Nike Financial Analysis Essay

Nike  is a company that has thoroughly embedded itself into the psyche of people around the world. It’s a company that started with humble origins from selling footwear in the basement to becoming the behemoth in the athletic industry. Bill Bowerman, University of Oregon track ; field coach, and Phil Knight, middle-distance runner under Bowerman co-founded Nike. Nike was first established as Blue Ribbon Sports in 1964 as a partnership and the name Nike was officially adopted on May 30, 1978. The infamous Nike Logo – Swoosh, was created for a fee of $35 by Carolyn Davidson, a graphics design student. In 1980, Nike becomes a publicly traded company with the completion of its Initial Public Offering of 2,377,000 shares of Class B Common Stock on New York Stock Exchange with the stock symbol NKE. Today, Nike employs over 27,000 people across the globe, and has net revenue in excess of $13 billion. The purpose of this paper is to provide investors with comprehensive information on Nike, its financial health and activities, its strength and weaknesses, and whether Nike creates value to its shareholders. This paper will analyze Nike’s capital structure, scope of international operations, recent stock performance, and dividend policy. We will examine how Nike’s international operations are conducted, its criticisms and strengths. Nike’s debt ratios, dividend payout ratios, dividend yield, and interest coverage ratios over the previous 5 years will be discussed and compared with industry benchmarks. Its bond ratings and the relation between the operating characteristics and its leverage will also be analyzed. Managers for Nike are creating value for shareholders by expanding Nike operations in foreign markets as much as possible. Nike’s sales and earnings outpaced Wall Street estimates FY 06. Nike’s sales reached $15 billion and its earnings per share were up 18%. Over the past 5 years, Nike’s earnings per share on compounded rate were up 20%, gross margins averaged 42% and in the past year, Nike delivered 44% margins in a period of rising costs. The current managers are maximizing shareholder’s wealth but in the footwear industry, Nike’s performance still falls. The footwear industry averaged about 14. 25%, while Nike’s growth in stock was 10. 48%. If the increase in value of shares is a benchmark of performance for managers, Nike’s performance is unimpressive. Nike has a Price to Book (MRQ) ratio of 3. 97, while the industry Nike competes in has a ratio of 3. 96. S;P 500 has a Price to Book (MRQ) ratio of 3. 90. Nike has a Price to Tangible Book (MRQ) ratio of 4. 26, while the industry has a ratio of 4. 44, and the S;P 500 has a ratio of 7. 22. The Nike brand itself is the biggest strength of Nike. Its other strengths include international operations where it is expanding aggressively, innovation of new products and ability to connect with its consumers. People’s perception of Nike as an exploiter of workers in developing nations, might cause considerable damage to its brand, and the poor performance of its stock relative to its industry is also one of its weaknesses. Nike’s managers must maximize shareholders wealth, which is not at its optimum level. As a world-renowned multi-national corporation, Nike has a presence in almost every nation. Nike itself started by importing athletic shoes from a Japanese company called Onitsuka Tiger Company. Nike earns more revenues from its international operations than its domestic market. Nike earned about $6. 5 billion FY 2005 from its international operations, compared to $5. 1 billion from its domestic market. International operations appear to be a key driver of Nike’s growth. Nike’s international operations are divided into 3 different regions. The EMEA region oversees operations in Europe, Middle East, and Africa. The Asia Pacific Region oversees operations in East Asia, South Asia, Southeast Asia, and the Pacific. The Americas region oversees operations in South America, and North America (excluding United States). Europe, Middle East, ; Africa (EMEA) is headquartered in Hilversum, Netherlands. In terms of revenue, the EMEA is Nike’s second largest region. EMEA region contributed about $4. 3 billion in revenues for Nike. Of these, footwear revenues contributed $2. 5 billion, apparel revenues contributed $1. 5 billion and equipment revenues contributed $284.million. FY’05, 31% of Nike brand revenue was generated by sales in the EMEA region. This region is also the third largest in terms of manufacturing. EMEA region employs about 6,000 Nike employees, and has about 104 contract factories. These factories in addition, employ 29,242 workers. The Asia Pacific region is Nike’s third largest in terms of rev enue, and the largest in terms of manufacturing. Nike has 13 branch offices and subsidiaries in the Asia Pacific region. China has become both a source country and a vital market for Nike. Asia Pacific region has 3,282 Nike employees approximately. The region also has 252 contract factories located in North Asia, and 238 contract factories located in South Asia. Combined, these factories employ 550,821 workers. Nike’s revenues for year 2004 from its Asian operations were about $1. 6 billion. Of these revenues, approximately $855 million were from footwear sales, $612 million from apparel sales and $146 million from equipment sales. The Americas region is the smallest in terms of revenue 2nd largest in regards to manufacturing. The first Nike shoe ever contracted out was done in Mexico in 1971. For year 2003, the region provided Nike with revenues of $624 million. Of these revenues $412 million were from footwear sales, $166 million from apparel sales and $47 million from equipment sales. This region has approximately 1076 Nike employees and additional 44,568 workers working in 137 total contract factories. Nike has branch offices and subsidiaries in five countries. Some of the challenges that Nike has faced and still faces are in regards to its manufacturing facilities and violation of labor laws. Nike has been accused on numerous occasions of employing children in its factories or exploiting workers in developing countries. In response to these allegations, Nike implemented strict standards for manufacturing facilities, including minimum age, air quality, mandatory education programs, expansion of micro-loan programs, factory monitoring, and enhanced transparency of Nike’s corporate responsibility practices. In order to better its image, Nike even ceased orders from Pakistan in November 20, 2006 as the soccer-ball manufacturer there failed to correct labor-compliance violations. Examination of Nike’s debt ratios reveals that the company has less debt in proportion to its assets. In 2002, Nike had a debt ratio of . 404 with total assets being worth about $6. 44 billion, and total debt of $2. 60 billion. In 2003, Nike’s debt ratio increased to . 415, its total assets increased by $378. 1 million, and its total debt increased by $226. 4 million. Debt ratio fell to . 394 in 2004, and fell further in 2005 to . 358. In the year 2006, Nike’s debt ratio increased to . 363, and had total assets of $9. 87 billion and total debt of $3. 58 billion. Examination of Nike’s interest coverage ratio reveals that the firm can sufficiently pay outstanding debt. If one were to take only Nike’s interest coverage ratios into account, it can be said that Nike generates sufficient revenue to satisfy interest expenses. In the year 2002, Nike had an interest coverage ratio of 22. 43. This further increased to 29. 04 the following year with EBIT amounting $1. 25 billion and interest expense amounting to $42. 9 million. In the year 2004, interest coverage ratio increased phenomenally to 59, with EBIT being $1. 48 billion and interest expense being $25 million. Finally for the year 2005, the interest coverage ratio was 388. 485 with EBIT being $1. 86 billion and interest expense being $4.million. Nike has a 5-year average leverage ratio of 1. 5, the industry leverage ratio is about 1. 5, and S;P 500 Index has a leverage of 4. 9. The firm’s leverage shows that Nike is using long-term debt, and it is measurable and appropriate. The operating characteristics include volume of sales in tune of $13,739. 7 million FY 2005, $12,739. 7 million sales in 2004, $10,697. 0 million sales in 2003, 9893. 0 million sales in 2002, and 9488. 8 million sales in 2001. These financial conditions indicate that Nike, Inc. percentages are not high and provide protection for the stockholders. Nike’s bond ratings by Moody for Senior Unsecured loan has a rating of A2, an Aa3 rating for Credit Default Swap, Aaa for Equity-Implied, and an A2 rating for Bond-implied. Nike pays dividends to its shareholders every quarter. In the past 5 years, Nike’s dividends ranged from $. 12 a share in March of 2002 to $. 37 a share in December of 2006. Nike’s dividend rate is much higher than both the industry average, and the S;P 500 Index. For the last 12 months, the dividend rate paid by Nike was 1. 48; while the industry average was . 32, and the S;P index dividend rate was . 74. Nike’s annual dividend yield is about 1. 0%, while the payout ratio is 24%. K-Swiss, one of Nike’s competitors has an annual dividend rate of . 20, annual dividend yield of . 60% and a payout ratio of 9%. Skechers USA, another competitor, paid no dividends. The dividend yield of S;P 500 was 2. 06%, while the dividend yield in the footwear industry was 1. 44%. The payout ratio f or the footwear industry was 20. 37%, and the S;P payout ratio was 28. 23%. Although, S;P 500 performed better than Nike in regards to dividend yield and payout ratio, one has to take into account that in footwear industry, Nike’s dividend yield and payout ratio were considerably higher than its competitors. In regards to its dividend policy, Nike is very attractive, and is very much â€Å"ahead of the pack†. Nike also has a Dividend Reinvestment Plan (DRIP) and allows its shareholders to participate in it through its Nike Direct-SERVICE Program. Through this program, shareholders can convert their cash dividends into shares at a significant discount to the current share price. Nike has a market value of $24. 41 billion. Approximately 1. 33 million shares are traded daily on average. Over the course of 5 years, Nike’s stock price went from $56. 92 as of Jan 2, 2002 to $97. 45 as of Dec 11, 2006 – an increase of 71. 5%. The graph below illustrates Nike’s 5 Year trend. In the recent year, the firm’s shares were traded as high as $99. 30, and as low as $75. 52. The firm started with a stock price of $85. 95 in the beginning of the year and as of December 12, 2006 closed at $96. 57 – a . 90% decrease from the previous day. The stock performance trend reveals that Nike experiences a greater loss during the months of August and September, and greater gains in October thru December, which is the holiday season. The graph below shows Nike’s stock performance trend in the recent year. The chart below shows growth in Footwear Industry in comparison to S&P 500 index. In conclusion, Nike’s future growth would primarily derive from its foreign operations. As the footwear industry in the domestic market has slowed, Nike has to expand aggressively in foreign markets. Nike pays more dividends in comparison to its competitors; the firm should reinvest that money in aggressive expansion in foreign markets rather than giving back the shareholders the profit. Nike’s returns are also significantly less than the S&P 500 index and within its own industry.

Artistic Behavior in the Human Female Essay

The passage above comes from the article, â€Å"Artistic Behavior in the Human Female,† by Jean Robertson (2003, p. 24). Robertson (2003) argued that female artists define and interpret female sexuality in diverse and conflicting ways, and by using different artistic strategies. Robertson makes assumptions about the woman’s body as a contested terrain, wherein being a woman continues to be a subject of heated debate. For him, how female artists view themselves as women, and as artists, shape their depiction of â€Å"femininity† and â€Å"female sexuality† in their artworks. One of the quotes that Robertson mentioned in his text comes from Simon de Beauvoir. In her seminal book, â€Å"The Second Sex,† she stressed that: â€Å"One is not born a woman, but, rather, becomes one. † I want to reflect on de Beauvoir’s statement and Robertson’s belief about the woman’s body. I agree with de Beauvoir that social experiences and political conditions impact the construction of â€Å"being a woman. † Society shapes how women and men see femininity and gender roles through establishing gender roles and expectations. An example is when a girl is â€Å"conditioned† by her mother to be a â€Å"woman,† by telling her how she should act as a â€Å"woman. This includes educating her about the toys she can and cannot use, and the games she can and cannot play. The girl learns that she should act and think a certain way, in order to be â€Å"feminine. † She learns that she cannot be boisterous or get involved in sports, because that would be too â€Å"manly† for her. This girl is the perfect example of â€Å"becoming† a woman. On the other hand, I also agree that being a woman is a biological and individual construct. A woman is a product of her biology, whether she likes it or not. This is why women are also defined by their sexual organs. Their biology also determines their sex, as well as their gender. Furthermore, being a woman is a product of individual desires and needs. Any woman can define her womanhood the way she also wants it to. Robertson indicated the existence of the pluralities of femininity. It is true that a woman’s body is a contested terrain, and for me, what is wrong with that? Is it not also possible to have multiple femininities, instead of having only one approach to define and to interpret what it means to be a woman? There is nothing wrong, in my opinion, of having different ways of being a woman, because to deny one approach to womanhood undermines the very essence of being a free woman. Journal entry 2 In â€Å"A conversation about race and class,† Childers and Hooks (1990) argued that gender should be expanded to include issues of race and class. They said that: â€Å"†¦we should begin by talking about how we experienced the struggle to challenge and expand the category of gender† (pp. 61-62). For them, people cannot understand gender in its whole sense, if racial and class issues are overlooked in gender analysis. This reading challenged my view of gender, by asking me to see gender through a much broader lens. I have not considered that gender issues also intersect racial and class issues. On the other hand, Childers and Hooks (1990) compelled me to think about the politics of gender. This is related to our discussions about gender as a political object. The politics of gender demonstrate that there are hierarchies to the feminine gender that are experienced by many women. Power is also affected by one’s class and race. If white female women feel that there is a glass ceiling at the workplace, lower-class black and Hispanic women face a greater and heavier glass ceiling in society. Because of their class and race, they feel and experience multiple glass ceilings- the ceiling of racial discrimination, the ceiling of class discrimination, and the ceiling of gender discrimination. These ceilings, on top of one another, represent something more than just a hindrance to economic development, but resemble ceilings that are directly pressed on these women’s bodies. They could hardly breathe, because there are just too many ceilings that make it difficult for them to even survive. Now, I look gender as an amalgam of issues that women bring to gender discourse. As a result, race and issue not only expand gender discourse, but considering them has also broadened my understanding of gender and its diverse conflicts. Journal entry 3 When feminists speak about feminism, they mostly see the opposition between the feminine and the masculine- the yin and the yang. We also discussed the binary opposition in class, which heightened my knowledge of how women are reduced to the lower spectrum of the opposition. The binary opposition also exists in differentiating mothers from fathers. Mothers are put in pedestals, while fathers are forgotten and scorned. Laqueur (1990) complained about this binary opposition in â€Å"The Facts of Fatherhood. † This is an interesting article that argued about the repression of the history of fatherhood. Laqueur (1990) posited that while women enjoyed being the â€Å"natural† parent, fathers were regarded as mere providers, or even as a backdrop to the family. He stressed that it is time for fathers to reclaim their right to be part of the parenting history, wherein their contributions to the formation of society are recognized and respected. This polemical article amuses and interests me significantly. It amuses me because at the back of my mind, I felt gender discrimination in reverse. I believe that mothers have specials bonds with their children, but this belief, however, is marked by sexism. Do not fathers also share special bonds with their children? Laqueur (1990) challenged the notion of motherhood, because it undermined the importance of fatherhood. In my mind, it is better to not differentiate mothers from fathers, which is the same as stopping ourselves from differentiating women and men. Women and men have their own strengths and weaknesses and none is more superior. In the same line of thought, mothers and fathers are also equal. Let us just call motherhood and fatherhood as parenthood and give fathers their rightful place in the history and the practice of nurturing human society. Furthermore, this is also an interesting article, because it challenged me to talk about being a woman in relation to being a man. Being a woman has its multiplicities, and now, being a man has its pluralism too. For me, these multiplicities, acknowledged as part of gender analysis, render two steps forward for true gender equality. Journal entry 4 In â€Å"Criticizing Feminist Criticism,† Gallop, Hirsch, and Miller (1990) debated on the purposes and development of feminine criticism. Their main point is that feminist criticism writers have gone to the extreme, by pulverizing each other’s feminist views. They believe that this process is futile in understanding and improving the development of gender discourse and feminism. They asserted that feminism can be criticized in a more comprehensive manner, wherein there is no right or wrong feminism. I chose this article because it threads on sensitive issues, wherein the personal versus the collective idea of feminism clashes. Feminists have different worldviews about gender roles, sexuality, and femininity, and they criticize each other in different ways. I have never thought that feminist criticism has become too unconstructive. This is not my idea of criticism at all. I think about my own criticism of feminist criticism and I cannot help but agree that criticism is not about â€Å"thrashing† feminist theories (p. 350). Criticism is also about adding something to existing theories, in ways that can benefit the understanding of what it means to be a woman and how different understandings contribute to a wide range of feminism discourse. I earnestly believe also that feminists cannot define feminism in one way or several ways alone. Feminism should be viewed as a huge mess of ideas and values, different and special to women and groups, who fight for and because of different issues. Yes, it is a mess alright, because being a woman is a dynamic process that is also a part of being an individual and being a member of one’s race, class, and so on. Being a woman cannot ever be a tidy place, wherein women think the same and act the same. I would rather have it as a mess- wherein women are free to think and re-think feminism, in relation to their personal experiences and values. References Childers, M. & Hooks, B. (1990). A conversation about race and class. In M. Hirsch & E. F. Keller (Eds. ), Conflicts in feminism (pp. 60-81). New York, NY: Routledge. Gallop, J. , Hirsch, M. , & Miller, N. K. (1990). Criticizing feminist criticism. In M. Hirsch & E. F. Keller (Eds. ), Conflicts in feminism (pp. 349-369). New York, NY: Routledge. Laqueur, T. W. (1990). The facts of fatherhood. In M. Hirsch & E. F. Keller (Eds. ), Conflicts in feminism (pp. 205-221). New York, NY: Routledge. Robertson, J. (2003). Artistic behavior in the human female. In B. Stirratt & C. Johnson (Eds. ), Feminine persuasion: art and essays on sexuality (pp. 23-38). Bloomington, IN: Indiana University Press.

Natural Disasters in the Caribbean

The natural disasters that are typically experienced in the Caribbean can have catastrophic and devastating impacts on the environment, economic development and social structure of these islands. Severe damage to the built infrastructure that has supported communities on Caribbean islands for decades can place a huge strain on economic activity. The social impacts that are experienced following natural disasters consist of homelessness, injury, suffering, sickness, disease, and even death.This paper will introduce the major natural disasters that have affected life in the Caribbean and they include hurricanes, earthquakes, volcanoes, landslides, flooding and tsunamis. Other than Barbados, all Windward Islands of the Caribbean are of volcanic origin. Volcanoes are ruptures in the earth’s surface that allow for the escape of lava and gas. The two types of volcanic eruptions, explosive and effusive, can both have devastating consequences on the environment and the Caribbean inhab itants.Although not a common occurrence, several volcanic eruptions have take place on Caribbean islands. For example, an eruption on St. Vincent in 1979 left economic losses of 1 billion dollars, but fortunately no casualties. Flooding is another very impactful natural disaster that is one of the more common types of natural disasters to greatly affect CARICOM countries. Sometimes called the silent killer, flooding can greatly affect socio-economic development.Whether it is coastal or river flooding, it has the ability to greatly damage the agricultural landscape as well as introduce water-borne disease that can lead to death in local inhabitants. There is a disproportionate vulnerability of CARICOM countries to natural disaster demonstrated by the numerous events that have occurred over the last few hundred years. The intrinsic vulnerability is due to the small size of Caribbean islands, their insularity and remoteness, and the economic, environmental and demographic factors that are associated with these islands.Furthermore, there is limited hazard forecasting ability for several CARICOM countries. The CARICOM countries are geographically set in a location that makes them vulnerable to natural disasters. The Caribbean climate is tropical and temperatures range between approximately 24 °C and 32 °C throughout all islands as a whole. The prevailing trade winds along with year round sunny skies set a warm climate for CARICOM countries with both dry and wet season.Precipitation depends on the elevation of the island and is also effected by water currents. The environmental impacts of Caribbean natural disasters are correlated with the large coastal zones on the numerous islands and the damage can vary from affecting the entire landscape or the falling on one tree. It was noted that from 1960-1989, â€Å"hurricanes in the Greater Caribbean Basin resulted in the deaths of 28,000 people, disrupted the lives of 6 million people and destroyed property worth U. S. $16 billion. All the Caribbean nations that have already faced the fury of the hurricane Sandy and have had to fight back by burying the dead, finding shelter for the homeless and counting the economic losses. Sandy moved northwards with gusts in over 110 mph destroying homes, crops and roads on its way. More than 69 people were killed in six countries. Even though Haiti was not in Sandy’s direct path, the island was greatly affected as Haiti has confirmed that 52 people have dead and a lot of people are missing. Buildings were engulfed in mudslides or swept out to sea by flood tides.The Government in Port-au-Prince declared that about 200,000 people are homeless and only 17,000 shelters have been provided. The country has short-term fears of cholera and other water-borne disease and besides that there is also a huge food shortages because the agricultural landscape has been badly damaged by the hurricane Sandy. Smaller scale fatalities and damage were also reported in Jam aica, the Dominican Republic, Puerto Rico and the Bahamas, where seawaters surged over coastal barriers to deluge roads and buildings.February 8th, 1843, the Eastern Caribbean was affected by the biggest ever recorded earthquake. The region from St. Maarten to Dominica experienced very intensive damages. All masonry was destroyed and the earthquake also caused a big fire that destroyed a lot of wooden structures in Antigua. The estimated number of deaths is about 4000-6000 people, which represents 1/3 of the population. This earthquake was felt as far south as Caracas and British Guiana and was even felt in Washington, which is 2000 km away.The magnitude of this earthquake is estimated to have a range of 8. 0-8. 5. On January 12, 2010, a 7. 3 magnitude strong earthquake happened in Haiti, the capital Port-au-Prince. The World Health Organization confirmed that the Haiti earthquake resulted in 222,500 death and 196,000 more injured. The epicenter was 15 kilometers from the Haitian ca pital, Port-au-Prince. According to the preliminary estimates of the International Committee of the Red Cross, this devastating earthquake will result in 3 million Haitian refugees.

Analysing organisation Essay Example | Topics and Well Written Essays - 500 words - 4

Analysing organisation - Essay Example The underlying interests of the readings were to present men in their true character and substance, and further evaluate the effect of that on organizations in terms of work and management. Gendered power relations are becoming critical to consider in the contemporary organizational setting. Organizations are overly becoming interested in defining men and their masculine identities. It has been noted that men are neglecting their fellow men in organizations, prompting the debate of actual men identity. Research and development in various fields of study is focusing on masculinities. There are crucial aspects to address in the underlying studies, meaning that the readings have a point to put across. Naming of men in organizations, workplaces and in management roles is a crucial aspect that is and continues to influence gendered power relations. The need to account for multiple masculinities is the basis of analysing men in organizations. There are a number of conceptual difficulties highlighted in the readings, prior to naming as men. These are: exclusion, differences, meaning and power (Collinson & Hearn, 1994, p.8-10). These problems are relevant to address, especially when it comes to the bid of addressing problems associated with masculinity discourses. There is no doubt that the highlighted masculinity discourses remain highly observe in organizations. These discourses of masculinity are: authoritarianism, paternalism, entrepreneurialism, informalism and careerism (Collinson & Hearn, 1994, p.13). Analysing men and further defining them as men will critically integrate these discourses into gendered power relations, striking a balance between men and women in organizations, work and management. Contemporary organizations are embracing modernity, and are therefore sensitive to gender issues. Gender disparities especially in workplaces and organizations have been evident

Post-Colonial Nigeria Political History Essay Example | Topics and Well Written Essays - 1250 words

Post-Colonial Nigeria Political History - Essay Example Consequently, Nigeria not only remained dependent of the United Kingdom several years after the winning of freedom from the latter, but also turned out to be victim of ethnic-racial and religious conflicts after obtaining the status of a sovereign state. Hence, wide-scale corruption, red-tapism, nepotism, hoarding, lawlessness, unemployment and poverty remained the most dominant challenges faced by the country during its post-colonial years till today (Ihuegbu 2002). Like all the newly liberated nations on the map of the globe, Nigeria also experienced ethnic, racial, religious, regional and class discrimination in the country, where the communities belonging to eastern, western and northern parts of the vast country appeared to be determined to dominate over other ethnic and regional communities in one way or the other. Hence, Nigeria became the prey to civil war, and remained as the crowd of people after half century of breaking the shackles of slavery, which could not be stated as a nation in the real sense of the world. A coalition alliance under the title Nigerian People’s Congress came at the helm of the governmental affairs, through elections, in order to establish a conservative Islamic political system in the country. Since both Christian and Muslim communities are in majority in the country, the prominent leader of Christian-dominated National Council of Nigeria and the Cameroons (NCNC) Nnamdi Azikiwe (1904-1996) was nominated to be the first Governor General of Nigeria, who belonged to the majority Igbo ethnic group of Nigeria (Rustad 2008). Since the northern Yoruba community, having significant proportion in the national population, was not invited to participate in national affairs, they chose to form opposition alliance Action Group under the leadership of Obafemi Awolowo. Somehow, the differences among the Hausa, Yoruba and Igbo ethnic tribes turned into political rivalries, where all these regional groups were determined to obtain politi cal supremacy in order to enforce the system of their choice subsequently. Since the unrest was in vogue in different parts of the country, where the communities were at daggers drawn in Nigeria, a plebiscite was held in 1961 in order to decide the fate of southerner and northern Cameroon, where the former voted in favor of Cameroon, while the latter decided to remain as an inevitable part of Nigeria (Rustad 2012). However, instead of introducing improvements in political structure, the country was dragged to a long-lasting bloody civil war, called Nigeria-Biafran War (1967-70), which paved the way towards the further division of the country into sects and factions causing heavy losses in men and material subsequently. The military personnel also added their share in bringing an end to the civilian government with the alleged allegations of corruption and favoritism is every area of the state. Like other third world countries of Asia and Africa, Nigeria also fell into the hands of t he military regime during early 1970s, which ended in 1979, resulting in the ruination of the social and economic fabrics of the country. The military ruler General Obasanjo assured the peaceful transfer of power to the elected civilian leader Shehu Shagari.  

COURSEWORK 2 Assignment Example | Topics and Well Written Essays - 2500 words

COURSEWORK 2 - Assignment Example Owner-occupied housing includes property that is owned by private entities and have those private owners as the occupiers of the housing. Of the total number of households in the United Kingdom in the year 2010, about 17.8 million were households that were properties occupied by their owners, the biggest slice of the pie in comparison to privately rented households, households rented by the local authorities, and the households that are managed by the housing associations. The rise in owner-occupied housing is reflected in the fact that those figures for this categories represent about 65.5 percent of all households in the UK, up from about 70 percent in the initial part of the current century. This figure represents an elevation from the average percentage of owner-occupied housing for all of the European Union. These figures are reflected in the chart below (Economics Online 2013). Graph Source: Economics Online 2013 On the other hand we get a glimpse of the total picture of the ho using market in the UK at present from several proxy indicators of health, including for instance the affordability of housing relative to the income or earnings of UK workers. This latter figure is a representation of the potential demand for housing, where for instance higher ratios of house prices to worker earnings translate to lower affordability owing to the reduced capacity of workers to purchase homes, and therefore lowered demand, and lowered ratios conversely translating to higher demand owing to the increased capacity of workers to purchase houses, all other things being equal. Of course in reality there are other factors that impinge on the ability of workers to purchase houses, such as the availability and affordability of credit to finance the housing purchases. That said, and more into that later, the following is a chart of the house prices to worker earnings ratios in the United Kingdom from 2002 to 2012 (Riley 2012): Graph Source: Riley 2012 In the plot above, we s ee that the prices to earnings ratios for property in the UK spiked from 2005 to its peak towards the end of 2006 and the beginning of 2007, before sharply declining from that point to 2009, where prices to earnings have been in the doldrums. On the one hand we see that the ratios should indicate a higher uptick in ownership from the lowered ratios, but we also get from the literature that the financial crisis in 2007 and the continued weakness in the UK economy from that time all the way to the present has generally resulted in a subdued interest in housing purchases in the country. Those two factors together has kept access to credit difficult, for one, while a generally depressed economy has affected consumer sentiment negatively (Riley 2013; Thomson and Bryan-Low 2013; BBC 2013; Ranscombe 2013). Graph Source: BBC News Following up on the last line of though, in the plot above, we see that the economy has not been doing well as of the past several years, contracting for five stra ight quarters on the tail of the severe financial crisis in 2007 and 2008, and barely avoiding a triple-dip recession in the most recent quarter. This general state of affairs has a heavy bearing on the supply and demand dynamics for owner-occupied property in the United Kingdom, as this paper will demonstrate in greater detail. Taking a step back, we see

The Importance of Developing and Using Cultural Stereotypes to Improve Essay - 1

The Importance of Developing and Using Cultural Stereotypes to Improve Cross-Cultural Communication - Essay Example Throughout history, humans have experienced both fascinations with and trepidation towards the other - understood as different nationalities, but also [as] any group of people perceived as different - perhaps in terms of so-called ethnicity, religion, political alignment, class or caste, or gender (Eunson, 2005). Thus, communication techniques should be based on certain cultural stereotypes, which should be taken into account in intercultural communication. The given paper will prove that learning and developing cultural stereotypes will help improve intercultural communication. It is determined that individual from a certain state may apply his own communication techniques during business negotiations or simply communicating with people from the foreign country he visited on vacation (Carbaugh, 1990). His behavior may not be typical for the country he arrived in. This atypicalness may cause difficulties or even frustration. In negotiations, for example, there can be dramatic differences in the way people define their opening positions, use tactics, persuade and listen. Even the practice of haggling over a price is an integral part of some cultures - which many revel in and Thus, the study of cultural stereotypes is necessary for effective cross-cultural communication. If one makes attempts to generalize about the behavior of people from the certain culture, he may need to identify, which age or society group of that particular culture he analyses. The region of the country a person came from should be also taken into account (York, 1994). Though it is necessary to learn and develop cultural stereotypes, this process contains a lot of difficulties that should be overcome. Scientists create special models to help overcome these difficulties (Mearns, 2009). When the primary variant of Hofstede's model of culture was introduced in the 1980s, it drew the attention of many scientists at once. The approach of the model is unique, and it is significant not only because of considering definite cultures but for making comparisons (Fishburn, 1995).

Project Management Risk Management Case Study (Space Shuttle) Essay

Project Management Risk Management Case Study (Space Shuttle) - Essay Example Could it have been averted? In this essay today, we will look at the mishap from the perspective of Risk Management and try to critically analyze the causes, and lessons learnt from the tragedy. Launching a Space Shuttle has always been a tricky business. With so many complexities to handle and parameters to fulfill simultaneously, it involves a high level of risk. On 1st February 2003, the Flight Control Team at Columbia did not report any issues or problems related to the planned de-orbit and re-entry. The team had indicated no concerns about the debris impact to the left wing during ascent, and it seemed like any other re-entry since all the systems were normal and the weather observations and forecasts were within guidelines. However, as Columbia descended from space into the atmosphere, the heat produced by air molecules colliding with the Orbiter typically caused wing leading-edge temperatures to rise steadily. In the events that followed, a broken message was recorded from the mission commander: â€Å"Roger, uh, bu†¦Ã¢â‚¬  This was the last message from the crew. Soon after that, the space shuttle started disintegrating causing a loud boom and debris being sca ttered in the clear skies of Dallas. In case of any space program, the margin of error has to be next to nil since it not only entails billions of dollars of public money but also many precious lives. With Columbia, too, although the risk probability was extremely high, the consequences were still acceptable. So what went wrong? According to the Columbia Accident Investigation Board (CAIB), politics, budgets, schedule pressure and managerial complacency all contributed in causing the Columbia disaster. The CAIB report also delved deeply into the underlying organizational and cultural issues that led to the accident. However, the most apparent cause seems to be inaccurate risk assessment. In a risk-management scenario similar to the Challenger disaster of 1986, NASA management failed

Junk food is killing America Essay Example | Topics and Well Written Essays - 250 words

Junk food is killing America - Essay Example nderstand how exactly the food has been made, but more importantly, a person should consider making personal food from clear ingredients other than consuming anonymous junk products. Most junk food contains an excessive amount of sugar that lacks no nutrients other than a large amount of energy. The above causes demoralizing effect and increases the rate of metabolic reaction beyond the required amount of calories. Excursive calories thus increase chances for Triglycerides and the indigestible amount of cholesterol that accumulates around the liver and the abdomen, which in turn create avenues to chronic diseases that claim numerous life’s for American citizens. Besides, junk foods are often processed from a centralized processing plant that is susceptible to spreading of germs and bacteria. Health practitioners in the United States argue that majority of citizens in the United States often fall sick after contracting pathogens associated with junk food outlets such as ground beef of, which 15% do not survive. Therefore, it is recommended that that fresh food from gardens, salad restaurants and positive eating habit is critical to improved performance and a positive, healthy impact in the future (Smith

Inside Islam notes Essay Example for Free

Inside Islam notes Essay

Absurdism And Existentialism In Their Novels English Literature Essay

Absurdism And Existentialism In Their Novels English Literature Essay The theme of absurdism used by Franz Kafka and Albert Camus does full justice to bring out the pathos in both The Outsider and The Metamorphosis by Albert Camus and Franz Kafka. They establish the unsettling existence of the both the protagonists. The present situation of the narrators brings to life incidents that justify their unpleasant situations and what they are going through in their respective lives. Where existentialism questions mans existence in a particular social system; absurdist investigates characters that are placed in society that is devoid of God and how syllogism and parody loom large over the entire situation. Hence The Outsider and Metamorphoses have existentialism and absurdism as the philosophical tools that take these stories ahead. In The Outsider, for instance, Mersault does not regret the death of his mother but instead goes to watch a comedy film and indulges in a love affair with his girlfriend while In The Metamorphosis Gregor wakes up to find himself transformed into a vermin and his life changes from that point on. The effect of the absurdism soon takes over the lives of both the characters unwittingly and they are faced with questions about their own existence which makes both the novels existentialist in their themes. Existentialist philosophy in a way proves the importance of human individuality and liberty. Camus concretizes an absurdly dramatic story of a man who has no emotions in him evidently in the opening lines Mother died today. Or maybe yesterday, I dont know. I had a telegram from the home: Mother passed away. Funeral tomorrow. Yours sincerely. That doesnt mean anything. It may have been yesterday. He- does not even feel obliged to justify his reason behind such odd and discourteous avoiding of any emotional involvement. Speaking briefly with the director of the home, Mersault tells him that he did not feel any guilt at having sent his mother away. He even declines an invitation to view the body, but keeps vigil with it overnight, in accordance with the custom. When asked by the undertaker how old his mother was, he replies Fairly, for in truth he doesnt know her exact age. His going for a swim with a woman of his acquaintance at an inopportune time proves once again futility of his life. As an embodiment of absurdism, Mersault doesnt see any need to fulfill or dispel the discomfort from the minds of the people as his nature was very offending to other people. He seemed completely inhuman, and never believed it was important to live up to the expectations of others and follow etiquette. According to me, every human being goes through the kind of unpleasant and embarrassing situations Mersault and Gregor face but it principally depends on how a writer decides to detail and sketch these characters. There is a funeral procession, in the heat of the day, across the parched, sun-drenched landscape, and once again, Mersault is disturbed by the light, the sun, and the heat, and feels unable to concentrate. This uncanny effect to the point of blinding ones vision evinces unjustifiable discomfort Mersault exudes towards the society. The Outsider is set in Algiers, where our protagonist Mersault, who was a bachelor, is leading a life that questions his existence. He does not show any interest in his job and does not believe in socializing with other people around him. As the story goes ahead, the reader gets to see the quirkiness of Mersault towards the world with conflicting emotions that make him commit a deadly crime. This marked nature of Mersault is brought out in the narrative in many incidents in the book; one of them being in chapter four where he is not at all concerned about Raymond torturing his wife. He responds matter of factlyAt about 3 in the morning there was a knock on my door and Raymond came in. I didnt get up. I sat at the edge of my bed. He didnt say anything for a minute and I asked him how it had gone. He told me that he had done what he wanted to do but shed slapped him and so hed beaten her up. Id seen the rest. I told him I thought that this time shed really been punished and he ought to be pleased. Mersaults brusque attitude towards other people around him reckons him as an outcast. I feel that the writers philosophical stance is unique, as he puts immense emphasis on the belief of absurdism and we need to understand what absurdism is ? Absurdist fiction is the manifestation of certain beliefs that dominated the works of a number of playwrights during the middle of the 19th century. This form of fiction implies that in a world that is devoid of God, the existence of human being shall have no strong foundation, it would be meaningless. The absurd elements in such plays and fiction were the fact that man has been thrust into a world where he cannot survive on his own instincts but is maneuvered by a force invisible to him. He is caught up in paradoxical situations and finds no reprieve by communicating or logical action. His actions and dialogues turn out to be a mockery of his own existence. The best part about the narrative is that it does not preach with a message but at the same time does tend to ask us some important questions about humans and their social existence. The narrative is kept simple but is compelling nevertheless. Therefore, the work is a reflection of Camuss moral axiom. Like Camus, Kafka too was existentialist and adapted to an absurdist way in carrying the narrative of his stories ahead as traces of his style are evident in his letter to Max Brod. In Franz Kafkas The Metamorphosis, the absurdist and existentialist elements form the main parts of Kafkas narrative. The story begins with the line When Gregor Samsa awoke from troubled dreams one morning; he found that he had been transformed in his bed into an enormous bug. After realizing that his life would never be the same again Gregor starts realizing certain truths about his existence which had not come to his realization before. He starts to reflect on his own being. Till the day before he had been a hardworking salesman who looked after his family but now he cannot continue the same life anymore. Now after Gregors transformation his parents and sister realize that they shall now have to look after Gregor and start making a living of their own. This leads Gregor into a state of depression which he can only observe but cannot do anything about it. His family is robbed of happiness and normalcy and though they are trying their best to cope with it, their disparity is clearly evident in these lines of the second chapter- Now his sister working with her mother had to do the cooking too; of course that did not cause her much trouble since they hardly ate anything. Gregor was always hearing one of them pleading in vain with one of the others to eat and getting no answer except thanks, Ive had enough or something similar. They all knew the unpleasantness they had to confront but none of them had an answer to it. I think that both the stories are existentialist and absurd in their narratives, and they both create a long lasting impact on readers and create a serious sense of debate about human existence and the acceptance of social rules. The Outsider is a well juxtaposed prose of absurdism and existentialism. Mersault is a social outcast and his further actions only make him an object of ridicule in his own society. One cannot see any kind of redemption for Mersault in his predicament; he is doomed and destined for a fatal end. The parts of the story where Mersault is wallowing in self doubt are existentialist in theme and the parts where he is unsuccessfully trying to find out the answers that can legitimize his actions are absurdist. Kafkas Metamorphoses sees Gregor going through an amalgamation of emotional, physical and mental dilemmas. His physical transformation into a vermin is the main culprit. This transformation creates an emotional and mental mayhem in him. It can be said about Gr egor that he has the answers but is in search of the questions. So, the Metamorphoses begins in an existentialist way but ends with an absurdist plot.