMC). IMC is a joint venture between the House of Habib, Toyota Motor Corporation Japan (TMC) , and Toyota Tsusho Corporation Japan (TTC) for assembling, progressive manufacturing and marketing of Toyota vehicles in Pakistan since July 01, 1990. Project Objectives Each type of analysis has a purpose or use that determines the different relationships emphasized in that analysis. (Weston Copeland, 1992,pp 178) The objective of this project is to assess the business and financial performance of IMC over a period of three years ending 30th June 2010 and comparison of its performance with one of its competitors, Atlas Honda Limited. The aims and objectives of this research and analysis project are to To analyze the company and the sector in which it exists. To evaluate the performance of the company in terms of: Profitability; to assess a firms ability to create economic value in excess of value expended, to grow, remain solvent and repay debt. To judge the liquidity of the company and evaluate the financial risk. To assess the debt and capital structure of the company by calculating debt equity ratios and interest cover. To carry out the investors analysis in terms of earning per share. To Carry out SWOT analysis. To study the companys market position by using porters five forces model. To conclude the current situation and prospects of companys business and financial position and to suggest the improvements (http://articles.bplans.com) (Accessed 7th April 2010) Research Question In order to ensure my project has the appropriate structure and that I have clear objectives, I highlighted the same questions Shane Johnson (2006) mentioned in his famous article how not to rap myself which states: What is my research question/title of my project? What is the underlying theory? What methods will be used to gather information about the topic? How will the analysis be carried out? What conclusions can be drawn from the analysis? What are the key elements that I should present to my mentor? What have I learned from the process? (www.project-as-practice.org) (Assessed 2nd April 2010) Overall Research Approach I started my project by reading all the information available on the website of ACCA about the OBU degree. After carefully thinking over the available list of projects and consulting with my mentor, I selected The business and financial performance of an organization over a three year period. I started working on the project by setting objectives of the project and by identifying which techniques to be used and I consulted many course and referencing books before start working on the project. Then I started working on the organization by collecting all the relevant data useful for the project. I used secondary sources like newspapers, articles, internet, anylists reports, and annual reports of IMC and the competitor HAL, etc to get the required information. I had to assure reliability of the source of information throughout the information collection process and details of sources were saved by me for the referencing purpose. Meanwhile I conducted three formal meetings with my mentor during working on my RAP. In each meeting I used to show him my research and working till date. My mentor also guided me on various techniques and also referred to few books and resources that were relevant to my research. After completing my project, I had to give my mentor a fifteen minutes presentation on the project, and after his final approval I finally submitted it to OBU. Information gathering and Accounting/Business techniques used 2.1 Sources of Information and Methods used to collect it I had to collect data mainly from secondary sources to undertake the project.. Secondary Data Secondary data is data which has been collected by individuals or agencies for purposes other than those of our particular research study. Source (http://www.fao.org) (Accessed 5th October 2010) I started looking for secondary data from news papers, Companies profile from website, business magazines and journals for competitors and industry reports and industry position of main competitor HAL. Annual Reports were the most reliable source for my RAP and I used audited financial statements for calculating the key ratios relevant to my project and also extract relevant information from annual report to analyze the key strengths and weaknesses of the company. Internet search engines helped me a lot to provide me most relevant and easily accessible information in a timely manner. Information about the overall economic condition of the country and the sector of the company was easily available and was very useful. Companys official website was also very helpful to get the latest authentic information. Some of Analyst Reports with other hard form materials like Business Recorder, daily newspapers etc were also reviewed to benefit from their findings and recommendations. I also used BPP and FTC study material student accountant and refer other management books. Limitations of Information gathering The major limitation about gathering data is that 100% accuracy cannot be guaranteed and there is always a small chance that the source is not reliable and the information gathered is inaccurate. Ethical Issues during Information gathering While dealing with all the information to conduct the RAP I was supposed to strictly follow ACCAs code of ethics. During the research I came across few ethical issues which had to be addressed Research participants must be fully informed about the procedures and risks involved in research and must give their consent to participate; so I had to gain the permission of the people who I was studying to conduct research involving them. Ethical standards also require that researchers not put participants in a situation where they might be at risk of harm as a result of their participation thus I had to be careful about using word sensitive or difficult questions during interviews. Accounting/Business Techniques used and their Limitation I used different business and accounting techniques to conduct my RAP. They are discussed below one by one with their limitations The Ratio Analysis This is the measure of inter relationship between different sections of the financial statements which then is compared with the budgeted or forecasted results, prior year results and or the Industrial results. Profitability For shareholders, employees, creditors, investors, management. Liquidity For shareholders, management, suppliers, creditor and competitors. Efficiency For management, shareholders, creditors and competitors. Gearing For shareholders, lenders, creditor and potential investors. Investment For shareholders, potential investors, management. P2-Corporate Reporting (International) BPP, 2005 pg.223 Limitations Operating and accounting policies differ from firm to firm. Ratios are static and do not consider future trends. Many firms engaged in multiple lines of business so comparing ratios may be meaningless. (Shim Siegel,2007 pp.34) Historical costs not suitable for decision making Different accounting methods may be used by individual firms making up the industry sample. Industry figures may be biased by few large firms within the sample. Different capital structures and size Strategic Business Planning and Development (3.5) FTC, 2005 pg.196. The SWOT Analysis: David (2002), describes SWOT as an analysis that can be used to measure an organizations competencies and identify opportunities to taken by business management in the future. When looking at your strengths, one should make a list of all the things that can be done well. Identify weaknesses as part of SWOT analysis and one will be on the first step to success. One of the places to look for opportunities is we to our competitors. Scanning market, industry or environment for unforeseen threats is an important part of the SWOT process. Limitations of SWOT It can provide useful information about company but as with all toll analysis it will not supply strategic decisions. Strengths and weaknesses may not be readily translated in to opportunities and sometimes in SWOT analysis same factor can be identified as both strengths and weaknesses. A company may also have difficulty identifying opportunities and opportunities may be easy to overlook or may be identified long after they can be exploited. Similarly, a company may have difficulty anticipating possible threats in order to effectively avoid them. (Anthony Henry, 2008) Source 🙠 www.referenceforbusiness.com) (Accessed 15th October 2010) Porters Five Forces Analysis The pure competition model does not present a viable tool to assess an industry. Porters Five Forces model is a tool used by companies that deconstructs the industry structure in to five underlying competitive forces. Bargaining power of suppliers Bargaining power of customers Threat of new entrants The threat of substitutes Competitive rivalry (Nemati Barko, 2001 pp.29) The conventional interpretation of Porters framework emphasized that rivalry and competition as the key components of the strategy. ( Hax wilde,2001 pp.42) Source:(www.articles.bplans.com) (Accessed 26th October 2010) Limitations of Five Forces Model: The model was designed for analyzing individual business strategies. It does not cope with synergies and interdependencies within the portfolio of large corporations. The model does not address the possibility that an industry could be attractive because certain companies are in it. Some people claim that environments which are characterized by rapid, systemic and radical change require more flexible, dynamic or emergent approaches to strategy formulation. P3-Business Analysis: BPP 2008 pg.108 Business Analysis, Conclusion and Recommendations 3.1 Organisations History, Profile Indus Motor Company (IMC) is a joint venture between the House of Habib , Toyota Motor Corporation Japan (TMC) , and Toyota Tsusho Corporation Japan (TTC) for assembling, manufacturing and marketing of Toyota vehicles in Pakistan since July 01, 1990. IMC had sole distributorship of Toyota and Daihatsu Motor Company Ltd Vehicles in Pakistan through its dealership network. IMC was incorporated in Pakistan as a (PLC) in December 1989 and started commercial production in May 1993. The shares of company are quoted on the stock exchanges of Pakistan. Toyota Motor Corporation and Toyota Tsusho Corporation have 25 % stake in the company equity. The majority of shares owned by House of Habib an investment group of Pakistan. IMCs manufacturing plants are located near Karachi which is industrial hub of Pakistan at Port Bin Qasim. Source:(www.toyota-indus.com) (Accesses 30th October 2010) Business Recorder 14th May, 2009 Products: Companys plant in Pakistan is the only site throughout the world where both brands Toyota and Daihatsu are being manufactured.IMCs Product line includes 6 variants of the newly introduced Toyota Corolla, Toyota Hilux Single Cabin 42 and 4 versions of Daihatsu Cuore and newly imported vehicle like Toyota Camry. Source: (www.toyota-indus.com) Source 🙠 www.scribd.com) (Accessed 20th October 2010) The Sectors Overview The Pakistani auto sector has played a significant role in the growth and development of the local economy in terms of revenue generation, foreign exchange, human resource development and technology transfer. Automobiles companies are growing along with industry and all the manufacturers are putting hard efforts to increase their production capacity to meet consumers demands.Prodouction was constant throughout 90s around 45000 but due to consistent policies and increasing power of buyer industry boomed to over 120000 units/annum on just four years to 2003/04. According to the statistics of 2006-07 there were 82 vehicle assemblers in the industry producing passenger cars, light commercial vehicles, trucks, buses, tractors and 2/3 wheelers. Besides these there were over 600 players in the vendor industry. The total employment in the sector was over 192,000 with a total investment of over Rs.98 billion. The auto industry has played a significant role in the large scale manufacturing ind ustry as it contributed $3.6 billion to the economy besides import substitution resulting in annual foreign exchange savings of over $ 1 billion. Source :(www.toyota-indus.com) (Accessed 25th October 2010) The Ratio Analysis: The ratio analysis undertaken is based on the data collected from Annual Reports of Indus Motor Company Limited for the financial year ended 30th June 2010, FY09 and FY08 and that of Honda Atlas Cars (Pakistan) Limited for the finance year ended 31st march 2010,FY 09 and FY 08. . 3.3.1 REVENUE GROWTH The revenue in 2010 according to audited financial reports is 60.09 billion 58.7% higher than in 2009 where as it was 37.84 billion (8.6%) lower than in 2008. (Appendix A) This sharp increase in revenue is mainly due to healthy agricultural income from the farming community and a little increase in auto finance sector.Govt of Pakistan more tightened policy of used imported cars which gives a relief to the industry and the reduction of 5% in excise duty in federal budget 2009/10 which passed to the customers immediately in the form of price reduction. During the year the 2009/10 industry witnessed sharp rise in locally manufactured Passengers and commercial vehicles which grew up to 43% to 141654 units as compared to 99310 units in 2008/09 which lead the production up to 37% higher as compare to 2008/09 and this is mainly because of the Govt tightened policies for second hand imported vehicles. (IMC Annual Report FY10) Profitability Ratios: A class of financial metrics that are used to judge the business capability to generate profits as compare to its expenses and some other relevant costs within a specific period of time. (Kaplan Study Text FR) Shareholder, investors and other stakeholders like management have particularly focused on the profitability of the organisation. These ratios have key importance between majority of stakeholders. Gross Profit Ratio: Gross profit known as the organisation paying additional expenses and savings for coming years also known as gross margin. (Kaplan Study Text FR) In 2010 Gross margin increased to 27.86% as compare to FY09.One of the reasons of this increase is that Pakistan economy showing a modest signs of recovery from recession and sharp increase in demand of passenger and commercial vehicles. Although the gross sales 60 billion RS in FY10 sets all time new records for the company but there is still decline in Gross Margin of (16.12%) when we compare with FY08 where it was 9.3%.The main reasons behind that is the consistent pressure from the Govt to reduce the selling prices, backdrop of rising interest rates,weakning Pak Rupee against YEN, high inflationary conditions, and frequent disruptions to the business cause of shortage of power and terrorist attacks, all of these factors effects the entire supply chain of the company and pushed the manufacturing price to a new highest level and limited the companys ability to pass the increase to the customers. These above mentioned reasons becomes the main reason of erosions of margins. (IMC Annual Report 2010) Honda Atlas gross profit margin had a negative growth in FY10 and reached at (1.5%) as compared to 1.2% and 4.3% in FY09 and FY08 respectively. Where as IMC gross profit had a growth of 28.56% as compare to sharp decline of (34.4%) in FY09. As clear by above data, IMC performance regarding gross profit was far better than its competitor. (Appendix A) Net Profit Margin: Net profit margin measures how efficiently company has controlled its over head. (Kaplan Study Text FR) In highly challenging business environment,IMC has delivered satisfactory financial and operational performance in FY10.The companys net profit increased to 3.44 billion a 54.05% increase as compare to FY09 where it was 1.38 billion a (32.73%) decrease as compare to FY08.The main reasons behind the sharp increase of 54.05% in net profit is due to an incremental increase of 16750 units of Corollas sales volume through extensive marketing efforts. During the FY10 IMC outstandingly reduce their fixed costs which increase the overall profitability despite weakening PAK Rupee and increased manufacturing costs. (IMC Annual Report 2010) When we have a glance at net profit/loss of HAL, the net profit margin decrease to (5.4%) in FY10 where it was (2.8%) in FY09.HAL was having a positive growth of .5% in FY08. Return on capital employed (ROCE): ROCE is a measure that shows how efficiently assets of the company have been utilized to get return from them. It is essentially the net assets of the company. ROCE of IMC has moved in between 19 to 41% between FY08 TO FY10..This is mainly because of massive increase of income of the company in FY10 along with tightened financial controls and efficient and effective management of its various risks exposures. On the other hand HAL utilisation of capital resources are not showing a good picture where ROCE in FY10 had declined to (16.1%) as compare to (9.2%) in FY09 which is mainly because of operating loss of (5.2 billion RS).ROCE was having a positive growth at 8% in FY08. (IMC Annual Report FY10) Liquidity Ratios Liquidity ratios indicate an organisations ability to meet its short term financial obligations. Most commonly evaluated ratios are current ratio and quick ratio calculated as follows. Current Ratio: .IMC was having a ratio high of 2.6 in (FY08).In( FY09) the current ratio fall drastically to 1.7 times. There was a significant increase in current assets in FY09 specially in cash and bank balances which rose from 9664 million to 16715 million and stock in trade from 2637 million to 4088 million but there was a more than proportionate increase in current liabilities from 3779 million to 9884 million mainly due to advances from customers a 628% increase as compare to FY08.The current ratio in FY10 did not improve it remains at FY09 level 1.7 times because of proportionate increase in current assets and current liabilities. (IMC Annual Report FY10) (Appendix A) HAL current ratio was near to 1 in FY08 (.8 times ) which was not as bad because it remains close to industry average of 1.It got worse in FY09 (.7 times) and (.6 times) in FY10 which is not a good indicator for short term creditors. (HAL Annual Reports FY10) Quick ratio: Quick ratio also known as acid test ratio eliminates the effect of inventory from the current ratio. Quick ratio behaves the same way as to current ratio was 1.8:1 in (FYO8) before declining to (1.3:1) in FY09 and remains constant at the same level in FY10.Although there is a sharp increase in current liabilities in FY10 from 9884 million to 1422 million but the current assets on the other hand (excluding inventory) moved almost the same proportion. Over all quick ratio is reasonable and company is in sound position to meet its liabilities from most liquid resources for example cash and bank balances and receivables. (IMC Annual Reports FY10) (Appendix A) Quick ratio of HAL is very low as to industry average and remains constant for the past three years at (0.20:1).This shows that HAL is not having enough liquid resources to pay its current liabilities even. This low current ratio can be seen as the going concern problem for HAL in near future if this situation sustain as it is. (HAL Annual Reports FY10) (Appendix B) Overall liquidity condition of IMC is far better than that of HAL. Working Capital Ratios Working capital ratios also known as efficiency ratios reduce the risk for lenders and enable management to increase the productivity and business profits. (Kaplan Study Text FR) Days Accounts Receivable: IMC receivables days decreased from 12 days in FY08 to 17 days in FY09 and decreased further to 10 days in FY10.This reduction in receivable days pointed towards the better effective and controlled credit policy. HAL on the other hand does not have trade debts at all in their balance sheet. This reflects their policy to only deal in cash. Days Accounts Payable: Creditor turnover ratio shows how many days an organisation takes to pay its short term obligations and how much it depends on trade credit for short term financing. (Kaplan Study Text FR) Creditor turned out cost of sales in FY10 is 39 days almost at the same level in FY09 but increased when we compare with FY08 where it was 28 days. This improvement in payments pointed towards the strong and healthy relationship with lenders and suppliers of raw material and longer the days payable better for the cash flow. (Appendix A) HAL days accounts payable increased significantly 79 days to 124 days between FY08 and FY10.Taking in account of HAL current year financial performance it is apparent that company is struggling to pay its creditors and taking too long as compare to its main competitor IMC which is not a good news for creditors and shareholders as well. (Appendix B) Debt/ Solvency Ratios IMC is All-Equity Company with a zero long-term debt. This is a plus point in the current economic situations as company doesnt have to pay fixed cost of interest on long term borrowings. (IMC Annual Report FY 10) Gearing Ratio: As being all equity funded IMC manages to perform well in the crucial economic time and leave its competitors behind.IMC does not have any long term debt included in their capital structure making companys gearing ratio nil. On the other hand it has some disadvantages as well, the companys capital structure is not at optimum level and company is ignoring cheap sources of finance (long term debt) as to equity. (Appendix A) HAL is not all equity financed company and have long term debts on their balance sheet which results in a high finance costs. These high finance costs pushed company from profits into losses.HAL gearing level increased from 35% to 105% between FY08 and FY09 this increase was mainly due to increase in debt which rose from 500 thousands to 1500 thousands. The ratio decline to 93% in FY10 but still high as compare to industry norms. (Appendix B) This high gearing ratio could cause serious liquidity problems and could seen as a going concern threat but the parent company Honda Motors Japan will continue to provide the liquidity support to HAL and on that basis directors does not see any threat of this serious liquidity problems as a going concern threat and company will carry on its operations in foreseeable future. (HAL Annual Reports FY10) Interest Cover Ratio: Interest cover shows how many times, the profit before interest and tax covers interest amount. Its a measure of how adequately company profit could cover up its interest payments on debts. (Kaplan Study Text FM) IMC results are very healthy and reached at the level 1284 time in FY08 mainly because of very low finance charge of RS 2.7 million. It reduced drastically in FY09 from 1284 times to 78 times mainly because of enormous increase in finance charge from 2.7 million to 26.5 million due to loss on revaluation on foreign exchange contracts, sharp increase in mark up on advance from customers which rise from 2.8 million from FY08 to 8.8 million in FY09 , and high interest rates. It is at its all time high in FY10 at 1467 times. The main reasons behind that impressive increase are the best ever financial performance of the company and reduction in finance cost through unrealised gain on revaluation of foreign exchange contract of 96 million approximately which is quiet commendable as it guarantees good rating of the company. (Appendix A) (IMC Annual Reports FY10) Interest cover ratio at HAL was positive but very low at 1 time in FY08 before got worse in FY09 at (2) times in (FY09) and remains constant at the same level in FY10. It shows that company is facing difficulties to meet its long term financial obligations. These drastic results of profitability ratios of HAL could threaten its credibility to raise more finance in near future. (Appendix B) (HAL Annual Reports FY10) Investors Ratios: The earnings per share (EPS) of a company indicates profit after tax attributable to equity shares of a company. (Kaplan Study Text FR) The EPS of IMC was RS.29.15 in FY08 before dropping down to RS. 17.62 in FY09 due to fall in earnings of the company because of recession in the overall automobile market globally and locally. However (EPS) up by 138% from RS.17.62 to RS.41.9 due to highest ever car sales of 50.8k units as compared to 34.1k units in FY09.IMC achieved 100% capacity utilization of its manufacturing plant since it started its operations in FY10. This is due to increasing liquidity in rural areas and Govt institutions that continued buying Corolla. These increased and recovered car sales remained one of the main reasons behind such a high growth in earnings. Due to increased car sales,liquidity position improved as company was having 16 billion cash on its balance sheet as compare to 9.7 billion in FY09.Company invested this surplus cash in high yielding bank deposits which becomes the main reason of significant increase in other income from RS.727 million to RS.1.25 billion in FY10 and increased the ove rall earnings of the company. (Appendix A) Source:(www.dailytimes.com.pk) Assessed:( 10th November 2010) HALs EPS declined more in FY10 to (RS.5.97) from (RS.2.81) in FY09.This was due to loss after tax of (RS.852.2 million) in FY10.The main reasons attributed to the loss are under utilisation of capacity and depreciation of Pak Rupee as to Japanese Yen.HAL did increase the sale prices in line with the market condition to overcome these problems but this was not enough for complete recovery.EPS was RS.55 in FY08. (Appendix B) (HAL Annual Report FY10) The SWOT Analysis: SWOT Analysis is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in IMC. Strengths: IMC is a joint venture between House Of Habib and Toyota Tusho Corporation LTD Japan. Toyota is a global organization with representation of more than 170 countries . Toyota has becomes the industry leader for maximizing profits through lean manufacturing system and waste reduction methods.IMC has a very well experienced, talented and diversified management team and IMC has the strongest dealership network within the country and during the FY10 a new 3s dealership was launched in Lahore and Faisalabad to strengthen the business with this addition IMC dealership consists of 32 outlets throughout the country with market share of 34.5%.IMC commitment to provide excellent customer services have been acknowledged by Toyota Motor Corporation and awarded the Customer Service Excellence Award 2009. (IMC Annual Report FY10) Source : ( www.oppapers.com) (www.toyota-indus.com) Assesses 🙠 12th November 2010) Weaknesses; IMC is all equity financed company with zero long term debt.IMC financial results for FY10 for sales and profits are at all time high however it is not likely that company will carry on the same momentum for near future. Moreover company is not investing considerably in new projects and plants.IMC is utilizing its manufacturing capacity at full and unless the margins increased significantly or they increased their capacity by installing new manufacturing plants it will be quiet likely that the earning momentum will not be the same as FY10. Source 🙠 www.dailytimes.com.pk) Assess 🙠 15th November 2010) Opportunities : Pakistan automobile industry for LCV and PC is growing at the rate of 43%. In Pakistan context there are 8 cars in 1,000 persons which is one of the lowest in the emerging economies which itself speaks of high potential of growth in the auto sector and more in the car production. Rising per capita income with changing demographic distribution and an anticipated influx of 30 to 40 million young people in the economically active workforce in the next few years provides a stimulus to IMC to expand and grow.As the environmental protection awareness is rising in Pakistan slowly, IMC has the opportunity to introduce Hybrid cars in Pakistan to meet the needs of environment friendly people. (IMC Annual Report, FY10) Source :(www.nationmaster.com) Assess :(16th November 2010) Threats: Pakistan domestic auto industry has barely started recovery from global financial crunch and currently facing lots of challenges.Govt has recently signed Afghan Transit Trade Agreement and it is very important to implement the agreed safeguard otherwise it would cause a serious threat to t

Charles Lindbergh :: essays research papers

Charles Lindbergh was a man of many accomplishments. In his time, everybody loved him. Charles was well known all over the world. He was a hero, he represented all that could be accomplished in the future. He was a figure for doing what nobody else thought could be done. Lindbergh was one of those people that everyone else wanted to be. Charles Augustus Lindbergh was born in Detroit on February 4, 1902, to Charles Lindbergh, Sr., and Evangeline Land Lodge. Yet, he grew up in a small town in Nebraska. Lindbergh was a whiz with mechanics. By age twelve, he was in charge of driving and fixing the car. In high school, he assembled a tractor from a mail order kit. When he was eighteen he entered the University of Wisconsin to study engineering. He found he was more interested in flying, so after two years of college, he dropped out and became a barnstormer, which was a pilot who performed daredevil stunts at fairs, and airshows. Lindbergh was a favorite among the crowds. People would travel from all different places, even Europe, to come see his daredevil tricks. In 1924 Lindbergh enlisted in the U.S. Army so he could be trained to be a pilot. During this time he was given the nickname “Lucky Lindy'; because he would attempt daredevil stunts with his airplane, and always seem to evade punishment from upper officers. In 1925 he graduated as the top pilot in his class. He soon began working as a mail deliverer between St. Louis and Chicago. Lindbergh soon heard of an offer given in 1919 by a New York hotel owner named Raymond Orteig. The offer was this: the first aviator to fly nonstop from New York to Paris would receive 25,000 dollars. Nobody had succeeded by 1927, and Lindbergh decided he could do it if he had a suitable plane. Remember, in 1919 this was a very scary thing to do! There was no radio on your plane, so if it went down, you could not call for help, and nobody would know where you were. Also, there was no coast guard, no search and rescue teams, so if you crashed, you were dead. He arranged for nine St. Louis businessmen to help him finance his plane. A company in San Diego called Ryan Aeronautical Company was chosen to construct the plane, which Lindbergh helped design. The plane was named "The Spirit of St. Louis". A transcontinental record was immediately set in a test run when Lindbergh flew from San Diego to New York City in