Free Essays on Columbian Exchange - Sugarcane

International Business Essay Example | Topics and Well Written Essays - 1000 words

Universal Business - Essay Example Not at all like Asia Tile, Platinum produces tiles both for import and fare. From the start, Platinum sent out their items mostly to the United States and to a few different nations, for example, China, Malaysia, and Vietnam. Be that as it may, because of a difference sought after for the tiles’ thought process, PCI began to diminish their fare to the United States. In any case, the income picked up from sending out to the United States isn't as much as the income accomplished from trading to Malaysia, Vietnam, and China. The crude materials expected to produce trading products to the United States are generally scant in Asia. Accordingly, this has caused the creation cost to increment as the cost of the crude materials increment because of shortage. This case has become a difficult issue. PCI additionally re-appropriates a few of their middle of the road products from nations around Asia. They import their coating materials, just as shading materials from an organization in C hina called China Glaze. PCI improves quality for these materials at an altogether better cost. Be that as it may, redistributing merchandise from different nations have some noteworthy hindrances. It is tedious, and here and there the shading materials don't appropriately coordinate with what PCI needs. In the event that PCI needs to deliver a particular kind or thought process promptly, it won't have the option to utilize the re-appropriated merchandise as they are very tedious. John Koh expressed that the way toward redistributing the halfway merchandise can be an exceptionally entangled and dull errand. There was one time where the products (China Glaze) were dismissed in light of the fact that it didn't fulfill the guidelines of PCI’s desires. Accordingly, they needed to dispatch it back to China for a trade of the better quality items, however once in a while they may even need to change the blend of the shading materials so as to coordinate the first structure (the lev el of which shading materials to be utilized). In addition to the fact that this gets entangled on occasion, yet it tends to be very tedious (it can take over a month for the materials to be gotten). There is additionally a difficult issue with regards to apparatuses. PCI purchased the vast majority of their machines from Europe. In this way, when the machine either breakdowns or breaks, it takes a couple of days for the specialist to show up from Europe. The machine’s organization won't let one of PCI’s engineers study and fix the machines as the fixes require cautious and expert consideration. The result when a machine separates is an abatement underway for a few days. In those days, Platinum Ceramics Industry was the main fired tiles fabricating organization in Indonesia. Be that as it may, because of an expansion in contenders, it began to lose their market. To tackle this issue, PCI chose to extend their organization by building new processing plants to fabricate send out merchandise. A few difficulties PCI experienced structure new plants were the danger of market disappointment, the need to discover average crude materials locally to limit creation cost, and the transportation costs. Notwithstanding, if the nearby crude materials didn't satisfy the guideline of export’s quality, at that point re-appropriating transitional products would be required. The things that should be watched and concentrated for this situation are reflected in Michael Porter’s Diamond model. It talks about the noteworthy components that we should concentrate in a global business. These elements are request condition, related supporting industry, firm’s technique, framework and competition, factor condition, and government. Request condition

Regulate And Reform Euthanasia Essays - Euthanasia, Medical Ethics

Manage and Reform Euthanasia One of the milestone cases that include killing is that of Karen Ann Quinlan. Quinlan, a twenty-one year old New Jersey inhabitant, overdosed on pills and liquor in 1975. She was surged to the medical clinic where her state of being bit by bit crumbled to a vegetative state. The specialists decided she gotten no opportunity of recuperation. Before the trance like state Karen said that if anything at any point happened that would leave her genuinely and intellectually bumbling, with no possibility of recuperation, she would not have any desire to be kept alive by unprecedented clinical techniques, notes Derek Humphry. Karen's folks looked for strict direction from their cleric. They were informed that the Catholic religion permits the expulsion of exceptional consideration if the patient was in a terminal condition. Karen's folks mentioned she be expelled from the respirator. The medical clinic denied their solicitation. The Quinlans at that point guided their solicitation to the court. The predominant court denied their solicitation. They took their solicitation to the New Jersey Preeminent court where the choice was turned around. Karen was expelled from the respirator. Amazingly, Karen started breathing all alone and experienced an additional ten years (Humphry 107). The Quinlan case brought to the cutting edge patients' craving to bite the dust a pleased, calm demise. It likewise brought to the front line the complexities brought about by the headway of clinical innovation (Euthanasia27). Willful extermination has been polished in Eastern and Western culture since the start of human progress. The capacity of clinical innovation to expand life (as illustrated by the Quinlan case) has made the issue of willful extermination more confused. People ought to be permitted to pass on with poise in case of terminal ailment on the off chance that the individual needs it. Ending a patient's life is significantly more lenient than permitting the person in question to die in some horrible, nightmarish way from sickness. The individuals who contradict legitimizing willful extermination and helped self destruction state that this could prompt automatic slaughtering of the matured and sick. I concur that there might be peril of misuse and that the helpless should be secured; accordingly, I bolster passing enactment that screens and controls doctor helped self destruction. The interest for enactment on the side of sanctioned willful extermination for the in critical condition has been an issue since the start of the century. As indicated by Derek Humphry in Ohio in 1906, a Bill proposing to sanction willful extermination was introduced to the Ohio council. The bill was vanquished by almost 80% of those democratic. Rivals said the bill would have introduced away for specialists to conceal their slip-ups. Rivals additionally state that the bill would have given a way to families to dispose of family members who were a disturbance and give fortune searchers an easy route to legacy. Despite the fact that the bill was crushed, the thought it produced still lives on (Humphry 12). Adversaries of willful extermination regularly allude to the monstrosities and mentalities in Nazi Germany for reasons not to help willful extermination. An article in the Progressive portrays the paper Allowing the Obliteration of Unworthy Life written in Germany in 1920, by Alfred Hoche. In the article he proposes disposing of the 'dead weight presence of incurables in Germany.' By 'hopeless' he implied the individuals who were intellectually and genuinely incapacitated (Who 34). At the point when the Nazis took power in Germany in 1933, as clarified in Willful extermination and the Third Reich an article in HISTORY TODAY, they took Alfred Hoche's idea of willful extermination and utilized it to excuse sanitization of those with inherited ailments. They additionally utilized the willful extermination program to slaughter intellectually and genuinely impeded kids and grown-ups. In the long run they utilized this arrangement as avocation for slaughtering Jews, gay people, and others (Burleigh 11). Many accept that this sort of homicide can happen again if willful extermination is authorized. Be that as it may, the silly, appalling killings in Germany can't be contrasted with cautiously directed arrangements that will permit killing in specific cases. Such an outrageous examination ought not forestall a forgiving willful extermination arrangement for the critically ill in horrendous torment who demand it. As individuals started overlooking World War II and the outrages of Nazi Germany, enthusiasm for helped self destruction and willful extermination was reestablished. To comprehend the debate of willful extermination and helped self destruction, one must comprehend the distinction between the two terms. Killing includes the managing of the existence taking measure; though, helped self destruction gives the methods or guidelines to the patient who plans to slaughter oneself. Doctors who are accustomed to sparing lives are being approached to end patients lives. The solicitation for demise with poise is famous. In a 1991 Gallop Poll, about 60 percent of those met said that an individual has the ethical right to end his or on the other hand her life when the individual has a

The Woman in Black Argumentative Essay Example For Students

The Woman dressed in Black Argumentative Essay Talk about how viable at least one entertainers were in The Woman in Black utilizing 2 minutes to help your answer, remarking onâ voice development outward appearance, motion and mood The Woman dressed in Black, a play coordinated by Robin Herford, has been startling its crowds at the Fortune Theater for twenty one years; we saw the play on Wednesday 29th December Set in Victorian occasions, The Woman dressed in Black is a spooky spine chiller where the characters are played by only two on-screen characters. The entertainers thusly need to utilize a full collection of strategies to characterize the various characters that they need to delineate in the play with the goal that the crowd can promptly recognize them . We will compose a custom paper on The Woman dressed in Black Argumentative explicitly for you for just $16.38 $13.9/page Request now The story spins around Arthur Kipps ,played by Michael Mears, a legal counselor who is spooky by appalling occasions which transpired numerous years back. Frantic to let the past go, he enlists a youthful actor(played by Orlando Wells) to tell his story. The legal counselor is convinced to showcase the story, taking different jobs while the on-screen character plays him as a youthful man. The youthful Kipps visited the remote and creepy place of a perished customer, Mrs Drablo, where he progressively learned of its shocking history of this spot, the phantom that spooky it and her awful purpose. The first scene I have decided to represent the procedure of the entertainer is the point at which the youthful Mr Kipps is sent to the place of Mrs Dablo. Orlando Wells viably shows how Kipps turns out to be increasingly more uncomfortable as he moves toward his goal on the train. From the start, soon after boarding the train, Kipps unwinds once again into his seat .His body shows up totally quiet; his head drooped back on the top the seat and his eyes shut. At a certain point his arms are spread over the seat. He influences from side to side , effectively passing on the movement of the train. His gifted emulate catches our creative mind and changes the props-a woven bin and a pitiful wooden seat into a train compartment. The absence of sensible props and view is with regards to the general moderate style of the whole creation. The crowd is approached to go through its own creative mind to invoke the subtleties. This has the impact of including us all the more profoundly in the occasions in front of an audience and in causing us to acknowledge their veracity. Before long the entertainer playing Kipps starts to squirm. His stance is no longer relaxed†at one point his back is solidly squeezed facing the seat and he looks awkward. We sense this outward distress is demonstrative of the internal clash he is feeling. He imparts his strain to us and it turns out to be certain that the closer he gets to town , Crythin Gifford, the more prominent his disquiet. The feeling that is made is that his body is detecting the peril ahead and is reacting to this, mirroring the profound tension that he is attempting (fruitlessly) to cover. We are caused to feel that we are sharing the train venture with him. The movements in stance and development help pass on the impression of time going as the excursion proceeds. It is a significant component of the dramatization that we get the feeling that Kipps is being moved a long way from his recognizable environmental factors, away from his usual range of familiarity . The excursion is a physical one , however he is likewise going on a mental excursion too where he should go up against his feelings of dread. At a certain point the entertainer playing Kipps opens his eyes wide , looking out to the crowd as though peering out of the train’s windows, his eyes moving from side to side as though following the view that is running by.This activity adds believability to the scene, persuading us he is on a train. When Kipps starts to shudder he gets up jerkily, passing on the development of the train, to close the window. This adjustment in his developments is acceptable showmanship it includes intrigue if the entertainer isn't unmoving and keeps our consideration. .u15bfeb016f0bd461449202af3036b02e , .u15bfeb016f0bd461449202af3036b02e .postImageUrl , .u15bfeb016f0bd461449202af3036b02e .focused content territory { min-tallness: 80px; position: relative; } .u15bfeb016f0bd461449202af3036b02e , .u15bfeb016f0bd461449202af3036b02e:hover , .u15bfeb016f0bd461449202af3036b02e:visited , .u15bfeb016f0bd461449202af3036b02e:active { border:0!important; } .u15bfeb016f0bd461449202af3036b02e .clearfix:after { content: ; show: table; clear: both; } .u15bfeb016f0bd461449202af3036b02e { show: square; change: foundation shading 250ms; webkit-progress: foundation shading 250ms; width: 100%; mistiness: 1; change: haziness 250ms; webkit-progress: obscurity 250ms; foundation shading: #95A5A6; } .u15bfeb016f0bd461449202af3036b02e:active , .u15bfeb016f0bd461449202af3036b02e:hover { darkness: 1; progress: murkiness 250ms; webkit-change: obscurity 250ms; foundation shading: #2C3E50; } .u15bfeb016f0bd461449202af3036b02e .focused content region { width: 100%; position: rel ative; } .u15bfeb016f0bd461449202af3036b02e .ctaText { fringe base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: striking; edge: 0; cushioning: 0; content design: underline; } .u15bfeb016f0bd461449202af3036b02e .postTitle { shading: #FFFFFF; text dimension: 16px; textual style weight: 600; edge: 0; cushioning: 0; width: 100%; } .u15bfeb016f0bd461449202af3036b02e .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; outskirt: none; fringe range: 3px; box-shadow: none; text dimension: 14px; text style weight: intense; line-stature: 26px; moz-fringe span: 3px; content adjust: focus; content enhancement: none; content shadow: none; width: 80px; min-tallness: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/straightforward arrow.png)no-rehash; position: supreme; right: 0; top: 0; } .u15bfeb016f0bd461449202af3036b02e:hover .ctaButton { foundation shading: #34495E!important; } .u15bfeb 016f0bd461449202af3036b02e .focused content { show: table; tallness: 80px; cushioning left: 18px; top: 0; } .u15bfeb016f0bd461449202af3036b02e-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .u15bfeb016f0bd461449202af3036b02e:after { content: ; show: square; clear: both; } READ: Discuss Shakespeare's depiction of Shylock in 'The Merchant of Venice': is he depicted as casualty or scoundrel EssayKipps puts his head out of the edge and afterward appears to fall back as though there is a solid breeze . This strengthens our feeling that he is powerless, nearly losing his equalization and his inclination cold and shuddering could be an indication of his dread. Every one of these developments additionally strengthen the feeling that he truly is on a train, welcoming us to suspend mistrust and acknowledge the circumstance he is in. As the breeze pushes the Kipps character in reverse , there is even the clue that the components are hinting the wild and absurd movement that is to come. His non-verbal communication gets protective. He folds his arms, firmly embracing his chest defensively. His uneasiness is indicated further by the intersection and re-intersection of his legs. As the train maneuvers into a station, the man’s development turns out to be increasingly slow is obvious the train has arrived at a stand-still when he out of nowhere yanks forward . A new traveler enters the compartment. From the start, Kipps doesn't look glad at the interruption he sits up straighter, hold himself rather solidly like individuals do when their space is attacked and doesn't quickly welcome the outsider. However after a short time the two men are talking effectively, at first trading regular merriments about the climate and excursion. Kipps discovers that the man , called Simon Daily, is likewise going to Crythin Gifford. Remembered to be occupied from his dreary work ahead, Kipps turns out to be more quiet as the light discussion advances and inclines forward towards Samuel Daily , passing on his authentic enthusiasm for their discussion and his gratefulness for the inviting human contact.

Are There Useful Examples of an Evaluation Essay?

Are There Useful Examples of an Evaluation Essay?You can learn a lot about your career in one of the samples of an evaluation essay. Why? Because they are generally written by a person who has a professional background and knowledge in your field. They know what it takes to write one.They will be careful to help you with your essay, giving you tips and advice as they go along. One sample of an evaluation essay will not be enough. In fact, there are hundreds if not thousands of samples out there. So, where do you find them? How do you know what they are writing?There are a couple of places that you can go to find these samples. One is in the books at your local library. There are several books on this subject, and each book will have samples of evaluation essays on them. Some books even have very good ones to choose from. You can also find samples online, and some sites even offer a huge selection.If you are a student and you have a computer and a bit of time, you can always look at p ersonal websites and libraries. There are many sites that will have this material on them. You may even be able to get them for free or at a very low cost, so this is a very good idea.What you will want to look for though is samples that are actually used in the field, rather than someone's personal words. When you read through these samples, you will see that the person writing them knows what they are doing. They have put a lot of thought into their samples. In fact, they would probably not waste their time with something like this if they didn't really believe it would work.They also will have plenty of examples from past clients of how they use the samples. They can show you the results they were able to get when using the samples. For example, you can see how effective they are in getting the client to improve on a project or a product. There will also be testimonials to give you some insight on what others have experienced with the sample. So, read through it carefully and ask questions if you need to.A sample of an evaluation essay can be a very good choice if you are trying to get a better job. You may even find that you already have the experience needed to do the job, if the person has already written some evaluations. They may have done previous evaluations in the past. They may also have experience with other clientele to give you ideas on how to write your own evaluation.They will have lots of information that will make your essay different. And they will also be a great source of reference if you ever have trouble with the material. If you use these samples of an evaluation essay properly, you should be able to ace your work.

How the ACT is Beating the SAT Among Top Scorers

A Widening Gap The release of ACTs class of 2016 report confirms that ACT is now beating College Board where it matters most — everywhere. ACT easily surpassed the 2 million test takers mark. Its gain of 166,000 test takers is the largest in 50 years. The ACT  was required  of all public high school students in a record 18 states.  Twenty-three percent more 2016 graduates  took the ACT than took the SAT. College Board has not yet released its class of 2016 figures, but the SAT  is not expected to show more than minimal growth. Well use 2015 SAT data as a proxy in this post  when making comparisons to the ACT. If there is a weakness in ACTs growth engine it is that the  gains have been fueled by  state-mandated testing.   To ensure college readiness for all students and  to satisfy federal testing requirements, states are increasingly opting for mandated college admission testing. ACT has had a tremendous head start on College Board, because it could more convincingly make the case that its test was academically aligned. For the class of 2016, ACT had 18 states where 100% of students were tested: Alabama, Colorado, Illinois, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, North Carolina, North Dakota, South Carolina, Tennessee, Utah, Wisconsin, Wyoming. That compares to 13 states for the class of 2015. ACTs 2016 growth was geographically concentrated. Only 6 states had gains or more than 3% of high school graduates, and 5 of those were new mandate states. State% of Graduates Tested (2015)% of Graduates Tested (2016) Change Alaska39%53%14% Minnesota78%100%22% Missouri77%100%23% Nevada40%100%60% South Carolina62%100%38% Wisconsin73%100%27% For the class of 2017, ACT lost both Michigan and Illinois testing to College Board. Those two states had approximately 270,000 ACT testers in 2016. The Story of Score Distribution Compass primary interest, though, is not in the business competition between ACT and College Board but in how the numbers impact students, counselors, and colleges. A trend that has accelerated in recent years is the appearance of top scorers on the ACT. Historically, students shooting for the most competitive colleges were wary of the ACT even well  after colleges had made clear that the tests were viewed on equal footing. Students feared an unspoken bias. Ironically, the competitiveness of admission at top colleges that once created hesitation is now driving students to the ACT. Students and parents are loathe to leave any stone unturned when presenting a positive testing portfolio. Hitting 25 home runs from the right side of the plate is great until you realize that you are a lefty who can hit 40 home runs from the other  side. While many students perform similarly across the admission tests, some find a marked advantage in one test over the other. That advantage can be a higher score, of course, or the advantage could be in the form of  easier preparation and reduced anxiety from  material that feels more natural. Perhaps the most remarkable change in recent years is the rise of the 36 Composite. In 2001, only 89 students received a perfect score on the ACT. That represented 1 student out of every 12,000 tested! The score barely existed.  In 2016, there were a record 2,235 perfect  Composite scorers or 1 of every 935 testers. Even just looking at the last 4 years, the number of perfect scores has nearly tripled. And these were students who tested prior to the debut of a mysterious new SAT. It’s likely that avoidance of the new SAT in the class of 2017 will bump the number of perfect ACT scores even higher this year. Why was the number so low, and why has it gone so high? The change was not manufactured by the ACT itself the test difficulty has not changed over the last 15 years. (We are regularly disappointed at how many of our colleagues in the test prep industry argue the opposite side of fundamental questions such as this. They are simply mistaken, and we have tried to present the facts plainly and clearly in the remainder of this post.)  The difference is in the pool of students choosing to take the ACT. Even in states where most students favored the ACT, top scoring students 10-15 years ago opted for what they considered the safety of the SAT. What changed is that a lot more students decided to at least try hitting from the left side of the plate. Common Questions When discussing these sorts of changes, some common questions arise: Did ACT make the test easier in order to attract more students? Changing a tests difficulty meaning how hard it is to get a particular score   requires changing how a test is scaled. This is done infrequently (ACT last made a change in 1989) and with great notice (ACT and SAT typically start educating students and counselors 2-3 years before a change is made and are open about how old and new scores should be compared). Scores that change behind the scenes would devalue the test. A college would have no way of accurately comparing scores. States and school districts would have no way of tracking student performance over time. Consistency and comparability are what give the ACT and SAT power. If the test were getting easier, we would see significant score changes in states and districts that already had a high penetration of students taking the exam. That has not been the case. Isn't the ACT making the test harder to account for the fact that more top students are taking the test? This is the inverse of the first question, and most of the answer still applies. ACT is not benefited or harmed whether there are one thousand 36s or three thousand 36s. If it suddenly had ten thousand 36s, then something would have gone wrong with the test, and it would clearly be losing its ability to discriminate among top students. What is actually happening is that ACT and SAT are more in balance than they have ever been. At  the higher end of the score ranges in 2016, the testing populations have become similar. Doesn't the fact that more top students are taking the ACT change the curve? No, thats not how a curve is established on the ACT. The SAT and ACT use a fixed reference group to norm scores when the initial scale is created. After that, every new test is equated back through an unbroken chain that leads to this reference group. The ACT is, after all, simply an academic measuring stick.  A measuring tape doesnt need to get longer or shorter based on whether I am measuring the height of third-graders or NBA players. Hasn't the ACT made the questions harder recently to account for more high scorers? This question deserves and will receive a post of its own. The material covered by the ACT evolves with the academic standards used by states (in recent years, the Common Core State Standards). In some cases, the material added is more advanced. This does not necessarily lead to harder questions. The difficulty of a question is highly dependent on the clues an item writer provides and on the ways in which the correct answer is disguised. Slightly more difficult questions can be offset with slightly easier questions. ACT has no interest in competing with students in trying to stump them. The increase in high scores is the most obvious evidence that ACT is not trying harder to stump students. The test allows for slow and steady content evolution while keeping the measuring stick intact. Now that high scores are becoming commonplace on the ACT, shouldn't I switch to the SAT? Does hitting a left-handed home run score more runs than hitting a right-handed home run? Taking a standardized test is not like trying to stand out by playing the tuba or winning a national writing contest. Top colleges will have thousands or tens of thousands of ACT and SAT scores to compare and have a number of ways of doing that in a consistent fashion. Receiving more or fewer ACT scores does not change the relative value of a top score. It should also be pointed out that most top colleges still see more SAT scores than ACT scores. The gap is narrowing quickly, but the change is far from dramatic enough to impact their decision making. Concordance tables are used to compare ACT, old SAT, and new SAT scores and are not dependent on whether you choose to take the ACT or the SAT. Students should take the test that suits them best. In many cases, the score differences are trivial. Students  need not take ACT or College Board administered tests to identify a preferred exam. Taking previously released exams in a proctored environment can replicate the experience without putting a score on the students record. The PreACT, Aspire, and PSAT can also serve as reference points. Switch based on how you will prepare and perform, not on a tests popularity.   Change at All Levels Although the change is most pronounced at the top  score, the trend is present throughout the high score range. The lowest scores also increased much higher than the average increase overall. The cause at the low end  is quite directly the increase in state-funded testing. By testing all students, states have included students who might not ordinarily be ready for 4-year colleges and would not have taken the ACT on their own. In the graph below showing  concorded SAT scores that fall on the same 1-36 scale as ACT scores, it becomes obvious that SAT is losing the growth game, particularly at the extremes. While the growth at the low end is easy to pin down, the increase in high scoring students is more multifaceted. State-funded testing is leveling the playing field between the ACT and SAT among students applying to the most competitive colleges. Increased  ACT testing in states that traditionally produce a disproportionate share of top scorers. Heightened attention to  ACT test preparation and repeat testing. A shift toward dual testing for students looking at competitive colleges. Based on our analysis of the numbers and our understanding of the landscape, we believe that the last point has had the biggest impact. Despite the increase in top ACT scores, the number of top scoring SAT testers did not decline. So  where did the students come from? The first three factors dont do enough to explain the strength and rapidity of the change. State-funded testing clearly played  a large role, but it does not explain the hyper-growth at the high end. Universal testing has little impact on the absolute number of top scoring students in a state, since those students are already taking admission tests.  What it did do was generate  equal consideration of the SAT and ACT among students and catalyze the trend toward dual testing. If ACT were  simply taking market share away from the SAT, we would be likely to see decreases in SAT testing (the growth in college attendance is moderate). Yet at each score swath, we see SAT gaining students over the last decade. SAT RangeConcordant ACT RangeStudents 2006Students 2016Student Growth 2006 - 2016% Growth 2006-2016 2140-240033-36 33,599 47,466 13,86741% 1920-213029-32 115,708 132,519 16,81115% 1680-191025-28 270,326 300,926 30,60011% 1450-167021-24 379,933 430,167 50,23413% 1210-144017-20 359,607 454,705 95,09826% 600-1200 217,572 332,738 115,16653% Total 1,376,745 1,698,521 321,77623% We presented  the chart of ACTs percentage gains earlier in this post. The table below shows how those gains are reflected in student numbers. ACT RangeConcordant SAT RangeStudents 2006Students 2016Student Growth 2006 - 2016% Growth 2006-2016 33-362140-240013,235 57,005 43,770331% 29-321920-2130 77,648 166,631 88,983115% 25-281680-1910 202,353 314,949 112,59656% 21-241450-1670 334,666 475,482 140,81642% 17-201210-1440 352,700 539,470 186,77053% 600-1200 225,853 536,805 310,952138% Total 1,206,455 2,090,342 883,88773% For scores that would have been approximately  80th percentile and above in 2006, there are 240,000 SAT and ACT takers. If we look at equivalent scores from 2016, 404,000 students achieved those scores. Thats a 68% change over a period where the number of high school graduates increased by less than 5%. Returning to the baseball metaphor, students batted left-handed and right-handed in order to  find their best swing. These dual testers now regularly sample both exams. Nationwide, we estimate dual testing at 35-45% among high scoring students. At the most competitive independent and public schools, we see dual testing rates closer to 65-75%. Tempering those numbers for the class of 2017 has been avoidance of the new SAT entirely by many students. The long-term trend, though, is likely to stay.  Only a handful of colleges require students to submit all  SAT and ACT scores taken, so families feel empowered to experiment. Score Choice and superscoring policies generate further e nthusiasm for dual testing. Over-testing and the dissipation of  energy across multiple tests is a concern that we communicate to families. Choosing the most appropriate exam is important, but game day situations can be replicated. Taking released exams under proctored conditions can give an accurate read of a students strength. The PreACT, Aspire, and PSAT provide additional data points.  Still, many families cannot resist trying both tests officially. Laggard to Leader Both the ACT and SAT have made gains, but scale of the gains is far from equal. Among students scoring 33-36 on the ACT (comparable to 2140-2400 on the old SAT), for example, ACT went from a large disadvantage to a modest advantage. How similar are SAT and ACT takers? A tempting and common mistake students make is mixing and matching of percentiles across exams in order to judge results. PSAT percentiles are not the same as SAT percentiles. SAT percentiles are not the same as ACT percentiles. Nothing is the same as Subject Test percentiles. The reason these alignments fail is that the tests are taken by different populations. And even within the same exam, trends make comparisons risky over time. For example, as recently as 2008, a 32 Composite on the ACT was the 99th percentile. A student must now get a 34 to reach the 99th percentile. This is a concept that is hard to accept: the meaning of a 34 didnt change, only the group of testers did. An interesting offshoot of ACTs gains is that percentiles for above average students are closer to comparable SAT percentiles than they were in the past. Below is a table showing how ACT test taker figures stacked up against SAT figures for 2006 and 2016. ACT RangeConcordant SAT ScoresACT Takers as % of SAT Takers (2006)ACT Takers as % of SAT Takers (2015/16) 33-362140-240039%120% 29-321920-213067%126% 25-281680-191075%105% 21-241450-167088%111% 17-201210-144098%119% 600-1200104%161% Total89%123% The differences in 2006 were highly skewed. While the tests had parity at scores 20 or below (600-1440 old SAT), ACT had far fewer testers in the upper ranges. By 2016, two things had happened: 1) ACT led in student numbers at each range, and 2) the differences between ranges had greatly narrowed. This makes, temporarily, SAT and ACT percentiles roughly comparable for above average scores. Unfortunately, the reordering of testing patterns with the new SAT will likely make this quick comparison risky again.  We still recommend the use of concordance tables when comparing scores (see http://www.compassprep.com/comparing-act-and-new-sat-scores/). Percentiles can also be misrepresentative because they dont reflect a students fellow applicants at Grinnell or San Diego State  or UCLA or Brown. Comparing ones absolute scores to the 25th-75th range for first year students is a better method for assessing how good ones scores are. [An even truer measure is how one stacks up in the range of applicants and range of admitted students, but most  colleges only report these figures for students who actually enroll.] In prior years, Compass would have advocated against directly comparing percentiles for the two exams. Concordance tables are still the most reliable way of making comparisons, but the percentile shortcut is now far accurate than it was even a few years ago. The test taking pools are almost identical at the top of the score range. ACT ScoreConcordant SAT ScoreSAT Percentile 2015ACT Percentile 2016 362380–2400100100 352290–237099.999.8 342220–228099.399.3 332140–221098.598.4 322080–213097.297.2 312020–207095.795.7 301980–201093.794 291920–197092.291.8 281860–191089.489.3 271800–185085.986.3 261740–179081.882.7 251680–17307778.7 241620–167071.674.2 231560–161065.769.1 221510–155059.263.5 211450–150053.457.6 201390–144046.351.4 191330–138039.145.1 181270–132032.138.7 171210–126025.532.1 161140–120019.525.6 151060–113013.719.4 14990–10508.513.6 13910–9805.38.3 12820–9002.84.1 11750–8101.21.5 0.50.5

Kossans Return And Market Return Essay Example Pdf - Free Essay Example

Sample details Pages: 9 Words: 2737 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Chart 1 represents the return of Kossan Rubber Industries and KLCI index. In year 2004, the Kossans stock return is higher than the market return which is 1.1174% and 1.0131%. This implies that Kossan have a high performance in year 2004. Don’t waste time! Our writers will create an original "Kossans Return And Market Return Essay Example Pdf" essay for you Create order The following year, both of Kossan and KLCI index have a negative return which is -1.9569% and -0.0381% respectively. However, the situation has been improved in year 2006. The Kossans return has increase to 8.3246% which is highest return during the five years while the market returns is 1.6952%. Nevertheless, the return of Kossan dropped to -1.1743% in year 2007 adversely market return increase to 2.4065% which is higher than Kossan stock return. In year 2008, both returns are dropped to negative return which is -2.1616% and -3.9557% respectively. It is because the inflationary pressures attributed to 5 fold increases of oil prices. Although the Kossan stock return are negative but it also is higher than the market return. In consequence, overall the five years, the Kossan Rubber Industry have a good performance and well prospective for the future. Industry Analysis Malaysian glove industry started in late 80s and it has been the largest rubber glove exporter in the world for the past 20 years. Malaysia currently controls about 65 percent of the worlds consumption and still remains highly competitive in the world market even for the next 5 to 10 years. The global demand for rubber gloves has increased and expected to grow by 10% annually driven by greater health awareness, more stringent health standards and an aging population. At present though rubber gloves have not been affected much from the global crisis, but the rubber gloves industries are facing stiff competition and higher production costs including latex, crude oil and labor input. Only handful efficient and sizeable glove manufacturers are able to survive and secure the growing demand in gloves. Sime Darby and KLK which were unsuccessful in growing their rubber glove operations would have dominated the industry. Instead, Kossan have successful in its rubber glove operations. It is because Kossans operational efficiency and cost management has managed to minimize the impact of rising costs on operating margins. Kossan is also ambitious and nimble players, who have invested tremendous time and effort to improve quality, achieve efficiency and grow export markets. It is for this reason that the Kossan will continue to dominate the industry as it will become increasingly difficult for new entrants to entry in this industry and achieve economies of scale. Looking forward, Kossans management continues to emphasize on higher value added products, focusing on the premium powder-free medical gloves, both in the natural rubber (NR) and nitrile segments. Its management also appears poised to meet any variance in the consumption trend between natural rubber and nitrile gloves, with the company setting in-place highly versatile production lines. Financials KOSSAN TOP GLOVE SUPERMAX Bursa S.Code 7153 7113 7106 Mkt cap (RMmillion) 372. 5 1083.8 254.7 Mkt price (RM) 2.33 3.60 0.96 YTD price chg (%) (40.3) (44.6) (56.0) Cons. TP (RM) 3.43 4.49 1.55 TP upside (%) 47.2 24.7 61.5 EPS (RM) 0.38 0.37 0.22 P/E (x) 6.1 9.7 4.4 BV/share (RM) 1.97 2.27 1.54 P/BV (x) 1.2 1.6 0.6 Div/share (RM) 0.09 0.11 0.03 Div yield (%) 4.0 3.1 3.4 (Figure 2: YEAR 08 GLOVE PEER COMPARISON) Figure 2 represent the rubber glove peer comparison between Kossan, Top Glove and Supermax on year 2008. Over the all, Kossan Rubber Industries Bhd has a good performance compare to other rubber industries. The EPS of Kossan is 38 sen which is higher than 37 sen (Top Glove) and 22 sen (Supermax). This implies that Kossan have a high earning for each share outstanding compare to other rubber gloves industries. At the same time, Kossan have a RM2.33 market price which is higher than Supermax RM0.96 but lower price than Top glove is RM3.60. This also implies that Kossan Rubber have a high value compare to Supermax. Dividend per share of Kossan is also more than Supermax which is RM0.09 and RM0.03 respectively. Based on Kossans EPS and P/E ratio, we set the fair value of RM3.43, which is 47% above its current market price. For Top Glove, the fair value is RM4.49 which is 25% above its current market price, and fair value for Supermax is RM1.55 which is 61% above its market price. Du e to the intrinsic value is higher than the current market price, so that we duly maintain our buy call. Kossans results have matched our expectations despite facing cost pressures and slower global economic. We like Kossan for its production efficiency, high production capacity utilization rate and its focus on the higher-margin nitrile / NR powder-free glove segment growth. Company Analysis Kossan Rubber Industries Bhd was established in 1979. The companys manufacturing plants are centered within Klang Valley, Malaysia for ease of management and logistic control which translates into better synergistic effects. Its principal activity is manufacturing latex examination gloves, manufacturing and trading rubber products, fabricating and installing machineries as well as investment holding. The companys subsidiaries include Kossan Latex Industries (M) Sdn. Bhd., Perusahaan Getah Asas Sdn. Bhd., Hibon Corporation Sdn. Bhd., Doshin Rubber Products (M) Sdn. Bhd., Ideal Quality Sdn. Bhd., Kossan Engineering (M) Sdn. Bhd., and Top Calibre Sdn. Bhd. During the time, Kossan offered a range of cutless bearings that were often used in the marine industry. With a growing market demand for Kossans products, Kossan Rubber Industries Bhd continued to progress rapidly and was one of the first companies in Malaysia to venture into glove manufacturing. It then introduced the first glo ve production line in August 1988. Today, Kossan has a full capacity of 49 state-of-the-art production lines that are able to produce a stunning 3.9 billion pieces of gloves annually. Kossan joined the Main Board of Bursa Malaysia in 1996 and has been classified as one of the fastest growing companies in Malaysia. Kossans stellar performances and strong reputation of good product quality, timely delivery and excellent customer service, numbers of multinational companies in developed countries have resulted in a business network that extends to more than 160 countries around the world and commanding significant world market share in both rubber products and medical gloves. Kossan products are mainly distributed in countries such as United State of America, China, Japan, Korea, Europe, Canada, Europe, Middle East and Australia. Kossan continued to grow and extend its line of quality products. With wide acceptability of its rubber rollers and cutless bearing, it took a step further to introduce PU products 1988 and Ethylene Vinyl Acetate (EVA) products in 1994. In year 2000, Kossan progressed further by developing high-end rubber products such as bridge bearing pads and bridge expansion joint. These products are created to meet current and possibly, future industrial requirements. In 2001, Kossan chalked a new milestone by becoming the OEM manufacturer of marine dock fenders. The following year, Kossan reengineered the facilities to introduce technical rubber and rubber-to mental bonded automotive parts for OEM and replacement markets. With a progressive management and dynamic outlook, Kossan will continuously strive towards better quality, reliability, and services. Kossan are always thinking ahead and their customers satisfaction will always be the main focus in everything they do and produce. In the year 2008 was a year full of challenges from the inflationary pressures attributed to 5 fold increases of oil prices from under $30 to $147 per barr el in the first half of the year which lead bulk latex prices to spiral and hit a high of RM7.20 per kg in the month of July. High commodity prices and unprecedented increases in energy costs announced by the Government severely impaired the well being of not only the glove manufacturers but also manufacturers and exporters across many industries. The year under review saw Kossan operating in a challenging market environment characterised by great fluctuations in RM/USD exchange rate, record high production cost as a result of stiff increments in natural gas and electricity tariff, and volatile raw material costs including both natural and synthetic latex. Nevertheless, Kossan was able to ride over the challenge and delivered a strong set of financial and operational performance through strong business partnerships with world renowned multinational companies from the developed nations, aggressive capacity growth and focused on manufacturing capability building initiatives. To maintain their market leader position in premium medical gloves and TRPs, the Group will continue to focus on RD. Greater emphasis will be placed on RD activities that are able to bring down overall production cost through more consistent and stable production flows, minimum idle production times, and reduced production rejects and wastages. With more competitive pricing, Kossan Group is well positioned to compete more effectively in the world market. With their concerted RD efforts, they achieved another milestone with the invention of a new generation of nitrile glove which is accelerator free and able to minimize risk of chemical allergy. This nitrile glove offers many advantages to its users compared with the conventional nitrile gloves available in the markets. Supported by encouraging feedbacks from their buyers, they are putting more resources and capacity to produce this new product. Relative valuation techniques Growth rate (g) = ROE ÃÆ'Æ’- b Year Growth rate (g) 2004 0.162 ÃÆ'Æ’- 0.783 = 12.68% 2005 0.18 ÃÆ'Æ’- 0.834 = 15.01% 2006 0.224 ÃÆ'Æ’- 0.814 = 18.23% 2007 0.219 ÃÆ'Æ’-0.831 = 18.20% 2008 0.1974 ÃÆ'Æ’- 0.812 = 16.03% Average growth rates 12.68% + 15.01% + 18.23% + 18.20% + 16.03% 5 = 16.03% 2008 Expected Price/earnings ratio Market value per share Earnings per share = RM 2.88 0.3668 = 7.8517 Expected EPS = EPS ÃÆ'Æ’- (1+g) = 0.3668 ÃÆ'Æ’- 1.1603 =0.4256 Expected market price = 0.4256 ÃÆ'Æ’- 7.8517 = 3.3417 Intrinsic value = Expected market price 1+ Required rate of return = 3.3417 1.021 =RM 3.27 Price/cash flow ratio Market value per share Operating cash flow per share = RM 2.88 57549081/159866976 = 8.00 Expected Cash flow per share = Cash flow per share ÃÆ'Æ’- (1+g) =0.36 ÃÆ'Æ’- 1.1603 =0.4177 Exp ected market price =0.4177 ÃÆ'Æ’- 8 =3.3416 Intrinsic value: = Expected market price 1+ Required rate of return =3.3416 1.021 = RM 3.27 Price/book value ratio Market value per share Book value per share = 2.88 299858657/159866976 = 1.535 Expected book value per share = book value per shareÃÆ'Æ’- (1+g) =1.8757 ÃÆ'Æ’- 1.1603 =2.1763 Expected market price =2.1763 ÃÆ'Æ’- 1.535 =RM 3.34 Intrinsic value: = Expected market price 1+ Required rate of return = 3.34 1.021 = RM 3.27 Price/sales ratio Market value per share Net sales revenues per share = 2.88 897194335/159866976 = 0.5132 Expected net sales revenues per share = net sales revenues per share ÃÆ'Æ’- (1+g) =5.61 ÃÆ'Æ’- 1.1603 =6.51 Expected market price = 6.51 ÃÆ'Æ’- 0.5132 =3.34 Intrinsic value: = Expected market price 1+ Required rate of return =3.34 1.021 =RM 3.27 According to the above valuation, the intrinsic value of the stock price is RM3.27 per share. Below is the Kossan yearly stock price performance during year 2004 to year 2008 . Calculation Of Holding Period Return ( HPR) HPR = Ending Price Beginning Price + Dividen Beginning Price Year HPR 2004 3.15 2.03 + 0.072 2.03 = 0.5872 2005 1.83 3.46 + 0.03 3.46 = -0.4624 2006 4.57 2.02 + 0.046 2.02 = 1.2851 2007 3.88 4.68 + 0.058 4.68 = -0.1585 2008 2.88 3.77 + 0.07 3.77 = -0.2175 Measuring Investment Returns over Multiple Periods Arithmetic Average = Total HPR (%) No. of the period = 58.72% + -46.24% + 128.51% + -15.85% + -21.75% 5 = 103.39% 5 = 20.678% So the annual return is 20.678%. Since this value ignores compounding, it does not represent an equivalent, single quarterly rate for the year. Geometric Average = [(1+HPR2004) ÃÆ'Æ’-(1+HPR2005) ÃÆ'Æ’- (1+HPR2006) ÃÆ'Æ’- (1+HPR2007) ÃÆ'Æ’- (1+HPR2008)]1/5 _ 1 = [(1+0.5872) ÃÆ'Æ’-(1-0.4624) ÃÆ'Æ’-(1+1.2851) ÃÆ'Æ’-(1-0.1585) ÃÆ'Æ’-(1 -0.2175)] 1/5 _ 1 = [1.2839] 1/5 _ 1 = 5.13% A geometric average return is the constant return applied to each period in a range that would result in the compounded return over that range which is 5.13%. Financial Ratio Analysis Financial Ratios 2004 2005 2006 2007 2008       Liquidity Ratio      1) Current Ratio 1.32 times 1.22 times 1.11 times 1.04 times 1.00 times 2) Quick Ratio 0.89 times 0.83 times 0.76 times 0.68 times 0.62 times       Leverage      3) Interest Burden 91% 91% 87% 85% 87% 4) Leverage 1.79 times 1.96 times 2.26 times 2.13 times 2.18 times       Asset Management Ratio      5) Average Collection Period 90 days 80 day 72 day 70 day 61 day 6) Total Asset Turnover 1.23 times 1.35 times 1.53 times 1.45 times 1.51 times       Profitability Ratio      7) Return On Asset (ROA) 14.31% 14.13% 14.84% 14.16% 14.02% 8) Return On Equity (ROE) 16.82% 19.39% 22.47% 24.87% 21.46% 9) Earning Per Share (EPS) 33.22 sen 18.11 sen 24.79 sen 34.46 sen 36.68 sen       Market Ratio      10) Price/Earning Ratio (PE) 9.48 times 10.10 times 18.43 times 11.26 times 7.85 times 11) Market/Book Ratio (MB) 1.51 times 1.82 times 3.82 times 2.46 times 1.54 times Liquidity Ratio The current ratio is an excellent diagnostic tool as it measures whether or not the business has enough resources to pay its bills over the next 12 months. Then, the quick ratio is measurement of the liquidity position of the business. The primary difference between the current ratio and the quick ratio is the quick ratio does not include inventory and prepaid expenses in the calculation. Consequently, a businesss quick ratio will be lower than its current ratio. A current ratio of over 1 is good news, generally. On year 2004, the company Kossan has 1.32 times current ratio, after that, the current ratio has a continually drop to 1.00 times on year 2008. Same at the current ratio, the quick ratio of company Kossan has a continually drop from 0.89 times year 2004 to 0.62 times year 2008. However, the liquidity ratio Kossan has decrease year by year, it still have a good liquidity. Leverage The graph indicates that leverage ratio has increasing steadily from 1.79 times in year 2004 to 2.18 times in year 2008. Leverage ratio is measure of debt to total capitalization of the firm. Too high leverage ratio indicate company will face the risk such as, cant to solve their indebtedness at the time, but too lower leverage ratio indicate company do not efficiency invest their money because too many assets keep on hand. The company Kossan has quite optimum leverage ratio during year 2004 to year 2008 because they maintain between 1.79 times to 2.26 times. Asset Management Ratio Average collection period indicates how rapidly a firm is collecting its credit, as measured by the average number of days it takes to collect its accounts receivable. On year 2004, the company Kossan has 90 days average collection period, that mean the company average can collect all accounts receivable on year 2004 during the 90 days. The company has improves its collection period during the year 2004 until year 2008. It is speed up the collection period. On year 2004 to year 2008, the company has short down 29 days to 61 days on year 2008. The rapidly company to collecting its credit is good for company because the company can use the cash to invest the other place. The total asset turnover indicates the efficiency of the firms use of assets in the sense that it measures the annual sales generated by each RM of assets. We see the result of 1.23 times for year 2004 this means that turnover is 1.23 times bigger than total assets. Another way of saying that is the company Kossan was able to generate sales of RM1.23 for every RM1 of assets it owned. For the year 2006, it was even higher at 1.53 times. For the year 2007, it was drop a lot of times to 1.45 times, but after year 2007 the total asset turnover was rise a lot of times to 1.51 times. Profitability Ratio The return on asset (ROA) is measure the company ability to utilize its assets to create profits. The graph indicates that (ROA) has maintaining around 14.02% to 14.84% during the year 2004 to year 2008, that mean the company Kossan can create around 14% profit for each assets. However, the return on equity (ROE) has increasing steadily from 16.82% in year 2004 to 24.87% in year 2007. The net result that (ROE) increase from 16.82% to 21.46%. It is fall a little from year 2007 to year 2008. ROE is measure the income earned on the shareholders investment in the business. Overall ROE for company Kossan has increase during year 2004 to year 2008. This is good for each shareholders because they can gain more return compare to the previous. Market Ratio The price-to-earnings ratio (P/E) is a measure of the price paid for a share relative to the annual net income or profit earned by the firm per share. The graph show the company Kossan has a highest P/E ratio on year 2006 compare the other year. A higher P/E ratio indicate bad news for company because investors are paying more for each unit of net income, so the stock is more expensive compared to one with lower P/E ratio. However, market-to-book ratio (MB) is measure how much a company worth at present, in comparison with the amount of capital invested by current and past shareholders into it. At the same with P/E ratio, MB ratio has highest on year 2006 compare the other year. A higher MB ratio implies that investors expect management to create more value from a given set of assets. Conclusion From the above information, we can conclude that the stock price of Kossan Rubber Industries is undervalued. While Kossans beta (correlation factor) to the KLCI is 0.179 and based on our forecast the intrinsic value for that stock is about RM 3.27 per share which is 13.54% above its current market prise RM 2.88 per share. So we recommended to the investor to Buy this stock. Besides that we also can see the company performance is better than group Peer Company such as Supermax Company. Earnings is also expected to be more stronger because of additional capacity and a stronger output of higher value added nitrile glove as the management has also made plan to convert some existing latex glove lines to produce nitrile gloves. We like Kossan for its production efficiency, high production capacity utilization rate and its focus on the glove segment growth. Besides that analysis from Standard Poors also suggest Buy recommendation on Kossan with a lower 12-month target price of MYR3 .10. (See Appendix)