Literature Review dependent variable is knowledge productivity.

Literature Review dependent variable is knowledge productivity. 2.1 Introduction This chapter is divided into six main sections. This first section provides an overview of the chapter. The second section is a definition of essential terms that used in this study. The third section discusses the background and the previous study that focusing on factors that influencing and contributing to the knowledge and research productivity. The fourth section discusses the models and frameworks of knowledge conversion abilities developed by past researchers. The fifth section highlights the theoretical framework, hypotheses develop for this study, and the final section summarizes the chapter. 2.2 Definition of Term There are 3 essential terms in this study. There are that are knowledge productivity (KP), organizational factor and individual factor. All these three terms will be frequently highlight and discuss throughout this study. 2.2.1 Knowledge Productivity According to Kessels (2001), Knowledge productivity involves signalling, absorbing and processing of relevant information, generating and disseminating new knowledge and applying this knowledge to the improvement and innovation of processes, products and services (Kessels,2001). Refer to the Cambridge Dictionaries Online (http://dictionary.cambridge.org/dictionary), productivity define as a rate at which an organization make or produces goods, it usually judge by the number of people and amount of the materials produce. In the context of this study, knowledge productivity can be refer to the amount or number of knowledge produce or generated. Meanwhile, according to (Jansink, et.al, 2005) concept of knowledge productivity is related with training and research activity. Hence, for the purpose of this study knowledge productivity is referring to research productivity. Williams (2003), define research productivity as an effort of any scholarly research produced by a faculty member that contributes to the new knowledge. In this study the dependent variable is knowledge productivity. 2.2.2 Organizational/ Institutional factor According to Waworuntu and Holsinger (1989), organizational factor consist of the quality of research facilities, research collaboration, reward system and institutional prestige. Meanwhile, according to Long et.al (2009), organizational factors are the affective motivator for the research production. They list out research reward; research expectation and pressure to publish are research comes under organizational factor. Dundar and Lewis (1998) 2.2.3 Individual factor Early work with these factors included the effects of age, gender, socioeconomic status, and educational background (Dundar.H, Lewis.D.R, 1998) 2.3 Previous Study on Knowledge Productivity 2.3.1 Knowledge productivity Research has become the most important functions of universities all over the world. Knowledge is created through research conducted in the Universities. It is clear that faculty build and disseminate knowledge through the production of research (Dundar and Lewis, 1998). Faculty members or academician, the primary producers of academic research, play crucial roles in producing knowledge. According to Teodorescu (2000), professor at Research University are expected to produce new knowledge through research and use the latest result in their teaching. Research productivity or research performance is very synonym with the academician and University. Williams (2003), define research productivity as an effort of any scholarly research produced by a faculty member that contributes to the new knowledge. Research productivity always refer to the number of books, articles, technical reports, bulletins, and book reviews published, as well as presentations given and grants received through revi ewing curriculum vitae or other print materials (Rotten 1990). Meanwhile, according to Wilson (2001), research productivity defined by the number of the publication of publication in an academic refereed journal and scholarly books. Obviously, research productivity is a number of researches done which measure by the number of publication published. According to Gaston (1970), research productivity divided into two components. There are knowledge creation which is related to the research activity and knowledge distribution which is related to the publication or productivity. Hence in the study, research productivity will be considered as knowledge productivity. Importance of Knowledge Productivity Research is a one of the product creates by academician. Research has a significant impact to career development of the academician. Previous studies shown that research productivity give the impact to academician profession. Research productivity is one of the criteria for promotion, reward system as we as their tenure ( Kotrlik, 2002). It supported by Bloedel (2001), stated that research productivity always serves as a main factor in determine successful of academician, especially related to the promotion, tenure and salary. Meanwhile, according Read et al (1998), criteria for the promotion had been change in recent year. Most of the academician who being promoted in recent year has conducted more research compare with academician promoted in a last few year. This scenario shows that the University has emphasize research productivity for the promotion exercise. Gibbs and Locke (1989), through their study which involved 93 University found that the most important criteria for the pr omotion and tenure decision are the research productivity. The productivity of knowledge or research not only gives the impact to the academician but also to the academician itself. Numerous studies have been conducted to examine the important of research productivity to the University or higher institution. According to Blackburn et. al, (1991), research productivity not only important to academician, but also important for enhancing an institution reputation. Research productivity contributed to the University rank and performance (Henthorne et al.,1998). Study conducted by Olsen (1994), also found that increase in productivity led to high prestige for the institution. This supported by Boyer (1990). He found that research productivity not only give a promotion to the academician, but also improve university reputation and rank. Meanwhile, Kasten (1984) found that major criteria for promotion for academician is a research productivity. Influencing factor on Knowledge Productivity The important of the knowledge productivity in the academic environment has encouraged researcher to study and investigate influencing factor on knowledge productivity. Numerous studies have been conducted on the influencing research productivity in academic environment. The studies have identified and investigated numerous factors that influencing research productivity. It is important to identify the factors that have a relationship with research productivity to encourage research activity among the academician. According to Blackburn and Lawrence (1995), socio demographic and career factors as well as self-knowledge, social knowledge, behaviours and environmental related to research productivity. William (2003), identify environmental factors, institutional factors and individual factors are related to the research productivity. Zainab (2001) identify that individual and organization correlated with research productivity among academician in Malaysia. Meanwhile, Fox (1996) found t hat individual characteristics, environmental and reinforcing which included colleagues and mentorship influencing research productivity among academician in science faculty. Personal or individual factors seem a most frequent factor that has been connected with the research productivity. Wood (1990) proved that research productivity significant influence by personal variables. He has conducted a study among academician for Australian university. Through the study, he found that academic research activity is highly influenced by a number of personal variables, such as research styles and the freedom of inquiry (the choice of research topics). The personal correlates considered in studies are gender, age family background and personality traits. Age has been studied in previous studies with different results. Gender Gender is a one of the variable has been examined under individual variable. Most of the previous studies indicated that men are more productive than women (Bailey 1992; Vasil 1992; Billard 1993; Blackburn Lawrence 1995; Creamer 1998; Kotrlik et al. 2002). Blackburn, Behymer and Hall (1978) found that male academician published three times more than are women academician. These finding supported by study done by Cole and Zuckerman (1984). They found that on average male academician published 40% to 50% more compare that women academician. Same scenario also happens on the academician in ASEAN region. Study by Waworunto ( 1989), who focus on the Indonesia academician also found that male academician are more productive in doing a research. There are several reason have been highlight in the previous study on this scenario. According to Guyer and Fidell (1973), this is because of women academician more engaged in applied research compare than men who engaged more on theoretical resear ch. Applied research needed considerably more time to publish compare than theoretical. Cole and Zuckerman (1984) also provided a reason for their result of the study. According to them, women are less productive because of they do not have strong network on research and family obligations also prevent women to spending more time on research. This reason support by (Creamer 1998), indicated that, women naturally members often have family demands that compete with time to conduct research. Further, Gaertner and Ruhe (1983) found women academician are excited to perform better than men, however it caused greater stress to them and effect their productivity However, opposing result has been found by some researchers. They found that there was not a gender difference in productivity (Kotrlik et al. 2002; Teodorescu 2000). Consistent result also found by Rubin and Powell (1987) and also Omundson and Mann (1994). They found no difference in publication outputs for male and females. Meanwh ile Garland (1990) found that gender was not a significant variable on productivity compare with other variables such as rank, educator and type of institution. Age Many previous studies on research productivity have indicated that career publication and age have not strong relationship, although most of studies found that publication generally declines with age (Teodorescu 2000). Over (1982), found that research productivity slightly decrease with age. However, when productivity was investigated in groups by birth date, younger faculty members produced more research at an earlier career stage than older faculty members. He also found that many senior academicians remain quite active in research and their outcomes can be comparable to those of younger faculty members. These finding are significant with the study by Levin and Stephan (1991). They reported in his study that the life cycle effect varies significantly by field. Life cycle is related to publishing productivity and obviously scientists become less productive as they age. Generally, a persons age at first publication affects consequent research productivity. If academic lecturers submi t research for their first publication at a young age, then it is more likely that they will produce more when their age increases. Although many studies found relationship between age and research productivity, there are several studies found that there is no strong relationship between age and research productivity. Bland and Berquist (1997) found that shift workloads and emphasis have strong relationship with productivity compare with the age of the academician. Williams (2000) has studied academic lecturers in the Human Resource Development Faculty in the United States and found no significant relationship with age. Kotrlik et al (2001) also found the similar result. His study on the university agricultural education faculty members in the United States found that age did not significantly affect research productivity. Besides that, Ramsden (1994) also found age is not correlated with research productivity. Marital Status Luukkonen and Hieskanen (1983) indicated in their study that, married female academician are more productive. Kyvik ( 1990) who done a study among academician in Norway also found that married and divorce academician ( men and women) were more productive compare than single academician. Author also found that, women with children were more productive compare than that academician who doesnt have children. However the result showed that women who have only one child were more productive compare than women academician with two and more children. Through this study, author has provided some explanation for this finding. These findings because of married women have more energy and stamina compare with women without children. Married academician also gets a support from their husband or wife and their have more experience in social life. Authors also explain that family life have increase their self respect and being married neutralize the affect of sex since married women corporate more with their male colleagues. In contrast, Creamer (1998), discovered that there was either no significant effect or a positive effect on publishing productivity for married women. Interest, attitude and motivation (research skill) Wood (1990) found that personal or individual characteristic influenced research productivity among Australian academician. The personal or individual characteristic that has been study is the ability, energy, creativity, motivation, ambition and also self discipline. According to author, productive academician tended to be a senior academician because they ready with extraordinary workload, intellectually curiosity and like writing and puts time away for research. Productive academician also saw as a gamesmanship, who hard-nosed about the time allocated for research even though need to scarified other responsibilities such as teaching. Through this study, author found that less of productivity are because of the lacked of confident being judge by peer, adhere to such high standard that their work never get published and also lack of experience. Author also found that productive academician is a who have certain attitude and approach toward research such as they put greater stress of research activity and also working extra time on their research activity. Interest in research also was study by Behymer (1974) and found research interest to be the best predictor of research productivity. Meanwhile Noser et al. (1996) found attitude toward research to be related to research productivity. Sageemas N.W.,S.N, Wongwanich.S Bowarnkitiwong.S. (2009) also found capabilities in research skills and technique, funding skills, research management and research communication skills and networking and team work would produce high research productivity among Thailand academician. Bland, C.J. et al (2002) also have study motivational factor on research productivity. They found that academician who highly research driven is positively associated with research productivity. This result is significant with the study by Zainab (2001). She found view or perception on the research also positively associated with research productivity among Malaysian academician. Work habit Fox 1993 refer A recent study by Fonseca et al. (1997) of50 eminent Brazilian scientists in the field of biochemistry and cell biology, indicated that they are highly motivated, found pleasure in their work and able to face challenges effectively. High publication productivity reflects excellence. The eminent scientists have a common trait in that they were all highly productive. The scientists were also interviewed and their CV examined to identify periods of greater and lesser productivity. The peaks and falls were used as a reference point in the interviews. For each scientist two productivity scores were computed (a) total number of published papers and (b) sum impact factors (IF) of the journals in which the articles are published. The IF of a journal is the average number of citations received in one year by the articles published in that journal in the two previous years. These two scores were plotted along the years of each scientists career. The interviews revealed five groups of factors i nfluencing productivity: (a) human factors related to human relations in the laboratory, the quality of the working team, the relationship of the leaders to the students, the ability to exchange ideas, interact with other scientists, and the rapport among team members; (b) subjective emotional factors related to the ability to face challenges, motivation and pleasure at work.; (c) active material conditions related to facilities, equipment and money to buy chemicals ; (d) types of research related to having the freedom A recent study by Fonseca et al. (1997) of 50 eminent Brazilian scientists in the field of biochemistry and cell biology, indicated that they are highly motivated, found pleasure in their work and able to face challenges effectively. High publication productivity reflects excellence. The eminent scientists have a common trait in that they were all highly productive. The scientists were also interviewed and their CV examined to identify periods of greater and lesse r productivity. The peaks and falls were used as a reference point in the interviews. For each scientist two productivity scores were computed (a) total number of published papers and (b) sum impact factors (IF) of the journals in which the articles are published. The IF of a journal is the average number of citations received in one year by the articles published in that journal in the two previous years. These two scores were plotted along the years of each scientists career. The interviews revealed five groups of factors influencing productivity: (a) human factors related to human relations in the laboratory, the quality of the working team, the relationship of the leaders to the students, the ability to exchange ideas, interact with other scientists, and the rapport among team members; (b) subjective emotional factors related to the ability to face challenges, motivation and pleasure at work.; (c) active material conditions related to facilities, equipment and money to buy ch emicals ; (d) types of research related to having the freedom Academic rank Numerous studies have been done to correlate academic rank with the research productivity. Academic rank was studied by Bailey (1992), Dundar and Lewis (1998), Kyvik and Smeby (1994), Teodorescu (2000) and Vasil (1992). Each found rank to be a significant predictor of research productivity. Ramsden (1994) found seniority of academic rank to be correlated with research performance. Meanwhile Patterson and Barnes 1984; Bentley and Blackburn 1990) indicated that academician in higher rank have more productivity compare with lower rank. Similar result also found by Wanner,Lewis and Gregario (1981). They indicated found that rank has strong relationship with research productivity. Kyvik (1990a) indicated full professor produce more research because they have less teaching load then they can more on the research productivity. . Meanwhile Tien and Blackburn (1996) found slightly different result. Full professor publisher more than other rank of academician but there a no difference between assistance professor and associate professor. However, in contrast, Over (1982) also found rank has no influence. Same result also found by Gregario (1981). Gunne and Stout (1980) also found there is no significant relationship between rank and research productivity. Experience and Tenure Tenure also has been examined in previous study toward research productivity. Tenure is guarantee of their career as an academician and secures their position in the University. A tenured academician will have a more privilege and benefit compared that non tenure academician. This scenario will provide morale boot and secure working environment. Hence, there is no doubt tenure will affect the productivity of academician. Butler and Cantrell (1989) was studied tenure variables among business faculty members and it showed significant correlated with research productivity. Later Radhakrishna et al. (1994) found that tenured faculty members held publishing as significantly more important than non tenured faculty members. Another study was done by Bailey (1992) found that productivity level increase when academician moves from non tenure to tenure academician. However contrast result found by Teodorescu (2000). He found that tenure was not significantly correlated with article productivit y. Similar result also found by Bartlett et al. (2001). He indicated that the number of years a faculty member held a tenure track position did not explain a significant portion in variance for research productivity. Meanwhile experience also was study by Rushton, Murray and Paunonen (1987). They found relationship between publication and experience and also age. The number of publication increase with the number of experience of the profession. The vast experience in research determine the research productivity in India ( Babu and sigh, 1998). Organizational / Departmental Organizational factor also defined as departmental by some researcher. Support from Time spend on research and teaching (64) Austin and Gamson (1983) indicated that extrinsic factors such as teaching load, administrative tasks, reward and opportunity could influence research productivity. Meanwhile clark,corcoran and lewis (1986) -. found that academician who allocated a smaller percentage of their time in teaching had a stronger research orientation. Calligro et al (1991) -. also found a similar result. They found academician who are productive spent more time on research. However Webster (1985) found that there was a little or no positive correlation between research and teaching. Same result found by Feldmen (1987) . Fox (1992). has study of the academic role, time allocation for research and teaching, teaching load and also time administrative. The result indicated that publication productivity was not related to teaching. Other study by Blackburn et al ( 1991) also indicated interest in research need not necessary predict high productivity in research. Discipline difference wood Department size Graduate student supervision Departmental prestige Culmulative advantage Leadership Role of the leader in organization in influencing research productivity and performance have been studies previously. According to Friedrich ( 1985) Friedrich,G.W.(1985). Renewing the commitment to Scholarly.Annual Meeting of the speech communication assocaition) leader can help to create healthy climate for scholarship by setting realistic goal, identify area where they can excel and be a more individual approach when dealing with staff. McKeaachie ( 1983) McKeaachie, ( 1983). Faculty as a renewal resources. In: College faculty: versatile human resources in a period of constraint, study on the fuinction of leader in encouraging research activity. Leader who respected research performance among academic staff provided an environment that encourage research activity. Boice (1988), found the important of leader in encouraging writing through forming discussion group, highlight good writing habit and conduct a research workshop. Barnhill and Linton (1992), indentify how leader can promo te research. They found that promoting a balance between teaching and research, identify the best undergraduate for the staff requirement,ecourange under represented staff to perform, provide clear research goal, encourage team research group, and also identify the need for the research. According to author, leader also should have a leadership criteria such as lead by example,lead pro actively, encourage inter disciplinary research and also research collaboration. The done by Fonseca et al 1997 -.) also found the relationship between leader and research productivity. Beside the environmental factors mentioned above, the leadership of an institution or department leaders are important factors affecting research productivity. Leadership is a relationship between leaders and their constituents and a subtle process of mutual influence that fuses thought, feeling, and action to produce collective effort in the service of the purposes and values of both the leader and the led (Bolman Deal 1991). Kerr (1977) reviewed the literature on leadership and found that leadership plays an important role in research universities because the leadership highlight staff morale and self-esteem. For Gardner (1995), who studied leadership from the perspective of the cognitive psychologist, leaders are persons who, by word and/or personal example, markedly influence the behaviours, thoughts and /or feelings of a significant number of their fellow human beings (p.6). Leadership in academic organizations can be understood as taking different forms depending on how leader s view their institutions. A university can be viewed as a bureaucracy, a collegiums, a political system or an organized anarchy (Chaichanapanich 1998). Generally, leadership has a weak relationship with academic productivity, even when the Chair of the faculty lends moral support or provides monetary backing for the research, because faculty members continue to be more concerned about their teaching, their research or their scholarship. Indeed, it has been observed that faculty staff members valued more highly the assessment of their colleagues and their students than the support of their leadership (Blackburn Lawrence 1995) Colloboration / knowledge sharing Financial Financial element is a important in research productivity. Amount of funding will influence amount of research or knowledge produce. Salisbury (1990), Foncesa et al (1997) found a significant relationship between financial support and research productivity. Wood (1990) also indicated that adequate and continued funding is very important factor in ensuring successful of the research. Warner, Lewis and Gregario (1981) have compare the publication number and amount of grant and they found that amount of grant have resulted in greater productivity or articles. Again, this result shows the positive relationship between fund and productivity. Facilities ( library, electronic support, Library play the important in research. Capabilities of library to provide the resources influenced research productivity. Electronic facilities Schefermeyer and Sewell (1988) indicated that using of email among academician to communicate and seek other for research collaboration have open opportunity to increase research productivity. Almquist (1992) Almquist, E.(1992). Listening to users:case studies in building electronic community.Fox institution annual conference, found that the scientists used IT facilities for different phases of their research especially at the subject identification and also find a similar research or literature. Meanwhile, Bruce (1994)- found that over 80% of Australian academic believed that network access give them benefit in conducting research and 63% believed it can helped increase their publication. Massy and Zemsky (1995). suggested that the availabilitiy of IT facilities provided greater access to the resources and it increase the productivity of research. Huges (1999) investigated the telecommunication environment that support research productivity and found that a networked environment he lped to promote information about research productivity. 2.4 Theories, Framework and Model of Previous Study 2.4.1 Zainab Awang Ngah (2001) Exploratory study to examined the factor that affecting the research publication of academic engineering and scientist from UKM and UM. This study aim to identify problem as well as increase understanding of factor that conducive for a productive academic research environment. The study identifies total number and type of research publication published.Examined the endogenous factor such as personal,home,academic background,attitude,view and problem faced and how these are related to publication productivity. Examianed exogenous factor, academic staff information used and disseminated behaviour, problem associated with publsihng articles or in obtaining library materials. The sample population comprises 125 academic engineering and 311 academic scientis from UKM and UM. Data collection and information about the staff are obtained from questionnaire, university calendar and interview. The results are reported in descriptive statistic and tested for significant and correlation using the chi square for nominal type variables and the spearman rank test. The result generally show that in more cases the correlated are significant related to publication productivity. The significant correlated ( Masuk kan model nya (diagram disini) 2.5 Theoretical Framework Organization Factor Top management Slack Resource Knowledge sharing culture Training Technical infra Knowledge Productivity (Dependent variable) Individual Factor Research motivation Attitude toward research Research skill 2.6 Chapter Summary Conclusion The diversity of factor influencing research productivity is well documented in published literature. However, difference in finding about the relative relationship of research productivity and various variables remained.

Mechanised Infantry Past Present And Future History Essay

Mechanised Infantry Past Present And Future History Essay An armoured personnel carrier or an APC is a vehicle designed to carry men along with their weapons and equipment into the battlefield. It provides them limited protection against small arms and possesses some degree of fire support in the form of medium calibre weapons. Some of them are also referred to as Battle Taxis. In addition to these lightly protected versions there are also the heavily armed types commonly called the Infantry Fighting Vehicles. Armoured tanks, though lethal and well protected, are extremely vulnerable on the battlefield if operating independently. These threats range from the missiles launched from aerial platforms to the single infantryman carrying a hand held anti tank weapon. Therefore, a need was felt to group infantry along with the armoured tanks to provide them with protection against local threats while also allowing them to advance through areas cleared by this infantry element. To obviate the mobility differential between the two, this infantry was provided with vehicles to match the speed and reach of the tanks. This may be called the genesis of the APC or the Mechanised Infantry as it is now commonly referred to. The Mechanised Infantry has proved itself time again in various theatre of operations since its inception. Their importance has only been confirmed by their regular employment in a host of conflicts. Be it the Arab- Israel wars, the conflicts in Africa, the Soviet invasion of Afghanistan and the present day insurgencys in Iraq and Afghanistan, these vehicles have proved their mettle time and again. Despite their potential, in the context of the Indian army there is a reluctance to take this arm seriously. Though this may not be true in the upper echelons of the organisation, within the middle rung there is a lack of comprehension and confidence in the capability of the mechanised infantry to carry out their task. Having personally witnessed the effect a platoon of ICVs can have on a belligerent force in Congo it can be confidently averred that an ICV/APC is the best platform to be employed in such tasks without the threat of an escalation in the conflict spectrum. This article will t race out the history of the mechanised infantry, discuss it role and employment in the present context and the likely future trends. It will also discuss the relevance of this arm in context of the Indian army and the methods to increase its employability. Role of the Mechanised Infantry The role of the Mechanised Infantry has more or less remained the same since its origin. The Wehrmacht during the Second World War carried out an analysis of its Panzer force and identified certain weaknesses. To overcome the shortcomings the following regulation was framed for the collaboration of the tanks and Panzer grenadiers. the tank fights the enemy tank and destroys other weapons. The Panzer grenadier looks for hidden anti-tank guns and fires on them. He prevents close quarter attack on the tanks. Covered by the tanks, he clears the enemys position. Mutual assistance is essential. In good country, the armour moves by bounds from cover to cover, giving fire protection to the panzer grenadiers following. In wooded areas, the Panzer grenadiers precede the tanks. and destroy the enemy with the weapons they carry on their vehicles.  [1]   The same field service regulations further explained the role of the panzer grenadiers: Every other arm is dedicated to helping the tank advance Tanks cannot completely clear the enemy from captured ground, and scattered groups of the enemy may combine to continue the fight. The Panzer grenadiers regiments follow the tanks in elongated echelon, and, collaborating with the second armoured wave, annihilate enemy remnants as well as carrying out the tasks of guarding and securing the rear and flanks of the armoured units. Panzer grenadiers hold the areas captured by tanks. Where a tank is obstructed by difficult terrain or by artificial barriers, the Panzer grenadiers advance first. The conditions for this are: (a) attacking across rivers; (b) in heavily wooded areas, swamp or badly cut-up terrain; (c) minefields, anti-tank ditches and other tank obstacles: (d) when breaking through enemy anti-tank fronts. The tanks will give supporting fire to the Panzer grenadier advance. Once past the obstacles, the tanks resume the leadership of the advance .  [2]   The role, task and method of employment of the mechanised infantry have more or less remained the same since then with only refinements in the drills and tactics. However the equipment has evolved with time and what once a primitive machine with limited firepower and protection is today a weapon with tremendous destructive and capability and adequate protection to allow the infantry to operate with relative comfort and safety. History of Mechanised Infantry The history of the tank and the APC/ICV are entwined. They can be traced to the First World War with the development of the ____________. Though this is referred to as the first modern tank, history is replete with examples where commanders have utilised the concept of heavily armed soldiers on chariots and elephants provided with adequate protection taking on the enemy. Ziska, a great warrior of his days, employed the Wagon-Lagers during the Bohemian Wars of 1410-20 against the Catholic Crusaders. These wagon mounted cannons were extremely effective against the German armies. The Scots, in 1456, invented a wooden cart that encased its crew and protected them. Horses, enclosed in wood for protection, were used to propel these carts. However, it was only after the Battle of Somme in 1916 that the potential of the tank was realised and they began to be regarded as the deciding factors in combat engagements throughout the world. The introduction of the tank at the later stages of World War I did not bring about any change in the war fighting methods being employed. They were simply regarded as a means to end the indecisiveness of Trench Warfare. Large scale casualties with no tangible territorial gains led to the development of this weapon system, designed to cross the miles of barbed wire and torn up earth between the two opposing forces. Success in such form of warfare was also only achievable if the foot soldier could move over the inhospitable terrain with speed and protection and exploit the breakthroughs achieved. The tank was found to be the most suitable means of gaining the desired breakthrough. However, this too had it its inherent shortcomings, with the primary one being that of sustaining the success. Even though the tank was capable of gaining the initial foothold, it was by itself vulnerable to individual/ group of soldiers who could close in with it and destroy it. The British were the first t o realise it and developed the first armoured personnel carrier the Mark IX, essentially a redesigned and lengthened version of the Mark V Male tank. The initial idea was to provide some protection to the infantryman from the machine gun fire so as to allow them to cross the battle field and thereafter serve as the eyes and ears for the tanks as well as providing it with protection. Development of Mechanised Infantry The inter war years were a period of stagnation in the field of armoured warfare for the US and most of the European countries. They persisted with the employment of tanks as supporting arm for the infantry in a piecemeal manner. The Germans, under the guidance of Guderian, developed their own employment philosophy, that of Blitzkrieg. Accordingly they built the SdKfz25, a half track, to be used to carry the infantry behind the rapidly moving tanks. These combined task forces gave the Germans their famous victorys and changed the face of armoured warfare. They were referred to as the Panzer grenadiers, a forerunner of the present day Mechanised Infantry Concurrently, the US developed their M2 and M3 half tracks while the British made the Bren Carriers. Often, APCs were armoured cars with the capacity for carrying troops, but they subsequently evolved into purpose-built vehicles to suit the demands of motorised warfare of the Second World War. Thereafter, subsequent development of the Mechanised Infantry was done on the basis of the employment philosophy being followed by the respective countries. The US and the USSR went about developing their own versions of the APCs which differed in both design and use. USSR/Warsaw Pact Countries The USSR continued development on ICVs after the end of the world war and developed the vehicles as per their doctrine. Based on the experience of the World War, they identified the need for greater protection and firepower to the APC than the US and introduced the Infantry Fighting Vehicle The aim was to achieve a breakthrough to allow the infantry to get through with speed and exploit the available opportunity. The increased lethality of the anti tank missiles demanded greater protection to the infantry soldier sitting inside the vehicle. The soldier sitting inside was provided the ability to bring to bear his personal weapon while under fire. Accordingly, the BMP-1 was designed which catered for all the above requirements. It had a 73 mm gun, the Malutka anti tank missile and machine guns. There was also the provision of port hole in the stick compartment that allowed for use of the personal weapons while sitting inside the vehicle. The BMP intended to pin down the enemy soldiers while on attack and to provide fire support with the heavier weapons while the infantry was dismounted. The Israel-Arab conflict of 1967 and 1973 exposed some vulnerability in the vehicle which saw the development of the BMP-II. The 30 mm cannon replaced the 73 mm gun while the missile was upgraded to the second generation AT-4/5s. The commander was given additional protection and the strength of the section was reduced from 11 to 10. Thereafter, the Russian built the BMP-III which was less of an ICV and more of a light tank with a 100 mm gun, an additional 30 mm cannon and a gun barrel launched missile system. It enjoys better armour protection and is still light enough to be transported by air. NATO/US APCs The US developed their version of the vehicle on a different doctrine. Their concept involved the vehicle to provide mobility to its infantry while simultaneously protecting it. Emphasis is not on firepower as the same would be catered by the tanks moving ahead. Accordingly they built the Armoured Personnel Carrier or the APC. This operated on the concept of Battle Taxis. The vehicle was meant to carry the infantry into battle and thereafter was left out of battle. The most popular of these was the M113 box on tracks. They were introduced in service in 1960 and since then almost 80,000 of these have been built. They were used effectively for the first time in the Vietnam conflict. There were a number of variants build alongside the primary version. These were used as Command Posts, mortar carriers and ambulance APCs. Because of their versatility, these have been used very effectively used by commanders for tasks they were not designed for. For instance, M-113s were used to lead the a ttack on the Vietcong in the absence of tanks. This family was extremely popular among the US allies and a large number were inducted in almost 50 other nations. With the introduction of the BMP-1 in the Soviet army the US had to rethink their approach. The large number of A vehicles (tanks and ICVs) available with Russia forced the US army to concentrate on increasing their anti tank capability. They introduced the TOW missile into their force. However the TOW didnt possess any protection leaving the firer vulnerable to return fire while he tracked the missile to the target. The US built the M2 Bradley as a counter to the Russian BMP-I. They revised their existing philosophy and built a vehicle with heavy armament and armour protection. It was given a TOW missile launcher with the operator under armour. It had an additional 25mm Bushmaster cannon and portholes for the infantry to fire from. It was fairly heavy by the standards of an APC and was supposed to fight behind the infantry and not operate as a Battle Taxi. The Army believed that the Bradley, initially known as the MICV, was essential so the Army could adopt an armour doctrine that was similar to German doctrine and appropriate to a mechanised battlefield characterized by highly lethal modern weapons and numerical superiority of the enemy. They have proved their value in numerous theatres be it Kuwait, Iraq and Afghanistan. But these have been service since 1964 and the US army has been looking for an alternative. This led to the introduction of the Stryker family of vehicles. This is an eight wheel drive combat vehicle and the focus of the US armys Transformation. It provides enhanced protection to the soldiers from RPG and IED attacks. It has operated extensively in Operation Iraqi Freedom to the tune of six million miles. It is planned to enhance the armour protection by adding reactive armour modules. The US army plans to induct 2691 vehicles for the seven Stryker Brigade Combat Teams that it is r aising. Despite the performance of the Stryker, it does a have its share of detractors who warrant against the replacement of the M-113s and M2 Bradleys. The major disadvantage with the Stryker is the weight of the vehicle which reduces its strategic/tactical mobility. As a comparison, the C-17 can carry four combat ready M-113s against two Stryker vehicles. There are other inherent disadvantages with the Stryker family, however the US is keen to continue using them and there have been mixed reviews regarding their performance from the soldiers on ground. Other Nations The development of APC/ICVs has not remained with only the US and the Russians. Other nations have also built/ developed models base on their requirements and doctrines. The French army is using the Và ©hicule de lAvant Blindà © or VAB (Armoured Vanguard Vehicle in French). This is an extremely popular wheeled APC in service since 1974. Its popularity can be gauged by the fact that the US is using the same for their own police departments. One more vehicle that merits attention is the Israeli Achzarit which is based on the Soviet T-55 tank. The IDF modified the tanks they had captured from the Arab armies by removing the turret and modifying the chassis for troop carriage by adding a rear door. The engine was replaced and reactive armour installed. This design of APC was contrary to the existing philosophy of light vehicles. The IDF considered troop protection to be the primary factor and hence the heavy protection at the cost of weight. Availability of strategic mobility not being an imperative IDF could afford to build these heavy APCs. Mechanised Infantry for Indian Army The Indian army acquired its first Mechanised unit in 19__. Since then it has raised the Mechanised Infantry Regiment and converted the Brigade of the Guards to a mechanised profile. These units are primarily meant to operate in the Western Theatre, both in the desert and the plains sectors. They are trained to operate as per the new Indian Cold Start Doctrine which envisages the armour and mechanised infantry forming Integrated Battle Groups to launch into an adversary. However there is a school of thought within the army that questions the utility of the ICV. With better mobility available with the infantry, their being able to keep pace with the tanks is no longer an issue. In addition, the BMP-II does not have enjoy adequate protection against the adversarys anti- tank capability. Therefore, it may be argued that the infantry may be able to perform the tasks meant for the mechanised infantry. In any case, grouping an infantry battalion with the armour to carry out Encounter Cross ing on the water obstacle to overcome the shortfall of mechanised infantry is an option occasionally practised. If that be so, can the infantry replace the Mechanised Infantry outright? This line of though needs to be negated at the earliest. The more logical question that needs to be asked is that can the mechanised infantry do tasks traditionally associated with the armoured tanks. Before addressing that question let us first reemphasise the importance/relevance of the mechanised infantry. The mechanised infantry is traditionally expected to follow in the wake of the leading armoured column and thereafter clear/ mop up the remnants. This envisages the mechanised infantry moving close behind in relative safety. The ICVs though vulnerable to anti tank missiles provide adequate protection against aimed small arms weapons and artillery splinters in comparison to motorised infantry. Therefore it is unlikely that motorised infantry could replace the mechanised infantry. The employment of infantry for tasks such as Encounter Crossings on obstacles is due to the non availability of mechanised infantry and hence logically, there is a need to raise more units of the same. Both in plain and the desert sector, it is envisaged that certain built-up areas will have to be cleared to open the axis. This will entail the initial isolation/investment being done by the mechanised columns and thereafter the infantry soldier supported by tanks carrying out the physical clearance of the town/village. This tactics though possible in theory is unlikely to succeed in practise. This was best illustrated in Operation Iraqi Freedom where in the battle for the town of Fallujah the initial operations were carried out by the M1 Abrams and the Bradleys both, with the infantry man only being employed in the last phase. Based on this experience of fighting in built up area, it may be confidently averred that own mechanised infantry will have to be committed for the clearance of these areas which as of now do not factor in the troops to task. The mechanised infantry is relieved by the follow up infantry to allow them to reach the projection area at the earliest. Clearing of a built up area in the adversarys terrain is unlikely to involve fighting only regular enemy troops. The local population is likely to put up a resistance as well, similar to what is being seen in both Afghanistan and Iraq. If that be the case the ICV will assume greater importance and may have to be employed for a longer period to overcome the resistance. This merits a greater availability of mechanised infantry to allow for the dual task of fighting the Projection area battle while simultaneously clearing the inter objectives to open the axis at the earliest. Similarly, Corridor Protection will be of extreme importance and ICVs may have to be employed in larger numbers. All these only reinforce the requirement of a larger strength of mechanised infantry. India desires to be recognised as powerful global player both economically and militarily. The same has been reflected in the Army Doctrine which states Indias desire to be able to conduct Out of Area Contingencies. This capability requires the force to possess adequate strategic mobility. There is a need to have the air/sea assets to move this force in the envisaged time frame and adequately strong force to be put on ground capable of achieving its aim till such time the remainder force is built up. The sheer weight of the tank precludes it being available to such a force in the desired numbers. Therefore the next best alternative is the ICV which though much less destructive is still better than the unprotected infantry. Even the US faced this problem while deploying in Iraq despite having the best air assets in the world. Against an initial plan of a heavy infantry division of 15,000 soldiers and 1,500 armoured vehicles, they could only achieve 2000 airborne soldiers supported by less than two dozen Bradleys and M1 Abrams. This was primarily due to the absence of rapidly deployable light armoured vehicles.  [3]   India is not a rich country, it has to weigh its options, prioritise and then select the best compromise. It would be futile to expect a large increase in the number of mechanise infantry battalions. Similarly, keeping the constraints of finances, equipment management and training in mind, it would be difficult to have different vehicle for different roles. The best option would be to have a single family of vehicle capable of conducting multiple tasks. This leads us to the next question, is it time to replace the BMP-II with something better (if not better, then more suitable). I would like to suggest that it is time to phase out the BMP-II and replace it with the more superior BMP-3. The BMP-3 can be, at a stretch, grouped under the nomenclature of a light tank. With its 100mm cannon, barrel launched missile and an additional 30 mm cannon, it packs considerably more fire power than a BMP-II and only a little less than a tank. It has better armour and NBC protection than the BMP-II while being only marginally heavier (18.7 Tons against 14.4 Tons). It can easily be transported by air and on landing is adequately strong to perform in the absence of tank support. It is able to carry seven infantry soldiers, similar to the BMP-II. It is the most suitable vehicle for any Rapid Action Force that India plans to raise for conducting Out of Area operations. The Israel-Lebanon conflict of 2006 reinforced the vulnerability of armoured tanks in Low Intensity conflicts noticed in Iraq and Afghanistan. The high profile Merkava was targeted repeatedly by the Hamas insurgents along its vulnerabilities leading to material damage and loss in morale. In these circumstances, it is imperative that tanks operate in conjunction with infantry. The inherent disadvantage of a tank operating in a built up area is its lack of visibility and arc of fire, both vertically and horizontally. The BMP-3 can traverse vertically from -6 to 60 degrees which is a major requirement for clearing of h igh buildings. The presence of seven infantry soldiers moving in close proximity provide the requisite close protection, while the 100mm gun and 30 mm cannon are sufficient to destroy any target. It may be argued that the BMP-3 may preclude the requirement of a tank to be grouped along, thus freeing them for more important tasks. The BMP-3 has recently been tested in UAE against the US Bradleys and British Warriors. Their performance has been appreciated and the Arabs are looking to induct them though they have traditionally relied on the US and British for military equipments. The BMP-3 may be considered for induction in the Indian army to bridge the gap between the ICV and the heavy tanks thus filling a long felt absence of an interim vehicle. The next important aspect to be considered is the required increase in the number of mechanised infantry units. India has a large land boundary with different terrain features. Economics and world pressure do not allow it to increase the strength of its standing army. The next likely option is to convert more infantry units to a mechanised profile. This against has its disadvantages, as there would be lesser number of units available for standard infantry tasks along the Line of Control, the International Boundary and the Line of Actual Control. There would be greater pressure of the units and the present turn over period of 2-3 years would further reduce. There is, however, one more option worth considering. This option envisages ICVs to be considered as part of sector stores in the Western theatre. The infantry battalions would be dual trained i.e. holding ICVs when deployed in Plains/deserts while reverting to infantry in mountains leaving their mechanised equipment behind for the unit relieving them. Training a fully operational mechanised battalion takes time; therefore this is an option that will only work in a long run. There are likely to be equipment management issues as well for such an option. Feasibility of this can only be gauged after detailed analysis and study. In the meantime the mechanised infantry has to continue to function in its present form. Conclusion The importance of mechanised infantry cant be stressed upon more. It is an integral part of the mechanised forces and has its tasks delineated. For all the fire power and protection available to the tank, it still needs the infantry sitting inside the ICV to operate. The tanks have relied heavily on the mechanised infantry since Second World War for their survival. This reliance is stated in a memorandum by the German Oberkommando des Heers( OkH): There can be no doubt that, without the closest cooperation of the panzer grenadier and the tank, the latter is of limited value It is even said by some that commanders would prefer to lose tanks rather than their infantry..  [4]  Regardless of how the panzer grenadier arrived in the battle, these mechanised infantrymen were indispensable to the German concepts of combined arms and manoeuvre warfare as the Wehrmacht practiced them during the Second World War.  [5]  The tenets of mechanised warfare have not changed in the intervenin g years. Therefore what was true of mechanised infantry then remains so today. Instead of questioning the relevance of mechanised infantry, there is a need to increase its numbers and provide it with a better platform to allow it to perform its task better.

Rwanda :: History

Rwanda Population Rwanda’s population has traditionally been composed of Hutu,Tusi and Twa peoples. however, civil stife at independence and genocidal civil warin 1994 have altered these percentages. the 1991 offical cenus estimated the country’s population at 7,164,995. Talking into consideration Rwanda’s growth rate, the population in 1996 should have been between 7.8 and 8 million people, but it is estimated that less than 5.5 to 6 million people were living in Rwanda in late 1995. Rwanda’s people speak a common language, Kinyarwanda, and share many cultural traditions. More than half of the population is estimated to be Roman Catholic and another 5 to 10% Protestant Crisitan. Probaly 30% or more hold traditional beliefs. There is a small Muslium minority. Traditionally, Rwanda has been Africa’s least urban country ,although migration to the capital, Kigali,and provincial towns such as Ruhengeri,Butare,and Gisenyi incerased thoughout the 1980s and the early1990s. Prior to 1994 it eas also the most densly populated rural county in the world, with more than 2,110 persons per sq./km. Education is free and officially compulsory for childern between ages 7 to 15, but Rwanda’s school system was virtually destroyed during the civil war . Most hospitals, including the university of Rwanda, remained closed in 1995. Most hospitals were ethier closed or without adequate supplies or medical personnel. History Hutu agriculturalists migrated into what is now Rwanda during the 7th to 10th centuries AD, followed by pastoral Tutsi between the 14th nd 16th centuries. A feudal monarchy developed that remained in existence for centuries before Rwanda was absorbed into German east Africa in 1899. Belgium occupied the area in 1916 and controlled what are now Rwanda and Burundi until Rwanda gained its independence. Before European occupation, the kingdom of Rwanda was a somewhat flexible hierarchy with a tutsi king and elitre dominating the majority Hutu farmers and small Tutsi underclass, although social mobility and intermarriage blurred the distintions between the groups. the Twa were at the very bottom of the social order. Both the Germans and the Belgians retained the monarchy administer the colony. This arrangement gave th Tusi access to power and economic resouces and intensified ethnic and class divisions. In the 1940’s, however, many Tusti were driven from Rwanda by the Belgians for advocating independence. The moderate Tusi King Kigari V, who had ruled for nearly three decades, died in 1959, and more ethnocentric Tutsi seized power. This contributed to a series of rebellions by Hutu demanding equal rights in which tens of thousands of Tutsi perished. Rwanda :: History Rwanda Population Rwanda’s population has traditionally been composed of Hutu,Tusi and Twa peoples. however, civil stife at independence and genocidal civil warin 1994 have altered these percentages. the 1991 offical cenus estimated the country’s population at 7,164,995. Talking into consideration Rwanda’s growth rate, the population in 1996 should have been between 7.8 and 8 million people, but it is estimated that less than 5.5 to 6 million people were living in Rwanda in late 1995. Rwanda’s people speak a common language, Kinyarwanda, and share many cultural traditions. More than half of the population is estimated to be Roman Catholic and another 5 to 10% Protestant Crisitan. Probaly 30% or more hold traditional beliefs. There is a small Muslium minority. Traditionally, Rwanda has been Africa’s least urban country ,although migration to the capital, Kigali,and provincial towns such as Ruhengeri,Butare,and Gisenyi incerased thoughout the 1980s and the early1990s. Prior to 1994 it eas also the most densly populated rural county in the world, with more than 2,110 persons per sq./km. Education is free and officially compulsory for childern between ages 7 to 15, but Rwanda’s school system was virtually destroyed during the civil war . Most hospitals, including the university of Rwanda, remained closed in 1995. Most hospitals were ethier closed or without adequate supplies or medical personnel. History Hutu agriculturalists migrated into what is now Rwanda during the 7th to 10th centuries AD, followed by pastoral Tutsi between the 14th nd 16th centuries. A feudal monarchy developed that remained in existence for centuries before Rwanda was absorbed into German east Africa in 1899. Belgium occupied the area in 1916 and controlled what are now Rwanda and Burundi until Rwanda gained its independence. Before European occupation, the kingdom of Rwanda was a somewhat flexible hierarchy with a tutsi king and elitre dominating the majority Hutu farmers and small Tutsi underclass, although social mobility and intermarriage blurred the distintions between the groups. the Twa were at the very bottom of the social order. Both the Germans and the Belgians retained the monarchy administer the colony. This arrangement gave th Tusi access to power and economic resouces and intensified ethnic and class divisions. In the 1940’s, however, many Tusti were driven from Rwanda by the Belgians for advocating independence. The moderate Tusi King Kigari V, who had ruled for nearly three decades, died in 1959, and more ethnocentric Tutsi seized power. This contributed to a series of rebellions by Hutu demanding equal rights in which tens of thousands of Tutsi perished.

A Critique of Thank You for Smoking? :: Critical Essays

A Critique of â€Å"Thank You for Smoking†¦?† Peter Brimelow’s â€Å"Thank You for Smoking†¦?† had me interested from the title alone. This essay lists a few of the benefits that can occur from smoking. Bimelow is aware of the many dangers of smoking as he acknowledges â€Å"the Environmental Protection Agency has claimed that ‘second hand smoke’ is a significant risk for nonsmokers and the Food & Drug Administration is making noises about regulating nicotine as a drug† (The Genre of Argument 141). Brimelow’s essay gives some reasons why and how smoking can be beneficial in some small ways. The message Brimelow is trying to get out is that, â€Å"smoking might be, in some small ways, good for you† (141). Brimelow uses words and phrases such as â€Å"might be† and â€Å"some† to narrow down his major claim. Brimelow’s major claim that smoking can be healthy in some ways. In some studies, certain cancers have been shown to appear less in sm okers than nonsmokers. This leads us to believe that smoking may be beneficial in some ways. I think this essay is successful because of the evidence presented along with the narrow major claim. The author’s purpose in this essay is to show how smoking can be beneficial in some ways. Brimelow presents his credibility with studies from the International Journal of Epidemiology, New England Journal of Medicine, and Journal of the American Medical Association (Brimelow 142). He notes that smoking can both calm and stimulate people. Smoking has been shown to calm people while driving if they take long puffs. Smoking has also been shown to stimulate if taken in quick, short puffs. Brimelow reiterates this by telling us that â€Å"Current understanding is that nicotine is ‘amphoteric’ –that is, it can act to counter both conditions, depending on how it is consumed† (142). This is a reason how smoking can be beneficial. I would not think smoking could be beneficial in any way. However, Brimelow achieved his purpose in this essay and may have changed my mind. He used reliable resources for his evidence with studies that astonished me. I did not know some studies have shown some cancers to occur 50% less in smokers than nonsmokers. He gives a valid argument with these studies along with a theoretical example which I am still thinking about. A Critique of Thank You for Smoking? :: Critical Essays A Critique of â€Å"Thank You for Smoking†¦?† Peter Brimelow’s â€Å"Thank You for Smoking†¦?† had me interested from the title alone. This essay lists a few of the benefits that can occur from smoking. Bimelow is aware of the many dangers of smoking as he acknowledges â€Å"the Environmental Protection Agency has claimed that ‘second hand smoke’ is a significant risk for nonsmokers and the Food & Drug Administration is making noises about regulating nicotine as a drug† (The Genre of Argument 141). Brimelow’s essay gives some reasons why and how smoking can be beneficial in some small ways. The message Brimelow is trying to get out is that, â€Å"smoking might be, in some small ways, good for you† (141). Brimelow uses words and phrases such as â€Å"might be† and â€Å"some† to narrow down his major claim. Brimelow’s major claim that smoking can be healthy in some ways. In some studies, certain cancers have been shown to appear less in sm okers than nonsmokers. This leads us to believe that smoking may be beneficial in some ways. I think this essay is successful because of the evidence presented along with the narrow major claim. The author’s purpose in this essay is to show how smoking can be beneficial in some ways. Brimelow presents his credibility with studies from the International Journal of Epidemiology, New England Journal of Medicine, and Journal of the American Medical Association (Brimelow 142). He notes that smoking can both calm and stimulate people. Smoking has been shown to calm people while driving if they take long puffs. Smoking has also been shown to stimulate if taken in quick, short puffs. Brimelow reiterates this by telling us that â€Å"Current understanding is that nicotine is ‘amphoteric’ –that is, it can act to counter both conditions, depending on how it is consumed† (142). This is a reason how smoking can be beneficial. I would not think smoking could be beneficial in any way. However, Brimelow achieved his purpose in this essay and may have changed my mind. He used reliable resources for his evidence with studies that astonished me. I did not know some studies have shown some cancers to occur 50% less in smokers than nonsmokers. He gives a valid argument with these studies along with a theoretical example which I am still thinking about.

The Burial of My Mother Essay -- Personal Narrative, essay about my fa

The phone rang early the morning of July 21, 2013. It was a call from my brother-in-law telling me the news of my mother's death. The news came as no surprise. She was diagnosed with terminal cancer in May of 2013, and her death had been expected. I had been trying to prepare myself for this day ever since I had heard the diagnosis. Once I awoke, I packed and started the journey home from State University, where I had been staying with friends while attending a business seminar. I had spent three years at State University and had made this drive home often. This time, however, everything seemed different. All the trees seemed brighter, more colorful, and more full of life. Maybe when one thing has died, it adds life to something else. Could this be the natural order of things? In just those few moments, I felt my life change. I suddenly realized that I could no longer be a child. Not more than twenty minutes into my drive, I found myself suddenly overcome by reality, and grief became my driving companion. There was a song on the radio that stirred all my emotions into nervous gumbo. I felt everything from anger to happiness, from betrayal to fortunate. As I continued, I started to see my life unfold in front of me in a thousand different ways. This was a pivotal point in my life, and what I did now would affect the rest of my life. Could I even have a life after this? The questions I asked my God and myself that day are too many to count. This was pure emotional trauma, and at the age of twenty-one, I was not ready to handle this life on my own. The drive took me through the home of my youth. As I arrived in McCormick, I saw all the familiar sights. My mind started to drift back to when everything w... ... I hate this tradition. Why would anybody want to throw a party in your honor on the one day they know you cannot make it? I attended just to see what would happen. We ate a lot, and everyone told us how sorry they were. As I looked at them and at us, I realized people really do not handle death well. We as a society need to come up with a better set of rules to follow when it comes to funerals. Years have passed since I watched the burial of my mother. The only physical contact I have now is the occasional trip to the grave site, and the only reason I go is to do ground maintenance. Pulling weeds and placing flowers on the grave is a family duty. Even after you die, it is necessary that you portray a good image, and I feel a responsibility to my mother and her memory. It is still important to me that I live the type of life that would make her proud.

Aids and Society :: HIV Social Issues Health Essays

Aids and Society Aids and Society The number of newborns infected by vertical transmission of the human immunodeficiency virus is increasing as the prevalence of HIV-positive women increase within the United States. It is estimated that while seven thousand HIV-positive women become pregnant each year, between one thousand and two thousand of their newborns will be HIV-positive. This research paper will concentrate on the transmission of the human immunodeficiency virus from mother to child, the benefits of drugs intervention, and whether or not the HIV-screening process of pregnant women should remain voluntary or become mandatory. The HIV-virus has proven that it is not a disease to be taken lightly or ignored. I chose this topic because I want to be informed about the virus and its rate of vertical transmission so that I will be able to inform others about such ethical topics: Does the baby have rights and should a pregnant women be denied her right to privacy with respect to HIV? Data shows that AIDS is now increasing faster among females than males, with women accounting for seven percent of cases in 1985 and nineteen percent in 1995. The incidences of HIV-positive heterosexual women have risen dramatically over the past decade, and AIDS is now the third leading cause of death among women ages twenty-five to forty-four. The one thing that all of these women have in common is that they all are of child bearing age. Consequently, the incidences of HIV-positive newborns have also increased. As mentioned previously, about seven thousand HIV-infected women give birth each year, and about twenty-five percent of their babies are HIV-positive. â€Å"Maternal transmission accounted for ninety-two percent of all new AIDS cases reported in children in 1994†(Davis15). A major breakthrough in drug intervention began in February 1993. The AIDS Clinical Trials Group administered a double-blinded, randomized, placebo-controlled study of zidovudine, also known as AST. Four hundred s eventy-five women were enrolled in the study. These women were randomly assigned to one of two groups. One group received zidovudine while the other, the control group, received a placebo. The administration of either zidovudine or placebo began in the second trimester of pregnancy and continued through labor. For six weeks after birth, the babies received the same treatment as the mothers in a syrup form. Because it was a double-blinded study, neither the researchers nor the patients knew who was actually receiving the zidovudine.

Nike, Inc. Case Study

Nike Valuation At North Point Group we believe we have developed the formula for investing success. As you know better than anyone, our Large-cap fund has exceeded all possible expectations in recent years as it outperformed the S&P 500 by 30% with respect to returns in 2000 and has continued the trend into 2001; as of the end of June 2001 it has already produced returns of 6. 4% while the S&P 500 has continued to struggle producing a return of -7. 3%. We believe these results are made possible by our â€Å"workhorses† of the market as we like to call them. For those of you that don’t know these â€Å"workhorses† are our holdings in companies that have been there through the history of modern America. These companies are those such as 3M, General Motors, McDonalds, and ExxonMobil, which have gone through the many roller-coaster type rises and falls that defines our nation’s economy and has utilized these experiences to prosper and grow step for step with our nation. We are here today to share and discuss our recent findings in our search for another candidate worthy of investment from our Large-Cap Fund. The company originally named â€Å"Blue Ribbon Sports,† now Nike Inc. has caught our attention. Initially known for their athletic performance shoes, Nike has developed itself into a sporting good and apparel monster while maintaining their domination in the athletic shoe sector over the last fifty years. In 1997, Nike reached the top of their game in terms of revenue, when they reported $9 billion in revenues in their annual report; however, since then their revenues have been at a virtual stand-still, hovering around $9 billion for the past five years. Despite their lack of improvement in the last half-decade we see progress in their near future, especially with them already well into the stage of recognizing problem issues within the company. They have realized that one of their major issues is that which made them into what they are today, their athletic shoes. They have maintained a large share of the athletic shoe market throughout their history but they have only just recently noticed that this share is slowly diminishing through time, as it has dropped six percent from 1997 to 2000. After taking a step back and looking at the big picture they realized their error in the recent past, they have placed too much of their focus on producing high-end, high-priced athletic shoes and have forgotten about the mid-priced shoes segment which fueled their growth for decades, and yet still remained the producer of 30% of their revenues. This focus will help bring the Nike brand shoe back into the homes of any American home no matter their income level. Along with their shoes, Nike has other plans to rejuvenate their corporate performance. The biggest of all was the acquisition of top exec, the former president and chief executive of the Polo Jeans division of rival Jones Apparel Group, Mindy Grossman. Nike sought out Ms. Grossman because of her exceptional performance in the clothing industry in hopes that she would take their apparel division to the top; a result which is not far beyond belief when considering the vast resources and influence that Nike already possesses. The hopes within the company are that these tweaks to their corporate approach along with some minor cost cutting adjustments in the company’s operations and administration will drive the company up the incline of revenue growth. With Nike reigniting their pursuit for excellence and fueling this fire by restoring their staple, mid-priced athletic shoes fit for every American, to its glory; it’s easy to believe in the potential of Nike, Inc. and jump on the bandwagon. Even though we believe in the potential of Nike, further financial evaluation is necessary before a decision affecting everyone in this room can be made. We got excited about the prospect of Nike becoming part of our fund not because of the name, and the reputation it carries with it, but because of their remarkable success through numerous decades and varying economic conditions. These factors paired with their current economic struggles and the impact those on the market price of Nike makes them a prime value investing candidate. WACC: We choose the weighted average cost of capital to use as our discount rate. We did this because we calculated future cash flows using the free cash flow to the firm method. By using this method we are able to account for the total free cash flows available to the owners after all expenses. This means that debt is accounted for in the intrinsic value of the company. In order to compute the WACC the following inputs must be calculated; cost of equity, after tax cost of debt, weight of equity and weight of debt. In this section of the analysis we will give a step by step breakdown of how we computed those inputs. Cost of Debt: The cost of debt is rate at which a company pays on its current outstanding debt. This rate is comprised of things like loans or bonds. Nike conveniently has only one issue of publicly traded debt. This is a bond that pays a 6. 75% coupon semi-annually. It was issued on 7/15/10 and is mature on 7/15/21. The current market price is $95. 60. To calculate the cost of debt we found the YTM of the only current outstanding bond issue. As of today we are nine days away from a coupon payment on 7/15/01. After this coupon payment there will be 40 more coupon payments. We are making the assumption that a coupon is paid on the date of maturity. As stated the price of the bond listed today is $95. 60. If the bond were actually to be bought and sold the price would need to reflect the interest accrued since the last coupon payment. To calculate this we subtracted the number of days since the last payment, 173, from the number of days in the period, 182 = . 95. We then took that number and multiplied it by the coupon payment divided by 2 in order to realize the coupon payment per period. (6. 75/2)= 3. 375(. 95) = $3. 2. Based on these calculations we have calculated the following inputs to solve for the YTM. Cost of Equity: The cost of equity is the return that stockholders require to invest in a company. There are many different ways to compute this value. We will look at CAPM, DDM and the earnings capitalization ratio. CAPM: We looked at two different ways to calculate CAPM. First using the 3 month T-Bill as a risk free rate (3. 59%) along with the arithmetic average of returns from 1926-1999 (7. 50%) to calculate the market risk premium. We used a beta of . 8 which is the average of the last 6 years. We believe this to be a good estimate because it accounts for volatility and decreased possible variance. Below is our calculation for the cost of equity. In the alternative CAPM model we used the 10 year Treasury bond as the risk free rate instead of the 3 month. We also used the geometric average of historical returns as the market risk premium. Below is the estimation of the alternative Cost of Equity. We believe that the second calculation of the CAPM using the 10 year bond and the geometric average is a more accurate representation of the cost of equity. The 10 year bond rate is a better indication of the real risk free rate since the fund is looking at value stocks which are generally held for longer periods of time. The geometric mean is also a more realistic calculation of the market risk premium because it calculated real return, as opposed to the arithmetic average which is just a straight average calculation. DDM: The calculation of the dividend discount model required a dividend growth rate and the current stock price. We obtained the dividend growth rate of 5. 5% from Valueline. The current share price is $42. 09. The calculation of the cost of capital using the DDM is below. The dividend discount model works best with companies that follow the constant slow growth path. This is because their dividends are generally a good reflection of earnings. Since Nike is not a slow growing company and their dividends are not highly correlated with changes in earnings we do not recommend using the DDM to estimate the cost of equity. Earnings Capitalization Rate: The earnings cap rate is the opposite of the P/E ratio. The inputs include an implicit growth rate which we calculated by multiplying current ROE by the current retention ratio of earnings. This growth rate is used to project EPS for the next year. The inputs and calculation of the cost of equity is shown below. The earnings capitalization ratio is not a good estimate of the cost of equity for the same reason the DDM was not a good model. This is because the retention ratio and the dividend payout ratio are dependent on each other. Since the dividend payout ratio is not a good indication of earnings than neither is a model that uses the retention ratio. Value of Debt: To effectively calculate the value of debt we used the market value of debt instead of the book value. This gives a better approximation of the current value of the debt. To calculate the market value we discounted the LT debt value that we obtained from the balance sheet. Below are the inputs and the present value of the LT debt. In addition to the market value of long term debt we need to add short term debt. This includes the current LT debt payment and the notes payable as found on the 2001 balance sheet. After adding these values we obtained the total market value of debt. Value of Equity: To find the value of the equity we used the market value of the current equity instead of using the book value. The market equity is calculated by multiplying the current number of shares by the current market price. Calculation is shown below. Capital Structure: Based on the market value of the debt and equity we calculated the capital structure. The numbers are shown below. {draw:frame} {draw:frame} WACC Calculation: To calculate the WACC we combined the weights of equity and value with the cost of each. The equation is as follows: {draw:line} {draw:line} {draw:line} {draw:line} (11,503/12,550) X 3. 42% + (1,047/12,550) X 2. 12% = 9. 44% {draw:custom-shape} {draw:custom-shape} {draw:custom-shape} {draw:custom-shape} Discounted Cash Flow Analysis: Revenue: To have a better estimate of Nike’s current condition, we calculated its discounted cash flow in order to find its NPV and a more realistic measure of Nike’s share price. We estimate that in the next 10 years Nike will have a revenue growth ranging from 6 to 7 percent. In 2002, revenue growth is projected to be at 7 percent. From 2003 to 2005, revenue growth will be 6. 5 percent. In the last 6 years of the forecast, Nike will experience a growth rate of 6 percent. The rationale behind this sales growth forecast is that Nike will be developing more midpriced shoes and increasing its apparel line. The midpriced shoes will offer consumers more affordable selection so sales are likely to increase. Nike’s plan to push its apparel line is also a good strategy to increase sales because athletic apparel is a good complementary to their shoes. Revenue growth will kick off with a good start but it’s projected to fall slightly to a more sustainable growth rate. COGS, SG&A: As Nike’s sales rate slowly declines in the next 10 years, their percentage of Cost of Goods Sold over Sales and Selling, General & Administrative percentage also decline. Nike plans to cut costs in the next 10 years. So as their costs decrease and sales increase, their percentage of COGS and SG&A to sales will decrease. NWC: Next, we calculated Nike’s change in net working capital. Net working capital is current assets minus current liabilities. To do this, we took the average of Nike’s asset in percentage to sales and liabilities over sales for the last 4 years. (Refer to Exhibit A). We then take those numbers and multiply it by the projected revenue to get the project current assets and current liabilities for the next 10 years. We took the difference to get the net working capital. The change in net working capital would be just the difference of one year to the next. Exhibit A. CAPEX, net Depr: We calculated the Capital Expenditure and depreciation using a similar model. The 2001 Nike annual report gave us some guidance that CAPEX would not increase in 2002 from the previous year. Based on an increasing cost of depreciation we forecasted 2002 CAPEX net Depr. to be $120 million. Using this projected 2002 value and the three years previous we calculated an average CAPEX net Depr. (See Exhibit B) We feel this average is the best way to estimate an unpredictable CAPEX number. We used this average in our forecasts through 2011. Exhibit B. Free Cash Flow: After we attain all the CAPEX and the change in NWC, we were able to do a ash flow by taking our net operating income after tax less CAPEX and NWC. For our terminal value, we used the Gordon growth model with a 3 percent growth rate. In our terminal value, we added back the CAPEX value because capital expenditure will eventually be zero in the future. We feel that it won’t be accurate to have a negative value for CAPEX fo r our terminal value. After calculating the future cash flows for Nike, we were able to find the intrinsic value of the company. Using our WACC of 9. 44 percent, we attained a NPV of $15,963 million. During this time, Nike had a current debt balance of about $1,047 million. We subtracted the debt from the NPV to get an equity value for the company of about $14,916 million. We took Nike’s equity value and divided by their total number of shares outstanding of 273. 3 for 2001 and got a price of $54. 58. Compared to the current market price of Nike’s stock of only $42. 09, Nike’s stock is undervalued by almost 30 percent. Based on our new estimates of Nike’s value, we think that these numbers reflect the company better than what the market says. We also did a sensitivity analysis of Nike’s stock using various discount rates. We can see that even at a discount rate of 12 percent, Nike’s stock would be $44. 7. This is still about $2 more than what the market valued Nike. Conclusion: Knowing that our key to success has been a value investing approach to Large-Cap mutual funds, it is easy to see that we are recommending the investment in Nike, Inc. on the basis of the findings of our financial analysis, which reports t he company as undervalued by over 29%. Essentially we are saying that according to our best analysis we believe that the company should be valued by the market at a price 29% higher than it currently is. In terms of stock price this is saying that although Nike is currently selling at $42. 9 we believe it should be priced at $54. 58. It is easy to figure out how this creates value for you as investors as long as Nike stays true to form and true to their word. We do not see the powers that be letting Nike die; they recommitted themselves and the company to excellence and have taken appropriate action to signify their sincerity. Their modifications to expenses in combination with their push of apparel and shoes, which despite its decline in market share is responsible for 30% of Nike’s revenues, will bring Nike out of their current slump. They will ake this happen over time by slowly working down expenses, in particular cost of goods sold and selling and administration expense, while working to increase revenues. We feel very strongly on the accuracy of both our analytical and corporate analysis in part because despite increasing selling and administrative expenses and fluctuating revenues Nike has ended each fiscal year for the last few years with a positive economic value added result. Over the past three years Nike has ended with an average EVA of $387 million, showing that they can go above and beyond market and investor expectations even while in a slump. Nike, Inc. Case Study Nike Valuation At North Point Group we believe we have developed the formula for investing success. As you know better than anyone, our Large-cap fund has exceeded all possible expectations in recent years as it outperformed the S&P 500 by 30% with respect to returns in 2000 and has continued the trend into 2001; as of the end of June 2001 it has already produced returns of 6. 4% while the S&P 500 has continued to struggle producing a return of -7. 3%. We believe these results are made possible by our â€Å"workhorses† of the market as we like to call them. For those of you that don’t know these â€Å"workhorses† are our holdings in companies that have been there through the history of modern America. These companies are those such as 3M, General Motors, McDonalds, and ExxonMobil, which have gone through the many roller-coaster type rises and falls that defines our nation’s economy and has utilized these experiences to prosper and grow step for step with our nation. We are here today to share and discuss our recent findings in our search for another candidate worthy of investment from our Large-Cap Fund. The company originally named â€Å"Blue Ribbon Sports,† now Nike Inc. has caught our attention. Initially known for their athletic performance shoes, Nike has developed itself into a sporting good and apparel monster while maintaining their domination in the athletic shoe sector over the last fifty years. In 1997, Nike reached the top of their game in terms of revenue, when they reported $9 billion in revenues in their annual report; however, since then their revenues have been at a virtual stand-still, hovering around $9 billion for the past five years. Despite their lack of improvement in the last half-decade we see progress in their near future, especially with them already well into the stage of recognizing problem issues within the company. They have realized that one of their major issues is that which made them into what they are today, their athletic shoes. They have maintained a large share of the athletic shoe market throughout their history but they have only just recently noticed that this share is slowly diminishing through time, as it has dropped six percent from 1997 to 2000. After taking a step back and looking at the big picture they realized their error in the recent past, they have placed too much of their focus on producing high-end, high-priced athletic shoes and have forgotten about the mid-priced shoes segment which fueled their growth for decades, and yet still remained the producer of 30% of their revenues. This focus will help bring the Nike brand shoe back into the homes of any American home no matter their income level. Along with their shoes, Nike has other plans to rejuvenate their corporate performance. The biggest of all was the acquisition of top exec, the former president and chief executive of the Polo Jeans division of rival Jones Apparel Group, Mindy Grossman. Nike sought out Ms. Grossman because of her exceptional performance in the clothing industry in hopes that she would take their apparel division to the top; a result which is not far beyond belief when considering the vast resources and influence that Nike already possesses. The hopes within the company are that these tweaks to their corporate approach along with some minor cost cutting adjustments in the company’s operations and administration will drive the company up the incline of revenue growth. With Nike reigniting their pursuit for excellence and fueling this fire by restoring their staple, mid-priced athletic shoes fit for every American, to its glory; it’s easy to believe in the potential of Nike, Inc. and jump on the bandwagon. Even though we believe in the potential of Nike, further financial evaluation is necessary before a decision affecting everyone in this room can be made. We got excited about the prospect of Nike becoming part of our fund not because of the name, and the reputation it carries with it, but because of their remarkable success through numerous decades and varying economic conditions. These factors paired with their current economic struggles and the impact those on the market price of Nike makes them a prime value investing candidate. WACC: We choose the weighted average cost of capital to use as our discount rate. We did this because we calculated future cash flows using the free cash flow to the firm method. By using this method we are able to account for the total free cash flows available to the owners after all expenses. This means that debt is accounted for in the intrinsic value of the company. In order to compute the WACC the following inputs must be calculated; cost of equity, after tax cost of debt, weight of equity and weight of debt. In this section of the analysis we will give a step by step breakdown of how we computed those inputs. Cost of Debt: The cost of debt is rate at which a company pays on its current outstanding debt. This rate is comprised of things like loans or bonds. Nike conveniently has only one issue of publicly traded debt. This is a bond that pays a 6. 75% coupon semi-annually. It was issued on 7/15/10 and is mature on 7/15/21. The current market price is $95. 60. To calculate the cost of debt we found the YTM of the only current outstanding bond issue. As of today we are nine days away from a coupon payment on 7/15/01. After this coupon payment there will be 40 more coupon payments. We are making the assumption that a coupon is paid on the date of maturity. As stated the price of the bond listed today is $95. 60. If the bond were actually to be bought and sold the price would need to reflect the interest accrued since the last coupon payment. To calculate this we subtracted the number of days since the last payment, 173, from the number of days in the period, 182 = . 95. We then took that number and multiplied it by the coupon payment divided by 2 in order to realize the coupon payment per period. (6. 75/2)= 3. 375(. 95) = $3. 2. Based on these calculations we have calculated the following inputs to solve for the YTM. Cost of Equity: The cost of equity is the return that stockholders require to invest in a company. There are many different ways to compute this value. We will look at CAPM, DDM and the earnings capitalization ratio. CAPM: We looked at two different ways to calculate CAPM. First using the 3 month T-Bill as a risk free rate (3. 59%) along with the arithmetic average of returns from 1926-1999 (7. 50%) to calculate the market risk premium. We used a beta of . 8 which is the average of the last 6 years. We believe this to be a good estimate because it accounts for volatility and decreased possible variance. Below is our calculation for the cost of equity. In the alternative CAPM model we used the 10 year Treasury bond as the risk free rate instead of the 3 month. We also used the geometric average of historical returns as the market risk premium. Below is the estimation of the alternative Cost of Equity. We believe that the second calculation of the CAPM using the 10 year bond and the geometric average is a more accurate representation of the cost of equity. The 10 year bond rate is a better indication of the real risk free rate since the fund is looking at value stocks which are generally held for longer periods of time. The geometric mean is also a more realistic calculation of the market risk premium because it calculated real return, as opposed to the arithmetic average which is just a straight average calculation. DDM: The calculation of the dividend discount model required a dividend growth rate and the current stock price. We obtained the dividend growth rate of 5. 5% from Valueline. The current share price is $42. 09. The calculation of the cost of capital using the DDM is below. The dividend discount model works best with companies that follow the constant slow growth path. This is because their dividends are generally a good reflection of earnings. Since Nike is not a slow growing company and their dividends are not highly correlated with changes in earnings we do not recommend using the DDM to estimate the cost of equity. Earnings Capitalization Rate: The earnings cap rate is the opposite of the P/E ratio. The inputs include an implicit growth rate which we calculated by multiplying current ROE by the current retention ratio of earnings. This growth rate is used to project EPS for the next year. The inputs and calculation of the cost of equity is shown below. The earnings capitalization ratio is not a good estimate of the cost of equity for the same reason the DDM was not a good model. This is because the retention ratio and the dividend payout ratio are dependent on each other. Since the dividend payout ratio is not a good indication of earnings than neither is a model that uses the retention ratio. Value of Debt: To effectively calculate the value of debt we used the market value of debt instead of the book value. This gives a better approximation of the current value of the debt. To calculate the market value we discounted the LT debt value that we obtained from the balance sheet. Below are the inputs and the present value of the LT debt. In addition to the market value of long term debt we need to add short term debt. This includes the current LT debt payment and the notes payable as found on the 2001 balance sheet. After adding these values we obtained the total market value of debt. Value of Equity: To find the value of the equity we used the market value of the current equity instead of using the book value. The market equity is calculated by multiplying the current number of shares by the current market price. Calculation is shown below. Capital Structure: Based on the market value of the debt and equity we calculated the capital structure. The numbers are shown below. {draw:frame} {draw:frame} WACC Calculation: To calculate the WACC we combined the weights of equity and value with the cost of each. The equation is as follows: {draw:line} {draw:line} {draw:line} {draw:line} (11,503/12,550) X 3. 42% + (1,047/12,550) X 2. 12% = 9. 44% {draw:custom-shape} {draw:custom-shape} {draw:custom-shape} {draw:custom-shape} Discounted Cash Flow Analysis: Revenue: To have a better estimate of Nike’s current condition, we calculated its discounted cash flow in order to find its NPV and a more realistic measure of Nike’s share price. We estimate that in the next 10 years Nike will have a revenue growth ranging from 6 to 7 percent. In 2002, revenue growth is projected to be at 7 percent. From 2003 to 2005, revenue growth will be 6. 5 percent. In the last 6 years of the forecast, Nike will experience a growth rate of 6 percent. The rationale behind this sales growth forecast is that Nike will be developing more midpriced shoes and increasing its apparel line. The midpriced shoes will offer consumers more affordable selection so sales are likely to increase. Nike’s plan to push its apparel line is also a good strategy to increase sales because athletic apparel is a good complementary to their shoes. Revenue growth will kick off with a good start but it’s projected to fall slightly to a more sustainable growth rate. COGS, SG&A: As Nike’s sales rate slowly declines in the next 10 years, their percentage of Cost of Goods Sold over Sales and Selling, General & Administrative percentage also decline. Nike plans to cut costs in the next 10 years. So as their costs decrease and sales increase, their percentage of COGS and SG&A to sales will decrease. NWC: Next, we calculated Nike’s change in net working capital. Net working capital is current assets minus current liabilities. To do this, we took the average of Nike’s asset in percentage to sales and liabilities over sales for the last 4 years. (Refer to Exhibit A). We then take those numbers and multiply it by the projected revenue to get the project current assets and current liabilities for the next 10 years. We took the difference to get the net working capital. The change in net working capital would be just the difference of one year to the next. Exhibit A. CAPEX, net Depr: We calculated the Capital Expenditure and depreciation using a similar model. The 2001 Nike annual report gave us some guidance that CAPEX would not increase in 2002 from the previous year. Based on an increasing cost of depreciation we forecasted 2002 CAPEX net Depr. to be $120 million. Using this projected 2002 value and the three years previous we calculated an average CAPEX net Depr. (See Exhibit B) We feel this average is the best way to estimate an unpredictable CAPEX number. We used this average in our forecasts through 2011. Exhibit B. Free Cash Flow: After we attain all the CAPEX and the change in NWC, we were able to do a ash flow by taking our net operating income after tax less CAPEX and NWC. For our terminal value, we used the Gordon growth model with a 3 percent growth rate. In our terminal value, we added back the CAPEX value because capital expenditure will eventually be zero in the future. We feel that it won’t be accurate to have a negative value for CAPEX fo r our terminal value. After calculating the future cash flows for Nike, we were able to find the intrinsic value of the company. Using our WACC of 9. 44 percent, we attained a NPV of $15,963 million. During this time, Nike had a current debt balance of about $1,047 million. We subtracted the debt from the NPV to get an equity value for the company of about $14,916 million. We took Nike’s equity value and divided by their total number of shares outstanding of 273. 3 for 2001 and got a price of $54. 58. Compared to the current market price of Nike’s stock of only $42. 09, Nike’s stock is undervalued by almost 30 percent. Based on our new estimates of Nike’s value, we think that these numbers reflect the company better than what the market says. We also did a sensitivity analysis of Nike’s stock using various discount rates. We can see that even at a discount rate of 12 percent, Nike’s stock would be $44. 7. This is still about $2 more than what the market valued Nike. Conclusion: Knowing that our key to success has been a value investing approach to Large-Cap mutual funds, it is easy to see that we are recommending the investment in Nike, Inc. on the basis of the findings of our financial analysis, which reports t he company as undervalued by over 29%. Essentially we are saying that according to our best analysis we believe that the company should be valued by the market at a price 29% higher than it currently is. In terms of stock price this is saying that although Nike is currently selling at $42. 9 we believe it should be priced at $54. 58. It is easy to figure out how this creates value for you as investors as long as Nike stays true to form and true to their word. We do not see the powers that be letting Nike die; they recommitted themselves and the company to excellence and have taken appropriate action to signify their sincerity. Their modifications to expenses in combination with their push of apparel and shoes, which despite its decline in market share is responsible for 30% of Nike’s revenues, will bring Nike out of their current slump. They will ake this happen over time by slowly working down expenses, in particular cost of goods sold and selling and administration expense, while working to increase revenues. We feel very strongly on the accuracy of both our analytical and corporate analysis in part because despite increasing selling and administrative expenses and fluctuating revenues Nike has ended each fiscal year for the last few years with a positive economic value added result. Over the past three years Nike has ended with an average EVA of $387 million, showing that they can go above and beyond market and investor expectations even while in a slump.

Macbeth and Macduff Essay

Macbeth explains that Lady Macbeth hates her weak self. â€Å"Make thick me blood. † (1:5:44). Lady Macbeth wants to feel no emotion; she wants to stop being a woman and become a more dominant factor. In this case she wants to become a man. Shakespeare supports his explanation by asking Lady Macbeth ask the spirits to change her, â€Å"Come to my woman’s breast/ and take y milk for gall. (1:5:48-49), she doesn’t want what she has because it is of no longer use to her â€Å"gall†. The author’s purpose it to inform that Lady Macbeth is the true killer and is using Macbeth as a puppet. The author writes in a dominant tone to show Lady Macbeth’s feeling toward change. First, Shakespeare portrays an ominous image in Lady Macbeth’s soliloquy, â€Å"The raven himself is hoarse. †(1:5:37-38). She talks of the future death of the king. The Raven being the messenger who announces death. The cacophonous word â€Å"hoarse† portrays the raven’s speech and harsh tone of voice. Then, there is a tip in the balance of the hegemonic structure in the play. â€Å"That my keen knife see not the wound it makes. †(1:5:51). Lady Macbeth knows hat she is not supposed to have a â€Å"keen knife†, perhaps not a knife at all. A woman, in her right place, should not be keen. She must submit and let her husband have all the control. Where as Lady Macbeth wants to be the one with all the power. The cacophonous diction that Shakespeare uses for the Lady Macbeth. That tend on mortal Ruiz2 thoughts† (1:5:40). Lady Macbeths uses the harsh â€Å"t† expresses her self loathing toward her self and her weakness. â€Å"Nor keep peace between† (1:5:45). There is an eerie â€Å"e† sound portrayed in this line. Shakespeare’s Macbeth portrays the dominance women have. The dominance and the plan that Lady Macbeth has over her own husband. She uses this power to her advantage. Throughout the play Shakespeare reveals through more images of Lady Macbeth’s dominant power.