Stores Management Essay Example

Stores Management Essay Location : Agarwal Udyog Nagar, Waliv, (East), Dist Thane. Vasai Road Person contacted : Prashant Kubade. Development Engineer. Contact No. : 95250-2456426/2456430 95250-2454520/2454365. No. of stores : 1 store room with separate section for storage of chemicals. Sujan Group which started its operations in Andheri, Mumbai, in the mid-seventies has over the years established various companies like, Sujan Industries, Vee Kay Rubber Products, Polyrub Extrusions (India), Speciality Elastomers Mega Rubber Technologies Pvt. Ltd. Covering the entire gamut of rubber manufacturing processes. Of these, Mega is a QS 9000 company where as Sujan Industries Polyrub are ISO 9002 companies and on the way to achieving QS 9000 certifying body being RWTUV. Sujan today is carrying company both for its customers and employees. The entire group shares the mission to continue being an organization which ont only rests on concrete pillars but on the shoulder of committed well knit TEAM. Following the â€Å"Go Global Mantra†, Sujan with manufacturing concepts tailored to the needs of expanding markets exports to countries like USA, UK, Australia, Middle East etc. Has from wide acceptance with improved growth and increased market share. Locally the group has a strong presence in the Indian Automobile Industry and also in the two-wheeler sector. The various group companies are also servicing other industries like aerospace, earth-moving, electrical, office automation. Mega Rubber Technologies Pvt. Ltd. is established since 1995. No. of employees is approximately 325 in this company. The total area of the company is about 25000 sq. ft. and the area of the store department is about 2000 sq. ft. We will write a custom essay sample on Stores Management specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Stores Management specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Stores Management specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The total turn over of this company is approximately 2. 6 crore per month. There are 6-8 employees employed in the stores department, which includes a head of the department, a stores incharge officer, and 4-6 employees employed under the stores incharge officer. QUALITY ASSURANCE: At Sujan, Mega Rubber Technologies Pvt. Ltd. is committed to attaining the highest standard possible from the purchase of raw materials to the final products. The company lays special emphasis on the prevention of quality problems before manufacture rather than on detection of error later. Its employees are fully geared trained to focus on continuous improvement in their respective job functions. Combining well trained quality conscious expectations are met customer satisfaction is maintained at the highest level. The quality systems are independent of production form the base of their work ethic. Mega Rubber Technologies Pvt. Ltd. provides Quality assurance. It is very essential to know the functional characteristics and life span of the components being produced. On dynamic testing machine company check static and dynamic characteristics like spring constant Damping coefficient resonance etc. nd also it assess the life span of Functional components like Engine mounts, struts, silent blocks insulator mounts etc. this not only create confidence about he components, but also gives chance for improvement. The machine is very essential for RD and assessing the quality. Thus this company gives lot of importance as far as quality is concerned. Mega Rubber Technologies Pvt. Ltd. is into products of rubber make like- Engine Mounts, Silent blocks, Rubber rolls, Boots/Bellows, Gaskets, Seals O Rings, Extrusions, Fuel Tubes Hoses, Gen. Rubber Goods, etc. All these products produced are Made-to-order (MTO). The basic raw materials used are basic natural rubber, EPDM, Neoprene, Viton, Polyacrylic, etc. This company manufactures products to the esteemed company like Maruti, Toyota, Honda and so on. The whole process starts with placing the purchase order for the imported raw material from Japan, Holland, Dewpond, and America Natural rubber is imported from Kerala, depending on the requirement of the order, since all the products are Made To Order (MTO). The import from Japan takes around 45 days the minimum stock level is for 3 months. After 45 days when the good are delivered they are first inspected for quality by the quality control department and then tested for quantity by the accounts department and then the payment for the material is done. After testing the material a tag is attached to the material and then send to the stores room to be kept in different racks, which are of 20ft height. This tag includes information about the raw material i. e. the name, followed by description of the material i. e. its quality followed by the name of the supplier. Then the quantity of the materials is specified, followed by the (Goods receipt no. GRN number and the date the (Material test report) MTR no and the date. With this tag there is a perforation tag, which is torn off at the time of the quality inspection of each bag and once the quality check is complete the quality department stamps each bag and keeps the perforated tags for records, only then the materials are forwarded to the stores department to be stacked is different shelves. The raw materials are identified with the help of the location chart, which includes the information about which material is located where. After the products are stacked the production process starts, where in the raw materials are forwarded to the mixing department where in different materials are mixed according to the requirement of the product. This mixture is kept under 25 degrees Celsius for 15 days, in order to improve its shelf life. After mixing, the mixture is then send for further processing to the moulding department. After moulding it is then send to deflashing process wherein the extra material of the product is removed. This material is then send to the packaging department with the help of the trolley to the dispatching department, from where the good are send to the customers. Description of some of the products produced and manufactured by this company are as follows: †¢ Engine Mounts: Rubber to metal bonded components used to support load, isolate vibration and absorb shock. The mounts are so designed that the deflation under different loads is specific or the load deflation graph is well defined and the spring constant is specified depending upon vibration intensity engine load. †¢ Silent blocks: Silent blocks form a vital part of a suspension system. Apart from this they are also used for articulation ball joints, steering linkages, radius arms, angle joints, yokes etc. Anti-vibration Dampers are used to absorb vertical shocks in tandem they reduce wear tear also noise. The multi directional movement of the vehicle creates comprehensive and tensile stresses, which are all taken by these Silent Blocks. The vertical oscillating shocks of the body are taken by the Dampers. †¢ Rubber rolls: produced from various Elastomers with specific compounding techniques, Rubber Rolls produced by the company find use in industries like paper, textile, flexographic and office automation. The company’s rolls meet the best operation related surface quality, a long service life and company with tight tolerances specified by end users. †¢ Boots/Bellows: Highly flexible components available are unlimited variety of shapes and sizes – provide compact protection for shafts, shaft joints and moveable joints. These bellows essentially increase the life of wearing parts by preventing ingress of dust particles. †¢ Gaskets: the elastic property of rubber exerts a pressure on the contracting surface to maintain a perfect seal. Varied service conditions can be catered to by the right choice of elastomer. Manufactured from various elastomers for use in industries like dairy, automobile, heat exchangers, submarines, offshore equipment, furnances etc. gaskets can be designed to withstand a broad spectrum of temperatures by choosing the appropriate elastomer. On line sealing can also be carried out without affecting the running of the plant pipelines specially in petrochemical, fertilizers, chemical industries. †¢ Seals O Rings: O rings, among the most basic sealing components, find a myriad of applications such as in aircrafts, automobiles, earthmoving equipments, hydraulic pneumatic systems. Produced from various elastomers depending on service conditions, can withstand temperature from –70 C to +250 C. †¢ Gen. Rubber Goods: General Rubber Goods for various end uses are produced as per specification drawing offered by the buyer. They can also be designed by the company if service conditions are stipulated. The exclusive range is evident from over 10000 different products we manufacture for almost every industry. Prominent among the products are rubber parts for consumers’ durables, forklift tyres, dock fenders, sandwich mountings, propeller shaft housings, diaphragms etc. he expertise of the company has allowed it to meet the needs of abroad spectrum of customers ranging from government agencies, defence organizations to private enterprises. ABOUT THE PARLE PRODUCTS LTD Introduction A long time ago, when the British ruled India, a small factory was set up in the suburbs of Mumbai city, to manufacture sweets and toffees. The year was 1929 and the marke t was dominated by famous international brands that were imported freely. Despite the odds and unequal competition, this company called Parle Products, survived and succeeded, by adhering to high quality and improvising from time to time. A decade later, in 1939, Parle Products began manufacturing biscuits, in addition to sweets and toffees. Having already established a reputation for quality, the Parle brand name grew in strength with this diversification. Parle Glucose and Parle Monaco were the first brands of biscuits to be introduced, which later went on to become leading names for great taste and quality. How Parle fought to make biscuits affordable to all. Biscuits were very much a luxury food in India, when Parle began production in 1939. Apart from Glucose and Monaco biscuits, Parle did offer a wide variety of brands. However, during the Second World War, all domestic biscuit production was diverted to assist the Indian soldiers in India and the Far East. Apart from this, the shortage of wheat in those days, made Parle decide to concentrate on the more popular brands, so that people could enjoy the price benefits. Thankfully today, theres no dearth of ingredients and the demand for more premium brands is on the rise. Thats why, we now have a wide range of biscuits and mouthwatering confectionaries to offer. The strength of the Parle Brand Over the years, Parle has grown to become a multi-million US Dollar company. Many of the Parle products biscuits or confectionaries, are market leaders in their category and have won acclaim at the Monde Selection, since 1971. Today, Parle enjoys a 40% share of the total biscuit market and a 15% share of the total confectionary market, in India. The Parle Biscuit brands, such as, Parle-G, Monaco and Krackjack and confectionery brands, such as, Melody, Poppins, Mangobite and Kismi, enjoy a strong imagery and appeal amongst consumers. Be it a big city or a remote village of India, the Parle name symbolizes quality, health and great taste! And yet, we know that this reputation has been built, by constantly innovating and catering to new tastes. This can be seen by the success of new brands, such as, Hide Seek, or the single twist wrapping of Mango bite. In this way, by concentrating on consumer tastes and preferences and emphasizing Research Development, the Parle brand grows from strength to strength. The Quality Commitment Parle Products has one factory at Mumbai that manufactures biscuits confectioneries while another factory at Bahadurgarh, in Haryana manufactures biscuits. Apart from this, Parle has manufacturing facilities at Neemrana, in Rajasthan and at Bangalore in Karnataka. The factories at Bahadurgarh and Neemrana are the largest such manufacturing facilites in India. Parle Products also has 14 manufacturing units for biscuits 5 manufacturing units for confectioneries, on contract. All these factories are located at strategic locations, so as to ensure a constant output easy distribution. Each factory has state-of-the-art machinery with automatic printing packaging facilities. All Parle products are manufactured under the most hygienic conditions. Great care is exercised in the selection quality control of raw materials, packaging materials rigid quality standards are ensured at every stage of the manufacturing process. Every batch of biscuits confectioneries are thoroughly checked by expert staff, using the most modern equipment. The Marketing Strength The extensive distribution network, built over the years, is a major strength for Parle Products. Parle biscuits sweets are available to consumers, even in the most remote places and in the smallest of villages with a population of just 500. Parle has nearly 1,500 wholesalers, catering to 4,25,000 retail outlets directly or indirectly. A two hundred strong dedicated field force services these wholesalers retailers. Additionally, there are 31 depots and CF agents supplying goods to the wide distribution network. The Parle marketing philosophy emphasizes catering to the masses. We constantly endeavour at designing products that provide nutrition fun to the common man. Most Parle offerings are in the low mid-range price segments. This is based on our cultivated understanding of the Indian consumer psyche. The value-for-money positioning helps generate large sales volumes for the products. However, Parle Products also manufactures a variety of premium products for the up-market, urban consumers. And in this way, caters a range of products to a variety of consumers. The Customer Confidence The Parle name conjures up fond memories across the length and breadth of the country. After all, since 1929, the people of India have been growing up on Parle biscuits sweets. Today, the Parle brands have found their way into the hearts and homes of people all over India abroad. Parle Biscuits and confectioneries, continue to spread happiness joy among people of all ages. The consumer is the focus of all activities at Parle. Maximizing value to consumers and forging enduring customer relationships are the core endeavors at Parle. Our efforts are driven towards maximizing customer satisfaction and this is in synergy with our quality pledge. Parle Products Limited will strive to provide consistently nutritious quality food products to meet consumers satisfaction by using quality materials and by adopting appropriate processes. To facilitate the above we will strive to continuously train our employees and to provide them an open and participative environment. ABOUT RICHIE LABORATORIES LTD. Location : Agarwal Industrial Estate, Vasai (East), Dist Thane. Person Contacted : Mr. C. R. Madanan. Stores Manager. Contact No. : 95250-2453432. No. of Stores : 3 store rooms, for raw materials of tablets capsules, Syrups and finished goods. Richie Laboratories Ltd, established since 1994 has excelled in the pharmaceutical field because of the visionary mind of Mr. Hansraj, founder of the company. The area occupied by this company is about 17000 sq. t. and area for the stores is about 4000 sq. ft. including the stores for raw materials of tablets, capsules, syrup and finished goods which were stored in bins. The no. of employees is 30. The yearly turnover of this company is 7-8 crores. This company has no other branches. The entire company has centralized A/C. This company has wide range of medicinal product. The produ cts are made to order (MTO). This company manufactures 35 products, which are tablets, capsules and syrups. Painkillers, antibiotics, cough cold, antacids are some of their products, among which painkillers and antibiotics are the ream sale products. The raw materials are purchased from Bombay market. The company manufactures its products under its own brand name i. e. Richie Laboratories and also manufactures medicinal products for other big companies like Glaxo, Griffon, Clariants, Wockhardt Lifesciences, etc. These companies provide the raw materials provided to this company to manufacture external products itself. In this company, the flow of the materials starts right from the time when delivery of the raw materials is done to the stores department of the finished goods till the finished goods are dispatched. This company has various departments like raw materials stores, liquid stores for bottle and packing, liquid syrup manufacturing department, final packing department, finished product department for liquid, production department for tablets and capsules, punching and making of tablets and capsules, blistering and stripping department, etc. THE STORES FUNCTION Introduction: Stores management is part of the overall function of materials management. In order, therefore, to understand the function of the former it is desirable to have a clear understanding of what materials management stands for. Beginning with the term management is important to examine its definition and objectives. Management is the specific purpose of planning, controlling and implementing. â€Å"Materials management† is one of the recent additions to the growing glossary on management. Materials management is the process if planning, implementing and controlling the flow or storage of input, facilities, service and information efficiently and effectively from the point of supply to the point of consumption in the conformity of the companies’ objective. Stores organization may be defined as a systematic coordination and combination of efforts in manner, which would result in optimum efficiency with a minimum of expenditure. The term Store, Storehouse, or Warehouse refer to a building or room or place where materials are kept. An organization can have various types of stores like Raw Materials Store, Processed or Semi- Finishing Materials Store, Finished Goods Store, Yard Store and so on. Such stores range from ordinary ones with shelves and bins to cold or dehumidified storages, huge silos for storage of food grains or bonded stores for keeping goods on which customs and excise duties have ot been paid. Storage is a part of the economic cycle and Stores Management is today a specialized function, which can contribute significantly to the overall efficiency and effectiveness of the material function. The task of store keeping relates to safe custody and preservation of the materials, stock to their receipts, issue and accounting. The objective is to efficiently and economically provide the right material at the time when it is requires and in the condition in which it is required. It will be appreciated that store keeping adds nothing to the value of a product. However, it is an essential function in any manufacturing or marketing organization. The financial view is that storage is just an overhead – a cost with no return, and hence the importance of economic operation, keeping efficiency at a desired level. The capital cost components consists of the expenditure on land, building and roads, yards, equipment, machinery and other facilities provided. The revenue expenditure consists of salaries and wages, insurance, maintenance costs, stationary, communication expense and the cost to maintain the inventory. Stores function is a vital part of organizations whether they are industrial concerns, public or private utility undertakings, agriculture enterprise, municipal authorities or armed services of Government departments. There are many varieties of materials stored – chemicals, metals, liquids, gases, spare parts, equipment, or finished goods, ranging from engineering components to drugs and pharmaceuticals. Each of thse items will require a specific type of storage. And their handling and preservation methods will vary accordingly. There is high degree of specialization of degree required to store and handle these products and in many cases special storage licenses need to be obtained from the Government, e. g. , the storage of petroleum products. The relative importance of the function of stores depends upon the nature and size of the industry or activity concerned, and in all cases it has to be designed to suit the particular needs of the organization it serves. There is, therefore, no standard system, which can be universally recommended or applied, but in the course of time, certain principles and practices of general application have been evolved. The understanding of these principles is most important in the practice of the art of store keeping. Objectives And Responsibilities Of The Store Function Store is an organization is primarily intended to assist in the production of goods or services and no industrial unit of public undertaking of any significant size can be efficiently managed without it. The basic objective is to provide a service to the operating functions and this aspect must be fully appreciated. All the other activities, although they have their own importance, are subordinate to the main responsibility. The service rendered by Stores can be categorized into 4 broad divisions: 1. To make available a balance flow of raw materials, components, tools, equipments and any other materials necessary to meet operational requirements. 2. To provide maintenance materials, spare parts and general stores as required. 3. To receive and issue finished products. 4. To accept and store scrap and other discarded material as they arise. The major responsibilities of Stores are: †¢ Identification of all material stored. †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Receipt of incoming goods. Inspection of all receipts. Storage and preservation. Materials handling. Packing. Issue and dispatch. Maintenance of stock records. Stores accounting. Inventory control. Stock-taking. INTER-RELATIONSHIP BETWEEN STORES AND OTHER DEPARTMENT Though stores serve all departments of an organization, the highest degree of relations are between Purchase who feeds the Stores, and Production whom the stores feed in turn. 1. Stores and Purchase: these two functions of materials management e. g. stores and purchase are complimentary to each other. Apart from the close relationship that exists on a day-to-day basis in the purchase of various items of stores there are other important activities, which can best be done by close cooperation between Stores and Purchase. These are identification (i. e. coding of stores) and stores vocabulary (the code itself), standardization and variety reduction, inventory control, value analysis, salvaging operations, etc. Other aspects of cooperation include: †¢ †¢ †¢ †¢ Stores sends indents to purchase based on inventory levels determined in accordance with usage and delivery lead times. Correct specification writing, code numbers, mention unit (e. g. pounds instead of kilos) etc. , are all vital in this regard. Determination of ‘ lot sizes ’ for purchase, which should suit production requirements, transport, handling and storage space. Purchase informs Stores of orders placed, and Stores in turn informs Purchase of receipts, rejections, shortages, breakages, theft and loss. Stores should inform Purchase of changing production trends; slow or non-moving stock obsolete or surplus stock, scrap, etc. †¢ 2. Stores and Production: the production department is usually the chief customer of Stores. At production meetings, if Stores is represented, coordination can be excellent. Any change in a production schedule needs to be communicated to Stores to enable prompt corrective action. 3. Stores and Sales: Especially in a Marketing organization, Sales is the chief customer of the finished goods store. The Sales department wants to ensure stocks at all times and this might be a costly philosophy in terms of inventory holdings. Close cooperation and an integrated approach can aid management objectives to increase profitability. 4. Stores and Accounts: Usually the accounts department does all the Stores accounting ensuring a day-to-day working relationship. 5. Stores and Personnel: Selection of the right person for Stores work and an adequate training in storage, preservation and accounting techniques is vital. COMPANIES INFORMATION: In all the companies that we visited Stores played a vital role in the process of manufacturing the products. Inter-relationship between stores and other department differs from company to company. In Mega Rubber Technologies Pvt. Ltd. he stores department was more related with mixing department and moulding department. In Parle Products Ltd. The raw materials stores was only related with production department and there were three different stores for biscuits, confectionary and printing/ packing. Where as in Richie Laboratories Ltd. The stores department was mainly related with production department specifically with the granulation process. STORES ORGANISATION The principal aim i n organization is to achieve desired objectives, in an efficient and economical manner. Adequate organizing would make for the most effective use of both the physical assets of the business as well as the human resources. Organizing consists of the following steps: †¢ †¢ †¢ Identifying and grouping of the work. Defining and delegating responsibility and authority. Establishing structural relationships so that the individual efforts are coordinated. Organizing stores Traditionally, this department has been attached to the production department, even considered part of it. The finished Goods Stores was attached to the Sales Department. Today, it has been recognized that both Production and Sales has vested interest, which conflict with the basic objectives of inventory control. As such, the modern concept is to delink Stores from Production or Sales. The best practice is to place stores under the materials manager and make it part of the materials department. The materials manager will have the status of other senior departmental heads of production, sales or finance, who report to the chief executive. The stores department can be divided into the following divisions/sections: †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ A central stores, with sub-stores 1, 2, 3,†¦ (The central stores according to products, and sub-stores according to shop requirements) Receipt stores Inspection wings Finished goods stored Packing section Despatch section Transport section Clearing unit – sea, air, rail Stores hose keeping Stock-taking/Audit Record keeping (Kardex/stock ledger) Stores accounting DUTIES AND RESPONSIBILTY OF STORES PERSSONEL A storekeeper would have several duties and responsibilities, which he may carry out himself or through his subordinates. These are: †¢ To receive incoming materials, including all work connected therewith, like opening of packages, counting and checking. †¢ †¢ †¢ To stare materials in the right place and in the best suited prescribed manner. To ensure that materials are properly preserved, periodical inspection and correct methods. To carry out all movements of materials including movement to Storage from receipt and Storage to Despatch, Packing and Forwarding. To maintain complete, up-to-date and correct records both for physical storage financial accounts. To attend all correspondence, etc. †¢ †¢ The storekeeper’s function may be compared to that of a cashier, because in the final analysis, material is money. Thus, as much as attention should be paid to materials by a Storekeeper as to money by a cashier. CENTRALISED AND DECENTRALISED STORES The structure of store is a major factor in its organization. A very big factory having a large number of product lines may have a main stores which can serve as base, with decentralized stores for each unit of production, preferably located as near the unit as possible. Another possibility is that the main store can be completely eliminated and supplies effected directly to the suit stores. In a small company, one store would be adequate to serve all units. A large company marketing a variety of goods may have a central warehouse of finished goods at its factory location, besides large number of stockpoints in the various cities. A small company on the other hand can have just one simple warehouse from which the entire distribution can take place. Centralization or Decentralization then is a matter of convenience. However, one basic organizational feature must be observed. The entire Stores setup should be under the unified control of one department with Senior Controller of Stores incharge, in order to efficiently achieve the objectives of the function, of stores. Types of Stores: Stores fall into broadly two categories contingent on the following considerations: †¢ †¢ Functional: depending on the use to which the material is put – chemical, tools, raw materials stores, etc. Physical: depending on its size and location – central stores, substores, sites stores, etc. Types of Functional Stores includes: Raw material store, Production Store, General Store, Tools Store, Salvage Store, Packing Store, Spare parts Store, Receipt Store, Quarantine Store, Finished Goods Store, Work-in-progress Store, Stationary Store, Bonded Store, Refrigerated Store, Flammable Materials Store, Dehumidification Store, Transit Sheds, Dry tanks, Shed storage, Open Yard, And so on. Types of Physical stores includes: Central Store, Sub-store, Departmental Store, Group Store, Site Store, Transit Store, And so on. LOCATION OF STORES: The first question that arises is with regard to the location of the stores. Will there be one store or many? Should it be attached to the building of the production unit or be away from it? What transport facilities should be made available? These questions stem from one primary concern – who is being served and what are the services provided. It must be remembered that economy and efficiency are the vital factors. Some of the principles to be observed in this regard are as follows: †¢ †¢ †¢ †¢ †¢ In choosing the location, observe the principle of minimum movement. Plan for future. A storehouse should not merely take care of present needs but also those of the future. All storehouses should be sited with expansion in mind. There should be a considerable degree of flexibility. Accessibility for road, rail or river transport should be an important consideration. Planning should concern itself with loading and unloading facilities. Sufficient precautions should be taken to maintain security from fire, theft, explosion, toxic substances, etc. †¢ †¢ A variety of services must be provided for water, light, drainage and telephone, etc. Planning: At planning stage the following information must be obtained: †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ The kind of storage needed and the nature and volume of materials to be held in each. The volume of issues of each type. Handling equipment required. Access facilities needed. Types of transport required. Space for goods inward and outward. Stores maintenance area to be utilized. Whether special types of storage areas are required e. g. airconditioned, heated, humid or dry storage. Office accommodation required. Packing facilities, and so on. COMPANIES INFORMATION: In Mega Rubber Technologies Pvt. Ltd. the stores was decentralized there were no specific section in the stores. There was 1 officer incharge and about 4 employees in the stores department who were responsible for the flow of materials from the stores department to the mixing and moulding department. In this company the store was located near to the production floor thereby reducing the transportation cost. Proper planning was followed in this company regarding the stores of the raw materials was concerned. Parle Products Ltd. followed a decentralized method of storing. Even though they could have centralized store since they have got many branches in India but thought of keeping decentralized for smooth functioning. The responsibility of the stores personnel varied since there were different stores for biscuits, confectionaries and printing / packing unit. Even in this company the stores were located near the production floor. Since Richie Laboratories Ltd. had only one production plant there was only one store which was located near the production floor. Thus the responsibility of the stores personnel of inspecting, issuing, dispatching is more specific and efficiently followed. STORES BUILDING STORES LAYOUT Principles of building design †¢ The primary importance is given to the inward outward flows of goods vehicles in an orderl

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Performance Evaluation - Case Study Example Lastly, the current evaluation form rates an employee on a scale that is not clearly defined. The use of ‘medium’ and ‘low-medium’ ratings can have different meanings and can form different perceptions on raters and cannot be quantified as well as some other rating scales might do. These ratings are also relative to the performance of others and thus might not accurate portray the performance of the employee and his commitment to the organization. A1. Some of the most commonly used sets of criteria used to evaluate the performance of an individual on the job are skill set, contribution towards the overall mission and goals of the company, and an employee’s work ethic. B. Evaluating based on overall contributions can be done based on criteria like sales figures, number of contracts negotiated and won and other task-related criteria. This set is perhaps most valuable because it sends a message to the employees that they shall be evaluated based on what they achieve for the company. Thus employees shall be more inclined to meet targets. In situations where an employee’s contributions can be quantified, this set of criteria can prove to be quite useful. When evaluating based on work ethic, an employee’s punctuality, friendliness, honesty, motivation and absenteeism are all taken into account. This set is valuable to an evaluator because in working environments that require low absenteeism and group harmony, the employee will be judged on how he fares across these dimensions. This set of criteria can of course be modified according to the needs of the organization and the individual. Lastly, examining an employee’s skill set is also an integral part of evaluations. It helps understand an employee’s strengths and weaknesses and provides a broader view of an employee’s performance. C. Advantages: There are many advantages of getting feedback from supervisor, subordinates and peers. A 360-degree evalua tion provides a more rounded feedback to the employee. It helps the employee in understanding the areas he needs to improve upon in order to develop as one of the leaders in the organization. This type of feedback provides the employee with more detailed information which can be useful in developing the employee’s career. D. Disadvantages: Personal issues may affect the accuracy of evaluations as some subordinates, supervisors and peers may give biased or dishonest opinions. Secondly, supervisors may deliberately give lower ratings so as to protect their own jobs and avoid the risk of being surpassed by their subordinates. If a particular employee is a favorite of the supervisors, he/she may be rated higher than others and have their contributions recognized quicker than others. Lastly, each rater can have a different viewpoint of performance so consistency will be lacking across different raters’ evaluation E. Three data analysis tools for performance appraisal are pa ired evaluation, graphic rating scale and management by objective (MBO). The paired comparison style is used when a lot of relevant options are present. Each option is compared to the others in the list and given a score and the option with the highest score is selected at the end. The paired comparison style is useful in situations when there are plenty of options available and where priorities are not clear. However, it is not

Evolution of US Films Since the 1880s

Evolution of US Films Since the 1880s To what extent has film in the US evolved from the 1880s to modern day? Candidate Name: Dimitri Grigorov Abstract Film has gone through a drastic evolution since it began in the 1880s. There were 5 main stages regarding the evolution of film in the US. The Silent Period lasted from 1895 to 1929. This period brought the first films to the US. These films were black and white and featured no sound, other than some possible instrumentals. Silent movies appealed largely to illiterate immigrants because they didnt have to read, and it was a simple form of entertainment. The Classical Period lasted from 1930 to 1945. This time period was a huge leap forward because sound was introduced to movies. It was a new way to watch movies and people loved it. The Postwar Period, which lasted from 1946 to 1959, was the most historically significant era in the film world. The Transitional Period lasted from 1960 to 1979 and introduced new ideas to cinema that would shape the movies of today. The time period we are in now is known as the Contemporary Period and began in 1980. The Contemporary Period benefitted fro m technological advancements, and more elaborate films were made using CGI. Each time period had its own movements and iconic directors. Investigation Film has evolved since it began in 1880s. Film has gone from short black and white stop motion clips, to full fledged color spectacles with expensive special effects. It has gone from a fascinating gimmick to a new form of art. A lot can happen in the course of a century, and film has definitely changed in drastic ways. Film is an art. It influences people to change the world and to express themselves. Film gives people insight and inspiration in the darkest of days. In the late 1880s various people began experimenting with photo, blending them together to give the illusion of a motion picture. The technology and difficulty to capture that sort of video made motion pictures rare (boyslife.org). The first movie is a controversial subject. There are many differing opinions. Some believe it was The Horse In Motion, directed by Eadweard Muybridge in 1878. This groundbreaking motion photography was accomplished using multiple cameras and assembling the individual pictures into a single motion picture. Its something that you could do today, using a few cameras that are set to go off at an exact moment (lavideofilmmaker.com). The movie was created to answer a popular question of the time: Are all four of a horses hooves ever off the ground at the same time while the horse is galloping? The video proved that they indeed were and, more importantly, motion photography was born (boyslife.org). Not all people consider this film the first one, though. Some think the first film was Roundhay Garden Scene, released in 1888. Its a short clip directed by French inventor Louis Le Prince. While its just 2.11 seconds long, it is technically a movie (boyslife.org). According to the Guinness Book of Records, it is the oldest surviving film in existence (boyslife.org). Eventually, films got longer. Brothers Auguste and Louis Lumià ¨re became prominent figures in the film world. They created various short films and were among the first filmmakers in history. Their films were unique at the time because instead of lasting a few seconds, they lasted a few minutes. The brothers even infused some comedy into their films. In one scene, a man is watering his garden, while a boy is stepping on his hose. The man, not noticing the boy, wonders why water stops pouring out of it. This slapstick humor would later become more prevalent in films such as Charlie Chaplin. The Lumià ¨re brothers were also iconic in the film world because they devised an early motion-picture camera and projector called the Cinà ©matographe (cinema is derived from this name), according to britannica.com. This device was a leap forward because it allowed more people to simultaneously watch films. Previously, only one person at a time could watch . Originally, the device was invented and patented as the Cinà ©matographe Là ©on Bouly by French inventor Là ©on Bouly on February 12, 1892. Bouly coined the term cinematograph, from the Greek term for writing in movement. Due to a lack of money, Bouly was unable to develop his ideas properly and maintain his patent fees, so he sold his rights to the device and its name to the Lumià ¨re Brothers. In 1895, they applied the name to a device that was largely their own creation. They made their first film, Sortie de lusine Lumià ¨re de Lyon, that same year (wikipedia.com). By 1895, the silent film era arrived. The earliest American films were primarily a working-class pastime. Because they told stories without words, they appealed to the large, mostly illiterate immigrant population in the United States (the-artifice.com). After 1900, film became a more middle-class phenomenon, as filmmakers exploited films storytelling potential by adapting bourgeois novels, which incorporated middle-class values, for the screen (sparknotes.com). Until 1914, the major national film industries were located in Italy, France, and the United States. When World War I came, it devastated the Italian and French film industries, allowing American producers to gain the lead on the global market. The major American production companies combined their film technology patents and used their patent leverage to implement block booking on exhibitors (movie theater owners), which forced them to buy lower-quality product along with high-quality product (sparknotes.com). These exhibitors fought back by buying small production companies, and eventually managed to beat out the major producers because they were quicker to adopt feature-length films, which proved to be more commercially successful than the earlier shorts. From 1907-1913, many production companies moved from New York City to Los Angeles to work in the warm weather that allowed for year-round outdoor production, giving birth to the Hollywood film industry. The costs associated with vertical integration (the combination in one company of two or more stages of production normally operated by separate companies) forced Hollywood studios to seek investment from Wall Street bankers. This development, along with the industrial modes of production pioneered and the bourgeois storytelling conventions introduced, turned Hollywood into a profit-driven enterprise and its films into commercial products (sparknotes.com). One of the most prominent figures in US silent film was Charlie Chaplin. Between 1914 and 1918, Chaplin became the first international film star when he wrote, directed, and starred in short films as the Tramp, a silly figure with baggy pants, big shoes, funky mustache, snazzy suit, and cane. For Chaplin, comedy was a way to examine the impact of social conventions and taboos on personal freedom and happiness. His Tramp character had lots of charisma: sensible, brave, and wise but also flirty, vulnerable, and socially awkward. Chaplins criticism of leaders, moral and political issues, and material and psychological divisions between classes and genders reached its high point in later feature-length works, such as City Lights and Monsieur Verdoux (sparknotes.com). Film was making a name for itself. The idea of pictures coming to life was fascinating on a deep level. This kind of thing was universally recognized and respected. Movies with sound arrived on the scene. The era between 1930 and 1945 was called the Classical Period and was a monumental leap forward for the film world. The transition from silent to sound films caused great change in the film industry, requiring costly renovation of production studios and movie theaters, ending the careers of many silent film stars, and making it more difficult to sell films abroad. Hollywood took some time to overcome the artistic and technical challenges of sound film production, and the result was several years of bland output. For European filmmakers, production costs were expensive because Hollywood studios owned the patents to the new sound technology and licensed it at an expensive price. This allowed the US to continue to be dominant in the film world (sparknotes.com).By the mid-1930s, Hollywood entered a period of unmatched success and prosperity, with five major studios (Paramount, Warner Brothers, MGM, RKO, and Twentieth Century Fox) and three minor studios (Universal, Columbia, and United Artists) introducing unique styles, genres, and stars. In 1934, under pressure from religious organizations such as t he Legion of Decency, Hollywood implemented a Production Code that censored the content of its films, filtering out portrayals of lewd sexuality, bad language, graphic violence, and drug use. During World War II, Hollywood contributed enormously to the war effort through the production of propaganda films (sparknotes.com). Despite the shift in film themes, the industry was soaring. Then World War II came. The period between 1946 and 1959 was known as the Postwar Period (britannica.com). The war affected American filmmakers and audiences, leading to the production of dark, morally ambiguous and socially critical films in the film noir style. The US made various films depicting the USSRs idea of communism in a negative light. This anti-Communist sentiment flourished as the U.S.s former ally the Soviet Union became its primary enemy. In the 1949 movie The Red Menace, an ex-GI named Bill Jones becomes involved with the Communist Party USA. While in training, Jones falls in love with one of his instructors. After a duration of being true followers of communism, they realize their mistake when they witness party leaders murder a member who questions the partys principles. When they try to leave the party, the two are marked for murder and hunted by the partys assassins (wikipedia.com). New York Times journalist Bosley Crowther points out that the characters in the film are highly overdramatized and villainous to an unrealistic extent. She implies that this discredits the accuracy of the film. Nevertheless, the film was released to the American public, infusing them with skewed information. Another 1949 propaganda film, The Woman on Pier Thirteen, previously known as I Married a Communist, shares similar themes. In this film, Brad Collins, former stevedore, is rising fast in a shipping company when local communist agitators use his former Party affiliation to extort his help in stirring up trouble. When Brad resists, communist femme fatale Christine works through his brother-in-law Don. But Brads new wife Nan sees that her husband and brother are under pressure; when she investigates on her own, party boss Vanning takes ruthless action (wikipedia.com). Again, communism is being portrayed in a negative light and as a threat to Americans. Communist leaders are being shown as evil and bloodthirsty. HUAC was formed to combat the threatof Communism. This organization tried professionals suspected of having Communist ties. As a result of the House Un-American Activities Committee (HUAC) hearings, many of Hollywoods most talented actors, directors, and screenwriters were blacklisted by the studios because of suspected ties to the Communist Party. Some moved to Europe, some continued to work by using colleagues names as fronts, and others saw their careers and lives ruined (sparknotes.com). In response to competition from the new medium of television, Hollywood made films that showcased cinemas distinctive qualities: stereophonic sound, large screen size, and color images, benefiting from the emergence of widescreen technology and better color film stock. By the mid-1950s, the blacklist and new technologies led Hollywood to concentrate on apolitical, spectacular films such as biblical epics, westerns, and musicals. A 1948 Supreme Court decision forced Hollywood studios to end their vertical integration policies, making the marketplace more competitive and increasing opportunities for independent and foreign producers (sparknotes.com). The Postwar Period is when many of the most influential directors of all time arose. People like Orson Welles and Alfred Hitchcock, directors who are still well known today, got their start in this era. These directors would go on to be the inspiration for many modern day directors. Orson Welles is very well known because he was one of the youngest directors of all time. In 1940, Welles signed a $225,000 contract with RKO to write, direct and produce two films. The deal gave the young filmmaker total creative control, as well as a percentage of the profits. At the time, this was the most lucrative deal ever made with an unproven filmmaker. Welles was just 24 years old (biography.com). Unlike many of his contemporaries, Welles gained international recognition mostly on the basis of only that film, which was Citizen Kane (1941). The film is full of technical innovations, including crane shots, overlapping dialogue, multiple audio tracks, purposely grainy film stock, and low-angle photography. It explores themes that Welles would revisit throughout his career: the corruption of power and wealth, the fine line between desire and obsession, the precariousness of knowledge, and the limits of ego and ambition. Welless use of deep focus, long takes, and special lighting influenced a generation of filmmakers working in the postwar film noir and realist styles. Though rejected by audiences and undermined by studio executives throughout his career, Welles still managed to make several more highly acclaimed films, including The Lady from Shanghai (1948) and 1958s Touch of Evil (sparknotes.com). Perhaps the only director more iconic to this era was Alfred Hitchcock. In a career spanning half a century, Hitchcock got acclaim in both his homeland Britain and Hollywood. He directed some of the most memorable films of all time, including The 39 Steps (1935), Vertigo (1958), and North by Northwest (1959). Influenced by German expressionism and Soviet montage, Hitchcock used detailed visual and aural compositions to express his protagonists feelings of paranoia and claustrophobia, along with complex editing to create suspense. With a self awareness of society, Hitchcock examined the abnormal perversions and obsessive desires lurking beneath the surface of ordinary lives and communities, enabling him to become an astute observer of America in the 1950s, the decade during which he directed his greatest films (sparknotes.com). He would later be deemed as the master of suspense. By the time 1960 arrived, yet another era of film history began. The time between 1960 and 1979 was known as the Transitional Period. This period had its ups and downs but would eventually shape the modern movies we watch today. By the 1960s, Hollywood was in decline, unable to keep up with the radical political and cultural developments transforming American society. European films, however, fueled by government funding of film production, achieved unprecedented levels of critical acclaim and box-office success. The sophistication and creativity of these films led to the recognition of cinema as an artistic medium, not simply a form of mass entertainment (sparknotes.com). In contrast, Hollywood films in the early 1960s seemed devoid of style, boring, and out of touch. Less and less studio productions brought revenue. Hollywood reacted by cutting costs, entering into partnerships with independent and foreign producers, and allowing more flexibility in terms of experimentation (sparknotes.com). One exception to the low quality films produced in the 1960s was Alfred Hitchcocks Psycho. This film shocked audiences with a twist ending that audiences werent used to. The film was quite progressive for its time as well. The twist was that a man was dressing as his mother, taking on her identity, and killing women. Cross dressing, other than for comedy, was not popular yet and the fact that Hitchcock was daring enough to include this in his film, proved again to audiences that he was a force to be reckoned with. Still, most movies in the early 1960s were of lower quality unil Hollywood underwent another change in 1968. In 1968, the decades-old Production Code was scrapped, and the Motion Picture Association of America (MPAA) began to issue movie ratings, which enabled the industry to make more daring and challenging films. These changes, along with a middle-class migration to the suburbs that left urban movie theaters in disarray, led to new genres such as exploitation and hardcore pornography (sparknotes.com). More famous directors got onto the scene in the Transitional Period. One of these directors was Francis Ford Coppola. He directed four of the most important American films of the 1970s-The Godfather (1972), The Godfather Part II (1974), The Conversation (1974), and Apocalypse Now (1979). Coppola was also an accomplished producer and writer. Along with George Lucas, Martin Scorsese, and Brian De Palma, he was part of the first generation of filmmakers to attend film school. His training enabled him to combine visceral visual imagery, compelling storylines, and dynamic editing in order to create iconic portraits of American interests, whether at home or abroad. Coppola was renowned for his biting critique of the power dynamics of individual and family ambition amid the corrupting influence of American capitalism and imperialism (sparknotes.com). John Cassavetes was another memorable director from the Transitional Period. Considered the founding father of American independent cinema, Cassavetes was also a talented actor who accepted roles in Hollywood in order to fund his own films. His commitment to making films outside of the studio system became legendary and influenced a generation of American independent filmmakers. Cassavetes rejected the formulaic plots, essentialist characterizations, and tidy narrative resolutions of Hollywood cinema. His most influential films, Faces (1968), Husbands (1970), and A Woman Under the Influence (1974), feature iconic acting performances that reveal the raw emotional energy of human interaction, chronicling the struggle of characters to express themselves honestly and fully under the pressure of linear social and moral conventions (sparknotes.com).One of the few filmmakers to connect with the American counterculture was Arthur Penn, whose Bonnie and Clyde (1967) became the emblematic film of its generation. Influenced by the style and politics of the French New Wave and American underground cinema, Penn sought to overturn Hollywoods staid representational conventions. Bonnie and Clyde incorporates many of the characteristics that would define American cinema for the next decade: romantic anti-establishment heroes, explicit treatment of sexual and psychological issues, a negative portrayal of authority figures and societal institutions, graphic depiction of violence, genre hybridity (often a mixture of comedy and drama), and a refusal to resolve narrative conflicts tidily (sparknotes.com). By 1980, we reached our time period, the Contemporary Period. Multinational corporations bought and merged many movie studios, ending the period of artistic experimentation in Hollywood. The industry has returned to financial success and global dominance through the development of blockbuster franchises, large-scale marketing campaigns, and content aimed at children. It also has placed increasing emphasis on spectacular special effects in order to draw audiences into movie theaters. CGI was huge in this time period (empireonline.com). The emergence of affordable digital video cameras and the growth of the film festival circuit have expanded the possibilities for independent filmmakers around the world to produce, distribute, and exhibit films (sparknotes.com). American independent film has flourished in the past 25 years, as well, emerging as a voice for those who do not identify with the image of America that Hollywood has projected. Independent films often contain explicit treatments of sexual, political, and psychological issues and avoid formulaic plots with happy endings and clearly defined characters. They are made by and for women (Susan Seidelman, Julie Dash), racial and ethnic minorities (Charles Burnett, Lourdes Portillo), gays and lesbians (Todd Haynes, Su Friedrich, Julie Zando), working classes (Michael Moore, John Sayles) and other groups who are not adequately represented in mainstream cinema. Harmony Korine, John Waters, Jim Jarmusch, David Lynch, Terry Zwigoff, and Todd Solondz make films full of dark humor that explore the lives of social misfits who are often ignored or ridiculed in Hollywood films. The success of the independents has led many Hollywood studios to establish subsidiaries that distribute smaller-budget fil ms, blurring the lines of distinction between industrial and independent cinema. Key films include Jim Jarmuschs Stranger than Paradise (1983), David Lynchs Blue Velvet (1986), Steven Soderberghs Sex, Lies, and Videotape (1989), Spike Lees Do The Right Thing (1989), Quentin Tarantinos Reservoir Dogs (1992), and Wes Andersons 1998 film, Rushmore (sparknotes.com). Documentaries also soared in recent years. Challenging the tenets of direct, traditional cinema, many recent documentary filmmakers have included autobiographical and subjective elements in their films. Michael Moore and Marcel Ophuls insert themselves prominently into the fabric of their social and historical documentaries, both as on-camera interviewers and through voice-over, presenting themselves as near-mythical pursuers of truth and justice. Ross McElwee and Sadie Benning make introspective, essayistic films about their lives. Chris Marker and Marlon Riggs combine autobiography with political and philosophical analysis. Key films include Markers Sans Soleil (1983), McElwees Shermans March (1986), Ophulss Hà ´tel Terminus (1988), Moores Roger Me (1989), Riggss Tongues Untied (1990), and 1992s Bennings It Wasnt Love (sparknotes.com). The Contemporary Period gave us many of the directors we know and respect today. Directors like Steven Spielberg reinvented the way Hollywood works, and people like Oliver Stone brought a new edge to cinema. Spielberg has been at the forefront of Hollywoods reemergence as a dominant global industry. His 1975 film Jaws became the first modern blockbuster, revolutionizing the way Hollywood films are distributed and marketed. Jaws was released simultaneously in over 400 theaters, marketed extensively on national television, and timed for release in the summer, which linked thematically with its subject matter. In the 1980s, Spielberg showcased his storytelling talents with a series of hugely successful science fiction and adventure films such as Raiders of the Lost Ark (1981) and E.T.: The Extra-Terrestrial (1982), which explicitly appealed to younger audiences. These films brought families back into theaters with compelling stories that were in line with Reagan-era ideals of family values and American moral and technological supremacy (sparknotes.com). Unlike that of Spielberg, Stones controversial career has been defined by its rebuttal to modern American values and trends. In a period when American films have become less historical and oppositional, Stone has made four of the most important political films of his generation, Salvador (1986), Platoon (1986), Wall Street (1987) and JFK (1991), in which he looks critically at Americas military-industrial complex, capitalist institutions, and foreign policy. In an era defined by minimal political dissent, Stone has managed to produce controversial, instigating films because his considerable storytelling abilities have made many of his films commercially successful (sparknotes.com). Film has become a massive part of our society. Film influences pop culture, language, and fashion. Some movies teach us crucial life lessons, some expose American corruption, and some just provide us some much needed entertainment. The industry has evolved a lot since it began over a century ago. Every time period mentioned in this essay brought advancements to film. The Classical Period was a huge upgrade from the Silent Period because of the transition to sound. The Postwar Period was the most historically significant period of film. The Transitional Period reinvented the way Hollywood worked. The Contemporary Period shaped the films of today by introducing new concepts such as CGI and blockbuster multi part series. This is important because we can use films as doorways to the past. You can read about history, but to see it played out onscreen is incredible. By looking at films in the 60s, you can see how fashion then differed from the fashion we express today. By looking at a movi e from the 90s, you can see what slang was used back then. Film has shaped the world we live in today and will continue to do so in the future. Bibliography Eisenstein, S. (Director). (1925). The Battleship Potemkin [Motion picture on DVD]. Russia. Colman, D. (2011, September 20). The Birth of Film: 11 Firsts in Cinema. Retrieved October 04, 2016, from http://www.openculture.com/2011/09/the_birth_of_film_11_firsts_in_cinema.html Most Influential, Significant and Important Films in American Cinema Introduction. (n.d.). Retrieved October 04, 2016, from http://www.filmsite.org/mostinfluentialfilms.html 11 Essential Camera Techniques in Filmmaking With Animated Images. (n.d.). Retrieved October 04, 2016, from http://www.lavideofilmmaker.com/filmmaking/film-techniques.html Fox, D. (2015, October 20). The Room. Retrieved October 04, 2016, from http://moviepilot.com/ Bitoun, R. E. (2015, April 21). A History of Colour: The Difficult Transition from Black and White Cinematography. Retrieved October 04, 2016, from http://the-artifice.com/history-of-colour-film/ Semlyen, P. D. (2015, October 09). A History Of CGI In The Movies. Retrieved October 04, 2016, from http://www.empireonline.com/movies/features/history-cgi/ The Evolution of Acting. (2005, February 23). Retrieved October 04, 2016, from http://www.npr.org/series/4510430/the-evolution-of-acting The Film Rating System (CARA). (n.d.). Retrieved October 04, 2016, from http://filmratings.com/ Hurbis-Cherrier, M. (n.d.). Screenwriting. Retrieved October 04, 2016, from http://www.masteringfilm.com/the-key-stages-of-script-development-2/ Film Studies. SparkNotes. SparkNotes, 2011. Web. 17 Nov. 2016.

As I Lay Dying1 Essay -- Essays Papers

As I Lay Dying1 William Faulkner uses language in a unique way in his novel As I Lay Dying. Language is a form of expression to show thoughts and emotions. Faulkner uses it to convey the individual characters’ thoughts and feelings. He also uses it to draw a line between language and true expression. He shows the limitations of language and the difference between language and words. As I Lay Dying covers the story of a family as they journey to bury the mother, Addie, in her hometown after her death. They all go through the same situations but each experience different emotions and thoughts. They express these through the language they use. What each character says as well as how he/she says it lets the reader see the character'’ underlying meaning. Through Faulkner’s technique of letting each person involved speak in the first person, language takes on an important role in understanding the characters. Darl is an example of the power of language due to him having the most chapters as narrator. His language is more clear and reflective than the other speakers are are. He uses similes and metaphors like the horse to represent his mother. Dewey Dell is different than the rest of her family. Instead of just reporting facts or describing she uses language to express her true feelings. Language is personal to her and demonstrates its power. An example of this is when she describes how the doctor â€Å"could do so much for me if he just would† and how he â€Å"is a ...

Presentation Of The Greek Society Essay

One of the prolific poets that ever emerged from Greece is Homer. Not only was he known for his poetic exploits, his works are one of the works that gave an idea of what life was like in Ancient Greece. Early philosophers of the Ionian school found his work intriguing and His work was criticized by Thales. For the purpose of this essay, focus will be drawn on one of his works, Iliad. It is impossible to speak of Greek literature without considering Iliad. Iliad is not just a literary piece; it gives an account of the wars and conquests in Ancient Greece. It informs us about of the various doctrines held by the Greeks and how they conceive of a lot of things. The work is written in a prose form and is divided into Books from I to XXIV. As seen from Iliad, the ancient Greek society was characterized with conquests and battles. There is the innate desire of men to engage other nations in war. It shows the lust of men for power and their thirst for fame and glory. There was also the belief in gods and spirits. The Greeks are depicted as set of people who believes and explains everything that happens to the as an act of the gods. When good things happen, it is so because the gods are happy with you. Hoverer, when things are going out of hand, it is conceived that the gods are angry. The poem also depicts the ancient society as a society that lives of men were not regarded. There was no room for pity because if a man was considered to be a coward if he allows feelings of compassion. Men are motivated by a sense of duty to their nation and they fight for the case they believe in. these people fought, shed their blood and gave their lives for what they believe in. it was a time that was characterized with battles and for a man to be honored, you have to be a soldier or someone who has gone to battle.

Corporate finance Essay

1 Bonds (3 points) A company aims to takeover one of its suppliers valued at 2 million Euros and is planning to fund the takeover by issuing three-year zero coupon bonds, each with face value C1000. After having their credit rating checked, executives have decided that they need to issue 2400 of these bonds to raise the 2 million needed to fund this takeover. What is the YTM of the bonds issued by the company? (a) 5.79% (b) 7.13% (c) 6.27% (d) 5.34% If the company’s credit rating changes due to recent earnings announcements and the YTM of the bonds should now be 4.4% how many bonds must the company issue to raise 2 million Euros? (a) 2351 (b) 2276 (c) 2248 (d) 2302 Suppose that the company may default on these bonds with a 25% probability. In case of default, bondholders will receive 60% of the face value of bonds. If the price of the bonds is same as in part (a), what is the YTM in this case? (a) 3.1% (b) 2.9% (c) 2.6% (d) 3.4% 1 2 Financial statements (4 points) Use the following information for ECE incorporated: Assets Shareholder Equity Sales $200 million $100 million $300 million If ECE reported $15 million in net income, then ECE’s Return on Equity (ROE) is: (a) 5.0% (b) 7.5% (c) 10.0% (d) 15.0% If ECE’s return on assets (ROA) is 12% , then ECE’s return on equity (ROE) is (a) 10% (b) 12% (c) 18% (d) 24% If ECE’s net proï ¬ t margin is 8% , then ECE’s return on equity (ROE) is: (a) 10% (b) 12% (c) 24% (d) 30% If ECE’s earnings are $10 million, its price-earnings ratio is (a) 10 (b) 5 (c) 20 (d) Cannot be determined 2 3 Capital budgeting (3 points) Fancypants Fashion is going to purchase new sewing machines worth 50 million Euros to manufacture purple trousers for the coming ï ¬ ve years, after which purple trousers will be out of fashion and no longer in demand. The machines will be depreciated on a straightline basis over ï ¬ ve years, and after ï ¬ ve years will be sold at an estimated 20 million Euros. The company estimates that the EBITDA from the sale of purple trousers will be 12 million Euros per year for the coming 5 years. The company’s earnings are subject to a corporate tax rate of 40%. If the ï ¬ rm’s equity cost of capital is 9.6% what is the NPV of this project? (a) 0.48 million Euros (b) 0.72million Euros (c) 0.26 million Euros (d) 0.92 million Euros Instead of selling the machines after ï ¬ ve years, the company can use them to produce grey trousers starting in year 6. If they do so, using these machines the company will generate free cash ï ¬â€šows of 2 million Euros per year in perpetuity, since grey trousers are classics and never go out of fashion. What is the NPV of the project if the company chooses this option? (a) 5.89 million Euros (b) 5.72 million Euros (c) 6.36 million Euros (d) 6.07 million Euros Suppose that the company has decided that they will use the machines to produce grey trouse rs after ï ¬ ve years. The company can ï ¬ nance the purchase of new sewing machines entirely by debt by issuing 5-year bonds with 6% coupon rate sold at par. Assuming this additional borrowing is project-speciï ¬ c and hence will not alter the company’s capital structure, what is the value of the project with the tax shield? (a) 11.56 (b) 11.94 (c) 12.25 (d) 11.12 3 4 More capital budgeting (4 points) Use the following information for â€Å"Iota Industries† (all ï ¬ gures in $ Millions) Iota Industries Market Value Balance Sheet Assets Liabilities Cash 250 Debt 650 Other Assets 1200 Equity 800 The company considers a new project with the following free cash ï ¬â€šows: Iota Industries New Project Free Cash Flows Year 0 1 2 3 Free CFs -250 75 150 100 Assume that Iota Industries has a debt cost of capital of 7% and an equity cost of capital of 14%. Furthermore, it faces a marginal corporate tax rate of 35%. If the project is of average risk and the company wants to keep its debt-to-equity ratio constant, its weighted average cost of capital is closest to: (a) 8.40% (b) 9.75% (c) 10.85% (d) 11.70% The NPV for Iota’s new project is closest to: (a) $25.25 million (b) $13.25 million (c) $9.00 million (d) $18.50 million The Debt Capacity for Iota’s new project in year 0 is closest to: (a) $263.25 million (b) $87.75 million (c) $50.25 million (d) $118.00 million If instead of maintaining a ï ¬ xed debt-equity ratio Iota ï ¬ nances the project with $100 million of permanent debt, the NPV of the project is closest to (a) $44.28 million (b) $48.10 million (c) $53.44 million (d) $48.14 million 4 5 Arbitrage (4 points) An exchange traded fund (ETF) is a security that represents a portfolio of individual stocks. Consider an ETF for which each share represents a portfolio of two shares of International Business Machines (IBM), three shares of Merck (MRK), and three shares of Citigroup Inc. (C). Suppose the current market price of each individual stock are shown in the following table: Stock IBM MRK C Current Price $121.57 $36.59 $3.15 What is the price per share of the ETF in a normal market: Assume that the ETF is trading for $366.00, what (if any) arbitrage opportunity exists? What (if any) trades would you make? 5 6 NPV and exchange rates (2 points) You have an investment opportunity in Germany that requires an investment of $250,000 today and will produce a cash ï ¬â€šow of C208,650 in one year with no risk. Suppose the risk -free rate of interest in Germany is 7% and the current competitive exchange rate is C0.78 to $1.00. What is the NPV of this project? Would you take the project? (1 point) (a) NPV = 0; No (b) NPV = 2,358; No (c) NPV = 2,358; Yes (d) NPV = 13,650; Yes Explain in a few sentences the intuition behind your answer. (1 point) 6 7 Options (4 points) Which of the following statements is false? (a) The option delta, ∆, has a natural interpretation: It is the change in the price of the stock given a $1 change in the price of the option. (b) Because a leveraged position in a stock is riskier than the stock itself, this implies that call options on a positive beta stock are more risky than the underlying stock and therefore have higher returns and higher betas. (c) Only one parameter input for the Black-Scholes formula, the volatility of the stock price, is not observable directly. (d) Because a stock’s volatility is much easier to measure (and forecast) than its expected return, the Black-Scholes formula can be very precise. The current price of KD Industries stock is $20. In the next year the stock price will either go up by 20% or go down by 20%. KD pays no dividends. The one year risk-free rate is 5% and will remain constant. Using the binomial pricing model, the price of a one-year call option on KD stock with a strike price of $20 is closest to: (1 point) (a) $2.40 (b) $2.00 (c) $2.15 (d) $1.45 The risk neutral probability of an up state for KD Industries is closest to: (a) 37.5% (b) 60.0% (c) 40.0% (d) 62.5% Using the risk-neutral pricing model, the price of a one-year call option on KD stock with a strike price of $20 is closest to: (1 point) (a) $2.40 (b) $2.00 (c) $2.15 (d) $1.45 7 8 Financial Distress (3 points) Suppose that you have received two job offers. Rearden Metal offers you a contract for $75,000 per year for the next two years while Wyatt Oil offers you a contract for $90,000 per year for the next two years. Both jobs are equivalent. Suppose that Rearden Metal’s contract is certain, but Wyatt Oil has a 60% chance of going bankrupt at the end of the year. In the event that Wyatt Oil ï ¬ les for bankruptcy, it will cancel your contract and pay you the lowest amount possible for you to not quit. If you do quit, you expect you could ï ¬ nd an new job paying $75,000 per year, but you would be unemployed for four months while searching for this new job. If you take the job with Wyatt Oil, then, in the event of bankruptcy, the least amount that Wyatt Oil would pay you next year is closest to: (a) $45,000 (b) $50,000 (c) $54,000 (d) $75,000 Assuming your cost of capital is 6 percent, the present value of your expected wage if you accept Rearden Metal’s offer is closest to : (a) $133,000 (b) $138,000 (c) $140,000 (d) $144,000 Assuming your cost of capital is 6 percent, the present value of your expected wage if you accept Wyatt Oil’s offer is closest to: (a) $138,000 (b) $140,000 (c) $144,000 (d) $150,000 8 9 Real Options (3 points) You own a small manufacturing plant that currently generates revenues of $2 million per year. Next year, based upon a decision on a long-term government contract, your revenues will either increase by 20% or decrease by 25%, with equal probability, and stay at that level as long as you operate the plant. Other costs run $1.6 million dollars per year. You can sell the plant at any time to a large conglomerate for $5 million and your cost of capital is 10%. If you are awarded the government contract and your sales increase by 20%, then the value of your plant will be closest to: (a) $5 million (b) $8 million (c) $0 (d) $4 million If you are not awarded the government contract and your sales decrease by 25%, then the value of your plant will be closest to: (a) -$1 million (b) $5 million (c) $8 million (d) $0 Given the embedded option to sell the plant, the value of your plant will be closest to: (a) $5.0 million (b) $4.0 million (c) $6.5 million (d) $8.0 million 9

Little Big Man Essay essays

Little Big Man Essay essays Jack Crabb, as described by Ralph Fielding Snell, is a cynical man, uncouth, unscrupulous, and when necessary, even ruthless (p.439). However, as the narration unfolds it becomes evident that Jack Crabb is much more than that. He is a colorful character, with a well full of experiences and adventures to draw from. Throughout his life (the first thirty four years in particular) Jack Crabb plays many roles on the frontier such as adopted an Cheyenne, a buffalo hunter, an Indian scout, a gunfighter, and an uncle. What differentiates Jack from his fellow frontiersmen is that while in appearance he is wholly white, inside he is also spiritually and emotionally connected to the Indian way of life. From the beginning, Jack is placed in a strange and vaguely defined world. His father is a preacher who ironically gives his sermons in a saloon to a rough crowd of pickpockets, bullyboys, whores, and suchlike (p.1) As they travel in the open country, Jack, his family, and the pioneers they are traveling with encounter a band of Cheyenne Indians. With good intentions they offer them whiskey, which results in chaos. In the confusion thereafter, Jack and his sister are taken by the Indians and forced to leave their mother and brother behind. Although Caroline escapes the night after arriving at the Indian camp, Jack stays and is adopted into the tribe of Cheyenne and their culture. In most cases it is hard to clearly define Jacks hopes and achievements because, as stated in the introduction, Jacks achievements are Cheyenne, and his aspirations are white (p.xviii). The word achievement is subjective. For example, Jack is the only white person to survive the Battle of Little Big Horn, which in itself is a huge accomplishment, but when it is viewed from the Indian aspect it takes a different twist due to the fact that this battle also marks the end of the Plains I...

How Rifle Technology Changed the Civil War Essay

How Rifle Technology Changed the Civil War - Essay Example During the civil war, union forces used Gatling’s weapons on a limited basis (Shane Mountjoy). Its increased lethality and range undermined Napoleonic tactics. An infantryman with a rifled musket was a greater threat to artillerymen and cavalrymen (Moorehead). During the civil war, an infantry man with rifle was able to target an artilleryman before they were within the range of canister fire. With rifles, the infantry was able to attack the cavalry soldiers from a greater distance. So, the long range fire power of the rifle reduced the importance of artillery and cavalry. During the Napoleonic wars, they were the important forces. The changes in infantry fire power resulted in shifting emphasis from offence to defence. Napoleonic style warfare emphasised on strong offence for victory. The problem then was how to execute an offensive plan when the tactical defence was much stronger (Moorehead). Frontal attacks were usually avoided and attacked enemy’s flanks. The confederate forces, during the battle of Gettysburg, attacked the union flank at the Little Round Top. But, this operation resulted in heavy causalities for the offence. Offensive tactics were changed by the end of the war. Instead of massed lines, small groups were formed and fire and move tactics were used. When some men advanced, other men gave them protection. It was clear during the battle of Wilderness at Brock Road on 6 May 1864 and Laurel Hill on 8 May 1864, that defensive positions repelled attacks. So, for victory, it became necessary to attack the opponent before he establishes a

Horizontal and Vertical Financial Analysis - PepsiCo vs Coca-Cola Essay

Horizontal and Vertical Financial Analysis - PepsiCo vs Coca-Cola - Essay Example The structure of this article is framed in such a manner that firstly income statements of both the companies are analyzed on horizontal and then on vertical basis. Next section is based on the analysis of balance sheets for the two companies on horizontal basis and then followed by vertical analysis. The major components of income statements are analyzed for both the companies in respect of cost of goods sold, operating income, income before taxes and finally net income. Cost of sales for PepsiCo is around 43% of the sales whereas the same for Coca-Cola is around 35% of the sales which is substantially lower than that of PepsiCo. In respect of operating profits, Coca-Cola has also an edge over PepsiCo such that its operating income is around 26% of the sales whereas PepsiCo remained behind and has the operating profit of just around 18%. Coca-Cola remained successful in maintaining a healthy position in respect of its income before taxes such that it managed to earn income before ta xes around 28% of the sales whereas PepsiCo hardly managed to earn income before taxes of around hardly 19% of the sales. Net income for Coca-Cola has remained on a stronger side pursuing around 21% of its sales. On the other hand, PepsiCo just managed to earn net income of 13% of its sales in the three years. Following are the attached tables for percentage change on horizontal basis for two companies.... s 19.60 18.95 18.51 Provision for Income Taxes 7.08 4.69 5.28 Income from Continuing Operations 12.52 14.26 13.23 Tax Benefit from Discontinued Operations 0.00 0.13 0.00 Net Income 12.52 14.39 13.23 Coca Cola Inc.                Income Statement    Horizontal Analysis 2005    2004    2003 Net Operating Revenues 100.00 100.00 100.00 Cost of Goods Sold 35.47    35.30    37.28 GROSS PROFIT 64.53 64.70 62.72 Selling, general and administrative expenses 37.82 36.29 34.94 Other operating charges 0.37    2.21    2.75 OPERATING INCOME 26.34 26.21 25.03 Interest income 1.02 0.72 0.84 Interest expense 1.04 0.90 0.85 Equity income — net 2.94 2.86 1.95 Other loss — net (0.40) (0.38) (0.66) Gains on issuances of stock by equity investees 0.10    0.11    0.04 INCOME BEFORE INCOME TAXES 28.96 28.62 26.35 Income taxes 7.87 6.32 5.50 NET INCOME 21.09    22.29    20.84                   Income Statement Analysis on Vertical Basis In respect of vertical analysis, PepsiCo is found to have earned much more growth as compared to Coca-Cola such that PepsiCo’s revenues increased by 8% and 11% respectively as compared to previous years whereas Coca-Cola’s revenues increased with 4% and 6% during the same periods. Operating profits of PepsiCo increased by around 10% and 12% as compared to previous years, however, only 9% and 7% increase in operating income for Coca-Cola can be observed. Net income of PepsiCo decreased by 3.18% as compared to previous year but Coca-Cola managed to increase its net income by 0.52%. Following tables highlight the comparative vertical analysis for both companies. PepsiCo Inc.       Income Statement    Vertical Analysis 2005 2004 Net Revenue 11.28 8.49 Cost of sales 11.85 8.41 Selling, general and administrative expenses 11.63 8.70 Amortization of intangible